1
AKER
BIOMARINE
GROUP
ACCOUNTS
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
For the year ended 31 December
USD Millions
Note
2025
2024*
Net sales
2
Cost of goods sold
##N_Inv
-120.3
-120.6
Gross profit
Selling, general and administrative expense
4
-69.1
-68.0
Depreciation, amortization and impairment (non-production assets)
8, 9, 10
-18.0
-16.6
Other operating income
2
Operating profit (loss)
-4.2
Financial income
5
Financial expenses
5, ##N_Lease
-17.5
-10.9
Net foreign exchange gain/loss
5, ##N_Lease
-1.0
Share of profit/loss of associated companies
5, ##N_Associated
-2.4
Profit (loss) before tax
-2.8
-12.1
Tax expense
7
Net profit (loss) from continued operations
-2.8
-12.0
Net profit (loss) from discontinued operations
##N_Discontinue
d_operations
-20.0
Net profit (loss)
-22.8
*See note 1 for details regarding the restatement as a result of the change in cost allocation and inventory estimates.
Weighted average number of shares
26
Earnings per share to equity holders of Aker BioMarine ASA
Basic -continued operations
-0.03
-0.14
Diluted - continued operations
-0.03
-0.14
Basic - discontinued operations
-0.23
Diluted - discontinued operations
-0.23
2
AKER
BIOMARINE
GROUP
ACCOUNTS
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the year ended 31 December
USD Millions
Note
2025
2024*
Net profit (loss)
-22.8
Other comprehensive income (loss)
Total comprehensive income (loss)
-22.8
3
AKER
BIOMARINE
GROUP
ACCOUNTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As per 31 December
USD Millions
Note
2025
2024*
ASSETS
Property, plant and equipment
8, 10, ##N_FinRisk
Right-of-use assets
##N_Lease
Intangible assets and goodwill
9, 10
Contract Asset
2
Non-current interest-bearing receivables
##N_Associated
Other non-current receivables
Investments in equity-accounted investee
##N_Associated
Deferred tax assets
7
Total non-current assets
Inventories
##N_Inv
Trade receivable and other current assets
##N_AR,
##N_FinRisk
Derivative assets
##N_Finrisk
Current interest-bearing receivables
##N_Associated
Cash and cash equivalents
##N_Cash,
##N_Finrisk
Assets held for sale
##N_Assets_held
_for_discontinue
d_operations
Total current assets
Total assets
LIABILITIES AND OWNERS' EQUITY
Share capital
##N_Group
Other paid-in equity
Total paid-in equity
Translation differences and other reserves
-0.1
-0.1
Retained earnings
-425.9
-403.3
Total equity
Interest-bearing debt
##N_Interest,
##N_Lease,
##N_Finrisk
Derivative liabilities, non-current
##N_Finrisk
Deferred tax liability
7
Total non-current liabilities
Interest-bearing current liabilities
##N_Interest,
##N_Lease,
##N_Finrisk
Accounts payable and other payables
##N_AP,
##N_Finrisk
Liabilities held for sale
##N_Assets_held
_for_discontinue
d_operations
Total current liabilities
Total liabilities
Total equity and liabilities
*See note 1 for details regarding the restatement as a result of the change in cost allocation and inventory estimates.
4
Oslo 25 March 2026
The Board of Directors and CEO of Aker BioMarine
Kimberly Mathisen
Director
Anne Harris
Director
Bilal Ahmad
Director, elected by the employees
Ola Snøve
Chair of the board
Frank Ove Reite
Director
Kristin Holmgren
Director, elected by the employees
Cilia Holmes Indahl
Director
Matts Johansen
CEO Aker BioMarine
5
CONSOLIDATED STATEMENTS OF CASH FLOW
for the year ended 31 December
USD Millions
Note
2025
2024*
Net profit (loss)
-22.8
Tax expenses
7
-0.1
Net interest and guarantee expenses
5
Interest paid
-15.8
-24.3
Interest received
Share of earnings in associated companies
##N_Associated
Other P&L items with no cash flow effect
-4.7
Gain/loss sale of subsidiaries/assets
##N_Discontinue
d_operations
-209.0
Depreciation and amortization
8, 9, 10,
##N_Assets_held
_for_discontinue
d_operations,
##N_Discontinue
d_operations
Impairment
##N_Discontinue
d_operations
Payments for customer contracts
2
-0.7
Foreign exchange loss (gain)
-2.5
-7.1
Change in accounts receivable, other current receivables, inventories, accounts payable and other
-5.8
-18.7
Net cash flow from operating activities
Payments for property, plant and equipment
8
-6.3
-17.4
Payments for intangibles
9
-2.8
-5.7
Payments for new long-term receivable interest bearing
-0.6
-0.4
Payments for new short-term receivable interest bearing
-0.6
Proceeds from sales of subsidiaries incl dividend received
8;
##N_Discontinue
d_operations
-7.3
Investments in subsidiary and associated companies
6
-0.7
Net cash flow from investing activities
-17.0
Change in overdraft facility and other short-term debt
##N_Interest,
##N_FinRisk
Instalment interest-bearing debt
##N_Interest,
##N_FinRisk,
##N_Lease
-1.6
-185.0
Proceeds from issue of external interest-bearing debt
##N_Interest,
##N_FinRisk
Paid dividend
-373.2
Net cash flow from financing activities
##N_Interest
-404.0
Net change in cash and cash equivalents
-12.5
Cash and cash equivalents as of 1 January
##N_Cash
Cash and cash equivalents as of 31 December
##N_Cash
*See note 1 for details regarding the restatement as a result of the change in cost allocation and inventory estimates.
6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share
Share
Other paid-in
Other
Retained
Total
USD Millions
capital
premium
capital
reserves
earnings
equity
Balance as of 1 January 2024 - as reported
75.9
530.2
-36.3
-0.1
-203.5
366.5
Balance as of 1 January 2024 - restated (note 1)
-36.3
-0.1
-212.4
Net profit (loss) for the year- restated
Other comprehensive income (loss)
Total comprehensive income (loss)
Dividend
-373.2
-373.2
Capital increase
Total transactions with owners
-373.2
-373.1
Balance as of 31 December 2024
-36.3
-0.1
-403.3
Balance as of 1 January 2025 - as reported
75.9
530.3
-36.3
-0.1
-396.3
173.9
Balance as of 1 January 2025 - restated
-36.3
-0.1
-403.3
Net profit (loss) for the year
-22.8
-22.8
Other comprehensive income (loss)
Total comprehensive income (loss)
-22.8
-22.8
Capital increase
Total transactions with owners
Balance as of 31 December 2025
-36.3
-0.1
-425.9
7
AKER BIOMARINE GROUP ACCOUNTS
Notes to the consolidated Financial Statements
Note 1 – General Information
These consolidated financial statements are for the reporting entity
“Company”) and its subsidiaries (together, the “Group”). The Company is a
domiciled in Norway with its registered office at
sold worldwide.
