Schouw & Co. share buy-back programme, week 45 2025

On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in
Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co.
will acquire shares for up to DKK 120 million during the period 5 May to 31
December 2025.

The buy-back will be structured in accordance with Regulation (EU) No. 596/2014
of the European Parliament and of the Council of 16 April 2014 on market abuse
(MAR) and the Commission's delegated regulation (EU) 2016/1052 of 8 March 2016
("Safe Harbour" rules).

No. of Average
Trading day shares price Amount
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Accumulated until 31 October
2025 168,600 599.12 101,012,339
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Monday, 3 November 2025 1,300 595.23 773,799

Tuesday, 4 November 2025 1,300 584.77 760,201

Wednesday, 5 November 2025 1,400 581.67 814,338

Thursday, 6 November 2025 1,400 579.00 810,600

Friday, 7 November 2025 1,400 575.36 805,504
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In the period 3 November
2025 - 7 November 2025 6,800 583.01 3,964,442
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Accumulated until 7 November
2025 175,400 598.50 104,976,781
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Following the above transactions, Schouw & Co. holds a total of 2,217,393
treasury shares corresponding to 8.87% of the total share capital of
25,000,000 shares.

Aktieselskabet Schouw & Co.

Jørgen Dencker Wisborg, Chairman
Jens Bjerg Sørensen, President, telephone number +45 86 11 22 22