Company announcement no. 52
12 November 2025
Interim report
Third 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 Q3 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 Q3 20252
4 A word from our CEO →
4 Quarterly highlights →
5 Financial highlights →
6 Interim report – third quarter 2025 →
9 Outlook →
11 Management’s statement →
Management's
report
Interim report for Q3 20253
The shifting uncertainties
continued in the third quarter
of 2025, but once again the
conglomerate’s strength and
diversified exposure proved its
value. Market headwinds in the
quarter in BioMar’s important
Norwegian market is offset
by continued strong progress
in HydraSpecma and Fibertex
Personal Care, and the consoli-
dated profit in the quarter was in
line with expectations. Invest-
ments remain at a controlled
level and cash flow generation is
attractive.
In Schouw & Co., we have used
the current uncertain environ-
ment to prepare for a future
characterised by volatility and
challenges to global trade.
We are optimising our global
footprint and securing a long-
term competitive cost base. This
involves restructuring costs of
almost DKK 100 million in 2025
but will significantly strengthen
our position and platform.
We continue investigating
whether a potential separate
listing of BioMar would create
value for the shareholders of
Schouw & Co. and the process
is progressing as expected. A
value-creating IPO of BioMar
is a natural consequence of our
strategic approach to best-own-
ership and future-proofing and
would leave Schouw & Co. in
a strong position with an even
healthier balance sheet. We
expect to continue investing in
our portfolio businesses and are
also positive about the potential
of expanding the portfolio with a
new platform investment.
Jens Bjerg Sørensen
President and CEO
Preparing for
the future
Quarterly highlights
12.8%
ROIC excluding goodwill
– a 0.4 pp decrease
9.2
894
878
15.53
DKKbn revenue
– a 4% decrease
DKKm cash flows from
operations
– a 23% decrease
DKKm EBITDA
– a 5% improvement
DKK earnings per share
– a 6% improvement
A word from our CEO
Interim report for Q3 20254
Group summary (DKKm) Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024
REVENUE AND INCOME
Revenue 9,195 9,543 25,648 26,119 34,666
EBITDA 878 834 2,149 2,222 2,931
Depreciation, amortisation and impairment losses 285 268 841 827 1,104
EBIT 593 566 1,308 1,395 1,827
Profit/loss after tax in associates and joint ventures 15 28 40 35 36
Net financial items -86 -107 -305 -366 -450
Profit before tax 522 487 1,043 1,064 1,413
Profit for the period 375 357 741 760 989
CASH FLOWS
Cash flow from operating activities 894 1,158 1,656 1,665 2,553
Cash flow from investing activities -104 -170 -354 -488 -623
Of which investment in property, plant and equipment -113 -178 -396 -522 -652
Free cash flow 790 988 1,302 1,178 1,931
INVESTED CAPITAL AND FINANCING
Invested capital (excluding goodwill) 14,722 15,281 14,722 15,281 15,231
Total assets 28,100 28,592 28,100 28,592 28,123
Working capital 6,538 7,057 6,538 7,057 6,774
Net interest-bearing debt (NIBD) 4,916 5,890 4,916 5,890 5,376
Share of equity attributable to shareholders of Schouw&Co. 11,038 10,789 11,038 10,789 11,279
Non-controlling interests 913 907 913 907 954
Total equity 11,951 11,696 11,951 11,696 12,233
FINANCIAL KEY FIGURES
EBITDA-margin (%) 9.5 8.7 8.4 8.5 8.5
EBIT-margin (%) 6.4 5.9 5.1
5.3 5.3
EBT-margin (%) 5.7 5.1 4.1 4.1 4.1
Equity ratio (%) 42.5 40.9 42.5 40.9 43.5
ROIC excluding goodwill (%) 12.8 13.3 12.8 13.3 13.0
ROIC including goodwill (%) 10.8 11.2 10.8 11.2 10.9
NIBD/EBITDA ratio 1.7 2.0 1.7 2.0 1.8
Average no. of employees 14,825 14,827 14,757 14,967 14,899
SHARE RELATED KEY FIGURES
Earnings per share (of DKK 10) 15.53 14.65 30.62 31.31 40.88
Diluted earnings per share (of DKK 10) 15.50 14.62 30.58 31.27 40.82
Share price, end of period 589.00 582.00 589.00 582.00 538.00
Market capitalisation, end of period 13,438 13,468 13,438 13,468 12,390
Financial highlights
Revenue, third quarter
DKKbn
EBITDA, third quarter
DKKm
Cash flow from operating activities, third quarter
DKKm
Return on invested capital, third quarter
ROIC excluding goodwill
6.9
9.2
10.5
9.5
9.2
2021 2022 2023 2024 2025
609
677
909
834
878
2021 2022 2023 2024 2025
15.0
11.3
12.4
13.3
12.8
2021 2022 2023 2024 2025
492
-121
1,490
1,158
894
2021 2022 2023 2024 2025
Interim report for Q3 20255
Financial performance
By and large, Schouw & Co.
performed as expected in the
third quarter of 2025. The
portfolio businesses coped
remarkably well with shifting
uncertainties and showed really
strong performances under the
circumstances.
The most significant market
challenges were seen for BioMar
in Norway, where high biomass
and biological conditions led to
intensified sea lice treatments as
well as earlier and higher-than-
expected harvest levels, which
reduced overall feed consump-
tion, and for Borg Automotive,
where continued soft demand
for remanufactured automotive
spare parts in Europe coin-
cided with a very competitive
environment, largely attributable
to intensified Chinese exports of
new automotive spare parts to
Europe.
Consolidated revenue for Q3
2025 amounted to DKK 9,195
million, a 4% decrease from
DKK 9,543 million in Q3 2024.
The change was caused by a
general decrease in revenue
across all businesses apart
from HydraSpecma. At DKK
25,648 million, revenue for the
first three quarters of 2025 was
down 2% from the same period
of last year.
However, consolidated EBITDA
for Q3 2025 increased by 5%
year on year to DKK 878 million,
with all businesses except GPV
and Borg Automotive reporting
stronger earnings. EBITDA for
the first three quarters of 2025
was down by 3% year on year to
DKK 2,149 million.
Associates and joint ventures,
which are recognised at a share
of profit after tax, contributed a
DKK 15 million profit in Q3 2025
against a DKK 28 million profit in
Q3 2024. The decline was mainly
attributable to Chilean fish farm-
ing company Salmones Austral.
Consolidated financial items
improved from an expense of
DKK 107 million in Q3 2024 to
an expense of DKK 86 million in
Q3 2025. The improvement was
driven by a substantial decrease
in net interest expenses from
DKK 116 million in Q3 2024
to DKK 56 million in Q3 2025,
while foreign exchange rate
adjustments and other regula-
tions, including impairment of
remaining cash positions related
to former Russian activities,
amounted to a negative impact
of DKK 30 million in Q3 2025
compared to a positive impact
of DKK 9 million in Q3 2024.
This drove a 7% increase in
consolidated profit before tax
for Q3 2025 to DKK 522 million
from DKK 487 million in Q3
2024. Consolidated profit before
tax for the first three quarters
of 2025 was DKK 1,043 million
against DKK 1,064 million in the
same period last year.
Overall, Schouw & Co. delivered a strong Q3 2025 performance in an
environment marked by shifting uncertainties. Activity levels in hydraulics
and nonwovens exceeded expectations, whereas reduced consumption of
fish feed in Norway and intensified competition on automotive spare parts
posed market challenges.
Year to date
(DKKm)
YTD
2025
YTD
2024 Change
Revenue 25,648 26,119 -470 -2%
EBITDA 2,149 2,222 -73 -3%
EBIT 1,308 1,395 -87 -6%
Income from associates etc. 40 35 5 15%
Profit before tax 1,043 1,064 -21 -2%
CF from operating activities 1,656 1,665 -9 -1%
Working capital 6,538 7,057 -520 -7%
Net interest-bearing debt 4,916 5,890 -974 -17%
ROIC excluding goodwill 12.8% 13.3% -0.4%
ROIC including goodwill 10.8% 11.2% -0.4%
Quarter
(DKKm) Q3 2025 Q3 2024 Change
Revenue 9,195 9,543 -348 -4%
EBITDA 878 834 44 5%
EBIT 593 566 27 5%
Income from associates etc. 15 28 -13 -47%
Profit before tax 522 487 35 7%
CF from operating activities 894 1,158 -264 -23%
Coping well with shifting
uncertainties
Interim report – third quarter 2025
Interim report for Q3 20256
Liquidity and capital
resources
The operations of Schouw &
Co. generated a solid cash
inflow of DKK 894 million in
Q3 2025, although it was lower
than the very strong cash flow
of DKK 1,158 million in Q3
2024. BioMar in particular, but
also HydraSpecma, Fiber-
tex Nonwovens and Fibertex
Personal Care, generated a
lower cash flow compared to the
year-earlier period, which was
partly offset by GPV and Borg
Automotive.
A modest DKK 104 million was
spent across all portfolio busi-
nesses on investing activities
in Q3 2025 against DKK 170
million in Q3 2024.
The Group’s overall working
capital decreased by DKK
169 million in Q3 2025 from
DKK 6,707 million at 30 June
2025 to DKK 6,538 million
at 30 September 2025. Borg
Automotive, GPV and BioMar all
reduced their working capital,
whereas Fibertex Nonwovens,
Fibertex Personal Care and
HydraSpecma all saw a minor
increase in their capital tie-up.
Year on year, the Group’s overall
working capital was substan-
tially reduced from DKK 7,057
million at 30 September 2024
to DKK 6,538 million at 30 Sep-
tember 2025. The year-on-year
reduction was predominantly
attributable to BioMar and GPV.
The net interest-bearing debt
decreased by DKK 519 million
during the third quarter to stand
at DKK 4,916 million at 30
September 2025. Year on year,
the net interest-bearing debt
declined by DKK 974 million
from DKK 5,890 million at 30
September 2024, and the Group
improved its financial gearing
(NIBD/EBITDA) ratio from 2.0
to 1.7.
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.