These consolidated financial statements were authorized for issue by the Board of Directors’ and the
CEO on 28 March 2026. The consolidated financial statements will be submitted to Aker BioMarine’s
annual General Assembly on 28 April 2026 for final approval.
BASIS FOR PREPARATION
The consolidated financial statements have been prepared in accordance with IFRS® Accounting
Standards as adopted by the EU and the IFRS Interpretations Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of 31 December 2025. The consolidated financial
statements of Aker BioMarine ASA have been prepared on a going concern basis under the historical
cost convention, except as otherwise described in the sections below where fair value is required for
derivatives and contingent consideration. Certain comparative figures may be reclassified to conform
to the presentation adopted in the current year.
In these consolidated financial statements amounts have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences, amounts may not add up to the total.
SUMMARY OF GROUP ACCOUNTING POLICIES
Accounting policies that relate to the consolidated financial statements in general are set out below,
while the accounting policies related to specific assets, liabilities or financial statements line items are
included in the corresponding note disclosure. All accounting policies have been consistently applied
to all the years presented.
FUNCTIONAL AND PRESENTATION CURRENCY
Transactions recorded in the financial statements of each subsidiary are done in its functional currency,
i.e. the currency that best reflects the primary economic environment in which the entity operates.
The consolidated financial statements are presented in US Dollars (“USD”), which is the Group’s
presentation currency as the Group’s cash flow and economic returns are principally denominated in
USD and is the functional currency of each key subsidiary. The functional currency of the parent
company Aker BioMarine ASA is USD.
CRITICAL ACCOUNTING ESTIMATES AND SIGNIFICANT JUDGMENTS
The preparation of consolidated financial statements in conformity with IFRS requires management to
make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and
liabilities. The estimates and judgments are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable, and constitute management’s best
judgment at the date of the consolidated financial statements. In the future, actual results may differ
from those estimates.
Where appropriate, present values are calculated using discount rates reflecting the currency and
maturity of the items being valued. Further details of critical estimates and significant judgments are
set out in the related notes to the consolidated financial statements.
The critical estimates that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial year results relate to:
8
●
Estimating the recoverable amount of intangible assets and goodwill allocated to the
cash-generating units, including key assumptions applied in the impairment tests (see Note
9 and 10),
The significant judgements that management has made in the process of applying the entity’s
accounting policies and that have the most significant effect on the amounts recognized in the financial
statements relate to:
●
Determination and allocation of production costs included in inventories for products
produced in the Human Health Ingredients segment, and the related timing of recognition in
cost of goods sold in accordance with IAS 2 (see Note ##N_Inv)
RESTATEMENT OF INVENTORY
There is one change of the allocation of production cost for the consolidated financial statements for
the year ending 31 December 2025 as compared to the accounting policies for the 2024 reporting year.
Following the restructuring of the Group’s operations and the separation and sale of the Feed
Ingredients segment in 2024, the Human Health Ingredients segment implemented a revised operating
model. As part of these changes, management reconsidered the cost allocation principles applied in
determining the cost of inventories in accordance with IAS 2
Inventories
, including which overheads
qualify as
costs of conversion
.
Management’s assessment concluded that certain costs previously allocated to inventories—primarily
portions of salaries, warehouse rent, general management expenses, development activities—do not
relate to the conversion of inventories and therefore should not be included in inventory cost under
IAS 2.10–12. These costs relate mainly to research and development activities, logistics, and general
administrative functions within the US operations and are therefore more appropriately classified as
Selling, general and administrative expenses
Management considers that the updated allocation methodology provides a more faithful
representation of the costs incurred in producing inventories and improves the underlying estimation
of conversion costs.
The following table shows the effect of the updated allocation methodology:
USD Millions
As reported
Restatement
Restated
Inventory 1.1.2024
183.7
-9.3
174.4
Equity 1.1.2024
-366.5
9.3
-357.2
2024 cost of goods sold
-129.9
9.3
-120.6
2024 selling, general and administrative expenses
-61.0
-7.0
-68.0
2024 Profit for the period
180.3
2.3
182.6
Inventory 31.12.2024
96.3
-7.0
89.3
Equity 31.12.2024
-173.9
7.0
-166.9
Further details are provided in Note 12 – Inventories and in the
Statement of Changes in Equity
.
The revised cost allocation has been applied retrospectively as required by IAS 8
Accounting Policies,
Changes in Accounting Estimates and Errors
. Restating comparative information for 2024 involves
significant judgement, as the updated cost allocation has been applied to historical periods (prior to
2022) in order to ensure a consistent presentation of
Cost of goods sold
Selling, general
and administrative expenses
.
The changes do not affect the Group’s cash flows or overall profitability in steady state. The
adjustments reflect a reclassification of costs between COGS and SG&A to improve alignment with IAS
2 requirements.
The new IFRS standards applicable for reporting periods on or after 1 January 2025 adopted by the
Group have not had a material impact for the Group’s financial reporting.
NEW PRONONCEMENTS
Certain new accounting standards and interpretations have been published that are not mandatory
for the year ending 31 December 2025. The group has chosen not to early adopt any new or amended
standards in preparing the consolidated financial statements for 2025. None of these standards are
9
expected to have a material impact on the consolidated accounts at implementation, except for IFRS
18 Presentation and Disclosure in Financial Statements.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which
replaces IAS 1. The standard is effective for annual periods beginning on or after 1 January 2027, with
retrospective application.
IFRS 18 introduces a five-category classification system for income and expenses: operating,
investing, financing, income tax, and discontinued operations. The operating category will include
most items currently presented within operating profit. Income and expenses from investments in
associates and joint ventures, equity investments and cash and cash equivalents will be presented in
the investing category. Income and expenses that arise from transactions that involve only the
raising of finance or items that arise from transactions that do not involve only the raising of finance
but are identified by other IFRS will be classified in the financing category. Interest expense on
borrowings and lease liabilities will therefore be presented in the financing category. Foreign
exchange differences (currently presented in financial result) that relate to income and expenses for
items that will be classified in the financing category will be presented in this category accordingly.
