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| ifrs-full:Assets | 2025-12-31 | 26977000000 | dkk |
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| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 34128000000 | dkk |
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<mrv:SustainabilityReport contextRef="ctx-1" id="f1__s8__7__5-1" xml:lang="en">We enter 2026 with confidence in both our portfolio businesses and our strategic direction. Jens Bjerg Sørensen, President & CEO2025 was characterised by a deliberate focus onrestructuring and strengthening our portfolio businesses to position them for long-term value creation. While these initiatives affected short-term comparability, they have laid a strong foun-dation, and we believe our portfolio businesses are well organised, financially robust and well positioned for the future.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 value- chain emissions even more. Strategic progress and IPO of BioMarThroughout 2025, we continued to advance the strategic agenda that has defined Schouwî&îCo.âs long-term development: value- creating diversification, disciplined capital allo-cation, and active stewardship of our portfolio businesses. The evaluation of a potential separate listing of BioMar progressed further during 2025. The main objective for listing BioMar is to create value for Schouwî&îCo. shareholders. With the proper tailwind from the global markets, BioMar will be independently listed. BioMar addresses one of the worldâs most pressing challenges â how to produce more protein for a growing global population without overloading the planetâs resources. To this end, BioMar invests heavily in alternative and circular raw materials, reductions of COî emissions across the value chain, enhanced traceability and responsible sourcing, and innovations that improve fish health and resource efficiency.Since Schouwî&îCo. acquired BioMar in 2005, the company has undergone significant development and more than six-doubled its revenue â and its EBITDA even more. What was once a smaller regional player has grown into a global business with market leadership and a robust innovation platform. We believe in the long-term potential of BioMar, while recog-nising that the company has now reached a level where it is appropriate for it to stand more independently. We do not see the IPO as an end of Schouwî&îCo. ownership, and we intend to remain majority owners as we have great con-fidence in the business, its management team, and its value creation prospects.Preparing for the futureLooking ahead, we enter 2026 with confi-dence in both our portfolio businesses and our strategic direction. Our diversified exposure and disciplined framework position us well to navigate the opportunities and uncertainties the future might bring. Across the Group, our portfolio businesses continue to invest in operational excellence, customer service, and long-term competitive positioning. We expect to maintain a high level of activity in 2026, with progress in most portfo-lio businesses, and a healthy growth in EBITDA compared to 2025.Results are created by peopleNone 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. Their commitment to operational excellence and long-term value creation is the foundation of our resilience and strength.We also extend our appreciation to our share-holders, customers, suppliers, and partners for their continued trust and support through a period of change in global markets.At Schouw & Co, we reaffirm our commitment to disciplined execution, sustainable profitable growth, and creating long-term value for all stakeholders.Jens Bjerg SørensenPresident and CEOSchouwî&îCo.Our ownership philosophySchouwî&îCo. is a responsible long-term owner and we invest in businesses with a long-term development perspective. We own for as long as we believe that we are the best owners, with no predefined exit strategy. We are a value-driven company and build the businesses of tomorrow by putting people first.Enabling transformationOur diversification strategy was launched in 1988, and since then, we have built a diversified portfolio of market-leading industrial businesses. Our approach to ownership is centred around creating long-term value in a proper and trust-worthy manner, and the key to sustained success lies in being a relevant and meaningful owner, continually setting the direction for and devel-oping our businesses. We empower our strong management teams, who hold full operational responsibility and are instrumental in executing the strategies that drive long-term value creation. We firmly believe that results are created by people.Investment strategyOur investment strategy is multi-faceted, but the core is centred around generating the best pos-sible long-term return in a responsible manner. The diversified conglomerate strategy exposes us to various industries while we maintain a common direction, thus ensuring that our share-holders gain exposure to unique businesses and investment opportunities. Today, Schouwî&îCo. proudly owns six robust global B2B businesses, each of which is well positioned with a solid strategic foundation and the potential for sustained profitable and responsible growth. We are active owners and operate according to a âbest ownerâ principle, meaning that we take active part in the devel-opment of our portfolio businesses, support industry consolidation and impact the industries in which we operate. Guided by our principle, we continuously make attractive investments in transformation and development, and we are committed to building the businesses of tomorrow.WHOLLY OWNEDBioMarOne of the worldâs largest manufacturers of feed for the aqua-culture industry. Produces feed for salmon, shrimp and selected species, and has a growing exposure to smart feeding technology.80%îOWNEDGPVOne of Europe's leading EMS businesses. Manufacturer of electronics, mechanics, cable harnessing and mechatronics. Serves leading global customers in various segments.WHOLLY OWNEDHydraSpecmaMarket-leading specialist within hydraulic solutions and components. Customers are various larger and local OEM manufacturers as well as the Nordic aftermarket.WHOLLY OWNEDBorg AutomotiveEuropeâs largest independent automotive remanufacturing company. Sells to distributors and OE customers for almost all car makes.WHOLLY OWNEDFibertex Personal CareOne of the worldâs largest manufacturers of spunmelt nonwovens for the personal care industry. Mainly sells products for baby diapers, femcare and incontinence products.WHOLLY OWNEDFibertex NonwovensA leading global manufacturer of special-purpose nonwovens. Sells products for a wide range of applications, including for hygiene, cars, construction industry and filtration solutions.How we do businessSchouwî&îCo. creates value in a proper and trustworthy manner. We are an active and relevant owner that develops and enables transformation in our portfolio businesses. We set ambitious and demanding targets and assert a common direction for financial and responsible development within the portfolio businesses, while ensuring they retain full operational responsibility.COMPOSING A DIVERSIFIEDîPORTFOLIOSince 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.ENSURING STRATEGIC CAPITALîALLOCATIONSchouwî&îCo. provides financial resources to the portfolio businesses, and we ensure that capital is directed towards the areas with the highest potential for long-term value creation. The portfolio businesses are required to utilise all their assets and secure optimal use of the capital allocated.PRACTISING ACTIVE OWNERSHIPSchouwî&îCo. practices active ownership of its portfolio businesses by providing the framework, support and guidance to evolve and transform. We back our management teams in exercising their full operational responsibility, while still expecting them to deliver the best possible results. Our active ownership is exercised through the Board of Directors, and the management teams, and we support our businesses in areas such as treasury, sustainability and M&A.OPERATING RESPONSIBLE BUSINESSESSchouwî&îCo. is a responsible long-term owner, and we expect our portfolio businesses to act in an equally responsible manner. 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. We ensure strong governance and compliance and allocate resources for the development of sustainable solutions. SECURING FINANCIAL VERSATILITYAt Schouw & Co., it is fundamental to always have the financial resources to pursue opportunities when they arise. This requires that we maintain financial freedom to operate and ensure the most effective investment decisions.Board of DirectorsChairmanJørgen Dencker WisborgBorn 1962. Elected to the Board in 2009. MSc, Aarhus School of Busi-ness, and LEAP, Leadership Programme, Insead, France. Professional board member with special expertise in man-agement and sales as well as in strategy, business devel-opment, financial reporting, treasury and finance. Member of the companyâs audit com-mittee and chairman of the companyâs nomination and remuneration committee.DirectorshipsChairman: Blue Water International A/S, Blue Water Holding A/S, Blue Water Property A/S, Blue Water Shipping A/S, Per Aarsleff A/S, Per Aarsleff Holding A/S.Board member: BioMar Group A/S, Fibertex Nonwovens A/S, Fibertex Personal Care A/S, GPV Group A/S.Executive management: RotensiaîApS.Shares held in Schouwî&îCo.Holds 15,000 shares in Schouwî&îCo. (End 2024: 15,000 shares)Independence as a board memberJørgen Dencker Wisborg is not considered to be inde-pendent, having served more than 12 years on the Board.Deputy chairmanKenneth Skov EskildsenBorn 1973. Elected to the Board in 2018. Business training from Aarhus Business College, and man-aging director of Givesco A/S. Special expertise in inter-national business relations, accounting and economics, as well as sales and production, including specifically in foods. Member of the companyâs nomination and remuneration committee.DirectorshipsChairman: Eliza Chokolade ApS, Givesco Ejendomme A/S, Grocon Holding ApS, MTK GmbH, TCîBrød ApS.Board member: Almondy AB, Almondy Fastighets AB, Carletti A/S, Carletti Fastigheter AB, Daniatech ApS, Daniatech Holding ApS, Dina Food ApS, Givesco A/S, Jacobsen Bakery Ltd A/S, Jens Eskildsen og Hustru Mary Antonie Eskildsens Mindefond, Kakes A/S, Leighton Foods A/S, OK Snacks A/S, Switsbake Int AB, Vorgod Bageri A/S. Executive management: Givesco A/S, Givesco Bakery A/S, Grocon Holding ApS, Grosskathöfer Convenience Food GmbH, Porto ApS, Selskabet af 4. oktober 2017 ApS.Shares held in Schouwî&îCo.Holds 381,990 shares in Schouwî&îCo. (End 2024: 381,990 shares)Independence as a board memberKenneth Skov Eskildsen is not considered to be independent, due to his affiliation with the main shareholder Givesco A/S.Board memberKjeld JohannesenBorn 1953. Elected to the Board in 2003.Business diploma (HD), Mar-keting economics, Copenha-gen Business School, and a professional board member. Special expertise in manage-ment, production and sales, as well as in strategy, businessdevelopment, and interna-tional business relations. Member of the companyâs nomination and remuneration committee.DirectorshipsChairman: KP Invest Herning A/S.Board member: Privelee Holdco FZCO.Executive management: CLK 2016 Holding ApS, Kjeld Johannesen Holding ApS. Shares held in Schouwî&îCo.Holds 22,000 shares in Schouwî&îCo. (End 2024: 22,000 shares)Independence as a board memberKjeld Johannesen is not considered to be independent,having served more than 12 years on the Board.Board memberHans Martin Smith Born 1979. Elected to the Board in 2017.MSc (Economics), Aarhus University, and CEO at VKR Holding A/S. Special exper-tise in finance, business development, strategy, M&A, capital markets, and investor relations. Chairman of the companyâs audit committee.DirectorshipsExecutive management: VKR Holding A/S, VKR Invest ApS.Shares held in Schouwî&îCo.Holds 1,950 shares in Schouwî&îCo. (End 2024: 1,950 shares)Independence as a board memberHans Martin Smith is consid-ered toîbe independent.Board memberSøren StæhrBorn 1967. Elected to the Board in 2022.LL.M., Aarhus University, and Master of Laws, Kingâs College, London. Attorney and partner of Gorrissen Feder-spiel Law Firm. Special exper-tise in structuring and organ-ising international trade, M&A transactions and investments, in establishing and operat-ing joint ventures, consortia, and the like, and expertise in ESG-related matters.DirectorshipsChairman: Th. C. Carlsen. Løgten A/S. Board member: Givesco Bakery A/S, Købmand Th. C. Carlsens Mindefond.Shares held in Schouwî&îCo.Holds 1,265 shares in Schouwî&îCo. (End 2024: 1,265 shares)Independence as a board memberSøren Stæhr is not consid-ered to be independent due to his affiliation with the main shareholder Givesco A/S and his affiliation to a law firm which acts as an adviser to the company.Board memberSisse Fjelsted RasmussenBorn 1967. Elected to the Board in 2024.MSc in Business Administra-tion and Auditing, Copenha-gen Business School, state authorised public accountant. Professional board mem-ber with special expertise in finance, treasury, tax, and IT, as well as in M&A, risk manage-ment, and ESG-related mat-ters. Member of the companyâs audit committee.DirectorshipsBoard member: Aase og Ejnar Danielsens Fond, Conscia A/S, Dades A/S, Demant A/S, Hein-rich og Laurine Jessens Fond, Hempel Fonden, Kirk Kapital A/S, Nordic Tyre Group AB.Shares held in Schouwî&îCo.Holds 635 shares in Schouwî&îCo. (End 2024: 635 shares)Independence as a board memberSisse Fjelsted Rasmussen is considered to be independent.Executive ManagementPresident & CEOJens Bjerg SørensenBorn 1957. Appointed in 2000.Business graduate, Niels Brock Business College, Busi-ness diploma (HD), Marketing Economics, Copenhagen Business School, IEP â Insead Executive Programme, Insead, France. DirectorshipsChairman: A. Kirk A/S, BioMar Group A/S, Borg Automotive A/S, Danfoss A/S, F. Salling Holding A/S, F. Salling Invest A/S, Fibertex Nonwovens A/S, Fibertex Personal Care A/S, GPV Group A/S, HydraSpecma A/S, Købmand Herman Sallings Fond.Deputy chairman: Salling Group A/S.Board member: Aida A/S, F.M.J. A/S, Købmand Ferdinand Sallings Mindefond.Executive management: JensîBjerg Sørensen Datter-holding 1 ApS, JensîBjerg Sørensen Holding ApS.Shares held in Schouwî&îCo.Holds 56,000 shares in Schouwî&îCo. (End 2024: 56,000 shares)These pages list relevant directorships in other companies and other relevant management positions held. Shareholdings include each board member's or executive's shares in Schouwî&îCo. and those held by their related parties.Management bodies at Schouwî&îCo.The Board of Directors of Schouwî&îCo. consists of not less than four and not more than seven shareholder-elected mem-bers who elect a chairman and a deputy chairman from among its members. Board members are elected for a term of one year and are eligible for re-election. The Board of Directors of Schouwî&îCo. also serves as the Board of Directors of Direktør Svend Hornsylds Legat.The Board of Directors is responsible for the overall management of the company, which includes appointing the members to the Executive Management, laying down guidelines for and exercising control of the work performed by the Executive Manage-ment, organising the companyâs business in a responsible manner, including over-sight over sustainability matters, defining the companyâs business concept and strategy, including sustainability impacts related to this, and evaluating the adequacy of the companyâs capital contingency pro-gramme. The Board of Directors has set up an audit committee and a nomination and remuneration committee.The Executive Management is in charge of the day-to-day management of the com-pany both at parent company and group level and complies with the guidelines and directions issued by the Board of Directors.Corporate governancePursuant to section 107b of the Danish Financial Statements Act and ESRS 2 GOV-1, GOV-2, and GOV-5.Governance is a central element for Schouwî&îCo. As a listed company good cor-porate governance is essential for the Group to ensure transparency and accountability. Schouwî&îCo. therefore adheres to the recom-mendations for good corporate governance, which are available at the website of the Danish Committee on Corporate Governance, www.corporategovernance.dk. Schouwî&îCo. complies with all the recommendations set forth in the guidelines, except for the recommenda-tion on a majority of independent members of the Board of Directors and board committees and the recommendation that the Board of Directors should use external counselling every third year for the conduct of the annual assess-ment of the Boardâs performance. The complete report on compliance with the recommenda-tions is available at the companyâs website at www.schouw.dk/en/cg. Annual General MeetingThe supreme authority of Aktieselskabet Schouwî&îCo. is the shareholders. The share-holders exercise their rights at the Annual General Meeting. At the Annual General Meeting, the non-executive Board of Directors is appointed for a term of one year, and together with the Executive Management, the Board of Directors is responsible for the management of the company. The Board of DirectorsThe Board of Directors of Schouwî&îCo. con-sists of not less than four and not more than seven shareholder-elected members, none of whom are also part of the companyâs Executive Management. There are no employee represent-atives among the members. Board members areelected for a term of one year and are eligible for re-election, and the Board elects a chairman and a deputy chairman from among its mem-bers. The Board of Directors of Schouwî&îCo. also serves as the Board of Directors of Direktør Svend Hornsylds Legat. In 2025, the Board of Directors consisted of six members, 33% of whom were considered independent. The gen-der composition was 17% female members and 83% male members. Ordinary board meetings are scheduled at least six months in advance. Board meetings are normally attended by all members of the Board of Directors and of the Executive Management. In 2025, the Board of Directors held a total of eight board meetings and a board seminar. In 2025, one board member was absent from one meeting. The Board of Directors is responsible for the overall management of the company, which includes appointing the members to the Executive Management, laying down guidelines for and exercising control of the work performedby the Executive Management, organising the companyâs business in a responsible manner, including oversight over sustainability matters, defining the companyâs business concept and strategy and evaluating the adequacy of the companyâs capital contingency programme. TheBoard of Directors has set up two committees: an audit committee and a nomination and remu-neration committee. Audit committee The Board of Directors has set up an audit committee, which has supervisory responsibilityand reports to the Board of Directors. The pri-mary task of the audit committee is to monitor the work and processes related to financial and non-financial reporting. The committee supports the Board of Directors with assess-ments and controls regarding audit, accounting practices, internal control systems, financial reporting, etc. Its tasks also include non-finan-cial reporting. The audit committee consists of three members who all are considered to meet the legal requirements for accounting qualifica-tions. The audit committeeâs responsibilities areset out in further detail in the charter available at the companyâs website: www.schouw.dk/en/cg. Nomination and remuneration committee The Board of Directors has set up a nomination and remuneration committee consisting of three members responsible for overseeing the qualifications and competencies of the Board of Directors and the Executive Management. It is also responsible for the remuneration policy and for ensuring that the principles of this policy are upheld in relation to the remuneration of the Board of Directors and the Executive Manage-ment. The nomination and remuneration com-mitteeâs responsibilities are set out in further detail in the charter available at the companyâs website: www.schouw.dk/en/cg. Annual assessment of performance The Board of Directors carries out an annual self-assessment, applying a structured model to determine, among other things, whether the Board of Directors possesses the right compe-tencies and expertise for the performance of its work and the fulfilment of its responsibilities in relation to overseeing sustainability impacts, risks and opportunities relevant to the Group and the individual portfolio businesses, includ-ing the competencies of the Groupâs commit-tees. The Board of Directors performed its most recent self-assessment in November 2025, concluding that the Board has the competen-cies required to perform its duties and that it is performing satisfactorily. The Executive Management The Executive Management is responsible for the day-to-day management of the company at both the parent company and the group level in accordance with the guidelines and instructions provided by the Board of Directors. Sustainability committeeExecutive Management has set up a sustainabil-ity committee that is responsible for the Groupâs double materiality process, including manage-ment and procedures related to impacts, risks and opportunities, the sustainability strategy of the Group and the overall structure of the reporting of non-financial data. The Groupâs sustainability committee consists of the Execu-tive Management plus members of the general management and the group sustainability direc-tor. The sustainability committee is responsible for the procedures and controls related to sus-tainability matters, which includes the annual review of the double materiality assessment and management of impacts, risks and opportuni-ties. In 2025, the committee addressed all mate-rial impacts, risks and opportunities as part of the review of the double materiality assessment.The day to-day management of these issues as well as the actual assessment of the impacts are assigned to the Groupâs sustainability depart-ment, which has dedicated procedures in place to ensure the management of impacts, including the monthly and annual reporting on sustain-ability matters. The sustainability committee receives information from the sustainability department on the management of impacts, risks and opportunities at least once each quarter. The Board of Directors and the audit committee are updated on sustainability mat-ters on a regular basis as specified in the annual plan for board meetings.Management in the portfolio businesses Schouwî&îCo. has a decentralised structure, under which the individual portfolio businesses operate with a high degree of operational inde-pendence, have their own organisations and are responsible for the day-to-day management. The individual portfolio businesses are struc-tured as focused sub-groups with their own subsidiaries. The Board of Directors of the portfolio busi-nesses is generally composed of representatives from the Board of Directors and the Executive Management of Schouwî&îCo. as well as exter-nal board members with special expertise in the relevant industries.Risks and internal controls The Group's internal control and risk man-agement systems for financial and non-finan-cial reporting are established to ensure that reporting is in accordance with applicable laws and international accounting standards. The purpose of establishing processes for internal controls and risk management is to ensure a high degree of certainty that significant errors and irregularities in connection with reporting are detected and corrected, so that the annual report and interim reports provide a true and fair view without material misstatement, and to ensure the selection and application of appro-priate accounting practices and the prudent exercise of accounting estimates. While the Group strives to align internal controls and risk management for its financial and non-financial reporting, the maturity level of the two reporting areas as well as the general nature of the specific type of reporting differ signifi-cantly, but processes are being established to ensure that data accuracy is enhanced.Control environmentThe audit committee oversees the financial and the non-financial reporting and reports to the Board of Directors. The responsibility for an effective control environment and internal control and risk management system related to both financial and non-financial reporting lies with the Executive Management. Managers at different levels, including the Executive Man-agement of the Groupâs portfolio businesses, are responsible within their respective areas. Roles and responsibilities are defined in internal guidelines, procedures and policies that are approved by the Board of Directors. Control activities are established to prevent and detect potential errors and irregularities, including risksregarding non-financial data immaturity. These activities are integrated into the Group's stand-ardised accounting and reporting procedures, which include procedures for authorisation, attestation, approval, reconciliation, segregation of duties, IT application controls and general IT controls. The same principles apply to non-financial reporting, subject, however, maturity levels are not at the same level as for financial reporting. Control activities are supplemented with the ongoing issuance of reporting instructions and necessary updates to accounting practices in connection with new accounting standards. Additionally, a group accounting manual as well as a group ESG guidebook are available to all relevant personnel. Risk assessment The audit committee annually conducts an overall assessment of the risk of significant errors in financial and non-financial reporting, including a separate assessment of the risk that the consolidated financial statements may contain material errors due to fraud. The risk assessment is based on business processes, reporting processes and policies ensuring that relevant risks are managed and minimised to an acceptable level. The audit committee annu-ally evaluates whether the establishment of an internal audit function for both financial and non-financial reporting would be appropriate. Based on the audit committee's recommenda-tion, the Board of Directors of Schouwî&îCo. has decided that, for the time being, no