Company announcement no. 47
14 August 2026
Aktieselskabet Schouw&Co. Chr. Filtenborgs Plads 1.DK-8000 Aarhus C. Comp. reg. no. 63965812
Interim Report
Second quarter 2026
Interim report for Q2 2026 2
Overview
4 A word from the CEO
4 Quarterly highlights
5 Financial highlights
6 Interim report – second quarter 2026
9 Outlook
11 Management’s statement
Our businesses
13 Q2 Portfolio company financial highlights
14 YTD Portfolio company financial highlights
15 BioMar
18 GPV
20 Hydra Specma
22 Borg Automotive
24 Fibertex Personal Care
26 Fibertex Nonwovens
29 Statements of income and comprehensive income
30 Cash flow statement
31 Balance sheet
32 Statement of changes in equity
33 Notes
Contents
Interim reportManagement's report
Interim report for Q2 2026 3
Overview
4 A word from the CEO
4 Quarterly highlights
5 Financial highlights
6 Interim report – second quarter 2026
9 Outlook
11 Management’s statement
Schouw & Co. delivered a strong Q2 2026
performance, with earnings growth driven by
higher activity levels, operational improvements,
and continued productivity initiatives across
our portfolio businesses. EBITDA increased
significantly, demonstrating that the measures
implemented in recent years are translating
into stronger profitability and continued margin
expansion. We therefore enter the second half
of the year with increased confidence and have
raised our full-year guidance.
2026 to date has been marked by strategically
important events. The IPO of BioMar was a
key milestone for Schouw & Co., reflecting our
long-standing approach to active ownership
and value creation. The listing provides BioMar
with a strong platform for future growth and has
strengthened the financial flexibility of Schouw
& Co. In addition, we have entered into an agree-
ment to acquire Spectre, adding a new platform
business with an attractive market position and
strong growth prospects. Together, these trans-
actions demonstrate that we continue to execute
our strategy and allocate capital in accordance
with our long-term ownership model.
Schouw & Co.’s diversified portfolio continues
to provide resilience, while our portfolio compa-
nies remain focused on strengthening compet-
itiveness, improving operations and creating
long-term value. Although uncertainty persists
in parts of the global economy, we are seeing
encouraging progress across the Group and
expect a continued positive performance during
the remainder of 2026.
Jens Bjerg Sørensen
President and CEO
Schouw&Co.
Quarterly highlights
Interim report for Q2 2026 4
A word from the CEO
Executing on our model
Quarterly highlights
9.0bn
Revenue DKK
5% increase
47.3k t
Scope 1+2 COe emissions
12% reduction
14.19
Earnings per share DKK
39% improvement
828m
EBITDA DKK
17% improvement
14.1%
ROIC
1.6pp improvement
(excl. goodwill)
7.5
9.2
8.7
8.5
9.0
2022 2023 2024 2025 2026
Interim report for Q2 2026 5
Financial highlights
Group summary (DKKm) Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
REVENUE AND INCOME
Revenue 8,965 8,525 16,664 16,454 34,128
EBITDA 828 706 1,419 1,271 2,880
Depreciation, amortisation and impairment losses 295 278 583 556 1,434
EBIT 533 428 836 715 1,446
Profit/loss after tax in associates and joint ventures 14 14 24 25 56
Net financial items -66 -103 -129 -219 -354
Profit before tax 482 338 731 521 1,149
Profit for the period 351 247 521 365 707
CASH FLOWS
Cash flow from operating activities 410 542 436 762 2,896
Cash flow from investing activities -2,191 -96 -2,301 -250 -592
Of which investment in property, plant and equipment -181 -119 -311 -284 -569
Free cash flow -1,781 445 -1,865 512 2,304
INVESTED CAPITAL AND FINANCING
Invested capital (excluding goodwill) 14,764 14,781 14,764 14,781 14,079
Total assets 30,728 27,658 30,728 27,658 26,977
Working capital 6,530 6,707 6,530 6,707 5,847
Net interest-bearing debt (NIBD) 2,262 5,435 2,262 5,435 4,449
Share of equity attributable to shareholders of Schouw&Co. 13,565 10,703 13,565 10,703 11,308
Non-controlling interests 1,235 895 1,235 895 492
Total equity 14,800 11,598 14,800 11,598 11,799
FINANCIAL DATA
EBITDA margin (%) 9.2 8.3 8.5 7.7 8.4
EBIT margin (%) 5.9 5.0 5.0
4.3 4.2
EBT margin (%) 5.4 4.0 4.4 3.2 3.4
Equity ratio (%) 48.2 41.9 48.2 41.9 43.7
ROIC excluding goodwill (%) 14.1 12.5 14.1 12.5 13.1
ROIC including goodwill (%) 11.9 10.5 11.9 10.5 11.0
NIBD/EBITDA ratio 0.7 1.9 0.7 1.9 1.5
Average no. of employees 4,7111 14,850 14,642 14,744 14,799
PER SHARE
DATA
Earnings per share (DKK) 14.19 10.18 21.44 15.12 28.41
Diluted earnings per share (DKK) 14.15 10.17 21.37 15.10 28.35
Share price, end of period (DKK) 582.00 604.00 582.00 604.00 659.00
Market capitalisation, end of period 13,151 13,831 13,151 13,831 14,997
SUSTAINABILITY DATA
GHG emissions scope 1+2 market based (COe) 47,344 52,845 94,167 102,117 183,385
Lost time injury frequency rate (incidents per million working hours) 3.9 4.7 4.0 5.1 5.3
Revenue, Q2
DKKbn
EBITDA, Q2
DKKm
Cash flow from operating activities, Q2
DKKm
Return on invested capital, Q2
ROIC excluding goodwill
564
666
737
706
828
2022 2023 2024 2025 2026
467
354
337
542
410
2022 2023 2024 2025 2026
2022 2023 2024 2025 2026
11.5%
11.3%
13.8%
12.5%
14.1%
Financial performance
Schouw & Co. benefited from its diversified
business portfolio in Q2 2026, with higher
activity levels, market share gains, operational
improvements, and increased capacity utilisa-
tion across several portfolio businesses more
than offsetting continued weak demand in
certain markets.
Revenue increased by 5% to DKK 8,965 million
in Q2 2026 from DKK 8,525 million in Q2
2025. The increase was driven by higher feed
volumes in BioMar, increased activity levels in
HydraSpecma and Fibertex Nonwovens, and
higher sales prices due to increased prices of
raw materials in Fibertex Personal Care. GPV
reported revenue close to the level of Q2 2025
despite continued supply constraints in certain
component categories, while Borg Automotive
remained affected by weak demand and intense
competition in the Reman market.
Revenue for the first half of 2026 increased by
1% to DKK 16,664 million from DKK 16,454
million in the same period of 2025.
EBITDA increased by 17% to DKK 828 million
in Q2 2026 from DKK 706 million in Q2 2025.
The improvement was driven by higher activity
levels, productivity improvements, operational
footprint optimisation, and increased capacity
utilisation across several portfolio businesses,
particularly BioMar, GPV, HydraSpecma and
Fibertex Nonwovens. EBITDA for the first half
of 2026 amounted to DKK 1,419 million, an
increase of 12% compared to DKK 1,271 million
in the first half of 2025.
Schouw & Co. delivered a strong performance in Q2 2026,
with higher activity levels, productivity improvements, and
operational optimisation initiatives supporting significant
earnings growth. Revenue and profitability improved across
several portfolio businesses despite continued uncertainty in
certain markets.
Interim report for Q2 2026 6
Strong earnings growth driven
by operational improvements
Interim report – second quarter 2026
Quarter
(DKKm) Q2 2026 Q2 2025 Change
Revenue 8,965 8,525 440 5%
EBITDA 828 706 122 17%
EBIT 533 428 105 25%
Income from associates 14 14 1 4%
Profit before tax 482 338 144 42%
Cash flow from operating activities 410 542 -132 -24%
Year to date
(DKKm)
YTD
2026
YTD
2025 Change
Revenue 16,664 16,454 211 1%
EBITDA 1,419 1,271 148 12%
EBIT 836 715 121 17%
Income from associates 24 25 -1 -5%
Profit before tax 731 521 210 40%
Cash flow from operating activities 436 762 -325 -43%
Net interest-bearing debt 2,262 5,435 -3,172 -58%
Working capital 6,530 6,707 -177 -3%
ROIC excluding goodwill 14.1% 12.5% 1.6pp
ROIC including goodwill 11.9% 10.5% 1.4pp
Associates and joint ventures, which are recog-
nised at a share of profit after tax, contributed
DKK 14 million in Q2 2026, unchanged from Q2
2025.
Financial items improved from an expense of
DKK 103 million in Q2 2025 to an expense of
DKK 66 million in Q2 2026. The improvement
primarily reflected a significantly lower level of
net interest-bearing debt following strong free
cash flow generation in recent years.
As a result of the higher operating earnings and
lower net financial expenses, profit before tax
increased by 42% to DKK 482 million in Q2 2026
from DKK 338 million in Q2 2025. Profit before
tax for the first half of 2026 amounted to DKK
731 million compared to DKK 521 million in the
same period of 2025, a year-on-year increase
of 40%.
