March 6, 2023

BioMar concludes 2022 with record results

BioMar ended 2022 with a strong fourth quarter in 2022, bringing its full year (2022) results to beat the earning guidance of kr.1 billion (US$143. 1 million, EBITDA).

The positive development is mainly driven by stronger development in the company's Salmon and LATAM divisions, compensating for a weaker result in the EMEA division.

BioMar's EBITDA of the year increased by 11% compared to 2021, while the revenue grew by 34%. On top of the consolidated results, it doubled the results of the non-consolidated JV feed companies, mainly driven by the JV BioMar-Sagun in Türkiye.

"We are very satisfied with the performance of the group," said Carlos Diaz, chief executive officer of BioMar Group. "We have been significantly affected by our exit from Russia and the increased raw material and energy prices, but we have managed to sustain a healthy business, continuing our growth strategy while expanding into the technology space.

"Financially, we had a slow start of the year due to several one-offs and the impact of the global inflation. However, our people around the world have made a tremendous effort building new and creative commercial solutions through an agile collaboration with customers. Hence, we have managed to conclude the year with a decent result, despite the global volatility.

"We are progressing as planned, executing on our 2028+ strategy "Above and Beyond ", both in terms of growth, product offerings and increased efficiency."

- BioMar