Aktieselskabet Schouw & Co.

Company announcement no. 25

1 May 2026

Aktieselskabet Schouw&Co. Chr. Filtenborgs Plads 1.DK-8000 Aarhus C. Comp. reg. no. 63965812

Interim Report

First quarter 2026

Interim report for Q1 2026 2

Overview

4 A word from the CEO

4 Quarterly highlights

5 Financial highlights

6 Interim report – first quarter 2026

9 Outlook

11 Management’s statement

Our businesses

13 Q1 Portfolio company financial highlights

14 BioMar

17 GPV

20 Hydra Specma

23 Borg Automotive

26 Fibertex Personal Care

29 Fibertex Nonwovens

33 Statements of income and comprehensive income

34 Cash flow statement

35 Balance sheet

36 Statement of changes in equity

37 Notes

Contents

Interim reportManagement's report

Interim report for Q1 2026 3

Overview

4 A word from the CEO

4 Quarterly highlights

5 Financial highlights

6 Interim report – first quarter 2026

9 Outlook

11 Management’s statement

Schouw & Co. delivered a solid start to 2026

in a quarter marked by continued geopolitical

tension, macroeconomic uncertainty and vola-

tility across markets. Despite these conditions,

Schouw & Co. once again demonstrated the

strength of its diversified industrial platform. The

portfolio businesses developed as expected,

underscoring the value of risk diversification and

disciplined execution in turbulent times.

Our portfolio businesses continue to demon-

strate a strong ability to adapt. Operational

agility, disciplined cost management and con-

tinuous investment in competitiveness enable

our businesses to navigate changing conditions

and respond effectively to new dynamics. This

adaptability is a core strength and a key reason

why we have been able to deliver solid perfor-

mance despite a challenging environment.

The preparation for a potential IPO of BioMar

has now entered its next phase with an intention

to float announced. BioMar is ready to be listed

and has reached a level of maturity, scale and

operational excellence that supports independ-

ent access to the capital markets. Importantly,

the purpose of the IPO remains unchanged: to

create value for Schouw & Co. shareholders. We

will proceed only on terms that we believe create

long-term value.

The expected proceeds from a BioMar IPO are

intended to strengthen Schouw & Co.’s financial

flexibility and will be used to support continued

investment in the existing portfolio businesses,

as well as to potentially establish a new platform

investment. This ensures that capital released

through the IPO is redeployed in line with

our long-term strategy and active ownership

approach.

Jens Bjerg Sørensen

President and CEO

Schouw&Co.

Quarterly highlights

Interim report for Q1 2026 4

A word from the CEO

Resilience and agility

Quarterly highlights

7.7bn

Revenue

3% decrease

46.8k t

Scope 1+2 COe emissions

5% reduction

7.26

Earnings per share

47% improvement

591m

EBITDA

5% improvement

13.4%

ROIC

0.8 pp improvement

(excluding goodwill)

Interim report for Q1 2026 5

Financial highlights

Group summary (DKKm) YTD 2026 YTD 2025 FY 2025

REVENUE AND INCOME

Revenue 7,699 7,928 34,128

EBITDA 591 565 2,880

Depreciation, amortisation and impairment losses 288 277 1,434

EBIT 303 288 1,446

Profit/loss after tax in associates and joint ventures 9 11 56

Net financial items -63 -116 -354

Profit before tax 249 183 1,149

Profit for the period 170 118 707

CASH FLOWS

Cash flow from operating activities 26 220 2,896

Cash flow from investing activities -110 -153 -592

Of which investment in property, plant and equipment -130 -165 -569

Free cash flow -83 67 2,304

INVESTED CAPITAL AND FINANCING

Invested capital (excluding goodwill) 14,526 15,177 14,079

Total assets 27,477 27,598 26,977

Working capital 6,296 6,847 5,847

Net interest-bearing debt (NIBD) 4,670 5,398 4,449

Share of equity attributable to shareholders of Schouw&Co. 11,570 11,226 11,308

Non-controlling interests 500 935 492

Total equity 12,070 12,162 11,799

FINANCIAL DATA

EBITDA margin (%) 7.7 7.1 8.4

EBIT margin (%) 3.9 3.6 4.2

EBT margin (%) 3.2 2.3 3.4

Equity ratio (%) 43.9 44.1 43.7

ROIC excluding goodwill (%) 13.4 12.5 13.1

ROIC including goodwill (%) 11.3 10.5 11.0

NIBD/EBITDA ratio 1.6 1.9 1.5

Average no. of employees 14,585 14,623 14,799

PER SHARE DATA

Earnings per share (DKK) 7.26 4.94 28.41

Diluted earnings per share (DKK) 7.22 4.94 28.35

Share price, end of period (DKK) 661.00 614.00 659.00

Market capitalisation, end of period 14,978 14,096 14,997

SUSTAINABILITY DATA

GHG emissions scope 1+2 market based (COe) 46,823 49,272 183,385

Lost time injury frequency rate (incidents per mio. working hours) 4.1 5.5 5.3

Revenue, first quarter

DKKbn

EBITDA, first quarter

DKKm

Cash flow from operating activities, first quarter

DKKm

Return on invested capital, first quarter

ROIC excluding goodwill

2022 2023 2024 2025 2026

12.1%

11.4%

13.5%

12.5%

13.4%

-632

-96

171

220

2022 2023 2024 2025 2026

364

511

652

565

591

2022 2023 2024 2025 2026

6.3

8.7

7.9

7.7

2022 2023 2024 2025 2026

Financial performance

Overall, Schouw & Co. performed as expected

in the first quarter of 2026. Although revenue

fell slightly year on year due to a combination

of lower prices of a range of raw materials and

components, lower volumes in certain busi-

ness areas and negative exchange rate effects,

earnings improved in line with expectations.

With uncertainty increasing, particularly in the

last month of the quarter, the Q1 performance

demonstrated once again that the diversification

of Schouw & Co. provides stability, enabling the

portfolio businesses to act appropriately and

with a long-term perspective.

Consolidated revenue for Q1 2026 amounted

to DKK 7,699 million, a 3% decrease from DKK

7,928 million in Q1 2025. While HydraSpecma

and Fibertex Nonwovens reported improved

revenue, the remaining businesses generated

lower revenue – all in line with expectations.

Consolidated EBITDA for Q1 2026 was up by

5% year on year to DKK 591 million, driven by

progress in Fibertex Nonwovens and GPV and,

to a lesser extent, BioMar and HydraSpecma,

whereas Borg Automotive, as expected,

reported earnings down on the year before.

Associates and joint ventures, which are recog-

nised at a share of profit after tax, contributed a

DKK 9 million profit in Q1 2026 against a DKK

11 million profit in Q1 2025. The share of profit

was mainly attributable to the feed joint ventures

of BioMar, which maintained earnings close to

the level of Q1 2025, whereas BioMar’s associ-

ated companies reported earnings down on the

year before.

Amid a turbulent environment, all portfolio businesses

recorded Q1 performances in line with expectations. The

diversification of Schouw & Co. provided stability and

earnings increased. Higher working capital in the quarter

weighed on cash flows from operations.

Interim report for Q1 2026 6

Stability in a world of turmoil

Interim report – first quarter 2026

Year to date

(DKKm)

YTD

2026

YTD

2025 Change

Revenue 7,699 7,928 -229 -3%

EBITDA 591 565 26 5%

EBIT 303 288 15 5%

Income from associates 9 11 -2 -16%

Profit before tax 249 183 67 36%

Cash flow from operating activities 26 220 -194 -88%

Net interest-bearing debt 4,670 5,398 -728 -13%

Working capital 6,296 6,847 -551 -8%

ROIC excluding goodwill 13.4% 12.5% 0.8pp

ROIC including goodwill 11.3% 10.5% 0.7pp

Consolidated financial items improved from

an expense of DKK 116 million in Q1 2025 to

an expense of DKK 63 million in Q1 2026. The

amount breaks down into a decrease in net

interest expenses from DKK 79 million in Q1

2025 to DKK 66 million in Q1 2026, while for-

eign exchange rate adjustments etc. amounted

to an income of DKK 3 million in Q1 2026

compared to an expense of DKK 38 million in

Q1 2025.

The consolidated profit before tax increased from

DKK 183 million in Q1 2025 to DKK 249 million in

Q1 2026. The profit before tax for the first quarter

resulted in corporate income tax of DKK 79 mil-

lion against DKK 64 million in Q1 2025.

Liquidity and capital resources

The operations of Schouw & Co. generated

a cash inflow of DKK 26 million in Q1 2026,

against DKK 220 million in Q1 2025. The lower

cash flow from operating activities reflected

higher working capital in the quarter, predomi-

nantly attributable to BioMar. Other businesses

also increased their working capital, with the

exception of GPV and Borg Automotive, both of

which reduced their working capital.

A total of DKK 110 million was spent on invest-

ing activities in Q1 2026, against DKK 153

million in Q1 2025. The moderate investments

were allocated across all businesses.

The Group’s overall working capital increased

by DKK 449 million in Q1 2026 from DKK 5,847

million at 31 December 2025. Year on year, the

Group’s overall working capital was reduced

from DKK 6,847 million at 31 March 2025

to DKK 6,296 million at 31 March 2026. The

year-on-year reduction was attributable to GPV,

BioMar, and Borg Automotive.

The net interest-bearing debt increased by

DKK 221 million during the first quarter to

stand at DKK 4,670 million at 31 March 2026.

Year on year, however, the net interest-bearing

debt declined by DKK 728 million from DKK

5,398 million at 31 March 2025, and the Group

improved its financial gearing (NIBD/EBITDA)

ratio from 1.9 to 1.6.

Group developments

All the portfolio businesses have worked inten-

sively 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, and

special attention has been paid to restructuring

and optimising the production footprint. The

Group’s industrial and geographic diversifica-

tion makes this a complex task, but at the same

time, it spreads risk and leads to opportunities.

Thanks to the Group’s financial strength, the

portfolio businesses have been able to build

solid positions with access to production capac-

ity and supplies.

