Aktieselskabet Schouw & Co.

Company announcement no. 19

2 May 2025

Interim report

First quarter 2025

Chr. Filtenborgs Plads 1

DK-8000 Aarhus C

Comp. reg. no. 63965812

4 A word from our CEO

4 Quarterly highlights

5 Financial highlights

6 Interim report – first quarter 2025

9 Outlook

11 Management’s statement

13 Q1 Portfolio company financial highlights

14 BioMar

19 GPV

23 HydraSpecma

27 Borg Automotive

31 Fibertex Personal Care

35 Fibertex Nonwovens

40 Statements of income and comprehensive income

41 Cash flow statement

42 Balance sheet

43 Statement of changes in equity

44 Notes

Contents

Interim report

Our businesses

Management's report

Interim report for Q1 2025

4 A word from our CEO →

4 Quarterly highlights →

5 Financial highlights →

6 Interim report – first quarter 2025 →

9 Outlook →

11 Management’s statement →

Management's

report

Interim report for Q1 2025

Overall, the portfolio businesses

had a solid first quarter of 2025,

in particular when taking the

global uncertainty and economic

development into consideration.

The current business environ-

ment is challenged in an unprece-

dented way and uncertainty, risks

and unease of trade increases

constantly. With this backdrop, I

am very satisfied with the perfor-

mance of Schouw & Co.

The business model in Schouw

& Co. proves its value in times

like this. A high share of our

revenue is non-cyclical and with

our highly diversified product

offering and global geographi-

cal presence, Schouw & Co. is

a steady performer in turbulent

times. We are also exposed to

the global changes but have a

very strong and well-invested

platform. We remain focused

on seizing opportunities and

utilising our financial strength

and versatility to make long-

term attractive investments.

Schouw & Co. has always

applied a best ownership

philosophy. We see long-term

and beyond the current market

activity, and have attractive

development opportunities in all

our businesses. To future-proof

Schouw & Co., we are evaluat-

ing a possible separate listing

of BioMar with the purpose of

investigating whether it will be

value-creating for Schouw &

Co. and our shareholders. It is

a complex decision but there is

good traction and momentum

in the preparations. Schouw &

Co. intends to remain a majority

shareholder if the evaluation

should lead to a separate listing

of BioMar.

Jens Bjerg Sørensen,

President and CEO

Solid performance in a

volatile environment

Quarterly highlights

12.5%

ROIC excluding goodwill

– a 1.0 pp decrease

7.9

220

565

4.94

DKKbn revenue

– a 1% improvement

DKKm cash flows from

operations

– a 29% improvement

DKKm EBITDA

– a 13% decrease

DKK earnings per share

– a 20% decrease

A word from our CEO

Interim report for Q1 20254

Group summary (DKKm) YTD 2025 YTD 2024 FY 2024

REVENUE AND INCOME

Revenue 7,928 7,882 34,666

EBITDA 565 652 2,931

Depreciation, amortisation and impairment losses 277 277 1,104

EBIT 288 374 1,827

Profit/loss after tax in associates and joint ventures 11 5 36

Net financial items -116 -146 -450

Profit before tax 183 233 1,413

Profit for the period 118 146 989

CASH FLOWS

Cash flow from operating activities 220 171 2,553

Cash flow from investing activities -153 -173 -623

Of which investment in property, plant and equipment -165 -180 -652

Free cash flow 67 -3 1,931

INVESTED CAPITAL AND FINANCING

Invested capital (excluding goodwill) 15,177 15,696 15,231

Total assets 27,598 27,901 28,123

Working capital 6,847 7,415 6,774

Net interest-bearing debt (NIBD) 5,398 6,423 5,376

Share of equity attributable to shareholders of Schouw&Co. 11,226 10,688 11,279

Non-controlling interests 935 895 954

Total equity 12,162 11,583 12,233

FINANCIAL KEY FIGURES

EBITDA-margin (%) 7.1 8.3 8.5

EBIT-margin (%) 3.6 4.7 5.3

EBT-margin (%) 2.3 3.0 4.1

Equity ratio (%) 44.1 41.5 43.5

ROIC excluding goodwill (%) 12.5 13.5 13.0

ROIC including goodwill (%) 10.5 11.4 10.9

NIBD/EBITDA ratio 1.9 2.1 1.8

Average no. of employees 14,623 15,095 14,899

SHARE RELATED KEY FIGURES

Earnings per share (of DKK 10) 4.94 6.18 40.88

Diluted earnings per share (of DKK 10) 4.94 6.17 40.82

Share price, end of period 614.00 532.00 538.00

Market capitalisation, end of period 14,096 12,421 12,390

Financial highlights

Revenue, first quarter

DKKbn

EBITDA, first quarter

DKKm

Cash flow from operating activities, first quarter

DKKm

Return on invested capital, first quarter

ROIC excluding goodwill

4.9

6.3

8.7

7.9

2021 2022 2023 2024 2025

479

364

511

652

565

2021 2022 2023 2024 2025

15.8

12.1

11.4

13.5

12.5

2021 2022 2023 2024 2025

-106

-632

-96

171

220

2021 2022 2023 2024 2025

Interim report for Q1 2025

Financial performance

Overall, Schouw & Co. per-

formed as expected in the first

quarter of 2025. Representing

an unusual period with uncer-

tainties increasing week by

week, the quarter left a world in

change with a battle of tariffs,

threats of trade barriers and

a risk of recession. So far, the

direct impact of the changes on

the Group’s operations has been

limited, but many customers are

cautious – waiting to see what

will happen.

Being present in a broad range

of industries across many

markets exposes Schouw & Co.

to such changes in the global

economy, which are causing

uncertainty in several interna-

tional markets of importance to

Group sales. On the other hand,

the diversification of Schouw &

Co. provides stability, enabling

the portfolio businesses to act

appropriately and with a long-

term perspective.

Consolidated revenue for

Q1 2025 amounted to DKK

7,928 million, a small increase

from DKK 7,882 million in

Q1 2024. The improvement

was predominantly driven by

increased revenue in BioMar

and HydraSpecma, offsetting

a revenue decrease in GPV and

Fibertex Personal Care.

As expected, consolidated

EBITDA for Q1 2025 was down

by 13% year on year to DKK 565

million, mainly due to BioMar

and, to a lesser extent, GPV,

Fibertex Nonwovens and Borg

Automotive, while HydraSpecma

reported a healthy earnings

improvement. When comparing

year-on-year figures, it should

be noted that BioMar’s EBITDA

for Q1 2024 was impacted by

positive effects of a special

nature of approximately DKK 65

million.

Associates and joint ventures,

which are recognised at a share

of profit after tax, contributed a

DKK 11 million profit in Q1 2025

against a DKK 5 million profit

in Q1 2024. The share of profit

was attributable to BioMar,

which maintained earnings from

feed joint ventures at a positive

level and improved earnings

from associates from a loss to

a minor profit, due in particular

to a reduced loss from Chilean

fish farming company Salmones

Austral.

Consolidated financial items

improved from an expense of

DKK 146 million in Q1 2024 to

an expense of DKK 116 million

in Q1 2025. The amount breaks

down into a decrease in net

interest expenses from DKK 116

million in Q1 2024 to DKK 79

million in Q1 2025, while foreign

exchange rate adjustments etc.

amounted to an expense of DKK

38 million in Q1 2025 compared

to an expense of DKK 30 million

in Q1 2024.

In a turbulent environment, Schouw & Co. recorded an overall Q1 2025

performance in line with expectations. So far, the direct impact of the

changes on the Group’s operations has been limited, but many customers

are cautious.

Quarter

(DKKm) Q1 2025 Q1 2024 Change

Revenue 7,928 7,882 46 1%

EBITDA 565 652 -87 -13%

EBIT 288 374 -87 -23%

Income from associates etc. 11 5 6 141%

Profit before tax 183 233 -50 -22%

CF from operating activities 220 171 49 29%

Year to date

(DKKm)

YTD

2025

YTD

2024 Change

Revenue 7,928 7,882 46 1%

EBITDA 565 652 -87 -13%

EBIT 288 374 -87 -23%

Income from associates etc. 11 5 6 141%

Profit before tax 183 233 -50 -22%

CF from operating activities 220 171 49 29%

Working capital 6,847 7,415 -568 -8%

Net interest-bearing debt 5,398 6,423 -1,025 -16%

ROIC excluding goodwill 12.5% 13.5% -1.0pp

ROIC including goodwill 10.5% 11.4% -0.9pp

Performance as expected

despite a world in change

Interim report – first quarter 2025

Interim report for Q1 2025

The consolidated profit before

tax decreased from DKK 233

million in Q1 2024 to DKK 183

million in Q1 2025. The profit

before tax for the first quarter

resulted in corporate income tax

of DKK 64 million against DKK

87 million in Q1 2024.

Liquidity and capital

resources

The operations of Schouw &

Co. generated a cash inflow of

DKK 220 million in Q1 2025,

against DKK 171 million in Q1

2024. The improvement was

predominantly attributable

to HydraSpecma, Fibertex

Nonwovens and GPV, while

Borg Automotive generated a

lower cash inflow compared to

Q1 2024.

A total of DKK 153 million was

spent on investing activities in Q1

2025, against DKK 173 million in

Q1 2024. BioMar accounted for

the major part of the investments

made in Q1 2025.

The Group’s overall working cap-

ital increased by DKK 73 million

in Q1 2025 from DKK 6,774 mil-

lion at 31 December 2024. Year

on year, the Group’s overall work-

ing capital was reduced from

DKK 7,415 million at 31 March

2024 to DKK 6,847 million at 31

March 2025. The year-on-year

reduction was predominantly

attributable to BioMar.

The net interest-bearing debt

increased by DKK 22 million

during the first quarter to

stand at DKK 5,398 million at

31 March 2025. Year on year,

however, the net interest-bear-

ing debt declined by DKK 1,025

million from DKK 6,423 million

at 31 March 2024, and the

Group improved its financial

gearing (NIBD/EBITDA) ratio

from 2.1 to 1.9.

Group developments

During the past couple of years,

the portfolio businesses have

worked intensively to align their

Potential separate listing of

BioMar

On 12 November 2024, it was announced that the Board of

Directors of Schouw & Co. had decided to initiate an evalu-

ation of a possible separate listing of BioMar. The purpose

is to investigate whether this would be value-creating for

Schouw & Co. while at the same time securing BioMar the

best opportunities for continued growth, and it was made

clear that Schouw & Co. intends to remain the majority

shareholder of BioMar after a potential IPO.

The investigation into the potential value creation for the

existing shareholders of Schouw & Co., through a separate

listing of BioMar, continued in Q1 2025, and it is likely that

a banking syndicate will be established in the near future as

a next step in the preparations towards a separate listing of

BioMar.

Interim report for Q1 2025

operations to a world of ever

more volatile market conditions.

Being able to react quickly to

changed conditions requires

significant adaptability and

commitment. The Group’s

industrial and geographic

diversification makes this a

complex task, but at the same

time, it spreads risk and leads to

opportunities.

Thanks to the Group’s finan-

cial strength, the portfolio

businesses have been able

to build solid positions with

access to production capac-

ity and supplies. Overall, the

portfolio businesses appear

to be at least maintaining their

market shares, but some of

their customers are being more

cautious, as they are trying to

predict likely changes in the

turbulent environment.

The following is a brief review

of individual business perfor-

mances in Q1 2025:

BioMar reported volume sales

up 12% on the year before.

Combined with lower prices of

a number of raw materials and

a change in product mix, this

caused revenue to increase

by 5% compared to Q1 2024.

EBITDA, on the other hand, was

down 24% compared to the Q1

2024 performance, which was

impacted by positive effects of a

special nature of approximately

DKK 65 million. Excluding those

impacts, EBITDA was on a par

with the year-earlier period.

GPV reported revenue down 5%

on the year before, which was

largely expected due to contin-

ued soft demand from cus-

tomers, partially driven by the

market re-balancing attributable

to the adjustment of inventories

following the normalisation of

the materials supply situation.

The lower level of activity also

impacted EBITDA, which fell by

8% compared to Q1 2024.

HydraSpecma reported 3%

revenue growth relative to the

year before, with variations

across divisions. A high level

of activity in the Renewables

Division and healthy sales of

power systems to customers

in the Global OEM Division

compensated for subdued

activity in other segments.

Further, efficiencies in logistics

and automation and a net gain

on a property divestment drove

EBITDA up 27% compared to

Q1 2024. Excluding the positive

impact from the property

divestment, EBITDA improved

by 12%.

Borg Automotive generated

revenue on a par with Q1 2024

despite continued soft demand

in the Reman segment and

persistently fierce competition

across most markets. EBITDA,

however, decreased by 32%

compared to Q1 2024, due to

fierce competition combined

with increased production costs

in Reman and negative impact

from core regulations.

Fibertex Personal Care

reported revenue down 4% on

the year before, mainly driven

by lower sales volumes. EBITDA

was on a par with Q1 2024. The

healthy earnings performance

was supported by optimised

offerings in the Asian market

despite strong competition in

the region.

Fibertex Nonwovens reported

revenue on a par with Q1 2024,

as increased sales of wipes and

similar products in the USA

outweighed declines in other

segments. EBITDA decreased

by 26% compared to Q1 2024,

partly due to a change in

product mix. US operations

improved but remained a drag

on earnings.

