AKTIESELSKABET SCHOUW & CO.
Industrials·SCHO · Nasdaq Copenhagen·Fiscal year to 31/12/2025
One of the world’s largest manufacturers of feed for the aquaculture industry. Produces feed for salmon, shrimp and selected species, and has a growing exposure to smart feeding technology.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Aquaculture and fish feed
End markets
DriverPositive impact: strengthens
“The following is a brief review of individual business performances in 2025: BioMar reported a 13% year-on-year increase in feed volumes, supported by strong growth in all three feed segments.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Water usage in the value chain for growing of crops E3 Water Impacts Sourcing of marine raw materials in BioMar BioMar sources approximately 300,000 tonnes of marine materials annually, and given the finite and often fragile state of some fish stocks, this could potentially have a negative impact if not managed responsibly. The supply of marine materials is volatile in nature and prone to fluctuations in supply. Therefore, the sourcing of these resources must be diversified to ensure that demand can be met.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The volatile nature of fish supply Roughly one-third of BioMar’s costs are associated with marine ingredients, and even though promising alternatives are being developed and implemented, there is still a great need for omega-3 fatty acids of marine origin.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“BioMar addresses one of the world’s most pressing challenges – how to produce more protein for a growing global population without overloading the planet’s resources. To this end, BioMar invests heavily in alternative and circular raw materials, reductions of CO emissions across the value chain, enhanced traceability and responsible sourcing, and innovations that improve fish health and resource efficiency.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the future, BioMar will maintain its focus on commercial and operational excellence, expansion in feed for shrimp and other species in Asia and Latin America and further acceleration of the journey within advanced feed technology.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The position statement underscores BioMar’s dedication to procuring marine ingredients that are certified and responsibly sourced. BioMar also works to diversify the raw material base to reduce the dependency on fish meal and fish oil.”
Annual report 2025A · The company itself
Market
“One of the world’s largest manufacturers of feed for the aquaculture industry. Produces feed for salmon, shrimp and selected species, and has a growing exposure to smart feeding technology.”
Annual report 2025A · The company itself
Market
“Following a 19% year-on-year increase in feed volumes in Q4, total feed volumes sold increased by 13% in 2025, supported by strong growth in all three feed segments: Salmon, Shrimp and Selected Species.”
Annual report 2025A · The company itself
Market
“The Salmon segment is the largest segment in BioMar, accounting for 60% of total volumes sold in 2025.”
Annual report 2025A · The company itself
Market
“The segment accounted for 24% of total volumes in BioMar in 2025. EBITDA increased by 23% in 2025 supported by higher volumes, although adversely impacted by lower average sales prices on large contracts and an increased share of standard feed products.”
Annual report 2025A · The company itself
Market
“Marine Ingredients Position Statement The position statement underscores BioMar’s dedication to procuring marine ingredients that are certified and responsibly sourced.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
DriverNegative impact: weakens
“Some of HydraSpecma’s customers are experiencing increasing price pressure from Asian manufacturers, especially customers in the Renewables Division.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Despite a continued strong competition in the Asian market, total EBITDA for 2025 was DKK 203 million, a year-on-year increase of 9% from DKK 187 million in 2024.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The Asian nonwovens market continues to be characterised by a structural imbalance between supply and demand, driven by significant overcapacity and leading to continued pressure on margins. To avoid participating in the ongoing price erosion, Fibertex Personal Care decided to reduce capacity at its Malaysian operations with effect from early 2025.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In Asia, the structural imbalance between supply and demand is expected to persist, and increased exports of baby diapers from China continue to challenge local hygiene product manufacturers across the region.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In the future, BioMar will maintain its focus on commercial and operational excellence, expansion in feed for shrimp and other species in Asia and Latin America and further acceleration of the journey within advanced feed technology.”
Annual report 2025A · The company itself
Geography
“Segment volumes increased by 8%, primarily driven by growth in Chile but also in Norway, supported by new customer contracts and improved biological conditions early in the year.”
Annual report 2025A · The company itself
Geography
“Revenue and EBITDA increased significantly year on year, supported by growing adoption of the technology, particularly in Latin America but also in Asia.”
Annual report 2025A · The company itself
Geography
“Fibertex Personal Care is headquartered in Aalborg, Denmark and operates large nonwovens manufacturing facilities in Denmark and Malaysia and printing facilities in Germany, and the USA.”
Annual report 2025A · The company itself
Geography
“Fibertex Nonwovens is headquartered in Aalborg, Denmark, and operates production facilities in Denmark, France, Czechia, Türkiye, the USA, South Africa, and Brazil.”