However, foreign exchange differences related to cash and cash equivalents will be presented in the
investing category and foreign exchange differences related to trade receivables or trade payables
will be classified in the operating category.
Three new mandatory subtotals are required. Operating profit or loss shall comprise all income and
expenses classified in the operating category. The profit or loss before financing and income tax will
include all income and expenses classified in the operating or investing category. Additionally, a
profit or loss subtotal will be required which is equal to our profit from continuing operations.
The amendments to IAS 7 will change the starting point for the indirect statement of cash flows from
profit before tax to the newly required operating profit or loss. Interest paid and interest received, that
are currently presented in the cash flow from operating activities, will be presented in cash flow from
financing and investing activities, respectively. Dividends received, that is currently presented in the
cash flow from operating activities, will be presented in cash flow from investing activities.
IFRS 18 also introduces new disclosure requirements for management-defined performance measures
(MPMs) that are subtotals of income and expenses like EBIT or adjusted EBIT.
The Group will apply IFRS 18 from 1 January 2027, with restated comparatives for 2026 according to
IAS 8.
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts
willbe recovered principally through a sale transaction rather than through continuing use. As of 30
September 2024, Understory Protein was classified as discontinued operations. From 31 December
2023 to 31 December 2025, the company Aion AS har been classified as asset held for sale. As of 31
December 2025, the investment has been reclassified to investment in associated company as
Management does not assess a full sale of the company as highly probable within the next 12 months.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance costs and income tax
expense. The criteria for held for sale classification is regarded as met only when the sale is highly
probable, and the asset or disposal group is available for immediate sale in its present condition.
Actions required to complete the sale should indicate that it is unlikely that significant changes to the
sale will be made or that the decision to sell will be withdrawn. Management must be committed to
the plan to sell the asset and the sale expected to be completed within one year from the date of the
classification. Property, plant and equipment and intangible assets are not depreciated or amortized
once classified as held for sale. A disposal group qualifies as discontinued operation if it is a component
of an entity that either has been disposed of, or is classified as held for sale, and:
●
Represents a separate major line of business or geographical area of operations.
●
Is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations, or
●
Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as
a single amount as profit or loss after tax from discontinued operations in the income statement. The
results from prior periods have been reclassified and included in net profit from discontinuing
operations for all periods presented. Asset and liabilities related to discontinued operations have been
presented separately from other assets and liabilities in the statement of financial position. The
Statement of Financial Position is not re-presented for the comparative figures. The consolidated
statements of cash flow have not been adjusted. Elimination of internal profit in inventory for sales
10
from the discontinued operation to the Group's continued operations is presented as part of net profit
of discontinued operations.
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD
There are no significant events in the current reporting period that have particularly affected the
financial position and performance of the Group.
GOING CONCERN
These financial statements have been prepared under the assumption of going concern.
Note 2 – Revenue and Other income
Revenue primarily stems from the sale of Krill oil in the Human Health Ingredients (HHI) segment during
the year, used within human health and nutrition. Lang, the distributor of private labels within the
Consumer Health Product segment also operates within the human health and nutrition markets but
also sells other natural supplements in addition to Krill oil. The Group’s main performance obligation is
related to the delivery of agreed volumes of the above-mentioned products. Some customers have
longer term frame agreements, agreeing the prices of the product per MT/KG, but all sales are based
on individual purchase orders detailing the volume to be delivered at a certain point in time, at a
designated location.
The Group recognizes as revenue the agreed transaction price in a contract with a customer at the time
when the Group transfers the control of a distinct product or service to the customer.
Ordinary purchase orders are normally the contracts with the customer which create enforceable rights
and obligations. Volume discounts are the dominant sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued and recognized as reduction of revenue
based on the best estimate of the amounts potentially due to the customer.
Under IFRS 15 the Group’s revenue from sale of Krill oil and other products are recognized at a point in
time, when the customer obtains control over the goods.
Control is transferred to the customer according to agreed delivery terms, which is based on
standardized contract templates as published by the International Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using F-terms (delivery terms where the risk and
responsibility for any cost of transport, insurance etc. are transferred to the buyer when the goods are
on board the vessel/truck) or C-terms (delivery terms where seller pays the costs and freight to bring
the goods to the port of destination), meaning the risk is transferred upon handing the goods over to
the carrier engaged by either the customer or Group, respectively.
The main performance obligations for the Group are related to the sale of goods of specified amounts
and quality to customers. For a significant part of the sales, the Group organizes and pays for shipping
of the goods (C-terms). The Group has assessed that for these sales, there are two performance
obligations, and that the Group acts as an agent for the shipping services. As a result, shipping revenue
and related shipping costs are netted in the consolidated statement of profit or loss. The shipping
commission for transport of goods is considered by the Group to be immaterial and further, the Group's
delivery obligation is satisfied at the same time as the control of the goods is transferred to the
customers. Consequently, the shipping commission is not separated from the revenues of sale of goods.
The goods are sold with standard warranties that the goods sold comply with agreed upon specification
and condition. The Group does not have any significant obligations for returns or refunds, and any
warranties would be accounted for using IAS 37
Provisions, contingent liabilities and contingent assets
.
Payment terms are usually between 30-90 days. The Group does not have any contracts with a
significant financing component
Geographical allocation of revenue from sale of products (based on location of
customer):
Year ended 31 December
USD Millions
2025
2024
EMEA*
31.1
21.0
Americas
146.9
140.8
Asia Pacific
40.1
37.2
Total
218.1
199.0
11
12
Allocation of revenue from sale of products and other revenue:
Year ended 31 December
USD Millions
2025
2024
Krill oil (Superba + PL+)
102.6
85.6
Other human ingredients (Algae + QHP + Other)
15.6
12.3
Consumer Health Products
108.5
109.4
Emerging Business
8.2
9.7
Other/elim
-16.7
-18.1
Other revenue
2.0
2.0
Total revenue and other income
220.2
200.9
During the reporting periods the Group has had one customer exceeding 15.0% of Net sales. In 2024,
15.4% of the Net sales was towards this customer. The revenue from this customer is attributable to
the Consumer Health Product segment. The Group’s three largest customers in terms of revenue
accounted for 36.7% of the revenue in 2025 (2024: 39.0%). North America is the Group’s largest market
which accounted for USD 142.6 million of total Net sales (2024: USD 135.5 million).
