Schouw & Co. Annual Report 2025

Core Insights - Schouw & Co. achieved strong results in 2025 despite a challenging global environment, driven by disciplined execution, active ownership, and a diversified industrial portfolio [1] - The company is preparing for a potential IPO of BioMar, aimed at creating value for shareholders, with progress made in the evaluation process [4][5] Financial Performance - Revenue for 2025 was DKK 34.1 billion, with a 10-year compounded annual growth rate of 10.5% [8] - EBITDA for 2025 reached DKK 2.9 billion, reflecting a 10-year compounded annual growth rate of 9.0% [8] - Cash flow from operating activities was DKK 2.9 billion, significantly higher than investments [8] - The company plans to raise the dividend for the 2025 financial year to DKK 17 per share [8] Outlook for 2026 - Schouw & Co. expects full-year consolidated revenue to be in the range of DKK 33.0-35.5 billion and EBITDA between DKK 2,900-3,200 million [8] - BioMar anticipates maintaining strong momentum with full-year revenue expected to match 2025 levels, although market conditions may impact this [6] - GPV is expected to maintain revenue at 2025 levels despite soft demand, with year-on-year EBITDA growth anticipated [7] - HydraSpecma is projected to maintain high activity levels based on a strong order book, with year-on-year EBITDA growth expected [9] - Borg Automotive expects to maintain revenue at 2025 levels with gradual earnings recovery [9] - Fibertex Personal Care anticipates revenue somewhat below 2025 levels, with soft EBITDA expected due to unfavorable raw material price developments [10] - Fibertex Nonwovens expects revenue growth in 2026 supported by increased production capacity [11]