Good morning and welcome to the presentation of Aker BioMarine's highlights and financials for the second quarter 2025. We're myself, Matts Johansen, the CEO, and the CFO, Katrine Klaveness, will take you through today's presentation. After we are presented, we will host a Q&A session, and you can already now start to send in questions to ir@akerbiomarine.com. The second quarter now is the ninth quarter in a row where I can stand here and say that we are delivering growth for the company as a whole. We delivered 12% growth over the same quarter last year at $55.3 million and improved the EBITDA 41%, up to $13.6 million EBITDA. It was driven by good performance in our main two segments, Human Health Ingredients, that delivered 15% growth to $29.2 million of revenue and $13.9 million of EBITDA, up 28% from the same quarter last year.
Also, Consumer Health Products delivered well in the quarter, $27.1 million of revenue, 9% up compared to the same quarter last year, and $1.6 million of EBITDA. Emerging Business, which mainly is the quarterly business, stable quarter over quarter and a negative $0.4 million. Slight improvement from the previous quarter and on a path to breakeven. You can see the history of our numbers, growth in all the quarters coming forward, and an especially strong second quarter 2025. Very pleased with the results, especially driven by strong Human Health Ingredient performance. You can see the corresponding EBITDA on the right side, impacted both by this operation leverage when we get top-line growth, the bottom-line growth much faster. Also, our cost of goods and margins are starting to improve quite significantly now, hitting well on the EBITDA. Moving into each of the segments, starting with Human Health Ingredient.
We delivered in total $29.2 million of revenue along the segment as a whole and delivered $26.2 million for the krill oil business where we have all our margin. Good growth in every single region, but especially strong in China, as we have seen in the previous quarters, and also in Asia-Pac, driven by Australia, which is very good to see, given that Australia being a market where we have been, let's say, stagnating the last couple of quarters. Big improvement on the EBITDA, $13.9 million in the quarter, and run rate now almost $56 million of EBITDA. Coming from more volumes, better prices, and also improved cost of goods. Overall, better margins. Combination of both of those two things drives that EBITDA quite significantly. LYSOVETA is a key focus for us these days. We are rolling it out in the markets, starting in the U.S.
market, but now also in Asia. We have signed an exclusive commercial arrangement with a partner for the Southeast Asian region that will start to roll this out in the first markets where we have the regulatory approval to roll the product out. We talked about before that the first half of the year has been problematic for algae. We had some production challenges in Houston. The quality of the product wasn't up to par. We have identified the root causes, we have design solutions, and we are now implementing those. Let's call it new processes in the Houston process during August. We're investing about $0.5 million in CapEx to make those improvements, and we're getting ready for a relaunch of our algae position at the end of August.
Last quarter, we talked about restructuring that we were doing, building down resources in Oslo and building up resources in Houston, creating a center of excellence around our products around the Houston manufacturing site. That is now complete. We have filled all the roles we were going to fill in Houston and have great competent people in all those positions over there, and also a new leader for the whole Houston site and operation, which also started in the company during the quarter. We have done some restructuring of our cost base, moving some costs out of cost of goods and inventory and over to SG&A. That principle is now more in line with how it should be, and we have done updates in the comparables backwards to also reflect that.
That's why you might not see exactly the same numbers here when you see the quarters on the EBITDA going backward, but it is to state more correct numbers for the business. 48% of EBITDA margin for Human Health Ingredients, getting close to that 50% threshold. A few more words about Human Health Ingredients. It's been a big transformation from when we launched the turnaround in 2022 to where we are today. Almost double sales during that period, and we have now a much more robust customer platform than what we had in our previous peak. We're almost back to the all-time high that we had in 2020 when Korea represented 25% of our all-sale. As you know, Korea's not here anymore, and we have built up other businesses more robust in other markets. You can see that on the chart on the screen now, both looking at customer concentration.
