Schouw & Co (SCHO) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a 4% revenue decline to DKK 9.2 billion, but EBITDA rose 5% to DKK 878 million, supported by strong pricing, cost control, and diversified business performance amid challenging markets.

• HydraSpecma and Fibertex Personal Care outperformed, while BioMar Norway and Borg Automotive faced environmental and market headwinds.

• Strategic restructuring and footprint optimization incurred nearly DKK 100 million in one-off costs, impacting EBITDA.

• Cash flow remained robust at DKK 894 million, with improved net interest-bearing debt and leverage.

• Preparation for a potential BioMar IPO is progressing, with a possible listing in H1 2026.

Financial highlights

• Q3 2025 revenue was DKK 9,195 million, down 4% year-over-year; EBITDA rose 5% to DKK 878 million.

• Cash flow from operations in Q3 was DKK 894 million; net interest-bearing debt decreased by DKK 519 million in Q3.

• Full-year 2025 revenue guidance narrowed to DKK 33.7–34.7 billion; EBITDA guidance to DKK 2,850–3,020 million, including over DKK 90 million in one-off costs.

• Q3 profit before tax increased 7% to DKK 522 million; earnings per share for Q3 was DKK 15.53, up 6% year-over-year.

• Investments remained modest, with Q3 investment at DKK 104 million.

Outlook and guidance

• Full-year 2025 revenue and EBITDA guidance narrowed, reflecting market headwinds and restructuring impacts.

• BioMar, GPV, and Fibertex Nonwovens narrowed guidance; HydraSpecma and Fibertex Personal Care raised EBITDA outlooks.

• Borg Automotive lowered both revenue and EBITDA guidance due to persistent market challenges.

• BioMar: FY turnover expected at DKK 16.3–16.7 billion, EBITDA DKK 1.49–1.53 billion.

• GPV: FY revenue DKK 8.7–8.9 billion, EBITDA DKK 620–650 million (including DKK 10–15 million one-offs in Q4).

• HydraSpecma: FY revenue DKK 3.1–3.2 billion, EBITDA DKK 380–400 million.

• Borg Automotive: FY revenue DKK 1.8–1.9 billion, EBITDA DKK 60–80 million (including DKK 40 million one-offs).

• Fibertex Personal Care: FY revenue DKK 1.6–1.7 billion, EBITDA DKK 180–200 million.

• Fibertex Nonwovens: FY revenue DKK 2.2–2.3 billion, EBITDA DKK 200–220 million.