Schouw & Co (SCHO) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered stable but slightly lower revenue and EBITDA amid persistent market uncertainty, leveraging a diversified portfolio and strong mitigation measures.

• Strong operational cash flow and net working capital improvements, with net interest-bearing debt reduced by DKK 1.3 billion year-over-year.

• FX impacts on financial items, but underlying interest rate costs and financial gearing improved.

• Evaluation of a potential BioMar IPO continues, with a banking syndicate established and possible listing in H1 2026.

Financial highlights

• Q2 2025 revenue was DKK 8,525m, down 2% year-over-year; EBITDA was DKK 706m, down 4%; EBIT was DKK 428m, down 6%.

• Profit before tax for Q2 was DKK 338m, down 2% year-over-year; profit for the period was DKK 247m.

• Cash flow from operating activities improved 61% to DKK 542m; net interest-bearing debt decreased by DKK 1,278m year-over-year to DKK 5,435m.

• Earnings per share for Q2 was DKK 10.18, down 3% year-over-year.

• Group EBITDA margin impacted by one-off costs; Q2 EBITDA margin: 8.3%; EBIT margin: 5.0%; EBT margin: 4.0%.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to DKK 33.7–35.7bn; EBITDA guidance narrowed to DKK 2,830–3,090m, including DKK 100m in one-off restructuring costs.

• BioMar, HydraSpecma, and Fibertex Personal Care raised their full-year revenue and/or EBITDA guidance; GPV and Borg Automotive narrowed or lowered EBITDA guidance due to market softness and one-off costs.

• Depreciation and amortisation expected at DKK 1,140m; net financial items expected to be a DKK 360m expense.