Cash flow and financial position
Schouw & Co. generated a cash flow from oper-
ating activities of DKK 410 million in Q2 2026
compared to DKK 542 million in Q2 2025. For
the first half of 2026, the cash flow from operat-
ing activities amounted to DKK 436 million com-
pared to DKK 762 million in the same period of
2025. The reduction was primarily attributable
to changes in working capital during the period,
driven by higher activity levels across several
portfolio companies, including higher trade
receivables and inventory levels supporting
higher activity levels and future growth.
Net interest-bearing debt decreased to DKK
2,262 million at 30 June 2026 from DKK 5,435
million at 30 June 2025, primarily reflecting the
capital structure following the IPO of BioMar
and continued solid earnings generation across
the Group. Consequently, the financial gearing
ratio (NIBD/EBITDA) was reduced from 1.9 to
0.7.
ROIC (excl. goodwill) improved to 14.1% at
30 June 2026 from 12.5% at 30 June 2025,
supported by stronger earnings and continued
focus on capital efficiency across the portfolio
companies.
Group developments
The portfolio companies continued to exe-
cute strategic initiatives aimed at strengthen-
ing competitiveness, improving operational
efficiency and supporting long-term growth.
Across the Group, productivity improvements,
footprint optimisation programmes, automation
investments, and capacity expansion initiatives
contributed positively to earnings growth during
the first half of 2026.
Several businesses also continued to invest in
future growth through new production capacity,
product development, and innovation initiatives.
Key milestones during the period included the
commissioning of new production facilities
and continued investments supporting future
growth opportunities and strengthening the
Group’s operational platform.
The diversified industrial portfolio continued to
provide resilience, balancing differing market
conditions across industries and geographies
while supporting long-term value creation.
Please refer to the following pages for a review
of the individual business performances in Q2
2026.
Interim report for Q2 2026 7
Sustainability
Sustainability performance developed posi-
tively in Q2 2026. Greenhouse gas emissions
decreased by 12% compared to Q2 2025,
mainly driven by the full-year effect of the
groupwide Power Purchase Agreement. The
lost-time injury frequency rate decreased from
4.7 incidents per million working hours to 3.9
incidents per million working hours, reflecting
continued health and safety initiatives and an
increased focus on accident prevention.
Events after the balance sheet date
At the beginning of Q3 2026, Schouw & Co.
entered into an agreement to acquire Spectre
A/S, with closing scheduled for Q3 2026. Apart
from this and other than as set out elsewhere in
this interim report, Schouw & Co. is not aware of
any events occurring after 30 June 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 parent
company financial statements of listed com-
panies. The interim report contains condensed
financial information.
See the 2025 Annual Report for a full description
of the accounting policies. In addition, Schouw
& Co. will be implementing the standards and
interpretations which are effective from 2026.
Judgements and estimates
The preparation of interim financial statements
requires management to make accounting
judgements and estimates that affect recog-
nised assets, liabilities, income and expenses.
Actual results may differ from these judgements
and estimates.
Special risks
The overall risk factors Schouw & Co. 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.
IPO of BioMar
On 28 May 2026, BioMar was successfully
listed on Nasdaq Copenhagen. With the
IPO, Schouw & Co. reduced its owner-
ship of BioMar to 74% and received DKK
2.7 billion in proceeds. Of the proceeds,
DKK 2.0 billion has been placed in
short-term bonds recognised under cash
flow to investestments in the cash flow
statement.
Long-term, it is expected to continue
investment in the portfolio businesses
through capex investments and bolt-on
acquisitions and potentially expand the
portfolio.
Schouw&Co. shares
At 30 June 2026, the Schouw & Co. share
price was DKK 582 compared to DKK 659
at 31 December 2025.
Interim report for Q2 2026 8
Outlook for 2026
All portfolio businesses continue to benefit
from productivity improvements, operational
footprint optimisation, automation investments,
and capacity expansions implemented in recent
years. These initiatives are expected to support
profitability and earnings growth during the
remainder of 2026. At the same time, the Group
remains focused on protecting margins through
commercial initiatives, pricing management,
and continued cost discipline.
Performance for the first half of 2026 demon-
strated the benefits of Schouw & Co.’s diversi-
fied portfolio. HydraSpecma, Fibertex Personal
Care and Fibertex Nonwovens all reported very
strong developments in the second quarter and
delivered results above expectations for 2026.
BioMar and GPV continue to perform in line
with expectations, while Borg Automotive has
improved profitability through the execution
of operational improvement initiatives despite
challenging market conditions.
Although uncertainty remains elevated in
certain markets, the Group expects continued
positive developments during the second half
of 2026, supported by higher activity levels,
improved operational performance, and increas-
ing contributions from recent investments in
production capacity, automation, and product
development.
Full-year guidance
Based on the strong performance in the first half
of 2026 and the current market outlook, Schouw
& Co. increases its guidance for 2026.
Revenue is now expected to be in the range of
DKK 34.8–37.2 billion, compared to the previ-
ous range of DKK 33.0–35.5 billion. EBITDA is
expected to be in the range of DKK 3,150–3,350
While geopolitical uncertainty, trade restrictions, supply chain
disruptions in certain markets and volatility in energy and raw
materials prices continue to impact visibility, Schouw & Co.’s
diversified industrial portfolio provides resilience, improves
profitability and supports the Group’s ability to adapt to changing
market conditions.
Specifications
(DKKm)
2026
expectations
after Q2
2026
expectations
after Q1
2025
actual
BioMar
Revenue 17,000-18,000 16,000-17,000 16,534
EBITDA 1,620-1,720 1,520-1,620 1,517
GPV
Revenue 8,600-9,100 8,500-9,000 8,702
EBITDA 710-750 690-750 641
HydraSpecma
Revenue 3,400-3,600 3,100-3,400 3,190
EBITDA 430-460 400-440 389
Borg Automotive
Revenue 1,600-1,900 1,600-1,900 1,739
EBITDA 90-110 60-100 0
Fibertex Personal Care
Revenue 1,700-1,900 1,500-1,700 1,720
EBITDA 160-180 140-160 203
Fibertex Nonwovens
Revenue 2,500-2,700 2,300-2,500 2,255
EBITDA 230-260 210-240 203
Interim report for Q2 2026 9
Full-year guidance upgraded supported
by strong first-half-year performance
Outlook
(DKKm)
2026
guidance
after Q2
2026
guidance
after Q1
2025
actual
Revenue 34,800-37,200 33,000-35,500 34,128
EBITDA 3,150-3,350 2,900-3,200 2,880
Depreciation/amortisation -1,175 -1,175 -1,434
Associates and JVs 65 90 56
Net financial items -225 -250 -354
Profit before tax 1,815-2,015 1,565-1,865 1,149
Schouw & Co. full-year guidance
Interim report for Q2 2026 10
million, compared to the previous range of DKK
2,900–3,200 million. The improved outlook is
primarily driven by stronger expected contribu-
tions from BioMar, HydraSpecma, Borg, Fiber-
tex Personal Care and Fibertex Nonwovens.
Schouw & Co. generates a substantial part of its
revenue through the conversion of raw materials
and the processing of procured components.
Consequently, changes in raw materials prices
and foreign exchange rates may significantly
impact reported revenue, even if the underlying
activity level remains unchanged. Continued
increases in raw materials prices may therefore
support revenue development, while changes
in demand and market conditions may affect
activity levels.
The guidance is based on an aggregation of
individual portfolio company forecasts com-
bined with an overall assessment of market
developments and uncertainties across the
Group. While revenue may be significantly
influenced by changes in raw materials prices
and foreign exchange rates, such changes do
not necessarily have a corresponding impact on
earnings. Nevertheless, sustained cost inflation
or a deterioration in market conditions may put
pressure on profitability.
Depreciation, amortisation and impairment
charges are expected to amount to approxi-
mately DKK 1,175 million in 2026. Non-consol-
idated associates and joint ventures, all related
to the BioMar business, are recognised at a
share of profit after tax, which is now expected
to amount to approximately DKK 65 million
in 2026, against previously expected DKK 90
million. Net financial items in 2026 are now
expected to amount to an expense of approx-
imately DKK 225 million against previously
DKK 250 million, before any effects of further
changes in foreign exchange rates or other
adjustments.
Spectre – a new portfolio business in
Schouw & Co.
In early July 2026, Schouw & Co. entered into
an agreement to acquire a majority stake in
Spectre, a specialised manufacturer of techni-
cal apparel for leading outdoor and sportswear
brands. Spectre has established a strong posi-
tion within technically demanding apparel cat-
egories through a combination of product devel-
opment expertise, close customer collaboration,
and manufacturing capabilities in Vietnam.
The acquisition adds a new portfolio business
with a strong market position, long-standing
customer relationships and attractive growth
prospects supported by increasing demand for
premium technical apparel. Spectre’s business
model is characterised by high technical entry
barriers, a strong sustainability profile and a
proven ability to scale with its customers. The
company will continue to operate under its exist-
ing management team, with the Klausen family
remaining co-investors alongside Schouw & Co.
