On 12 November 2024, the Board of Directors of Schouw & Co. announced the initiation of an assessment regarding a potential separate listing of BioMar. The objective of this assessment was 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. Now, 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 world’s third-largest global producer of feed for high-value farmed fish and shrimp by volume, supporting a sustainable and efficient aquaculture industry through innovation and partnerships.

Aquaculture, which refers to farming of fish and shrimp, is a global industry supported by long-term structural drivers such as rising demand for protein sources to feed a growing global population. As consumers seek great‑tasting, healthy and more sustainable diets, seafood is an increasingly preferred source of animal protein. Aquaculture has surpassed wild catch as the primary source of seafood, following decades of overfishing and stagnation in wild fisheries.

Because feed impacts the nutritional value and quality of the seafood end-product, and has a significant impact on farming efficiency, economics and environmental footprint, feed solution providers such as BioMar play a critical role in this expanding industry.

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.

The contemplated IPO is expected to comprise an offering of existing shares made available by Schouw & Co. as well as a small offer of new shares to be offered by BioMar (expected to raise gross proceeds to BioMar of DKK 50 million to pay expenses payable by BioMar in relation to the listing and otherwise for general corporate and administrative purposes). The intention 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.

Schouw & Co. CEO and BioMar Chair, Jens Bjerg Sørensen says: "An IPO of a mature and strong portfolio company aligns naturally with Schouw & Co.’s approach to active ownership, disciplined capital allocation and long-term value creation. A separate listing of BioMar will offer investors the opportunity to invest directly in a leading pure-play aquaculture specialist positioned at the centre of a structurally expanding global industry. For Schouw & Co., it represents an opportunity to unlock financial capacity for investments in the remaining or new portfolio businesses while retaining our position as majority shareholder in BioMar.”

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.

Today, BioMar is a leading global aquafeed solutions provider, focusing on the attractive segment of high‑value species such as salmon, warm‑water shrimp, trout, sea bass and sea bream and many other high-value fish. It operates 16 feed production facilities with a total seasonalised production capacity of 2.0 million tonnes and has five technology centres located in the major aquaculture hubs in Europe, Latin America and Asia. In total, BioMar supplies high-value feed for more than 45 different species, offering its products in more than 90 countries.