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Expand 2030 Schouw & Co. 2026 Capital Markets Day INVESTOR PRESENTATION 8 October 2026
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. Today’s agenda and speakers 2 AGENDA Spectre GPV HydraSpecma Jens Bjerg Sørensen Kasper Okkels Thomas Hansen Lars Christensen Bo Lybæk Morten Kjær Schouw & Co. today Capital allocation Financial targets Strategic direction Value proposition Performance update Growth and profit 2030 roadmap 10:45-11:20 11:20-11.55 12:10-12:459:30-10:30
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Reconfirming the conglomerate model after the successful IPO of BioMar Capital redeployment reflecting the strong balance sheet Growth drivers and margin focus in the portfolio companies Updated 2030 ambitions and transparency in the medium-term outlook Focus of 2026 Capital Markets Day 3 AGENDA
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Following up on the 2022 Capital Markets Day 4 AGENDA 2022 CMD key takeaways Purpose: enabling growth through transformation A diversified, stable and non-cyclical business ESG introduced as a strategic priority BioMar positioned for growth and margin expansion GPV as an EMS consolidator 2025 revenue of DKK 35bn and EBITDA DKK 3bn Leverage 1.0-2.5x and constant or increasing dividends Status on the priorities The IPO transforms both Schouw & Co. and BioMar Solid development despite global crises, wars and turmoil Year-on-year emission reduction and ESG focus BioMar’s EBIT more than doubled from 2021 to 2025 Integrated Enics and consolidated footprint 2025 revenue of DKK +34bn and EBITDA DKK +2.9bn Leverage within range and dividends 13% increased ✓ ✓ ✓ ✓ ✓ ✓ ✓
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Our platform 5
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA This is Schouw & Co. 6 OUR PLATFORM We own businesses with attractive long-term potential We improve and transform the businesses through active ownership We invest and allocate capital where returns are highest We distribute to shareholders and compound value over long periods Revenue 2026E DKK 35.1-37.6bn EBITDA 2026E DKK 3,150-3,350m Main shareholder Givesco (family foundation) Global footprint ~80 factories 35 countries 20,000 FTEs Portfolio 7 leading B2B companies Long legacy Founded 1878 Listed 1954
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA How we do business 7 OUR PLATFORM A B E D C Composing a diversified portfolio Ensuring strategic capital allocation Practising active ownership Operating responsible business Securing financial versatility
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. Board of Directors Portfolio companies Well-established governance model 8 OUR PLATFORM Schouw & Co. management team Jørgen Wisborg Chairman Hans Martin Smith Sisse Fjelsted Rasmussen Kenneth Eskildsen Deputy Chairman Søren Stæhr Michael Hansen Related to the main shareholder Jens Bjerg Sørensen CEO Schouw & Co. since 2001 Kasper Okkels CIO Schouw & Co. since 2006 Thomas Hansen CFO Schouw & Co. since 2024 Responsible for the overall strategic direction, composing the portfolio, allocating capital, risk management, etc. on group level Carlos Diaz CEO since 2014 Bo Lybæk CEO since 2008 Morten Kjær CEO since 2020 Jesper Møberg CEO since 2025 Mikael Axelsen CEO since 2007 Jørgen Madsen CEO since 2007 Lars Christensen CEO since 2025 Highly autonomous portfolio businesses where ‘management holds the key’. Schouw & Co. holds two seats on the board of each portfolio business
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Tasks and responsibilities 9 OUR PLATFORM Active ownership at Schouw & Co. level Composing the portfolio Allocating capital Appointing management and board Strategic direction and M&A Reporting and compliance Schouw & Co. operates a very lean HQ with about 20 FTEs, while all operational tasks lie with the portfolio businesses Group-wide treasury
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The ownership principles 10
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Long-term ownership The Schouw & Co. ownership model 11 THE OWNERSHIP PRINCIPLES acquire Structural change develop ◦ transform ◦ grow We buy to hold We invest with no predefined exit horizon We transform businesses We seek development, growth and competitiveness We empower management Portfolio businesses where management holds the key We use capital conservatively We prioritise long-term value over financial engineering Designed for long-term value creation Short Long Ownership duration Low High Management autonomy Narrow Broad Acquisition criteria Low High Capital structure/leverage
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Long-term strategic execution 12Note: Revenue, EBITDA, leverage, emissions, and LTI updated per 2026 Q2. TSR updated per 2026 Q3. THE OWNERSHIP PRINCIPLES Long-term profitable growth Acquisitions and leverage Shareholder value Responsible development ’00 ’05 ’10 ’15 ’20 ’25 +13% p.a. Total shareholder return ’01 ’05 ’10 ’15 ’20 ’25 +11% p.a. Revenue ’01 ’05 ’10 ’15 ’20 ’25 +11% p.a. EBITDA ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 A B 1 2 Bolt-on acquisitions Platform acquisitions 8 64 5 3 7 9 10 11 12 13 14 15 16 17 ’16 ’17 ’18 ’19 ’20 ’21 ’22 ’23 ’24 ’25 ’26 NIBD/EBITDADividend pr share ’20 ’21 ’22 ’23 ’24 ’25 ’26 -1.6pp LTI rate ’20 ’21 ’22 ’23 ’24 ’25 ’26 -7% p.a. Scope 1+2 emissions 18 C ’01 ’05 ’10 ’15 ’20 ’25 +16% p.a.