internal audit function will be established. Monitoring The Groupâs comprehensive internal financial reporting enables the Board of Directors and the Executive Management to continuously mon-itor the Group's and the individual segments' performance, both on financial and on selected non-financial performance indicators. Compli-ance with accounting practices is continuously monitored at both group and segment level through controlling activities. This also includes the parent companyâs review and assessment of portfolio business processes and of whether internal controls meet the standards defined by Schouwî&îCo. The results are assessed on an ongoing basis and communicated annually to the audit committee. The audit committee also receives observations from the auditor. The audit committee monitors whether the Execu-tive Management promptly addresses identified weaknesses or deficiencies and whether this leads to the implementation of more effective internal controls that ensure an appropriate accounting process.Audit At Schouwî&îCo.'s Annual General Meeting, an independent auditor is appointed based on the Board of Directors' recommendation. In addi-tion, an auditor is elected for the sustainability statement. Prior to this, the audit committee, on behalf of the Board of Directors, conducts a crit-ical assessment of the auditor's independence, qualifications, etc. The auditor appointed by the general meeting reports in writing, by means of long-form audit reports, to the entire Board of Directors of Schouwî&îCo. at least once a year and additionally immediately after identifying any matters of which the Board of Directors should be informed. The appointed auditor is the auditor for all the Group's businesses. How-ever, in some foreign entities, a different local auditor may be appointed for practical reasons, but the audit is carried out in all group entities according to instructions from the appointed auditor.Intangible resources The Group's key intangible resources primarily comprise the competencies, specialised knowl-edge and experience of its employees, sup-ported by well-established business processes and long-term relationships with customers and business partners. These resources are essen-tial to the Group's ability to create value and maintain a competitive market position.The Group focuses on competence develop-ment, knowledge sharing and retention of key employees, while continuously optimising its internal processes and systems to support efficient operations and a scalable business model. Customer and partner relationships in all group companies are characterised by trust and long-term cooperation. Management assesses that these intangible resources provide a solid foundation for the Group's future operations and growth.Sustainability statementGeneral informationExecutive summarySchouw & Co. presents its second sustainabil-ity statement prepared in accordance with the European Sustainability Reporting Standards. This year's statement highlights the Group's continued progress toward key sustainability priorities and provides transparent disclosure on material sustainability matters. In 2025, the impact of the Group-wide power purchase agreement (PPA) became clear. The share of renewable electricity reached an all-time high of 47%, up from 27% in 2024, thereby contributing to a 10% reduction in Scope 1+2 greenhouse gas emissions. BioMar initiated work on a comprehensive climate transition plan, with additional portfolio businesses set to follow in 2026. The Group recorded no fatalities in 2025. However, the lost time injury frequency rate increased, though this should be seen in the light of an 18% decrease in the number of days lost due to injuries. Across the portfolio, the businesses continued to solidify their sustaina-bility practices through strenghtened policies, governance frameworks, and performance monitoring. Several businesses achieved improved EcoVadis ratings, earning Gold or Silver medals, while GPV was awarded the Platinum medal, placing them among the top 1% of performers in their industry. Further details on these developments can be found in the respective sections of the sustaina-bility statement. Sustainability highlights 2025Scope 1+2Scope 3Renewable electrictyLTIFR-24%-10%47%5.3Scope 1+2 GHG Scope 3 GHG Renewable Incidents per mio. emissions compared emissions compared electricity shareworking hoursto 2024to 2024Sustainability strategySchouw & Co.âs investment strategy is centred on generating the best possible return in a proper and trustworthy manner. Sustainability matters are thereby integrated into the overall strategy.As part of the general principles of active owner-ship, and through a continuous engagement with the portfolio businesses, responsibility is an integrated element when assessing financial matters and their impact on people and the environment. In addition to these general princi-ples, Schouw & Co. has an overall sustainability strategy which the portfolio businesses must adhere to. Individual frameworks for portfolioîbusinessesThe businesses are required to adapt the overallsustainability strategy to the specific industries and competitive landscapes, meaning that they also address elements related to key products and geographies. Consequently, the businesseshave implemented individual frameworks, targets, and focus areas related to the overall strategic sustainability direction, including indi-vidual reduction targets on e.g. GHG emissions and accidents prevention. Revision of the strategic frameworkIn 2025, Schouw & Co. reviewed the overall strategic sustainability framework, including the targets related to specific topics of the sustainability statement. As no changes were made to the portfolio composition and the key product groups remain the same, the strategic framework along with the targets were deemed to be sufficient to drive long-term responsibility. This means that the sustainability framework still addresses material impacts, risks and opportunities, while at the same time con-sidering the diversified nature of the portfolio businesses. The primary targets remain with a few adjustments made to enhance the focus on key objectives, i.e. reducing emissions across the Group, preventing accidents, increasing the share of renewable electricity, and strenghten-ing diversity in management.2030 ambitionsSchouw & Co. is a long-term responsible owner. As the owner of diverse industrial businesses, the main focus is on responsible production and protecting workers as well as ensuring great places to work. As part of the overarching sustainability framework, Schouw & Co. has set four consolidated sustainability ambitions towards 2030.Reduce scope 1+2 GHG Achieve an LTI frequency emissions by 35%rate below 3 at group level Baseline 2020Baseline 6.6 in 202029%35%20%55%Achieve equal gender Transition to 100% distribution at the top renewable electricitymanagement levels47%100%20%40%Value chainCash inflowfrom înancial institutions, bonds and shareholdersCash outflowthrough dividends, share buy-backs, tax payments, interest rates, etc. Active ownership of aîdiversified portfolio Input Main raw materials â Marine raw materials (such as fish meal and fish oil) â Vegetable raw materials (such as soy products and plant oils) â Polymers, fibres and nonwovens (such as polypropylene, PET, viscose and cotton)Components, metals and other materials â Electronics and electrical components, mechanical components, defective automotive spare parts, metals, cables, hoses, tubes, cases, etc.ProcessingOutputProducts â Feed for fish and shrimp used in aquaculture â Electronic components and box-builds that are used in industrials, building tech, transportation, etc. â Hydraulic and electrical systems used in construction, renewables and mobile equipment â Remanufactured as well as newly manufactured automotive spare parts â Rolls of nonwovens used in different end-products, e.g. diapers, wipes, filtration, cars, etc.Double materiality assessmentAn essential part of the European Sustainability Reporting Standards is the concept of double materiality. In 2025, Schouwî&îCo. reviewed the double materiality assessment based on any changes in the organisation, benchmarking against peers as well as new and improved guidelines. While the general scope remains the same, a few changes have been made.Impact materiality and financial materialityThe concept of double materiality refers to both the impact materiality and the financial mate-riality of certain sustainability matters. Impact materiality refers to the way in which a company can impact people, society or the environment in a positive or negative way. Financial mate-riality refers to the way in which the outside environment or society can or will impact a com-panyâs ability to conduct business now and in the future via financial risks and opportunities. Double materiality processIn 2024, Schouwî&îCo. conducted a double materiality assessment (DMA) in accordance with the provisions of the European Sustaina-bility Reporting Standards. For the reporting year 2025, Schouwî&îCo. has reviewed the double materiality assessment. However, as no large organisational changes have occurred, the changes made mostly reflect a better understanding of the requirements as well as alignment with peers, mainly in BioMar.The original double materiality process con-sisted of a bottom-up and a top-down per-spective, and this approach was replicated in the 2025 review. This meant that each portfolio business was once again tasked with complet-ing their own bottom-up review of the results from last year, supplemented with comments and suggestions from the parent company to reflect the new guidance. In BioMar, this was combined with a more extensive peer review in the industry to ensure alignment especially on value chain impacts, but no external stakehold-ers were consulted in the review process. The top-down perspective was again applied to the input from the portfolio businesses to ensure consistency. The main focus was on areas that could pose a heightened risk of adverse impacts, and this was the guiding principle in deciding the scope of operations to be covered by the assessment. The review did not change the increased focus directed towards the value chain of BioMar, given the size of BioMar compared to the remaining port-folio businesses and the specific risk that the aquaculture value chain poses in relation to the sourcing of marine and vegetable raw materials. Consolidation principlesIn performing the consolidation and merging of the top-down and the bottom-up perspectives, no changes were applied to the general method-ology. Also in 2025, the consolidation was based on a high-level analysis at the parent company level, reviewing data and other input from the businesses, e.g. share of GHG emissions, water consumption, employee turn over and revenue. In performing the assessment, the overall aim was to ensure comparability between the dif-ferent businesses of the Group and the identi-fied IROs, while simultaneously ensuring that material information was not obscured and that the differences between the businesses were well represented. The results of the assessment were presented to the Schouwî&îCo. sustainability committee for discussions and approval off all changes to IROs as well as a general step-back analysis of the results. In continuation of this process, the results were also presented to the Board of Directors' audit committee.Results of the materiality assessmentThe greatest change prompted by the 2025 review was that the topic E2 Pollution is no longer consid-ered material for BioMar or Schouwî&îCo. This is a result of the peer review, which made it clear that the impact regarding eutrophication was generally not assessed be to material at customer level and among peers.In relation to own workforce at GPV, which repre-sents almost half of Schouwî&îCo.'s employees, the impact regarding working hours was assessed as no longer material due to bottle-neck issues no longer being as prevalent in the industry, meaning that overtime issues are no longer as great an issue. No major organisational changes have occurred in the Group, meaning that Schouwî&îCo. is invested in B2B businesses, making consumers and end-users non-material. While the Group has a positive impact on local communities in which the businesses oper-ate, this is not considered structured enough to be material for the Group to report on. Schouwî&îCo. does not have a material negative impact on local communities, indigenous communities or similar, as production facilities are generally located in indus-trial areas. E1 Climate change E3 Water and marineîresources E2 Pollution E4 Biodiversity and ecosystems S3 Communities E5 Resource use and circular economy S4 Consumers and end-users S1 Own workforce S2 Workers in the value chain G1 Business conductNONîMATERIALSIGNIFICANTCRUCIALIMPACT MATERIALITYDouble materiality methodologyDouble materiality methodologyGenerally, no major changes were made to the methodology in the 2025 review. Both assess-ment methodology and thresholds remain the same to ensure as much consistency as possi-ble. The changes that have occurred are mainly changes due to greater understanding of the standard and best practice.Threshold and scoringAll IROs are categorised as being located either within own operations or in the value chain. Furthermore, the time horizon is specified as short-, medium- or long-term. The IROs are also assigned to individual portfolio businesses or the Group. All IROs are scored on a scale from 1-5, and the final score is calculated based on the parameters scale, scope and irremediability. The materiality threshold was set at 3, meaning that impacts, risks or opportunities needed to score on or above this level to become mate-rial. This remains unchanged from 2024. This threshold was reviewed by the sustainability committee.In 2025, a distinction was included to sig-nify that a score between 3 and 4 is labelled significant and a score between 4 and 5 is labelled crucial. This distinction is applied to the visualisation of the results of the materiality assessment at a topic level. The placement of the topic is determined based on an average of all IROs of the topic in question, so as to depict the relativity of sustainability topics in relation to Schouw & Co. in general.Assessment of impactsFor negative impacts, the materiality assess-ment was based on an assessment of severity in terms of scale, scope and irremediability of impact and, for potential negative impacts, likelihood of impact, as defined in ESRS 1 3.4. Potential positive impacts were assessed based on the scale, scope, and likelihood of the impact. When assessing human rights-related impacts, severity took precedence over likeli-hood, which was included in the assessment by using a weighted average with a 75% weight attributed to severity and 25% to likelihood.Assessment of financial risks and opportunitiesIn the assessment of financial materiality, the assessment of risks and opportunities was based on the size and likelihood of the financial effect, and the nature of the financial effect was addressed using the structure specified in ESRS 1: development, financial position, financial per-formance, cash flows, access to finance or cost of capital. The intervals of the scale have been determined in collaboration with relevant stake-holders, e.g. within finance and risk manage-ment. Likelihood is assessed on the same scale as impact. Risks and opportunities have been assessed simultaneously with impacts to ensure that connections between the two have been identified. The threshold and scoring have also been aligned with impact assessments despite the overall focus on financial effects.Assessment of the information to be presentedWhen a sustainability matter was assessed as material according to the threshold set, the impact, risk or opportunity was coupled with the individual disclosure requirements in an analysis that applied the criteria listed in ESRS 1, i.e. the significance of information and the capac-ity of that information to meet usersâ needs. For Schouwî&îCo., this meant consulting with management and investor relations to facili-tate knowledge on what matters users of the report are generally interested in, together with management looking at the connection with the financial statement. Stakeholder involvement and decision-makingStakeholders have been engaged throughout the process, both in the 2024 process and in the 2025 review. Engagement has taken place through separate business track assessments, where the portfolio businesses were tasked with including stakeholders that represented their specific business. In general, internal stake-holders involved in management, sales, quality, manufacturing, procurement and HR were engaged as subject-matter experts. In 2025, no external stakeholders were consulted as part of the review process. However, BioMar conducted benchmarking against industry peers in order to include external perspectives as part of the review process. Generally, the portfolio businessesâ top manage-ment teams were included in the assessment as well as in the review. In the consolidation process, internal control of individual business assessments was conducted by the parent com-pany to ensure coherence across assessments. Following review by the sustainability commit-tee, the final double materiality assessment was presented to the audit committee.Material impacts, risks and opportunitiesESRS Topic Sub-topic IRO NamePotential physical climate risks E1 Climate ChangeClimate change adaptation Riskaffecting vegetable and marine raw materialsActual GHG emissions from energy and Climate change mitigation Negative impactgas usage (Scope 1 and 2)Actual GHG emissions due to raw Negative impactmaterials and use of sold products (Scope 3)Actual impacts from energy Energy Negative impactconsumption, electricity and gas usage Risk Potential risks of volatile energy pricesPotential drain on water resources due E3 Water and marine resourcesWater Negative impactto water consumptionPotential impacts on water availability Negative impactthrough sourcing of agricultural commoditiesSourcing of marine ingredients actually Marine resources Negative impactimpacting fishîstocks Disruptions in the supply chain of Risk marine ingredients could affect availability and cost of raw materialsESRS Topic Sub-topic IRO NamePotential land-use change and Direct impact drivers on E4 Biodiversity and ecosystems Negative impactdeforestation through sourcing of biodiversity lossagricultural commoditiesImpact on the abundance of marine Impacts on the state of Negative impactspecies from sourcing of marine speciesingredients and unintended by-catchSuppliers using damaging fishing Impacts on the extent and Negative impactpractices which can lead to degradation condition of ecosystemsof marine ecosystemsPotential impact on resource scarcity E5 Resource use and circular economyResource inflows Negative impactfrom the extraction of virgin resourcesCircular business model in the Resource outflows related to Positive impactremanufactured automotive parts with products and servicesactual reduction of virgin materialsActual health and safety impacts, e.g. S1 Own workforceWorking conditions Negative impactaccidents in own operationsPotentially not having equal treatment Equal treatment and Negative impactof own workforce leading to possible opportunitiesdiscriminationPotential impacts on the general S2 Workers in the value chainWorking conditions Negative impactworking conditions for workers in the supply chainPotential impacts on value chain Other work-related rights Negative impactworkers due to forced and/or child labour in the supply chainPotential impact on the way we do G1 Business conductCorporate cultures Negative impactbusiness if we do not act responsiblyPotential negative impact on society Corruption and bribery Negative impactif engaged in unethical or corruption practicesPolicy overviewPolicy name BioMarGPVHydraSpecmaBorg AutomotiveFibertex Personal CareFibertex NonwovensSchouwî&îCo. The policy addresses climate change impacts, including renewable energy deployment, GHG emissions and Environmental policypollution prevention. It addresses water and natural resource management and impacts on biodiversity.The policy sets out the Groupâs responsibility to respect human rights, including responsible employment, Schouwî&îCo. non-discrimination, and occupational safety, supported by procedures, risk assessments and grievance UN Guiding Principles, OECD GuidelinesHuman rights policymechanisms. Schouwî&îCo. The policy aims to ensure diversity and an inclusive culture at all management levels by promoting equal Diversity policyopportunities and increasing representation of the underrepresented gender.Schouwî&îCo. The policy provides a comprehensive framework to ensure that adequate arrangements and procedures are in Whistleblower policyplace for the whistleblower system.Schouwî&îCo. Schouwî&îCo. is committed to a high degree of ethical integrity in the way we conduct business. Policy on anti-corruption Schouwî&îCo. also combats all forms of corruption, including bribery and facilitation payments.and business ethicsSeparate company policies All businesses have individual supplier codes of conduct as part of their value chain due diligence. They all UN Global CompactSupplier Codes of Conductrequire key suppliers to sign the code of conduct and to have follow-up mechanisms.Separate company policiesAll businesses have implemented policies on safe working conditions, including measures to prevent accidents ILO, ISO 45001Health and safety policiesand to ensure safety information is accessible to relevant employees.BioMar The responsible sourcing policy specifies the five fundamental principles that all suppliers must comply with ILO, ASC, MSC, BAP, MarinTrustResponsible Sourcing Policywhen supplying raw materials to BioMar.BioMar The position statement underscores BioMarâs dedication to procuring marine ingredients that are certified Global G.A.P, BAP, ASCMarine Ingredients Position Statementand responsibly sourced. BioMar This statement outlines BioMarâs commitment to deforestation-free and conversion-free supply chains for OECD, ASCVegetable Ingredients Position Statementsourcing vegetable ingredients.Fibertex Personal Care The company is committed to continuously reducing the environmental impact from products and processes UN Global CompactSustainability Policyand protecting the surrounding environment.Fibertex Nonwovens The policy addresses responsible manufacturing, driving continuous improvements in environmental and Environmental and energy policyenergy performance, as well as reducing environmental footprint.This list is not exhaustive and does not cover all policies in place across the portfolio businesses, it only presents those disclosed in the Group's reporting.Stakeholder engagementThe majority of the engagement with stakeholders in Schouwî&îCo. happens directly between the portfolio businesses and their stakeholders due to the decentralised structure. EMPLOYEESWe engage with our employees in order to understand employee satisfaction and their perception of well-being, health and safety, pay and rewards, diversity and inclusion, transformation and change, anti-discrimination, anti-bullying, as well as to focus on a feedback culture that contributes to a responsible workplace. Engagement is conducted through channels such as employee engagement surveys, workplace assessments and whistleblower systems with outcomes allowing for action plans, policy updates or implementation of company-wide initiatives. SUPPLIERS AND BUSINESS PARTNERSOur portfolio businesses engage with suppliers and business partners in order to manage relationships and secure favourable terms, ensure compliance with codes of conduct, and protect human rights and labour rights of workers. They do so through relations management, assessments and audits, formal engagement e.g. contracts, due diligence and codes of conduct, as well as the whistleblower system. By doing so, the portfolio businesses are able to ensure solid relations with suppliers, stable delivery of goods and services, streamlined expectations, and informed decision-making.CUSTOMERSIn order to understand customer needs and expectations, establish trust and transparency as well as strong customer relations and high retention, our portfolio businesses engage with customers by means of customer inquiries and customer surveys. This allows for improved collaboration as well as product or service optimisation. INVESTORS AND FINANCIAL INSTITUTIONSWe engage with investors and financial institutions in order to share information about Schouwî&îCo.