Denmark-based feed company BioMar has acquired all outstanding shares in BioMar Ecuador, a move it announced soon after it posted preliminary results indicating flat revenue and earnings in FY 2025.
BioMar reported revenue of DKK 16.5 billion (USD 2.61 billion, EUR 2.21 billion) for the full year, which was within the narrowed revenue guidance it adopted in Q3 2025. If finalized in its official FY 2025 results, it would be a slight decline from the DKK 16.6 billion (USD 2.63 billion, EUR 2.22 billion) in revenue the company posted in FY 2024 – which itself was a 7 percent drop from the record DKK 17.9 billion (USD 2.83 billion, EUR 2.4 billion) it posted in FY 2023.
The company’s earnings also fell within its forecasts, according to its preliminary results. BioMar posted an EBITDA of DKK 1.51 billion (USD 239 million EUR 202 million), within its revised guidance of DKK 1.49 billion to DKK 1.53 billion (USD 235 million to USD 242 million, EUR 200 million to EUR 205 million).
“I am very pleased to conclude the year with such strong results. Following a very positive start of 2025, we faced a challenging third quarter but successfully finished the year on a high note,” BioMar CEO Carlos Diaz said in a release.
The company posted a record EBITDA in Q3 2025 as the company’s tech segment buoyed its earnings, along with the shrimp and selected species segments. However, Diaz warned at the time that biological conditions were impacting feed patterns and biomass in Norway, leading the company to narrow its guidance for the full year.
Those challenges included high biomass and intensified sea-lice treatments in Norway, which resulted in lower overall feed consumption and, thus, lower demand for BioMar’s feed products in the country.
Originally, BioMar predicted it would achieve revenue of between DKK 16.3 billion (USD 2.58 billion, EUR 2.18 billion) and DKK 17 billion (USD 2.69 billion, EUR 2.28 billion), but it narrowed the top-end range of that guidance in light of the challenges – a prediction that was proven true according to its preliminary results.
Diaz said the company’s results despite those challenges are a testament to its diversified segments and expertise.
“Our performance over the course of the year has reflected the strength of being a feed solution business with exposure to a broad range of species and geographies. All segments have contributed to our strong financial performance,” Diaz said. “One common factor across the business has been the dedication from our people achieving commercially viable solutions together with our customers.”
Soon after releasing its preliminary results, BioMar revealed it acquired all outstanding shares in BioMar Ecuador from the Lanec family, constituting the remaining 30 percent of the company.
BioMar has been making a push into the Ecuador feed market for multiple years. BioMar acquired 70 percent of Ecuadorian shrimp feed producer Alimentsa for USD 119 million (then EUR 105 million) in 2017. At the time, the company had a market share of roughly 12 to 15 percent, and BioMar said the move was a strategic one to create a solid foothold in Ecuador’s growing shrimp aquaculture industry – which in 2016 generated roughly 450,000 metric tons (MT) of shrimp.
Since that purchase Ecuador’s shrimp aquaculture sector has expanded extremely rapidly, and had nearly tripled with 1.3 million MT of production in 2022.
BioMar said it had a successful partnership with the Lanec family that quadrupled feed volumes between 2019 and 2024.
“We were new to the Ecuadorian world of shrimp when entering the joint venture, and Lanec has been instrumental contributing to designing future product solutions while adapting our research to accelerate growth in Ecuador,” Diaz said. “We are grateful to the family and team behind Lanec for being committed to a true partnership characterized by trust and innovation through the years of building the business together.”
BioMar said it is currently working to expand the capacity of its production facility in its Ecuadorian business from 300,000 MT to 410,000 MT through a process of de-bottlenecking the facility as well as introducing a new line for pelletized feed. That expansion is slated for completion in Q3 2026.
“We see a great potential for shrimp farming in Ecuador, and we are well-positioned to benefit from the growth in the market,” Diaz said. “During the last years, we have moved from having a strong foothold among the small and medium size farmers to establishing long-term strategic collaborations with some of the largest farmers in the country, collaborating on building innovative feed solutions promoting a more efficient and sustainable aquaculture in Ecuador.”
Diaz added that the company is also working on a new expansion project in parallel with the existing expansion, which would add another 200,000 MT to 300,000 MT of feed production capacity.
“This expansion will be necessary in order to meet the expected demand from our customers and will consist of a combination of lines for pelletized feed and lines for extruded feed,” he said. “We expect that this project will be initiated in the first half of 2026.”