Annual report 2025A · The company itself
Automotive
End markets
DriverNegative impact: weakens
“In the fourth quarter of 2025, Borg Automotive experienced continued weak demand in the Reman segment and extremely fierce price competition across most markets. Revenue for the quarter totalled DKK 325 million, which was DKK 105 million below the level of the same period of 2024.”
Annual report 2025A · The company itself
Market
“80%OWNED Europe’s largest independent automotive remanufacturing company. Sells to distributors and OE customers for almost all car makes.”
Annual report 2025A · The company itself
Market
“Growth is expected, in particular, within construction equipment, material handling, commercial vehicles, and defence, while demand in the forestry segment is expected to remain subdued in 2026.”
Annual report 2025A · The company itself
Market
“Borg Automotive offers a full product range by also supplying a range of new products to complement remanufactured items.”
Annual report 2025A · The company itself
Market
“Nonwovens are fibre sheets produced on high-tech processing equipment with various purpose-specific postprocessings. The processed materials have a broad range of different industrial applications, including in the automotive and construction industries as well as filtration solutions. Further, Fibertex Nonwovens produces nonwovens textiles for special-purpose disposable wipes for hygiene, cleaning and other purposes.”
Annual report 2025A · The company itself
Market
“Regained sales to the auto industry in Europe combined with a continued increase in sales of products for filtration solutions and products for the Med- Tech industry also added to revenue.”
Annual report 2025A · The company itself
Market
“Borg Automotive is Europe’s largest independent automotive remanufacturing business, and its primary business activity is to remanufacture defective spare parts and sell them in the B2B market. 81% of Borg Automotive's revenue is generated by remanufacturing parts.”
Annual report 2025A · The company itself
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Diversity is an important element when operating in different countries, and health and safety is paramount for employees involved in industrial manufacturing.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“None of our achievements would be possible without the dedication and professionalism of our management teams and the almost 15,000 employees across all businesses and geographies.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Schouw&Co. is invested in businesses involved in industrial operations requiring labour for manufacturing, assembly and operating machinery, some of which are labour-intensive processes. Schouw&Co. has almost 15,000 employees and operates factories in more than 35 countries around the world.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We require the businesses to produce efficiently in terms of resource consumption and climate impact and to ensure that all employees can go to work and return home safely.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“GPV has adapted to the current market conditions by taking strong measures to protect earnings, including a substantial reduction in the number of employees during 2024 and 2025, and together with the optimisations of the operational footprint and a good cost control, this is expected to increase EBITDA in 2026 despite a flat revenue projection.”
Annual report 2025A · The company itself
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“The global materials supply situation appears relatively stable, but recently, increasing challenges with supply of memory chips have been seen, which have caused an allocation situation with rising supply chain issues.”
Annual report 2025A · The company itself
Market
“Solid safety focus with decline in LTIFR to 0.4 injuries per million working hours Strong profitability uplift expected in 2026 with several improvement initiatives Global uncertainty and soft market demand result in slightly lower revenue Consolidation of manufacturing sites and operational improvements foundation for future development GPV is the second-largest Europeanheadquartered EMS (Electronics Manufacturing Services) business. GPV offers services such as design, production, assembly, and testing of solutions in electronics, mechanics, cable harness, and mechatronics for a range of leading international customers. GPV’s solutions are used in customer end-products within the market segments Industrials, Measurement & Control, Transport, CleanTech, BuildingTech, HighTech Consumer, MedTech, and Defence.”
Annual report 2025A · The company itself
Market
“HydraSpecma is a trading and engineering company specialised in designing and constructing state-of-the-art hydraulic and electric systems, including turnkey solutions in cooling, filtration and lubrication, as well as fluid conveyance with pipes, hoses, connectors and fittings.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cyber attacks The threat of malicious attacks on IT systems has risen significantly in recent years. Daily attack attempts continue with both rising frequency and impact.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The IT systems used by the portfolio businesses are completely independent from each other, which limits the impact. Across the portfolio, there is a strong focus on IT security, awareness training, and ongoing investments to prevent, detect and respond to cyber attacks.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Europe
Geography
DriverNegative impact: weakens
“European competitiveness In some industries, competitiveness is under pressure due to unequal market conditions. Cheaper products are floating the European market and current EU requirements and regulations are making it hard to compete on margins with non-EU peers, not bound by the same rules.”
Annual report 2025A · The company itself
Market
“The market is expected to remain stable, with the slightly softened demand seen during the fourth quarter of 2025.”
Annual report 2025A · The company itself
Geography
“Borg Automotive is headquartered in Silkeborg, Denmark, and operates production or large distribution facilities in Poland, Spain, Germany, and Tunisia.”