The transaction is subject to customary approv-
als and is expected to be completed during Q3
2026, after which the company will be consoli-
dated into Schouw & Co. Based on the expected
closing at 1 September 2026, Spectre will add
DKK 300–400 million to revenue in 2026, while
no material impact is expected on EBITDA as
the Purchase Price Allocation and other acquisi-
tion related costs will offset profits from ordinary
activities. Before any effect of Purchase Price
Allocations, etc., Spectre expects a full-year
2026 revenue of about DKK 1 billion and an
EBITDA margin of 15–17%.
Interim report for Q2 2026 11
Financial calendar for 2026
Capital
Markets Day
OCTOBER
8
Release of
interim report
Q3 2026
NOVEMBER
6
Management’s statement
Executive Board
Board of Directors
Our businesses
13 Q2 Portfolio company financial highlights
14 YTD Portfolio company financial highlights
15 BioMar
18 GPV
20 Hydra Specma
22 Borg Automotive
24 Fibertex Personal Care
26 Fibertex Nonwovens
Interim report for Q2 2026 12
Interim report for Q2 2026 13 Our businesses
Amounts in DKK million
Q2 Portfolio company
financial highlights
Q2 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 4,164 3,973 2,245 2,237 925 826 461 484 476 426 698 581 8,965 8,525
Contribution profit 569 509 334 308 262 228 104 102 90 79 145 111 1,504 1,336
EBITDA 357 349 187 155 125 96 38 20 59 48 84 57 828 706
Depreciation, amortisation and impairment losses 108 92 69 74 34 35 18 19 36 31 30 27 295 278
EBIT 250 257 118 81 91 61 19 0 24 18 54 30 533 428
Profit after tax in associates and JVs 14 14 0 0 0 0 0 0 0 0 0 0 14 14
Net financial items -46 -35 -23 -50 -5 -23 -13 -4 -5 -6 -18 -31 -66 -103
Profit before tax 218 236 94 31 86 38 6 -3 18 12 36 -1 482 338
Tax on profit for the period -60 -58 -33 -17 -19 -8 1 3 -4 -2 -10 -4 -131 -91
Profit before non-controlling interests 158 178 62 14 67 30 7 0 14 10 26 -5 351 247
Non-controlling interests 2 -11 0 0 0 0 0 0 0 0 0 0 -29 -14
Profit for the period 160 168 62 14 67 30 7 0 14 10 26 -5 321 234
CASH FLOWS
Cash flow from operating activities 196 249 70 168 64 33 52 -6 -33 37 45 37 410 542
Cash flow from investing activities -113 -130 -19 -14 -31 -6 0 -6 -12 -9 -13 -25 -2,191 -96
Cash flow from financing activities -204 51 -16 -109 -75 -13 -27 17 47 -24 -31 0 1,977 -219
BALANCE SHEET
Intangible assets 1,307 1,321 928 965 553 566 194 224 59 59 103 106 3,871 4,267
Property, plant and equipment 1,936 1,795 929 974 464 475 249 260 1,142 1,172 1,486 1,440 6,227 6,139
Other non-current assets 1,366 1,053 378 446 113 126 134 170 10 13 13 15 1,965 1,772
Cash and cash equivalents 563 569 488 299 57 85 47 15 23 15 69 71 1,542 1,054
Other current assets 6,046 6,061 4,867 4,569 1,676 1,516 1,246 1,511 771 598 1,038 910 17,122 14,427
Total assets 11,217 10,798 7,590 7,254 2,864 2,768 1,869 2,180 2,004 1,858 2,710 2,543 30,728 27,658
Equity 2,785 2,758 2,562 2,367 1,232 1,077 495 608 1,074 968 851 780 14,800 11,598
Interest-bearing liabilities 3,738 3,477 2,614 2,707 881 1,054 726 845 513 529 1,399 1,357 6,034 6,680
Other liabilities 4,694 4,563 2,414 2,179 751 637 649 727 417 361 460 405 9,894 9,380
Total equity and liabilities 11,217 10,798 7,590 7,254 2,864 2,768 1,869 2,180 2,004 1,858 2,710 2,543 30,728 27,658
Average no. of employees 1,794 1,685 7,522 7,604 1,602 1,562 2,011 2,241 591 595 1,171 1,143 14,711 14,850
FINANCIAL DATA
EBITDA margin 8.6% 8.8% 8.3% 6.9% 13.5% 11.6% 8.1% 4.0% 12.5% 11.3% 12.0% 9.8% 9.2% 8.3%
EBIT margin 6.0% 6.5% 5.2% 3.6% 9.9% 7.4% 4.1% 0.0% 5.0% 4.1% 7.7% 5.1% 5.9% 5.0%
ROIC excluding goodwill 29.3% 27.0% 11.2% 8.3% 19.0% 15.6% -4.2% 5.9% 5.6% 4.6% 6.6% 3.6% 14.1% 12.5%
ROIC including goodwill 21.4% 19.6% 10.2% 7.7% 16.1% 13.4% -3.3% 4.2% 5.2% 4.3% 6.3% 3.4% 11.9% 10.5%
Working capital 1,589 1,693 2,246 2,422 1,026 914 613 829 451 334 630 544 6,530 6,707
Net interest-bearing debt 2,953 2,335 1,635 2,171 769 901 655 813 489 513 1,329 1,286 2,262 5,435
1) Excluding consolidated goodwill in Schouw&Co. 2) Including consolidated goodwill in Schouw&Co.
Interim report for Q2 2026 14 Our businesses
YTD Portfolio company
financial highlights
Amounts in DKK million
YTD 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 7,365 7,372 4,385 4,437 1,798 1,626 905 990 880 873 1,335 1,159 16,664 16,454
Contribution profit 968 888 642 594 508 448 183 209 165 157 267 211 2,732 2,508
EBITDA 569 555 347 298 239 204 51 52 106 98 148 100 1,419 1,271
Depreciation, amortisation and impairment losses 210 181 140 152 63 68 38 38 71 61 60 55 583 556
EBIT 359 374 207 147 175 136 13 14 35 36 88 45 836 715
Profit after tax in associates and JVs 24 25 0 0 0 0 0 0 0 0 0 0 24 25
Net financial items -81 -65 -54 -115 -9 -51 -23 -13 -12 -14 -36 -58 -129 -219
Profit before tax 302 334 153 32 166 86 -10 1 24 22 52 -13 731 521
Tax on profit for the year -87 -87 -53 -25 -37 -19 1 2 -5 -5 -16 -9 -210 -156
Profit before non-controlling interests 214 248 100 7 130 67 -9 3 18 18 36 -22 521 365
Non-controlling interests 4 -17 0 0 0 0 0 0 0 0 0 0 -35 -18
Profit for the period 219 231 100 7 130 67 -9 3 18 18 36 -22 486 347
CASH FLOWS
Cash flow from operating activities -100 211 266 342 93 107 78 -82 5 76 58 55 436 762
Cash flow from investing activities -139 -247 -65 -39 -43 22 0 -11 -20 -16 -30 -53 -2,301 -250
Cash flow from financing activities 156 201 -124 -238 -121 -137 -62 86 25 -53 -27 0 2,110 -287
BALANCE SHEET
Intangible assets
1
1,307 1,321 928 965 553 566 194 224 59 59 103 106 3,871 4,267
Property, plant and equipment 1,936 1,795 929 974 464 475 249 260 1,142 1,172 1,486 1,440 6,227 6,139
Other non-current assets 1,366 1,053 378 446 113 126 134 170 10 13 13 15 1,965 1,772
Cash and cash equivalents 563 569 488 299 57 85 47 15 23 15 69 71 1,542 1,054
Other current assets 6,046 6,061 4,867 4,569 1,676 1,516 1,246 1,511 771 598 1,038 910 17,122 14,427
Total assets 11,217 10,798 7,590 7,254 2,864 2,768 1,869 2,180 2,004 1,858 2,710 2,543 30,728 27,658
Equity 2,785 2,758 2,562 2,367 1,232 1,077 495 608 1,074 968 851 780 14,800 11,598
Interest-bearing liabilities 3,738 3,477 2,614 2,707 881 1,054 726 845 513 529 1,399 1,357 6,034 6,680
Other liabilities 4,694 4,563 2,414 2,179 751 637 649 727 417 361 460 405 9,894 9,380
Total equity and liabilities 11,217 10,798 7,590 7,254 2,864 2,768 1,869 2,180 2,004 1,858 2,710 2,543 30,728 27,658
Average no. of employees 1,772 1,651 7,459 7,550 1,595 1,533 2,040 2,249 590 603 1,166 1,136 14,642 14,744
FINANCIAL DATA
EBITDA margin 7.7% 7.5% 7.9% 6.7% 13.3% 12.6% 5.6% 5.2% 12.1% 11.2% 11.1% 8.6% 8.5% 7.7%
EBIT margin 4.9% 5.1% 4.7% 3.3% 9.7% 8.4% 1.5% 1.4% 4.0% 4.2% 6.6% 3.9% 5.0% 4.3%
ROIC excluding goodwill 29.3% 27.0% 11.2% 8.3% 19.0% 15.6% -4.2% 5.9% 5.6% 4.6% 6.6% 3.6% 14.1% 12.5%
ROIC including goodwill 21.4% 19.6% 10.2% 7.7% 16.1% 13.4% -3.3% 4.2% 5.2% 4.3% 6.3% 3.4% 11.9% 10.5%
Working capital 1,589 1,693 2,246 2,422 1,026 914 613 829 451 334 630 544 6,530 6,707
Net interest-bearing debt 2,953 2,335 1,635 2,171 769 901 655 813 489 513 1,329 1,286 2,262 5,435
1) Excluding consolidated goodwill in Schouw&Co. 2) Including consolidated goodwill in Schouw&Co.