Being present in a broad range
of industries across many mar-
kets exposes Schouw & Co. to
changes in the global economy,
but on the other hand, the diver-
sification of Schouw & Co. also
provides stability as demon-
strated in recent time, enabling
the portfolio businesses to act
appropriately and with a long-
term perspective.
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 Q3 2025:
BioMar reported volume sales
up 9% 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 down 4% year on year.
Driven by the increased volumes
sold and improved margins,
EBITDA was up 10% year on year.
GPV reported revenue down 3%
on the year before, reflecting a
continued soft market, although
there were initial signs of a
cautious increase in demand
from customers. Due to one-off
costs for restructuring of the
operational footprint, EBITDA
was down 8% year on year.
HydraSpecma reported 10%
revenue growth relative to the
year before, driven by increased
activity levels in the Global OEM
and Renewables Divisions. Fur-
ther, ongoing efforts to optimise
the supply chain, flexibility and
the production footprint, along
with investments in facilities
and automation, contributed to
improved earnings, and EBITDA
increased by 22% year on year.
Borg Automotive reported rev-
enue down 14% due to contin-
ued soft demand in the Reman
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. and its sharehold-
ers, while simultaneously ensuring that BioMar is well posi-
tioned to pursue opportunities for continued growth.
The evaluation progressed as expected during the third quar-
ter of 2025. Schouw & Co. is being assisted by a syndicate
comprising four financial institutions in its preparations for a
potential separate listing of BioMar on Nasdaq Copenhagen,
which could take place in the first half of 2026.
To strengthen BioMar’s governance and strategic capabil-
ities ahead of the potential listing, two additional members
have been selected to join BioMar’s board of directors, add-
ing competences within capital markets, financial insight
and industry expertise. Schouw & Co. CEO Jens Bjerg
Sørensen will continue as chairman of the board.
The potential separate listing of BioMar aligns with Schouw
& Co.’s strategy of focusing on long-term transformation
and future-proofing of the portfolio businesses in combina-
tion with a best-ownership philosophy. Schouw & Co. took
ownership of BioMar in 2005, and the company has devel-
oped significantly since then through organic expansion and
strategic acquisitions.
Schouw & Co. intends to remain the majority shareholder of
BioMar following a potential separate listing. The proceeds
from a potential listing are expected to be reinvested in the
existing portfolio businesses, with the possibility of expand-
ing the portfolio through a new platform investment.
Interim report for Q3 20257
segment and persistently fierce
price competition across most
markets. The market challenges,
combined with a DKK 24 million
negative prior-year adjust-
ment in the French legal entity,
resulted in a substantial year-
on-year decrease in EBITDA.
Fibertex Personal Care
reported revenue down 11% on
the year before, mainly driven by
lower volumes sold. Despite the
lower volumes, EBITDA was up
by 33% year on year. The healthy
earnings performance was
supported by a more favourable
development in raw materials
prices than in Q3 2024, and by
optimised offerings in the Asian
market.
Fibertex Nonwovens reported
revenue down 1%, mainly due to
exchange rate effects. Com-
pared to Q3 2024, increased
sales of wipes and similar prod-
ucts in the USA outweighed a
decline in sales to other sectors.
EBITDA was up 23% year on
year despite the drop in revenue.
The US operations in particular
improved their performance dur-
ing 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 September
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.
For a full description of the
accounting policies, reference
is made to the 2024 Annual
Report. 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 assess-
ment 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
The price of Schouw & Co. shares fell by 2% during the third
quarter to stand at DKK 589.00 at 30 September 2025 com-
pared with DKK 604.00 at 30 June 2025. At 31 December
2024, the price per share was DKK 538.00.
Interim report for Q3 20258
Outlook for 2025
While 2025 to date has been
characterised by market uncer-
tainty, overall, the portfolio busi-
nesses have coped remarkably
well amid shifting uncertainties
and the apparent changes in
trade patterns, in particular the
change in Chinese trade from
exports to US markets to other
markets in Europe and Asia.
The most significant market
challenges seen are low-
er-than-expected fish feed vol-
umes in Norway and continued
soft demand for remanufactured
automotive spare parts in
Europe, combined with a very
competitive environment that is
largely attributable to intensified
Chinese exports to Europe.
US import tariffs are still causing
uncertainty, 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 Nonwov-
ens and Fibertex Personal Care,
which could give these compa-
nies a competitive advantage in
the USA.
However, Schouw & Co. may
also be affected indirectly
through customers or suppli-
ers. Being present in a broad
range of industries and serving
customers across many markets
exposes Schouw & Co. to
changes in demand. On the
other hand, the diversification of
the Group also spreads opera-
tional risk and provides stability.
The following is a brief review
of 2025 revenue and EBITDA
forecasts for the individual
businesses:
BioMar narrows its full-year rev-
enue guidance towards the lower
end of the interval against the
background of lower-than-ex-
pected volumes in Norway and
lower prices of some raw mate-
rials. Full-year EBITDA guidance
is also narrowed downwards
because of the lower-than-ex-
pected volumes. The expected
share of profit from associates
and joint ventures is lowered,
primarily due to reduced profits
in Salmones Austral.
Overall, Schouw & Co. maintains a stable performance in an uncertain
environment despite one-off costs to mitigate market changes and
negative corrections related to prior years. Full-year revenue and EBITDA
guidance is narrowed towards the lower end of the previous ranges.
Stable performance in an
uncertain environment
Outlook
Interim report for Q3 20259
Schouw&Co. full-year guidance
GPV expects market demand to
remain soft in the remaining part
of 2025, although with some ini-
tial signs of increased demand
from customers. Against this
background, GPV narrows its
full-year revenue guidance
towards the lower end of the
interval, while EBITDA guidance
is narrowed towards the upper
end.
HydraSpecma expects to
maintain a high level of activity
in the Global OEM Division and
in the Renewables Division for
the remainder of 2025. Full-year
revenue guidance is narrowed
towards the upper end of the
interval, while EBITDA guidance
is lifted.
Borg Automotive is experi-
encing continued soft demand
for Reman products and
intensified competition across
most markets, and full-year
revenue guidance is lowered.
EBITDA guidance is lowered
due to market conditions and a
negative correction related to
prior years.
Specifications
(DKKm)
2025 guidance
after Q3
2025 guidance
after Q2
2024
actual
BioMar
Revenue 16,300-16,700 16,300-17,000 16,616
EBITDA 1,490-1,530 1,490-1,570 1,476
GPV
Revenue 8,700-8,900 8,700-9,200 8,931
EBITDA 620-650 600-650 625
HydraSpecma
Revenue 3,100-3,200 3,000-3,200 3,031
EBITDA 380-400 360-390 339
Borg Automotive
Revenue 1,800-1,900 2,000-2,200 1,971
EBITDA 60-80 100-130 171
Fibertex Personal Care
Revenue 1,600-1,700 1,500-1,700 1,882
EBITDA 180-200 160-180 187
Fibertex Nonwovens
Revenue 2,200-2,300 2,200-2,400 2,247
EBITDA 200-220 200-230 194
Fibertex Personal Care
expects to maintain a healthy
level of spunbond activity in
Europe and print activity in the
USA, while overcapacity in Asia
continues to impact market
conditions. Developments in
raw materials prices appear
more favourable than in 2024.
Full-year revenue and EBITDA
guidance is lifted.
Fibertex Nonwovens is expe-
riencing increasing volumes
sold and improved earnings, as
continued progress in US oper-
ations outweighs lower activity
levels in other fields. Full-year
revenue and EBITDA guidance is
narrowed towards the lower end
of the ranges.
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. nar-
rows its full-year 2025 consoli-
dated revenue guidance down-
wards to the DKK 33.7-34.7
billion range against previously
DKK 33.7-35.7 billion.
Schouw & Co. provides con-
solidated earnings guidance
at EBITDA level based on
an aggregation of individual
portfolio business forecasts,
but actual portfolio company
EBITDA results may deviate
from these individual fore-
casts. Accordingly, the actual
guidance is expressed through
consolidated EBITDA, which
for 2025 is narrowed from
previously DKK 2,830-3,090
million to the range of DKK
2,850-3,020 million, including
accumulated one-off costs
related to adaptive initiatives
of more than DKK 90 million
and additionally the negative
correction in Borg Automotive
related to prior years.
Depreciation and amortisa-
tion charges are expected to
remain at approximately DKK
1,140 million in 2025. Consol-
idated financial items for 2025
are still expected to result in
an expense of approximately
DKK 360 million, before any
further effects from foreign
exchange rate changes 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 50 million in 2025,
against previously expected
DKK 70 million.