The following is a brief review of individual busi-

ness performances in Q1 2026:

BioMar reported volume sales up 7% on the

year before, in particular driven by the Shrimp

segment in Ecuador. However, revenue was

down by 6% due to lower raw materials prices

within the feed segments and an expected tem-

porarily softer Tech Solutions revenue. EBITDA,

on the other hand, was up by 3%, mainly due

to increased earnings in the Salmon segment

Interim report for Q1 2026 7

offsetting lower earnings in the Tech Solutions

segment.

GPV reported revenue down 3% on the year

before, but with an increased level of order

intake and a strong book-to-bill ratio. Despite

slightly lower sales, EBITDA increased by 12%,

driven by efficiency improvement and footprint

optimisation initiatives. The Q1 performance

continued the steady quarter-by-quarter

improvement in EBITDA margin observed

throughout 2025.

HydraSpecma reported 9% revenue growth

relative to the year before, supported by high

activity across all three divisions. Reported

EBITDA increased by a moderate 5%, as Q1

2025 EBITDA was positively impacted by a

one-off profit of DKK 12 million from the sale

of a facility in Poland. Excluding this one-off

effect, Q1 2026 EBITDA was up by 16% year on

year, reflecting increased activity, supply chain

optimisation, and investments in production

capacity, automation, and new facilities, which

combined to bolster the company’s flexibility

and competitiveness.

Borg Automotive reported revenue down 12%

due to persistently weak demand in the Reman

segment and fierce price competition across

most markets. Earnings in the quarter remained

negatively affected by the closing of production

in the UK and the ramp-up of production in

Poland. Although less than half the level of Q1

2025, EBITDA was in line with expectations.

Fibertex Personal Care reported revenue

down 9% on the year before, mainly due to lower

raw materials prices and, by extension, lower

selling prices compared to Q1 2025. EBITDA

was just below the level of Q1 2025 but in line

with expectations despite negative develop-

ments in foreign exchange rates.

Fibertex Nonwovens reported revenue up 10%

on the year before, driven by increased sales of

wipes and other products in the US, a recovery

of sales to the auto industry and the construc-

tion segment in Europe and increased sales of

products for personal care and hygiene. EBITDA

was up by 48%, supported by higher volumes

and continued performance improvement in the

US operations.

Events after the balance sheet date

With effect from 1 April 2026, HydraSpecma

has acquired Hyco AS in Norway. Apart from

this and other than as set out elsewhere in this

interim report, Schouw & Co. is not aware of

any events occurring after 31 March 2026 which

are expected to have a material impact on the

Group’s financial position or outlook.

Accounting policies

The interim report is presented in accord-

ance with IAS 34 “Interim financial reporting”

as adopted by the EU and Danish disclosure

requirements for the consolidated and par-

ent company financial statements of listed

companies.

See the 2025 Annual Report for a full descrip-

tion of the accounting policies. In addition,

Schouw & Co. will be implementing the stand-

ards and interpretations which are effective from

2026.

Judgments and estimates

The preparation of interim financial statements

requires management to make accounting

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 2025 Annual

Report. The current assessment of special

risks is largely unchanged from the assessment

applied in the preparation of the 2025 Annual

Report.

Roundings and presentation

The amounts appearing in this interim report

have generally been rounded to the nearest

million using standard rounding principles.

Accordingly, some additions may not add up.

Schouw&Co. shares

Schouw & Co. shares appreciated only

marginally during the first quarter to DKK

661 at 31 March 2026 from DKK 659 at 31

December 2025.

Potential IPO of BioMar

On 12 November 2024, the Board of

Directors of Schouw & Co. announced

the initiation of an assessment regarding

a potential separate listing of BioMar.

The objective of this assessment was to

determine whether such a listing would

generate added value for Schouw & Co.

and its shareholders, while simultaneously

ensuring that BioMar is well positioned

to pursue opportunities for continued

growth.

Today, the Board of Directors of Schouw &

Co. have announced the intention to float

which is the next natural step towards

a separate listing of BioMar on Nasdaq

Copenhagen. It remains the expectation

that a separate listing will take place in the

first half of 2026.

Interim report for Q1 2026 8

Outlook for 2026

2026 is a year of elevated uncertainty. In par-

ticular, the ongoing conflict in the Middle East

has heightened the risk of supply shortages and

driven a surge in global oil and raw materials

prices due to severe disruptions in the Strait of

Hormuz.

The unpredictable situation in the Middle East

may impact Schouw & Co. in multiple ways.

Some businesses rely on oil-based raw materi-

als, and they will need to pass on cost inflation to

customers and to cope with potential shortages.

Furthermore, all businesses will be impacted

by rising energy prices as well as by the risk of a

general slowdown in global demand.

Some changes may have a significant impact,

either directly on Schouw & Co. or indirectly

through customers or suppliers. The portfolio

businesses have worked intensively to align their

operations to volatile market conditions and are

consequently able, to a large degree, to adapt

to changes. The diversification of Schouw &

Co. also spreads operational risk and provides

stability, but the current global uncertainties

may have an impact across industries, poten-

tially causing headwind that is not included in

the guidance.

Full-year guidance

Schouw & Co. disclosed its full-year guidance

in the Annual Report released on 5 March 2026.

Since then, developments within the Group have

been in line with expectations, and Schouw &

Co. maintains its guidance of full-year 2026

consolidated revenue in the DKK 33.0-35.5

billion range and full-year EBITDA in the range

of DKK 2,900-3,200 million.

Schouw & Co. generates a substantial part of

its revenue by converting raw materials or by

Global tensions are causing extreme uncertainty across industries.

However, thanks to its diversified platform, Schouw & Co. is in a

strong position to cope with these challenges. Full-year revenue and

EBITDA guidance are maintained, but changes in global positions

must be monitored closely.

Specifications

(DKKm)

2026

expectations

after Q1

2026

initial

expectations

2025

actual

BioMar

Revenue 16,000-17,000 16,000-17,000 16,534

EBITDA 1,520-1,620 1,520-1,620 1,517

GPV

Revenue 8,500-9,000 8,500-9,000 8,702

EBITDA 690-750 690-750 641

HydraSpecma

Revenue 3,100-3,400 3,100-3,400 3,190

EBITDA 400-440 400-440 389

Borg Automotive

Revenue 1,600-1,900 1,600-1,900 1,739

EBITDA 60-100 60-100 0

Fibertex Personal Care

Revenue 1,500-1,700 1,500-1,700 1,720

EBITDA 140-160 140-160 203

Fibertex Nonwovens

Revenue 2,300-2,500 2,300-2,500 2,255

EBITDA 210-240 210-240 203

Interim report for Q1 2026 9

Full-year guidance maintained

Outlook

(DKKm)

2026

guidance

after Q1

2026

initial

guidance

2025

actual

Revenue 33,000-35,500 33,000-35,500 34,128

EBITDA 2,900-3,200 2,900-3,200 2,880

Depreciation/amortisation -1,175 -1,175 -1,434

Associates and JVs 90 90 56

Net financial items -250 -250 -354

Profit before tax 1,525-1,825 1,525-1,825 1,149

Schouw & Co. full-year guidance

Interim report for Q1 2026 10

processing procured components. As a result,

changes in prices of materials and foreign

exchange rates may have a significant impact

on revenue, even though the underlying activity

may be unchanged. Accordingly, a continued

period of elevated oil-based raw materials

prices will drive revenue higher, while any supply

shortages or weaker demand will have the

opposite effect.

The consolidated earnings guidance at EBITDA

level is based on an aggregation of individual

portfolio business forecasts, combined with

the impact from the parent company and an

overall assessment of uncertainties across the

Group. All businesses are used to cope with

varying costs, and changes in revenue result-

ing from changes in prices of materials do not

necessarily trickle down to earnings. Even so,

substantially rising costs will typically always put

earnings under some pressure.

Depreciation, amortisation and impairment

charges are still expected to be approximately

DKK 1,175 million in 2026, and the Group con-

sequently projects consolidated 2026 EBIT in

the range of DKK 1,725-2,025 million. Associ-

ates and joint ventures, most of which form part

of the BioMar business, are also still expected to

contribute a combined share of profit after tax of

approximately DKK 90 million in 2026.

Given the current level of interest rates, consoli-

dated financial items for 2026 are still expected

to be an expense of approximately DKK 250

million before any further effect of changes in

foreign exchange rates or other adjustments.

Effects of potential IPO

The 2026 guidance for Schouw & Co. does not

include any effects of a potential IPO of BioMar,

as Schouw & Co. will in such case remain the

majority shareholder and BioMar will continue

to be a fully consolidated part of Group revenue

and EBITDA, while of course allowing the minor-

ity interests their relative share of profit.

A realisation of the potential IPO will trigger fur-

ther costs, the major part of which will be offset

against the proceeds from the sale of shares.

As a natural consequence, net financial items

will also be affected by cash proceeds from a

potential sale of shares.

Portfolio business forecasts

The following is a brief review of revenue and

EBITDA forecasts for the individual portfolio

businesses in 2026:

BioMar expects to maintain the strong volume

growth seen in 2025, with an additional uplift

of 3-7%. Revenue growth will reflect changes in

raw materials prices and foreign exchange rates

as well as expected changes in the product mix

due to an increased share of shrimp feed. Given

the current outlook, full-year EBITDA expecta-

tion is also maintained.

GPV is seeing a strengthened order intake but

also increasing challenges in relation to the sup-

ply of memory chips and other critical materials.

GPV has adapted to the current market condi-

tions by taking strong proactive measures to pro-

tect earnings, but the impact of the supply situ-

ation and geopolitical tensions on the business

environment is hard to predict. Full-year revenue

and EBITDA expectations are maintained.

HydraSpecma is well positioned with a

strong order book, even though geopolitical

tensions continue to cause significant market

uncertainties. These uncertainties lead to a

higher-than-normal risk of changes or post-

ponements of projects, but HydraSpecma is

monitoring the situation closely to be able to

take quick mitigating action if necessary. The

conflict in the Middle East could negatively

impact activity levels in 2026. However, current

demand forecasts support maintaining full-year

revenue and EBITDA expectations.

Borg Automotive is experiencing continued

weak demand for Reman products and fierce

competition across most markets. The level of

activity is expected to increase gradually during

the remainder of 2026, mainly in the second half

of year. Expectations are subject to somewhat

higher-than-normal uncertainty, but Borg Auto-

motive maintains its full-year 2026 revenue and

EBITDA expectations.

