HBC recorded total operating revenues of NOK 72.2 million in the fourth quarter of 2025, compared to NOK 64.9 million in the same period last year. Net operating revenues were NOK 71.1 million, up from NOK 64.9 million in Q4 2024. Full year 2025, total operating revenues amounted to NOK 256.3 million (265.5). Total operating revenue in 2024 included NOK 8.1 million of gain on sale of assets.
EBITDA for the quarter was negative NOK 26.5 million, compared to negative NOK 26.1 million in Q4 2024. For full year 2025, EBITDA was negative NOK 72.9 million (-65.3). The Operational EBITDA* amounted to negative NOK 19.7 million (negative NOK 15.6 million in Q4 2024), excluding non-recurring and strategic development costs such as clinical trials and R&D expenses, and Berkåk project costs. For full year 2025, Operational EBITDA* was negative NOK 39.5 million (-40.4). The operating result (EBIT) was negative NOK 37.4 (-36.8) in the last quarter.
Cash and cash equivalents increased by NOK 1.6 million during the quarter, ending at NOK 67.1 million as of 31 December 2025 (25.6). Including available credit facilities, total liquidity was NOK 77.5 million at quarter-end (44.8).
Highlights in the fourth quarter:
- Human Nutrition B2B revenues increased by 300% year-on-year, driven by strong demand for ProGo® and CalGo®, as well as a solid sales start for NT-II.
- Expanded regulatory access achieved with ingredient approvals in Australia and South Korea, opening two large and strategically important VMS and functional food markets and supporting distributor discussions for future launches.
- Pet Nutrition B2B volumes and revenues improved versus Q3, supported by increased customer engagement, trade-show activity, and growing interest in clinically differentiated joint and metabolic health solutions such as NT-II and PetGo Peptides®.
- Consumer & Pet Health profitability improved materially, with higher margins year-on-year despite broadly flat revenues.
- Significant R&D milestones achieved during Q4, including peer-review publication of the CalGo® bone health study, IRB approval for a clinical NT-II joint health study, and progress across oncology, asthma, and gastrointestinal programs through AecorBio Inc.
- HBC raised 158 million in a private placement and sold a stake in AecorBio Inc. for USD 5 million during Q4 and is expected to be finalized the transactions in Q1 2026 to support continued investment in growth, R&D, and capacity expansion.
Please find the HBC Q4 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
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.
