Denmark-based feed company BioMar’s finalized FY 2025 report confirmed it experienced relatively flat earnings and revenue and also revealed its parent company Schouw & Co. is still considering a separate listing for the company.
BioMar’s finalized annual report revealed the company saw revenue of DKK 16.5 billion (USD 2.57 billion, EUR 2.21 billion) last year, which was in line with the preliminary results it released in late January. That result is a slight decrease from the DKK 16.6 billion (USD 2.58 billion, EUR 2.22 billion) it reported in FY 2024.
Its EBITDA in FY 2025 came in at DKK 1.51 billion (USD 234 million, EUR 202 million), nearly flat compared to the DKK 1.47 billion (USD 228 million, EUR 196 million) it posted in FY 2024. That total was also in line with its preliminary results.
Volumes sold, meanwhile, increased to 1.55 billion metric tons (MT) in FY 2025, up from the 1.37 billion MT it sold in 2024 and the highest total in the last five years.
“We have an unwavering focus on building up business with the right customers. We have not just gained market share but built up even stronger long-term partnerships with customers across the globe with whom we share a passion for building efficient and sustainable aquaculture,” BioMar CEO Carlos Diaz said. “The volumes are primarily coming from customers who are taking lead in building new standards for the industry.”
The finalized annual report also revealed that its parent company Schouw & Co. is continuing to consider whether to initiate a separate listing for BioMar.
BioMar first became a part of the Schouw & Co. Group in 2005 and, since that time, has become the largest company in its portfolio – accounting for half of the group’s EBITDA and revenue each year. Schouw & Co. first revealed it was considering an IPO for the company in November 2024.
“Reflecting on the two decades in which Schouw & Co. has been an active owner of BioMar, it is remarkable to see how both the aquaculture industry and BioMar have evolved,” Schouw & Co. Board Chair Jens Bjerg Sørensen said in BioMar’s finalized FY 2025 report.
Sørensen said Schouw & Co. is still in the process of assessing if a separate listing of BioMar would generate any value while also ensuring that the company could continue to grow its presence in the global aquafeed space.
“To Schouw & Co., the assessment represents the natural next step in understanding, and potentially unlocking, the value created over two decades of active ownership,” he said. “A potential separate listing of BioMar would offer investors the opportunity to invest directly in a leading pure-play aquaculture specialist operating in a growing market driven by global market trends.”
Diaz said 2025 was a year marked by internal preparations at BioMar for the separate listing.
“This process has been highly valuable, providing a framework for benchmarking our business model and performance and reinforcing our understanding of our market differentiators,” he said. “I am proud to say that BioMar is ready for a life as a listed company and well-positioned to continue our growth journey, driven by our high-quality product offering, commitment to sustainability, and advanced feeding technology in a market with rising global demand for farmed fish and shrimp.”
Neither Diaz nor Sørensen gave any timeline on when the potential separate listing would take place.
