Schouw & Co A/s · OMXCOP:SCHO
Schouw & Co A/s — Investor Day (October 2026)
83 slides from Schouw & Co A/s's investor day presentation, Oct 8, 2026
Slide 1: Schouw & Co. 2026 Capital Markets Day: Expand 2030
INVESTOR PRESENTATION 8 October 2026 Schouw & Co. 2026 Capital Markets Day Expand 2030
Slide 2: Today's agenda and speakers
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Today’s agenda and speakers Schouw & Co. Spectre GPV HydraSpecma Schouw & Co. today Value proposition Capital allocation Performance update Financial targets Growth and profit Strategic direction 2030 roadmap 9:30-10:30 10:45-11:20 11:20-11.55 12:10-12:45 J
Slide 3: Focus of 2026 Capital Markets Day
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Focus of 2026 Capital Markets Day 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 transpare
Slide 4: Following up on the 2022 Capital Markets Day
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Following up on the 2022 Capital Markets Day 2022 CMD key takeaways Status on the priorities Purpose: enabling growth through transformation ✓ The IPO transforms both Schouw & Co. and BioMar A diversified, stable and non-cyclical business ✓ Solid developmen
Slide 5: Our platform
Our platform 5
Slide 6: This is Schouw & Co.
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA This is Schouw & Co. Revenue EBITDA Main We own businesses with 2026E 2026E shareholder attractive long-term potential DKK DKK Givesco 35.1-37.6bn 3,150-3,350m (family foundation) We improve and transform the businesses through active ownership We invest an
Slide 7: How we do business
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA How we do business Composing a diversified portfolio A Securing Ensuring financial strategic versatility E B capital allocation Operating D C Practising responsible active business ownership 7
Slide 8: Well-established governance model
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Well-established governance model Schouw & Co. Board of Directors Schouw & Co. management team Jens Bjerg Sørensen Jørgen Wisborg Kenneth Eskildsen CEO Chairman Deputy Chairman Responsible for the Schouw & Co. since 2001 overall strategic direction, Kasper
Slide 9: Tasks and responsibilities
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Tasks and responsibilities Active ownership at Schouw & Co. level Composing the portfolio Allocating capital Appointing management and board Strategic direction and M&A Group-wide treasury Reporting and compliance Schouw & Co. operates a very lean HQ with a
Slide 10: The ownership principles
The ownership principles 10
Slide 11: The Schouw & Co. ownership model
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA The Schouw & Co. ownership model Long-term ownership Designed for long-term value creation acquire develop ◦ transform ◦ grow Structural change Short Long Ownership duration We buy to hold Low High We invest with no predefined exit horizon Management autono
Slide 12: Long-term strategic execution
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Long-term strategic execution Long-term profitable Shareholder value Acquisitions and Responsible growth leverage development Revenue Total shareholder return Scope 1+2 emissions 3 8 14 17 -7% p.a. 5 11 1 7 13 15 18 +13% p.a. 9 +11% p.a. 2 4 6 10 12 16 Bolt
Slide 13: Transformative ownership of businesses
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Transformative ownership of 13 businesses Previous portfolio businesses Current portfolio businesses 36 years of average holding period 18 years of average holding period 1988- 2002- 2002- 1878-2006 1994-2013 1988-2016 2005- 2016- 2017- 1998-2003 1999-2013
Slide 14: Transformative ownership of BioMar
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Transformative ownership of BioMar Milestones in Schouw & Co.’s ownership Acquisition Building the Broaden Venturing IPO Next 2005/08 foundation the scope into tech solutions 2026 chapter Strong Latin America Expanding in salmon Entering shrimp Digitalisati
Slide 15: Active ownership in Borg Automotive
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Active ownership in Borg Automotive Borg acquired in 2017 Active ownership at work ▪ Circular economy business model New management launches “refine ▪ Stable European automotive aftermarket for future” transformation plan ▪ Increasing car parc and cars bein
Slide 16: Capital allocation
Capital allocation 16
Slide 17: Stronger platform after the IPO of BioMar
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Stronger platform after the IPO of BioMar Unlock long-term value for shareholders 1 Reduce portfolio concentration 2 Retain control while increasing transparency 3 Improve capital allocation position 4 Create a platform for Schouw & Co.’s next growth phase
Slide 18: Capital allocation
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Capital allocation Clear prioritisation 2021-2026Q2 spend DKK billion 1 Required investments to keep the businesses running 2.8 2 Expansion capex in the existing businesses 1.4 3 Bolt-on acquisitions to the existing businesses 2.1 4 Stable/increasing divide
Slide 19: Impact of the IPO on Schouw & Co.
