Seafood-Salmon prices at ~NOK 62/kg-06/08/2026

Research evidence excerpt

Seafood-Salmon prices at ~NOK 62/kg-06/08/2026

feed market is moving from “overcapacity” to “tighter”. 50

BioMar’s earnings multiples is trading below salmon farmers, with its P/E (26e) at 25

13.5x on PAS est, and ~12x in 2027e, which we find attractive given the 0

significantly more stable earnings profile and scope for further growth within the 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

shrimp segment ahead. We initiate coverage on BioMar with BUY and a TP of DKK 2022 2023 2024 2025 2026

130/sh. Link to report.

Feed ingredient prices are on the rise

In the wake of another extended fishing ban in Peru, fishmeal- and fishoil (FMFO)

prices have continued to trend higher. Peruvian fishoil now sit at USD

6,800/tonnes (+172% Y/Y), prices last seen in 2023/2024 following the cancelled

fishery season. Fishmeal prices too have reached unprecented levels, with the

latest print being 2x that of last year. In the North Atlantic however, the “price

boom” have been more moderate, and oil prices are “only” +62% Y/Y while

fishmeal is “only” +23% higher Y/Y. Our impression is that most farmers saw no

meaningful uptick in Q2 feed prices, but prices will definitely start to increase

heavily from Q3, meaning cost will increase gradually through 2027e. Cost should,

in due time, likely increase more than NOK 3/kg from where we are today.

Analysts

Scotland mortality remains low – BAKKAs sites performing well YTD Henrik Longva Knutsen

Scotland mortality came in at 0.89% for April, down year-over-year and tracking +47 24 13 39 02, henrik.knutsen@paretosec.com

below the 6-year historical range – an encouraging signal as the industry Eirik Stray Spetalen

approaches the more demanding summer months, which historically represent +47 24 02 81 13, eirik.stray.spetalen@paretosec.com