We have no customers more than 10% of our total revenue compared to in 2020, where Korea and our one customer there was really, really dominant. You can also see the regional split on the right side, much more healthy now, and a good spread between the U.S., Europe, Asia, and China. A very robust customer base here that is making us much more secured for similar changes that we saw that happened in Korea back then. Korea is planning a launch after the summer. They're in preparations for that. Hopefully, when we report next quarter, we can give some feedback from how that launch has gone. In the previous quarters, I presented a path from where we were, I think it's like three quarters ago, to an EBITDA run rate of $60 million. As you can see now, we're already at between $55 and $56 million of run rate.
We already covered quite a big part of that journey. I think the important message for us to say it's not stopping at that $60 million EBITDA target. We are expecting to continue to grow, continue to improve our business, launch innovations, drive price, and continue that journey beyond those $60 million. We have this operational leverage in our business, meaning that the bottom line grows faster than the top line. You can see it illustrated on the slide here now. For every 5% growth we have from today's level, we'll add another $4 million of EBITDA. If you have 10%, you get $8 million. If you have 15% growth, you get $12 million of improved EBITDA. We're working on driving prices up. We did a test at the beginning of this year to do inflation adjustment of some of our customers, and that went well.
Going forward, we will continue to do that on an annual basis. Also, the mix of both products with LYSOVETA, which is a more premium product coming in, and the customer base, we expect also prices to continue to grow. Innovations, that's where we have algae business, the LYSOVETA business, the PL+ products. It takes always some time in the beginning to get that kind of critical mass of customers, but these are all very promising products that will deliver good EBITDA to our business going forward. We will have some inflations in our cost base as well in the years to come, illustrated all the way to the end here at the waterfall contract. We'll try to combat some of that by improvement programs. We might also invest in some more resources connected to commercialization of especially those innovations going forward. Quick look at the numbers.
The growth case is still intact. It's to get that operational leverage out, continue to grow it, drive price upwards, drive those innovations, and then use our existing kind of platform to drive new innovations just like this algae product that we talked about. Moving into consumer health products, 9% growth. We are now out of this kind of inventory adjustment situation that we've been experiencing for a while on the consumer health products, meaning that retailers took down their inventory levels. Typically, they will stay at about 10 weeks. Lately, there's more around 5. That kind of cycled through now, and our sales more represent directly what we are selling from the stores out to consumers. 9% is on the high level. We have said single-digit growth to be expected in this segment. This is, I guess, as high as you get, still within single digit.
Good performance for Lang in the quarter. You see the EBITDA coming up also. There's some operational leverage coming out of this business as well. Continue delivering as planned on the consumer health products, and we expect it to do so going forward as well. On emerging business, this now represents revenues from Kori. You can see the quarterly sales numbers being stable, $2.1 million a quarter, but improving. EBITDA, negative $0.4 million, and on a good path towards that break-even point in the market. That break-even point we achieve through a combination of cooling down on some marketing investments, really prioritizing marketing that really pays off in the return on investment calculations we do, and also being diligent about cost and our operation to get that cost down. Once we have that under control, we'll start to focus on growing that business, profitable after looking at.
We're also now launching out the second generation of Kori, something called Kori [XL]. That is basically our boost product. There's a new version of Kori being rolled out in retail as we speak, just bringing innovation and new SKUs into the space. With that, I'm going to give the word to Katrine Klaveness that will take us through the financials. If you take a krill oil supplement for the wild using weight, more or less all of that weight that you use will be mapped. While for the placebo or the control group, about 25% of the weight is mass. Here is the financial update for the second quarter. Major concerns is a solid quarter in terms of work and improved margins. Interesting study with an interesting set of data that will start with a quick run through the P&L for us.
All 2024 figures are restated to compare with the new cost allocation that I will explain in more detail on the next page. That means we are now getting the first customer ball. The group is up 12% from second quarter last year, driven by strong growth in human health of 15%. Also, consumer health delivers a good quarter at 9% growth. COGS is stable despite high sales, as prices on Superba are up. Also, the internal elimination between the segments are positive this quarter, reducing the COGS compared to Q2 last year with almost $2 million. Other operating income includes the TSA revenues from our krill company. The TSA is now terminated for all services with exceptions of IT that will run to the end of Q3.
