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invested capital Return on invested capital Return on invested capital Return on invested capital Return on invested capital Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 30003519 VELUX A/S Ådalsvej  99 2970 Hørsholm 1970-06-26 Hørsholm 45164000 www.velux.com  (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Dirch Passers Allé  36 Dirch Passers Allé  36 2000 Frederiksberg 2000 Frederiksberg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-03-18 Teodora Anda Grosu Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-03-05 2026-03-05 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of VELUX A/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. We recommend that the annual report be approved at the annual general meeting. Hørsholm Lars Johan Petersson CEO Anders Götzsche CFO & EVP Jørgen Falkebo Jensen Chair Mads Kann-Rasmussen Vice chair Nils Gunnar Henrik Lange Vice chair Karina Kjær Deacon Eva Birgitte Bisgaard Hans Jürgen Kalmbach Gloria Diana Glang Jimmy Bendorf Laursen Finn Westergaard Christiansen Kjeld Duborg To the shareholders of VELUX A/S We have audited the financial statements of VELUX A/S for the financial year 1 January - 31 December 2025,  which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the audit of the fi­nan­cial state­ments to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the con­soli­dated fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units as a basis for for­ming an opin­ion on the fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed. We re­main solely re­spon­sible for our audit opin­ion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Henrik Kronborg Iversen Louise Hänsch Olsen State Authorised Public Accountant mne24687 State Authorised Public Accountant mne48534 17929000000 18184000000 16372000000 -466000000 -93000000 -36000000 1000000 120000000 159000000 186000000 179000000 119000000 25000000 1103000000 528000000 560000000 617000000 569000000 637000000 435000000 524000000 618000000 689000000 618000000 639000000 691000000 11551000000 10916000000 9101000000 2141000000 2143000000 2013000000 38.5 35.1 18.5 19.6 22.1 -2.6 -0.5 -0.2 0.0 0.7 -11.5 -2.5 -1.0 0.1 6.1 1311 1299 1241 VELUX A/S is a 100% owned subsidiary of VKR Holding A/S and the main activity is to produce, market and sell roof windows and accessories hereto. The income statement for 2025 shows a profit of DKK 754 million against a profit of DKK 566 million last year, and the balance sheet at 31 December 2025 shows equity of DKK 4,836 million.   In the annual report for 2024, Management forecasted revenue and profit for 2025 slightly better than 2024. The financial year 2025 end in line with the expectations expressed in the annual report for 2024.Financial risksThe Company’s main risk concerns the ability of continuing as a leading supplier of roof windows for the markets where the Company is represented. The Company is also affected by the construction business cyclical conditions.   The Company’s currency risks are handled according to the currency policy approved by the Board of directors.   The Company does not have any significant risks regarding individual customers or collaborators beyond what is usual for the industry as well as common customer/supplier relationship. For information about the Company’s corporate social responsibility (CSR), pursuant to section 99a of the Danish Financial Statements Act, please refer to the consolidated financial statements of VKR Holding A/S, company reg. no. (CVR) 30 83 04 15, that includes a CSR report for the entire VKR Group. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. For information about the company’s policy for data ethics, cf. section 99d of the Danish Financial Statements Act, please refer to the consolidated financial statements of VKR Holding A/S. The consolidated financial statements 2025 for VKR Holding A/S, CVR no. 30 83 04 15, are published on the Company’s website. Management expects that 2026 will still be a challenging year for the building industry. However improvement in the economy is expected in 2026.   Management forecast that revenue and profit for 2026 will be slightly better than in 2025. 