Schouw & Co. raises full-year EBITDA guidance on strong third quarter performance
The companies of the Schouw & Co. Group have reported very good third quarter results with better-than-expected earnings. The companies of the Group have generally maintained high levels of business activity while benefitting from an improved supply situation.
Consolidated revenue for Q3 2023 amounted to DKK 10,515 million, for a 15% increase from DKK 9,168 million in Q3 2022. The increase derived especially from GPV following its combination with Enics in October 2022. Overall revenue for the year to date amounted to DKK 28,359 million, a year-on-year increase of 24%.
Reported EBITDA was up by 34% from DKK 677 million in Q3 2022 to DKK 909 million in Q3 2023. The strong improvement was mainly attributable to GPV and BioMar, but all of the other portfolio companies also contributed. EBITDA for the 9M 2023 period amounted to DKK 2,086 million, for a 30% year-on-year increase.
Since the release of the Q2 2023 interim report, shifts in prices of procured goods and changes in foreign exchange rates have dampened revenue. As a result of these developments, the Group is adjusting its FY 2023 revenue guidance to the DKK 36.5-37.8 billion range from previously DKK 36.6-38.3 billion. Based on the strong results for the third quarter, the consolidated full-year EBITDA is now expected to be in the DKK 2,625-2,795 million range compared to the previous range of DKK 2,480-2,730 million.
Schouw & Co.'s Q3 2023 interim report is scheduled for release on 14 November 2023.
Aktieselskabet Schouw & Co.
Jørgen Dencker Wisborg, Chairman of the Board of Directors
Jens Bjerg Sørensen, CEO, tel. +45 86 11 22 22
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