Company announcement no. 38
15 August 2025
Interim report
Second quarter 2025
Aktieselskabet Schouw & Co.
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 – second quarter 2025
9 Outlook
11 Management’s statement
13 Q2 Portfolio company financial highlights
14 YTD Portfolio company financial highlights
15 BioMar
20 GPV
24 HydraSpecma
28 Borg Automotive
32 Fibertex Personal Care
36 Fibertex Nonwovens
41 Statements of income and comprehensive income
42 Cash flow statement
43 Balance sheet
44 Statement of changes in equity
45 Notes
Contents
Interim report
Our businesses
Management's report
Interim report for Q2 20252
4 A word from our CEO →
4 Quarterly highlights →
5 Financial highlights →
6 Interim report – second quarter 2025 →
9 Outlook →
11 Management’s statement →
Management's
report
Interim report for Q2 20253
Schouw & Co. experienced a
challenging yet stable second
quarter of 2025, with consol-
idated revenue and EBITDA
slightly down on the second
quarter of 2024. The diversi-
fied portfolio provided stability
amid global economic changes,
particularly in Chinese export
markets. Despite the global
challenges, we generated a solid
operational cash flow of DKK
542 million.
Especially BioMar, GPV and
HydraSpecma showed con-
tinued solid resilience, while
Borg Automotive faced difficult
market conditions. We maintain
a positive outlook, narrowing our
full-year 2025 guidance within
the previously announced range.
We have previously announced
that we are investigating
whether a potential separate
listing of BioMar would create
value for the shareholders of
Schouw & Co. The preparatory
work continued as expected
during the past quarter, and a
banking syndicate has been
established. If found to be
value-creating, the listing of Bio-
Mar on the Copenhagen stock
exchange can take place in the
first half of 2026.
Jens Bjerg Sørensen
President and CEO
Resilience and
strategic progress
Quarterly highlights
12.5%
ROIC excluding goodwill
– a 1.3 pp decrease
8.5
542
706
10.18
DKKbn revenue
– a 2% decrease
DKKm cash flows from
operations
– a 61% improvement
DKKm EBITDA
– a 4% decrease
DKK earnings per share
– a 3% decrease
A word from our CEO
Interim report for Q2 20254
Group summary (DKKm) Q2 2025 Q2 2024 YTD 2025 YTD 2024 FY 2024
REVENUE AND INCOME
Revenue 8,525 8,693 16,454 16,576 34,666
EBITDA 706 737 1,271 1,389 2,931
Depreciation, amortisation and impairment losses 278 282 556 559 1,104
EBIT 428 455 715 829 1,827
Profit/loss after tax in associates and joint ventures 14 2 25 7 36
Net financial items -103 -113 -219 -259 -450
Profit before tax 338 344 521 577 1,413
Profit for the period 247 257 365 402 989
CASH FLOWS
Cash flow from operating activities 542 337 762 507 2,553
Cash flow from investing activities -96 -144 -250 -318 -623
Of which investment in property, plant and equipment -119 -165 -284 -344 -652
Free cash flow 445 192 512 189 1,931
INVESTED CAPITAL AND FINANCING
Invested capital (excluding goodwill) 14,781 15,799 14,781 15,799 15,231
Total assets 27,658 28,592 27,658 28,592 28,123
Working capital 6,707 7,553 6,707 7,553 6,774
Net interest-bearing debt (NIBD) 5,435 6,713 5,435 6,713 5,376
Share of equity attributable to shareholders of Schouw&Co. 10,703 10,579 10,703 10,579 11,279
Non-controlling interests 895 902 895 902 954
Total equity 11,598 11,481 11,598 11,481 12,233
FINANCIAL KEY FIGURES
EBITDA-margin (%) 8.3 8.5 7.7 8.4 8.5
EBIT-margin (%) 5.0 5.2 4.3
5.0 5.3
EBT-margin (%) 4.0 4.0 3.2 3.5 4.1
Equity ratio (%) 41.9 40.2 41.9 40.2 43.5
ROIC excluding goodwill (%) 12.5 13.8 12.5 13.8 13.0
ROIC including goodwill (%) 10.5 11.6 10.5 11.6 10.9
NIBD/EBITDA ratio 1 .9 2.2 1.9 2.2 1.8
Average no. of employees 14,850 14,987 14,744 15,039 14,899
SHARE RELATED KEY FIGURES
Earnings per share (of DKK 10) 10.18 10.52 15.12 16.69 40.88
Diluted earnings per share (of DKK 10) 10.17 10.51 15.10 16.68 40.82
Share price, end of period 604.00 547.00 604.00 547.00 538.00
Market capitalisation, end of period 13,831 12,717 13,831 12,717 12,390
Financial highlights
Revenue, second quarter
DKKbn
EBITDA, second quarter
DKKm
Cash flow from operating activities, second quarter
DKKm
Return on invested capital, second quarter
ROIC excluding goodwill
5.6
7.5
9.2
8.7
8.5
2021 2022 2023 2024 2025
552
564
666
737
706
2021 2022 2023 2024 2025
269
467
354
337
542
2021 2022 2023 2024 2025
16.2
11.5
11.3
13.8
12.5
2021 2022 2023 2024 2025
Interim report for Q2 20255
Financial performance
Overall, Schouw & Co. per-
formed as expected in the
second quarter of 2025. Repre-
senting an unusual period with
uncertainties shifting week by
week, the quarter left a world of
alternated trading patterns. In
particular, an apparent change
in Chinese trade from exports to
US markets to other markets in
Europe and Asia has influenced
market conditions, and group
companies have taken a number
of strong measures to mitigate
these changes.
Being present in a broad range
of industries across many
markets exposes Schouw & Co.
to such changes in the global
economy, but on the other hand,
the diversification of Schouw &
Co. also provides stability, ena-
bling the portfolio businesses
to act appropriately and with a
long-term perspective.
Consolidated revenue for Q2
2025 amounted to DKK 8,525
million, a small decrease from
DKK 8,693 million in Q2 2024.
The change was caused by a
general decrease in revenue
across all businesses apart from
HydraSpecma. At DKK 16,454
million, overall H1 2025 revenue
was close to the level of the
same period last year.
As expected, consolidated
EBITDA for Q2 2025 was down
by 4% year on year to DKK 706
million, mainly due to decreases
in Borg Automotive and BioMar,
while GPV, HydraSpecma and
Fibertex Personal Care reported
earnings improvements. EBITDA
for H1 2025 was down by 8%
year on year to DKK 1,271
million.
Associates and joint ventures,
which are recognised at a share
of profit after tax, contributed a
DKK 14 million profit in Q2 2025
against a DKK 2 million profit in
Q2 2024. The improvement was
attributable to BioMar, due in
particular to Chilean fish farm-
ing company Salmones Austral.
Consolidated financial items
improved from an expense of
DKK 113 million in Q2 2024
to an expense of DKK 103
million in Q2 2025. The amount
breaks down into a substan-
tial decrease in net interest
expenses from DKK 128 million
in Q2 2024 to DKK 77 mil-
lion in Q2 2025, while foreign
exchange rate adjustments etc.
amounted to an expense of DKK
26 million in Q2 2025 compared
to a positive impact of DKK 15
million in Q2 2024.
This resulted in a marginal
decrease in consolidated profit
before tax for Q2 2025 to DKK
338 million from DKK 344 mil-
lion in Q2 2024. Consolidated
profit before tax for H1 2025
was down 10% year on year to
DKK 521 million.
Schouw & Co. delivered an overall Q2 2025 performance in line with
expectations. Changes in Chinese trade from exports to the US to Europe
and Asia have influenced market conditions, and group companies have
taken strong measures to mitigate these changes.
Year to date
(DKKm)
YTD
2025
YTD
2024 Change
Revenue 16,454 16,576 -122 -1%
EBITDA 1,271 1,389 -117 -8%
EBIT 715 829 -114 -14%
Income from associates etc. 25 7 18 278%
Profit before tax 521 577 -56 -10%
CF from operating activities 762 507 255 50%
Working capital 6,707 7,553 -846 -11%
Net interest-bearing debt 5,435 6,713 -1,278 -19%
ROIC excluding goodwill 12.5% 13.8% -1.3pp
ROIC including goodwill 10.5% 11.6% -1.1pp
Quarter
(DKKm) Q2 2025 Q2 2024 Change
Revenue 8,525 8,693 -168 -2%
EBITDA 706 737 -31 -4%
EBIT 428 455 -27 -6%
Income from associates etc. 14 2 12 591%
Profit before tax 338 344 -6 -2%
CF from operating activities 542 337 205 61%
Performing well in a
changing environment
Interim report – second quarter 2025
Interim report for Q2 20256
Liquidity and capital
resources
The operations of Schouw & Co.
generated a solid cash inflow
of DKK 542 million in Q2 2025,
against DKK 337 million in Q2
2024. The improvement was
attributable to GPV and BioMar,
while HydraSpecma, Borg Auto-
motive and Fibertex Personal
Care generated a lower cash
flow compared to the year-ear-
lier period.
A total of DKK 96 million was
spent on investing activities
in Q2 2025, against DKK 144
million in Q2 2024. BioMar
accounted for the major part
of the investments made in Q2
2025, including the acquisi-
tion of the remaining shares
in LetSea AS. On the other
hand, Schouw & Co. divested
its shares in the science park
Incuba A/S in Aarhus, Denmark,
for an amount of DKK 93 million.
The Group’s overall working
capital decreased by DKK 140
million in Q2 2025 from DKK
6,847 million at 31 March 2025
to DKK 6,707 million. GPV,
BioMar, Fibertex Nonwovens
and Fibertex Personal Care all
reduced their working capital,
whereas HydraSpecma and
Borg Automotive both saw a
minor increase in their capital
tie-up. Year on year, the Group’s
overall working capital was
substantially reduced from
DKK 7,553 million at 30 June
2024 to DKK 6,707 million at 30
June 2025. The year-on-year
reduction was predominantly
attributable to BioMar.
The net interest-bearing debt
increased by DKK 37 million
during the second quarter to
Potential separate listing of
BioMar
On 12 November 2024, the Board of Directors of Schouw
& Co. announced the initiation of an evaluation regarding
a potential separate listing of BioMar. The objective of this
assessment is to determine whether such a listing would
generate added value for Schouw & Co., while simultane-
ously ensuring that BioMar is well positioned to pursue
opportunities for continued growth. It was explicitly stated
that Schouw & Co. intends to retain its status as the majority
shareholder of BioMar following any such potential initial
public offering.
The evaluation of the potential value creation for the existing
shareholders of Schouw & Co. through a separate listing
of BioMar progressed during the second quarter of 2025.
A syndicate comprising four financial institutions has now
been established, and preparations are proceeding as antic-
ipated. Subject to market conditions and further analysis,
a potential listing of BioMar on the Nasdaq Copenhagen
Stock Exchange could take place in the first half of 2026.