(DKKm)
2025 guidance
after Q3
2025 guidance
after Q2
2024
actual
Revenue 33,700-34,700 33,700-35,700 34,666
EBITDA 2,850-3,020 2,830-3,090 2,931
Depreciation/amortisation -1,140 -1,140 -1,104
Associates and JVs 50 70 36
Net financial items -360 -360 -450
Profit before tax 1,400-1,570 1,400-1,660 1,413
Interim report for Q3 202510
Management’s statement
Executive Management
Board of Directors
Financial calendar
Deadline for submission
of proposals to be
considered at the annual
general meeting
MARCH
4
MARCH
5
APRIL
16
Release of
2025
annual report
Annual general
meeting
Release of
Q2 2026
interim report
Release of
Q1 2026
interim report
APRIL
21
Expected distribution
of dividend
MAY
1
AUGUST
14
NOVEMBER
6
Release of
Q3 2026
interim report
Interim report for Q3 202511
13 Q3 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 Q3 202512
Amounts in DKK million
Q3 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 4,898 5,117 2,154 2,221 747 678 424 492 420 474 556 563 9,195 9,543
Contribution margin 687 630 319 326 210 184 75 107 84 75 106 100 1,482 1,421
EBITDA 510 463 172 186 97 79 10 36 54 40 52 42 878 834
Depreciation, amortisation and impairment losses 99 81 72 79 36 34 20 17 30 30 28 27 285 268
EBIT 411 383 100 108 60 45 -10 18 24 10 24 15 593 566
Profit after tax in associates and JVs 15 28 0 0 0 0 0 0 0 0 0 0 15 28
Net financial items -71 -55 -20 -41 -13 -23 -10 -11 -7 -11 -20 -29 -86 -107
Profit before tax 355 356 80
67 47 22 -20 7 18 -1 4 -14 522 487
Tax on profit for the period -96 -77 -32 -30 -10 -5 5 -2 -2 -1 -4 -4 -147 -129
Profit for the period 259 279 48 37 37 18 -15 5 16 -2 0 -18 375 357
Shareholders of Schouw & Co. 249 269 48 37 37 18 -15 5 16 -2 0 -19 355 340
Non-controlling interests -11 -10 0 0 0 0 0 0 0 0 0 0 -20 -17
Profit for the period 259 279 48 37 37 18 -15 5 16 -2 0 -18 375 357
CASH FLOWS
Cash flow from operating activities 479 806 187 85 62 111 60 11 37 45 13 31 894 1,158
Cash flow from investing activities -32 -27 -15 -39 -14 -27 -3 -38 -9 -29 -31 -8 -104 -170
Cash flow from financing activities -500 -759 -150 -71 -40 -44 -46 27 -27 -21 10 -24 -805 -959
BALANCE SHEET
Intangible assets
1
1,298 1,343 955 997 557 585 216 232 59 60 105 112 4,217 4,356
Property, plant and equipment 1,829 1,688 963 1,051 473 512 258 255 1,155 1,270 1,452 1,444 6,152 6,242
Other non-current assets 1,168 1,137 436 377 117 136 169 155 13 26 14 8 1,867 1,874
Cash and cash equivalents 480 338 328 251 92 92 26 17 16 12 64 82 1,011 792
Other current assets 6,966 7,272 4,558 4,727 1,510 1,457 1,402 1,427 612 639 907 905 14,852 15,328
Total assets 11,741 11,778 7,240 7,403 2,750 2,782 2,070 2,086 1,855 2,008 2,542 2,551 28,100 28,592
Equity 3,023 3,234 2,439 2,382 1,118 1,021 589 614 988 988 788 810 11,951 11,696
Interest-bearing liabilities 3,392 3,454 2,647 2,793 994 1,168 829 754 504 579 1,371 1,364 6,109 6,862
Other liabilities 5,326 5,090 2,154 2,228 638 593 652 718 364 441 382 377
10,040 10,034
Total equity and liabilities 11,741 11,778 7,240 7,403 2,750 2,782 2,070 2,086 1,855 2,008 2,542 2,551 28,100 28,592
Average no. of employees 1,724 1,610 7,530 7,770 1,566 1,453 2,234 2,136 603 710 1,149 1,126 14,825 14,827
FINANCIAL KEY FIGURES
EBITDA margin 10.4% 9.1% 8.0% 8.4% 12.9% 11.7% 2.3% 7.2% 12.8% 8.5% 9.4% 7.5% 9.5% 8.7%
EBIT margin 8.4% 7.5% 4.6% 4.8% 8.1% 6.7% -2.3% 3.7% 5.8% 2.1% 4.4% 2.7% 6.4% 5.9%
ROIC excluding goodwill 27.9% 26.1% 8.2% 9.1% 16.8% 12.8% 3.7% 11.3% 5.6% 4.4% 4.0% 4.9% 12.8% 13.3%
ROIC including goodwill 20.3% 19.5% 7.6% 8.4% 14.4% 11.0% 2.6% 7.9% 5.3% 4.2% 3.8% 4.6% 10.8% 11.2%
Working capital 1,645 1,993 2,361 2,583 918 922 757 750 344 315 558 551 6,538 7,057
Net interest-bearing debt 2,102 2,173 2,009 2,346 843 1,028 757 715 485 566 1,307 1,282 4,916 5,890
1) Excluding consolidated goodwill in Schouw&Co.
Q3 Portfolio company
financial highlights
Interim report for Q3 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 12,270 12,355 6,591 6,820 2,373 2,241 1,414 1,541 1,293 1,427 1,715 1,743 25,648 26,119
Contribution margin 1,576 1,578 913 916 658 604 284 354 242 235 317 333 3,990 4,021
EBITDA 1,065 1,094 470 486 301 253 61 139 152 134 152 159 2,149 2,222
Depreciation, amortisation and impairment losses 280 261 224 237 104 100 58 56 91 90 83 82 841 827
EBIT 785 833 247 249 196 152 4 83 61 44 69 77 1,308 1,395
Profit after tax in associates and JVs 40 35 0 0 0 0 0 0 0 0 0 0 40 35
Net financial items -135 -163 -134 -170 -64 -54 -23 -38 -20 -32 -78 -78 -305 -366
Profit before tax 689 705 113
79 133 99 -20 45 40 12 -8 -1 1,043 1,064
Tax on profit for the period -182 -175 -58 -48 -29 -22 7 -8 -6 -4 -13 -19 -302 -304
Profit for the period 507 530 55 31 103 76 -12 36 34 8 -21 -19 741 760
Shareholders of Schouw & Co. 480 508 55 31 104 76 -12 36 34 8 -21 -21 702 730
Non-controlling interests -28 -22 0 0 0 0 0 0 0 0 0 -2 -39 -30
Profit for the period 507 530 55 31 103 76 -12 36 34 8 -21 -19 741 760
CASH FLOWS
Cash flow from operating activities 690 882 530 264 168 192 -22 -15 113 133 68 57 1,656 1,665
Cash flow from investing activities -279 -112 -53 -129 8 -75 -14 -51 -24 -80 -85 -39 -354 -488
Cash flow from financing activities -299 -613 -388 -116 -177 -98 40 71 -80 -50 10 -4 -1,092 -960
BALANCE SHEET
Intangible assets
1
1,298 1,343 955 997 557 585 216 232 59 60 105 112 4,217 4,356
Property, plant and equipment 1,829 1,688 963 1,051 473 512 258 255 1,155 1,270 1,452 1,444 6,152 6,242
Other non-current assets 1,168 1,137 436 377 117 136 169 155 13 26 14 8 1,867 1,874
Cash and cash equivalents 480 338 328 251 92 92 26 17 16 12 64 82 1,011 792
Other current assets 6,966 7,272 4,558 4,727 1,510 1,457 1,402 1,427 612 639 907 905 14,852 15,328
Total assets 11,741 11,778 7,240 7,403 2,750 2,782 2,070 2,086 1,855 2,008 2,542 2,551 28,100 28,592
Equity 3,023 3,234 2,439 2,382 1,118 1,021 589 614 988 988 788 810 11,951 11,696
Interest-bearing liabilities 3,392 3,454 2,647 2,793 994 1,168 829 754 504 579 1,371 1,364 6,109 6,862
Other liabilities 5,326 5,090 2,154 2,228 638 593 652 718 364 441 382 377
10,040 10,034
Total equity and liabilities 11,741 11,778 7,240 7,403 2,750 2,782 2,070 2,086 1,855 2,008 2,542 2,551 28,100 28,592
Average no. of employees 1,674 1,596 7,533 7,957 1,543 1,467 2,243 2,108 603 707 1,141 1,110 14,757 14,967
FINANCIAL KEY FIGURES
EBITDA margin 8.7% 8.9% 7.1% 7.1% 12.7% 11.3% 4.3% 9.0% 11.7% 9.4% 8.9% 9.1% 8.4% 8.5%
EBIT margin 6.4% 6.7% 3.7% 3.6% 8.3% 6.8% 0.3% 5.4% 4.7% 3.1% 4.1% 4.4% 5.1% 5.3%
ROIC excluding goodwill 27.9% 26.1% 8.2% 9.1% 16.8% 12.8% 3.7% 11.3% 5.6% 4.4% 4.0% 4.9% 12.8% 13.3%
ROIC including goodwill 20.3% 19.5% 7.6% 8.4% 14.4% 11.0% 2.6% 7.9% 5.3% 4.2% 3.8% 4.6% 10.8% 11.2%
Working capital 1,645 1,993 2,361 2,583 918 922 757 750 344 315 558 551 6,538 7,057
Net interest-bearing debt 2,102 2,173 2,009 2,346 843 1,028 757 715 485 566 1,307 1,282 4,916 5,890
1) Excluding consolidated goodwill in Schouw&Co.
YTD Portfolio company
financial highlights
Interim report for Q3 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 Q3 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 precision 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 Q3 202516
Our businesses BioMar
Financial review
Volumes sold in Q3 2025
increased by 9% year on year,
primarily attributable to positive
developments in Chile and
Ecuador, while biological condi-
tions and high harvest levels of
salmon had an adverse impact
on feed sales in Norway in the
third quarter.
Despite increasing volumes
sold, revenue decreased by
4% year on year to DKK 4,898
million due to adverse effects
from changes in product mix
and geography as well as from
lower raw materials prices. Like-
wise, exchange rate develop-
ments had an adverse effect on
revenue, mainly due to a weaker
USD and AUD against DKK. For
the first three quarters of 2025,
revenue declined by 1% year on
year to DKK 12,270 million.
The Salmon segment realised a
6% increase in volumes sold in
Q3 2025 compared to the same
period last year, with Chile as
the main catalyst thanks to high
biomass and new commercial
contracts. However, volume
growth in Chile, Scotland and
Australia was partly offset by
lower volumes in Norway, as
high biomass and biological
conditions led to intensified sea
lice treatments as well as earlier
and higher-than-expected
harvest levels, which reduced
overall feed consumption.
In the Salmon segment, BioMar
maintains its focus on a broad
product offering, increased
volumes sold of functional feed,
commercial and operational
excellence and value creation
together with customers. Year
on year, EBITDA increased by
2% in Q3 2025 but decreased
by 13% for the year to date,
mainly due to a difference in
one-off income between the two
years as well as customer mix
effects related to both new and
renewed commercial contracts.