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Transformative ownership of 13 businesses 13 THE OWNERSHIP PRINCIPLES Previous portfolio businesses 36 years of average holding period Current portfolio businesses 18 years of average holding period 1878-2006 1994-2013 1988-2016 1998-2003 1999-2013 2004-2018 2017- 2016- 1988- 2005- 2002- 2002- 2026-
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Milestones in Schouw & Co.’s ownership Very solid financial development Transformative ownership of BioMar 14 THE OWNERSHIP PRINCIPLES Acquisition 2005/08 Building the foundation Broaden the scope Venturing into tech solutions IPO 2026 Next chapter 2005 2025 2.6 16.5 +9.6% p.a. 210 2005 2025 1,517 +10.4% p.a. Revenue DKKbn EBITDA DKKm Strong Latin America presence after acquisition of Provimi Expanding in salmon markets and entering Australia and Iceland Entering shrimp feed with acquisitions in Ecuador and Vietnam Digitalisation with AI based shrimp feeding technology acquisition Strong value-creation for Schouw & Co. shareholders Total acquisition cost 2005/08 DKK ~1.5bn Dividends received prior to the IPO DKK ~4.7bn Net proceeds from the IPO DKK ~2.6bn BioMar market cap at IPO DKK ~10.9bn Schouw & Co. ownership after IPO 74%
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Active ownership in Borg Automotive 15 THE OWNERSHIP PRINCIPLES Borg acquired in 2017 ▪ Circular economy business model ▪ Stable European automotive aftermarket ▪ Increasing car parc and cars being used longer Active ownership at work New management launches “refine for future” transformation plan Operation and commercial footprint changed Positive outlook from new cost structure and market approach Profit dynamics eroding ▪ Balance between reman and newman changes ▪ Plunge in sales prices from Chinese import ▪ Geopolitical issues and Russian market exit >
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Capital allocation 16
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Unlock long-term value for shareholders Reduce portfolio concentration Retain control while increasing transparency Improve capital allocation position Create a platform for Schouw & Co.’s next growth phase Stronger platform after the IPO of BioMar 17 CAPITAL ALLOCATION 1 2 3 4 5
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 2021-2026Q2 spend DKK billionClear prioritisation Capital allocation 18 CAPITAL ALLOCATION Expansion capex in the existing businesses Required investments to keep the businesses running Bolt-on acquisitions to the existing businesses Stable/increasing dividends to shareholders New platform acquisition Share buy-back Extraordinary dividend 1 2 3 4 5 6 7 2.8 1.4 2.1 2.3 1.0 0.9 0.0 Spectre in Q3 2026
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Impact of the IPO on Schouw & Co. 19 CAPITAL ALLOCATION Notes: 1) NCI prior to the IPO relates mainly to GPV Prior to the IPO ▪ BioMar owned 100% and consolidated into Schouw & Co. financial reporting ▪ All funding on group level for all portfolio businesses with cross guarantees between the businesses Pro-forma consolidated financials Revenue ~36.4bn EBITDA ~3.3bn Non-controlling interests1 0.5bn Net interest-bearing debt 5.2bn - Of which in BioMar 3.3bn - Of which in other subs 4.9bn - Of which in parent (cash) -3.0bn After the IPO ▪ BioMar owned 74% and remains consolidated into Schouw & Co. ▪ BioMar’s funding carved out and ringfenced from group structure ▪ Group funding structure across other portfolio businesses Pro-forma consolidated financials Revenue 36.4bn EBITDA 3.3bn Non-controlling interests1 1.2bn Net interest-bearing debt 2.6bn - Of which in BioMar 3.3bn - Of which in other subs 4.9bn - Of which in parent (cash) -5.6bn Consequences ▪ The IPO has no impact on consolidated revenue, operating profit, NWC, debt, etc. ▪ Schouw & Co.’s exposure to BioMar has been reduced despite unchanged consolidated figures ▪ IPO proceeds of DKK 2.6bn have increased net cash position in Schouw & Co. parent company ▪ The IPO is a ‘textbook example’ of how Schouw & Co. operates as a long-term active owner enabling transformation
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA BioMar listing improves transparency 20 CAPITAL ALLOCATION Notes: 1) Midpoint of 2026 guidance, including 80% of GPV’s EBITDA and 75% of Spectre’s normalised EBITDA of 160m BioMar market cap DKK billion Other businesses DKK billion Cash position in parent DKK billion Schouw & Co. NAV DKK billion 0.0 8.0 8.5 9.0 9.5 10.0 May Jul Aug Sep Oct 0 2 4 6 8 10 12 14 16 18 20 22 24 May Jul Aug Sep Oct + + = After IPO After Q2 ~5.60 5.57Simple multiple approach Other 6 businesses EBITDA1 1,550 NIBD 4,900 Illustrative example EV/EBITDA 8x Net Asset Value: 1,550 x 8 – 4,900 = 7,500 Cash in parent company Illustrative other 6 businesses 74% of BioMar’s market cap Easy to implement a more sophisticated sum-of-the parts valuation model The value of the shareholding in BioMar easily accessible Group leverage remains important, but for NAV, parent company debt easily accessible
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Expand 2030 21
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A portfolio of seven strong businesses 22 EXPAND 2030 Quality feed for fish and shrimps Fabrics for diapers and hygiene Textiles for industrial applications Electronic Manufacturing Services Hydraulic components & solutions Remanufactured automotive parts High-end outdoor garments 74% ownership 100% ownership 100% ownership 100% ownership 100% ownership 75% ownership80% ownership
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA BioMar 23 EXPAND 2030 1 Volume growth and margin expansion while building an innovation leader 2 Independent listing means new opportunities 3 Schouw & Co. majority ownership a clear priority
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Borg Automotive EXPAND 2030 1 Solid turn-around execution in difficult environment 2 New market approach to secure new momentum 3 Driving scale and assessing industry consolidation
