Schouw & Co (SCHO) Q1 2025 earnings summary

Executive summary

• Q1 2025 performance was resilient amid global volatility, with revenue up 1% year-over-year to DKK 7,928 million and EBITDA down 13% to DKK 565 million, including DKK 65 million in one-offs.

• Strong cash flow from operations reached DKK 220 million, up 29% year-over-year.

• Diversified business model and non-cyclical sales supported stability; portfolio includes six businesses adapting to changing conditions.

• Evaluation of a potential IPO of BioMar is progressing, with syndicate selection nearing completion and preparations underway.

Financial highlights

• Group Q1 2025 revenue at DKK 7,928–8,547 million, up 1% year-over-year; EBITDA at DKK 565–652 million, down 13% year-over-year.

• EBIT dropped 23% to DKK 288 million; profit before tax was DKK 183 million.

• Cash flow from operations improved to DKK 220 million; free cash flow was DKK 67 million.

• Net interest-bearing debt decreased year-over-year by DKK 1,025 million to DKK 5,398 million; equity ratio at 44.1%.

• Working capital was significantly reduced to DKK 1.75 billion or DKK 6,847 million, depending on reporting scope.

Outlook and guidance

• Full-year 2025 EBITDA guidance maintained at DKK 2,820–3,120 million; revenue guidance slightly lowered to DKK 33.3–35.8 billion.

• BioMar, GPV, Fibertex Nonwovens maintain guidance; HydraSpecma and Fibertex Personal Care lift EBITDA outlook; Borg Automotive lowers both.

• BioMar guidance: turnover DKK 16–17 billion, EBITDA DKK 1.47–1.57 billion.

• GPV guidance: revenue DKK 8.7–9.3 billion, EBITDA DKK 590–650 million (including DKK 40 million in one-offs).

• HydraSpecma guidance: revenue DKK 2.9–3.2 billion, EBITDA DKK 350–380 million.

• Borg guidance downgraded: revenue DKK 2–2.2 billion, EBITDA DKK 150–180 million.

• Fibertex Personal Care guidance uplift: revenue DKK 1.4–1.6 billion, EBITDA DKK 140–170 million.

• Fibertex Nonwovens guidance maintained: revenue DKK 2.3–2.5 billion, EBITDA DKK 200–230 million.