BIOMARNasdaq CopenhagenFarm ProductsIFRS · DKK

BIOMAR GROUP A/S

BIOMAR GROUP A/S is a Denmark-based aquaculture nutrition company that develops and supplies feed for farmed fish and shrimp. Its business spans production, formulation, and technical support for aquaculture operations across multiple regions.

Ask about the company
Revenue16.5bn DKK
−0.5 %y/y
Operating profit (EBIT)1,132m DKK
+0.3 %y/y
EBIT margin6.8%
+0.1 ppy/y
Net income755m DKK
+6.9 %y/y
Free cash flow1,308m DKK
−6.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05101520bn DKK2020: 11.6 bn DKK2020: EBIT 0.64 bn DKK20202021: 13.3 bn DKK2021: EBIT 0.56 bn DKK20212022: 17.9 bn DKK2022: EBIT 0.60 bn DKK20222023: 17.9 bn DKK2023: EBIT 0.86 bn DKK20232024: 16.6 bn DKK2024: EBIT 1.1 bn DKK20242025: 16.5 bn DKK2025: EBIT 1.1 bn DKK202516.51.1
RevenueOperating profit (EBIT)
Ask Clarifo about BIOMAR GROUP A/S

Business

Share of revenue
Finfish feed70 %

Nutritional feed products for farmed fish such as salmon and other finfish species.

Shrimp feed20 %

Specialized feed formulations for shrimp aquaculture.

Technical services5 %

Feed optimization, farm support, and nutrition advice for customers.

Other aquaculture products5 %

Additional aquaculture nutrition products and related offerings.

Customers

BioMar sells to commercial aquaculture producers that raise fish and shrimp in controlled farming environments. Customers use its feeds to improve growth, feed conversion, and farm performance, making product formulation and technical service important parts of the value proposition. Demand is tied to global aquaculture output and the biology of specific species.

Salmon farmers

Buy specialized finfish feed for salmon production and farm performance optimization.

Other finfish producers

Purchase feed for species such as trout and seabass, depending on region.

Shrimp farmers

Buy shrimp feed tailored to different growth stages and farming systems.

Aquaculture integrators

Large farming groups that buy feed volumes and technical services.

Distributors and local agents

In some markets they source and distribute feed to smaller farms.

Strategy

BioMar's strategy is centered on specialized aquafeed, technical service, and close customer relationships in species-specific farming markets. The company also appears to be expanding capabilities in regions such as Ecuador, which supports direct customer coverage and local market responsiveness.

Grow presence in key aquaculture regionsMedium term

Local presence improves customer access, service quality, and market responsiveness.

Deepen direct customer relationshipsShort term

Aquafeed is a technical product where service and formulation support can differentiate the offering.

Maintain species-specific product leadershipLong term

Different species and farming systems require tailored nutrition solutions.

Geography

BioMar operates internationally with production and customer exposure across Europe, the Americas, and Asia. The report excerpt specifically highlights activity in Ecuador, indicating the importance of Latin American aquaculture operations in the group's footprint. Geography matters because feed demand, species mix, and logistics differ by region and farming cycle.

Risks

BioMar faces exposure to aquaculture cycles, species-specific demand shifts, and regional operating risks in markets such as Latin America. Feed businesses also depend on raw material availability and farm economics, while international operations add currency, logistics, and execution risk. Financing and share-based programs introduce additional balance-sheet and governance complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Aquaculture market cyclicality1Commodity input cost volatility2Foreign exchange and logistics3Regional expansion execution4Refinancing and liquidity dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Aquaculture market cyclicalityImpact: HighLikelihood: High

    Feed demand depends on farming volumes, harvest timing, and species economics.

    Exposure: Revenue volume and product mix

  2. Commodity input cost volatilityImpact: HighLikelihood: High

    Aquafeed formulations rely on agricultural and marine raw materials.

    Exposure: Gross margin and pricing

  3. Foreign exchange and logisticsImpact: MediumLikelihood: High

    International sourcing and sales expose the group to currency and transport disruptions.

    Exposure: Cross-border operations

  4. Regional expansion executionImpact: MediumLikelihood: Medium

    Growing direct sales and service in new markets can strain organization and supply chains.

    Exposure: Ecuador and other growth markets

  5. Refinancing and liquidity dependenceImpact: MediumLikelihood: Medium

    The group relies on a multicurrency revolving credit facility for financing flexibility.

    Exposure: Debt funding and maturity management

Ask Clarifo about BIOMAR GROUP A/S

Accounting

Judgemental items
Treasury shares

Held to cover long-term share-based incentives and recognized within equity.

Impact: Affects equity, dilution, and compensation-related disclosures

Share-based compensation

Long-term incentive programs require valuation and expense recognition over vesting periods.

Impact: Affects staff costs and equity reserve movements

Hedging and FX reserves

Multicurrency funding and global trade create foreign exchange and derivative accounting effects.

Impact: Affects other comprehensive income and equity

Fair value estimates

Financial assets and liabilities require judgment in valuation and classification.

Impact: Affects balance sheet carrying values and disclosures

Similar listed companies

Publicly listed companies with a comparable business focus.

FIRSTFARMS A/S

FFARMS · Farm Products

FIFAX Abp

FIFAX · Farm Products

Agtira

AGTIRA-B · Farm Products

Last updated: 24/10/2026