Interim report for Q2 20257
stand at DKK 5,435 million at
30 June 2025. Year on year,
however, the net interest-bear-
ing debt declined by DKK 1,278
million from DKK 6,713 million
at 30 June 2024, and the Group
improved its financial gearing
(NIBD/EBITDA) ratio from 2.2
to 1.9.
Group developments
During the past couple of years,
the portfolio businesses have
worked intensively to align their
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 financial
strength, the portfolio busi-
nesses have been able to build
solid positions with access
to production capacity 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 Q2 2025:
BioMar reported volume sales
up 14% on the year before, but
due to an adverse impact from
the customer mix and exchange
rate developments as well as
lower prices of important raw
materials, the reported revenue
was almost unchanged year
on year. Despite a 3% earnings
decline year on year, BioMar
recorded strong EBITDA for Q2.
GPV reported revenue down 2%
on the year before, which was
largely expected due to contin-
ued soft demand from custom-
ers. However, this was a relative
improvement compared to Q1.
The healthy level of activity in Q2
had a positive effect on EBITDA,
which increased by 8% year on
year.
HydraSpecma reported 5%
revenue growth relative to the
year before, driven by increased
activity in the Global OEM and
Nordic OEM/IAM Divisions,
whereas the Renewables
Division noted postponements.
Further, ongoing efforts to opti-
mise the supply chain, enhance
flexibility and production foot-
print, along with investments in
facilities and automation, con-
tributed to improved earnings,
and EBITDA increased by 9%
year on year.
Borg Automotive reported
revenue down 11% following
continued soft demand in the
Reman segment and persis-
tently fierce price competition
across most markets. Combined
with increased production costs
due to a substantial increase
in Polish minimum wages,
one-off costs related to strong
measures to mitigate market
challenges, and negative core
regulations, EBITDA was sub-
stantially down year on year.
Fibertex Personal Care
reported revenue down 13% on
the year before, mainly driven by
lower sales volumes. Despite the
lower sales volumes, EBITDA
was up by 7% year on year. The
healthy earnings performance
was supported by a more
favourable development in raw
material prices than in Q2 2024.
Fibertex Nonwovens reported
revenue down 3%, mainly due to
exchange rate effects. Com-
pared to Q2 2024, increased
sales of wipes and similar prod-
ucts in the USA outweighed a
decline in sales to other sectors.
EBITDA was maintained at the
level of the same period last
year despite the drop in revenue.
The US operations in particular
improved their performance
during the quarter and are
expected to continue their
progress.
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 30 June 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 the
Schouw & Co. Group 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
After the company had paid dividends of
DKK 16 per share, the price of Schouw
& Co. shares lost 2% during the second
quarter to DKK 604.00 at 30 June 2025
from DKK 614.00 at 31 March 2025. At
31 December 2024, the price per share
was DKK 538.00.
Interim report for Q2 20258
Outlook for 2025
2025 appears to be charac-
terised first and foremost by
market uncertainty, and there is
little sign of any notable relief in
the very near future. Changes
in trade patterns are already
seen, in particular the change in
Chinese trade from exports to
US markets to other markets in
Europe and Asia.
US import tariffs have attracted
significant attention for a while,
but direct sales from Schouw
& Co. to the USA are limited to
around 5% of Group revenue,
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 could
give these companies a compet-
itive advantage in the USA.
Schouw & Co. may also be
affected indirectly through cus-
tomers or suppliers. Being pres-
ent in a broad range of indus-
tries and serving customers
across many markets exposes
Schouw & Co. to changes in
demand. On the other hand, the
diversification of the Group also
spreads operational risk and
provides stability.
Considering that group compa-
nies have included restructuring
costs exceeding DKK 100 million
in their full-year expectations,
maintaining EBITDA on a par
with the strong results of 2024
appear to be quite satisfactory.
The following is a brief review
of 2025 revenue and EBITDA
forecasts for the individual
businesses:
BioMar narrows its full-year
revenue guidance towards the
upper end of the interval, 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 also nar-
rows its 2025 EBITDA guidance
towards the upper end.
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. Against this
background, GPV narrows its full-
year revenue guidance towards
the lower end of the interval, while
EBITDA guidance is narrowed
towards the higher end.
HydraSpecma expects to
maintain a healthy activity level
in the Global OEM and Nordic
OEM/IAM Divisions and a recov-
ery of activity in the Renewables
Division. Full-year revenue guid-
ance is narrowed towards the
upper end of the interval, while
EBITDA guidance is lifted.
Borg Automotive is experi-
encing continued soft demand
High EBITDA expectations maintained despite further one-off costs
thanks to strong measures by group companies to mitigate market
changes. Full-year revenue and EBITDA guidance narrowed within
previous range.
High expectations maintained
despite one-off costs
Outlook
Interim report for Q2 20259
for Reman products and fierce
competition across most mar-
kets. Full-year revenue guidance
is maintained, but necessary
initiatives to counteract market
challenges incur significant one-
off costs, and EBITDA guidance
is lowered substantially.
Fibertex Personal Care
expects to maintain a healthy
level of spunbond activity in
Europe and print activity in
the USA. Overcapacity in Asia
continues to impact market con-
ditions, but strategic initiatives
from Fibertex Personal Care
have been well received in the
market. Full-year revenue and
EBITDA guidance is lifted.
Fibertex Nonwovens is mod-
erating its revenue guidance,
mainly due to exchange rate
effects. Full-year revenue is still
expected to be at least on a par
with 2024, supported by the
ramped-up production capacity
in the USA, which enables the
company to better accommo-
date North American custom-
ers, and continued progress in
US operations is an important
prerequisite for achieving
the full-year expectations.
Full-year EBITDA guidance 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.
narrows its full-year 2025 con-
solidated revenue guidance to
the DKK 33.7-35.7 billion range
against previously DKK 33.3-
35.8 billion.
Schouw & Co. provides con-
solidated earnings guidance
at EBITDA level based on an
aggregation of individual portfo-
lio business forecasts, but actual
portfolio company EBITDA
results may deviate from these
individual forecasts. Accordingly,
the actual guidance is expressed
through consolidated EBITDA,
which for 2025 is narrowed from
previously DKK 2,820-3,120
million to the range of DKK
2,830-3,090 million, including
accumulated one-off costs to
the tune of DKK 100 million
related to adaptive initiatives.
Depreciation and amortisa-
tion charges are expected to
remain at approximately DKK
1,140 million in 2025. Despite
the negative foreign exchange
rate adjustments etc. of DKK
26 million in Q2 2025, consol-
idated financial items for 2025
are still expected to constitute
an expense of approximately
DKK 360 million before any
further effect of changes in
foreign exchange rates or other
adjustments.
The non-consolidated asso-
ciates and joint ventures, all
related to the BioMar business,
are recognised at a share of
profit after tax, which is now
expected to amount to approx-
imately DKK 70 million in 2025
against previously expected
DKK 80 million.
Revenue
(DKKm)
2025 guidance
after Q2
2025 guidance
after Q1
2024
actual
BioMar 16,300-17,000 16,000-17,000 16,616
GPV 8,700-9,200 8,700-9,300 8,931
HydraSpecma 3,000-3,200 2,900-3,200 3,031
Borg Automotive 2,000-2,200 2,000-2,200 1,971
Fibertex Personal Care 1,500-1,700 1,400-1,600 1,882
Fibertex Nonwovens 2,200-2,400 2,300-2,500 2,247
Other/eliminations - - -12
Total revenue 33,700-35,700 33,300-35,800 34,666
Earnings
(DKKm)
2025 guidance
after Q2
2025 guidance
after Q1
2024
actual
BioMar 1,490-1,570 1,470-1,570 1,476
GPV 600-650 590-650 625
HydraSpecma 360-390 350-380 339
Borg Automotive 100-130 150-180 171
Fibertex Personal Care 160-180 140-170 187
Fibertex Nonwovens 200-230 200-230 194
Other -80-60 -80-60 -60
EBITDA 2,830-3,090 2,820-3,120 2,931
PPA depreciation/amortisation -160 -160 -161
Other depreciation/amortisation -980 -980 -943
EBIT 1,690-1,950 1,680-1,980 1,827
Associates and JVs 70 80 36
Net financial items -360 -360 -450
Profit before tax 1,400-1,660 1,400-1,700 1,413
Interim report for Q2 202510
Management’s statement
Executive Management
Board of Directors
Financial calendar
Release of Q3 2025
interim report
NOVEMBER
12
Interim report for Q2 202511
13 Q2 Portfolio company financial highlights →
14 YTD Portfolio company financial highlights →
15 BioMar →
20 GPV →
24 HydraSpecma →
28 Borg Automotive →
32 Fibertex Personal Care →
36 Fibertex Nonwovens →
Our businesses
Interim report for Q2 202512
Amounts in DKK million
Q2 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 3,973 3,994 2,237 2,279 826 788 484 546 426 488 581 601 8,525 8,693
Contribution margin 509 533 308 295 228 210 102 130 79 79 111 117 1,336 1,363
EBITDA 349 361 155 144 96 88 20 57 48 45 57 58 706 737
Depreciation, amortisation and impairment losses 92 91 74 79 35 33 19 20 31 31 27 27 278 282
EBIT 257 270 81 65 61 55 0 37 18 14 30 31 428 455
Profit after tax in associates and JVs 14 2 0 0 0 0 0 0 0 0 0 0 14 2
Net financial items -35 -54 -50 -47 -23 -16 -4 -14 -6 -12 -31 -23 -103 -113
Profit before tax 236 219 31 18 38 38 -3 23 12 2 -1 8 338 344
Tax on profit for the period -58 -55 -17 -5 -8 -8 3 -4 -2 -1 -4 -7 -91 -88
Profit for the period 178 163 14 13 30 31 0 20 10 2 -5 1 247 257
Shareholders of Schouw & Co. 168 156 14 13 30 31 0 20 10 2 -5 0 234 245
Non-controlling interests -11 -8 0 0 0 0 0 0 0 0 0 -1 -14 -11
Profit for the period 178 163 14 13 30 31 0 20 10 2 -5 1 247 257
CASH FLOWS
Cash flow from operating activities 249 116 168 29 33 58 -6 16 37 52 37 37 542 337
Cash flow from investing activities -130 -51 -14 -34 -6 -22 -6 -5 -9 -23 -25 -9 -96 -144
Cash flow from financing activities 51 -43 -109 14 -13 -36 17 -6 -24 -37 0 -28 -219 -164
BALANCE SHEET
Intangible assets
1
1,321 1,398 965 1,002 566 591 224 239 59 63 106 117 4,267 4,435
Property, plant and equipment 1,795 1,736 974 1,019 475 498 260 220 1,172 1,196 1,440 1,501 6,139 6,193
Other non-current assets 1,053 1,141 446 378 126 146 170 158 13 38 15 9 1,772 1,905
Cash and cash equivalents 569 329 299 274 85 53 15 17 15 21 71 84 1,054 777
Other current assets 6,061 6,621 4,569 4,672 1,516 1,502 1,511 1,418 598 608 910 904 14,427 15,281
Total assets 10,798 11,225 7,254 7,346 2,768 2,790 2,180 2,052 1,858 1,926 2,543 2,614 27,658 28,592
Equity 2,758 3,106 2,367 2,294 1,077 1,000 608 608 968 926 780 852 11,598 11,481
Interest-bearing liabilities 3,477 3,650 2,707 2,732 1,054 1,198 845 732 529 598 1,357 1,387 6,680 7,674
Other liabilities 4,563 4,469 2,179 2,320 637 591 727 711 361 402 405 375 9,380 9,436
Total equity and liabilities 10,798 11,225 7,254 7,346 2,768 2,790 2,180 2,052 1,858 1,926 2,543 2,614 27,658 28,592
Average no. of employees 1,685 1,573 7,604 7,976 1,562 1,471 2,241 2,132 595 705 1,143 1,108 14,850 14,987
FINANCIAL KEY FIGURES
EBITDA margin 8.8% 9.0% 6.9% 6.3% 11.6% 11.2% 4.0% 10.4% 11.3% 9.2% 9.8% 9.7% 8.3% 8.5%
EBIT margin 6.5% 6.8% 3.6% 2.8% 7.4% 6.9% 0.0% 6.8% 4.1% 2.8% 5.1% 5.1% 5.0% 5.2%
ROIC excluding goodwill 27.0% 26.7% 8.3% 9.3% 15.6% 13.0% 5.9% 12.5% 4.6% 7.1% 3.6% 5.3% 12.5% 13.8%
ROIC including goodwill 19.6% 19.8% 7.7% 8.6% 13.4% 11.2% 4.2% 8.7% 4.3% 6.6% 3.4% 5.0% 10.5% 11.6%
Working capital 1,693 2,462 2,422 2,509 914 973 829 748 334 331 544 555 6,707 7,553
Net interest-bearing debt 2,335 2,926 2,171 2,336 901 1,101 813 686 513 575 1,286 1,303 5,435 6,713
1) Excluding consolidated goodwill in Schouw&Co.
