1、GLP-1 boost ahead?Aker BioMarine-Equity Update11 July 2025Arctic SecuritiesResearchChristian Olsen Nordby+47 90 72 08 Kristoffer Haugland+47 40 10 24 Aker BioMarineAKBM NO|Seafood|Equity Company Update|11 July 2025|16:01BuyHoldSellGLP-1 boost ahead?Aker BioMarine posted strong and broad Superba grow

2、th in Q2/25.The company has a morestable customer base now than previously with China as the fastest growing market.SouthKorea is currently close to zero(although there were some sales in Q2),but we remindinvestors that South Korea was about 1/3 of sales in 2020 and a re-launch is expected tooccur p

3、ost summer(however,this has been delayed before).A new study is expected tobe released shortly which will most likely show positive effects on fat loss versus muscleloss when using GLP-1 medicines.Today,it is widely known that GLP-1 reduces musclesas well as fat,but Krill oil is supposed to improve

4、this ratio.Such a study could boost futureSuperba sales in the US.We increase our target price to NOK 95/sh,using an EV/EBITDAmultiple of 12.5x on 2026e EBITDA in HHI(17x 2025e).Human Health Ingredients(HHI)The most important segment,HHI,delivered a solid Q2.Looking into Q3 we expect stablesequentia

5、l volume and price development.Beyond organic growth from Superba,we expect to seeAlgae sales from Q4/25 which should have a positive impact on profits.Algae sales were stoppeddue to quality issues but are expected to come back in late Q3.South Korea is also expected tore-launch its TV ads post summ

6、er which could provide upside to our estimates should sales returnto where they were.ValuationAker BioMarine is a case which is for sale.The company is dependent on a better transactionalM&A environment and the most recent tariff situation has temporarily paused that marketsomewhat(although AKBM