The Shrimp segment reported a
23% increase in volumes sold in
Q3 2025 compared to the same
quarter of last year, reflecting
a strong market position and
product offerings in the Ecuado-
rian market. EBITDA increased
by 8% in Q3 2025, reflecting
the volume growth, but also an
adverse effect from a higher
share of business with large key
account customers, increased
sales of standard feeds and
lower exchange rates. Year to
date, volumes sold increased
by 25% and EBITDA by 15%
compared to the same period of
last year.
BioMar continues to strengthen
its offering of products, con-
cepts and services in the Shrimp
segment, mainly in the Ecuado-
rian market, where the company
has added new production
capacity in recent years by way
of two extruder lines.
The Selected Species segment
reported 7% growth in volumes
sold in Q3 2025 compared to
the same quarter of last year.
All feed units in the segment
BioMar
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Salmon 294 278 692 644 874
Shrimp 91 74 264 211 280
Selected species 82 76 188 172 227
Te c h 0 0 0 0 0
Eliminations -1 -1 -2 -2 -8
Total volume
(‘000 tonnes) 466 429 1,142 1,024 1,372
Salmon 3,368 3,664 8,278 8,644 11,725
Shrimp 568 516 1,713 1,515 2,005
Selected species 933 944 2,214 2,194 2,862
Te c h 59 8 136 50 90
Eliminations -29 -16 -71 -47 -66
Total revenue 4,898 5,117 12,270 12,355 16,616
Salmon 343 337 705 806 1,101
Shrimp 56 52 161 140 190
Selected species 107 85 201 167 223
Te c h 25 -6 51 -2 10
Shared/non-allocated -22 -6 -52 -17 -48
Total EBITDA 510 463 1,065 1,094 1,476
EBIT 411 383 785 833 1,129
CF from operations 479 806 690 882 1,585
Working capital 1,645 1,993 1,645 1,993 1,671
ROIC excl. goodwill (%) 27.9 26.1 27.9 26.1 26.7
ROIC incl. goodwill (%) 20.3 19.5 20.3 19.5 19.7
BioMar
Volume growth and solid
earnings
The general market outlook remains favourable and volumes continue to grow,
although less than expected due to biological conditions in Norway. EBITDA increased
to a new record high, while revenue was adversely impacted by lower raw materials
prices, among other factors. The cash flow from operating activities remains solid. Full-
year revenue and EBITDA guidance is narrowed towards the lower end of the ranges.
Interim report for Q3 202517
Our businesses BioMar
realised higher volumes, except
in Greece, where BioMar
continues to take a cautious
approach to credit risk, prior-
itising security of payments and
accounts receivable recovery
over market share. EBITDA in
the Selected Species segment
increased by 26% in Q3 2025
and by 20% year to date, reflect-
ing the growth in feed volumes,
a strengthened market position
and a positive product mix
effect, while exchange rates had
a limited impact.
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 a significant
increase in revenue from DKK
8 million in Q3 2024 to DKK
59 million in Q3 2025 thanks
to strong sales of projects in
the Ecuadorian market, while
EBITDA increased from DKK -6
million in Q3 2024 to DKK 25
million in Q3 2025, primarily
reflecting the higher revenue
and a change of business model
related to distributors, the devel-
opment of new products and
more recurring revenue. Year to
date, EBITDA increased to DKK
51 million from DKK -2 million in
the same period of last year.
In Q3 2025, BioMar reported a
10% increase in EBITDA to DKK
510 million as a result of higher
volumes sold across all seg-
ments as well as higher margins
except in the Shrimp seg-
ment. However, this was partly
offset by higher indirect costs,
including costs of DKK 8 million
related to the preparations for a
potential IPO.
Year to date, overall EBITDA
decreased by 3% from DKK
1,094 million in 2024 to DKK
1,065 million in 2025. The year-
to-date comparison is affected
by positive special items
related to the Salmon segment,
amounting to DKK 65 million in
Q1 2024 and DKK 17 million in
Q2 2025, as well as by the costs
incurred in 2025 related to the
potential IPO, totalling DKK 13
million.
Despite increased volumes sold,
the working capital declined
further in the third quarter to
stand at DKK 1,645 million at
30 September 2025 compared
to DKK 1,993 million at 30 Sep-
tember 2024. 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 increased year on
year, reflecting lower-than-ex-
pected sales volumes in Q3,
primarily in Norway. Trade
payables increased, mainly due
to extended credit terms with
raw materials suppliers to offset
growing pressure for extended
commercial credit from custom-
ers in some markets, 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 842 million at 30 Septem-
ber 2024 to DKK 1,080 million at
Interim report for Q3 202518
Our businesses BioMar
30 September 2025. Exchange
rate developments had a reduc-
ing impact on working capital,
mainly related to USD and AUD.
ROIC excluding goodwill was
27.9% at 30 September 2025
compared to 27.0% at 30
June 2025. The improvement
compared to Q2 was driven by
a decrease in average invested
capital combined with higher
earnings in Q3.
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 busi-
nesses, covering two factories in
China and one factory in Türkiye,
reported combined revenue of
DKK 438 million (100% basis)
and EBITDA of DKK 41 million
in Q3 2025, against revenue of
DKK 362 million and EBITDA of
DKK 26 million in Q3 2024. In
Türkiye, volumes sold increased,
while revenue and EBITDA
decreased, reflecting an adjust-
ment of margins in the market
due to competition, a somewhat
reduced commercial risk and
hyperinflation. In China, volumes
and revenue increased for the
two feed factories combined
despite low prices of farmed
fish, and EBITDA increased year
on year due to optimisation of
the product portfolio and prod-
uct offerings to customers.
The associated businesses
include the Chilean fish farming
company Salmones Austral
and two minor businesses, ATC
Patagonia and LCL Shipping.
The non-consolidated joint
ventures and associates are
recognised in the Q3 2025 con-
solidated financial statements at
a DKK 15 million share of profit
after tax, compared to a DKK 28
million share of profit after tax in
Q3 2024. The feed businesses
in China and Türkiye reported
increased profits after tax in Q3
2025 year on year, while profit
after tax decreased in the farm-
ing business Salmones Austral,
due to tariffs, sales volumes and
lower salmon prices.
Business review
BioMar has an ambition to be
recognised consistently as an
innovative business supplying
competitive feed products and
related technical services to
the professional fish farming
community. BioMar invests
in research and development
on a continuous basis and has
several highly trained special-
ists in the field. The company
has a long-standing tradition
for collaborating with research
institutions in several countries,
and fish farming operators are
often involved in development
processes.
BioMar is committed to being
a strong partner for all its
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
Long-term demand for farmed
fish and shrimp is generally
sound and growing, and BioMar
is well positioned to capture its
fair share of the market based on
its high-quality product offering
and strong focus on sustain-
ability 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 16.3-16.7 billion from
the previously expected DKK
16.3-17.0 billion. The 2025
earnings guidance is narrowed
to EBITDA in the range of DKK
1,490-1,530 million, from
previously expected DKK 1,490-
1,570 million, reflecting lower
topline growth than previously
expected, mainly due to lower
volumes sold in Norway.
The non-consolidated joint
ventures and associates are
recognised based on the share
of profit after tax, which is
expected to amount to approx-
imately DKK 50 million in 2025,
against previously expected
DKK 70 million, primarily due to
decreased profits in Salmones
Austral.
Interim report for Q3 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 Q3 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, 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 Q3 202521
Our businesses GPV
Financial review
Market demand generally
remained soft during Q3
2025, but with initial signs of a
cautious increase in customer
demand. GPV reported Q3 reve-
nue of DKK 2,154 million, down
3% from DKK 2,221 million in Q3
2024. For the first three quarters
of 2025, GPV reported revenue
of DKK 6,591 million, a year-on-
year decrease of 3%.
Affected by the lower sales in
the quarter combined with one-
off costs for restructuring of
the operational footprint to the
tune of DKK 10 million, EBITDA
for Q3 2025 came to DKK 172
million compared to DKK 186
million in the same period of
2024, equal to a decrease of
8%. For the first three quar-
ters of 2025, GPV generated
EBITDA of DKK 470 million,
which was in line with expecta-
tions. Although 3% below the
level of the first three quarters
of 2024, the earnings perfor-
mance represents an increas-
ing EBITDA margin quarter by
quarter during 2025.
Working capital amounted to
DKK 2,361 million at 30 Sep-
tember 2025, a decrease of 9%
compared to DKK 2,583 million
at 30 September 2024. The
working capital tie-up continued
to decrease as changes in trade
payables and receivables were
outweighed by dedicated efforts
to reduce inventories. ROIC
excluding goodwill was 8.2% at
30 September 2025, nearly on
a par with the level at 30 June
2025.
Business review
The latest strategy review, per-
formed in the autumn of 2024
for the period to 2028, contin-
ues to indicate a very healthy
potential, and GPV continues to
execute on the plans – including
a project to implement a group-
wide ERP system for improved
efficiency and transparency.
GPV has a strong 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. However,
from the win of a project to
full-scale manufacturing, the
ramp-up typically takes 18-24
months.
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.
As capacity utilisation is a key
profitability driver in the indus-
try, GPV has a persistent focus
on optimising its global pro-
duction platform. During 2025,
the manufacturing of cable
harnesses was consolidated in
GPV
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Revenue 2,154 2,221 6,591 6,820 8,931
EBITDA 172 186 470 486 625
EBIT 100 108 247 249 311
CF from operations 187 85 530 264 291
Working capital 2,361 2,583 2,361 2,583 2,624
ROIC excluding goodwill 8.2% 9.1% 8.2% 9.1% 8.2%
ROIC including goodwill 7.6% 8.4% 7.6% 8.4% 7.6%
Preparing for market
rebound
GPV
Quarterly progress in profitability driven by strong measures to protect
earnings. Initial signs of cautious increase in customer demand. Full-
year 2025 revenue guidance is narrowed downwards, while EBITDA
guidance is narrowed upwards within previous range of expectations.
Interim report for Q3 202522
Our businesses GPV
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 was completed during
Q3 2025. Further, the mechan-
ics activities will be consolidated
at the relatively new mechanics
site in Bangkok, Thailand, where
the process is expected to be
completed by the end of 2025.