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Fibertex Personal Care 25 EXPAND 2030 1 Asia challenged with over capacity in the industry 2 Driving innovation to unlock growth and margin options 3 Industry consolidation required to secure long-term success
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Fibertex Nonwovens 26 EXPAND 2030 1 Well-invested with significant capacity for profitable growth 2 Momentum in regaining required return and cash flow 3 Interesting niches, strong innovation and no immediate investments
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Profitability ambitions over the coming years 27Notes: 1) Schouw & Co. guides the market on consolidated revenue and EBITDA. Expectations and outlook in the individual businesses do not constitute guidance, and internal variations may occur. As an independently listed company, BioMar communicates short-term and medium-term guidance to the market. EXPAND 2030 Medium-term ambitions – not outlook for a specific year1 . Own medium- term guidance in the market EBITDA 12-14% EBITDA +10% EBITDA +12% EBITDA +13% EBITDA 15-17% EBITDA ~10% Prev. 7-9% Prev. ~13% Prev. 11-12% Prev. 14-17% Prev. 13-16% N/APrev. ~10% Commercial / operational excellence Growth in attractive segments Recovery plan and footprint Innovation and unlock Asia Growth in speciality segments Utilising the new Vietnam factory Growth and capacity utilisation Key levers Guidance
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. 2030 ambitions 28Notes: 1) ROIC including goodwill. 2) Scope 1+2 GHG emissions. 3) 2030 EBITDA updated to include Spectre contribution EXPAND 2030 Expand 2030 Organic development 2030 EBITDA3 of DKK 4.5bn Average revenue growth of 5-7% p.a. Compared to 2025 baseline (revenue) Portfolio composition 1-2 new platform investments 1-2 structural changes Compared to 2025 baseline Capital structure Stable/increasing dividends per share NIBD/EBITDA 1.0-2.5x Ambition for every year in period Return and cash generation Strong free cash flow generation ROIC1 of 15% in 2030 Over the strategy period ESG and responsibility LTI frequency rate below 3 35% reduction of GHG emissions2 Compared to 2020 baseline
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Expand 2030 bridge DKK million Bridging organic EBITDA of DKK +4.5bn 29 EXPAND 2030 2026 guidance BioMar Other businesses Spectre 2030 ambition 3,150-3,350 +4,500 EBIT CAGR of 8-10% Key levers across businesses Volume growth and market share gains Operational leverage and scale efficiencies Margin expansion from excellence programmes Innovation and value-added solutions Growth from new markets and customers
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Bolt-on acquisitions Platform acquisitions Investment criteria 30 CAPITAL ALLOCATION B2B industry (broadly defined) Sector Danish HQ but global Geography Leading position Position Billion DKK potential Size Solid long- term return Deal rationale Sustainable and relevant Business model Management willing to stay Management Active owner- ship possible Transformation Part of the current strategy Strategy During the strategy period the businesses are expected to generate a substantial cash flow and with a NIBD/EBITDA target of 1.0-2.5x, M&A activity will have significant priority Growth Margin Integration Attractive long-term segments Synergies and margin uplift Fit to operating model
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31 31 Q&A 31
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We are developer and manufacturer of functional garments for the world’s leading outdoor and sports brands
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Base layer - Mid layer - Weather protection and Gore-Tex with and without insulation - Pants Our garments
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Why Spectre will create more value towards 2030 INVESTMENT PROPOSITION 1 A niche that grows twice as fast as fashion Premium outdoor apparel production grows ~6% a year – and several of our partners are winners who are currently growing faster. 2 Partnerships that last Brands need technical, responsible partners and switch them rarely. The majority of our 2030 ambition comes from partners we already serve today. 3 The capacity is built Four factories in Vietnam with capacity supporting our 2030 target. Three questions this presentation answers • What we do and why brands choose us • How we grow towards 2030 • What we prioritise to get there Lars Christensen Chief Executive Officer Joined Spectre in 2025 36
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Spectre at a glance BUSINESS MODEL AND ECONOMIC PROFILE 1: Revenue and EBITDA margin are guidance 2026 calendar year as the company will change from fiscal year 1 April to 31 March. 1947 Founded in Denmark 5,400 Employees, mainly in Vietnam 4 Factories in Vietnam 5m Garments produced per year 1bn DKK revenue 2026¹ 15-17% EBITDA margin 2026¹ ~20 Brand partners B Corp Certified since 2023 37
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Premium outdoor is a structurally attractive market 38 MARKET Notes: 1) Outer layer and mid layer only. Base layer likely adds DKK 10bn to the market. Sources: 2) Outdoor Industry Association & Outdoor Foundation, 2026 Outdoor Participation Trends Report (US, 2025 data), June 2026. 3) McKinsey & Company and WFSGI, Sporting Goods 2025 – The new balancing act, consumer survey Dec. 2024 (n=3,606; US, UK, Germany), March 2025. Spectre’s addressable market Total global apparel production Functional apparel production Premium outdoor production1 DKK 500bn DKK 5,000bn DKK 60bn CAGR ~3% CAGR ~4% CAGR ~6% Resilience: Low Resilience: Medium Resilience: High The premium functional apparel segment is growing structurally. It is a resilient niche driven by performance demand, sticky supplier relationships, and increasing technical complexity. • Brands consolidate around fewer strategic partners • Vietnam is a preferred sourcing country • ESG requirements raise the bar for new entrants 59% of Americans aged 6+ took part in outdoor recreation in 2025, a record for the fourth year in a row 2 30m new outdoor participants in the US since 2019, lifting the base to a record 183 million2 51% of active consumers say fitness and an active lifestyle are essential to their identity3 Market facts Key market drivers
