19056171 2024-10-01 2025-09-30 19056171 2024-10-01 2025-09-30 1 19056171 2024-10-01 2025-09-30 1 19056171 2024-10-01 2025-09-30 2 19056171 2024-10-01 2025-09-30 3 19056171 2024-10-01 2025-09-30 4 19056171 2024-10-01 2025-09-30 1 19056171 2023-10-01 2024-09-30 19056171 2025-09-30 19056171 2024-09-30 19056171 2024-09-30 fsa:ContributedCapitalMember 19056171 2024-09-30 fsa:RetainedEarningsMember 19056171 2024-09-30 fsa:ProposedDividendRecognisedInEquityMember 19056171 2024-09-30 fsa:ReserveForDevelopmentExpenditureMember 19056171 2024-10-01 2025-09-30 fsa:ContributedCapitalMember 19056171 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 19056171 2024-10-01 2025-09-30 fsa:ProposedDividendRecognisedInEquityMember 19056171 2024-10-01 2025-09-30 fsa:ReserveForDevelopmentExpenditureMember 19056171 2025-09-30 fsa:ContributedCapitalMember 19056171 2025-09-30 fsa:RetainedEarningsMember 19056171 2025-09-30 fsa:ProposedDividendRecognisedInEquityMember 19056171 2025-09-30 fsa:ReserveForDevelopmentExpenditureMember iso4217:DKK xbrli:pure Benthe Klokkerholm Management’s StatementThe Executive Board and the Board of Directors have today considered and adopted the Annual Report of Johnson Controls Denmark ApS for the financial year 1 October 2024 - 30 September 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 at 30 September 2025 of the Company and of the results of the Company’s operations for the financial year 1 October 2024 – 30 September 2025.We recommend that the Annual Report be adopted at the Annual General Meeting. Højbjerg Lene Overgaard Andersen Managing Director Benthe Klokkerholm Chairman Henrik Skovbjerg Mortensen Christian Dyring Tomas Strangholt To the Shareholder of Johnson Controls Denmark ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 September 2025, and of the results of the Company’s operations for the financial year 1 October 2024 - 30 September 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Johnson Controls Denmark ApS for the financial year 1 October 2024 - 30 September 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes (“the Financial Statements”). Basis for OpinionWe 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of MatterWithout qualifying our opinion, we point to note 15 in the Annual Report in which Management describes a material uncertainty relating to claim made by the Danish Tax Authorities and uncertainty related to the recognition of current tax derived from the Company’s exit from the US “Check The Box” rules in 2010/11. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement 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. Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about 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 these 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 disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.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. Aarhus PriceWaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Thomas Bernth Jensen State Authorised Public Accountant mne47814 Johnson Controls Denmark ApS Christian X's Vej 201 8270 Højbjerg +45 8736 7000 +45 8736 7005 www.jci.com 19056171 Aarhus Jens Chr. Skous Vej 1 8000 Aarhus C Management’s ReviewFinancial HighlightsThe following financial highlights are describing the development of the Company over the last 5 years.DKK'000 2024/25 2023/24 2022/23 2021/22 2020/21Key figuresRevenue 2,278,469 2,070,461 1,988,971 1,762,052 1,656,688 Operating profit/(loss) 235,106 249,259 144,535 -31,671 155,995 Financial income and expenses 2,044 6,282 1,670 -11,245 -8,493 Exceptional items -200,504 0 172 54,715 -36,300 Net profit/(loss) for the year -1,170 211,914 128,459 17,980 78,116 Total assets 2,044,965 2,116,325 1,942,473 2,441,821 2,127,122 Investments in property, plant and equipment 97,478 50,139 38,102 23,117 14,478 Equity 1,285,943 1,287,113 1,075,199 1,516,740 1,498,760 RatiosProfit margin 10.3 % 12.0 % 7.3 % -1.8 % 9.4 % Return on investment 14.9 % 15.6 % 7.4 % -1.5 % 7.9 % Gross margin 30.4 % 31.0 % 25.2 % 16.8 % 23.9 % Current ratio 184.9 % 159.4 % 175.6 % 253.3 % 304.4 % Equity ratio 62.9 % 60.8 % 55.4 % 62.1 % 70.5 % Return on equity -0.1 % 17.9 % 9.9 % 1.2 % 5.4 % Average number of employees 789 756 767 702 691For definitions of the financial ratios, see the accounting policies.Operating ReviewPrincipal activitiesThe Johnson Controls Denmark group provides industrial and marine refrigeration and heat-pump systems, control systems, equipment, spare parts and services primarily for the food and process industries and for the commercial marine market. The Johnson Controls Denmark group delivers to customers all over the world. Johnson Controls Denmark ApS is a part of Johnson Controls International plc, which has its headquarters in Cork, Ireland. Johnson Controls International plc is a global market leader in building efficiency and fire suppression. The Johnson Controls Denmark group belongs to the building efficiency business.Equity and OwnershipThe entire share capital of the Company is held by Johnson Controls Hungary Holdings Korlátolt Felelősségű Társaság which again is owned by Johnson Controls International plc. Johnson Controls International plc is listed on the New York Stock Exchange. The consolidated financial statements are prepared according to US GAAP and include Johnson Controls Denmark ApS as a subsidiary. Under reference to Section 112 of the Danish Financial Statements Act, it has been decided not to prepare separate consolidated statements for Johnson Controls Denmark ApS.Development in activities