Fibertex Personal Care's most important raw

materials are impacted by the ongoing conflict

in the Middle East, but the company maintains

a proactive approach to managing supply chain

conditions and significant fluctuations in raw

materials prices. Nevertheless, a continued high

level of raw materials prices will drive revenue

upwards, potentially towards the very top of the

expected range, and put earnings under pres-

sure, but for the time being, Fibertex Personal

Care maintains its full-year revenue and EBITDA

expectations.

Fibertex Nonwovens is also impacted by the

ongoing conflict in the Middle East, and the

company is monitoring developments closely. A

continued elevated level of raw materials prices

may boost revenue, and Fibertex Nonwovens

aims to pass through specific cost increases

to preserve earnings without compromising

growth momentum. Accordingly, Fibertex

Nonwovens maintains its full-year revenue and

EBITDA expectations.

The Board of Directors and the Executive

Management today considered and approved

the interim report for the period 1 January to

31March 2026.

The interim report, which has been neither

audited nor reviewed by the company’s auditors,

was prepared in accordance with IAS 34 ‘Interim

Financial Reporting’ as adopted by the EU

and Danish disclosure requirements for listed

companies.

In our opinion, the interim financial statements

give a true and fair view of the Group’s assets,

liabilities and financial position at 31 March

2026 and of the results of the Group’s opera-

tions and cash flows for the three months ended

31 March 2026.

Furthermore, in our opinion, the management’s

review includes a fair review of the development

and performance of the business, the results for

the period and of the Group’s financial position

in general and describes the principal risks and

uncertainties that the Group faces.

Aarhus, 1 May 2026

Interim report for Q1 2026 11

Financial calendar for 2026

Release of

interim report

Q3 2026

NOVEMBER

Release of

interim report

Q2 2026

AUGUST

To the shareholders of Aktieselskabet Schouw&Co.

Management’s statement

Executive Board

Board of Directors

Kenneth Skov Eskildsen

Deputy chairman

Sisse Fjelsted Rasmussen

Hans Martin Smith

Michael Hansen

Jens Bjerg Sørensen

President and CEO

Jørgen Dencker Wisborg

Chairman

Søren Stæhr

Our businesses

13 Q1 Portfolio company financial highlights

14 BioMar

17 GPV

20 Hydra Specma

23 Borg Automotive

26 Fibertex Personal Care

29 Fibertex Nonwovens

Interim report for Q1 2026 12

Interim report for Q1 2026 13 Our businesses

Amounts in DKK million

Q1 Portfolio company

financial highlights

Q1 BioMar GPV HydraSpecma Borg Automotive

Fibertex

Personal Care

Fibertex

Nonwovens Group

2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

INCOME STATEMENT

Revenue 3,202 3,399 2,140 2,200 873 800 445 506 404 447 638 579 7,699 7,928

Contribution profit 398 380 308 286 245 220 78 107 75 78 123 100 1,228 1,172

EBITDA 212 206 160 143 114 108 13 32 47 49 64 43 591 565

Depreciation, amortisation and impairment losses 103 90 71 77 30 33 19 19 35 31 30 28 288 277

EBIT 110 117 89 66 84 75 -6 14 12 19 34 16 303 288

Profit after tax in associates and JVs 9 11 0 0 0 0 0 0 0 0 0 0 9 11

Net financial items -35 -30 -30 -64 -3 -28 -10 -9 -7 -8 -18 -27 -63 -116

Profit before tax 84 98 59 1 81 47 -16 4 5 11 16 -12 249 183

Tax on profit for the period -27 -29 -20 -9 -18 -11 0 -2 -1 -3 -6 -5 -79 -64

Profit before non-controlling interests 57 69 38 -7 63 37 -16 2 4 8 10 -17 170 118

Non-controlling interests 2 -6 0 0 0 0 0 0 0 0 0 0 -6 -5

Profit for the period 59 63 38 -7 63 37 -16 2 4 8 10 -17 165 114

CASH FLOWS

Cash flow from operating activities -297 -38 197 174 29 74 26 -76 38 39 13 18 26 220

Cash flow from investing activities -26 -117 -47 -25 -12 29 0 -5 -8 -7 -17 -28 -110 -153

Cash flow from financing activities 360 150 -108 -129 -46 -124 -35 69 -22 -29 4 0 133 -68

BALANCE SHEET

Intangible assets 1,310 1,365 941 972 547 588 201 231 59 59 104 111 3,889 4,353

Property, plant and equipment 1,857 1,784 947 1,017 469 489 252 262 1,169 1,229 1,482 1,495 6,199 6,297

Other non-current assets 1,376 1,143 393 463 129 137 142 149 9 12 14 15 2,014 1,966

Cash and cash equivalents 683 426 442 266 98 77 22 10 21 11 66 62 1,332 877

Other current assets 5,902 5,813 4,443 4,597 1,626 1,524 1,302 1,499 641 587 972 915 14,043 14,104

Total assets 11,128 10,531 7,166 7,314 2,869 2,816 1,919 2,151 1,899 1,897 2,638 2,599 27,477 27,598

Equity 2,555 3,530 2,494 2,411 1,224 1,120 488 622 1,064 994 817 798 12,070 12,162

Interest-bearing liabilities 4,316 2,825 2,466 2,765 918 1,026 779 800 464 558 1,424 1,416 6,241 6,478

Other liabilities 4,256 4,176 2,205 2,138 727 670 653 728 371 346 397 385 9,167 8,958

Total equity and liabilities 11,128 10,531 7,166 7,314 2,869 2,816 1,919 2,151 1,899 1,897 2,638 2,599 27,477 27,598

Average no. of employees 1,746 1,610 7,420 7,491 1,590 1,508 2,058 2,257 589 607 1,162 1,130 14,585 14,623

FINANCIAL DATA

EBITDA margin 6.6% 6.1% 7.5% 6.5% 13.0% 13.5% 3.0% 6.4% 11.6% 11.1% 10.1% 7.5% 7.7% 7.1%

EBIT margin 3.4% 3.4% 4.2% 3.0% 9.6% 9.4% -1.3% 2.7% 2.9% 4.2% 5.4% 2.7% 3.9% 3.6%

ROIC excluding goodwill 29.8% 26.1% 10.1% 7.9% 17.4% 14.9% -5.5% 9.1% 5.2% 4.4% 5.6% 3.6% 13.4% 12.5%

ROIC including goodwill 21.7% 19.1% 9.2% 7.3% 14.8% 12.8% -4.2% 6.5% 4.9% 4.1% 5.3% 3.4% 11.3% 10.5%

Working capital 1,556 1,759 2,171 2,502 974 895 639 816 366 339 620 571 6,296 6,847

Net interest-bearing debt 3,045 1,694 1,671 2,271 757 881 707 777 440 543 1,357 1,354 4,670 5,398

1) Excluding consolidated goodwill in Schouw&Co. 2) Including consolidated goodwill in Schouw&Co.

Interim report for Q1 2026 14 Our businesses BioMar

BioMar

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 the

business model, and BioMar is a leading

provider of technology for developing more

efficient and sustainable intelligent precision

feed solutions.

Growth potential in Ecuador

being exploited

New business model

implemented in Tech Solutions

Continued volume growth year

on year

Revenue and EBITDA in line with

expectations

Locations

BioMar is headquartered in Aarhus, Denmark, and operates

feed factories for salmon in Norway, Scotland, Chile, and

Australia; for shrimp in Ecuador, Costa Rica, and Vietnam; and

for other selected species in Denmark, France, Spain, Greece,

Türkiye, and China.

Ownership

Part of Schouw&Co. since 2005

100% ownership

Majority ownership to continue after apotential IPO

Interim report for Q1 2026 15 Our businesses BioMar

Financial review

BioMar grew volumes by 7% in Q1 2026,

primarily thanks to positive developments in

Ecuador (Shrimp) and Australia (Salmon), while

biological conditions had an adverse impact

on volumes in especially Scotland and Norway

(Salmon).

Despite increasing volumes, revenue decreased

by 6% in Q1 2026 to DKK 3,202 million from

DKK 3,399 million in Q1 2025. This was due

to temporarily softer Tech Solutions revenue

combined with lower raw materials prices within

the feed segments. Furthermore, exchange rate

developments had an adverse effect on revenue,

mainly due to a weaker USD against DKK.

Overall, BioMar reported earnings in line with

expectations in Q1 2026 with EBITDA increasing

by 3% to DKK 212 million from DKK 206 million

in Q1 2025, mainly due to increased earnings in

the Salmon segment offsetting lower earnings

in the Tech Solutions segment.

Working capital declined to DKK 1,556 million at

31 March 2026, compared to DKK 1,759 million

at 31 March 2025. While inventories were up

year on year, trade payables also increased,

mainly due to focused initiatives to extend credit

terms with major suppliers to offset growing

pressure for extended commercial credit from

customers in some markets. The use of supply

chain financing on the supplier side increased

from DKK 763 million at 31 March 2025 to DKK

1,299 million at 31 March 2026.

Return on invested capital (ROIC) excluding

goodwill changed only marginally from 30.0%

at 31 December 2025 to 29.8% at 31 March

2026.

Business review

The Salmon segment maintained volumes in

Q1 2026, reflecting strong volume growth in the

Australian feed business unit and ramp-up of

volumes in Iceland, which were offset by lower

volumes in other units in the segment, primarily

BioMar

(DKKm)

YTD

2026

YTD

2025

Salmon 173 174 941

Shrimp 99 78 367

Selected species 43 43 253

Te c h 0 0 0

Eliminations 0 -1 -3

Total volume (‘000 tonnes) 315 294 1,557

Salmon 2,082 2,307 11,166

Shrimp 604 551 2,351

Selected species 516 524 2,936

Te c h 14 39 172

Eliminations -14 -21 -91

Total revenue 3,202 3,399 16,534

Salmon 162 131 1,032

Shrimp 47 49 233

Selected species 27 25 279

Te c h -8 13 53

Shared/non-allocated -17 -12 -80

Total EBITDA 212 206 1,517

EBIT 110 117 1,132

CF from operations -297 -38 1,568

Working capital 1,556 1,759 1,092

ROIC excluding goodwill (%) 29.8% 26.1% 30.0%

Continued high volume growth

and solid earnings

BioMar

Q1 volumes increased by 7% year on year to an all-time high.

