Aker BioMarine reported 26% year-on-year growth in Q1 2026 sales of Superba krill oil, according to a note from Arctic Securities, as higher volumes and pricing supported continued momentum in its core ingredients business.
Superba is a premium omega-3 ingredient used primarily in dietary supplements, positioning it above standard fish oil products. Sales are now up 45% compared with Q1 2024, reflecting sustained demand in the human health segment.
Krill-derived ingredients are also used in aquaculture feed, including salmon diets, but higher margins in human nutrition markets have increasingly pulled volumes toward the supplement segment. That dynamic has reinforced a broader shift in marine ingredients toward higher-value applications.
Arctic Securities analyst Christian Olsen Nordby maintained a Buy rating on the stock with a target price of NOK 115 per share, compared with a current price of NOK 100.4.
The Human Health Ingredients segment delivered 22% top-line growth and 37% adjusted EBITDA growth over the past four quarters, the bank said. Arctic forecasts EBITDA growth of 25% in 2026 and 18% in 2027, valuing the segment at around 15x EV/adjusted EBITDA on 2027 estimates, broadly in line with peers including Givaudan and Balchem.
For Q2 2026, Arctic expects Superba sales volumes of 271 tonnes, up 13% year-on-year.
The bank said Aker BioMarine appears closer to divesting Understory, which it values alongside other emerging brands at USD 20 million in its sum-of-the-parts analysis. The potential sale signals a continued shift away from consumer-facing brands toward higher-margin ingredients.
The Consumer Health segment, which includes Epion and Kori, reported lower EBITDA in Q1 after the company changed its Amazon sales strategy for Epion, partnering with an external marketing provider that covers promotional costs. The transition resulted in lower realised prices during the period. Arctic expects margins in the segment to normalise from Q2 onward.