Q2
INTERIM
REPORT
2026
Company reg. no. 38 57 06 17
03 Letter from the CEO
04 Financial highlights
05 Business review: Q2 2026
09 Business review: Segments
11 BioMar insights: Marine resources
13 Management's statement
15 Statements of income and
comprehensive income
16 Balance sheet
17 Statement of changes in equity
19 Cash flow statement
20 Notes
Consolidated financial
statements
Management's review
We are innovators
dedicated to an efficient
and sustainable global
aquaculture
TABLE OF CONTENTS
2
Financial statements
Management's review
BioMar Interim Report for Q2 2026
I am proud to announce our decision to
upgrade our guidance for the year:
Based on predicted favourable biological
farming conditions and our proven ability to
navigate volatility in the raw material market,
we have decided to upgrade the guidance
for both volumes, revenue and EBIT.
We are well on our way!
Following our listing on Nasdaq Copenhagen,
we are pleased to welcome more than
10,800 new shareholders to BioMar. The
strong investor interest in our company
comes at an important stage in our strategic
development as a global innovation leader
within sustainable and efficient feed solutions
for aquaculture.
The public listing is an important platform for
the further development of BioMar, providing
investors with the possibility to invest directly
in a company with a resilient business model
and strong ambitions for growth, powered by
global mega trends such as the future need
for more sustainable food systems.
This half-year report is our first since the
public listing. With so many new investors on
board, it is a privilege to present our year-
to-date performance. We remain on course,
navigating geopolitical turbulence and raw
material market challenges.
In our feed segments, we have delivered
volume growth of 5% and EBIT growth of
Carlos Diaz
CEO
Steady course
navigating turbulence
10% compared to year to date last year, while
the results of our Tech Solutions segment,
as expected and according to plan, was
impacted by the change of business model.
Combined with strong operational excellence
and cash discipline, we have once again
managed to achieve a remarkably strong
ROIC including goodwill of 23.2%.
With a solid Q2, we have taken the first
successful step into the high season where our
ability to formulate based on nutrients rather
than specific raw materials is going to be put
to the test. There is no longer any doubt that
prices of marine raw materials will be record-
high, driven mainly by low quotas in Peru.
Our course is steady. Over the last few years
we have refined our approach to commercial
excellence and strengthened our ability to
substitute raw materials. These two pillars
form part of our global business model and
keep delivering strong results across our
feed segments with growth in volumes and
earnings, while minimising the negative effects
of the turbulence for our customers.
Furthermore, it is rewarding to see the steady
progress transforming our business model
for aquaculture technology solutions into a
setup with recurring revenue based on SaaS
combined with limited reliance on distributors,
while investing in enhancing our future R&D
capabilities.
At the same time, we are well on the way to
constructing capacity for organic growth in the
feed business in Ecuador and China, fortifying
mutual value creation with customers and
building new business opportunities.
This year is in many ways a transition year
toward further growth, and I am confident that
we once again will deliver strong results, while
navigating a turbulent business environment.
LETTER FROM THE CEO
"
3
Financial statements
Management's review
BioMar Interim Report for Q2 2026
382
334
341
352
395
Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026
3,9733,994
4,180
4,048
4,164
Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026
257
270
183
175
250
Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026
21.2%
21.3%
13.7%
11.1%
23.2%
Q2 2022 Q2 2023 Q2 2024 Q2 2025 Q2 2026
DKKm Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Volumes
Volumes sold ('000 tonnes) 395 382 710 676 1,557
Revenue and income
Revenue 4,164 3,973 7,365 7,372 16,534
EBITDA 357 349 569 555 1,517
Depreciation, amortisation and impairment -108 -92 -210 -181 -385
EBIT 250 257 359 374 1,132
Profit/loss after tax in associates and joint ventures 14 14 24 25 56
Net financial items -46 -35 -81 -65 -167
Profit before tax 218 236 302 334 1,021
Profit for the period 158 178 214 248 755
Cash flows
Cash flow from operating activities 196 249 -100 211 1,568
Cash flow from investing activities -113 -130 -139 -247 -448
- Of which investment in property, plant and equipment -125 -59 -166 -144 -260
Cash flow from financing activities -204 51 156 201 -890
Cash flow for the period -120 170 -83 165 230
Invested capital and financing
Average invested capital (excl. goodwill) 4,027 4,076 4,027 4,076 3,956
Average invested capital (incl. goodwill) 5,086 5,192 5,086 5,192 5,030
Total assets 11,226 10,807 11,226 10,807 11,149
Working capital 1,589 1,693 1,589 1,693 1,092
Net interest-bearing debt (NIBD) 2,953 2,335 2,953 2,335 1,833
Total equity 2,794 2,767 2,794 2,767 3,209
Financial data
EBIT excl. TECH and result from biological assets/tonne (DKK) 647 645 517 519 685
EBITDA margin (%) 8.6% 8.8% 7.7% 7.5% 9.2%
EBIT margin (%) 6.0% 6.5% 4.9% 5.1% 6.8%
Return on equity (%) 24.0% 22.2% 24.0% 22.2% 22.2%
Equity ratio (%) 24.9% 25.6% 24.9% 25.6% 28.8%
ROIC excl. goodwill (%) 29.3% 27.0% 29.3% 27.0% 30.0%
ROIC incl. goodwill (%) 23.2% 21.2% 23.2% 21.2% 23.6%
NIBD/EBITDA ratio 1.93 1.67 1.93 1.67 1.21
Per share data
Earnings per share (DKK) 1.60 1.68 2.19 2.31 7.14
Diluted earnings per share (DKK) 1.60 1.68 2.19 2.31 7.14
Volume
'000 tonnes
Revenue
DKKm
EBIT
DKKm
ROIC
% incl. goodwill
FINANCIAL HIGHLIGHTS
4
Financial statements
Management's review
BioMar Interim Report for Q2 2026
YTD
2025
Salmon Shrimp Selected
Species
Eliminations YTD
2026
Salmon Shrimp
Selected Species Eliminations
-15
10
38
710
117
211
383
676
107
173
398
-2 -2
0
YTD
2025
Salmon Shrimp Selected
Species
Tech
Solu-
tions
Shared/
non-
allocated
YTD
2026
Salmon Shrimp
Tech Solutions
Selected Species
Shared/non-allocated
22
-21
359
72
91
-34
17
0
267
-12
374
74
72
245
-38
-59
22
Continued strong
volume growth and solid
earnings performance
Feed volumes increased by 3% year on year in Q2 2026, reaching a
new record high. EBIT declined by 3%, in line with expectations. For
the first half year of 2026, feed volumes increased by 5% compared
with the same period last year. Combined EBIT in the feed business
units increased by 10% supported by strong operational performance,
while earnings in Tech Solutions declined as anticipated.
Financial highlights
Feed volumes increased by 3% in Q2 2026,
supported by strong volume growth in
Ecuador (Shrimp) and Australia (Salmon).
Positive volume development across most
business units more than compensated for
lower volumes in Norway and Chile (Salmon).
For the first six months of 2026, feed volumes
increased by 5% year on year, primarily driven
by strong shrimp feed sales in Ecuador,
ramp-up volume in Vietnam and solid
continued contributions from all business
units in the Selected Species segment. Feed
volumes in the Salmon segment declined
by 4%, compared with the first half of 2025.
While volumes in Australia increased due to
favourable farming conditions and strong
biomass growth, this was more than offset by
lower volumes in Norway due to an expected
consolidation in the Norwegian market.
Revenue amounted to DKK 4,164m in Q2
2026, representing year-on-year growth
of 5%. The increase was driven by higher
volumes and increased raw material prices,
particularly for marine fish oil and fish meal.
Revenue growth was partly moderated by a
product mix effect, as a significant portion
of the volume growth was generated within
shrimp feed, which carries a lower average
revenue per tonne. This reflects differences
in nutritional requirements, as shrimp feed
typically contains lower energy density
EBIT YTD
DKKm
Volume YTD
‘000 tonnesthan feed for salmon, trout and other fish
species. Exchange rate movements had a
positive impact on revenue of DKK 93m,
primarily driven by the strengthening of the
Norwegian krone (NOK).
