Schouw & Co Stock

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Positive outlook in all our companies. Revenue is now expected to be DKK 34.8 billion to DKK 37.1 billion. EBITDA raised in a spread of DKK 3.15 billion to DKK 3.35 billion.

Looking into each of our portfolio companies, we -- I'll start with BioMar. BioMar came out, as I said, with the Q2 report 2 days ago. So of course, a lot of information has been given there. But let me just elaborate a little bit on BioMar anyhow.

They had a record high Q2 feed volumes. Total volumes increased 3% to 395,000 tonnes mainly growing in Ecuador and Australia. The revenue increased 5% to DKK 4.2 billion in the quarter based on higher volumes and also effect from raw material prices, seeing a very solid development in the feed for shrimps, as I alluded to earlier on, also in Ecuador. EBITDA increased 2% to DKK 357 million. The Feed segment delivered, however, 9% EBITDA growth. Profitability was hampered by IPO costs and also a transition of our tech solutions into a new business model in the market.

We still see a strong -- very strong underlying momentum. We have secured new contracts in Norway. There's a strong and continued focus on formulation optimization and use of alternative raw materials to offset effects from El Nino. There's also positive expectations for volumes in second half. And that means also that BioMar already 2 days ago raised their guidance, now expecting revenue between DKK 17 billion to DKK 18 billion and then EBITDA in the spread of DKK 1.62 billion to DKK 1.72 billion, also an increase by DKK 100 million.

From that on -- moving on to GPV, our second largest company in our portfolio. They have seen increased demand and also profitability. Revenue stable at DKK 2.2 billion. However, activity level developed an uplift, 5%, compared to Q1 '26. EBITDA increased 20% to DKK 187 million. Here, we also experienced continued productivity improvements. We see really positive impact now from all the footprint optimizations that GPV has been doing over the years. EBITDA margin increased to 8.3%, trailing towards our 10% target. So a good momentum.

There's also a very strong visibility on future activities. We have a very high order intake and a strong book-to-bill. In fact, got very big orders from new customers coming in. Our commercial pipeline is really supported by these new customers, but also by higher activities from existing customers in the GPV portfolio.

There's still a concern on the supply chain, especially on selected components as memory chips and semiconductors, difficult supply situation on that. GPV has many years' experience in handling such a situation, but we could expect that our inventory may increase to secure customer deliveries. Also, GPV made a small uplift on their guidance. Revenue narrowed, DKK 8.6 billion to DKK 9 billion expected now, and the EBITDA span also narrowed. We are lifting the bottom of the previous guidance. So expecting now EBITDA of DKK 710 million to DKK 750 million.

From GPV, moving on to HydraSpecma, where we really see a strong growth across all key divisions. HydraSpecma really continues the very solid development they have been delivering over the last years. Revenue increased 12% to DKK 925 million. And especially this increase is coming from the Renewables and Global OEM segments. EBITDA, however, increased 30% to DKK 125 million, really reflecting strong operational leverage from higher activity, but also effect from ongoing supply chain optimizations and automation throughout the company.

We see also continued production footprint improvements here. We have moved products around the different factories within the group. HydraSpecma continues to invest for further growth. They just opened a new facility in China in Tianjin, a 20,000 square meter new factory we really expect to benefit a lot from in the future. Also made a small acquisition in Norway to strengthen the position, a company called Hyco, small company, but still just also underlining that we are looking a lot to expand our Nordic base.

There's a very strong commercial momentum in Hydra, and we see a very solid order intake in Renewables and Global OEM also here. We experienced growth opportunities within new segments. We are in marine, but defense and construction of data centers really knocking on the door and trying -- and want to do business together with HydraSpecma.

Guidance also here, raised revenue now expected to be between DKK 3.4 billion to DKK 3.6 billion and EBITDA in the span or the level of DKK 430 million to DKK 460 million.

Then moving on to Borg Automotive. Borg has, over the last year, had a difficult period, but now we see profitability improvement even in a soft market. However, revenue decreased as expected, 5%, to DKK 461 million, and it was mainly within the Reman segment that demand remained soft and competition continued to be both intense and fierce. However, EBITDA increased to DKK 38 million for the quarter.

And here, we really now see strong benefits from the, what we call, Refine 4 Future program. And it's a strong action plan or game plan that Borg initiated a year ago. We have seen very solid execution on very difficult projects. Productivity improvements and cost optimizations throughout Borg is really materializing now.

What we -- the other segment we named Newman segment, that's new products imported into Europe now coming out with a positive EBITDA, very positive. We have done a lot on pricing and cost initiatives that supports that turnaround.

The transformation within Borg is progressing. And as I mentioned earlier, we are really seeing very solid execution throughout the company and the organization. Production has been relocated. It's completed. We closed down the entire U.K. facility. We have implemented a new commercial organization and a new go-to-market strategy. Working capital reduced by 26%, which is very positive.

Guidance also here upgraded. However, revenue maintained in the spread of DKK 1.6 billion to DKK 1.9 billion, but EBITDA now raised to be between DKK 90 million and DKK 110 million.

So moving on to Fibertex Personal Care. We really see a company with resilient performance in very volatile markets. Fibertex Personal Care really depend on one raw material, polypropylene, oil-based, a lot of that supplied out of the Middle East. So that has been a tough period, but they have been able to pass on raw material prices through the sales price.

EBITDA in this difficult period increased 23% to DKK 59 million. Here, we saw strong performance in our Malaysian setup and also continued positive momentum in our Print division. I think it's also positive that Fibertex Personal improved their ability to manage volatility. They have implemented a faster and more frequent customer price adjustment model. They have a very strong focus on PP, or polypropylene, sourcing and availability, looking into new alternatives. And as usual, always has a focus on margin protection.

The commercial development continues, trying to offset challenging overcapacity and market conditions in Asia by being innovative, now introduced a new elasticated product line, which shows good interest in the market. Guidance also raised here. Revenue now DKK 1.7 billion to DKK 1.9 billion and EBITDA expected to be DKK 160 million to DKK 180 million.

Then moving on to the last company -- not the least, but the last company in our portfolio, Fibertex Nonwovens. Here, we saw a very positive solid momentum with growth and profitability uplift. Finally, we are really harvesting on all the investments we have made over the years. Revenue here increased 20% to DKK 700 million. Sales volume increased 12% in difficult market conditions. EBITDA increased 47% to DKK 84 million.

And here, we really saw continued improvement in the U.S. business, which had been struggling over some years, but now really starts to deliver as expected. We saw positive contribution across all major sites and segments.

There's also a very broad-based commercial momentum within Fibertex Nonwovens. We see good growth in the U.S. wipes and hygiene segment. We are recovering in Europe on the automotive and construction segments, and we experienced strong demand for our lightweight and specialized products. And here, we really see that FN has a benefit in the market because we are solid and strong in producing these specialized products.

We're also looking into capacity supporting future growth. We have had a new line in the Czech Republic underway for quite a long time, and it's now finalizing the installation start-up expected in Ultimo this year. Guidance also with the Fibertex Nonwovens raised, revenue in the spread of DKK 2.5 billion to DKK 2.7 billion for the year and EBITDA now expected to be between DKK 230 million and DKK 260 million.

