Thank you very much for the introduction and also from my side, very much welcome to our Q3 report call. Alongside myself in the room here is sitting CFO Thomas Hansen and CIO Casper Oggels to help me if any questions coming up.

Now you have to flip to page 2. Overall, we delivered a strong quarter, all-time high, and very satisfying.

Our revenue increased 16% to 10.6 billion, and EBITDA increased 37% to almost 1.2 billion, with a margin of 11.3%. In general, we saw broad-based improvements across all our portfolio.

We saw a very— it's very positive to see also that our profit before tax increased 69% to 881 million. We also saw a very satisfying development in our financial key figures.

Our operating cash flow was up 8% to 966 million. Our net interest-bearing debt was reduced 46% to 2.6 billion, of course also a huge effect from the proceeds from our IPO of BioMar.

Our leverage is now down to 0.8 times EBITDA. Our return on invested capital excl.

goodwill improved to 15.9%, and by that exceeded our old target of 15%. Also, something was going on in our portfolio.

Spekter consolidated from September as the seventh portfolio company in in our portfolio. I will come back to Spekter a little bit later.

In general, we see high activity, and we have a very solid backlog that supports an increase in our full-year guidance. Now I'm turning to slide 3, and going on to BioMar.

BioMar experienced record-high volumes and exceptionally good earnings. Their feed volumes increased 5% to 488,000 tonnes.

In fact, they experienced growth across all three feed segments. Revenue increased 19% to 5.8 billion.

Some of that was also based on very high raw material prices. BioMar's EBITDA increased 44% to 736 million.

This was mainly driven by improved margins and BioMar's strong ability to utilize diversified raw material base. BioMar saw very strong earnings in the salmon and selected species segments.

Their shrimp segment had very good volume development, but earnings were impacted by high raw material, energy costs, especially in in Ecuador, and also toll milling. The segment was also hit by a bad debt and ramped-up costs in Costa Rica and in Vietnam of around 20 million.

Going into looking into the shrimp segment, we see a stabilized profitability. In general, a very strong and underlying development in BioMar, good development in the JVs and associates companies.

Working capital was reduced despite higher activity, and BioMar's return on invested capital excl. goodwill increased to 34.3%, which we think is rather impressive.

BioMar raised their guidance based on strong year-to-date development. Revenue now expected to be 17.8 to 18.6 billion, and EBITDA increased to be in the range of 1.72 to 1.79 billion.

I'm now turning on to GPV, page 4. GPV had very strong order momentum that drives earning growth.

Revenue increased 9% to 2.3 billion. GPV continued their high level of order intake.

In fact, they are seeing a book-to-bill now of 1.92, which is very satisfying and impressive. EBITDA increased 26% to 217 million.

GPV's EBITDA margin increased from 8% to 9.3%, tracking well towards the target of 10%. GPV had continued productivity improvements across the company, and also experienced benefits from a lot of structural efficiency initiatives and footprint decisions made.

GPV is preparing for further growth. They are expanding their capacity in both Thailand and Mexico.

The commercial pipeline remains very strong, and we now see orders coming from the very interesting data center segment. However, GPV is also experience constraints from supply of components, of selected components, but have a very good structure to manage that.

GPV's guidance is raised. Revenue now expected to be 8.8 to 9.2 billion, and EBITDA increased to 740 to 770 million.

Turning to page 5, HydraSpecma continued growth and very strong commercial momentum. Their revenue increased 12% to 838 million, and also here we saw growth across their three divisions.

Renewables and Global OEM continued really to perform very strong. EBITDA increased 11% to 108 million.

Here HydraSpecma had benefits from very solid supply chain optimization, also from their continued production footprint improvements, and return on invested capital excl. goodwill increased to 19.5% for HydraSpecma.

The company is investing for further growth. We just took our new 22,000 square meter China facility in operation, and it's now full operational.

HydraSpecma expanding their capabilities within cooling and fluid conveyance for the data center segment. Also HydraSpecma, they are having a very strong order intake and a solid order book, meaning also guidance revenue expectations maintained, 3 to 4, 3.4 to 3.6 billion, but EBITDA expectations increased to 444 to 465 million.

Then turning to page number 6, on Borg Automotive. Borg Automotive's profitability is improving despite very difficult markets.

Revenue flat, 480 million. Also part of that is a deliberate phase-out of unprofitable revenue, really scrutinizing the company for that.

EBITDA increased to 27 million. Especially we saw improved profitability in the new-man segment.

The transformation plan, Refined for Future, is now really delivering the productivity improvement and cost optimization as expected. Working capital reduced 30%, and thereby also net interest-bearing debt reduced, which is very positive.

