BioMar preliminary financial outlook for 2026 and mid-term targets
On 12 November 2024, the Board of Directors of Schouw & Co. announced the initiation of an evaluation regarding a potential separate listing of BioMar. The objective of this assessment is to determine whether such a listing would generate added value for Schouw & Co. and its shareholders, while simultaneously ensuring that BioMar is well positioned to pursue opportunities for continued growth.
The evaluation is progressing as expected. Schouw & Co. is assisted by a syndicate comprising four financial institutions: DNB Carnegie and Morgan Stanley as Lead Joint Global Coordinators, and Danske Bank and Nordea as Joint Global Coordinators. FIH Partners acts as independent IPO advisor to Schouw & Co. and BioMar.
As part of the preparation towards a potential separate listing of BioMar on Nasdaq Copenhagen, which could take place in the first half of 2026, the Board of Directors of Schouw & Co. has evaluated BioMar's short-term and mid-term outlook and has decided to disclose selected preliminary information.
| Metric | Outlook 2026 | Comments |
| Volume | 1,600-1,670 thousand tonnes | Volumes expected to grow 2-7% in 2026 compared to 2025 |
| Revenue | DKK 16,000-17,000 million | Based on foreign exchange rates and raw material prices at current levels |
| EBIT | DKK 1,100-1,200 million | Depreciation and amortisation in the level of DKK 400 million |
| Capex | DKK 300-500 million | Above historical levels. Depends on timing of a potential expansion in Ecuador of c. DKK 250 million |
'Towards 2030, BioMar aims to achieve a volume growth of an average of 4-6% per annum while EBIT is targeted to grow at an average rate of 8-10% per annum. ROIC incl. goodwill is targeted to be above 20%.
As a potentially independently listed company, BioMar targets a capital structure in the range of 1.0-2.0 times net interest-bearing debt to EBITDA and a dividend policy aiming for a payout of at least 50% of annual net profit.
All the above-mentioned figures are preliminary and subject to change. Schouw & Co. releases its annual report for 2025 on 5 March 2026, in which the outlook for Schouw & Co. and the remaining portfolio companies will be disclosed.
Aktieselskabet Schouw & Co.
Jørgen Dencker Wisborg, Chairman
Jens Bjerg Sørensen, President, tel. +45 8611 22 22
