A positive outlook in all our companies. Revenue is now expected to be DKK 34.8 billion-DKK 37.1 billion. EBITDA raised in a spread of DKK 3.15 billion-DKK 3.35 billion. Looking into each of our portfolio companies, I will start with BioMar. BioMar came out, as I said, with their Q2 report two days ago, so of course, a lot of information has been given there, but let me just elaborate a little bit on BioMar anyhow. They had a record high Q2 feed volumes. Total volumes increased 3% to 395,000 tons, mainly growing in Ecuador and Australia. Their revenue increased 5% to DKK 4.2 billion in the quarter based on higher volumes and also effect from raw material prices. Seeing a very solid development in the feed for shrimps, as I alluded to earlier on, as in Ecuador. EBITDA increased 2% to DKK 357 million. The feed segments delivered, however, 9% EBITDA growth.
Profitability was hampered by IPO cost and also a transition of our tech solutions into a new business model in the market. We still see a very strong underlying momentum. We have secured new contracts in Norway. There is a strong and continued focus on formulation optimization and use of alternative raw materials to offset the effect from El Niño. There is also positive expectations for volumes in the second half, and that means also that BioMar already two days ago raised their guidance, now expecting revenue between DKK 7 billion-DKK 18 billion, and then EBITDA in the spread of DKK 1.62 billion-DKK 1.72 billion, also increased by DKK 100 million. From that on, moving on to GPV, our second largest company in our portfolio. They have seen increased demand and also profitability. Revenue stable at DKK 2.2 billion. However, activity level developed an uplift 5% compared to Q1 2026. EBITDA increased 20% to DKK 187 million.
Here we also experienced continued productivity improvements. We see really positive impact now from all the footprint optimizations that GPV has been doing over the years. EBITDA margin increased to 8.3%, trailing towards our 10% target, so a good momentum. There is also a very strong visibility on future activities. We have a very high order intake and a strong book-to-bill. In fact, got very big orders from new customers coming in. Our commercial pipeline is really supported by these new customers, but also bought by higher activities from existing customers in the GPV portfolio. There is still a concern on the supply chain, especially on selected components as memory chips and semiconductors, difficult supply situation on that. GPV has many years’ experience in handling such a situation, but we could expect that our inventory may increase selective to secure customer deliveries. Also GPV make a small uplift on their guidance.
Revenue narrowed DKK 8.6 billion-DKK 9 billion expected now, and EBITDA spend also narrowed. We are lifting the bottom of the previous guidance, so expecting now EBITDA of DKK 710 million-DKK 750 million. From GPV moving on to HydraSpecma, where we really see a strong growth across all key divisions. HydraSpecma really continues the very solid development they have been delivering over the last years. Revenue increased 12% to DKK 925 million, and especially this increase is coming from the renewables and global OEM segments. EBITDA, however, increased 30% to DKK 125 million, really reflecting strong operational leverage from higher activity, but also effect from ongoing supply chain optimizations and automatization throughout the company. We see also continued production footprint improvements here. We have moved products around the different factories within the group. HydraSpecma continues to invest for further growth.
They just opened a new facility in China, in Shenzhen, 20,000 sq m new factory we really expect to benefit a lot from in future. Also made a small acquisition in Norway to strengthen the position, company called Hyco. Small company, but still just also underlining that we are looking a lot to expand our Nordic base. There is a very strong commercial momentum in HydraSpecma, and we see a very solid order intake in renewables and global OEM also here. We experience growth opportunities within new segments. We are in marine, but defense and construction of data centers really knocking on the door and want to do business together with HydraSpecma. Guidance also here raised their revenue now expected to be between DKK 3.4 billion -DKK 3.6 billion, and EBITDA in the span or the level of DKK 430 million -DKK 460 million. Moving on to BORG Automotive.
