Schouw & Co (SCHO) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered a solid start amid geopolitical and macroeconomic uncertainty, with all portfolio businesses performing in line with expectations and earnings increasing despite a 3% revenue decline year-over-year.

• EBITDA rose 5% to DKK 591 million and profit before tax increased 36% year-over-year, reflecting strong operational focus, cost optimization, and lower net financial expenses.

• Net interest-bearing leverage improved to 1.6x EBITDA, with net interest-bearing debt reduced year-over-year.

• Full-year 2026 guidance is maintained despite elevated geopolitical and macroeconomic uncertainty.

• The IPO process for BioMar advanced, with an Intention to Float announced and preparations ongoing; proceeds intended to strengthen financial flexibility and support further investments.

Financial highlights

• Q1 2026 revenue was DKK 7.7 billion, down 3% year-over-year; EBITDA up 5% to DKK 591 million; profit before tax up 36%.

• BioMar revenue down 6% to DKK 3.2 billion, volume up 7% to 315,000 tons; EBITDA up 3%.

• GPV revenue down 3% to DKK 2.1 billion; EBITDA up 12% to DKK 160 million; strong order intake and book-to-bill ratio.

• HydraSpecma revenue up 9% to DKK 873 million; EBITDA up 5% to DKK 114 million, including a DKK 12 million one-off gain from real estate sale.

• Borg Automotive revenue down 12% to DKK 444 million; EBITDA down 58% to DKK 13 million, impacted by restructuring costs.

• Fibertex Personal Care revenue down 9% to DKK 404 million; EBITDA down 5% to DKK 47 million.

• Fibertex Nonwovens revenue up 10% to DKK 638 million; EBITDA up 48% to DKK 64 million.

Outlook and guidance

• Full-year group guidance maintained: revenue DKK 33–35.5 billion, EBITDA DKK 2.9–3.2 billion.

• Segment-level guidance unchanged for all portfolio businesses, with expectations of margin-driven earnings growth in several units.

• Fibertex businesses may see higher revenue but profit pressure if raw material prices rise.