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:
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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™.
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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.
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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®.
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Consumer & Pet Health profitability improved materially, with higher margins year-on-year despite broadly flat revenues.
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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.
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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