Interim report for Q2 2026 15 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, 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.
Strong performance in Shrimp
and Selected Species segments
offset lower Salmon volumes
Tech Solutions transformation
temporarily impacted earnings,
with improvement expected in
the second half of 2026
Record-high Q2 feed volumes
supported by strong growth in
Ecuador and Australia
9% EBITDA increase in the feed
segments
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
74% ownership
Interim report for Q2 2026 16 Our businesses BioMar
Financial performance
Feed volumes increased by 3% in Q2 2026 com-
pared to Q2 2025, supported by strong growth
in Ecuador (Shrimp) and Australia (Salmon),
with positive volume growth across most units
more than offsetting lower volumes in Norway
and Chile (Salmon).
Revenue increased by 5% to DKK 4,164 million
in Q2 2026 from DKK 3,973 million in Q2 2025,
driven by higher volumes and increased raw
materials prices, partly offset by product mix
effects as a larger share of growth came from
shrimp feed. Revenue for the first half of 2026
amounted to DKK 7,365 million, broadly in line
with the DKK 7,372 million reported in the same
period last year.
EBITDA increased by 2% to DKK 357 million in
Q2 2026 from DKK 349 million in Q2 2025 and
by 3% to DKK 569 million in the first half of 2026
from DKK 555 million in the same period last
year. EBITDA was supported by higher feed vol-
umes and improved margins, while IPO-related
costs and lower earnings in Tech Solutions had
a negative impact. The feed segments delivered
a 9% increase in EBITDA in Q2 2026 compared
to the same period last year.
Working capital decreased to DKK 1,589 mil-
lion at 30 June 2026 compared to DKK 1,693
million at 30 June 2025 despite higher activity,
reflecting effective working capital management
and improved capital efficiency. ROIC (excl.
goodwill) increased to 29.3%, driven by stronger
working capital management and higher earn-
ings over the past 12 months.
Business development
The Salmon segment reported lower volumes
in Q2 2026, mainly due to lower volumes in
Norway and Chile, partly offset by strong growth
in Australia and Scotland. EBITDA increased
despite the lower volume level, supported by
BioMar
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Salmon 210 224 383 398 941
Shrimp 112 95 211 173 367
Selected Species 74 64 117 107 253
Tech Solutions 0 0 0 0 0
Eliminations -1 -1 -2 -2 -3
Total volume (‘000 tonnes) 395 382 710 676 1,557
Salmon 2,592 2,603 4,675 4,910 11,166
Shrimp 704 594 1,308 1,145 2,351
Selected Species 862 758 1,378 1,281 2,936
Tech Solutions 27 38 41 77 172
Eliminations -22 -20 -37 -41 -91
Total revenue 4,164 3,973 7,365 7,372 16,534
Salmon 243 231 406 362 1,032
Shrimp 59 55 106 105 233
Selected Species 85 68 112 94 279
Tech Solutions 0 13 -8 26 53
Shared/non-allocated -29 -18 -46 -30 -80
Total EBITDA 357 349 569 555 1,517
EBIT 250 257 359 374 1,132
CF from operations 196 249 -100 211 1,568
Working capital 1,589 1,693 1,589 1,693 1,092
ROIC excluding goodwill (%) 29.3% 27.0% 29.3% 27.0% 30.0%
Continued volume growth and
solid earnings performance
BioMar
BioMar delivered continued volume growth in Q2 2026, reaching
a new record-high feed volume level. Earnings developed in line
with expectations reflecting IPO-related one-off costs and a
temporary earnings decline in Tech Solutions, while ROIC (excl.
goodwill) remained at a high level. Full-year 2026 expectations
are raised.
Interim report for Q2 2026 17 Our businesses BioMar
improved margins due to favourable biological
growing conditions.
The Shrimp segment continued its strong
growth trajectory, with volumes up 18% in Q2
2026 compared to Q2 2025. Growth was driven
by a strong market position in Ecuador, although
profits were affected by increased use of
toll-milling and competitive market conditions.
The Selected Species segment delivered
strong growth in both volumes and earnings,
supported by good capacity utilisation and a
positive product and customer mix. The seg-
ment continued to perform strongly, balancing
volume growth with earnings improvement
across the segment.
The Tech Solutions segment continued the
planned transition towards a more direct sales
model and recurring revenue streams. As
expected, the transformation had a temporary
negative impact on revenue and earnings in the
first half of 2026, but earnings are expected
to improve during the second half as market
demand remains strong.
Outlook
Long-term demand for farmed fish and shrimp
remains sound, and BioMar is well positioned
through its high-quality product offering,
sustainability focus, and advanced farming
technology. In the short term, demand may be
affected by market conditions, prices of farmed
salmon and shrimp, and changes in feed raw
materials costs.
Raw materials costs remain under pressure,
particularly for marine ingredients, while market
conditions in the salmon and shrimp industries
continue to affect customer purchasing deci-
sions. BioMar is responding through proac-
tive sourcing, feed formulation optimisation,
disciplined pricing management, and technical
solutions supporting customer efficiency and
profitability.
The positive development in product and cus-
tomer mix is expected to continue to increase in
the second half of 2026, further improving prof-
itability. BioMar lifts its full-year 2026 revenue
expectation to the range of DKK 17–18 billion,
an increase of DKK 1 billion. Full-year earnings
expectations are raised to EBITDA in the range
of DKK 1,620–1,720 million, an increase of DKK
100 million. The updated guidance for revenue
and earnings includes latest expectations to
foreign exchange rates, while the remainder is
driven by improved operational performance
and higher activity levels.
Interim report for Q2 2026 18 Our businesses GPV
GPV
Profitability improved through
operational efficiency measures
Solid safety performance with
LTIFR at 0.5 injuries per million
working hours
High order intake and strong
book-to-bill ratio
Continued supply chain
constraints in certain
component categories
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 Q2 2026 19 Our businesses GPV
Financial performance
Revenue amounted to DKK 2,245 million, in line
with Q2 2025 and 5% above Q1 2026. Demand
was supported by a higher order intake and a
strong book-to-bill ratio. Revenue for the first
half of 2026 was DKK 4,385 million, a decrease
of 1% compared to same period last year.
Despite the largely flat revenue, EBITDA
increased by 20% to DKK 187 million in Q2 2026
and to DKK 347 million for the first half of 2026,
a year-on-year increase of 16%. The improve-
ment was driven by productivity enhancements
and footprint optimisation initiatives completed
during 2025, resulting in continued uplift in
margin. The steady quarter-by-quarter EBITDA
margin improvement observed throughout 2025
and Q1 2026 continued in Q2.
Working capital decreased by 7% to DKK 2,246
million from DKK 2,422 million at 30 June 2025,
primarily driven by inventory reductions and
disciplined working capital management. ROIC
(excl. goodwill) improved to 11.2%, reflecting
stronger operational performance and improved
capital efficiency.
Business development
GPV continues to focus on profitable growth
supported by productivity improvements,
selective capacity investments, automation,
and the implementation of a group-wide ERP
and business intelligence platform to enhance
transparency and efficiency.
The commercial pipeline remains strong, sup-
ported by a high win rate and several projects
aligned with the strategic direction. Growth
continues to be driven by both new customer
wins and expanded collaboration with existing
customers, with project ramp-ups typically
extending over 18–24 months.
Operationally, GPV continues to optimise its
global production footprint through capacity
optimisation and site consolidation to improve
efficiency and support future growth. Several
consolidation initiatives completed during 2025
contributed positively to profitability in the first
half of 2026.
Outlook
The order intake remained strong during the
first half of 2026, supporting a gradual increase
in production activity. Although market condi-
tions are normalising, general market conditions
will remain uncertain throughout 2026.
Supply chain constraints within certain semi-
conductor categories and other critical compo-
nents, geopolitical uncertainty, trade restric-
tions, and volatility in energy and raw materials
prices continue to limit visibility. These risks are
being actively managed through dedicated mit-
igation initiatives and close collaboration with
customers and suppliers.
Higher component prices are expected to
increase revenue growth in the second half
of 2026 without a corresponding positive
effect on EBITDA. Based on the first-half-year
performance and current market outlook, GPV
increases its full-year revenue expectations to
DKK 8.6–9.1 billion from previously DKK 8.5–9.0
billion while narrowing EBITDA expectations to
DKK 710–750 million against previously DKK
690–750 million, reflecting an improvement of
performance in the second half of 2026 com-
pared to 2025.
GPV
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Revenue 2,245 2,237 4,385 4,437 8,702
EBITDA 187 155 347 298 641
EBIT 118 81 207 147 341
CF from operations 70 168 266 342 744
Working capital 2,246 2,422 2,246 2,422 2,264
ROIC excluding goodwill (%) 11.2% 8.3% 11.2% 8.3% 9.2%
GPV
Increasing demand and
profitability
Profitability improved through footprint optimisation and
cost efficiency initiatives, while demand continued to recover
gradually supported by stronger order intake. Full-year 2026
revenue expectations are narrowed to the upper end of the
previous range, and EBITDA expectations is maintained,
indicating strong year-on-year earnings growth.
