Carlos Diaz, CEO of BioMar Group.
Photo: BioMar.
Denmark-headquartered aquaculture feed specialist BioMar Group has reported a "positive start" to the year, with first quarter results showing "record" feed volumes and solid earnings growth across all business segments.
The company increased volumes by 12% year-on-year, which it says was supported by positive developments in the salmon, shrimp, and other species segments. Salmon feed volumes rose by 7%, selected species grew by 13%, and shrimp feed experienced a 24% surge, largely driven by operations in Ecuador, according to the report. Revenue for the quarter also rose by 5%, although lower raw material prices affected overall sales prices.
"I am pleased to conclude that every segment experienced growth in both volume and revenue," said Carlos Diaz, CEO of BioMar Group, in a press release. “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.”
BioMar reported an EBITDA of DKK 206 million for Q1 2025. The company stated that this figure is in line with expectations when adjusted for the one-off effects seen in the same period last year, particularly related to the salmon segment.
The company also noted improved performance in its Tech segment, Diaz highlighted. “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”, he said.
In addition to its consolidated results, BioMar highlighted positive developments in its joint venture operations. "In China, we improved both revenue and earnings compared to 2024, while we in Turkey have used our solid grip in the market to take a conscious decision limiting our credit risk, which naturally have impacted the results," Diaz said.
On 1 April, BioMar completed the acquisition of LetSea, a feed trial innovation centre. The acquisition is expected to enhance BioMar's capacity for research and development in salmon feed.
“The industry will continue to face challenges going forward, and there will be a need for new innovative feed solutions. 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,” said Diaz. “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," he added.
In its Q1 report, BioMar reaffirmed that it is continuing to investigate a potential separate public listing from its parent company Schouw & Co. The next steps may include the formation of a banking syndicate, the company said in its results announcement.
BioMar previously reported its "best results ever" for the fourth quarter of 2024, having achieved a significant overall increase in profits in 2024, despite lower volumes and revenue compared with the previous year's performance.
Looking ahead, the company said it expects full-year 2025 revenue to be in the range of DKK 16–17 billion, and EBITDA between DKK 1,470–1,570 million.