Q2 Portfolio company
financial highlights
Interim report for Q2 202513
Our businesses
Amounts in DKK million
YTD 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 7,372 7,238 4,437 4,599 1,626 1,562 990 1,049 873 953 1,159 1,180 16,454 16,576
Contribution margin 888 949 594 591 448 420 209 247 157 160 211 234 2,508 2,600
EBITDA 555 631 298 300 204 173 52 104 98 94 100 117 1,271 1,389
Depreciation, amortisation and impairment losses 181 181 152 158 68 66 38 39 61 60 55 55 556 559
EBIT 374 451 147 141 136 107 14 65 36 34 45 62 715 829
Profit after tax in associates and JVs 25 7 0 0 0 0 0 0 0 0 0 0 25 7
Net financial items -65 -108 -115 -129 -51 -31 -13 -27 -14 -21 -58 -49 -219 -259
Profit before tax 334 349 32 12 86 76 1 37 22 13 -13 13 521 577
Tax on profit for the period -87 -98 -25 -18 -19 -18 2 -6 -5 -3 -9 -14 -156 -175
Profit for the period 248 251 7 -6 67 59 3 31 18 10 -22 -1 365 402
Shareholders of Schouw & Co. 231 239 7 -6 67 59 3 31 18 10 -22 -2 347 390
Non-controlling interests -17 -13 0 0 0 0 0 0 0 0 0 -1 -18 -13
Profit for the period 248 251 7 -6 67 59 3 31 18 10 -22 -1 365 402
CASH FLOWS
Cash flow from operating activities 211 77 342 179 107 81 -82 -27 76 88 55 26 762 507
Cash flow from investing activities -247 -84 -39 -90 22 -48 -11 -13 -16 -51 -53 -31 -250 -318
Cash flow from financing activities 201 145 -238 -45 -137 -54 86 44 -53 -28 0 20 -287 -1
BALANCE SHEET
Intangible assets
1
1,321 1,398 965 1,002 566 591 224 239 59 63 106 117 4,267 4,435
Property, plant and equipment 1,795 1,736 974 1,019 475 498 260 220 1,172 1,196 1,440 1,501 6,139 6,193
Other non-current assets 1,053 1,141 446 378 126 146 170 158 13 38 15 9 1,772 1,905
Cash and cash equivalents 569 329 299 274 85 53 15 17 15 21 71 84 1,054 777
Other current assets 6,061 6,621 4,569 4,672 1,516 1,502 1,511 1,418 598 608 910 904 14,427 15,281
Total assets 10,798 11,225 7,254 7,346 2,768 2,790 2,180 2,052 1,858 1,926 2,543 2,614 27,658 28,592
Equity 2,758 3,106 2,367 2,294 1,077 1,000 608 608 968 926 780 852 11,598 11,481
Interest-bearing liabilities 3,477 3,650 2,707 2,732 1,054 1,198 845 732 529 598 1,357 1,387 6,680 7,674
Other liabilities 4,563 4,469 2,179 2,320 637 591 727 711 361 402 405 375 9,380 9,436
Total equity and liabilities 10,798 11,225 7,254 7,346 2,768 2,790 2,180 2,052 1,858 1,926 2,543 2,614 27,658 28,592
Average no. of employees 1,651 1,587 7,550 8,048 1,533 1,475 2,249 2,100 603 705 1,136 1,102 14,744 15,039
FINANCIAL KEY FIGURES
EBITDA margin 7.5% 8.7% 6.7% 6.5% 12.6% 11.1% 5.2% 9.9% 11.2% 9.8% 8.6% 9.9% 7.7% 8.4%
EBIT margin 5.1% 6.2% 3.3% 3.1% 8.4% 6.8% 1.4% 6.2% 4.2% 3.6% 3.9% 5.3% 4.3% 5.0%
ROIC excluding goodwill 27.0% 26.7% 8.3% 9.3% 15.6% 13.0% 5.9% 12.5% 4.6% 7.1% 3.6% 5.3% 12.5% 13.8%
ROIC including goodwill 19.6% 19.8% 7.7% 8.6% 13.4% 11.2% 4.2% 8.7% 4.3% 6.6% 3.4% 5.0% 10.5% 11.6%
Working capital 1,693 2,462 2,422 2,509 914 973 829 748 334 331 544 555 6,707 7,553
Net interest-bearing debt 2,335 2,926 2,171 2,336 901 1,101 813 686 513 575 1,286 1,303 5,435 6,713
1) Excluding consolidated goodwill in Schouw&Co.
YTD Portfolio company
financial highlights
Interim report for Q2 202514
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 Q2 202515
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 it
is the best way to secure a more
sustainable approach to increas-
ing 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 Agricul-
ture Organization, 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
production 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, asfeed
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, at that time a listed
company. BioMar became a
wholly-owned subsidiary follow-
ing 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 Q2 202516
Our businesses BioMar
Financial review
As expected, volumes sold in the
second quarter of 2025 increased
by 14% year on year with all feed
segments contributing. The
strong growth in the Salmon
segment was primarily driven by
Norway and Chile. Sales volumes
of shrimp feed in Ecuador grew
significantly, and volumes sold in
other business units increased as
well, except in Greece.
The reported revenue reflected
the increased sales volumes,
but also an adverse effect from
customer mix due to higher sales
volume towards large customers
and lower prices of important
raw materials. Exhcange rate
developments had an adverse
effect on revenue, mainly due
to weaker USD, NOK and AUD
against DKK. The reported Q2
2025 revenue of DKK 3,973 mil-
lion was almost unchanged year
on year. Overall H1 2025 revenue
was up by 2% year on year to
DKK 7,372 million.
The Salmon segment reported
a 10% increase in volume sales
in the second quarter compared
with the year-earlier period, driven
by higher volumes sold in Norway
and Chile in particular, which,
however, was partly offset by
lower volume sales in Scotland.
Higher biomass and improved
biological conditions in Norway
contributed to the volume growth,
while environmental issues and
lower biomass affected volumes
sold in Scotland. Volume sales
in Chile increased due to new
commercial contracts.
In the Salmon segment, BioMar
maintains its focus on a broad
product offering, increased
sales volumes of functional feed,
commercial and operational
excellence and value creation
together with customers. How-
ever, maintaining a solid market
position in the salmon markets
is a prerequisite for critical
mass, and after a couple of years
of working with commercial and
operational excellence, the focus
of the Salmon segment this year
has been to recover volumes
in markets with important
accounts. The diluting effect
of increased sales of standard
products and the move into
new contracts have caused an
expected margin decrease com-
pared to last year, but profitabil-
ity remains strong. The earnings
decrease compared to Q2 2024
was in line with expectations and
reflects BioMar’s strong focus
on ROIC and cash flow.
EBITDA for the Salmon segment
decreased from DKK 257 million
in Q2 2024 to DKK 231 million
in Q2 2025, although earnings
were supported by a one-off
profit of DKK 17 million related
to a gain on the existing shares
when the remaining shares
of LetSea AS were acquired.
Reflecting the one-off profit in
Q2 2025 and positive effects of a
special nature of DKK 65 million
in Q1 2024, EBITDA decreased
from DKK 468 million in H1 2024
to DKK 362 million in H1 2025.
The Shrimp segment reported
a 29% increase in sales volumes
BioMar
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Salmon 224 203 398 365 874
Shrimp 95 74 173 137 280
Selected species 64 57 107 95 227
Te ch 0 0 0 0 0
Eliminations -1 -1 -2 -2 -8
Total volume
(‘000 tonnes) 382 334 676 596 1,372
Salmon 2,603 2,713 4,909 4,980 11,725
Shrimp 594 532 1,145 999 2,005
Selected species 758 739 1,281 1,250 2,862
Te ch 38 27 77 42 90
Eliminations -20 -18 -42 -32 -66
Total revenue 3,973 3,994 7,372 7,238 16,616
Salmon 231 257 362 468 1,101
Shrimp 55 49 105 88 190
Selected species 68 56 94 82 223
Te ch 13 5 26 4 10
Shared/non-allocated -18 -6 -30 -11 -48
Total EBITDA 349 361 555 631 1,476
EBIT 257 270 374 451 1,129
CF from operations 249 116 211 77 1,585
Working capital 1,693 2,462 1,693 2,462 1,671
ROIC excluding
goodwill (%) 27.0% 26.7% 27.0% 26.7% 26.7%
ROIC including
goodwill (%) 19.6% 19.8% 19.6% 19.8% 19.7%
BioMar
Volume sales at record high
The substantial volume growth continued into Q2, securing stable revenue
despite adverse effects from customer mix, exchange rate developments and
lower prices of important raw materials. Substantial reduction of working capital.
Full-year revenue and EBITDA guidance is narrowed towards the top of the
previous range of expectations.
