BioMar (BIOMAR) Q3 2026 earnings summary

Executive summary

• Record Q3 volume of 488k tonnes (+5%), revenue of DKK 5,807m (+19%) and EBIT of DKK 618m (+50%), led by Salmon margins and raw-material formulation flexibility.

• YTD revenue rose 7% to DKK 13,172m and EBIT 24% to DKK 977m; ROIC including goodwill reached 27.1%, up 5.2 percentage points YoY.

• Strong Salmon and Selected Species earnings offset Shrimp pressure from ingredient costs, low farm-gate prices, toll milling, Ecuador energy challenges and Vietnam ramp-up.

Financial highlights

• Q3 EBITDA was DKK 736m versus DKK 510m; profit for the period was DKK 461m versus DKK 259m, and EPS was DKK 4.62 versus DKK 2.49.

• YTD EBITDA was DKK 1,305m versus DKK 1,065m; profit for the period was DKK 676m versus DKK 507m, and EPS was DKK 6.81 versus DKK 4.80.

• Q3 FX impact was DKK 228m and YTD impact DKK 213m, mainly from NOK strengthening against DKK.

• Q3 operating cash flow was DKK 675m versus DKK 445m; YTD operating cash flow was DKK 574m versus DKK 656m.

Outlook and guidance

• FY 2026 revenue guidance raised to DKK 17.8–18.6bn from DKK 17.0–18.0bn; EBIT guidance rose to DKK 1,290–1,360m from DKK 1,200–1,300m.

• Volume guidance lowered to 1.60–1.65m tonnes from 1.63–1.70m, reflecting softer Q4 demand in certain Salmon and Shrimp markets.

• FY CAPEX guidance remains DKK 400–500m; new production lines in Ecuador and China are scheduled for Q4 2026 commissioning.

• 2026 share of profit after tax from non-consolidated joint ventures and associates expected at DKK 65m.