Events after the balance

sheet date

Except as set out elsewhere in

this interim report, Schouw &

Co. is not aware of any events

occurring after 31 March 2025

which are expected to have a

material impact on the Group’s

financial position or outlook.

Accounting policies

The interim report is presented

in accordance with IAS 34

“Interim financial reporting” as

adopted by the EU and Danish

disclosure requirements for

the consolidated and parent

company financial statements of

listed companies.

See the 2024 Annual Report for

a full description of the account-

ing policies. In addition, Schouw

& Co. will be implementing the

standards and interpretations

which are effective from 2025.

Judgments and estimates

The preparation of interim

financial statements requires

management to make account-

ing judgments and estimates

that affect recognised assets,

liabilities, income and expenses.

Actual results may differ from

these judgments and estimates.

Special risks

The overall risk factors Schouw

& Co. is facing are discussed in

the 2024 Annual Report. The

current assessment of special

risks is largely unchanged from

the assessment applied in the

preparation of the 2024 Annual

Report.

Roundings and presentation

The amounts appearing in this

interim report have generally

been rounded to the nearest

million using standard rounding

principles. Accordingly, some

additions may not add up.

Schouw&Co. shares

Schouw & Co. shares appreciated by

14% during the first quarter to DKK 614

at 31 March 2025 from DKK 538 at 31

December 2024.

Interim report for Q1 2025

Outlook for 2025

More than anything else, 2025

is characterised by high uncer-

tainty. The global economy is

affected by the battle of tariffs,

threats of trade barriers and

risk of recession. Changes

appear without warning, and

some of them could have a

significant impact on Schouw

& Co.

US import tariffs are currently

drawing significant attention,

but direct sales from Schouw

& Co. to the USA are limited to

around 5% of Group turnover,

and about 50% of these sales

are manufactured in the USA at

the three factories operated by

Fibertex Nonwovens and Fiber-

tex Personal Care, which gives

these companies a competitive

advantage in the USA.

More importantly, Schouw

& Co. may also be affected

indirectly through customers

or suppliers. Being present in a

broad range of industries and

serving customers across many

markets exposes Schouw &

Co. to changes in demand. On

the other hand, however, the

diversification of the Group also

spreads operational risk and

provides stability.

The portfolio businesses have

worked intensively to align their

operations to a world of ever

more volatile market conditions

and are consequently able, to a

large degree, to adapt to chang-

ing conditions. Nevertheless,

sudden implementation of tariffs

or other changes in international

trade may have an immediate

effect. These and other sudden

changes are unpredictable

and are as such not included in

Schouw & Co.’s guidance, but

are of course monitored closely.

The following is a brief review

of 2025 revenue and EBITDA

forecasts for the individual

businesses:

BioMar maintains its full-year

2025 revenue guidance, but

changing market conditions and

volatile prices of raw materials

may as always impact the reve-

nue forecast substantially. The

mounting uncertainty caused by

Changes to the global economy are causing high uncertainty for

industry in general. However, thanks to its diversified platform, Schouw

& Co. is in a strong position to cope with the challenges. Unpredictable

changes are not included in guidance but are monitored closely. Full-

year EBITDA guidance is maintained.

Earnings guidance maintained

despite high uncertainty

Outlook

Interim report for Q1 2025

the ongoing changes in world

trade may also affect BioMar’s

customers, but given the current

outlook, the company maintains

its 2025 EBITDA guidance.

GPV continues to expect

demand to remain soft for a

while, and market conditions will

remain volatile in 2025. Demand

from customers is expected to

be on a par with 2024, but there

are early signs of an upturn.

Against this background,

GPV maintains its previously

announced full-year 2025 reve-

nue and EBITDA guidance.

HydraSpecma expects to

maintain a high activity level,

as strong performance in the

Renewables Division and in

selected segments of the Global

OEM Division will offset more

moderate activity levels in

other areas. Revenue guidance

for 2025 is maintained while

EBITDA guidance is lifted.

Borg Automotive is experi-

encing continued soft demand

for Reman products and fierce

competition across most mar-

kets. Although general market

conditions currently reflect

this, some product lines are

still showing healthy growth

potential, and combined with

the optimised manufacturing

footprint, this could partially

counteract the effects of the

soft market in 2025. Revenue

guidance for 2025 is tem-

pered and EBITDA guidance is

lowered.

Fibertex Personal Care

expects to maintain a healthy

level of spunbond activity in

Europe and print activity in the

USA. Overcapacity in Asia con-

tinues to impact performance,

but Fibertex Personal Care

has temporarily adjusted its

production capacity in Malaysia

accordingly. Full-year revenue

guidance is maintained while

EBITDA guidance is lifted.

Fibertex Nonwovens is adapt-

ing sales to the changing envi-

ronment, with growth expecta-

tions supported in part by the

ramped-up production capacity

in the USA, which enables the

company to better accommo-

date North American customers’

demand for materials for wipes.

Revenue and EBITDA guidance

for 2025 is maintained.

Schouw & Co.’s overall

guidance

Schouw & Co. generates a

substantial part of its revenue by

converting raw materials or by

processing procured compo-

nents. As a result, changes in

prices of materials and foreign

exchange rates may have a

significant impact on revenue,

even though underlying activity

levels may be unchanged.

Similarly, changes in revenue

resulting from changes in prices

of materials will not necessarily

trickle down to earnings.

Based on the most recent

expectations of activity levels

and prices of materials and

components, Schouw & Co.

now expects a full-year 2025

consolidated revenue in the DKK

33.3-35.8 billion range against

previously expected DKK 33.4-

35.9 billion.

Schouw & Co. provides

consolidated earnings guid-

ance at EBITDA level based on

an aggregation of individual

portfolio business forecasts,

but actual portfolio company

EBITDA results may deviate

from these individual forecasts.

Accordingly, the actual guidance

is expressed through consoli-

dated EBITDA, which for 2025

is maintained in the range of

DKK 2,820-3,120 million, as

increased EBITDA forecasts

for HydraSpecma and Fibertex

Personal Care offset a lowered

forecast for Borg Automotive.

Depreciation and amortisation

charges are expected to remain

at about DKK 1,140 million in

2025, and consolidated financial

items for 2025 are now expected

to constitute an expense of

approximately DKK 360 million

before any effect of further

changes in foreign exchange

rates or other adjustments.

The non-consolidated associ-

ates and joint ventures, most of

which form part of the BioMar

business, are recognised at a

share of profit after tax, which

is still expected to amount to

approximately DKK 80 million

in 2025 despite LetSea having

changed its status from an

associated to a consolidated

company as of 1 April 2025.

Revenue

(DKKm)

2025 guidance

after Q1

2025 initial

guidance

2024

actual

BioMar 16,000-17,000 16,000-17,000 16,616

GPV 8,700-9,300 8,700-9,300 8,931

HydraSpecma 2,900-3,200 2,900-3,200 3,031

Borg Automotive 2,000-2,200 2,100-2,300 1,971

Fibertex Personal Care 1,400-1,600 1,400-1,600 1,882

Fibertex Nonwovens 2,300-2,500 2,300-2,500 2,247

Other/eliminations - - -12

Total revenue 33,300-35,800 33,400-35,900 34,666

Earnings

(DKKm)

2025 guidance

after Q1

2025 initial

guidance

2024

actual

BioMar 1,470-1,570 1,470-1,570 1,476

GPV 590-650 590-650 625

HydraSpecma 350-380 340-370 339

Borg Automotive 150-180 170-200 171

Fibertex Personal Care 140-170 130-160 187

Fibertex Nonwovens 200-230 200-230 194

Other -60-80 -60-80 -60

EBITDA 2,820-3,120 2,820-3,120 2,931

PPA depreciation/amortisation -160 -160 -161

Other depreciation/amortisation -980 -980 -943

EBIT 1,680-1,980 1,680-1,980 1,827

Associates and JVs 80 80 36

Net financial items -360 -325 -450

Profit before tax 1,400-1,700 1,435-1,735 1,413

Interim report for Q1 2025

Management’s statement

To the shareholders of Aktieselskabet Schouw&Co.

The Board of Directors and the

Executive Management today

considered and approved the

interim report for the period 1

January to 31 March 2025.

The interim report, which

has been neither audited nor

reviewed by the company’s

auditors, was prepared in

accordance with IAS 34 ‘Interim

Financial Reporting’ as adopted

by the EU and Danish disclo-

sure requirements for listed

companies.

In our opinion, the interim finan-

cial statements give a true and

fair view of the Group’s assets,

liabilities and financial position

at 31 March 2025 and of the

results of the Group’s operations

and cash flows for the three

months ended 31 March 2025.

Furthermore, in our opinion,

the management’s review

includes a fair review of the

development and performance

of the business, the results for

the period and of the Group’s

financial position in general and

describes the principal risks and

uncertainties that the Group

faces.

Aarhus, 2 May 2025

Executive Management

Jens Bjerg Sørensen

President and CEO

Peter Kjær

Board of Directors

Jørgen Dencker Wisborg

Chairman

Kenneth Skov Eskildsen

Deputy Chairman

Kjeld Johannesen

Hans Martin Smith Søren Stæhr Sisse Fjelsted Rasmussen

Financial calendar

Release of Q3 2025

interim report

NOVEMBER

Release of Q2 2025

interim report

AUGUST

Interim report for Q1 202511

13 Q1 Portfolio company financial highlights →

14 BioMar →

19 GPV →

23 HydraSpecma →

27 Borg Automotive →

31 Fibertex Personal Care →

35 Fibertex Nonwovens →

Our businesses

Interim report for Q1 2025

Amounts in DKK million

Q1 BioMar GPV HydraSpecma Borg Automotive

Fibertex

Personal Care

Fibertex

Nonwovens Group

2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024

INCOME STATEMENT

Revenue 3,399 3,244 2,200 2,320 800 775 506 503 447 465 579 579 7,928 7,882

Contribution margin 380 416 286 296 220 210 107 117 78 81 100 117 1,172 1,237

EBITDA 206 270 143 155 108 85 32 47 49 49 43 59 565 652

Depreciation, amortisation and impairment losses 90 90 77 79 33 33 19 19 31 28 28 27 277 277

EBIT 117 180 66 76 75 52 14 28 19 20 16 32 288 374

Profit after tax in associates and JVs 11 5 0 0 0 0 0 0 0 0 0 0 11 5

Net financial items -30 -54 -64 -83 -28 -14 -9 -14 -8 -9 -27 -26 -116 -146

Profit before tax 98 131 1 -6 47 38 4 14 11 11 -12 5 183 233

Tax on profit for the period -29 -43 -9 -13 -11 -10 -2 -2 -3 -3 -5 -7 -64 -87

Profit for the period 69 88 -7 -19 37 28 2 12 8 9 -17 -2 118 146

Shareholders of Schouw & Co. 63 83 -7 -19 37 28 2 12 8 9 -17 -2 114 145

Non-controlling interests -6 -5 0 0 0 0 0 0 0 0 0 0 -5 -1

Profit for the period 69 88 -7 -19 37 28 2 12 8 9 -17 -2 118 146

CASH FLOWS

Cash flow from operating activities -38 -39 174 150 74 23 -76 -43 39 36 18 -11 220 171

Cash flow from investing activities -117 -33 -25 -56 29 -27 -5 -7 -7 -28 -28 -22 -153 -173

Cash flow from financing activities 150 188 -129 -58 -124 -19 69 50 -29 9 0 48 -68 163

BALANCE SHEET

Intangible assets

1,365 1,392 972 1,009 588 592 231 249 59 61 111 118 4,353 4,448

Property, plant and equipment 1,784 1,696 1,017 1,025 489 491 262 220 1,229 1,193 1,495 1,497 6,297 6,145

Other non-current assets 1,143 1,162 463 386 137 150 149 154 12 38 15 10 1,966 1,938

Cash and cash equivalents 426 300 266 265 77 52 10 11 11 29 62 86 877 743

Other current assets 5,813 6,124 4,597 4,616 1,524 1,525 1,499 1,353 587 603 915 920 14,104 14,628

Total assets 10,531 10,674 7,314 7,301 2,816 2,810 2,151 1,987 1,897 1,924 2,599 2,630 27,598 27,901

Equity 3,530 2,892 2,411 2,275 1,120 957 622 591 994 913 798 851 12,162 11,583

Interest-bearing liabilities 2,825 3,773 2,765 2,665 1,026 1,242 800 718 558 630 1,416 1,415 6,478 7,346

Other liabilities 4,176 4,009 2,138 2,362 670 612 728 678 346 381

385 364 8,958 8,973

Total equity and liabilities 10,531 10,674 7,314 7,301 2,816 2,810 2,151 1,987 1,897 1,924 2,599 2,630 27,598 27,901

Average no. of employees 1,610 1,600 7,491 8,124 1,508 1,481 2,257 2,067 607 706 1,130 1,096 14,623 15,095

FINANCIAL KEY FIGURES

EBITDA margin 6.1% 8.3% 6.5% 6.7% 13.5% 11.0% 6.4% 9.3% 11.1% 10.5% 7.5% 10.2% 7.1% 8.3%

EBIT margin 3.4% 5.6% 3.0% 3.3% 9.4% 6.8% 2.7% 5.5% 4.2% 4.4% 2.7% 5.5% 3.6% 4.7%

ROIC excluding goodwill 26.1% 25.2% 7.9% 10.3% 14.9% 13.0% 9.1% 11.6% 4.4% 8.0% 3.6% 4.5% 12.5% 13.5%

ROIC including goodwill 19.1% 18.5% 7.3% 9.6% 12.8% 11.2% 6.5% 8.0% 4.1% 7.5% 3.4% 4.3% 10.5% 11.4%

Working capital 1,759 2,367 2,502 2,477 895 959 816 728 339 351 571 577 6,847 7,415

Net interest-bearing debt 1,694 2,961 2,271 2,327 881 1,129 777 689 543 601 1,354 1,329 5,398 6,423

1) Excluding consolidated goodwill in Schouw&Co.