Interim report for Q2 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.
New production facility in China
supports future growth
2026 revenue and EBITDA
expectations raised
Revenue growth driven by
strong activity in Renewables
and Global OEM
Higher profitability supported
by operational leverage and
efficiency improvements
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, andBrazil.
Ownership
Part of Schouw&Co. since 1988
100% ownership
Interim report for Q2 2026 21 Our businesses Hydra Specma
Financial performance
Revenue increased by 12% to DKK 925 million in
Q2 2026 compared to Q2 2025, driven by higher
activity levels in the Renewables and Global
OEM divisions. Growth was supported by an
increased market share in Renewables because
HydraSpecma is on the right platforms, as well
as strong demand from the marine, defence,
and construction equipment segments. Reve-
nue for the first half of 2026 increased by 11% to
DKK 1,798 million compared to the same period
last year.
EBITDA increased by 30% to DKK 125 million
in Q2 2026 compared to Q2 2025 and by 17%
to DKK 239 million in the first half of 2026
compared to the same period last year. The
improvement was supported by higher activity
levels, supply chain optimisation, investments in
automation, and continued production footprint
improvements. The EBITDA performance com-
pared to 2025 was affected by a net negative
one-off amount related to the production con-
solidation programme and the sale of a facility
in Poland in 2025. Excluding these one-off
effects, EBITDA increased by 24% year on year
in Q2 2026 and by 21% in the first half of 2026.
Working capital increased by 12% to DKK 1,026
million from DKK 914 million at 30 June 2025,
primarily driven by higher trade receivables
reflecting increased activity levels. ROIC (excl.
goodwill) improved to 19.0%, supported by the
higher earnings level.
Business development
HydraSpecma continues to strengthen its
operational platform through investments in
production capacity, automation, and efficiency
improvements. A new production facility in
Tianjin, China, became operational in Q2 2026,
supporting the company’s growth ambitions in
the Asia-Pacific region.
The relocation of selected production activities
to the facility in Stargard, Poland, was completed
during the quarter. The consolidation is expected
to improve operational efficiency and support
future growth in Central and Eastern Europe.
Effective from 1 April 2026, HydraSpecma has
acquired Hyco in Norway. The acquisition sup-
ports HydraSpecma’s technical capabilities and
market presence within the Norwegian indus-
trial and aftermarket business. The acquisition
will have an immaterial financial impact in 2026.
Outlook
The order intake remained strong during Q2
2026, supporting continued growth despite
ongoing geopolitical uncertainty and cost infla-
tion in certain markets.
The Renewables division is expected to continue
its positive performance, supported by stable
market positions and growth opportunities
in related markets. Growth momentum is
also expected to continue in the Global OEM
division, driven by increasing activity within
construction equipment, marine, defence, and
commercial vehicles.
The industrial aftermarket remains mixed, with
Sweden and Finland showing positive develop-
ment, while demand in Denmark and Norway
remains subdued. Despite continued uncer-
tainty related to geopolitical developments,
current customer forecasts and demand levels
support higher expectations for 2026. Based on
the strong order intake and current market out-
look, HydraSpecma raises its full-year revenue
expectations to DKK 3.4–3.6 billion from the
previous range of DKK 3.1–3.4 billion and lifts
EBITDA expectations to DKK 430–460 million
from DKK 400–440 million.
HydraSpecma
Higher activity levels drive
earnings growth
Revenue and profitability improved in Q2 2026, supported by
strong activity in the Renewables and Global OEM divisions,
operational leverage, and ongoing efficiency initiatives. Full-year
2026 expectations are raised, reflecting stronger demand and
earnings growth.
HydraSpecma
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Revenue 925 826 1,798 1,626 3,190
EBITDA 125 96 239 204 389
EBIT 91 61 175 136 250
CF from operations 64 33 93 107 290
Working capital 1,026 914 1,026 914 901
ROIC excluding goodwill (%) 19.0% 15.6% 19.0% 15.6% 17.1%
Interim report for Q2 2026 22 Our businesses Borg Automotive
Newman business returned to
positive EBITDA
New go-to-market strategy
launched to strengthen
commercial execution
EBITDA improved despite
continued weak market demand
Productivity improvements
materialising following
optimised manufacturing
footprint
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 Q2 2026 23 Our businesses Borg Automotive
Financial performance
Demand remained weak in Q2 2026, particularly
within the Reman segment, while price compe-
tition continued across most markets. Revenue
decreased by 5% to DKK 461 million compared
to Q2 2025. Revenue for the first half of 2026
amounted to DKK 905 million, a decrease of 9%
compared to the same period last year.
Despite lower revenue, EBITDA increased to
DKK 38 million from DKK 20 million in Q2 2025,
driven by productivity improvements and cost
optimisation initiatives implemented under the
Refine 4 Future strategy programme. EBITDA
amounted to DKK 51 million for the first half of
2026, broadly in line with the DKK 52 million
reported for the same period last year.
Working capital decreased by 26% to DKK 613
million from DKK 829 million at 30 June 2025,
primarily driven by focused efforts to reduce
inventory of finished goods. ROIC (excl. good-
will) was at -4.2%, reflecting the net loss for the
second half of 2025 and continued challenging
market conditions despite improved operational
performance.
Business development
Borg Automotive continues to execute its Refine
4 Future strategy, focusing on commercial
excellence, manufacturing and logistics footprint
optimisation, and adaptation of the cost base to
future activity levels. The programme is expected
to support continued productivity improvements,
operational efficiency gains and earnings growth
as the initiatives are further implemented.
Operationally, the relocation of selected produc-
tion activities was completed in Q1 2026, with
productivity improvements gradually material-
ising during the ramp-up phase. In addition, the
final phase of the strategy programme, focused
on commercial excellence and the go-to-market
approach, was launched during Q2 2026, with
gradual effects expected in the second half of
the year.
The Newman business showed improved
profitability during the quarter, supported by
continued cost reductions and pricing initia-
tives, resulting in a positive EBITDA contribution
despite ongoing competition from low-cost
imports.
Outlook
Market conditions are expected to remain chal-
lenging throughout 2026, characterised by weak
demand and intense competition, particularly
within Reman. However, certain product cate-
gories continue to show growth opportunities,
while the benefits from Refine 4 Future initia-
tives are expected to increase further during the
remainder of the year.
Activity levels are expected to improve gradually
during the second half of 2026, supported by
stronger-than-expected earnings recovery and
continued execution of improvement initiatives.
Against this background Borg Automotive main-
tains its revenue expectations of DKK 1.6–1.9
billion and raises its EBITDA expectations to
DKK 90–110 million from the previous range of
DKK 60–100 million.
Borg Automotive
Margin gains from improvement
initiatives
Profitability improved through the successful execution of the
Refine 4 Future strategy initiatives, despite continued weak
market conditions and fierce price competition. Full-year 2026
revenue expectation is maintained, while EBITDA expectations
are raised.
Borg Automotive
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Revenue 461 484 905 990 1,739
EBITDA 38 20 51 52 0
EBIT 19 0 13 14 -376
CF from operations 52 -6 78 -82 10
Working capital 613 829 613 829 676
ROIC excluding goodwill (%) -4.2% 5.9% -4.2% 5.9% -3.7%
Resilient supply chain ensured
uninterrupted customer
deliveries
Strong innovation pipeline and
commercial opportunities
Revenue growth driven by higher
sales prices reflecting increased
prices of raw materials
EBITDA increased due to strong
performance in Malaysia and
Print
Interim report for Q2 2026 24 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 Q2 2026 25 Our businesses Fibertex Personal Care
Financial performance
Revenue increased by 12% to DKK 476 million
in Q2 2026 compared to Q2 2025, primarily
reflecting higher raw materials prices and con-
sequently higher sales prices. Revenue for the
first half of 2026 amounted to DKK 880 million,
an increase of 1% compared to the same period
last year.
EBITDA increased by 23% to DKK 59 million
in Q2 2026 compared to Q2 2025, supported
by strong performance in Malaysia due to
advanced pricing mechanisms and the printing
businesses in Germany and the US. Earnings
came in stronger than expected despite con-
tinued market uncertainty and high volatility
in oil-based raw materials. EBITDA amounted
to DKK 106 million for the first half of 2026, an
increase of 9% compared to the same period
last year.
Working capital increased by 35% to DKK 451
million from DKK 334 million at 30 June 2025,
primarily driven by higher raw materials prices
and the resulting increase in inventories and
trade receivables. Despite the higher working
capital level, ROIC (excl. goodwill) improved to
5.6%, reflecting stronger earnings, however still
at an unsatisfactory level.
Business development
The nonwovens business delivered a stable
volume performance during the quarter, with
production levels in Denmark and Malaysia in
line with expectations despite significant supply
chain disruptions in raw materials markets,
which the company successfully managed
through alternative sourcing channels and close
supplier collaboration.
New pricing structures with faster pass-on
mechanisms to customers have been intro-
duced during 2026 and continued to support
margin stability and improved management
of raw materials cost volatility. Combined with
production adjustments in Malaysia, these ini-
tiatives strengthened operational efficiency and
the competitive position of the business.