Annual report 2025A · The company itself
Geography
“Fibertex Personal Care is headquartered in Aalborg, Denmark and operates large nonwovens manufacturing facilities in Denmark and Malaysia and printing facilities in Germany, and the USA.”
Annual report 2025A · The company itself
Geography
“The drop in EBITDA was mainly caused by lower volumes of nonwovens sold from the site in Denmark and printed materials from the site in the USA.”
Annual report 2025A · The company itself
Geography
“the printing facility in Ilsenburg, Germany, contributing to capacity utilisation, high flexibility and reliability of supply.”
Annual report 2025A · The company itself
Geography
“Fibertex Nonwovens is headquartered in Aalborg, Denmark, and operates production facilities in Denmark, France, Czechia, Türkiye, the USA, South Africa, and Brazil.”
Annual report 2025A · The company itself
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“DKK 16,534 million, compared to DKK 16,616 million in 2024, reflecting that higher volumes sold were offset by lower raw materials prices, negative exchange rate developments, and changes in customer mix.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For a while, however, market conditions have reflected a challenging combination of weak market demand, increased production costs and extremely fierce price competition.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“This project placed a particular focus on soy and soy-related products analysing commodity risk in two distinct climate scenarios towards 2050. This is subject to a high degree of uncertainty, but climate change impacts are likely to influence these to a greater extent going forward.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“These are located in the value chain of BioMar that relies on large quantities of vegetable and marine raw materials sourced globally. These impacts are closely tied to marine resources and to water availability.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“BioMar uses vegetable and marine ingredients on a large scale, primarily soy and soy products, as well as vegetable oils and marine meal and oils. Fibertex Nonwovens and Fibertex Personal Care produce nonwovens from fibres from various materials such as polypropylene and polyester as well as natural or semi-natural fibres such as cotton and viscose to a lesser extent.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The statement outlines BioMar’s commitment to deforestation-free and conversion-free supply chains for sourcing all vegetable ingredients. It specifies that BioMar will not accept high- volume or high-risk vegetable ingredients (such as soy and palm oil) from cropland that has been deforested or from natural habitats converted after December 2020.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“We expect that our portfolio businesses retain robust and resilient positions by investing in innovation and organisational development, adapting to change and working proactively with risks.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Investing for growth and development is a high priority for Schouw&Co., including in particular for capacity-expanding investments in the portfolio businesses. Through several years, Schouw&Co. has maintained a high level of investing activity, ensuring that the portfolio businesses are generally well invested with up-to-date technology and reasonable capacity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The operations of the Tech segment include AQ1, which is an innovative leader in precision feeding based on AI and behavioural-based control and feeding detection technology for sustainable aquaculture. The segment gained significant momentum in 2025 and began contributing to earnings, following several years of investments in technology development, organisation and market expansion.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“BioMar is committed to being a strong partner for all its stakeholders and is strongly focused on delivering on the company’s sustainability ambitions. On 1 April 2025, BioMar acquired full ownership of LetSea AS, Norway’s leading experimental and research centre for aquaculture, by taking over the remaining 66% shares. The acquisition reinforces BioMar’s position as a global leader in research and development within fish feed and strengthens its innovation capacity within aquaculture feed solutions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At the same time, important steps were taken towards a strategic transition into higher value-added specialty products. The upgrade of a spunbond line at the Sendayan facility in Malaysia was completed at the end of 2025, enabling the production of more advanced nonwovens for specialty markets. Through the expansion of the speciality product portfolio, Fibertex Personal Care is well positioned to respond to the evolving market dynamics.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“The company’s principal business activity is to remanufacture defective automotive parts and sell them in the B2B market under a circular business model.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Furthermore, the company expects to maintain a strong competitive position in more sustainable solutions, such as low-basis-weight nonwovens, value-adding bonding patterns and surface structures that enhance material performance, softness, and printability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“A key milestone in the most recent investment programme is the completion of a new production line based on spunlacing technology, in which nonwoven fibres are entangled using high-speed water jets. The line is currently being installed in Czechia and is expected to be operational in early 2026.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The statement outlines BioMar’s commitment to deforestation-free and conversion-free supply chains for sourcing all vegetable ingredients. It specifies that BioMar will not accept high- volume or high-risk vegetable ingredients (such as soy and palm oil) from cropland that has been deforested or from natural habitats converted after December 2020.”
