BioMar grows in volume and profitability while transforming its technology model

Carlos Díaz | CEO BIOMAR

BioMar reported a solid performance in the first quarter of 2026, marked by growth in feed volumes and improved profitability per tonne, while advancing the transformation of its technology division, according to its quarterly report.

During the period, the group reached a new record-high volume for a first quarter, with a 7% year-on-year increase to 315,000 tonnes, driven mainly by strong shrimp demand in Ecuador and solid salmon performance in markets such as Australia. This confirms growth based on underlying demand rather than pricing effects.

In this context, CEO Carlos Díaz stated that “we have once again proven the resilience of our business model, with growth in both volumes and earning per tonne of feed sold”.

Operational profitability also improved, with EBIT per tonne increasing 6%, reflecting gains in efficiency, product mix and commercial positioning.

Group revenue reached DKK 3,202 million (approximately EUR 429 million), down 6% compared to the same period last year, mainly due to lower raw material prices, reduced contribution from the technology division and negative currency effects. Despite this, EBITDA increase by 3% to DKK 212 million (EUR 28 million), while the EBIT margin remained stable at 3.4%.

One of the most notable indicators for the quarter was the return on invested capital (ROIC), which reached 23.5%, supported by improved working capital management and stronger financial discipline.

BioMar Group Magnitudes (MDKK/M€)	Q1 2026	Q1 2025	FY 2025
Consolidated Companies
Volume (1,000 t)	315	294	1,557
Revenue	3,202 (429 M€)	3,399 (456 M€)	16,534 (2,216 M€)
EBITDA	212 (28 M€)	206 (28 M€)	1,517 (203 M€)
Non-Consolidated JV Feed Companies (100%)
Revenue	383 (51 M€)	295 (40 M€)	1,535 (206 M€)
EBITDA	36 (5 M€)	32 (4 M€)	149 (20 M€)

Source: BioMar Group – Financial Results Q1 2026. Approximate conversion to euros (1 DKK ≈ 0.134 €).

Shrimp drives volume growth

The shrimp segment drove volume growth, increasing by 27%, although EBIT declined by 5%. Margin pressure was linked to lower-priced large contracts, temporary external production costs and competitive market conditions, particularly in Vietnam. The company expects gradual improvement as new capacity in Ecuador comes online.

Meanwhile, the Tech Solutions division was the main drag on results, with revenue declining by 64% and operating profit turning negative, reflecting the ongoing transition towards a recurring revenue model focused on services and digital solutions.

According to Carlos Díaz, “2026 is a transition year in which we are transforming our aquaculture technology solutions business model”.

At the same time, BioMar continues to invest in growing capacity, particularly in Ecuador and China, aiming to add 175,000 tonnes of additional capacity in 2026.

The quarter also reflects higher leverage, with net debt rising to DKK 3,045 million (EUR 408 million), compared to DDK 1,694 million (EUR 227 million) a year earlier, driven by acquisitions, dividend payment and working capital development.

At the corporate level, the company is progressing towards a potential listing, following its parent company Schouw & Co’s announcement to evaluate this option as a way to strengthen capital access and support future growth.

BioMar maintains its full-year 2026 outlook, expecting volume growth 3-7%, revenue in the range of DKK 16.0-17.0 billion (EUR 2.14-2.28 billion) and EBIT between DKK 1,100-1,200 millino (EUR 147-161 million).

In this context, the company views 2026 as a transition year, combining a strong feed business with the ongoing shift towards higher value-added technology solutions.

(Approximate exchange rate: 1 DKK ≈ 0.134 EUR)