18247000000 18007000000 10676000000 10177000000 115000000 286000000 120000000 296000000 6429000000 6512000000 1147000000 1328000000 1478000000 1338000000 135000000 83000000 -466000000 -93000000 1181000000 1056000000 259000000 146000000 337000000 674000000 637000000 435000000 -117000000 -131000000 754000000 566000000 50000000 48000000 46000000 40000000 36000000 33000000 132000000 121000000 261000000 176000000 159000000 135000000 103000000 126000000 523000000 437000000 8181000000 7820000000 291000000 742000000 25000000 26000000 8497000000 8588000000 9152000000 9146000000 1306000000 1421000000 13000000 15000000 1319000000 1436000000 13000000 17000000 1310000000 907000000 548000000 571000000 173000000 193000000 2044000000 1688000000 37000000 19000000 3400000000 3143000000 12552000000 12289000000 110000000 110000000 1438000000 1067000000 67000000 63000000 2467000000 3077000000 754000000 0 4836000000 4317000000 9000000 41000000 300000000 270000000 309000000 311000000 0 194000000 0 194000000 312000000 348000000 6817000000 6876000000 278000000 243000000 7407000000 7467000000 7407000000 7661000000 12552000000 12289000000 110000000 493000000 0 1538000000 0 1056000000 0 -490000000 0 0 -122000000 0 0 0 -12000000 0 0 -592000000 592000000 87000000 -87000000 6000000 -6000000 0 18000000 -18000000 1500000000 110000000 1067000000 63000000 3077000000 0 0 -9000000 0 9000000 0 1181000000 0 -1181000000 754000000 0 232000000 0 0 0 -3000000 0 0 -566000000 566000000 43000000 -43000000 38000000 -38000000 0 1000000 -1000000 110000000 1438000000 67000000 2467000000 754000000 The annual report of VELUX A/S for 2025 is presented in accordance with the provisions of the Danish Financial Statements Act applying for class C (large) companies. The Company is included in the consolidated financial statements for VKR Holding A/S, Hørsholm, CVR no. 30 83 04 15. Pursuant to section 112 (1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Pursuant to section 86 (4) of the Danish Financial Statements Act, the Company presents no cash flow statement. The Company’s cash flows are included in the cash flow statement in the consolidated financial statements of VKR Holding A/S. Reporting currencyThe financial statements are presented in Danish kroner rounded to the nearest million. Due to this rounding, the sum of the individual items may differ from the totals. Acquired enterprises are recognised in the financial statements from the date of acquisition. Enterprises sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired enterprises. Discontinued operations are presented separately, see below.The date of acquisition is the date when the Company actually obtains control of the acquiree.Acquisitions of enterprises are accounted for by using the purchase method, if controlling influence is achieved upon acquisition. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired enterprise and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the acquisition date.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments regarding the acquisition of a foreign enterprise with a functional currency different from the presentation currency used in the financial statements are accounted for as assets and liabilities belonging to the foreign enterprise and are, on initial recognition, translated into the foreign enterprise's functional currency using the exchange rate at the transaction date.The consideration paid for an enterprise consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Transactions costs incurred as part of the acquisition are recognised in the income statement as incurred.If determination of the consideration transferred or measurement of the identifiable assets, liabilities or contingent liabilities is uncertain at the date of acquisition, initial recognition is made at provisional fair values. Adjustments to the provisional amounts (including change of goodwill) may be made retrospectively for up to 12 months following the date of acquisition and comparative figures are restated.Gains or losses from disposal of subsidiaries which result in loss of control are calculated as the difference between the fair value of the selling price less transaction costs and the carrying amount of net assets.If put options are issued as part of the consideration transferred regarding a business combination, the put options received by the non-controlling interests are considered redeemed at the acquisition date. The non-controlling interests is removed, and a liability is recognised at fair value at initial measurement. The fair value is calculated as the present value of the exercise price of the option. The subsequent measurement is carried at amortised cost with ongoing recognition of interest expenses in the income statement and revaluation of goodwill. Intra-group business combinationsThe book value method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, contributions of assets and share conversions, etc. in which companies controlled by the parent company are involved, provided that the combination is considered completed at the time of acquisition without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquiree are recognised directly in equity. