BioMar records strong volume growth and exceptional earnings

Denmark-based aquafeed producer BioMar has raised its guidance for 2026 after it posted double-digit increases in revenue and earnings in Q3 2026.

BioMar saw revenue of USD 868 million in the quarter, up 19% from the USD 733 million it posted in the same period of 2025. That increase coincided with a volume increase to 488,000 tons, up 4% from the 466,000 tons it posted in Q3 2025.

The company’s EBIT also increased to USD 92 million in Q3 2026, an increase of 50% over the USD 61 million it posted in Q3 2025.

“We delivered our strongest quarter ever in terms of volumes and EBIT on the backdrop of the expected increase in marine ingredient prices, mainly driven by El Niño,” Group CEO Carlos Diaz said.

“Despite uncertainty around raw material prices, the impact of weather events and disruption in energy supply in Ecuador for Q4, we remain positive in the market fundamentals in the medium term.”

El Niño has impacted the marine ingredient market in several ways. The phenomenon has caused Peru to close its second anchovy season of 2026, which will hamper the supply of raw materials for fishmeal and fish oil globally. At the same time, El Niño has also impacted major purchasers of aquaculture feed, such as Ecuador, as weather impacts farming conditions.

BioMar has lowered its volume guidance based on recent market developments but said its revenue and EBIT are expected to be higher than expected.

“We are raising our full-year guidance for revenue and EBIT while adjusting our volume guidance to reflect a softer last quarter of the year,” Mr Diaz said.

The updated guidance decreased the total volume expected from a 1.7 million tons maximum to 1.65 million tons. Revenue was bumped to a high end of USD 2.9 billion, up from USD 2.7 billion, and EBIT was also increased from a high of USD 194 million to a high of USD 203 million.

“The update reflects an updated outlook for the remainder of the year based on recent market developments and the impact of weather events, including higher raw material prices, customer demand, and current exchange rates, as well as strong earnings performance in the first nine months of 2026,” BioMar said.

Mr Diaz said the company’s ability to use alternative ingredients is one of the strengths that will help it given current raw material challenges, created significant mutual value for us and our customers, and helped drive positive performance in Q3.

“Close collaboration across the value chain enables us to respond to raw material market volatility and geopolitical disruption,” he said.

“Together, we can rapidly introduce validated alternative formulations that maintain performance and nutrient retention. This flexibility helps mitigate the impact of volatile raw material prices on our customers, while at the same time preserving our pricing models.”

The company said its diversification of ingredients can help deliver consistent supplies to its shrimp and fish farming customers despite the complications of El Niño and geopolitical conflict.

“Meeting those essential needs gives our innovation-driven business infrastructure-like characteristics. Our role is to stay one step ahead by developing and introducing new alternative ingredients that help our customers navigate volatile raw material markets while delivering market leading feed performance and feeding solutions,” Mr Diaz said.

“I am confident that we are on the right track, enabling the future of seafood!”

The strong quarter comes months into the company operating after its initial public offering (IPO) in May, which saw the company gain a separate listing from its parent company Schouw & Co.

That IPO garnered a valuation of USD 1.7 billion. Since that time, the company has seen its value rise, and it had a market cap of USD 1.88 billion as of market close on November 3.

While Q3 was strong and the company raised its guidance for 2026, its share price fell slightly as the company also said low salmon and shrimp prices influence customers’ feed purchasing decisions, while raw material prices are increasing following the reduced supplies out of Peru.

“These dynamics are increasing cost pressure across the aquaculture value chain. As a result, the value of BioMar’s formulation expertise, sourcing flexibility and service offering to help farmers navigate this volatility has become increasingly important,” the company said.

“BioMar seeks to mitigate these challenges through proactive raw material sourcing, continued optimization of feed formulations, and disciplined pricing management.”

Despite its efforts the company said it expects volumes in Q4 2026 to be lower than previously anticipated, reflecting lower demand from the salmon and shrimp aquaculture markets. Ecuador, and uncertainty around its electrical supply, poses the risk of farming stoppages which could result in lower volume sales.

The company said 2026 is a transition year toward further growth and that its investments in Ecuador and China will be commissioned during Q4 2026.

Read the Q3 2026 report here.