and financial positionProfit and LossThe actual revenue for the year increased by 10 % to 2,278 million DKK compared to the previous fiscal year. The increase is in line with last year expectations. The growth in sales is attributable to the Marine, Refrigeration and Parts business.In the Marine business the service revenue increased by 11.2%, despite product revenue falling short of expectations. In the Factory business, the revenue decreased by 19% compared to FY24. This is 44% lower than the planned revenue for FY25. The decrease in the revenue is mainly because of a low performance of the direct branches in Europe. In the Refrigeration business, the revenue increased from prior year, however it was still lower than the forecasted revenue. The revenue here was mostly driven by the installation business. In the Parts business the growth was lower than expected, but aligned with the market dynamics.The gross profit in 2024/25 has increased compared to 2023/24. It was lower than planned by 154 million (due to lower revenue) but still higher than the previous fiscal year in absolute terms by 50.1 million.The increase in gross profit compared to 2023/24 is mainly due to Marine business and Parts production business.Tax on profit/ (loss) for the year was an expense of 51.3 million DKK compared to an expense of 60.3 million DKK in 2023/24 given the decrease in profit before tax and change in deferred tax assets.In the end the realised 2024/25 profit before tax was 50.1 million DKK. This is compared to a profit before tax of 272.3 million DKK in 2023/24, hence the actual result was significantly lower than the last year expectation of 10-15% growth. This is due to impairment of investments in subsidiaries as shown in the Annual Report for 2024/25 under the note for “Exceptional items”.Uncertainties regarding recognition and measurementThe Danish Tax Authorities have in the financial year 2011/12 made a claim that the taxable income for the assessment year 2006 should be increased. The Johnson Controls Group strongly disagrees with the claim that the Danish Tax Authorities have made. Consequently, the claim has been appealed to the Danish National Income Tax Tribunal. Please refer to note 15 Contingent liabilities for more details.Market ConditionsThe domestic sales have increased compared to last year. In absolute terms the largest increase is to the domestic market, followed by Asian market and the rest of the world. We have seen a decrease in sales to the Americas and Europe excluding Denmark.Production and processesThe market continues to move towards more complex solutions thus our focus continues to keep the balance between complex solutions and standard products.New Products and product improvementsTo reduce the global warming we continue developing equipment with natural refrigerants. We maintain our existing product programs with natural refrigerants for our core business segment. Another focus area is to continue developing our heat pumps offerings to support the growing European demand for heat pumps with natural refrigerant such as ammonia and water.Environmental PolicyJohnson Controls Denmark has developed an environment policy supporting the development of new sustainable products and taking the environment into consideration in our production plant. Zero Waste to LandfillAs part of Johnson Controls’ continued commitment to reduce the impact on the environment and thus contribute to protect the world for future generations, Johnson Controls Denmark was in August 2018 recognized as attaining zero waste to landfill. Before being certified as landfill free facility, the company participated in an independent review and demonstrated that 100 percent of the waste being produced are either recycled, reused or converted to energy.The commitment to zero waste to landfill is maintained through the daily processes.InvestmentsAll investments in the Company aim at supporting the future manufacturing, market and product strategies which pursue increased sustainability and environment awareness. Capital resourcesThe capital resources of Johnson Controls Denmark ApS consist of e.g. unused credit facilities in Denmark as well as abroad.The capital resources are unchanged compared to previous year and estimated to be fully sufficient to ensure the continued operations of the Company.OutlookIn 2025/26 we expect that the revenue will increase between 5-10%. The increase in revenue is expected from growth in the all parts of the business. We expect an increase in profit before tax between 40-50%. The increase in profitability is mainly due to improvements and streamlining of process in the Refrigeration business and investments in a new test facility to optimize workflow in the Factory business.Risk factorsGeneral risks The general risks relate to the global world economy, as the Johnson Controls Denmark group deliver to customers worldwide.Financial risksDue to its equity ratio, the Company's exposure to financial risk of interest rate fluctuations is limited.Currency risksAs a considerable part of the revenue is achieved through export sales, and as a not insignificant part of the purchase is made in foreign currencies (primarily EUR and USD), the Company is exposed to exchange risks.To minimize the effects of the foreign currency exposure the legal entity works continuously with the Corporate Treasury office, in Belgium, who is responsible for the consolidation of all foreign exchange transactions for Johnson Controls. The legal entities are not allowed to hedge with external financial