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Our segments 39 HOW WE WORK Selected customer brands shown. Not an exhaustive list of customers. AI has been used for image enhancement. CORE SEGMENT Steady growth with brands that lead their categories, in Europe and North America NEW GROWTH SEGMENT Trail running and performance wear; has demonstrated strong growth in recent years. GROWING NICHE Technical layering systems for demanding users; smaller, loyal brands LONGER-TERM OPTION One brand today; a potential growth area where durability and function count, but not a core focus today Outdoor and mountain High-intensity sport Hunting and fishing Workwear
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We develop and manufacture for our brand partners 40 BUSINESS MODEL AND ECONOMIC PROFILE The value chain of a technical garment Raw materials fibres, yarns Suppliers Textiles knitting, weaving, dyeing Suppliers (nominated) Co-development design, prototypes, tech pack Brands with Spectre Manufacturing cutting, sewing, lamination Spectre Branding and retail marketing, retail Brands SPECTRE Material cost passes through
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Long planning horizon and strong partnerships 41 GROWTH TOWARDS 2030 Typical timings for a new style; weeks relative to the purchase order. Steps are simplified or skipped for carry-over styles with long-standing brands. Illustrative. DEVELOPMENT AND SAMPLING BULK PRODUCTION IN STORES First tech pack from the brand Purchase order ~1 year before season Shipment to the brand about 1.5 years from tech pack to shipment September 2026, we are working on: Spring 2027 in production and shipping now Autumn 2027 orders placed, production starting Spring 2028 tech packs and first prototypes 0 1 2 3 4 5 First contact Audits and sampling rounds Expand styles and categories Joint business plan Typical onboarding and ramp-up of new customer: Planning horizon Year Revenue development
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Close to the brands Senior management and key account managers based in Western markets, next to the brands’ head offices; manufacturing in own factories in Vietnam. Four reasons brands choose Spectre MARKET AND COMPETITIVE POSITION 1 “A clear differentiator is that senior management is located in Europe, near us.” Brand customer 1 “Spectre’s product quality is second to none and a true differentiator.” Brand customer 2 Quality and technical capabilities Brands trust us with their most complex products, from Gore-Tex Pro shells to laminated softshells, delivered at consistently high quality.2 Co-development, not just sewing We engage before the bill of materials is set: design-to-cost, innovation workshops, 3D design and in-house lab testing.3 Front-runner in responsible business The only B Corp-certified manufacturer in our segment. Fair Trade, SA8000, LEED Gold factories and SBTi-validated climate targets.4
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Revenue has grown 22% a year since 2020/21 43 PERFORMANCE HISTORY 1: Production began move to own factories in Vietnam. Fiscal years ending 31 March. FY 2022/23 lifted by a temporary surge in customer demand after COVID-19, followed by industry- wide destocking in FY 2023/24. 22% Annual revenue growth 4x Revenue growth in ten years From DKK 217m in 2016¹ 15.7% EBITDA margin in FY25/26 354 531 856 662 755 945 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 EBITDA (DKKm) 42 14882 135 100 136 12.0% 15.7%15.4% 15.8% 15.1% 18.0% Revenue, DKKm EBITDA (%)
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Three foundations laid in the past year – ready for growth 44 PLATFORM READY FOR GROWTH New digital backbone New factory New long-term owner ▪ Hung Yen 2 opened July 2026 ▪ Annual capacity of 3m garments ▪ Most automated facility to date ▪ Built to LEED Gold standards ▪ Capacity for 3,000 employees ▪ D365FO, our new ERP system, went live in May 2026 ▪ On time and within budget ▪ One common system ▪ Replaces a legacy platform and +50 add-on tools ▪ Schouw & Co. acquired a majority stake in 2026 ▪ Backing by a long-term industrial owner ▪ Strong financial capacity for future investments incl. M&A ▪ Access to strategic expertise IT systems in place Capacity ready for 2030 Capital for growth
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Four factories in Vietnam, capacity for 9.5m garments 45 OPERATIONAL PLATFORM Garment capacity per year at full utilization. Employee numbers are approximate. Ninh Binh, An Giang, and Hung Yen 2 are owned and LEED Gold certified; Hung Yen 1 is leased. Ninh Binh North Vietnam · 2016 1.4m garments a year ~1,500 employees Hung Yen 1 North Vietnam · 2021 Expanded · 2026 2.4m garments a year ~2,400 employees An Giang South Vietnam · 2022 2.7m garments a year ~2,600 employees Hung Yen 2 North Vietnam · 2026 3.0m garments a year ~3,000 employees
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 2030 ambition: DKK 1.7-2.0bn revenue at 15-17% EBITDA 46 GROWTH TOWARDS 2030 2026 and 2030 are calendar years (fiscal year aligned with the calendar year going forward). EBITDA before PPA-related costs, on current accounting principles. Illustrative, not to scale. No guidance for 2027-2029. Revenue, DKKbn FY 2025/26 actual 2026 expectation 2030 ambition 1.7-2.0 ~1.0 0.9 EBITDA 15-17% EBITDA 15-17% Development towards 2030 Driving growth Grow with today’s brands through joint business plans, ramp newer partners and win selected new brands. Increasing competitiveness Investing in automation and higher sewing efficiency, with Hung Yen 2 as the blueprint factory; one ERP and digitalisation across the value chain Building team, culture and values Spectre Academy builds the next layer of leaders in Vietnam; our values as everyday behaviour for all 5,400 colleagues as we scale Leading on responsible business B Corp, Fair Trade and living wages as the standard; traceability style by style by 2030