ASSETS AND LIABILITIES RELATED TO CONTRACTS WITH CUSTOMERS
The Group has recognized an incremental cost of obtaining customer contracts, which the Group
expects to recover. A success fee of USD 10 million was paid upon signing of a significant contract in the
Emerging Business segment in 2020 and this contract cost is being amortized over 5 years. The carried
amount as of 31 December 2024 was USD 1.7 million and has been fully amortized in 2025. The Group
expects to recover this cost from future sales and the Group would not have incurred these incremental
costs if a certain contract had not been obtained.
During 2025, the Group entered into two significant contracts in the Human Health Ingredients segment
involving consideration payable to customers amounting to USD 2.3 million, paid upon contract
inception. The amounts are accounted for as a reduction of the transaction price and are recognised as
a reduction of revenue over the contractual period as the related goods and services are transferred to
the customers.
Year ended 31 December
USD Millions
2025
2024
Opening balance
1.3
3.2
New contract asset
2.3
-
Amortization
(1.3)
(2.0)
Total
2.3
1.3
Liabilities with customers is less than the reporting threshold as of 31 December 2025.
The timing of revenue recognition, billings, and cash collections results in billed trade receivables (Note
##N_AR and ##N_FinRisk) and prepayments from customers (contract liabilities). Prepayments up front
is common practice to reduce price risk for new customers.
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2025
2024
TSA revenue
1.3
1.0
Insurance claim
-
1.1
Other
0.8
(0.1)
Total
2.0
2.1
In 2025, other income mainly consists of transitional services rendered to The Qrill Company post the
sale of Feed Ingredients.
Note 3 – Operating segments and adjusted EBITDA
The Group discloses segment information and identifies reportable segments in accordance with IFRS
8
Operating Segments
. IFRS 8 requires management to report segment information according to the
organization and reporting structure used by the chief operating decision maker (CODM). The Group
defines the CODM as the Executive Management Team (EMT) and the CEO.
In 2024, the Company implemented a new Segment structure based on new operating business units.
The new segments were (1) Feed Ingredients; (2) Human Health Ingredients; (3) Consumer Health
Ingredients; and (4) Emerging Businesses. Following the sale of Feed Ingredients in 2024, the Company
has three segments.
13
The Human Health Ingredients segment includes Superba, Lysoveta, PL+ Algae and our Houston
manufacturing plant. The segment sells B2B krill oil supplements to nutritional brands for humans
around the world.
The Consumer Health Products segment consists of the legal entity Lang Pharma Nutrition LLC (Lang).
Lang acquires raw materials derived from krill, fish and plants. These raw materials are then processed
and packaged, labeled and sold to retailers in the US market.
The Emerging Business includes Epion, Aker BioMarine’s consumer brand company that sells our own
krill oil brand, Kori krill oil, to some of the largest retailers in the US.
The segments are operated and managed separately, and financial results are measured and reported
on a stand-alone basis for the operating segments. Each segment reports SG&A costs directly
attributable to their operations and FTE resources. The key financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the segments are eliminated in the ‘Other/elim’ column. In addition, all overhead
and corporate costs (finance, legal, sustainability, HR, communication and IT compliance) are booked
under “other/elim”.
Recognition and measurement applied to the segment reporting is consistent with the accounting
principles applied when preparing the financial statements. Transactions between segments and
internally within the Human Health Ingredients segment follow recognized principals of transfer pricing.
The geographical distribution of revenue is presented in Note 2. This is not part of the monthly segment
reporting to management. Segment financial information is given in the tables below for the years 2025
and 2024.
Operating segments 2025:
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
USD Millions
External sales
104.4
105.6
8.3
-
218.1
Internal sales
13.8
2.9
-
-16.7
-
Cost of goods sold
-47.5
-84.7
-4.4
16.3
-120.3
Gross profit
70.7
23.8
3.9
-0.4
97.8
SG&A
-22.8
-16.0
-5.9
-24.4
-69.1
DD&A
-10.1
-5.4
-0.4
-2.2
-18.0
Other income
0.2
-
-
1.8
2.0
Operating profit
38.0
2.4
-2.3
-25.3
12.8
DD&A non-prod assets
10.1
5.4
0.4
2.2
18.0
DD&A prod assets
5.0
-
-
-
5.0
EBITDA
53.2
7.8
-1.9
-23.1
35.8
Special operating items
0.2
-
0.3
9.5
10.0
Adjusted EBITDA
53.4
7.8
-1.7
-13.6
45.8
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
Balance sheet items
PPE
53.3
0.5
-
-
53.7
Inventory
56.2
36.9
0.7
13.3
107.2
Trade receivables and
prepaid expenses
33.6
16.1
1.6
-4.1
47.3
Accounts payable and other
payable
36.7
13.6
2.7
-2.0
50.9
Operating segments 2024:
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
USD Millions
External sales
84.3
104.9
9.7
-
199.0
Internal sales
13.6
4.5
-
-18.1
-
Cost of goods sold
-43.6
-85.8
-5.3
14.0
-120.6
Gross profit
54.4
23.6
4.5
-4.1
78.4
SG&A
-22.7
-16.1
-8.8
-20.4
-68.0
DD&A
-7.1
-5.1
-1.0
-3.5
-16.6
Other income
0.8
-
-0.1
1.3
2.1
Operating profit
25.4
2.4
-5.4
-26.7
-4.4
DD&A non-prod assets
7.1
5.1
1.0
3.5
16.6
14
DD&A prod assets
5.7
-
-
-
5.7
EBITDA
38.2
7.5
-4.4
-23.2
18.1
Special operating items
-
0.5
-
11.3
11.8
Adjusted EBITDA
38.2
7.9
-4.4
-11.9
29.9
Other/elim
Total
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Balance sheet items
PPE
47.7
0.3
0.9
0.1
49.0
Inventory
46.2
33.7
2.0
7.4
89.3
Trade receivables and
prepaid expenses
30.7
17.9
1.3
4.3
54.2
Accounts payable and other
payable
23.4
18.2
2.7
-1.7
42.6
ADJUSTED EBITDA
The Executive Management Team (EMT) evaluates the performance based on Adjusted EBITDA. This
metric is defined as operating profit before depreciation, amortization, write-downs and impairments,
and special operating items. Special operating items include gains or losses on sale of assets, if material,
restructuring expenses and other material items which are not primarily related to the period in which
they are recognized or special in nature compared to ordinary operational income or expenses. See
description of the Alternative Performance Measures (APM) attached to the consolidated financial
statement.
The following table reconciles Adjusted EBITDA to Operating profit in the consolidated statements of
profit or loss.