institutions, but if this is needed Corporate Treasury will do this on behalf of the legal entity.Credit risksIt is the policy of the Company that payments from external customers must always be hedged either by bank guarantees, letters of credit or by current credit rating of the customer.Intellectual capitalEnsuring the correct composition of the staff's competences and training is obviously essential to the Company. Therefore, the performance of the employees compared to the specified objectives is subject to current evaluation. Report on Corporate Social Responsibility, Cf. Section 99 b of the Danish Financial Statements ActJohnson Controls Denmark ApS does not have its own local statement on Corporate Social Responsibility, but refer to the Johnson Controls global statement, which can be found on:https://www.johnsoncontrols.com/-/media/project/jci-global/johnson-controls/us-region/united-states-johnson-controls/corporate-sustainability/reporting-and-policies/2025/hq2411001_2025-sustainability-report_final.pdfManagement Training and Recruitment of LeadersAt Johnson Controls Denmark ApS, we have established comprehensive policies and initiatives aimed at fostering Employee Engagement and Inclusion. Our commitment extends to creating an appealing workplace, offering rewarding career opportunities, and ensuring a seamless onboarding experience.Our PolicyJohnson Controls Denmark ApS has an equality policy designed to achieve a more balanced representation of male and female leaders within the organization. We focus on increasing the percentage of female leaders and actively encourage candidates of all genders to apply for leadership roles, including those in operations and functional support teams.We are also committed to ensuring equal opportunities for all parents. We advocate for a fair distribution of parental leave at the societal level and seek to attract and retain the best talent during their transition to parenthood. Our parental leave policy promotes equitable conditions for mothers, fathers, and co-parents, supporting a healthy work-life balance.Our InitiativesAn Attractive WorkplaceOur goal is to become the employer of choice in all the markets we operate in by attracting, developing, and retaining top talent. We aim to recruit and nurture the industry’s best talent to drive business growth and develop the next generation of leaders. We are committed to delivering a compelling employee value proposition and fostering a high-performance, inclusive culture.Building a high-performance culture is a cornerstone of our enterprise strategy, defined by seven key elements, including Employee Engagement and Inclusion. Our inclusive culture encourages the right mindsets and behaviors, enhances engagement, boosts productivity, and fosters innovation, ultimately leading to outstanding customer outcomes. We empower every employee to help build a culture that values individuality, celebrates creativity, and fosters innovation.Recognizing that our employees are our most valuable asset, we believe that when they thrive, they become more engaged and take greater ownership of their roles. Our robust Bravo Recognition Program and employee feedback initiative, Your Voice, focus on key areas such as employee engagement, health and well-being, transformation, and change. We conduct quarterly assessments to enable real-time improvements and transparency. Our well-being survey helps us understand what matters to our employees, what influences their well-being, and how we can enhance job satisfaction to make Johnson Controls Denmark ApS an even more appealing workplace.Our culture of recognition emphasizes celebrating each other's achievements, appreciating contributions, and ensuring that everyone feels valued by their peers and leadership. This program aligns with our strategy and mission to be the employer of choice across all our markets.Attractive Career FrameworkAt the heart of our business are our people, their knowledge, and their skills. We continually prioritize the professional and personal development of our employees to attract and retain exceptional talent. This includes providing development opportunities, various career paths, and tailored competency development. We conduct annual talent reviews to identify and cultivate talent within our organization, reviewing succession plans and pipelines for future leaders based on performance evaluations.Recruitment continues to be a top priority, and in 2025, we launched several initiatives aimed at further strengthening our employer profile. We engage with primary school students to offer early insight into the wide range of career paths available within Johnson Controls Denmark ApS. Our presence at career fairs enables us to connect directly with students preparing to graduate as well as recent graduates entering the labor market, positioning Johnson Controls Denmark ApS as an attractive and forward-looking workplace. The historically low enrollment in vocational education programs in Aarhus area presents a potential risk of future skills shortage. To help address this, Johnson Controls Denmark ApS has intensified its collaboration with technical schools and works closely with the Confederation of Danish Industry (East Jutland) and its Vocational Education Committee. Together, we are taking a strategic, long-term approach to strengthening the local talent pipeline. Our broadened engagement – ranging from early outreach in primary schools to partnerships with vocational institutions and active participation in career fairs – reflects our commitment