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Three main sources of growth towards 2030 47 GROWTH TOWARDS 2030 Shares of the revenue uplift from FY 2025/26 to the 2030 ambition. Pipeline as of September 2026. ~60% Grow with long- standing partners ~25% Ramp up newer partners On top M&A opportunities ~15% Win selected new brands ▪ Joint business plans with our largest partners, forecasting style and units along with joint development initiatives looking several years ahead ▪ Share of wallet below 20% Our largest partners grow strongly to 2030. We can grow with them and balance share of wallet ▪ 8 brands won in recent years and are progressing in planned ramp-up ▪ Land and expand One complex style first, then more layers and seasons; 3-5 years to full ramp-up Organic first No acquisition needed; brands and capacity are in place Rationale New brands, second-country footprint, category capacity Why now Backed by Schouw & Co.'s balance sheet and M&A experience 100+ brands screened ~25 shortlisted for great fit ~10 in dialogue ▪ North America next First colleague hired 2026 Office planned 2027
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Responsible growth: We want to raise the bar 48 STRATEGY AND EXECUTION PLAN All certifications as of September 2026. Fair Trade premium is paid to workers on top of wages. Data from Spectre Responsible Business Report 25/26. 1: Electricity from renewable sources, incl. own-installed solar panels and certification purchases Fair Trade Premium payments funding direct support for Spectre employees and their families. People 93% Living wage Industry standard 30% 100% Permanent contracts, no agency labour Fair Trade All factories certified to secure fair pay, safe work, and community benefits Environment 100% Renewable electricity in our Vietnam factories¹ LEED Gold All owned factories 42% Of production waste recycled – 186 tonnes of fabric reused Lead the change B Corp Certified since 2023 Traceability Making products, impacts, and data more visible from source to finished garment by 2030 Brand goals Brands' scope 3 targets are met through close collaboration with suppliers like us
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA The risks we manage most closely 49 STRATEGY AND EXECUTION PLAN Risk Why it matters How we mitigate Customer concentration ~20 brand partners today • Deep integration with largest partner • Growth strategy to target additional brands • North America expansion Single production country 1 production country today • Global shipping minimises tariff risk • Spread across North and South Vietnam • Second production geography as a long-term target Scaling the organisation ~3,000 new colleagues towards 2030 • Training academy • DRIVE values • Governance and organisation scaling Quality and delivery under growth Never fail on performance to our brand partners • Scalable operating model • New ERP platform • Business process organisation >
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A strong position, and the platform to grow it 50 SUMMARY Market sizes are 2024 estimates of global production value; growth rates are 2024-29 CAGR. Source: market study by a global management consultancy, 2026. We operate in an attractive and growing niche … … with a business model built for it DKK ~60bn in premium outdoor apparel production, our home market ~6% annual growth vs. ~3% in fashion apparel Our sweet spot • Technical, specialised producers earn the highest margins in production • 50-70% of styles carry over • Brand approvals, certifications and co-development anchor relationships • Brand-nominated materials and cost pass-through limit raw-material price risk A preferred partner with long relations ~20 premium outdoor brands Full-service development From tech pack to shipped garment Own modern factories in Vietnam Capacity to deliver the 2030 ambition Front-runner on responsible business – B Corp, Fair Trade, LEED Gold, SBTi 22% CAGR since 2020/21 Visible, resilient growth and strong outlook Value chain Raw materials Textiles Development and production SPECTRE Design, branding and sales
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51 51 Q&A 51
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52 52 52
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong value creation ahead of us 53 INTRODUCTION 1 2 Balanced customer portfolio well-positioned to capture market share across attractive segments and geographies 3 Prepared to take part in the market consolidation supported by the continued outsourcing trend GPV is Europe’s second-largest EMS company, providing design, manufacturing, assembly and testing services across electronics, mechanics, cable harness and mechatronics. Strong foundation in place after successful integration of CCS and Enics, being a leading player globally within industrial EMS BO LYBÆK President & CEO since 2008
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA GPV at a glance 54 INTRODUCTION Services Key figures Segments Size Sites REVENUE 2025 8.7 DKK billion NUMBER OF EMPLOYEES 7,500 worldwide Mexico USA (partnership) Denmark Estonia Finland Germany Slovakia Sweden Switzerland China Sri Lanka Thailand TEST DEVELOPMENT CABLE- HARNESS ELECTRONICS MECHANICS PRODUCT & APPLICATION DESIGN AFTER-SALES SERVICES 30% of products less than 24 months old 63% 37% 62 countries served 39 million products delivered Gender split in management positions #2 the number two EMS player with European HQ We enable our customers to accomplish more across the high-mix EMS value chain with production of Industrial box-build and Mission Critical Electronics
