Welcome to Schouw & Co.' s 2025 annual report.

We delivered a solid performance in a very difficult and turbulent environment. In fact, to withstand that, we have taken strong measures and implemented them across our companies to safeguard profitability and our market positions.

Our top line was slightly down 1.6% to 34.1 billion. We had a negative impact from lower raw material prices and forex.

Our EBITDA was also down 1.8% to 2.88 billion. However, it also included one-off costs in the magnitude of around 100 million Danish kroner.

Five out of our six companies delivered a solid EBITDA uplift. We took an impairment of goodwill in Borg company, and it was a non-cash effect of around 300 million kroner.

Of course, this shows a negative impact on our EBIT and profit before tax. Our cash flow, however, was again very, very strong, and it came out at a record-high level of 2.9 billion, in fact, a cash conversion of around 100%, so that was very satisfying.

Our net interest-bearing debt and leverage is also at a very satisfactory level. Also, I have to stress that the work on an IPO of BioMar really continues at speed.

We are very determined to do an IPO and also expect to float in first half of 2026, of course depending on market conditions, if they are right. We see a lot of turmoil for the time being in the markets, but we are still very determined to float this great company to the market.

From that on, looking into our net working capital throughout the year reduced by 900 million kroner, driven by significantly inventory reduction. In fact, we have had solid focus on inventories, on debts over the last many years, and we really have a strong focus on capital and cash flow, and it pays off.

Our NIBD, as I said, decreased significantly, and our solid cash generation also delivered an NIBD reduction. CAPEX at a very low but a sufficient level.

We now have a net interest-bearing debt of 4.4 billion, which gives a leverage of 1.5 times. Of course, we have also focus on delivering significant dividends and share buybacks to our shareholders.

From thereon, on to BioMar. BioMar really built a strong growth momentum and very solid profitability in 2025.

All our four segments delivered volume growth. Top line was however flat, 16.5 billion, but a volume increased 13% to 1.5 million tons.

Growth was primarily driven by Chile and Ecuador. EBITDA was up 2.7% to a record high 1.52 billion.

Very satisfactory development in our selected species and tech segments, but across the segments we saw good development. We also really had a strong outcome of continued and solid margin focus, and it's really an important driver across all our segments.

Working capital significantly reduced to 1.1 billion. Our joint ventures and associated companies delivered also a profit uplift in 2025.

We recovered earnings in Salmones Austral, the stake we have in the Chilean salmon farmer Salmones Austral. Our joint ventures in China building significant market position in high-value segments, and we really have positive outlook for our China joint venture in future.

Our 2026 guidance, built on continued profit uplift, we expect now turnover in the magnitude of 16 to 17 billion, EBITDA around 1.5 to 1.62 billion, and we really also here see continued good balance between our segments and expect all four segments to deliver uplift in 2026. From BioMar then to GPV, our electronic manufacturing services company.

GPV markets seems to be gradually normalizing. Top line, however, as expected, 2.5% down to 8.7 billion, but we have seen a very solid and good order intake increasing into Q4.

EBITDA was up 2.5% to 641 million. Here we really saw effects from efficiency and optimization focus across all production facilities in GPV.

Gross margin has increased quarter-by-quarter during 2025. We also took 17 million in one-off costs to footprint and severance payments throughout 2025, effecting EBITDA of course negatively.

GPV have really put huge efforts into implementing a new footprint strategy across geographies. We are consolidating productions in some countries, we are focusing our production platforms in what we call best-cost countries, and we work also hard on establishing megasites to drive scale and efficiency in GPV.

We have also conducted a strategic review, and it really confirms the long-term potential for GPV. We see and have a very solid project pipeline and also are facing very interesting strategic opportunities for future.

Our 2026 guidance is built on delivering on our optimized footprint, top line around 8.5 to 9 billion, strong uplift expected in EBITDA, 690 to 750 million, and also here we will really build this guidance on excellence programs and our footprint decisions. Then from GPV on to HydraSpecma.

That really continued a very positive and a profitable development. Top line were growing 5% to 3.2 billion.

We saw very strong activity in our global OEM segment, and also our renewable division kept a positive momentum throughout 2025. That also meant that EBITDA was up 15% to 389 million.