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Impact of the IPO on Schouw & Co. Prior to the IPO After the IPO Consequences ▪ BioMar owned 100% and ▪ BioMar owned 74% and remains ▪ The IPO has no impact on consolidated into Schouw & Co. consolidated into Schouw & Co. consolidated revenue, operating fin
Slide 20: BioMar listing improves transparency
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA BioMar listing improves transparency BioMar market cap Other businesses Cash position in parent Schouw & Co. NAV DKK billion DKK billion DKK billion DKK billion 24 10.0 Simple multiple approach ~5.60 5.57 22 9.5 Other 6 businesses 20 EBITDA1 1,550 Cash in p
Slide 21: Expand 2030
Expand 2030 21
Slide 22: A portfolio of seven strong businesses
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A portfolio of seven strong businesses Quality feed Electronic Hydraulic Remanufactured Fabrics for Textiles for High-end for fish and Manufacturing components & automotive diapers and industrial outdoor shrimps Services solutions parts hygiene applications
Slide 23: BioMar
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA BioMar Volume growth and margin expansion while 1 building an innovation leader Independent listing means new 2 opportunities Schouw & Co. majority ownership a clear 3 priority 23
Slide 24: Borg Automotive
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Borg Automotive Solid turn-around execution in difficult 1 environment New market approach to secure new 2 momentum Driving scale and assessing industry 3 consolidation
Slide 25: Fibertex Personal Care
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Fibertex Personal Care Asia challenged with over capacity in the 1 industry Driving innovation to unlock growth and 2 margin options Industry consolidation required to secure 3 long-term success 25
Slide 26: Fibertex Nonwovens
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Fibertex Nonwovens Well-invested with significant capacity for 1 profitable growth Momentum in regaining required return and 2 cash flow Interesting niches, strong innovation and no 3 immediate investments 26
Slide 27: Profitability ambitions over the coming years
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Profitability ambitions over the coming years Guidance Medium-term ambitions – not outlook for a specific year1 . Own medium- EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA term guidance in the market ~10% 12-14% +10% +12% +13% 15-17% Key levers Commercial / Gro
Slide 28: Schouw & Co. 2030 ambitions
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. 2030 ambitions Expand 2030 Organic Portfolio Capital Return and cash ESG and development composition structure generation responsibility Average revenue 1-2 structural NIBD/EBITDA ROIC1 of 35% reduction of growth of 5-7% p.a. changes 1.0-2.5x 1
Slide 29: Bridging organic EBITDA of DKK +4.5bn
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Bridging organic EBITDA of DKK +4.5bn Expand 2030 bridge DKK million Key levers across businesses 2026 guidance 3,150-3,350 Volume growth and market share gains BioMar EBIT CAGR Operational leverage and scale efficiencies of 8-10% Other businesses Margin ex
Slide 30: Investment criteria
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Investment criteria Bolt-on acquisitions Platform acquisitions Part of the current strategy Strategy Sector Position Deal rationale Management B2B industry Leading Solid long- Management Attractive long-term segments (broadly defined) position term return w
Slide 31: Spectre
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Slide 32: Spectre
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Slide 33: Developer and manufacturer of functional garments
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We are developer and manufacturer of functional garments for the world’s leading outdoor and sports brands
Slide 34: Our garments
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Our garments Base layer - Mid layer - Weather protection and Gore-Tex with and without insulation - Pants
Slide 35: Why Spectre will create more value towards 2030
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Why Spectre will create more value towards 2030 A niche that grows twice as fast as fashion 1 Premium outdoor apparel production grows ~6% a year – and several of our partners are winners who are currently growing faster. Partnerships that last 2 Brands nee
Slide 36: Spectre at a glance
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Spectre at a glance 1947 5,400 4 5m Founded in Employees, Factories in Garments Denmark mainly in Vietnam Vietnam produced per year 1bn 15-17% ~20 B Corp DKK revenue EBITDA margin Brand partners Certified since 2026¹ 2026¹ 2023 1: Revenue and EBITDA margin