to attracting talent from diverse educational backgrounds and ensuring a robust, future-ready workforce.We have been refining our onboarding processes at Johnson Controls Denmark ApS for several years, benefiting from a structured pre- and onboarding framework that accelerates the new-hire experience. We understand that a positive first impression and effective onboarding are vital for new employees to develop a strong sense of belonging and integrate quickly into the organization. A successful onboarding process also reduces the time it takes for new hires to become productive contributors to Johnson Controls Denmark ApS.Our Outcomes and ExpectationsWe are witnessing an increasing interest in leadership roles among our female employees and anticipate that the percentage of female leaders will continue to rise in the coming years, supported by our initiatives.Despite heightened competition for talent, we have successfully filled our advertised positions throughout the year.We expect that our strategic partnerships with a broad range of schools and with Danish Industry will help attract more talent to our sector – particularly into vocational education programs – which is essential to securing a skilled workforce for the future. Report on Data Ethics, Cf. Section 99 d of the Danish Financial Statements ActJohnson Controls Denmark ApS does not have its own local policy on Data Ethics. Instead, the Johnson Controls Group Privacy Policy applies to the company.The purpose of the Privacy Policy and the associated Global Privacy Program is to address the rights of employees, candidates, interns, former employees, dependents, beneficiaries, contractors, consultants, temporary agency workers, customers, consumers, suppliers and vendors; and the obligations of Johnson Controls with respect to the processing of Personal Data, including collection, use, retention, disclosure, and destruction, in compliance with applicable local laws and the commitments set forth in the Johnson Controls Ethics Policy. “Personal Data,” sometimes referred to as personally identifiable information (PII), is defined as information that is or can be related to an identifiable individual.The policy states that Personal Data is only collected and used in line with applicable local laws. Personal Data that is considered sensitive is only used if necessary and with the individual’s consent, where required. The Global Privacy Program activities are structured around 13 Privacy Management Processes, where one of the processes provides ongoing training and awareness to promote compliance with the privacy policy and to mitigate operational risks.The organization responsible for maintaining the police is the Privacy Office, which shall manage the Global Privacy Program operations to ensure that it meets its goals and operational targets, and is communicated effectively within the enterprise. Accounting PoliciesBasis of PreparationThe Annual Report of Johnson Controls Denmark ApS for 2024/25 has been prepared in accordance with the provisions applying to large enterprises of reporting class C under the Danish Financial Statements Act.As the Company’s ultimate parent company Johnson Controls International plc., Cork, Ireland, I.R.S. Employer Identification No.: 98-0390500, is listed in the USA and prepares consolidated financial statements according to US GAAP, in which Johnson Controls Denmark ApS is included as a subsidiary, it has been decided, under reference to Section 112 of the Danish Financial Statements Act, not to prepare separate consolidated financial statements for Johnson Controls Denmark ApS.The Annual Report for 2024/25 is presented in DKK Thousands.Recognition and measurementThe financial statements have been prepared under the historical cost method.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost, are recognised.Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.Danish kroner are used as the measurement currency. All other currencies are regarded as foreign currencies.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised as financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised as financial income and expenses in the income statement.Segment reportingThe report includes information on sales distributed on activities and geographical markets.Income StatementRevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria;• That the delivery has been made before the balance sheet date;• That a binding sales agreement has been made;• That the sales price has been determined; and payment has been received or may with reasonable certainty be expected to be received.The revenue is recognised exclusive of VAT, taxes and net of discounts relating to sales.For applicable contract work in progress, the percentage-of-completion method is used. Accordingly, the value of the performed part of the orders is recognised as revenue at the estimated value of the work performed.Production costsProduction costs include depreciation and salaries incurred for the purpose of generating the revenues for the year. Production costs also comprise research and development costs that do not qualify for capitalisation and amortisation of capitalised development costs.Distribution costsDistribution costs comprise costs of sales staff, advertising and exhibition expenses, including depreciation.Administrative costsAdministrative costs comprise of costs regarding administrative staff, management, office premises and office expenses etc. including depreciation.Other operating incomeOther operating income comprise of income other