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
While GPV continues to see
initial signs of increased
demand from customers, the
general picture remains that of
a soft market. It is expected that
demand will remain soft and
market conditions will remain
volatile during the remainder of
the year. It is difficult to predict
when markets in general will
pick up, but GPV is preparing
itself to be able to cope with
increased demand.
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. The geopolitical tensions
and the apparent risk of trade
wars are adding to an uncertain
and volatile outlook. Recently,
tensions between the USA and
China have increased, leading
to new supply chain challenges,
and GPV has established a task
force to be able to navigate the
situation in the best possi-
ble 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 actions taken to further
optimise the production plat-
form will continue during the
remainder of 2025. It is antic-
ipated that this restructuring
of the operational footprint will
entail one-off costs negatively
impacting Q4 2025 EBITDA
by DKK 10-15 million, which
are included in the full-year
guidance.
Against this background, GPV
narrows its full-year 2025
revenue guidance to the range
of DKK 8.7-8.9 billion from
previously DKK 8.7-9.2 billion,
while the EBITDA guidance is
narrowed to the range of DKK
620-650 million from the pre-
viously expected DKK 600-650
million.
Interim report for Q3 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 Q3 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 Q3 202525
Our businesses HydraSpecma
Financial review
HydraSpecma generated
revenue of DKK 747 million in
Q3 2025, up 10% from DKK 678
million in Q3 2024. The increase
was driven by higher activity
in the Global OEM Division, in
particular within the construc-
tion equipment and materials
handling segments, which have
recovered since last year, as
well as within defence, where
rapid growth is experienced.
The Renewables Division also
contributed to the growth after a
period of customers postponing
projects. In the Nordic OEM/
IAM Division, the markets in
Sweden and Finland have recov-
ered after an extended period
characterised by a wait-and-
see market climate, whereas
demand in Denmark is stagnant.
Revenue for the first three
quarters of 2025 was DKK 2,373
million, up 6% from DKK 2,241
million in the same period of
last year.
Q3 2025 EBITDA was DKK 97
million, a 22% increase from
DKK 79 million in Q3 2024,
even after one-off costs of
DKK 10 million for production
consolidation in Poland. The
ongoing efforts to optimise the
supply chain, flexibility and the
production footprint, combined
with investments in facilities and
automation, contributed to the
improvement.
EBITDA for the first three
quarters was up from DKK 253
million in 2024 to DKK 301
million in 2025. Year-to-date
EBITDA was supported by a
one-off profit of DKK 12 million
in Q1 from the sale of a facility
in Poland, but at the same time,
earnings were impacted by one-
off costs in Q2 and Q3 to the
tune of DKK 18 million related
to the consolidation of produc-
tion activity at the new facility
in Stargard, Poland. Excluding
this one-off gain and consolida-
tion costs, EBITDA for the first
three quarters of 2025 would
have reflected a year-on-year
increase of 22%.
Working capital decreased by
DKK 4 million from DKK 922
million at 30 September 2024 to
DKK 918 million at 30 Septem-
ber 2025. While HydraSpecma
reduced its inventories by DKK
41 million during this period,
receivables increased due to
the higher level of activity. The
return on invested capital (ROIC)
excluding goodwill improved to
16.8% at 30 September 2025
from 15.6% at 30 June 2025,
supported by the increase in
earnings.
Business review
HydraSpecma is currently
finalising the relocation of
certain production activities
to the new factory in Stargard,
Poland, in response to increas-
ing customer demand in Central
Europe. The relocation will be
completed by the beginning of
Q4 2025, entailing total one-off
costs of around DKK 20 million
in 2025, which is somewhat
lower than the originally
expected DKK 30-35 million.
The construction of the new
22,000 m leased facility in
HydraSpecma
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Revenue 747 678 2,373 2,241 3,031
EBITDA 97 79 301 253 339
EBIT 60 45 196 152 203
CF from operations 62 111 168 192 287
Working capital 918 922 918 922 884
ROIC excluding goodwill 16.8% 12.8% 16.8% 12.8% 13.5%
ROIC including goodwill 14.4% 11.0% 14.4% 11.0% 11.6%
Strong activity in Global OEM
and Renewables
HydraSpecma
Strong activity in Global OEM and Renewables, supported by the flexible
production footprint and supply chain improvements, drove earnings up. Full-year
revenue guidance is narrowed, and EBITDA guidance is lifted.
Interim report for Q3 202526
Our businesses HydraSpecma
Tianjin, China, is progressing as
planned and is expected to be
finalised in Q2 2026. The two
existing sites in Tianjin will be
consolidated into this new facil-
ity, which is built to HydraSpec-
ma’s specifications and will
include solar panels and heating
pumps to enable zero-emission
production in China.
The Nordic OEM/IAM Division
has strengthened its compe-
tencies within its Centre of
Excellence for electrification
and software development, as
HydraSpecma is seeing increas-
ing interest in these compe-
tences in the Nordic market.
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.
HydraSpecma’s patent-pending
cooling 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 Renewa-
bles Division, which focuses on
developing new product con-
cepts and customised new solu-
tions and on optimising existing
solutions in close collaboration
with customers.
Outlook
The geopolitical tensions con-
tinue to cause market uncer-
tainties, even after the trade
agreement between the EU and
the USA. Some of HydraSpec-
ma’s customer segments are
more cautious in their forecasts
for the coming period, while
others expect an increase in
activity levels.
HydraSpecma’s order book
remains robust for the rest of
2025, and the Renewables
Division expects to maintain the
high level of activity seen in Q3
throughout the year. However,
there is still a risk that some cus-
tomers may postpone projects
from Q4 2025 into 2026.
Sales to the construction
equipment, materials handling,
marine and defence customer
segments within the Global
OEM Division are expected
to remain strong. Conversely,
the anticipated recovery of the
commercial vehicle segment
is expected to be delayed
until 2026. Nevertheless,
HydraSpecma will continue to
benefit from an increased share
of wallet with existing customers
as well as additional business
from new customers.
Against this background,
HydraSpecma narrows its full-
year revenue guidance to the
range of DKK 3.1-3.2 billion,
compared with the previously
expected DKK 3.0-3.2 billion.
Full-year earnings guidance is
raised to EBITDA in the range of
DKK 380-400 million from the
previously expected DKK 360-
390 million.
Interim report for Q3 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 Q3 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 Q3 202529
Our businesses Borg Automotive
Financial review
In Q3 2025, Borg Automotive
experienced continued soft
demand in the Reman segment
and persistently fierce price
competition across most mar-
kets. Revenue for the quarter
totalled DKK 424 million, which
was DKK 69 million below the
level of the same period of
2024. Revenue for the first three
quarters of 2025 was DKK 1,414
million, a year-on-year decrease
of 8%.
The fierce competition and the
soft demand in the Reman seg-
ment, combined with increased
production costs due to a
substantial increase in Polish
minimum wages, affected the
Q3 2025 performance adversely.
In Q3 2025, Borg Automotive
furthermore recognised a DKK
24 million correction related
to prior years. The correction
pertains to the French legal
entity and reflects adjustments
for previously unaccounted
bonuses and non-agreed
invoices. Core regulations in Q3
2025 also had a negative impact
relative to Q3 2024 of DKK 6
million. These major impacts
brought EBITDA from DKK 36
million in Q3 2024 to DKK 10
million in Q3 2025. For the first
three quarters of 2025, EBITDA
was DKK 61 million, a year-on-
year decrease of 56%.
Working capital amounted to
DKK 757 million at 30 Septem-
ber 2025, a marginal year-on-
year increase that was mainly
driven by increased invento-
ries. ROIC excluding goodwill
decreased from 5.9% at 30 June
2025 to 3.7% at 30 Septem-
ber 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 busi-
ness, but since 2021, when Borg
Automotive acquired a trading
company dealing in new auto-
motive spare parts, the Reman
operations have been comple-
mented by a range of Newman
products. For a while, however,
market conditions have reflected
a challenging combination of
soft market demand, rising pro-
duction 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
company has now launched a
plan called Refine4Future that
includes strong initiatives to
counteract market challenges
and protect earnings. The plan
builds on four main pillars:
improve commercial excel-
lence; optimise 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-
Borg Automotive
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Revenue 424 492 1,414 1,541 1,971
EBITDA 10 36 61 139 171
EBIT -10 18 4 83 96
CF from operations 60 11 -22 -15 28
Working capital 757 750 757 750 711
ROIC excluding goodwill 3.7% 11.3% 3.7% 11.3% 10.7%
ROIC including goodwill 2.6% 7.9% 2.6% 7.9% 7.5%
Borg Automotive
Persistent market challenges
Execution of strong initiatives to counteract market challenges and
protect earnings in process. Full-year revenue and earnings guidance
reduced due to persistent market challenges. Corrections related to
prior years further impact EBITDA guidance for 2025.
Interim report for Q3 202530
Our businesses Borg Automotive
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
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 initiatives to realise
these gains. For 2025, these
costs are expected to be up to
DKK 40 million.
As part of the necessary meas-
ures to strengthen operations, a
relocation of several production
activities was executed during
Q3 2025. Furthermore, Borg
Automotive is currently evalu-
ating a potential closure of the
UK operations as a measure to
consolidate operations. Should
such a decision be made, a full
implementation could be com-
pleted by the end of April 2026.
In 2021, Borg Automotive
acquired a trading company
dealing in new automotive spare
parts, which also contained a
French legal entity. As part of
the integration of operations,
the bookkeeping activities of the
French entity were transferred
to Borg Automotive’s shared
service centre in 2025. During
this process, management iden-
tified accounting discrepancies
between customer payments
and outstanding receivables.
Following a comprehensive
internal review, the findings
have led to corrective actions
to ensure full compliance with
group policies and financial
governance standards. The cor-
rection has impacted Q3 2025
EBITDA in the form of a DKK
30 million negative adjustment
relating to the financial years
2023 and 2024.
Outlook
In Q3 2025, Borg Automotive
experienced continued soft
demand for remanufactured
products in the European
aftermarket. Sales of Newman
products were healthy, but the
market is very competitive,
largely attributable to intensified
Chinese exports to Europe.