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet.Fair value adjustments of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement along with changes in the fair value of the hedged asset or liability.Fair value adjustments of derivative financial instruments designated and qualifying as hedges of future assets or liabilities are recognised as separate items in the balance sheet and in the hedging reserve under equity. If the forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the forecast transaction results in income or expenses, amounts previously recognised in equity are transferred to the income statement in the period in which the hedged item affects the income statement.Fair value adjustments of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement on an ongoing basis. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and costs and the degree of completion of the contract can be measured reliably.Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the costs incurred is recognised only in so far as it is probable that such costs will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income and costs comprise items of a secondary nature relative to the Company's core activities, including gains and losses on the sale of fixed assets. Changes in inventories of finished goods and work in progress comprise reduction or increase of inventories due to cost of raw materials and consumables as well as employee costs, but does not include changes in inventories of raw materials or prepayments for goods. Cost of goods includes the cost of goods used in generating the year's revenue. Other external expenses comprise the year's expenses relating to the Company's core activities, including distribution costs and costs relating to sale, advertising, administration, premises, bad debts losses, operating leases, etc. Employee costs include wages and salaries and pension to the Company's employees, as well as other social security contributions, etc. Amortisation and depreciation is provided on a straight line basis over the expected useful life.The expected useful lives of the assets are as follows:Completed development projects 3-5 years Acquired patents 3-5 years Goodwill 5-15 years Land and buildings 30-40 yearsPlant and machinery 5-10 yearsOther fixtures and fittings, tools and equipment 3-5 yearsLeasehold improvements maximum the remaining rental period years For tangible assests, depreciation is calculated taking into account any residual value after useful life and impairment losses. The depreciation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement after full elimination of intra-group profit/loss according to the equity method. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Financial items include interest income and expenses, financing costs of finance leases, realised and unrealised gains and losses on securities, debt and transactions in foreign currencies, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company is jointly taxed with other group entities in the VKR Holding Group. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by VKR Holding A/S as the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is between 5 and 15 years. The amortisation period is based on the expected repayment period, and this is longest for strategic acquisitions with strong market positions and a long-term earnings profile.Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects.Development costs comprise costs, salaries and amortisation directly and indirectly attributable to the companies' development activities. Development projects that are clearly defined, identifiable and with evidenced future utilisation are recognised as intangible assets if there is sufficient assurance that future earnings will be generated.    Other development costs are recognised in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses. Development costs are amortised on a straight-line basis over the expected useful life. The amortisation period is usually 3-5 years.Other intangible assets are measured at cost less accumulated amortisation and impairment losses.Gains and losses on sale of intangible assets are recognised in the income statement as "Other operating income" or "Other operating expenses", respectively. Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses.The cost of self constructed assets includes the cost of direct materials and labour, etc. directly used in the production process and a portion of the relating production overheads.Gains and losses on sale or disposals of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Investments in subsidiaries are measured according to the equity method. The Company has chosen to consider the equity method a consolidation method.On initial recognition, investments in subsidiaries are measured at cost corresponding to the fair value of the purchase consideration excluding costs of acquisition. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies eliminated for unrealised intra-group profits/losses, as well as subsequent adjustments to the fair value of contingent purchase considerations.Identified increases in value and goodwill, if any, compared to the underlying company's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed.Dividend received is reduced from the carrying amount. