Schouw & Co (SCHO) investor relations material

Executive summary

• Raised 2026 group revenue guidance to DKK 34.8–37.2 billion and EBITDA to DKK 3.15–3.35 billion, reflecting strong performance and positive outlook across all portfolio companies.

• Q2 revenue increased by 5% year-over-year, with EBITDA up 17% due to higher activity, productivity gains, and operational optimization.

• All major subsidiaries reported improved profitability, with several achieving record or near-record results and raising their own guidance.

• Completed IPO of BioMar and agreed to acquire 75% of Spectre, expected to add DKK 300–400 million in 2026 revenue with limited EBITDA impact.

• Profit before tax rose 42%, supported by stronger operations and lower financial expenses.

Financial highlights

• Q2 revenue: DKK 9,195m (+5% year-over-year); Q2 EBITDA: DKK 878m (+17% year-over-year); EBIT up 25% to DKK 533m; profit before tax up 42%.

• BioMar Q2 revenue up 5% to DKK 4.2 billion, EBITDA up 2% to DKK 357 million; feed segment EBITDA up 9%.

• GPV revenue stable at DKK 2.2 billion, EBITDA up 20% to DKK 187 million, EBITDA margin at 8.3%.

• HydraSpecma revenue up 12% to DKK 925 million, EBITDA up 30% to DKK 125 million.

• BORG Automotive revenue down 5% to DKK 461 million, EBITDA up to DKK 38 million.

• Fibertex Personal Care EBITDA up 23% to DKK 59 million.

• Fibertex Nonwovens revenue up 20% to DKK 700 million, EBITDA up 48% to DKK 84 million.

Outlook and guidance

• 2026 full-year revenue guidance raised to DKK 34,800–37,200m (previously DKK 33,000–35,500m); EBITDA guidance raised to DKK 3,150–3,350m (previously DKK 2,900–3,200m).

• All businesses increased expectations on revenue and/or EBITDA.

• Spectre acquisition expected to add DKK 300–400m revenue in 2026, with limited EBITDA impact.

• BioMar raised 2026 revenue guidance to DKK 7–18 billion, EBITDA to DKK 1.62–1.72 billion.

• GPV narrowed revenue guidance to DKK 8.6–9 billion, EBITDA to DKK 710–750 million.

• HydraSpecma raised revenue guidance to DKK 3.4–3.6 billion, EBITDA to DKK 430–460 million.

• BORG Automotive maintained revenue guidance at DKK 1.6–1.9 billion, raised EBITDA to DKK 90–110 million.

• Fibertex Personal Care raised revenue guidance to DKK 1.7–1.9 billion, EBITDA to DKK 160–180 million.

• Fibertex Nonwovens raised revenue guidance to DKK 2.5–2.7 billion, EBITDA to DKK 230–260 million.