olivLaw · European equity research
BioMar Group A/S BIOMAR.CO
Denmark · Nasdaq Copenhagen · ISIN DK0064867972 · Vertical: Listed companies from Denmark
BioMar Group A/S is a global supplier of feed for farmed fish and shrimp, with operations mainly in Norway, Scotland, Chile, Ecuador and Asia. The company listed on Nasdaq Copenhagen in May 2026, and its 2026 guidance points to higher volumes and revenue despite high marine raw material costs.
At the close of 05 Nov 2026, BioMar Group A/S (BIOMAR.CO) stock was 121.00 DKK (−0.25% on the day), with market capitalisation 12.1 bn DKK, P/E 16.9 on diluted EPS of 7.14 DKK over the last 12 months, dividend yield 5.94%, 52-week range 105.00–134.40 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.0
- weak (30–45)
- Bollinger (20, 2)
- 120.62 – 133.05
- in the lower half of the band · %B 0.03 · band width 9.8%
- SMA 50 / 200
- 126.61 / unavailable
- MACD (12, 26, 9)
- -0.59 / 0.42
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.3% | +0.4% | −3.7 pp | — |
| 3 months | +10.5% | −3.3% | +13.8 pp | — |
| 6 months | unavailable | +4.0% | unavailable | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | unavailable | +10.7% | unavailable | −6.5% |
| 3 years | unavailable | +50.1% | unavailable | +1.4% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 16.6 bn | 16.5 bn |
| Revenue YoY | unavailable | −0.5% |
| Net income | 675.0 m | 714.0 m |
| Net income YoY | unavailable | +5.8% |
| Diluted EPS | 6,753.00 | 7.14 |
| Diluted EPS YoY | unavailable | −99.9% |
| net % | 4.1% | 4.3% |
| Free cash flow | 1.4 bn | 1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 632.0 m DKK
- Financial debt
- 3.5 bn DKK
- Net debt
- 2.8 bn DKK
- Equity
- 3.2 bn DKK
- Total assets
- 11.1 bn DKK
- Debt / equity
- 1.08x
- Current ratio
- 0.90x
- ROE
- 21.0%
- ROA
- 6.4%
- FCF margin
- 7.9%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 16.6 bn | 16.5 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 13.2 bn | 12.9 bn | esef· 18 Mar 2026verified |
| Gross profit | 3.4 bn ≈ | 3.6 bn ≈ | esef· 18 Mar 2026derived |
| Operating income | 1.1 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 347.0 m | 385.0 m | esef· 18 Mar 2026verified |
| EBITDA | 1.5 bn ≈ | 1.5 bn ≈ | esef· 18 Mar 2026derived |
| Interest expense | 310.0 m | 257.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 945.0 m | 1.0 bn | esef· 18 Mar 2026verified |
| Income tax | 239.0 m | 266.0 m | esef· 18 Mar 2026verified |
| Net income | 675.0 m | 714.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 6,753.00 | 7.14 | esef· 02 Sept 2026verified |
| Dividend per share | 3,671.62 | 7.19 | esef· 18 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 434.0 m | 632.0 m | esef· 18 Mar 2026verified |
| Receivables | 4.4 bn | 4.0 bn | esef· 18 Mar 2026verified |
| Inventories | 2.0 bn | 1.9 bn | esef· 18 Mar 2026verified |
| Current assets | 7.0 bn | 6.7 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Goodwill | 1.2 bn | 1.0 bn | esef· 18 Mar 2026verified |
| Total assets | 11.3 bn | 11.1 bn | esef· 18 Mar 2026verified |
| Short-term debt | 2.7 bn | 3.1 bn | esef· 18 Mar 2026verified |
| Long-term debt | 224.0 m | 347.0 m | esef· 18 Mar 2026verified |
| Current liabilities | 7.4 bn | 7.5 bn | esef· 18 Mar 2026verified |
| Total liabilities | 7.7 bn | 7.9 bn | esef· 18 Mar 2026verified |
| Equity | 3.6 bn | 3.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 100.0 k | 100.0 m | esef· 18 Mar 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Capex | 188.0 m | 260.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.3 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -151.0 m | -448.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -1.2 bn | -890.0 m | esef· 18 Mar 2026verified |
| Dividends paid | 367.0 m | 719.0 m | esef· 18 Mar 2026verified |
| Share repurchases | — | 0 | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 73 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.1 bn DKK
Key indicators
Coverage and freshness
Score by group
- Quality89
- Returns88
- Balance sheet61
- Valuation64
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 73/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.9% | 100 (vs peers) | 13% |
| Net margin · Quality | 4.3% | 58 (vs peers) | 8% |
| FCF conversion · Quality | 183.2% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.0x | 86 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 4.4x | 45 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.9x | 45 (vs peers) | 13% |
| EV/EBITDA · Valuation | 9.0x | 55 (on a fixed band) | 13% |
| FCF yield · Valuation | 10.8% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.9% | 85 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 55.0% | 93 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet61/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation64/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIOMAR GROUP A/S (BIOMAR.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 16.5 bn DKK in 2025; YoY growth -0.5%; net margin 4.3%; ROE 28.3%; net debt/EBITDA 1.0x.
