HOFSETH BIOCARE ASA: FIRST QUARTER 2026 FINANCIAL REPORT AND NEW COMMERCIAL UPDATE FOR CURRENT TRADING

Commercial update - second quarter 2026:

Since the end of the first quarter, the Company has seen a very significant pick-up in commercial activity. Second-quarter top-line revenue is expected to be comparable to the second quarter of last year, a strong result given that production volumes in the second quarter are running approximately 40 % below the prior-year period. The improvement is evident across all of the Company's ingredients as tightness and demand in the market for marine proteins continue to accelerate.

Commercial interest in ProGo® as a GLP-1 support protein continues to build. With the weight-management category remaining exceptionally strong, where approximately one in eight US adults report having taken a GLP-1 drug (KFF, 2024), resulting in demand for the Company's unique bioactive peptides is accelerating. In vitro studies have demonstrated that ProGo®'s salmon-derived peptides act as agonists of the GLP-1, GIP and GLP-2 receptors, and human clinical studies have shown meaningful reductions in body mass index of approximately 7%. A further driver of the renewed interest is ProGo®'s potential to help preserve lean muscle mass: in vitro work previously presented at MASCC has demonstrated that the peptides inhibit the myostatin and activin A signalling pathways and protect human muscle cells against muscle atrophy, an increasingly important consideration for consumers using GLP-1 therapies, who can experience significant loss of lean muscle mass.

While the Company does not provide guidance on average selling prices, new and existing contracts agreed during the second quarter reflect a year-on-year price increase of over 100% for ProGo® bioactive peptides. The average selling price of OmeGo® full-spectrum salmon oil has likewise increased by over 100% year on year.

Several new product launches for OmeGo®, the Company's full-spectrum salmon oil, are planned for the third quarter with leading global brands stocked in the largest US retailers. A very tight global fish oil market, driven in part by the El Niño effect, is supporting parts of the base business, although this is not the principal driver of the improved trading. In addition, NT-II® (undenatured Type II collagen from salmon) has secured several new product wins with tier-one brands over the past three months, particularly in Asia, further supporting financial performance.

Following the recently completed capital increase, HBC expects to return to full production by the end of the third quarter. This represents an important step towards delivering a positive EBITDA result.

On the innovation side, HBC established HBC Cosmetics at the start of the second quarter, led by Dr. Hans Kristian Leren, Head of Medical R&D for Skin Care. The new division plans to launch a series of innovative natural ingredients for topical use, derived from salmon side-streams, over the coming months and starting with a salmon PDRN (polydeoxyribonucleotide) product targeted for 2027. HBC intends to leverage its brand and global distribution network to extend beyond the nutraceutical and beauty-from-within categories into the cosmetics space.

First Quarter Summary

HBC recorded total operating revenues of NOK 49.5 million in the first quarter of 2026, compared to NOK 60.9 million in the same period last year. Net operating revenues were NOK 48.8 million, down from NOK 60.7 million in Q1 2025. The revenue decline reflects the scheduled maintenance and overhaul campaign at the Midsund plant that began at the end of Q4 2025 and extended into January 2026. Raw material processed in Q1 was 1,947 tonnes, compared with 3,253 tonnes in Q1 2025, combined with delayed shipments in January and February. Excluding the PetGo commodity categories, the remaining portfolio grew 5.3 % year on year. Gross margin expanded to 43.5 %, up from 39.1 % in Q1 2025, reflecting the continued portfolio shift toward bioactive, clinically differentiated ingredients.

EBITDA for the quarter was negative NOK 23.2 million, compared to negative NOK 19.9 million in Q1 2025. The Operational EBITDA amounted to negative NOK 17.0 million (negative NOK 8.3 million in Q1 2025), excluding non-recurring and strategic development costs such as clinical trials and R&D expenses, and Berkåk project costs. The operating result (EBIT) was negative NOK 33.6 million (- 29.5) in the quarter.

Cash and cash equivalents decreased by NOK 24.1 million during the quarter, ending at NOK 49.1 million as of 31 March 2026 (71.9). Including available credit facilities, total liquidity was NOK 50.6 million at quarter-end (78.4). At the parent-company level, the Covenant Equity Ratio* ended at 19.1 % and the Company was in breach of its loan covenants at quarter-end.

Reference is made to the stock exchange announcement of 28 June 2026, in which the Board of Directors resolved to allot 111,154,608 new ordinary shares at a fixed price of NOK 1.30 per share, corresponding to gross proceeds of approximately NOK 144.5 million, of which approximately NOK 66.5 million is settled through the conversion of receivables. Tranche 1 (78,334,609 Offer Shares) is being settled under the Board Authorisation granted by the EGM of 20 November 2025; Tranche 2 (32,819,999 Offer Shares) is conditional on approval by an extraordinary general meeting expected to be held on or about 30 July 2026. HBC has secured more than 2/3 voting rights for the upcoming EGM. Together, the placement and the conversion materially strengthen HBC's equity and liquidity position from Q2 2026 and restore compliance with the parent-company financial covenants.

Highlights in the first quarter:

* Human Nutrition B2B revenue continued to grow strongly, led by ProGo® (+186.7 % year on year at a 57 % gross margin) and CalGo® (+17.3 % year on year), with NT-II® generating first repeat orders out of China. * Gross margin expanded to 43.5 %, up from 39.1 % in Q1 2025, reflecting the continued portfolio shift toward bioactive, clinically differentiated ingredients. * Consumer & Pet Health (B2C) profitability stepped up materially: gross margin on the B2C channel improved from 16.9 % in FY 2025 to 34.8 % year-to- date, supported by the Amazon channel clean-up and improved supply reliability. Cardio Human B2C returned to a 29.6 % gross margin (from -6.6 % in the prior-year period) and the Brilliant(TM) white-label range grew 84.0 % year on year. First orders were received from Boots UK for the Cardio(TM) softgel brand. * The OmeGo® Omega-3 Index clinical study was published in the peer-reviewed journal Functional Foods in Health and Disease on 17 March 2026, demonstrating 1.7× greater O3I uptake than a popular concentrated omega-3 oil despite 2.5× less EPA + DHA. The IRB-approved NT-II® knee-pain clinical trial commenced during Q1, with top-line results anticipated in H2 2026. * The HBC ESG Annual Report 2025 was published on 27 March 2026, with continued improvement in emissions intensity, a stronger EcoVadis score, maintained Upcycled Certified status and a best-ever FSSC 22000 v6.0 audit result. * The Midsund maintenance and overhaul campaign was completed during the quarter, positioning the plant for stable, sustained operation at the annualised capacity of approximately 24,000 metric tonnes validated during 2025. * After the reporting period, the Board successfully placed a new private placement of approximately NOK 144.5 million in gross proceeds, restoring HBC's equity position and resolving the temporarily parent-company covenant breach

Please find the HBC Q1 2026 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, AecorBio Inc. (formerly HBC Immunology) which 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 and Palo Alto.

HBC is listed on Oslo Børs with ticker "HBC".