The Board of Directors of Schouw & Co. has decided to announce the intention to pursue an Initial Public Offering of BioMar Group A/S on Nasdaq Copenhagen.
BioMar is the 3rd‑largest global aquafeed producer for high-value farmed fish and shrimp by volume and supports a sustainable and efficient aquaculture industry through innovation and partnerships.
Since BioMar became part of Schouw & Co. in 2005, consolidated revenue has grown by 10% per year on average, reaching a revenue of DKK 16.5 billion in 2025. Earnings (EBIT) have grown even faster, with an annual average growth rate of 12%, exceeding DKK 1.1 billion in 2025. For 2026, BioMar expects consolidated revenue of DKK 16.0-17.0 billion and an EBIT in the range of DKK 1.1-1.2 billion.
Feed is particularly important to the aquaculture value chain, accounting for up to 80% of farmers’ carbon footprint and more than 50% of farmers’ operating expenses. Feed is an increasingly important driver of farming performance, directly impacting growth efficiency, animal health, as well as the nutritional value and quality of the seafood end-products.
The intention of the IPO is to expand and diversify BioMar’s shareholder base with new Danish and international shareholders, while Schouw & Co. intends to remain a long-term majority shareholder.
BioMar CEO Carlos Diaz says:
“A listing will mark a significant milestone in BioMar’s history. In addition to providing direct access to capital markets, it will enhance transparency and increase public awareness of our company and brand, supporting our ability to attract and retain talent. BioMar is ready for life as a listed company and well positioned to continue its growth journey, driven by our high-quality product offering, commitment to sustainability and advanced feeding technology in a market defined by rising global demand for farmed fish and shrimp.”
BioMar was founded in 1962 as Dansk Ørredfoder by Danish trout farmers. In 2005, BioMar became part of Schouw & Co., and has since made significant and transformative acquisitions and investments in its global footprint, research, innovation and production capacity.
BioMar, established in 1962 as Dansk Ørredfoder, joined Schouw & Co. in 2005 and has since expanded globally through major acquisitions and investments in research, innovation, and production.
BioMar is a global leader in aquafeed solutions for high-value species like salmon, shrimp, trout, sea bass, and sea bream. With 16 production facilities and five technology centers across major aquaculture regions, BioMar delivers feed for over 45 species in more than 90 countries.
For salmonids, it produces aquafeeds and solutions for Atlantic and Pacific salmon. This is BioMar’s largest segment and accounted for 60% of volumes sold, 67% of revenue, and 69% of EBIT in 2025. The shrimp segment accounted for 24% of volumes sold, 14% of revenue, and 15% of EBIT in 2025. BioMar provides aquafeeds for a range of high-value species with specific nutritional needs, including multiple species of trout, sea bass and sea bream. The segment accounted for 16% of volumes sold, 18% of revenue, and 21% of EBIT in 2025.
The Tech Solutions segment provides AI-driven technology solutions for aquaculture (currently shrimp) feeding and farming, as well as data-driven insights with the potential to improve feeding and farming practices. In 2025, the Tech Solutions segment generated revenue of DKK 172 million and an EBIT of DKK 46 million. The segment’s revenue comprises hardware, lease and subscription revenue.
BioMar’s competitive strength lies in the combination of global scale, deep species‑specific nutritional expertise and long‑term customer relationships, supported by a strong commitment to continuous innovation. With global demand for protein is rising, aquaculture emerging as one of the fastest-growing and most sustainable sources of non-plant proteins.
Feed is particularly important to the aquaculture value chain, accounting for up to 80% of farmers’ carbon footprint and more than 50% of farmers’ operating expenses. Feed is an increasingly important driver of farming performance, directly impacting growth efficiency, animal health, as well as the nutritional value and quality of the seafood end-products.
BioMar focuses specifically on high-value species, which are characterised by higher prices and profitability compared to low-value species. The high-value species aquafeed market accounted for approx. 58% of the total global aquafeed market value in 2025 and is projected to grow, in terms of feed volume, at a CAGR of approx. 4% from 2025 to 2030, significantly outpacing the approx. 1% CAGR expected for low-value species over the same period. In terms of market value, BioMar’s aquafeed market is estimated to grow at approx. 5% CAGR from 2025 to 2030.