Revenue for the first half of 2026 amounted
to DKK 7,365m, at level with first half of
2025 despite higher sales volumes. Higher
raw material prices, particularly for marine
ingredients, were offset by product and
customer mix; primarily higher sales of
shrimp feed than fish feed. In addition,
revenue in AQ1 Systems (Tech Solutions)
decreased by DKK 36m, as expected and
planned, as the business continued its
transition towards a direct-sales model
and recurrent revenue streams. Exchange
rate movements had a negative impact on
revenue by DKK 15m.
Staff costs increased from DKK 190m to DKK
220m in the quarter and from DKK 388m to
DKK 438m in the first half year, compared
to same periods last year. The increase
was driven by the ramp-up of activities in
Ecuador preparing for capacity expansion,
investing in direct sales and service
capabilities at AQ1 Systems, strengthening
of organisational capabilities across the
Group and continued wage inflation in tight
labour markets. In addition, staff costs in
the first half of 2026 included a one-off IPO
completion bonus related to the successful
listing of the company.
Other costs and other operating income
and expenses increased year on year in Q2
BUSINESS REVIEW Q2 2026
5
Financial statements
Management's review
BioMar Interim Report for Q2 2026
2026 from DKK 292m to DKK 376m, primarily
driven by higher production activity,
increased innovation costs, implementation
costs relating to ERP and manufacturing
systems, and IPO-related costs. In addition,
the comparative period Q2 2025 benefited
from a one-off gain of DKK 17m recognised
upon the acquisition of the remaining 66%
shares in LetSea AS.
For the first half of 2026, other costs and
other operating income and expenses
increased year on year from DKK 577m to
DKK 689m, reflecting all the same matters
as listed above. Furthermore, R&D costs
increased by DKK 23m, as LetSea AS was
acquired in April 2025 and therefore only
contributed to part of the comparative
period.
IPO-related costs of DKK 23m was
recognised during the first half of 2026
of which DKK 18m materialised in Q2. An
increase of DKK 18m compared with the first
half of 2025 and DKK 15m compared with
Q2 2025.
Despite these additional costs, EBITDA
increased by 2% to DKK 357m, compared
with DKK 349m in Q2 2025. For the first half
of 2026, EBITDA increased by 3% to DKK
569m, compared with DKK 555m in the first
half of 2025.
Depreciation increased by DKK 29m to
DKK 210m in the first half of 2026 and DKK
16m in the quarter. The increase was mainly
driven by investments commissioned during
2025 that contributed for the full period in
2026, including leased vessels and a new
office building in Norway. The acquisition of
LetSea AS in April 2025 also contributes to
higher depreciation in 2026.
EBIT for Q2 2026 amounted to DKK 250m,
compared with DKK 257m in Q2 2025.
Higher feed volumes and improved margins
contributed positively, while the lower
contribution from the Tech Solutions segment
and increased IPO-related costs had a
negative impact on the result. Excluding one-
off IPO-related costs and non-feed related
costs in Tech Solutions, EBIT would have
exceeded the level reported in Q2 2025.
EBIT for the first six months of 2026 amounted
to DKK 359m, a decrease of 4% compared
with DKK 374m in the corresponding period
of 2025. The feed business delivered higher
sales volumes and improved margins year
on year, while earnings from Tech Solutions
declined by DKK 34m. The reduction reflects
the ongoing transformation in the Tech
business.
EBIT per tonne of feed sold amounted to DKK
517, compared with DKK 519 in the first half of
2025. The marginal decline primarily reflects a
different product mix effect, as volume growth
was driven mainly by shrimp feed sales, where
EBIT per tonne is lower than fish feed in the
Salmon and Selected Species segment due to
differences in raw material composition and
nutritional requirements.
Nevertheless, EBIT margins within the Shrimp
segment remained broadly in line with those
achieved in the Salmon segment.
For the quarter, EBIT per tonne of feed
amounted to DKK 647 in 2026, compared
with DKK 645 in 2025. The general increase
in EBIT per tonne, compared to the full-year
performance, reflects the increased activities
and higher volumes in Q2, compared with Q1,
improving EBIT margins.
The EBIT margin decreased to 4.9% in the first
half of 2026 from 5.1% in the corresponding
period of 2025. The decline primarily reflects
lower earnings from Tech Solutions, the
full-period impact of LetSea AS' innovation
activities following the acquisition in April
2025 and costs related to the IPO. In the
quarter, the EBIT margin decreased from 6.5%
last year to 6.0% in 2026. The larger decline
was primarily driven by higher raw material
prices, which diluted the EBIT margin.
On a standalone basis, the three feed business
segments delivered a 10% increase in EBIT,
compared with the first half of 2025 and a 7%
increase in the quarter.
Exchange rate movements had a negative
impact on EBIT of DKK 3m during the first six
months and positively impacted EBIT by DKK
5m in the quarter.
Cash flow from operating activities amounted
to DKK 196m in Q2 2026, compared with DKK
249m in Q2 2025. The decrease was primarily
attributable to higher income tax payments
as a result of earlier dividends paid from the
Ecuadorian business.
Cash flow from investing activities resulted
in a net outflow of DKK 113m in Q2 2026,
compared with a net outflow of DKK 130m
in Q2 2025. Capital expenditure increased
year on year, reflecting investments to expand
production capacity in Ecuador and support
efficiency and production technology projects.
However, there were no acquisition-related
cash outflows in Q2 2026, compared with an
outflow of DKK 68m in Q2 2025 related to the
acquisitions of LetSea.
Cash flow from financing activities amounted
to DKK 204m in Q2 2026. The outflow primarily
reflected the repayment of cash pool balances
with Schouw & Co. and the establishment
of BioMar’s own revolving credit facility in
connection with the company’s listing on
Nasdaq Copenhagen on 28 May 2026.
As a result, net cash flow for Q2 2026 was an
outflow of DKK 120m, compared with an inflow
of DKK 170m in Q2 2025.
For the first six months of 2026, cash flow from
operating activities amounted to an outflow of
DKK 100m, compared with an inflow of DKK
211m in the corresponding period of 2025.
The development was primarily driven by
movements in working capital primarily from
higher inventories.
BUSINESS REVIEW Q2 2026
6
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Cash flow from investing activities amounted to
DKK 139m in net outflow in the first half of 2026,
compared with a net outflow of DKK 247m
in the same period in 2025. The lower cash
outflow primarily reflects acquisition-related
payments made in the comparative period,
partly offset by higher investments in property,
plant and equipment in 2026.
Cash flow for the first six months of 2026
amounted to an outflow of DKK 83m,
compared with an inflow of DKK 165m in the
corresponding period of 2025. The change
was primarily driven by higher dividend
payment to Schouw & Co. in February 2026, in
addition to the lower cash flow from operating
activities during the period, primarily due to
a phasing effect in working capital, because
working capital ended better than expected in
December 2025.
Despite a 5% increase in sales volumes,
working capital decreased to DKK 1,589m
as at 30 June 2026 from DKK 1,693m last
year, reflecting effective working capital
management.
Trade receivables decreased, compared
with the same period last year, reflecting
lower balances from a limited number of
large customers and higher utilisation of the
Group’s non-recourse factoring facilities.
BioMar maintains a balanced approach to
customer support, credit risk management,
working capital efficiency and ROIC. To reduce
commercial risks on trade receivables with
a few specific customers, BioMar is using
factoring without recourse, primarily within
the Salmon segment. The factoring utilisation
increased to DKK 894m at 30 June 2026 from
DKK 880m at 31 December 2025 (30 June
2025: DKK 694m), primarily reflecting normal
variations in sales volumes to customers
included in the factoring facility, but also
higher raw material prices.