Net profit includes an impairment of the protein plant in C of $15 million to reflect uncertainty related to tariffs and the macroeconomic environment. Adjustments in the quarter include costs related mainly to the restructuring program and IT migration costs for the feed ingredient transaction. Adjusted EBITDA for the quarter is $13.6 million, up from $9.6 million Q2 last year. Is that we're part of what we call a mega category. As part of the feed ingredient transaction, a thorough review of cost and cost allocation has been completed to reflect a more correct presentation of costs. As a result, certain cost items in Houston previously booked to inventory have been reclassified as SG&A expenses to show a more representative view on production-related costs. This includes part of salaries, insurance, and warehouse rent. The effect is a decrease in production unit cost and COGS compensated by an increase in SG&A.
About $7 million on an annual basis have been reallocated from COGS to SG&A, resulting in a margin uptick of 6% to 7% on all Houston products. Out of the $7 million in 2024, $6.3 million increases SG&A in the human health segment, while $7.7 million has been shifted to SG&A in corporate. All 2024 figures have been restated to reflect this new cost allocation. Than the already quite attractive growth you find in the omega-3 market. In the corporate segment, SG&A has increased from $1.4 million in Q2 last year to $6.9 million this quarter. However, a few comments linked to this. First, SG&A is impacted by restructuring costs, including severance packages and IT migration costs for RQC. These are adjusted out in the bottom graph at $3.7 million this quarter, while only $1.2 million were adjusted out last year, second quarter.
Second, cost related to transactional service agreements is booked here as part of the SG&A of about $0.2 million. This is offset by TSA revenue booked under other operating income. Third, also last year, the full second quarter year-to-date effect of corporate costs that had to be allocated to feed was booked in Q2 as a catch-up effect, lowering Q2 SG&A figures last year. Looking at the EBITDA development, internal elimination between the segments yields a positive $2 million delta second quarter this year. This leads to a negative Adjusted EBITDA of $1.6 million for the corporate segment in the quarter, down from negative $1 million Q2 last year. Total change in net working capital is $12 million, mainly related to higher accounts payable as a result of purchase of the nutra meal from Aker QRILL Company in the quarter.
This also increases inventory, but is partly offset by the new cost allocation, removing $7 million from inventory values in Q2 2024. Net working capital ends at $107 million, down from $119 million last quarter. In that journey there, a lot of the omega-3 will be burned as energy. CapEx in the quarter relates to maintenance and certain upgrades in the Houston factory. Certain development costs, mostly related to algae, have also been capitalized in the quarter. For the full year, we expect to be within the range of $6 million - $8 million in total. For consumers buying krill today, because it's the most efficient form of omega-3. Positive cash flow from operations of $3.8 million in the quarter, including a negative change of working capital of $3 million, played partly by the inventory change of $7 million.
Cash flow from investing activities was negative $3 million and reflects investments in the quarter related to Houston and development of the algae production process. Cash flow for financing was positive $3 million and includes additional draw under the bank overdraft facility in the quarter. Total cash flow in the quarter was $3.5 million, ending with a cash balance at $19.5 million. There is a broad set of health benefits. Net interest-bearing debt for the quarter was $166 million, slightly down from last quarter. The capital structure includes interest-bearing debt of $176 million in total, including the secured bond of $149 million, leasing commitments of $4 million, and total draw under the overdraft of $23 million. Leverage is at 4.2 times in the quarter and is well below the bank pressure. The company is also compliant with the liquidity covenant of $7.5 million under the bond agreement.
