13 February 2026: Reference is made to the announcement made by Aktieselskabet Schouw & Co. (the "Issuer") on 6 February 2026 regarding the summons for a Written Resolution (the "Summons") pursuant to the bond terms dated 14 June 2024 (as amended) (the "Bond Terms") for the Issuer's FRN senior unsecured bond issue maturing in 2029 (ISIN NO0013260349) (the "Bonds"). The Proposal (as defined in the Summons) to accept the release of BioMar as an Original Guarantor and Material Subsidiary under the Bond Terms, ...

Core Insights - Schouw & Co. anticipates revenue in 2025 to reach approximately DKK 34.1 billion, slightly above the previous expectation of DKK 33.7-34.7 billion, with EBITDA projected at DKK 2,875 million, compared to the earlier range of DKK 2,850-3,020 million [1] Group Performance - BioMar, the largest business segment, is expected to generate revenue of DKK 16.5 billion in 2025, exceeding the prior forecast of DKK 16.3-16.7 billion, with an EBITDA of DKK 1,517 million, also above the expected range of DKK 1,490-1,530 million [2] - Other businesses, including GPV, HydraSpecma, Fibertex Personal Care, and Fibertex Nonwovens, reported revenue and EBITDA within or slightly above their guidance ranges, while Borg Automotive faced challenges, resulting in an EBITDA close to zero and a DKK 300 million impairment of goodwill [2] Future Outlook - Schouw & Co. expects to maintain a high level of activity in 2026, with all businesses projected to deliver EBITDA at least at the same level as in 2025, except for Fibertex Personal Care, which benefited from favorable raw material prices in 2025 [3] - The consolidated revenue for 2026 is anticipated to be in the range of DKK 33.0-35.5 billion, with EBITDA expected between DKK 2,900-3,200 million, subject to fluctuations in raw material prices and exchange rates [4] BioMar Listing Consideration - The ongoing evaluation for a potential separate stock exchange listing of BioMar has led to the disclosure of additional details in a company presentation, and the Board has waived the usual 30-day silent period for BioMar prior to the annual report publication [5]

BioMar preliminary financial outlook for 2026 and mid-term targets On 12 November 2024, the Board of Directors of Schouw & Co. announced the initiation of an evaluation regarding a potential separate listing of BioMar. The objective of this assessment is to determine whether such a listing would generate added value for Schouw & Co. and its shareholders, while simultaneously ensuring that BioMar is well positioned to pursue opportunities for continued growth. The evaluation is progressing as expected. Scho ...

Core Viewpoint - Schouw & Co. demonstrated a strong performance in Q3 2025 despite market uncertainties, with diversified operations mitigating challenges in specific markets [3][4]. Financial Performance - Revenue for Q3 2025 was DKK 9.2 billion, reflecting a 4% decrease compared to the previous period [7]. - EBITDA improved by 5% to DKK 878 million [7]. - Cash flow from operations decreased by 23% to DKK 894 million [7]. - Earnings per share increased by 6% to DKK 15.53 [7]. - Return on invested capital (ROIC) excluding goodwill was 12.8%, a decrease of 0.4 percentage points [7]. - Full-year revenue and EBITDA guidance has been narrowed towards the lower end of previous ranges [7]. Strategic Initiatives - The company is optimizing its global footprint and restructuring, incurring costs of nearly DKK 100 million in 2025 to strengthen its competitive position [4]. - Schouw & Co. is exploring a potential separate listing of BioMar, which is expected to enhance shareholder value and improve the company's balance sheet [5]. - Continued investments in portfolio businesses are anticipated, along with the potential for new platform investments [5].

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].