Year ended 31 December
USD Millions
2025
2024
Operating profit
12.8
-4.2
Depreciation, amortization and impairment
23.0
22.3
EBITDA
35.8
18.1
Special operating items
10.0
11.8
Adjusted EBITDA
45.8
29.9
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2025
2024
Restructuring and improvement program
9.9
8.9
Other
0.1
2.9
Special operating items
10.0
11.8
Note 4 – Selling, General & Administration expenses and Other operating
cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognize d.
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note ##N_Inv
Inventories.
Selling, General and Administrative expenses consist of:
Year ended 31 December
USD Millions
2025
2024*
Sales and Distribution Costs
-34.8
-31.1
Research and Development
-0.5
-1.0
Administrative Costs as reported
-33.7
-28.9
Restatement effect administrative costs
-7.0
Total SGA - restated
-68.0
Total SGA as reported
-69.1
-61.0
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
goods world-wide.
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient is being expensed. The department also works on early
15
phase product development, finding new application for the raw material, and bringing this out to the
market.
Administrative costs represent the head office costs which include the management group, finance,
other group functions such as sustainability, HR, communication and IT, providing services to the entire
Group.
As described in note 1, the Human Health Ingredients segment implemented a revised operating model
following the restructuring of the Group’s operations and the separation and sale of the Feed
Ingredients segment in 2024. As part of these changes, management reconsidered the cost allocation
principles applied in determining the cost of inventories in accordance with IAS 2
Inventories
, including
which overheads qualify as costs of conversion. Administrative costs in 2024 have increased by USD 7.0
million from USD 28.9 million to USD 35.9 million which leads to total selling, general and administrative
expenses in 2024 increasing from USD 61.0 million to USD 68.0 million.
GOVERNMENT GRANTS
During 2025 the Group received/accrued grants of USD 0.78 million (2024: USD 0.29 million). The grants
are partly included in ‘net profit from discontinued operations’ and partly ‘Projects under construction’
to net the costs that the grants are intended to compensate. There are not any unfulfilled conditions or
other contingencies on these grants.
SALARY SPECIFICATION BY FUNCTION
The schedule below describes the total salary costs of the Group. Salaries that are production-related
in the Group is allocated to inventory, as presented in Note ##N_Inv. Selling, general and administrative
salaries specifies the salary part of the total expenses of USD 69.1 million (2024: USD 68.0 million), as
also presented within Note 4.
Salary specification by function:
Year ended 31 December
USD Millions
2025
2024
Production-related - inventoriable
-4.7
-3.7
Selling, general and administrative
-25.4
-39.0
Total
-30.1
-42.7
Number of employees at year-end
244
255
Full time Equivalent
258
249
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2025
2024
Salaries
-20.0
-37.6
Employer's social security contribution
-0.9
-1.1
Pension expenses
-1.6
-0.8
Other benefits
-7.7
-3.2
Total
-30.1
-42.7
PENSION PLANS
The Group has a defined contribution plan that covers all employees. The plan complies with laws and
regulations set forth in the different countries of operations. During the year the Group expensed USD
0.84 million for the contribution plan (2024: USD 0.95 million).
Remuneration to the Group auditors (excluding VAT):
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2025 and 2024. For both categories the reported fee is
the recognized expense for the year.
Year ended 31 December
USD Millions
2025
2024
Audit fees
-0.5
-0.4
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-
-
Total
-0.5
-0.5
16
Note 5 – Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies, write-down of associated companies, earn out
provisions and foreign exchange losses recognized in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2025
2024
Interest income, bank deposits
0.5
3.6
Interest income loans and receivables (amortized cost)
0.5
-
Other financial income
2.3
0.4
Total financial income
3.3
4.0
Interest expense on financial liabilities at amortized cost
-13.9
-2.5
Share of loss in associated companies
-2.4
-
Other financial expenses
-3.7
-8.4
Total financial expenses
-20.0
-10.9
Foreign exchange gains (realized and unrealized)
2.6
3.0
Foreign exchange losses (realized and unrealized)
-1.5
-4.1
Foreign exchange gains/losses net
1.1
-1.0
Net financial expenses
-15.7
-8.0
Other financial expenses include provision and guarantee expenses paid to DNB.
Note 6 – Asset acquisition and business combinations
There have been no material business combinations or asset acquisitions during 2025 and 2024.
17
Note 7 – Income tax
The Group is headquartered in Norway and pays taxes according to the rates applicable in the countries
and states in which it operates. Most taxes are recorded in the statement of profit or loss and relate to
taxes payable for the reporting period (current tax), but also deferred taxes. Deferred tax is calculated
based on the differences between the accounting value and tax value of assets and liabilities at the
reporting period date using the applicable tax rate.
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2025
2024
Net profit (loss)
-22.8
182.6
Calculated income tax at statutory rate of 22%
5.0
-40.2
Tax differential Norway and abroad
0.0
-0.9
Change in recognized net deferred tax liabilities
0.4
1.2
Change in unrecognized deferred tax assets
-3.8
-6.7
Permanent differences
-3.3
36.0
Currency translation and other
1.7
10.8
Total tax expense
0.0
0.1
Effective tax rate
0%
0%
* The majority of the Group files its tax return in NOK. The effective tax rate is affected by deferred tax asset that is not
recognized.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2025
2024
Property, plant and equipment and intangible assets
-6.9
-8.8
Inventory
-
-
Tax losses carried forward
25.8
21.6
Interest rate deductibility carry forward
9.5
12.8
Other
-0.8
-2.3
Net deferred tax assets
27.6
23.4
Deferred tax liability
-8.5
-8.3
Deferred tax asset
36.1
31.6
Unrecognized deferred tax assets
29.7
25.9
Recognized deferred tax asset
6.3
5.7
Recognized deferred tax liability
-8.5
-8.3
There were no changes in corporate tax rates in the main countries Norway (22%) or US 21% (Federal
tax rate). The recognized deferred tax liability of USD 8.5 million relates to the entities in the US.
The deferred tax asset has increased from USD 31.6 million in 2024 to USD 37.4 million in 2025.