Finally, a look at the balance sheet. Please note that second quarter 2024 figures include feed ingredients, while Q4 2024 numbers exclude feed ingredients. On the asset side, property, plant, and equipment is up with investments in the Houston plant. Derivative assets of $7.2 million is linked to the currency swap and reduces the total interest-bearing debt figure. Inventory is up $12 million as a result of nutra meal purchase. Cash and cash equivalent ends at $19.5 million, up from $15 million year-end. Assets held for sale include the protein plant in C and ion. On the liability side, accounts payables are up as itself of the nutra purchase. That takes us to a total equity for the quarter at $149.6 million, implying an equity ratio of 39%. That concludes the financial section, and I'll give the word to Matts to conclude. Thank you, Katrine.
We'll give a short outlook for the business, starting with the Human Health Ingredients. As you saw, we had an especially strong quarter, especially on the krill side, with 90%, $26.3 million of revenue. Some quarters, you know, we come a little bit behind our plan, sometimes a little bit ahead. I think this is an example of a quarter that came in a little bit ahead of our plan. Therefore, in the coming quarter, in the third quarter, I would expect revenues to be about the same. We're still in that growth modus, but I think second quarter was especially high, and we should steer into the next quarter to be something similar. Back into growth after that quarter. We're in Texas, where again, 90% of. When I say similar to, I mean to this quarter, Q2 2025 and Q3 2025 should be about the same.
Consumer health products, we saw growth here now. I mean, we expect to see more growth in this segment also going forward as this inventory situation has been normalized. Especially good performance here also, but modest growth in the quarters to come. For emerging business, we are now so close to that break-even point. We will actually stop doing outlook for this segment going forward. It's not material for our business anymore. This will kind of be the last time I'm talking about that in this section. We'll talk about them in the operational part, but for outlook, we will not make an outlook for this going forward, other than just saying now that we expect it to get to a break-even point. For corporate, we have done some reclassification of costs that moves some of those costs from Human Health Ingredients into corporate.
As a result, now the estimated corporate cost is a little bit higher and expect it to be between $12 million and $14 million going forward. That's what we have for you today. You can send in questions now to ir@akerbiomarine.com, and then we'll answer all the questions that are coming in. Thank you. If we go and have a deeper look at our most successful markets, like the mass market in the U.S. or in Australia, we have between 20% and 30% market share in these countries. What's different with these markets versus other markets is that in these markets we have two discounts. The first is big brands, new countries that you will target in the second half of 2025. Then how much should be able to raise prices on average over the next years.
Third, any new claims that there's in krill that you can use in marketing. If you forget, I can repeat. The first question was about these markets. We need to go to new countries you will target. I mean, we will enter some smaller countries, but we are mainly already in most of the interesting countries. I think there's some new opportunities coming in Southeast Asia, like Vietnam as an example, looking like an interesting market now. We talked about Brazil before, where we already have some business, but that's really emerging and looking quite interesting. It's not like we are opening up new markets per se, but it's more that some of the markets we have entered over the last, let's say, one or two years will start to mature and we will get more business. Second question was about pricing.
We will then aim to do inflation adjustments every year. That depends on the general inflation in the world and just puts us at the same level, around 3% or about there, depending on where inflation lands, and have that as a regular process that we have, like many other suppliers in our industry also have implemented. Then there's a price mix, price effect. One is on the customer side that can go up and down, but also when new products are coming in, like LYSOVETA. LYSOVETA has a significantly higher price than Superba. When that gets mixed in, you get a significantly higher price in the mix. The third question was related to new claims. We have one important study ongoing, which results are ready. We're just waiting for publication.
We call it the GLP-1 study, but that's basically looking at the effects of muscle mass when fasting, which is a problem with GLP-1, if you're familiar with that, that you lose a lot of weight, but you also lose a lot of muscle mass. We are now studying if krill can change the ratio between fat and muscle in weight loss when fasting for many years through GLP-1 or just general fasting. That's an exciting study that will both be potentially generating new claims in some markets, but also something that we can market quite heavily in PR. Starting about that time, the demand for Korean market culture grows by four. I talked about it a little bit in the presentation, but that's growing by four. We have three claims in the Korean market now approved. Our partner has been waiting for the right moment to launch.