âs business model and shares, provide information and Q&A concerning developments, targets, dividends, capital allocation, ESG progress, etc., understand investor concerns, and establish trust and transparency. We do so by means of communication and meetings with analysts, quarterly conference calls with analysts and investors, annual general meetings, and ESG ratings and assessments. LEGISLATIVE BODIES, LEGISLATION AND REGULATIONIn order to ensure compliance with regulatory frameworks and standards, we engage with legislative bodies, legislation and regulation, thus ensuring operational adjustments to ensure compliance.EnvironmentClimate change and the extreme weather events this could entail, are still consid-ered major risks by the World Economic Forum, and it is important that businesses remain resilient and proactive in mitigat-ing and adapting to these risks. In 2025, Schouwî&îCo. started the process of drafting climate transition plans with the portfolio businesses in order to drive efforts forward on environmental due diligence. First phase of implementationNone of the businesses in the portfolio are exposed to oil, gas, tobacco or similar and none are excluded from Paris-aligned benchmarks. BioMar is the largest and most exposed business in terms of climate change effects and therefore, a pilot project on drafting a climate transition plan has been initiated at BioMar. The first phase of the pilot project aimed to create a coherent internal climate transition plan by gathering input across the organisation and engaging stakeholders. BioMar already has GHG emis-sion reduction targets approved by the SBTi, and the development of a climate transition plan has strengthened the work on achieving these targets. The plan includes defining and specifying action plans, making emission forecasts towards 2030 and identifying the important decarbonisation levers needed to achieve the targets. These includes renew-able energy deployment, electrification of heating systems, and increased use of certi-fied raw materials. Assessing climate adaptation at BioMarAnother important element of the pilot project was to strengthen the assessment of the climate-related risks. BioMar now has a more structured and thorough assessment of physical climate risk for both its own oper-ations and key raw materials with a specific focus on soy. The results provide improved granularity and distinct climate scenarios to assess the resilience of the business model. The climate transition plan was approved by BioMar's sustainability committee. Further project roll-outHaving concluded the first step of the pilot project in BioMar, draft templates for climate transition plans will be rolled out in the other portfolio businesses via a common Schouwî&îCo. approach. This is done to ensure overall alignment of the framework while accommodating individual differences. The climate transition plans will be an integral part of the Schouwî&îCo. environ-mental due diligence and form the basis of a consolidated Group version to be completed no later than 2027. E1-1 Transition planClimate transition plan: BioMar pilot projectClimate changeSBM-3, IRO-1Impacts, risks and opportunities related to climate changeInput for the assessment of impacts, risksîand opportunitiesAs part of the assessment of impacts, risks and opportunities related to climate change, Schouwî&îCo. has included information on greenhouse gas emissions from operations and the value chain, assessments of the physical risk related to operations as well as an assessment of the transition risk associated with business as usual. While no material physical or transition risks were identified in relation to own opera-tions, material risks were identified in the value chain of BioMar, where climate-related hazards could impact the cost and availability of raw materials.Assessing physical and transitional risksWhen assessing climate-related risks, a natural focus for the conglomerate is BioMar as it is the largest portfolio business, but also due to the nature of the aquaculture value chain. In 2025, BioMar completed the first phase of a climate transition plan project that included resilience analysis for both physical climate risks and risks related to key commodities with a special focus on soy. In this process, input data on factory locations and information on the value chain were used and two distinct scenarios, an optimistic and a pessimistic, were applied to cover the inherent uncertainties of looking towards 2050. The project included assessments of these key risks associated with climate change effects. This included a focus on both own operations and the value chain. The result of this assessment was used as input for the 2025 double materiality review, and this con-firmed that there were no material physical risks associated with climate change. However, phys-ical risks associated with the procurement of raw materials, both marine and vegetable, were identified and assessed in the marine resource and resource use sections of this report.Effects from material risks and opportunitiesA physical risk related to raw materials was identified, as was a risk related to volatile energy prices. The first is a physical risk, while the second can be both physical and transitional in nature since both elements might impact energy prices. It was found that the risks are not likely to influence the financial position of Schouwî&îCo. due to the active mitigation measures taken, e.g. a contract mechanism on energy and diversifying raw materials. Location Time horizonIRO Name ScopeValue chainClimate change adaptationPotential physical climate risks Riskaffecting vegetable and marine BioMarraw materialsClimate change mitigationActual GHG emissions from BioMar, Fibertex Personal Negative impactenergy and gas usage (Scope Care, Fibertex Nonwovens1 and 2)Actual GHG emissions due to GPV, HydraSpecma, Negative impactraw materials and use of sold BioMarproducts (Scope 3)EnergyActual impact from energy BioMar, Fibertex Personal Negative impactconsumption, electricity and Care, Fibertex Nonwovensgas usagePotential risk of volatile energy BioMar, Fibertex Personal RiskpricesCare, Fibertex NonwovensE1 EnergyTowards more renewable energy ImpactsEnergy consumption from feed and nonwovens productionSome of the businesses owned by Schouwî&îCo. use a substantial amount of energy due to technologies such as extrusion. Therefore, the energy consumption is assessed as material in terms of impact materiality. Additionally, energy is assessed as financially material due to the volatile nature of energy prices that could impact the financial position of the Group. This applies to BioMar, Fibertex Personal Care and Fibertex Nonwovens, all of which are dependent upon gas and electricity from the national grid. However, the metrics and and Group targets still cover all portfolio businesses. PoliciesEnergy efficiency in the environmentalîpolicyTo address responsible use of energy, Schouwî&îCo. has an environmental policy that addresses a wide range of environmental topics. The policy requires the businesses to work on deploying renewable energy when feasible as well as working on reducing energy usage. The policy has been approved by the Board of Directors of Schouwî&îCo., and the management teams of the portfolio businesses are responsible for implementing the principles of the policy. For more information on the policysee the policy overview section. TargetsTowards 100% renewable electricitySchouwî&îCo. is committed to increasing the share of renewable energy when feasible, as specified in the environmental policy. Since 2021, Schouwî&îCo. has had an ambition of reaching 100% renewable electricity by 2030, meaning that 100% of the electricity purchased should be from renewable sources covered by contractual instruments, guarantees of origin, renewable energy certificates or similar. Although it may be difficult to realise in full, the company is dedicated towards this ambition. In 2025, the share of renewable electricity reached47%, with the power purchase agreement beinga large contributing factor. ActionsRenewable electricity from the new powerîpurchase agreementThe power purchase agreement that Schouwî&îCo. has signed came into effect in March 2025 and played a significant role in increasing the share of renewable electricity in 2025. In 2025, the power purchase agreement generated close to 60 GWh of guarantees of origin from newly built subsidy-free renewable electricity. The certificates have been retired onSchouwî&îCo.'s behalf. The portfolio businesses have naturally also continued their extensive work on energy management and energy effi-ciency projects during 2025. ActionsReaching all-time high renewable electricity share in GPVIn 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%. This was accomplished through active initiatives meaning that GPV now has solar panels installed on five out of 14 fac-tories, while many of the other factories utilise guarantees of origin from the Schouwî&îCo. power purchase agreement and other procure-ment measures in several other markets. RisksThe financial effects of energyThe cost of energy is assessed to be financially material for the Group in the medium-term. The cost of energy is primarily related to Fibertex Personal Care, Fibertex Nonwovens and BioMar. However, the risk of this impacting the finan-cial position of Schouwî&îCo. 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.E1 EnergyEnergy consumption⬠MetricsConsolidated energy consumption (MWh)2025 2024Non- Non- Renewable renewable Renewable renewable sourcessources Totalsourcessources TotalEnergy consumption from coal and coal products - 0 0 - 0 0Energy consumption from petroleum products including LPG - 173,951 173,951 - 173,963 173,963Energy consumption from natural gas - 252,493 252,493 - 224,756 224,756Energy consumption from other fossil fuels - 1,311 1,311 - 1,010 1,010Energy consumption from own-generated renewable energy 11,075 - 11,075 6,021 - 6,021Total direct energy consumption 11,075 427,755 438,830 6,021 399,729 405,750Consumption of purchased electricity, heating, cooling and steam 232,046 266,519 498,565 134,105 356,871 490,976Total indirect energy consumption 232,046 266,519 498,565 134,105 356,871 490,976Total energy consumption 243,121 694,274 937,395 140,126 756,600 896,726Share of renewable energy (%) 26% 16%Share of renewable electricity (%) 47% 27%Energy intensity (MWh/DKKm) 27.5 25.9CommentsIn 2025, the total energy consumption increased by 4.5% mainly due to increased natural gas usage in BioMar as a result of increased activity levels. 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. Own-produced renewable electricity has increased by 84%, although it only represents 1.2% of the total energy consumption. § Accounting policiesHigh-impact climate sectorsAll businesses in Schouwî&îCo. are engaged in manufacturing, a high-impact climate sector according to the ESRS.Direct energy consumptionEnergy consumption includes the energy resulting from the use and burning of fuels at sites within the organisational boundaries of the Group, which includes all stationary combustion, primarily the use of gas, both natural gas and LPG, for e.g. extrusion processes as well as gas used for heating purposes at sites within the organisational boundary. This also includes fuel from mobile combustion for both owned and leased assets that are recognised as assets according to IFRS 16. This includes leased cars in all businesses, as well as leased vessels in BioMar. When calculating the energy usage in MWh from the consumption, data conversion factors for the lower heating value from the GHG Protocol tool have been used.Own-generated renewable energyIncluded in direct energy consumption is own-generated renewable energy, which means any renewable energy that is produced on-site.In Schouw & Co., this is solely electricity generated by solar panels on rooftops. Indirect energy consumptionIndirect energy consumption is all acquired energy, meaning electricity purchased from electricity providers, and district heating or cooling used at sites within the organisational boundary. Share of renewable energyThe total share of renewable energy includes own-generated renewable energy from on-site solar panels, as well as purchased electricity whose origin is clearly defined in the contractual arrangements with the suppliers, i.e., renewable power purchasing agreements, standardised green electricity tariffs, market instruments like Guarantees of Origin or similar instruments like Renewable Energy Certificates. Since the Group does not use any biofuels or other types of renewable fuels, like hydrogen, these are not included.Share of renewable electricityMeasures only the share of renewable indirect energy usage, mainly purchased electricity.Energy intensityEnergy intensity includes all direct and indirect energy consumption divided by the Group revenue in DKKm, as found in the financial statements.E1 Climate change mitigationEnhancing environmental due diligence ImpactsEmissions from electricity and gas usageSchouwî&îCo. acknowledges that large-scale industrial manufacturing and processing of raw materials entails an impact on climate change. The portfolio businesses are all industrial businesses with different production processes, but the emissions of the Group are material, mainly due to BioMar, Fibertex Personal Care and Fibertex Nonwovens, which have identified material impacts related to emissions from own operations, e.g. gas for extrusion and electricity for feed and nonwovens production. PoliciesClimate change in the environmental policyAs stated in the environmental policy, Schouwî&îCo. acknowledges the need to mitigate and adapt to the effects of climate change. As a long-term and responsible owner, Schouwî&îCo. is committed to reducing the emission of greenhouse gases related to both own operations and the value chain. The purpose of Schouwî&îCo. is to transform businesses, which could include developing them towards a low-emission society, e.g. by increasing the share of renewable energy or implementing new technology when feasible. The policy states that all portfolio businesses are required to set short- to medium-term reduction targets and that energy efficiency plays a vital role in reducing emissions as well as costs related to energy. The businesses must therefore prioritise this and measure the effectiveness of efforts in addition to deploying renewable energy when feasible. TargetsReducing GHG emissions byî35%In 2021, Schouwî&îCo. set a target to reduce Scope 1+2 market-based emissions by 35% in 2030 relative to the 2020 base year. The target was revisited in 2025, and it was decided to keep it at the current level even though 29% reduction has now been achieved. Emission reductions have become harder to achieve, especially since Scope 1 emissions account for a major part of the remaining emissions and these primarily stem from gas usage in BioMar. BioMar is working on reducing these emissions, but it will take time as feasible alternatives are not readily available. Schouw & Co. has not set science based targets, however, BioMar has an approved target, and Borg Automotive has committed to the SBTi. ActionsClimate due diligence for portfolioîbusinessesThe pilot project on developing a climate transition plan, launched in BioMar in 2025, is an important part of the due diligence that the parent company exercises in relation to the port-folio businesses. In the process of developing a climate transition plan, BioMar has gathered input from the organisation on primary decar-bonisation levers that will enable the company to reach its target, while also identifying possible obstacles and trade-offs. This is presented in the transition plan of this statement. The gath-ering of this input was important in ensuring common alignment. In 2026, Schouwî&îCo. will continue the work on drafting transition plans with the other portfolio businesses to enable a comprehensive overview of the path towards their individual targets on GHG reductions. ActionsSolid reductions from the power purchase agreementIncreasing the share of renewable electricity remains an important decarbonisation lever for Scope 2 emissions which is also represented in the transition plan. Since a large share of the base year emissions derive from electricity, this has been a major focus area as a way to decar-bonise. This is addressed in the section on elec-tricity, with the new power purchase agreement being one of the most important steps taken in 2025. As a result of the increase in renewable energy, Schouwî&îCo. has seen a solid reduc-tion in market-based Scope 2 GHG emissions of 28% from 2024 to 2025.E1 Climate change mitigationValue chain emissions ImpactsConsolidating diverse valueîchains All of the businesses in the portfolio are part of large, often global, value chains that involve raw material extraction, processing, manufacturing, and distribution. In almost all cases, the products that the portfolio businesses sell are then further processed by customers before the products end up at consumers or end-users. This complexity and the diverse nature of the value chains mean that the emissions occuring in the value chain are equally diverse. Therefore, consolidating and reporting emissions between the businesses in a meaningful manner is difficult. The task is thus to focus on the most material elements and in Schouwî&îCo., the impact on emissions stems largely from the purchased goods and services from all the businesses, with BioMar as the largest contributor by far, and emissions from the use of sold products, mainly in GPV. PoliciesAddressing value chain emissionsSchouwî&îCo.'s environmental policy does not cover value chain emissions as such. As already mentioned, Scope 3 emissions differ signifi-cantly in nature and no common approach has therefore been introduced, meaning that it is up to the individual portfolio businesses to address value chain emissions in a way that they deem appropriate. TargetsIndividual targets on Scope 3 emissionsSchouw & Co. does not have a consolidated emission reduction target for value chain emissions. However, the individual businesses are working on setting appropriate targets for themselves, in some cases as part of their com-mitment to the Science Based Targets initiative (SBTi). BioMar has a target for Scope 3 emis-sions but in response to the new guidelines on forest, land and agriculture (FLAG) emissions, BioMar has resubmitted its adjusted targets as well as the restated baseline and is awaiting the audit process. Borg Automotive has committed to the SBTi, meaning that they will also set a Scope 3 target in 2026. ActionsReporting value chain emissions from forest, land and agricultureIn 2025, BioMar performed an extensive recalculation of the baseline and the subse-quent years for purposes of complying with the SBTi guidelines on forest, land and agriculture (FLAG) emissions as well as the upcoming GHG Protocol Land Sector and Removals guidance. To prepare for these new guidelines, BioMar has recalculated all Scope 3 emissions from pur-chased goods and services from 2021 to 2024 in order to distinguish between FLAG and non-FLAG emissions stemming from each individual raw material category. This distinction means that BioMar separates emissions from the actualgrowing of the crops (and potential land-use change or conversion) from the emissions associated with processing and transportation of that raw material in the upstream emissions. This was a significant task, where all emissions factors used for different raw materials were updated and split into the two categories. The recalculation meant that the 2024 emissions are restated to 2,204,821 tonnes of CO2e against the originally reported 2,435,719 tonnes, a difference of -230,898 tonnes. The reason for these reductions is the application of new and improved emission factors that are a require-ment under the new guidelines from the GHG Protocol and SBTi. ActionsPartnering with suppliers to reduceîemissionsAn important element in addressing value chain emissions from purchased goods and services is raw materials. In 2025, BioMar worked on establishing partnerships to increase the supply of agricultural raw materials that support reductions in the carbon footprint of vegetable-based feed ingredients, e.g. wheat and soy. When targeting emission reductions in the value chain, BioMar relies on suppliers working towards more environmentally friendly practices, both in terms of FLAG and non-FLAG emissions. In 2025, BioMar worked on respon-sible soy together with ProTerra, an organisation that advances and promotes sustainability at all levels of the food production system. This work work contributed to a solid reduction in Scope 3 emissions of 16% in BioMar. ActionsReduction in emissions from sold productsGPV has experienced a significant reduction in its Scope 3 emissions, largely due to a shift in the mix of products sold. In GPV, the emissions from use of sold products are based on critical assumptions concerning individual compo-nents' energy usage, daily usage, and expected lifetime, and with such a high number of sold products, shifts in product mix will have a high impact on the total emissions. In 2025, the mix of products sold used to calculate the entire population of sold products generally used less energy, especially the ones sold in larger quan-tities, meaning that the total emissions in this category from GPV alone decreased by 32%.E1 Climate change mitigationGreenhouse gas emissions⬠MetricsConsolidated GHG emissions (tCO2e)Milestones and Retrospectivetarget yearsBase year Progress v. (2020) 2024 2025 â 2030base yearScope 1 GHG emissions:Gross Scope 1 GHG emissions 95,827 92,830 103,335 11%Scope 2 GHG emissions:Location-based Scope 2 GHG emissions 149,820 133,610 125,081 -6%Market-based Scope 2 GHG emissions 164,025 111,741 80,050 -28%Total Scopes 1+2 GHG emissions location-based 245,647 226,440 228,416 1%Total Scopes 1+2 GHG emissions market-based 259,852 204,571 183,385 -10% -35% -29%Significant Scope 3 GHG emissions:Total Gross Scope 3 GHG emissions1 n /a 9,723,714 7,357,917 -24%Category 1: Purchased goods and services1n/a 3,080,486 2,519,031 -18%Category 4: Upstream transportation and distribution1n/a 213,876 214,696 0%Category 11: Use of sold products n/a 6,429,352 4,624,190 -28%Total GHG emissions (location-based)1 n/a 9,950,154 7,586,333 -24%Total GHG emissions (market-based)1n/a 9,928,285 7,541,302 -24%GHG emission intensity (tCO2e/DKKm) n/a 286 221 -23%1) In 2025, BioMar made a restatement of 2024 value chain emissions in response to new guidance on FLAG emissions from the GHG Protocol and the SBTi. CommentsIn 2025, the total scope 1+2 GHG market-based emissions decreased by 10% mainly due to the increased share of renewable electricity from the power purchase agreement and from on-site installations. Scope 1 emissions increased as a result of higher natural gas usage from higher activity levels, primarily in BioMar. Scope 3 emissions decreased by 24%, primarily due to BioMar's reductions in category 1 and GPV's decrease in category 11. In BioMar, the reductions are due to lower emissions from raw materials, e.g. soy, where more responsible sourcing methods reduce emissions from potential land use change. In GPV, the lower emissions are due to changes in product mix, towards products with less energy usage. In GPV, emissions from use of sold products are based on critical assumptions concerning individual components' energy usage, daily usage, and expected lifetime, and with such a high number of products sold, shifts in product mix will have a high impact. § Accounting policiesSchouwî&îCo.'s reporting on greenhouse gas emissions is based on the ESRS and the GHG Protocol and is reported in CO22 equivalents (COe) using the global warming potential factors from the sixth IPCC assessment report. The reporting is structured based on the separation of emissions into Scopes 1, 2 and 3. The organisational boundary applied in Scope 1 and Scope 2 is the same as for the financial report and includes owned and controlled entities. Joint ventures, associates or similar not under operational control of Schouwî&îCo., are not consolidated in the financial statements. Leased cars and vessels are included if assessed as being under operational control. Scope 1Covers all direct emissions within the organisational boundary. This includes the emissions of GHG related to the combustion of fossil fuels such as natural gas, LPG, diesel or the like. Activity data from the portfolio businesses are gathered and subsequently multiplied by relevant emission factors, primarily using the GHG Protocol emission factors on stationary combustion. Portfolio businesses are allowed to substitute emission fac-tors if they can provide better factors, which in turn must be documented. Mobile combustion emissions are calculated using the GHG Protocol Mobile Combustion Tool based on fuel consumption or electricity usage, if available; otherwise, mileage is used based on best available information. An exemption is BioMar's leased vessels, which are calculated separately based on activity data supplied by the leasing company multiplied by emission factors from the GHG Protocol tool.Schouwî&îCo. has no activities falling under the European Emissions Trad-ing Scheme and does not use biomass as a fuel, for which reason biogenic emissions are not reported.Scope 2Covers indirect emissions from purchased electricity, district heating or cooling purchased from external sources. Consumption data for electricity are compiled from invoices and meter readings and used to calculate emissions. The activity data are multiplied by emission factors from the International Energy Agency for the country in which the consumption occurred. The portfolio businesses have the potential to use more specific regional emission factors obtained from local suppliers or other sources if that produces more precise data and the credibility can be verified. This calculation forms the basis of the location-based Scope 2 emissions. For markets-based Scope 2 emissions, the contractual instruments, verified against the quality criteria of the GHG Protocol and the ESRS requirements form the basis of calculation. Such contractual instruments include guarantees of origin, renewable energy certificates, green tariffs, etc. The market-based approach is used for calculation purposes and in relation to targets.Scope 3In Schouwî&îCo., three categories are included, category 1: Purchased goods and services, category 4: Upstream transportation and distribution and category 11: Use of sold products, as they were assessed as material. The reason for not including the other categories is that, in the screening of all categories, they represent less than 2% of the total value chain emissions at group level. Schouwî&îCo. does not own investments and does not have franchises, and the use of sold products as well as raw materials generally represent such a large share that elements like employee commuting and business travel are insignificant. Category 10: Processing of sold products is immaterial as this, by and large, only encompasses assembly and light manufacturing. At some businesses, no further processing occurs, e.g. at BioMar. As a consequence, this category is immaterial at group level.Category 1: Purchased goods and servicesThe majority of the data used in calculating emissions from goods and services is calculated using activity data in weight that are then multiplied by appropriate emission factors from various sources like EcoInvent and ExioBase, as well as supplier-specific emission factors when available. The exception is GPV, where emissions from purchased goods and services are calculated using spend data.Category 4: Upstream transportation and distributionEmissions from transportation are calculated using supplier emissions or emission factors if possible. Otherwise, assumptions on distance and mode of transportation are used to calculate emissions. In most cases, the busi-nesses are aware of the freight method and distances and use appropriate emission factors to calculate the emissions from freight. This was not the case for HydraSpecma, and an allocation key was used to split the total spend between modes of transportation.Category 11: Use of sold productsThis 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. Category 11 is calculated using estimates of the energy usage of a specific product group per year, multiplied by a general world average electricity emission factor if the product could be sold anywhere in the world, and then multiplied by an estimate of the expected lifetime of that product to calculate emissions throughout the life of the given product. In some instances, the product, e.g. a motor, used diesel or gasoline, and then the emission factor applied is for stationary combustion.Emission intensityThe emission intensity is calculated as the total emissions using market-based method, divided by net revenue as found in the financial statements.Critical accounting estimates When calculating Scope 3 emissions, estimates are used in cases where primary data is not available, e.g. in relation to spend data in GPV's category 1 calculations. However, critical estimates are mostly applied in relation to use of sold products, where estimates have been applied regarding product energy usage, period of use, and expected lifetime of the products. These categories are a material part of the consolidated Scope 3 emissions. E1 Climate change adaptationClimate change risks affecting marineîand vegetable raw materials RisksClimate change affecting cost and availability of raw materials In the double materiality assessment, climate hazards and climate change adaption were con-sidered material in terms of the value chain but not in terms of own operations. Schouwî&îCo. is exposed to a financial risk in relation to climate- related hazards in the value chain in the medium- to long-term. The climate transition plan pilot project carried out by BioMar in 2025 confirmed this picture. 