Hofseth BioCare ASA: FOURTH QUARTER 2025 FINANCIAL REPORT

Financial Performance - HBC recorded total operating revenues of NOK 72.2 million in Q4 2025, an increase from NOK 64.9 million in Q4 2024. Full year 2025 total operating revenues amounted to NOK 256.3 million compared to NOK 265.5 million in 2024 [1] - EBITDA for Q4 2025 was negative NOK 26.5 million, slightly worse than negative NOK 26.1 million in Q4 2024. For the full year 2025, EBITDA was negative NOK 72.9 million compared to negative NOK 65.3 million in 2024 [2] - Cash and cash equivalents increased by NOK 1.6 million during Q4 2025, ending at NOK 67.1 million as of December 31, 2025, with total liquidity reaching NOK 77.5 million [3] Product and Market Development - Human Nutrition B2B revenues increased by 300% year-on-year, driven by strong demand for ProGo® and CalGo®, along with a solid sales start for NT-II™ [6] - Expanded regulatory access achieved with ingredient approvals in Australia and South Korea, facilitating entry into large VMS and functional food markets [6] - Pet Nutrition B2B volumes and revenues improved, supported by increased customer engagement and trade-show activity [6] Research and Development - Significant R&D milestones achieved during Q4, including peer-review publication of the CalGo® bone health study and IRB approval for a clinical NT-II™ joint health study [6] - HBC has identified unique health benefits through scientific evidence, leading to important academic partnerships and the granting of several patents [5] Corporate Actions - HBC raised NOK 158 million in a private placement and sold a stake in AecorBio Inc. for USD 5 million during Q4, with transactions expected to finalize in Q1 2026 to support growth and R&D [6] - HBC spun out a biotech-focused company, HBC Immunology (HBCI), which has raised external finance for its lead program in prostate cancer [7]