Quality Feed, Fairly Fed

研报英文原文证据摘录

Quality Feed, Fairly Fed

FoundationMto large customers and with quarterly price updates to smaller customers.

There are 6 broad steps for manufacturing, which see inputs stored, ground and mixed with ingredients for homogenous blending. Pellets

are shaped via extrusion with oil infusions in the latter stages before preparation for transportation. Flexible scheduling, sifting and

automated pellet packaging is available in most but not all production facilities. The focus on quality control delivers 98.5% (Jan-Aug

2025) right-first-time performance. BioMar holds the relevant certifications for adherence to best practice standards.

Sourcing; security of supply with traceability – BioMar has the flexibility to draw on many suppliers given it has no vertical integration

into input supply. The group has centralised sourcing for key inputs to maximise its pricing power. That said, it can incorporate local

sourcing to de-risk the supply logistics and look to suppliers/supply that is aligned with its sustainability goals and has the necessary

traceability where required. There is also collaboration between R&D and formulation to enable faster adoption and effective nutrient

availability to each species and specific requirements for each development phase. In addition, the group is tracking supplier performance

to drive supplier selection and enhance collaboration. Lastly, it also tracks monthly prices and analyses these against global indices and

benchmarks.

Exhibit 24: Diversified supply base (2024)

Source: Company data, Morgan Stanley Research

Extensive logistical capabilities – BioMar has secured fleet access across key markets. This includes leasing in Norway with access to

through-season and only-for-high season vessels.