Printing activities maintained positive momen-
tum, supported by solid customer demand
and operational efficiency. Recent marketing
activities and customer engagement have gen-
erated significant interest in new technologies
and strengthened the pipeline of qualification
projects and commercial opportunities.
Outlook
Demand in Europe is expected to remain stable
during the second half of 2026, while market
conditions in Asia continue to be characterised
by overcapacity and pricing pressure. Volume
expectations nevertheless remain unchanged.
Raw materials markets remain volatile, and
geopolitical developments continue to influ-
ence global supply chains. However, improved
sourcing flexibility and more responsive pricing
mechanisms strengthen the company’s ability to
manage market fluctuations and protect earn-
ings. Despite continued uncertainty, Fibertex
Personal Care enters the second half of 2026
with a resilient supply chain.
Due to the increased prices of raw materials,
Fibertex Personal Care lifts its full-year 2026
revenue expectation to the range of DKK
1.7–1.9 billion against previously DKK 1.5–1.7
billion, but changes in raw materials prices and
exchange rates may, as always, affect revenue.
Based on the strong performance in the first
half of 2026, full-year earnings expectations are
raised to EBITDA in the range of DKK 160–180
million from the previously expected DKK
140–160 million range.
Fibertex Personal Care
Resilient performance in a
volatile market
Revenue increased in Q2 2026, driven by higher raw materials
prices and slightly increased demand across key markets.
EBITDA developed strongly and full-year 2026 revenue and
EBITDA expectations are raised.
Fibertex Personal Care
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Revenue 476 426 880 873 1,720
EBITDA 59 48 106 98 203
EBIT 24 18 35 36 82
CF from operations -33 37 5 76 147
Working capital 451 334 451 334 360
ROIC excluding goodwill (%) 5.6% 4.6% 5.6% 4.6% 5.7%
Interim report for Q2 2026 26 Our businesses Fibertex Nonwovens
Fibertex
Nonwovens
New capacity in Czechia
supports future growth
Full-year 2026 revenue and
EBITDA expectations raised
Revenue growth driven by higher
volumes across key markets
Strong EBITDA improvement
supported by US operations
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 Q2 2026 27 Our businesses Fibertex Nonwovens
Financial performance
Demand improved during Q2 2026, reflected in
a 12% increase in sales volumes across several
end markets and regions. Revenue increased by
20% to DKK 698 million compared to Q2 2025,
supported by growth in the US wipes business,
continued expansion in the automotive and con-
struction segments in Europe, and higher sales to
the hygiene industry. Revenue for the first half of
2026 amounted to DKK 1,335 million, an increase
of 15% compared to the same period last year.
EBITDA increased by 48% to DKK 84 million in
Q2 2026 compared to Q2 2025, reflecting the
higher volumes, improved operating perfor-
mance, and continued progress in the US
business. Earnings continued the positive trend
observed since the beginning of 2026. EBITDA
amounted to DKK 148 million for the first half of
2026, an increase of 48% compared to the same
period last year.
Working capital increased by 16% to DKK 630
million from DKK 544 million at 30 June 2025,
primarily driven by higher trade receivables,
increased inventory levels supporting higher
activity, and higher raw materials prices. ROIC
(excl. goodwill) improved to 6.6%, reflecting the
stronger earnings performance.
Business development
Fibertex Nonwovens continues to invest in
innovation, sustainable solutions, and efficiency
improvements to strengthen its competitive
position and support profitable growth. The
company maintains a strong focus on special-
ised applications and product development in
close collaboration with customers and external
partners.
A new spunlacing production line is currently
being installed in Czechia and is expected to
become operational during 2026, supporting
future growth and strengthening the European
manufacturing footprint.
The company also continues to implement
productivity and capacity-enhancing initiatives
across its manufacturing sites. Combined with
regional R&D capabilities and local market exe-
cution, these initiatives support competitiveness
and long-term value creation.
Outlook
Fibertex Nonwovens expects continued growth
in activity levels during the remainder of 2026,
supported by increased capacity and opera-
tional improvements in the US, combined with
the gradual contribution from new European
production capacity.
Market conditions in Europe remain charac-
terised by economic uncertainty and geopoliti-
cal tensions, while elevated raw materials prices
continue to impact revenue. The company main-
tains a strong focus on passing through cost
increases and protecting profitability.
Supported by the stronger-than-expected
performance in the first half of 2026, Fibertex
Nonwovens raises its full-year revenue expec-
tations to DKK 2.5–2.7 billion from the previous
range of DKK 2.3–2.5 billion and lifts EBITDA
expectations to DKK 230–260 million from DKK
210–240 million.
Fibertex Nonwovens
Earnings growth and improving
market momentum
Revenue and profitability improved in Q2 2026, supported by
higher sales volumes, improved earnings in the US operations,
and a gradual recovery in European markets. Full-year 2026
expectations are raised for both revenue and EBITDA.
Fibertex Nonwovens
(DKKm)
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Revenue 698 581 1,335 1,159 2,255
EBITDA 84 57 148 100 203
EBIT 54 30 88 45 91
CF from operations 45 37 58 55 77
Working capital 630 544 630 544 587
ROIC excluding goodwill (%) 6.6% 3.6% 6.6% 3.6% 4.7%
Interim report for Q2 2026 28
Interim report
29 Statements of income and comprehensive income
30 Cash flow statement
31 Balance sheet
32 Statement of changes in equity
33 Notes
Note
Income statement
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
1
Revenue
2
Operating expenses
-8,143
-7,841
-15,262
-15,223
-31,326
Other operating income
Other operating expenses
-
0
-
-11
EBITDA
Depreciation, amortisation and impairment losses
-295
-278
-583
-556
-1,434
EBIT
Profit after tax in associates
-
-
Profit after tax in joint ventures
Financial income
Financial expenses
-135
-197
-291
-405
-503
Profit before tax
Tax on profit for the period
-131
-91
-210
-156
-441
Profit for the period
Shareholders of Schouw & Co.
Non-controlling interests
Profit for the period
7
Earnings per share (DKK)
7
Diluted earnings per share (DKK)
Note
Statement of comprehensive income
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Items that cannot be reclassified to the income statement:
Actuarial gains on defined benefit pension liabilities
-20
Tax on other comprehensive income
Total items that cannot be reclassified to the income statement
-17
Items that can be reclassified to the income statement:
Foreign exchange adjustments of foreign subsidiaries
-419
-534
-461
Value adjustment of hedging instruments
Hedging instruments transferred to operating expenses
-
-
-
-12
-19
Hedging instruments transferred to financials
Hyperinflation restatements
-
-
Other comprehensive income from associates and joint ventures
0
Other adjustments to other comprehensive income
-
0
Tax on other comprehensive income
-
-
0
Total items that can be reclassified to the income statement
-420
-543
-462
Other comprehensive income after tax
-420
-543
-479
Profit for the period
Total recognised comprehensive income
-173
-177
Attributable to:
Shareholders of Schouw & Co.
-144
-130
Non-controlling interests
-29
-47
-15
Total recognised comprehensive income
-173
-177
Interim report for Q2 2026 29
Statements
of income
and
comprehensive
income
Amounts in DKK million
Amounts in DKK million
Interim report for Q2 2026 30
Cash flow statement
Note
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
EBITDA 828 706 1,419 1,271 2,880
Adjustment for non-cash operating items:
Changes in working capital -178 28 -589 -95 810
Provisions -13 4 -23 1 -21
Other non-cash operating items, net 10 5 26 -31 -54
Cash flows from operations before interest and tax 647 743 832 1,146 3,615
Interest received 31 21 53 46 107
Interest paid -103 -105 -187 -189 -370
Income tax paid -166 -117 -262 -241 -456
Cash flows from operating activities 410 542 436 762 2,896
Purchase of intangible assets -5 -11 -11 -18 -39
Purchase of property, plant and equipment -181 -119 -311 -284 -569
Sale of property, plant and equipment 2 2 8 47 78
4 Acquisitions of businesses -21 -68 -21 -68 -68
Investments in associates 1 0 1 4 -11
Dividends received from associates and JVs 0 0 0 0 18
Loans to customers 0 3 0 -29 -124
Repayment of loans from customers 14 0 33 0 26
Additions/disposals of other financial assets -2,001 96 -2,000 98 97
Cash flows from investing activities -2,191 -96 -2,301 -250 -592
Note
Q2
2026
Q2
2025
YTD
2026
YTD
2025
FY
2025
Loan financing:
Repayment of other non-current liabilities -390 -67 -477 -154 -1,992
Proceeds from non-current liabilities incurred 0 -25 0 -24 2
Increase/repayment of bank overdrafts 169 286 457 372 1,129
Cash flows from debt financing -221 194 -20 195 -861
Shareholders:
Exercise of call option on shares in Alimentsa 0 0 0 0 -451
Proceeds from IPO of BioMar 2,620 0 2,620 0 0
Capital increase (in BioMar) 49 0 49 0 0
Dividends paid -389 -378 -389 -378 -388
Purchase of treasury shares -160 -34 -242 -284 -370
Sale of treasury shares 77 0 92 181 181
Cash flows from financing activities 1,977 -219 2,110 -287 -1,889
Cash flows for the period 196 226 246 225 415
Cash and cash equivalents, beginning of period 1,332 877 1,254 892 892
Value adjustment of cash and cash equivalents 13 -50 42 -64 -53
Cash and cash equivalents, end of period 1,542 1,054 1,542 1,054 1,254
Amounts in DKK million
Interim report for Q2 2026 31
Balance sheet
Note Assets
30/6
2026
31/12
2025
30/6
2025
31/12
2024
Intangible assets 3,871 3,893 4,267 4,420
Property, plant and equipment 6,227 6,144 6,139 6,375
Lease assets 843 936 735 796
Investments in associates 383 368 348 417
Investments in joint ventures 275 237 225 226
Financial investments 3 5 4 95
Deferred tax 228 188 229 177
Receivables 232 246 232 212
Total non-current assets 12,064 12,018 12,178 12,718
Inventories 7,338 6,640 6,936 7,249
3 Receivables 7,611 6,880 7,318 7,122
Income tax receivable 170 186 173 143
Bonds and short term deposits 2,004 0 0 0
Cash and cash equivalents 1,542 1,254 1,054 892
Total current assets 18,664 14,960 15,480 15,405
Total assets 30,728 26,977 27,658 28,123
Notes without reference
Capital resources (note 5)
Fair value of categories of financial assets and liabilities (note 9)
Related party transactions (note 10)
Accounting policies, judgements and estimates and special risks (note 11).