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. PoliciesMitigation as part of the businessThe risk related to climate change is a highly diversified risk as the businesses use very differ-ent raw materials. Therefore, Schouwî&îCo. has not implemented policies that address climate change adaptation in own operations or in the value chain. However, BioMar has extensive miti-gation efforts in place regarding the financial risks associated with raw materials, in the form of using different materials like novel ingredients that have the potential to replace other high-risk materials. TargetsDiversifying raw material usageThe mitigation consists of diversifying the use of raw materials to include both vegetable, marine and novel ingredients so that the dependency on a few raw materials from one source or one specific location is minimised. However, BioMar does not have any specific targets related to this.Water and marine resourcesSBM-3, IRO-1Water and marine-related impacts,risks and opportunitiesWater in own operationsWater and marine resources were examined in the double materiality assessment, focusing on both Schouwî&îCo.âs operations with significant water use and the sourcing of marine ingredi-ents from suppliers for aquafeed production in BioMar. Schouwî&îCo. has identified operational impacts on water consumption in BioMar, Fibertex Personal Care, and Fibertex Nonwovens. This remains unchanged from 2024, although the scoring has been lowered on the basis of industry benchmarking. Most of the water used across these operations is discharged back into the public water supply. However, in BioMar, water is consumed during fish feed extrusion and cooling processes, where a significant part evaporates during the process. In Fibertex Nonwovens, water is used in the spunlacing production process, which requires water withdrawal. However, most of the water is subsequently treated and discharged. Water and marine impacts in theîvalueîchainîof BioMarThree other material impacts have been identi-fied in relation to water and marine resources. 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. The impacts have been assessed for the purpose of the double mate-riality assessment, as well as in consultation with external stakeholders via interviews. This remains unchanged compared to 2024. Effects from material risks and opportunitiesThe general assessment regarding the mate-rial risks concerning disruptions in the supply chain of marine ingredients is that these are not likely to influence the financial position of Schouwî&îCo. This is due to the mitigation measures implemented and the active measures that BioMar has taken regarding diversification of raw materials.Location Time horizonIRO Name ScopeValue chainWaterPotential drain on water BioMar, Fibertex Personal Negative impactresources due to water Care, Fibertex NonwovensconsumptionActual impact on water Negative impactavailability through sourcing of BioMaragricultural commoditiesMarine resourcesSourcing of marine ingredients Negative impactBioMaractually impacting fishîstocks Disruptions in the supply chain of marine ingredients could RiskBioMaraffect availability and cost of raw materialsE3 WaterWater consumption from own operations ImpactsWater consumption in feed and nonwovens productionAll Schouwî&îCo. portfolio businesses with-draw water for general usage, sanitation, cleaning, etc. However, most water is dis-charged into water treatment facilities rather than being consumed. Therefore, the material impact that has been identified is associated with water withdrawal and water consump-tion in BioMar, Fibertex Nonwovens, and FibertexîPersonalîCare. In aquafeed production, water is essential for mixing ingredients, and a significant portion evaporates during the extrusion process, where high temperatures transform the mixture into solid pellets. The water consumption in BioMar does not occur in areas of high water stress. In Fibertex Nonwovens, the spunlace process uses high-speed jets of water to entangle fibres. This process makes it possible to produce materials with better uniformity and a low weight. Most of the water is discharged for water treatment. In Fibertex Personal Care, water is used for cooling in the production facilities in Malaysia, where a share of the water is consumed as a result of evaporation. PoliciesSound management of waterSchouwî&îCo. has adopted several initiatives to ensure responsible and sound management of water in production processes and in relation to, e.g. cooling. The environmental policy outlines the general principles regarding water manage-ment, e.g. that water is a resource that must be managed responsibly, that pollution should be avoided or minimised and that the use of water must be minimised whenever possible. The policy also specifies that in areas or processes where water is consumed, the portfolio busi-nesses must investigate possibilities of recycling water to lower the strain on water resources. Special attention must also be given to potential water consumption in areas of high water stress, and the use in these areas should be reduced. The policy does not address marine resources or product design, as it is a group-wide policy. TargetsHighly diversified impactsWhile water consumption and water withdrawal are continuously monitored, Schouw & Co. has not set any group-wide targets and does not currently plan to do so.⬠MetricsWater withdrawal and consumption (mî)2025 2024Water withdrawal 1,268,504 1,185,368Water discharge 618,196 664,266Water consumption 650,308 521,102- of which is consumption in areas of high water stress 1,172 0Water intensity (1,000mî/DKKm) 19.06 15.03 § Accounting policiesWater withdrawalThe amount of water taken from ground or surface water sources or the public water supply and drawn into the boundaries of the businesses. All water-related metrics are reported in cubic metres.Water dischargeWater leaving the boundaries of the business and released to surface water, groundwater or third parties. The water discharge is measured or based on a calculation key based on a representative sampling process. In some businesses, water is primarily used for sanitation and water discharge, and in these cases, it is assumed to equal withdrawal.Water consumptionThe amount of water drawn into the boundaries of the business (or facility) and not discharged to the water environment or a third party. In businesses with significant water consumption, water consumption is calculated as water withdrawal minus water discharge.High water stressDefined as regions where the percentage of water withdrawn is high (40-80%) or extremely high (greater than 80%) according to the Aque-duct Water Risk Atlas tool of the World Resources Institute (WRI).Water intensityWater intensity is based on water consumption in 1,000 m3 per DKKm revenue as specified in the financial statements.E3 WaterWater usage in the value chain for growing of crops ImpactsWater consumption in the value chain of BioMarSchouwî&îCo. has identified a material impact related to water consumption associated with the procurement of agricultural commodities in the value chain. 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. This impact is only material in BioMar. PoliciesWater management in procurement policesThis impact is addressed in BioMar's respon-sible sourcing policy and the supplier code of conduct, which incorporate sound water man-agement and specify requirements for suppliers regarding water management and a requirement to develop specific water management plans for high-risk areas. These two policies apply to all of BioMar's business units, and the sourcing director is the responsible party. The code of conduct must be signed by BioMar's suppliers, and this forms part of an extensive due diligence setup that is described in further detail in the resource use section. BioMar applies lifecycle assessment tools through a process called water footprinting in order to monitor the water consumption associated with raw materials, as well as to ensure that the principles of the policies are implemented and upheld. TargetsEnhancing responsible water management through engagementBioMar has not set a specific quantitative reduc-tion target for water consumption in its upstream supply chain. Instead, emphasis is on ensuring that suppliers comply with water stewardship standards as an indirect means of driving improvement. By prioritising universal adherence to these standards, BioMar works towards ensur-ing that responsible water management practices are implemented across the value chain.E3 Marine resourcesUtilising fishery improvement projects to enable concrete progress ImpactsSourcing of marine raw materials in BioMarBioMar 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. In addition to this, responsible management of marine ingredients, i.e. via certifications, is essential in ensuring that negative impacts on fish stocks are minimised and mitigated. PoliciesBioMarâs position statement of marine ingredientsThe commitment towards responsible sourcing of marine ingredients is formalised in BioMarâs responsible sourcing policy, supplier code of conduct and its position statement on marine ingredients. The position statement under-scores BioMarâs 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. This includes increasing the use of plant-based proteins, insect protein and microalgae. By diversifying ingredient sources, BioMar lessens its vulnerability to fluctuations in marine resources and overfishing, thereby reducing supply chain risks. TargetsThe commitment towards certifiedîingredientsBioMar commits to the sourcing of certified materials from responsible fisheries by actively participating in Fishery Improvement Pro-grammes (FIPs) and commits to sourcing at least 80% of its marine ingredients each year from fisheries certified by the Marine Stew-ardship Council (MSC), MarinTrust, or from FIPs demonstrating recent progress through validated methodologies such as those from the Sustainable Fisheries Partnership or the MarinTrust Improver Programme. In 2025, BioMar reached a 90% share of certified marine ingredients, well above the target.BioMar also uses trimmings and by-products that meet Aquaculture Stewardship Council (ASC) family standards. As part of this commit-ment, BioMar continually works to increase the inclusion of circular marine ingredients in feed formulations to help alleviate pressure on fish stocks. See the E5 section for further informa-tion on this topic. ActionsEnhancing responsibility through fisheryîimprovement programmesAn important element of BioMarâs actions in contributing to more responsible management of marine resources is the engagement in FIPs that often aim to achieve specific improvementsthat align with international fisheries manage-ment standards and often with a specific aim to increase the supply of certified raw materials in the market. This means that the projects are directed towards fisheries that are willing to improve to be able to fulfil criteria that would position them for approval under standards such as MSC fishery certification or the MarinTrust ingredient standard. FIPs run for a defined period, typically between three to five years, depending on the nature and scale of the improvement project work plan. In 2025, BioMar was engaged in four FIPs across different regions, with a focus on different species. One of them focused on the North Atlantic region for mackerel, herring and blue whiting, while the other two focusing on Ecuador and Mauritania and more general fishery management. Generally, the aim of theseimprovement projects is to enhance the respon-sible management of marine resources often with the explicit goal of the fisheries obtaining either MSC or MarinTrust certifications by the conclusion of the projects. Therefore, the posi-tive impact of the projects is often very concrete and tangible as certifications are based on strict criteria and audit processes. E3 Marine resourcesRisk of disruptions in the supply of marine ingredients RisksThe volatile nature of fish supplyRoughly one-third of BioMarâs costs are associ-ated 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. Therefore, BioMar is dependent upon healthy oceans and seas to ensure a continuous supply of marine resources. In the short-term, disruptions in marine raw material supply (e.g. fishmeal and fish oil) and new regulatory requirements could increase operational costs and create cash flow volatility. In the medium-term, depletion of marine resources, water scarcity, and reputa-tional risks associated with not using certified ingredients may lead to higher sourcing costs, a potential decline in revenue, and the need for investments in alternative ingredients. PoliciesResilience of the businessBioMar proactively works on improving the management of fisheries it sources from and diversifies its sources of omega-3 fatty acids, incorporating both marine and vegetable alternatives to enhance flexibility and resilience against fish oil market shortages. However, this is not addressed in any policy but in the overall way in which BioMar conducts business. TargetsMitigation via diversificationIt is assessed that, after mitigation, changes in the supply of marine ingredients are unlikely to affect the financial position of BioMar. This is due to extensive efforts in optimising recipes and substituting raw materials, even if such changes affect the cost of raw materials. Conse-quently, there are no targets in this area and no plans to set such targets. E4 Biodiversity and ecosystemsBiodiversity and ecosystemsSBM-3, IRO-1Biodiversity-related impacts, risks and opportunitiesBiodiversity related to own operationsAs part of the double materiality assessment, a screening of potential biodiversity impacts from the production sites and locations related to own operations has been conducted. No material impacts on biodiversity from own operations were identified, and no sites have a material effect on biodiversity. Although one site is located near a Natura 2000 area, the oper-ations of the site do not impact the protected area negatively, and no other sites are located near biodiversity-sensitive areas. Consequently, Schouwî&îCo. does not use biodiversity offsets, as no internal material impacts have been identified.Value chain impacts on biodiversitySeveral material impacts were identified in rela-tion to the value chain of BioMar, which sources a large amount of vegetable and marine raw materials from various geographical locations. The impacts relate to marine wildlife, deforesta-tion and land-use change, but not specifically to desertification or soil sealing. While the Group's operations do not directly affect threatened species, there are impacts in the value chain related to unintended by-catch that could influence threatened species. The impacts solely relate to BioMar. The impacts have been assessed both by internal experts at BioMar during the double materiality assess-ment as well as in consultation with external stakeholders such as NGOs and similar via interviews in the 2024 double materiality assessment process. The 2025 review con-firmed that this is still the case with no major alterations.Location Time horizonIRO Name ScopeValue chainDirect impact drivers on biodiversity lossPotential land-use change and Negative impactdeforestation through sourcing BioMarof agricultural commoditiesImpacts on the state of speciesPotential impact on the abundance of marine species Negative impactBioMarfrom sourcing and unintended by-catchImpacts on the extent and condition of ecosystemsSuppliers using damaging fishing practices which can Negative impactBioMarlead to degradation of marine ecosystemsE4 Transition planTransitioning towards new raw materials with less negative impactDiversifying the raw materialîbasketBioMar is part of a larger aquaculture value chain, where biodiversity impacts can occur both in oceans and on land due to the use of marine and vegetable ingredients. These can potentially be linked to impact drivers such as deforestation, conversion of land and over-fishing. However, over many years, BioMar has gained expertise through investments in R&D, enabling the business to use a much wider vari-ety of feed raw materials for feeding the range of species produced in aquaculture. This diversification has led to significantly greater flexibility in selecting raw materials for feed production, thus making the business model far less dependent on any single source of raw material, as the supply of especially marine ingredients is prone to fluctuations. Over the past 30 years of aquaculture feed develop-ment, this change has resulted in a reduction in the percentage of marine raw materials per tonne of feed, helping to alleviate overfishing. Negative effects on biodiversityThis strategy has been helpful in reducing the negative impact on ocean ecosystems as well as securing supply by introducing vegetable raw materials. As the focus on climate change drivers and biodiversity impacts has increased, the environmental effects of using vegetable raw materials have become increasingly evident. While these raw materials were introduced to reduce overfishing, crops such as soy and palm oil have been linked to deforestation, biodi-versity loss on land, and climate change. This highlights the complex trade-offs in sustainable sourcing efforts. Novel ingredients as supplements andîreplacements As R&D has played a central role in enhanc-ing BioMar's resilience, efforts are now focused on novel ingredients, which is a term encompassing various new alternatives that can supplement or replace both marine and vegetable ingredients. These include materials like fermented algae-based proteins or other single-cell ingredients, as well as by-products from other types of food production that might otherwise be treated as waste. E4 Direct impact drivers of biodiversity lossCombating deforestation and land use change ImpactsBioMar's hot spot materialsBioMar sources close to one million tonnes of vegetable raw materials on average each year, and some of these could be associated with biodiversity-related impacts if not prop-erly managed. In BioMar, soy and palm oil are labelled as so-called hot spot materials, mean-ing that they are often associated with potential negative impacts, including deforestation and conversion. However, palm oil makes up a very small percentage of the total sourcing volume in BioMar, and soy is consequently the primary focus when considering potential negative impacts related to vegetable ingredients in BioMarâs value chain. Soy accounts for around 20% of the sourced raw materials with variations depending on price and availability. PoliciesBioMar vegetable ingredients positionîstatementBioMar has a robust and effective procurement setup with a strong focus on due diligence. This setup is formalised in BioMarâs procurement process that involves extensive due diligence. The responsible sourcing policy outlines requirements for vegetable ingredients, which are further specified in BioMar's vegetable ingredients position statement. This is available on BioMarâs website. The statement outlines BioMarâs commitment to deforestation-free and conversion-free supply chains for sourc-ing 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. Specific local or indigenous communities are not explicitly addressed in this policy, but stakeholder involvement is part of the review of the policy. ActionsPreparing for the coming EU Deforestation regulationTo follow up on this policy, BioMar requires suppliers of soy, palm oil and other high-volume vegetable ingredients to demonstrate low risk of both legal and illegal deforestation and con-version and collects proof of this from suppliers, e.g. through certification schemes. This is an area of great attention as the upcom-ing EU Deforestation Regulation (EUDR) will likely come into effect in 2026. This new frame-work will require businesses to document that the raw materials they use are not linked to areas that have been deforested or converted. BioMar is working on strengthening the already existing due diligence setup to fit the new requirements, which includes working on a new system to obtain due diligence statements from suppliers and being able to prove the legality of any of the raw materials that are listed in the legislation as high-risk. TargetsAwaiting the legal framework and guidelinesTargets related to biodiversity effects from vegetable ingredients are highly dependent on the upcoming implementation of the EUDR and the systems and guidelines that will come into effect. As these have not yet been published, BioMar has yet to set specific targets. Instead, the focus is on ensuring internal systems and procedures that will enable BioMar to comply with the legislation, the principles expressed in their vegetable ingredients position state-ment, and on the intention to comply with the provisions of the EUDR. BioMar will set a target during 2026.E4 Impacts on the state of speciesE4 Impacts on the extent and condition of ecosystemsCombatting illegal, unreported or unregulated fishing ImpactsImpact drivers on abundance of speciesAquaculture is an essential part of ensuring a sustainable supply of fish and helps alleviate overfishing. However, the sourcing of marine ingredients has the potential to negatively affect marine wildlife by affecting both the abundance of species if the sourcing of marine ingredients is associated with by-catch of threatened spe-cies or if the amount of fish caught is too great for populations to sustain. Therefore, sustaina-ble fishing practices are needed. Another impact has been assessed related to the impacts on the condition of the oceans as an ecosystem if suppliers use damaging and illegal fishing practices. To ensure that suppliers abide by the law, strict requirements, extensive certification schemes and initiatives are in place to make sure that BioMar only sources from approved suppliers. PoliciesBioMar marine ingredients position statement BioMar has a long-term focus on minimising and managing risks concerning the marine ingredi-ents supply chain. This includes both certification schemes and a due diligence setup focused on the requirements elaborated in BioMarâs code of conduct and marine ingredients position statement. The position statement, which is also described in E3 in the marine resources section, stipulates principles regarding responsible sourc-ing practices. In relation to biodiversity, the statement sets out requirements that no marine ingredients shall be sourced from Illegal, Unreported or Unregulated (IUU) fisheries or species classified as endan-gered or critically endangered on the InternationalUnion for Conservation of Nature (IUCN) Red List or listed under any Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) Appendix. BioMar expects suppliersto take all appropriate measures to manage and minimise by-catch, including specific actions to protect vulnerable by-catch populations. During BioMar's due diligence assessment of suppliers, the company evaluates suppliers' fishing prac-tices. If non-compliance is identified, action plans are developed to address the issues. TargetsThe commitment towards certified ingredientsA cornerstone of BioMarâs contribution towards minimising biodiversity and ecosystem impacts is increasing the level of certified marine ingre-dients sourced and increasing the inclusion of trimmings. BioMar has set a target of a certifica-tion rate of at least 80% for marine ingredients each year. For more information on the certifi-cation schemes and the progress towards the target, see the resource inflows section in E5. No ecological thresholds were applied in settingthe certification rate target. ActionsFIPs as a lever to mitigate biodiversityîeffectsWhen BioMar procures marine raw materials, certifications are the most feasible and effectiveway to ensure more responsible fishing prac-tices in order to mitigate negative effects. Fish-ery Improvement Projects (FIPs) are a way of supporting the fisheries, and BioMar is actively engaged in these FIPs as a funding partner. In 2025, BioMar was engaged in four different FIPs, each focusing on specific areas and spe-cies. Please refer to the E3 section on marine resources for more information on BioMarâs engagement in FIPs that are a cornerstone in ensuring more responsible management of marine resources. E5 Resource use and circular economyResource use and circular economySBM-3, IRO-1Impacts, risks and opportunities related to resource use and circular economyRaw material processingSchouwî&îCo. invests in businesses within industrial manufacturing, and some of these engage in process manufacturing, which is often associated with large quantities of raw materials. The raw materials are processed and transformed into products, which are then fur-ther processed down the value chain, ultimately becoming consumer products such as salmon, diapers, electronic equipment, trucks, etc. This is the case for especially BioMar, Fibertex Personal Care and Fibertex Nonwovens which turn relatively homogeneous raw materials into, e.g. fish feed or rolls of nonwovens in large quantities. For the purposes of the double mate-riality assessment, the production processes and the materials used were screened and reviewed in consultation with internal experts in relation to both own operations and the value chain. In 2025, Schouwî&îCo. conducted a review of the assessment, with a special focus on promotion of circular economy in the supply chain, i.e. recycled products, trimmings and other circular raw materials. It was found that this is a strong focus area, but it was deemed to be a mitigation of negative impacts of resource use, even though it is considered to have a sub-stantial positive effect on both GHG emissions and resource use. Location Time horizonIRO Name ScopeValue chainResource inflowsPotential impact on resource BioMar, Fibertex Negative impactscarcity from the extraction of Nonwovens, Fibertex virgin resourcesPersonal CareResource outflows related to products and servicesCircular business model in the remanufactured automotive Positive impactBorg Automotiveparts, with actual reduction of virgin materialsE5 Resource inflowsResponsible use of raw materials ImpactsUse of primary raw materialsEven though the businesses are actively working towards minimising the use of virgin raw mate-rials as well as increasing the use of renewable sources and sustainably sourced materials, the double materiality assessment revealed that BioMar, Fibertex Personal Care and Fibertex Nonwovens have a potential negative value chain impact as they use significant amounts of raw materials that could put pressure on finite resources. 