Slide 37: Premium outdoor is a structurally attractive market
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Premium outdoor is a structurally attractive market The premium functional apparel segment is growing structurally. It is a resilient niche driven by performance demand, sticky supplier relationships, and increasing technical complexity. Market facts Spectr
Slide 38: Our segments
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Our segments Outdoor and High-intensity Hunting and Workwear mountain sport fishing CORE SEGMENT NEW GROWTH SEGMENT GROWING NICHE LONGER-TERM OPTION Steady growth with brands that Trail running and performance Technical layering systems for One brand today;
Slide 39: We develop and manufacture for our brand partners
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We develop and manufacture for our brand partners The value chain of a technical garment SPECTRE Textiles Co-development Manufacturing Branding and Raw materials knitting, weaving, design, prototypes, cutting, sewing, retail fibres, yarns dyeing tech pack l
Slide 40: Long planning horizon and strong partnerships
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Long planning horizon and strong partnerships Planning horizon First tech pack Purchase order Shipment to from the brand ~1 year before season the brand DEVELOPMENT AND SAMPLING BULK PRODUCTION IN STORES about 1.5 years from tech pack to shipment September
Slide 41: Four reasons brands choose Spectre
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Four reasons brands choose Spectre 1 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. 2 Quality and technical capabilities Brands trust us w
Slide 42: Revenue has grown 22% a year since 2020/21
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Revenue has grown 22% a year since 2020/21 Revenue, DKKm 945 856 662 755 22% Annual revenue growth 531 354 4x Revenue growth in ten years From DKK 217m in 2016¹ FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26 EBITDA 15.7% 42 82 135 100 136 148 EBITDA
Slide 43: Three foundations laid in the past year
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Three foundations laid in the past year – ready for growth New digital backbone New factory New long-term owner ▪ D365FO, our new ERP system, ▪ Hung Yen 2 opened July 2026 ▪ Schouw & Co. acquired a majority went live in May 2026 stake in 2026 ▪ Annual capac
Slide 44: Four factories in Vietnam, capacity for 9.5m garments
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Four factories in Vietnam, capacity for 9.5m garments Ninh Binh Hung Yen 1 An Giang Hung Yen 2 North Vietnam · 2016 North Vietnam · 2021 South Vietnam · 2022 North Vietnam · 2026 Expanded · 2026 1.4m 2.4m 2.7m 3.0m garments a year garments a year garments a
Slide 45: 2030 ambition: DKK 1.7-2.0bn revenue at 15-17% EBITDA
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 2030 ambition: DKK 1.7-2.0bn revenue at 15-17% EBITDA Revenue, DKKbn Development towards 2030 1.7-2.0 EBITDA Driving growth 15-17% Grow with today’s brands through joint business plans, ramp newer partners and win selected new brands. Increasing competitive
Slide 46: Three main sources of growth towards 2030
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Three main sources of growth towards 2030 ~60% ~25% ~15% On top Grow with long- Ramp up newer Win selected new M&A opportunities standing partners partners brands ▪ Joint business plans ▪ 8 brands ▪ North America next Organic first with our largest partners
Slide 47: Responsible growth: We want to raise the bar
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Responsible growth: We want to raise the bar People Environment Lead the change 93% Living wage 100% B Corp Industry standard 30% Renewable electricity in Certified since 2023 our Vietnam factories¹ 100% Traceability Permanent contracts, LEED Gold Making pr
Slide 48: The risks we manage most closely
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA The risks we manage most closely Risk Why it matters How we mitigate • Deep integration with largest partner Customer concentration ~20 • Growth strategy to target additional brands brand partners today • North America expansion • Global shipping minimises
Slide 49: A strong position, and the platform to grow it
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A strong position, and the platform to grow it We operate in an attractive and growing niche … … with a business model built for it DKK ~60bn in premium outdoor ~6% annual growth vs. ~3% A preferred partner with long relations ~20 premium outdoor brands app
