Schouw & Co

Latest Results (17.01.2026):

Schouw & Co — Interim results for Q3 2024: The group delivered a resilient quarter despite a softer market. Consolidated revenue was DKK 9,543m (‑9% vs Q3 2023) and EBITDA DKK 834m (‑8%). Profit for the period was DKK 357m. Cash flow from operations remained strong at DKK 1,158m and ROIC excluding goodwill improved to 13.3%. Management narrowed full‑year EBITDA guidance and lowered revenue guidance modestly; it also initiated an evaluation of a possible separate listing of BioMar (Schouw intends to remain majority owner if pursued).

Key financials (Q3 2024)

Revenue DKK 9,543m (Q3 2023: 10,515m). EBITDA DKK 834m (909m). EBIT DKK 566m (634m). Profit for the period DKK 357m (421m). Earnings per share Q3: DKK 14.65 (Q3 2023: 16.99).

Year‑to‑date and margins

YTD (9M) revenue DKK 26,119m (‑8% vs 2023) and YTD EBITDA DKK 2,222m (+7%). EBITDA margin Q3 was 8.7% (broadly in line with prior year); ROIC excl. goodwill rose to 13.3%.

Cash flow, debt and working capital

Cash flow from operations Q3: DKK 1,158m (vs 1,490m). Q3 investing cash flow: ‑DKK 170m. Net interest‑bearing debt stood at DKK 5,890m (NIBD/EBITDA ~2.0). Working capital was DKK 7,057m at 30 Sept 2024 (up vs 6,710m a year earlier).

Portfolio performance — BioMar largest contributor

BioMar remained the main contributor in Q3: revenue DKK 5,117m (‑12% vs Q3 2023) and EBITDA DKK 463m (close to prior year quarter). BioMar cited lower volumes and raw‑material price moves; Schouw confirmed an evaluation of a possible separate listing of BioMar (Schouw would remain majority owner if pursued).

Other portfolio notes

GPV and some industrial‑exposed companies saw weaker volumes and softer prices (GPV revenue down year‑on‑year); Fibertex Personal Care and others experienced mixed results with one‑offs and regional effects. Overall diversification was highlighted as a stabiliser across the group.

Guidance update (2024)

Schouw narrowed and slightly adjusted 2024 guidance: consolidated revenue guidance lowered to DKK 34.1–35.7bn (prev. 34.2–36.4bn). Consolidated EBITDA guidance narrowed to DKK 2,810–2,980m (prev. 2,810–3,060m). Net financial items expected at about a DKK 460m expense.

Market context and risks

Management cites volatile demand, geopolitical tensions and continued price pressure on raw materials/components as drivers of uncertainty. The group emphasised strong cash‑flow generation, financial strength and active cost/efficiency measures as mitigants.

Shareholder metrics

Net asset value per share DKK 466.21; share price at 30 Sept 2024: DKK 582.00 (P/NAV ~1.25). YTD earnings per share DKK 31.31. Management reiterated a long‑term ownership approach and focus on value creation for shareholders.