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 nonwov-ens 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. PoliciesSchouwî&îCo. environmental policySchouwî&îCo. has integrated principles in regard to the efficient management of natural resources into its environmental policy. The policy stipulates that the use of finite resources should be managed responsibly. This includes using certified and/or recycled materials/by-products when possible and feasible and promoting circular economy practices when possible. The policy is implemented differently in the portfolio businesses, but BioMar, Fibertex Personal Care and Fibertex Nonwovens have policies of their own addressing and elaborating further on this. ActionsUse of trimmings and recycled materialsSchouwî&îCo. generally encourages its portfoliobusinesses to implement recycled or reused raw materials when possible and feasible. This can be both technical and biological materials like recycled polymers or fish oil or fish meal from trimmings that are defined as by-products, which would otherwise have been character-ised as waste. In BioMar, circular materials are defined as ingredients where the value of by-products and waste products is not crit-ical for the profitability of the main product and/or the raw material has little or no market for human consumption. This is, in practice, typically trimmings or other by-products from production of other types of agricultural or marine products. This is a very effective way of reducing the negative impacts of raw material consumption and ensuring that all materials are put to best use. In Fibertex Personal Care and Fibertex Nonwovens, the use of recycled plastic has a lower GHG footprint and reduces the needto extract new oil-based materials. TargetsNo consolidated targets for recycled materialsAs with many of the other sustainability-related impacts, the issues and initiatives needed to address this are very diverse in nature. Therefore, Schouwî&îCo. has not set a consol-idated target for recycled materials. However, some businesses are working with targets in these areas, such as BioMarâs 50% circular or restorative ingredients target. In 2025, the total consolidated amount of recycled materials was 19%, the same as in 2024. E5 Resource use and circular economyE5 Resource inflowsTechnical and biological inflows⬠MetricsConsolidated material technical and biological inflows2025 2024Weight Certified Weight Certified (tonnes)share(tonnes)shareVirgin polymers 147,057 152,974Recycled polymers 17,660 18,275Nonwovens 4,500 2,949Total technical materials 169,217 174,198Soy products 294,503 88% 249,982 86%Other plant dry matter 548,525 0% 457,435 0%Palm oil 1,203 100% 784 100%Rapeseed oil 145,429 60% 135,212 53%Other plant oils 13,569 0% 20,417 0%Fish meal 122,33389,79794%95%Fish meal (by-products) 89,698 104,663Krill meal 18,258 100% 18,096 100%Fish oil 34,03615,70189%94%Fish oil (by-products) 65,950 64,003Other marine oils (novel by-products) 18,812 n/a 12,447 100%Land animal proteins 0 0% 1,801 0%Land animal proteins (by-products) 146,862 0% 99,844 0%Novel raw materials 11,447 n/a 18,506 n/aViscose fibres 18,777 51% 14,171 35%Cotton fibres 2,105 48% 1,907 49%Biobased polymers 0 n/a 275 100%Other materials 8 0% 0 0%Total biological materials 1,531,515 44% 1,305,041 45%Total weight of technical and biological materials 1,700,732 1,479,239Share of recycled or reused materials 19% 19%Share of certified marine materials 88% 95%Share of certified biological materials 44% 45%CommentsBioMar experienced increased activity levels in 2025. The certified share of marine ingredients is 88%, above the target of minimum 80%. In 2025, we specified that the category Other marine oils is a type of novel raw material as well. However, this is reported separately. § Accounting policiesTechnical materialsVirgin polymersVirgin polymers are all types of polymers purchased in the reporting period. This encompasses pellets or fibres and includes polypropylene (PP), polyester (e.g. PET) and other types of polymers. Applicable to the Fibertex businesses.Recycled polymersRecycled polymers are any type of polymers that have been through one life cycle, and considered waste and are then procured as recycled polymers from suppliers or via external processing that enter our production once again. Polymers recycled in-house are not included. Applicable to the Fibertex businesses.NonwovensPurchased nonwovens used for printing at factories in Fibertex Personal Care. Biological materialsSustainably sourcedSustainably sourced is defined as certified according to the relevant certifi-cation scheme or compliant with the ASC family of standards. Recycled/by-productsRecycled/by-products include by-products from trimmings in accordance with the ESRS definition of secondary materials. Marine materialsMarine materials are fish meal, krill meal, fish oil and other marine oils.Soy productsSoy protein concentrate, high-protein soymeal and soy oil. Certified materials include soy protein concentrate, soy high protein meal and soy oil certified to the RTRS, ProTerra, Donau/Europe Soy and/or U.S. SSAP certification schemes. Applicable to BioMar.Other plant dry matterIncludes plant-based protein concentrates, high-protein meals, starch, bran, whole grains, lecithin and dehulled pulses from non-soy sources, e.g. peas, beans, potatoes, oats, etc. Applicable to BioMar.Palm oilOil from the fruit of certain palms. Certifications are the RSPO, GreenPalm or equivalent schemes. Applicable to BioMar.Rapeseed oilOil obtained from rapeseed. Certified means rapeseed oil certified to the REDCert or equivalent scheme. Applicable to BioMar. Other plant oilsPlant-based oils, excluding rapeseed oil, palm oil and soy oil, e.g. sunflower and linseed. Applicable to BioMar.Fish mealFish meal derived from i) whole wild fish or ii) farmed and wild trimmings. Certified share is calculated out of total amount included both by-products and trimmings. Certified is defined as sourced from MSC, MarinTrust, FIPs with recent progress based on validated methodology (Sustainable Fisheries Partnership or MarinTrust Improver Programme), or trimmings/by- products compliant with the ASC family of standards. Trimmings include fish meal derived from cut-offs or waste produced during wild fish catch processing. Applicable to BioMar. Krill mealMeal derived from krill. Certified to the MSC certification scheme. Appli-cable to BioMar. Fish oilFish oil derived from i) whole wild fish or krill or ii) farmed and wild trim-mings. Certified share is based on both virgin and by-products. Certified means sourced from MSC, MarinTrust, FIPs with recent progress based on validated methodology (Sustainable Fisheries Partnership or MarinTrust Improver Programme), or trimmings/by-products compliant with the ASC family of standards. By-products include fish oil derived from cut-offs or waste produced during wild fish catch processing. Applicable to BioMar.Other marine oils (novel by-products)Marine oils derived from other sources. Characterised as novel raw matei-rals by BioMar. Applicable to BioMar.Land animal proteins/Processed animal protein By-products or waste derived from non-ruminant terrestrial animal origin, e.g. feather meal, blood meal, poultry fat. Applicable to BioMar.Novel raw materialsNon-conventional feed ingredients used as alternatives to raw materials traditionally used in aquafeed manufacturing, including insect meals and oils, single cell products and alternative sources of marine nutrients. Applicable to BioMar.Viscose fibresViscose is a semi-synthetic fibre made from wood pulp. Certifications include Forest Stewardship Council (FSC) and the Programme for the Endorsement of Forest Certification (PEFC). Applicable to Fibertex Nonwovens. Cotton fibresAll types of fibres made from the cotton plant. Certified materials include cotton that is certified organic according to GOTS or equivalent certifica-tion schemes. Applicable to Fibertex Nonwovens.Biobased virgin polymersDefined as polymers that are produced from biomass, and in this context sourced under the ISCC PLUS mass-balance certification. Applicable to Fibertex Personal Care. E5 Resource outflows related to products and servicesBorg Automotive: Circular economy in practiceSchouwî&îCo. has identified a positive circular economy impact related to the remanufacturing business of one of its portfolio businesses, Borg Automotive. Borg Automotive is Europeâs 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. Borg Automotiveâs business model applies a return system, making it a showcase example of a circular business model as the remanufactured products have less environmental impact and require fewer resources and materials. The return system is covered by customer contracts, and therefore not covered by a policy, nor does Borg Automotive set any targets related to this, as it is the company's general business model. The revenue of Borg Automotive is EU Taxonomy- aligned, indicating the positive impact associated with its business.Borg Automotiveâs remanufacturing process reduces the need for raw mate-rials, lowers energy consumption and, on average, cuts CO2e by 60% compared with new production. Winner of German Sustainability Award 2025In recognition of its efforts within circular economy, Borg Automotive was awarded the German Sustainability Award 2025 in the âVehicle Trade and Workshopsâ category. A jury of experts selected Borg Automotive, highlighting its circular business model, recognising efforts and contributions to advancing responsible mobility. Furthermore, Borg Automotive has been named âBest Reman Companyâ at the Remanufacturer of the Year Award, Rematec, with experts highlighting Borg Automotiveâs employee participation in industry initiatives, collaboration with academic partners and engagement with multiple associations across various levelsS1 Own workforceOwn workforceSBM-3, IRO-1Impacts, risks and opportunities related to own workforceThe workforce of Schouwî&îCo.Across its six portfolio businesses, Schouwî&îCo. directly employs almost 15,000 employees, many of whom are involved in industrial manufacturing, for which impacts have been identified. Schouwî&îCo. owns busi-nesses operating in low-, medium- and high-risk countries with regard to human rights risks. Accordingly, the Group has processes in place to ensure good working conditions for its own employees. The double materiality processSchouwî&îCo. has conducted a review of the impacts, risks and opportunities related to its own workforce by means of a double materiality assessment as well as a supplementing human rights impact assessment. Throughout the dou-ble materiality process, internal stakeholders from each portfolio business were included to represent their workforce in order to ensure that input from affected stakeholders was included. This resulted in an assessment of material potential negative impacts associated with basic working conditions and equal treatment and opportunities related to the diverse nature of own workforces. The main employees in scope and for whom the impacts have been identified are blue-collar employees working directly with equipment and machinery, including contrac-tors working within the premises of the busi-nessesâ operations.The systematic nature of theîimpactsThe impacts identified are considered sys-temic and widespread in nature, as they relate to labour conditions in certain countries where Schouwî&îCo. operates. Diversity is an important element when operating in different countries, and health and safety is paramount for employees involved in industrial manufac-turing. It is important to note that none of these elements are specific to Schouwî&îCo. alone, but are elements of a more systemic character. Location Time horizonIRO Name ScopeWorking conditionsActual health and safety Negative impactimpacts, e.g. accidents in own GroupoperationsEqual treatment and opportunitiesPotentially not having equal treatment of own Negative impactGroupworkforce leading to possible discriminationS1 Working conditionsSchouwî&îCo. workforce and fundamental human rightsThe employees of Schouwî&îCo.Schouwî&îCo. is invested in businesses involved in industrial operations requiring labour for manufacturing, assembly and operating machinery, some of which are labour-intensive processes. Schouwî&îCo. has almost 15,000 employees and operates factories in more than 35 countries around the world. GPV employs 51% of the total workforce of Schouwî&îCo., as electronic manufacturing services involve labour-intensive tasks. PoliciesSchouwî&îCo. humanîrightsîpolicyIn order to safeguard employees and their well-being, Schouw & Co. has a human rights policy, stipulating the overall principles that the portfolio businesses must comply with. These principles are based on the International Bill of Human Rights and The International Labour Organisationâs Declaration on Fundamental Principles and Rights at Work as well as the OECD Guidelines for Multinational Enterprises and UN Guiding Principles on Business and Human Rights. The human rights policy explicitly states that human trafficking, forced, compulsory or child labour is in no way, shape or form tolerated within the Group. Compliance is continuously moni-tored through human rights impact assessments. The human rights policy was prepared with input from relevant stakeholders, including represent-atives from the portfolio businesses, to ensure completeness of the policy at group level. Each portfolio business is responsible for adopting the human rights policy and integrating it into its operational policies.The due diligence process Given the nature of Schouwî&îCo., the due dil-igence process consists of stipulating policies, guidelines and expectations for the portfolio businesses. In the due diligence process, each portfolio business is required to conduct a human rights impact assessment. This was implemented and conducted for the first time in 2024. Through this, the parent company has assessed the maturity levels of the portfolio businesses and the nature of their due diligence setups with a particular focus on the scope and scale of the adverse impacts identified in both the portfolio businessesâ own operations and value chains. Going forward human rights impact assessments will be conducted at regular intervals or when the initiation of a new assessment is required.Schouwî&îCo. whistleblowerîsystemSchouwî&îCo. is committed to ensuring that appropriate and adequate remedial measures have been established to target any reported violation. The human rights policy stipulates that the businesses are to implement proper channels for employees to raise concerns. When risks of adverse human rights impacts are identified, the relevant portfolio business takes all necessary steps to ensure fair remediation through appropriate collaboration as specified in the human rights policy. Schouwî&îCo. has a whistleblower system that provides all employees and other stakeholders with a secure channel through which to raise concerns directly. For more information on the whistleblower system, see the business conduct section. Schouwî&îCo. ensures that whistleblower reports will not have any negative consequences for the reporting person. The management teams of the portfolio businesses openly and actively support the protection of the reporting person, both in any local policies and in all practical compliance matters such as poli-cies related to specific internal investigations. EngagementEmployee engagement surveysGiven Schouwî&îCo.âs conglomerate structure, the engagement with workers primarily takes place at portfolio business level, and there are only a few systematic group-wide procedures for engagement with own workers. However, there is an ongoing process whereby the parent company receives input from the portfolio businesses' annual employee engagement surveys, which are conducted in four out of six businesses, accounting for more than 85% of the workforce. Through these employee engagement sur-veys, the portfolio businesses gather feedback from employees and the surveys span areas such as satisfaction, well-being, health and safety, pay and rewards, diversity and inclusion, transformation and change, anti-discrimina-tion, anti-bullying and focus on a feedback culture. The portfolio businesses have set individual thresholds for satisfactory response rates. Based on the results of the engagement surveys, the portfolio businesses draft action plans to ensure that actions are taken in order to address relevant concerns or suggestions raised by employees. Employee distribution 2025 8%12%4%15%BioMar2025GPVHydraSpecma11%Borg 22%51%Fibertex Personal CareFibertex NonwovensS1 Working conditionsThe workforce of Schouwî&îCo.⬠MetricsEmployees of Schouwî&îCo. broken down by gender and type of contract2025 2024Other/not Other/not Male Femalereported Total Male Femalereported TotalEmployees (headcount average across the year) 8,554 6,150 2 14,706 8,612 6,366 4 14,982Permanent employees (headcount end of year) 7,911 5,593 1 13,505 8,006 5,589 4 13,599Temporary employees (headcount end of year) 302 160 0 462 347 208 0 555Non-guaranteed hours employees (headcount end of year) 7 0 0 7 5 1 1 7Non-employees in own workforce (headcount average across the year) n/a n/a n/a 842 n/a n/a n/a n /aEmployee turnover (#) 2,260 2,798Employee turnover (%) 16.4% 19.8%Employees per countryNumber of employees (FTE) 2025 2024Thailand 1,650 1,530Poland 1,575 1,682Denmark 1,218 1,215China 1,105 1,091Sri Lanka 1,029 1,040Sweden 950 1,132Slovenia 949 1,047Other 6,324 6,163Total 14,799 14,899 § Accounting policiesEmployee turnover rateEmployee turnover includes both voluntary turnover and turnover as a result of termination, retirement, or death in service. Temporary workers with a contract for less than one year are not included in the turnover rate. The number of employees is measured as an average for the year.Total number of employees Measured as an average across the year, broken down by gender. This means that the number of employees at the beginning of each month is added to the number at the end of the year, then divided by 13.Permanent employeesMeasured at year-end. Generally, permanent employees are employees with a contract for more than one year and usually without an expiry date. Everyone with an individual contract for labour, including tempo-rary workers, is counted as an employee in the reported headcount.Temporary employeesMeasured at year-end. Temporary workers are workers with a labour contract that expires within one year. A one-year time horizon is used to account for fixed-term contracts where the goal is to continue the employment.Non-employees in own workforceMeasured at year-end. Non-employees in own workforce are individuals providing labour directly for the company via a contract or through an agency, and over whom the company exercises significant control regarding their work tasks and schedules. The individuals are, however, not directly employed by the company and are not guaranteed a min-imum number of working hours. A one-year time horizon is used, and non-employees are reported separately.Number of employees broken down by countryTo enable comparison between the financial statements and the sus-tainability statement, the numbers are calculated using FTEs. However, the difference between FTEs and headcount as shown in the total num-ber is rather small. The number of FTEs is determined as the numberof employees converted to full-time equivalents.S1 Working conditionsHealth and safety ImpactsEnsuring workplace safetySchouwî&îCo. has identified a material impact concerning the negative impact of accidents with respect to the industrial manufacturing processes that characterise the portfolio busi-nesses. Within the Group, manual labour and production equipment are applied at varying lev-els. However, for the most part, the risk of seri-ous injuries is lower than in high-risk industries. PoliciesPolicies on health and safety in all portfolioîbusinessesSchouwî&îCo. has internal guidelines in place specifying that all employees of Schouwî&îCo. should be able to perform their work without risk to their health and safety. Personal safety is always given top priority, and work-related illness or accidents, no matter how serious, are always unacceptable, as they could be indicativeof potential incidents of a more serious nature. This means that the portfolio businesses must make continuous efforts to improve occupa-tional health and safety and minimise work- related risks. This fundamental approach must be reflected in all portfolio businesses, and each of them has implemented health and safety poli-cies to ensure workplace accident prevention. ActionsReframing lost time injury frequency rateIn 2025, Schouwî&îCo. recorded an increase in the lost time injury frequency rate, which was 5.3 incidents per million workings hours. The increase was primarily driven by an increase in the number of minor injuries. This should be seen in the light of the developments in the total number of days lost due to work-related accidents, which decreased by 17.6% from 2024, indicating that the injuries were of a lower severity. In 2025, GPV recorded a record low lost time injury frequency rate of 0.4, thereby demonstrat-ing its strong commitment to a proactive safety culture. In 2025, GPV launched a Safety Aware-ness Campaign focusing on near-miss report-ing, made accessible via QR codes, encour-aging employees to share practical ideas to prevent accidents before they occur. With GPVâs new incident database, the business can analyse all safety events in detail, learn from them, and implement improvements across the business. By spotting potential hazards, reporting them and acting on solutions, GPV is able to ensure a safer work environment for all employees.In 2025, BioMar has launched an H&S Commu-nity across all business units as part of its ongo-ing efforts to improve health and safety, which is of special importance following the fatality of an external contractor at a BioMar site in 2024. The purpose of the cross-unit community is to cre-ate a connected and collaborative environment, where health and safety professionals can work together to foster a proactive safety culture. TargetsKeeping employees safe at workSchouwî&îCo. has set a target to achieve a lost time injury frequency rate of less than 3 injuries per million working hours by 2030 and has reduced the rate from 6.6 in 2020 to 5.3 in 2025. S1 Working conditionsHealth and safety⬠MetricsConsolidated health and safety metrics2025 2024 Target Percentage of own workers covered by an H&SîManagement System 80% 80%Total number of work-related fatalities, own employees 0 0 0Total number of work-related fatalities, value chain workers working on business sites 0 1 0Number of recordable work-related accidents 270 297Total recordable incident rate (TRIR) 9.8 10.7Number of lost time injuries (LTI) 147 134Lost time injury frequency rate (LTIFR) 5.3 4.8 <3.0 in 2030Days lost to work-related injuries 2,982 3,620CommentsIn 2025, no fatalities were recorded. The consolidated LTIFR increased from 4.8 in 2024 to 5.3 in 2025 despite the record low LTIFR at GPV of 0.4 incidents per mio. working hours. However, the number of lost days decreased by 17.6%, indicating less severe accidents in general, and in BioMar, the number of days lost was reduced by 25%. Total recordable injury rate fell from 10.7 to 9.8. § Accounting policiesPercentage of employees covered by an H&S management systemSchouwî&îCo. includes every employee employed at any site certified according to an H&S management system in this number. This also includes offices. The H&S management system must be certified to ISO 45001 or a standard similar to this, e.g. if it is something industry-spe-cific or similar. Total number of work-related fatalitiesA work-related fatality is defined as a death occurring while a person is at work or performing work-related tasks. This number is broken down into fatalities among own employees and among value chain workers working at the Group's sites.Total recordable injuries (TRI)TRI is defined as fatalities, lost time injury (LTI) cases, restricted work (RW) cases (meaning an injury