than that of sale of products and services relating to regular customer orders.Results from investments in subsidiaries and associatesDividend from investments in subsidiaries and associated companies are recognised in the income statement in the financial year in which the dividend is declared. To the extent that dividend exceeds accumulated earnings after the date of acquisition, the dividend is however recognised as write-down of the cost of the investment. Profit and loss resulting from divestment of subsidiaries and associated companies are recognised in the divestment year. Financial income and expensesFinancial income and expenses comprise interest income and expenses, realised and unrealised exchange rate gains and losses regarding receivables and payables denominated in foreign currencies.Tax on profit/(loss) for the yearJohnson Controls Denmark ApS is jointly taxed with its Danish sister company. The Company acts as the administration company for the joint taxation and consequently settles all payments of corporation tax with the tax authorities. Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit/(loss) for the year is recognised in the income statement, and the tax expense relating to changes directly recognised in equity is recognised directly in equity. Balance SheetIntangible assetsDevelopment projects and software that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Costs of development projects and software comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities and software. Borrowing costs are not recognised.Development projects and software that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs and software are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basisAs of the date of completion, capitalised development costs and software are amortised on a straight-line basis over the period of the expected economic benefit from the development work, but not exceeding 5 years.Goodwill represents future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is recognized separately as an intangible asset on the balance-sheet. The goodwill is amortized using straight-line method over the estimated useful life of the assets. If a useful life cannot be reliably estimated, a 10-year period is utilized.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers. Borrowing costs are not recognised.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are in years:Buildings 15-40Plant and machinery 3-12Fixtures and fittings, tools and equipment 3-12Land is not depreciated.Fixed asset investmentsSubsidiaries are enterprises that are controlled by the Parent Company. The Parent Company is considered to be in control when the Company directly or indirectly holds more than 50% of the votes or otherwise is able to exercise or actually exercise control. Enterprises that are not subsidiaries, but in which Johnson Controls Denmark ApS directly or indirectly holds 20% or more of the voting rights or exercises a significant influence are considered associates.Investments in subsidiaries and associated companies are measured at cost. If the cost exceeds the recoverable amount, the investment is written down to its lower recoverable amount. The cost is reduced to the extent that dividend received exceeds accumulated earnings after the date of acquisition. Other investments are valued at cost less any write-downs.Impairment of fixed assetsThe carrying amounts of intangible assets, property, plant and equipment and fixed asset investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount, and the asset is written down to its lower recoverable amount. This impairment test is performed on an annual basis for development projects in progress irrespective of any indication of impairment.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable.LeasesPayments in connection with operating leases and other lease agreements are recognised in the income statement over the lease period. The Company’s total liabilities regarding operating leases are disclosed under contractual obligations. InventoriesRaw materials and consumables are valued at cost.Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise indirect materials and wages and salaries as well as maintenance and depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not recognised.Write-down to net realisable value is made for goods where the expected sales price less any completion costs and costs necessary to make the sale (net realisable value) is lower than cost. Cost is computed on the basis of the FIFO method.ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.Contract work in progressRevenue is recognized over time using the input method (percentage-of-completion) of revenue recognition during the manufacturing process if all of the following criteria are met:• The performance creates a highly customized asset that cannot be transferred to another customer or used by the company. Assets with a sales price of 1.5 million DKK or more per unit are considered highly specialized/customized. Other equipment with an intercompany sales price between the manufacturing entity and the branch of 3.0 million DKK or more per unit is considered to be highly specialized/customized.• If the contract includes multiple units to be produced, the thresholds above will be applied to each and every unit in the arrangement separately.