Q1 Portfolio company

financial highlights

Interim report for Q1 2025

Our businesses

BioMar is one of the world’s largest manufacturers of

quality feed for the fish and shrimp farming industries.

The core business areas are feed for salmonids as well as

shrimp, sea bass and bream and other high-value species.

Innovation is an integral part of BioMar’s business model,

coupled with a focus on sustainability, which forms a key

aspect of global aquaculture today.

Interim report for Q1 2025

Our businesses BioMar

As one of the world’s largest manufacturers

of quality feed for farmed fish and shrimp,

BioMar is strongly and firmly positioned in

a long-term, attractive growth industry.

Carlos Diaz, CEO of BioMar

Market

Aquaculture plays a key role in

the food supply of the future,

as aquaculture is the best way

to secure a more sustainable

approach to increasing the

supply of seafood and avoid

overfishing the oceans. There

is a global need for healthy and

sustainable sources of protein,

and according to FAO, the UN

Food and Agriculture Organi-

zation, the global production of

fish is expected to continue to

grow. Already, more than 50% of

the world’s fish and shrimp are

raised in aquaculture, which is

the fastest growing food produc-

tion industry.

Feed plays a very significant role

in aquaculture, being the pre-

dominant factor in determining

the nutritive content and thereby

the state of health of a fish or

shrimp. Feed is also a major

factor in the climate impact of

fish and shrimp farming, asfeed

ingredients have a substantial

impact on the environmental

footprint from aquaculture. Con-

tinuous investment in R&D is

thus essential when it comes to

producing healthy and sustain-

able fish and shrimp for human

consumption.

For many years, BioMar has

been a leading player in terms

of ongoing product develop-

ment and working with new,

innovative and more sustainable

ingredients. With its customised

products for a broad range of

species combined with a pres-

ence in Europe, Latin America,

Asia and Australia, BioMar has

a strong, central position in the

market.

Geography

BioMar is headquartered in

Aarhus, Denmark, and since

the end of 2024, the company’s

operations have been divided

into four segments: Salmon,

Shrimp, Selected Species and

Tech.

The Salmon segment covers

activities related to the feed

factories in Norway, Scotland,

Chile and Australia. The Shrimp

segment covers feed from the

factories in Ecuador, Costa Rica

and Vietnam, and the Selected

Species segment includes feed

produced at the factory sites in

Denmark, France, Spain, Greece,

Türkiye, and China. Lastly, the

Tech segment is focused on

technology for developing more

efficient and sustainable intelli-

gent feed solutions.

The factories in China and

Türkiye are 50/50-owned joint

ventures with local partners, and

these activities are not consoli-

dated in the financial statements

but recognised as a share of

profit after tax.

Ownership – past and

present

In 2005, Schouw&Co. took

a 68.8% majority interest in

BioMar, then a listed company.

BioMar became a wholly-owned

subsidiary following a merger

in 2008.

Full-year revenue performance (DKKm)

0,000000

2979,666667

5959,333333

8939,000000

11918,666667

14898,333333

17878,000000

20242023202220212020

17,861

17,878

16,616

11,649

13,300

Interim report for Q1 2025

Our businesses BioMar

Financial review

Volumes sold in the first quarter

of 2025 increased by 12% year

on year, with all feed segments

contributing to the volume

growth. The strong growth

in the Salmon segment was

primarily driven by Norway

and Scotland, reflecting solid

growth in the biomass com-

pared to the same period last

year. Sales volumes of shrimp

feed in Ecuador grew signif-

icantly, and volumes sold in

other business units increased

as well. One exception in

particular was Greece, where

BioMar continues to take a

cautious approach to credit risk,

prioritising security of payments

and receivables recovery over

market share.

The reported revenue reflected

the increased sales volumes

but also a decline in the prices

of some raw materials. The

reported Q1 2025 revenue of

DKK 3,399 million marked an

increase of 5% compared to Q1

2024.

The Salmon segment reported

a 7% increase in volume sales

in the first quarter of 2025,

driven by higher volumes sold in

Norway in particular, which was

partly offset by lower volume

sales in Chile. Higher biomass

and improved biological con-

ditions in Norway contributed

to volume growth, although

sales volumes in Chile were

slightly lower than expected for

the quarter. Sales volumes in

Australia were also lower due

to biological issues, which are

expected to be of temporary

character.

Maintaining its focus on a broad

product offering, increased

sales volumes of functional feed,

commercial and operational

excellence and value creation

together with customers, the

Salmon segment retained its

earnings momentum in Q1

2025. However, as expected,

earnings decreased compared

to the exceptional Q1 2024,

which was impacted by positive

effects of a special nature of

approximately DKK 65 million.

The Shrimp segment reported

a remarkable 23% increase in

sales volumes compared to

Q1 2024, reflecting a stronger

market position and product

offerings in the Ecuadorian

market. Earnings also improved

significantly in a market

challenged by low prices of

farmed shrimp, although prices

stabilised during the quarter.

The operations in Vietnam are

still under development. Sales

volumes in Vietnam decreased,

reflecting challenging biolog-

ical conditions for farmers in

Vietnam, which are affecting

BioMar’s penetration of the

Vietnamese market.

BioMar continues to strengthen

its offering of products, con-

cepts and services in the Shrimp

segment, mainly in the Ecuado-

rian market, where the company

has added new production

capacity in recent years by way

BioMar

(DKKm)

YTD

2025

YTD

2024

Salmon 174 162 874

Shrimp 78 63 280

Selected species 43 38 227

Te c h 0 0 0

Eliminations -1 -1 -8

Total volume

(‘000 tonnes) 294 262 1,372

Salmon 2,306 2,266 11,725

Shrimp 551 467 2,005

Selected species 503 494 2,862

Te c h 39 15 90

Shared/non-allocated 0 3 -66

Total revenue 3,399 3,244 16,616

Salmon 106 197 1,101

Shrimp 49 39 190

Selected species 22 19 223

Te c h 13 -1 10

Shared/non-allocated 15 15 -48

Total EBITDA 206 270 1,476

EBIT 117 180 1,129

CF from operations -38 -39 1,585

Working capital 1,759 2,367 1,671

ROIC excluding

goodwill (%) 26.1% 25.2% 26.7%

ROIC including

goodwill (%) 19.1% 18.5% 19.7%

BioMar

Volume growth and solid

performance

High sales volumes and strong earnings momentum in Q1. Adjusted for the

positive effects of a special nature in Q1 2024, EBITDA was on a par year on year.

Substantial reduction of working capital. Full ownership of LetSea reinforces

BioMar’s position as a global leader in R&D. Full-year revenue and EBITDA

guidance is maintained.

Interim report for Q1 2025

Our businesses BioMar

of two extruder lines, but also in

Vietnam and Costa Rica.

The Selected Species segment

reported sales volumes 13%

above Q1 2024. All feed units

in the segment realised higher

volume sales except in Greece.

Earnings in the Selected Spe-

cies segment for the first quarter

of 2025 were on a par with Q1

2024, reflecting a strengthened

market position and customer

mix impact.

The operations of the Tech

segment include AQ1, which

is an innovative leader in

artificial intelligence for

behavioural-based control and

feeding detection technology

for sustainable aquaculture.

Overall, there is sound market

interest in the technology, but

customers have held back on

their investments for a while,

as they have felt the effects of

currently low prices of farmed

shrimp. Now, customers

again seem to some extent to

be interested in investments

that can increase production

efficiency and improve total

economic performance, and

revenue more than doubled

compared to Q1 2024, and

earnings increased as well.

Overall, BioMar reported earn-

ings in line with expectations

in Q1 2025. With EBITDA of

DKK 206 million, earnings were

down 24% compared to the

exceptional Q1 2024, which was

impacted by positive effects of a

special nature of approximately

DKK 65 million. Excluding those

impacts, EBITDA was on a par

with the year-earlier period.

Working capital decreased

significantly from DKK 2,367

million at 31 March 2024 to DKK

1,759 million at 31 March 2025,

despite the increase in revenue.

This was attributable to a few

important key accounts and a

general decrease in raw mate-

rials prices, although the effect

was partly offset by a change

in customer mix and general

commercial pressure for longer

credit terms. BioMar supports

loyal customers in many markets

when possible, but naturally also

needs to consider risk and net

working capital in order to main-

tain a healthy level of cash flow

and ROIC. Furthermore, BioMar

has acquired the remaining

50% of the shares in BioMar

Aquaculture Corporacion (Costa

Rica) from its joint venture part-

ner through a conversion of DKK

28 million of trade receivables.

Inventories decreased year

on year, reflecting a structural

reduction in stock levels and

optimisation of the logistics

supply chain as well as a positive

impact from generally lower raw

materials prices. Trade payables

increased despite the decrease

in inventories, mainly due to

extended credit terms with raw

materials suppliers to offset

growing pressure for extended

commercial credit from cus-

tomers, but also because of a

positive impact from higher utili-

sation of supply chain financing

facilities. The use of supply

chain financing on the supplier

side increased from DKK 747

million at 31 March 2024 to

DKK 763 million at 31 March

2025. The effect of exchange

rate developments on working

capital increased by around

DKK 100 million compared to

Q1 2024.

ROIC excluding goodwill was

26.1% at 31 March 2025 com-

Interim report for Q1 2025

Our businesses BioMar

pared to 26.7% at 31 December

2024, reflecting the decrease in

earnings in the first quarter of

2025.

Joint ventures and

associates

BioMar manufactures fish feed

in China and Türkiye through

two 50/50 joint ventures with

local partners. These activities

are not consolidated in the finan-

cial statements, but due to their

large growth potential, a strong

representation in these markets

is very important to BioMar.

These two feed businesses, cov-

ering two factories in China and

one factory in Türkiye, reported

combined revenue of DKK 295

million (100% basis) and EBITDA

of DKK 32 million in Q1 2025,

against revenue of DKK 327

million and EBITDA of DKK 43

million in Q1 2024. In Turkey,

sales volumes and revenue

declined, reflecting efforts to

limit credit risk given the gen-

eral economic situation in the

country. In China, sales volumes

and revenue increased for the

two feed factories combined,

despite low prices of farmed

fish, and EBITDA increased year

on year due to optimisation of

the product portfolio and prod-

uct offerings to customers.

The associated businesses

include the Chilean fish farming

company Salmones Austral

and three minor businesses,

LetSea, ATC Patagonia and LCL

Shipping.

The non-consolidated joint

ventures and associates are

recognised in the Q1 2025 con-

solidated financial statements at

a DKK 11 million share of profit

after tax, compared to a DKK 5

million share of profit after tax in

Q1 2024. The increase in profits

was mainly driven by a reduced

loss in Salmones Austral due to

higher fish prices, but also by a

positive contribution from the

LetSea aquaculture and tech-

nology centre.

Business development

Having acquired the remain-

ing 50% of the shares in the

Costa Rican factory BioMar

Aquacorporation Products S.A.,

BioMar is now the sole owner

of the former joint venture. The

transaction was completed in

February 2025 and represents

an investment of DKK 28 million

through a non-cash conversion

of trade receivables. This gives

BioMar the opportunity to

explore and further develop its

position in the important aqua-

culture market in Latin America.

The acquisition is not expected

to have any significant impact on

consolidated earnings in 2025.

BioMar has signed an agree-

ment to acquire full ownership

of LetSea AS, Norway’s leading

experimental and research

centre for aquaculture, by taking

over the remaining shares. The

acquisition reinforces BioMar’s

position as a global leader in

research and development

within fish feed and strengthens

its innovation capacity within

aquaculture feed solutions.

With this investment, BioMar

aims to consolidate and

advance its innovation work,

including waterborne feeding,

the development of new feed

ingredients and continuous

improvements in fish perfor-

mance, health and welfare. The

transaction was completed on

1 April 2025 following approval

by the Norwegian competition

authorities. The acquisition of

66% of the shares in LetSea AS

represents a cash investment of

DKK 82 million and is expected

to contribute up to DKK 20 mil-

lion to consolidated EBITDA for

2025, which will be recognised

by the Salmon segment.

BioMar has an ambition to be

recognised consistently as an

innovative business supplying

competitive feed products and

related technical services to

the professional fish farming

community. BioMar invests

in research and development

on a continuous basis and has

several highly trained special-

ists in the field. The company

has a long-standing tradition

for collaborating with research

institutions in several countries,

and fish farming operators are

often involved in development

processes.

BioMar is committed to being a

strong partner for all its stake-

holders and is strongly focused

on delivering on the company’s

sustainability ambitions, which

are demanded by customers

and consumers and are essen-

tial for long-term value creation.