that results in an employee being unfit for their normal job assignment), cases of substitute work due to injury, and medical treatment (MT) cases (meaning injuries that require treatment by a medical professional).Total recordable injury rate (TRIR)The rate is calculated using the TRI number multiplied by 1 million and then divided by the number of working hours for the reporting period. Working hours are based on clock-in and clock-out times, if possible, which includes paid overtime and excludes paid absent hours. Where this number is not available, average working hours in the country of employment are used to estimate working hours.Lost time injury frequency rate (LTIFR)Measures the number of lost time injury (LTI) per million working hours. A lost time injury is an injury leaving an employee unfit for their job assignment the following day.Days lost to work-related injuriesThis number includes the first full day and last day of absence. Calendar days are considered for the calculation, meaning that days on which the affected individual is not scheduled for work (for example, weekends and public holidays) will also count as lost days.S1 Equal treatment and opportunities for all Pursuant to the Danish Gender Balance ActWorking to strengthen diversity and eliminate discrimination ImpactsDifferent aspects of diversityGiven the number of employees, cultures and nationalities represented at Schouwî&îCo., there is a natural degree of diversity among the Group's workforce. Schouwî&îCo. has identified a material impact related to negative effects of potential discrimination of employees if the rights of different ethnicities, genders or similar are not respected. While Schouwî&îCo. has a diverse representation of religions and ethni-cities across its operations in more than 35 countries, the company operates primarily in industrial processing, where the male gender is generally overrepresented, especially at management levels. Therefore, the Group's diversity and inclusion efforts mainly focus on gender and aim to enhance opportunities for theunderrepresented gender. PoliciesZero tolerance approach to discrimination at Schouwî&îCo.Schouwî&îCo. is committed to respecting diver-sity and equal opportunities for all, regardless of gender, ethnicity, race, etc., as stipulated in the human rights policy. In addition to its human rights policy, Schouwî&îCo. has implemented a separate diversity policy that applies to both Schouwî&îCo. at parent company level and to its portfolio businesses. This policy has been approved by the Board of Directors and concerns gender diversity as well as a range of other diversity aspects, as the Group has zero tolerance for discrimination and expects its portfolio businesses to work actively towards enhancing equality for all employees. PoliciesDiversity policy across Schouwî&îCo. The portfolio businesses all have diversity poli-cies in place to implement the aforementioned principles. Moreover, they are responsible for advancing diversity and inclusion in accord-ance with these policies. Additionally, this area is highlighted through the human risks impact assessment conducted at group level, which addresses issues related to diversity and inclu-sion in the portfolio businesses.Among others, the policy specifies a focus on procedures supporting an inclusive culture, especially regarding recruitment and appoint-ments, as well as an ambition to always have at least one representative of each gender among the final candidates for management positions. The Executive Management of Schouwî&îCo. and the Board of Directors are responsible for implementing the policy in the parent company. ActionsFocus on parental leave in BioMarBioMar is committed to fostering an inclusive workplace, allowing for diversity and well- being among employees. As part of the work to empower people and ethical business, BioMar took steps in 2025 in regard to parental leave, and implemented a global minimum standard of 18 weeks of maternity leave aligned with the International Labour Organisation's recommen-dations across all of its sites. Through ongoing evaluation and collaboration, diversity practices are implemented across all operations subject to adaptation to local contexts. S1 Equal treatment and opportunities for all Pursuant to Danish Gender Balance ActGender diversity in management PoliciesFocus on enhancing possibilities for diversity in managementThe focus of the diversity policy is both to foster an inclusive culture in general, combat discrimination and to enhance possibilities for the underrepresented gender. Schouwî&îCo. is mainly involved in industrial processing, an industry heavily dominated by one gender, especially at management levels. As a result of this, the Groupâs diversity and inclusion efforts focus on gender, among other things, and aim toenhance opportunities for the underrepresentedgender. Accordingly, Schouwî&îCo. is increas-ingly focused on creating a framework that sup-ports the career development of the underrepre-sented gender as specified in the diversity policy TargetsWorking towards equal gender distribution in managementThe targets for diversity are specified in an annex to the diversity policy, which specifies that, as a long-term goal, Schouw & Co. strives to achieve equal gender distribution on the parent companyâs Board of Directors and at its other management levels, with equal gender distribution as defined by the Danish Gender Balance Act. Schouwî&îCo. actively works to support progress towards a more balanced gen-der representation across management levels. TargetsRevision of the targetsSchouw & Co. revised its targets for the proportion of the underrepresented gender in the Board of Directors and at its two other management levels. The targets have now been updated to adhere to the Danish Gender Balance Act. Hence, the target for the proportion of the underrepresented gender on the Board of Directors and at the companyâs two other management levels combined should be an equal distribution, which is achieved when the underrepresented gender makes up the number as close as possible to 40% without exceeding 49%. If the targets are not met by 30 June 2026, the Board of Directors will do an effort to remedy in accordance with the Gender Balance Act. ActionsMapping of diversity across the portfolio businessesIn addition to updating the targets concerning gender distribution on the Board of Directors and at combined management levels, efforts have been made to map all diversity initiatives and measures across the six portfolio businesses. The purpose of this data collection is to enable Schouwî&îCo. to set an overall direction for its diversity and inclusion efforts and to assess the maturity of each portfolio business. ActionsChanges to the Executive Management In 2025, a member of the Executive Manage-ment stepped down, leaving the Executive Management comprised solely of the CEO. This has an effect on the general management of the parent company, as the former Executive Vice President is now part of it. However, the overall composition across combined management levels remains unchanged, with a 20î80 ratio.⬠MetricsGender diversity in management2025 2024Number Percent Number PercentBoard of Directors:Male 5 83% 5 83%Female 1 17% 1 17%Executive Management:Male 1 100% 2 100%Female 0 0% 0 0%Other management levels combinedMale 4 80% 4 80%Female 1 20% 1 20% § Accounting policiesBoard of DirectorsThe supervisory body of the company is the Board of Directors. Only members of the Board of Directors that are elected at the Annual General Meeting are included. Executive ManagementExecutive Management is composed of the first management level below the Board of Directors and encompasses persons registered with the Danish Business Authority, who are authorised to sign on behalf of the company. S2 Workers in the value chainWorkers in the value chainSBM-3, IRO-1Impacts, risks and opportunities related to value chain workersImpacts related to workers in agricultureîand fisheriesIn the process of identifying material impacts affecting value chain workers, the focus at grouplevel has been directed towards two areas: value chain workers working on the sites of the portfolio businesses, and potential systemic impacts related to BioMarâs value chain such as agricultural commodities and marine resources. In relation to BioMarâs impacts related to workers in agriculture and fisheries, BioMar has consulted external stakeholders in its double materiality assessment process, including sup-pliers and NGOs, for the purpose of implement-ing perspectives from these stakeholder groups.During the materiality process, a material impact was identified concerning the possible occurrence of child labour and forced labour. In the review of the double materiality process, the materiality of the impacts was confirmed, but, with a slightly lower score.Value chain workers related to electronicsîand metalsIn the value chains of GPV, Borg Automotive, and HydraSpecma, suppliers of various com-ponents and metals have been assessed as posing a risk of adverse impacts on general working conditions, particularly in high-risk regions where child or forced labour may occur. However, as described in the double materiality section, the impact is more imminent for BioMardue to the nature of the company's value chain where regions like South America and Africa are considered to have a heightened risk of adverse impacts. The systemic nature of theîimpactsThe potential value chain impacts identified are systemic in nature and difficult to fully avoid, as the raw materials and components used are necessary in the portfolio businesses' pro-duction. All portfolio businesses are suppliers to large multinational corporations, which are responsible for the release and sale of the end-products. Therefore, the impact relating to Schouwî&îCo.'s value chain workers is focused on the portfolio businesses' direct business relations and the due diligence related to this.Location Time horizonIRO Name ScopeWorking conditionsPotential impacts on the Negative impactgeneral working conditions for Groupworkers in the supply chainOther work-related rightsPotential impacts on value chain workers due to forced Negative impactBioMarand/or child labour in the supply chainS2 Working conditionsResponsibility in the valueîchains ImpactsHuman rights in the value chainGeneral working conditions and forced and child labour in the value chain are both potentialhuman rights issues that have been assessed asmaterial. General working conditions apply bothto workers on the sites of portfolio businesses and to thosee employed by business partners, e.g. suppliers, whereas the risk of child and forced labour is limited to value chain workers. PoliciesHuman rights policy encompassing the value chainThe Schouwî&îCo. human rights policy addresses human rights in its own operations aswell as in the value chain. The human rights pol-icy is described in the S1 section, Schouw & Co.workforce and fundamental human rights, and the scope of the policy includes the value chainsof the businesses. The same principles apply to business partners in the value chain and to the businesses themselves, e.g. that child labour, forced labour and human trafficking are prohib-ited and that health and safety is a key priority. General working conditions are also addressed, and suppliers must comply with all relevant legislation and adhere to the principles of the Internal Labour Organisation. The policy is based on the principles of the UN Bill of Human Rights as well as the UN Guiding Principles on Human Rights, and the OECD Guidelines for Multinational Enterprises. Schouwî&îCo. has not had any cases of non-respect with these guidelines. PoliciesDue diligence in relation to portfolio businessesThe human rights policy also addresses the due diligence processes of the portfolio businesses, as this is an integral part of the human rights impact assessment. The assessment is con-ducted at set intervals and includes a descrip-tion and analysis of the due diligence processes covering both the company's own workforce and the value chain. In this way, the parent com-pany conducts due diligence on the portfolio businesses at set intervals, most recently in 2024, during which it is informed of the portfolio businesses' status and progress in supplier due diligence, audits, and related activities. EngagementIndividual approaches to value chain workers in the businessesThe parent company does not direct any specific engagement with value chain workers, as this is the responsibility of the individual businesses. Consequently, there are no system-atic processes in place for engaging with value chain workers directly. The individual portfolio businesses address value chain workers indi-vidually through value chain initiatives. In the human rights policy, Schouwî&îCo. stipulates that access to remedy must be provided by the portfolio businesses as and when necessary. Channels for raising concerns are offered by theGroup through the whistleblower system, which is described in more detail in the business con-duct section. This channel is available, in multi-ple languages, to all businesses, and their value chain partners and Schouwî&îCo. ensures that any concerns raised are handled anonymously and with legal protection against retaliation. PoliciesSupplier codes of conductThe portfolio businesses ensure that due diligence processes are reflected in their own operations in order to demonstrate that the principles of the policy have been implemented. All portfolio businesses have a supplier code of conduct, and their suppliers adhere to this, either by signing the code of conduct or by pro-viding documentation that they act in accord-ance with a code of conduct equal to or stricter than that of the portfolio business. TargetsCode of conduct signatureFurthermore, the parent company has estab-lished an entity-specific metric for the portfo-lio businesses concerning the percentage of suppliers that have signed their code of conduct based on spend. In its capacity as parent com-pany, Schouwî&îCo. does not have a supplier code of conduct as it is the responsibility of each portfolio business to implement a code of conduct specific to their business and industry. Therefore, no consolidated target has been set. ActionsGPV Supplier ESG Performance In 2025, GPV strengthened its integration of ESG criteria in the company's Supplier Partner Programme. A part of this programme is the Supplier ESG Performance Score, which is con-ducted annually using a Supplier Performance Rating developed by GPV, which incentivises continuous improvement and alignment with the company's values and standards. GPV has a supplier base exceeding 6,000 suppliers, and in 2025, 65% of GPVâs total spend was surveyed, with 29% of these suppliers demonstrating strong sustainability performance, resulting in a classification as either âprogressiveâ or âleadingâ. By conducting these surveys and scorings, GPV is able to identify and prioritise suppliers that demonstrate ESG excellence, and require improvement from the others. ActionsBioMar introduces wider signatory scopeAs part of BioMar's due diligence process, suppliers are provided with the responsible sourcing policy and the code of conduct, which outline the core principles they must adhere to. A supplier approval questionnaire is distributed in order to evaluate compliance and assess risk. The questionnaire includes a scoring system, and based on the results, suppliers will either be approved or disqualified. In 2025, BioMar updated its due diligence setup to adhere to new requirements set out in the Aquaculture Stewardship Council standard. This means that BioMar now includes a greater scope of suppliers beyond tier 1. BioMar buys raw materials from traders, but in these cases, additional due diligence is needed to ensure that the producers of the actual raw materials are also included. As a result of this change in methodology, the percentage of suppliers that have signed the code of conduct decreased ⬠MetricsCode of conduct signatureBorg Fibertex Fibertex BioMar GPV HydraSpecmaAutomotivePersonal CareNonwovens2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Percentage of suppliers that have signed the businessâ code of conduct 63% 97% 68% 65% 60% 55% 94% 94% 99% 99% 90% 93%significantly from 2024 to 2025. This is a natural consequence when the scope of suppliers is substantially increased. Obtaining these signatures from sub-suppliers retrospectively is an extensive exercise, and therefore the 2024 numbers have not been recalculated. § Accounting policiesCode of conduct signatureThe share is based on how much of the total supplier spend is covered by suppliers who have signed the supplier code of conduct, meaning that a share of e.g. 90% means that 90% of spend is covered by a code of conduct signature or similar.Large suppliers who have equivalent or stricter codes of conduct are to be understood as having signed the code of conduct even if they have declined to sign minor suppliers' codes of conduct and proof of compliance is subsequently gathered to justify this. G1 Business conductBusiness conductSBM-3, IRO-1Impacts, risks and opportunities related to business conduct ImpactsEnsuring responsible conduct in a conglomerateSchouwî&îCo. has a long history of responsible business conduct and since the company was founded by Victor Schouw in 1878, a funda-mental principle has been to run the business in a way that reflects responsibility towards employees, shareholders and society. Conse-quently, a sound corporate culture is essential to Schouwî&îCo. being a conglomerate with decentralised management of the individ-ual portfolio businesses. During the double materiality process, an additional impact was identified in relation to governance and business conduct: corporate efforts to combat corruption and bribery. ImpactsWorking diligently with anti-corruption and business ethicsWhile Schouwî&îCo. and the portfolio busi-nesses are not extensively involved in industries or trades that are normally associated with cor-ruption or bribery, as there is no close contact with authorities as such, there are still potential negative impacts as the Group is present in many locations around the world. Furthermore, many stakeholders require the disclosure of information on this topic to ensure compliance. For purposes of the assessment, internal stake-holders across the portfolio businesses were included and the picture has not changed signif-icantly as a result of the 2025 review.Location Time horizonIRO Name ScopeCorporate culturePotential impact on the overall way we do business if Negative impactthe principles of responsible Groupconduct that Schouwî&îCo. stands for are not adhered toCorruption and briberyPotential negative impact on Negative impactsociety if engaged in unethical Groupor corruption practicesG1 Corporate CultureGuidelines on responsible businessîconduct PoliciesSchouwî&îCo. internal guidelinesSchouwî&îCo. has implemented a comprehen-sive policy framework of internal guidelines con-taining a number of different policies related to areas such as insider trading, investor relations, financing, currency and responsible business conduct, all of which are based on the principles of the UNGP and the OECD Guidelines. The responsibility for ensuring a sound corporate culture and responsible business conduct lies with the management teams of the individual businesses, and management is responsible for upholding the basic principles that are part of Schouwî&îCo.'s internal guidelines. PoliciesSchouwî&îCo. whistleblowerîsystemSchouwî&îCo. has a group-wide whistleblower system in place that provides all employees across the businesses and other stakeholders of the Group with a secure channel for raising concerns. The Group also has a Whistleblower policy that describes this in further detail. The system serves as a supplementary measure alongside the grievance mechanisms in place within the portfolio businesses and can also be used in cases involving more serious issues that may require anonymity and greater legal protec-tion. If the report concerns an incident related to one of the portfolio businesses, the matter will be referred to the relevant business segment for further investigation and processing. Cases falling within the scope of the scheme may eventually lead to remedial and/or preventive actions or be referred to an external body. The audit committee of Schouwî&îCo. is regularly informed of all reports submitted through the whistleblower system on an overall level. ⬠MetricsGroup whistleblower reports2025 2024Total number of whistleblower cases reported 24 29Cases within scope 18 13of which led to corrective and/or preventive actions 4 7of which were handed over to public authorities 0 0 § Accounting policiesWhistleblower cases reportedCases reported through the whistleblower system are screened to ensure they are within scope. The scope of the whistleblower system is defined in the Schouwî&îCo. whistleblower policy, section 6, âWhich offences may be reportedâ. Cases within scopeIf a case has been assessed as being within the scope of the whistle-blower system, it is assigned for further investigation by the relevant portfolio business, and the case is reported as within scope.Cases that led to corrective and/or preventiveîactionsCorrective and/or preventive actions may include a change of internal policies, procedures, monitoring or controls; disciplinary actions for mismanagement or employee misconduct; enhancement of training programmes; or test or review of compliance programmes. Corrective and preventive actions must be reported within the financial year in which such actions were taken, regardless of when the misconduct was reported. A time delay, if any, will be commented on in the aggregate figures. Cases handed over to public authoritiesThis includes cases that lead to the filing of police reports, a report to appropriate public authorities or external regulatory/enforcement bodies; and filing of complaints/initiation of legal proceedings.G1 Corporate CultureEcoVadis Performance in 2025An important aspect of establishing and main-taining a good and healthy corporate culture is ensuring that policies and procedures are in place. The portfolio businesses are in charge of their own policy frameworks, including sustainability matters. In order to demonstrate that they have these frameworks and proce-dures in place, especially towards customers, all of the businesses are certified according to various standards, frameworks or initiatives, such as ISO, industry-specific standards or initiatives like the Aquaculture Stewardship Council. One of these is the EcoVadis supplier assess-ment, a framework used to assess suppliers within a wide range of sustainability topics with environmental, social, and govern-ance aspects. The portfolio businesses of Schouwî&îCo. supply to large multinational corporations and five out of six portfolio businesses have been assessed by EcoVadis. In 2025, GPV achieved the Platinum badge, meaning that the company was in the top 1% of all assessed businesses within their industry.EcoVadis medals in portfolio businesses GPVHydraSpecmaLink to EcoVadis recognition pageLink to EcoVadis recognition pageNOV 2025AUG 2025Borg AutomotiveFibertex Personal CareLink to EcoVadis recognition pageLink to EcoVadis recognition pageJUN 2025SEP 2025Fibertex Nonwovens FEB 2025 Link to EcoVadis recognition pageG1 Corruption and briberyCombating corruption andîbribery ImpactsOperations in many countriesSchouwî&îCo. is committed to combating corruption and has identified a potential material impact related to potential cases of corruption or similar unethical practices. None of the portfolio businesses engage directly with authorities or in significant lobbying activities. Schouwî&îCo. operates in many countries, somewith higher corruption risk, but none in very risk-high countries (defined as a score below 29 in Transparency International's Corruption Perception Index). PoliciesAnti-corruption in internal guidelinesSchouwî&îCo. has implemented an anti-corrup-tion policy as part of its internal guidelines that the portfolio businesses must adhere to. This policy specifies that Schouwî&îCo. combats all forms of corruption and that the portfolio busi-nesses must comply with all relevant laws and regulations, regardless of where in the world they operate. The responsibility for compliance with the policies lies with the management teams of the individual portfolio businesses, and all businesses have implemented anti- corruption guidelines in their own policies, such as codes of conduct or employee handbooks. ActionsAnti-corruption trainingSchouwî&îCo. requires the portfolio business to complete anti-corruption and anti-bribery training for all functions at risk, which are typi-cally defined as management and functions in contact with suppliers, customers or authorities. In the portfolio businesses, the anti-corruption and anti-bribery training consists of e-learning systems tailored to individual needs and circum-stances and includes an assessment for ade-quate comprehension of the training. In 2025, 88% of all functions at risk underwent training. ⬠MetricsAnti corruption performance2025 2024The number of confirmed incidents of corruption or bribery 0 0The number of convictions for violation of anti-corruption and anti-bribery laws 0 0The amount of fines for violation of anti-corruption and anti-bribery laws (DKK) 0 0 Percentage of functions-at-risk employees covered by trainingîprogrammes 88% 80% § Accounting policiesThe number of convictions for violation of anti-corruption and anti-bribery lawsAny convictions made/issued by a relevant public authority on corruption or bribery as defined in laws that are part of a country's or jurisdiction's legal framework.The number of fines for violation of anti-corruption and anti-bribery lawsAny fines made/issued by a relevant public authority on corruption or bribery as defined in laws that are part of a country's or jurisdiction's legal framework.Confirmed incidents of corruption or briberyConfirmed incidents of corruption do not include incidents of corrup-tion that are still under investigation at the end of the reporting period. Aînon-compliance case may be determined to be substantiated by either the Schouwî&îCo. general counsel or an authority. A determina-tion as substantiated by a court of law is not