There's been a lot of unrest in Korea in the last year or so. It hasn't been the right time to launch new campaigns and invest heavily in marketing, but things have calmed down now, starting to normalize, and our partners are planning to launch new campaigns with those three claims now after the summer. After that launch, we'll have more signals to where that market is going. When is LYSOVETA expected to be approved for sale in the European market? The outreach source will go into the global field in 2026. During end of 2026, I would say September in 2026, we expect that to be approved. It's a long process in Europe to get these things approved, but then it's approved for all countries in the European Union.
Right now we have it approved in Australia, in some Asian markets, and in the U.S., and that's where we're focusing our sales focus right now. This is the rough amount of why we're entering into algae. It's a little bit early to say that. We expect to sell about $1 million this year in sales and then a quite steep growth from there, but I don't want to go and guide on that already now. If we look at our killer for growth, we can divide that. Were there any large monthly sales to new customers or customers filling up inventory in HGI this quarter? Very material increase compared to the last four quarters. We expect that. No, I mean, no special kind of inventory behind good performance across the board. This is just reflecting the overall performance and the demand in the markets where we operate.
These are the innovations that we've been working on for many, many years, developing from scratch. As you know, all of these are now in the commercial phase. Yeah, as you remember, and I think I mentioned it a little bit in the presentation too, we got some technical problems in our processing. We got some quality issues that we weren't happy with. Now we need to have a product that is really top-notch because there are other players in the algae market. We can be subject on quality. We identify the problems, design solutions, and are right now implementing new equipment and new processes in the Houston factory. Potentially around August, that should be implemented and live. Connected to that, we are preparing a relaunch of algae in the market at the end of August.
For the second half, we expect sales for algae to be back, starting late Q3. I don't expect too much in the third quarter, but we should get momentum started towards the end of the third quarter. The story process of the protein business, the sale of that was delayed in the quarter. Can you say something more about how you see that happening forward? I mean, it's a manufacturing site. The U.S. is the biggest protein market in the world. After the liberation day, for all interesting partners, either you were a small company and kind of a protein startup, the owners and investors of that firm didn't want to put more capital into a manufacturing site. If you were a big company, they have put all those types of manufacturing investments on hold until you have clarity of what the tariff picture looks like.
Let's say if it would be very unfavorable tariffs between Norway and the U.S., nothing kind of tells us that that's going to happen, but who knows these days? Having a plant in Norway is not a good idea. Everybody is just kind of waiting to get clarity on that tariff picture before making those types of decisions. As a result, that process is delayed. The way IFRS works, you then have to make an assessment if you need to do the impairment of the asset or not. That's what we did since we didn't have kind of clear feedback and transaction kind of short term ahead. That's why we took a route down there. There are no more questions, so I guess that concludes the session. Thank you for listening today. See you next quarter.
We believe that this platform here provides a kind of third leg for growth by making acquisitions of these kind of new differentiated plays in those mega categories of those companies that have certain size. I mean, they haven't really succeeded, but they're on the way up, and we can plug that into our system and scale it. The timing of this is medium to long term, meaning we don't expect any acquisition to be done now, but it's a strategy in place that we're working on, both in terms of defining the playbook, but also looking for what is the best ways to execute on this strategy going forward. If you look at a variant of a slide we have showed earlier in terms of the expected EBITDA growth going forward, it can be illustrated by this slide here.
We have now, per Q3, $54 million EBITDA run rate for this quarter. As you know, and we presented before, for every 10% of growth we get in the core business, we add $8 million EBITDA. We expect a slight price increase for our products going forward, both with a product mix, but also through inflation adjustments on our products, which we have started doing, that will offset the general cost increase in the company to kind of make sure we are stable from that point of view. We have those two growth pillars. You can see those graphs are cut now. It's just illustrations. It's our kind of organic innovations, those three products we talked about, and we're in the market now with all of them. Then it's that big potential long term for that platform play that we just talked about.