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA How we performed against our CMD ambitions 55 TRACK RECORD * GHG footprint covers our emission intensity score for scope 1 and 2 with 2020 as the baseline. ** LTI-Rate measured per one million working hours. LTI-Rate stands at 0.5 as per H1 2026. • Demand reductions and stop for new business at four global key accounts affected reported growth (Enics performance before merger) • New business wins above underlying market growth • Wins concentrated in GPV’s customer sweet spot Ambition What shaped the outcome Status • Enics integration completed in line with the merger plan • Footprint streamlined to match customer needs • Efficiency improved through competence leads and best practice sharing • New organisation created and OneERP journey initiated and progressing Standardise the business platform Optimise the operational footprint Drive operational excellence Develop global key accounts Grow with attractive customers – across selected segments and geographies • ESG fully embedded in the way we do business • Topline in line with ambition, excluding expected inorganic growth • Site underperformance temporarily diluted earnings uplift • ROIC not yet at ambition level • Targeted improvement actions implemented Revenue (DKK) 8.9bn → 8.6-9.1bn EBITDA% towards 10% → 8.2-8.3% ROIC excl. goodwill 15% → ~12% Target 2026 est. GHG footprint* -50% → ~-70% LTI-Rate <1.0 → <0.5** Market Internal ESG Financial
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 668 2016A 2017A 2018A 2019A 2020A 2021A 2022A 1,400 2023A 2024A 2025A 2026 Expectations 1,148 1,218 2,856 2,887 3,191 5,923 10,450 8,931 8,702 8,600-9,100 Years of focused execution are paying off 56 FINANCIALS * The financial year 2016 covers a nine-month period (1 April – 31 December 2016). ** Purchase Price Variance with revenue impact from changes in material purchase prices passed on to customers. *** Balance sheet of CCS fully included in ’18A, but no P&L included, hence, lower ROIC. Balance sheet of Enics fully included in ’22A, but P&L only included for Q4, hence, lower ROIC. EBITDA % 10.3% 9.2% 9.4% 6.9% 9.4% 10.7% 7.9% 7.1% 7.0% 7.4% ROIC excl. goodwill 15.7%* 15.3% 9.8%*** 5.8% 10.4% 15.6% 11.7%*** 10.8% 8.1% 9.0% EBITDA Acquisition of CCS included full year ‘19A Merger with Enics (included Q4 ‘22A) High impact from extraordinary material costs passed on** and past due delivered Flat sales development driven by few customer-specific cases 8.2-8.3% ~12% Key financial development, 2016A-2026E, in DKKm CCS integration period Enics integration period Revenue 69 106 114 196 270 342 465 743 625 641 710-750 Schouw & Co. acquires GPV (9 months financials) Acquisition of BHE
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Stronger footprint with higher efficiency 57 FOOTPRINT * Number of SMT-mounted components. GPV today is based on August 2026 LTM figures 19 sites strategically consolidated to 14 stronger sites with more efficient equipment and larger combined capacity Stronger and more efficient footprint Capacity expanded in Thailand and Sri Lanka to accommodate current and future demand. Asia + China expanded and refined A new Slovakian best-cost site enables consolidation as well as capacity expansion. Europe consolidated Mexico expanded, and a US partnership adds proximity to accommodate USMCA and US domestic regulations. Americas strengthened Partnership site Production sites Headquarters Divested or closed production sites Expanded site 44 SMT lines ~7,500 FTEs GPV in 2022 GPV today 19 sites 54 SMT lines ~8,000 FTEs 14 sites 4.8bn mounted components* 4.6bn mounted components*
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong platform for profitable growth 58 PLATFORM TODAY Stronger footprint An optimised footprint and good balance of proximity and best-cost sites Supply chain robustness Greater resilience across sourcing and delivery with a dedicated taskforce Balanced customer base A more balanced customer portfolio, strong pipeline, and good new wins Stronger organisation Future ready, customer centricity, governance, and standardised processes OneGPV One operating model across the combined business Greater flexibility Better able to deploy capacity and capabilities where demand requires them Growth headroom Future growth can be supported within the existing production footprint Proven integration model Ability to act as an integrator and to leverage market position How this positions GPV moving forward
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 33 40 23 28 17 2518 2238 45 33 40 23 28 17 2518 2238 45 2025 2029 CCC* (4.5%) Automotive (4.7%) Aerospace & Defence (9.5%) Medical (5.1%) Industrial (5.3%) 129 160 Ongoing trends reinforce attractive opportunities 59 WHERE TO PLAY * CCC includes Consumer, Computer, and Communication. ** Market growth (CAGR) based on Industrial and Medical Sources: Reed, The West European Electronic Manufacturing Services Report, June 2026 West European market growth by segment in DKKbn Strategic and attractive segment focus Data Centres CleanTech Defence Semiconductor Equipment ~5% Annual market growth** Deliberately not pursued CAGR ’25-’29 Market developments and trends reinforce GPV’s strategic direction OEMs focus on core capabilities Complexity favours scaled EMS partners Outsourcing Resilience reshapes global footprints Proximity and specialisation remain important in Europe Nearshoring gains momentum in the Americas Scale remains decisive in Asia + China Regional Outsourcing and regional market trends
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Clear map of ‘where to play’ 60 WHERE TO PLAY Customers Segments Geographies Grow with customers that match GPV’s sweet spot Focus on segments with structural growth Follow customers where they grow Strengthen core markets Grow with customers across established markets Scale regional markets Leverage existing capacity to support customer expansion Expand selectively Expand markets when anchored by customer demand Growth segments Defence Data Centre Semiconductor Equipment and Process CleanTech Increase share of wallet Continue to grow existing high-potential key accounts Increase share of wallet with selected global customers, with a disciplined focus on profitable growth Win new sweet spot customers Focus on gaining new sweet spot customers and hidden champions Strongholds Being well-positioned for mission-critical electronics for the industrial segments we are already servicing – thereby capturing lion’s share Drivers of customer preference Execution excellence Consistent execution driving customer satisfaction Easy to do business with Responsive, approachable, pragmatic, collaborative Global footprint Capacity where customers need it OneGPV operating model Consistent and streamlined processes and governance Flexible outsourcing Quick and adaptable to customer needs