So just concluding on Schouw & Co.'s outlook for 2026. As mentioned, overall guidance for the group, revenue raised to DKK 34.8 billion to DKK 37.1 billion. EBITDA now expected to be DKK 3.15 billion to DKK 3.35 billion. It's a development and expectations that we are very positive on. Guidance uplift supported by very strong market positions, also a solid order book in nearly all companies and continued operational efficiency across our portfolio companies expected.

We will also -- as I mentioned, we have acquired a new company, Spectre. It's expected to be closed in Ultimo Q3, start Q4. Spectre is expected to add DKK 300 million to DKK 400 million of revenue in 2026, but no material EBITDA contribution after acquisition-related effects.

So with that uplift in mind, then I will open up for questions.

Wei from SEB. A couple of questions from my side, and I'll do one at a time. Firstly, on the GPV, can you break down the strong momentum here? And how much of it driven by volume and how much is driven by the pricing?

Thank you very much. Not so much is driven by volume, we were 5% up compared to Q1. But in general, a little bit flat, but -- and pricing, of course, a little bit, but mainly, and I would say, 80% driven by efficiency, by our footprint decisions made. So it is really an uplift on operational efficiency and better utilization of capacity and factories and so on as you know also, Wei, we have been investing over the years, and we really see strong benefit from that now.

Okay. And then the large order you mentioned from a customer, which sector it is, if you can indicate?

Yes, I can indicate. It's for the data center segment, and we have really been working hard on getting our feed into that segment and something we really have focused -- strong focus on throughout the entire group. So -- but that was the first really strong order we got, and we expect to see more from that side.

Okay. That sounds great. And then the second question here on the Spectre acquisition. You only own -- I mean, bought a part of it, a large part of it. Why not a 100% takeover?

That's a super good question. Because the owners -- the previous owners, they have a strong belief in the development of the company, and they would like to sit in for some years more to take part in that, and that's why we got the opportunity to buy 75% and then we did it because, of course, we have an opportunity to buy them out after some years. But I think it's very positive that they stay in because they believe strongly in the business case and the model. So that's why.

Is it possible to indicate then its current trading? We have seen a lot of, I mean, market volatility and consumer sentiment change amid the current macroeconomics.

I think to be fair, we have not closed the business yet. So we'll come back on that a little bit later. But I can say that -- as you also saw when we made the announcement, and expect a DKK 1 billion turnover and EBITDA between 15% to 17%. And I still think good momentum in that business because they are supplying high branded global companies that have good momentum. But we'll come back on that a little bit later, Wei.

Okay. But it is also up against some of the giant international peers. And if you're looking into the market, the end market, I mean, we have seen the Chinese, very large [ sporty ] companies, they are buying Western brands. And is it sort of -- this kind of industry consolidation, is it opportunity or threat? I mean, how do you view it?

I really see it as an opportunity. And you have to see also -- remember that we are a supplier. We don't design or have own brands or so on. We are really working with the largest branded companies globally. And I really see that as an opportunity because we are super efficient and one of the best companies in really making very advanced high-level outdoor garments. So I see it as a good opportunity to benefit on that, yes.

Okay. And then next question here, when it comes to the capital allocation. Now you have received a large amount of cash and you bought part of this Spectre and then also slightly increased share buyback. But going forward, how do you balance the capital allocation? Is it more M&As? Or should we expect an increased shareholder payout? And how do you balance these 2?

Yes, I think it will be a combination, to be honest. And we have -- we are looking into interesting opportunities also, especially on the bolt-on side. I think we really like to grow all our portfolio companies as -- where we're always saying bigger and stronger companies within Schouw. So we are looking to a lot of interesting bolt acquisition, but also timing and things like that. And then we're also very prudent on pricing and things like that. So you will see a combination, and we have to work diligently on how to allocate our capital.

Okay. Then I'll ask last question, I'll jump back to the queue. When looking to Fibertex Personal Care, you have sort of a margin improvement here. But the operating cash flow was actually quite negative here. Can you elaborate a bit?

Yes. We don't have any huge investments coming. So we expect cash flow to be strong as it always has been throughout 2026. So I think that we don't see any changes in that.

But it would be -- if I understand correctly, it was driven by increased working capital, and what is the explanation?

The working -- it could be on a -- as you know, we don't have inventories and things for a very long time in Fibertex Personal Care, maybe only 20, 30 days. So I'm not -- I can't say 100% what has been driving it. But we are not building inventory. We are not investing. So we will continue to deliver strong cash flow. I think it's a timing issue you are seeing there.

We don't have any more questions on the line. So, Wei, if you have more?

Wei, if you have a question more, you're welcome. Otherwise, we...

I'm good.

No, thank you very much for the questions. Thank you for the interest. So yes, wish everyone a good Friday. Thank you for listening in.

Good morning, and welcome to Schouw & Co.'s Q1 Report Call. Q1, our Q1 delivered a very satisfying and solid start of 2026 despite continued volatility. In fact, all our companies continue to deal diligently with uncertainties. We really benefit from our experienced leadership teams and dedicated employees across the globe.

Our top line was down 3% to DKK 7.7 billion, but we still had high activity across the board. EBITDA, however, increased 5% to DKK 591 million. This was driven by strong day-to-day focus on optimizing at all level. Also very positive to see that our EBT increased 36% in the quarter. We also continue to deleverage with a net interest-bearing leverage of 1.6x EBITDA, really continue to manage our investments and also being very prudent on our capital allocation.

Also very positive to announce to you that the next phase of evaluating an IPO of BioMar has been initiated. This morning, we sent out our ITF or intention to float, and it was announced in the market. And now we are really looking forward to the next phase of that.

So with that, moving on to BioMar. BioMar performed very well and as expected in Q1. We have to remind ourselves also that Q1 is a rather small quarter due to low activity, especially in the Salmon segment. Top line was down 6% to DKK 3.2 billion. But volume increased 7% to 315,000 tonnes. This shows also that BioMar is a company that is very dependent on raw material prices fluctuating up and down.

We really saw a strong development in our Shrimp segment. EBITDA was, however, up 3% to DKK 212 million. Here, we experienced a solid development in Salmon with a very good development in our Australia business. Shrimp profits lower due to what we call toll milling. We are building volume with large customers, and we do not yet have own capacity ready. So we need to buy in volume from other producers. Our Tech segment was impacted from change of the distribution model. BioMar continue to have a focus on broad product offering and a very sharp eye on their commercial excellence strategy.

Our joint ventures had a development as expected. BioMar is continuing to build a position of profitability in China. Return on investment remains very strong, around 30%, which is very satisfying for a company like BioMar.

Guidance maintained, revenue expected now DKK 16 billion to DKK 17 billion and EBITDA in the range of DKK 1.52 billion to DKK 1.62 billion. And I also have to note here that BioMar, they have been working hard on preparing themselves to be listed. So a lot of hard work has been going on throughout the entire BioMar organization to be ready for the hopeful next step in this case.

GPV, our electronic manufacturing service company is now seeing effects from efficiency measures and footprint decisions made over several years. Top line, as expected, down 3% to DKK 2.1 billion, but the backlog is all-time high with GPV. EBITDA, however, was up 12% to DKK 160 million. Across the board in GPV, there has been a strong focus on customer mix and optimization also brought in new customers and new products with a positive impact on EBITDA. GPV, they have full focus on securing critical components, some components like memory chips, et cetera, has been problematic to get hold on and meaning that GPV is building inventories and sourcing at a broader level.