Slide 50: GPV
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Slide 52: Strong value creation ahead of us
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong value creation ahead of us BO LYBÆK President & CEO since 2008 GPV is Europe’s second-largest EMS company, providing design, manufacturing, assembly and testing services across electronics, mechanics, cable harness and mechatronics. 1 Strong foundati
Slide 53: GPV at a glance
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA GPV at a glance Services Size Key figures #2 AFTER-SALES ELECTRONICS SERVICES REVENUE 2025 NUMBER OF EMPLOYEES PRODUCT & CABLE- 8.7 DKK billion 7,500 worldwide the number two EMS player with European HQ APPLICATION HARNESS DESIGN Sites 39 million products 6
Slide 54: How we performed against our CMD ambitions
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA How we performed against our CMD ambitions Ambition What shaped the outcome Status Market • Demand reductions and stop for new business at four global key Develop global key accounts accounts affected reported growth (Enics performance before merger) Grow w
Slide 55: Years of focused execution are paying off
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Years of focused execution are paying off Key financial development, 2016A-2026E, in DKKm Revenue EBITDA Flat sales development driven by few customer-specific cases High impact from extraordinary 10,450 material costs passed on** and past due delivered 1,4
Slide 56: Stronger footprint with higher efficiency
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Stronger footprint with higher efficiency Americas Europe Asia + China Stronger and more strengthened consolidated expanded and refined efficient footprint Mexico expanded, and a US A new Slovakian best-cost Capacity expanded in Thailand 19 sites strategica
Slide 57: Strong platform for profitable growth
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong platform for profitable growth Stronger Balanced Stronger Supply chain OneGPV footprint customer base organisation robustness One operating model An optimised footprint and A more balanced customer Future ready, customer Greater resilience across acr
Slide 58: Ongoing trends reinforce attractive opportunities
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Ongoing trends reinforce attractive opportunities Market developments and trends reinforce GPV’s strategic direction Outsourcing and regional market trends West European market growth by segment in DKKbn 160 OEMs focus on core capabilities CAGR 129 45 Out
Slide 59: Clear map of 'where to play'
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Clear map of ‘where to play’ Customers Segments Geographies Grow with customers that match Focus on segments with Follow customers where they GPV’s sweet spot structural growth grow Increase share of wallet Growth segments Strengthen core markets Continue t
Slide 60: Well-balanced customer base and healthy pipeline
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Well-balanced customer base and healthy pipeline Customer portfolio Pipeline ~350 customers Customer #1 <7% Top #2-5 <20% Lead qualification Top #6-10 ~13% Healthy sales mix Attract Quote Negotiate Ramp up across segments and customer types in the customer
Slide 61: Existing capacity can turn organic growth into uplift
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Existing capacity can turn organic growth into uplift Revenue EBITDA Recent wins and strong potential within our existing customer Drivers of recent and future margin expansion: base have provided a more balanced customer portfolio, with new ✓ Footprint opt
Slide 62: Prudent capital management remains a priority
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Prudent capital management remains a priority Inventory CAPEX ROIC Continuous strong focus on managing Historically CAPEX mainly reflects site ROIC has for the last period been below inventory through supply chain cycles. expansions. Long-term CAPEX expecte
Slide 63: Selective bolt-ons will complement organic growth
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Selective bolt-ons will complement organic growth M&A and customer-site takeovers can complement organic growth and strengthen GPV’s strategic position in selected areas Geography Rationale Expand market position Strengthen core position Gain access to attr
Slide 64: We are ready to take the next leap
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA We are ready to take the next leap Strong foundation in Well-positioned for Future ready place growth Optimised footprint and well-invested sites Balanced customer portfolio Prepared to take part in the future market consolidation OneGPV – One operating mod