Annual report 2025A · The company itself
Market
“Nonwovens are fibre sheets produced on high-tech processing equipment with various purpose-specific postprocessings. The processed materials have a broad range of different industrial applications, including in the automotive and construction industries as well as filtration solutions. Further, Fibertex Nonwovens produces nonwovens textiles for special-purpose disposable wipes for hygiene, cleaning and other purposes.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Ageing population
Geography
Market
“Soft expectations for 2026 as the structural imbalance between supply and demand in Asia persists Several guidance upgrades during the year and EBITDA realised better than expected The US print business continues to develop strongly and generate solid profits Fibertex Fibertex Personal Care is among the world’s largest manufacturers of spunbond/spunmelt nonwovens and a leading supplier of printed nonwovens for the hygiene and medical industries. The company’s high-quality nonwovens fabrics are key components in absorbent hygiene products such as baby diapers, feminine hygiene and incontinence care products. Products are offered as customised solutions, subject to very strict requirements in terms of safety, health and comfort.”
Annual report 2025A · The company itself
Market
“While the hygiene market remains mature with limited structural growth, incremental volume was achieved through enhanced design features – particularly in baby diaper applications and the expanding retail incontinence care segment. In 2025, more than half of the volumes sold from the Danish facility were used in adult incontinence applications.”
Annual report 2025A · The company itself
Market
“The market is expected to remain stable, with the slightly softened demand seen during the fourth quarter of 2025.”
Annual report 2025A · The company itself
Market
“In Japan, the market for adult incontinence care products surpassed the baby diaper market in size already in 2024.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Automation and robotics
Technology
StrategyPositive impact: strengthens
“We expect that our portfolio businesses retain robust and resilient positions by investing in innovation and organisational development, adapting to change and working proactively with risks.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Investing for growth and development is a high priority for Schouw&Co., including in particular for capacity-expanding investments in the portfolio businesses. Through several years, Schouw&Co. has maintained a high level of investing activity, ensuring that the portfolio businesses are generally well invested with up-to-date technology and reasonable capacity.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“GPV has adapted to the current market conditions by taking strong measures to protect earnings, including a substantial reduction in the number of employees during 2024 and 2025, and together with the optimisations of the operational footprint and a good cost control, this is expected to increase EBITDA in 2026 despite a flat revenue projection.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Borg Automotive has been adapting to these challenges for some time, most recently through the launch of a strategy plan called Refine4- Future that includes strong initiatives to counteract market challenges and protect earnings. The plan builds on four main pillars: improve commercial excellence; optimise manufacturing footprint; optimise logistics footprint; and adjust SG&A to future activity level. Assuming a sustained activity level, the plan should, when fully implemented in 2027, improve earnings by up to DKK 100 million on an annual basis with the improvements deriving from: commercial excellence estimated to deliver up to DKK 20 million; optimisation of manufacturing footprint estimated to deliver up to DKK 50 million; optimisation of logistics footprint estimated to deliver up to DKK 20 million; and adjustment of SG&A estimated to deliver up to DKK 10 million.”
Annual report 2025A · The company itself
Solar power
Technology
StrategyPositive impact: strengthens
“The two existing sites in Tianjin will be consolidated into this new facility, which is built to HydraSpecma’s specifications and will include solar panels and heating pumps to enable zero-emission production in China. The new facility will ensure capacity to support the expected growth in Asia-Pacific.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“HydraSpecma has obtained two patents for cooling solutions, which have attracted interest from both wind turbine and solar panel manufacturers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Reaching all-time high renewable electricity share in GPV In GPV, working on deploying renewable energy has been a key priority in recent years, and in 2025, GPV reached an all-time high renewable energy share of 55%.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025, the renewable electricity and energy share rose significantly to 26% of the total energy and 47% of indirect energy. This was primarily due to the power purchase agreement, which supplies renewable energy certificates that cover parts of the European electricity consumption.”
Annual report 2025A · The company itself
Wind power
Technology
StrategyPositive impact: strengthens
“The two existing sites in Tianjin will be consolidated into this new facility, which is built to HydraSpecma’s specifications and will include solar panels and heating pumps to enable zero-emission production in China. The new facility will ensure capacity to support the expected growth in Asia-Pacific.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“HydraSpecma has obtained two patents for cooling solutions, which have attracted interest from both wind turbine and solar panel manufacturers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Reaching all-time high renewable electricity share in GPV In GPV, working on deploying renewable energy has been a key priority in recent years, and in 2025, GPV reached an all-time high renewable energy share of 55%.”
Annual report 2025A · The company itself
Market
“The increase was driven by higher activity in the Global OEM Division, in particular within the construction equipment and materials handling segments.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Construction
End markets
Market
“The increase was driven by higher activity in the Global OEM Division, in particular within the construction equipment and materials handling segments.”
Annual report 2025A · The company itself
Market
“Growth is expected, in particular, within construction equipment, material handling, commercial vehicles, and defence, while demand in the forestry segment is expected to remain subdued in 2026.”
