BioMar (BIOMAR) Q3 2026 earnings summary

Executive summary

• Record Q3 feed volume rose 5% to 488,000 tonnes, revenue increased 19% to DKK 5,807m and EBIT rose 50% to DKK 618m; Salmon and Selected Species strength offset Shrimp pressure.

• Strong year-to-date earnings and raw-material expertise supported higher FY 2026 revenue and EBIT guidance, while volume guidance was reduced.

Financial highlights

• Q3 EBITDA was DKK 736m, up 44%; profit was DKK 461m, up 78%, and profit before tax was DKK 611m, up 72%.

• YTD volume increased 5% to 1,198,000 tonnes; revenue rose 7% to DKK 13,172m and EBIT grew 24% to DKK 977m.

• Q3 revenue growth reflected higher feed volumes, raw-material costs passed through in prices and DKK 228m of positive FX effects, mainly from NOK.

• Q3 operating cash flow was DKK 675m versus DKK 445m; YTD operating cash flow was DKK 574m versus DKK 656m, reflecting working-capital outflow, taxes and interest.

Outlook and guidance

• FY 2026 guidance: volume 1,600,000–1,650,000 tonnes, revenue DKK 17,800–18,600m and EBIT DKK 1,290–1,360m.

• Volume guidance fell from 1,630,000–1,700,000 tonnes; revenue guidance rose from DKK 17,000–18,000m and EBIT from DKK 1,200–1,300m.

• Softer Q4 demand, particularly in Salmon and Shrimp markets and Ecuador, weighs on volume expectations; EBIT momentum is expected to moderate from Q3 levels.

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