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]

Core Insights - HBC reported total operating revenues of NOK 60.9 million in Q1 2025, a 15% increase from NOK 52.4 million in Q1 2024, driven by growth in higher-margin human and pet health segments despite production constraints and commodity oil market pressures [1][6] - The company experienced a significant increase in B2B sales in the human segment, with a 66% year-over-year growth, particularly for products like OmeGo® and ProGo® [6] - HBC launched an unsecured bond that closed after the quarter with subscriptions of approximately CHF 3.5 million, indicating strong investor interest [6] Financial Performance - Cost of goods sold (CoGS) rose to NOK 37.5 million from NOK 27.3 million in Q1 2024, while operating expenses slightly decreased to NOK 23.1 million from NOK 23.9 million [2] - EBITDA for the quarter was negative NOK 19.9 million, compared to NOK -16.2 million in Q1 2024, with operational EBITDA at NOK -8.3 million [3] - The first quarter included NOK 3.0 million in one-time restructuring costs aimed at improving long-term operational efficiency [2][3] Product and Market Developments - HBC's product offerings include ProGo®, OmeGo®, and CalGo® / NT-II®, which are designed to enhance human and pet health [5] - The company achieved a record production period at its Midsund facility, operating 15-20% above its rated capacity while maintaining quality [6] - Clinical studies have shown that OmeGo® significantly reduces coughing and improves sleep in individuals exposed to pollution, while NT-II™ demonstrated improvements in joint pain and stiffness [6][7] Strategic Initiatives - HBC is expanding its production capacity at Berkåk to triple output, reflecting confidence in future demand [6] - The company has made significant advances in pharmaceutical research, including programs targeting prostate cancer and asthma, and has established a biotech-focused spin-off, HBC Immunology [7] - HBC participated in major industry events, reinforcing its leadership in marine-based nutrition and expanding its market presence [6]

Company Overview - Hofseth BioCare ASA is a Norwegian consumer and pet health company focused on sustainability and optimal utilization of natural resources [1] - The company upcycles side streams of the salmon industry, converting waste into health-improving ingredients such as ProGo®, OmeGo®, and CalGo® / NT-II(TM) [1] Product Benefits - ProGo® enhances iron metabolism, increasing energy and vitality [2] - OmeGo® provides immune health benefits, aiding recovery from viral infections and improving respiratory health [2] - CalGo® supports bone and joint health, promoting healthy aging and active lifestyles [2] Scientific and Business Developments - Hofseth BioCare has established academic partnerships and secured several patents for its health-related discoveries [2] - The company has spun out HBC Immunology (HBCI), focusing on potential therapeutics, including programs for prostate and ovarian cancer, as well as an oral therapy for asthma [2]