18
The Norwegian tax group had the following basis for deferred tax assets and deferred
tax assets (recognized and not recognized) as of 31 December 2025 and 31 December
2024:
31 December 2025:
USD Millions
Tax losses
carry
forward
Temporary
Differences
Disallowed
Interest
Carryforward
Deferred tax
assets
Recognized
deferred tax
assets
Unrecognized
deferred tax
assets
Tax group
Aker BioMarine ASA with
Norwegian subsidiaries
113.6
11.9
9.5
29.7
-
29.7
Total
113.6
11.9
9.5
29.7
-
29.7
31 December 2024:
USD Millions
Tax losses
carry
forward
Temporary
Differences
Disallowed
Interest
Carryforward
Deferred tax
assets
Recognized
deferred tax
assets
Unrecognized
deferred tax
assets
Tax group
Aker BioMarine ASA with
Norwegian subsidiaries
91.0
13.7
12.8
25.9
-
25.9
Total
91.0
13.7
12.8
25.9
-
25.9
For the Norwegian tax group being Aker BioMarine ASA with subsidiaries (ownership more than 90%),
no deferred tax assets from historic tax losses have been recognized as there is limited possibility for
the tax group to utilize these tax losses in the foreseeable future.
PILLAR 2
The Supplementary Tax Act, Norway’s implementation of the OECD Pillar Two Model Rules, entered
into force on January 1, 2024. The TRG Group, including Aker ASA and thereby Aker BioMarine ASA, is
in the scope of the enacted legislation and has performed an assessment of its potential exposure to
top-up tax. This assessment is based on reported figures for the entities in the Aker Group in connection
with the preparation of the consolidated financial statements.
The figures have been compiled by jurisdiction to determine which jurisdictions may be covered by the
temporary 'Safe Harbour' rules related to country-by-country reporting in the Supplementary Tax
Regulations. For jurisdictions falling outside the Safe Harbour exemptions, further analysis of taxable
adjustments has been performed to determine the adjusted profit and potential reduction of top-up
tax. Based on these preliminary assessments, no provision for top-up tax has been recognized. The final
assessments will be concluded in connection with the reporting for the TRG Group in 2026.
19
Note 8 – Property, plant and equipment
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated useful
lives of each major component of property, plant and equipment. Assets under construction are not depreciated until the items are available for use as intended by management. Expenditures to replace a
component of property, plant and equipment are capitalized if it is probable that future economic benefits associated with the asset will flow to the Group and the costs can be measured reliably. Gains and
losses are recognized upon asset de-recognition. The costs of consumables used, and day-to-day maintenance of property, plant and equipment are expensed as incurred
Movements in property, plant and equipment in 2025
Movements in property, plant and equipment in 2025:
USD Millions
Buildings and Land
Machinery
Asset under construction
Total
Acquisition cost as of 1 January 2025
23.6
62.3
8.8
94.7
Investments
0.2
0.7
5.4
6.3
Asset retirement
-
-1.9
-1.2
-3.1
Other reclassifications 1)
0.6
10.8
-7.5
3.9
Acquisition cost as of 31 December 2025
24.4
71.8
5.5
101.7
Acc. depreciation and impairment as of 1 January 2025
-6.3
-38.3
-1.2
-45.7
Depreciation for the year
-1.0
-4.1
-
-5.1
Asset retirement
-
1.9
1.2
3.1
Impairment
-
-
-0.1
-0.1
Acc. depreciation and impairment as of 31 December 2025
-7.3
-40.3
-0.1
-47.8
Book value as of 31 December 2025
17.1
31.5
5.4
53.7
Depreciation period
Depreciation method
1) The reclassification to asset under development and development assets is reclassification done after an assessment of projects classified under asset under construction, see Note 9
20
Movements in property, plant and equipment in 2024
USD Millions
equipment, etc
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2024
297.9
171.9
46.5
20.6
537.0
Investments continued
-
0.9
0.3
3.0
4.1
Held for sale and discontinued 1)
-297.9
-110.3
-20.5
-
-428.7
Sale
-
-
-0.4
-0.4
Other reclassifications 2)
-
-0.2
-17.1
-
-17.3
Acquisition cost as of 31 December 2024
-
62.3
8.8
23.6
94.8
Acc. depreciation and impairment as of 1 January 2024
-109.7
-77.6
-2.7
-5.4
-195.4
Depreciation for the year
-
-4.6
-
-0.8
-5.4
Acc. depeciation asset held for sale and discontinued
109.7
43.9
2.7
-
156.3
Impairment
-
-
-1.2
-
-1.2
Acc. depreciation and impairment as of 31 December 2024
-
-38.3
-1.2
-6.2
-45.7
Book value as of 31 December 2024
-
24.0
7.6
17.4
49.0
Depreciation period
Depreciation method
Straight-line
1) Including investments of USD 14 million. See Note ##N_Assets_held_for_discontinued_operations and ##N_Discontinued_operations
USD Millions
2025
2024
Depreciation for the year of Property, plant & equipment
(5.1)
(5.4)
Impairment Property, plant & equipment
(0.1)
(1.2)
Amortization for the year of Intangible assets
(15.2)
(12.1)
Amortization for the year of Contract cost
(1.2)
(2.0)
Leasing (ROU) depreciation
(1.4)
(1.7)
Total
(22.9)
(22.3)
Depreciation and amortization related to production assets and included in cost to inventory
(5.0)
(5.7)
Depreciation and amortization related to other assets
(18.0)
(16.6)
21
The Group’s total depreciation, amortization, and impairment is presented in the above schedule.
As compared to the consolidated statement of profit or loss the USD 18.0 million (2024: USD 16.6
million) relates to depreciation and amortization of assets not directly used in the production of
goods, and therefore recognized as depreciation, amortization and impairment in the statement
of profit or loss. Other assets primarily consist of the customer portfolios recognized following the
business combinations /asset acquisitions of Lang, Neptune and Enzymotec. Inventoriable
depreciation in 2025 mainly consists of the Group’s manufacturing plant in Houston, Texas,
amounting to USD 5.0 million (2023: USD 5.7 million).
INVESTMENTS IN 2025:
Investments in machinery are mainly installments in the manufacturing plant in Houston. Assets
under construction comprise development projects.
ASSET RETIREMENTS IN 2025:
Asset retirements mainly include machinery. Most components that have been retired were fully
depreciated.
As of 31 December 2025, Group has commitments for further investments in property, plant and
equipment of USD 1.1 million. For details on mortgages and pledging of security, see Note 16.
22
Note 9 – Goodwill and Intangible
Assets
Intangible assets, acquired individually or as a
group, are recognized at cost when acquired.
Intangible assets with finite useful lives are
carried at cost less accumulated amortization,
recognized on a straight-line basis over their
estimated useful lives, and accumulated
impairment losses. The estimated useful life and
amortization method are reviewed at the end of
each reporting period, and assets are tested for
impairment if impairment indicators exist.
Intangible assets acquired in a business
combination are recognized at fair value
separately from goodwill when they arise from
contractual or legal rights or can be separated
from the acquired entity and sold or transferred.