Borg Automotive's commercial transformation strategy continues and shows good results. We now see one Borg go-to-market concept was launched, meaning that the reman and new-man concepts now are combined.

We also experienced good news in the market. We had what we call a remanufactured e-drive motor that won the prestigious innovation award at the Automechanika fair in Frankfurt.

Borg's guidance is narrowed. Revenue little bit down towards the lower end, also effect of phase out of unprofitable revenue.

EBITDA now 95 to 110 million. Then turning to page number 7, Fibertex Personal Care experienced resilient earnings in very volatile markets.

Revenue increased 21% to 507 million, was mainly driven by higher raw material prices. EBITDA, however, maintained at 53 million.

In fact, earnings were stronger than expected despite this very high raw material volatility. We saw strong performance in our Danish operation, and also the printing business really continued to perform very well.

Fibertex Personal Care improved their ability to manage volatility. They revised their pricing mechanisms, and also were able to utilize a diverse raw material sourcing platform.

They continued to have a strong focus on operational efficiency and also driving innovation, which is very important in this company. The market picture for Fibertex Personal Care remains mixed.

The European demand expected to remain stable, whereas Asian, as as also earlier, overcapacity and pricing pressure continues in in that area. Guidance means that revenue expectations are maintained, but EBITDA raised to 170 to 190 million.

Turning on to page number 8, here we are on Fibertex Nonwovens. Fibertex Nonwovens really saw strong growth, and earnings and the improvement continues in in that company.

Sales volumes increased 5%. Revenue increased 22% to 678 million, a mix of raw material prices and product mix, growth across several important segments and markets.

Fibertex Nonwovens' EBITDA increased 69% to 88 million. Higher activity and operational improvements are key drivers, but also very solid profitability improvement in the very important US market.

Fyns— Fin— sees very broad-based commercial development. We have a strong product and project pipeline, growth in the wipes and hygiene segments, mainly in US and the European market.

Also, as I said, a very attractive pipeline, specially in the what we call high-value segments. Fibertex Nonwovens raise their guidance.

Revenue and EBITDA increased. Revenue now expected to be 2.6 to 2.7 billion, and EBITDA now expected to be 280 to 300 million for that company.

Then turning on to page page 9, and the last company in in our portfolio, not the least, but the newest company in our portfolio, Spekter, is now part of Schouw & Co. We only show one month of activity with Spekter.

It's consolidated into Schouw from September. Revenue was 57 million.

Turnover in Spekter has seasonal peaks, September usually rather low. EBITDA affected from acquisition accounting, EBITDA for the month negative 10 million, but the underlying EBITDA on the turnover is positive.

In fact, Spekter had 14 million negative impact from non-recurring and non-cash PPA issues or items. Spekter has a very strong platform for further growth.

The order book is now 21% above last year. Spekter just opened their fourth factory in Vietnam during Q3, its most automated facility in the company, and big expectations for that.

They also implemented a group-wide ERP system. Outlook for 2026 is based on only four months of activity.

Revenue is 300 to 400 million, and EBITDA after acquisition-related costs expected to be around zero. The longer-term outlook for Spekter is, as also mentioned before, promising, expecting organic growth and a 2030 ambition of 1.7 to 2.0 billion revenue, EBITDA in the range of 15% to 17%.

Then turning on to page number 10, just a wrap-up on our full-year guidance. Full-year guidance increased based on very strong performance throughout the first nine months, broad-based earnings across the entire portfolio, and also high order intake and solid order books in several businesses really gives a good comfort for the guidance, meaning that turnover now expected to be 36.2 to 38.1 billion DKK, and EBITDA now 3.37 to 3.52 billion, and also we expect that to be able to deliver a profit before tax above the 2 billion mark.

With that guidance update, I will open up for questions.

Thank you. Jens, congratulations with another very strong results in Q3.

I have a few questions. I will do them one by one.

The first one is more a broad, top-down question. We had a very broad-based guidance upgrade upgrades after Q2, and now again a number of upgrades in Q3.

Is this upgrade more a reflection of being conservative on on the from your side, or is or are you mostly surprised by very strong demand dynamics? That would be the first one.

Thank you for that, Claus, and I also thank you for for what you're saying. No, in general as we as I say, we always guide what we see and believe in.

I have to say that not a very surprise, but we are surprised that things are running very well. We really see now the effect of all our efficiency improvements, strong position in the markets, and then also we're getting a grip on on attractive new segments as as data data segments, defense, etc.

Positive for all of us that that we have such a strong quarter. It it really shows that that that the platform we're standing on is maybe even stronger than we thought.

Okay. Then the second question goes to GPV.

