BioMar outlines 2026 growth plans as IPO evaluation continues.
Danish industrial conglomerate Schouw & Co has released preliminary financial targets for its aquafeed subsidiary BioMar for 2026 and outlined new mid term ambitions, as it continues to evaluate a potential separate listing of the business on Nasdaq Copenhagen.
The evaluation, first announced on 12 November 2024, is progressing as planned. Schouw & Co. is working with DNB Carnegie and Morgan Stanley as lead joint global coordinators, with Danske Bank and Nordea as joint global coordinators. FIH Partners is acting as independent IPO adviser.
For 2026, BioMar expects feed volumes of 1,600,000 to 1,670,000 tonnes, equivalent to 2–7 percent growth compared with 2025.
Revenue is forecast at DKK 16.0–17.0 billion ($2.56–2.72 billion / €2.08–2.21 billion), based on current foreign exchange rates and raw material prices.
EBIT is projected at DKK 1.1–1.2 billion ($176–192 million / €143–156 million), with depreciation and amortisation of about DKK 400 million ($64 million / €52 million).
Capital expenditure is expected to total DKK 300–500 million ($48–80 million / €39–65 million), above historical levels, depending partly on the timing of a potential DKK 250 million ($40 million / €32 million) expansion in Ecuador.
Towards 2030, BioMar is targeting average annual volume growth of 4–6 percent and average annual EBIT growth of 8–10 percent. Return on invested capital including goodwill is targeted to be above 20 percent.
If independently listed, BioMar would aim for a capital structure of 1.0–2.0 times net interest bearing debt to EBITDA and a dividend payout ratio of at least 50 percent of annual net profit.
Schouw & Co. said all figures are preliminary and subject to change. The group will publish its 2025 annual report on 5 March 2026, which will include updated outlooks for Schouw & Co. and its remaining portfolio companies.
