Aarhus, Denmark-headquartered aquaculture feed company BioMar Group posted increased sales volumes and revenue in Q1 2025, but lower earnings.
The company sold 294,000 metric tons (MT) of product in Q1 2025, up 12 percent from the 262,000 MT it sold in the same period of 2024. The company’s revenue also increased, reaching just under DKK 3.9 billion (USD 375 million;EUR 331 million), up from DKK 3.24 billion (USD 311 million; EUR 275 million).
BioMar said the volume increase came across all of its feed segments. Salmon feed volumes increased by 7 percent, selected species increased by 13 percent, and shrimp feed sales volumes increased by 24 percent driven by the business in Ecuador.
"I am pleased to conclude that every segment experienced growth in both volume and revenue,” BioMar CEO Carlos Diaz said. “In 2024, we intensified our efforts on product mix and commercial excellence, prioritizing the creation of shared value with our customers over sheer volume. We are now leveraging this foundation to foster further business growth."
Diaz said that the feed businesses are continuing to see positive momentum, and BioMar’s growing tech segment is also beginning to show positive signs as its Q1 2025 earnings contributed positively to the company’s bottom line. In Q1 2024, the segment posted a loss, but in Q1 2025 it contributed DKK 13 million (USD 1.2 million; EUR 1.1 million) to the company’s EBITDA as its revenue 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,” Diaz said.
Despite the positive contribution from the tech segment and the increases in volume and revenue, BioMar’s EBITDA decreased slightly to DKK 206 million (USD 20 million;EUR 18 million), down from DKK 270 million (USD 26 million;EUR 23 million). A portion of that was due to lower raw material prices, which impacted sales prices.
Diaz said BioMar has continued to develop its joint-venture feed companies, seeing improved revenue and earnings in its China joint-venture and a lower credit risk for its business in Turkey.
The company also acquired a 100 percent stake in LetSea in Q1 2025, upping its stake from 34 percent. Diaz said at the time that the acquisition creates new R&D capacity in Norway, thanks to the company’s unique facilities and expertise. The company said it fully finalized that acquisition on 1 April.
“The industry will continue to face challenges going forward, and there will be a need for new innovative feed solutions,” Diaz said. “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. 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.”
The company also mentioned that it is continuing to pursue a potential separate listing for BioMar, which it first announced in Q3 2024. The company said it is likely a banking syndicate to list the company will be established in the near future “as a next step in the preparations towards a separate listing of BioMar.”