EBITDA increased in line with expectations as strong earnings

in the feed business more than offset reduced earnings in Tech

Solutions. Full-year 2026 expectations are maintained.

Interim report for Q1 2026 16 Our businesses BioMar

Scotland and, to some degree, Norway. EBITDA

increased by 24% compared to the year-earlier

period.

The volume growth observed in Australia was

primarily driven by favourable biological growing

conditions and lower-than-average water tem-

peratures across Tasmania and New Zealand

during the local summer period. Volumes in

Scotland and Norway were to some extent

affected by the biological conditions facing

individual customers, fish treatments, and

weather conditions. Biomass in Norway was at

a high level, but slightly lower than in Q1 2025,

when high water temperatures led to favourable

growing conditions, more feeding, and higher

earnings.

The strategic focus is on impacting earnings

momentum by offering a broad product portfo-

lio, increasing sales volumes of functional feed,

commercial and operational excellence, and

joint value creation with customers.

The Shrimp segment reported a 27% increase

in sales volumes year on year in Q1 2026,

reflecting a strong market position and product

offering in the Ecuadorian market.

EBITDA decreased by 5%, despite the volume

increase, reflecting reduced average selling

prices for large key account contracts and

increased sales of standard feeds. Furthermore,

the strong growth in volumes required more

external toll-milling manufacturing and conse-

quently higher production costs. Higher sales

volumes in Vietnam were more than offset by

lower margins in the challenging and competi-

tive Vietnamese market.

BioMar continues to strengthen its offering of

products, concepts, and services in the seg-

ment, mainly in the Ecuadorian market, where

the company has added new production capac-

ity in recent years by way of two extruder lines,

and will be adding further capacity in 2026.

The Selected Species segment continued its

stable development across business units. Vol-

umes were sustained in Q1 2026 and EBITDA

increased by 6% year on year, supported by a

strong market position, a good product mix, and

improved capacity utilisation.

Overall, the segment is performing strongly, bal-

ancing volume growth with strong earnings.

The Tech Solutions segment comprises

AQ1 Systems, which is an innovative leader in

precision feeding. The solutions are based on

AI and behavioural-based precision feeding

technology promoting sustainable aquaculture

practises.

The Tech Solution segment reported a 63%

decrease in revenue to DKK 14 million in Q1

2026, while earnings decreased from a profit in

Q1 2025 to a negative EBITDA of DKK 9 million

in Q1 2026. This decline was driven by a change

in business model towards more direct sales,

restructuring the relation with key distribu-

tors, and investing to build reoccurring SaaS

revenue. Earnings are expected to normalise

towards the end of Q2 2026 as market demand

remains strong.

Joint ventures and associates

BioMar manufactures aqua feed in China and

Türkiye through two 50/50 joint ventures with

local partners. While these activities are not

consolidated in the financial statements, they

are both strategically important and offer signif-

icant growth potential. The two feed businesses

reported combined revenue of DKK 383 million

(100% basis) and EBITDA of DKK 36 million in

Q1 2026, against revenue of DKK 295 million

and EBITDA of DKK 32 million in Q1 2025.

The associated businesses include the Chilean

fish farming company Salmones Austral and

four minor businesses.

Overall, the non-consolidated joint ventures and

associates are recognised in the Q1 2026 con-

solidated financial statements at a DKK 9 million

share of profit after tax, compared to a DKK

11 million share of profit after tax in Q1 2025.

The profit was lower than expected, primarily

due to lower salmon prices and thus a negative

fair value adjustment of biological assets in the

associated company Salmones Austral.

Outlook for 2026

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 sustainability and

advanced fish and shrimp farming technology.

In 2026, BioMar expects to sustain the signifi-

cant increase in volumes obtained in 2025, with

a positive uplift in the range of 3-7%. Revenue

growth will reflect changes in raw materials

prices and foreign exchange rates as well as

expected changes in product mix due to an

increased share of shrimp feed.

Furthermore, 2026 is a year of transition

towards further growth, with BioMar ramping

up capacity in Ecuador. The company is also

continuing the transition of its business model in

the Tech Solutions segment, which is expected

to negatively impact revenue and earnings in the

segment in the first half of the year.

BioMar maintains its full-year expectation

of 2026 revenue in the DKK 16.0-17.0 billion

range, but changing market conditions, volatile

prices of raw materials and foreign exchange

rate developments may as always impact

the revenue forecast substantially. Given the

current outlook, the forecast of 2026 EBITDA

in the range of DKK 1,520-1,620 million is also

maintained.

The non-consolidated joint ventures and associ-

ates are recognised at a share of profit after tax,

which is still expected to be approximately DKK

90 million in 2026.

Interim report for Q1 2026 17 Our businesses GPV

GPV

Profitability uplift in Q1 driven

by operational improvements

implemented during 2025

Solid safety focus with LTIFR at

0.4 injuries per million working

hours

Higher order intake and strong

book-to-bill ratio in Q1

Supply constraints for memory

chips and global uncertainty

may impact activity level

GPV is the second-largest European-

headquartered EMS (Electronics Manufacturing

Services) business. GPV offers services such as

engineering design, production, assembly, and

testing of solutions in electronics, mechanics,

cable harness, and mechatronics for a range of

leading international 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.

Locations

GPV is headquartered in Vejle, Denmark, and operates

manufacturing facilities in Denmark, Sweden, Finland,

Estonia, Switzerland, Germany, Slovakia, Sri Lanka, Thailand,

China, and Mexico.

Ownership

Part of Schouw&Co. since 2016

80% ownership

Interim report for Q1 2026 18 Our businesses GPV

Financial review

Demand generally remained steady in Q1 2026

with signs of gradual improvements supported by

a higher level of order intake and a strong book-

to-bill ratio. GPV reported Q1 revenue of DKK

2,140 million, a year-on-year decrease of 3%.

Despite the slightly lower sales, EBITDA

increased by 12% in Q1 2026 to amount to

DKK 160 million, compared with DKK 143

million in Q1 2025. During 2025, GPV finalised

several efficiency improvement and footprint

optimisation initiatives, leading to improved

operational performance. The Q1 performance

continued the steady quarter-by-quarter

improvement in EBITDA margin observed

throughout 2025.

Working capital amounted to DKK 2,171

million at 31 March 2026, a 13% decrease

compared to DKK 2,502 million at 31 March

2025. The working capital tie-up thus contin-

ued to decrease thanks in part to strong efforts

to reduce inventories. The return on invested

capital (ROIC) excluding goodwill was 10.1% at

31 March 2026, an improvement from 9.2% at

31 December 2025.

Business review

An updated strategy review conducted in the

autumn of 2025 for the period to 2030 confirmed

an unchanged strategic direction and a strong,

profitable growth potential, and GPV continues to

execute on already initiated activities and plans.

The objective is to maintain the position as a rele-

vant market partner through internal productivity

improvements and investments in, among other

things, a group-wide ERP system supporting

improved transparency and efficiency.

GPV exercises strong pipeline management with

a structured approach focusing on extending

the collaboration with existing customers as well

as on winning new customers and new product

lines to secure future growth. GPV had a strong

win rate in 2025 with full ramp-up typically

taking 18-24 months. GPV’s current sales pipe-

line remains strong, with a number of projects

aligned with the strategic direction.

GPV is committed to being able to meet cus-

tomer requirements for high quality standards,

reliability of supply, and flexibility. GPV contin-

ues to prepare for future growth. Following the

completion of expansions in Asia (Thailand and

Sri Lanka) and in best-cost Europe (Slovakia),

the preparations continue in the Americas (Mex-

ico), where the first phase of the expansion has

been completed and the final phase 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 industry, GPV has a persistent focus

on optimising its global production platform.

Alongside expansions, this journey includes the

consolidation of smaller sites to enhance oper-

ational efficiency. Several consolidations were

finalised in 2025.

The anticipated benefits of having a lower cost

base, increased efficiency, and higher capacity

utilisation indicate a relatively short payback

period, and the optimisation is an inherent part

of securing a future-proof operational platform.

Outlook

Throughout 2025, GPV strengthened its order

intake, securing several attractive projects and

new customers, which will support a gradual

ramp-up of production. This positive trend con-

tinued into Q1 2026. Although the overall picture

indicates a normalising market, it is expected

GPV

(DKKm)

YTD

2026

YTD

2025

Revenue 2,140 2,200 8,702

EBITDA 160 143 641

EBIT 89 66 341

CF from operations 197 174 744

Working capital 2,171 2,502 2,264

ROIC excluding goodwill (%) 10.1% 7.9% 9.2%

GPV

Preparing for a normalised

market

Quarterly profitability improvements by the implementation of

strong measures to optimise the operational footprint and the

cost structure. Full-year 2026 expectations are maintained,

indicating year-on-year EBITDA growth.

Interim report for Q1 2026 19 Our businesses GPV

that demand will remain moderate and market

conditions will remain volatile throughout 2026.

It is difficult to predict when markets in general

will pick up, but GPV is prepared to cope with

increased demand and supply challenges.

In recent months, tighter supply of memory

chips and other critical materials has resulted

in allocation constraints and increased supply

chain disruptions. The geopolitical tensions and

the apparent risk of trade constraints as well

as the risk of negative developments in energy

costs are adding to an uncertain and volatile

outlook. GPV has established a task force to

navigate the situation in the best possible way

and has had to ask customers to extend their

forecasts to be able to secure future supplies

and avoid severe supply disruptions.

The impact of the supply situation and geopolit-

ical tensions on the business environment is still

hard to predict, and any potential major impact

is not included in the expectations.

GPV has adapted to current market conditions

by taking strong proactive measures to protect

earnings, including a substantial reduction in

headcount during 2024 and 2025. Together with

operational footprint optimisation and tight cost

control, this is expected to support an increas-

ing EBITDA margin throughout 2026 despite flat

revenue projections.

Based on this, GPV maintains its expectations

of full-year revenue in the range of DKK 8.5-9.0

billion and EBITDA in the range of DKK 690-750

million.

