BioMar reports strong Q3 2025 growth but narrows full-year guidance

NORWAY – BioMar posted its strongest-ever third quarter in 2025, reporting record operating earnings and robust volume growth even as biological issues in Norway forced the company to narrow its full-year guidance. 

The Denmark-based aquafeed producer said Q3 volumes rose 9% year-on-year and EBITDA increased 10%, reaching the highest level ever recorded for a third quarter.

The strong results were driven primarily by rising demand in Chile and Ecuador, which continued the momentum built in the second quarter and placed BioMar well ahead of its 2024 performance as it enters the final stretch of the year.

“I am with great expectations looking forward to the rest of 2025,” said Carlos Diaz, CEO of BioMar Group. 

In a separate statement, he added that he is “looking forward to closing another good year for BioMar,” crediting volume growth, solid margins and progress across core strategic segments.

BioMar reported that the Tech, Shrimp, and Selected Species segments all delivered earnings well above last year’s levels, while non-consolidated joint ventures also improved. Return on invested capital rose to 21.9%, reflecting efficient use of company resources.

Norway’s biological conditions weigh on guidance

Despite the record quarter, BioMar confirmed that unusual biological conditions in Norway, including shifts in feeding patterns and salmon biomass development, had negatively affected salmon feed demand. 

As a result, the company adjusted its full-year expectations, saying that it no longer anticipates reaching the upper end of its earlier forecast.

BioMar now expects total revenue of DKK 16.3–16.7 billion (US$2.35–2.41 billion), down from the previously guided range of DKK 17.0 billion (US$2.45 billion). 

EBITDA guidance has been narrowed to DKK 1,490–1,530 million (US$215–221 million), slightly lower than the earlier range that went up to DKK 1,570 million (US$227 million).

Diaz acknowledged the impact, noting: “Although we are witnessing good business results, we no longer expect to meet the high end of our previous guidance.”

BioMar’s results were also shaped by lower average raw-material prices and currency developments, which contributed to a 4% decline in revenue despite rising volumes.

IPO process advances as board expands

Alongside its financial update, BioMar confirmed that its evaluation of a potential initial public offering is progressing, supported by a four-institution financial syndicate.

The company is currently the world’s third-largest producer of feed for farmed fish and shrimp.

To support the potential listing and strengthen governance, BioMar appointed two experienced executives to its board. 

Marianne Rørslev Bock, CFO of Scandinavian Tobacco Group and a state-authorised public accountant, brings extensive experience in finance and publicly listed companies. 

Kristian Johnsen Hundebøll, who has held senior roles in Danish and European agricultural organisations and previously served as CEO of DLG for 12 years, also joins the board.

Schouw & Co. CEO Jens Bjerg Sørensen will continue as chairman, while BioMar CFO Claus Eskildsen joins the executive management team as a registered member.

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