GPV continued to prepare for future growth. They have just finished a strategic review that really confirms the potential and strategic direction of GPV. GPV maintains their guidance with a top line of DKK 8.5 billion to DKK 9 billion in '26, EBITDA, around DKK 690 million to DKK 750 million. Of course, the availability of critical components is important for delivering on this guidance.

From GPV, moving on to HydraSpecma. HydraSpecma once again delivered a very solid and positive development all over the group. Top line was up 9% to DKK 873 million. Growth was driven by what we call the global OEM segments. The renewable division had a stable level and the order book really continues to build with the HydraSpecma. EBITDA, 5% up to DKK 114 million coming from very strong margin manage and efficiency uplift. Also need to note that in 2025, Q1, there was a positive impact of DKK 12 million from real estate sale in Poland. So the underlying operational profitability is really, really strong.

HydraSpecma have a strong focus on future growth. They just acquired rather small Norwegian, HyCo to strengthen their IAM segment. It's a small business, but it's a next step into Norway. HydraSpecma is also exploiting potential in the 2 very attractive segments, defense and data center businesses and have seen a lot of opportunities there. Guidance maintained, top line DKK 3.1 billion to DKK 3.4 billion. EBITDA maintained in the range of DKK 400 million to DKK 440 million.

Then moving on to Borg Automotive. Borg, they are in full implementation of a major recovery replan. We call it Refine4Future. Top line, as expected, down 12% to DKK 444 million (sic) [ DKK 445 million. ] We still see soft markets and low demand, but also experienced certain segments starts to recover. EBITDA was down 58% to DKK 13 million, as expected. We had a negative effect from Refine4Future initiatives, driving costs to reap benefits later in 2026.

Our Newman business, as we call it, really started to recover and now show profitability. The transformation of Borg, it's really in good progress. There has been a lot of hard work around the organization to relocate production and supply chain, full focus on sharpening the market and the commercial strategy and we are still expecting DKK 100 million of savings because of implementing the Refine4Future plan. Borg maintains also their guidance, top line is DKK 1.6 billion to DKK 1.9 billion expected now and EBITDA in the range of DKK 60 million to DKK 100 million.

Then looking into Fibertex Personal Care. Fibertex Personal Care is really facing increased volatility due to the Iran-U.S. situation. Top line decreased as expected 9% to DKK 404 million. Market conditions, particularly in Asia, remains tough and fierce. But Fibertex Personal Care is really having a lot of activities to mitigate the situation. EBITDA was down 5% to DKK 47 million. Here, we're coming from effect from lower volumes and also raw material fluctuations. The print business once again showed solid margins.

Fibertex Personal Care really have full focus on day-to-day operations. It's important for them to secure raw material at the best possible prices, but also to be certain that we can have access to raw materials, also full focus on delivering contracted volume to core customers. Fibertex Personal Care have been working a lot with developing new customers and selling innovative products into the market. Guidance maintained despite the volatility, top line DKK 1.5 billion to DKK 1.7 billion expected, and EBITDA now DKK 140 million to DKK 160 million.

Then moving on to the last business in our portfolio, Fibertex Nonwovens really delivered a strong profitability uplift in also very challenging markets, but super nice to see that they continue to grow. Top line increased 10% to DKK 638 million, growing volumes both in the U.S. and in Europe. EBITDA was up 48% to DKK 64 million, a strong effect from improved efficiency in our U.S. operations and also professionalization of setup delivers a really huge uplift. Now we also see that the large investments we made over several years really starts to pay off.

Fibertex Nonwovens, they are well prepared to continue to grow both volume and profitability in future. New spunlacing line, as we call it, has started to be implemented in the Czech Republic. We expect production -- commercial production to take off during second half of '26. A lot of very innovative new products being introduced to the market, and we also see strong requests from Tier 1 customers really wanting to cooperate at a rather large scale.

Fibertex Nonwovens maintained their guidance, top line DKK 2.3 billion to DKK 2.5 billion expected, and EBITDA still DKK 210 million to DKK 240 million. Also with Fibertex Nonwovens, we need to take into consideration that raw material and energy prices still continues to fluctuate.

So let me finish off just looking at the overall guidance for Schouw & Co. as a group. Full year guidance maintained. We expect the turnover to be in the range of DKK 33 million to DKK 35.5 billion and EBITDA DKK 2.9 billion to DKK 3.2 billion. And of course, all companies, solid focus on delivering within their guidance. So I think with that note, I will open up for questions.

Yes. There's Wei from SEB.

I have plenty of questions for you today. I'll start with BioMar. You announced the intention to float. But given the elevated macroeconomic uncertainty and also the stock market so volatile, what makes you confident to pursue the IPO amid such volatility?

Thank you for asking that, Wei. I think we have been looking at a lot of different factors, and I think when we conclude on all of them, we see that things has been more stable. I think the most important, not the most important one, but you also know the VIX indicator now really is quite positive. We also have been talking to a lot of investors looking for investing in stable companies. And so we think the window is there, and we think also it's time for BioMar now to take the next step. So we are quite optimistic on going to the market with BioMar, believe that timing is right.

Okay. Great. And could you also remind us the use of proceeds?

Yes. I think we have said over several times that we have a strong business model within the Schouw & Co. We continue to invest in new companies or you could say, we have 2 ways of investing. One is to continue to develop the companies in the portfolio, what we call bolt-on investments. We've been doing that over years. And then, of course, also looking for new platform investments. So of course, now more focused on finding a new platform investment and then really pushing hard on our companies to come up with ideas for value-creating bolt-ons.

So that's the 2 things, continue our model and of course, be patient because we should not just buy for buying a company. We need to do the right things and continue to create value. So that's the strategy. And we see plenty of opportunities out there.

Okay. And so I understand that the platform, you mainly referred to the Shrimp and other special segments?

We have a very clear investment strategy saying that we are investing in business-to-business companies. So that's what we are looking into now and really continue that because that's where we have our strengths. We know a lot about running business-to-business companies, need to be international oriented, need to have a strong position in the market, et cetera. So that's just continuing our strategy and really pushing on that.

Okay. And then next question. You have already talked a bit about the capacity expansion in Ecuador. Can you give an update on that? Now it's sort of diluted -- I understand, diluted the Shrimp EBITDA here in Q1. And what would be the expectation for Q2 and the remaining of the year?

Some of the capacity will kick in later in the second half of 2026. So we will still need some toll milling. But there's a lot of things. One thing is toll milling, but also, and you know that also, Wei, that of course, product mix, things like that means a lot for BioMar. And it is a rather small quarter. So we expect things to improve, product mix to be a little bit different. But we need capacity kicking in late 2026 and then we will see improved profitability and margins on that.

Jesper Lund, welcome. You're muted, Jesper. Next one then. Wei, you are -- please, you are on the line again. So yes.

It seems that I need to moderate the Q&A session today.

Yes, that's super nice. Thanks for doing that, Wei.

