BioMar reported higher feed volumes but lower revenues in the first quarter of 2026, reflecting softer pricing and a slowdown in its technology segment.
Feed volumes increased 7% year-on-year to a record level for the period, while EBITDA rose 3% to DKK 212 million. The company said the result was in line with expectations.
However, revenue declined 6%, driven by lower raw material prices, which fed through to reduced feed prices, and weaker sales in its aquaculture technology business.
The Tech Solutions segment was a drag on performance as BioMar shifts its business model away from infrastructure sales towards service-based and recurring revenue streams. The transition has weighed on short-term sales, with the company indicating the first half of the year would be affected.
At the same time, parts of the business were impacted by environmental and biological conditions, underlining continued operational volatility across aquaculture markets.
Margins remained relatively strong, with return on invested capital reported at 23.5%. The company also pointed to higher earnings per tonne of feed sold, suggesting some offset from operational efficiency.
Looking ahead, BioMar is expanding production capacity in Ecuador and China as it seeks further volume growth. The company is also continuing preparations for a potential stock market listing, following confirmation from owner Schouw & Co. that it intends to float the business.
The proposed listing would give BioMar direct access to capital markets, but comes at a time when parts of the business are undergoing restructuring and revenue growth remains uneven.