BIOMAR GROUP A/S

“Overall, the shrimp segment in Ecuador benefits from increasing adoption of commercial aquafeed, functional diets and acoustic aqua feeding technologies, positioning both Shrimp and Tech Solutions as a strategic growth area for the Group.”

Annual report 2025A · The company itself

“Everytime a chicken or a fish is processed into the cuts we like to see on our dinner plates, it leaves by-products such as meat, feathers or carcass that are unsuitable for direct human consumption, but highly valuable in salmon feeds. Today around half of the fish meal and fish oils used in salmon feed come from circular by-products. By converting these by-products into highperformance feed ingredients, we close nutrient loops across food systems.”

Annual report 2025A · The company itself

“MCS, MarinTrust, FIP or equivalent, Due diligence approved Fishmeal MCS, MarinTrust, FIP or equivalent, Due diligence approved Krillmeal MCS Palm oil RSPO Soy RTRS, ProTerra, Donau Soja, U.S. SSAP Certified raw materials Some raw materials present higher environmental and social risks. That is why we focus on certifying so-called hotspot raw materials, ingredients where issues such as deforestation, overfishing, labour rights or ecosystem pressure are most likely to occur.”

Annual report 2025A · The company itself

“BioMar is committed to sourcing marine ingredients from suppliers that meet recognised standards, such as MSC, MarinTrust or those participating in FIPs. By sourcing from certified fisheries, we indirectly support the responsible management of lower trophic level species as they place emphasis on the impact of the fishery on the wider marine ecosystem. We continuously review our sourcing practices to ensure alignment with sustainable fishery standards and support the long-term health of marine ecosystems.”

Annual report 2025A · The company itself

“It is the single most important factor in advancing farming of fish and shrimp in terms of sustainability, animal health, end-product quality and financial performance. It drives more than 50% of the farmers operational costs and constitutes 80% of the environmental impact.”

Annual report 2025A · The company itself

“Aquaculture’s environmental footprint is shaped primarily by feed, and reducing this impact is central to BioMar’s sustainability strategy. Working together in close collaboration with our customers, opens the door to more responsible food supply.”

Annual report 2025A · The company itself

“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 highquality product offering and strong focus on sustainability and advanced fish and shrimp farming technology.”

Annual report 2025A · The company itself

“We develop and deliver high-end fish and shrimp feed solutions for aquaculture farmers around the globe, supporting the production of delicious and healthy seafood in more than 90 countries.”

Annual report 2025A · The company itself

“BioMar operates in the attractive high-value species market, which accounts for around 26% of the aquaculture harvest volume, but 58% of the feed market value.”

Annual report 2025A · The company itself

“We serve our customers through four business segments Salmon Shrimp Selected Species Tech Solutions Aquaculture feed solutions for the Atlantic and Pacific salmon. The salmon feed segment has a growth trajectory nurtured by advanced farming technology, an increasing global demand for salmon and focus on high-performing, sustainable aquaculture operations.”

Annual report 2025A · The company itself

“Aquaculture feed for high-end species with specific nutritional needs, where targeted R&D knowledge is required to design optimal feed solutions. This product segment serves mid-size to small customers, including hatcheries and farmers of sea bass/sea bream and trout as well as niche species such as sturgeon.”

Annual report 2025A · The company itself

“BioMar is one of the world's leading global aquafeed providers. Driven by our purpose of innovating for an efficient and sustainable global aquaculture, we engage in long-lasting partnerships with customers and suppliers, enabling us to develop and deliver advanced aquafeed for more than 45 high-value species and to more than 90 countries around the world.”

Annual report 2025A · The company itself

“ADEQUACY THAT IMPACTS THE WELFARE OF FARMED ANIMALS As a producer of fish and shrimp feed, we have a responsibility to ensure nutritional adequacy of the feed we provide to farmed aquaculture species. Through the composition of our feed, we have a potential impact on animal welfare.”

Annual report 2025A · The company itself

“Our R&D, Sustainability and Sourcing departments collaborate to prioritise high-quality, lowimpact materials, ensure sufficient and consistent supply and minimise competition with the human food chain. As access to fishmeal has become more constrained, we have incorporated more plant-based, circular and restorative raw materials into our feeds.”

Annual report 2025A · The company itself

“BioMar Group operates in four business segments based on species; Salmon, Shrimp and Selected Species (all other species than before-mentioned segments) and the Tech Solutions activities. The information is based on the management structure and internal management reporting to Group Management and constitutes the reportable segments.”

