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BioMar - Presentation of the H1 2026 Half-Year Report
HC Andersen Capital
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BioMar is expected to release its H1 2026 half-year report on 13 August 2026. The same day at 14:30 CEST, BioMar's CEO, Carlos Diaz, will present the results and answer questions from the audience in a live online event. This will be BioMar's first interim report as a listed company, following the IPO on Nasdaq Copenhagen.
In Q1 2026, its seasonally lowest quarter, BioMar delivered continued volume growth and solid underlying earnings. Feed volumes rose 7% year on year to a record 315,000 tonnes for a first quarter, driven mainly by Shrimp (Ecuador) and Salmon (Australia). Revenue declined 6% to DKK 3,202m, reflecting lower raw material prices, temporarily softer Tech Solutions sales and an adverse FX effect of DKK 107m. EBIT came in at DKK 110m with an unchanged margin of 3.4%, as a strong Salmon performance (EBIT up 28%) was offset by the planned business transformation in Tech Solutions (a DKK 21m earnings headwind) and higher depreciation. EBIT per tonne excluding Tech Solutions increased 6% to DKK 380.
With Q1 EBIT of DKK 110m representing roughly 10% of the full-year guidance midpoint (DKK 1,150m), BioMar is tracking in line with the seasonal pattern seen in 2025, when Q1 accounted for a similar share of annual EBIT. The company maintained its full-year outlook unchanged in the Q1 report.
For FY 2026, management expects volumes of 1,600-1,670 thousand tonnes (3-7% growth), revenue of DKK 16.0-17.0 billion and EBIT of DKK 1,100-1,200m, with CAPEX of DKK 300-500m. 2026 is described as a transition year, with capacity ramp-up in Ecuador and new capacity in China.
Over the medium term towards 2030, BioMar targets average annual volume growth of 4-6%, EBIT growth of 8-10%, ROIC above 20% and a dividend payout of at least 50% of net profit.
In addition to the H1 results, focus is likely to centre on the recovery in Salmon profitability and biological conditions in Norway and Scotland, the ramp-up of shrimp capacity in Ecuador, the expected normalisation of Tech Solutions in the second half, raw material price developments, and any signals on capital returns and the full-year guidance as the company reports for the first time as a listed entity.
Disclaimer: HC Andersen Capital receives payment from BioMar for a Corporate Visibility/Digital IR subscription agreement. /Michael Friis, 10.17 09/07-2026.
