Adj. EBITDA was USD9.0m, broadly in line with our estimate and consensus. Human Health Ingredients (HHI) beat expectations on higher volumes sold and a higher gross margin, and Emerging Businesses (EB) reported lower losses than expected from significantly reduced marketing spending. Encouragingly, management noted a limited impact of tariffs on HHI financials, where c20% of krill oil sales are from the US to China. We have only made minor adjustments to our estimates following the results, and ...
                                                                                We expect Q1 adj. EBITDA of USD9.4m, USD4.3m (-31%) below consensus of USD13.6m. With sales of USD51m (10% below consensus of USD57m), our estimates correspond to an adj. EBITDA margin of 18.2% versus consensus of 23.9%. The results are due at 07:00 CET on 30 April. As the strategy of maximising value through transactions for its remaining assets is the main potential share price catalyst in our view, the quarterly reported numbers would be of less relevance. We reiterate our BUY, but ha...
    
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