Inventories increased year on year as a result
of higher business activity, rising prices for
selected raw materials, particularly marine
fish oil and fish meal, and strategic inventory
increases aimed at securing the supply of
critical raw materials. These activities support
production efficiency, supply security and the
Group’s overall competitiveness.
Trade payables increased in line with higher
inventory levels and raw material prices. The
utilisation of supply chain financing increased
to DKK 1,333m at 30 June 2026 from DKK
1,262m at 31 December 2025 (30 June 2025:
DKK 964m), reflecting increased procurement
activity and higher raw material prices.
Foreign exchange movements had an adverse
impact on working capital of approximately
DKK 68m year on year, primarily driven by
stronger NOK, AUD and USD exchange rates.
ROIC including goodwill increased to 23.2%
as at 30 June 2026, compared with 21.2% the
same time last year (23.6% at 31 December
2025). The improvement was driven by
stronger working capital management, but
also increased earnings (EBITA) over the last 12
months, compared with the previous year.
Net interest-bearing debt amounted to DKK
2,953m at 30 June 2026, compared with DKK
2,335m at 30 June 2025 (DKK 1,833 at 31
December 2025). The increase was attributable
to the acquisition of the remaining 30% in
BioMar Ecuador in December 2025 and the
payment of dividend of DKK 850m in Q1 2026.
The debt leverage ratio (NIBD/EBITDA) was
1.93 at 30 June 2026 and 1.21 at 31 December
2025 (1.67 at 30 June 2025). The increase
compared with year-end primarily reflects
the higher net interest-bearing debt due to
the dividend payment made in 2026. The
payment of dividend in Q1, combined with the
seasonality in the business, typically results in
the debt leverage ratio being higher in the first
quarter, and decreasing over the year as net
interest-bearing debt is brought down.
Joint ventures and associates
BioMar operates aquafeed businesses in
China and Türkiye through two 50/50 joint
ventures with local partners. Although these
activities are not consolidated, they represent
strategically important positions in attractive
growth markets and contribute to BioMar’s
long-term growth ambitions.
On a 100% basis, the feed joint ventures
generated combined revenue of DKK 506m
and EBIT of DKK 34m in Q2 2026, compared
with DKK 418m and EBIT of DKK 45m,
respectively, in Q2 2025. For the first half of
2026, combined revenue amounted to DKK
890m and EBIT to DKK 67m, compared with
revenue of DKK 712m and EBIT of DKK 74m in
the first half of 2025.
The non-consolidated joint ventures and
associates are recognised in the Q2 2026
consolidated financial statements at a DKK
14m share of profit after tax, compared to a
DKK 14m share of profit after tax in Q2 2025.
In the first half of 2026, profit after tax was
reported at DKK 24m, against DKK 25m in the
same period of 2025. The profit was lower
than expected and related to the associated
company Salmones Austral, primarily due to
lower salmon prices and thereby lower sales
prices and fair value of biological assets. The
feed joint ventures in China and Türkiye have
had a positive start to 2026 with sustained
volume growth, but with challenged margins
especially in the southern part of China due
to higher raw material prices.
BUSINESS REVIEW Q2 2026
7
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Long-term demand for farmed fish and
shrimp is generally sound and growing, and
BioMar is well positioned to capture its fair
share of the market based on its high-quality
product offering, innovation capabilities and
strong focus on sustainability and advanced
farming technology.
In the short term, demand for feed can
be affected by biological and weather
conditions and by changes in selling
prices of farmed fish and shrimp. In shrimp
farming, due to the short farming period
relative to salmon farming, demand for feed
is more sensitive to volume adjustments in
farming operations.
Low salmon and shrimp prices continue
to influence customers’ feed purchasing
decisions. At the same time, feed raw
material costs have increased significantly,
driven by the elevated risk of El Niño-related
weather disruptions and a tight marine
ingredient supply situation, particularly
following reduced fishing quotas in Peru.
These dynamics are increasing cost pressure
across the aquaculture value chain and
creating a more challenging operating
environment. As a result, the value of feed
suppliers with the formulation expertise,
sourcing flexibility and service offering to
help farmers navigate this volatility has
become increasingly important.
BioMar is trying to mitigate these challenges
through proactive raw material sourcing,
continued optimization of feed formulations,
and disciplined pricing management. We
leverage our global sourcing network and
R&D capabilities to reduce dependence
on constrained marine ingredients while
maintaining feed performance. In parallel,
BioMar continues to support customers
through technical solutions that improve
farming efficiency and profitability, helping
offset the impact of low salmon and shrimp
prices and increased feed input costs.
The volume growth for 2026 is expected
to be stronger than anticipated due to
overall good biological conditions, driving
higher growth in the segments for Salmon
and Selected Species, continuing growth
momentum in the Shrimp segment and
recent gain on higher shares of contracts
and new customers in the Salmon segment.
Based on the updated outlook and most
recent prospects for volume sales, BioMar
increases its volume guidance for 2026 to
the 1,630-1,700 thousand tonnes range from
previously 1,600-1,670 thousand tonnes.
BioMar’s revenue is significantly influenced
by movements in raw material prices and
foreign exchange rates. Supported by the
latest volume outlook, higher raw material
prices, especially for marine ingredients,
and current exchange rates, BioMar raises
its 2026 revenue guidance to DKK 17.0-18.0
billion from DKK 16.0-17.0 billion previously.
Based on the new volume guidance,
expected improvement of product- and
customer mix, and the ability to navigate
and leverage raw material volatility through
different nutritional solutions with higher
value in this scenario, BioMar is substantially
upgrading its EBIT guidance to the DKK
1,200-1,300m range from previously DKK
1,100-1,200m.
Furthermore, the year 2026 is a transition
year towards further growth. The investment
program is well progressed reducing some
uncertainties on both timing and scope. The
low-end of CAPEX guidance is increased
to reflect good traction of our capacity
expansion project in Ecuador to position
BioMar for continued growth. The CAPEX
guidance range has been narrowed to DKK
400-500m from previously DKK 300-500m.
The non-consolidated joint ventures and
associates are recognised at a share of profit
after tax, which is expected to be at the level
of DKK 65m in 2026 compared with DKK
90m previously expected, mainly reflecting
a lower profit from the Chilean salmon
producer Salmones Austral S.A. due to lower
salmon prices.
Outlook 2026
Volume
'000 Tonnes
Revenue
DKKm
EBIT
DKKm
CAPEX
DKKm
2026
Guidance
after Q2
2026
Guidance
after Q1
288
400-
500
300-
500
2026
Guidance
after Q2
2026
Guidance
after Q1
2025A
1,557
1,630-
1,700
1,600-
1,670
2026
Guidance
after Q2
2026
Guidance
after Q1
2025A
16,534
17,000-
18,000
16,000-
17,000
2026
Guidance
after Q2
2026
Guidance
after Q1
2025A
1,132
1,200-
1,300
1,100-
1,200
2026
Guidance
after Q2
2026
Guidance
after Q1
2025A
BUSINESS REVIEW Q2 2026
8
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Salmon
In Q2 2026, sales volumes in the Salmon segment decreased
by 6% year on year, while EBIT ended on par due to improved
margins. The segment accounted for 53% of the Group's
volumes. In the first six months of 2026, sales volumes
decreased by 4% year on year, while EBIT increased by 9%.
Shrimp
In Q2 2026, the Shrimp segment increased volumes by 18%,
while EBIT increased by 6%. The segment accounted for 28%
of the Group's volumes. For the first six months of 2026, sales
volumes increased 22% year on year, while EBIT was more or
less unchanged.
383 21132.2 15.4267 72
Volume ('000 tonnes)
2025: 398
Volume ('000 tonnes)
2025: 173
ROIC (%)
2025: 32.9
ROIC (%)
2025: 12.2
EBIT (DKKm)
2025: 245
EBIT (DKKm)
2025: 72
The Salmon segment primarily supplies
feed solutions to the major salmon farmers
in key markets such as Norway, Scotland,
Chile, Australia and Iceland.