Note Equity and liabilities
30/6
2026
31/12
2025
30/6
2025
31/12
2024
6 Share capital 250 250 250 250
Hedging reserve 12 -8 -11 -5
Translation reserve -21 -237 -314 157
Retained earnings 13,324 10,877 10,778 10,477
Proposed dividend 0 425 0 400
Equity attributable to shareholders of Schouw & Co. 13,565 11,308 10,703 11,279
Non-controlling interests 1,235 492 895 954
Total equity 14,800 11,799 11,598 12,233
Deferred tax 551 501 530 503
Pension obligations 85 86 74 78
Other liabilities 170 163 164 157
Liability regarding put options 0 572 511 479
Interest-bearing debt 3,481 4,795 5,180 4,619
Non-current liabilities 4,288 6,117 6,459 5,837
Interest-bearing debt 2,553 1,166 1,500 1,825
8 Trade payables and other payables 8,335 7,643 7,544 7,583
Liability regarding put options 550 0 392 444
Income tax 201 253 165 202
Current liabilities 11,640 9,061 9,601 10,053
Total liabilities 15,928 15,178 16,060 15,890
Total equity and liabilities 30,728 26,977 27,658 28,123
Amounts in DKK million
Interim report for Q2 2026 32
Statement of changes in equity
Share
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 0 347 0 347 18 365
Other comprehensive income 0 -6 -471 0 0 -477 -65 -542
Total recognised comprehensive income 0 -6 -471 347 0 -130 -47 -177
Transactions with owners:
Share-based payment 0 0 0 4 0 4 0 4
Distributed dividends 0 0 0 33 -400 -367 -11 -378
Value adjustment of put option 0 0 0 20 0 20 0 20
Sale of treasury shares 0 0 0 181 0 181 0 181
Purchase of treasury shares 0 0 0 -284 0 -284 0 -284
Total transactions with owners during the period 0 0 0 -47 -400 -447 -11 -458
Equity at 30 June 2025 250 -11 -314 10,778 0 10,703 895 11,598
Equity at 1 January 2026 250 -8 -237
Profit and other comprehensive income:
Profit for the period 0 0 0 486 0 486 35 521
Other comprehensive income 0 19 216 0 0 234 21 256
Total recognised comprehensive income 0 19 216 485 0 720 56 777
Transactions with owners:
Share-based payment 0 0 0 2 0 2 0 2
Distributed dividends 0 0 0 40 -425 -385 -4 -389
Additions/disposal of non-controlling interests 0 0 0 -691 0 -691 691 0
Proceeds from divestment of BioMar shares 0 0 0 2,739 0 2,739 0 2,739
Value adjustment of put option 0 0 0 22 0 22 0 22
Sale of treasury shares 0 0 0 117 0 117 0 117
Purchase of treasury shares 0 0 0 -267 0 -267 0 -267
Total transactions with owners during the period 0 0 0 1,962 -425 1,537 687 2,224
Equity at 30 June 2026 250 12 -21 13,324 0 13,565 1,235 14,800
Amounts in DKK million
Interim report for Q2 2026 33
Notes
1
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 7,365 4,383 1,798 905 876 1,335 16,663 0 0 16,663
Intra-group revenue 0 2 0 0 4 0 6 9 -14 1
Segment revenue 7,365 4,385 1,798 905 880 1,335 16,669 9 -14 16,664
Cost of sales, incl. write-down of inventories, net -5,669 -2,907 -1,050 -496 -487 -681 -11,289 0 4 -11,285
Staff costs -438 -776 -376 -219 -129 -256 -2,193 -30 0 -2,223
Other costs -689 -363 -134 -141 -162 -255 -1,744 -20 10 -1,754
Total operating expenses -6,796 -4,046 -1,560 -855 -778 -1,192 -15,226 -50 14 -15,262
EBITDA 569 347 239 51 106 148 1,460 -41 0 1,419
Depreciation, amortisation and impairment losses 210 140 63 38 71 60 583 1 0 583
EBIT 359 207 175 13 35 88 877 -41 0 836
Share of profit in associates and JVs 24 0 0 0 0 0 24 0 0 24
Tax on profit for the period -87 -53 -37 1 -5 -16 -198 -13 0 -210
Profit for the period 214 100 130 -9 18 36 489 32 0 521
Segment assets 11,647 7,590 2,864 2,086 2,052 2,742 28,981 15,566 -13,819 30,728
Of which goodwill 1,500 363 300 217 99 118 2,596 0 0 2,596
Equity investments in associates and JVs 649 0 10 0 0 0 659 0 0 659
Segment liabilities 8,432 5,028 1,632 1,374 931 1,859 19,255 2,728 -6,055 15,928
Working capital 1,589 2,246 1,026 613 451 630 6,554 -25 0 6,530
Net interest-bearing debt 2,953 1,635 769 655 489 1,329 7,830 -5,567 0 2,262
Cash flow from operating activities -100 266 93 78 5 58 400 33 3 436
Capital expenditure 172 67 23 3 20 30 314 0 0 314
Acquisitions (divestments) 0 0 20 0 0 0 20 0 0 20
Average no. of employees 1,772 7,459 1,595 2,040 590 1,166 14,621 21 0 14,642
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 Q2 2026 34
1
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 7,372 4,436 1,626 990 870 1,159 16,452 0 0 16,452
Intra-group revenue 0 1 0 0 3 0 5 9 -12 1
Segment revenue 7,372 4,437 1,626 990 873 1,159 16,457 9 -12 16,454
Cost of sales, incl. write-down of inventories, net -5,852 -2,987 -949 -523 -488 -606 -11,405 0 3 -11,402
Staff costs -388 -809 -353 -264 -126 -236 -2,177 -27 0 -2,204
Other costs -594 -346 -134 -152 -164 -218 -1,608 -18 9 -1,617
Total operating expenses -6,834 -4,143 -1,437 -939 -779 -1,060 -15,190 -45 12 -15,223
EBITDA 555 298 204 52 98 100 1,307 -36 0 1,271
Depreciation, amortisation and impairment losses 181 152 68 38 61 55 555 1 0 556
EBIT 374 147 136 14 36 45 753 -37 0 715
Share of profit in associates and JVs 25 0 0 0 0 0 25 0 0 25
Tax on profit for the period -87 -25 -19 2 -5 -9 -143 -13 0 -156
Profit for the period 248 7 67 3 18 -22 320 46 0 365
Segment assets 11,228 7,254 2,768 2,696 1,906 2,575 28,425 15,957 -16,724 27,658
Of which goodwill 1,514 358 300 516 99 118 2,904 0 0 2,904
Equity investments in associates and JVs 562 0 11 0 0 0 573 0 0 573
Segment liabilities 8,040 4,887 1,691 1,572 890 1,762 18,842 6,280 -9,062 16,060
Working capital 1,693 2,422 914 829 334 544 6,737 -30 0 6,707
Net interest-bearing debt 2,335 2,171 901 813 513 1,286 8,018 -2,583 0 5,435
Cash flow from operating activities 211 342 107 -82 76 55 709 44 8 762
Capital expenditure 155 41 -22 12 16 53 254 0 0 255
Acquisitions (divestments) 64 0 0 0 0 0 64 -93 0 -29
Average no. of employees 1,651 7,550 1,533 2,249 603 1,136 14,723 21 0 14,744
Amounts in DKK million
Interim report for Q2 2026 35
1
Segment reporting (continued)
Revenue by country
YTD
2026
YTD
2025
Norway 2,403 2,549
Denmark 1,168 1,109
Sweden 923 873
Germany 847 820
Other Europe 5,389 5,389
Chile 1,295 1,514
Ecuador 1,212 1,089
USA 984 912
Other Americas 289 266
Asia 1,403 1,359
Oceania 619 455
Africa 135 119
Total 16,664 16,454
15%
7%
5%
5%
33%
9%
7%
6%
8%
2%
3%
1%
14%
7%
6%
5%
32%
8%
7%
6%
8%
2%
4%
1%
20252026
Amounts in DKK million
Interim report for Q2 2026 36
2
Operating expenses
Q2
2026
Q2
2025
YTD
2026
YTD
2025
Cost of sales, including write-down of inventories, net -6,101 -5,904 -11,285 -11,402
Staff costs -1,131 -1,114 -2,223 -2,204
Repairs and maintenance -92 -85 -179 -175
Energy costs -139 -134 -276 -269
Freight costs -225 -197 -415 -375
Other costs -455 -407 -884 -798
Total operating expenses -8,143 -7,841 -15,262 -15,223
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) -25,000 -226,216 -251,216
Lapsed (from 2023 grant) 0 -471 -471
Total outstanding options at 30 June 2026 75,000 223,500 298,500
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 8,667 4,547 13,214
Granted in 2026 8,712 4,999 13,711
Total Performance Share Unit programme at 30 June 2026 17,379 9,546 26,925
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.
