BioMar takes a step closer to separate stock market listing
Banking syndicate will likely be formed to move plan forward, says aquafeed producer as it announces record Q1 sales volume
A banking syndicate is likely to be established in the near future as a next step in the preparations towards a separate stock market listing of BioMar from owner Schouw & Co., the Danish aquafeed company said today.
The update on a previously announced assessment of a potential listing was included in a press release about BioMar’s results for the first quarter of 2025.
BioMar sold a record-high volume of 294,000 tonnes of aquafeed in Q1, a 12% increase compared to Q1 2024.
Salmon feed volumes increased by 7%, volumes in the Selected Species division went up by 13%, and the Shrimp division experienced a 24% increase in feed volumes, mainly driven by BioMar’s business in Ecuador.
Revenue for BioMar’s consolidated companies increased from DKK 3.244 billion in Q1 2024 to DKK 3.399bn in Q1 2025, but EBITDA – a measure of operating profit – fell from DKK 270 million in Q1 2024 to DKK 206m. BioMar said the result was at the expected level, “adjusted for the positive effects of a special nature in 2024, primarily connected to the Salmon segment”.
Q1 2025 revenue grew by 5% as lower raw material prices impacted sales prices.
"I am pleased to conclude that every segment experienced growth in both volume and revenue. In 2024, we intensified our efforts on product mix and commercial excellence, prioritising the creation of shared value with our customers over sheer volume. We are now leveraging this foundation to foster further business growth,” said group chief executive Carlos Diaz in a press release.
Shrimp technology
“While the feed business segments are continuing the strong momentum, we are starting to see the expected positive development in the Tech segment, where negative earnings in Q1 2024 have been turned into a positive contribution of EBITDA DKK 13 million in Q1 2025, based on a revenue which has more than doubled.
“We see that the shrimp farmers are looking for investments in technology that can increase production efficiency and improve total economic performance.
“On top of the positive results from the consolidated companies, we witness a solid development in our joint venture feed companies. In China, we improved both revenue and earnings compared to 2024, while in Turkey we have used our solid grip in the market to take a conscious decision limiting our credit risk, which naturally has impacted the results.”
LetSea acquisition
By 1 April 2025, BioMar acquired 100% of the feed trial innovation centre LetSea, which it said is an important milestone accelerating the development of BioMar’s capabilities for delivering research-driven innovations within salmon feed.
“The industry will continue to face challenges going forward, and there will be a need for new innovative feed solutions,” said Diaz. “It is extremely important to have capacity to fast-track trials and documentation of grower feed concepts and products in facilities with real seawater conditions. We are not only striving to deliver next generation functional feed and waterborne feeding, but also include novel raw materials which are moving the needle on sustainability.”
BioMar expects to generate full-year 2025 revenue of about DKK 16-17 billion. Given the current outlook, the company expects 2025 EBITDA in the range of DKK 1.470-1.570 billion.