Sustainability efforts form an

integral part of BioMar’s strat-

egy, which includes a focus on

the use of alternative raw mate-

rials and on generally reducing

the climate impact. BioMar’s

strategy also centres on global

excellence programmes, com-

mercial as well as operational,

intended to strengthen cus-

tomer service and competitive

strength while at the same time

tapping into the earnings poten-

tial and optimising cash flows.

Outlook

From an overall perspective,

long-term demand for farmed

fish and shrimp generally seems

sound, and BioMar is well

positioned in the market owing

to a high level of quality and a

strong focus on sustainability

and advanced fish and shrimp

farming technology.

In the short term, demand

for feed can be affected by

changing market conditions

and by changes in selling prices

of farmed fish and shrimp. In

shrimp farming in particular, due

to the short farming period rela-

tive to salmon farming, demand

for feed is easily affected by

volume adjustments in farming

operations.

BioMar still expects to gener-

ate full-year 2025 revenue of

about DKK 16.0-17.0 billion, but

changing market conditions and

volatile prices of raw materials

may as always impact the reve-

nue forecast substantially. The

mounting uncertainty caused by

the ongoing changes in world

trade may also affect BioMar’s

customers, but given the current

outlook, the company maintains

its guidance of 2025 EBITDA in

the range of DKK 1,470-1,570

million.

The non-consolidated asso-

ciates and joint ventures are

recognised at a share of profit

after tax, which is still expected

to amount to approximately

DKK 80 million in 2025, despite

the change of LetSea from an

associated to a consolidated

company as of 1 April 2025.

Interim report for Q1 2025

Our businesses BioMar

GPV is the second-largest European-headquartered

EMS (Electronics Manufacturing Services) business.

GPV offers services such as design, production,

assembly and testing of solutions in electronics,

mechanics, cable harness and mechatronics for a

range of international blue chip industrial and medico

customers. GPV’s solutions are used in customer

end-products in the market segments of Industrials,

Measurement & Control, BuildingTech, Transport,

CleanTech, MedTech and HighTech Consumer.

Interim report for Q1 2025

Our businesses GPV

Full-year revenue performance (DKKm)

0,000000

1741,666667

3483,333333

5225,000000

6966,666667

8708,333333

10450,000000

20242023202220212020

5,923

10,450

8,931

2,887

3,191

Our role increasingly extends beyond

EMS with several of our service

offerings involving complex box-build

assemblies. The products we produce

often support the green transition.

Bo Lybæk, CEO of GPV

Market

Electronics play an ever more

prominent role in society,

whether in everyday life or in

industry and manufacturing.

In these areas, the integration

of electronics, increased data

usage, increased automation,

smart-building devices and

energy optimisation will serve to

make everyday life easier, opti-

mise manufacturing processes,

reduce resource consumption

and increase quality of life. In the

production of advanced elec-

tronic applications, increased

specialisation results in a ten-

dency for many businesses to

focus on their core services and

to outsource the manufacturing

of electronics to dedicated EMS

partners such as GPV.

GPV’s market is in the high-mix

segment, which is characterised

by highly complex manufactur-

ing processes and assembly.

GPV supplies many different

products to customers in

segments in which electronics

play an increasingly important or

even mission-critical role. Many

of these products also provide

direct or indirect support to

the green transition for use in

work to optimise processes,

reduce energy consumption and

subsequently reduce carbon

footprints.

The most important aspect of

GPV’s operations is the produc-

tion, assembly and testing of

electronics, and the company

has the necessary technologies

available in Europe, Southeast

Asia, China and North America.

The electronics production is

supplemented by mechanical

products and by cable harness

products from factories in

Europe and Southeast Asia.

In addition, GPV’s value propo-

sition to its customers includes

a wide range of key services,

including assisting in product

application design, prototyping,

production maturation, includ-

ing test strategy and develop-

ment, box build assembly and

system integration as well as

functional testing and after-

sales services. GPV is working

beyond EMS as an integrated

EMS technology partner for its

customers.

Geography

GPV is headquartered in Vejle,

Denmark, and has manufac-

turing facilities in Denmark,

Sweden, Finland, Estonia,

Switzerland, Germany, Austria,

Slovakia, Sri Lanka, Thailand,

China and Mexico.

Ownership – past and

present

GPV was founded in 1961 and

became a part of Schouw&Co.

in 2016. The company has

subsequently expanded through

transformational acquisitions,

and today, GPV is the sec-

ond-largest European-head-

quartered EMS business and in

the global top 25. Schouw&Co.

holds an 80% ownership interest

in GPV.

Interim report for Q1 2025

Our businesses GPV

Financial review

GPV reported Q1 2025 revenue

of DKK 2,200 million, down 5%

from DKK 2,320 million in Q1

2024. The revenue decline was

largely expected due to contin-

ued soft demand from cus-

tomers, partially driven by the

market re-balancing attributable

to the adjustment of inventories

following the normalisation of

the materials supply situation.

The lower level of activity

affected EBITDA, which came

to DKK 143 million in the first

quarter of 2025 compared to

DKK 155 million in the same

period of 2024, a year-on-year

decline of 8% that was in line

with expectations.

Working capital amounted to

DKK 2,502 million at 31 March

2025 compared to DKK 2,477

million at 31 March 2024. The

working capital tie-up remained

on a par with the year before,

as dedicated efforts to reduce

inventories at GPV’s factories

were offset by changes in trade

payables and receivables. ROIC

excluding goodwill fell from

8.2% at 31 December 2024 to

7.9% at 31 March 2025, primar-

ily due to the lower earnings.

Business review

The latest strategy review,

performed in the autumn of

2024 for the period to 2028,

continues to indicate healthy

potential, and GPV continues to

execute on the updated plans.

As part of the updated strategy,

GPV launched a major project

in the second quarter of 2024

to implement a common ERP

system across the company. The

project is progressing well, and

the current expectation is that

initial pilot implementation can

be carried out in the first half of

2026.

GPV is experiencing softer

demand from some customers,

but – committed to being able

to meet customer requirements

for high quality standards,

reliability of supply and flexibility

– the company has continued

implementing already launched

investments. These investments

include expansion in both Asia,

Europe and in the Americas.

These initiatives support

customers’ region-for-region

approach and ensure adequate

capacity for growth when the

market picks up again.

The work to optimise the

global production platform will

continue in 2025, with more

electronics activities being

consolidated in Slovakia at the

Nova Dubnica site and the new

Piestany site, with the mechan-

ics activity in Tarm, Denmark,

being phased out, and with

future mechanics activities

being consolidated at the

relatively new mechanics site in

Bangkok, Thailand.

The anticipated benefits of hav-

ing a lower cost base, increased

efficiency and higher capacity

utilisation indicate a relatively

short payback period, and the

optimisation is an inherent part

of harvesting synergies from the

2022 combination with Enics.

GPV

(DKKm)

YTD

2025

YTD

2024

Revenue 2,200 2,320 8,931

EBITDA 143 155 625

EBIT 66 76 311

CF from operations 174 150 291

Working capital 2,502 2,477 2,624

ROIC excluding goodwill 7.9% 10.3% 8.2%

ROIC including goodwill 7.3% 9.6% 7.6%

Soft market with positive

prospects

GPV

As expected, GPV reported revenue and EBITDA down on the year

before. Overall, the industry is still marked by re-balancing and

destocking, leading to soft activity levels. Full-year 2025 revenue and

EBITDA guidance is maintained.

Interim report for Q1 2025

Our businesses GPV

Outlook

In the first quarter of 2025, GPV

continued to see soft demand

from a number of customers,

who scaled back or postponed

their orders to adjust their

inventories.

It is expected that demand

will remain soft for a while and

market conditions will remain

volatile in 2025. Demand from

customers is expected to be

on a par with the level of 2024,

but with early signs of positive

prospects. Any significant

increase in demand is not really

expected before late 2025, and

it remains uncertain how quickly

any changes will happen.

The evident geopolitical ten-

sions and the apparent risk of

trade wars seriously add to an

already uncertain and volatile

outlook. GPV has established

a tariff task force to be able

to navigate this new situation

in the best possible way. Any

material impact from trade wars,

including the introduction of

tariffs for the products that GPV

produces, is not known and

therefore not included in the

guidance.

The global materials supply

situation has generally normal-

ised, but continued challenges

are seen with respect to certain

specific components and

printed circuit boards, and this

is expected to continue through-

out the year.

GPV has adapted to the current

market conditions by taking

strong measures to protect

earnings, including a substan-

tial reduction in the number of

employees already in 2024. The

effects of some of these meas-

ures will be reflected in financial

results with a certain delay.

The actions taken to further

optimise the production

platform will continue during

2025, and it is anticipated that

this additional restructuring of

the operational footprint will

entail one-off costs, negatively

impacting EBITDA to the tune

of DKK 40 million in 2025,

which is included in the full-year

guidance.

Against this background,

GPV maintains its previously

announced full-year 2025 guid-

ance of revenue in the range of

DKK 8.7-9.3 billion and EBITDA

in the range of DKK 590-650

million. Adjusted for the DKK 40

million one-off costs, EBITDA

would be expected to amount to

DKK 630-690 million.

Interim report for Q1 2025

Our businesses GPV

HydraSpecma is a specialised trading and engineering

company with core competencies in trading, production

and know-how in hydraulics components, electrification,

turnkey solutions and systems, central lubrication,

manifolds, pipes, hoses and fittings as well as cooling

systems, filtration and lubrication systems, pitch

systems and connectors within the renewables industry.

HydraSpecma serves industry sectors such as Commercial

Vehicles, Wind Turbines, Construction Equipment, Marine,

Material Handling, Agriculture, Forestry and many others.

Interim report for Q1 2025

Our businesses HydraSpecma

At HydraSpecma, we focus on balancing

growth and operational efficiency. We

remain committed to drive sustainable

long-term value-creation while navigating

an evolving market environment.

Morten Kjær, CEO of HydraSpecma

Market

Hydraulic solutions are the basic

tools of the Power & Motion

business area. Transmission of

extreme power is essential in a

broad range of technical appli-

cations, such as contractors’

equipment and cranes, in agri-

culture and forestry and in other

areas where heavy machinery

can generate power and motion.

In mobile hydraulic solutions,

power is typically generated by

diesel engines, and their sys-

tems use a number of different

components, such as hoses,

fittings and valves. Increasingly,

focus is on electrification of

power generation in an attempt

to limit the use of fossil fuels

and to reduce climate impact.

HydraSpecma supplies entire

electric solutions as well as

hybrid solutions in which certain

parts of a system are electrified.

Cooling solutions are basically

based on liquid that is moved

through cooling matrices,

thereby reducing the temper-

ature in the system. Cooling

systems contribute to more effi-

cient operations, which reduces

energy consumption.

HydraSpecma supplies com-

plete customised solutions and

systems as well as components

for the entire Power & Motion

segment. The company serves a

broad range of industries, from

the wind turbine sector to the

vehicle and shipping industries.

HydraSpecma is a supplier to

large OEM customers as well

as to the aftermarket, and its

customer-facing organisational

structure consists of three divi-

sions: the Renewables Division,

the Global OEM Division and

Nordic OEM/IAM Division (the

Nordic OEM and Industrial

AfterMarket). HydraSpecma is

present in international markets

with a broad product range in

order to be close to its cus-

tomers and able to supply the

needed products and services

fast and efficiently.

Geography

HydraSpecma is headquartered

in Skjern, Denmark, and has

production units in Denmark,

Sweden, Finland, Norway,

Poland, the UK, the Nether-

lands, China, India, the USA and

Brazil.

Ownership – past and

present

Hydra-Grene A/S was founded

as an independent business in

1974 and has been a whol-

ly-owned part of Schouw&Co.

since 1988. Specma AB was

founded in 1918 and has formed

part of HydraSpecma since

2016.

Full-year revenue performance (DKKm)

0,000000

505,166667

1010,333333

1515,500000

2020,666667

2525,833333

3031,000000

20242023202220212020

2,536

2,972

3,031

1,977

2,315

Interim report for Q1 2025

Our businesses HydraSpecma

Financial review

HydraSpecma generated rev-

enue of DKK 800 million in the

first quarter 2025, compared

to DKK 775 million in the same

quarter of 2024, a year-on-year

increase of 3%. The increase

was primarily driven by high

activity levels in the Renewables

Division, where HydraSpecma

is well positioned on the right

product platforms within the

wind turbine industry, and by the

high activity within power sys-

tems, where sales to marine and

defence customers in the Global

OEM Division were particularly

strong. As expected, activity

levels continued to decline in

the mobile segment within the

Global OEM Division during the

first quarter. Meanwhile, the

Nordic OEM/IAM Division stabi-

lised its activity levels following

a period of decline during the

recent year.

Q1 2025 EBITDA was DKK

108 million, a 27% increase

compared to last year’s DKK 85

million. EBITDA was positively

impacted by a one-off profit of

DKK 12 million from the sale of a

facility in Poland. Excluding this

one-off effect, adjusted EBITDA

would have been DKK 96 mil-

lion, a year-on-year increase of

12%. HydraSpecma continues

to optimise its supply chain, flex-

ibility and production footprint

setup. These efforts, together

with investments in facilities

and automation, contributed

positively to the Q1 EBITDA

performance.