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 the major part is
expected to be incurred in Q4
2025.
The outlook for the 2025 activity
level has weakened during the
past few months, and Borg
Automotive lowers its full-year
2025 revenue guidance to the
range of DKK 1.8-1.9 billion,
from previously expected DKK
2.0-2.2 billion. Earnings are also
affected by prior-year adjust-
ments, and full-year guidance is
lowered to EBITDA in the range
of DKK 60-80 million, from pre-
viously expected DKK 100-130
million.
Interim report for Q3 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 Q3 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 Q3 202533
Our businesses Fibertex Personal Care
Fibertex Personal Care
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Revenue 420 474 1,293 1,427 1,882
EBITDA 54 40 152 134 187
EBIT 24 10 61 44 66
CF from operations 37 45 113 133 162
Working capital 344 315 344 315 342
ROIC excluding goodwill 5.6% 4.4% 5.6% 4.4% 4.5%
ROIC including goodwill 5.3% 4.2% 5.3% 4.2% 4.2%
Financial review
Fibertex Personal Care gener-
ated revenue of DKK 420 million
in Q3 2025, compared with DKK
474 million in Q3 2024, a year-
on-year decrease of 11% that
was primarily driven by lower
volumes sold. Revenue for the
first three quarters of 2025 was
DKK 1,293 million, a year-on-
year decrease of 9%.
Despite the lower volumes sold,
Fibertex Personal Care reported
EBITDA of DKK 54 million for
Q3 2025, compared to DKK 40
million the year before, which
included a provision of DKK
15 million for one-off costs
related to operational changes
in Malaysia. The earnings
performance was supported by
more favourable developments
in raw materials prices than
in Q3 2024, and by optimised
offerings in the Asian market,
despite the strong competition
in the region. For the first three
quarters of 2025, earnings were
up by 13% to EBITDA of DKK
152 million.
Working capital was DKK 344
million at 30 September 2025,
up from DKK 315 million at 30
September 2024. The return on
invested capital (ROIC) exclud-
ing goodwill increased to 5.6%
at 30 September 2025 from
4.6% at 30 June 2025.
Business review
The European nonwovens mar-
ket remains stable, with a rea-
sonably consistent supply-de-
mand balance. According to
recent data from the European
nonwovens trade organisation,
asset utilisation among regional
suppliers appears to have seen
a slight decline. In contrast,
the sales performance at the
Aalborg facility in Denmark has
remained steady, reflecting a
more balanced local supply-de-
mand environment. The ongoing
asset upgrade programme at
the Aalborg site is progressing
as planned, enhancing opera-
tional efficiency and enabling
the production of innovative and
more sustainable spunbond
nonwovens, including light-
weight product solutions.
Overcapacity in the Asian
market continues to exert
pressure on performance. To
mitigate the ongoing mar-
gin pressure, the Malaysian
operations have advanced
targeted initiatives focused on
expanding the portfolio of high-
value speciality nonwovens.
The company’s emphasis on
innovation, service and quality
– supported by an updated
commercial strategy – has
been received more positively
than anticipated, contributing
to volume growth in the third
quarter and strengthening the
overall performance outlook.
To sustain this momentum and
further enable production of
higher-value speciality prod-
ucts, an upgrade of one of the
spunbond lines at the Sen-
dayan facility in Malaysia has
been initiated and is progress-
ing according to plan.
Continued healthy earnings
Fibertex Personal Care
Fibertex Personal Care once again reported healthy earnings despite a
drop in revenue. Despite stable activity in Europe, overcapacity in Asia
continues to weigh on performance. Full-year revenue and EBITDA
guidance is lifted.
Interim report for Q3 202534
Our businesses Fibertex Personal Care
Freight costs from Asia to
Europe have stabilised, ena-
bling the company to maintain
intercompany trade flows and,
for selected grades, continue
importing materials from
Malaysia to support European
customer demand.
At the Asheboro facility in North
Carolina, demand for printed
nonwovens and printing on
technically challenging sub-
strates, including film-based
materials, remains strong,
leading to full asset utilisation.
As a result, intercompany trade
between Europe and North
America continues and is
expected to increase further,
given that current North Amer-
ican capacity cannot fully meet
regional demand.
While printing demand has
softened in Europe, the German
facility in Ilsenburg continues
to perform strongly, maintain-
ing high product quality and
operational efficiency. As part
of its strategic shift towards
higher-value speciality prod-
ucts, the company is preparing
its entrance into the medical
segment with the introduction
of a wide range of customised
solutions. This includes digital
printing, functional printing,
spot coating and print emboss-
ing technologies.
Outlook
The European market for spun-
bond nonwovens in the hygiene
segment continues to exhibit
limited growth, reflecting its
maturity. Despite steady overall
demand, a softening of market
activity during the fourth quarter
and into 2026 is expected.
In Asia, the spunbond nonwo-
vens market within the hygiene
segment remains characterised
by a persistent supply-demand
imbalance, which is expected to
continue for an extended period.
By broadening its product
portfolio with new, high-quality
speciality spunbond products,
the Malaysian facilities are well
positioned to address these
market challenges. Asset utili-
sation improved during the third
quarter, and this positive trend
is expected to continue into the
fourth quarter.
In the print business, demand
from key customers in the USA
remains robust, supported by
the initiation of several new cus-
tomer projects that reinforce the
positive outlook for the coming
quarters. The print facility in
Germany continues to play a
vital role in supporting the US
operations, while also pursu-
ing initiatives to develop new
business opportunities involving
advanced printing capabilities
on technically challenging
substrates. These efforts are
fully aligned with the company’s
strategy to strengthen oper-
ational resilience and secure
sustainable, long-term growth.
The cost of raw materials exhib-
ited a decreasing trend during
the first three quarters of 2025.
This was caused by lower global
demand for polypropylene due
to inflation and tariffs uncer-
tainty, but also due to new poly-
propylene production capacity
added in Asia. The polypro-
pylene price is forecasted
to continue on a downward
trend through the rest of 2025,
implying a short-term positive
impact on earnings. However,
the geopolitical situation is
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
expectations for full-year 2025
revenue to the range of DKK
1.6-1.7 billion, from previously
expected DKK 1.5-1.7 billion,
while earnings expectations
are raised to EBITDA in the
range of DKK 180-200 million
from previously expected DKK
160-180 million. As always,
changes in raw materials prices
and exchange rates may affect
revenue and, to a lesser extent,
EBITDA.
Interim report for Q3 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 Q3 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 Q3 202537
Our businesses Fibertex Nonwovens
Financial review
Fibertex Nonwovens reported
Q3 2025 revenue of DKK 556
million against DKK 563 million
in Q3 2024, a 1% decrease
as exchange rate effects
outweighed positive volume
effects. Compared to Q3 2024,
increased sales of wipes and
other products in the USA, ena-
bled by the new production line
installed at the company’s site
in Greenville, South Carolina,
outweighed a decline in sales
to the auto industry. Regained
sales to the construction and
building sector in Europe com-
bined with a continued increase
in sales of products for filtration
solutions and products for the
MedTech industry also added
to revenue. Revenue for the first
three quarters of 2025 was DKK
1,715 million compared to DKK
1,743 million for the first three
quarters of 2024, a 2% decrease
driven by exchange rate effects.
With EBITDA of DKK 52 million
in Q3 2025, earnings improved
by DKK 10 million from DKK
42 million in Q3 the year before
despite the marginal drop in
revenue. The US operations
continued to improve 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
three quarters of 2025, EBITDA
was DKK 152 million against
DKK 159 million in the first three
quarters of 2024.
Working capital increased to
DKK 558 million at 30 Septem-
ber 2025, up DKK 7 million on
30 September 2024. Despite
a continued reduction of
inventories, an increase in trade
receivables, driven by a positive
revenue development at the end
of the period, combined with
a reduction in trade payables,
increased the working capi-
tal. ROIC excluding goodwill
increased to 4.0% at 30 Septem-
ber 2025 from 3.6% at 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.
Outstanding from the most
recent investment programme
is the completion of a new pro-
duction line using spunlacing
technology, in which the fibres
of non-woven textiles are entan-
gled using high-speed jets of
water. This line is currently 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. The
company introduces produc-
tion- and capacity-enhancing
measures at its factory sites on
an ongoing basis as part of its
Fibertex Nonwovens
(DKKm)
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Revenue 556 563 1,715 1,743 2,247
EBITDA 52 42 152 159 194
EBIT 24 15 69 77 84
CF from operations 13 31 68 57 44
Working capital 558 551 558 551 574
ROIC excluding goodwill 4.0% 4.9% 4.0% 4.9% 4.4%
ROIC including goodwill 3.8% 4.6% 3.8% 4.6% 4.2%
Fibertex Nonwovens
US earnings uplift as expected
Increased volumes sold and improved earnings. Continued progress in US
operations outweighs lower activity in other fields. Revenue and EBITDA
guidance for 2025 is narrowed towards the lower end of the ranges.
Interim report for Q3 202538
Our businesses Fibertex Nonwovens
high-priority efforts to build a
more competitive business. Fib-
ertex Nonwovens has adopted a
strategy under which develop-
ment efforts are strategically
managed from Denmark but are
driven by the company’s local
R&D centres. Development
efforts are for the most part
conducted in close collaboration
with customers, but strategic
development projects also
involve suppliers of new technol-
ogy as well as universities.
Outlook
For some time, Fibertex Nonwo-
vens has been in the process of
commissioning new production
capacity and technology, and
the company expects sound,
profitable growth in most mar-
ket segments over the coming
years. The short-term goal for
2025 is to further build volume
while securing sustainable
earnings power, positioning the
company to capitalise on the
full potential of the capacity-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. However, despite
the general uncertainty and
geopolitical tensions, Fibertex
Nonwovens still expects to
generate 2025 revenue 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.