Slide 65: Q&A
Q&A 66
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Slide 67: A stronger platform opens the next growth chapter
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A stronger platform opens the next growth chapter 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 an
Slide 68: HydraSpecma at a glance
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA HydraSpecma at a glance 1,700 11 skilled employees countries worldwide DKK 3.2bn +100 years revenue in 2025 experience 69
Slide 69: Revenue has grown 10% YoY since 2020
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Revenue has grown 10% YoY since 2020 Revenue, DKKm 3,400-3,600 +10% p.a. 2,971 3,031 3,190 10% Annual revenue growth 2,536 2,315 1,977 5x Revenue growth in 10 years From DKK 480m in 2016¹ FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 E2026 DKK 430-460m EBITDA 2
Slide 70: Engineering integration makes us difficult to replace
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Engineering integration makes us difficult to replace 1 2 3 4 Co-engineering Source & assemble Validate & industrialise Deliver & support Hydraulic, cooling and fluid Brand-neutral components, Tested assemblies, quality Day-to-day supply, solutions close to
Slide 71: Execution focus
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Execution focus Deliver on growing order book Drive digital transformation DKK 1,057m H1 2026 19% up versus LY Improve customer value creation by accelerating digitalisation Convert data centre opportunities Optimise our Nordic set-up SIMPLIFY SCALE ACCELER
Slide 72: Divisions, growth opportunities and economics
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Divisions, growth opportunities and economics DIVISION STRUCTURAL DEMAND CYCLICAL / EXECUTION ECONOMIC PROFILE FACTORS Renewables Wind installed base, offshore Platform timing, wind activity, Platform share and aftermarket platforms, data centre cooling cus
Slide 73: Strong track record of proven partnerships
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Strong track record of proven partnerships Renewables Global OEM Nordic IAM & OEM 74
Slide 74: 2030 ambition requires growth
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA 2030 ambition requires growth Grow OEM Emerging Optimise footprint business segments to unlock efficiency gains 2026E 2030 ambition Share-of-wallet gains, New applications in Asia-Pacific capacity, programme wins, Data Centre cooling, European localisation
Slide 75: The ambition has been stress-tested against our risk map
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA The ambition has been stress-tested against our risk map Strategic Low Operational Key risks 2026 1 1. Competition from China in EU 10 2 2. Liabilities & warranty claims ↑ 7 2025 3 3. Geopolitical turmoil ↑ 4. 3 4 OEMs localising in Asia 5 1 ↑ 5. US tariffs
Slide 76: M&A supports responsible and profitable growth
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA M&A supports responsible and profitable growth Five acquisition principles 1 Margin enhancement Healthy margins and full value creation preferred 2 Strategic fit Core or related businesses in current or priority future markets 3 Growth and synergies Larger
Slide 77: Disciplined growth underpins our 2030 ambition
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Disciplined growth underpins our 2030 ambition Renewables and Global OEM growth, expanded capacity and 19.0% A stronger platform ROIC excluding goodwill as of 30 June 2026 underpin the plan. Core OEM growth, new market expansion and geographic expansion Thr
Slide 78: Q&A
Q&A 79
Slide 79: Final remarks
schouwsce Final remarks
Slide 80: A solid platform and an attractive journey ahead
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA A solid platform and an attractive journey ahead Relevant IPO of Strong Expand 2030 businesses BioMar resilience The conglomerate model is reconfirmed, and BioMar IPO is a “textbook” example of active ownership and transformation We buy to hold, but portfol
Slide 81: Schouw & Co. 2030 ambitions
SCHOUW & CO. | SPECTRE | GPV | HYDRASPECMA Schouw & Co. 2030 ambitions Expand 2030 Organic Portfolio Capital Return and cash ESG and development composition structure generation responsibility Average revenue 1-2 structural NIBD/EBITDA ROIC1 of 35% reduction of growth of 5-7% p.a. changes 1.0-2.5x 1
Slide 82: schouwsce
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Slide 83: Thank you
schouwsce Thank you o~ : ° . Bimayy —_ GPV “Hydra, BORG “bresona Fibertex SPECTRE