• The Company has right to payment to the performance to date at any point during the contract.Percentage-of-completion designation must be made at the inception of the contract and changing revenue recognition methodologies in the middle of a contract is not acceptable. Recognizing revenue as material is being produced, manufactured or assembled at a third party vendor location is not allowed.Payments received on account from customers are set off against contract work in progress to the extent that these payments on account correspond to the value of work in progress.PrepaymentsPrepayments recognised as assets comprise costs incurred concerning subsequent financial years.Equity – Proposed dividendProposed dividends are recognised as a liability at the date when they are adopted at the Annual General Meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Warranty provisions comprise obligations in respect of repair work within the warranty period. The general provisions for warranties are recognised and measured based on past experience.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is measured on the basis of the tax rules and at tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are set off within the same legal tax entity.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are set off if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.LiabilitiesOther liabilities are measured at amortised cost, substantially corresponding to nominal value.Explanation of financial ratiosOperating profit/(loss) * 100Profit margin =RevenueOperating profit/(loss) * 100Return on investment =Average operating assets=Gross profit/(loss) * 100Gross marginRevenueCurrent assets * 100Current ratio=Short-term liabilitiesEquity * 100Equity ratio=Total equity and liabilitiesNet profit/(loss) for the year * 100Return on equity=Average equity Under reference to Section 86 Paragraph 4 of the Danish Financial Statements Act, it has been decided not to prepare a separate cash flow statement for Johnson Controls Denmark ApS. true 2278469000 2070461000 1586183000 1428236000 692286000 642225000 71288000 64647000 385892000 328319000 235106000 249259000 13466000 16713000 -200504000 0 2227000 9461000 183000 3179000 50112000 272254000 51282000 60340000 -1170000 211914000 34070000 7773000 2873000 34358000 4178000 0 41121000 42131000 51652000 54847000 72969000 43932000 6101000 6711000 125953000 72436000 256675000 177926000 402994000 603498000 0 0 0 12606000 402994000 616104000 700790000 836161000 85291000 88237000 83144000 194052000 145862000 125492000 314297000 407781000 219241000 177070000 135557000 176949000 265213000 423695000 12461000 31506000 3294000 1633000 0 11344000 635766000 822197000 394112000 50186000 1344175000 1280164000 2044965000 2116325000 302680000 302680000 28816000 26799000 594447000 957634000 360000000 0 1285943000 1287113000 11282000 2678000 20632000 23657000 31914000 26335000 129775000 64187000 328194000 274635000 148775000 369533000 35312000 0 2019000 0 83033000 94522000 727108000 802877000 727108000 802877000 2044965000 2116325000 302680000 957634000 0 26799000 1287113000 0 -2017000 0 2017000 0 0 -361170000 360000000 0 -1170000 302680000 594447000 360000000 28816000 1285943000 1 RevenueDKK'000 2024/25 2023/24Denmark 873,229 620,208Europe excl Denmark 1,049,668 1,183,753Asia 248,854 137,375Africa 35,697 8,063North and South America 43,645 61,777Oceania and other countries 27,376 59,2852,278,469 2,070,461Production and sale of refrigeration components 692,301 323,676Sale of refrigeration equipment 1,257,783 1,530,334Other equipment 328,385 216,4512,278,469 2,070,461 2 Exceptional items DKK'000 2024/25 2023/24Impairment of investments in subsidiaries -200,504 0-200,504 0The impairment includes cost of fully impaired investments in York Chile S.A and Sp/f Johnson Controls Faroe Islands.20 Subsequent eventsThe Company made a capital contribution of 60.90 million DKK (9.58 million USD) to its subsidiary Johnson Controls Chile S.A. in exchange of 8,989,162,408 shares in October 2025. The subsidiary will be using the cash received to cover its operational costs. Management expects to impair this investment based on existing financial forecasts for this subsidiary. 3 Financial income and expensesFinancial IncomeDKK'000 2024/25 2023/24Other financial income 2,166 9,402 Exchange gains 61 59 2,227 9,461 Financial ExpensesDKK'000 2024/25 2023/24Interest paid to group companies -14 -2,473 Other financial expenses -31 -624 Exchange losses -138 -82 -183 -3,179 4 Tax on profit/(loss) for the yearDKK'000 2024/25 2023/24Current tax for the year -47,198 -54,987Deferred tax for the year -8,696 -5,496Adjustments for prior year tax 4,520 0Adjustments for prior year deferred tax 92 143-51,282 -60,340 5 Intangible assetsIT Software DKK'000 IT Softwarein progress Goodwill TotalCost at 1 October 21,642 34,358 0 56,000Additions 786 2,873 4,285 7,944Disposals -2,569 0 0 -2,569Transfers 34,358 -34,358 0 0Cost at 30 September 54,217 2,873 4,285 61,375Amortization and impairment at 1 October 13,869 0 0 13,869Amortization and impairment for the year 8,846 0 107 8,953Amortization and impairment on disposals -2,568 0 0 -2,568Amortization and impairment at 30 September 20,147 0 107 20,254Carrying amount at 30 September 34,070 2,873 4,178 41,121Amortized over 3-5 years 10 yearsIT Software comprise of expenses relating the Company’s ERP-software and add-ons. 6 Property, plant and equipmentFixtures, Property, fittings, plant and Land and Plant and tools and equipment DKK'000buildingsmachineryequipmentin progress TotalCost at 1 October 279,224 220,403 89,194 72,436 661,257Additions 1,767 6,075 0 89,636 97,478Disposals -464 -49,301 -2,065 0 -51,830Transfers 0 36,119 0 -36,119 0Cost at 30 September 280,527 213,296 87,129 125,953 