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Well-balanced customer base and healthy pipeline 61 WHERE TO PLAY * In-progress pipeline index compared to Target ~60% <20% <7% ~350 customers ~13% Other Top #6-10 Top #2-5 Customer #1 Attract Quote Negotiate Lead qualification Ramp up Fairly long time to full ramp-up (18-24 months) further challenged by current supply chain challenges Healthy sales mix across segments and customer types in the customer portfolio ~350 customers Top 10 ~40% Strong list of blue-chip customers Pipeline value: 107% of target +1,500 cases active 100 must-win cases Customer portfolio Pipeline
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Existing capacity can turn organic growth into uplift 62 ORGANIC AND PROFITABLE GROWTH * Revenue and EBITDA growth based on expectation mid-point Revenue EBITDA Recent wins and strong potential within our existing customer base have provided a more balanced customer portfolio, with new business growing above the industrial EMS market. For now, this is offset by lower demand from a few large global accounts due to various strategic reasons, resulting in flat revenue development. Drivers of recent and future margin expansion: ✓ Footprint optimisation ✓ Increasing productivity ✓ Higher capacity utilisation ✓ OneERP roll-out ✓ Supply chain improvements ✓ Continue refining sales mix 2024 2025 2026 Expectations* Growth from M&A > Market growth 2030 8,931 8,702 8,600-9,100 ~15,000 ~0% p.a. 625 641 7.0% 2024 7.4% 2025 8.2%-8.3% 2026 Expectations* ~10% 2030 710-750 +17% Revenue, DKKm EBITDA, DKKm EBITDA margin, %
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Prudent capital management remains a priority 63 ORGANIC AND PROFITABLE GROWTH * Inventory to revenue, CAPEX to revenue, and ROIC growth based on expectation mid-point Inventory CAPEX ROIC Continuous strong focus on managing inventory through supply chain cycles. Historically strong cash flow generation due to prudent inventory management. ROIC has for the last period been below expectations, but revenue growth, margin expansion combined with disciplined NWC and CAPEX management will bring us to or above our target. Historically CAPEX mainly reflects site expansions. Long-term CAPEX expected at ~1.6% of revenue, with existing capacity supporting future growth. Expansion 1.7% 2024 0.7% 2025 1.5% 2026 Expectations ~1.6% 2030 148 58 120-150 30.8% 2024 26.4% 2025 29.9% 2026 Expectations ~25% 2030 2,755 2,300 2,600-2,700 -4% 2024 2025 2026 Expectations 2030 8.1% 9.0% ~12% >15% +4pp Inventory, DKKm Inventory to revenue, % CAPEX, DKKm CAPEX to revenue, % ROIC exclusive goodwill, %
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Selective bolt-ons will complement organic growth 64 M&A << Expand market position Gain access to attractive customers in key growth segments Strengthen core position Add best-cost options and critical mass for proximity sites Meaningful uplift Meaningful nominal uplift in revenue and EBITDA from M&A activities Build on existing segments Add presence and competencies in growth segments M&A and customer-site takeovers can complement organic growth and strengthen GPV’s strategic position in selected areas Strategic fit Tangible impact Financially prudent Rationale Geography Size & Performance Segments Our value creation filters
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We are ready to take the next leap 65 KEY TAKEAWAYS Strong foundation in place Optimised footprint and well-invested sites OneGPV – One operating model New OneERP platform in progress to further strengthen operational setup Capacity available – higher utilisation drives further margin uplift Well-positioned for growth Balanced customer portfolio Well-positioned for growth with existing customers Good traction in winning new business and recovering demand from global key accounts Sales growth to come from existing and new customers Future ready Prepared to take part in the future market consolidation M&A will take us further by strengthening the core and expanding our market Strong value creation ahead of us
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66 66 Q&A 66
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A stronger platform opens the next growth chapter INVESTMENT PROPOSITION AND SPEAKER INTRODUCTION Morten Kjær Group CEO, HydraSpecma Embedded customer positions Co-development, validated assemblies and local engineering create high switching costs. Selected growth areas Marine, defence, data centres and OEM programmes offer demand growth and share-of-wallet opportunities. A scalable operating platform Tianjin and Stargard capacity, procurement scale, automation and commercial excellence support profitable growth. > 68
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA HydraSpecma at a glance 69 1,700 skilled employees DKK 3.2bn revenue in 2025 11 countries worldwide +100 years experience
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Revenue has grown 10% YoY since 2020 70 PERFORMANCE HISTORY Specma acquired in 2016 10% Annual revenue growth 5x Revenue growth in 10 years From DKK 480m in 2016¹ DKK 430-460m EBITDA expectations FY26 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 E2026 3,400-3,600 1,977 2,315 2,536 2,971 3,031 3,190 +10% p.a. EBITDA (DKKm) 389286 306 324 338 12.4% 12.1% 10.9% 11.2% 12.2% Revenue, DKKm EBITDA (%) 430-460 ~12.7% 211 10.7%
