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].