Interim report for Q1 2026 20 Our businesses Hydra Specma

Hydra-

Specma

HydraSpecma is a trading and engineering

company specialised in designing and

constructing state-of-the-art hydraulic and

electric systems, including turnkey solutions in

cooling, filtration, and lubrication, as well as fluid

conveyance with pipes, hoses, connectors, and

fittings. HydraSpecma serves industry sectors

such as Wind Turbines, Commercial Vehicles,

Construction Equipment, Marine, Defence,

Material Handling, Agriculture, Forestry, and

many others.

Acquisition of Hyco effective 1

April 2026 strengthens position

in Norway

New production site in China

under construction

9% revenue growth driven

by strong positions across

segments and markets

Solid performance with ROIC

(ex. goodwill) of 17.4%

Locations

HydraSpecma is headquartered in Skjern, Denmark, and

operates production facilities in Denmark, Sweden, Finland,

Norway, Poland, the UK, the Netherlands, China, India, the

USA, andBrazil.

Ownership

Part of Schouw&Co. since 1988

100% ownership

Interim report for Q1 2026 21 Our businesses Hydra Specma

Financial review

HydraSpecma generated revenue of DKK 873

million in Q1 2026, a year-on-year increase of

9% from DKK 800 million in Q1 2025. Growth

was driven by higher activity in the Global OEM

Division, in particular within the construction

equipment, commercial vehicle, and marine and

defence segments. In the division serving the

Nordic OEM and Industrial After Market (OEM/

IAM), activity levels are picking up in both Swe-

den and Denmark, while the recovery in Finland

continues. The Renewables Division reported a

minor revenue increase.

Q1 2026 EBITDA was DKK 114 million, a year-

on-year increase of 5%. It should be noted that

Q1 2025 EBITDA was positively impacted by a

one-off profit of DKK 12 million from the sale of

a facility in Poland. Excluding this one-off effect,

EBITDA was up by 16% year on year in Q1 2026.

EBITDA growth was driven by higher activity,

supply chain optimisation, and investments in

production capacity, automation, and new facil-

ities, which combined to bolster the company’s

flexibility and competitiveness.

Working capital increased by DKK 80 million

from DKK 895 million at 31 March 2025 to

DKK 974 million at 31 March 2026, driven by

an increase in trade receivables as a result of

higher activity. The return on invested capital

(ROIC) excluding goodwill improved to 17.4%

at 31 March 2026 from 17.1% at 31 December

2025, driven by the improvement in earnings.

Business review

With effect from 1 April 2026, HydraSpecma

has acquired Hyco AS, based in Kleppe,

Norway. Hyco is a small hydraulic company

with strong technical expertise in hydraulic

system design and software programming. The

acquisition is consistent with the Nordic OEM/

IAM Division’s market strategy for Norway to

become a more present and stronger partner

locally and for ensuring the right competences

for innovation and growth. The integration is

underway and is expected to be completed by

year-end. The acquisition has no material effect

on full-year revenue and EBITDA.

To prepare for expected growth in Asia-Pacific

and to consolidate the Renewables Division’s

two existing production sites in Tianjin, China,

HydraSpecma has leased a 22,000 m new

facility in Tianjin. The facility is being built

to HydraSpecma’s specifications and will

include solar panels and heating pumps to

enable zero-emission production in China. The

construction is progressing as planned and is

expected to be finalised at the end of Q2 2026.

The relocation of certain production activities to

the new factory in Stargaard, Poland is expected

to be completed in Q2 2026. The relocation

aims to optimise production and logistics to

accommodate increasing customer demand in

Central and Eastern Europe.

The Nordic OEM/IAM Division has strength-

ened its competencies within its Centre of

Excellence for electrification and software

development, as HydraSpecma is seeing an

increasing interest in these competences in

the Nordic market. HydraSpecma has also

expanded its development competences to

address growing demand for new products and

solutions from both existing and new custom-

ers in the Global OEM Division. In the Renew-

ables Division, continuous innovation is key,

and R&D activities are focused on developing

new product concepts and new customised

solutions, as well as on optimising existing

solutions in close collaboration with customers

in the renewables market. To ensure continued

HydraSpecma

Higher level of activity leads to

strong earnings

High activity levels across all three divisions, combined with

operational leverage, investments in automation, and ongoing

efficiency programmes, lifted profitably in Q1 2026. Current

demand forecasts support maintaining full-year expectations.

HydraSpecma

(DKKm)

YTD

2026

YTD

2025

Revenue 873 800 3,190

EBITDA 114 108 389

EBIT 84 75 250

CF from operations 29 74 290

Working capital 974 895 901

ROIC excluding goodwill (%) 17.4% 14.9% 17.1%

Interim report for Q1 2026 22 Our businesses Hydra Specma

relevance and competitiveness in a global

context, HydraSpecma will maintain efforts to

strengthen R&D and to further improve supply

chain, operational efficiency, production foot-

print, and general processes.

Outlook

HydraSpecma’s order book remains strong,

even though geopolitical tensions continue to

cause significant market uncertainties. Many

of HydraSpecma’s customers are affected

by rising oil prices. For some customers, this

prompts them to temper forecasts, while other

customers expect an increase in activity levels.

HydraSpecma is experiencing increasing freight

costs and other input costs as well as extended

lead times. These uncertainties lead to a high-

er-than-normal risk of changes or postpone-

ments of projects. HydraSpecma is monitoring

the situation closely to be able to take quick

mitigating action if necessary.

The Renewables Division is expected to main-

tain the same activity level in 2026 as in 2025.

This is consistent with wind market expecta-

tions, according to which 2026 is expected to

be a transition year. The Global OEM Division

expects to sustain its growth momentum,

driven by market improvements, increased

share of wallet, and additional business from

new customers. Growth is expected in the

marine and defence segments throughout

2026, while construction equipment and com-

mercial vehicles are expecting growth in the

second half of 2026. Lastly, the Nordic OEM/

IAM markets in Denmark, Norway, and Sweden

are expected to continue their recovery.

The conflict in the Middle East may negatively

impact activity levels in 2026. However, current

demand forecasts support maintaining full-year

expectations of 2026 revenue in the range of

DKK 3.1-3.4 billion and EBITDA in the range of

DKK 400-440 million.

Interim report for Q1 2026 23 Our businesses Borg Automotive

Turned losses into profits in

recurring Newman business

Reduced working capital

through reduction of finished

goods inventories

Revenue and EBITDA in line with

expectations

Successfully exited UK

production ahead of schedule

Borg

Automotive

Borg Automotive is Europe’s largest independent

automotive remanufacturing business. The

company’s principal business activity is to

remanufacture defective automotive parts and sell

them in the B2B market under a circular business

model. Borg Automotive offers a full product

range by also supplying a range of 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.

Locations

Borg Automotive is headquartered in Silkeborg, Denmark, and

operates production or large distribution facilities in Poland,

Spain, Germany, and Tunisia.

Ownership

Part of Schouw&Co. since 2017

100% ownership

Interim report for Q1 2026 24 Our businesses Borg Automotive

Financial review

As expected, Borg Automotive experienced con-

tinued weak demand in the Reman segment and

fierce price competition across most markets in

the first quarter of 2026. Revenue for the quarter

totalled DKK 445 million, which was 12% below

the level of the same period of 2025.

The quarter was negatively affected by the clos-

ing of production in the UK and the ramp-up of

production in Poland. EBITDA for the first quar-

ter of 2026 amounted to DKK 13 million, which

was less than half the level reported for Q1 2025

but fully in line with expectations.

Working capital amounted to DKK 639 million

at 31 March 2026 against DKK 816 million at

31 March 2025, a decrease of DKK 178 million.

The decrease was mainly driven by a focus on

bringing down the inventory of finished goods.

The return on invested capital (ROIC) excluding

goodwill was negative at 31 December 2025

and remained negative at 31 March 2026.

Business review

Remanufacturing of automotive spare parts is

Borg Automotive’s legacy activity, and Reman

products still make up a major part of the

business. The Reman operations are comple-

mented by a comprehensive range of newly

manufactured products (Newman products).

For a while, however, market conditions have

reflected a challenging combination of weak

market demand, increased production costs,

and extremely fierce price competition.

Borg Automotive has been adapting to these

challenges for some time, most recently through

the launch of a strategy plan, Refine4Future, in

the autumn of 2025. The plan includes strong

initiatives to counteract market challenges and

protect earnings, building on four main pillars:

improve commercial excellence; optimise man-

ufacturing footprint; optimise logistics footprint;

and adjust SG&A to future activity level.

Assuming a sustained activity level, the plan

should, when fully implemented in 2027,

improve earnings by up to DKK 100 million on

an annual basis, but in 2025 and 2026, earnings

were and will be impacted by one-off costs

related to initiatives required to realise these

gains. In 2025, these one-off costs amounted

to DKK 36 million, and in 2026, one-off costs of

around DKK 5 million are projected.

As part of the necessary measures to strengthen

operations, a relocation of several production

activities was finalised during Q1 2026. With the

relocation of production completed, the focus is

now on ramping up productivity for the affected

products.

The Newman activities have been loss-making

for a while, partly due to aggressive compe-

tition from Chinese exports to Europe, and

strong efforts have been made to ensure prof-

itability in this part of the business. Driven by a

strengthened focus in Q1 2026 to trim the cost

base and adjust prices for the recurring busi-

ness, a significant improvement was achieved

in March.

Outlook

In the first quarter of 2026, Borg Automotive

experienced continued weak demand in the

Reman segment and fierce price competition

across most markets, largely attributable to

massive Chinese exports to Europe.

Although general market conditions currently

reflect weak demand and fierce competition,

some product lines are still showing healthy

growth potential that, combined with the initia-

Borg Automotive

Counteracting market challenges

and refining business

Implementation and execution of strong initiatives to counteract

market challenges and protect earnings. The Q1 2026

performance was fully in line with expectations, and a gradual

earnings increase is expected during 2026. Full-year 2026

guidance is maintained.

Borg Automotive

(DKKm)

YTD

2026

YTD

2025

Revenue 445 506 1,739

EBITDA 13 32 0

EBIT -6 14 -376

CF from operations 26 -76 10

Working capital 639 816 676

ROIC excluding goodwill (%) -5.5% 9.1% -3.7%

Interim report for Q1 2026 25 Our businesses Borg Automotive

tives launched, could counteract these chal-

lenges going forward.