That was the end of that kind of short walkthrough of the strategy and the plans for HHI going forward. Now, a quick look at consumer health products. Quite weak quarter, I would say, for consumer health products. It's in line with the last two quarters, but 6% down from a quite strong Q3 2024. I don't see this as a kind of structural change. We have integrated our core EPIOM business into the consumer health product organization now, and as a result, we're optimizing the product stock and working capital. Basically, we have produced less core products. Unrelated to how much Kori is selling out in the market. That's impacting the consumer health product business. We see some weaknesses in the drug chains in the U.S. On a general note, they are struggling generally these days, also impacting us a bit.
The outlook and the way we look at this business is that it's anyway back to what we call modest growth going forward. EBITDA in line, better EBITDA margin or stable EBITDA margin by a little bit higher SG&A. For emerging business, quite stable revenues. You can see the last five quarters, and the negative EBITDA is getting closer and closer to break even. We are now in the third quarter of 2025. We integrated the Kori business, which is the main cost component in emerging business, with consumer health products that we just looked at, to optimize cost and headcounts. With that change, we expect a significant improvement further towards that break-even point for emerging business. We're also now accelerating our e-commerce focus for Kori, which has been historically mainly a retail play. We have signed a deal with a company called Pattern.
Pattern is the biggest reseller on Amazon. It's a 100% AI-driven platform where the AI engine basically optimizes all your marketing, all your text, all the positioning several times a day to maximize the performance of your product on the Amazon platform. Very exciting. It's a quite high threshold to get into their system, but we have now signed a deal, and in February, we will get going live on their platform. For Understory, our protein factory, we're still working on the sale of the assets. It's a little bit slow, as we talked about in the previous quarters, as both the larger industrial companies and the startups are hesitant to invest in manufacturing sites in these days of uncertain tariffs.
As a result of that uncertainty, we have closed down the factory and cut down the cost to a bare minimum to make sure it doesn't bleed cash anymore for our business. With that, I give the word over to Katrine that will take us through our financials.
Good morning. I'll take you through the financials for the third quarter. Summarized, we delivered yet another strong quarter with growth for the group year over year, with Superba Krill Oil growing the top line while cost is in good shape. Starting with the P&L, the following line items are worth mentioning. Sales for the group is up 15% from same quarter last year, driven by increased sales, both volume and price for the Superba Krill Oil.
Despite high sales, COGS are only marginally up as a result of operational leverage, with solid production volumes coming from Houston year to date, lowering the unit costs. That leads to gross margin for the group being at 44%, up from 36% same quarter last year, with most segments showing increased gross margin with the exception of consumer health products, which is slightly below due to customer mix. SG&A is well under control with cost increase below inflation rate. The company lands at net profit at $0.3 million and an Adjusted EBITDA of $12.2 million for the quarter, up from $8.1 million same quarter last year. Adjustments include restructuring cost and severance packages after the operating model project that was implemented earlier this year.
In the corporate segment, total SG&A is on par with same quarter last year and significantly below the previous three quarters as a result of lower restructuring and lower feed ingredient transaction costs. About $900,000 this quarter compared to between $3 million - $4 million the previous quarters in adjustments. Income from transactional service agreement with Aker QRILL Company was $0.7 million in the quarter, and this being the last quarter with a TSA arrangement as we are now 12 months post transaction close. Adjusted EBITDA for the corporate segment was negative $2.7 million, on par with the same quarter last year. Looking at the working capital, inventory is up in the quarter as a result of purchase of the raw material for oil production, the nutra meal, and strong production in Houston.
Payables are up due to purchase of nutra meal, but partly offset by settlement of the purchase price adjustment for the feed transaction that was paid this quarter of $7.3 million. We had limited investments in the quarter, mostly related to Houston upgrades and maintenance. algae investments of about half a million dollars in deodorization and mineralization process steps to improve the quality of the product are ongoing and will be completed during Q4. Total CapEx for the year is expected to be around $7 million - $8 million, and that excludes the $7.3 million in purchasing amount adjustments. Looking at the cash flow, we had positive cash flow from operations of $0.4 million in the quarter. Higher working capital lowered the operational figure. Cash flow from investing is negative $8 million and includes the purchasing amount adjustment of $7.3 million, explaining the deviation from the previous page on investments.