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists.Impairment losses on goodwill are not reversed. Inventories are recognised at cost in accordance with the FIFO method. If the net realisable value is lower than cost, inventories are written down to this lower value. The cost price for finished goods and raw materials and consumables comprises the purchase price plus delivery costs. The cost price for manufactured goods and work in progress comprises direct and indirect production overheads.Indirect production overheads include the indirect cost of material and labour as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the sales price. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows. Prepayments relate to goods and services not yet received and expenses incurred for goods and services, which will not to be used until the subsequent financial year. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value.Given the nature of the VKR Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from affiliated companies". Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and participating interests compared to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised as a negative amount.Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved when the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.Proposed dividendsDividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Other provisions comprise anticipated costs related to warranties, losses on work in progress, restructurings, pension obligations, etc.Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future.Warranty commitments include expenses for remedial action in respect of the contract work within the warranty period. Provisions for warranty commitments are measured at net realisable value and recognised based on past experience. Provisions that are expected to mature more than one year after the balance sheet date are discounted at average bond yields.Restructuring provisions comprise severance pay to employees, losses incurred due to the termination of contracts, etc. following Management's decision to restructure the Company. Restructuring provisions are recognised when it has been decided to restructure the Company and the restructuring process has been initiated. Current joint taxaxation contribution payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured by the balance sheet liability method of all temporary differences between the accounting and taxable value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation. That will be either by elimination in tax on future earnings or against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of tax rules and at rates in the respective countries at the balance sheet date when the deferred tax is expected to become current tax. Changes in deferred tax due to changes in tax rates are recognised in the income statement except for items recognised directly in equity. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received relating to income in subsequent financial years. The financial ratios stated under "Financial highlights" have been calculated as follows:Equity ratio Equity, year-end x 100Total equity and liabilities, year-endEBIT-Margin EBIT x 100RevenueReturn on invested capital EBIT x 100Average invested capitalInvested capital: Intangible assets + property, plant and equipment + other receivables + working capital The Company has not disclosed the breakdown of revenue by geographical and business segments, see section 96 (1) of the Danish Financial Statements Act, as Management is of the opinion that such disclosure could be highly detrimental to the Company. The reason is that competitors can derive significant information about market shares and development in the business. It is considered to cause significant damage to the company if competitors can obtain this information, which is otherwise not publicly available. Pursuant to section 96 (3) of the Danish Financial Statements Act, the fee to auditors is disclosed only in the consolidated financial statements of the parent company, VKR Holding A/S. 1340000000 1205000000 122000000 119000000 16000000 14000000 1478000000 1338000000 1432 1435 27000000 24000000 6000000 6000000 33000000 30000000 83000000 129000000 176000000 17000000 310000000 553000000 27000000 121000000 754000000 0 1181000000 1056000000 -1181000000 -490000000 495000000 430000000 33000000 63000000 8000000 16000000 91000000 9000000 0 -24000000 37000000 -13000000 443000000 466000000 36000000 447000000 390000000 0 8000000 0 0 30000000 29000000 0 83000000 8000000 0 -9000000 9000000 0 393000000 420000000 0 50000000 46000000 36000000 509000000 147000000 126000000 94000000 28000000 37000000 30000000 6000000 3000000 46000000 11000000 -57000000 619000000 180000000 103000000 333000000 12000000 