And so next question, maybe a bit nitty-gritty. So looking at the income from associated companies. This quarter, it shows a decline and you have kept full year guidance unchanged. I was wondering, any quarterly phasing of the revenue income?

Yes. So there's a lot of things that can fluctuate in that. We have BioMar's regulations. We have price setting of especially our farming setup in Chile, Salmones Austral, and so on. So there are things that fluctuates, and looking into forward-looking on salmon prices and so on, we still expect to keep the guidance. So within the quarter, things can fluctuate.

Clear. And then on the tech revenue income. I know it is project-based, but you showed a year-over-year decline here. What's the visibility do you have for the remaining of the year?

Yes. Just to make that understandable is that we made a totally new distribution model, meaning that we closed the cooperation with a big distributor in one of our very, very big markets, and they had materials in stock and things like that. So they are selling out of that. And we are moving from doing the distribution more on our own and then also moving into a so-called SaaS model. So that, a lot of things is going on, but we expect them. And we really see strong opportunities and the right choice of model in the future.

Can you comment on what is the initiatives by doing the direct distribution?

It's more that we go direct, try to link it a little bit more also on feed sales and things like that. So it's rather complex that we try to build more share of wallet with the large customers, et cetera. So we can use that also for getting attractive feed contracts and so on.

Yes. Jostein, you're on.

I'm Jostein Matre, and I'm a journalist at IntraFish. I apologize for coming in a little bit late to this conference. So my question might be something that you've already spoken about. But can you tell me a little bit because the IPO with BioMar has been on the table for a while now. Can you tell me a little bit about why now feels like the right time to do what you're doing?

So the reason why it has been on the table for a while is, of course, it takes a long time to prepare a company for becoming listed and BioMar was not listed. So it has taken a very long time, and not a very long time, but the time it has taken to prepare and do things. So that's the way it has been doing. And then, of course, we expected it maybe to have been out with the intention to float a little bit earlier, but then a lot of volatility in the world came up. And then we are in a situation where we do not need to do the listing of BioMar, but we do think it's the right thing. So we looked into when it's the best value creation also for Schouw & Co. as a shareholder and when is the best timing for bringing such a great company to the market. So that's the reason behind.

And just one quick follow-up then. What is your expectations going forward now then?

Yes. Now we have launched what we call this intention to float. That means, of course, that we are one step closer to the IPO. Then we will now, we will use some weeks to look into the market and get feedback from the market. You can also see now all analyst reports, they are in the market. We are talking to shareholders really getting a feel on who is interested and the potential shareholders who is interested in buying, et cetera, et cetera. And then within a few weeks, we will decide 100% if we are floating.

So that's the phase we are in, things are much closer and still intention, as we have said it over a long time, our intention is to float in the first half of 2026. And as we are in May now, the time is closing in. But we do it if it's right.

Is that enough time?

Yes, absolutely. There's a clear time line now on how to do that, yes.

Jesper Lund, we try with you again.

Yes, let's see if it's still -- if it works here from here on. Can you hear me?

Yes, we can.

Okay. It's also about BioMar. I was thinking, as many probably also do, can you tell me something about the -- how many times EBITDA, a company like BioMar can be sold at? And also how many percent do you minimum keep of the company after listing it?

Yes, very interesting questions. But one, we do not really comment on this because we now have to look into -- I think you should look into the analyst report and see what they are saying. And we have not decided the size, what we are selling yet, depending also on what will come out of the next 3 weeks investigations we are doing in the market. So that's as it is now. But I think look into the analysts report and there are some indications on what they think a company like BioMar should be traded at.

Yes, we have one more. Thanks, Wei. You're welcome.

And now a change of topic. A question on the GPV. You talked about the higher level of order intake in Q1. And so what end market was driving that momentum? And also, if you can comment a bit on the supply chain risk and also the cost inflation?

Yes. So the order intake has been driven by better, more optimism or what you say with some of our core customers. We are supplying a very big blue chip customers around the globe. They have a more positive outlook. Then we are also looking much more into the data center segment, which you could say, in fact, they are exploding. So we see business coming in also from supplying into data centers and so on so. So we are well positioned in growing segments. So that's the reason behind.

Looking into the supply situation on chips and so on, it has been a difficult and still difficult, and I don't really have a very clear answer on it more than we have been in these situations before we are used to handle it, and we have, you could say, all hands on deck to try to get a grip on it. And I think that we are in a good situation, but prices are increasing. But we can pass on most of these increases to our customers due to our contracts and so on.

Okay. Can you elaborate a bit on your exposure? The revenue exposure to the data center segment?

Yes. Our exposure is that we look into GPV, they are into data segment, HydraSpecma. So that's the 2 companies that are really seeing opportunities in supplying data center. GPV, supplying electronics for that, and HydraSpecma more looking -- they are into cooling and lubrication and so on in the data center. So we see a lot of interesting opportunities and we are really pursuing. And we, for the time being, we are talking about the 2 Ds, the data center and defense, and we really need to push and explore ourselves into these segments.

Okay. But you have not answered my question, the revenue exposure. Can you specify?

Yes. No, we are not disclosing that for the time being. But revenue is not significant, but it's increasing, Wei. Sorry for that, yes. So that's the way.

Okay. Great. And next question on the Fibertex. I realize that the raw material is -- could be related to the plastic, which are -- we see a lot of price volatility and now it's more big inflation. So how much of your raw material are exposed? Can you also comment on this?

Yes. If we take Fibertex Personal Care, the one that is most exposed, all their raw materials there are exposed. They use one, more or less, one raw material called polypropylene, 100% oil based. And then there, we are dependent on 2 price settings. One is in Europe, and the other one is in Asia. One is in euro, one is in dollar. And the price has really exploded if we take the euro pricing in Europe, then price used to be around EUR 1,200 per tonnes. It's now around EUR 2,200 per tonnes and so on. So, of course, heavily exposed, but the good thing is that we have passed on mechanisms to all our customers. Of course, we are always lagging a little bit after when things are increasing like, yes, to say so. But we have changed and been able to change the way we can do these pass on. So we are moving from a quarterly basis to a monthly basis now.

So we are exposed, but what we are most concerned on is not the pricing, of course also, but we are more concerned about availability of raw materials. So that's how we see it, yes.

Okay. And just looking at your suppliers, I mean, what is risk that you cannot get a supply?

Yes. Of course, there's a risk. But I think, yes, but it's an interesting question. And we are thinking about that every day. But I think we have been in the business for so many years. We have been together with these large suppliers for many years, of course. At the end of the day, they will find a way of distributing it, et cetera. But it is cumbersome for the time being. But so far, knocking wood a little bit, we have been able to have the needed supply.

Okay. Fair enough. Last question, on your cash flow, which was a bit weaker this quarter. And then you can see it's due to the working capital. Can you also elaborate a bit on the dynamics? And any change for your full year expectation?

Yes, as you know, again, as you said, for a quarter, the cash flow can be up and down. And we have also built a little bit in net working capital and so on. But we still expect to deliver quite significant cash flow in 2026. And really now we are getting into the season where we start to build cash flow. So still no concerns on our cash flow situation throughout 2026. Thank you very much, Wei.

Thank you for the questions. Okay. Thank you very much. Thank you for listening. Thank you for the questions, and goodbye from us.