Annual report 2025A · The company itself
Market
“Nonwovens are fibre sheets produced on high-tech processing equipment with various purpose-specific postprocessings. The processed materials have a broad range of different industrial applications, including in the automotive and construction industries as well as filtration solutions. Further, Fibertex Nonwovens produces nonwovens textiles for special-purpose disposable wipes for hygiene, cleaning and other purposes.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Industrial manufacturing
End markets
DriverPositive impact: strengthens
“HydraSpecma reported 5% revenue growth relative to the year before, with high activity in all three divisions. Supported by a disciplined operational focus, full-year EBITDA was up by 15%, despite the impact from one-off costs related to the relocation and consolidation of production at the new facility in Stargard, Poland.”
Annual report 2025A · The company itself
Market
“Market-leading specialist within hydraulic solutions and components.”
Annual report 2025A · The company itself
Market
“Solid safety focus with decline in LTIFR to 0.4 injuries per million working hours Strong profitability uplift expected in 2026 with several improvement initiatives Global uncertainty and soft market demand result in slightly lower revenue Consolidation of manufacturing sites and operational improvements foundation for future development GPV is the second-largest Europeanheadquartered EMS (Electronics Manufacturing Services) business. GPV offers services such as design, production, assembly, and testing of solutions in electronics, mechanics, cable harness, and mechatronics for a range of leading international customers. GPV’s solutions are used in customer end-products within the market segments Industrials, Measurement & Control, Transport, CleanTech, BuildingTech, HighTech Consumer, MedTech, and Defence.”
Annual report 2025A · The company itself
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“The increase in earnings was mainly driven by favourable developments in raw materials prices throughout the year.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“BioMar uses vegetable and marine ingredients on a large scale, primarily soy and soy products, as well as vegetable oils and marine meal and oils. Fibertex Nonwovens and Fibertex Personal Care produce nonwovens from fibres from various materials such as polypropylene and polyester as well as natural or semi-natural fibres such as cotton and viscose to a lesser extent.”
Annual report 2025A · The company itself
Market
“HydraSpecma is a trading and engineering company specialised in designing and constructing state-of-the-art hydraulic and electric systems, including turnkey solutions in cooling, filtration and lubrication, as well as fluid conveyance with pipes, hoses, connectors and fittings.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Energy efficiency
Technology
StrategyPositive impact: strengthens
“At the same time, important steps were taken towards a strategic transition into higher value-added specialty products. The upgrade of a spunbond line at the Sendayan facility in Malaysia was completed at the end of 2025, enabling the production of more advanced nonwovens for specialty markets. Through the expansion of the speciality product portfolio, Fibertex Personal Care is well positioned to respond to the evolving market dynamics.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“A key milestone in the most recent investment programme is the completion of a new production line based on spunlacing technology, in which nonwoven fibres are entangled using high-speed water jets. The line is currently being installed in Czechia and is expected to be operational in early 2026.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
EU climate and energy policy
Regulation
DriverNegative impact: weakens
“This is an area of great attention as the upcoming EU Deforestation Regulation (EUDR) will likely come into effect in 2026. This new framework will require businesses to document that the raw materials they use are not linked to areas that have been deforested or converted.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“BioMar addresses one of the world’s most pressing challenges – how to produce more protein for a growing global population without overloading the planet’s resources. To this end, BioMar invests heavily in alternative and circular raw materials, reductions of CO emissions across the value chain, enhanced traceability and responsible sourcing, and innovations that improve fish health and resource efficiency.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“With operations spanning 75 factories in over 35 countries, Schouw&Co. is exposed to a wide range of industries, markets and supply chains, which are not interconnected. Therefore, risks rarely materialise simultaneously across the portfolio and often affect portfolio businesses differently, which naturally spreads the Group’s overall risk exposure.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Since 1988, the cornerstone of Schouw & Co.'s value creation has been to own and develop a portfolio of businesses in different industries, ensuring risk diversification. The diverse portfolio provides stability and resilience while reducing dependence on any single business in fluctuating economic and market conditions.”
Annual report 2025A · The company itself
Textiles and nonwovens
Raw materials and inputs
InputNegative impact: weakens
“The increase in earnings was mainly driven by favourable developments in raw materials prices throughout the year.”
Annual report 2025A · The company itself
Market
“A leading global manufacturer of special-purpose nonwovens. Sells products for a wide range of applications, including for hygiene, cars, construction industry and filtration solutions.”