Interim report for Q2 202517
Our businesses BioMar
compared to Q2 2024, reflect-
ing a stronger market position
and product offerings in the
Ecuadorian market. EBITDA
increased by 12% in Q2 2025,
reflecting the volume growth,
but also an adverse effect from
reduced average sales prices
due to a higher share of large
key account customers and
increased sales of standard
feeds. H1 EBITDA increased by
19% year on year.
BioMar continues to strengthen
its offering of products,
concepts and services in the
Shrimp segment, mainly in the
Ecuadorian market, where the
company has added new pro-
duction capacity in recent years
by way of two extruder lines, but
also in Vietnam and Costa Rica.
The Selected Species segment
reported sales volumes 11%
above Q2 2024. All feed units
in the segment realised higher
volume sales except in Greece,
where BioMar continues to take
a cautious approach to credit
risk, prioritising security of pay-
ments and accounts receivable
recovery over market share.
EBITDA in the Selected Species
segment increased by 22% in
Q2 and by 15% in H1 year on
year, reflecting the growth in
feed volumes sold, a strength-
ened market position and a
product mix effect.
The operations of the Tech
segment include AQ1, which is
an innovative leader in artificial
intelligence for behaviour-
al-based control and feeding
detection technology for sus-
tainable aquaculture. The Tech
segment reported an impressive
42% increase in revenue com-
pared to Q2 2024, and earnings
increased from EBITDA of DKK
5 million in Q2 2024 to DKK 13
million in Q2 2025, primarily
reflecting the higher revenue
and a change in business model
in the form of a restructuring of
relations with some key distrib-
utors, developing new products
and initiating recurring revenue
sales. In H1 2025, EBITDA
increased to DKK 26 million from
DKK 4 million in H1 2024.
Despite a year-on-year decline
in earnings of 3%, BioMar
reported EBITDA for Q2 2025
at a strong DKK 349 million,
including the positive effect of a
special nature of DKK 17 million
related to the gain on the exist-
ing shares when the remaining
shares of LetSea AS were
acquired. Overall EBITDA for
H1 2025 was DKK 555 million,
compared with DKK 631 million
in H1 2024, with the net effects
from items of a special nature
related to the Salmon segment
explaining DKK 48 million of the
difference.
Working capital decreased
significantly from DKK 2,462
million at 30 June 2024 to DKK
1,693 million at 30 June 2025,
despite the increase in sales
volumes. A few important key
accounts have reduced their
trade receivables balance, and
the prices of some important
raw materials have decreased.
Further, a change in customer
mix had a positive impact on
trade receivables. BioMar sup-
ports loyal customers in many
markets when possible, but
naturally also needs to consider
risk and net working capital in
order to maintain a healthy level
of cash flow and ROIC.
Inventories decreased year
on year, reflecting a structural
Interim report for Q2 202518
Our businesses BioMar
reduction in stock levels and
optimisation of the logistics
supply chain as well as a
positive impact from generally
lower raw materials prices and
product mix. Trade payables
increased slightly despite the
decrease in inventories, mainly
due to extended credit terms
with raw materials suppliers
to offset growing pressure for
extended commercial credit
from customers, but also
because of a positive impact
from higher utilisation of supply
chain financing facilities. The
use of supply chain financing
on the supplier side increased
from DKK 748 million at 30 June
2024 to DKK 964 million at 30
June 2025. Exchange rate devel-
opments had a reducing impact
on working capital compared to
Q2 2024, mainly related to USD
and NOK.
ROIC excluding goodwill was
27.0% at 30 June 2025 com-
pared to 26.1% at 31 March
2025. The improvement was
mainly due to a decrease in
invested capital.
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, but due
to their large growth potential,
these units are very important
to BioMar.
These two feed businesses,
covering two factories in China
and one factory in Türkiye,
reported combined revenue of
DKK 418 million (100% basis)
and EBITDA of DKK 48 million
in Q2 2025, against revenue of
DKK 419 million and EBITDA
of DKK 64 million in Q2 2024.
In Türkiye, sales volumes
increased, but revenue and
EBITDA decreased, reflecting a
normalisation of margins in the
market due to competition and a
somewhat reduced commercial
risk. 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 product
offerings to customers.
The associated businesses
include the Chilean fish farming
company Salmones Austral
and two minor businesses, ATC
Patagonia and LCL Shipping.
The non-consolidated joint
ventures and associates are
recognised in the Q2 2025 con-
solidated financial statements at a
DKK 14 million share of profit after
tax, compared to a DKK 2 million
share of profit after tax in Q2 2024.
The increase in profits was mainly
driven by Salmones Austral.
Business development
At 1 April 2025, BioMar acquired
full ownership of LetSea AS,
Norway’s leading experimental
and research centre for aquacul-
ture, by taking over the remaining
66% 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 devel-
opment of new feed ingredients,
and continuous improvements in
fish performance, health and wel-
fare. The acquisition impacted
Q2 2025 earnings in the Salmon
segment by a positive effect of a
special nature of DKK 17 million
related to a gain on the existing
shares when the remaining
shares of LetSea AS were
acquired. For the remainder of
2025, the acquisition is expected
to contribute DKK 10-20 million
to consolidated EBITDA.
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 commu-
nity. BioMar invests in research
and development on a continu-
ous basis and has several highly
trained specialists in the field.
The company has a long-stand-
ing 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
stakeholders and is strongly
focused on delivering on the
company’s sustainability
ambitions, which are demanded
by customers and consumers
and are essential for long-term
value creation. Sustainability
efforts form an integral part
of BioMar’s strategy, which
includes a focus on the use of
alternative raw materials and on
generally reducing the climate
impact. BioMar’s strategy also
centres on global excellence
programmes, commercial as
well as operational, intended to
strengthen customer service
and competitive strength while
at the same time tapping into
the earnings potential and opti-
mising 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, due to the
short farming period relative
to salmon farming, demand
for feed is easily affected by
volume adjustments in farming
operations.
BioMar narrows its full-year
2025 revenue guidance to DKK
16.3-17.0 billion within the pre-
viously announced DKK 16.0-
17.0 billion range, but changing
market conditions and volatile
prices of raw materials may
as always impact the revenue
forecast substantially. Given the
current outlook, BioMar narrows
its 2025 EBITDA guidance to
DKK 1,490-1,570 million within
the previously announced range
of DKK 1,470-1,570 million.
The non-consolidated joint
ventures and associates are
recognised at a share of profit
after tax, which is now expected
to amount to approximately DKK
70 million in 2025 against previ-
ously expected DKK 80 million.
Interim report for Q2 202519
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 leading customers. GPV’s
solutions are used in customer end-products within
the market segments Industrials, Measurement &
Control, Transport, CleanTech, BuildingTech, HighTech
Consumer, MedTech and Defence.
Interim report for Q2 202520
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 Q2 202521
Our businesses GPV
Financial review
Following a market with soft
demand during the early part
of 2025, a slight increase in
demand from customers was
seen during the second quarter.
GPV reported Q2 revenue of DKK
2,237 million, down 2% from
DKK 2,279 million in Q2 2024,
which, however, was an improve-
ment compared to Q1. For the
first half of 2025, GPV reported
revenue of DKK 4,437 million, a
decrease of 4% compared to the
same period of 2024.
The healthy level of activity in Q2
had a positive effect on EBITDA,
which came to DKK 155 million
in the quarter compared to DKK
144 million in the same period
of 2024, equal to an increase
of 8%. For the first half of 2025,
GPV generated EBITDA of DKK
298 million, in line with the
expectations for the period and
on a par with the level of the
same period of 2024.
Working capital amounted to
DKK 2,422 million at 30 June
2025 compared to DKK 2,509
million at 30 June 2024. The
working capital tie-up contin-
ued to decrease, as changes in
trade payables and receivables
were outweighed by dedicated
efforts to reduce inventories at
GPV’s factories. ROIC exclud-
ing goodwill rose from 7.9% at
31 March 2025 to 8.3% at 30
June 2025, primarily due to the
higher earnings and decreased
inventories.
Business review
The latest strategy review, per-
formed in the autumn of 2024
for the period to 2028, continues
to indicate healthy potential, and
GPV continues to execute on the
plans. As part of the 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 during 2026.
GPV has a promising sales
pipeline with many interesting
projects. GPV has a structured
pipeline management approach
and a strong focus on extending
the collaboration with existing
customers as well as on winning
new customers to secure the
future growth strategy. From
the win of a project to full-scale
manufacturing, the ramp-up
typically takes 18-24 months.
Project wins from 2023 and
2024 are being ramped up as
planned.
GPV is committed to being able
to meet customer requirements
for high quality standards, relia-
bility of supply and flexibility. To
prepare for the expected market
rebound, GPV has finalised the
expansions in Asia (Thailand
and Sri Lanka) and in best-cost
Europe (Slovakia), while the
expansion in the Americas (Mex-
ico) is expected to be completed
in early 2027. 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 be
GPV
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Revenue 2,237 2,279 4,437 4,599 8,931
EBITDA 155 144 298 300 625
EBIT 81 65 147 141 311
CF from operations 168 29 342 179 291
Working capital 2,422 2,509 2,422 2,509 2,624
ROIC excluding goodwill 8.3% 9.3% 8.3% 9.3% 8.2%
ROIC including goodwill 7.7% 8.6% 7.7% 8.6% 7.6%
Coping with soft market
conditions
GPV
Strengthened EBITDA driven by strong measures to protect earnings.
Initial signs of increase in demand from a number of customers. Full-
year 2025 revenue and EBITDA guidance is narrowed within the previous
range of expectations and is on a par with 2024.
Interim report for Q2 202522
Our businesses GPV
continued throughout 2025.
During the first half of 2025,
the manufacturing of cable
harnesses was consolidated in
Slovakia and Sri Lanka, and the
consolidation of the electronics
activities in Slovakia into the
new mega site in Piestany and
the established site in Nova
Dubnica will be completed
during the second half of 2025.
Further, the mechanics activities
will be 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.
Outlook
In the second quarter of 2025,
GPV saw initial signs of an
increase in demand from a
number of customers, but the
general picture is still a soft mar-
ket. It is expected that demand
will remain soft and market con-
ditions will remain volatile in the
second half of 2025. Demand
from customers is thus expected
to be on a par with 2024.
The global materials supply
situation has generally normal-
ised, but some challenges with
sudden shifts in lead times for
certain specific components
and printed circuit boards are
still seen, and this is expected to
continue throughout the year.
The geopolitical tensions and
the apparent risk of trade wars
add to an uncertain and volatile
outlook, and GPV has estab-
lished a tariff task force to be
able to navigate the situation
in the best possible way. Any
material impact from trade wars,
including the implementation of
tariffs for the products that GPV
produces, is not included in the
guidance.
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 during 2024.
The effects of some of these
measures will be reflected in
financial results with a certain
delay.