The overall volume performance fell by 6%
year on year in Q2, reflecting strong volume
growth in the Australian and Scottish feed
businesses, which was offset by lower
volumes in Chile and Norway.
Norwegian salmon farmers experienced
favourable biological conditions in Q2,
supported by strong biomass growth and
increasing harvest weights. Sales volumes
for BioMar, however, decreased by 11%
year on year, due to a loss of contract
driven by a customer consolidation in the
Norwegian market.
In Chile, Q2 2026 was characterised by
biomass and fish growth a little weaker
year on year, resulting in a more moderate
feed demand than initially anticipated.
The volume growth in Australia was driven
by favourable biological and weather
conditions over the local summer period.
Volumes in Scotland increased in Q2 2026
year on year, due to positive biomass
developments and fish growth.
Despite lower volumes, EBIT ended on par
in the quarter due to better product and
customer mix.
ROIC decreased to 32.2% compared
with 32.9% a year earlier. ROIC is still
considered strong.
The Shrimp segment provides feed solutions
to a diversified customer base, primarily
across Latin America and Southeast Asia.
The segment reported an 18% increase
in volumes in Q2 2026 year on year, and
BioMar continue to win market share in
Ecuador; the biggest shrimp producing
country globally. EBIT increased by 6%,
despite a higher volume increase, reflecting
reduced sales prices on large key account
contracts, increased sale of standard feed
and effects of toll-milling. Low shrimp prices
remained a challenge for Ecuadorian farmers
in Q2, despite otherwise favourable farming
conditions and strong production growth.
The strong growth in volumes required
more external toll-milling manufacturing
and consequently higher production costs.
As BioMar expands capacity, toll-milling
allows us to establish customer contracts
in advance, ensuring a seamless and rapid
volume ramp-up when the additional
capacity is ready. Hence BioMar continues
to strengthen its offering of products,
concepts and services in the Ecuadorian
market, where the new production capacity
has been added in recent years and new
capacity will be finalised as planned at the
end of 2026 and again in late 2027.
Higher sales in Vietnam were more than
offset by lower margins in the challenging
and competitive Vietnamese market.
ROIC increased from 12.2% last year to
15.4% reflecting both increased earnings
(EBITA) and lower average invested capital
due to strong NWC management.
YEAR TO DATE
YEAR TO DATE
SEGMENTS
BUSINESS REVIEW Q2 2026
9
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Selected Species
In Q2 2026, the Selected Species segment increased volumes
by 16% year on year, while EBIT increased by 28%, reflecting a
strong capacity utilisation and a positive product and customer
mix effect. The segment accounted for 19% of total volumes
in Q2 2026. In the first six months of 2026, sales volumes
increased by 9% year on year, while EBIT increased by 23%
year on year.
Tech Solutions
Tech Solutions is expanding the business into larger
parts of Latin America and Asia. A well-planned and
managed business transformation had, as expected, a
temporary adverse impact on revenue and earnings.
The Selected Species segment serves a
large variety of customers within high-value
species such as trout, bass and bream. The
customers are mainly situated around the
Baltic Sea and in the Mediterranean area.
The segment continues to deliver stable
growth with sustained or quarterly growth
in volumes and earnings across the
business units. EBIT increased by 28% in
Q2 and by 23% in the first half of 2026. The
development was accelerated by a strong
market position, good product mix and
better capacity utilisation.
BioMar's position as the preferred feed
supplier in local markets throughout
Europe is built on superior biological
performance, deep customer partnerships,
local technical expertise, innovation
leadership and a strong sustainability
profile, enabling farmers to improve
productivity, fish health and profitability.
ROIC increased to 31.1% compared with
23.8% year on year, which is higher than
the consolidated ROIC as goodwill from
former acquisitions are significantly lower
than in the other segments.
The Tech Solutions segment comprises AQ1
Systems, which is an innovative leader in
precision feeding. The solutions are based
on AI and behavioural-based precision
feeding technology promoting sustainable
aquaculture practices.
The segment reported a 29% decrease in
revenue from DKK 38m in Q2 2025 to DKK
27m in Q2 2026, while EBIT decreased from
DKK 11m to DKK -3m year on year.
In the first six months of 2026, revenue
decreased 47% to DKK 41m, compared to
DKK 77m in the same period last year, while
EBIT ended at DKK -12m, compared to DKK
22m year on year.
This decline in revenue and EBIT was
driven by a change in business model
towards more direct sales, restructuring
relationships with key distributors and
investing in building recurring revenue.
AQ1 Systems is establishing a complete
local end-to-end organisation, including
commercial, operational and support
functions in Ecuador to support its growth.
Despite decreasing prices for shrimp
due to increasing supply and indirect
effects of US tariffs, we see that farmers in
Latin America are open for investments
in technology to increase production
efficiency. Earnings are expected to
improve during the second half of 2026 as
market demand continues to be strong.
117 4131.1 7.591 -12
Volume ('000 tonnes)
2025: 107
Revenue (DKKm)
2025: 77
ROIC (%)
2025: 23.8
ROIC (%)
2025: 17.4
EBIT (DKKm)
2025: 74
EBIT (DKKm)
2025: 22
YEAR TO DATE
YEAR TO DATE
SEGMENTS
BUSINESS REVIEW Q2 2026
10
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Marine ingredients such as fishmeal and fish
oil remain nutritionally powerful, but the fish
stocks must be managed in a science-based,
sustainable way. That is why BioMar has an
ambition to source only marine raw materials
with forage origin (wild fish harvested for
fish meal and fish oil) from responsible
fisheries, either certified or as part of fishery
improvement programmes.
This year's supply squeeze and increase
in prices of marine raw materials is a
reminder that ingredient strategy and ocean
stewardship are two sides of the same coin.
By diversifying our raw material basket and
scaling circular alternatives, it is possible
to build commercial resilience against raw
material volatility, while ensuring that growth
in aquaculture does not come at the expense
of the ocean's ability to replenish itself.
Science-based quotas protect future stocks
The main reason for the low supply of marine
ingredients is the warm ocean temperatures
Responsible use of
marine resources
The ocean is not an infinite pantry. For decades, BioMar has engaged
in integrating alternatives to traditional marine raw material into our
feed formulation, managing commercial risks while contributing to a
more responsible growth of aquaculture.
caused by El Niño, impacting the fish stocks
in Peru, the source of roughly one fifth of the
world's fishmeal and fish oil supply. Here the
anchovy season opened with quotas reduced
by one third compared to last year and one
of the lowest quotas in a decade. The quotas
follow scientific recommendations from Peru's
Marine Institute, protecting the future stocks
of juveniles.
On top of the reduction of quotas in Peru,
international political negotiations towards a
science-based quota sharing agreement for
key North Atlantic pelagic species have so far
been unsuccessful, meaning that the stocks
are to lose status as a responsible fishery.
BioMar forms part of The North Atlantic
Pelagic Advocacy Group, which consists of
feed producers, aquaculture farmers and large
international retailers. The organisation jointly
calls on the coastal states to work together to
agree on and respect total allowable catches
that are fully aligned with the best available
scientific advice. Taking shared responsibility
is a prerequisite for a sustainable future for our
oceans.
Growth without taking more from the ocean
For BioMar, it is crucial that aquaculture
is able to grow in a sustainable way. As
global aquaculture expands to meet rising
protein demand, the industry cannot scale
its historical reliance on fish of forage origin.
Doing so would mean competing harder for
a finite and fluctuating natural resource. This
is why continued investment in alternative
ingredients and upcycled marine by-products
matters more than ever. Solutions such as
algae oils to provide omega-3, combined with
fish trimmings and other seafood processing
residues that would otherwise become
waste, are becoming increasingly important
to aquaculture, capturing the nutrients and
bringing them back into the food system.