Can you give an update on, your ability to source the various, components, and not least the lead time on on these?

That that's a very a very interesting question because of course that that is, without saying it's it's a problem, but it's it's always a concern, and we see these longer lead times. We have set up a special task force to handle this, and and also decided that we are we are going to build up more inventory to also meaning that networking capital and things will be higher, but we need to be able to supply.

We have many years of experience in that, and and so far doing quite well. We have really put a lot of resources and efforts into that area because it's so important for us.

In the report you write that there's a continued limited visibility, and yet you're on a book-to-bill, just going up up up. Is does that mean you get the orders, but you're not 100% sure when you can deliver on those?

If that's the case, could we face some penalties if you are delayed?

Also a very relevant question, Claus. You could also say maybe somebody are really over-ordering because they are afraid of not getting supplied and so on.

Far, we we we believe in a very, very strong order book, and we have not had any supply constraints or delivery constraints so far. Normally, we have a good balance with with our customers and so on.

We have also, as you remember years back, we had this purchase price variance system setting up that we source in these complicated components, and then at not whatever price, but at at the price, and then we give it on pass it on to the to our customers. Far, no problems, knocking knocking wood, and we are we are in a good position.

Of course, we need to be concerned, yeah.

Okay. Then, Jens, I will not disappoint you, I would just say, well done on the networking capital performance in the quarter.

Thank you, thank you very much, Claus. Thanks.

That was all for me.

Thank you very much.

Yes, hello, Jens. Thank you for taking my questions.

I'll take them one by one as well. Following up on on GPV, obviously, you you talk about strong demand, strong order intake, but then also these concerns about component scarcity.

Then in the quarter, we saw quite a nice margin uplift. As you perhaps see these challenges of component scarcity intensify, could we potentially see a hit to to the EBITDA margin going forward, or or how do you mitigate that?

That's not what we expect, and and we have rather strong pass-on mechanisms and so on. We we do not expect that at all.

Our margin uplift is really something coming from a a lot of different factors, but mainly also internal productivity, our footprint, closing down factories, moving around. It's a very solid margin uplift we're seeing, and as I also said, we expect to to be able to reach the the target of of the 10%.

Feel very comfortable on on the way the margin has been increased or delivered. Of course, we we we need to, and have to have our eyes very, very much on price increases and so on on components.

Ulrik, so far, that's not a concern.

That's good to hear. Then then a question on on Borg Automotive.

In Q3, you had slightly declining growth, Q4 implied guidance also suggests muted growth, flat at the midpoint thereabouts. Are you adapting for a further reduction of the top line beyond Q4, or or do you have initiatives in place to drive sales?

How does that match with, the efficiency program that that you're also having, taking cost out?

No, we are not we are not preparing for further reductions on top line. In fact, we are sharpening our go-to-market strategy, and really expect also to take to take share.

We see a lot of turmoil in the market, and we are, as one of the bigger ones, standing rather strong. The new strategy, One Borg go-to-market, we have a total new sales organization in place and so.

We expect really to to continue to push, and we see also in a very difficult market that we are taking market position and and and and market share. We are preparing for for continuing to grow, and also expect, without disclosing too much into 2027, but I think when we came out with our Refined for Future plan, we also said that that we expect a huge uplift on that.

We expect also to drive profit uplift in in '27.

Understood. Then next question on Fibertex Nonwovens.

You had a nice uplift in year-over-year earnings, and I suspect some of it is driven by raw materials effects, and perhaps also FX. Could you perhaps strip out those effects, and yeah, elaborate on the underlying earnings growth, volume growth, etc.?

It's clear is that, as you also know following us for a long time, that we have had a lot of issues in US with new facilities, etc. That is really delivering profit now.

We see a huge profit uplift in US. We see a much better product mix where we, to run in new lines and new capacity and so on, we have a lot of what we call filler volume, and this filler volume is with a low margin and so on.

We are getting out of that, product mix much better, efficiency in US improved a lot. Then, in general, we also experienced a volume uplift that also delivers on the margin.

That's an impact of a lot of things, internally things that we have worked hard on.

Understood. Then my final question on the buyback.

As far as I can see, you have already spent the amount planned under the current buyback, even though it lasts until the end of the year. You don't announce another buyback or an increase to the current one.

Could you just elaborate on the rationale for this? Because it may raise speculation for further M&A opportunities or whatnot, it would be great with some color.

Thank you. I think let Casper Oggels try to elaborate on that.

Yes, right, Ulrik. When you look at how much of the current program, which has already been executed, then the amount allocated for share buybacks is more or less executed.