Welcome to Schouw & Co.'s 2025 Annual Report. We delivered a solid performance in a very difficult and turbulent environment. In fact, to withstand that, we have taken strong measures and implemented them across our companies to safeguard profitability and our market positions.

Our top line was slightly down 1.6% to DKK 34.1 billion. We had a negative impact from lower raw material prices and ForEx. Our EBITDA was also down 1.8% to DKK 2.88 billion. However, it also included one-off costs in the magnitude of around DKK 100 million. 5 out of our 6 companies delivered a solid EBITDA uplift.

We took an impairment of our Borg company of -- goodwill in Borg company, and it was a noncash effect of around DKK 300 million. Of course, this shows a negative impact on our EBIT and profit before tax. Our cash flow, however, was again very, very strong, and it came out at a record high level of DKK 2.9 billion. In fact, a cash conversion of around 100%. So that was very satisfying.

Our net interest-bearing debt and leverage is also at a very satisfactory level. Also, I have to stress that the work on an IPO of BioMar really continues at speed. We are very determined to do an IPO and also expect to float in the first half of 2026. Of course, depending on market conditions, if they are right, we see a lot of turmoil for the time being in the markets, but we are still very determined to float this great company to the market.

And from that on, just looking into our net -- sorry, something happens there, looking into our net working capital throughout the year, reduced by DKK 900 million, driven by significantly inventory reduction. In fact, we have had a solid focus on inventories and debts over the last many years, and we really have a strong focus on capital and cash flow, and it pays off.

Our NIBD, as I said, decreased significantly, and our solid cash generation also delivered an NIBD reduction. CapEx at a very low but sufficient level. We now have a net interest-bearing debt of DKK 4.4 billion, which gives a leverage of 1.5x. Of course, we have also focused on delivering significant dividends and share buybacks to our shareholders.

From there on, on to BioMar. BioMar really built a strong growth momentum and very solid profitability in 2025. All our 4 segments delivered volume growth. Top line was, however, flat, DKK 1.65 billion (sic) [ DKK 16.5 billion ], but volume increased 13% to 1.5 million tonnes. Growth was primarily driven by Chile and Ecuador. EBITDA was up 2.7% to record high DKK 1.52 billion, very satisfactory development in our selected species and tech segments. But across the segments, we saw good development.

We also really had a strong outcome of continued and solid margin focus, and it's really an important driver across all our segments. Working capital significantly reduced to DKK 1.1 billion. Our joint ventures and associated companies delivered also a profit uplift in 2025. We recovered earnings in Salmones Austral, our -- the stake we have in the Chilean salmon farm, Salmones Austral; our joint ventures in China, building a significant market position in high-value segments, and we really have positive outlook for our China joint venture in future.

Our 2026 guidance built on continued profit uplift. We expect now turnover in the magnitude of DKK 16 billion to DKK 17 billion, EBITDA around DKK 1.5 billion to DKK 1.62 billion. And we really also here see a continued good balance between our segments and expect all 4 segments to deliver uplift in 2026. From BioMar then to GPV, our electronic manufacturing service company, GPV markets seems to be gradually normalizing. Top line, however, as expected, 2.5% down to DKK 8.7 billion, but we have seen a very solid and good order intake increasing into Q4.

EBITDA was up 2.5% to DKK 641 million. Here, we really saw effects from efficiency and optimization focus across all production facilities in GPV. Gross margin has increased quarter-by-quarter during 2025. We also took DKK 17 million in one-off costs to footprint and severance payments throughout 2025, affecting EBITDA, of course, negatively.

GPV has really put huge efforts into implementing a new footprint strategy across geographies. We are consolidating productions in some countries. We are focusing our production platforms in what we call best cost countries. And we work also hard on establishing mega sites to drive scale and efficiency in GPV.

We have also conducted a strategic review, and it really confirms the long-term potential for GPV. We see and have a very solid project pipeline and also are facing very interesting strategic opportunities for future. Our 2026 guidance is built on delivering on our optimized footprint. Top line around DKK 8.5 billion to DKK 9 billion. Strong uplift expected in EBITDA, DKK 690 million to DKK 750 million.

And also here, we really build this guidance on excellence programs and our footprint decisions. Then from GPV on to HydraSpecma, that really continued a very positive and profitable development. Top line, we're growing 5% to DKK 3.2 billion. We saw very strong activity in our global OEM segment, and also our renewable division kept positive momentum throughout 2025. That also meant that the EBITDA was up 15% to DKK 389 million.

Here, we also have to look into the EBITDA and say we had a DKK 14 million positive effect on EBITDA from sale of a facility in Poland, but however, also a DKK 30 million negative effect from relocation cost to Poland that, of course, not will materialize in 2026. HydraSpecma really were driving solid margin management and commercial excellence across the board.

Hydra plans also for future growth and continue to build on profitability. We are finishing our 22,000 square meter facility in Tianjin in China. We are strengthening positions in global OEM and renewables and also starting to build momentum in the very interesting defense segment. 2026 guidance built on a very strong order book. Top line expected now to be DKK 3.1 billion to DKK 3.4 billion and EBITDA in the magnitude of DKK 400 million to DKK 440 million. So also here, we expect a positive uplift.

Then moving on to Borg, our company that do remanufacturing of parts for the automotive segment. Borg had a very difficult and challenging 2025. In fact, the reman and the spare part business and market in Europe in general was challenged. Top line for Borg was down 12% to DKK 1.7 billion. Our brake caliper segment was down on volume, but that was mainly due to Chinese import substituting our reman products.

Newman segment, as we call it, was also a bit lower on volumes compared to 2024. Our EBITDA was down to 0, no positive EBITDA in 2025. A lot of reasons to that, lower sales, margin pressure and, of course, continued cost increases in Poland had an impact, but mostly, we had some nonrecurring cost of around DKK 17 million, not expected to come in 2026. And these nonrecurring costs, most of them are related to a really transformation plan that was built and implemented in 2025.

We call it Refine4Future, expected to deliver DKK 100 million improvement built on 4 pillars to drive change and profit uplift, built on renewing our manufacturing footprint, focusing strong on commercial excellence, new logistics setup and then also looking into our SG&A costs at large. We have decided to close our large U.K. facility and relocate to Poland, a rather big move that we will see effect of in second half '26.

Then we're also upscaling our new Tunisian factory that's situated in what we call a best cost country area. So a lot of opportunities there. 2026 guidance built on being a transformation year, top line expected to be DKK 1.6 billion to DKK 1.9 billion and EBITDA around DKK 60 million to DKK 100 million. So expect to start to bring Borg back in profitability.

First half is expected to be affected from a relocation and ramp-up and really see the strong uplift in the second half of 2026. Then from Borg on to Fibertex Personal Care, who delivered improved profitability also in a rather challenging market. As some of you might recall, Fibertex Personal Care has been challenged in Asia due to too much capacity and lower birth rates in China. Top line decreased as expected, 9% to DKK 1.7 billion.

As I said, volume lower in Asia, but slightly better than expected. EBITDA was up 9% to DKK 203 million. Also built on positive development in raw material prices. There's been a strong focus on margin-enhancing product mix. And our print business in U.S. really start to delivering a solid profit uplift. We are setting up for future with a very clear strategic focus. We have built a supply chain to service and send volume to U.S. and Europe from Malaysia to utilize our excess capacity out there.

