Aquaculture feed company BioMar increased its sales volumes and revenue in H1 2025 but saw a drop in its earnings.
BioMar’s latest results reveal it sold 676,000 metric tons (MT) of product in H1 2025, compared to 596,000 MT sold over the same period in 2024. BioMar’s revenue also increased in the period, reaching DKK 7.37 billion (USD 1.15 billion, EUR 987 million), which was up from the DKK 7.23 billion (USD 1.13 billion, EUR 968 million) it posted last year.
While its revenue and volumes were up, its EBITDA dropped slightly to DKK 555 million (USD 87 million, EUR 74 million), down from the DKK 631 million (USD 99 million, EUR 84 million) it posted in H1 2024.
For Q2 2025, volumes were up, but revenue was down slightly.
BioMar sold 382,000 MT of product in Q2 2025, which was up from the 334,000 MT it sold in Q2 2024, but its revenue dropped to DKK 3.97 billion (USD 622 million, EUR 531 million), which was down slightly from DKK 3.99 billion (USD 625 million, EUR 534 million). The drop in revenue coincided with a drop in EBITDA to DKK 349 million (USD 54 million, EUR 46 million) in Q2 2025, which was down from the DKK 361 million (USD 56 million, EUR 48 million) it posted in 2024.
“As a part of our strategic commitment to growth, we have successfully continued the increase in sales volumes in Q2, reinforcing value-creating partnerships with key customers across our markets,” BioMar Group CEO Carlos Diaz said in a release. “I am proud to witness that this growth was achieved with healthy profitability, improved cash flow, and a solid [return on invested capital].”
BioMar attributed the Q2 drops to the fact that larger feed volumes to large customers drove down margins slightly.
“As expected, a change in customer mix toward large customers with larger volumes impacted profit measured per ton. We continue our focus on achieving the critical volumes to be efficient and competitive while optimizing our cash discipline,” Diaz said.
Q2 2025 largely followed the same pattern as Q1 2025, where the company posted increased volumes but saw lower earnings. That drop was due to lower raw material prices which impacted sales prices.
The company called the EBITDA “healthy” and said the results confirm its expectations for a good full-year result in 2025. It also said it remains on track to achieving its goals as it prepares for what it called its “high season” in Q3 2024.
“We have prepared for this ramp-up by strengthening the commercial and operational excellence of the company, reflected in last year's record earnings,” Diaz said. “We continue to be on track, rebalancing growth, and I am with great expectations looking forward to the rest of 2025.”
BioMar predicts to generate roughly DKK 16.3 billion to DKK 17 billion (USD 2.5 billion to USD 2.6 billion, EUR 2.1 billion to EUR 2.2 billion) in revenue in FY 2025, up slightly from earlier guidance. However, it said, as always, market conditions could impact that revenue forecast. The company said based on H1 2025, it is revising its EBITDA guidance upward, and it is now predicting an EBITDA of between DKK 1.49 billion and DKK 1.57 billion (USD 233 million and USD 246 million, EUR 199 million and EUR 210 million).
BioMar’s parent company, Schouw & Co, also said it is continuing to investigate whether a separate listing of BioMar will help the company continue its growth trajectory.
“We have previously announced that we are investigating whether a potential separate listing of BioMar would create value for the shareholders of Schouw & Co,” Schouw & Co President and CEO Jens Bjerg Sørensen said. “The preparatory work continued as expected during the past quarter, and a banking syndicate has been established. If found to be value-creating, the listing of BioMar on the Copenhagen stock exchange can take place in the first half of 2026.”
The parent company said the long-term outlook for BioMar is positive as demand for farmed salmon and shrimp is solid and the company is “well-positioned in the market.”