Here we also have to look into the EBITDA and say we had a 14 million positive effect on EBITDA from sale of a facility in Poland, but however also a 30 million negative effect from relocation cost to Poland that of course not will materialize in 2026. HydraSpecma really were driving solid margin management and commercial excellence across the board.

Hydra plans also for future growth and continue to build on profitability. We are finishing our 22,000 square meter facility in Tianjin in China.

We are strengthening positions in global OEM and renewables and also starting to build momentum in the very interesting defense segment. 2026 guidance built on a very strong order book, top line expected now to be 3.1 to 3.4 billion, and EBITDA in the magnitude of 400 to 440 million, also here we expect a positive uplift.

Then moving on to Borg, our company that do remanufacturing of parts for the automotive segment. Borg had a very difficult and challenging 2025.

In fact, the reman and the spare part business and market in Europe in general was challenged. Top line for Borg was down 12% to 1.7 billion.

Our brake caliper segment was down on volume, but that was mainly due to Chinese import substituting our reman products. New man segment, as we call it, was also a bit lower on volumes compared to 2024.

Our EBITDA was down to zero. No positive EBITDA in 2025.

A lot of reasons to that: lower sales, margin pressure, and of course continued cost increases in Poland had an impact, but mostly we had some non-recurring costs of around 70 million, not expected to come in in 2026. These non-recurring costs, most of them are related to a really transformation plan that was built and implemented in 2025.

We call it Refine for Future, expected to deliver 100 million improvement, built on four pillars to drive change and profit uplift: built on renewing our manufacturing footprint, focusing strong on commercial excellence, new logistics setup, and then also looking into our SG&A costs at last. We have decided to close our large UK facility and relocate to Poland, a rather big move that we will see effect of in second half 2026.

Then we are also upscaling our new Tunisian factory. It's situated in what we call a best-cost country area, a lot of opportunities there.

2026 guidance built on being a transformation year, top line expected to be 1.6 to 1.9 billion, and EBITDA around 60 to 100 million, expect to start to bring Borg back in profitability. First half is expected to be affected from relocation and ramp-up, and really see the strong uplift in second half of 2026.

Then from Borg on to Fibertex Personal Care, who delivered improved profitability also in a rather challenging market. As some of you might recall, Fibertex Personal Care has been challenged in Asia due to too much capacity and lower birth rates in China.

Top line decreased, as expected, 9% to 1.7 billion. As I said, volume lower in Asia, but slightly better than expected.

EBITDA was up 9% to 203 million, also built on positive development in raw material prices. It's been a strong focus on margin-enhancing product mix, and our print business in US really start to delivering a solid profit uplift.

We are setting up for future with a very clear strategic focus. We have built a supply chain to service and send volume to US and Europe from Malaysia to utilize our excess capacity out there.

We are bringing new interesting, we call it, elasticated concept to the market, and expect that to be launched late 2026. 2026 guidance then expected to be in top line of around 1.5 to 1.7 billion, EBITDA declining compared to 2025, but also built on global geopolitical tensions could drive increasing raw material prices, a little bit uncertainty around raw material prices for Fibertex Personal Care.

EBITDA expected to be 140 to 160 million for 2026. Then finishing off with Fibertex Nonwovens, that delivered a solid growth and improved profitability during second half of 2025.

Top line flat, 2.25 billion, but volume up 5%, and volume build was really made, as I mentioned, in second half of 2025. Flattish top line was mainly driven by forex and lower raw material prices, and then also rather soft demand in general in what we call our legacy markets in Europe.

EBITDA, however, was up 4.4% to 203 million, and very positive that our US facility really continues to deliver profitability improvement, very solid development, but then offset a little bit by very soft overall market in Europe. Also strong focus on added-value products and really increasing share, also delivering EBITDA uplift or profitability uplift.

FIN has new capacity and products ready for 2026. Our new line in the Czech Republic is starting up with an attractive pipeline, expected to start to deliver first commercial products second half of the year.

Then we also have a new very interesting concept ready to deliver to a global blue-chip customer. 2026 guidance built on positive momentum created in second half of 2025, top line now expected to be 2.3 to 2.5 billion, EBITDA around 210 to 240 million, and here we also see, as I mentioned, effect from efficiency programs and margin-value uplift in FIN.

Just moving on, looking into our investments and CAPEX. Also in 2026, we of course expect to have CAPEX investments.