Revenue guidance for 2025 is
narrowed to the range of DKK
2.2-2.3 billion from previously
expected DKK 2.2-2.4 billion,
and full-year earnings guidance
is narrowed to EBITDA in the
range of DKK 200-220 million
from previously expected DKK
200-230 million.
Interim report for Q3 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 Q3 202540
Amounts in DKK million
Statements of income and comprehensive income
Note Income statement
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
1 Revenue 9,195 9,543 25,648 26,119 34,666
2 Operating expenses -8,319 -8,717 -23,542 -23,913 -31,777
Other operating income 7 11 49 31 56
Other operating expenses -4 -4 -5 -15 -14
EBITDA 878 834 2,149 2,222 2,931
Depreciation, amortisation and impairment losses -285 -268 -841 -827 -1,104
EBIT 593 566 1,308 1,395 1,827
Profit after tax in associates 0 23 -1 -2 -16
Profit after tax in joint ventures 15 5 41 36 52
Financial income 48 79 234 233 163
Financial expenses -134 -187 -539 -599 -613
Profit before tax 522 487 1,043 1,064 1,413
Tax on profit for the period -147 -129 -302 -304 -424
Profit for the period 375 357 741 760 989
Shareholders of Schouw&Co. 355 340 702 730 950
Non-controlling interests 20 17 39 30 39
Profit for the year 375 357 741 760 989
6 Earnings per share (DKK) 15.53 14.65 30.62 31.31 40.88
6 Diluted earnings per share (DKK) 15.50 14.62 30.58 31.27 40.82
Note Statement of comprehensive income
Q3
2025
Q3
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 40 -59 -494 -13 241
Value adjustment of hedging instruments for the year 6 -26 10 -12 5
Hedging instruments transferred to operating expenses -3 -7 -15 -21 -24
Hedging instruments transferred to financials 0 5 0 6 4
Hyperinflation restatements 5 0 3 17 35
Other comprehensive income from associates and JVs 0 0 0 0 0
Other adjustments to other comprehensive income -5 -4 -4 0 13
Tax on other comprehensive income -3 8 -3 8 -8
Total items that can be reclassified to the income statement 40 -83 -503 -15 267
Other comprehensive income after tax 40 -83 -503 -15 287
Profit for the period 375 357 741 760 989
Total recognised comprehensive income 415 274 238 744 1,276
Attributable to:
Shareholders of Schouw&Co. 391 265 261 716 1,193
Non-controlling interests 25 9 -23 29 83
Total recognised comprehensive income 415 274 238 744 1,276
Interim report for Q3 202541
Amounts in DKK million
Cash flow statement
Note
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
EBITDA 878 834 2,149 2,222 2,931
Adjustment for non-cash operating items:
Changes in working capital 173 469 78 122 533
Provisions 2 -20 3 0 -29
Other non-cash operating items, net 15 36 -16 46 14
Cash flows from operations before interest and tax 1,068 1,318 2,214 2,391 3,449
Interest received 22 14 68 62 97
Interest paid -78 -105 -267 -395 -549
Income tax paid -117 -69 -358 -392 -444
Cash flows from operating activities 894 1,158 1,656 1,665 2,553
Purchase of intangible assets -11 -7 -28 -26 -40
Sale of intangible assets 0 0 0 1 1
Purchase of property, plant and equipment -116 -178 -396 -522 -652
Sale of property, plant and equipment 0 7 44 32 12
4 Acquisitions of businesses 0 -2 -68 -2 -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 16 6 16 11 40
Loans to customers 6 7 -23 20 26
Additions/disposals of other financial assets 0 -3 98 -1 -3
Cash flows from investing activities -104 -170 -354 -488 -623
Note
Q3
2025
Q3
2024
YTD
2025
YTD
2024
FY
2024
Loan financing:
Repayment of other non-current liabilities -88 -106 -265 -1,490 -1,613
Proceeds from non-current liabilities incurred 0 368 0 1,214 1,194
Increase/repayment of bank overdrafts -659 -1,156 -287 -108 -565
Cash flows from debt financing -747 -894 -552 -383 -985
Shareholders:
Dividends paid -7 -4 -385 -395 -399
Purchase of treasury shares -51 -61 -335 -228 -291
Sale of treasury shares 0 0 181 46 46
Cash flows from financing activities -805 -959 -1,092 -960 -1,628
Cash flows for the period -15 29 210 218 302
Cash and cash equivalents, beginning of period 1,054 777 892 584 584
Value adjustment of cash and cash equivalents -28 -13 -91 -9 6
Cash and cash equivalents, end of period 1,011 792 1,011 792 892
Interim report for Q3 202542
Amounts in DKK million
Balance sheet
Note Assets
30/9
2025
31/12
2024
30/9
2024
31/12
2023
Intangible assets 4,217 4,420 4,356 4,505
Property, plant and equipment 6,152 6,375 6,242 6,169
Lease assets 833 796 714 846
Investments in associates 346 417 403 417
Investments in joint ventures 228 226 234 198
Financial investments 2 95 95 92
Deferred tax 232 177 233 203
Receivables 225 212 196 193
Total non-current assets 12,236 12,718 12,472 12,623
Inventories 6,902 7,249 7,420 8,003
3 Receivables 7,555 6,916 7,518 6,321
Prepayments 213 205 221 169
Income tax receivable 183 143 169 197
Cash and cash equivalents 1,011 892 792 584
Total current assets 15,864 15,405 16,121 15,274
Total assets 28,100 28,123 28,592 27,896
Note Equity and liabilities
30/9
2025
31/12
2024
30/9
2024
31/12
2023
6 Share capital 250 250 250 255
Hedging reserve -11 -5 -17 3
Exchange adjustment reserve -358 74 -139 -127
Hyperinflation adjustment reserve 85 83 70 53
Retained earnings 11,072 10,477 10,624 10,064
Proposed dividend 0 400 0 408
Equity attributable to parent company shareholders 11,038 11,279 10,789 10,656
Non-controlling interests 913 954 907 900
Total equity 11,951 12,233 11,696 11,556
Deferred tax 540 503 514 488
Pension obligations 75 78 60 78
Other liabilities 169 157 165 160
Liability regarding put options 526 479 601 545
Interest-bearing debt 5,098 4,619 4,567 5,089
Non-current liabilities 6,408 5,837 5,907 6,360
Interest-bearing debt 1,011 1,825 2,295 2,018
Trade payables and other payables 7,803 7,336 7,750 7,039
Prepayments from customers 144 149 197 191
Deferred income 181 97 160 28
Liability regarding put options 386 444 391 396
Income tax 217 202 197 309
Current liabilities 9,741 10,053 10,989 9,981
Total liabilities 16,149 15,890 16,896 16,341
Total equity and liabilities 28,100 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 Q3 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 0 730 0 730 30 760
Other comprehensive income 0 -20 -11 17 0 0 -14 -1 -15
Total recognised comprehensive income 0 -20 -11 17 729 0 716 29 744
Transactions with owners:
Share-based payment 0 0 0 0 24 0 24 0 24
Distributed dividends 0 0 0 0 35 -408 -373 -21 -395
Capital reduction -5 0 0 0 5 0 0 0 0
Value adjustment of put option 0 0 0 0 -50 0 -50 0 -50
Purchase of treasury shares 0 0 0 0 -228 0 -228 0 -228
Sale of treasury shares 0 0 0 0 46 0 46 0 46
Total transactions with owners during the period -5 0 0 0 -170 -408 -583 -21
-604
Equity at 30 September 2024 250 -17 -139 70 10,624 0 10,789 907 11,696
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 0 702 0 702 39 741
Other comprehensive income 0 -6 -433 3 -5 0 -441 -61 -503
Total recognised comprehensive income 0 -6 -433 3 697 0 261 -23 238
Transactions with owners:
Share-based payment 0 0 0 0 9 0 9 0 9
Distributed dividends 0 0 0 0 33 -400 -367 -18 -385
Value adjustment of put option 0 0 0 0 11 0 11 0 11
Purchase of treasury shares 0 0 0 0 -335 0 -335 0 -335
Sale of treasury shares 0 0 0 0 181 0 181 0 181
Total transactions with owners during the period 0 0 0 0 -102 -400 -502 -18 -520
Equity at 30 September 2025 250 -11 -358 85 11,072 0 11,038 913 11,951
Interim report for Q3 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 12,270 6,588 2,373 1,414 1,288 1,715 25,648 0 0 25,648
Intra-group revenue 0 3 0 0 5 0 8 13 -21 0
Segment revenue 12,270 6,591 2,373 1,414 1,293 1,715 25,656 13 -21 25,648
Cost of sales, incl. write-down of inventories, net -9,674 -4,427 -1,383 -753 -722 -891 -17,851 0 8 -17,843
Staff costs -602 -1,181 -513 -381 -184 -349 -3,210 -41 0 -3,251
Other costs -946 -518 -191 -219 -239 -324 -2,437 -25 13 -2,449
Total operating expenses -11,222 -6,126 -2,087 -1,353 -1,145 -1,564 -23,498 -66 21 -23,542
EBITDA 1,065 470 301 61 152 152 2,202 -53 0 2,149
Depreciation, amortisation and impairment losses 280 224 104 58 91 83 840 1 0 841
EBIT 785 247 196 4 61 69 1,362 -54 0 1,308
Share of profit in associates and JVs 40 0
0 0 0 0 40 0 0 40
Tax on profit for the period -182 -58 -29 7 -6 -13 -281 -21 0 -302
Profit for the period 507 55 103 -12 34 -21 666 75 0 741
Segment assets 12,171 7,240 2,750 2,585 1,903 2,574 29,223 16,039 -17,128 28,100
Of which goodwill 1,464 359 302 516 99 118 2,858 0 0 2,858
Equity investments in associates and JVs 563 0 11 0 0 0 574 0 0 574
Segment liabilities 8,718 4,800 1,632 1,481 868 1,754 19,253 5,993 -9,096 16,149
Working capital 1,645 2,361 918 757 344 558 6,584 -46 0 6,538
Net interest-bearing debt 2,102 2,009 843 757 485 1,307 7,504 -2,588 0 4,916
Cash flow from operating activities 690 530 168 -22 113 68 1,546 98 12 1,656
Capital expenditure 209 55 -8 16 24 85 381 0 0 381
Acquisitions (divestments) 64 0 0 0 0 0 64 0 0 64
Average no. of employees 1,674 7,533
1,543 2,243 603 1,141 14,676 21 0 14,757
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 Q3 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 12,355 6,818 2,241 1,541 1,418 1,743 26,117 0 0 26,117
