positive outlook in all our companies. Revenue is now expected to be 34.8 to 37.1 billion, EBITDA raised in a spread of 3.15 to 3.35 billion.

Looking into each of our portfolio companies, we, I'll start with BioMar. BioMar came out as I said with their Q2 report two days ago, of course a lot of information has been given there.

Let me just elaborate a little bit on on BioMar anyhow. They had a record high Q2 feed volumes, total volumes increased 3% to 395,000 tons mainly growing in Ecuador and Australia.

Their revenue increased 5% to 4.2 billion in the quarter based on higher volumes and also effect from raw material prices seeing a very solid development in the feed for shrimps as I alluded to early on, also in Ecuador. EBITDA increased 2% to 357 million.

The feed segments delivered however 9% EBITDA grow- growth. Profitability was hampered by IPO costs and also a transition of our tech solutions into a new business model in the market.

We still see strong, very strong underlying momentum. We have secured new contracts in Norway.

There's a strong and continued focus on formulation optimization and use of alternative raw materials to offset effects from El Niño. There's also positive expectations for volumes in second half and that means also that BioMar already two days ago raised their guidance now expecting revenue between 17 to 18 billion and then EBITDA in the spread of 1.62 to 1.72 also increased by 100 million.

From that on moving on to GPV, our second largest company in our portfolio. They have seen increased demand and also profitability, revenue stable at 2.2 billion.

However, activity level developed an uplift 5% compared to Q1 2026, EBITDA increased 20% to 187 million. Here we also experience continuous productivity improvements.

We see really positive impact now from all the footprint optimizations that GPV had has been doing over the years. EBITDA margin increased to 8.3% trailing towards our 10% target, a good momentum.

There's also a very strong visibility on future activities. We have a very high order intake and a strong book-to-bill.

In fact got very big orders from new customers coming in. Our commercial pipeline is really supported by these new cu- customers, but also by higher activities from existing customers in GPV portfolio.

There's still a concern on the supply chain, especially on selected components as memory memory chips and semiconductors. Difficult supply situation on that.

GPV has many years experience in handling such a situation, but we could expect that our inventory may increase slightly to secure customer deliveries. Also GPV make a small uplift on their guidance, revenue narrowed 8.6 to 9 billion expected now and EBITDA span also narrowed.

We are lifting the bottom of the previous guidance, expecting now EBITDA of 710 to 750 million. From GPV moving on to HydraSpecma where we really see a strong growth across across all key divisions.

HydraSpecma really continues the very solid development they have been delivering over the year last years. Revenue increased 12% to 925 million and especially this increase is coming from the renewables and global OEM segments.

EBITDA however increased 30% to 125 million really reflecting strong operational leverage from higher activity, but also effect from ongoing supply chain optimizations and automa- automation throughout the company. We see also continued production footprint improvements here.

We have moved products around the different factories within the group. HydraSpecma continues to invest for further growth.

They just opened a new facility in China in Tianjin. 20,000 square meter new factory we really expect to benefit a lot from in future.

Also made a small acquisition in Norway to strengthen the position, company called [Heico?] .

Small company, but still just also underlying that underlining that we are looking a lot to expand our Nordic base. There's a very strong commercial momentum in in Hydra.

We see a very solid order intake in renewables and and global OEM also here. We experience growth opportunities within new segments.

We are in marine, but defense and construction of data centers really knocking on the door and and try and and want to to do business together with HydraSpecma. Guidance also here raised.

Revenue now expected to be between 3.4 to 3.6 billion and EBITDA in the span or the level of 430 to 460 million. Then moving on to Borg Automotive.

Borg has over the last year had a difficult period, but now we see profitability improvements even in a soft market. However, revenue decreased as expected 5% to 461 million and it was mainly within the reman segment that demand remained soft and the competition continued to be both intense and fierce.

However, EBITDA increased to 38 million for the quarter and here we really now see strong benefits from what we call Refined for Future program and and and it's a it's a strong action plan or game plan that that Borg initiated a year ago. We have seen very solid execution on very difficult projects, productivity improvements, and cost optimizations throughout Borg is really materializing now.

What we the other segment we name new man segment as a new products imported into to Europe now coming out with a positive EBITDA, very positive. We have done a lot on pricing and and and cost initiatives that support that turnaround.

The transformation within Borg is progressing and and as I mentioned earlier, we are really seeing very solid execution throughout the the company and the organization. Production has been relocated.

It's completed. We closed down the entire UK facility.

We have implemented a new commercial organization and a new go-to-market strategy. Working capital reduced by 26%, which is very positive.

Guidance also here upgraded. However, revenue maintained in the spread of 1.6 to 1.9 billion, but EBITDA now raised to be between 90 and 110 million.

Moving on to Fibertex Personal Care. Really see a company with resilient performance in very volatile markets.

Personal care, Fibertex Personal Care really depend on one raw material, polypropylene, oil-based. A lot of that supplied out of the Middle East, so that has been a tough period, but they have been able to to pass on raw material prices through the sales price.

EBITDA in this difficult period increased 23% to 59 million. Here we saw strong performance in our Malaysian setup and also continued positive momentum in our Print division.

I think it's also positive that Fibertex Personal Care improved their ability to manage volatility. They have implemented a faster and more frequent customer price adjustment model.

They have a very strong focus on PP or polypropylene sourcing and availability looking into new alternatives and as usual always contin- a focus on margin protection. Their commercial development continues trying to offset challenging cap- overcapacity and market conditions in Asia by being innovative now introduced a new elasticated product line which shows good good interest in the market.

Guidance also raised here. Revenue now 1.7 to 1.9 billion and EBITDA expected to be 160 to 180 million.

