Aker BioMarine grew its Krill Oil sales by 20% Y/Y in 2025. The company guides for 15-30% in Q1/26 and as such the strong pace continues. We factor in 25% growth in Q1 and FY-26 growth at 20%. Growth is primarily volume driven which improves the margin in Houston as operating leverage is substantial. We see an EBITDA of USD 71m for HHI in 2026e (+33% Y/Y) and USD 81.6m in 2027e (+15% Y/Y). As a potential sale transaction is getting closer, we raise our TP to NOK 120/sh reflecting EV/EBITDA 15x o ....