Annual report 2025A · The company itself
Biotech and drug development
Technology
StrategyPositive impact: strengthens
“BioMar is committed to being a strong partner for all its stakeholders and is strongly focused on delivering on the company’s sustainability ambitions. On 1 April 2025, BioMar acquired full ownership of LetSea AS, Norway’s leading experimental and research centre for aquaculture, by taking over the remaining 66% shares. The acquisition reinforces BioMar’s position as a global leader in research and development within fish feed and strengthens its innovation capacity within aquaculture feed solutions.”
Annual report 2025A · The company itself
Chains in: US drug pricing policy mixed effect, Patent expiry and generic competition weakens, Drug approvals strengthens
Chains out: this strengthens Buying contract manufacturing and research (CMO/CRO/EMS), strengthens Contract manufacturers as a business (EMS, CMO, CRO)
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“Despite global turmoil, we have continued our progress on lowering the carbon footprint and our efforts to improve health and safety. Our direct emissions are reduced by 10% and valuechain emissions even more.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Consumer preference shifts
End markets
StrategyPositive impact: strengthens
“Furthermore, the company expects to maintain a strong competitive position in more sustainable solutions, such as low-basis-weight nonwovens, value-adding bonding patterns and surface structures that enhance material performance, softness, and printability.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Contract manufacturers as a business (EMS, CMO, CRO)
End markets
Market
“One of Europe's leading EMS businesses. Manufacturer of electronics, mechanics, cable harnessing and mechatronics.”
Annual report 2025A · The company itself
Chains in: Biotech and drug development strengthens
Defence industry
End markets
Market
“Growth is expected, in particular, within construction equipment, material handling, commercial vehicles, and defence, while demand in the forestry segment is expected to remain subdued in 2026.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Electrification
Technology
StrategyPositive impact: strengthens
“The Nordic OEM/IAM Division has strengthened its competencies within its Centre of Excellence for electrification and software development, as HydraSpecma is seeing an increasing interest in these competences in the Nordic market.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Inventories
Macro
StrategyPositive impact: strengthens
“The working capital tie-up continued to decrease as changes in trade payables and receivables were outweighed by dedicated efforts to reduce inventories.”
Annual report 2025A · The company itself
Medical devices
Technology
Market
“Regained sales to the auto industry in Europe combined with a continued increase in sales of products for filtration solutions and products for the Med- Tech industry also added to revenue.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
Renewables auctions and subsidies
Regulation
StrategyPositive impact: strengthens
“In 2025, the renewable electricity and energy share rose significantly to 26% of the total energy and 47% of indirect energy. This was primarily due to the power purchase agreement, which supplies renewable energy certificates that cover parts of the European electricity consumption.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Single-use medical devices
Technology
Market
“One of the world’s largest manufacturers of spunmelt nonwovens for the personal care industry. Mainly sells products for baby diapers, femcare and incontinence products.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“At the early stage of the year, 2026 appears to be characterised by uncertainty as extreme as in 2025. The global economy remains in a stage of anxiety, which, in combination with geopolitical tensions, may impact international markets of importance to Schouw&Co.’s sales.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“A general economic slowdown could heavily affect trade across the portfolio. A slowdown would depress demand and volumes and create excess stock and profit pressure.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“GPV reported revenue down 3% on the year before, due to continued soft demand, although with a higher intake of new orders.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Borg Automotive is experiencing continued weak demand for Reman products and fierce competition across most markets. Nevertheless, 2026 revenue is expected to be maintained at the 2025 level and with a gradual earnings recovery in 2026.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The reported Q4 2025 revenue of DKK 4,264 million was in line with the year before but based on higher sales volume.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Demand generally remained soft during Q4 2025 but appears to be gradually normalising with a higher level of order intake, where signs of increasing demand are seen within Transport, CleanTech, Measurement & Control and HighTech Consumer.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For the full year of 2025, GPV reported revenue of DKK 8,702 million, a year-on-year decrease of 3%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Full-year 2025 revenue was DKK 3,190 million, up 5% from DKK 3,031 million in 2024.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the fourth quarter of 2025, Borg Automotive experienced continued weak demand in the Reman segment and extremely fierce price competition across most markets. Revenue for the quarter totalled DKK 325 million, which was DKK 105 million below the level of the same period of 2024.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Full-year revenue in 2025 amounted to DKK 1,720 million, a 9% reduction compared to DKK 1,882 million in 2024.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverNegative impact: weakens