Working capital decreased by

DKK 64 million, from DKK 959

million at 31 March 2024 to DKK

895 million at 31 March 2025,

primarily driven by a reduction

in inventory levels. The return

on invested capital (ROIC)

excluding goodwill was 14.9%

at 31 March 2025, against

13.5% at 31 December 2024.

The improvement was attrib-

utable to increased earnings,

reduced working capital and the

positive impact of the property

divestment.

Business review

HydraSpecma is always highly

alert to changes in customer

demand and localisation in

order to ensure cost efficiency

and to provide the necessary

customer service. In response

to increasing customer demand

in Central Europe, and with a

view to optimising production

and logistics, HydraSpecma has

initiated a relocation of certain

production activities to the

company’s newest production

facility in Poland, which became

operational at the end of 2023.

Further, following optimisation

efforts in Sweden, the current

production site in Tranemo will

be phased out. The optimisa-

tion project is expected to be

finalised by the fourth quarter

of 2025, with estimated one-off

costs of DKK 30-35 million in

2025. Upon completion, the

Swedish site will be closed, and

the facility will be listed for sale.

To address growing competi-

tion from Asia, impacting the

entire wind turbine industry,

HydraSpecma has launched

a series of development,

procurement and operational

HydraSpecma

(DKKm)

YTD

2025

YTD

2024

Revenue 800 775 3,031

EBITDA 108 85 339

EBIT 75 52 203

CF from operations 74 23 287

Working capital 895 959 884

ROIC excluding goodwill 14.9% 13.0% 13.5%

ROIC including goodwill 12.8% 11.2% 11.6%

High activity level

maintained

HydraSpecma

Continued healthy sales to the renewables industry as well as to marine and

defence customers offset slowdown in the mobile segment. Strong EBITDA growth

driven by optimisation and impact from investments in facilities and automation.

Revenue guidance for 2025 is maintained while EBITDA guidance is lifted.

Interim report for Q1 2025

Our businesses HydraSpecma

initiatives aimed at strengthen-

ing the company’s position as

a preferred partner for cus-

tomers within the renewables

industry. These initiatives will

result in a more agile produc-

tion and supply chain setup.

HydraSpecma will be equipped

to relocate production across its

facilities, ensuring the right local

presence, increased flexibility,

enhanced competitiveness and

improved production efficiency.

The merger of the two renew-

ables companies in Tianjin,

China, has now been finalised. In

addition, the small Danish com-

pany Dansk Afgratningsteknik

A/S, of which HydraSpecma

acquired the remaining 40%

in 2024, has been merged into

HydraSpecma A/S. Work is still

ongoing in India to integrate

HydraSpecma’s two companies

there.

HydraSpecma’s patent-pending

cooler solution for the renew-

ables industry has attracted

growing interest from both

wind turbine and solar panel

manufacturers. This innovation

is one of the key outcomes from

the R&D department within the

Renewables Division, which

focuses on developing both new

product concepts and tailored

solutions in close collaboration

with customers.

In the Global OEM Division,

HydraSpecma has scaled up its

resources to meet the signif-

icant rise in demand for new

products and solutions from

both existing and new cus-

tomers. The company is also

expanding its competencies

within its Centre of Excellence,

with a focus on electrification

and software development

Outlook

The ongoing trade war is creat-

ing increased uncertainty in the

market, potentially impacting all

three divisions of HydraSpecma.

The US tariffs will most likely

affect HydraSpecma’s direct

sales to the USA, and the trade

conflict may well slow down

certain activities. The direct

sales to USA, however, is rather

limited, and the changes may

also provide new opportunities

for HydraSpecma.

Based on a very strong order

book and customer forecasts,

the Renewables Division expects

the current high activity level to

continue, with only a slight slow-

down anticipated in the fourth

quarter due to project delays

and postponements. Within the

Global OEM Division, sales of

power systems are expected

to remain at a high level, driven

by continued demand from the

defence and marine industries.

Mobile OEM customers antic-

ipate a market recovery in the

second half of 2025, following a

prolonged period of decline. In

the Nordic OEM/IAM Division,

a recovery has already been

observed in Finland, and similar

trends are expected to follow in

the other Nordic countries dur-

ing the second half of 2025.

HydraSpecma maintains its

previous guidance for full-year

2025 revenue of DKK 2.9-3.2

billion, while earnings guidance

is lifted to EBITDA in the range

of DKK 350-380 million from

previously DKK 340-370 million.

The current positive outlook

may be disrupted if the apparent

trade conflicts should evolve.

Interim report for Q1 2025

Our businesses HydraSpecma

Borg Automotive is Europe’s largest independent

automotive remanufacturing business. The company’s

principal business activity is to remanufacture defective

parts and sell them in the B2B market under a circular

business model. Borg Automotive offers a full product

range by also supplying new products to complement

remanufactured items. Borg Automotive has a strong

market position, and remanufacturing is a business area

offering a wide range of environmental and resource

benefits.

Interim report for Q1 2025

Our businesses Borg Automotive

Borg Automotive is built on a circular

business model with resource-saving

solutions that enable us to extend a

car’s lifespan.

Kim Kruse Andersen, CEO of Borg Automotive

Market

With about 250 million cars

on the European roads and an

average age per vehicle of more

than 11 years, there is a great

need to ensure spare parts for a

growing fleet. The proportion of

electric and hybrid cars on the

roads is growing, but these also

need spare parts. About half of

the items in Borg Automotive’s

product range can be used

whether a vehicle has an electric

motor or a combustion engine.

The transition is in progress,

both in the industry at large and

at Borg Automotive, where the

product assortment is expanded

on a regular basis to accommo-

date new needs.

Borg Automotive offers a broad

product range, of which the

largest share is products derived

through remanufacturing

(Reman) of existing used prod-

ucts (cores). Compared with the

production of a new product,

the remanufacturing process

requires fewer resources and

materials and accordingly has

less of an environmental impact.

The company’s business model

applies a return system com-

bined with remanufacturing,

which is a good example of a

circular business model.

Borg Automotive covers most of

the European car fleet through

its broad assortment of reman-

ufactured automotive spare

parts, which includes starters,

alternators, brake callipers,

air-condition compressors, EGR

valves, steering racks, steering

pumps and turbochargers.

The company supplements its

assortment of remanufactured

spare parts with a large assort-

ment of new parts (Newman),

including many wearing parts

that are not suitable for reman-

ufacturing. This assortment

of goods for resale, which was

added through the acquisition

of SBS Automotive, includes

mechanical and hydraulic

brake spare parts, steering

components and wheel bearing

sets, suspension and trans-

mission components, clutch

components and electrical

components.

Geography

Headquartered in Silkeborg,

Denmark. Production or large

distribution facilities in Poland,

the UK, Spain, Germany and

Tunisia.

Ownership – past and

present

Borg Automotive was founded

in 1975 and has been a part

of Schouw&Co. since 2017.

Growth through acquisitions is

part of the strategy.

Full-year revenue performance (DKKm)

0,0

328,5

657,0

985,5

1314,0

1642,5

1971,0

20242023202220212020

1,815

1,876

1,971

871

1,368

Interim report for Q1 2025

Our businesses Borg Automotive

Financial review

In the first quarter of 2025,

Borg Automotive experienced

continued soft demand in the

Reman segment and persis-

tently fierce price competition

across most markets. However,

at DKK 506 million, revenue for

the quarter was nearly on a par

with the same period of 2024,

as increased sales of Newman

products counter measured the

soft demand in Reman.

The soft demand, combined

with increased production costs

in Reman due to a substantial

increase in Polish minimum

wages, affected the company’s

Q1 performance adversely. Fur-

ther, core regulations had a neg-

ative impact of DKK 4 million,

and EBITDA for the first quarter

of 2025 amounted to DKK 32

million, a year-on-year decrease

of 32% from DKK 47 million in

the first quarter of 2024, where

core regulations had a positive

impact of DKK 4 million.

The company’s working capital

stood at DKK 816 million at

the end of the first quarter, a

year-on-year increase of DKK 88

million that was mainly driven

by increased inventories. ROIC

excluding goodwill decreased

from 10.7% at 31 December

2024 to 9.1% at 31 March 2025.

Business review

Remanufacturing of products

is Borg Automotive’s traditional

activity, and Reman products

still make up the major part of

Borg Automotive’s business and

bring in most of the revenue.

However, in 2021, Borg Automo-

tive acquired a trading company

dealing in new automotive

spare parts, and these Newman

products now complement the

company’s traditional Reman

operations. The company sells

its remanufactured products

under four different brands: the

international brand Lucas and

the company’s three private

label brands: Elstock, DRI and

TMI. Newman products are sold

under the NK or Eurobrakes

brands.

Borg Automotive sells different

types of automotive spare parts

aligned with different market

conditions. The market for brake

callipers and brake discs, in

particular, is currently affected

by strong price competition,

and Borg Automotive has

launched a number of measures

to improve its market position.

Borg Automotive offers a market

concept where synergies from

Newman and Reman can ensure

a competitive offer to withstand

increasing market competition.

Hence, securing a strong market

position by offering the market

both Reman units and Newman

products remains Borg Automo-

tive’s strategic ambition. Borg

Automotive’s target is to cover

90% of all passenger cars in the

market, and a total of 119 new

product references were added

to the product programme in the

first quarter of 2025 as part of

the ongoing development of the

overall market proposition.

During the fourth quarter of

2024, Borg Automotive finalised

the acquisition of a subcon-

Borg Automotive

(DKKm)

YTD

2025

YTD

2024

Revenue 506 503 1,971

EBITDA 32 47 171

EBIT 14 28 96

CF from operations -76 -43 28

Working capital 816 728 711

ROIC excluding goodwill 9.1% 11.6% 10.7%

ROIC including goodwill 6.5% 8.0% 7.5%

Borg Automotive

Market turmoil and increased

uncertainty

Continued soft demand in the Reman segment and fierce competition

aggravated by market turmoil. Optimising footprint for increased

competitiveness. Revenue guidance for 2025 is tempered and EBITDA

guidance is lowered.

Interim report for Q1 2025

Our businesses Borg Automotive

tractor located in Tunisia, and

in the first quarter of 2025, the

entity was fully integrated into

Borg Automotive’s operational

systems. Through this acqui-

sition, Borg Automotive has

obtained an important platform

for future development of its

manufacturing footprint that will

improve the company's overall

competitiveness. Production

output in Tunisia is expected to

double during 2025, which will

free up manufacturing capacity

at the Polish sites, allowing for

increased volumes of other

products for which demand

currently exceeds manufactur-

ing capacity.

As part of this continued

footprint optimisation, Borg

Automotive has established

additional capacity in Poland

for remanufacturing of steering

products. Steering products

are showing significant growth

potential, and the current man-

ufacturing capacity located at

the company’s site in the UK is

clearly insufficient to meet the

expected demand.

Borg Automotive was named

“Best Remanufacturing Com-

pany of the year” at the Rematec

industry fair, which is the leading

fair for the remanufacturing

industry in Europe. This high-

lights the important contribu-

tion Borg Automotive brings

to the industry as the largest

independent remanufacturer in

Europe.

Outlook

In the first quarter of 2025, Borg

Automotive experienced contin-

ued soft demand for remanufac-

tured products in the European

aftermarket. Sales of Newman

products were quite healthy

as such, but the market is very

competitive. With the ongoing

trade war between China and

the USA, fierce competition in

traded Newman products in the

European market is not likely

to ease in the near future. The

current market turmoil increases

uncertainty for both Reman and

Newman products.

Although general market

conditions currently reflect soft

demand and fierce competi-

tion, some product lines are

still showing healthy growth

potential, and combined with

the optimised manufacturing

footprint, this could partially

counteract the effects of the soft

market in 2025.

The current level of activity is

expected to be at least main-

tained in the coming months,

but results are impacted by

the fierce competition and the

increased production costs in

Europe. Consequently, Borg

Automotive has tempered its

full-year 2025 revenue forecast

to the range of DKK 2.0-2.2 bil-

lion from previously DKK 2.1-2.3

billion and lowered its earnings

guidance to EBITDA in the range

of DKK 150-180 million from

previously DKK 170-200 million.

Interim report for Q1 2025

Our businesses Borg Automotive

Fibertex Personal Care is among the world’s largest

manufacturers of spunbond/spunmelt nonwovens

and printed nonwovens for the hygiene industry. The

company’s nonwovens fabrics are key components

in absorbent hygiene products such as baby diapers,

feminine hygiene and incontinence care products.

Products are offered as customised solutions, subject to

tough requirements in terms of safety, health and comfort.

Interim report for Q1 2025

Our businesses Fibertex Personal Care

Fibertex Personal Care is known for

developing material breakthroughs

enabling brand owners in the

hygiene industry to produce more

sustainable solutions.

Mikael Staal Axelsen, CEO of Fibertex Personal Care

Market

Diapers, sanitary towels and

incontinence care products

are typical necessities. In

other words, demand for these

products is relatively stable, and

they are used all over the world.

The general economic develop-

ments and gains in standards of

living are the factors generat-

ing growth and expanding the

market. Growth has historically

been strongest in Asia, where

the adoption of disposable

diapers manufactured from non-

woven materials is significantly

lower than in Europe and the

USA. Asia is also experiencing

the biggest improvements in

income and standards of living,

and a long-term increase in the

use of nonwovens is expected in

the region.