The actions taken to further
optimise the production
platform will continue dur-
ing the remainder of 2025. It
is now anticipated that this
restructuring of the operational
footprint will entail one-off costs
negatively impacting full-year
2025 EBITDA to the tune of
DKK 30 million – somewhat less
than the around DKK 40 million
previously expected. These
costs, of which about two thirds
will be incurred in the second
half of 2025, are included in the
full-year guidance.
Against this background, GPV
narrows its full-year 2025
revenue guidance to the range
of DKK 8.7-9.2 billion from
previously DKK 8.7-9.3 billion,
while the EBITDA guidance is
narrowed to the range of DKK
600-650 million from the pre-
viously expected DKK 590-650
million.
Interim report for Q2 202523
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 Q2 202524
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 Q2 202525
Our businesses HydraSpecma
Financial review
HydraSpecma generated
revenue of DKK 826 million in
Q2 2025, up from DKK 788
million in Q2 2024, represent-
ing a growth rate of nearly 5%.
The increase was mainly driven
by higher activity in the Global
OEM Division, particularly from
marine and defence customers.
The Nordic OEM/IAM Division
also contributed to the revenue
uplift, whereas the Renewables
Division noted some post-
ponements at customer sites.
Revenue for the first half of
2025 was DKK 1,626 million,
compared to DKK 1,562 million
in the same period of last year, a
4% increase.
Q2 2025 EBITDA was DKK 96
million, a 9% increase from
DKK 88 million in Q2 last year.
HydraSpecma's ongoing efforts
to optimise the supply chain,
enhance flexibility and produc-
tion footprint, along with invest-
ments in facilities and automa-
tion, contributed positively to
the improvement. For the first
half of the year, EBITDA was up
from DKK 173 million in 2024
to DKK 204 million in 2025. H1
2025 EBITDA was supported
by a one-off profit of DKK 12
million from the sale of a facility
in Poland, but in the same
period, earnings were impacted
by costs in the range of DKK 8
million related to the consolida-
tion of more production activity
in the new facility in Stargard,
Poland. Excluding this one-off
gain and the consolidation
costs, EBITDA for the first half
of 2025 would have reflected a
year-on-year increase of 16%.
Working capital decreased by
DKK 59 million, from DKK 973
million at 30 June 2024 to DKK
914 million at 30 June 2025, pri-
marily driven by lower inventory
levels. The return on invested
capital (ROIC) excluding good-
will improved to 15.6% at 30
June 2025, up from 14.9% at
31 March 2025. The improve-
ment was supported by higher
earnings, reduced net working
capital and the positive impact
of the property divestment.
Business review
HydraSpecma has nearly
completed the relocation of
certain production activities
to the new facility in Star-
gard, Poland, in response to
increasing customer demand
in Central Europe. Production
in Poland has commenced with
strong support from the entire
HydraSpecma organisation.
The aim is to optimise produc-
tion and logistics, enhance the
service level towards customers
and increase flexibility. The
relocation is expected to be
completed by the third quarter
of 2025, with estimated total
one-off costs of DKK 30-35
million in 2025.
Following the merger of
HydraSpecma’s two Chinese
sites in Tianjin, the company
has signed an agreement to
lease a new 22,000 m² facility
in Tianjin. The two existing sites
will be consolidated into this
new facility, which will be built to
HydraSpecma’s specifications
and is scheduled for completion
by Q2 2026. The new facility will
be equipped with solar panels
HydraSpecma
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Revenue 826 788 1,626 1,562 3,031
EBITDA 96 88 204 173 339
EBIT 61 55 136 107 203
CF from operations 33 58 107 81 287
Working capital 914 973 914 973 884
ROIC excluding goodwill 15.6% 13.0% 15.6% 13.0% 13.5%
ROIC including goodwill 13.4% 11.2% 13.4% 11.2% 11.6%
Progress driven by broad
customer base
HydraSpecma
Strengthened sales in the Global OEM and Nordic OEM/IAM divisions compared to
last year offset postponed orders in the Renewables Division. Full-year revenue and
EBITDA guidance is lifted.
Interim report for Q2 202526
Our businesses HydraSpecma
and heating pumps to enable
zero-emission production in
China.
HydraSpecma’s patent-pending
cooler solution for the renew-
ables industry has attracted
increasing interest from both
wind turbine and solar panel
manufacturers. This innovation
is a key result from the R&D
department within the Renew-
ables Division, which focuses
on developing new product
concepts and customised solu-
tions in close collaboration with
customers.
In the Global OEM Division,
HydraSpecma has expanded its
resources to address the rising
demand for new products and
solutions from both existing and
new customers. The company is
also strengthening its com-
petencies within its Centre of
Excellence, with particular focus
on electrification and software
development.
Outlook
The geopolitical tensions and
the apparent risk of trade wars
continue to create market
uncertainty, potentially impact-
ing all three HydraSpecma divi-
sions. US tariffs will most likely
affect HydraSpecma’s direct
sales to the USA, and trade con-
flicts may well slow down certain
activities. However, direct sales
to the USA are rather limited,
and the changes may also
provide new opportunities for
HydraSpecma.
Based on forecasts from cus-
tomers and a robust order book,
the Renewables Division expects
to recover postponed activity
during the year, although there
is a risk that postponements
may continue into 2026.
In the Global OEM Division,
sales to customers in the
marine and defence industries
are expected to remain strong.
Conversely, the recovery of the
Mobile OEM market originally
anticipated for the second half
of 2025 is now expected to be
delayed to 2026. Nevertheless,
HydraSpecma will continue to
benefit from an increased share
of wallet with existing customers
and additional business from
new customers. Further, in
the Nordic OEM/IAM Division,
a modest recovery has been
observed in the Nordic markets,
and this trend is expected to
continue into the second half of
2025.
Assuming that the current pos-
itive outlook is not impacted by
an escalation of trade conflicts
or further order postponement
among renewables customers,
HydraSpecma expects to gen-
erate full-year 2025 revenue in
the range of DKK 3.0-3.2 billion,
up from the previously expected
DKK 2.9-3.2 billion. The 2025
earnings expectations have also
been raised to EBITDA in the
range of DKK 360-390 million,
including the estimated one-off
costs from the relocation of
production activities, up from
the previously expected DKK
350-380 million.
Interim report for Q2 202527
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 Q2 202528
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.
Jesper Møberg, 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 remanufactured automotive
spare parts, which includes
starters, alternators, brake
callipers, air-condition com-
pressors, 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 Q2 202529
Our businesses Borg Automotive
Financial review
In the second quarter of 2025,
Borg Automotive experienced
continued soft demand in the
Reman segment and persis-
tently fierce price competition
across most markets. Revenue
for the quarter totalled DKK 484
million, which was DKK 62 mil-
lion below the level of the same
period of 2024. Revenue for the
first half of 2025 was DKK 990
million, a year-on-year decrease
of 6%.
The fierce competition and
the soft demand in the Reman
segment, combined with
increased production costs
due to a substantial increase in
Polish minimum wages, affected
the Q2 performance adversely.
Borg Automotive has taken
strong measures to mitigate
the challenges, and one-off
costs related to these measures
affected Q2 earnings by DKK 11
million. Further, core regula-
tions had a negative impact of
another DKK 11 million in Q2
2025 against a positive impact
of DKK 10 million in Q2 2024.
These major impacts brought
Q2 EBITDA from DKK 57 million
in 2024 to DKK 20 million in
2025. For the first half of 2025,
EBITDA was DKK 52 million, a
year-on-year decrease of 50%.
Working capital amounted to
DKK 829 million at 30 June 2025,
a year-on-year increase of DKK
81 million that was mainly driven
by increased inventories. ROIC
excluding goodwill decreased
from 9.1% at 31 March 2025 to
5.9% at 30 June 2025 due to the
reduced earnings.
Business review
Remanufacturing of products
is Borg Automotive’s legacy
activity and Reman products
still make up the major part of
the business, but since 2021,
when Borg Automotive acquired
a trading company dealing in
new automotive spare parts,
the Reman operations have
been complemented by a
range of Newman products. In
recent time, however, market
conditions have changed quite
substantially, with a challeng-
ing combination of soft market
demand, rising production costs
and increasingly fierce price
competition.
Borg Automotive has been
adapting to these challenges
for some time, most recently
through the acquisition of the
production facility in Tunisia at
the end of 2024, and the com-
pany has now launched a plan
called Refine4Future that builds
on four main pillars: improve
commercial excellence; opti-
mise manufacturing footprint;
optimise logistics footprint; and
adjust SG&A to future activity
level.
When fully implemented in
2027, the plan can potentially
improve earnings by up to DKK
100 million on an annual basis
with the improvements deriving
from: commercial excellence
estimated to deliver up to DKK
20 million; optimisation of man-
ufacturing footprint estimated
to deliver up to DKK 50 million;
optimisation of logistics foot-
print estimated to deliver up to
DKK 20 million; and adjustment
Borg Automotive
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Revenue 484 546 990 1,049 1,971
EBITDA 20 57 52 104 171
EBIT 0 37 14 65 96
CF from operations -6 16 -82 -27 28
Working capital 829 748 829 748 711
ROIC excluding goodwill 5.9% 12.5% 5.9% 12.5% 10.7%
ROIC including goodwill 4.2% 8.7% 4.2% 8.7% 7.5%
Borg Automotive
Counteracting market
challenges
Launch of strong initiatives to counteract market challenges and protect
earnings. Revenue guidance for 2025 is maintained, while EBITDA
guidance is lowered due to one-off costs from necessary initiatives.
Interim report for Q2 202530
Our businesses Borg Automotive
of SG&A estimated to deliver up
to DKK 10 million.
In 2025 and 2026, earnings will
be impacted by one-off costs
related to the necessary initia-
tives to realise these gains. For
2025, these costs are expected
to be up to DKK 40 million,
of which DKK 11 million was
incurred in Q2 2025, mainly in
the form of severance pay-
ments related to a headcount
adjustment.
Borg Automotive has appointed
a new senior leadership team
to drive the next growth phase
and launch the new strategic
direction. As part of a planned
generational change, Jesper
Møberg has replaced Kim Kruse
Andersen as Chief Executive
Officer, while Ernst Kildegaard
has been promoted to Exec-
utive Vice President. Jesper
Møberg has been a part of Borg
Automotive for 15 years, most
recently in the role of Chief
Financial Officer, and he brings
a strong strategic profile and
years of leadership experience
within automotive, shipping and
auditing.
Outlook
In Q2 2025, Borg Automotive
experienced continued soft
demand for remanufactured
products in the European
aftermarket. Sales of Newman
products were quite healthy, but
the market is very competitive,
largely attributable to intensified
Chinese exports to Europe.
With the ongoing trade tensions
between China and the USA,
the fierce competition in traded
Newman products in the Euro-
pean market is not likely to ease
in the near future.
Although general market
conditions currently reflect soft
demand and fierce competi-
tion, some product lines are
still showing healthy growth
potential that combined with
the initiatives launched could
counteract the challenges going
forward. The necessary initia-
tives will, however, entail one-off
costs of up to DKK 40 million in
2025, of which more than two
thirds will be incurred in the
second half of 2025.