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Engineering integration makes us difficult to replace BUSINESS MODEL AND ECONOMIC PROFILE Co-engineering Hydraulic, cooling and fluid solutions close to OEM R&D 1 Source & assemble Brand-neutral components, global procurement and local production 2 Validate & industrialise Tested assemblies, quality control and programme ramp-up 3 4 Deliver & support Day-to-day supply, aftermarket, service and lifecycle support Competitive advantages Engineering breadth Hydraulics, cooling, electrification and software in one solution. Global-local footprint Local engineering backed by global supply and Tianjin/Stargard capacity. Quality & responsibility EcoVadis 81/100. Validated assemblies and lifecycle support. Early engineering access and validated solutions support long-term customer relationships. Customer value 71
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Execution focus Deliver on growing order book Drive digital transformation Convert data centre opportunities Optimise our Nordic set-up DKK 1,057m H1 2026 19% up versus LY Components Systems Improve customer value creation by accelerating digitalisation ACCELERATE SIMPLIFY SCALE 72
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Divisions, growth opportunities and economics 73 MARKET STRUCTURE AND COMPETITIVE POSITION DIVISION STRUCTURAL DEMAND CYCLICAL / EXECUTION FACTORS ECONOMIC PROFILE Commercial focus Customer programmes, installed base and addressable accounts define the growth opportunities. Renewables Wind installed base, offshore platforms, data centre cooling Platform timing, wind activity, customer concentration Platform share and aftermarket sales Global production supports scale Nordic IAM & OEM Electrification, software, service and industrial automation Nordic industrial cycle and fragmented local demand Local engineering and lifecycle service Resilient aftermarket Global OEM Defence, marine, construction equipment and commercial vehicles Programme postponements, trade conditions, OEM cycles New customers and share of wallet Diversified end markets
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong track record of proven partnerships 74 Renewables Nordic IAM & OEM Global OEM
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 2030 ambition requires growth 75 GROWTH TOWARDS 2030 > Grow OEM business Emerging segments Optimise footprint to unlock efficiency gains Share-of-wallet gains, programme wins, pricing and mix. New applications in Data Centre cooling, Defence, Marine and electrification. Asia-Pacific capacity, European localisation and Nordic reach and optimisation Evidence today Renewables share gains Global OEM growth Evidence today Data Centre offering Defence and Marine demand Evidence today Tianjin operational Stargard transfer complete 2026E 3.5bn DKK revenue midpoint 2030 ambition >5bn DKK revenue >>>
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA The ambition has been stress-tested against our risk map 76 STRATEGY AND EXECUTION PLAN 1: The circle shows the different levels of risk magnitude. The inner circle hence represents the risks with the highest risk magnitude. Strategic Operational Commercial Financial Low Low Low High¹ 1 Key risks 2026 1. Competition from China in EU 2. Liabilities & warranty claims 3. Geopolitical turmoil 4. OEMs localising in Asia 5. US tariffs 6. Compliance & regulatory pressure 7. Cyber attacks 8. Wind industry business climate 9. Technology shifts 10. Market consolidation 1 4 3 2 6 5 7 10 9 8 ↑ 2 3 5 2025 4 ↑ 6 7 NEW ↑ 2025 ↑ 8 2025 ↑ 9 10 Low
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Five acquisition principles M&A supports responsible and profitable growth STRATEGY AND EXECUTION PLAN Margin enhancement Culture and compatibility Active integration Growth and synergies Strategic fit 1 2 3 4 5 Healthy margins and full value creation preferred Integrate acquisitions into our Group processes and policies Core or related businesses in current or priority future markets Larger companies that add scale and deliver clear synergies Shared values and a strong operational fit with HydraSpecma 77
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Disciplined growth underpins our 2030 ambition 78 KEY TAKEAWAYS A stronger platform Renewables and Global OEM growth, expanded capacity and 19.0% ROIC excluding goodwill as of 30 June 2026 underpin the plan. Three growth initiatives Core OEM growth, new market expansion and geographic expansion must deliver >DKK 1.5bn of incremental revenue by 2030. Cash discipline Focus on cash conversion through disciplined inventory management, timely receivables collection and controlled working capital.
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79 79 Q&A 79
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80 80 Final remarks 80
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Expand 2030 A solid platform and an attractive journey ahead 81 WRAPPING UP Strong resilience Recent geopolitical turmoil has proven strong resilience and pricing power in the portfolio IPO of BioMar Historical cash flow generation and the IPO proceeds provide capacity for new investments Relevant businesses Demand driven by megatrends and products being used every day around the globe The conglomerate model is reconfirmed, and BioMar IPO is a “textbook” example of active ownership and transformation We buy to hold, but portfolio composition is a key element in the business model Solid organic outlook and strong balance sheet to support acquisitive expansions across the portfolio
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SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. 2030 ambitions 82Notes: 1) ROIC including goodwill. 2) Scope 1+2 GHG emissions. 3) 2030 EBITDA updated to include Spectre contribution EXPAND 2030 Expand 2030 Organic development 2030 EBITDA3 of DKK 4.5bn Average revenue growth of 5-7% p.a. Compared to 2025 baseline (revenue) Portfolio composition 1-2 new platform investments 1-2 structural changes Compared to 2025 baseline Capital structure Stable/increasing dividends per share NIBD/EBITDA 1.0-2.5x Ambition for every year in period Return and cash generation Strong free cash flow generation ROIC1 of 15% in 2030 Over the strategy period ESG and responsibility LTI frequency rate below 3 35% reduction of GHG emissions2 Compared to 2020 baseline
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83 83 Q&A 83
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Thank you