BioMar's feed formulations today include
around 20% marine based ingredients, a
significant shift from the former traditional
inclusion levels. Out of that share, roughly half
is sourced from by-products rather than forage
origin, reflecting our ambition of continuously
increasing circular ingredient inclusion.
BIOMAR INSIGHTS
11
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Management's statement
Executive Management
Board of Directors
MANAGEMENT'S STATEMENT
12
Financial statements
Management's review
BioMar Interim Report for Q2 2026
Executive
Management
Board of Directors
Marianne Rørslev Bock
Board member
Kristian Johnsen Hundebøll
Board member
Jørgen Wisborg
Board member
Anders Wilhjelm
Board member
Asbjørn Reinkind
Vice chair
Jens Bjerg Sørensen
Chair
Claus Eskildsen
CFO
Carlos Armando Diaz Verdugo
CEO
LEADERSHIP
MANAGEMENT'S STATEMENT
13
Financial statements
Management's review
BioMar Interim Report for Q2 2026
INCOME STATEMENT Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Revenue 1 4,164 3,973 7,365 7,372 16,534
Cost of sales -3,211 -3,141 -5,669 -5,852 -12,921
Staff costs 2 -220 -190 -438 -388 -846
Other costs -376 -310 -689 -594 -1,270
Other operating income and expenses 0 17 0 17 20
EBITDA 357 349 569 555 1,517
Depreciation and amortisation -108 -92 -210 -181 -385
EBIT 250 257 359 374 1,132
Share of profit after tax, associates 5 -2 4 -1 6
Share of profit after tax, joint ventures 9 15 19 26 49
Financial income 16 24 39 49 91
Financial expenses -62 -58 -120 -114 -257
Profit before tax 218 236 302 334 1,021
Tax on profit for the period -60 -58 -87 -87 -266
Profit for the period 158 178 214 248 755
Profit for the period attributable to:
Shareholders of BioMar 160 168 219 231 714
Non-controlling interests -2 11 -4 17 41
Profit for the period 158 178 214 248 755
Earnings per share (DKK) 7 1.60 1.68 2.19 2.31 7.14
Diluted earnings per share (DKK) 7 1.60 1.68 2.19 2.31 7.14
Statements of income and comprehensive income
(DKKm)
OTHER COMPREHENSIVE INCOME Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Items that have been or may subsequently be
reclassified to the income statement:
Exchange rate adjustments, foreign entities 29 -284 157 -398 -396
Value adjustments of hedging instruments:
- Value adjustments for the period 19 7 31 -7 -1
- Value adjustments transferred to production
costs 0 0 1 -2 -2
Other adjustments to other comprehensive
income 0 0 0 0 -7
Hyperinflation adjustment 4 2 12 4 12
Tax on items that have been or may subse-
quently be reclassified to the income
statement -4 1 -5 2 -4
Other comprehensive income after tax 48 -274 196 -401 -398
Total comprehensive income for the period 206 -96 410 -154 357
Comprehensive income attributable to:
Shareholders of BioMar 208 -74 414 -121 372
Non-controlling interests -2 -22 -4 -33 -15
Total comprehensive income for the period 206 -96 410 -154 357
15
Financial statements
Management's review
BioMar Interim Report for Q2 2026
CONSOLIDATED FINANCIAL STATEMENTS
ASSETS Note 30/6 2026 31/12 2025 30/6 2025 31/12 2024
Goodwill 1,078 1,044 1,092 1,160
Other intangible assets 237 256 237 271
Intangible assets 1,315 1,300 1,330 1,431
Land and buildings 777 713 720 719
Plant and machinery 918 886 810 829
Other plant, fixtures and operating equipment 74 64 100 52
Assets under construction 166 140 164 145
Property, plant and equipment 1,936 1,804 1,795 1,746
Investments in associates 3 373 357 337 406
Investments in joint ventures 3 275 237 225 226
Right of use assets 446 483 253 317
Securities 3 5 4 3
Deferred tax 78 22 68 21
Receivables 190 200 167 139
Other non-current assets 1,366 1,305 1,053 1,111
Total non-current assets 4,617 4,410 4,177 4,288
Inventories 2,518 1,923 2,152 2,045
Trade receivables and other receivables 3,373 4,030 3,761 4,400
Income tax 66 79 87 73
Prepayments 90 76 61 62
Cash and cash equivalents 563 632 569 434
Total current assets 6,609 6,739 6,629 7,013
Total assets 11,226 11,149 10,807 11,301
Balance sheet
(DKKm)
EQUITY AND LIABILITIES Note 30/6 2026 31/12 2025 30/6 2025 31/12 2024
Share capital 6 251 250 250 250
Other reserves 31 -158 -172 187
Retained earnings 2,512 2,264 2,266 1,977
Proposed dividend 0 850 0 700
Share of equity attributable to the parent company 2,794 3,206 2,245 3,114
Non-controlling interests 0 3 422 464
Total equity 2,794 3,209 2,767 3,579
Deferred tax 180 120 160 134
Interest-bearing debt 2,062 347 239 224
Other debt 10 13 21 11
Total non-current liabilities 2,251 480 420 369
Interest-bearing debt 1,676 3,106 3,238 2,668
Trade payables and other debt 4,314 4,140 4,260 4,528
Deferred income 47 7 6 7
Income tax 144 207 116 150
Total current liabilities 6,181 7,460 7,620 7,353
Total liabilities 8,432 7,940 8,040 7,722
Total equity and liabilities 11,226 11,149 10,807 11,301
Notes without reference: Capital resources (note 5), Related party transactions (note 8), Fair value of categories of financial assets and
liabilities (note 9), Judgements and estimates (note 10), Events after the balance sheet date (note 11), Accounting policies (note 12) and
Rounding and presentation (note 13).
16
Financial statements
Management's review
BioMar Interim Report for Q2 2026
CONSOLIDATED FINANCIAL STATEMENTS
Share capital
Hedge transaction
reserve
Exchange rate
adjustment reserve
Retained
earnings
Proposed
dividend
Share of equity
attributable to the
parent company
Non-controlling
interests Total equity
Equity at 1 January 2026 250 -4 -154 2,264 850 3,206 3 3,209
Comprehensive income in period:
Profit for the year - - -7 226 - 219 -4 214
Value adjustments of hedging - 31 - - - 31 - 31
Hedging instruments transferred to production costs - 1 - - - 1 - 1
Exchange adjustments foreign subsidiaries - - 156 - - 156 0 157
Hyperinflation adjustment - - 12 - - 12 - 12
Tax on other comprehensive income - -5 - - - -5 - -5
Other comprehensive income 0 27 169 0 0 195 0 196
Comprehensive income in period 0 27 162 226 0 414 -4 410
Transactions with shareholders:
Dividend distributed - - - - -850 -850 - -850
Share capital increase 1 - - 48 - 49 - 49
Purchase of treasury shares - - - -25 - -25 - -25
Value adjustment of put option - - - - - - - -
Transactions with shareholders 1 0 0 23 -850 -826 0 -826
Equity at 30 June 2026 251 23 8 2,512 0 2,794 0 2,794
Statement of changes in equity 2026
(DKKm)
Share capital
In connection with the IPO, changes have been made to the share capital.
Prior to the IPO, the nominal value of each share was split from DKK 2,500 per share to DKK 2.50 per share, resulting in an in-
crease in the total number of shares from 100,000 to 100,000,000.
As part of the IPO, 463,000 new shares were issued in connection with the offering, with a gross proceed of DKK 50m.
After the issuance of new shares, BioMar Group's share capital amounts to DKK 251,157,500 divided into shares of DKK 2.5.
BioMar Group holds 231,481 treasury shares.
