Aker BioMarine AS posted Q1 2026 Human Health Ingredients (HHI) EBITDA of USD 14.9m, matching consensus, though group revenues of USD 57.3m fell short of Arctic Securities’ estimate of USD 61.1m, according to a note from the bank published April 30.
HHI revenues grew 22% year-on-year to USD 31.8m, against an Arctic estimate of USD 34m. Krill oil revenues rose 26%. Arctic Securities estimates Superba krill oil sales reached approximately 250 tonnes in the quarter, 10 tonnes below its forecast, at an average price of USD 117/kg — up 10.5% year-on-year. The HHI EBITDA margin reached 47%, above Arctic’s 44% estimate, driven by controlled SG&A spending despite a higher share of capsule sales.
The Consumer Health Products segment, which from Q1 2026 merged the Lang and Epion/Kori brands, reported revenue of USD 28.1m, down 2% year-on-year. The company said it is in advanced discussions with a potential buyer for Understory, its protein factory.
Net debt came in at USD 176m — USD 22m above Arctic’s estimate of USD 154m. Higher working capital, partly linked to settlement of Nutra from Aker Qrill, drove operating cash flow to USD -10.8m. The company refinanced its bond into bank debt and reported available liquidity of USD 33m. Its NIBD/EBITDA ratio stood at 3.6x against a covenant ceiling of 5.5x.
Arctic Securities maintains a Buy rating with a target price of NOK 115.0 against a current share price of NOK 98.4, and expects the stock to trade flat on the results. The previously announced HHI transaction remains on track for completion in 2026.