We are bringing new interesting, we call it, elasticated concept to the market and expect that to be launched late 2026. 2026 guidance then expected to be in top line of around DKK 1.5 billion to DKK 1.7 billion. EBITDA declining compared to 2025 but also built on global geopolitical tension could drive increasing raw material prices. So a little bit uncertainty around the raw material prices for Fibertex Personal Care. EBITDA expected to be DKK 140 million to DKK 160 million for 2026.

Then finishing off with Fibertex Nonwovens that delivered solid growth and improved profitability during second half of 2025. Top line flat, DKK 2.25 billion, but volume up 5% and volume build was really made, as I mentioned, in second half of 2025, mainly the top line -- flattish top line was mainly driven by ForEx and raw material -- lower raw material prices and then also rather soft demand in general in what we call our legacy markets in Europe.

EBITDA, however, was up 4.4% to DKK 203 million. And very positive that our U.S. facility really continues to deliver profitability improvement, very solid development, but then offset a little bit by very soft overall market in Europe. Also a strong focus on added value products and really increasing share also delivering EBITDA uplift or profitability uplift. FIN has new capacity and products ready for 2026. Our new line in the Czech Republic is starting up with an attractive pipeline expected to start to deliver first commercial products in the second half of the year.

And then we also have a new very interesting concept ready to deliver to a global blue-chip customer. 2026 guidance built on positive momentum created in the second half of 2025. Top line now expected to be DKK 2.3 billion to DKK 2.5 billion. EBITDA around DKK 210 million to DKK 240 million. And here, we also see, as I mentioned, effect from efficiency programs and margin value uplift in fee.

So just moving on, looking into our investments and CapEx. Also in 2026, we, of course, expect to have CapEx investments. We continue to have very strong focus on capital. We want to drive cash flow. We want to, if possible, to continue to reduce our net working capital and also have a prudent view on CapEx and spendings in general. However, Schouw & Co. also continue to grow and invest when needed.

So in 2026, CapEx budget, CapEx expectations in the level of DKK 700 million to DKK 900 million, where the largest investment is coming from capacity expansion in the very interesting and profitable shrimp market in Ecuador related to BioMar. So finishing off with a fast view on our overall EBITDA guidance. Again, as I have been elaborating throughout the presentation here, we expect to deliver profit uplift, in fact, in 5 out of 6 companies, profit uplift expected. And EBITDA now expected as we also have guided the market on earlier in the level of DKK 2.9 billion to DKK 3.2 billion.

We really see strong momentum across our portfolio, built on product innovation and solutions for our global customers. We have full focus on running commercial excellence programs also across the board. And we have taken a lot of footprint and efficiency measures over the last years and really expect also to benefit from that in 2026.

So with that, I think I would open up for questions, but also emphasizing that we are still pushing on our BioMar IPO if market conditions really starts to come out positive. So with that note, opening up for questions. I think we already have Wei from SEB. So welcome, Wei.

So 2 questions from my side. Firstly, on the BioMar, the working capital improvement we see here in 2025 and especially in Q4, can we assume this would be the run rate, going to the coming years? And I'll do the next question later.

Yes. Sorry, yes, one more...

I can do the next question later.

Okay. No, I think -- thank you for the question. I think it's a rather -- it's a low rate. It's around 7.5-or-something percent. And I think it's very, very well managed. But I think looking a little bit ahead, maybe the net working capital would be around 10% or something like that. But BioMar is really, really handling the net working capital very well, but I think we should expect it to be around the 10% level.

Great. And then also on BioMar, the CapEx guidance, is it mainly driven by the expansion in Ecuador? And you mentioned this DKK 250 million total capacity expansion. Can you add a bit more about the time line?

Yes. I think -- and really, to be honest, I think BioMar, they have to work very hard to really bring the DKK 250 million or to use DKK 250 million in 2026. But its decisions are made on capacity expansion, looking for land. There's a lot of things going on, and it can take time, but it's more also just to say that the new capacity investments in Ecuador will be around these DKK 250 million, and let's then see how and when it will materialize.

Okay. And if I can ask also a question here on Borg. Just want to understand your long-term strategic thinking for this business. I mean it seems that the Borg experienced a sort of structure issue. But then looking at the current ROIC, which is negative, even we assume some improvement, it is still very low level. So what is your expectation and definition to be sort of to improve this business to a long-term value creation?

Yes. No, I think a very, very interesting question also. We -- of course, now we are really focusing on the short term and very hard-nosed on implementing what we -- I said, the Refine4Future strategy. We are still a strong believer in circular economy. We think there will be a pushback on circular economy. And Borg, they are placed in a very good position to capture that.

We also think that the strong measures we have taken on footprint, moving to Poland, transferring to Tunisia and really will develop the competitive edge for Borg. So we are still long-term positive on opportunities, on circular economy and also building position, but we have to focus now to deliver on the plan short term. I think that's the main point, and that's what the Borg management really focusing on for the time being.

Yes, Asmussen, welcome.

Is it possible today to give any kind of indications about your expectations for the value of BioMar after the IPO?

To be honest, Per, it's a very good and very interesting question, but it is not possible. We are not -- of course, we have our thinking on it, but we cannot disclose it for the time being because we don't know yet. You need to go out in the market and really do some investigations and so on. And of course, also, I think everyone understand that what happened over the last week and so on in the market and so on really also said, okay, let's wait and see and just let things stabilize.

So -- but of course, it's a great company. There's a very interesting value embedded in BioMar and also sitting on our books. So we expect an interesting value-creating IPO, Per.

No further questions. Okay. So yes, that finishes off our presentation, and thanks to everyone for listening on my presentation. Goodbye, and thanks.

Good morning, and welcome to Schouw & Company's presentation of our Q3 results. Overall, we had a satisfying and solid development in very difficult markets. All our companies, they continue to deal with uncertainties. I think that we have to accept that this is the new normal. Strong measures has been taken across the board to safeguard profitability and market positions.

Our top line was down 4% to DKK 9.2 billion. EBITDA, however, increased to 5% to DKK 878 million. We have had very strong focus on pricing and costs. The quarter was also impacted by DKK 54 million of one-off costs. Our cash flow was again very strong and came out at DKK 894 million. We kept our investments at a very modest level and also satisfying to see that our net interest-bearing debt and leverage now is at a very good level. Just also to conclude on the evaluation and work on a potential IPO of BioMar continues. If we decide to make it happen, then it's expected to be in first half of 2026.

Moving on from the more general view and then to BioMar. BioMar performed very well in a quarter where they faced severe biological difficulties in Norway. Q3 is a very important quarter for BioMar. The top line was down 4% to DKK 4.9 billion, but volume increased 9% to around 470,000 tonnes. All segments delivered volume uplift. EBITDA, however, was up 10% to a record high DKK 510 million for the quarter.

We saw a very strong development in selected species and our tech segments. Also across the board, solid margin control has been a very important driver for our EBITDA uplift. There's also a continued focus on our very broad product offering to all segments in the market. The joint ventures in BioMar also continues to deliver. We are building a strong position and profitability in China.