Then moving on to the last company, not the least, but the last company in our portfolio, Fibertex Nonwovens. Here we saw a very positive solid momentum with growth and profitability uplift.

Finally, we're really harvesting on on all the investments we have been we have made over the years. Revenue here increased 20% to 700 million.

Sales volume increased 12% in difficult market conditions. EBITDA increased 47% to 84 million and here we really saw continued improvement in the US business, which have been struggling over some years, but now really starts to deliver as expected.

We saw positive contribution across all major sites and segment segments. There's also a very broad-based commercial momentum within Fibertex Nonwovens.

We see good growth in the US wipes and hygiene segment. We are recovering in Europe on the automotive and construction segments and we experience strong demand for our lightweight and specialized products and here we really see that [FEIN?]

has a benefit in the market because we are solid and strong in producing these specialized products. We also looking into capacity supporting future growth.

We have had a new line in the Czech Republic on underway for quite a long time and it's now finalizing the installation. Startup expected ultimo this year.

Guidance also with Fibertex Nonwovens raised. Revenue in the spread of 2.5 to 2.7 billion for the year and EBITDA now expected to be between 230 and 260 million.

Just concluding on Schouw & Co. companies' outlook for 2026.

As mentioned, overall guidance for the group, revenue raised to 34.8 to 37.1, EBITDA now expected to be 3.15 to 3.35 is development and expectations that we are very positive on. Guidance uplift supported by very strong market positions, also a solid order book in nearly all companies, and continued operational efficiency across all portfolio companies expected.

We will also, as I mentioned, we have acquired a new company, [Specta?] .

It's expected to be closed in ultimo Q3, start Q4. [Specta?]

is expected to add 3 to 400 million of revenue in 2026, but no material EBITDA contribution after acquisition related effects. With that uplift in mind, then I will open up for questions.

Wei from SEB.

Wei from SEB, welcome.

Thank you for taking my question. A couple of questions from my side and I do one at a time.

Firstly, on the GPV, can you break down this strong momentum here and how much of it driven by volume and how much is driven by the pricing?

Thank you very much. Not so much is driven by volume.

Said that we were 5% up compared to Q1, but in general a little bit flat, but pricing of course a little bit, but mainly I would say 80% driven by efficiency, by our footprint decisions made. It is really an uplift on operational efficiency and better utilization of capacity and factories and so, as also where we have been investing over the years and we really see strong benefit from that now.

Okay. Then the large order you mentioned from a customer, in which sector it is, if you can indicate?

I can indicate it's for the data center segment and we have really been working hard on getting our feet into that segment and something we really have focused strong focus on throughout the entire group. That was the first really strong order we got there and we expect to see more from that side, yeah.

Okay. That's, that sounds great.

Then the second question here on the [Specta?] acquisition, you only own bought a part of it, a large part of it.

Why not 100% take over?

Super good question. Because the owners, the previous owners, they have a strong belief in the development and of the company and they would like to stay in for some years more to take part in that and that's why we got the opportunity to buy 75% and then we did it because of course we had an opportunity to buy them out after some years, but I think it's very positive that they stay in because they believe strongly in the business case and the model.

That's why.

Is it possible to indicate what is current trading? We have seen a lot of market volatility and consumer sentiment change amid the current macroeconomics.

I think to be fair, we have not closed the business yet, we will come back on that a little bit later. I can say that, as you also saw when we have made the announcement, we expect a 1 billion turnover and an EBITDA between 15% to 17% and I still think good momentum in that business because they are supplying high-branded global companies that have good momentum.

We'll come back on that a little bit later, Wei.

Okay. It is also up against some of the giants international peers and if you look into this market, the end market, you have seen the Chinese very large sporty companies, they are buying Western brands and is it sort of, this kind of industry consolidation, and is it opportunity or threat?

How do you view it?

I really see it as an opportunity and you have to see also and remember that we are a supplier. We don't design or have own brands or so and we are really working with the largest branded companies globally and I really see that as an opportunity because we are super efficient and one of the best companies in really making very advanced, high-level outdoor garments.

I see it as a good opportunity to benefit on that, yeah.

Okay. Then next question here, one comes to the capital allocation.

Now you have received a large amount of cash and you bought a part of this [Specta?] and then also slightly increased share buyback.

Going forward, how do you balance the capital allocation? Is it more opportunistic M&As or should we expect an increased shareholder payouts?

How do you balance this two?

I think it will be a combination to be honest and we are looking into interesting opportunities also, especially on the bolt-on side. I think we really like to grow all our portfolio companies as we're always saying bigger and stronger companies within Schouw.

We are looking to a lot of interesting bold acquisition, but you know also timing and things like that. Then we're also very prudent on pricing and things like that.

You will see a combination and we have to work diligently on how to allocate our capital.

Okay. Then I ask last question, I jump back to the queue.

When looking to Fibertex Personal Care, you have sort of an a margin improvement here, but the operating cash flow was quite negative here. Can you elaborate a bit?

We don't have any huge investments coming, we expect a cash flow to be strong as it always has been as throughout 2026, I think that we don't see any changes in that.

If I understand correctly, it was driven by increased working capital. What is the explanation?

The working

it could be on a quarterly as we don't have inventories and things for very long time in Fibertex Personal Care, maybe only 20, 30 days. I'm not I can't say 100% what has been driving it, but we are not building inventory, we're not investing, we will continue to deliver strong cash flow.

I think it's a timing issue you are seeing there.

Thanks. I'll jump into the queue.

Thanks. Thank you for the questions, Wei.

We don't have any more questions on the line, Wei, if you have more if you have a question more, you're welcome. Otherwise, we yeah.

I'm good, thanks.

No, thank you very much for the questions. Thank you for the interest.

Wish everyone a good Friday. Thank you for listening in.