Marinomed Biotech (MARI) H2 2025 earnings summary

Executive summary

• Achieved a strong turnaround in 2025, driven by successful restructuring and the sale of the Carragelose business, resulting in a restructuring gain of EUR 18.9 million and a net profit of EUR 18.0 million compared to a net loss of EUR -15.4 million in 2024.

• Revenues rose to EUR 7.7 million, mainly from the EUR 5 million upfront payment for Carragelose; focus shifted to Marinosolv technology and Solv4U services.

• Liquidity was strengthened through a capital increase and convertible bond issuance; ongoing efforts to secure further earn-out payments from Unither.

• Management is optimistic about future profitability, with a strategic focus on licensing and commercialization of Marinosolv-based products.

Financial highlights

• Revenue increased to EUR 7.7 million in 2025 (2024: EUR 4.7 million), with EUR 5 million from the Carragelose sale.

• Operating profit reached EUR 18.7 million (2024: EUR -7.6 million), driven by a restructuring gain of EUR 18.9 million.

• Net profit was EUR 18.0 million (2024: net loss of EUR -15.4 million); accumulated net loss reduced to EUR -52.9 million.

• Cash and cash equivalents at year-end were EUR 1.0 million (2024: EUR 1.7 million); negative equity improved to EUR -7.0 million (2024: EUR -26.2 million).

• Personnel expenses decreased to EUR 4.0 million (2024: EUR 4.8 million) due to workforce reduction.

Outlook and guidance

• Focus on maximizing earn-out payments from the Carragelose sale and expanding Marinosolv licensing.

• Targeting first marketing approval for Budesolv in Switzerland and pursuing additional licensing agreements.

• Aiming for sustainable profitability from 2025 onwards, with growth in Solv4U services and new pharmaceutical partnerships.