Denmark-based aquaculture feed company BioMar posted strong earnings in Q1 2026, and its parent company, Schouw & Co., announced it is starting the process of creating an initial public offering (IPO) for the company.
BioMar posted revenue of DKK 3.2 billion (USD 500 million, EUR 428 million) in Q1 2026, a decrease compared to the DKK 3.39 billion (USD 530 million, EUR 453 million) it posted in Q1 2025. The company attributed the decrease to a decline in tech sales and lower raw material prices, which offset volumes increasing from 294,000 metric tons (MT) to 315,000 MT – a record high in Q1.
Despite the drop in revenue, the company’s EBITDA increased to DKK 212 million (USD 33 million, EUR 28 million), up from DKK 206 million (USD 32 million, EUR 27 million).
"We have once again proven our resilient business model,” BioMar Group CEO Carlos Diaz said in a release. “In a first quarter of the year characterized by significant geopolitical turbulence, we delivered strong results across our feed segments with growth in volumes as well as in earnings per ton of feed sold, while minimizing the negative effects of the turbulence for our customers. The financial results are in line with our expectations, despite parts of the business being challenged by environmental and biological conditions.”
Diaz described 2026 as a “stepping stone” toward the next phase of the company’s strategic ambitions, which involves preparing for further organic growth in the feed business with additional capacity in Ecuador and China.
BioMar’s revenue and EBITDA in FY 2025 were relatively flat in a year marked by high biomass and intensified sea-lice treatments in Norway that dropped feed sales for the company. Alongside its FY 2025 results, BioMar also announced it fully purchased BioMar Ecuador as part of its strategic ambition for that country.
As it posted a positive Q1 2026, BioMar and its parent company Schouw & Co. announced the next stage of the potential IPO it first announced in November 2024.
BioMar is the largest company in Schouw & Co.’s portfolio, accounting for almost half of its revenue and EBITDA each year. When it first announced the potential IPO, the company said it was determining whether an IPO would be value-creating for the company while also securing opportunities for BioMar.
On 1 May, Schouw & Co. announced its intention to float, a formal announcement signaling the start of the IPO process.
“BioMar is ready to be listed and has reached a level of maturity, scale, and operational excellence that supports independent access to the capital markets,” Schouw & Co. said. “Importantly, the purpose of the IPO remains unchanged: to create value for Schouw & Co. shareholders.”
Diaz said a public listing for the company would be a “significant milestone” in its history.
“In addition to providing direct access to capital markets, it will enhance transparency and increase public awareness of our company and brand, supporting our ability to attract and retain talent,” he said. “BioMar is ready for life as a listed company and well-positioned to continue its growth journey with a solid and resilient business model, driven by our high-quality product offering, commitment to sustainability, and advanced feeding technology in a market defined by rising global demand for farmed fish and shrimp.”
