BioMar (BIOMAR) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered record-high feed volumes and resilient growth, driven by the shrimp segment, despite raw material volatility, geopolitical turbulence, IPO costs, and Tech Solutions restructuring.

• Feed volumes grew 3% in Q2 and 5% year to date, with EBIT up 7% in Q2 and 10% year to date; shrimp feed was the main growth driver, especially in Ecuador, though lower prices and competition diluted EBIT per ton.

• Capacity expansions in Ecuador and China are progressing, supporting future growth.

• Completed a successful IPO on Nasdaq Copenhagen, welcoming over 10,800 new shareholders and establishing a new revolving credit facility.

• Upgraded full-year guidance for volumes, revenue, and EBIT based on favorable biological conditions and strong operational performance.

Financial highlights

• Q2 2026 revenue rose 5% year-over-year to DKK 4,164m, driven by higher volumes and raw material prices; EBIT declined 3% to DKK 250m due to IPO and Tech Solutions costs.

• EBITDA increased 2% to DKK 357m; return on invested capital improved to 23.2%.

• Shrimp volumes up 18% year-over-year; joint ventures in Turkey and China delivered over 50,000 tons and DKK 34m EBIT in Q2.

• Net working capital declined by DKK 100–104m year-over-year despite higher activity and raw material costs.

• Net interest-bearing debt increased to DKK 2,953m due to Ecuador acquisition and DKK 850m dividend payment.

Outlook and guidance

• 2026 guidance raised: volume 1,630–1,700k tonnes, EBIT DKK 1,200–1,300m, revenue DKK 17–18bn, and capex DKK 400–500m, reflecting strong momentum and new contracts.

• Upward revision driven by strong biological conditions, higher contract share in Salmon, and continued Shrimp momentum.

• Dividend policy targets at least 50% payout of annual distributable profit; leverage target remains 1–2x net debt/EBITDA.

• Profit from non-consolidated JVs and associates expected at DKK 65m, down from DKK 90m, due to lower salmon prices.