The estimated value range is 105.67–176.62 DKK per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 123.01 DKK, the price of 121.00 DKK leaves a potential of 1.7% (value / price − 1) and a margin of safety of 1.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 73/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.9%
- FCF conversion: 183.2%
- Net debt / EBITDA: 1.0x
- FCF yield: 10.8%
- Shareholder yield (distributions): 5.9%
- Payout ratio (FCF): 55.0%
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for BIOMAR.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 67.93 Total return -39% · Per year -39% | 120.40 Total return 5% · Per year 5% | 181.78 Total return 57% · Per year 57% |
| 3 years | 59.48 Total return -38% · Per year -15% | 119.22 Total return 16% · Per year 5% | 198.53 Total return 86% · Per year 23% |
| 5 years | 52.08 Total return -38% · Per year -9% | 118.04 Total return 27% · Per year 5% | 216.83 Total return 118% · Per year 17% |
- Exit P/E± 29.80
- Net margin± 20.86
- Annual revenue growth± 17.99
- Annual dilution± 1.75
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BioMar Group A/S is a global supplier of feed for farmed fish and shrimp, with operations mainly in Norway, Scotland, Chile, Ecuador and Asia. The company listed on Nasdaq Copenhagen in May 2026, and its 2026 guidance points to higher volumes and revenue despite high marine raw material costs 1.
SWOT
Strengths
- Strong positions in the salmon and shrimp segments, with high ROIC and efficient working capital management supported by in-house innovation and formulation capabilities 1.
- Broad geographic footprint and a global sourcing network that help reduce dependence on constrained marine ingredients 1.
- A portfolio of joint ventures and associates in growth markets such as China and Türkiye, offering long-term potential 1.
Weaknesses
- Margins under pressure from high raw material costs and a product mix shift towards shrimp feed, which carries lower average revenue per tonne 1.
- Rising net interest-bearing debt after the dividend payment and the purchase of the remaining stake in BioMar Ecuador, affecting operating cash flow 1.
- Reliance on a limited number of large customers, which made non-recourse factoring necessary to reduce commercial risk 1.
Opportunities
- Expansion of production capacity in Ecuador could support volume growth in the shrimp market in the coming years 1.
- Technical and nutritional solutions with higher value could offset price pressure in aquaculture 1.
- The shift of AQ1 Systems to direct sales and recurring revenue could improve the profitability of the technology division over time 1.
Threats
Risks
- High raw material costshigh
Rising prices of marine ingredients could compress margins, particularly if they cannot be fully passed on to customers 1.
- Higher indebtednessmedium
Net interest-bearing debt increased after dividends and acquisitions, which could reduce financial flexibility if results deteriorate 1.
- Customer concentrationmedium
Dependence on a limited number of large customers exposes the company to credit risk and the loss of important contracts 1.
- Biological and weather conditionsmedium
Biological and weather changes can affect feed demand, especially in shrimp where the farming cycle is short 1.
- AQ1 Systems transition costslow
The shift to direct sales reduced revenue in the technology division, and implementation and innovation costs could continue to weigh on results 1.