The level of activity is expected to increase grad-

ually during the remainder of 2026, mainly in the

second half of the year. While forecasts are sub-

ject to higher-than-normal uncertainty, the level

of activity has been in line with expectations

so far in 2026. Consequently, Borg Automotive

maintains its full-year 2026 expectations of

revenue in the rather broad range of DKK 1,600-

1,900 million and EBITDA in the range of DKK

60-100 million.

Technology upgrade at the

Sendayan facility reinforces

competitive position

Stable growth expectations in

the industry for the coming five-

year period

Q1 revenue and EBITDA in line

with expectations

New price adjustment

mechanisms to counteract

changing raw materials prices

Interim report for Q1 2026 26 Our businesses Fibertex Personal Care

Fibertex

Personal Care

Fibertex Personal Care is among the world’s

largest manufacturers of spunbond/spunmelt

nonwovens and a leading supplier of printed

nonwovens for the hygiene and medical industries.

The company’s high-quality 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 very

strict requirements in terms of safety, health, and

comfort.

Locations

Fibertex Personal Care is headquartered in Aalborg, Denmark,

and operates large nonwovens manufacturing facilities in

Denmark and Malaysia and printing facilities in Germany and

the USA.

Ownership

Part of Schouw&Co. since 2002

100% ownership

Interim report for Q1 2026 27 Our businesses Fibertex Personal Care

Financial review

Fibertex Personal Care generated revenue of

DKK 404 million in the first quarter of 2026,

against DKK 447 million in Q1 2025, a year-

on-year decrease of 9% that was in line with

expectations. The decline was mainly caused

by lower raw materials prices and, by extension,

lower sales prices compared to Q1 2025.

Fibertex Personal Care reported Q1 2026

EBITDA of DKK 47 million, compared to DKK 49

million in Q1 2025. This was in line with expec-

tations, although EBITDA was impacted by a

negative development in foreign exchange rates,

in particular the USD/MYR (Malaysian ring-

git) exchange rate, as all sales in Malaysia are

invoiced in USD while the functional currency is

MYR.

Fibertex Personal Care increased its working

capital from DKK 339 million at 31 March

2025 to DKK 366 million at 31 March 2026.

The increase was primarily due to changes in

inventories and trade receivables. Consequently,

the return on invested capital (ROIC) excluding

goodwill decreased from 5.7% at 31 December

2025 to 5.2% at 31 March 2026.

Business review

The nonwovens business delivered a solid

recovery during the first quarter, with improved

volumes in February and March resulting in

overall performance in line with expectations,

following a weaker start in January.

Market conditions remained mixed. In Europe,

demand was supported by a healthy supply and

demand balance, while Asia remained charac-

terised by structural overcapacity. However, a

more sustainable operating baseline appears to

have been established, supported by adjusted

output levels at the Malaysian facility.

Innovation activities progressed as planned.

The Danish facility introduced a new Hollow

Dot bonding pattern, supporting the contin-

ued development of the product portfolio. The

product presents an attractive combination of

optimised physical properties, enhanced soft-

ness, and a distinctive visual profile.

In Malaysia, the technology upgrade at the

Sendayan facility marks an important step in

expanding the product offering by new elastic

nonwoven technology. Initial testing has been

positive, and the company is now well posi-

tioned to introduce this high-value solution to

the hygiene market. Patent protection has been

secured for the underlying technology, reinforc-

ing the competitive position.

The printing activities (Innowo Print) grew

during the first quarter, with healthy volumes

in February and March and overall Q1 perfor-

mance in line with expectations. The develop-

ment of the reverse print technology announced

in late 2025 progressed as planned with suc-

cessful initial process testing. The technology

enables simultaneous double-sided printing,

offering efficiency gains and cost advantages,

and supporting future value creation.

Outlook

Recent data from Euromonitor, a leading pro-

vider of retail market data, indicates continued

stable growth in the global retail hygiene mar-

ket, comprising Baby Care, Fem Care and Adult

Incontinence, over the coming five-year period,

and growth appears to remain robust across

regions.

Asia continues to represent the largest regional

market and is still growing, but Europe and

North America are also expected to deliver

growth despite the mature status of these

Fibertex Personal Care

Expectations maintained

despite uncertain environment

Fibertex Personal Care reported lower Q1 2026 revenue, in line

with expectations. Although negatively impacted by foreign

exchange rate developments, EBITDA was also in line with

expectations. Full-year 2026 expectations are maintained

despite increased uncertainty.

Fibertex Personal Care

(DKKm)

YTD

2026

YTD

2025

Revenue 404 447 1,720

EBITDA 47 49 203

EBIT 12 19 82

CF from operations 38 39 147

Working capital 366 339 360

ROIC excluding goodwill (%) 5.2% 4.4% 5.7%

Interim report for Q1 2026 28 Our businesses Fibertex Personal Care

regions. The Adult Incontinence segment

remains an important growth driver, which

is reflected in Fibertex Personal Care’s sales

development, with demand for nonwovens for

Adult Incontinence, particularly in Europe, con-

tinuing to outpace Baby Care demand.

The ongoing conflict in the Middle East has

heightened the risk of supply shortages and

driven a surge in global oil and raw materials

prices. Fibertex Personal Care maintains a

proactive approach to managing supply chain

conditions amid the ongoing geopolitical

uncertainty. A structured and constructive

dialogue is maintained with both raw materials

suppliers and customers to support business

stability. As a result, it has been possible to

secure broad customer alignment on updated

terms, introducing more frequent price adjust-

ment mechanisms than in the past. This has

improved Fibertex Personal Care’s ability to

manage significant fluctuations in raw materials

prices.

Even so, a continued elevated level of raw

materials prices will drive revenue upwards,

potentially towards the very top of the expected

range, and put earnings under pressure, but for

the time being, Fibertex Personal Care main-

tains its full-year expectations of 2026 revenue

in the DKK 1.5-1.7 billion range and EBITDA in

the range of DKK 140-160 million.

Interim report for Q1 2026 29 Our businesses Fibertex Nonwovens

Fibertex

Nonwovens

New capacity in Czechia to

become operational during 2026

Risk of supply shortages and a

sharp surge in global oil and raw

materials prices

Revenue up and considerable

increase in EBITDA

Steady development with

progress in North America and

European markets

Fibertex Nonwovens is among the world’s

leading manufacturers of specialised nonwovens.

Nonwovens are fibre sheets produced by

means of high-tech processing equipment with

various purpose-specific post-processings.

The processed materials have a broad range of

industrial applications, including in the automotive

and construction industries as well as in filtration

solutions. Further, Fibertex Nonwovens produces

nonwovens textiles for special-purpose disposable

wipes for hygiene, cleaning, and other purposes.

Locations

Fibertex Nonwovens is headquartered in Aalborg, Denmark,

and operates production facilities in Denmark, France,

Czechia, Türkiye, the USA, South Africa, and Brazil.

Ownership

Part of Schouw&Co. since 2002

100% ownership

Interim report for Q1 2026 30 Our businesses Fibertex Nonwovens

Financial review

Fibertex Nonwovens reported Q1 2026

revenue of DKK 638 million against DKK 579

million in Q1 2025, a 10% increase driven by

positive volume effects. Increased sales of

wipes and other products in the US, enabled

by the spunlacing production line recently

installed at the company’s site in Green-

ville, South Carolina, were a key driver of the

improved performance compared to Q1 2025.

A recovery of sales to the auto industry and

the construction segment in Europe combined

with increased sales of products for the per-

sonal care and hygiene industry also contrib-

uted to revenue.

Amounting to DKK 64 million in Q1 2026,

EBITDA was up by DKK 21 million, from DKK

43 million in Q1 2025, supported by increased

volumes as growth continued from Q4 2025.

The US operations continued to improve their

performance during the quarter and are set to

improve further in the coming period.

Although partly offset by increased trade

payables, working capital increased to DKK 620

million at 31 March 2026, up by DKK 49 million

from the level at 31 March 2025. This was due

to an increase in trade receivables driven by the

positive revenue development combined with an

inventory build-up to accommodate increased

demand. The return on invested capital (ROIC)

excluding goodwill increased to 5.6% at 31

March 2026 from 4.7% at 31 December 2025

due to higher earnings.

Business review

Through continued investments in innovation

and sustainable solutions, Fibertex Nonwovens

has further strengthened the competitiveness of

its manufacturing footprint and continues to see

solid growth potential, particularly within more

specialised applications. A key milestone in the

most recent investment programme is the com-

pletion of a new production line based on spun-

lacing technology, in which nonwoven fibres are

entangled using high-speed water jets. The line

is currently being installed in Czechia to become

operational in 2026, and capacity utilisation

is expected to be gradually ramped up during

2026 and 2027.

Developing new products and business con-

cepts remains essential to securing profitable

and sustainable growth for Fibertex Nonwo-

vens. The company continuously implements

production- and capacity-enhancing initiatives

across its manufacturing sites as part of its

strategic focus to strengthen competitiveness.

The development strategy and overall direction

of Fibertex Nonwovens are defined by the head-

quarters in Denmark, while execution is driven

by regional and local R&D centres. Develop-

ment activities are primarily carried out in close

collaboration with customers and are comple-

mented by strategic projects involving technol-

ogy suppliers and academic institutions.

Outlook

Following the recent installation and com-

missioning of new production capacity and

advanced technologies, Fibertex Nonwovens

expects sound and profitable growth across

most market segments in the coming years.

The short-term objective for 2026 is to further

increase volumes while generating sustainable

earnings, thereby positioning the company to

fully realise the potential of the capacity-ex-

panding investments made in recent years.

While demand in the European market appears

to remain moderate due to continued global

economic uncertainty and geopolitical ten-

sions, Fibertex Nonwovens still expects revenue

Fibertex Nonwovens

Earnings uplift continues into

2026

Increased volumes and improved US earnings combined with

a recovery of momentum in European markets resulted in

higher revenue and considerably increased EBITDA. Increased

capacity in Europe and continued progress in US operations

support activity levels in 2026. Full-year 2026 expectations are

maintained.