17
Financial statements
Management's review
BioMar Interim Report for Q2 2026
CONSOLIDATED FINANCIAL STATEMENTS
Statement of changes in equity 2025
(DKKm)
Share capital
Hedge transaction
reserve
Exchange rate
adjustment reserve
Retained
earnings
Proposed
dividend
Share of equity
attributable to the
parent company
Non-controlling
interests Total equity
Equity at 1 January 2025 250 3 183 1,977 700 3,114 464 3,579
Comprehensive income in period:
Profit for the year - - -7 238 - 231 17 248
Value adjustments of hedging - -7 - - - -7 - -7
Hedging instruments transferred to production costs - -2 - - - -2 - -2
Exchange adjustments foreign subsidiaries - - -348 - - -348 -50 -398
Hyperinflation adjustment - - 4 - - 4 - 4
Tax on other comprehensive income - 2 - - - 2 - 2
Other comprehensive income 0 -7 -345 0 0 -352 -50 -401
Comprehensive income in period 0 -7 -351 238 0 -121 -33 -154
Transactions with shareholders:
Dividend distributed - - - - -700 -700 -9 -709
Share capital increase - - - - - - - -
Purchase of treasury shares - - - - - - - -
Value adjustment of put option - - - 51 - 51 - 51
Transactions with shareholders 0 0 0 51 -700 649 -9 -658
Equity at 30 June 2025 250 -4 -168 2,266 0 2,345 422 2,767
18
Financial statements
Management's review
BioMar Interim Report for Q2 2026
CONSOLIDATED FINANCIAL STATEMENTS
Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
EBITDA 357 349 569 555 1,517
Changes in working capital -9 15 -452 -112 466
Other non-cash operating items - - - -28 -62
Interest received 19 17 37 37 74
Net interest paid -55 -49 -107 -99 -193
Income taxes paid -115 -82 -147 -143 -234
Cash flow from operating activities 196 249 -100 211 1,568
Purchase of intangible assets -2 -7 -6 -11 -28
Purchase of property, plant and equipment -125 -59 -166 -144 -260
Sale of property, plant and equipment - - - - 1
Acquisition of subsidiaries, net of cash 4 - -68 - -68 -68
Dividend and share capital decrease from associates and joint ventures - - - 4 7
Loan to customers 14 3 33 -29 -98
Addition/disposal of other financial assets - - - - -2
Investment in/sale of securities - 1 - 1 -
Cash flow from investing activities -113 -130 -139 -247 -448
Proceeds from capital increase 49 - 49 - -
Purchase of treasury shares -25 - -25 - -
Repayment of lease debt -39 -35 -77 -69 -152
Repayment/Proceeds of cashpool loans to Aktieselskabet Schouw & Co. -2,626 780 -1,389 765 205
Repayment/Proceeds of debt to credit institutions 2,437 15 2,447 214 226
Dividend distributed - -709 -850 -709 -719
Disbursement to non-controlling shareholders - - - - -451
Cash flow from financing activities 204 51 156 201 -890
Cash flow for the period -120 170 -83 165 230
Cash and cash equivalents beginning of period 683 426 632 434 434
Exchange rate adjustments of cash and cash equivalents 0 -27 14 -31 -32
Cash and cash equivalents at period end 563 569 563 569 632
Cash flow statement
(DKKm)
19
Financial statements
Management's review
BioMar Interim Report for Q2 2026
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1
Salmon Shrimp Selected Species Tech Solutions Eliminations Shared / non-allocated BioMar Group
Segmentation of income statement Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
Volume ('000 tonnes) 210 224 112 95 74 64 - - -1 -1 - - 395 382
External revenue
2,590 2,603 704 594 842 738 27 38 - - - - 4,164 3,973
Internal revenue 2 1 0 0 20 20 0 0 -22 -20 - - - -
Total Revenue 2,592 2,603 704 594 862 758 27 38 -22 -20 0 0 4,164 3,973
Operating costs net -2,349 -2,373 -646 -538 -777 -689 -28 -26 22 20 -29 -18 -3,806 -3,624
EBITDA 243 231 59 55 85 68 0 13 0 0 -29 -18 357 349
Amortisation, depreciation and impairment -71 -60 -17 -16 -10 -10 -2 -2 0 0 -7 -4 -108 -92
EBIT 172 171 42 39 74 58 -3 11 0 0 -36 -22 250 257
Hereof EBIT from activities related to biological
assets (fish) -3 0 - - - - - - - - - - -3 0
EBIT excl. result from biological assets 175 171 42 39 74 58 -3 11 0 0 -36 -22 253 257
Result from associates and joint ventures 14 14
Net financials -46 -35
Tax on profit for the period -60 -58
Profit for the period 158 178
Financial ratios
Share of total volumes 53% 59% 28% 25% 19% 17% - - 0% 0% - - 100% 100%
EBIT excl. Tech and result from biological
assets/ tonne (DKK) 834 763 375 416 1,005 913 - - - - - - 647 645
EBIT margin 6.6% 6.6% 5.9% 6.6% 8,6% 7.7% -9.7% 28.5% - - - - 6.0% 6.5%
Geographical allocation of revenue Q2 2026 Q2 2025
Norway 1,252 1,261
Chile 704 816
Ecuador 647 557
Denmark 150 158
Other countries 1,411 1,182
BioMar Group 4,164 3,973
20
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
NOTE 1
Salmon Shrimp Selected Species Tech Solutions Eliminations Shared / non-allocated BioMar Group
Segmentation of income statement YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025
Volume ('000 tonnes) 383 398 211 173 117 107 - - -2 -2 - - 710 676
External revenue
4,671 4,909 1,308 1,145 1,345 1,241 41 77 - - - - 7,365 7,372
Internal revenue 4 1 0 0 33 40 0 0 -37 -42 - - - -
Total Revenue 4,675 4,910 1,308 1,145 1,378 1,281 41 77 -37 -42 0 0 7,365 7,372
Operating costs net -4,269 -4,549 -1,203 -1,040 -1,266 -1,188 -49 -52 37 42 -46 -30 -6,796 -6,816
EBITDA 406 362 106 105 112 94 -8 26 0 0 -46 -30 569 555
Amortisation, depreciation and impairment -139 -117 -33 -33 -21 -20 -5 -3 0 0 -13 -8 -210 -181
EBIT 267 245 72 72 91 74 -12 22 0 0 -59 -38 359 374
Hereof EBIT from activities related to biological
assets (fish) 4 1 - - - - - - - - - - 4 1
EBIT excl. result from biological assets 263 244 72 72 91 74 -12 22 0 0 -59 -38 355 373
Result from associates and joint ventures 24 25
Net financials -81 -65
Tax on profit for the period -87 -87
Profit for the period 214 248
Financial ratios
Share of total volumes 54% 59% 30% 26% 17% 16% - - 0% 0% - - 100% 100%
EBIT excl. Tech and result from biological
assets/ tonne (DKK) 685 613 343 415 778 691 - - - - - - 517 519
EBIT margin 5.7% 5.0% 5.5% 6.3% 6.6% 5.8% -30.1% 28.8% - - - - 4.9% 5.1%
Geographical allocation of revenue YTD 2026 YTD 2025
Norway 2,233 2,361
Chile 1,295 1,514
Ecuador 1,212 1,089
Denmark 255 263
Other countries 2,371 2,144
BioMar Group 7,365 7,372
21
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q4
2023
Q1
2024
Q3
2024
Q3
2023
Q2
2024
Q4
2024
Q1
2025
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
'000 tonnes
Revenue
500
400
300
200
100
0
Due to the composition of the BioMar busi-
ness, a high degree of seasonality in revenue
should be expected. Factors which impact
seasonality include the market for Salmon and
Selected Species with sales peaking during
the summer period of the northern
hemisphere.
Normally, quarterly operating profit follows the
seasonality in revenue.
Cash flow from operating activities is typically
weaker in Q1 and Q2, both due to the lower
sales, but also due to negative changes in net
working capital as inventories build up for Q3.
Net working capital typically improves during
Q3 and Q4 with higher sales and receivables
being collected while inventories decrease.
