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 organisation 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:
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
Results (49)
On the opening day of the Global Shrimp Forum, BioMar, Innovafeed, and Auchan are proud to announce a significant industry commitment: the large-scale integration of insect protein into commercial shrimp feed in Ecuador.
BioMar has obtained ASC Feed Certification for its production facility in Dueñas, Spain. As a supplier of aquaculture feed for Spain, Portugal, and markets in North Africa, this certification marks a decisive step in BioMar’s global strategy to provide ASC conforming feeds in key regions.
Today at AquaNor BioMar launched POWER H2O, a new feed solution tailored for waterborne feeding systems. This new way of formulating gives salmon farmers a pellet that performs better under the unique conditions of these advanced farming systems.
BioMar has significantly increased the levels of vitamin D3 across all salmon diets. Research findings point to enhanced fish health benefits while increasing the nutritional value of farmed salmon for consumers.
From February, the BioMar Viet Uc joint venture in Vietnam will be headed by Managing Director Duong Anh Tu, who has an extensive commercial experience from the feed and food sector in Asia.
Cefetra, a leader in agricultural supply chains, and BioMar, a global producer of aquaculture feed, have formed a new partnership to reduce emissions from key vegetable-based ingredients in aquaculture diets.
BioMar has signed an agreement to acquire full ownership of LetSea, Norway’s leading experimental and research centre for aquaculture by taking over the remaining shares from KapNor.
BioMar has achieved ASC Feed Certification for its production facility in Brande, Denmark, significantly expanding the reach of its ASC-compliant feed offering. As a key site supplying feed to Central and Northern Europe, Brande’s certification reflects BioMar’s commitment to responsible and certified aquaculture, enabling even more producers to align with the Aquaculture Stewardship Council (ASC) Feed Standard across species and geographies.
After years of R&D, insect meal is now seen as a promising new ingredient on a clear pathway to being widely adopted.
Marine ingredients are a finite resource, and by including microalgae in aquaculture diets, we can help stabilise the pressure on fish stocks.
BioMar Group has announced a partnership for the manufacture and distribution of aquafeed through Fóðurblandan’s production facility in Reykjavik, marking a significant milestone as BioMar becomes the only global manufacturer with aquafeed production in Iceland.
The latest research from BioMar has shed light on the aquafeed challenges associated with waterborne feeding systems. This new feeding system technology is gaining traction amongst salmon farmers for its potential to reduce energy consumption, microplastic pollution, and sea lice exposure. While these systems offer promising benefits, BioMar has identified specific factors contributing to nutritional loss in feed delivered through submerged systems.