BioMar preliminary financial outlook for 2026 and mid-term targets

01 Dec 2025 09:17 CET

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. Schouw & Co. is assisted by a
syndicate comprising four financial institutions: DNB Carnegie and Morgan
Stanley as Lead Joint Global Coordinators, and Danske Bank and Nordea as Joint
Global Coordinators. FIH Partners acts as independent IPO advisor to Schouw &
Co. and BioMar.

As part of the preparation towards a potential separate listing of BioMar on
Nasdaq Copenhagen, which could take place in the first half of 2026, the Board
of Directors of Schouw & Co. has evaluated BioMar's short-term and mid-term
outlook and has decided to disclose selected preliminary information.

+-------+---------------------------+------------------------------------------+
|Metric |Outlook 2026 |Comments |
+-------+---------------------------+------------------------------------------+
|Volume |1,600-1,670 thousand tonnes|Volumes expected to grow 2-7% in 2026 |
| | |compared to 2025 |
+-------+---------------------------+------------------------------------------+
|Revenue|DKK 16,000-17,000 million |Based on foreign exchange rates and raw |
| | |material prices at current levels |
+-------+---------------------------+------------------------------------------+
|EBIT |DKK 1,100-1,200 million |Depreciation and amortisation in the level|
| | |of DKK 400 million |
+-------+---------------------------+------------------------------------------+
| | |Above historical levels. Depends on timing|
|Capex |DKK 300-500 million |of a potential expansion in Ecuador of c. |
| | |DKK 250 million |
+-------+---------------------------+------------------------------------------+


'Towards 2030, BioMar aims to achieve a volume growth of an average of 4-6% per
annum while EBIT is targeted to grow at an average rate of 8-10% per annum. ROIC
incl. goodwill is targeted to be above 20%.

As a potentially independently listed company, BioMar targets a capital
structure in the range of 1.0-2.0 times net interest-bearing debt to EBITDA and
a dividend policy aiming for a payout of at least 50% of annual net profit.

All the above-mentioned figures are preliminary and subject to change. Schouw &
Co. releases its annual report for 2025 on 5 March 2026, in which the outlook
for Schouw & Co. and the remaining portfolio companies will be disclosed.

Aktieselskabet Schouw & Co.

Jørgen Dencker Wisborg, Chairman
Jens Bjerg Sørensen, President, tel. +45 8611 22 22

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660947_2025-12-01 FBM25-55 BioMar guidance ENG.pdf