Annual report 2025A · The company itself

“The Shrimp segment provides high-quality feed to a diversified customer base in shrimp farming primarily across Latin America and Southeast Asia.”

Annual report 2025A · The company itself

“The Selected Species segment serves a large variety of customers within different high-value species such as trout, bass and bream. The customers are mainly situated around the Baltic Sea and in the Mediterranean area.”

Annual report 2025A · The company itself

“Statement sets out our sourcing requirements for plant – based raw materials including that high-risk ingredients (soy and palm) should not originate from cropland deforested or converted from natural habitats after December 31st, 2020 (cut-off date) with a target date of December 31st, 2025 . The cut-off date for soy and palm ingredients aligns with the requirements of the European Deforestation Regulation EUDR. BioMar is working with our supply chains to ensure compliance with the requirements of the EUDR across all in scope raw materials when the regulation comes into effect at the end of 2026.”

Annual report 2025A · The company itself

“BioMar is advancing the development of alternative products with reduced climate impact, such as Blue Impact Solution, to lower the environmental footprint of our operations. These innovations support our climate transition goals and respond to the increasing demand for more sustainable aquaculture solutions.”

Annual report 2025A · The company itself

“Our Responsible Sourcing Policy and Position Statements on marine and vegetable ingredients guide us in ensuring responsible sourcing practices. We safeguard that our products are based on raw materials produced in a responsible manner and are committed to sourcing with integrity and high ethical standards.”

Annual report 2025A · The company itself

“Everytime a chicken or a fish is processed into the cuts we like to see on our dinner plates, it leaves by-products such as meat, feathers or carcass that are unsuitable for direct human consumption, but highly valuable in salmon feeds. Today around half of the fish meal and fish oils used in salmon feed come from circular by-products. By converting these by-products into highperformance feed ingredients, we close nutrient loops across food systems.”

Annual report 2025A · The company itself

“MCS, MarinTrust, FIP or equivalent, Due diligence approved Fishmeal MCS, MarinTrust, FIP or equivalent, Due diligence approved Krillmeal MCS Palm oil RSPO Soy RTRS, ProTerra, Donau Soja, U.S. SSAP Certified raw materials Some raw materials present higher environmental and social risks. That is why we focus on certifying so-called hotspot raw materials, ingredients where issues such as deforestation, overfishing, labour rights or ecosystem pressure are most likely to occur.”

Annual report 2025A · The company itself

“This goes for plant by-products as well as animal by-products. Key example is the use of land animal proteins from poultry by-products or the use of trimmings from the seafood processing industry.”

Annual report 2025A · The company itself

“As such species typically obtain a premium price in the market due to various factors such as flavour, culinary prestige, ease of preparation and farming challenges, they also open up for developing and utilising the full potential of aquafeed such as differentiated feed products to improve performance and functionality while contributing positively to sustainability measures.”

Annual report 2025A · The company itself

“Flow Analysis (MFA), which focuses on how nutrients and resources move through the system, enabling increased efficiency, reduced waste and a growing share of circular and restorative raw materials. This dual approach ensures that sustainability performance is not evaluated through single indicators alone, but through a structured understanding of impacts, dependencies and resource flows.”

Annual report 2025A · The company itself

“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 highquality product offering and strong focus on sustainability and advanced fish and shrimp farming technology.”

Annual report 2025A · The company itself

“ECONOMY IN THE SUPPLY CHAIN Upstream BioMar’s feed production depends on finite resources, which makes circularity essential to reduce environmental impacts and resource competition with human food systems. We work to minimise waste, recover by-products and increase the use of novel ingredients with circular properties.”

Annual report 2025A · The company itself

“Our target reflects BioMar’s commitment to increasing the share of circular and restorative ingredients in our feed. BioMar is committed to ensuring that 50% of feed ingredients are either circular or restorative by 2030.”

Annual report 2025A · The company itself

“To further advance our R&D capabilities, we acquired full ownership of LetSea, Norway’s largest experimental and research centre for aquaculture, providing us with further access to unique, large-scale facilities for commercial testing in real-life seawater conditions.”

Annual report 2025A · The company itself

“Our global R&D headquarter in Norway drives an ambitious product pipeline together with the three feed business segments for Salmon, Shrimp and Selected Species. The actual trials take place close to the major aquaculture markets.”

Annual report 2025A · The company itself

“We commit to leverage our position in the value chain being instrumental driving research, investments and commercialisation efforts, making it possible to adopt next generation ingredients, functional feed solutions and farming technologies, while embedding innovation and sustainability into our commercial value proposition.”

