Interim report - second quarter of 2025

15 Aug 2025 08:03 CEST

Friday, Schouw & Co. released its interim report for the second quarter of
2025; Schouw & Co. delivered an overall Q2 2025 performance in line with
expectations where the portfolio companies have taken strong measures to
mitigate global market changes.

Highlights

* DKK 8.5bn revenue - a 2% decrease
* DKK 706m EBITDA - a 4% decrease
* DKK 542m cash flow from operations - a 61% improvement
* DKK 10.18 earnings per share - a 3% decrease
* 12.5% ROIC excluding goodwill - a 1.3 pp decrease
* Full-year revenue and EBITDA guidance narrowed within previous range.

Statement by Jens Bjerg Sørensen, President of Schouw & Co.

- Schouw & Co. experienced a challenging yet stable second quarter of 2025, with
consolidated revenue and EBITDA slightly down on the second quarter of 2024. The
diversified portfolio provided stability amid global economic changes,
particularly in Chinese export markets. Despite the global challenges, we
generated a solid operational cash flow of DKK 542 million.

Especially BioMar, GPV and HydraSpecma showed continued solid resilience, while
Borg Automotive faced difficult market conditions. We maintain a positive
outlook, narrowing our full-year 2025 guidance within the previously announced
range.

We have previously announced that we are investigating whether a potential
separate listing of BioMar would create value for the shareholders of Schouw &
Co. The preparatory work continued as expected during the past quarter, and a
banking syndicate has been established. If found to be value-creating, the
listing of BioMar on the Copenhagen stock exchange can take place in the first
half of 2026.

Video conference call (in English) in relation to the interim report

* Friday, 15 August 2025 at 12:00 CEST

Please attend via this link: www.schouw.com/cc

Aktieselskabet Schouw & Co.

Jørgen Dencker Wisborg, Chairman
Jens Bjerg Sørensen, President, tel. +45 8611 2222

More information:
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652969_SchouwCo 2025Q2 ENG.pdf