Schouw & Co. — Earnings Release 2025

Jan 27, 2026

Good results for 2025 given the circumstances and a strong outlook for 2026

Good results for 2025 given the circumstances and a strong outlook for 2026

Based on the preliminary and unaudited financial figures from the Group's

companies, it is now assessed that Schouw & Co.'s revenue in 2025 will amount to

approximately DKK 34.1 billion, compared to the most recently expected DKK

33.7-34.7 billion. The Group's earnings are expected to amount to an EBITDA of

around DKK 2,875 million, compared to the most recently expected range of DKK

2,850-3,020 million.

The Group's largest business, BioMar, recorded revenue in 2025 of DKK 16.5

billion, compared to the most recently expected DKK 16.3-16.7 billion, and an

EBITDA of DKK 1,517 million, compared to the most recently expected range of DKK

1,490-1,530 million. The businesses GPV, HydraSpecma, Fibertex Personal Care and

Fibertex Nonwovens all delivered revenue and EBITDA within - or slightly above -

their most recently communicated guidance ranges. Borg Automotive, however,

recorded EBITDA close to zero, due to continued market challenges and additional

one-off losses in the company's French activities. Borg Automotive has launched

a number of strong initiatives to secure future earnings; however, as a

consequence of the current assessment of expected earnings in the coming years,

the Board of Directors has nevertheless today decided to impair the carrying

amount of goodwill for Borg Automotive by DKK 300 million.

The Group businesses are generally well-positioned in their respective markets.

Overall, Schouw & Co. expects to maintain a high level of activity in 2026, with

all Group businesses expected to deliver EBITDA at the same level as - or better

than - 2025, except for Fibertex Personal Care, which in 2025 benefited, among

other things, from a particularly favourable development in raw material prices.

Schouw & Co. confirms the 2026 full year guidance for BioMar as announced in

Company Announcement no. 55 of 1 December 2025 with BioMar expecting a revenue

of DKK 16.0-17.0 billion with EBIT of DKK 1,100-1,200 million. With

depreciations and amortisations of about DKK 420 million this corresponds to

EBITDA in the range of DKK 1,520-1,620 million.

Based on this, Schouw & Co. expects to achieve consolidated revenue in 2026 in

the range of DKK 33.0-35.5 billion, with EBITDA in the range of DKK 2,900-3,200

million. As always, revenue may be affected by changes in raw material prices

and exchange rates without necessarily having any major impact on earnings.

Schouw & Co. will, as planned, publish the annual report for 2025 on Thursday,

5 March 2026.

Due to the ongoing evaluation of the possibility of a separate stock exchange

listing of BioMar, additional details about BioMar are disclosed in a company

presentation attached as an appendix to this announcement. The Board of

Directors has, for the same reason, decided to exceptionally waive the company's

usual practice of a 30?day silent period prior to the publication of the annual

report in relation to BioMar. Other Group businesses will be subject to the 30-

day silent period as usual.

Aktieselskabet Schouw & Co.

Jørgen Dencker Wisborg, Chairman

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

Appendix: BioMar Company Presentation