The outlook for the activity
level in 2025 has not changed
significantly during recent
months, and Borg Automotive
maintains its full-year 2025
revenue guidance in the range
of DKK 2.0-2.2 billion. Earnings
will, however, be affected by
the above-mentioned one-off
costs, and full-year guidance is
lowered to EBITDA in the range
of DKK 100-130 million from the
previously expected DKK 150-
180 million.
Interim report for Q2 202531
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 Q2 202532
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)
0
409
818
1227
1636
2045
2454
20242023202220212020
2,454
1,891 1,882
2,118
2,249
Interim report for Q2 202533
Our businesses Fibertex Personal Care
Fibertex Personal Care
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Revenue 426 488 873 953 1,882
EBITDA 48 45 98 94 187
EBIT 18 14 36 34 66
CF from operations 37 52 76 88 162
Working capital 334 331 334 331 342
ROIC excluding goodwill 4.6% 7.1% 4.6% 7.1% 4.5%
ROIC including goodwill 4.3% 6.6% 4.3% 6.6% 4.2%
Financial review
Fibertex Personal Care gener-
ated revenue of DKK 426 million
in the second quarter of 2025,
compared with DKK 488 million
in the second quarter of 2024, a
year-on-year decrease of 13%.
The decline was primarily driven
by lower sales volumes. Revenue
for the first half of 2025 was
DKK 873 million, a year-on-year
decrease of 8%.
Despite the lower sales volumes,
Fibertex Personal Care reported
EBITDA of DKK 48 million for
the second quarter of 2025,
compared to DKK 45 million
in the second quarter of 2024.
The healthy earnings perfor-
mance was supported by a more
favourable development in raw
material prices than in Q2 2024,
and by optimised offerings in the
Asian market, despite the strong
competition in the region. For
the first half of 2025, earnings
were up by 4% to EBITDA of
DKK 98 million.
Working capital was DKK 334
million at the end of the second
quarter of 2025, on a par with
the level at the end of the
second quarter of 2024. The
return on invested capital (ROIC)
excluding goodwill increased to
4.6% at 30 June 2025 from 4.4%
at 31 March 2025.
Business review
Overcapacity in Asia contin-
ues to impact performance.
Following a strategic review in
2024, Fibertex Personal Care
has continued to implement
updated plans aimed at improv-
ing operational efficiency and
earnings growth. The compa-
ny’s commitment to innovation,
service and quality, combined
with its sales strategy, has been
more favourably received in the
market than expected, leading
to a positive volume and perfor-
mance outlook.
To address ongoing margin
pressures in commodity non-
wovens, the Malaysian facilities
have initiated a strategic move
towards specialty markets. This
mirrors the successful transition
executed at the Danish facility
in Aalborg some years ago, with
entry into niche markets such
as medical applications. To
support this move, an upgrade
of one of the spunbond lines at
the Sendayan site in Malaysia
is currently underway, aimed at
enabling the production of high-
er-value specialty products.
The European market for spun-
bond nonwovens remains stable
with a positive overall outlook.
Growth in the hygiene segment
continues to be limited, as it is
considered fully mature. How-
ever, slight volume increases
are being realised through
integration of additional design
features, primarily in baby dia-
pers. Additionally, the market for
adult incontinence care in retail
is developing with new design
features requiring additional
nonwovens.
According to recent data from
the European nonwovens trade
Earnings progress
Fibertex Personal Care
Fibertex Personal Care reported progress in earnings despite a drop in
revenue. Despite stable activity in Europe, overcapacity in Asia continues
to limit performance. Full-year revenue and EBITDA guidance is lifted.
Interim report for Q2 202534
Our businesses Fibertex Personal Care
organisation, asset utilisation
across suppliers in the region
remains steady, supporting
a consistent supply-demand
balance. Fibertex Personal Care
has made continuous improve-
ments in operational efficiency,
which have effectively balanced
the incremental increases in
demand.
In North America, demand
for printed nonwovens and
composites remains strong,
resulting in full asset utilisation
at the Asheboro, North Carolina,
facility. In Europe, the demand is
softer. However, despite the soft
demand, the German facility in
Ilsenburg continues to deliver at
very high-quality levels and with
good operational efficiency.
Fibertex Personal Care partic-
ipated in the IDEA exhibition in
the US, a key global platform
for the nonwovens industry.
Being present with both print
and nonwovens, the company
showcased custom solutions
developed for diverse and
specific needs, such as digital
printing, functional printing,
spot coating and print emboss-
ing. In spunbond nonwovens,
the company presented its
continued focus – and compet-
itive advantage – on low basis
weight materials.
Outlook
The European nonwovens mar-
ket remains stable with a rea-
sonably consistent supply-de-
mand balance. In China, birth
rates have recently stabilised
and shown slight improvements,
but these developments remain
insufficient to offset the existing
overcapacity in locally manufac-
tured baby diapers. As a result,
Chinese diaper producers and
affiliated trading companies
have continued to expand their
export activities. This export
growth is particularly evident in
the broader Asian market, where
local diaper manufacturers are
now facing intensified compe-
tition from imported Chinese
products.
In the print business, demand
from key customers in the US
market remains robust. Several
new projects have been initiated
with customers, reinforcing a
positive outlook for the coming
quarters. The print facility in
Germany continues to play an
important role in supporting US
operations while also advanc-
ing initiatives to develop new
business for highly specialised
printing features on various
substrates. These efforts are
aligned with the overall strategy
to strengthen business resil-
ience and secure long-term
growth.
The cost of raw materials had a
decreasing trend during the first
half of 2025. This was caused
by lower global demand for
polypropylene due to inflation
and tariffs uncertainty, but
also due to new polypropylene
production capacity added in
Asia. The polypropylene price is
forecasted to continue a down-
ward trend through the rest of
2025. The geopolitical situation
is, however, causing volatility,
which could impact the price of
crude oil and hence influence
the price of polypropylene.
Against this background, Fib-
ertex Personal Care raises its
full-year 2025 revenue guidance
to the DKK 1.5-1.7 billion range,
from previously expected DKK
1.4-1.6 billion, while earnings
expectations are raised to
EBITDA in the range of DKK
160-180 million from previously
expected DKK 140-170 million.
As always, changes in raw
materials prices and exchange
rates may affect revenue and, to
a lesser extent, EBITDA.
Interim report for Q2 202535
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 Q2 202536
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 Q2 202537
Our businesses Fibertex Nonwovens
Financial review
Fibertex Nonwovens reported
Q2 2025 revenue of DKK 581
million against DKK 601 million
in Q2 2024, a 3% decrease that
was mainly driven by exchange
rate effects. Compared to
Q2 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 and the construction
and building sector. A contin-
ued increase in sales of prod-
ucts for filtration solutions in the
European market and products
for the MedTech industry also
added to revenue. Revenue for
the first half of 2025 was DKK
1,159 million compared to DKK
1,180 million in the first half of
2024.
With EBITDA of DKK 57 million
in Q2 2025, earnings were
maintained at the level of the
year before despite the drop in
revenue. The US operations,
in particular, improved their
performance during the quarter,
and due to a still outstanding full
phase-in of the new production
capacity, the US operations are
set to improve further in the
coming quarters. For the first
half of 2025, EBITDA was DKK
100 million against DKK 117
million in the first half of 2024.
Working capital decreased to
DKK 544 million at 30 June
2025, down DKK 11 million on
30 June 2024. The decrease was
driven in particular by a contin-
ued reduction of inventories. An
increase in trade receivables,
driven by a positive revenue
development at the end of the
period, was offset by an increase
in accounts payable. ROIC
excluding goodwill remained at
3.6% from 31 March to 30 June
2025.
Business review
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 poten-
tial, especially for products for
more specialised applications.
To accommodate the expected
future demand, Fibertex Non-
wovens launched an investment
programme back in 2021 to pro-
vide a platform for future growth
and significantly improved
earnings in the years ahead. The
programme mainly includes two
production lines applying the
spunlacing technology, where
the fibres of non-woven textiles
are entangled using high-speed
jets of water. The first of the
two production lines has been
installed at the company’s site
in Greenville, South Carolina,
and was put into commercial
operation in 2024. The second
line is being 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
(DKKm)
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Revenue 581 601 1,159 1,180 2,247
EBITDA 57 58 100 117 194
EBIT 30 31 45 62 84
CF from operations 37 37 55 26 44
Working capital 544 555 544 555 574
ROIC excluding goodwill 3.6% 5.3% 3.6% 5.3% 4.4%
ROIC including goodwill 3.4% 5.0% 3.4% 5.0% 4.2%
Fibertex Nonwovens
US tailwinds
Stable volumes sold and robust earnings. Progress in US operations
outweighs lower activity in other fields. Revenue guidance for 2025 slightly
moderated due to FX impact while EBITDA guidance is maintained.
Interim report for Q2 202538
Our businesses Fibertex Nonwovens
Fibertex Nonwovens. The com-
pany introduces production- and
capacity-enhancing measures
at its factory sites on an ongoing
basis as part of its high-priority
efforts to build a more competi-
tive business. Fibertex Nonwo-
vens has adopted a strategy
under which development 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
collaboration with customers,
but strategic development
projects also involve suppliers
of new technology as well as
universities.
Outlook
For some time, Fibertex Nonwo-
vens has been in the process of
commissioning new production
capacity and technology, and
the company expects a sound,
profitable growth in most market
segments over the coming years.
Fibertex Nonwovens has com-
pelling technology and a promis-
ing pipeline and is therefore well
positioned in the international
competition. The short-term
goal for 2025 is to further build
volume while securing sustaina-
ble earnings power, positioning
the company to capitalise on the
full potential of the capacity-ex-
panding investments made in
recent years.
For a while, the market has
shown moderate demand, in
part due to the uncertainty
prevailing in terms of the global
economy and the geopolitical
tensions. The uncertainty for the
European operations persists
and could be aggravated by US
tariffs. Further, the European
auto industry has been impacted
by reduced Chinese imports and
increased Chinese exports of
electrical cars to the European
market, putting pressure on
European manufacturers.
However, despite the general
uncertainty and geopolitical
tensions, Fibertex Nonwov-
ens still expects to generate
2025 revenue at least on a par
with 2024, supported by the
ramped-up production capacity
in the USA, which enables the
company to better accommo-
date North American customers,
and continued progress in the
US operations is an important
prerequisite for the company’s
full-year expectations. The
European auto industry and the
construction 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, the overall guidance for
2025 is largely unchanged. How-
ever, mainly due to exchange
rate effects, revenue guidance
for 2025 is moderated to a level
of DKK 2.2-2.4 billion from the
previously expected DKK 2.3-2.5
billion. Full-year earnings guid-
ance is maintained at EBITDA
in the range of DKK 200-230
million.
