Interim report – second quarter of 2025

Core Viewpoint - Schouw & Co. reported a stable yet challenging second quarter of 2025, with performance in line with expectations despite global market changes [3][4]. Financial Performance - Consolidated revenue for Q2 2025 was DKK 8.5 billion, reflecting a 2% decrease compared to Q2 2024 [7]. - EBITDA for the same period was DKK 706 million, down 4% year-over-year [7]. - Operational cash flow improved significantly to DKK 542 million, marking a 61% increase [7]. - Earnings per share decreased by 3% to DKK 10.18 [7]. - Return on invested capital (ROIC) excluding goodwill was 12.5%, a decrease of 1.3 percentage points [7]. Portfolio Performance - BioMar, GPV, and HydraSpecma demonstrated strong resilience, while Borg Automotive faced challenging market conditions [4]. - The diversified portfolio helped maintain stability amid global economic fluctuations, particularly in the Chinese export markets [3]. Future Outlook - The company has narrowed its full-year 2025 revenue and EBITDA guidance within the previously announced range [4]. - Schouw & Co. is exploring a potential separate listing of BioMar, with preparatory work ongoing and a banking syndicate established for this purpose [5]. If deemed value-creating, the listing could occur in the first half of 2026 [5].