We have not yet decided if there'll be any more allocation for share buybacks. As we told on the Capital Markets Day, share buyback is a priority for us, and we believe in the current environment it is also good to buy back shares.

Understood. Thank you.

Thank you, Ulrik.

Yes, thank you for taking my questions. Most of my questions have already been answered, only a few left.

Also congrats from my side with a strong Q3 once again across all companies, well done. My first question is on GPV, also regarding the book-to-bill ratio in Q3.

Maybe if you could elaborate on how much of this strong book-to-bill ratio reflects new customer wins versus existing customers placing new orders? Also, how should we think about the conversion of this order intake?

Will this primarily be in '28, or could we see some of this already contributing in '27? That would be the first question.

Sorry, thank you very much, Emil. I would say the order intake, a lot of that will materialize in 2027.

Of course, also we have a longer horizon, but we have a very, very solid backlog going into 2027. On how the order intake is composed, we also have new customers coming in.

In fact, for the data center segment, we had the biggest order ever to GPV from one customer, and that's very positive that we see such a big order uptake to that segment. Then also our existing what we call AAA and AA customers, our bigger customers, they really are improving and giving stronger orders.

Across the board, we see a solid order intake, but also new customers coming in. I think also effect of that we now have a really strong global footprint with GPV.

We see effects from that also.

Perfect. Moving on to HydraSpecma, and yeah, my last question here on the new facility in China.

How should we think about the ramp-up of capacity utilization? How quickly do you expect the capacity to be filled?

Very valid question, but of course, Emil, also it's project-oriented business, but of course, we have built for future also. We see activity improving a lot, and we have also some footprint decisions to make where we're going to move production from other facilities in the footprint to China.

We really put a lot of hard work in getting as much volume as possible to that facility because it's efficiency with good margins and so on. We have built also to be able to accommodate future growth.

That is clear. That was all for me.

Thank you.

Hi, can you hear me?

Yes.

Yiwei from SEB. Thank you for taking my question.

I have one question left here, also on the strong order book in GPV and HydraSpecma. Appreciate your comment on the demand from data center, renewable energy sectors.

I was just wondering if there is any inventory build-up at your customer side due to the concern of component shortage or cost inflation. I'm just trying to understand if there is any timing effect or we might see a reverse in the market later.

No, yeah, thank you for the question, Yiwei. We have not built up inventory.

Of course, we are cautious on securing that we have a supply chain that can deliver on the order book. We have, of course, also to our supplier has given orders and so on, but we have not built up inventory yet, and we also work very carefully with our inventory build and our networking capital and so on.

I think we don't see anything extraordinary here. However, as I also mentioned on GPV, we have also decided that if need be, then we are going to build inventory on a few special components if we really can get hold on them then at attractive prices.

That's the strategy.

No, Jens, I'm asking for if you see inventory build-up at your customers' side. I'm asking about the quality of the strong market demand.

We don't see any inventory build-up at customers. I think also the orders, they are solid, and we are expected to deliver them.

If we look into the market, we see already we are having orders for projects already sold, and being in the pipeline, and built, and so on. We expect no reductions in that.

Thanks for clarification. That was all for me.

Thanks.

Thank you very much.

Hi Jens. I just have two two follow-up.

One is, the comment you made at GPV in the book-to-bill, that a lot of the orders will come in '27. With an order-to-bill of almost two times, that sounds quite impressive growth we should expect for '27.

I know you're not guiding for '27 yet, but maybe you can give a bit of color to this comment you gave.

No, as I said, and that's nothing unusual in having a big order book for GPV, because also orders and things are very long time in the making. We always see a solid order book, and I said that a lot of that also going into 2028, but we see good comfort in 2027 and expect also to grow.

The order book reflects not only 2027, but of course it's very positive that you already see the orders in the book. Yeah.

Can you give a same number if you go 12 months back? Don't recall you gave that number in Q3 '25, or maybe just end of '25, we can try to figure out how this book-to-bill trends over the years?

To be very honest, I can't give you it at hand, but maybe let's follow up on that because I want also to be precise. I don't have it here at hand.

Okay. Then just the final one, Personal Care.

You said, your pricing mechanism has been improving. Do you still see some impact left for the price increases you have implemented, i.e., some additional uptick in the margin?

As we increase our guidance, also small effect from that. We implement, and that was super good because it was so volatile, we changed from quarterly pass-on to monthly, and now we are slowly going back to a quarterly pass-on mechanism.

I don't really see any impact on that.

Jens, that was all for me. Thank you so much.

Thanks a lot, Claus.

Thank you very much, and thank you for listening. Thank you for all the questions, and wish all of you a good weekend.

Goodbye from Schouw & Co.