Nonwovens is a non-woven

material made from plastics. It

has a range of applications and

is characterised by being light

and soft, and it can be manu-

factured using fewer resources

and at lower costs than other

materials.

Being among the world’s ten

largest manufacturers of non-

wovens for the hygiene industry,

Fibertex Personal Care has a

global market share of over 5%.

The company operates manu-

facturing facilities in Europe and

Asia, as well as specialised print

production facilities in Europe

and the USA. Fibertex Personal

Care is a leader in innovation,

service and quality with a great

focus on sustainability, including

the use of certified, recycled and

bio-based materials, which is

expected to increase.

Customers use the company’s

nonwovens fabrics to manufac-

ture hygiene products such as

baby diapers, feminine hygiene

and incontinence care products,

which are then distributed to

consumers via supermarkets,

public institutions and web

shops. Customers are both

medium-sized and multinational

brand names.

Geography

Head office in Aalborg, Den-

mark. Nonwovens manufactur-

ing facilities in Denmark and

Malaysia and printing facilities in

Germany and the USA.

Ownership – past and

present

Fibertex was founded in 1968

and acquired by Schouw&Co.

in 2002. The Personal Care

activities have been a part of

Fibertex since 1998 and were

hived off as an independent

portfolio business directly under

Schouw&Co. in 2011.

Revenue performance (DKKm)

409

818

1227

1636

2045

2454

20242023202220212020

2,454

1,891 1,882

2,118

2,249

Interim report for Q1 2025

Our businesses Fibertex Personal Care

Fibertex Personal Care

(DKKm)

YTD

2025

YTD

2024

Revenue 447 465 1,882

EBITDA 49 49 187

EBIT 19 20 66

CF from operations 39 36 162

Working capital 339 351 342

ROIC excluding goodwill 4.4% 8.0% 4.5%

ROIC including goodwill 4.1% 7.5% 4.2%

Financial review

Fibertex Personal Care gener-

ated revenue of DKK 447 million

in the first quarter of 2025,

compared with DKK 465 million

in the first quarter of 2024, a

year-on-year decrease of 4%.

The decline was primarily driven

by lower sales volumes.

Despite the lower sales volumes,

Fibertex Personal Care reported

EBITDA of DKK 49 million for

the first quarter of 2025, which

was in line with Q1 2024. The

healthy earnings performance

was supported by optimised

offerings in the Asian market,

despite the strong competition

in the region.

Fibertex Personal Care reduced

its working capital from DKK

351 million at the end of Q1

2024 to DKK 339 million at the

end of Q1 2025. The reduction

was primarily driven by changes

in trade receivables and trade

payables. The return on invested

capital (ROIC) excluding good-

will fell marginally to 4.4% at the

end of Q1 2025 from 4.5% at 31

December 2024.

Business review

Fibertex Personal Care contin-

ues to experience an imbalance

between supply and demand

for nonwovens in Asia. In an

effort to adapt to these market

conditions, Fibertex Personal

Care announced a tempo-

rary capacity reduction at its

Malaysian sites in Q4 2024.

After a reorganisation process,

the company is now ready to

resume its focus on operational

efficiency and earnings growth,

while maintaining its ability to

scale up capacity again when

needed.

Contrary to the market imbal-

ance in the Asian region, the

European nonwovens market

is healthier. While sales of baby

diapers are stagnant, pants-

style baby diapers and adult

incontinence care products

represent an increasing share

of the market. As pants-style

diapers involve proportionately

greater use of nonwovens, total

consumption is rising.

In the Danish operations, one of

the three nonwovens produc-

tion lines was idle for six weeks

in Q1 to undergo technology

upgrades, including a new

bonding pattern. The upgrades

were fully implemented in

Q1 2025 and are expected to

increase the potential output of

the production line by around

25%. In addition to operational

efficiency, this investment also

strengthens the company’s

ability to offer value-added

products well suited to compete

in price-sensitive markets.

The print operations of Fibertex

Personal Care in North America

are operating at full capacity. In

Europe, however, market condi-

tions are more challenging, and

the print operations in Germany

are consequently not running at

full capacity. To utilise the free

capacity, the German plant is

now producing volumes for the

Potential in the years

to come

Fibertex Personal Care

Fibertex Personal Care reported EBITDA on a par with Q1 2024 despite

a slight drop in revenue. Overcapacity in Asia continues to impact

performance. Full-year revenue guidance is maintained while EBITDA

guidance is lifted.

Interim report for Q1 2025

Our businesses Fibertex Personal Care

US market and providing opera-

tional excellence support to the

plant in North America.

Outlook

The Asian market for hygiene

products, including baby

diapers, is dominated by the

domestic market of China,

which has experienced contin-

uous declines in the birth rate

since 2017. According to the

Chinese National Bureau of

Statistics, there are, however,

signs of positive developments

in the Chinese birth rate, with an

increase in the number of births

from 2023 to 2024.

In addition, the market for baby

diapers in Asia Pacific, excluding

China, is expected to show

healthy growth over the coming

years. On average, parents in

Asia currently use less than 300

diapers per year for babies aged

0-3 years. In contrast, parents

in Europe and North America

use more than 1,200 diapers per

baby annually.

With the increase in the number

of births in China and current

growth expectations for the

remaining Asian region, Fibertex

Personal Care sees potential for

restoring sales volumes in the

years to come.

The other main segment for

nonwovens is adult incontinence

products. Demographic devel-

opments in all regions make

this segment highly important

for both the nonwovens and the

printing activities of Fibertex

Personal Care.

The combination of rising

household incomes and rela-

tively high birth rates, particu-

larly in Southeast Asia, coupled

with favourable supply and

demand dynamics in Europe,

fuelled by solid growth rates

in the US market, makes for a

positive outlook.

Against this background, Fiber-

tex Personal Care maintains its

full-year 2025 guidance of rev-

enue in the DKK 1.4-1.6 billion

range, while earnings guidance

is lifted to EBITDA in the range

of DKK 140-170 million from

previously DKK 130-160 million.

As always, changes in raw

materials prices and exchange

rates may affect revenue and, to

a lesser extent, EBITDA.

Interim report for Q1 2025

Our businesses Fibertex Personal Care

Fibertex Nonwovens is among the world’s leading

manufacturers of specialised nonwovens. Nonwovens

are fibre sheets produced on high-tech processing

equipment with various purpose-specific post-

processings. The processed materials have a broad

range of different applications, including in cars, in

the construction industry and for filtration solutions.

In addition, Fibertex Nonwovens produces textiles for

special-purpose disposable wipes for hygiene, cleaning

and other purposes.

Interim report for Q1 2025

Our businesses Fibertex Nonwovens

Market

In cars, nonwovens are used to

reduce weight and thereby lower

carbon emissions, but nonwov-

ens are also used as an acoustic

fabric, as it absorbs sound and

thereby increases comfort. In the

construction sector, nonwoven

materials are used to prolong

the life of roads and bridges,

and the material can be used to

construct energy-efficient liquid

and air filter solutions in cars, for

industrial filtration and in ventila-

tion systems, for example.

In the disposable wipes seg-

ment, nonwovens form part of

products for industrial cleaning,

while the focus in the health-

care sector is on disinfection

solutions, and here Fibertex

Nonwovens supplies a number

of products, including special-

purpose disinfectant wipes.

Customers demand sustainable

solutions, and thanks to new

technology, Fibertex Nonwovens

is able to produce wipes from

non-synthetic fibre, replac-

ing the use of synthetic fibre.

Recently, Fibertex Nonwovens

launched a range of products

based on organic cotton for use

in, for example, feminine hygiene

and skin care products.

Fibertex Nonwovens has

increasingly focused on circular

solutions, and aims to increase

the proportion of recycled plas-

tics in production, which means

using much fewer resources

and lowering greenhouse gas

emissions substantially.

Geography

Head office in Aalborg, Den-

mark. Production facilities in

Denmark, France, Czechia,

Türkiye, the USA, South Africa

and Brazil.

Ownership – past and

present

Fibertex was founded in 1968

and acquired by Schouw&Co.

in 2002. The company previ-

ously included the Personal

Care activities, which were hived

off as an independent portfolio

company in 2011.

Revenue performance (DKKm)

0,0

374,5

749,0

1123,5

1498,0

1872,5

2247,0

20242023202220212020

2,060

2,158

2,247

1,791

1,814

Nonwovens is a versatile material that

Fibertex Nonwovens uses to create

value-adding applications through

innovation and product development.

Jørgen Bech Madsen, CEO of Fibertex Nonwovens

Interim report for Q1 2025

Our businesses Fibertex Nonwovens

Financial review

Fibertex Nonwovens reported

Q1 2025 revenue of DKK 579

million, on a par with the first

quarter of 2024. Compared to

the level in the first quarter of

2024, increased sales of wipes

and similar products in the USA,

enabled by the new production

line installed at the company’s

site in Greenville, South Carolina,

outweighed a decline in sales

to the auto industry in Europe

and the USA. Further, increased

sales of products for filtration

solutions in the European market

and products for the MedTech

industry helped sustain revenue.

Partly due to a change in product

mix, EBITDA fell from DKK 59

million in Q1 2024 to DKK 43

million in Q1 2025, a year-on-

year reduction of 26%. The

US operations improved but

remained a drag on earnings due

to a still outstanding full phase-in

of the new production capacity,

coupled with a continued imbal-

ance between costs and selling

prices despite the cost-out plan

executed at the end of 2024.

Working capital amounted to

DKK 571 million at the end of

Q1 2025, marginally down from

the level at 31 March 2024. An

increase in trade receivables,

driven by a positive revenue

development at the end of the

period, was offset by a reduction

in inventories.

ROIC excluding goodwill fell

from 4.4% at 31 December 2024

to 3.6% at 31 March 2025 due

to the decreased earnings. The

still relatively low return was

impacted by the substantial

investments made in new tech-

nology and as yet only partially

commissioned production

capacity.

Business review

Fibertex Nonwovens has

invested to expand its produc-

tion capacity in recent years.

This enabled the company

to capitalise on the business

opportunities unfolding in

the wake of the coronavirus

pandemic, which, however, were

followed by a prolonged period

of extremely challenging market

conditions.

By continually investing in

innovation and sustainable

solutions, Fibertex Nonwovens

has made its factories competi-

tive, and the company continues

to see a strong growth potential,

especially for products for more

specialised applications. To

accommodate future demand,

Fibertex Nonwovens launched

an investment programme back

in 2021, which was intended to

provide a platform for strong

future growth and significantly

improved earnings in the years

ahead. The programme mainly

consists of two production

lines applying the spunlacing

technology, where the fibres of

non-woven textiles are entan-

gled using high-speed jets of

water.

The first of the two production

lines has been installed at the

Fibertex Nonwovens

(DKKm)

YTD

2025

YTD

2024

Revenue 579 579 2,247

EBITDA 43 59 194

EBIT 16 32 84

CF from operations 18 -11 44

Working capital 571 577 574

ROIC excluding goodwill 3.6% 4.5% 4.4%

ROIC including goodwill 3.4% 4.3% 4.2%

Fibertex Nonwovens

Adapting to a changing

environment

Revenue maintained by adapting sales to the changing environment.

Decline in EBITDA, partly due to change in product mix. US operations

improved but remained a drag on earnings. Revenue and EBITDA guidance

for 2025 is maintained.

Interim report for Q1 2025

Our businesses Fibertex Nonwovens

company’s site in Greenville,

South Carolina, and was put into

commercial operation in early

2024. The company is seeing

considerable market interest

in the products which the line

will manufacture. The second

line will be installed in Czechia

where it is expected to become

operational in early 2026.

Developing new products and

business concepts is essen-

tial to securing profitable and

sustainable developments

for Fibertex Nonwovens. The

company introduces produc-

tion- and capacity-enhancing

measures at its factory sites on

an ongoing basis as part of its

high-priority efforts to build a

more competitive business. Fib-

ertex Nonwovens has adopted a

strategy under which develop-

ment efforts are strategically

managed from Denmark but are

driven by the company’s local

R&D centres. Development

efforts are for the most part

conducted in close cooperation

with customers, but strategic

development projects also

involve suppliers of new technol-

ogy as well as universities.

Outlook

For some time, Fibertex Nonwo-

vens has been in the process of

commissioning new production

capacity and technology, which

has put a strain on its perfor-

mance. However, the current

situation does not change the

company’s expectations of

sound, profitable growth in

most market segments over the

coming years. Fibertex Nonwo-

vens has compelling technology

and a promising pipeline and

is therefore well positioned in

the international competition.

The short-term goal for 2025

is to further build volume while

securing sustainable earnings

power, positioning the company

to capitalise on the full potential

of the capacity-expanding

investments made in recent

years.

In 2024, the market was

impacted by moderate demand,

in part due to the uncertainty

prevailing in terms of the global

economy and the geopolitical

tensions, which have continued

into 2025. Further, the auto

industry has been impacted by

reduced Chinese imports and

increased Chinese exports of

electrical cars, especially to

the European market, put-

ting pressure on European

manufacturers.

