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HBC recorded total operating revenues of NOK 60.9 million in the first quarter of 2025, compared to NOK 52.4 million in the same period last year. Net operating revenues were NOK 60.7 million, reflecting a 15% increase from Q1 2024 (NOK 52.1 million), driven by continued growth in higher-margin human and pet health segments, despite early-quarter production constraints and ongoing pressure in the commodity oil market.

Cost of goods sold (CoGS) amounted to NOK 37.5 million, up from NOK 27.3 million in Q1 2024. Operating expenses totalled NOK 23.1 million, slightly down from NOK 23.9 million in the prior year. This included NOK 3.0 million in one-time restructuring costs linked to organizational adjustments and personnel changes initiated to improve long-term operational efficiency.

EBITDA for the quarter was negative NOK 19.9 million, compared to NOK -16.2 million in Q1 2024. The Operational EBITDA* amounted to NOK -8.3 million, slightly lower compared to the same period last year, reflecting the exclusion of non-recurring items such as restructuring costs (NOK 3.0 million), clinical trial and R&D investments (NOK 4.3 million), and Berkåk project costs (NOK 4.4 million).

Highlights in the first quarter:

• Total revenues increased 15% year-over-year to NOK 60.9 million, despite lower raw material volumes in the quarter.

• In February, HBC decided to start the expansion project at Berkåk to triple production capacity.

• HBC launched an unsecured bond towards certain investors in Switzerland, Lichtenstein and Norway. The bond closed after the quarter with subscriptions of approx. CHF 3.5m.

• Strong B2B Sales in the human segment with growth of 66% YOY, driven by demand for OmeGo®, ProGo®, and the newly launched NT-II™ for joint health, especially in Europe and Asia.

• HBC participated in Natural Products Expo West (USA) and Food Ingredients China, including a keynote presentation to over 120 industry experts in Shanghai, reinforcing its leadership in marine-based nutrition.

• Although overall B2C growth was flat, organic sales continued to rise in core product lines and markets, with new launches and listings on Amazon.de, Walmart.com, and the upcoming Fressnapf marketplace.

• The Midsund facility achieved the highest three-week production period in HBC’s history, running 15–20% above its previous rated capacity while maintaining product quality and yield.

• › Clinical Milestone for OmeGo® where a peer-reviewed study confirmed that OmeGo® significantly reduces coughing and improves sleep in city dwellers exposed to pollution, with effects observed at both 2g and 4g daily doses.

• NT-II™ Shows Clinical Promise and results from our pilot study showed improvements in joint pain and stiffness, were presented at the ICFSR 2025 conference.

• Significant advances were made in pharmaceutical research, including FT-002a for prostate cancer and MA-022s for asthma, alongside continued IND preparation for the SPHi pediatric IBD trial with Stanford.