Schouw & Co (SCHO) Q4 2025 earnings summary

Executive summary

• Delivered solid performance despite a turbulent environment, maintaining a 5-year growth streak with revenue CAGR of 9% and EBITDA CAGR of 7%.

• Revenue for 2025 was DKK 34.1 billion, with EBITDA at DKK 2.88 billion, including DKK 100 million in one-off costs.

• Cash flow reached a record DKK 2.9 billion, with cash conversion around 100%.

• Net Interest-Bearing Debt (NIBD) reduced to DKK 4.4 billion, leverage at 1.5x.

• Emissions (CO2e, scope 1+2) reduced by 8% p.a.; lost time injury frequency rate down 5% p.a.

Financial highlights

• Five out of six companies achieved EBITDA uplift; one-off goodwill impairment of DKK 299–300 million at Borg.

• Net working capital reduced by DKK 927 million, mainly through inventory reduction.

• EBIT and profit before tax negatively impacted by impairment.

• CapEx maintained at low but sufficient levels, with net investments of DKK 952 million.

• Shareholder distributions totaled DKK 577 million.

Outlook and guidance

• 2026 group EBITDA expected at DKK 2.9–3.2 billion, with profit uplift in five out of six companies.

• 2026 revenue guidance: DKK 33.0–35.5 billion.

• CapEx budgeted at DKK 700–900 million, mainly for BioMar’s Ecuador shrimp market expansion; capex to remain at 2.0–2.6% of revenue.

• Continued focus on capital discipline, cash flow, and reducing net working capital.

• All major business units guided for stable or improved EBITDA in 2026.