BioMar (BIOMAR) Q4 2025 earnings summary

Executive summary

• Achieved strong operational performance in 2025, with record-high feed volumes and solid profitability despite biological and market challenges.

• Revenue reached DKK 16.5 billion, EBIT DKK 1,132 million, and net profit DKK 755 million, all on par or improved from 2024.

• Return on invested capital (ROIC) including goodwill increased to 23.6% from 21.2% in 2024.

• Continued strategic investments, including full ownership acquisitions in LetSea (Norway), Costa Rica, and Ecuador.

• Internal preparations for a potential separate listing were undertaken, reinforcing readiness for future growth.

Financial highlights

• Feed volumes grew 13% year-over-year to 1.56 million tonnes, driven by all three feed segments.

• Revenue was DKK 16,534 million, nearly flat compared to 2024 due to lower raw material prices and adverse currency effects.

• EBIT was DKK 1,132 million (6.8% margin), unchanged from 2024.

• Net profit increased 7% to DKK 755 million, mainly due to lower net financial items.

• Cash flow from operating activities was DKK 1,568 million; CAPEX was DKK 448 million.

• Net interest-bearing debt rose to DKK 1,833 million, reflecting acquisitions and higher dividends.

Outlook and guidance

• 2026 revenue expected between DKK 16.0–17.0 billion, with EBIT guidance of DKK 1,100–1,200 million.

• Anticipates sustaining 2025’s volume increase with a small positive uplift in 2026.

• CAPEX guidance for 2026 is DKK 300–500 million, focused on capacity expansion in Ecuador and China.

• Non-consolidated joint ventures and associates expected to contribute DKK 90 million profit after tax in 2026.

• Mid-term targets to 2030: average annual volume growth of 4–6%, EBIT growth of 8–10%, and ROIC above 20%.