Fibertex Nonwovens

(DKKm)

YTD

2026

YTD

2025

Revenue 638 579 2,255

EBITDA 64 43 203

EBIT 34 16 91

CF from operations 13 18 77

Working capital 620 571 587

ROIC excluding goodwill (%) 5.6% 3.6% 4.7%

Interim report for Q1 2026 31 Our businesses Fibertex Nonwovens

growth in 2026 compared with 2025. The pro-

gress will be supported by increased production

capacity in the US, enabling improved service to

North American customers, continued progress

in US operations, and a strengthened perfor-

mance of the European core business following

the addition of new capacity in Czechia coming

on stream in 2026.

The ongoing conflict in the Middle East has

heightened the risk of supply shortages and

driven a surge in global oil and raw materials

prices due to severe disruptions in the Strait of

Hormuz, and a continued elevated level of raw

materials prices may drive revenue upwards.

Fibertex Nonwovens is monitoring develop-

ments closely, and the overall ambition is to

pass through specific cost increases to pre-

serve earnings without compromising growth

momentum.

Accordingly, Fibertex Nonwovens maintains its

full-year 2026 expectations of revenue in the

range of DKK 2.3-2.5 billion and EBITDA in the

range of DKK 210-240 million.

Interim report for Q1 2026 32

Interim report

33 Statements of income and comprehensive income

34 Cash flow statement

35 Balance sheet

36 Statement of changes in equity

37 Notes

Amounts in DKK million

Interim report for Q1 2026 33

Statements of income and comprehensive income

Note Income statement

YTD

2026

YTD

2025

1 Revenue 7,699 7,928 34,128

2 Operating expenses -7,119 -7,382 -31,326

Other operating income 12 19 89

Other operating expenses -1 -1 -11

EBITDA 591 565 2,880

Depreciation, amortisation and impairment losses -288 -277 -1,434

EBIT 303 288 1,446

Profit after tax in associates -1 0 7

Profit after tax in joint ventures 10 11 49

Financial income 92 92 149

Financial expenses -155 -208 -503

Profit before tax 249 183 1,149

Tax on profit for the period -79 -64 -441

Profit for the period 170 118 707

Shareholders of Schouw&Co. 165 114 650

Non-controlling interests 6 5 57

Profit for the period 170 118 707

7 Earnings per share (DKK) 7.26 4.94 28.41

7 Diluted earnings per share (DKK) 7.22 4.94 28.35

Note Statement of comprehensive income

YTD

2026

YTD

2025

Items that cannot be reclassified to the income statement:

Actuarial gains on defined benefit pension liabilities 0 0 -20

Tax on other comprehensive income 0 0 3

Total items that cannot be reclassified to the income statement 0 0 -17

Items that can be reclassified to the income statement:

Foreign exchange adjustments of foreign subsidiaries 158 -116 -461

Value adjustment of hedging instruments 13 3 20

Hedging instruments transferred to operating expenses 0 -8 -19

Hedging instruments transferred to financials -1 -2 1

Hyperinflation restatements 13 0 2

Other comprehensive income from associates and joint ventures 4 0 -1

Other adjustments to other comprehensive income 0 1 3

Tax on other comprehensive income -1 -1 -9

Total items that can be reclassified to the income statement 186 -123 -462

Other comprehensive income after tax 186 -123 -479

Profit for the period 170 118 707

Total recognised comprehensive income 357 -5 228

Attributable to:

Shareholders of Schouw&Co. 349 14 243

Non-controlling interests 8 -18 -15

Total recognised comprehensive income 357 -5 228

Amounts in DKK million

Interim report for Q1 2026 34

Cash flow statement

Note

YTD

2026

YTD

2025

EBITDA 591 565 2,880

Adjustment for non-cash operating items:

Changes in working capital -411 -123 810

Provisions -10 -3 -21

Other non-cash operating items, net 16 -36 -54

Cash flows from operations before interest and tax 185 403 3,615

Interest received 21 25 107

Interest paid -84 -84 -370

Income tax paid -97 -124 -456

Cash flows from operating activities 26 220 2,896

Purchase of intangible assets -6 -7 -39

Purchase of property, plant and equipment -130 -165 -569

Sale of property, plant and equipment 6 45 78

4 Acquisitions of businesses 0 0 -68

Investments in associates 0 4 -11

Dividends received from associates and JVs 0 0 18

Loans to customers 0 -32 -124

Repayment of loans from customers 19 0 26

Additions/disposals of other financial assets 1 1 97

Cash flows from investing activities -110 -153 -592

Note

YTD

2026

YTD

2025

Loan financing:

Repayment of other non-current liabilities -87 -87 -1,992

Proceeds from non-current liabilities incurred 0 2 2

Increase/repayment of bank overdrafts 288 86 1,129

Cash flows from debt financing 200 1 -861

Shareholders:

Exercise of call option on shares in Alimentsa 0 0 -451

Dividends paid 0 0 -388

Purchase of treasury shares -82 -250 -370

Sale of treasury shares 15 181 181

Cash flows from financing activities 133 -68 -1,889

Cash flows for the period 49 -1 415

Cash and cash equivalents, beginning of period 1,254 892 892

Value adjustment of cash and cash equivalents 29 -14 -53

Cash and cash equivalents, end of period 1,332 877 1,254

Amounts in DKK million

Interim report for Q1 2026 35

Balance sheet

Note Assets

31/3

2026

31/12

2025

31/3

2025

31/12

2024

Intangible assets 3,889 3,893 4,353 4,420

Property, plant and equipment 6,199 6,144 6,297 6,375

Lease assets 912 936 779 796

Investments in associates 376 368 400 417

Investments in joint ventures 261 237 226 226

Financial investments 5 5 96 95

Deferred tax 219 188 227 177

Receivables 241 246 238 212

Total non-current assets 12,102 12,018 12,617 12,718

Inventories 6,924 6,640 7,066 7,249

3 Receivables 6,942 6,880 6,868 7,122

Income tax receivable 178 186 170 143

Cash and cash equivalents 1,332 1,254 877 892

Total current assets 15,376 14,960 14,981 15,405

Total assets 27,477 26,977 27,598 28,123

Notes without reference

Capital resources (note 5)

Fair value of categories of financial assets and liabilities (note 8)

Related party transactions (note 9)

Accounting policies, judgements and estimates and special risks (note 10).

Note Equity and liabilities

31/3

2026

31/12

2025

31/3

2025

31/12

2024

6 Share capital 250 250 250 250

Hedging reserve 4 -8 -12 -5

Translation reserve -68 -237 64 157

Retained earnings 10,960 10,877 10,525 10,477

Proposed dividend 425 425 400 400

Equity attributable to shareholders of Schouw & Co. 11,570 11,308 11,226 11,279

Non-controlling interests 500 492 935 954

Total equity 12,070 11,799 12,162 12,233

Deferred tax 536 501 554 503

Pension obligations 86 86 76 78

Other liabilities 167 163 159 157

Liability regarding put options 0 572 495 479

Interest-bearing debt 4,853 4,795 4,476 4,619

Non-current liabilities 5,642 6,117 5,760 5,837

Interest-bearing debt 1,387 1,166 2,001 1,825

Trade payables and other payables 7,546 7,643 7,077 7,583

Liability regarding put options 596 0 425 444

Income tax 236 253 173 202

Current liabilities 9,766 9,061 9,677 10,053

Total liabilities 15,408 15,178 15,436 15,890

Total equity and liabilities 27,477 26,977 27,598 28,123

Amounts in DKK million

Interim report for Q1 2026 36

Statement of changes in equity

capital

Hedging

reserve

Translation

reserve

Retained

earnings

Proposed

dividend Total

Non-controlling

interests Equity

Equity at 1 January 2025 250 -5 157 10,477 400 11,279 953 12,233

Profit and other comprehensive income:

Profit for the period 0 0 114 0 114 5 118

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

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

Transactions with owners:

Share-based payment 0 0 0 0 0 0 0

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

Sale of treasury shares 0 0 181 0 181 0 181

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

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

Equity at 31 March 2025 250 -12 63 10,525 400 11,226 935 12,162

Equity at 1 January 2026 250 -8 -237

10,877

425

11,308

492

11,799

Profit and other comprehensive income:

Profit for the period 0 0 165 0 165 6 170

Other comprehensive income 12 168 4 0 184 2 186

Total recognised comprehensive income 12 168 169 0 349 8 357

Transactions with owners:

Share-based payment 0 0 5 0 5 0 5

Value adjustment of put option 0 0 -24 0 -24 0 -24

Sale of treasury shares 0 0 15 0 15 0 15

Purchase of treasury shares 0 0 -82 0 -82 0 -82

Total transactions with owners during the period 0 0 -86 0 -86 0 -86

Equity at 31 March 2026 250 4 -68 10,960 425 11,570 500 12,070

Amounts in DKK million

Interim report for Q1 2026 37

Notes

Segment reporting

Reporting segments YTD 2026 BioMar GPV

Hydra-

Specma

Borg

Automotive

Fibertex

Personal

Care

Fibertex

Nonwovens

Reporting

segments

Parent

company

Group

eliminations,

etc. Total

External revenue 3,202 2,139 873 445 402 638 7,698 0 0 7,698

Intra-group revenue 0 1 0 0 3 0 4 5 -7 1

Segment revenue 3,202 2,140 873 445 404 638 7,702 5 -7 7,699

Cost of sales, incl. write-down of inventories, net -2,459 -1,429 -509 -249 -216 -324 -5,186 0 3 -5,183

Staff costs -218 -375 -184 -111 -64 -126 -1,077 -15 0 -1,092

Other costs -313 -182 -66 -70 -81 -126 -839 -9 5 -843

Total operating expenses -2,989 -1,986 -760 -431 -360 -576 -7,102 -24 7 -7,119

EBITDA 212 160 114 13 47 64 610 -19 0 591

Depreciation, amortisation and impairment losses 103 71 30 19 35 30 288 0 0 288

EBIT 110 89 84 -6 12 34 323 -20 0 303

Share of profit in associates and JVs 9 0 0 0 0 0 9 0 0 9

Tax on profit for the period -27 -20 -18 0 -1 -6 -73 -6 0 -79

Profit for the period 57 38 63 -16 4 10 155 15 0 170

Segment assets 11,558 7,166 2,869 2,136 1,947 2,670 28,346 16,702 -17,570 27,477

Of which goodwill 1,490 364 303 217 99 118 2,591 0 0 2,591

Equity investments in associates and JVs 626 0 11 0 0 0 637 0 0 637

Segment liabilities 8,573 4,672 1,645 1,431 835 1,821 18,977 5,859 -9,428 15,408

Working capital 1,556 2,171 974 639 366 620 6,325 -29 0 6,296

Net interest-bearing debt 3,045 1,671 757 707 440 1,357 7,977 -3,307 0 4,670

Cash flow from operating activities -297 197 29 26 38 13 6 17 3 26

Capital expenditure 45 47 12 1 8 17 130 0 0 130

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

Average no. of employees 1,746 7,420 1,590 2,058 589 1,162 14,564 21 0 14,585

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 customer exceeds 10% of the Group's revenue in either this year

or 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.

