BioMar (BIOMAR) Q1 2026 earnings summary

Executive summary

• Achieved strong results in Q1 2026 despite geopolitical turbulence, with growth in feed volumes and earnings per tonne, while Tech Solutions segment earnings declined due to business transformation.

• Business model strengthened by more long-term contracts, operational excellence, and cash discipline, resulting in a 23.5% ROIC.

• Preparing for further organic growth with new capacity in Ecuador and China, and transitioning Tech Solutions to a recurring revenue model.

Financial highlights

• Feed volumes grew 7% year-over-year to 315,000 tonnes, a record for Q1.

• Revenue decreased 6% to DKK 3,202m due to lower tech sales, raw material prices, and adverse FX effects.

• EBIT was DKK 110m (down from DKK 117m), with an unchanged EBIT margin of 3.4%.

• EBIT per tonne rose 6% to DKK 380, driven by Salmon and Selected Species segments.

• Cash flow from operating activities was DKK -297m, mainly due to working capital changes.

Outlook and guidance

• 2026 outlook unchanged: volume growth of 3–7% expected, targeting 1,600–1,670 thousand tonnes.

• Full-year revenue guidance: DKK 16.0–17.0bn; EBIT guidance: DKK 1,100–1,200m.

• CAPEX for 2026 guided at DKK 300–500m, focused on capacity expansion in Ecuador and China.

• Tech Solutions segment expected to see negative impact on revenue and EBIT in H1 2026 due to business model transition.