NOTE 1 (continued)
Revenue and tonnage
Quarter by quarter
22
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
STAFF COSTS Q2 2026 Q2 2025 YTD 2026 YTD 2025
Wages and salaries -181 -161 -369 -329
Defined contribution pension plans -14 -12 -29 -24
Other social security costs -17 -17 -39 -34
Share-based payment 0 -1 -1 -2
Total staff costs -220 -190 -438 -388
Average number of employees 1,808 1,698 1,775 1,696
Staff costs increased both in the quarter and YTD, driven by ramp-up of activities in Ecuador, investing in direct sales and service capabili-
ties in Tech Solutions, the acquisition of LetSea AS in April 2025 and continued wage inflation in tight labour markets.
NOTE 2
During the first two quarters of 2026, 20,000 options were exercised at an average price of
DKK 573.03.
Expected volatility is calculated based on 12 months of historical share-price volatility. If the
option holders have not exercised their share options within the specified period, the share op-
tions will lapse without any compensation to the holders. Exercise of the share options is contin-
gent on the holder being in continuing employment during the above-mentioned periods. If the
holder leaves the company before a share option vests, the holder may in some cases have a right
to exercise the share option early during a four-week period following Schouw & Co.'s next stock
announcement. In the event of early exercise the number of share options will be reduced
proportionally.
Share-based payment - Schouw & Co. share option programme
Executive Management and members of the Executive Committee in BioMar Group participate in
the parent company Schouw & Co.'s share option programme. The programme entitles partici-
pants to acquire shares in Schouw & Co. at a price based on the officially quoted price at the time
for granting plus a premium from the date of grant until the date of exercise. The exercise price is
adjusted less ordinary dividends, which, however, cannot exceed the accrued premium. The costs
related to the programme are calculated according to "Black & Scholes" and are expensed as staff
costs linearly over the period of the option and settled to the parent company. No share options
were granted in 2024, 2025 or 2026, and the programme will be completed and settled by April
2027.
OUTSTANDING OPTIONS
Executive
Manage-
ment Others Total
Average
exercise
price in
DKK
(1)
Fair value
(DKK) per
option
(2)
Total
fair value
in DKK
1,000
(2)
Exercis-
able
from
Exercis-
able
until
Granted in 2023 45,000 40,000 85,000 577.53 96.6 8,207
March
2026
April
2027
Total outstanding options
at 31 December 2025 45,000 40,000 85,000
Exercised from 2023 grant - -20,000 -20,000
Total outstanding options
at 30 June 2026 45,000 20,000 65,000
(1)
exercised after 4 years (at the latest possible date)
(2)
at the date of grant
Fair value assumptions: 2023 grants
Expected volatility 25.03%
Expected term 47 mth
Expected dividend per share 15 DKK
Risk-free interest rate 2.66%
23
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
Equity interest
NAME
Country and city of
incorporation 30/6 2026 30/6 2025
Salmones Austral S.A. Puerto Montt, Chile 23% 23%
Aquaculture Technology Centre Patagonia S.A. Lenca, Chile 30% 30%
Apollon AS Alstahaug, Norway 33% 33%
LCL Shipping Ltd. Grangemouth, Scotland 40% 40%
AQ1 Systems (Asia) company limited Bangkok, Thailand 49% 49%
BioMar-Sagun TTK Söke, Turkey 50% 50%
BioMar Tongwei (Wuxi) Biotech Co., Ltd. Wuxi, China 50% 50%
Investments in associates and joint ventures
BioMar Group has the following investments in associates and joint ventures. The Group's invest-
ments in associates and joint ventures are recognised based on the Group's share of net equity.
BioMar Group's equity interests are consistent with its voting rights.
NOTE 3
CARRYING AMOUNT OF INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 30/6 2026 30/6 2025
The Group's share of equity in material associates 338 309
Goodwill regarding material associates 11 10
The Group's share of equity in individually immaterial associates 25 18
The Group's share of equity in individually immaterial joint ventures 272 222
Goodwill regarding immaterial joint ventures 3 3
Total carrying amount of investments in associates and joint ventures 649 562
Recognised as investments in associates 373 337
Recognised as investments in joint ventures 275 225
Total investments 649 562
Share-based payment – BioMar Group performance share programme
Following the IPO and with the imminent termination of the share-based programme via Schouw
& Co., BioMar has introduced a performance share programme for the Executive Management
and 22 senior managers in the Group. The new programme was entered in June 2026. Under the
programme, 123,244 Performance Share Units (PSUs) were granted at a target rate of 100%, of
which 39,235 are granted to the Executive Management. The PSUs vest in the range of 0–200%
depending on the level of target achievement. The PSUs provide a conditional right to receive
BioMar Group A/S shares free of charge, subject to the fulfilment of predefined performance cri-
teria and continued employment. The PSUs are subject to a three-year vesting period, which is
scheduled to vest following the approval of the Annual Report for the financial year 2029. Based
on the share price at the time of grant, the theoretical value of the programme is estimated at DKK
13.3 million at a 100% target rate.
Below is a table showing the currently expected number of shares to be granted:
Above table shows the currently expected number of shares to be granted. The number of shares
is based on current expectations to the development in four predefined KPIs selected by the
Board of Directors. The number of shares granted may fluctuate until expiration
.
NOTE 2 (continued)
PERFORMANCE SHARE UNIT PROGRAMME
Executive
management Other Total
Granted in 2026 39,235 84,009 123,244
Total Performance Share Unit programme at 30 June 2026 39,235 84,009 123,244
24
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
NOTE 4
ACQUISITIONS YTD 2026 YTD 2025
Property, plant and equipment 0 156
Other non-current assets 0 2
Inventories 0 37
Receivables 0 46
Cash and cash equivalent 0 15
Credit institutions 0 -39
Trade payables 0 -41
Other payables 0 -22
Net assets acquired 0 154
Fair value of previous equity share 0 -43
Goodwill 0 0
Acquisition cost 0 111
Of which cash and cash equivalents 0 -15
Debt conversion 0 -28
Total cash acquisition costs 0 68
BioMar and the joint operation partner, Aqua
Alimentos S.A., entered into an agreement for
BioMar to acquire the remaining 50% of the
shares in the feed plant BioMar Aquacorpora-
tion Products S.A in Q1 2025. The transaction
held a value of DKK 28m, and was carried out
as a debt conversion of BioMar's receivables
against Aqua Alimentos S.A. The transaction
did not have any significant impact on the
result in 2025.
BioMar also acquired the remaining 66%
shares in LetSea AS in April 2025. The compa-
ny was previously 34% owned and recognised
as an associate. The remaining shares were
purchased at a price of DKK 68m. The rec-
ognised value of the original shareholding in
LetSea amounted to DKK 25m, and fair value
adjustments of DKK 18m were identified in
connection with the acquisition. Transaction
costs in connection with the acquisition
amounted to DKK 0.3m. The transaction costs
were recognised under operating expenses.
Had the acquisition of LetSea been made effec-
tive from 1 January 2025, earnings in 2025
would have been DKK 4m higher, and revenue
would have been DKK 21m higher.
Above presentation of the net assets acquired
shows the preliminary valuations made at the
time of the Q2 2025 balance sheet date.
During 2025, those valuations were adjusted,
and by the time of the annual reporting of 2025
,the valuations were finalised. The comparison
figures for Q2 2025 have not been adjusted to
reflect the updated and final valuations. The re-
classifications are found immaterial and no key-
figures or financial ratios would change if the
comparison figures had been adjusted.
25
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
NOTE 6NOTE 5
FACILITY
Loans and
lines
Of which
utilised Unutilised Commitment
Avg. term to
maturity
Revolving credit facility 3,500 -1,755 1,745 Committed 2 years 11 months
Other credit facilities 1,508 -1,508 0 Uncommitted
Mortgages 22 -22 0 Committed 16 years 4 months
Leases 453 -453 0 Committed 3-5 years
Cash and cash equivalents 563
Capital resources at 30 June 2026 5,483 -3,738 2,308
As part of the IPO, BioMar Group entered into a new DKK 3.5 billion multicurrency revolving credit facility agreement. A significant portion
of the Group companies' financing is provided through this credit facility arranged by the parent company, BioMar Group A/S. The new
facility has been used to refinance the Group's prior intercompany debt to Schouw & Co. This facility is set to mature in May 2029.