We continue to have very strong focus on capital. We want to drive cash flow.

We want to, if possible, to continue to reduce our net working capital and also have a prudent view on CAPEX and spendings in general. However, Schouw & Co.

also continue to grow and invest when needed. In 2026, CAPEX budget, CAPEX expectations in a level of 700 to 900 million, where the largest investment is coming from capacity expansion in the very interesting and profitable shrimp market in Ecuador, related to BioMar.

Finishing off with a fast view on our overall EBITDA guidance. Again, as I have been elaborating throughout the presentation here, we expect to deliver profit uplift.

In fact, in five out of six companies, profit uplift expected, and EBITDA now expected, as we also have guided the market on earlier, in the level of 2.9 to 3—3.2 billion. We really see strong momentum across our portfolio, built on product innovation and solutions for our global customers.

We have full focus on running commercial excellence programs also across the board, and we have taken a lot of footprint and efficiency measures over the last years and really expect also to benefit from that in 2026. With that, I think I would open up for questions, but also emphasizing that we are still pushing on our BioMar IPO if market conditions really starts to come out positive.

With that note, opening up for questions. I think we already have

Yiwei from SEB. Welcome, Wei.

At least I saw your hand, but maybe you withdrew? Can you hear me?

Yes, I can. Yes.

Oh, sorry. Great.

Two questions from my side.

Firstly,

on the BioMar, the working capital improvement we see here in 2025,

and

especially in Q4, can we assume this would be the run rate going to the coming years? I'll do the next question later.

Sorry. Yeah.

One more, yeah.

I can do the next question later.

Okay. No, I think thank you for the question.

I think it's a low rate. It's around 7.5 or something percent.

I think it's very, very well managed, but I think looking a little bit ahead, maybe a net working capital would be around 10% or something like that. BioMar is really, really handling their net working capital very well, but I think we should expect it to be around the 10% level.

Great. Then also on BioMar, the CAPEX guidance, is it mainly driven by the expansion in Ecuador?

You mentioned this 250 million total capacity expansion. Can you add a bit more about the timeline?

I think, and really to be honest, I think BioMar, they have to work very hard to really bring the 250 million or to use 250 million in 2026. Decisions are made on capacity expansion, looking for land, there's a lot of things going on, and it can take time, but it's more also just to say that the new capacity investments in Ecuador will be around these 250 million, and let's then see how and when it will materializes.

Thanks. If I can ask also a question here on Borg, just want to understand your long-term strategic thinking for this business.

It seems that the Borg experienced is sort of structure issue, but then looking at the current ROIC, which is negative, even we assume some improvement, it's still very low level. What is your expectation and definition to improve this business to a long-term value creation?

Yeah.

No, I think a very very interesting question also. We, of course, now we are really focusing on the short term and very hard-nosed on implementing what I said the Refine for Future strategy.

We are still strong believer in circular economy. We think there'll be a pushback on circular economy, and Borg, they are placed in a very good position to capture that.

We also think that the strong measures we have taken on footprint, moving to Poland, transferring to Tunisia, and really will develop the competitive edge for Borg. We're still long-term positive on opportunities, on circular economy, and also building position, but we have to focus now to deliver on the plan short term.

I think that's the main point, and that's what the Borg management really focusing on for the time being.

Okay. Thank you.

I'll jump back to the queue.

Thank you, Yiwei.

Per Rasmussen.

Per Rasmussen, welcome.

Yes. Good morning, Jens.

Good morning.

Is it possible today to give any kind of indications about your expectations for the value of BioMar after the IPO?

To be honest, Per, it's a very good and very interesting question, but it is not possible. Of course, we have our thinking on it, but we cannot disclose it for the time being because we don't know yet.

You need to go out in the market and really do some investigations and so on. Of course, also, I think everyone understand that what happened over the last week and so on in the market and so on really also said, "Okay, let's wait and see and just let things stabilize."

Of course, it's a great company. There's a very interesting value embedded in BioMar and also sitting on our books.

We expect a interesting value-creating IPO, Per.

Okay. Thank you, Jens.

Yeah. Thank you for the question.

Next. No questions.

No further questions. Okay.

Yeah. That finish off our presentation, and thanks to everyone for listening on my presentation.

Goodbye, and thanks.