Annual report 2025A · The company itself

“As the last driver, we are striving to continue expanding our presence in the technology space, futureproofing beyond feed.”

Annual report 2025A · The company itself

“AI-driven technology solutions for aquaculture, enhancing efficiency and sustainability of feeding, while providing data-driven insights with potential to improve feeding and farming practices.”

Annual report 2025A · The company itself

“The operations of the Tech Solutions segment include AQ1 Systems, which is an innovative leader in precision feeding based on AI and behavioural-based control and feeding detection technology for sustainable aquaculture. AQ1 Systems, which forms the base of the Tech Solutions segment, was our first aquisition outside feed, being one of the core commercial drivers of BioMar's strategy Above & Beyond.”

Annual report 2025A · The company itself

“To further advance our R&D capabilities, we acquired full ownership of LetSea, Norway’s largest experimental and research centre for aquaculture, providing us with further access to unique, large-scale facilities for commercial testing in real-life seawater conditions.”

Annual report 2025A · The company itself

“Our global R&D headquarter in Norway drives an ambitious product pipeline together with the three feed business segments for Salmon, Shrimp and Selected Species. The actual trials take place close to the major aquaculture markets.”

Annual report 2025A · The company itself

“We commit to leverage our position in the value chain being instrumental driving research, investments and commercialisation efforts, making it possible to adopt next generation ingredients, functional feed solutions and farming technologies, while embedding innovation and sustainability into our commercial value proposition.”

Annual report 2025A · The company itself

“Staff costs increased by 11% to DKK 846 million in 2025, compared to DKK 765 million in 2024. The increase is primarily related to inflationary wage adjustments, organisational strengthening in selected areas and the full-year impact of acquisitions completed during the year.”

Annual report 2025A · The company itself

“We rely on suppliers from sectors such as fisheries and agriculture, where challenges related to living wage and health and safety hazards are prevalent.”

Annual report 2025A · The company itself

“At BioMar, we actively engage with our workers, value chain and communities through capacity building initiatives, promoting our company purpose. We provide training and development programmes, and we actively engage in third-party agricultural and fishery improvement programmes as well as supplier improver initiatives.”

Annual report 2025A · The company itself

“Regulation on aqua farming Several markets experience increased public scrutiny towards aquaculture including more tight governmental regulation on operations and future growth. This can have a significant impact on farming cost and the willingness to invest in the industry as we have seen in Norway, Chile, Australia, West Canada and Iceland in recent years.”

Annual report 2025A · The company itself

“Forced and child labour is strictly prohibited, and all work must be voluntary, with reasonable working hours and remuneration above the legal minimum.”

Annual report 2025A · The company itself

“At BioMar, we are committed to ensuring that human and labour rights are respected and upheld throughout our value chain. Our Code of Conduct for Suppliers, our Responsible Sourcing Policy and our Human Right Policy define this commitment and set the standards expected of all our business partners. Our Code of Conduct for Suppliers outlines our requirements for responsible sourcing of raw materials and reflect our dedication to integrity, sustainability and human rights at every stage of the value chain.”

Annual report 2025A · The company itself

“As the last driver, we are striving to continue expanding our presence in the technology space, futureproofing beyond feed.”

Annual report 2025A · The company itself

“The operations of the Tech Solutions segment include AQ1 Systems, which is an innovative leader in precision feeding based on AI and behavioural-based control and feeding detection technology for sustainable aquaculture. AQ1 Systems, which forms the base of the Tech Solutions segment, was our first aquisition outside feed, being one of the core commercial drivers of BioMar's strategy Above & Beyond.”

Annual report 2025A · The company itself

“It is the single most important factor in advancing farming of fish and shrimp in terms of sustainability, animal health, end-product quality and financial performance. It drives more than 50% of the farmers operational costs and constitutes 80% of the environmental impact.”

Annual report 2025A · The company itself

“As such species typically obtain a premium price in the market due to various factors such as flavour, culinary prestige, ease of preparation and farming challenges, they also open up for developing and utilising the full potential of aquafeed such as differentiated feed products to improve performance and functionality while contributing positively to sustainability measures.”

Annual report 2025A · The company itself

“We develop and deliver high-end fish and shrimp feed solutions for aquaculture farmers around the globe, supporting the production of delicious and healthy seafood in more than 90 countries.”