Intangible assets with indefinite useful lives are
carried at cost less accumulated impairment
losses. These assets are not amortized, but are
tested for impairment annually, and more
frequently if indicators of possible impairment
are observed, in accordance with IAS 36.
GOODWILL
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the consideration
transferred over the Group’s interest in net fair
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair
value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus
tested for impairment annually, and more
frequently if indicators of possible impairment
are observed. Goodwill is allocated to the cash
generating units ("CGU"), which are expected to
benefit from synergies of the combination. Each
unit to which goodwill is allocated represents the
lowest level within the Group at which goodwill is
monitored for internal management purposes
and reporting.
Intangible assets
DEVELOPMENT
Expenditures for research activities performed to
gain new scientific, technical or other knowledge
are expensed when incurred. Development
expenditures are capitalized only if the
expenditure can be measured reliably, the
product or process is technically and
commercially feasible, future economic benefits
probable and the Group intends to and has
adequate resources to complete development
and to use or sell the asset. The amount
capitalized includes the cost of materials and
direct attributable expenses. Additions to
development in 2025 include development of
new products.
CONTRACT MANUFACTURING
The Company has entered into a contract
manufacturing agreement which provides an
exclusive and enforceable contractual right to
dedicated manufacturing and reprocessing
capacity at a third-party facility. The contractual
terms, including exclusivity and non-compete
provisions, give the Company control over the
right and access to the future economic benefits
arising from the capacity.
CUSTOMER RELATION
Customer relations (customer contracts) were
acquired as part of business combinations
recognized at fair value. Following initial
recognition, the customer relations are recorded
less any accumulated amortization and
impairment losses.
TRADEMARK
Trademarks are intangible assets with indefinite
useful lives that are not amortized but carried at
cost less accumulated impairment losses. The
trademarks include NKO and KREAL.
PATENTS AND RIGHTS
Patents and rights are intangible assets with
defined useful lives and are amortized until the
expiration dates. The patents are related to
CaPre, acquired as part of the Acasti transaction,
and a Health Functional Food (HFF) certification
that is considered a license to operate in South
Korea.
23
Movements in intangible assets for 2025
Customer
relation
USD Millions
Goodwill
Assets
under
development
Development
Pantents and
rights
Contract
manufacturing
Trademark
Total
Acquisition cost as of 1 January 2025
62.6
9.3
24.5
2.6
-
91.0
5.7
195.8
Additions
-
0.2
2.6
8.2
1.9
0.2
-
13.2
Other reclassifications 1)
-
-8.3
4.4
-
-
-
-
-3.9
Acquisition cost as of 31 December 2025
62.6
1.3
31.6
10.8
1.9
91.2
5.7
205.1
Amortization and impairment losses as of 1 January 2025
-
-
-9.9
-0.4
-
-61.1
-0.9
-72.3
Amortization for the year
-
-
-3.6
-2.6
-0.1
-9.0
-
-15.2
Reclassifications
-
-
-
-
-
-
-0.6
-0.6
Amortization and impairment losses as of 31 December 2025
-
-
-13.5
-3.0
-0.1
-70.1
-1.5
-88.1
Book value as of 31 December 2025
62.6
1.3
18.1
7.8
1.8
21.1
4.2
116.9
Amortization period
3-10 years
4-10 years
3 years
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1) The reclassification to assets under development and development assets is reclassification done after an assessment of projects classified under asset under construction, see Note 8
24
Movements in intangible assets for 2024
USD Millions
Goodwill
Assets
under
development
Development
Fishing
license
Patents
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2024
94.6
-
11.1
10.5
2.6
91.0
5.7
215.5
Additions
-
0.1
5.6
-
-
-
-
5.7
Discontinued operations
-32.0
-
-
-10.5
-
-
-
-42.5
Other reclassifications 1)
-
9.2
7.9
-
-
-
-
17.1
Acquisition cost as of 31 December 2024
62.6
9.3
24.5
-
2.6
91.0
5.7
195.8
Amortization and impairment losses as of 1 January 2024
-
-
-6.9
-
-
-52.4
-0.9
-60.2
Amortization for the year
-
-
-3.0
-
-0.4
-8.7
-
-12.1
Amortization and impairment losses as of 31 December 2024
-
-
-9.9
-
-0.4
-61.1
-0.9
-72.3
Book value as of 31 December 2024
62.6
9.3
14.7
-
2.2
29.9
4.8
123.4
Amortization period
3-10 years
7-10 years
Amortization method
Straight-line
Straight-line
1) The reclassification to assets under development and development assets is reclassification done after an assessment of projects classified under asset under construction, see Note 8
Segment allocation of goodwill and intangible assets:
USD Millions
Assets under development
Pantents and rights
Contract manufacturing
Segment
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Human Health Ingredients
34.4
34.4
1.3
9.3
16.4
12.3
7.8
2.2
1.8
-
6.6
10.7
4.2
4.8
Consumer Health Product
28.2
28.2
-
-
1.1
1.1
-
-
-
-
14.6
19.2
-
-
Emerging business
-
-
-
-
0.2
0.8
-
-
-
-
-
-
-
-
Other/Elim
-
-
-
-
0.3
0.4
-
-
-
-
-
-
-
-
Total
62.6
62.6
1.3
9.3
18.1
14.7
7.8
2.2
1.8
-
21.2
29.9
4.2
4.8
Note 10 – Impairment assessment
Property, plant and equipment, RoU assets, intangible assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment annually, in addition to any tests required when
impairment indicators are determined to be present.
25
Identification of CGU's involves judgment, considering if an active market exists for the output produced
by an asset or group of assets, independent cash inflows as well as how management monitors the
Group's operations or how management makes decisions about continuing or disposing of the Group's
assets and operations.
Based on a thorough analysis, a CGU for goodwill impairment testing is assessed to be on segment level.
From 2024, the Group consists of three segment, Human Health Ingredients, Consumer Health Products
and Emerging Businesses.
Indicators that could trigger an impairment test includes such conditions as significant
underperformance in sales volumes or margins relative to historical or projected results, significant
changes in the Group's planned use of the assets, obsolescence or physical damage of an asset, or
significant negative industry or economic trends.
Fair value may be estimated based on recent transactions on comparable assets. Calculation of the
value in use of an asset or segment involves estimating the future cash inflows and outflows to be
derived from continuing use of the asset/segment and from its ultimate disposal.
Impairment losses are only reversed to the extent that the asset’s carrying value does not exceed the
carrying value that would have been determined, net of depreciation, if no impairment had been
recognized.