Amounts in DKK million

Interim report for Q1 2026 38

Segment reporting (continued)

Reporting segments YTD 2025 BioMar GPV

Hydra-

Specma

Borg

Automotive

Fibertex

Personal

Care

Fibertex

Nonwovens

Reporting

segments

Parent

company

Group

eliminations,

etc. Total

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

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

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

Cost of sales, incl. write-down of inventories, net -2,711 -1,489 -468 -268 -257 -307 -5,500 0 2 -5,498

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

Other costs -284 -166 -70 -78 -81 -113 -790 -8 4 -794

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Amounts in DKK million

Interim report for Q1 2026 39

Segment reporting (continued)

Revenue by country

YTD

2026

YTD

2025

Norway 1,060 1,196

Denmark 575 513

Sweden 441 394

Germany 389 426

Other Europe 2,484 2,631

Chile 591 698

Ecuador 565 533

USA 466 458

Other Americas 131 134

Asia 651 674

Oceania 287 218

Africa 60 52

Total 7,699 7,928

15%

33%

14%

32%

2025

2026

Amounts in DKK million

Interim report for Q1 2026 40

Operating expenses

YTD

2026

YTD

2025

Cost of sales, including write-down of inventories, net -5,183 -5,498

Staff costs -1,092 -1,089

Repairs and maintenance -87 -89

Energy costs -137 -135

Freight costs -190 -179

Other costs -429 -392

Total operating expenses -7,119 -7,382

Share-based payment: Share option programme and performance shares

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 2025 100,000 455,187 555,187

Exercised (from 2022 grant) 0 -5,000 -5,000

Exercised (from 2023 grant) 0 -33,000 -33,000

Lapsed (from 2023 grant) 0 -471 -471

Total outstanding options at 31 March 2026 100,000 416,716 516,716

Besides the share option programme, the Group has a performance share programme to senior managers of the Group's parent company.

In March 2026 a new PSU programme was granted. Under the 2026 programme, a total of 19,200 Performance Share Units (PSUs) were

granted to three senior managers of the Group’s parent company. The PSUs provide a conditional right to receive Schouw & Co. shares free

of charge, subject to the fulfilment of predefined performance criteria and continued employment. The vesting of the PSUs is scheduled to

occur following the approval of the Annual Report for the financial year 2028, resulting in a three-year performance and vesting period cove-

ring 2026–2028. Based on the share price at the time of grant, the theoretical value of the programme is estimated at up to DKK 12 million.

Below is a table showing the currently expected number of shares to be granted.

Performance Share Unit programme

Executive

management Other Total

Granted in 2025 9,176 4,814 13,990

Granted in 2026 8,660 4,969 13,628

Total Performance Share Unit programme at 31 March 2026 17,836 9,783 27,619

The number of shares are based on current expectations to the development in EBITDA, ROIC and total shareholder return (TSR) in 2026-

2028, and may fluctuate in numbers until expiration.

Receivables - current

31/3

2026

31/3

2025

Trade receivables, net 6,158 6,169

Loan to customers 48 38

Other current receivables 505 440

Prepaid expenses 231 221

Total current receivables 6,942 6,868

31/3 2026 Not fallen due

Due between (days)

1-30 31-90 >90 Total

Trade receivables 5,442 390 257 179 6,267

Provision on trade receivables -32 -4 -10 -63 -109

Trade receivables, net 5,410 386 247 116 6,158

Proportion of total receivables expected to be settled 98.3%

Proportion of total receivables provisioned for 0.6% 1.0% 4.1% 35.2% 1.7%

31/3 2025 Not fallen due

Due between (days)

1-30 31-90 >90 Total

Trade receivables 5,435 423 189 257 6,305

Provision on trade receivables -34 -11 -17 -72 -135

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

Proportion of total receivables expected to be settled 97.9%

Proportion of total receivables provisioned for 0.6% 2.7% 9.3% 28.1% 2.1%

Provisions on trade receivables

31/3

2026

31/3

2025

Provisions, beginning of period -126 -151

Foreign exchange adjustments -2 0

Addition/disposal on company acquisition/divestment 0 -11

Provisions for the period 1 1

Realised loss 18 26

Provisions, end of period -109 -135

Factoring is used to reduce commercial risks on trade receivables. Trade receivables are derecognised once the criteria for derecognition

has been met, which is considered upon payment from the bank. At 1 March 2026, the Group has debtor factoring of DKK 1,375 million

(2025: DKK 1,232 million).

Amounts in DKK million

Interim report for Q1 2026 41

Acquisitions

YTD

2026

YTD

2025

Property, plant and equipment 0 20

Inventories 0 14

Receivables 0 16

Cash and cash equivalents 0 1

Trade payables 0 -20

Other payables 0 -3

Net assets acquired 0 29

Goodwill 0 0

Acquisition cost 0 29

Of which cash and cash equivalents 0 -1

Debt conversion 0 -28

Total cash acquisition costs 0 0

No acquisitions were made in Q1 2026.

In Q1 2025, BioMar acquired the remaining 50% of the shares in BioMar Aquacorporation Products S.A. in Costa Rica.

Receivables (current) (continued)

Trade receivables by portfolio business

50%

25%

12%

2025

54%

22%

11%

2024

Fibertex Nonwovens

Fibertex Personal Care

Borg Automotive

HydraSpecma

GPV

BioMar

47%

25%

12%

46%

26%

13%

20252026

Amounts in DKK million

Interim report for Q1 2026 42

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 -1,133 2,142 Committed 1 year

Schuldschein 359 -359 0 Committed 2 yrs 3 mths

Term loan 1,500 -1,500 0 Committed 1 year

Mortgages 242 -242 0 Committed 16 yrs 6 mths

NIB loans 267 -267 0 Committed 2 yrs 9 mths

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

Other credit facilities 790 -632 159 Uncommitted

Leases 949 -949 0 Committed 3 years

Cash and cash equivalents 1,333

Facility before deduction of guarantee commitments 8,542 -6,241 3,634

Guarantee commitments deducted from the facility -67

Capital resources at 31 March 2026 3,567

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

133 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).

Fixed-rate Schuldschein tranches remain outstanding, amounting to EUR 48 million (DKK 358 million), with maturities in 2026 (EUR 11 mil-

lion), 2028 (EUR 32 million), and 2030 (EUR 5 million). The repayment of floating-rate Schuldscheins was financed through new term loans of

DKK 1,500 million arranged with syndicate banks. These loans have a maturity date in April 2027.

Share capital

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

1 January 2025 1,969,913 19,699,130 968 7.88%

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

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

31 March 2025 2,041,993 20,419,930 1,121 8.17%

Purchase of treasury shares 200,800 2,008,000 120 0.80%

31 December 2025 2,242,793 22,427,930 1,241 8.97%

Share option programme -26,000 -260,000 -10 -0.10%

Purchase of treasury shares 124,283 1,242,830 82 0.50%

31 March 2026 2,341,076 23,410,760 1,313 9.36%

The Group’s holding of treasury shares had a market value of DKK 1,547 million at 31 March 2026. The portfolio of treasury shares is recog-

nised at DKK 0. In 2026, Schouw&Co. sold shares held in treasury for proceeds of DKK 15 million in connection with the Group’s share

option programme. In connection with the options being exercised, 21,000 shares were bought back for a consideration of DKK 13 million. In

addition, the Group purchased 103,283 treasury shares under its share buy-back programmes.

Earnings per share

YTD

2026

YTD

2025

Share of the profit for the year attributable to shareholders of Schouw&Co. 165 114

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

Average number of treasury shares -2,304,217 -2,010,178

Average number of outstanding shares 22,695,783 22,989,822

Average dilutive effect of outstanding share options 108,037 19,264

Diluted average number of outstanding shares 22,803,820 23,009,086

Earnings per share (DKK) 7.26 4.94

Diluted earnings per share (DKK) 7.22 4.94

Amounts in DKK million

Interim report for Q1 2026 43

Fair value of categories of financial assets and liabilities

31/3

2026

31/12

2025

31/3

2025

Financial assets:

Other securities and investments (2) 0 0 93

Derivative financial instruments (2) 27 16 41

Other securities and investments (3) 5 5 3

Financial liabilities

Derivative financial instruments (2) 23 20 47

Liabilities regarding put options (3) 596 572 920

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 5 million at the beginning of the year. By

the end of the first quarter, the fair value is unchanged DKK 5 million.

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

generally accepted valuation techniques based on relevant observable exchange rates (level 2).

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 572 million at the beginning of the year. A change in the liability of DKK 24 million were

recognised during the first quarter of the year. At the end of the quarter, the liability amounted to DKK 596 million.

Related party transactions

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

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

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

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

ment of those companies.

YTD

2026

YTD

2025

Joint ventures:

During the reporting period, the Group sold goods in the amount of 3 2

At 31 March, the Group had a receivable of 4 2

At 31 March, the Group had debt in the amount of 1 0

Associates:

During the reporting period, the Group sold goods in the amount of 51 136

During the reporting period, the Group bought goods in the amount of 11 38

At 31 March, the Group had a receivable of 99 92

At 31 March, the Group had debt in the amount of 1 14

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

During 2025, the Group has traded with BioMar-Sagun, BioMar-Tongwei, 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. (9.36%).

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.

Aktieselskabet Schouw & Co.

Chr. Filtenborgs Plads 1

DK-8000 Aarhus C

T +45 86 11 22 22

www.schouw.dk

schouw@schouw.dk

Comp. reg. no. 63965812