"I am proud to see how our business continues to perform," said BioMar CEO Carlos Diaz.
Photo: BioMar.
If BioMar's message in its Q2 2026 earnings report had to be summed up in a single word, it would be: self-confidence. Despite market uncertainty, raw material supply issues, and the current geopolitical context, the Danish aquaculture feed company, with a global presence, presented its first quarterly report as a publicly traded firm today, reporting 5% volume growth and raising its outlook.
The company—which stated in its report that public listing is an important platform for its further development—thus welcomed its more than 10,800 new shareholders after completing its stock market listing in Copenhagen last May, with shares sold at DKK 108 each and the company valued at DKK 10.85 billion, above the valuation of around DKK 10.4 billion that it had targeted.
In the statement sharing the results, BioMar explained that while the feed business continues to show solid performance, the overall results for the first half of the year were partially affected by transformation costs related to the strategic development of the technology business towards more direct sales and higher recurring revenues.
The company added that this was expected and anticipated, and also noted that, in parallel, the recent IPO entailed higher costs during the period.
Specifically, feed volume increased by 3% year-on-year in Q2 2026, driven by strong growth in Ecuador (shrimp) and Australia (salmon), and reaching a new record. BioMar added that the positive volume performance in most business units more than offset the decline recorded in Norway and Chile (salmon).
For the first six months of 2026, the aquafeed company said feed volumes increased by 5% year-on-year, primarily driven by strong shrimp feed sales in Ecuador, ramp-up volume in Vietnam and solid continued contributions from all business units in the Selected Species segment.
Meanwhile, compared with the first half of 2025, feed volumes in the Salmon segment declined by 4%. While volumes in Australia increased due to favourable farming conditions and strong biomass growth, this was offset by lower volumes in Norway because of an expected consolidation in the Norwegian market.
EBIT, for its part, declined by 3%, in line with the Danish company's expectations. In Q2 2026, it amounted to DKK 250 million, compared with DKK 257 million in Q2 2025. BioMar explained that higher feed volumes and improved margins contributed positively, while the lower contribution from the Tech Solutions segment and, as mentioned, the increased IPO-related costs harmed the result.
BioMar pointed out that, excluding one-off IPO-related costs and non-feed related costs in Tech Solutions, EBIT would have exceeded the level reported in Q2 2025.
Meanwhile, EBIT for the first six months of 2026 amounted to DKK 359 million, a 4% decrease compared with DKK 374 million in the same period of 2025. The feed business delivered higher sales volumes and improved margins year-on-year, while earnings from Tech Solutions declined by DKK 34 million.
The aquaculture feed company said that the reduction reflects the ongoing transformation in the Tech business. Nevertheless, EBIT margins within the Shrimp segment remained broadly in line with those achieved in the Salmon segment
Regarding revenue, it amounted to DKK 4,164 million in the second quarter, representing year-on-year growth of 5%. BioMar explained the increase was driven by higher volumes and increased raw material prices, particularly for marine fish oil and fishmeal.
However, the company added that revenue growth was partly moderated by a product mix effect, as a significant portion of the volume growth was generated within shrimp feed, which carries a lower average revenue per ton. "This reflects differences in nutritional requirements, as shrimp feed typically contains lower energy density than feed for salmon, trout and other fish species," the report read.
Revenue for the first half of 2026 amounted to DKK 7,365 million, at level with HY 2025 despite higher sales volumes. BioMar explained that higher raw material prices, particularly for marine ingredients, were offset by product and customer mix; primarily higher sales of shrimp feed than fish feed.
In addition, revenue in AQ1 Systems (Tech Solutions) decreased by DKK 36 million, as the business continued its transition towards a direct-sales model and recurrent revenue streams.
Commenting on the results, Carlos Diaz, CEO of BioMar Group, stated he is proud to see how the business continues to perform, delivering a strong ROIC of 23.2%.
"With a solid Q2, we have taken an important step into the high season, where our ability to formulate based on nutrients rather than specific raw materials will be put to the test," he said. "There is no longer any doubt that prices of marine raw materials will reach record-high levels, reinforcing the relevance of our advanced formulation capabilities."
Diaz went on to explain that, in recent years, BioMar has continued to strengthen its commercial excellence platform and improve its flexibility in raw material substitution, enabling it to continue delivering solid performance in its feed segments, with growth in both volume and results, while helping to mitigate the impact of market volatility for its customers.
As the figures reported above reflected, volume growth was mainly driven by the Shrimp segment, while the Salmon and Selected Species segments were the main drivers of increased earnings due to changes in product mix and the impact of better capacity utilisation and commercial excellence initiatives.
"It is encouraging to see the continued progress in transforming our aquaculture technology solutions business model into a structure based on recurring revenue and reduced dependence on distributors, while also investing to strengthen our future R&D capabilities," Diaz continued.
"At the same time, we are well underway with expanding capacity to support organic growth in the feed business in Ecuador and China. In many ways, this year represents a transition towards further growth, and I remain confident that we will once again deliver strong results while navigating a turbulent business environment," BioMar's CEO explained.
Carlos Diaz finished by announcing the company's decision to upgrade its guidance for the year. "Based on our forecasts from the markets, we predicted that favourable biological farming conditions and our proven ability to navigate volatility in the raw material market will create a strong momentum for the business in the second half of the year. Hence, we have decided to upgrade the guidance for both volumes, revenue and EBIT for the year," he concluded.
