Hofseth BioCare ASA: THIRD QUARTER 2025 FINANCIAL REPORT

07 Nov 2025 08:00 CET

HBC recorded total operating revenues of NOK 54.9 million in the third quarter
of 2025, compared to NOK 67.9 million in the same period last year. Net
operating revenues were NOK 54.8 million, reflecting lower commodity prices and
a weaker U.S. dollar during the quarter.

EBITDA for the quarter was NOK -21.1 million (-21.0) and the operational EBITDA*
amounted to NOK -12.9 million (-13.9m), excluding non-recurring and strategic
development costs such as clinical studies, R&D expenses, and Berkåk project
costs.

Cash and cash equivalents decreased by NOK 2.6 million during the quarter,
ending at NOK 65.5 million as of 30 September 2025 (NOK 23.4 million). Including
available credit facilities, total liquidity was NOK 67.0 million at quarter-
end. Following the successful private placement completed in October 2025, the
company has significantly strengthened its equity and liquidity position.

Highlights in the third quarter:

* The Midsund plant processed 5,288 tonnes of raw material - the highest
quarterly volume in HBC's history - confirming stable 24,000 tonnes p.a.
capacity with sustained product quality.
* Gross margin improved to 35% (28%), reflecting continued shift toward high-
value, specialty ingredients.
* Human Nutrition B2B sales up 200% YoY, driven by OmeGo® and ProGo®. ProGo®
won the NutraIngredients-USA "Healthy Aging" Award, reinforcing its
scientific credibility.
* SPH gained traction in hypoallergenic and weight-management formulations;
new collagen ingredient NT-II(TM) introduced to key partners with strong
early
feedback.
* CalGo® clinical study confirmed prevention of bone loss and a trend toward
increased bone mass.
* AecorBio Inc. achieved promising pre-clinical results in oncology (FT-002a)
and asthma (MA-022s).
* Consumer & Pet Health (B2C) revenues grew 30%, supported by new European
listings, Amazon.de launch, and extensions of Brilliant(TM) Bone & Joint(TM)
and
Gut Health(TM) products.

Please find the HBC Q3 2025 Financial Report attached.

For further information, please contact:
Jon Olav Ødegård, CEO of Hofseth BioCare ASA
Phone: +47 936 32 966
E-mail: joo@hofsethbiocare.no (mailto:joo@hofsethbiocare.no)

About Hofseth BioCare ASA:
HBC is a Norwegian consumer and pet health company founded on the core values of
sustainability, optimal utilization of natural resources and full traceability.
It upcycles the side streams of the salmon industry by taking fresh filleted
salmon and converting it from a waste product into ingredients to improve human
and pet health.

These ingredients are ProGo®, a mix of bioactive peptides and collagen, OmeGo®,
a whole salmon oil, with all the fatty acid fractions contained in fish, and
CalGo® / NT-II® salmon bone powder containing calcium hydroxyapatite and
undenatured collagen for bone and joint health.

HBC places scientific evidence at the forefront which has led to important
academic partnerships and the identification of unique health benefits. This
includes the demonstration of improved iron metabolism by boosting the body's
ability to take up and use iron resulting in increased energy and vitality with
ProGo® as well as the activation of the GLP-1 receptor with fat reduction in
overweight adults. OmeGo® has shown important immune health benefits including
recovery from viral infection and improved respiratory health and sleep in
adults troubled by particulate matter pollution. Finally, CalGo® has shown both
bone and joint health benefits to support healthy ageing and active lifestyles.
This work has also resulted in the granting of a number of patents protecting
these discoveries. It has also led to the discovery of potential therapeutics
and HBC has spun out a biotech-focused company, HBC Immunology (HBCI) has raised
external finance, and the lead program is in prostate cancer followed by ovarian
cancer. A separate molecule is targeted as an oral, steroid-sparing therapy for
asthma. HBC's headquarters are in Ålesund, Norway with branches in Oslo, London,
Zürich, New Jersey and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC".

*) Alternative Performance Measures are further described on p. 13 of the
financial report.

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

659054_HBC Q3 2025 Financial Report.pdf