Intra-group revenue 0 1 0 0 8 0 10 12 -20 1
Segment revenue 12,355 6,820 2,241 1,541 1,427 1,743 26,127 12 -20 26,119
Cost of sales, incl. write-down of inventories, net -9,871 -4,581 -1,341 -814 -820 -903 -18,331 0 8 -18,323
Staff costs -526 -1,238 -463 -353 -199 -343 -3,122 -40 0 -3,161
Other costs -868 -518 -186 -235 -277 -341 -2,425 -15 12 -2,429
Total operating expenses -11,265 -6,337 -1,990 -1,403 -1,296 -1,587 -23,878 -55 20 -23,913
EBITDA 1,094 486 253 139 134 159 2,265 -43 0 2,222
Depreciation, amortisation and impairment losses 261 237 100 56 90 82 826 1 0 827
EBIT 833 249 152 83 44 77 1,439 -44 0 1,395
Share of profit in associates and JVs 35 0
0 0 0 0 35 0 0 35
Tax on profit for the period -175 -48 -22 -8 -4 -19 -276 -28 0 -304
Profit for the period 530 31 76 36 8 -19 662 98 0 760
Segment assets 12,208 7,403 2,782 2,602 2,056 2,583 29,633 16,907 -17,948 28,592
Of which goodwill 1,515 357 296 516 99 120 2,903 0 0 2,903
Equity investments in associates and JVs 626 0 11 0 0 0 637 0 0 637
Segment liabilities 8,544 5,022 1,761 1,472 1,020 1,741 19,559 7,145 -9,808 16,896
Working capital 1,993 2,583 922 750 315 551 7,114 -56 0 7,057
Net interest-bearing debt 2,173 2,346 1,028 715 566 1,282 8,111 -2,221 0 5,890
Cash flow from operating activities 882 264 192 -15 133 57 1,513 133 19 1,665
Capital expenditure 142 129 73 52 80 39 514 2 0 516
Acquisitions (divestments) 0 0 2 0 0 0 2 0 0 2
Average no. of employees 1,596 7,957
1,467 2,108 707 1,110 14,945 22 0 14,967
Interim report for Q3 202546
Amounts in DKK million
1
Segment reporting (continued)
Revenue by country
YTD
2025
YTD
2024
Norway 4,540 4,560
Chile 2,331 2,456
Denmark 1,711 1,597
Ecuador 1,640 1,301
USA 1,387 1,236
Sweden 1,295 1,214
Other 12,744 13,754
Total 25,648 26,119
18%
9%
7%
6%
5%
5%
50%
2025
17%
9%
6%
5%
5%
5%
53%
2024
Interim report for Q3 202547
Amounts in DKK million
2
Operating expenses
Q3
2025
Q3
2024
YTD
2025
YTD
2024
Cost of sales, including write-down of inventories, net -6,441 -6,873 -17,843 -18,323
Staff costs -1,047 -1,025 -3,251 -3,161
Other costs -831 -819 -2,449 -2,429
Total operating expenses -8,319 -8,717 -23,542 -23,913
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 September 2025 139,187 421,000 560,187
In August a new long-term incentive programme for senior managers of the Group's parent company was launched. The new long-term
incentive programme is a share-based programme, where the participants are granted Performance Share Units (PSUs), using a model to
determine the number of PSUs. In total 18,600 PSUs were granted of which the executive management were granted 12,200 PSUs. The
final number of shares is determined on the basis of the KPIs defined for the programme and can amount to between zero and 100% of the
PSUs initially granted. For the 2025 programme, the KPIs are determined for the years 2025-2026-2027, with EBITDA and ROIC (including
goodwill) each being assigned a KPI weight of 40%, while Total Shareholder Return is assigned a KPI weight of 20%. Based on the current
share price, the theoretical value of the programme can thus total between zero and DKK 12 million.
3
Receivables (current)
30/9
2025
30/9
2024
Trade receivables 6,977 7,027
Other current receivables 578 492
Total current receivables 7,555 7,518
30/9 2025 Not fallen due
Due between (days)
1-30 31-90 >91 Total
Trade receivables 6,046 520 276 260 7,101
Impairment losses on trade receivables -27 -4 -19 -74 -124
Trade receivables, net 6,019 516 257 186 6,977
Proportion of total receivables expected to be settled 98.3%
Impairment rate 0.4% 0.8% 6.9% 28.4% 1.7%
30/9 2024 Not fallen due
Due between (days)
1-30 31-90 >91 Total
Trade receivables 6,035 556 313 265 7,169
Impairment losses on trade receivables -41 -5 -21 -76 -143
Trade receivables, net 5,995 551 292 190 7,027
Proportion of total receivables expected to be settled 98.0%
Impairment rate 0.7% 0.9% 6.8% 28.6% 2.0%
Impairment losses on trade receivables
30/9
2025
30/9
2024
Impairment losses, beginning of period -151 -134
Foreign exchange adjustments 5 3
Additions on company acquisitions -11 0
Impairment losses for the year -9 -32
Realised loss 41 21
Impairment losses, end of period -124 -143
Trade receivables by portfolio business
BioMar
GPV
HydraSpecma
Borg Automotive
Fibertex Personal Care
Fibertex Nonwovens
53%
23%
11%
5%
4%
4%
2025
57%
19%
9%
6%
4%
4%
2024
Interim report for Q3 202548
Amounts in DKK million
4
Acquisitions
YTD
2025
YTD
2024
Intangible assets 34 0
Property, plant and equipment 136 1
Financial assets 2 0
Inventories 37 4
Receivables 46 2
Cash and cash equivalents 15 1
Credit institutions -39 0
Trade payables -41 -3
Other payables -21 -1
Deferred tax -15 0
Tax payables -1 0
Net assets acquired 154 3
Fair value of previous equity share -43 0
Goodwill 0 0
Acquisition cost 111 3
Of which cash and cash equivalents -15 -1
Debt conversion -28 0
Total cash acquisition costs 68 2
BioMar and its joint operation partner, Aqua Alimentos S.A., have entered into an agreement for BioMar to acquire the remaining 50% of
the shares in the feed plant BioMar Aquacorporation Products S.A. in Costa Rica. 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 Norwegian LetSea AS in April 2025. The company was previously 34% owned and recogni-
sed as an associated 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. Transac tion 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 Q3 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 -1,070 2,205 Committed 1 year 6 mths
Schuldschein 358 -358 0 Committed 2 yrs 9 mths
Term loan 1,500 -1,500 0 Committed 1 year 6 mths
Mortgages 248 -248 0 Committed 17 years
NIB loans 311 -311 0 Committed 3 yrs 3 mths
Nordic Bond 1,161 -1,161 0 Committed 3 yrs 9 mths
Other credit facilities 618 -547 71 Uncommitted
Leases 915 -915 0 Committed 3 years
Cash and cash equivalents 1,046
Facility before deduction of guarantee commitments 8,386 -6,109 3,323
Guarantee commitments deducted from the facility -80
Capital resources at 30 September 2025 3,243
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 2027, with an option to extend until April 2028 at the discretion of the banking syndicate.
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 408,837 4,088,370 228 1.60%
Share capital reduction -500,000 -5,000,000 -122 -1.96%
Treasury shares held at 30 September 2024 1,858,813 18,588,130 906 7.29%
Purchase of treasury shares 111,100 1,111,000 62 0.60%
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 556,739 5,567,390 335 2.23%
Treasury shares held at 30 September 2025 2,184,593 21,845,930 1,207 8.74%
The Group’s holding of treasury shares had a market value of DKK 1,287 million at 30 September 2025. The portfolio of treasury shares is
recognised 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 230,180 treasury shares under its share buy-back programmes.
Q3
2025
Q3
2024
YTD
2025
YTD
2024
Share of the profit for the year attributable to shareholders of Schouw&Co. 355 340 702 730
Average number of shares 25,000,000 25,000,000 25,000,000 25,250,000
Average number of treasury shares -2,143,089 -1,805,875 -2,072,416 -1,951,998
Average number of outstanding shares 22,856,911 23,194,125 22,927,584 23,298,002
Average dilutive effect of outstanding share options
1
44,804 41,051 30,820 30,267
Diluted average number of outstanding shares 22,901,715 23,235,176 22,958,404 23,328,269
Earnings per share of DKK 10 15.53 14.65 30.62 31.31
Diluted earnings per share of DKK 10 15.50 14.62 30.58 31.27
1) See note 2 for information on options that may cause dilution.
Interim report for Q3 2025
50
Amounts in DKK million
7
Fair value of categories of financial assets and liabilities
30/9
2025
31/12
2024
30/9
2024
Financial assets:
Other securities and investments (2) 0 92 91
Derivative financial instruments (2) 32 47 50
Other securities and investments (3) 2 3 3
Financial liabilities
Derivative financial instruments (2) 32 28 36
Liabilities regarding put options (3) 912 923 992
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 third quarter, the fair value is DKK 2 million. The change of DKK 1 million are caused by currency adjustments.
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 40 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 912 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 4 5
At 30 September, the Group had a receivable of 1 0
At 30 September, the Group had debt in the amount of 1 1
During the reporting period, the Group received dividends in the amount of 16 5
Associates:
During the reporting period, the Group sold goods in the amount of 345 375
During the reporting period, the Group bought goods in the amount of 59 104
At 30 September, the Group had a receivable of 184 276
At 30 September, the Group had debt in the amount of 1 21
During the reporting period, the Group received dividends in the amount of 0 6
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. (8.74%).
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 Q3 2025
51
T +45 86 11 22 22
www.schouw.dk
schouw@schouw.dk
Comp. reg. no. 63965812