Schouw & Co.

Earnings Release • Nov 12, 2025

Interim report - third quarter of 2025

Interim report - third quarter of 2025

Interim report - third quarter of 2025

Wednesday, Schouw & Co. released its interim report for the third quarter of

2025; Schouw & Co. delivered an overall strong Q3 2025 performance in an

environment marked by shifting uncertainties.

Highlights

* ­DKK 9.2bn revenue - a 4% decrease

* DKK 878m EBITDA - a 5% improvement

* DKK 894m cash flow from operations - a 23% decrease

* DKK 15.53 earnings per share - a 6% improvement

* 12.8% ROIC excluding goodwill - a 0.4 pp decrease

* Full-year revenue and EBITDA guidance narrowed towards the lower end of the

previous ranges.

Statement by Jens Bjerg Sørensen, President of Schouw & Co.

- The shifting uncer­tainties continued in the third quarter of 2025, but once

again the conglomerate's strength and diversified exposure proved its value.

Market headwinds in the quarter in BioMar's important Norwegian market is offset

by continued strong progress in HydraSpecma and Fibertex Personal Care, and the

con­solidated profit in the quarter was in line with expectations. Investments

remain at a controlled level and cash flow generation is attractive.

In Schouw & Co., we have used the current uncertain environ­ment to prepare for

a future characterised by volatility and challenges to global trade. We are

optimising our global footprint and securing a long-term competitive cost base.

This involves restructuring costs of almost DKK 100 million in 2025 but will

significantly strengthen our position and platform.

We continue investigating whether a potential separate listing of BioMar would

create value for the shareholders of Schouw & Co. and the process is progressing

as expected. A value-creating IPO of BioMar is a natural consequence of our

strategic approach to best-own­ership and future-proofing and would leave Schouw

& Co. in a strong position with an even healthier balance sheet. We expect to

continue investing in our port­folio businesses and are also positive about the

potential of expanding the portfolio with a new platform investment.

Video conference call (in English) in relation to the interim report

* Wednesday, 12 November 2025 at 10:00 CET

Please attend via this link: www.schouw.com/cc (https://www.schouw.com/cc)

Aktieselskabet Schouw & Co.

Jørgen Dencker Wisborg, Chairman

Jens Bjerg Sørensen, President, tel. +45 8611 22 22