Annual report 2025A · The company itself

“The Salmon business segment supplies high-quality feed, primarily to major salmon producers in key markets such as Norway, Scotland, Chile and Australia.”

Annual report 2025A · The company itself

“BioMar is advancing the development of alternative products with reduced climate impact, such as Blue Impact Solution, to lower the environmental footprint of our operations. These innovations support our climate transition goals and respond to the increasing demand for more sustainable aquaculture solutions.”

Annual report 2025A · The company itself

“Our Responsible Sourcing Policy and Position Statements on marine and vegetable ingredients guide us in ensuring responsible sourcing practices. We safeguard that our products are based on raw materials produced in a responsible manner and are committed to sourcing with integrity and high ethical standards.”

Annual report 2025A · The company itself

“In 2025, we initiated an investment in a new vessel operating in Australia. The vessel is expected to enter into operation in 2026. The vessel is powered by ultra low sulphur diesel and can operate on green methanol when available, supporting our transition towards loweremission maritime transport.”

Annual report 2025A · The company itself

“In early 2025, BioMar acquired full ownership of the Costa Rica factory, further strengthening its platform for long-term growth in the segment. In late December 2025, BioMar acquired the remaining 30% shares of BioMar Ecuador (previous Alimentsa S.A.) and is now fully owner (100%) of the shrimp feed company in Ecuador.”

Annual report 2025A · The company itself

“The Salmon segment rose 8%, mainly driven by performance in Chile, while the volume growth early in the year in Norway was partly offset by biological conditions in the second half of the year.”

Annual report 2025A · The company itself

“The volume growth in the Salmon segment of 8% was primarily driven by Chile. The volumes in Norway was affected by biological conditions.”

Annual report 2025A · The company itself

“However, elevated sea water temperatures in Norway during the first half of 2025 and into Q3 2025 resulted in an accelerated growth of fish in the first half of the year, followed by reduced feeding activity and earlier-than-expected harvests in Q3, negatively impacting volumes and earnings in the latter part of the year.”

Annual report 2025A · The company itself

“Our suppliers of raw materials are exposed to chronic and acute physical climate risks, which may pose financial risks to BioMar. These risks relate to the availability of marine and vegetable raw materials used in our production of fish and shrimp feed, both of which are sensitive to climate impacts. Although the extent of future effects remains uncertain, climate change is expected to increasingly influence supply stability and raw material prices, potentially resulting in financial risks if not mitigated.”

Annual report 2025A · The company itself

“Risk Risk description Risk mitigation Biological conditions BioMar is exposed to risk of changing biomass and feed consumption due to changes in biological conditions such as diseases, deformities, sea-lice, algae-blooms etc. Such risks are ever-present when farming animals in natural conditions.”

Annual report 2025A · The company itself

“BioMar sources approximately 347k tonnes of marine ingredients annually. Given the finite and fragile state of some fish species, our sourcing has a direct impact on marine resources. Fish stocks are naturally volatile and prone to supply fluctuations, which makes diversification of sourcing essential to reduce potential impacts.”

Annual report 2025A · The company itself

“Approximately one-third of BioMar’s raw material costs are related to marine ingredients. While promising alternatives are being developed and implemented, a significant need for omega-3 fatty acids of marine origin remains.”

Annual report 2025A · The company itself

“BioMar may experience fluctuations in energy supply and pricing across certain markets due to factors such as increased demand or limited availability. These circumstances have the potential to significantly raise costs and, in some instances, restrict production capacity.”

Annual report 2025A · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“BioMar may experience fluctuations in energy supply and pricing across certain markets due to factors such as increased demand or limited availability. These circumstances have the potential to significantly raise costs and, in some instances, restrict production capacity.”

Annual report 2025A · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“Statement sets out our sourcing requirements for plant – based raw materials including that high-risk ingredients (soy and palm) should not originate from cropland deforested or converted from natural habitats after December 31st, 2020 (cut-off date) with a target date of December 31st, 2025 . The cut-off date for soy and palm ingredients aligns with the requirements of the European Deforestation Regulation EUDR. BioMar is working with our supply chains to ensure compliance with the requirements of the EUDR across all in scope raw materials when the regulation comes into effect at the end of 2026.”

Annual report 2025A · The company itself

“On mid-term towards 2030 the company is guiding an average volume growth rate of 4-6% annually, reflecting growth in all three feed segments, but primarily driven by the Shrimp segment.”

Annual report 2025A · The company itself

“The Shrimp segment saw a 31% volume increase, thanks to a strong market position and product offering in the growing Ecuadorian market.”

