Annual Report 2025

The Schouw & Co. newsletter: the latest financial updates, sustainability matters and insights.

ANNUAL REPORT
Annual Report 2025: Our ownership model at work

In 2025, Schouw & Co. delivered the strongest operating cash flow in its history, generating DKK 2.9 billion despite a slightly lower revenue and EBITDA in a challenging environment. The year was marked by strategic progress, including further preparations for a potential IPO of BioMar, while maintaining disciplined capital allocation and active ownership. Sustainability performance strengthened across the portfolio, with a significant increase in renewable electricity usage, a reduction in greenhouse gas emissions, and improved ESG ratings among several portfolio businesses. Entering 2026, Schouw & Co. is financially robust, strategically well-positioned, and supported by the commitment of nearly 15,000 employees proving that results are created by people.  

Highlights from 2025 include:

• A year that proved our ownership model at work

• Revenue of DKK 34.1 billion, a 10-year compounded annual growth rate of 10.5% (2024: DKK 34.6 billion)

• EBITDA of DKK 2.9 billion, a 10-year compounded annual growth rate of 9.0% (2024: DKK 2.8 billion)

• Cash flow from operating activities of DKK 2.9 billion, DKK 2.3 billion higher than investments (2024: DKK 2.5 million)

• ROIC excl. goodwill was 13.1% (2024: 13.0%)

• A 10% reduction in Scope 1+2 greenhouse gas emissions compared to 2024

• A renewable electricity share of 47%

• Proposal that the dividend for the 2025 financial year be raised to DKK 17 per share

Read more about the results of the annual report here.

Dansk version af nyheden om årsrapporten for findes her.

SUSTAINABILITY
Schouw & Co. Sustainability Statement

The Annual Report for 2025 includes Schouw & Co.’s second sustainability statement highlighting continued progress on the Group’s key sustainability priorities and providing transparent disclosure on material sustainability matters.

A key milestone in 2025 was the implementation of the Group-wide power purchase agreement. As a result, the share of renewable electricity increased to 47%, up from 27% in 2024. This contributed to a 10% reduction in Scope 1+2 greenhouse gas emissions compared to the previous year.

Across the portfolio, sustainability practices continued to be strengthened through enhanced policies, governance frameworks and performance monitoring. Several portfolio businesses improved their EcoVadis ratings, earning Gold or Silver medals. GPV achieved a Platinum medal, placing them among the top 1% of performers in their industry.

Read more about our sustainability progress in the Annual Report.

BIOMAR
Potential IPO of BioMar

On 12 November 2024, the Board of Directors of Schouw & Co. announced the initiation of an assessment regarding a potential separate listing of BioMar. The objective of this assessment was to determine whether such a listing would generate added value for Schouw & Co. and its shareholders, while simultaneously ensuring that BioMar is well positioned to pursue opportunities for continued growth.

Based on the status of the preparations, the constructive discussions and the general pro-gress, the Board of Directors of Schouw & Co. maintains the expectation that – provided a proper tailwind from the global markets – a separate listing of BioMar on Nasdaq Copenhagen could take place in the first half of 2026.

A separate listing of BioMar is consistent with Schouw & Co.’s strategy of focusing on long-term transformation and future-proofing of the portfolio businesses in combination with a best-owner philosophy. Schouw & Co. took ownership of BioMar in 2005, and the company has developed significantly since then through organic expansion and strategic acquisitions.

The proceeds from a potential listing will be reinvested in the existing portfolio businesses, with the possibility of expanding the portfolio through a new platform investment in order to support continued value-creation in Schouw & Co.