BORG Automotive has, over the last year, had a difficult period, but now we see profitability improvement even in a soft market. However, revenue decreased as expected, 5% to DKK 461 million, and it was mainly within the Reman segment that demand remained soft and the competition continued to be both intense and fierce. However, EBITDA increased to DKK 38 million for the quarter, and here we really now see strong benefits from what we call Refine for Future program, and it is a strong action plan or game plan that BORG Automotive initiated a year ago. We have seen very solid execution on very difficult projects. Productivity improvements and cost optimizations throughout BORG Automotive is really materializing now. The other segment, we name New Man segment as a new products imported into Europe now, coming out with a positive EBITDA, very positive.
We have done a lot on pricing and cost initiatives that supports that turnaround. The transformation within BORG Automotive is progressing, and as I mentioned earlier, we are really seeing very solid execution throughout the company and the organization. Production has been relocated. It is completed. We closed down the entire U.K. facility. We have implemented a new commercial organization and a new go-to-market strategy. Working capital reduced by 26%, which is very positive. Guidance also here upgraded. However, revenue maintained in the spread of DKK 1.6 billion -DKK 1.9 billion, but EBITDA now raised to be between DKK 90 million and DKK 110 million. Moving on to Fibertex Personal Care. We really see a company with resilient performance in very volatile markets.
Personal Care, Fibertex Personal Care really depend on one raw material, polypropylene, oil-based, a lot of that supplied out of the Middle East, so that has been a tough period, but they have been able to pass on raw material prices to the sales price. EBITDA in this difficult period increased 23% to DKK 59 million. Here we saw strong performance in our Malaysian setup and also continued positive momentum in our print division. I think it is also positive that Fibertex Personal Care improved their ability to manage volatility. They have implemented a faster and more frequent customer price adjustment model. They have a very strong focus on PP or polypropylene sourcing and availability, looking into new alternatives, and as usual, always continue focus on margin protection. The commercial development continues, trying to offset the challenging overcapacity and market conditions in Asia by being innovative.
Now introduced a new elasticated product line, which shows good interest in the market. Guidance also raised here, revenue now DKK 1.7 billion -DKK 1.9 billion, and EBITDA expected to be DKK 160 million -DKK 180 million. Moving on to the last company, not the least, but the last company in our portfolio, Fibertex Nonwovens. Here we saw a very positive, solid momentum with growth and profitability uplift. Finally, we are really harvesting on all the investments we have made over the years. Revenue here increased 20% to DKK 700 million. Sales volume increased 12% in difficult market conditions. EBITDA increased 47% to DKK 84 million, and here we really saw continued improvement in the U.S. business, which had been struggling over some years but now really starts to deliver as expected. We saw positive contribution across all major sites and segments. There is also a very broad-based commercial momentum within Fibertex Nonwovens.
We see good growth in the U.S. wipes and hygiene segment. We are recovering in Europe on the automotive and construction segments, and we experience strong demand for our lightweight and specialized products. And here we really see that theme has a benefit in the market because we are solid and strong in producing these specialized products. We are also looking into capacity supporting future growth. We have had a new line in the Czech Republic on the way for quite a long time, and it is now finalizing the installation. Startup expected ultimately this year. Guidance also with the Fibertex Nonwovens raised revenue in the spread of DKK 2.5 billion -DKK 2.7 billion for the year, and EBITDA now expected to be between DKK 230 million and DKK 260 million. Just concluding on Schouw & Co. company's outlook for 2026. As mentioned, overall guidance for the group, revenue raised to DKK 34.8 billion - DKK 37.1 billion.
EBITDA now expected to be DKK 3.15 billion - DKK 3.35 billion. It is a development and expectations that we are very positive on. Guidance uplift supported by very strong market positions, also a solid order book in nearly all companies, and the continued operational efficiency across our portfolio of companies expected. We will also, as I mentioned, we have acquired a new company, Spectre. It is expected to be closed in ultimo Q3, start Q4. Spectre is expected to add DKK 300 million -DKK 400 million of revenue in 2026, but no material EBITDA contribution after acquisition-related effects. So with that uplift in mind, then I will open up for questions.
Wei from SEB.
Wei from SEB, welcome.
Thank you for taking my question. A couple of questions from my side, and I do one at a time. Firstly, on the GPV, can you break down the strong momentum here? How much of it driven by volume, and how much is driven by the pricing?