However, despite the increased

uncertainty and geopoliti-

cal tensions of late, Fibertex

Nonwovens still expects to grow

its revenue in 2025 relative to

2024, supported in part by the

ramped-up production capacity

in the USA, which enables the

company to better accommo-

date North American cus-

tomers’ demand for materials

for wipes. The European auto

industry and the construc-

tion industry still appear to

be challenged, but sales of

materials to other important

segments are expected to grow,

including sales of materials for

filtration solutions and MedTech

products.

Hence, Fibertex Nonwov-

ens maintains its previously

announced guidance for 2025

with expected revenue of DKK

2.3-2.5 billion and EBITDA in the

range of DKK 200-230 million.

Interim report for Q1 2025

Our businesses Fibertex Nonwovens

40 Statements of income and comprehensive income →

41 Cash flow statement →

42 Balance sheet →

43 Statement of changes in equity →

44 Notes →

Interim

report

Interim report for Q1 2025

Amounts in DKK million

Statements of income and comprehensive income

Note Income statement

YTD

2025

YTD

2024

1 Revenue 7,928 7,882 34,666

2 Operating expenses -7,382 -7,243 -31,777

Other operating income 19 12 56

Other operating expenses -1 0 -14

EBITDA 565 652 2,931

Depreciation, amortisation and impairment losses -277 -277 -1,104

EBIT 288 374 1,827

Profit after tax in associates 0 -6 -16

Profit after tax in joint ventures 11 10 52

Financial income 92 94 163

Financial expenses -208 -240 -613

Profit before tax 183 233 1,413

Tax on profit for the period -64 -87 -424

Profit for the period 118 146 989

Shareholders of Schouw&Co. 114 145 950

Non-controlling interests 5 1 39

Profit for the year 118 146 989

6 Earnings per share (DKK) 4.94 6.18 40.88

6 Diluted earnings per share (DKK) 4.94 6.17 40.82

Note Statement of comprehensive income

YTD

2025

YTD

2024

Items that cannot be reclassified to the income statement:

Actuarial gains on defined benefit pension liabilities 0 0 24

Tax on other comprehensive income 0 0 -4

Total items that cannot be reclassified to the income statement 0 0 20

Items that can be reclassified to the income statement:

Foreign exchange adjustments of foreign subsidiaries -116 -38 241

Value adjustment of hedging instruments for the year 3 -1 5

Hedging instruments transferred to operating expenses -8 3 -24

Hedging instruments transferred to financials -2 4 4

Hyperinflation restatements 0 5 35

Other comprehensive income from associates and JVs 0 0 0

Other adjustments to other comprehensive income 1 0 13

Tax on other comprehensive income -1 0 -8

Total items that can be reclassified to the income statement -123 -26 267

Other comprehensive income after tax -123 -26 287

Profit for the period 118 146 989

Total recognised comprehensive income -5 119 1,276

Attributable to:

Shareholders of Schouw&Co. 14 116 1,193

Non-controlling interests -18 3 83

Total recognised comprehensive income -5 119 1,276

Interim report for Q1 2025

Amounts in DKK million

Cash flow statement

Note

YTD

2025

YTD

2024

EBITDA 565 652 2,931

Adjustment for non-cash operating items:

Changes in working capital -123 -267 533

Provisions -3 12 -29

Other non-cash operating items, net -36 3 14

Cash flows from operations before interest and tax 403 400 3,449

Interest received 25 20 97

Interest paid -84 -106 -549

Income tax paid -124 -142 -444

Cash flows from operating activities 220 171 2,553

Purchase of intangible assets -7 -9 -40

Sale of intangible assets 0 0 1

Purchase of property, plant and equipment -165 -180 -652

Sale of property, plant and equipment 45 7 12

4 Acquisitions of businesses 0 0 -2

Acquisitions of non-controlling interests 0 0 -4

Acquisitions of investments in associates (capital reduction) 4 0 0

Dividends received from associates 0 0 40

Loans to customers -32 6 26

Additions/disposals of other financial assets 1 2 -3

Cash flows from investing activities -153 -173 -623

Note

YTD

2025

YTD

2024

Loan financing:

Repayment of other non-current liabilities -87 -468 -1,613

Proceeds from non-current liabilities incurred 2 2 1,194

Increase/repayment of bank overdrafts 86 705 -565

Cash flows from debt financing 1 238 -985

Shareholders:

Dividends paid 0 -8 -399

Purchase of treasury shares -250 -113 -291

Sale of treasury shares 181 46 46

Cash flows from financing activities -68 163 -1,628

Cash flows for the period -1 160 302

Cash and cash equivalents, beginning of period 892 584 584

Value adjustment of cash and cash equivalents -14 -2 6

Cash and cash equivalents, end of period 877 743 892

Interim report for Q1 2025

Amounts in DKK million

Balance sheet

Note Assets

31/3

2025

31/12

2024

31/3

2024

31/12

2023

Intangible assets 4,353 4,420 4,448 4,505

Property, plant and equipment 6,297 6,375 6,145 6,169

Lease assets 779 796 786 846

Investments in associates 400 417 418 417

Investments in joint ventures 226 226 212 198

Financial investments 96 95 93 92

Deferred tax 227 177 247 203

Receivables 238 212 182 193

Total non-current assets 12,617 12,718 12,530 12,623

Inventories 7,066 7,249 7,646 8,003

3 Receivables 6,648 6,916 6,607 6,321

Prepayments 221 205 227 169

Income tax receivable 170 143 148 197

Cash and cash equivalents 877 892 743 584

Total current assets 14,981 15,405 15,371 15,274

Total assets 27,598 28,123 27,901 27,896

Note Equity and liabilities

31/3

2025

31/12

2024

31/3

2024

31/12

2023

6 Share capital 250 250 255 255

Hedging reserve -12 -5 10 3

Exchange adjustment reserve -19 74 -169 -127

Hyperinflation adjustment reserve 82 83 59 53

Retained earnings 10,525 10,477 10,125 10,064

Proposed dividend 400 400 408 408

Equity attributable to parent company shareholders 11,226 11,279 10,688 10,656

Non-controlling interests 935 954 895 900

Total equity 12,162 12,233 11,583 11,556

Deferred tax 554 503 511 488

Pension obligations 76 78 60 78

Other liabilities 159 157 161 160

Liability regarding put options 495 479 564 545

Interest-bearing debt 4,476 4,619 3,979 5,089

Non-current liabilities 5,760 5,837 5,273 6,360

Interest-bearing debt 2,001 1,825 3,367 2,018

Trade payables and other payables 6,771 7,336 6,731 7,039

Prepayments from customers 143 149 194 191

Deferred income 163 97 130 28

Liability regarding put options 425 444 405 396

Income tax 173 202 219 309

Current liabilities 9,677 10,053 11,045 9,981

Total liabilities 15,436 15,890 16,318 16,341

Total equity and liabilities 27,598 28,123 27,901 27,896

Notes without reference: Capital resources (note 5), Fair value of categories of financial assets and liabilities (note 7), Related

party transactions (note 8) and Accounting policies, judgements and estimates and special risks (note 9).

Interim report for Q1 2025

Amounts in DKK million

Statement of changes in equity

capital

Hedging

reserve

Exchange

adjustment

reserve

Hyperinflation

adjustment

reserve

Retained

earnings

Proposed

dividend Total

Non-controlling

interests Equity

Equity at 1 January 2024 255 3 -127 53 10,064 408 10,656 900 11,556

Profit and other comprehensive income:

Profit for the period 0 0 0 145 0 145 1 146

Other comprehensive income 7 -40 5 0 0 -28 2 -26

Total recognised comprehensive income 7 -40 5 145 0 116 3 119

Transactions with owners:

Share-based payment 0 0 0 10 0 10 0 10

Distributed dividends 0 0 0 0 0 0 -8 -8

Value adjustment of put option 0 0 0 -28 0 -28 0 -28

Purchase of treasury shares 0 0 0 -113 0 -113 0 -113

Sale of treasury shares 0 0 0 46 0 46 0 46

Total transactions with owners during the period 0 0 0 -84 0 -84 -8 -92

Equity at 31 March 2024 255 10 -169 59 10,125 408 10,688 895 11,583

Equity at 1 January 2025 250 -5 74 83 10,477 400 11,279 953 12,233

Profit and other comprehensive income:

Profit for the period 0 0 0 114 0 114 5 118

Other comprehensive income -8 -93 0 1 0 -100 -23 -123

Total recognised comprehensive income -8 -93 0 114 0 14 -18 -5

Transactions with owners:

Share-based payment 0 0 0 0 0 0 0 0

Distributed dividends 0 0 0 0 0 0 0 0

Value adjustment of put option 0 0 0 3 0 3 0 3

Purchase of treasury shares 0 0 0 -250 0 -250 0 -250

Sale of treasury shares 0 0 0 181 0 181 0 181

Total transactions with owners during the period 0 0 0 0 -67 0 -67 0 -67

Equity at 31 March 2025 250 -12 -19 82 10,525 400 11,226 935 12,162

Interim report for Q1 2025

Amounts in DKK million

Segment reporting

Reporting segments YTD 2025 BioMar GPV

Hydra-

Specma

Borg

Automotive

Fibertex

Personal

Care

Fibertex

Nonwovens

Reporting

segments

Parent

company

Group

eliminations,

etc. Total

External revenue 3,399 2,200 800 506 445 579 7,928 0 0 7,928

Intra-group revenue 0 1 0 0 1 0 2 4 -6 0

Segment revenue 3,399 2,200 800 506 447 579 7,930 4 -6 7,928

Cost of sales, incl. write-down of inventories, net -2,710 -1,489 -468 -268 -257 -305 -5,498 0 0 -5,498

Staff costs -198 -404 -169 -128 -62 -116 -1,076 -13 0 -1,089

Repairs and maintenance -41 -14 -4 -3 -8 -19 -89 0 0 -89

Energy costs -54 -15 -5 -5 -28 -28 -135 0 0 -135

Freight costs -64 -36 -7 -25 -25 -22 -179 0 0 -179

Other costs -124 -101 -53 -45 -20 -46 -390 -8 6 -392

Total operating expenses -3,192 -2,059 -706 -474 -399 -536 -7,366 -22 6 -7,382

EBITDA 206 143 108 32 49 43 583 -17 0 565

Depreciation, amortisation and impairment losses 90 77 33 19 31 28 277 0 0 277

EBIT 117 66 75 14 19 16 306 -18 0 288

Share of profit in associates and JVs 11 0 0 0 0 0 11 0 0 11

Tax on profit for the period -29 -9 -11 -2 -3 -5 -58 -7 0 -64

Profit for the period 69 -7 37 2 8 -17 92 26 0 118

Segment assets 10,961 7,314 2,816 2,667 1,946 2,631 28,334 16,351 -17,087 27,598

Of which goodwill 1,540 355 307 516 99 121 2,939 0 0 2,939

Equity investments in associates and JVs 615 0 11 0 0 0 626 0 0 626

Segment liabilities 7,001 4,903 1,696 1,529 904 1,801 17,833 6,150 -8,547 15,436

Working capital 1,759 2,502 895 816 339 571 6,882 -35 0 6,847

Net interest-bearing debt 1,694 2,271 881 777 543 1,354 7,519 -2,121 0 5,398

Cash flow from operating activities -38 174 74 -76 39 18 191 24 5 220

Capital expenditure 89 26 -29 6 7 28 127 0 0 127

Acquisitions (divestments) -4 0 0 0 0 0 -4 0 0 -4

Average no. of employees 1,610 7,491 1,508 2,257 607 1,130 14,602 21 0 14,623

Based on management control and financial management,

Schouw& Co. has identified six reporting segments, which are

BioMar, GPV, HydraSpecma, Borg Automotive, Fibertex Personal

Care and Fibertex Nonwovens. Management primarily evaluates

reporting segments based on the performance measures EBITDA

and EBIT but also regularly considers the segments’ cash flow from

operations and working capital. All inter-segment transactions were

made on an arm’s length basis.

No customers exceeds 10% of the Group's revenue neither this year

nor last year.

Capex is defined as the net cash flow for the year for investment in

property plant and equipment and intangible assets.

Acquisitions are defined as cash flow for the year from investment in

acquisition and divestment of enterprises, including associates and

joint ventures.