Cash flow from financing includes additional draw under the overdraft facility and certain leasing-related payments. Net change in cash is negative $2.2 million, bringing the cash figure to $7.4 million in the quarter. Available liquidity includes available amount under the overdraft facility as well. Note that the overdraft only covers part of the cash pool, so the overdraft balance does not represent cash availability one to one. Interest-bearing debt is at $165 million in the quarter. Net interest-bearing debt is at $165 million in the quarter, slightly up from the previous quarter. The main reason being payment of the feed ingredient purchase price and higher working capital. Leverage is at a comfortable level at 4 times net debt over Adjusted EBITDA, and the company is compliant with all its components. I'll end off with the balance sheet.
The balance sheet is now fully comparable without the feed ingredients figure for all periods shown above. Looking at the asset side, we did a reclassification between PPE and intangible assets in Q3 2024 last year to better reflect the status of our development project. This can be seen in the increased intangible figure and the corresponding lowered PPE figure between Q3 2024 and Q3 2025. Derivative assets need to be viewed together with interest-bearing debt, as this is how the cross-currency swap is booked. Inventories are up, as previously explained, due to purchase of nutra meal and high production of krill oil in Houston. Assets held for sale include the protein plant and Ion. The protein plant was written down with $15 million in Q2 this year to reflect uncertainty in the global market that Matt alluded to earlier. Interest-bearing current liabilities include the bank overdraft.
Finally, total equity of $150 million indicates an equity ratio of 38%. With that, I give the word back to Matt to conclude.
Thank you, Katrine. For Human Health Ingredients, we reported another strong quarter this quarter, and we expect that continued good growth and improvement of those profits as we both grow, but also get our operational leverage. Continue good growth in that segment expected. Consumer health products, you know, it's been. Flattish the last three quarters now, but the overall underlying trend is that we're on back to modest growth levels. For emerging businesses, it's all about getting to that break-even point, which we are getting very close to now, and then seek transactions for those assets that we have in the portfolio there. For corporate, $12 million - $14 million in overall corporate costs. That concludes our presentation. We will now open up for questions.
Okay, good morning and welcome to the Q&A session. We have received some questions, and the first to you, Matt. Will the new customer that you announced be at a normal run rate impact during Q4? Yes, we expect that to be around normal run rate in the fourth quarter. Also worth noting that we shipped a little bit of the first order already at the end of the third quarter, but the majority of the first business will come in the fourth quarter. Over to algae. How much do you expect to sell during 2026? We're not guiding explicitly on algae, but we expect to be up and running with good sales in 2026. Next question. In which market is the buyer of the new significant contract for Superba krill oil based? Unfortunately, I can't share details yet.
It's confidentiality of the customer because of their competitors and so on. We have to keep it totally confidential until it goes live in the middle of December. Then we'll share. Then we can tell. Next quarter. In which markets do you see the strongest demand for krill oil currently? The last quarters, we have had good and strong growth across the board. I'm continuing to be very impressed by the European region, which goes from strength to strength, despite being quite a mature and fragmented market. Also, in the other markets, we're seeing good growth contributing to a quite strong quarter for Human Health Ingredients. Thank you. Next question. Did you sell any krill oil in South Korea during Q3? Has sales efforts been launched again in the South Korean market?
In this year, we are selling about $1.5 million worth of sales to Korea, which is the run rate of business in that market right now. Our partners there have now started a launch. It's gradual and slowly building up. It's too early to conclude how it goes, but at least now it's live and has started. There's no further questions at this point, but we will. Let there be a little bit more time and then we'll see. Yeah, no further questions coming in. I guess that concludes the Q&A. Thank you for listening in and asking questions. See you in a quarter. Thanks.