Interim report for Q2 202539
Our businesses Fibertex Nonwovens
41 Statements of income and comprehensive income →
42 Cash flow statement →
43 Balance sheet →
44 Statement of changes in equity →
45 Notes →
Interim
report
Interim report for Q2 202540
Amounts in DKK million
Statements of income and comprehensive income
Note Income statement
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
1 Revenue 8,525 8,693 16,454 16,576 34,666
2 Operating expenses -7,841 -7,954 -15,223 -15,196 -31,777
Other operating income 23 8 42 20 56
Other operating expenses 0 -11 -1 -11 -14
EBITDA 706 737 1,271 1,389 2,931
Depreciation, amortisation and impairment losses -278 -282 -556 -559 -1,104
EBIT 428 455 715 829 1,827
Profit after tax in associates -2 -19 -1 -24 -16
Profit after tax in joint ventures 15 21 26 31 52
Financial income 94 59 186 153 163
Financial expenses -197 -172 -405 -412 -613
Profit before tax 338 344 521 577 1,413
Tax on profit for the period -91 -88 -156 -175 -424
Profit for the period 247 257 365 402 989
Shareholders of Schouw&Co. 234 245 347 390 950
Non-controlling interests 14 11 18 13 39
Profit for the year 247 257 365 402 989
6 Earnings per share (DKK) 10.18 10.52 15.12 16.69 40.88
6 Diluted earnings per share (DKK) 10.17 10.51 15.10 16.68 40.82
Note Statement of comprehensive income
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Items that cannot be reclassified to the income statement:
Actuarial gains on defined benefit pension liabilities 0 0 0 0 24
Tax on other comprehensive income 0 0 0 0 -4
Total items that cannot be reclassified to the income statement 0 0 0 0 20
Items that can be reclassified to the income statement:
Foreign exchange adjustments of foreign subsidiaries -419 84 -534 46 241
Value adjustment of hedging instruments for the year 1 15 4 14 5
Hedging instruments transferred to operating expenses -3 -17 -12 -14 -24
Hedging instruments transferred to financials 2 -3 0 2 4
Hyperinflation restatements -2 11 -2 17 35
Other comprehensive income from associates and JVs 0 0 0 0 0
Other adjustments to other comprehensive income 0 4 1 4 13
Tax on other comprehensive income 1 0 0 0 -8
Total items that can be reclassified to the income statement -420 94 -543 68 267
Other comprehensive income after tax -420 94 -543 68 287
Profit for the period 247 257 365 402 989
Total recognised comprehensive income -173 350 -177 470 1,276
Attributable to:
Shareholders of Schouw&Co. -144 334 -130 451 1,193
Non-controlling interests -29 16 -47 19 83
Total recognised comprehensive income -173 350 -177 470 1,276
Interim report for Q2 202541
Amounts in DKK million
Cash flow statement
Note
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
EBITDA 706 737 1,271 1,389 2,931
Adjustment for non-cash operating items:
Changes in working capital 28 -79 -95 -346 533
Provisions 4 8 1 20 -29
Other non-cash operating items, net 5 8 -31 11 14
Cash flows from operations before interest and tax 743 673 1,146 1,073 3,449
Interest received 21 28 46 48 97
Interest paid -105 -185 -189 -291 -549
Income tax paid -117 -180 -241 -323 -444
Cash flows from operating activities 542 337 762 507 2,553
Purchase of intangible assets -11 -9 -18 -18 -40
Sale of intangible assets 0 1 0 1 1
Purchase of property, plant and equipment -119 -165 -284 -344 -652
Sale of property, plant and equipment 2 17 47 24 12
4 Acquisitions of businesses -68 0 -68 0 -2
Acquisitions of non-controlling interests 0 0 0 0 -4
Acquisitions of investments in associates (capital reduction) 0 0 4 0 0
Dividends received from associates 0 5 0 5 40
Loans to customers 3 7 -29 13 26
Additions/disposals of other financial assets 96 0 98 2 -3
Cash flows from investing activities -96 -144 -250 -318 -623
Note
Q2
2025
Q2
2024
YTD
2025
YTD
2024
FY
2024
Loan financing:
Repayment of other non-current liabilities -67 -915 -154 -1,384 -1,613
Proceeds from non-current liabilities incurred -25 844 -24 846 1,194
Increase/repayment of bank overdrafts 286 343 372 1,048 -565
Cash flows from debt financing 194 272 195 511 -985
Shareholders:
Dividends paid -378 -382 -378 -390 -399
Purchase of treasury shares -34 -54 -284 -167 -291
Sale of treasury shares 0 0 181 46 46
Cash flows from financing activities -219 -164 -287 -1 -1,628
Cash flows for the period 226 28 225 189 302
Cash and cash equivalents, beginning of period 877 743 892 584 584
Value adjustment of cash and cash equivalents -50 6 -64 4 6
Cash and cash equivalents, end of period 1,054 777 1,054 777 892
Interim report for Q2 202542
Amounts in DKK million
Balance sheet
Note Assets
30/6
2025
31/12
2024
30/6
2024
31/12
2023
Intangible assets 4,267 4,420 4,435 4,505
Property, plant and equipment 6,139 6,375 6,193 6,169
Lease assets 735 796 734 846
Investments in associates 348 417 404 417
Investments in joint ventures 225 226 232 198
Financial investments 4 95 94 92
Deferred tax 229 177 254 203
Receivables 232 212 187 193
Total non-current assets 12,178 12,718 12,534 12,623
Inventories 6,936 7,249 7,712 8,003
3 Receivables 7,100 6,916 7,179 6,321
Prepayments 217 205 224 169
Income tax receivable 173 143 166 197
Cash and cash equivalents 1,054 892 777 584
Total current assets 15,480 15,405 16,058 15,274
Total assets 27,658 28,123 28,592 27,896
Note Equity and liabilities
30/6
2025
31/12
2024
30/6
2024
31/12
2023
6 Share capital 250 250 255 255
Hedging reserve -11 -5 5 3
Exchange adjustment reserve -395 74 -89 -127
Hyperinflation adjustment reserve 81 83 70 53
Retained earnings 10,778 10,477 10,337 10,064
Proposed dividend 0 400 0 408
Equity attributable to parent company shareholders 10,703 11,279 10,579 10,656
Non-controlling interests 895 954 902 900
Total equity 11,598 12,233 11,481 11,556
Deferred tax 530 503 506 488
Pension obligations 74 78 60 78
Other liabilities 164 157 157 160
Liability regarding put options 511 479 582 545
Interest-bearing debt 5,180 4,619 4,717 5,089
Non-current liabilities 6,459 5,837 6,022 6,360
Interest-bearing debt 1,500 1,825 2,957 2,018
Trade payables and other payables 7,235 7,336 7,230 7,039
Prepayments from customers 143 149 192 191
Deferred income 166 97 133 28
Liability regarding put options 392 444 409 396
Income tax 165 202 168 309
Current liabilities 9,601 10,053 11,089 9,981
Total liabilities 16,060 15,890 17,110 16,341
Total equity and liabilities 27,658 28,123 28,592 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 Q2 202543
Amounts in DKK million
Statement of changes in equity
Share
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 0 390 0 390 13 402
Other comprehensive income 2 39 17 3 0 61 7 68
Total recognised comprehensive income 2 39 17 393 0 451 19 470
Transactions with owners:
Share-based payment 0 0 0 17 0 17 0 17
Distributed dividends 0 0 0 35 -408 -373 -17 -390
Value adjustment of put option 0 0 0 -50 0 -50 0 -50
Purchase of treasury shares 0 0 0 -167 0 -167 0 -167
Sale of treasury shares 0 0 0 46 0 46 0 46
Total transactions with owners during the period 0 0 0 -119 -408 -527 -17 -544
Equity at 30 June 2024 255 5 -89 70 10,337 0 10,579 902 11,481
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 0 347 0 347 18 365
Other comprehensive income -6 -469 -2 0 0 -477 -66 -543
Total recognised comprehensive income -6 -469 -2 347 0 -130 -47 -177
Transactions with owners:
Share-based payment 0 0 0 4 0 4 0 4
Distributed dividends 0 0 0 33 -400 -367 -11 -378
Value adjustment of put option 0 0 0 20 0 20 0 20
Purchase of treasury shares 0 0 0 -284 0 -284 0 -284
Sale of treasury shares 0 0 0 181 0 181 0 181
Total transactions with owners during the period 0 0 0 0 -47 -400 -447 -11 -458
Equity at 30 June 2025 250 -11 -395 81 10,778 0 10,703 895 11,598
Interim report for Q2 202544
Amounts in DKK million
1
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 7,372 4,436 1,626 990 870 1,159 16,452 0 0 16,452
Intra-group revenue 0 1 0 0 3 0 5 9 -12 1
Segment revenue 7,372 4,437 1,626 990 873 1,159 16,457 9 -12 16,454
Cost of sales, incl. write-down of inventories, net -5,852 -2,987 -949 -523 -488 -603 -11,402 0 0 -11,402
Staff costs -388 -809 -353 -264 -126 -236 -2,177 -27 0 -2,204
Other costs -594 -346 -134 -152 -164 -221 -1,612 -18 12 -1,617
Total operating expenses -6,834 -4,143 -1,437 -939 -779 -1,060 -15,190 -45 12 -15,223
EBITDA 555 298 204 52 98 100 1,307 -36 0 1,271
Depreciation, amortisation and impairment losses 181 152 68 38 61 55 555 1 0 556
EBIT 374 147 136 14 36 45 753 -37 0 715
Share of profit in associates and JVs 25 0 0 0 0 0 25 0 0 25
Tax on profit for the period -87 -25 -19 2 -5 -9 -143 -13 0 -156
Profit for the period 248 7 67 3 18 -22 320 46 0 365
Segment assets 11,228 7,254 2,768 2,696 1,906 2,575 28,425 15,957 -16,724 27,658
Of which goodwill 1,514 358 300 516 99 118 2,904 0 0 2,904
Equity investments in associates and JVs 562 0 11 0 0 0 573 0 0 573
Segment liabilities 8,040 4,887 1,691 1,572 890 1,762 18,842 6,280 -9,062 16,060
Working capital 1,693 2,422 914 829 334 544 6,737 -30 0 6,707
Net interest-bearing debt 2,335 2,171 901 813 513 1,286 8,018 -2,583 0 5,435
Cash flow from operating activities 211 342 107 -82 76 55 709 44 8 762
Capital expenditure 155 41 -22 12 16 53 254 0 0 255
Acquisitions (divestments) 64 0 0 0 0 0 64 -93 0 -29
Average no. of employees 1,651 7,550 1,533 2,249 603 1,136 14,723 21 0 14,744
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 Q2 202545
Amounts in DKK million
1
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 7,238 4,598 1,562 1,049 948 1,180 16,576 0 0 16,576
Intra-group revenue 0 1 0 0 5 0 6 8 -14 0
Segment revenue 7,238 4,599 1,562 1,049 953 1,180 16,582 8 -14 16,576
Cost of sales, incl. write-down of inventories, net -5,707 -3,101 -934 -554 -552 -602 -11,450 0 0 -11,450
Staff costs -342 -853 -326 -235 -124 -229 -2,110 -27 0 -2,137
Other costs -560 -346 -131 -157 -185 -234 -1,613 -11 14 -1,610
Total operating expenses -6,609 -4,300 -1,390 -946 -861 -1,066 -15,172 -38 14 -15,196
EBITDA 631 300 173 104 94 117 1,418 -30 0 1,389
