Denmark-based feed company BioMar posted an all-time high EBITDA in Q3 2025 as high volumes continued to push the company well ahead of its 2024 results.
BioMar posted an EBITDA of DKK 510 million (USD 79.3 million, EUR 68.3 million) in Q3 2025, up 10 percent compared to the DKK 463 million (USD 72 million, EUR 62 million) EBITDA it posted in Q3 2024. That increase came as volumes sold reached 466,000 metric tons (MT), up 9 percent compared to the same period last year.
“With the strong growth in volumes in Q3, we are well ahead of last year, and with only few months left of 2025, I am looking forward to closing another good year for BioMar,” BioMar CEO Carlos Diaz said. “We have delivered growth in volumes with solid margins, and we are on track with our strategic ambitions.”
The company said the volume growth is primarily thanks to “positive developments in Chile and Ecuador,” which helped offset poor biological conditions in Norway.
While Biomar’s volume and EBITDA increased, its overall revenue fell slightly in Q3 2025 to DKK 4.9 billion (USD 762 million, EUR 656 million), down from DKK 5.1 billion (USD 793 million, EUR 683 million) it posted in Q3 2024. Diaz said the company’s Tech segment helped impact the company’s earnings positively, offsetting the revenue declines.
“At the same time, the Shrimp and Selected Species segments are also well ahead of last year, and likewise, our non-consolidated joint ventures are coming out of a Q3 with improved performance,” Diaz said.
While Q3 2025 saw a record-high EBITDA, the lower revenue and biological challenges in Norway’s salmon segment will have an impact going forward, Diaz said.
“Unexpected biological conditions have impacted feeding patterns and biomass in Norway, prompting us to narrow our revenue and EBITDA guidance for the full year,” Diaz said. “Although, we are witnessing good business results, we do no longer expect to meet the high end of our previous guidance.”
BioMar parent Schouw & Co said the market challenges stemmed from high biomass and biological conditions and intensified sea-lice treatments reduced overall feed consumption, hampering the company’s results.
As a result, BioMar has narrowed its outlook to clarify its expected results, though the bottom-end of those expectations remains the same.
BioMar originally projected it would achieve DKK 16.3 billion to DKK 17 billion (USD 2.5 billion to USD 2.64 billion, EUR 2.18 billion to EUR 2.27 billion) in revenue for the year, and it has now narrowed that range to DKK 16.3 billion to DKK 16.7 billion (USD 2.6 billion, EUR 2.23 billion). Its EBITDA has also been similarly narrowed, dropping to DKK 1.49 billion to DKK 1.53 billion (USD 231 million to USD 238 million, EUR 199 million to EUR 204 million), down from DKK 1.49 billion to DKK 1.57 billion (USD 244 million, EUR 210 million).
As the company posts strong results, it and its parent company Schouw & Co are continuing to evaluate whether BioMar should be spun off into an independent company.
BioMar and Schouw & Co have been considering an initial public offering (IPO) for BioMar for over a year. BioMar has been a part of Schouw & Co Group since 2005, and in that time has grown far beyond its initial revenue of DKK 2.6 billion (USD 404 million, EUR 348 million) and EBITDA of DKK 124 million (USD 19.3 million, EUR 16.6 million).
“We continue investigating whether a potential separate listing of BioMar would create value for the shareholders of Schouw & Co. and the process is progressing as expected,” Schouw & Co President and CEO Jens Bjerg Sørensen said in the company’s results. “A value-creating IPO of BioMar is a natural consequence of our strategic approach to best-ownership and future-proofing and would leave Schouw & Co. in a strong position with an even healthier balance sheet.”
To that end, Biomar recently expanded its board. Marianne Rørslev Bock, the CFO at Scandinavian Tobacco Group, and Kristian Johnsen Hundebøll, who was recently CEO of DLG (Dansk Landbrugs Grovvareselskab) and is the current chair of a growth team established by the Danish government, both joined the board as it continues to examine whether an IPO is advisable.
“We are pleased to have attracted two such strong and competent profiles in Marianne Rørslev Bock and Kristian Johnsen Hundebøll to BioMar’s board,” Sørensen said. “They both bring relevant skills that will strengthen BioMar’s board ahead of a potential IPO, while also supporting BioMar’s continued growth as a leading aquaculture specialist in a growing market driven by megatrends.”
Sørensen will continue as the chair of the board, and Schouw & Co said it plans to remain the majority shareholder of BioMar if it ends up launching an IPO for the company.
“The proceeds from a potential listing are expected to be reinvested in the existing portfolio businesses, with the possibility of expanding the portfolio through a new platform investment,” the company said.