Investment thesis
What would need to be true (bull case)
- Guidance for 2026 was raised for volume, revenue and EBIT, which points to a positive trend if biological conditions remain favourable 1.
- High ROIC and efficient working capital management support the case for solid operating efficiency 1.
- Capacity expansion in Ecuador could support growth in the shrimp market, one of the largest globally 1.
What would break the thesis
- EBIT margins declined in the first half and raw material costs could stay high, compressing results 1.
- Net debt has increased, and leverage could remain elevated if profitability does not improve 1.
- Low salmon prices could reduce feed demand and have already weighed on the results of the Chilean associate 1.
What to watch
- Development of EBIT margin and marine raw material costsQ3 2026
- Delivery against 2026 guidance for volume, revenue and EBIT2026
- Timing and effects of the Ecuador capacity expansion2027
- Evolution of net debt and leverage after the dividend paymentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BioMar produces and sells feed for aquaculture, organised into the Salmon, Shrimp and Selected Species segments, plus the AQ1 Systems (Tech Solutions) division focused on technology solutions and direct sales 1. In the first half of 2026 revenue was DKK 7,365m, roughly level with the prior year, while volumes rose 5% year on year 1. The company holds two 50/50 joint ventures in China and Türkiye, which are not consolidated, as well as a stake in Salmones Austral 1.
Segments
Salmon
The Salmon segment supplies feed to major salmon farmers in Norway, Scotland, Chile, Australia and Iceland. In Q2 2026 volumes fell 6% year on year, and the segment accounted for 53% of group volumes, with ROIC at 32.2% 1.
Shrimp
The Shrimp segment serves a diversified customer base mainly across Latin America and Southeast Asia. In Q2 2026 volumes rose 18% year on year, and the segment accounted for 28% of group volumes; capacity expansion in Ecuador is scheduled for late 2026 and 2027 1.
Selected Species
The Selected Species segment covers feed for other fish species. In Q2 2026 volumes rose 16% year on year and EBIT rose 28%, reflecting strong capacity utilisation and a positive product and customer mix 1.
Market context
The company describes long-term demand for farmed fish and shrimp as sound and growing, but short-term feed demand depends on biological and weather conditions and on farmed fish and shrimp selling prices 1. Low salmon and shrimp prices influence customers' feed purchasing decisions, while raw material costs have risen, notably because of El Niño risk and reduced fishing quotas in Peru 1.
Trends
- Rising marine raw material costsheadwind
Prices of marine fish oil and fish meal have risen significantly, increasing cost pressure across the aquaculture value chain and diluting EBIT margins 1.
- Volume growth in Ecuador and Australiatailwind
Volume growth in Ecuador (shrimp) and Australia (salmon) partly offset lower volumes in Norway and Chile, and volume guidance was raised as a result 1.
- Consolidation of the Norwegian salmon marketheadwind
Customer consolidation in Norway led to a loss of contract and lower volumes in that country, an effect that could persist if the consolidation trend continues 1.
- AQ1 Systems shift to direct salesmixed
The technology business is transitioning towards a direct-sales model and recurring revenue, which reduced near-term revenue but could support longer-term stability 1.
Competitive position
The analysed sources provide little detail on direct competitors; competitive positioning is described only in general terms, through product quality, innovation capabilities and technical support offered to farmers 1. The company notes that the Vietnamese market is challenging and competitive, with margins under pressure 1.
- Other aquafeed producers
Competitors are not named in the analysed source; competitive intensity is mentioned in particular for Vietnam 1.
- Local players in Vietnam
The Vietnamese market is described as challenging and competitive with lower margins, without explicit identification of players 1.
- Local partners in China and Türkiye
The joint ventures are run with local partners, and margins in southern China are pressured by higher raw material costs 1.
- Chilean salmon producers
Salmones Austral, an associate of the company, contributed less than expected because of lower salmon prices 1.
News & filings
In the press
- Fish-Feed Maker BioMar Rises in Biggest Denmark IPO in YearsBloomberg Markets · 28 May 2026 · EN
- Fish Feed Firm BioMar Set For Biggest Copenhagen IPO Since 2018Bloomberg Markets · 19 May 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / BioMar Group A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.