BioMar releases 2026 outlook, as parent company weighs potential stock market listing

BioMar owner Schouw & Co. has published initial financial expectations for the Danish aquafeed producer in 2026, a move linked to the group’s ongoing examination of whether to float the company on Nasdaq Copenhagen.

The Danish conglomerate said the review, which began in November 2024, is intended to establish if a listing would deliver added value for shareholders while giving BioMar greater scope to pursue expansion. According to the company, the evaluation is proceeding as planned.

Schouw & Co. is being advised by a syndicate of four financial institutions. DNB Carnegie and Morgan Stanley are acting as Lead Joint Global Coordinators, with Danske Bank and Nordea serving as Joint Global Coordinators. At the same time, FIH Partners is working as independent IPO adviser to both Schouw & Co. and BioMar.

A potential listing could take place in the first half of 2026, the company said.

Ahead of any decision, the board has reviewed the feed producer’s near-term prospects and released "selected preliminary indicators".

BioMar expects to sell between 1.6 million and 1.67 million tonnes of feed in 2026, which it says would represent a 2–7% increase on 2025 volumes. Revenue is projected at DKK 16–17 billion (around EUR 2.14–2.27 bn / USD 2.29–2.44 bn). Earnings before interest and tax are forecast to reach DKK 1.1–1.2 billion, with depreciation and amortisation estimated at roughly DKK 400 million.

Meanwhile, the company's capital expenditure is expected to be in the region of DKK 300–500 million, a higher level than usual. BioMar notes that this depends partly on the timing of a possible expansion in Ecuador worth about DKK 250 million.

Looking further ahead, BioMar, which is currently the world’s third-largest producer of feed for farmed fish and shrimp, said it aims to increase feed volumes by an average of 4–6% each year to 2030. It also targets EBIT growth of 8–10% annually over the same period and seeks to maintain return on invested capital, including goodwill, above 20%.

Schouw & Co. emphasised that all disclosed figures remain provisional and could change. The group intends to publish its annual report for 2025 on 5 March 2026, which will include the official outlook for its portfolio businesses including BioMar.

The Danish aquafeed company recently delivered its strongest-ever third quarter, driven by higher feed demand in Chile and Ecuador and an all-time-high EBITDA, with CEO Carlos Diaz saying the company is "on track with our strategic ambitions."

Last month, the company also announced it had recruited two experienced industry profiles to its board with the addition of Marianne Rørslev Bock and Kristian Johnsen Hundebøll.