Notes

Interim report for Q1 2025

Amounts in DKK million

Segment reporting (continued)

Reporting segments YTD 2024 BioMar GPV

Hydra-

Specma

Borg

Automotive

Fibertex

Personal

Care

Fibertex

Nonwovens

Reporting

segments

Parent

company

Group

eliminations,

etc. Total

External revenue 3,244 2,319 775 503 462 579 7,882 0 0 7,882

Intra-group revenue 0 0 0 0 3 0 3 4 -7 0

Segment revenue 3,244 2,320 775 503 465 579 7,885 4 -7 7,882

Cost of sales, incl. write-down of inventories, net -2,543 -1,570 -462 -266 -266 -295 -5,400 0 0 -5,400

Staff costs -172 -429 -162 -115 -62 -113 -1,052 -13 0 -1,065

Repairs and maintenance -38 -12 -3 -3 -9 -15 -81 0 0 -81

Energy costs -47 -15 -5 -4 -28 -26 -125 0 0 -125

Freight costs -62 -39 -5 -22 -28 -22 -178 0 0 -178

Other costs -120 -102 -53 -45 -24 -50 -395 -5 7 -392

Total operating expenses -2,981 -2,167 -690 -456 -417 -521 -7,232 -18 7 -7,243

EBITDA 270 155 85 47 49 59 665 -14 0 652

Depreciation, amortisation and impairment losses 90 79 33 19 28 27 277 0 0 277

EBIT 180 76 52 28 20 32 389 -14 0 374

Share of profit in associates and JVs 5 0 0 0 0 0 5 0 0 5

Tax on profit for the period -43 -13 -10 -2 -3 -7 -77 -10 0 -87

Profit for the period 88 -19 28 12 9 -2 115 31 0 146

Segment assets 11,104 7,301 2,810 2,503 1,972 2,662 28,353 16,650 -17,102 27,901

Of which goodwill 1,545 351 291 516 99 121 2,922 0 0 2,922

Equity investments in associates and JVs 618 0 12 0 0 0 630 0 0 630

Segment liabilities 7,782 5,027 1,853 1,396 1,011 1,779 18,849 6,988 -9,518 16,318

Working capital 2,367 2,477 959 728 351 577 7,458 -43 0 7,415

Net interest-bearing debt 2,961 2,327 1,129 689 601 1,329 9,037 -2,614 0 6,423

Cash flow from operating activities -39 150 23 -43 36 -11 115 47 8 171

Capital expenditure 39 57 27 8 28 22 181 1 0 181

Acquisitions (divestments) 0 0 0 0 0 0 0 0 0 0

Average no. of employees 1,600 8,124 1,481 2,067 706 1,096 15,074 22 0 15,095

Interim report for Q1 2025

Amounts in DKK million

Segment reporting (continued)

Revenue by country

YTD

2025

YTD

2024

Norway 1,196 950

Chile 698 863

Ecuador 533 387

Denmark 526 500

USA 458 365

Germany 426 437

Other 4,090 4,381

Total 7,928 7,882

15%

52%

2025

12%

11%

55%

2024

Interim report for Q1 2025

Amounts in DKK million

Operating expenses

YTD

2025

YTD

2024

Cost of sales, including write-down of inventories, net -5,498 -5,400

Staff costs -1,089 -1,065

Repairs and maintenance -89 -81

Energy costs -135 -125

Freight costs -179 -178

Other costs -392 -392

Total operating expenses -7,382 -7,243

Share-based payment: Share option programme

The company has an incentive programme for the management and senior managers, including the executive management of subsidiaries.

The programme entitles participants to acquire shares in Schouw&Co. at a price based on the quoted price at around the time of grant plus

a calculated rate of interest of 2.00% from the date of grant until the date of exercise. The exercise price is adjusted by deduction of ordinary

dividends, which cannot exceed the accrued interest. Costs relating to the option programme are calculated on the basis of the Black &

Scholes model and are expensed under staff costs on a straight-line basis over the vesting period.

Outstanding options

Executive

management Other Total

Outstanding options at 31 December 2024 241,187 1,152,883 1,394,070

Exercised (from 2022 grant) -62,000 -363,000 -425,000

Exercised (from 2023 grant) - -15,883 -15,883

Outstanding options at 31 March 2025 179,187 774,000 953,187

Receivables (current)

31/3

2025

31/3

2024

Trade receivables 6,169 6,116

Other current receivables 479 491

Total current receivables 6,648 6,607

31/3 2025 Not fallen due

Due between (days)

1-30 31-90 >91 Total

Trade receivables 5,435 423 189 257 6,305

Impairment losses on trade receivables -34 -11 -17 -72 -135

Trade receivables, net 5,401 412 171 185 6,169

Proportion of total receivables expected to be settled 97.9%

Impairment rate 0.6% 2.7% 9.3% 28.1% 2.1%

31/3 2024 Not fallen due

Due between (days)

1-30 31-90 >91 Total

Trade receivables 5,100 604 230 310 6,244

Impairment losses on trade receivables -33 -7 -18 -70 -128

Trade receivables, net 5,068 597 212 240 6,116

Proportion of total receivables expected to be settled 97.9%

Impairment rate 0.6% 1.1% 8.0% 22.7% 2.1%

Impairment losses on trade receivables

31/3

2025

31/3

2024

Impairment losses, beginning of period -151 -134

Foreign exchange adjustments 0 0

Additions on company acquisitions -11 0

Impairment losses for the year 1 -4

Realised loss 26 10

Impairment losses, end of period -135 -128

Trade receivables by portfolio business

BioMar

GPV

HydraSpecma

Borg Automotive

Fibertex Personal Care

Fibertex Nonwovens

47%

25%

12%

2025

54%

18%

11%

2024

Interim report for Q1 2025

Amounts in DKK million

Acquisitions

YTD

2025

YTD

2024

Property, plant and equipment 20 0

Inventories 14 0

Receivables 16 0

Cash and cash equivalents 1 0

Trade payables -20 0

Other payables -3 0

Net assets acquired 29 0

Goodwill 0 0

Acquisition cost 29 0

Of which cash and cash equivalents -1 0

Debt conversion -28 0

Total cash acquisition costs 0 0

BioMar and the joint operation partner, Aqua Alimentos S.A., has entered into an agreement for BioMar to acquire the remaining 50% of the

shares in the feed plant BioMar Aquacorporation Products S.A. The transaction holds a value of DKK 28 million, and was carried out as a

debt conversion of BioMars receivables against Aqua Alimentos S.A. The transaction will not have a significant impact on the result in 2025.

Interim report for Q1 2025

Amounts in DKK million

Capital resources

It is group policy when raising loans to maximise flexibility by diversifying borrowing in respect of maturity/renegotiation dates and counter-

parties, with due consideration to costs. The Group’s capital resources consist of cash and undrawn credit facilities. The Group’s objective is

to have sufficient capital resources to make company acquisitions and to allow it to continue to operate the business in an adequate manner

and to react to unforeseen fluctuations in the use of supply chain financing arrangements and any other fluctuations in its cash holdings.

Loans and

lines

Of which

utilised Unutilised Commitment Avg. term to maturity

Revolving credit facility 3,275 -1,066 2,209 Committed 1 year

Schuldschein 1,880 -1,880 0 Committed 2 yrs 7 mths

Mortgages 254 -254 0 Committed 17 yrs 9 mths

NIB loans 356 -356 0 Committed 3 yrs 9 mths

Nordic Bond 1,161 -1,161 0 Committed 4 yrs 3 mths

Other credit facilities 1,216 -946 270 Uncommitted

Leases 816 -816 0 Committed 3 years

Cash and cash equivalents 878

Facility before deduction of guarantee commitments 3,357

Guarantee commitments deducted from the facility -43

Capital resources at 31 March 2025 3,314

The Group’s companies get a significant proportion of their financing from the credit facilities of the parent company Schouw&Co. The

parent company’s financing consists mainly of a syndicated bank facility with a total facility line of DKK 3,275 million. The facility expires in

April 2026, with the option to extend to April 2027 at Schouw & Co. discretion. The bank consortium consists of Danske Bank, DNB, Nordea

and HSBC.

Schouw&Co. issued Schuldscheins for EUR 136 million (DKK 1,014 million) in April 2019 and for EUR 225 million (DKK 1,677 million) in

November 2023. Of the Schuldsheins established in 2019, EUR 109 million have expired, and EUR 27 million will expire in April 2026. The

Schuldsheins established in 2023 expire in November 2026, November 2028 and November 2030.

In December 2021, Schouw & Co. set up a DKK 400 million seven-year loan with the Nordic Investment Bank related to specific Danish

capacity-expanding investments and development costs. Of the Nordic Investment Bank established in 2021, DKK 44 million have expired

and will continue with semi-annually repayments until expiry.

In June 2024, Schouw&Co. issued a bond in the Norwegian market of NOK 1,300 million (DKK 843 million), maturing in June 2029. In

September 2024, the bond issue was increased by a tap issue of an additional NOK 500 million, increasing the total amount of the issue to

NOK 1,800 million (DKK 1,161 million).

Share capital and earnings per share (DKK)

The share capital consists of 25,000,000 shares with a nominal value of DKK 10 each. All shares rank equally. The share capital is fully paid

up. Each share carries one vote, for a total of 25,000,000 voting rights.

Treasury shares Number of shares Nominal value (DKK) Cost

Percentage of

share capital

Treasury shares held at 1 January 2024 2,037,976 20,379,760 812 7.99%

Share option programme -88,000 -880,000 -13 -0.35%

Purchase of treasury shares 202,950 2,029,500 113 0.80%

Treasury shares held at 31 March 2024 2,152,926 21,529,260 912 8.44%

Share capital reduction -500,000 -5,000,000 -122 -1.96%

Purchase of treasury shares 316,987 3,169,870 178 1.40%

Treasury shares held at 31 December 2024 1,969,913 19,699,130 968 7.88%

Share option programme -342,059 -3,420,590 -97 -1.37%

Purchase of treasury shares 414,139 4,141,390 250 1.66%

Treasury shares held at 31 March 2025 2,041,993 20,419,930 1,121 8.17%

The Group’s holding of treasury shares had a market value of DKK 1,254 million at 31 March 2025. The portfolio of treasury shares is recog-

nised at DKK 0. In 2025, Schouw&Co. sold shares held in treasury for proceeds of DKK 181 million in connection with the Group’s share

option programme. In connection with the options being exercised, 326,559 shares were bought back for a consideration of DKK 200 million.

In addition, the Group purchased 87,580 treasury shares under its share buy-back programmes.

YTD

2025

YTD

2024

Share of the profit for the year attributable to shareholders of Schouw&Co. 114 145

Average number of shares 25,000,000 25,500,000

Average number of treasury shares -2,010,178 -2,093,972

Average number of outstanding shares 22,989,822 23,406,028

Average dilutive effect of outstanding share options

19,264 31,762

Diluted average number of outstanding shares 23,009,086 23,437,790

Earnings per share of DKK 10 4.94 6.18

Diluted earnings per share of DKK 10 4.94 6.17

1) See note 2 for information on options that may cause dilution.

Interim report for Q1 2025

Amounts in DKK million

Fair value of categories of financial assets and liabilities

31/3

2025

31/12

2024

31/3

2024

Financial assets:

Other securities and investments (2) 93 92 91

Derivative financial instruments (2) 41 47 38

Other securities and investments (3) 3 3 3

Financial liabilities

Derivative financial instruments (2) 47 28 8

Liabilities regarding put options (3) 920 923 969

The fair value of financial assets and liabilities measured at amortised cost corresponds in all material respects to the carrying amount.

Securities measured at fair value through other comprehensive income (level 3) amounted to DKK 3 million at the beginning of the year. By

the end of the first quarter, the fair value is unchanged DKK 3 million.

The Group uses forward currency contracts to hedge fluctuations in foreign exchange rates. Forward currency contracts are valued using

generally accepted valuation techniques based on relevant observable exchange rates (level 2). Other securities and investments forming

part of a trading portfolio (level 2) includes the shareholding in Incuba A/S.

The fair value of derivative financial instruments is calculated by way of valuation models such as discounted cash flow models. Anticipated

cash flows for individual contracts are based on observable market data such as interest rates and exchange rates. Fair values are also based

on credit risk. Non-observable market data account for an insignificant part of the fair value of the derivative financial instruments at the end

of the reporting period.

The liability relating to put options amounted to DKK 923 million at the beginning of the year. A change in the liability of DKK 14 million and a

negative foreign exchange adjustment of DKK 17 million were recognised during the year. At the end of the quarter, the liability amounted to

DKK 920 million.

Related party transactions

Under Danish legislation, Givesco A/S, Lysholt Allé 3, DK-7100 Vejle, members of the Board of Directors, key members of management as

well as their family members are considered to be related parties. Related parties also comprise companies in which the individuals menti-

oned above have material interests. Related parties also comprise subsidiaries, joint arrangements and associates, in which Schouw&Co.

has control, significant influence or joint control of as well as members of the boards of directors, management boards and senior manage-

ment of those companies.

YTD

2025

YTD

2024

Joint ventures:

During the reporting period, the Group sold goods in the amount of 2 5

At 31 March, the Group had a receivable of 2 28

Associates:

During the reporting period, the Group sold goods in the amount of 136 96

During the reporting period, the Group bought goods in the amount of 38 23

At 31 March, the Group had a receivable of 92 177

At 31 March, the Group had debt in the amount of 14 7

During the reporting period, the Group received proceeds from a capital reduction in the amount of 4 0

During 2025, the Group has traded with BioMar-Sagun, BioMar-Tongwei, LetSea, ATC Patagonia, Salmones Austral, LCL Shipping, Young

Tech Co. and Micron Specma India. Other than as set out above, there were no transactions with related parties.

Schouw&Co. has registered the following shareholders as holding 5% or more of the share capital: Givesco A/S (28.66%), Direktør Svend

Hornsylds Legat (15.12%) and Aktieselskabet Schouw&Co. (8.17%).

Accounting policies, judgments and estimates and special risks

For the Group’s accounting policies, judgements and estimates and special risks, please see the Management’s report, page 8.

Interim report for Q1 2025

Aktieselskabet Schouw&Co.

Chr. Filtenborgs Plads 1

DK-8000 Aarhus C

T +45 86 11 22 22

www.schouw.dk

schouw@schouw.dk

Comp. reg. no. 63965812