required. Conviction cases are also counted as confirmed incidents.Total number of function-at-risk employeesâFunctions at riskâ are defined as functions deemed to be at risk of corruption or bribery because of their tasks and responsibilities. This encompasses management, including parent company top manage-ment, sales, procurement, R&D and, to some degree, administrative functions, etc. Blue-collar workers are typically not included.AppendixContent indexThis section presents an overview of the disclosure requirements that are addressed in the sustainability statement along with references to individual sections and pages. Incorporation by reference has been used for the SBM-1 and the GOV-1, GOV-2, GOV-3, and GOV-5.General topical standards Disclosure requirements Sections in the report PageESRS 2 General disclosuresBP-1 General basis for preparation Basis for preparation 69BP-2 Disclosures in relation to specific circumstances Basis for preparation 69GOV-1 The role of the administrative, management and supervisory bodies MR â Board of Directors, Executive 24-26ManagementMR â Corporate governance 33-35GOV-2 Information provided to and sustainability matters addressed by the MR â Corporate governance 33-35undertakingâs administrative, management and supervisory bodiesGOV-3 Integration of sustainability-related performance in incentive schemes RR - Remuneration of members of the 7Executive ManagementGOV-4 Statement on sustainability due diligence Statement on due diligence 117GOV-5 Risk management and internal controls over sustainability reporting MR â Corporate governance 33-35MR = management's report. RR = remuneration report.Disclosure requirements Sections in the report PageSBM-1 Strategy, business model and value chain MR â Our ownership philosophy 11(products, markets, customers)MR â How we do business 12Value chain 62Sustainability strategy 61Strategy, business model and value chain (headcount by country) The workforce of Schouwî&îCo. 97SBM-2 Interests and views of stakeholders Stakeholder engagement 68163-65SBM-3 Material impacts, risks and opportunities and their interaction with Double materiality assessmentstrategy and business modelIRO-1 Description of the process to identify and assess material impacts, risks Double materiality assessment 63-65and opportunitiesIRO-2 Disclosure requirements in ESRS covered by the undertakingâs Content index 111sustainability statementAppendix B List of datapoints in cross-cutting and topical standards that derive Datapoints that derive from other EU 115from other EU legislationlegislation1) SBM-3 is presented at the beginning of each corresponding topical section as per ESRS 2 SBM-3, 49.Environmental topical standards Disclosure requirements Sections in the report PageESRS E1 Climate ChangeGOV-3 Integration of sustainability-related performance in incentive scheme RR - Remuneration of members of the 7Executive ManagementE1-1 Transition plan for climate change mitigation Impacts, risks and opportunities related 72to climate changeSBM-3 Material impacts, risks and opportunities and their interaction with Impacts, risks and opportunities related 72strategy and business modelto climate changeIRO-1 Description of the processes to identify and assess material climate-Impacts, risks and opportunities related 72related impacts, risks and opportunitiesto climate changeE1-2 Policies related to climate change mitigation and adaptation Towards more renewable energy 73Enhancing environmental due diligence 75Value chain emissions 76E1-3 Actions and resources in relation to climate change policies Towards more renewable energy 73Enhancing environmental due diligence 75Value chain emissions 76E1-4 Targets related to climate change mitigation and adaptation Towards more renewable energy 73Enhancing environmental due diligence 75Value chain emissions 76E1-5 Energy consumption and mix Energy consumption 74E1-6 Gross Scopes 1, 2, 3 and total GHG emissions Greenhouse gas emissions 77E1-9 Anticipated financial effects from material physical and transition risks Climate change risks affecting marine 78and potential climate-related opportunitiesand vegetable raw materialsDisclosure requirements Sections in the report PageESRS E3 Water and marine resourcesIRO-1 Description of the processes to identify and assess material water and Water and marine-related impacts, 79marine resources-related impacts, risks and opportunitiesrisks and opportunitiesE3-1 Policies related to water and marine resources Water consumption from own 80operationsWater usage in the value chain for 81growing of cropsUtilising fishery improvement projects 82to enable concrete progressE3-2 Actions and resources related to water and marine resources Water consumption from own 80operationsWater usage in the value chain for 81growing of cropsUtilising fishery improvement projects 82to enable concrete progressE3-3 Targets related to water and marine resources Water consumption from own 80operationsUtilising fishery improvement projects 82to enable concrete progressE3-4 Water consumption Water consumption from own 80operationsDisclosure requirements Sections in the report PageESRS E4 Biodiversity and ecosystemsIRO-1 Description of processes to identify and assess material biodiversity Biodiversity-related impacts, risks and 84and ecosystem-related impacts, risks, dependencies and opportunitiesopportunitiesE4-1 Transition plan and consideration of biodiversity and ecosystems in Transitioning towards new raw 85strategy and business modelmaterials with less negative impactE4-2 Policies related to biodiversity and ecosystems Combating deforestation and land use 86changeCombatting illegal, unreported or 87unregulated fishingE4-3 Actions and resources related to biodiversity and ecosystems Combating deforestation and land use 86changeCombatting illegal, unreported or 87unregulated fishingE4-4 Targets related to biodiversity and ecosystems Combatting illegal, unreported or 87unregulated fishingESRS E5 Resource use and circular economyIRO-1 Description of the processes to identify and assess material resource Impacts, risks and opportunities related 88use and circular economy-related impacts, risks and opportunitiesto resource use and circular economyE5-1 Policies related to resource use and circular economy Responsible use of raw materials 89E5-2 Actions and resources related to resource use and circular economy Responsible use of raw materials 89E5-3 Targets related to resource use and circular economy Responsible use of raw materials 89E5-4 Resource inflows Technical and biological inflows 90E5-5 Resource outflows Borg Automotive: 91CircularîeconomyîinîpracticeSocial topical standardsDisclosure requirements Sections in the report PageESRS S1 Own workforceSBM-2 Interests and views of stakeholders Stakeholder engagement 68SBM-3 Material impacts, risks and opportunities and their interaction with Impacts, risks and opportunities related 95strategy and business modelto own workforceS1-1 Policies related to own workforce Schouw & Co. workforce and 96fundamental human rightsHealth and safety 98Working to strengthen diversity and 100eliminate discrimination Gender diversity in management 101S1-2 Processes for engaging with own workers and workersâ representatives Schouw & Co. workforce and 96about impactsfundamental human rightsS1-3 Processes to remediate negative impacts and channels for own workers Schouw & Co. workforce and 96to raise concernsfundamental human rightsS1-4 Taking action on material impacts on own workforce, approaches to Schouw & Co. workforce and 96mitigating material risks and pursuing material opportunities related to fundamental human rightsown workforce, and effectiveness of those actionsHealth and safety 98Working to strengthen diversity and 100eliminate discriminationGender diversity in management 101S1-5 Targets related to managing material negative impacts, advancing Health and safety 98positive impacts, and managing material risks and opportunitiesGender diversity in management 101S1-6 Characteristics of the undertakingâs employees The workforce of Schouwî&îCo. 97S1-9 Diversity metrics Gender diversity in management 101S1-14 Health & safety metrics Health and safety 99Disclosure requirements Sections in the report PageESRS S2 Workers in the value chainSBM-2 Interests and views of stakeholders Stakeholder engagement 68SBM-3 Material impacts, risks and opportunities and their interaction with Impacts, risks and opportunities related 102strategy and business modelto value chain workersS2-1 Policies related to value chain workers Responsibility in the value chain 103S2-2 Processes for engaging with value chain workers about impacts Responsibility in the value chain 103S2-3 Processes to remediate negative impacts and channels for value chain Responsibility in the value chain 103workers to raise concernsS2-4 Taking action on material impacts, and approaches to mitigating Responsibility in the value chain 103material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions and approachesS2-5 Targets related to managing material negative impacts, advancing Responsibility in the value chain 103positive impacts, and managing material risks and opportunitiesGovernance topical standardsDisclosure requirements Sections in the report PageESRS G1 Business conductGOV-1 The role of the administrative, management and supervisory bodies MR â Board of Directors, Executive 24-26ManagementMR â Corporate governance 33-35IRO-1 Description of the processes to identify and assess material impacts, Business conduct-related impacts, 106risks and opportunitiesrisks and opportunitiesG1-1 Business conduct policies and corporate culture Guidelines on responsible business 107conductCombating corruption and bribery 109G1-3 Prevention and detection of corruption and bribery Combating corruption and bribery 109G1-4 Confirmed incidents of corruption or bribery Combating corruption and bribery 109Datapoints that derive from other EU legislationThe table includes all datapoints deriving from other EU legislation as listed in ESRS 2 Appendix B, indicating where the data points can be found in the report and which data points are assessed as ânot materialâ (NM) pursuant to ESRS 2 IRO-2.Disclosure requirements Datapoint Legislation PageGOV-1 21 (d) Boardâs gender diversity SFDR/BRR 24-2521 (e) Percentage of board members who are independent BRR 24-25GOV-4 30 Statement on due diligence SFDR 122SBM-1 40 (d) (i) Involvement in activities related to fossil fuel activities SFDR/P3/BRR NM40 (d) (ii) Involvement in activities related to chemical production SFDR/BRR NM40 (d) (iii) Involvement in activities related to controversial weapons SFDR/BRR NM40 (d) (iv) Involvement in activities related to cultivation and production of tobacco BRR NME1-1 14 Transition plan to reach climate neutrality by 2050 EUCL 7216 (g) Undertakings excluded from Paris-aligned benchmarks P3/BRR NME1-4 34 GHG emission reduction targets SFDR/P3/BRR 75E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) SFDR 7437 Energy consumption and mix SFDR 7440-43 Energy intensity associated with activities in high climate impact sectors SFDR 74E1-6 44 Gross scope 1, 2, 3, and total GHG emissions SFDR/P3/BRR 7753-55 Gross GHG emissions intensity SFDR/P3/BRR 77E1-7 56 GHG removals and carbon credits EUCL NME1-9 66 Exposure of the benchmark portfolio to climate-related physical risks BRR NM66 (a); 66 (c) Disaggregation of monetary amounts by acute and chronic physical risk P3 NM66(c) Location of significant assets at material physical risk P3 NM67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes P3 NM69 Degree of exposure of the portfolio to climate-related opportunities BRR NME2-4 28 Amount of each pollutant listed in annex II of the E-PRTR regulation emitted to air, water, and soil SFDR NME3-1 9 Water and marine resources SFDR 7913 Dedicated policy SFDR 80-8314 Sustainable oceans and seas SFDR 80-83Disclosure requirements Datapoint Legislation PageE3-4 28 (c) Total water recycled and reused SFDR 8029 Total water consumption in m3 per net revenue on own operations SFDR 80E4 SBM-3 16 (a) (i) Activities negatively affecting biodiversity-sensitive areas SFDR 8416 (b) Land degradation, desertification, or soil sealing SFDR 8416 (c) Threatened species SFDR 84E4-2 24 (b) Sustainable land/agriculture practices or policies SFDR 86-8724 (c) Sustainable oceans/seas practices or policies SFDR 86-8724 (d) Policies to address deforestation SFDR 86-87E5-5 37 (d) Non-recycled waste SFDR NM39 Hazardous waste and radioactive waste SFDR NMS1, SBM-3 14 (f) Risk of incidents of forced labour SFDR 9614 (g) Risk of incidents of child labour SFDR 96S1-1 20 Human rights policy commitments SFDR 9621 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 BRR 96to 822 Processes and measures for preventing trafficking in human beings SFDR 9623 Workplace accident prevention policy or management system SFDR 98S1-3 32 (c) Grievance/complaints-handling mechanisms SFDR 96S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents SFDR/BRR NM88 (e) Number of days lost to injuries, accidents, fatalities, or illness SFDR NMS1-16 97 (a) Unadjusted gender pay gap SFDR/BRR NM97 (b) Excessive CEO pay ratio SFDR NMS1-17 103 (a) Incidents of discrimination SFDR NM104 (a) Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR NMS2, SBM-3 11 (b) Significant risk of child labour or forced labour in the value chain SFDR 102S2-1 17 Human rights policy commitments SFDR 103-10418 Policies related to value chain workers SFDR 103-10419 Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR 103-10419 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 BRR 103-104to 8S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain SFDR 103-104S3-1 16 Human rights policy commitments SFDR 103-10417 Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR 103-104S3-4 36 Human rights issues and incidents SFDR NMS4-1 16 Policies related to consumers and end-users SFDR NM17 Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR NMS4-4 35 Human rights issues and incidents SFDR NMG1-1 10 (b) United Nations Convention against Corruption SFDR 10910 (d) Protection of whistleblowers SFDR 107G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws SFDR/BRR 10724 (b) Standards of anti-corruption and anti-bribery SFDR 107Statement on due diligenceThis statement presents an index of sections in the report that address sustainability due diligence related to people and the environment pursuant to ESRS GOV-4.CORE ELEMENTS OF People/DUE DILIGENCE Sections in the reportEnvironment PageA. Embedding due diligence MR â Corporate governance Environment and people 53-55in governance, strategy and businessîmodelGeneral â Sustainability strategy Environment and people 61B. Engaging with affected stakeholders General â Stakeholder information Environment and people 68inîall key steps of the due diligenceS1 Schouw & Co. workforce and fundamental People 96human rightsS2 Responsibility in the value chains People 103-104C. Identifying and assessing E3 Water and marine-relatedEnvironment 79adverseîimpactsimpacts, risks and opportunities E4 Biodiversity-related impacts, risks and Environment 84opportunitiesS1 Impacts, risks and opportunitiesPeople 95related to own workforceS1 Schouw & Co. workforce and fundamental People 96human rightsS2 Identification of impacts, risks and People 102opportunities related to value chain workersCORE ELEMENTS OF People/DUE DILIGENCE Sections in the reportEnvironment PageD. Taking actions to address those E3 Utilising fishery improvement projects to enable Environment 82adverseîimpactsconcrete progressE4 Combating deforestation and land use change Environment 86E4 Combating illegal, unreported or unregulated Environment 87fishingS1 The due diligence process People 96S2 Responsibility in the value chains People 103-104E. Tracking the effectiveness of these E3 Utilising fishery improvement projects to enable Environment 82efforts and communicatingconcrete progress E4 Combating deforestation and land use change Environment 86E4 Combating illegal, unreported or unregulated Environment 87fishingE5 Responsible use of raw materials Environment 89S1 Schouw & Co. workforce and fundamental People 96human rightsS2 Responsibility in the value chains People 103-104</mrv:SustainabilityReport>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s8__7__8">www.schouw.dk/en/cg</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfPolicyForDataEthics contextRef="ctx-42" id="f1__s8__7__15">www.schouw.dk/en/cg</mrv:LinkToStatementOfPolicyForDataEthics>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s8__7__11-1" xml:lang="en">EU TaxonomyPursuant to Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020.The Taxonomy Regulation sets out a classifi-cation system for economic activities aimed at establishing a framework for identifying environmentally sustainable activities. The EU Taxonomy defines six environmental objectives: climate change mitigation, climate change adaptation, water, circular economy, pollution, and biodiversity, to which revenue, capital expenditure (CapEx) or operating expenses (OpEx) must contribute substantially in order to be taxonomy-aligned. Furthermore, the activi-ties must do no significant harm (DNSH) to the other five environmental objectives and must comply with minimum social safeguards. Assessment of eligible activitiesAs a diversified conglomerate, Schouwî&îCo. is widely exposed to various sectors within indus-trial manufacturing. A number of these sectors are not currently addressed by the adopted delegated acts. The only three categories related to revenue that apply to Schouwî&îCo. are âtransition to a circular economyâ within the categories 5.1 Repair, refurbishment and remanufacturing and 5.2. Sale of spare parts and category 3.1 Manufacture of renewable energy technologies related to the environmen-tal objective of climate change mitigation. It is assessed that Borg Automotiveâs business, which is remanufacturing of automotive spare parts and sale of new manufactured spare parts, is subject to this. Furthermore, it is assessed that all CapEx of Borg Automotive is ârelated to assets or processes that are associated with taxonomy-aligned economic activitiesâ. To avoid double counting, CapEx related to buildings is deducted. In addition to this, Schouwî&îCo. has economic activities in category 3.1 Manufacture of renew-able energy technologies. These activities are related to HydraSpecmaâs Renewables division, which generates revenue from the wind turbine industry, including hydraulic systems and cool-ing systems. This revenue derives from an ena-bling activity as defined in the delegated act and a share of CapEx related to assets or processes that are associated with taxonomy-aligned eco-nomic activities is included as well. Assessment eligible CapEx and OpExCapEx related to categories 7.1 Construction of new buildings and 7.6 Installation, mainte-nance and repair of renewable energy technol-ogies under climate change mitigation is also taxonomy-eligible. These categories apply to the entire group, where construction of new production sites as well as installation of solar panels and heat pumps are taxonomy eligible. In 2025, additions related to a vessel in BioMar are reported in the CapEx section as eligible according to category CCM 6.10, Sea and coastal freight water transport.The assessment of taxonomy-eligible OpEx is an estimate based on the same allocation key as used for CapEx, which is determined based on taxonomy-eligible revenue since Schouw & Co. is not able to refer OpEx directly to the specific economic activities. Accordingly, a proportion of OpEx for HydraSpecmaâs Renewables division related to category 3.1 is eligible, while Borg Automotiveâs OpEx is taxonomy-eligible, based on categories 5.1 and 5.2.Assessment of alignment The taxonomy-eligible economic activities have been assessed according to the technical screening criteria set out in the delegated acts. Due to its business model, Borg Automotive is assessed as exclusively supplying products falling within an economic activity that either âconsists of extending the lifetime of products by repairing, refurbishing or remanufacturing products that have already been used for their intended purpose by a customer (physical person or legal person)â or âconsists of the sale of spare parts beyond legal obligationsâ, where âeach sold spare part for a product replaces, or intends to replace in the future, an existing part in order to restore or upgrade the productâs functionality, in particular in case where the existing part is brokenâ, that is 5.1 and 5.2 under circular economy. As these economic activities account for the majority of Borg Automotive's entire revenue, almost all of the revenue is aligned, except for a part from the newly acquired business in Tunisia that is assessed as non-aligned. As for HydraSpecma, revenue in the Renew-ables division in category 3.1 Manufacture of renewable energy technologies under Climate change mitigation is taxonomy-eligible. As this is an enabling activity, the associated revenue complies with the substantial contribution criterion by being significant parts or technol-ogy in the making of these renewable energy technologies. DNSH criteriaIn connection with the assessment of the DNSH criteria, an analysis was prepared by each of the portfolio businesses that has eligible revenue concerning taxonomy alignment. In this context, each of the specific DNSH criterion were assessed by HydraSpecma and Borg Automotive in relation to climate, water, pollution, circularity and biodiversity. All of the eligible revenue was included in the assessment. Minimum safeguardsIn the assessment of minimum safeguards, the businessesâ due diligence systems were ana-lysed and assessed in terms of compliance with the requirements of the UN Guiding Principles and OECD Guidelines. In this respect, all busi-nesses in the Group have made a human rights impacts assessment and have described their due diligence setup to demonstrate compliance with the UN Guiding Principles and the OECD Guidelines on Multinational Enterprises, and are therefore deemed to have the required safe-guards in place. The assessment of compliance is evaluated from the perspectives presented in the Final Report on Minimum Safeguards from the EUâs Platform for Sustainable Finance, in which it is emphasised that companies should not be involved in disputes or cases of viola-tion of the minimum safeguards, and that they should have human rights and business conduct policies in place as well as systems ensuring compliance, complaints mechanisms, including a whistleblower scheme, and the right to redress in case of violation.Results of the EU Taxonomy assessmentThe 2025 EU Taxonomy numbers still reflect the relatively low degree of eligible activites for the Group. The total eligible and aligned revenue is still less than 10% of the total revenue and the same is true for the OpEx, which has decreased from 2024 to 2025, primarily due to lower revenue in Borg Automotive as a result of tough competition. In the CapEx section, the total additions are roughly the same level as last year; however, a smaller part is related to buildings that are not considered aligned. Therefore, the total share of eligible but not aligned CapEx is reduced compared to 2024, while the non- eligible part has increased relating to primarily production facilities at BioMar and Fibertex Personal Care. The comprehensive mandatory tables on the EU Taxonomy can be found in the appendix of the sustainability statement.2025 2024DKKm % DKKm %Taxonomy-eligible and taxonomy-aligned turnover 2,918 8.5% 3,099 8.9%Taxonomy-eligible but not aligned turnover 1 0.0% 0 0.0%Total taxonomy-eligible turnover 2,919 8.6% 3,100 8.9%Taxonomy-non-eligible turnover 31,209 91.4% 31,566 91.1%Total turnover 34,128 100% 34,666 100%Taxonomy-eligible and taxonomy-aligned CapEx 32 4.4% 35 4.8%Taxonomy-eligible but not taxonomy-aligned CapEx 127 17.4% 264 36.8%Total taxonomy-eligible CapEx 159 21.9% 298 41.6%Taxonomy-non-eligible CapEx 567 78.1% 419 58.4%Total CapEx 726 100% 718 100%Taxonomy-eligible and taxonomy-aligned OpEx 72 9.4% 67 9.5%Taxonomy-eligible but not taxonomy-aligned OpEx 0 0% 0 0%Total taxonomy-eligible OpEx 72 9.4% 67 9.5%Taxonomy-non-eligible OpEx 693 90.6% 642 90.5%Total OpEx 765 100% 710 100% § Accounting policiesThe EU Taxonomy reporting of Schouwî&îCo. relies on financial data reported and consolidated through the financial system regarding revenue, additions of tangible and intangible assets, and operating expenses. When splitting the revenue into economic activities, the port-folio businesses report this split based on internal financial reporting. Critical estimatesCritical estimates are only used when reporting CapEx and OpEx related to eligible revenue, and in this case, an allocation key based on the share of revenue is used to allocate CapEx and OpEx to the eligible categories. Buildings, vessels, and solar panels are not estimated.Revenue To calculate the proportion of taxonomy-eligible revenue, total revenue for the financial year is used as the denominator in the calculation of the KPIs. The revenue is specified in note 2 (revenue) in the financial statements. Taxonomy-eligible revenue is used as the numerator; see the delegated acts.CapEx To calculate the proportion of taxonomy-eligible CapEx, total additions of property, plant and equipment and intangible assets, specified in notes 10 and 11 of the financial statements, are used as the denomina-tor in the calculation of the KPI, excluding goodwill. Taxonomy-eligible CapEx is used as the numerator; see the delegated acts. This includes additions of buildings and vessels, where buildings in 2025 are now included directly from the categories within the system instead of being identified manually. Also included are additions related to taxonomy-el-igible revenue, including immaterial additions. These are not recorded separately in the ERP system and have therefore been determined according to the allocation base following from the allocation of revenue in the same category. This is a critical estimate. OpExIn the EU Taxonomy, OpEx is narrowly defined as direct non-capitalised costs that relate to research and development, building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment. As for CapEx, the allocation base used for taxonomy-eligible revenue is used to determine taxonomy-eligible OpEx.EU Taxonomy tabelsDNSH criteria Revenue for the 2025 financial yearSubstantial contribution criterion(âdo no significant harmâ)Economic activitiesA. TAXONOMYîELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy alignment):Manufacture of renewable energy technologies CCM3.1 1,180 3.5% Y - Y Y Y Y Y Y 3.3% YRepair, refurbishment and remanufacturing CE5.1 1,411 4.1% Y Y Y Y - Y Y Y 4.4%Sale of spare parts CE5.2 327 1.0% Y Y Y Y - Y Y Y 1.3%A.1 Total taxonomy-aligned revenue 2,918 8.5% 8.9%Of which enabling 1,180 3.5% 3.3%Of which transitional activities 0 0.0% 0.0%A.2 Taxonomy-eligible but not aligned:Repair, refurbishment and remanufacturingî CE5.1 1 0.0% 0.0%A.2 Total taxonomy-eligible but not aligned revenue 1 0.0% 0.0%Total (A.1 + A.2) 2,919 8.6% 8.9%B. TAXONOMYîNONîELIGIBLE ACTIVITIESRevenue, non-eligible activities 31,209 91.4%Total revenue (A + B) 34,128 100%1) A total of DKK 1 million from the activities in Tunisia is eligible, but not aligned.Y = Yes. N = No.DNSH criteria CapEx for the 2025 financial yearSubstantial contribution criterion(âdo no significant harmâ)Economic activitiesA. TAXONOMYîELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy alignment):Manufacture of renewable energy technologies CCM3.1 10 1.4% Y - Y Y Y Y Y Y 3.7% YRepair, refurbishment and remanufacturing CE5.1 18 2.5% Y Y Y Y - Y Y Y 0.6%Sale of spare parts CE5.2 4 0.6% Y Y Y Y - Y Y Y 0.2%Installation, maintenance and repair of renewable energy technologies CCM7.6 0 0% Y - Y n/a n/a n/a n/a Y 0.4%A.1 Total taxonomy-aligned CapEx 32 4.4% 4.8%Of which enabling 10 1.4% 3.7%Of which transitional activitiesA.2 Taxonomy-eligible but not aligned:Sea and coastal freight water transport CCM6.10 14 1.9% N 1.6%Construction of new buildings CCM7.1 113 15.6% N 35.1%Repair, refurbishment and remanufacturingî CE5.1 0 0.0% N 0.0%A.2 Total taxonomy-eligible but not aligned CapEx 127 17.4% 36.7%Total (A.1 + A.2) 159 21.9% 41.6%B. TAXONOMYîNONîELIGIBLE ACTIVITIESCapEx, non-eligible activities 567 78.1%Total CapEx (A + B) 726 100%Y = Yes. N = No.DNSH criteria OpEx for the 2025 financial yearSubstantial contribution criterion(âdo no significant harmâ)Economic activitiesA. TAXONOMYîELIGIBLE ACTIVITIESA.1 Environmentally sustainable activities (taxonomy alignment):Manufacture of renewable energy technologies CCM3.1 14 1.8% Y - Y Y Y Y Y Y 2.2% YRepair, refurbishment and remanufacturing CE5.1 47 6.2% Y Y Y Y - Y Y Y 5.7%Sale of spare parts CE5.2 11 1.4% Y Y Y Y - Y Y Y 1.6%A.1 Total taxonomy-aligned OpEx 72 9.4% 9.5%Of which enabling 14 1.8% 2.2%Of which transitional activitiesA.2 Taxonomy-eligible but not aligned:Repair, refurbishment and remanufacturingî CE5.1 0 0% N 0%A.2 Total taxonomy-eligible but not aligned OpEx 0 0% 0%Total (A.1 + A.2) 72 9.4% 9.5%B. TAXONOMYîNONîELIGIBLE ACTIVITIESOpEx, non-eligible activities 693 90.6%Total OpEx (A + B) 765 100%Y = Yes. N = No.</mrv:DescriptionofTheTaxonomyRegulation>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="f1__s8__7__9" xml:lang="en">Diversity policy across Schouwî&îCo. The portfolio businesses all have diversity poli-cies in place to implement the aforementioned principles. Moreover, they are responsible for advancing diversity and inclusion in accord-ance with these policies. Additionally, this area is highlighted through the human risks impact assessment conducted at group level, which addresses issues related to diversity and inclu-sion in the portfolio businesses.Among others, the policy specifies a focus on procedures supporting an inclusive culture, especially regarding recruitment and appoint-ments, as well as an ambition to always have at least one representative of each gender among the final candidates for management positions. The Executive Management of Schouwî&îCo. and the Board of Directors are responsible for implementing the policy in the parent company.</mrv:StatementOfTheDiversityPolicies>