Working capital was significantly reduced to now DKK 1.65 billion. Guidance for BioMar is narrowed. We are close to the year-end. So turnover now expected to be DKK 16.3 billion to DKK 16.7 billion and EBITDA now in the range of DKK 1.49 billion to DKK 1.53 billion. So still expected to be in the guidance we announced at the end of Q2.

From BioMar, then moving on to GPV. GPV markets, they are still fluctuating, but we also see that they are preparing for a rebound. Top line with GPV was as expected, 3% down to DKK 2.15 billion. There was a lot of key customers facing soft market demand across their geographies. And if they face a soft demand, of course, we will also feel it at GPV.

EBITDA down 8% to DKK 178 million. But looking on a quarter-to-quarter, then we had a margin uplift. Also, we had a positive effect from reversal of inventories in 2024. So all in all, solid development with also one-off costs in the quarter for restructuring of the magnitude of DKK 10 million.

GPV continued to future-proof. They are doing consolidation and rightsizing of their factory footprint. They are really building on a strong pipeline, taking in new customers and also trying to offset supply chain challenges coming up from Chinese suppliers. Guidance is narrowed. Top line expected now to be DKK 8.7 billion to DKK 8.9 billion and EBITDA in the range of DKK 620 million to DKK 650 million, including expected one-off of DKK 10 million to DKK 15 million in Q4.

Then moving on to HydraSpecma. They really continues the positive development and drives and delivers very solid profitability. Top line was up 10% to DKK 747 million. We saw a very strong activity in the global OEM segment and also good to see that the Renewable division again growing. EBITDA was up impressive 22% to DKK 97 million. HydraSpecma has really worked with a solid margin management and commercial excellence across the board. Also in the EBITDA of DKK 97 million, it included a one-off cost of around DKK 10 million.

HydraSpecma continues to plan for future growth. They are now starting building a 22,000 square meter facility in Tianjin in China, expected to be ready in Q2 '26. They have also a lot of focus on driving innovation and solutions for the hydraulic market. Guidance uplift based on very solid performance. Top line now expected to be DKK 3.1 billion to DKK 3.2 billion and EBITDA in the range of DKK 380 million to DKK 400 million for the year.

Moving on to Borg Automotive. Borg is really the company that has been most challenged throughout 2025 in the Schouw portfolio. They continue to face fierce competition and rather soft demand in all segments. Top line for Borg was down 14% to DKK 424 million, especially the brake caliber segment was down on volume, mainly due to Chinese import difficult to compete. EBITDA down by 72% to DKK 10 million affected from different things, lower sales and, of course, continued increase of production cost in Poland. And then unfortunately, we had to do a write-down in France of DKK 24 million due to unaccounted bonuses in the quarter.

We need to continue to transform Borg to mitigate the development. We disclosed last quarter, the Refined for Future plan expected to drive a DKK 100 million uplift, and the plan is in solid progress. It's mainly around our footprint and commercial excellence strategies, also looking into a potential closing of the entire U.K. operation.

Borg is downgrading because of the write-off, because of one-offs for the Refined for Future. Top line now expected DKK 1.8 billion to DKK 1.9 billion, EBITDA in the magnitude of DKK 60 million to DKK 80 million, including one-off costs to Refined for Future of around DKK 40 million and then the unfortunate write-down in France of around DKK 30 million for the year.

Moving on to Fibertex Personal Care. They again, delivered profitability uplift in a very challenging market. Top line decreased as expected, 11% to DKK 420 million. We saw lower volume in Asia, but positive also to see slightly better than expected. EBITDA, however, up 33% to DKK 54 million. We had a positive raw material effect, but also our print business really delivered solid margin uplift in the quarter.

FPC is setting up for future. We are building a supply chain out of Malaysia, trying to ship volumes into U.S. and Europe. We continue to innovate and develop advanced materials, especially elasticated products. We also managed and are able to give a guidance uplift, top line DKK 1.6 billion to DKK 1.7 billion and EBITDA now expected to be around DKK 180 million to DKK 200 million.

Closing off with Fibertex nonwovens, where we continue to see the -- our U.S., very important U.S. market continue to see growth. Top line, however, down 1% to DKK 556 million, but volume up 7%. The important auto segment still soft, but still at a rather satisfactory level. EBITDA also up 23% to DKK 52 million. And as mentioned, U.S. continues to deliver and also they deliver solid profitability improvement. Also our added value products now delivering profit uplift, and we see increasing share coming from these products.

Fibertex nonwovens, they are finalizing their investment plans, a new line in the Czech Republic expected to be ready and starting off Q1 in 2026. So now we have a very solid capacity platform to build future on and expect also to continue to grow volume in the high-value segments for FIN. Guidance narrow top line now adjusted DKK 2.2 billion to DKK 2.3 billion and EBITDA expected to be in the range of DKK 200 million to DKK 220 million.

Closing up with a view on our guidance list here, full year guidance narrowed within our guidance band. EBITDA now expected to be DKK 2.85 billion to DKK 3.02 billion for the group. And there, we included one-off costs of around DKK 100 million for footprint, closing down, write-offs, et cetera. So really also preparing Schouw & Company companies and the group for future on that.

And with that remark, I will open up for questions.

Emil, welcome.

First of all, congratulations with a very strong operational performance in BioMar this quarter despite some biological headwinds in Norway. I will start off with a question of a more general nature. So in the report, you mentioned that potential proceeds from a separate listing of BioMar are expected to be reinvested in the existing business with the possibility of expanding the portfolio to a new platform investment. So do you have anything in pipeline in terms of a new platform investment? Or are these just the main priorities as of now?

Yes. Thank you for commenting on that because I think it's important also that we are emphasizing that we continue to build on the strategy we have with Schouw & Company, and that's to build a portfolio and platform of business-to-business companies. So looking at the platform investments, we have, of course, always something in the pipeline.

But then we are looking at the companies we can match the existing companies business to business, a certain magnitude and so on. But of course, we do not have anything specific at the table, but always working on that. And then within the portfolio also, we still see rather interesting opportunities to build further and grow these companies. So that's the strategy we build on.

Okay. And would this -- with the potential IPO during first half of next year, would this be something that we should potentially expect already during 2026? Or are we looking further out in the future in terms of adding a new platform investment?

Yes. No, I think, Emil, what is very important is that we do the right move. We do not buy just for buying. We are very cautious on that. And of course, would be super if we could add a new platform investments during 2026, but we cannot guarantee anything on that. But we -- I think we need to be cautious on the business case and the opportunities and so on. But there are interesting opportunities out there.

Makes sense. Moving on with a few questions on BioMar then. So the first question is on volumes and market share. So you reported 9% volume growth year-over-year. So could you elaborate a bit more on how this developed across key regions because regaining market share is a strong strategic focus of yours. And I recall that you mentioned particular opportunities for higher volumes in Chile during the second half of 2025. So has this developed in line with expectations or anything we should be aware of?

Yes, we have added new contracts in BioMar in Chile, and we have added contracts volume also to existing contracts. So we have added and taken market share in Chile. Also in Norway, we have had seen a good development. But however, as you also know, there has been a volume decline because of biological issues, sea lice, et cetera, et cetera. But we have had a volume uplift as we also mentioned starting 2025 that maybe we have been too cautious on not taking volume due to profitability and so on.