706,905Depreciation and impairment at 1 October 224,377 176,471 82,483 0 483,331Depreciation for the year 4,942 13,005 598 0 18,545Reversal of impairment and depreciation of sold assets -444 -49,149 -2,053 0 -51,646Depreciation and impairment at 30 September 228,875 140,327 81,028 0 450,230Carrying amount at 30 September 51,652 72,969 6,101 125,953 256,675Depreciated over 15-40 years 3-12 years 3-12 years 7 Investments in subsidiariesDKK'000 2024/25 2023/24Cost at 1 October 741,539 400,382Investments 0 341,157Cost at 30 September 741,539 741,539Value adjustments at 1 October -138,041 -138,041Revaluations for the year -200,504 0Value adjustments at 30 September -338,545 -138,041Carrying amount at 30 September 402,994 603,498Result for Name Place of registered office Ownership Equity 1)the yearSp/f Johnson Controls Faroe Islands Torshavn, Faroe Islands 100 % 8,427 2,153Johnson Controls Norway AS Vöyenenga, Norway 100 % 55,311 11,042Tyco Building Services Products (Norway) AS Ökern, Norway 100 % 75,522 11,689Johnson Controls Finland Oy Vantan, Finland 100 % 16,315 1,899York Chile S.A Santiago, Chile 100 % 82,361 -49,423York Refrigeration Philippines Inc 2) Makati, Philippines 100 %1) Equity and result for the year according to the latest published Annual Report.2) Equity and result for the year has not been stated since the company is not obliged to publish an Annual Report.8 Investments in associatesDKK'000 2024/25 2023/24Cost at 1 October 60,687 60,687Cost at 30 September 60,687 60,687Value adjustments at 1 October -60,687 -60,687Value adjustments at 30 September -60,687 -60,687Carrying amount at 30 September 0 0Overview of associatesResult for Name Place of registered office Ownership Equity 1)the yearYork International Ltd. Basildon, UK 24 % -205,979 -7,1411) Equity and result for the year according to the latest published Annual Report.9 Contract work in progressDKK'000 2024/25 2023/24Market value of work completed 1,724,585 1,678,002Payment received on account -1,718,803 -1,565,2405,782 112,762Recognized in the balance sheet as follows:Contract work in progress recognized as assets 135,557 176,949Prepayment received from customers recognized as liabilities -129,775 -64,1875,782 112,762 10 Deferred taxDKK'000 2024/25 2023/24Provision for deferred tax at 1 October -2,678 2,675Amounts recognized in the income statement for the year -8,604 -5,353Provision for deferred tax at 30 September -11,282 -2,678DKK'000 2024/25 2023/24Provisions 1,361 790Work in progress -26,823 -17,677Intangible assets 236 -1,710Property, plant and equipment 13,944 15,919-11,282 -2,678The deferred tax asset is recognized at the amount which the asset is expected to be realized, either by elimination in tax on future income or by set-off against deferred tax liabilities within a 5-year period. The deferred tax asset is measured based on the tax rules and at tax rates applicable at the balance sheet date when the deferred tax asset is expected to be utilized. 11 PrepaymentsPrepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. 12 Share capitalDKK'000 2024/25 2023/24 2022/23 2021/22 2020/21Share capital at 1 October 302,680 302,680 302,680 302,680 302,680Share capital at 30 September 302,680 302,680 302,680 302,680 302,680The share capital is not divided into classes and there are no restrictions on equity. 13 Other provisionsOther provisions comprise of anticipated warranty commitments on products delivered and accruals for loss making projects. 14 Contractual obligationsCharges and security:The following assets have been placed as security with mortgage credit institutes:– Land and buildings with a carrying amount of 46 million DKK.Rent and leasing obligations:DKK'000 2024/25 2023/24Within 1 year 17,704 10,169Between 1 and 5 years 38,196 26,806After 5 years 0 40155,900 37,376Other Contractual ObligationsThe Company has entered into mutually binding agreements with its sourcing suppliers for delivery of goods during the financial year 2025/26 amounting to 91.6 million DKK and for delivery of services amounting to 470k DKK.The Company has also entered into mutually binding agreements regarding construction of new testing facility amounting to 29.8 million DKK. 15 Contingent liabilitiesThe Danish Tax Authorities have in the financial year 2011/12 made a claim that the taxable income for the assessment year 2006 should be increased equaling an additional tax payment of 1.1 billion DKK before interest. The Johnson Controls Group strongly disagree with the claim that the Danish Tax Authorities have made and consequently, the claim was appealed to the Danish Income Tax Tribunal. The Danish Income Tax Tribunal found primarily in favour of the company on 11 January 2019 and reduced the taxable income assessment to 422 million DKK. Both the Johnson Controls Group and the Danish Tax authorities still disagree with the claim held by the Danish Income Tax Tribunal and consequently both the Johnson Controls Group and Danish Tax authorities have appealed to the District Court on 11 April 2019. The District Court decided on 8 October 2020 that the case should be settled in Western High Court. Both the tax authority and the company have submitted pleadings to the high court. The case is yet to be brought to trial.During 2024, the Ministry of Taxation submitted the Ministry's pleading number 2 containing new procedural requests and a number of other comments by which Johnson Controls Denmark ApS subsequently shared their comments. It is Management’s opinion that there has been no significant changes in the case and consequently