<fsa:AverageNumberOfEmployees contextRef="ctx-1"
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<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="f1__s8__7__271" xml:lang="en">Jens Bjerg Sørensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="f1__s8__7__272" xml:lang="en">President and CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s8__7__273" xml:lang="en">Jørgen Dencker Wisborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-44" id="f1__s8__7__274" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="f1__s8__7__277" xml:lang="en">Kjeld Johannesen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="f1__s8__7__279" xml:lang="en">Søren Stæhr</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s8__7__269" xml:lang="en">Aarhus</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s8__7__270">2026-03-05</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s8__7__275" xml:lang="en">Kenneth Skov Eskildsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-45" id="f1__s8__7__276" xml:lang="en">Deputy chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="f1__s8__7__278" xml:lang="en">Hans Martin Smith</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="f1__s8__7__280" xml:lang="en">Sisse Fjelsted Rasmussen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s8__7__268" xml:lang="en">Managementâs statementTo the shareholders of Aktieselskabet Schouwî&îCoThe Board of Directors and Executive Manage-ment have today considered and adopted the Annual Report of Aktieselskabet Schouw & Co. for the financial year 1 January â 31 December 2025.The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Finan-cial Statements Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish Financial State-ments Act. Managementâs Report has been pre-pared in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial State-ments give a true and fair view of the Groupâ financial position at 31 December 2025 and of the results of the Groupâs operations and cash flows for 2025. Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at 31 December 2025 and of the results of the Parent Companyâs operations for 2025.In our opinion, Managementâs Report includes a fair review of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing.Additionally, the Sustainability Statement, which is part of Managementâs Report, has been prepared, in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards(ESRS) including that the process undertaken by Management to identify the reported informa-tion (the âProcessâ) is in accordance with the description set out in the section titled Double materiality assessment. Furthermore, disclo-sures within the subsection titled EU Taxonomy in the environmental section of the Sustainability Statement are, in all material respects, in accord-ance with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).The Sustainability Statement includes for-ward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.In our opinion, the annual report of Aktie-selskabet Schouw & Co. for the financial year 1îJanuary to 31 December 2025 with the file name SCHOUW-2025-12-31-en.zip is pre-pared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__283" xml:lang="en">Our opinion In our opinion, the Consolidated Financial State-ments give a true and fair view of the Groupâs financial position at 31 December 2025 and of the results of the Groupâs operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Companyâs financial position at 31îDecember 2025 and of the results of the Parent Companyâs operations for the financial year 1 January to 31 December 2025 in accord-ance with the Danish Financial Statements Act.Our opinion is consistent with our Auditorâs Long-form Report to the Audit Committee and the Board of Directors.What we have audited The Consolidated Financial Statements of Aktieselskabet Schouw & Co. for the financial year 1 January to 31 December 2025 comprise statements of income and comprehensive income, cash flow statement, balance sheet, statement of changes in equity and notes, including material accounting policy information.The Parent Company Financial Statements of Aktieselskabet Schouw & Co. for the financial year 1 January to 31 December 2025 comprise income statement, balance sheet, statement of changes in equity, and notes, including material accounting policy information. Collectively referred to as the âFinancial Statementsâ.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__284" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those stand-ards and requirements are further described in the Auditorâs responsibilities for the audit of the Financial Statements section of our report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Pro-fessional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, pro-hibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided.Appointment We were first appointed auditors of Aktie-selskabet Schouw & Co. on 15 April 2021 for the financial year 2021. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of five years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s8__7__285" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signifi-cance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matter Impairment of goodwillGoodwill may be impaired by, for example, increased competition in local markets, changes in the global economy and strategy changes in the Group.Impairment of goodwill involves significant estimates and judge-ments by Management, including the determination of significant assumptions relating to revenue growth, earnings development and investments during the budget and forecast period, as well as long-term growth rates and discount rates.We focused on impairment testing of goodwill, as the accounting estimates are complex and determination of significant assumpti-ons is inherently subjective.We refer to note 3.7 in the Consolidated Financial Statements.How our audit addressed the key audit matterWe carried out risk assessment procedures to obtain an under-standing of IT-systems, business processes and relevant internal controls related to impairment of goodwill. We assessed whether the controls were designed and implemented to effectively address the risk of material misstatement.We tested the impairment tests prepared by Management for mathematical accuracy and assessed whether the estimates and judgements made by Management in carrying out these tests were reasonable with specific attention given to significant assumptions used to determine the future cash flows including revenue growth, earnings and investments development in the budget and forecast period as well as long-term growth rates and discount rates.We assessed whether the cash generating units used in the good-will impairment test were correctly defined.We reviewed the sensitivity analysis over changes in earnings and discount rates.We also assessed the historical accuracy of Managementâs estima-tes by comparing the 2025 budget with the realised results.We assessed the presentation and disclosure of the impairment tests in the notes.</arr:KeyAuditMattersAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__282" xml:lang="en">To the shareholders of Aktieselskabet Schouwî&îCo</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__286" xml:lang="en">Statement on Managementâs Review Management is responsible for Managementâs Review.Our opinion on the Financial Statements does not cover Managementâs Review, and we do not as part of the audit express any form of assur-ance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Man-agementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the Financial Statements or our knowledge obtained in the audit, or other-wise appears to be materially misstated.Moreover, we considered whether Managementâs Review includes the disclosures required by the Danish Financial Statements Act. This does not include the requirements in paragraph 99a related to the sustainability statement covered by the sep-arate auditorâs limited assurance report hereon.Based on the work we have performed, in our view, Managementâs Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial State-ments Act, except for the requirements in para-graph 99a related to the sustainability state-ment, cf. above. We did not identify any material misstatement in Managementâs Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s8__7__287" xml:lang="en">Managementâs responsibilities for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial State-ments Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Manage-ment is responsible for assessing the Groupâs ability to continue as a going concern, disclos-ing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s8__7__288" xml:lang="en">Auditorâs responsibilities for the audit of the Financial Statements Our objectives are to obtain reasonable assur-ance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Rea-sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism through-out the audit. We also: â Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may â involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control. â Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parent Companyâs internal control. â Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. â Conclude on the appropriateness of Man-agementâs use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupâs and the Parent Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern. â Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underly-ing transactions and events in a manner that gives a true and fair view. â Plan and perform the audit to obtain suffi-cient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for form-ing an opinion on the Financial Statements. We are responsible for the direction, super-vision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with gov-ernance regarding, among other matters, the planned scope and timing of the audit and sig-nificant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with govern-ance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independ-ence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s8__7__289" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Financial State-ments we performed procedures to express an opinion on whether the annual report of Aktieselskabet Schouw & Co. For the finan-cial year 1 January to 31 December 2025 with the file name SCHOUW-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tag-ging of the Consolidated Financial Statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: â The preparing of the annual report in XHTML format; â The selection and application of appropri-ate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; â Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and â For such internal control as Management determines necessary to enable the prepara-tion of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assur-ance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: â Testing whether the annual report is prepared in XHTML format; â Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; â Evaluating the completeness of the iXBRL tagging of the Consolidated Financial State-ments including notes; â Evaluating the appropriateness of the compa-nyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; â Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and â Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Aktie-selskabet Schouw & Co for the financial year 1îJanuary to 31 December 2025 with the file name SCHOUW-2025-12-31-en.zip is pre-pared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s8__7__290" xml:lang="en">Aarhus</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s8__7__291">2026-03-05</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-51" id="f1__s8__7__293" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx-50" id="f1__s8__7__292" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-50" id="f1__s8__7__294">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-51" id="f1__s8__7__295">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="f1__s8__7__296" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-51" id="f1__s8__7__299" xml:lang="en">Rune Kjeldsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-50" id="f1__s8__7__297" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-51" id="f1__s8__7__300" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="f1__s8__7__298">mne23328</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-51" id="f1__s8__7__301">mne34160</cmn:IdentificationNumberOfAuditor>
<arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__305" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability state-ment of Aktieselskabet Schouw & Co. (âthe Groupâ) included in Managementâs Review, page 58 â 120, for the financial year 1 Janu-ary â 31 December 2025 (the âSustainability Statementâ).</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
<arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__306" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act para-graph 99 a, including: â compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the information reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section Double materiality assessment, pages 63 - 66; and â compliance of the disclosures in sections EU Taxonomy, pages 92 â 93, and EU Taxonomy tables, pages 118 â 120, of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__303" xml:lang="en">Independent auditor's limited assurance report on the sustainability statementTo the shareholders of Aktieselskabet Schouwî&îCoLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability state-ment of Aktieselskabet Schouw & Co. (âthe Groupâ) included in Managementâs Review, page 58 â 120, for the financial year 1 Janu-ary â 31 December 2025 (the âSustainability Statementâ).Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act para-graph 99 a, including: â compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by Management to identify the information reported in the Sustainability Statement (the âProcessâ) is in accordance with the description set out in the section Double materiality assessment, pages 63 - 66; and â compliance of the disclosures in sections EU Taxonomy, pages 92 â 93, and EU Taxonomy tables, pages 118 â 120, of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the âTaxonomy Regulationâ).Basis for conclusion We conducted our limited assurance engage-ment in accordance with International Stand-ard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial informa-tion (âISAE 3000 (Revised)â) and the additional requirements applicable in Denmark. The procedures in a limited assurance engage-ment vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assur-ance obtained in a limited assurance engage-ment is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditorâs responsibilities for the assurance engagement section of our report. Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and appli-cable legal and regulatory requirements.Managementâs responsibilities for the Sustainability StatementManagement is responsible for designing and implementing a process to identify the informa-tion reported in the Sustainability Statement in accordance with ESRS and for disclosing this Process as included in the subsection Double materiality assessment of the Sustainability Statement. This responsibility includes:â understanding the context in which the Groupâs activities and business relationships take place and developing an understanding of its affected stakeholders;â identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Groupâs financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;â assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and apply-ing appropriate thresholds; andâ making assumptions that are reasonable in the circumstances.Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Finan-cial Statements Act paragraph 99 a, including: â compliance with the ESRS; â preparing the disclosures as included in the sections EU Taxonomy and EU Taxonomy tablesof the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation;â designing, implementing and maintaining such internal control that Management deter-mines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; andâ selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasona-ble in the circumstances. Inherent limitations in preparing the SustainabilityîStatementIn reporting forward-looking information in accordance with ESRS, Management is required to prepare forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Auditorâs responsibilities for the assurance engagementOur responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our con-clusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and main-tain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include: Obtaining an understanding of the Process, but not for the purpose of providing a conclusion onthe effectiveness of the Process, including the outcome of the Process; â Considering whether the information iden-tified addresses the applicable disclosure requirements of the ESRS; and â Designing and performing procedures to evaluate whether the Process is consistent with the Groupâs description of its Process, as disclosed in the subsection Double materiality assessment. Our other responsibilities in respect of the Sustainability Statement include: â Identifying where material misstatements are likely to arise, whether due to fraud or error; and â Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-tional omissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves per-forming procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identifi-cation of disclosures where material misstate-ments are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engage-ment, with respect to the Process, we: â Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by Man-agement; and reviewing the Groupâs internal documentation of its Process; and â Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consist-ent with the description of the Process set out in the subsection Double materiality assessment. In conducting our limited assurance engage-ment, with respect to the Sustainability Statement, we: â Obtained an understanding of the Groupâs reporting processes relevant to the prepara-tion of its Sustainability Statement including the consolidation processes, by obtaining an understanding of the Groupâs control envi-ronment, processes and information systems relevant to the preparation of the Sustainabil-ity Statement but not evaluating the design of particular control activities, obtaining evi-dence about their implementation or testing their operating effectiveness; â Evaluated whether the information identified by the Process is included in the Sustainabil-ity Statement; â Evaluated whether the structure and the pres-entation of the Sustainability Statement are in accordance with the ESRS; Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; â Performed limited substantive assurance procedures on selected information in the Sustainability Statement; â Where applicable, compared disclosures in the Sustainability Statement with the corre-sponding disclosures in the financial state-ments and Managementâs Review; Evaluated the methods, assumptions and data for developing estimates and forward-looking information; and â Obtained an understanding of the Groupâs process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
<arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s8__7__304" xml:lang="en">To the shareholders of Aktieselskabet Schouwî&îCo</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
<arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s8__7__307" xml:lang="en">Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our con-clusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and main-tain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include: Obtaining an understanding of the Process, but not for the purpose of providing a conclusion onthe effectiveness of the Process, including the outcome of the Process; â Considering whether the information iden-tified addresses the applicable disclosure requirements of the ESRS; and â Designing and performing procedures to evaluate whether the Process is consistent with the Groupâs description of its Process, as disclosed in the subsection Double materiality assessment. Our other responsibilities in respect of the Sustainability Statement include: â Identifying where material misstatements are likely to arise, whether due to fraud or error; and â Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten-tional omissions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
<arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s8__7__309" xml:lang="en">Aarhus</arr:SignatureOfSubstainabilityAuditorsPlace>
<arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s8__7__310">2026-03-05</arr:SignatureOfSubstainabilityAuditorsDate>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-53" id="f1__s8__7__319" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-52" id="f1__s8__7__311" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-52" id="f1__s8__7__312">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-53" id="f1__s8__7__320">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-52" id="f1__s8__7__313" xml:lang="en">Claus Lindholm Jacobsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-53" id="f1__s8__7__316" xml:lang="en">Rune Kjeldsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-52" id="f1__s8__7__314" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-53" id="f1__s8__7__317" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-52" id="f1__s8__7__315">mne23328</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-53" id="f1__s8__7__318">mne34160</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f1__s8__7__28" xml:lang="en">Aktieselskabet Schouw & Co.</gsd:NameOfSubmittingEnterprise>
<gsd:NameOfReportingEntity contextRef="ctx-1" id="f1__s8__7__22" xml:lang="en">Aktieselskabet Schouw & Co.</gsd:NameOfReportingEntity>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f1__s8__7__30" xml:lang="en">8000 Aarhus C</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f1__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__23">2024-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" id="f1__s1__72__42">213800V2R9WMMZASKK57</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" id="f1__s1__72__43">Reporting class D</fsa:ClassOfReportingEntity>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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