3
Receivables - current
30/6
2026
30/6
2025
Trade receivables, net 6,725 6,603
Loan to customers 41 28
Other current receivables 583 470
Prepaid expenses 262 217
Total current receivables 7,611 7,318
30/6 2026 Not fallen due
Due between (days)
1-30 31-90 >90 Total
Trade receivables 5,903 505 196 238 6,842
Provision on trade receivables -35 -5 -11 -66 -117
Trade receivables, net 5,868 499 185 172 6,725
Proportion of total receivables expected to be settled 98.3%
Proportion of total receivables provisioned for 0.6% 1.1% 5.7% 27.7% 1.7%
30/6 2025 Not fallen due
Due between (days)
1-30 31-90 >90 Total
Trade receivables 5,794 477 205 249 6,725
Provision on trade receivables -26 -6 -13 -78 -123
Trade receivables, net 5,767 471 193 171 6,603
Proportion of total receivables expected to be settled 98.2%
Proportion of total receivables provisioned for 0.5% 1.2% 6.2% 31.3% 1.8%
Provisions on trade receivables
30/6
2026
30/6
2025
Provisions, beginning of period -126 -151
Foreign exchange adjustments -4 4
Addition/disposal on company acquisition/divestment 0 -11
Provisions for the period -8 1
Realised loss 20 34
Provisions, end of period -117 -123
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 30 June 2026, the Group has debtor factoring of DKK 1,479 million
(2025: DKK 1,336 million).
Amounts in DKK million
Interim report for Q2 2026 37
4
Acquisitions
YTD
2026
YTD
2025
Customer relations 21 0
Property, plant and equipment 1 156
Financial assets 0 2
Inventories 8 37
Receivables 3 46
Cash and cash equivalents 4 15
Credit institutions -1 -39
Trade payables -4 -41
Other payables -2 -21
Deferred tax -5 0
Tax payables 0 -1
Net assets acquired 25 154
Fair value of previous equity share 0 -43
Goodwill 0 0
Acquisition cost 25 111
Of which cash and cash equivalents -4 -15
Debt conversion 0 -28
Total cash acquisition costs 21 68
On 1 April 2026 HydraSpecma acquired Hyco AS. The company provides an attractive entry point to strengthen HydraSpecma's direct posi-
tion in the Norwegian market. The total consideration for the acquisition was DKK 25 million, consisting of an upfront payment and an earnout
maturing after 3 years. In connection to the acquisition, a purchase price allocation was prepared. This resulted in fair value adjustments of
DKK 17 million, mainly relating to intangible assets. Had the acquisition of Hyco AS been made effective from 1 January 2026, revenue would
have been DKK 7 million higher, with next to no impact on the result.
In H1 2025, BioMar acquired the remaining 50% of the shares in BioMar Aquacorporation Products S.A. in Costa Rica, and the remaining
66% of the shares in LetSea AS.
3
Receivables (current) (continued)
Trade receivables by portfolio business
50%
4%
25%
12%
4%
5%
2025
54%
4%
22%
11%
5%
4%
2024
Fibertex Nonwovens
Fibertex Personal Care
Borg Automotive
HydraSpecma
GPV
BioMar
48%
24%
11%
7%
5%
4%
46%
25%
13%
5%
5%
6%
20252026
Amounts in DKK million
Interim report for Q2 2026 38
5
Capital resources
It is group policy to maximise financing flexibility by diversifying borrowing in respect of maturity and counterparties.
The Group’s capital resources include cash and available credit facilities. The objective is to maintain sufficient capital to support company
acquisitions, ensure smooth business operations and respond effectively to unexpected circumstances.
Loans and
lines
Of which
utilised Unutilised Commitment Avg. term to maturity
Revolving credit facility 6,500 -1,865 4,635 Committed 2 yrs 11 mths
Schuldschein 321 -321 0 Committed 2 yrs 4 mths
Mortgages 239 -239 0 Committed 16 yrs 4 mths
Nordic Bond 1,161 -1,161 0 Committed 3 yrs
Other credit facilities 1,730 -1,567 163 Uncommitted
Leases 881 -881 0 Committed 3 yrs
Bonds and short term deposits 2,004
Cash and cash equivalents 1,542
Facility before deduction of guarantee commitments 10,832 -6,034 8,344
Guarantee commitments deducted from the facility -76
Capital resources at 30 June 2026 8,268
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 3,000 million. This facility was renewed
in May 2026 and is set to mature in May 2029, with an option to extend until May 2030 and May 2031 at Schouw & Co.'s discretion. As at 30
June, the utilization was DKK 114 million.
At the time of the IPO of BioMar, BioMar established its own syndicated facility of DKK 3,500 million. This facility is set to mature in May
2029, with an option to extend until May 2030 and May 2031 at BioMars discretion. As at 30 June, the utilization was DKK 1,751 million.
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).
Fixed-rate Schuldschein tranches remain outstanding, amounting to EUR 43 million (DKK 321 million), with maturities in 2026 (EUR 5
million), 2028 (EUR 32 million), and 2030 (EUR 5 million).
Schouw & Co. is BBB rated by Scope.
6
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 472,939 4,729,390 284 1.89%
30 June 2025 2,100,793 21,007,930 1,156 8.40%
Purchase of treasury shares 142,000 1,420,000 86 0.57%
31 December 2025 2,242,793 22,427,930 1,241 8.97%
Share option programme -205,187 -2,051,870 -102 -0.82%
Purchase of treasury shares 365,470 3,654,700 242 1.46%
30 June 2026 2,403,076 24,030,760 1,382 9.61%
The Group’s holding of treasury shares had a market value of DKK 1,399 million at 30 June 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 117 million in connection with the Group’s share
option programme. In connection with the options being exercised, 200,187 shares were bought back for a consideration of DKK 133 million.
In addition, the Group purchased 165,283 treasury shares under its share buy-back programme.
7
Earnings per share
Q2
2026
Q2
2025
YTD
2026
YTD
2025
Share of the profit for the year attributable to shareholders of Schouw&Co. 321 234 486 347
Average number of shares 25,000,000 25,000,000 25,000,000 25,000,000
Average number of treasury shares -2,369,483 -2,062,519 -2,337,030 -2,036,493
Average number of outstanding shares 22,630,517 22,937,481 22,662,970 22,963,507
Average dilutive effect of outstanding share options 69,864 27,138 73,523 22,867
Diluted average number of outstanding shares 22,700,381 22,964,619 22,736,493 22,986,374
Earnings per share (DKK) 14.19 10.18 21.44 15.12
Diluted earnings per share (DKK) 14.15 10.17 21.37 15.10
Amounts in DKK million
Interim report for Q2 2026 39
8
Trade payables and other payables
Supply chain finance debt of DKK 1,333 million is recognised in the balance sheet under trade payables (30 June 2025: DKK 964 million).
Supply chain finance is currently only used in BioMar.
9
Fair value of categories of financial assets and liabilities
30/6
2026
30/6
2025
31/12
2025
Financial assets:
Other securities and investments (1) 2,004 0 0
Derivative financial instruments (2) 58 60 16
Other securities and investments (3) 3 4 5
Financial liabilities
Derivative financial instruments (2) 11 65 20
Liabilities regarding put options (3) 550 903 572
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 second quarter, the fair value is DKK 3 million. The change in the first half of 2026 is caused by exchange rates.
During the second quarter of 2026, part of the proceeds received from the divestment of BioMar shares was temporarily invested in highly
rated bonds and short-term deposits amounting to DKK 2,004 million at 30 June 2026 (level 1).
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 22 million were
recognised during the first half of the year. At the end of the quarter, the liability amounted to DKK 550 million.
10
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 men-
tioned 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 12 3
At 30 June, the Group had a receivable of 14 1
At 30 June, the Group had debt in the amount of 1 1
Associates:
During the reporting period, the Group sold goods in the amount of 170 213
During the reporting period, the Group bought goods in the amount of 22 48
At 30 June, the Group had a receivable of 147 113
At 30 June, the Group had debt in the amount of 2 14
During the reporting period, the Group received proceeds from a capital reduction in the amount of 0 4
During 2026, 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. (9.61%).
11
Accounting policies, judgements 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.
T +45 86 11 22 22
www.schouw.dk
schouw@schouw.dk
Comp. reg. no. 63965812