“Overall, Schouw&Co. performed well in 2025, although revenue fell slightly year on year due to a combination of lower volumes in certain business areas and lower prices of several raw materials and components.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“GPV reported revenue down 3% on the year before, due to continued soft demand, although with a higher intake of new orders.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The reported Q4 2025 revenue of DKK 4,264 million was in line with the year before but based on higher sales volume.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“For the full year of 2025, GPV reported revenue of DKK 8,702 million, a year-on-year decrease of 3%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Full-year 2025 revenue was DKK 3,190 million, up 5% from DKK 3,031 million in 2024.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Revenue for full-year 2025 was DKK 1,739 million, a year-on-year decrease of12%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Full-year revenue in 2025 amounted to DKK 1,720 million, a 9% reduction compared to DKK 1,882 million in 2024.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Also in 2025, the year was characterised by geopolitical tensions and macroeconomic uncertainty. External forces continued to test our businesses’ resilience and the supply chains worldwide.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“At the early stage of the year, 2026 appears to be characterised by uncertainty as extreme as in 2025. The global economy remains in a stage of anxiety, which, in combination with geopolitical tensions, may impact international markets of importance to Schouw&Co.’s sales.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Geopolitical tensions An increase and/or escalation of geopolitical tension and conflicts can have major impacts on global supply chains. Trade sanctions, regulations and tariffs can hinder or disrupt supply, demand and logistics and heavily affect and constrain companies working internationally.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The geopolitical tensions and the apparent risk of trade constraints are adding to an uncertain and volatile outlook. GPV has established a task force to be able to navigate the situation in the best possible way, but any material impact from the memory supply situation or the geopolitical tensions, including the possible implementation of tariffs for the products that GPV produces, is not included in the guidance.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The geopolitical tensions continue to cause significant market uncertainties.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“While demand in the European market appears to remain moderate due to continued global economic uncertainty and geopolitical tensions, Fibertex Nonwovens expects revenue growth in 2026 compared with 2025.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“Prices and availability of rawmaterials Raw material price volatility and availability constraints can create uncertainty and affect profitability. Supply chain disruptions, geopolitical tensions, and different climate-related events may affect raw materials prices and availability.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Schouw&Co. generates a substantial part of its revenue by converting raw materials or by processing procured components. As a result, changes in prices of materials and foreign exchange rates may have a significant impact on revenue, even though the underlying activity may be unchanged.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“Fibertex Personal Care reported a 9% drop in full-year revenue that was mainly caused by lower raw materials prices. Despite fierce competition in the Asian market, full-year EBITDA was up by 9%, mainly driven by favourable developments in raw materials prices throughout the year.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“DKK 16,534 million, compared to DKK 16,616 million in 2024, reflecting that higher volumes sold were offset by lower raw materials prices, negative exchange rate developments, and changes in customer mix.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For a while, however, market conditions have reflected a challenging combination of weak market demand, increased production costs and extremely fierce price competition.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Electricity
Raw materials and inputs
InputNegative impact: weakens
“This applies to BioMar, Fibertex Personal Care and Fibertex Nonwovens, all of which are dependent upon gas and electricity from the national grid.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The cost of energy is primarily related to Fibertex Personal Care, Fibertex Nonwovens and BioMar. However, the risk of this impacting the financial position of Schouw&Co. is mitigated via contract mechanisms passing on the cost to the customers, and therefore the residual risk associated with energy is not assessed to affect the financial position of the Group as such.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“This category is only applicable to GPV, HydraSpecma and Borg Automo - tive, as the products of the other businesses do not consume energy in the use phase.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Global trade volumes
Macro
DriverNegative impact: weakens
“Also in 2025, the year was characterised by geopolitical tensions and macroeconomic uncertainty. External forces continued to test our businesses’ resilience and the supply chains worldwide.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Prices and availability of rawmaterials Raw material price volatility and availability constraints can create uncertainty and affect profitability. Supply chain disruptions, geopolitical tensions, and different climate-related events may affect raw materials prices and availability.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Interest rates
Macro
DriverNegative impact: weakens
“Financing and interest rates Higher interest rates increase capital costs and can reduce capital availability.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The net interest-bearing debt was reduced by DKK 927 million during the year to stand at DKK 4,449 million at 31 December 2025. Thanks to the reduced debt, the financial gearing ratio (NIBD/EBITDA) improved from 1.8 to 1.5 year on year.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“This applies to BioMar, Fibertex Personal Care and Fibertex Nonwovens, all of which are dependent upon gas and electricity from the national grid.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“The cost of energy is primarily related to Fibertex Personal Care, Fibertex Nonwovens and BioMar. However, the risk of this impacting the financial position of Schouw&Co. is mitigated via contract mechanisms passing on the cost to the customers, and therefore the residual risk associated with energy is not assessed to affect the financial position of the Group as such.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Geopolitical tensions An increase and/or escalation of geopolitical tension and conflicts can have major impacts on global supply chains. Trade sanctions, regulations and tariffs can hinder or disrupt supply, demand and logistics and heavily affect and constrain companies working internationally.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The geopolitical tensions and the apparent risk of trade constraints are adding to an uncertain and volatile outlook. GPV has established a task force to be able to navigate the situation in the best possible way, but any material impact from the memory supply situation or the geopolitical tensions, including the possible implementation of tariffs for the products that GPV produces, is not included in the guidance.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
