BioMar lifts Q3 earnings, narrows 2025 guidance ahead of potential IPO.
BioMar reported record third quarter earnings, with volumes up 9 percent year on year and EBITDA 10 percent higher, driven by growth in Chile and Ecuador despite weaker biological conditions in Norway.
The feed producer said the volume increase builds on strong growth in the second quarter, putting the company well ahead of 2024 with only a few months of 2025 remaining.
“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.”
Return on invested capital including goodwill rose to 21.9 percent. Performance in the quarter was tempered by challenging biological conditions in the Salmon segment, which affected feeding patterns and biomass in Norway.
BioMar said it still expects full-year revenue and EBITDA to come in within its previously stated ranges, but has narrowed its 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.
The company now expects 2025 revenue of DKK 16.3-16.7bn ($2.61-2.67bn/€2.12-2.17bn), down from an earlier range of DKK 16.3-17.0bn, and EBITDA of DKK 1,490-1,530m ($238.4-244.8m/€193.7-198.9m), compared with previous guidance of DKK 1,490-1,570m ($238.4-251.2m/€193.7-204.1m). The revisions mainly reflect lower volumes sold in Norway.
BioMar said the evaluation of a potential ipo progressed as expected during the third quarter, supported by a syndicate of four financial institutions.
In preparation for a possible listing, the company is adding two new members to its board of directors to strengthen governance and capital markets expertise.
Marianne Rørslev Bock, a state-authorised public accountant and currently CFO of Scandinavian Tobacco Group, will join the board. She is also a board member of Dagrofa and vice chair of the Danish Financial Supervisory Authority, and has previously served as CFO at Brdr. Hartmann and held various positions at Danisco, as well as serving on several other boards.
Kristian Johnsen Hundebøll will also join the board. He serves on the boards of Danmarks Nationalbank and DLF and chairs a growth team established by the Danish government to strengthen the future of green agriculture, food production and bio solutions. He is a former chair of DAKOFO and European agricultural industry association Intercoop and has extensive leadership experience, including 12 years as CEO of DLG.
Schouw & Co. CEO Jens Bjerg Sørensen will continue as chairman of BioMar’s board.
