Schouw & Co (SCHO) CMD 2026 presentation summary

Strategy and 2030 ambitions

• Seven businesses operate across 35 countries, with ~80 factories and 20,000 employees; annual turnover is DKK 35bn–37bn. 2025 revenue exceeded DKK 34bn and EBITDA was DKK 2.9bn.

• The long-term conglomerate model gives businesses high autonomy; active ownership focuses on portfolio composition, strategic direction, capital allocation and M&A. Average ownership is 18 years, versus 36 years for businesses previously held.

• 2030 targets are 5%–7% average annual organic growth, DKK 4.5bn EBITDA and 15% ROIC including goodwill; the EBITDA target is based on the current platform and excludes acquisitions.

• Leverage comfort zone is 1.0x–2.5x net debt/EBITDA; plans include 1–2 structural changes and 1–2 new platform investments.

• Responsibility targets include cutting Scope 1 and 2 GHG emissions 35% from the 2020 baseline and keeping the LTI frequency rate below 3.

Capital allocation and BioMar IPO

• Priorities include required and expansion investments, bolt-on and platform acquisitions, stable or increasing dividends, share buybacks and extraordinary dividends; M&A gains priority as cash flow builds and leverage stays within 1.0x–2.5x.

• Dividends and buybacks returned >DKK 3.5bn over five years; dividends increased 13%.

• BioMar’s IPO raised DKK 2.6bn, reduced ownership to 74% while retaining control and full consolidation, and increased portfolio balance and transparency; BioMar funding is ringfenced from the wider funding structure.

• Net interest-bearing debt fell from ~DKK 5bn before the IPO to DKK 2.6bn at Q2; parent-company cash was DKK 5.6bn.

• Illustrative valuation put the remaining six businesses at DKK 7.5bn net asset value and combined modeled value at DKK 22bn, versus market capitalization of ~DKK 18bn that morning; CapEx is expected to focus on maintenance and digitalization, with no major capacity investments anticipated.

Portfolio growth and profitability

• BioMar’s next phase centres on volume growth, margin expansion and innovation leadership; its independent listing creates opportunities while majority ownership remains a priority.

• Borg Automotive is executing a turnaround and new market approach amid Chinese import price pressure; priorities include scale and assessing industry consolidation.

• Fibertex Personal Care is addressing Asian overcapacity through innovation and industry consolidation; Fibertex Nonwovens is positioned for profitable growth through capacity utilisation and speciality segments.