China
Geography
DriverNegative impact: weakens
“In Asia, the structural imbalance between supply and demand is expected to persist, and increased exports of baby diapers from China continue to challenge local hygiene product manufacturers across the region.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverMixed impact: mixed
“Schouw&Co. generates a substantial part of its revenue by converting raw materials or by processing procured components. As a result, changes in prices of materials and foreign exchange rates may have a significant impact on revenue, even though the underlying activity may be unchanged.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Rising sea temperatures, changing weather conditions and extreme weather can challenge the aquaculture value chain, both downstream and upstream.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“However, higher sea water temperatures in Norway during the first half of 2025 and into Q3 2025 resulted in more sea lice cases causing reduced feeding activity.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“This project placed a particular focus on soy and soy-related products analysing commodity risk in two distinct climate scenarios towards 2050. This is subject to a high degree of uncertainty, but climate change impacts are likely to influence these to a greater extent going forward.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Water
Raw materials and inputs
DriverNegative impact: weakens
“This is due to crops often being water-intensive and sourced from various regions, including areas that are prone to acute or chronic water stress. The sourcing of these commodities can contribute to regional water scarcity, potentially straining limited water supplies and affecting local communities.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“These are located in the value chain of BioMar that relies on large quantities of vegetable and marine raw materials sourced globally. These impacts are closely tied to marine resources and to water availability.”
Annual report 2025A · The company itself
Animal diseases and biosecurity
Macro
DriverNegative impact: weakens
“Biological conditions Risk increased There is an ever-present risk of a disease outbreak across different fish and shrimp species, when farming animals in natural conditions, which changes biomass and feed consumption. The outbreaks are typically local or regional by nature.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“This is an area of great attention as the upcoming EU Deforestation Regulation (EUDR) will likely come into effect in 2026. This new framework will require businesses to document that the raw materials they use are not linked to areas that have been deforested or converted.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“Lower raw materials prices in the quarter and a negative effect from exchange rate developments also impacted revenue in the quarter.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“Lower raw materials prices in the quarter and a negative effect from exchange rate developments also impacted revenue in the quarter.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
United States
Geography
Geography
“Fibertex Personal Care is headquartered in Aalborg, Denmark and operates large nonwovens manufacturing facilities in Denmark and Malaysia and printing facilities in Germany, and the USA.”
Annual report 2025A · The company itself
Geography
“The drop in EBITDA was mainly caused by lower volumes of nonwovens sold from the site in Denmark and printed materials from the site in the USA.”
Annual report 2025A · The company itself
Geography
“In North America, demand for printed nonwovens and printing on technically challenging substrates, including film-based materials, remains robust. The printing facility in Asheboro, North Carolina, has operated at full capacity, and several new customer projects were initiated during the year.”
Annual report 2025A · The company itself
Geography
“Fibertex Nonwovens is headquartered in Aalborg, Denmark, and operates production facilities in Denmark, France, Czechia, Türkiye, the USA, South Africa, and Brazil.”
Annual report 2025A · The company itself
Geography
“Compared to Q4 2024, increased sales of wipes and other products in the USA, enabled by the spunlacing production line recently installed at the company’s site in Greenville, South Carolina, outweighed a decline in sales to other segments.”
Annual report 2025A · The company itself
Geography
“Following the recent installation and commissioning of new production capacity and advanced technologies, Fibertex Nonwovens expects sound and profitable growth across most market segments in the coming years.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Latin America
Geography
Geography
“Segment volumes increased by 8%, primarily driven by growth in Chile but also in Norway, supported by new customer contracts and improved biological conditions early in the year.”
Annual report 2025A · The company itself
Geography
“Revenue and EBITDA increased significantly year on year, supported by growing adoption of the technology, particularly in Latin America but also in Asia.”
Annual report 2025A · The company itself
Fuel
Raw materials and inputs
InputNegative impact: weakens
“This category is only applicable to GPV, HydraSpecma and Borg Automo - tive, as the products of the other businesses do not consume energy in the use phase.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Nordics
Geography
Geography
“Borg Automotive is headquartered in Silkeborg, Denmark, and operates production or large distribution facilities in Poland, Spain, Germany, and Tunisia.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 34.13 bn DKK |
| Revenue growth vs. the year before, same method | -1.6 % |
| EBITDA reported by the company | 2.88 bn DKK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 28.35 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.