GOODWILL IMPAIRMENT TESTING
Mandatory annual tests for impairment are performed for operating segments with allocated goodwill
or assets with indefinite useful life, and for assets//operating segments where impairment indicators
have been identified. Impairment tests are performed on the segments that have allocated goodwill,
Human Health Ingredients and Consumer Health Products. The impairment test of the Human Health
Ingredients segment also includes trademark assets with indefinite useful life.
MAIN ASSUMPTIONS FOR THE VALUE-IN-USE CALCULATION
The Group updates its Group Business Plan for the next five years on an annual basis. The purpose of
the Group Business Plan process is to set overall goals for the business and define the steps necessary
to achieve these goals. The plan facilitates the strategic planning process and provides the Board of
Directors/Executive Management with a structure to monitor progress towards these goals. It is a result
of a bottom-up involvement of the organization, and the key goals and objectives are in turn
communicated to the broader organization to set the direction for departments and employees. In the
value in use assessment used for impairment testing purposes, the business plan has been risk adjusted
to reflect accuracy of previous budgets towards actual figures.
The Group Business Plan uses sensitivities and scenarios to analyze and understand how changes in one
or more internal/external variables impacts the future of the Group’s financials. Scenario planning and
sensitivity analysis provides a rational and structured way to analyze the impact from altering key
variables such as sales units, prices and timing, production volumes, COGS, etc. The scenarios and
sensitivities are used by the Board of Directors/Executive Management to measure and manage the
risk profile.
The discount rates used reflect the current market assessment of the risks specific to each operating
segment and are estimated based on the weighted average cost of capital. The discount rate is
estimated based on a weighted average of equity return requirements and expected costs of debt,
assuming a projected debt-to-equity ratio of 1. The basis for the discount rate is a risk-free interest rate
set at 10 years US government bonds, and the credit risk premium has been set equal to the credit
spread for the most recent term sheets. The Group has used the same discount rates for the Human
Health Ingredients and the Consumer Health Products operating segments.
Climate risk has been assessed when performing the value -in-use calculation, primarily in the Human
Health Ingredients segment. The extraction facility in Houston, Texas, is in a geographical area which
has from time to time been exposed to extreme weather. This has resulted in a few temporary
shutdowns and increased maintenance requirements. In the value-in-use calculations the normal
production capacity of krill oil considers these uncertainties.
HUMAN HEALTH INGREDIENTS:
Projected cash flows are based on management’s best estimates and the business plan for the Human
Health Ingredients segment for the subsequent five years period. The estimates are based on detailed
forecast prepared by the various departments in the ingredients segment. For subsequent periods, the
model is based on an estimated terminal growth. In the forecast for the period 2026-2030, revenue
projections are risk-adjusted based on executed agreements, actual historical prices, and
management’s evaluation of the potential for new agreements. The estimated operating margin is in
accordance with management’s forecast which is based on the scalability in the business model. As
approximately 65 per cent of the Group’s operating expenses are fixed costs (in line with IAS 2),
increased sales levels will contribute to higher operating margins. Future product pricing has as per the
above been based on historical prices and management’s expectation with regards to new
arrangements. The calculation is based on a fairly flat development for krill oil prices while sales
volumes are expected to increase in the forecast period, compared to the sales volume levels in 2025.
Sales volumes have been modelled to follow the production targets, however lagging as to allow for
building and maintaining safety-stock.
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At the end of the forecast period there is an extrapolation period from 2031-2035 (as no detailed
budget is prepared after 2030). In the extrapolation period the growth has been set to 3.0%. The
discount rate is based on a WACC of 9.9% and in the terminal value it is assumed a long-term annual
growth equal to 2.0%. The discount rate has decreased from last year due to lower interest levels and
lower risk premium.
Capital expenditure is based on the long-term technical and operations program for the Houston
facility.
CONSUMER HEALTH PRODUCTS
Projected cash flows are based on management’s best estimates and the business plan for the
Consumer Health Products segment for the subsequent five years period. The estimates are based on
a detailed forecast prepared by management in Lang. For subsequent periods, the model is based on
an estimated terminal growth, that does not exceed the growth for the products, industry or country
(US) in which the segment operates. In the forecast for the period 2026-2030, revenue projections are
based on executed agreements, actual historical prices, and management’s evaluation of the potential
for new agreements. The estimated operating margin is in accordance with management’s forecast.
In the Consumer Health Products impairment model the forecast period is 2026-2030. At the end of the
forecast period there is an extrapolation period from 2031-2035. In the extrapolation period growth
has been set to 3.0%. The discount rate is based on a WACC of 9.9% and in the terminal value it is
assumed a long-term annual growth equal to 2.0%.
Segment
2025
2024
2025
2024
Human Health Ingredients
9.9%
11.0 %
10.2%
11.3 %
Consumer Health Products
9.9%
10.5 %
10.2%
10.7 %
* The pre-tax discount rate is the discount rate without tax charge in the cash flow yielding the same recoverable
amount.
HUMAN HEALTH INGREDIENTS
The sensitivities of the value in use have been tested by using simulations of various combinations of
discount rates and terminal value growth. The segment’s value in use is significantly higher than the
carrying amount. No reasonable possible change in any of the key assumptions would cause the unit’s
recoverable amount to be lower than the carrying value.
An increase of the WACC of 1% in the Human Health Ingredients segment would lead to 12% lower
recoverable amount in the Human Health Ingredients segment. Lowering the terminal growth by 1%
would lead to 6% lower recoverable amount in the Human Health Ingredients segment. Neither an
increase of the WACC by 1% nor a decrease of the terminal growth of 1% would lead to impairment.
CONSUMER HEALTH PRODUCTS
The sensitivities of the value in use have been tested by using simulations of various combinations of
discount rates and terminal value growth.
The operating segment’s value in use is higher than the carrying amount. No reasonable possible
change in any of the key assumptions would cause the unit’s recoverable amount to be lower than the
carrying value.
An increase of the WACC of 1% in the Consumer Health Products segment would lead to a lower
recoverable amount of 12%. Lowering the terminal growth by 1% would lead to a 6% lower recoverable
amount in the Consumer Health Products segment. Neither an increase of the WACC by 1% nor a
decrease of the terminal growth of 1% would lead to impairment.
INTANGIBLE ASSETS IMPAIRMENT TESTING
For customer relations, cash inflows have been monitored at the same level as the identified operating
segment for goodwill impairment testing. During 2025, Management has assessed that there was no
impairment.
All other intangible assets have been assessed for impairment with the conclusion that the value in use
is higher than the book value.