BioMar Delivers Continued High-Volume Growth and Solid Earnings in Q3

Hitting the peak season, BioMar delivered a record Q3 with an all-time high EBITDA result. Volumes increased by 9% year on year in Q3, while EBITDA increased by 10%. The volume growth was primarily attributable to positive developments in Chile and Ecuador, while biological conditions had an adverse impact on volumes in Norway.

As a continuation of the strong growth in volumes in Q2, the company is well ahead of last year, and with only few months left of 2025, it is looking like yet another good year for BioMar:

“With the strong growth in volumes in Q3, we are well ahead of last year, and with only few months left of 2025, I am looking forward to closing another good year for BioMar. We have delivered growth in volumes with solid margins, and we are on track with our strategic ambitions”, explains CEO Carlos Diaz and continues:

“It is especially rewarding to see the Tech segment starting to impact our earnings positively as a result of our previous investments in organization and product development. At the same time, the Shrimp and Selected Species segments are also well ahead of last year, and likewise, our non-consolidated joint ventures are coming out of a Q3 with improved performance.”

The improved operating earnings are mirrored in solid Return on Invested Capital (ROIC incl. goodwill), increasing to 21.9%. Performance in the quarter was somewhat impacted by challenging biological conditions in the Salmon segment. The company still expects to deliver revenue and EBITDA well within the previously stated range, however narrowed down to clarify outlook:

“Unexpected biological conditions have impacted feeding patterns and biomass in Norway, prompting us to narrow our revenue and EBITDA guidance for the full year. Although, we are witnessing good business results, we do no longer expect to meet the high end of our previous guidance”, concludes Carlos Diaz.

BioMar narrows its full-year 2025 revenue guidance to DKK 16.3-16.7bn from the previously expected DKK 16.3-17.0bn and the EBITDA guidance to a range of DKK 1,490-1,530m, from previously expected DKK 1,490-1,570m, reflecting lower topline growth than previously expected, mainly due to lower volumes sold in Norway.

The evaluation of a potential IPO of BioMar progressed as expected during the third quarter of 2025, supported by a syndicate comprising four financial institutions.

To strengthen BioMar’s governance and strategic capabilities ahead of the potential listing, two additional members will join BioMar’s board of directors, adding competences within capital markets, financial insight and industry expertise. They both bring relevant expertise that will strengthen BioMar’s board ahead of a potential independent stock exchange listing while supporting BioMar’s continued growth as a leading aquaculture specialist in a growing market driven by global megatrends:

Marianne Rørslev Bock:

State-authorised public accountant with significant executive experience from listed companies, currently CFO of Scandinavian Tobacco Group. Member of the board of Dagrofa and Vice Chair of the Danish Financial Supervisory Authority. Previously, CFO at Brdr. Hartmann and various positions at Danisco, as well as serving on several other boards.

Kristian Johnsen Hundebøll:

Serves on the boards of Danmarks Nationalbank and DLF as well as chair of a growth team established by the Danish government to strengthen the future of green agriculture, food production and bio solutions. Previous chair of DAKOFO and the European agricultural industry association Intercoop. Extensive leadership experience, including 12 years as CEO of DLG.

Schouw & Co. CEO Jens Bjerg Sørensen will continue as chairman of the board. At the same time as strengthening the board, BioMar’s CFO, Claus Eskildsen, will join the company’s executive management as a registered member. About BioMar: BioMar are innovators in high performance aquaculture feed dedicated to doing our part in creating a healthy and sustainable global aquaculture industry. BioMar operates 17 feed factories across the globe in Norway, Chile, Denmark, Scotland, Spain, France, Greece, Turkey, China, Vietnam, Costa Rica, Ecuador and Australia. Worldwide, we supply feed to around 90 countries and for more than 45 different species. BioMar is wholly owned by the Danish industrial group Schouw & Co., which is listed on the NASDAQ, Copenhagen.