Yes. Thank you very much. Not so much is driven by volume. We were 5% up compared to Q1, but in general, a little bit flat. Pricing, of course, a little bit, but mainly, I would say 80% driven by efficiency, by our footprint decisions made. It is really an uplift on operational efficiency and better utilization of capacity and factories and so on. As you know also, Wei, we have been investing over the years, and we really see strong benefit from that now.
Okay. The large order you mentioned from a customer, in which sector it is, if you can indicate?
Yeah, I can indicate. It is for the data center segment, and we have really been working hard on getting our feet into that segment, and something we really have strong focus on throughout the entire group. But that was the first really strong order we got, and we expect to see more from that side. Yeah.
Okay. That sounds great. The second question here, on the Spectre acquisition.
Yeah.
You only bought a part of it, a large part of it.
Yes.
Why not 100% take over?
A super good question. Well, because the previous owners, they have a strong belief in the development of the company, and they would like to stay in for some years more to take part in that. That is why we got the opportunity to buy 75%, then we did it because, of course, we had an opportunity to buy them out after some years. But I think it is very positive that they stay in, because they believe strongly in the business case and the model. So that is why.
Okay. Is it possible to indicate then, is current trading, we have seen a lot of market volatility and consumer sentiment change amid the current market economics.
I think to be fair, we have not closed the business yet, so we will come back on that a little bit later. But I can say that, as you also saw when we made the announcement, expect a DKK 1 billion turnover and EBITDA between 15%-17%. I still think good momentum in that business, because they are supplying high branded global companies that have good momentum. But we will come back on that a little bit later, Wei.
Okay. But it is also up against some of the giant international peers. If you are looking into the end market, we have seen the Chinese, very large sporty companies, they are buying Western brands. This kind of industry consolidation, is it opportunity or threat? How do you view it?
I really see it as an opportunity. You have to see also, and remember that we are a supplier. We don't design or have our own brands or so on. We are really working with the largest branded companies globally, and I really see that as an opportunity because we are super efficient and one of the best companies in really making very advanced, high-level outdoor garments. So I see it as a good opportunity to benefit on that.
Okay. Then, the next question here. One comes to the capital allocation. Now you have received a large amount of cash
Yeah
And you bought a part of this Spectre, and then also slightly increased share buyback.
Yeah
Going forward
Yeah
How do you balance the capital allocation? Is it more M&As, or should we expect an increased shareholder payouts, and how do you balance these two?
Yeah, I think it will be a combination, to be honest. We are looking into interesting opportunities also, especially on the bolt-on side. I think we really like to grow all our portfolio companies, as we are always saying, bigger and stronger companies within Schouw & Co. So we are looking to a lot of interesting bolt acquisition, but also timing and things like that. Then we also very, very prudent on pricing and things like that. So you will see a combination, and we have to work diligently on how to allocate our capital.
Okay. Then I ask last question, I will jump out of the queue.
Yeah.
When looking to Fibertex Personal Care, you have a margin improvement here.
Yeah.
But then the operating cash flow is actually quite negative here. Can you elaborate a bit?
Yeah. We don't have any huge investments coming, so we expect the cash flow to be strong as it always has been throughout 2026. So I think then we don't see any changes in that.
But if I understand correctly, it was driven by increased working capital, and what is the explanation?
It could be unavoidable. As you know, we don't have inventories and things for a very long time in Fibertex Personal Care, maybe only 20, 30 days. I can't say 100% what has been driving it, but we are not building inventory, we are not investing, so we will continue to deliver strong cash flow. I think it's a timing issue you are seeing there.
Okay. Thanks. I'll jump out of the queue.
Thanks. Thank you for the questions, [inaudible] We don't have any more questions on the line, so Wei, if you have more? Wei, if you have a question more, you're welcome. Otherwise, we. Yeah.
I'm good. Thanks.
Good. No, thank you very much for the question. Thank you for the interest. So, wish everyone a good Friday. Thank you for listening in.