still believe this will turn out in favor for Johnson Controls Denmark ApS.If the Danish Tax Authorities, contrary to what management expects, should win the case, it is management's assessment that the final payment will be significantly lower than the initial claim made by the Danish Tax Authorities.Due to the nature of the situation it is not immediately possible to assess the monetary implication or the development over time and therefore no amount relating to this claim has been recognized in the balance sheet as at 30 September 2025. If the matter is closed in accordance with the allegations presented by the Danish Tax Authorities, this will materially affect the Company's financial position. In case the Danish Tax Authorities' claim will have to be paid in full, which is not the expectation of management, it will be necessary for the Company to obtain significant liquid funds to be able to continue as a going concern. In this case Management expects that the amount will be funded by the ultimate parent company Johnson Controls, Inc. As mentioned in the Annual Report for 2010/11 the Company's ultimate parent company, Johnson Controls, Inc. has at 29 September 2011 terminated the American "Check The Box" rules for Johnson Controls Denmark ApS. Uncertainties still exist regarding the estimated market value of the net assets in Johnson Controls Denmark ApS in relation to the termination of "Check The Box" rules and therefore the calculated current tax for 2010/11.The Danish tax authority has disputed the valuations used in connection with the termination of ”Check the box” and increased the taxable income for the assessment year 2011, which has resulted in an additional tax payment including interest of 45 million DKK. Management has disputed it and appealed the claim to the Danish Income Tax Tribunal. Johnson Controls ApS has made an agreement with the tax authorities to postpone the tax payment until the dispute is resolved. However, the tax authorities have deducted the deferred tax payment in other tax and vat receivables that Johnson Controls were supposed to receive from the tax authorities. Consequently, 45 million DKK is recognized in the balance sheet as a receivable from the tax authorities. Based on this there is uncertainty regarding the valuation of the amount.The Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income.The Company was until the financial year 2016 a part of a Danish joint taxation with Water Holding (Denmark) ApS as an administration company. Water Holding (Denmark) ApS has been liquidated. According to the joint taxation provision of the Danish Corporation Tax Act, the Company is therefore liable from the financial year 2013 for income taxes etc. for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these companies.As from financial year 2016 the Company is part of a Danish joint taxation group with Johnson Controls Denmark ApS as an administration company. According to the joint taxation provision of the Danish Corporation Tax Act, the Company is therefore liable from the financial year 2016 for income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these companies. 16 StaffDKK'000 2024/25 2023/24Fee to the Board of Directors 50 50Remuneration to Executive Board 1,608 1,480Wages and salary 516,982 493,473Pensions 48,726 44,870Other social security expenses 3,096 3,079570,462 542,952 789 756 The Executive Board and other key management personnel have been awarded Stock Appreciation Rights in the parent Company, Johnson Controls International plc. When certain conditions are fulfilled this gives the participants the possibility to exercise their Stock Appreciation Rights at a fixed price used in the program. The value of these rights depends on the market value of the shares of Johnson Controls International plc., that are traded at NYSE. The current market value of outstanding Stock Appreciation Rights issued to the Danish Executive Board and other Danish key management personnel is 1.96 million DKK at 30 September 2025 (3.60 million DKK at September 30 2024). 17 Fee to auditors appointed by the General MeetingDKK'000 2024/25 2023/24Statutory audit fee 1,445 1,4871,445 1,487 18 Related parties and ownershipThe company’s related parties comprise:Controlling interestThe company’s related parties with controlling interest:Johnson Controls International plc.One Albert QuayCorkIrelandJohnson Controls International plc. owns through Johnson Controls Hungary Holdings Korlátolt Felelősségű Társaság the company's share capital. There are no other related parties with controlling interest.Johnson Controls Denmark ApS is recognised as a subsidiary in the consolidated financial statements for the ultimate parent company Johnson Controls International plc, Cork, Ireland. The consolidated financial statements for the foreign parent company can be requested on the above-mentioned address. Other related partiesOther related parties comprise the company's subsidiaries, associates, other group companies, Board of Directors and Executive Boards and executive employees. Further, related parties comprise companies in which the above persons have substantial interests.Related party transactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. -361170000 211914000 360000000 0 -1170000 211914000 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-10-01 2025-09-30 2023-10-01 2024-09-30 2026-03-24 Reporting class C, large enterprise 1996-01-01 2026-03-24 19056171 Johnson Controls Denmark ApS Christian X's Vej 201 8270 Højbjerg Opinion Basis for Opinion 2026-03-24