0 4000000 0 0 49000000 15000000 0 28000000 6000000 0 358000000 21000000 0 261000000 159000000 103000000 6753000000 742000000 6000000 10000000 0 0 0 -451000000 0 6743000000 291000000 6000000 1067000000 0 20000000 -232000000 0 -1000000 566000000 1181000000 -3000000 -9000000 0 0 1438000000 0 19000000 8181000000 291000000 25000000 DENMARK A/S Østbirk Bygningsindustri Denmark Gåsdal Bygningsindustri A/S Denmark Homecontrol A/S Denmark Thyregod Bygningsindustri A/S Denmark VELUX Commercial Danmark A/S Denmark VELUX Danmark A/S Denmark VELUX Commercial Bramo AS Norway VELUX Norge AS Norway VELUX Svenska AB Sweden VELUX Commercial Österreich GmbH Austria VELUX Österreich GmbH Austria VELUX Belgium S. A. Belgium VELUX Bosna i Hercegovina d. o. o. Bosnia and Herzegovina VELUX Bulgaria EOOD Bulgaria VELUX Hrvatska d. o. o. Croatia BKR CR, s.r.o. Czech Republic VELUX Ceská republika, s. r. o. Czech Republic VELUX Eesti OÜ Estonia KH-SK France S.A.S. France Velsol France S.A.S. France VELUX France S.A.S. France VKR France S.A.S. France JET Schaumstoff-Formteile GmbH Germany JTJ Sonneborn Industrie GmbH Germany VELUX Commercial Deutschland GmbH Germany VELUX Commercial GmbH & Co. KG Germany VELUX Commercial Grundbesitz GmbH & Co. KG Germany VELUX Commercial Grundbesitz Holding GmbH Germany VELUX Commercial Holding GmbH Germany VELUX Commercial Production DE Hüllhorst GmbH Germany VELUX Commercial Production DE Voerde GmbH Germany VELUX Commercial Vermögensverwaltungsgesellschaft mbH Germany VELUX Deutschland GmbH Germany Altaterra Kft. Hungary VELUX Magyarország LKR Korlátolt Felelösségü Társaság Hungary VELUX Italia s.p.a. Italy VELUX Latvia SIA Latvia "VELUX Lietuva", UAB Lithuania Altaterra Polska Sp. z o.o. Poland NB Polska Sp. z.o.o. Poland NM Polska Sp. z.o.o. Poland VELUX Commercial Polska Sp. z. o.o Poland VELUX Polska Sp. z. o. o. Poland VELUX Portugal, Unipessoal Lda Portugal S.C. VELUX România S.R.L. Romania VELUX Srbija d.o.o. Serbia Partizánske Building Components-SK s.r.o. Slovakia VELUX Slovensko spol. s.r.o. Slovakia VELUX Slovenija d.o.o. Slovenia VELUX Spain, S.A. Spain VELUX Commercial Schweiz AG Switzerland VELUX Schweiz AG Switzerland Dakvenster.com B.V. The Netherlands VELUX Commercial BENELUX B.V. The Netherlands VELUX Commercial Group B.V. The Netherlands VELUX Commercial International B.V. The Netherlands VELUX Nederland B.V. The Netherlands VELUX Ukraina TOV Ukraine JET Cox Ltd. United Kingdom V.U.K. HOLDINGS LIMITED United Kingdom VELUX Commercial UK&I Limited United Kingdom VELUX Company Ltd. United Kingdom VELUX Argentina S.A. Argentina VELUX Australia Pty. Ltd. Australia VELUX Canada Inc. Canada VELUX Chile SpA Chile VELUX (CHINA) CO., Ltd. China VELUX-Japan Ltd. Japan VELUX New Zealand Ltd. New Zealand VELUX Cati Pencereleri Ticaret Limited Sirketi Türkiye TVC Holdings LLC USA VELUX America LLC USA VELUX Design and Development USA LLC USA VELUX Greenwood LLC USA VELUX Group USA Inc. USA VELUX Sky Forwarding LLC USA VELUX Solutions LLC USA Information in the company overview is provided pursuant to section 97a, (3) of the Danish Financial Statements Act. The companies are 100% owned by VELUX A/S. Prepayments comprise prepaid costs regarding rent, insurance premiums, marketing and subscriptions. 31 December 2025, the share capital comprises 110,000 shares of DKK 1,000 each. 41000000 23000000 9000000 41000000 Contractual obligations The Company has entered into lease agreements with total contractual cash flows of DKKm 779, that falls due withing 12 years (2024: DKKm 875).   The Company has entered into contractual obligations of DKKm 489 (2024: DKKm 350).  Additionally, the Company has, as part of its normal course of business, entered into customary executory contracts. The Company has issued bank guarantees for a total of DKKm 46 (2024: DKKm 43). Contractual obligations against affiliated companies The rental commitment on agreements with affiliated companies for premises amounts to DKKm 418 that falls due within 12 years (2024: DKKm 199). The Company is jointly taxed with other Danish companies in the VKR Group. The Company has unlimited joint and several liabilities with the other jointly Danish taxed companies for company taxes, interest thereon etc. and for Danish tax withheld at source for dividend, interest and royalties within the joint taxation group. Related party transactions The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c (7) of the Danish Financial Statements Act. Significant influence and information about consolidated financial statements VKR Holding A/S ultimately exercise a controlling interest in the Company. The ultimate parent company, VKR Holding A/S, Breeltevej 18, 2970 Hørsholm, prepares the consolidated financial statements for the VKR group in which the Company is included as a subsidiary. The consolidated financials statements can be found at www.vkr-holding.com.