BioMar Group (CPSE:BIOMAR) Q3 Earnings Build On Higher Guidance

BioMar Group stock closed at DKK121.9 after the Q3 2026 report, only modestly weaker over the past week, even as the company reported earnings that looked anything but soft. The aquaculture feed producer delivered DKK5,807m in quarterly revenue and DKK4.62 in basic earnings per share, supported by record volumes and improved feed economics. Traders focused on the short blip in recent returns. Long term holders are more likely looking at a business that has lifted full year EBIT guidance and continues to emphasize a profit story measured in years, not days.

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Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs Q3 2025): DKK 5,807m vs DKK 4,898m (up about 19%)
• Net Income (Excl. Extra Items, Q3 2026 vs Q3 2025): DKK 463m vs DKK 249m (up about 86%)
• Basic EPS (Q3 2026 vs Q3 2025): DKK 4.62 vs DKK 2.49 (up about 86%)
• Net Profit Margin (Trailing 12 Months vs Prior Year): 5.3% vs 4.3% (improved by about 1 percentage point)

BioMar raised profit guidance even as full-year volumes were cut. Ask Charlie what drove BioMar’s EBIT jump on softer volumes.

BioMar bull case: contracts, capacity and cash discipline

BioMar’s upbeat story hinges on Ecuador capacity, contract quality and capital discipline turning into durable earnings power.

"Expansion of shrimp feed capacity in Ecuador, with 110,000 tonnes of new capacity planned to come onstream and a further 200,000 tonnes targeted, is supported by long-term contracts that cover most of the added volume and is expected to influence future revenue growth and asset efficiency."

Record Q3 volumes of 488k tonnes and higher full year EBIT guidance show the expansion is contributing, even with management trimming volume guidance. Return on invested capital at 27% and lower leverage support the claim that growth is being funded without stretching the balance sheet.

BioMar bear case: Ecuador ramp, volatility and execution risk

The key worry is that Ecuador and Vietnam build outs, raw material swings and tough markets erode the BioMar earnings story.

"BioMar Group is investing heavily in shrimp capacity in Ecuador and relying on toll milling and long-term contracts during the build-out. Any slower ramp-up, higher-than-planned operating costs or weaker contract economics in Ecuador or Vietnam could pressure segment EBIT per tonne and overall margins."

Q3 shows margin strength, with EBIT up 50% and EBIT per tonne contributing most of the uplift, which argues against contract weakness so far. Yet management has cut volume guidance and flagged Ecuador hydropower issues and customer bad debts, which signals that execution and biological risks are active, not theoretical.

One Narrative disagrees with today's price. → See where this Narrative says BioMar Group should trade.

Hunt For Mispriced Earnings Power

BioMar Group’s latest quarter shows how a solid operational story does not always dominate short term trading. The real opportunity could sit in stocks where fundamentals and valuation have quietly drifted apart.

• Company 1 - 46% below our estimate - leans into rising loan loss provisions and a tougher credit cycle after election driven volatility reshapes expectations for its largest lending book.
• Company 2 - 38% below our estimate - expands fee earning real estate lending as banks retreat, turning multi dwelling and large apartment projects into a growing pool of private credit mandates.
• Company 3 - 16% below our estimate - scales an online delivery marketplace where multi category ordering, subscription plans and dark stores push more spend from offline channels into bundled digital baskets.

Three companies from the same screener. Open every one of the 195 undervalued companies on it →

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