Annual report 2025A · The company itself

“Aquaculture feed solutions catering to the fast-growing warm-water shrimp segment. Shrimp farming primarily takes place in Latin America and Southeast Asia by a diverse customer base from large corporations seeking efficient, sustainable operations and advanced technologies to small family-run businesses.”

Annual report 2025A · The company itself

“JV feed production facility Feed production facility Global headquarter LOREM IPSUL Close to all major aquaculture hubs BioMar has global feed production presence and research close to all major, high-value species aquaculture hubs. This enables our continuous focus on combining global excellence with local market agility. production facilities 2 million tonnes capacity GLOBAL REACH Feed conversion ratio* Seafood is the most efficient source of animal protein Carbon footprint Water consumption ~6-7 x lower 1.3 1.9 3.9 8.0 ~7-8 x lower 2,000 4,300 6,000 15,400 ~7-8 x lower 5.1 8.4 12.2 39.0 * Feed conversion ratio calculated as the total feed eaten divided by the live-weight gain over a period The diet of farmed fish and shrimp directly influences their nutritional value, making the quality of aquafeed a crucial factor in ensuring nutritious and healthy seafood.”

Annual report 2025A · The company itself

“Become a truly global player in all major aqua markets, promoting our focus on sustainable and efficient aquaculture. Focus on accelerating growth in Asia and expanding our market position in Latin America.”

Annual report 2025A · The company itself

“We are ramping up our capacity in Ecuador and launching new capacity in China.”

Annual report 2025A · The company itself

“The Shrimp segment provides high-quality feed to a diversified customer base in shrimp farming primarily across Latin America and Southeast Asia.”

Annual report 2025A · The company itself

“Revenue increased sharply year on year, supported by growing adoption of BioMar’s AIbased feeding and farm optimisation solutions, particularly in Latin America and Asia.”

Annual report 2025A · The company itself

“On mid-term towards 2030 the company is guiding an average volume growth rate of 4-6% annually, reflecting growth in all three feed segments, but primarily driven by the Shrimp segment.”

Annual report 2025A · The company itself

“Aquaculture feed solutions catering to the fast-growing warm-water shrimp segment. Shrimp farming primarily takes place in Latin America and Southeast Asia by a diverse customer base from large corporations seeking efficient, sustainable operations and advanced technologies to small family-run businesses.”

Annual report 2025A · The company itself

“JV feed production facility Feed production facility Global headquarter LOREM IPSUL Close to all major aquaculture hubs BioMar has global feed production presence and research close to all major, high-value species aquaculture hubs. This enables our continuous focus on combining global excellence with local market agility. production facilities 2 million tonnes capacity GLOBAL REACH Feed conversion ratio* Seafood is the most efficient source of animal protein Carbon footprint Water consumption ~6-7 x lower 1.3 1.9 3.9 8.0 ~7-8 x lower 2,000 4,300 6,000 15,400 ~7-8 x lower 5.1 8.4 12.2 39.0 * Feed conversion ratio calculated as the total feed eaten divided by the live-weight gain over a period The diet of farmed fish and shrimp directly influences their nutritional value, making the quality of aquafeed a crucial factor in ensuring nutritious and healthy seafood.”

Annual report 2025A · The company itself

“Become a truly global player in all major aqua markets, promoting our focus on sustainable and efficient aquaculture. Focus on accelerating growth in Asia and expanding our market position in Latin America.”

Annual report 2025A · The company itself

“We are ramping up our capacity in Ecuador and launching new capacity in China.”

Annual report 2025A · The company itself

“Volumes increased by 31%, primarily driven by the Ecuadorian market, reflecting BioMar’s strong market position and competitive product offering.”

Annual report 2025A · The company itself

“The Shrimp segment provides high-quality feed to a diversified customer base in shrimp farming primarily across Latin America and Southeast Asia.”

Annual report 2025A · The company itself

“Revenue increased sharply year on year, supported by growing adoption of BioMar’s AIbased feeding and farm optimisation solutions, particularly in Latin America and Asia.”

Annual report 2025A · The company itself

“Aquaculture continues to grow, supported by global megatrends such as population growth and rising income levels, which drives demand for protein-rich foods.”

Annual report 2025A · The company itself

“The Shrimp segment saw a 31% volume increase, thanks to a strong market position and product offering in the growing Ecuadorian market.”