TREASURY SHARES
Number of
shares
Nominal
value (DKK) Cost
Percentage
of share
capital
1 January 2026 - - - 0.00%
Purchase of treasury shares 231,481 578,703 25 0.23%
30 June 2026 231,481 578,703 25 0.23%
BioMar has acquired treasury shares to cover its obligations under the new long-term share-based incentive programme introduced in
connection with the completion of the IPO.
The Group's holding of treasury shares had a market value of DKK 25m at 30 June 2026. The portfolio of treasury shares is recognised at
DKK 0.
Capital resources
It is BioMar Group policy to maximise financing flexibility by diversifying borrowing in respect
of maturity and counterparties.
The Group's capital resources include cash and available credit facilities. The objective is to
maintain sufficient capital to support company acquisitions, ensure smooth business operations
and respond effectively to unexpected circumstances.
Share capital
The share capital consists of 100,463,000 shares with a nominal value of DKK 2.5 each.
All shares rank equally. The share capital is fully paid up. Each share carries one vote, representing
a total of 100,463,000 voting rights.
26
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
NOTE 8
YTD 2026 YTD 2025
Management fee -2 -2
Interest paid -39 -54
Interest received 7 8
At 30 June 2026, BioMar Group has the following debt and receivables:
Receivables from BioMar Group companies 0 389
Debt to BioMar Group companies 2 2,624
Associates Joint ventures
YTD 2026 YTD 2025 YTD 2026 YTD 2025
Sales 170 213 12 3
Purchases 2 31 0 0
Interest received 0 0 0 0
Dividend received 0 0 0 0
BioMar Group has the following debt and receivables:
30/6 2026 30/6 2025 30/6 2026 30/6 2025
Receivables 143 109 14 1
Payables 2 14 1 1
Related party transactions
Aktieselskabet Schouw & Co. owns 74% of the
shares in BioMar Group A/S.
Members of the Board of Directors, the key
management personnel as well as their family
members are considered related parties.
Related parties also comprise the associates
and joint ventures, in which BioMar Group has
either significant influence or joint control.
Furthermore, related parties are companies in
which the above-mentioned group of people
has significant interests.
Transactions between BioMar Group and
parent company Aktieselskabet Schouw & Co.
appear below:
Transactions between BioMar Group and the
associates and joint ventures appear below:
NOTE 7
EARNINGS PER SHARE Q2 2026 Q2 2025 YTD 2026 YTD 2025
Share of profit attributable to
shareholders of BioMar Group 160 168 219 231
Average number of shares 100,154,333 100,000,000 100,077,167 100,000,000
Average number of treasury shares -77,160 0 -38,580 0
Average number of
outstanding shares 100,077,173 100,000,000 100,038,587 100,000,000
Average dilutive effect of outstand-
ing share options 41,081 0 20,541 0
Diluted average number of
outstanding shares 100,118,254 100,000,000 100,059,127 100,000,000
Earnings per share (DKK) 1.60 1.68 2.19 2.31
Diluted earnings per share (DKK) 1.60 1.68 2.19 2.31
27
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
NOTE 9
FAIR VALUE OF CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES 30/6 2026 31/12 2025 30/6 2025 31/12 2024
Securities (fair value hierarchy level 3) 3 5 4 3
Financial assets measured at fair value through profit and loss 3 5 4 3
Derivative financial assets (fair value hierarchy level 2) 50 10 12 43
Derivative financial liabilities (fair value hierarchy level 2) 7 8 34 14
Hedging instruments measured at fair value, net 43 2 -22 29
Trade receivables 3,095 3,048 3,181 3,479
Other receivables 418 1,172 735 1,018
Cash and cash equivalents 563 632 569 434
Financial assets measured at amortised cost 4,076 4,851 4,484 4,930
Interest bearing debt 3,738 3,453 3,477 2,891
Trade payables and other debt 4,307 4,132 4,226 4,515
Other liabilities (non-current) 10 13 21 11
Financial liabilities measured at amortised cost 8,054 7,598 7,724 7,417
The fair value of financial assets and liabilities
measured at amortised cost corresponds in all
material respects to the carrying amount.
Securities measured at fair value through other
comprehensive income (level 3) amounted to
DKK 5m at the beginning of the year. By the
end of the second quarter, the fair value is
DKK 3m. The decrease is caused by a disposal
of DKK 2m.
The Group uses forward currency contracts to
hedge fluctuations in foreign exchange rates.
Forward currency contracts are valued using
generally accepted valuation techniques
based on relevant observable exchange rates
(level 2). The fair value of derivative financial
instruments is calculated by way of valuation
models such as discounted cash flow models.
Anticipated cash flows for individual contracts
are based on observable market data such as
interest rates and exchange rates. Fair values
are also based on credit risk.
Unobservable market data account for an
insignificant part of the fair value of the deriva-
tive financial instruments at the end of the
reporting period.
28
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
(DKKm)
Judgements and estimates
The preparation of interim financial statements requires management to make
accounting judgements and estimates that affect recognised assets, liabilities,
income and expenses. Actual results may differ from these judgements and esti-
mates. Please refer to the 2025 Annual Report note 28 for further description
hereof.
Accounting policy
The interim report is presented in accordance with IAS 34 “Interim financial re-
porting” as adopted by the EU and Danish disclosure requirements for the con-
solidated and parent company financial statements of listed companies. The in-
terim report contains condensed financial information.
See the 2025 Annual Report for a full description of the accounting policies. In
addition, BioMar will be implementing the standards and interpretations which
are effective from 2026 where relevant.
Rounding and presentation
The amounts appearing in this interim report have generally been rounded to
the nearest million using standard rounding principles. Accordingly, some addi-
tions may not add up.
Events after the balance sheet date
BioMar is not aware of any events occurring after 30 June 2026 which are expect-
ed to have a material impact on the Group’s financial position or outlook.
NOTE 10
NOTE 11
NOTE 12
NOTE 13
29
Financial statements
Management's review
BioMar Interim Report for Q2 2026
NOTESCONSOLIDATED FINANCIAL STATEMENTS
Design: Bysted
BioMar's Q2 report was
published on 12 August 2026
The report is also available
at www.biomar.com
BioMar Group A/S
Kalkværksvej 16, 15
8000 Aarhus C, Denmark
Company reg. no. 38 57 06 17
Forward-looking statements
This Interim Report contains forward-looking statements,
which are based on current expectations, projections and as-
sumptions about future events. Forward-looking statements
are statements (other than statements of historical fact) relat-
ing to future events and BioMar’s anticipated or planned fi-
nancial and operational performance. The words “may”, “will”,
“should”, “expect”, “anticipate”, “believe”, “estimate”, “plan”,
“predict”, “intend” or variations of these words, including
negatives thereof, as well as other statements regarding mat-
ters that are not historical facts or regarding future events or
prospects, constitute forward-looking statements. BioMar has
based these forward-looking statements on its current views
with respect to future events and financial performance.
These views involve a number of known or unknown risks,
uncertainties and assumptions, which could cause actual re-
sults to differ materially from those predicted in the for-
ward-looking statements and from the past performance of
BioMar. Although BioMar believes that the estimates and
projections reflected in the forward-looking statements are
reasonable, they may prove materially incorrect, and actual
results may materially differ, e.g., as the result of risks related
to the industry in general or BioMar in particular, including
those risks described in the Risk section in the Annual Report
and other information made available by BioMar. As a result,
you should not and may not rely on these forward-looking
statements as a prediction of actual results. Forward-looking
statements speak as of the date of this Interim Report and
no one undertakes to publicly update or revise any such
forward-looking statements, whether as a result of new
information, future events or otherwise, except to the
extent required by law.