Depreciation, amortisation and impairment losses 181 158 66 39 60 55 559 1 0 559
EBIT 451 141 107 65 34 62 860 -30 0 829
Share of profit in associates and JVs 7 0 0 0 0 0 7 0 0 7
Tax on profit for the period -98 -18 -18 -6 -3 -14 -157 -17 0 -175
Profit for the period 251 -6 59 31 10 -1 344 59 0 402
Segment assets 11,655 7,346 2,790 2,568 1,974 2,646 28,978 16,829 -17,215 28,592
Of which goodwill 1,557 353 295 516 99 122 2,942 0 0 2,942
Equity investments in associates and JVs 624 0 12 0 0 0 636 0 0 636
Segment liabilities 8,119 5,052 1,790 1,444 1,000 1,762 19,166 7,276 -9,331 17,110
Working capital 2,462 2,509 973 748 331 555 7,579 -26 0 7,553
Net interest-bearing debt 2,926 2,336 1,101 686 575 1,303 8,927 -2,214 0 6,713
Cash flow from operating activities 77 179 81 -27 88 26 424 70 14 507
Capital expenditure 103 91 48 13 51 31 337 1 0 338
Acquisitions (divestments) 0 0 0 0 0 0 0 0 0 0
Average no. of employees 1,587 8,048 1,475 2,100 705 1,102 15,017 22 0 15,039
Interim report for Q2 202546
Amounts in DKK million
1
Segment reporting (continued)
Revenue by country
YTD
2025
YTD
2024
Norway 2,549 2,262
Chile 1,514 1,688
Denmark 1,142 1,057
Ecuador 1,089 849
USA 912 793
Sweden 873 820
Other 8,374 9,107
Total 16,454 16,576
15%
9%
7%
7%
6%
5%
51%
2025
14%
10%
6%
5%
5%
5%
55%
2024
Interim report for Q2 202547
Amounts in DKK million
2
Operating expenses
Q2
2025
Q2
2024
YTD
2025
YTD
2024
Cost of sales, including write-down of inventories, net -5,904 -6,049 -11,402 -11,450
Staff costs -1,114 -1,071 -2,204 -2,137
Other costs -823 -833 -1,617 -1,610
Total operating expenses -7,841 -7,954 -15,223 -15,196
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
Lapsed (from 2021 grant) -40,000 -353,000 -393,000
Outstanding options at 30 June 2025 139,187 421,000 560,187
3
Receivables (current)
30/6
2025
30/6
2024
Trade receivables 6,603 6,731
Other current receivables 498 448
Total current receivables 7,100 7,179
30/6 2025 Not fallen due
Due between (days)
1-30 31-90 >91 Total
Trade receivables 5,794 477 205 249 6,725
Impairment losses on trade receivables -26 -6 -13 -78 -123
Trade receivables, net 5,767 471 193 171 6,603
Proportion of total receivables expected to be settled 98.2%
Impairment rate 0.5% 1.2% 6.2% 31.3% 1.8%
30/6 2024 Not fallen due
Due between (days)
1-30 31-90 >91 Total
Trade receivables 5,856 513 236 267 6,871
Impairment losses on trade receivables -37 -7 -17 -78 -140
Trade receivables, net 5,819 505 218 189 6,731
Proportion of total receivables expected to be settled 98.0%
Impairment rate 0.6% 1.4% 7.3% 29.3% 2.0%
Impairment losses on trade receivables
30/6
2025
30/6
2024
Impairment losses, beginning of period -151 -134
Foreign exchange adjustments 4 -2
Additions on company acquisitions -11 0
Impairment losses for the year 1 -17
Realised loss 34 13
Impairment losses, end of period -123 -140
Trade receivables by portfolio business
BioMar
GPV
HydraSpecma
Borg Automotive
Fibertex Personal Care
Fibertex Nonwovens
48%
24%
11%
7%
4%
5%
2025
55%
19%
11%
7%
4%
5%
2024
Interim report for Q2 202548
Amounts in DKK million
4
Acquisitions
YTD
2025
YTD
2024
Property, plant and equipment 156 0
Financial assets 2 0
Inventories 37 0
Receivables 46 0
Cash and cash equivalents 15 0
Credit institutions -39 0
Trade payables -41 0
Other payables -21 0
Tax payables -1 0
Net assets acquired 154 0
Fair value of previous equity share -43 0
Goodwill 0 0
Acquisition cost 111 0
Of which cash and cash equivalents -15 0
Debt conversion -28 0
Total cash acquisition costs 68 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.
BioMar acquired the remaining 66% shares in LetSea AS in April 2025. The company were previously 34% owned and recognised as an asso-
ciated company. The remaining shares were purchased at a price of DKK 68 millions. The recognised value of the original shareholding in
LetSea amounts to DKK 25 millions, and fair value regulations of DKK 18 millions were identified in connection with the acquisition. Transa-
ction costs in connection with the acquisition have amounted to DKK 0.3 million. The transaction costs were recognised under operating
expenses.
Had the acquisition of LetSea been made effective from 1 January 2025, earnings would have been DKK 4 million higher and revenue would
have been DKK 21 million higher.
Interim report for Q2 202549
Amounts in DKK million
5
Capital resources
It is group policy to maximise financing flexibility by diversifying borrowing in respect of maturity and counterparties.
The Group’s capital resources include cash and available credit facilities. The objective is to maintain sufficient capital to support company
acquisitions, ensure smooth business operations and respond effectively to unexpected circumstances.
Loans and
lines
Of which
utilised Unutilised Commitment Avg. term to maturity
Revolving credit facility 3,275 -1,223 2,052 Committed 1 year 9 mths
Schuldschein 358 -358 0 Committed 3 years
Term loan 1,500 -1,500 0 Committed 1 year 9 mths
Mortgages 251 -251 0 Committed 17 yrs 5 mths
NIB loans 311 -311 0 Committed 3 yrs 6 mths
Nordic Bond 1,161 -1,161 0 Committed 4 years
Other credit facilities 1,230 -1,059 171 Uncommitted
Leases 817 -817 0 Committed 3 years
Cash and cash equivalents 1,054
Facility before deduction of guarantee commitments 3,277
Guarantee commitments deducted from the facility -40
Capital resources at 30 June 2025 3,237
A significant portion of the Group companies financing is provided through credit facilities arranged by the parent company, Schouw & Co.
Schouw & Co.’s financing primarily comprises a syndicated bank facility with a total credit line of DKK 3,275 million. This facility is set to
mature in April 2026, with an option to extend until April 2027 at the discretion of Schouw & Co. The banking syndicate includes Danske
Bank, DNB, Nordea and HSBC.
In December 2021, Schouw & Co. entered into a seven-year loan agreement with the Nordic Investment Bank totaling DKK 400 million. The
loan was established to finance specific capacity expansion investments and development costs in Denmark. Of the original amount, DKK 89
million has since matured, with the remaining balance subject to semi-annual repayments until final maturity.
In June 2024, Schouw & Co. issued a bond in the Norwegian market totalling NOK 1,300 million (DKK 843 million) with a maturity date in
June 2029. In September 2024, the bond issuance was expanded through a tap issue of an additional NOK 500 million, bringing the total
outstanding amount to NOK 1,800 million (DKK 1,161 million).
In the second quarter of 2025, Schouw & Co. repaid all floating-rate Schuldschein loans totalling EUR 204 million (DKK 1,522 million). Fix-
ed-rate Schuldschein tranches remain outstanding, amounting to EUR 48 million (DKK 358 million), with maturities in 2026 (EUR 11 million),
2028 (EUR 32 million), and 2030 (EUR 5 million). The repayment was financed through the establishment of DKK 1,500 million in term loans
with syndicate banks. These loans have a maturity date in April 2027.
6
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 301,450 3,014,500 167 1.18%
Share capital reduction -500,000 -5,000,000 -122 -1.96%
Treasury shares held at 30 June 2024 1,751,426 17,514,260 844 7.01%
Purchase of treasury shares 218,487 2,184,870 124 1.02%
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 472,939 4,729,390 284 1.89%
Treasury shares held at 30 June 2025 2,100,793 21,007,930 1,156 8.40%
The Group’s holding of treasury shares had a market value of DKK 1,269 million at 30 June 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 146,380 treasury shares under its share buy-back programmes.
Q2
2025
Q2
2024
YTD
2025
YTD
2024
Share of the profit for the year attributable to shareholders of Schouw&Co. 234 245 347 390
Average number of shares 25,000,000 25,252,747 25,000,000 25,376,374
Average number of treasury shares -2,062,519 -1,957,752 -2,036,493 -2,025,862
Average number of outstanding shares 22,937,481 23,294,995 22,963,507 23,350,512
Average dilutive effect of outstanding share options
1
27,138 25,331 22,867 25,417
Diluted average number of outstanding shares 22,964,619 23,320,326 22,986,374 23,375,929
Earnings per share of DKK 10 10.18 10.52 15.12 16.69
Diluted earnings per share of DKK 10 10.17 10.51 15.10 16.68
1) See note 2 for information on options that may cause dilution.
Interim report for Q2 2025
50
Amounts in DKK million
7
Fair value of categories of financial assets and liabilities
30/6
2025
31/12
2024
30/6
2024
Financial assets:
Other securities and investments (2) 0 92 91
Derivative financial instruments (2) 60 47 21
Other securities and investments (3) 4 3 3
Financial liabilities
Derivative financial instruments (2) 65 28 6
Liabilities regarding put options (3) 903 923 991
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 second quarter, the fair value is DKK 4 million. The increase is caused by additions of DKK 1 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 shares in Incuba A/S were divested during the second
quarter of 2025.
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 31 million and a
negative foreign exchange adjustment of DKK 51 million were recognised during the year. At the end of the quarter, the liability amounted to
DKK 903 million.
8
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 3 5
At 30 June, the Group had a receivable of 1 4
At 30 June, the Group had debt in the amount of 1 0
During the reporting period, the Group received dividends in the amount of 0 5
Associates:
During the reporting period, the Group sold goods in the amount of 213 203
During the reporting period, the Group bought goods in the amount of 48 53
At 30 June, the Group had a receivable of 113 193
At 30 June, the Group had debt in the amount of 14 9
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. (8.40%).
9
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 Q2 2025
51
T +45 86 11 22 22
www.schouw.dk
schouw@schouw.dk
Comp. reg. no. 63965812