BioMar Group has raised its 2026 revenue and earnings forecasts after the fish feed producer’s third-quarter operating profit rose by half to DKK 618 million (about US$93 million). The company also lowered its volume forecast for the year, citing a softer final quarter.

The Danish group sold 488,000 tonnes of feed in the quarter. That was 5 percent more than a year earlier, with growth in all three feed segments: salmon, shrimp and selected species, which covers trout, sea bass and sea bream. Revenue rose 19 percent to DKK 5807 million (about US$870 million), helped by higher raw material prices passed on to customers and favourable exchange rates. Return on invested capital (ROIC), including goodwill, climbed to 27.1 percent from 21.9 percent.

What drove the earnings

The salmon and selected species segments delivered most of the exceptional earnings. BioMar named several reasons. These were higher volumes and market share in some markets, temporary raw material market conditions and positive exchange rate movements. It also pointed to its sourcing flexibility and formulation expertise. In practice, that means being able to rework feed recipes when ingredients become scarce or costly. The company cautioned that these temporary conditions pushed profit above historical levels and may not last.

According to a transcript of the company’s results call, salmon feed volumes rose 4 percent to 305,000 tonnes in the third quarter of 2026, and the segment’s EBIT (earnings before interest and tax) reached DKK 518 million. Higher volumes in Norway, Australia and the UK outweighed a fall in Chile. Selected species volumes rose 7 percent, with EBIT up 9 percent to DKK 107 million. Shrimp feed volumes also grew by 7 percent, but segment EBIT fell to about DKK 20 million from about DKK 40 million in the third quarter of 2025. The fall reflected money set aside for possible unpaid bills from two customers, the start-up of its Vietnam operation and higher energy costs in Ecuador.

“We delivered our strongest quarter ever in terms of volumes and EBIT on the backdrop of the expected increase in marine ingredient prices, mainly driven by El Niño. Despite uncertainty around raw material prices, the impact of weather events and disruption in energy supply in Ecuador for Q4, we remain positive in the market fundamentals in the medium term,” said Carlos Diaz, CEO of BioMar Group.

Higher earnings, lower volumes expected

BioMar now expects 2026 revenue of DKK 17.8–18.6 billion, up from its previous forecast of DKK 17.0–18.0 billion in August 2026. Its EBIT forecast rose to DKK 1.29–1.36 billion from DKK 1.2–1.3 billion. The volume range was cut to 1.60–1.65 million tonnes from 1.63–1.70 million tonnes, while capital spending stays at DKK 400–500 million.

The company said the update reflects recent market developments and the impact of weather events, including higher raw material prices, customer demand and exchange rates, as well as strong earnings in the first nine months of 2026. These are BioMar’s own forecasts, and the company warns that actual results may differ materially.

About half of the volume cut relates to salmon and half to shrimp, the transcript shows.

In salmon, some customers in Norway harvested early, and warmer water and algae blooms linked to El Niño could reduce feeding in Chile. In shrimp, BioMar said Ecuador gets about 70 percent of its power from hydroelectric plants, which have received little rain. The resulting power shortages could force farmers to stock fewer shrimp so their ponds keep enough oxygen. BioMar called the slowdown temporary, as shrimp crops run only two to three months. The second phase of its Ecuador expansion, a new factory, is now expected to start in the second quarter of 2028, slightly later than planned because of the electricity supply.

Marine ingredients under pressure

El Niño has also tightened supplies of fishmeal and fish oil. The Marine Ingredients Organisation (IFFO) expects global fishmeal supply to fall below 4.6 million tonnes in 2026, the lowest level since 2016.

BioMar said it has used more alternative raw materials, including algae oils and plant, poultry by-product and microbial proteins, to soften the impact. But prices of those substitutes are also rising, and executives told analysts that this is one reason the third quarter’s profitability is not expected to repeat in full.

BioMar, which listed on Nasdaq Copenhagen in May 2026, gave no guidance for 2027 and said budgets are still being finalised. It said its medium-term targets are unchanged.