Annual report 2025A · The company itself

“Shrimp farming primarily takes place in Latin America and Southeast Asia by a diverse customer base from large corporations seeking efficient, sustainable operations and advanced technologies to small family-run businesses.”

Annual report 2025A · The company itself

“The Shrimp segment reported a solid 31% increase in sales volumes in 2025, reflecting a strong market position and product offering in the growing Ecuadorian market.”

Annual report 2025A · The company itself

“In the short term, demand for feed can be affected by changing market 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 easily affected by volume adjustments in farming operations.”

Annual report 2025A · The company itself

“Mid-term growth for the high-value species, in which BioMar operates are based on market study reports. Salmon in Chile is a matured market competing on a global market, which is expected to grow up o 3% in the coming years.”

Annual report 2025A · The company itself

“The well-established fish farming markets for high-value species in Europe is expected to grow 3% driven by professionalised farmers and favourable natural conditions. The shrimp market is global with strong and increasing expected demand with a market growth rate of 7% in terms of value.”

Annual report 2025A · The company itself

“Full-year revenue ended at DKK 16.5 billion, almost on par with 2024, impacted by lower raw material prices, product mix and adverse currency effects.”

Annual report 2025A · The company itself

“The development in revenue reflected higher volumes sold, however offset by generally lower raw material prices, changes in customer mix and exchange rates.”

Annual report 2025A · The company itself

“The strong volume growth in the Shrimp segment and the higher share of shrimp feed had a negative customer mix effect on the revenue as the production costs related to pelletised feed - main volumes of shrimp feed are pelletised - is significatly lower than extruded feed, which is reflected in the sales price.”

Annual report 2025A · The company itself

“Availability can be affected by many factors such as geopolitical conflicts, trade restrictions and scarcity.”

Annual report 2025A · The company itself

“Económica (“FNE”), initiated an investigation of the Chilean fish feed industry in October 2016, which resulted in the FNE indicted four Chilean fish feed producers, including BioMar Chile SA, on 19 December 2019 on charges of concerted practice (during the 2003-2015 period), claiming that BioMar Chile SA be fined up to 30,000 annual tax units, which at 31 December 2025 corresponded to approximately DKK 177 million. BioMar Chile S.A. does not acknowledge the charges and has rebutted the charges that it has participated in concerted practices so as to restrict competition in the industry.”

Annual report 2025A · The company itself

“Full-year revenue ended at DKK 16.5 billion, almost on par with 2024, impacted by lower raw material prices, product mix and adverse currency effects.”

Annual report 2025A · The company itself

“The development in revenue reflected higher volumes sold, however offset by generally lower raw material prices, changes in customer mix and exchange rates.”

Annual report 2025A · The company itself

“Aquaculture continues to grow, supported by global megatrends such as population growth and rising income levels, which drives demand for protein-rich foods.”

Annual report 2025A · The company itself

“As consumers seek great tasting, healthy and more sustainable diets, seafood has become an increasingly preferred source of animal protein.”

Annual report 2025A · The company itself

“Availability can be affected by many factors such as geopolitical conflicts, trade restrictions and scarcity.”

Annual report 2025A · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“The development in revenue reflected higher volumes sold, however offset by generally lower raw material prices, changes in customer mix and exchange rates.”

Annual report 2025A · The company itself

“JV feed production facility Feed production facility Global headquarter LOREM IPSUL Close to all major aquaculture hubs BioMar has global feed production presence and research close to all major, high-value species aquaculture hubs. This enables our continuous focus on combining global excellence with local market agility. production facilities 2 million tonnes capacity GLOBAL REACH Feed conversion ratio* Seafood is the most efficient source of animal protein Carbon footprint Water consumption ~6-7 x lower 1.3 1.9 3.9 8.0 ~7-8 x lower 2,000 4,300 6,000 15,400 ~7-8 x lower 5.1 8.4 12.2 39.0 * Feed conversion ratio calculated as the total feed eaten divided by the live-weight gain over a period The diet of farmed fish and shrimp directly influences their nutritional value, making the quality of aquafeed a crucial factor in ensuring nutritious and healthy seafood.”

Annual report 2025A · The company itself

“The Salmon business segment supplies high-quality feed, primarily to major salmon producers in key markets such as Norway, Scotland, Chile and Australia.”

Annual report 2025A · The company itself

“The customers are mainly situated around the Baltic Sea and in the Mediterranean area.”

Annual report 2025A · The company itself

“The customers are mainly situated around the Baltic Sea and in the Mediterranean area.”

Annual report 2025A · The company itself