Hofseth BioCare (HBC) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the completion of a major maintenance cycle at Midsund, stabilizing operations and enabling future margin expansion as volumes recover through the year.

• Gross margin expanded despite lower throughput, confirming the strategic shift toward higher-value, science-led ingredients is delivering operational progress.

• Human Nutrition B2B, led by ProGoⓇ and CalGoⓇ, drove revenue growth, with ProGoⓇ revenue up 187% year-over-year and strong demand in Europe, China, Southeast Asia, and the US.

• Consumer & Pet Health (B2C) gross margin improved from 17% in FY 2025 to 35% YTD, driven by channel clean-up and better inventory management.

• After the quarter, a NOK 144.5 million private placement restored equity and liquidity, supporting continued innovation and growth.

Financial highlights

• Total operating revenue for Q1 2026 was NOK 49.5 million, down from NOK 60.9 million in Q1 2025.

• EBITDA was negative NOK 23.2 million (Q1 2025: negative NOK 19.9 million); Operational EBITDA* was negative NOK 17.0 million (Q1 2025: negative NOK 8.3 million).

• EBIT was negative NOK 33.6 million (Q1 2025: negative NOK 29.5 million).

• Profit before tax ended at negative NOK 36.6 million (Q1 2025: negative NOK 33.1 million).

• Cash and cash equivalents at quarter-end were NOK 49.1 million (Q1 2025: NOK 71.9 million).

Outlook and guidance

• Midsund plant is positioned for stable, sustained operation at annualized capacity of 24,000 MT, supporting further margin expansion as volumes recover.

• Expectation of improved availability and sales for OmeGoⓇ and Pet Nutrition B2B as raw material supply normalizes and new opportunities convert.

• Anticipated publication of ProGoⓇ metabolic health study in Q2 2026 and top-line results from NT-II™ knee pain clinical trial in H2 2026.

• Rising global fish oil prices expected to support improved pricing in pet and feed segments.