2024 was a pivotal year for Aker BioMarine - marked by progress and transformation. We sharpened our focus, accelerated innovation, and built a stronger foundation for long-term success.
While growth remains a priority, 2024 was also a year of transformation - one where we made strategic decisions to position ourselves more effectively in the global health and nutrition market. A key milestone in this shift was the completion of the Feed Ingredients transaction with American Industrial Partners (AIP) and Aker Capital in September.
Strategic Progress and Transformation
Following our strategic direction, we strengthened our position in the global health and nutrition industry. Despite a challenging market environment, we maintained steady revenue at USD 199 million, a 1% increase from the previous year, while adjusted EBITDA saw strong growth of 37%, reaching USD 29 million.
Human Health Ingredients (HHI) played the most pivotal role in this achievement, with revenues increasing by 25% and krill oil sales up by 15%, contributing to a robust gross margin of 57%. This growth is the result of a focused effort to reposition and improve our Superba business, strong demand for our scientifically backed products, and the consolidation and strengthening of our manufacturing capabilities in Houston, optimizing production efficiency and scalability. In particular, we saw strong performance in key growth regions, including North America and select Asian markets, which played a vital role in driving overall segment performance.
Not all markets performed as expected. In Korea, following the market shutdown in 2020, we secured the necessary scientific studies and regulatory approvals for re-entry in 2023. However, no new sales to Korea in 2024 due to significant inventory buildup at re-launch in 2023, but with sales ramp up slower than expected, resulting in sufficient stock carryover into 2024.
In our Consumer Health Products segment, we observed positive trends in out-of-store sales, though revenues were temporarily affected by retailers building down inventories and less promotional activity compared to the previous year. However, we remain confident in this segment’s long-term potential, supported by successful new product launches like "Multivitamin Gummies" at Sam’s Club, and general good demand for our products.
Our Emerging Business segment also demonstrated progress, particularly in digital sales channels. Increased Amazon sales contributed positively, and our partner officially launched Kori at the International Expo in China. Additionally, EBITDA improvements were driven by optimized operations and cost reductions. Also included in the Emerging Business is the Understory protein business with the sales process proceeding according to plan.
A Milestone in Our Strategic Growth
A key achievement in 2024 was the successful completion of the Feed Ingredients transaction. This strategic move enables us to focus exclusively on human health solutions, allowing us to channel our expertise into a growing portfolio of krill-based supplements and other science-backed nutrition products.
After the transaction, the Feed Ingredients business has been renamed Aker QRILL Company, an external company that builds upon Aker BioMarine’s legacy of sustainability and innovation. This transaction not only sharpened our strategic focus but also reinforced our financial position, with debt at a sustainable level, reflected in our dividend of NOK 45.00 per share.
Advancing Innovation and Expanding Our Portfolio
Innovation remains a cornerstone of our business, and 2024 was no exception. We launched Revervia, a sustainable algae-based DHA omega-3 product, further expanding our plant-based nutrition portfolio. At the end of 2023, we introduced PL+ to the market, and in 2024, we secured our first patent for PL+. This patented technology, which enhances nutrient absorption using marine phospholipids from Antarctic krill. These advancements underscore our commitment to developing cutting-edge, science-backed solutions for a healthier world.
Recognition for Our Innovation and Contributions
In 2024, our commitment to innovation and global impact was recognized on multiple fronts. The Global Innovation Management Institute (GIMI) named us one of the most innovative private sector companies, a testament to our relentless pursuit of science-driven, sustainable health solutions. We also received the Norwegian Export Prize, acknowledging our role in advancing sustainable marine-based nutrition and expanding global trade.
Strengthening Our Commitment to Health and Inclusion
Beyond business growth, we take pride in our commitment to health and inclusion through sports. Our partnership with the Norwegian Board Association, alongside main sponsors Aker ASA and Stiftelsen VI, supports the “One Sport – Equal Opportunities” strategy, ensuring that people of all abilities have access to sports and active lifestyles. This initiative reflects our broader mission to promote health, sustainability, and community engagement.
Looking Ahead to 2025
2024 was a transformative year—one where we not only strengthened our focus but also improved how we operate. The changes we made were not just about optimizing today but about positioning Aker BioMarine for long-term success. Our refined operating model and organizational adjustments have made us a more agile and resilient company, better equipped to drive growth in the human health sector.
In 2025, we are making strategic changes to strengthen our operations and drive long-term growth. To enhance efficiency and innovation, we are relocating key roles—including technology development, quality control, quality assurance, and procurement—to Houston, where we have our manufacturing plant and science lab. This move brings critical resources closer to production, fostering greater collaboration between our teams and accelerating advancements in our technology. At the same time, we are transitioning our customer care and logistics functions from Montevideo to Spain to improve service levels and streamline operations. These shifts, along with continued investments in R&D, reinforce our commitment to delivering cutting-edge, science-backed nutrition solutions.
At the heart of this transformation are our people. Their resilience, passion, and commitment to innovation continue to inspire me every day, and I am incredibly proud of what we have achieved together.
Change is never easy, but it is the foundation of progress. Transformation is not just about adapting to the present—it is about shaping the future. I would like to take the opportunity to extend a big thank you to everyone who has been part of the process and contributed with their time, hard work and dedication. As we enter 2025, we move forward with clarity and determination—focused on continuous improvement and empowering our team to drive real impact. With innovation as our driving force and a commitment to delivering sustainable health solutions, we are ready to push boundaries, embrace new opportunities, and continue making a meaningful impact on the world.
/Matts