Okay. And then also a question on the shrimp segment because volumes is up 23% year-over-year, revenue is up 10%. But this is basically growth rate that's almost on par with the first half of the year. So it seems like you continue to gain strong market shares in this segment. So any comments on the, I would say, longer-term outlook because I know you have high expectations for this segment. So what is the potential here? You have moved more towards larger customers. But yes, any additional comments on that?

Yes. And I think you just mentioned it. We have deliberately moved to larger customers because we want to continue to grow and also to take off risk in this segment. And if we really want to grow, we need to tie a team up with the larger customers. And we really see strong growth potential within the shrimp segment and also looking at some attractive long-term contracts there.

Okay. So it seems like a good outlook for this business in order to continue to gain momentum in this space.

Yes, and that's well aligned with our strategic priorities. So definitely, yes.

Good. Then moving on, just with the last question on HydraSpecma before I jump back in the line. So last quarter, you talked about postponements in the renewable divisions. And this quarter, it's contributing positively to the growth. So these postponements, can we conclude that they have not continued into Q3? Is that fair to assume?

Yes, not with the same magnitude as in Q2. We have seen postponements, but we have also -- we have seen an increase and also improved efficiency and profitability around that. So it's not -- they are not postponing as much as they did in Q2, yes.

Claus Almer.

So first of all, congratulations with the net working capital performance, not least to Carlos, it seems he is doing a great job in BioMar.

Yes, absolutely. I fully agree. Thanks.

So a few questions regarding BioMar. The significant improvement within tech, is that a new sustainable level? Or how should we think about that? That's the first one.

We have seen a new level of profitability, definitely also because the last years, we did a lot of development, reorganization and so on. But of course, it's a project business, project sales, but we are building more and more on recurring revenue, software and things like that. So we will see a profit uplift. We have a very strong profitability in 2025. I'm not saying we're going to have the same in '26, but really expect the tech to continue to deliver at a very high level, yes.

Yes. So it's more -- you mentioned strong this year. But should we just put into the model that it is volatile. So Q3 may be a bit out of the ordinary or maybe a little bit of help on this one would be appreciated.

I think I can say, Claus, you know also project business. But of course, we expect to continue to grow, but you will see fluctuations over the quarters depending on project, when will it be delivered and all by a sudden you get an order for 1 quarter and things like that. But we expect still strong profitability, but you will also -- you should expect to see variations over the quarters.

Okay. And then also BioMar, this double-digit EBITDA margin you did in Q3, and I think this is also what you're implicitly guiding for Q4. Should we expect that to continue into 2026 without guiding for next year, obviously.

Yes, we are not guiding. We have not finalized the budgeting to be honest. Of course, we will do whatever we can to keep our margins and really work around recipe optimizations and things like that. But of course, you also know in the first quarter, volume is lower, scale is lower, et cetera. So I don't think you will see the first quarters with the exactly same margins. But we really work on that, and it's part of the strategy in BioMar that we improve our margin to have a strong focus on commercial excellence and margin management, and it pays off now.

So I guess, maybe to ask in a different way. So what we saw in Q3 and what is guided for in Q4, is that more a permanent improvement? Or is there any, let's call it, one-offs profit in those numbers?

I wouldn't say there are any one-offs. Of course, also the impact from the Tech division should be mentioned because there has been a very strong profitability in the Tech division. So -- but we don't have any one-offs and so we have a solid margin management program running, and we will continue doing that. That's our intention. Absolutely.

Sounds great. And then just my final question, and this goes to the GPV division. So you are taking down the high end of the revenue guidance, but you are increasing the low end of the EBITDA guidance. Maybe you could put a bit more color on that difference in the guidance change.

Yes, you will see a lot of operational efficiency in that. You also noted that we have done a lot of restructuring and factory footprint, et cetera, over the year. So that's -- now we see impact on efficiency, et cetera, on that. So that's a key driver in what's going to happen in GPV. And of course -- and even we expect also to build even more margin over the years because we have done so much on the factory footprint and closing and relocations and things. So we see -- start to see benefit from that.

[indiscernible], welcome.

Jens, how much is it possible to tell today about the expected revenue or market cap of BioMar in case of a separate listing. Can you say anything about the expected multiplier or anything?

It's a great question, [indiscernible], and I would -- I wish I would because, of course, that's one of the key triggers for are we doing it or not. But we do not have any exact numbers on that. But of course, looking at the value some of the analysts are putting on it, then maybe there's a guideline there. But we are not commenting on it yet. We are out there doing early sounding meetings, visiting, meeting a lot of investors and so on. So it's too early simply.

André, welcome.

Yes. Just a few questions from my side as well. In terms of BioMar, can you maybe say a few words about what you see into the fourth quarter? Because in order to reach the high end of your guidance for BioMar, it looks that it should also be quite good for Q4. So what are you seeing here?

First of all, of course, I would like to reach the high end, but I think we give a guidance spread and let's see where it is. But of course, as you know, also, volume means a lot. Biology, Norway has -- it has improved the sanitary conditions, et cetera, so less lices also. So hopefully, we will drive more volume in Norway. Also, of course, efficiency, logistics and so on means a lot.

So I think Norway, key component in it. We have been doing great, honestly, also in what we call the selected species, particularly in the Baltics. So if temperature keeps high, et cetera, at the sea, when maybe we could see a more positive offset also from Baltics. So in general, André, it's volume and it's biology and climate because we have our contracts and our margins, raw materials in place.

That's great. And is it fair to say that Q4 on volumes in Norway have started a bit on the weaker side or...

I haven't -- I'm not 100% updated on it. It's not growing a lot, but I think it's more flattish. And then normally, it starts really to decline now in November, December and maybe because sea temperatures are rather good, then we might see more volume in November than normal.

Okay. That's very clear. And maybe just another question around BioMar or more specifically Mowi. That's also something we like to ask every quarter. Is there any news that you have seen around this? What is moving behind the lines?

We haven't seen any news as I think if there were any news, they need to announce something in the market. And as we are informed, the process is still working and they haven't taken it off the table, I think. So yes, we wait and see what happens.

That's very clear. And then maybe just -- I realize you don't guide for 2026 yet, but maybe just some [ modeling ] questions. Is there anything specifically on CapEx you need to do next year as the world looks right now? Or could it remain at the current low level?

I would say there's not big things across the board. Of course, we always look into -- for the time being, as I said also, we are not looking into huge capacity expansion, could maybe be a little bit in BioMar in certain segments. But in general, no big capacity expansion. So what we are looking into more is efficiency investments, and that's not very big investments. So I think we will see a very normalized investment level in 2026.

That's clear. And then just a last question on '26 on the net financials because you have quite a lot of variable debt as far as I recall, and now you have also been reducing debt. So is it fair to think that net financing spend is going down materially next year?

Yes, if we don't get any new -- as somebody alluded to before, platform investments and so on, we'll continue to bring down our debts. We also expect really to drive a very solid cash flow both in Q4 and also into 2026. So if we don't find any investments on, you will see our debts really going down.

No more questions. So thank you to everyone listening and asking questions. So good day to everyone. Thanks a lot.