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fsa:ProposedDividendRecognisedInEquityMember 14120211 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 14120211 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 14120211 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 14120211 2025-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 14120211 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 14120211 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 14120211 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 14120211 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 14120211 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 14120211 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 iso4217:DKK xbrli:pure SARAH GINSBORG IBENFELDT Fritz Hansen A/S Allerødvej 8 3450 Allerød Allerød 14120211 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab STATEMENT BY MANAGEMENT ON THE ANNUAL REPORT The Board of Directors and the Executive Board have today considered and adopted the Annual Report of Fritz Hansen A/S for the financial year 1 January - 31 December 2025. The Annual Report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Group and the Parent Company and of the results of the Group and Parent Company operations and consolidated cash flows for the financial year 1 January - 31 December 2025. In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company. We recommend that the Annual Report be adopted at the Annual General Meeting. Allerød Henrik Steensgaard Jette Toftelund Larsen (Chief Executive Officer Chief Financial Officer Jens Albert Harsaae Mark Johnston Chair Ditlev Walther-Rasmussen Ulrik Gammelmark West Anne Katrine Friis-Holm Ottosen INDEPENDENT AUDITOR’S REPORT To the Shareholder of Fritz Hansen A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Fritz Hansen 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 a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“financial statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional re-quirements 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 require-ments and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review Management 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 State-ments 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 Consoli-dated Financial Statements and the Parent Company Financial Statements and has been prepared in accord-ance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Company 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 state-ments that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our 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 mis-statement 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, inten-tional 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 Group’s and the Parent 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 prepar-ing 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 Group’s and the Parent Com-pany’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 Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclo-sures, 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Con-solidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opin-ion. 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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Michael Groth Hansen Daniel Sitch State Authorised Public Accountant State Authorised Public Accountant 574020000 588510000 645975000 860510000 777777000 EBITDA EBITDA EBITDA EBITDA EBITDA 76713000 25801000 70774000 43991000 140206000 41867000 -37745000 27199000 1927000 118697000 -5926000 -10249000 -12202000 -8929000 -6511000 23008000 -53969000 13066000 -10820000 80394000 Inventories Inventories Inventories Inventories Inventories 144044000 157257000 222773000 242458000 98545000 Trade Receivables Trade Receivables Trade Receivables Trade Receivables Trade Receivables 51544000 56528000 66379000 94890000 67211000 Trade Payables Trade Payables Trade Payables Trade Payables Trade Payables 40226000 29291000 32667000 58316000 52352000 299069000 274804000 328145000 315824000 383751000 439821000 480660000 605986000 694926000 587028000 4125000 9833000 7024000 2274000 4129000 Operating Assets Operating Assets Operating Assets Operating Assets Operating Assets 317714000 383342000 500449000 559687000 236154000 Net Working Capital Net Working Capital Net Working Capital Net Working Capital Net Working Capital 136763000 165026000 239007000 264923000 83639000 Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt Net interest-bearing debt 25517000 111401000 179190000 247636000 -139896000 Free Cash Flow Free Cash Flow Free Cash Flow Free Cash Flow Free Cash Flow 85884000 67789000 68446000 -332532000 65260000 0.073 -0.064 0.042 0.002 0.153 0.119 -0.085 0.051 0.005 0.523 0.08 -0.179 0.041 -0.031 0.216 68 57.2 54.2 45.4 65.4 237 270 305 394 316 Primary activity The Company manufactures timeless high-quality designer furniture, lighting and accessories that has been developed in co-operation with reputable Danish and international architects and designers. Development in activities and financial position Financial development Challenging market conditions, especially in residential markets, continued to impact sales performance in 2025. This was particularly the case for the first half of 2025, where revenue declined by 12%. The second half of 2025 performed better with revenue growth of 10%. As an overall result, invoiced revenue declined by 2% in 2025. The year 2025 ended with an order book, which is 23% higher than 2024, due to double digit growth in order intake in the second half of 2025. Profitability developed positively in 2025 with EBITDA increasing DKK 51 million to DKK 77 million and profit before tax exceeding the expected profit margin of 2-5%, primarily driven by significant operating cost reduc-tions, following initiatives implemented in 2024. Capital resources The Group has reduced debt by DKK 86 million during the year to DKK 26 million, driven by stronger profitability and reduced working capital. The group holds sufficient credit lines. Like last year it is recommended to the Annual General Meeting that dividend is not distributed for the financial year to reduce the debt gearing further during 2026. New products, research and development activities The Group’s development costs in the period totalled DKK 13 million (2024: DKK 14 million). Outlook & Expectations Despite continuing challenging market conditions, an improvement is expected in the financial development for 2026. Revenue is expected to experience single-digit growth. The expected revenue development in combina-tion with the reduced cost base is expected to result in profit before tax between 5-8% of revenue. Gender diversity goals Goals are set to increase the diversity in the Group, including the share of the underrepresented gender, in the Company’s general management on all levels. The aspiration is to have one woman in the board of direc-tors and when changes in board of directors should occur, both male and female candidates will be consid-ered. Other management levels (Tier 1 & 2) are currently represented by 38% women and 62% men. It is the aspi-ration to have equal representation going forward, which is considered to be achieved by a minimum of 40% of the underrepresented gender. The ambition is to increase the number of female managers by the following policies: • All job postings should be attractive towards both male and female candidates. • External talent bureaus must present both male and female candidates. ACCOUNTING POLICIES The Annual Report of Fritz Hansen A/S has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The Annual Report of Fritz Hansen A/S and its subsidiaries are included in the consolidated financial statements of Chr. Augustinus Fabrikker Aktieselskab. Generally about Recognition and Measurement Income is recognised in the income statement when earned. Costs incurred to earn revenues for the year, including amortisation, depreciation, impairment and provisions as well as reversals resulting from changed accounting estimates of amounts previously recognised in the income statement, are also recognised. Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Group, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Group, and the value of the liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are meas-ured as described for each item below. Gains, losses and risks that arise before the time of presentation of the Annual Report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measure-ment. Business acquisitions Acquired entities are recognised from the date of obtaining control. Upon acquisition of the entities, the acqui-sition method is applied. Cost is stated as the fair value of the assets transferred, obligations undertaken and shares issued. Expenses related to the acquisitions are recognised in the income statement in the period in which they are incurred. Identifiable assets, liabilities and contingent liabilities (net assets) relating to the entities acquired are recognised at the fair value at the date of acquisition calculated in accordance with Fritz Hansen's accounting policies. Goodwill relating to the entities acquired comprises a positive difference, if any, between the total fair value of the entities acquired and the fair value of the total net assets for accounting purposes. Goodwill is recognised in intangible assets and amortised on a straight-line basis over the assets’ estimated useful life. Consolidated Financial Statements The Consolidated Financial Statements comprise Fritz Hansen A/S (Parent Company) and subsidiaries, cf. overview on page 1. Control is achieved by the Parent Company, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Consolidation Policies The Consolidated Financial Statements are prepared on the basis of the Financial Statements of Fritz Hansen A/S and its subsidiaries. The Consolidated Financial Statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits on transactions between the consolidated enterprises are eliminated. The financial statements used for consolida-tion have been prepared applying the Group’s accounting policies. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Exchange differences that arise between the rate at the transaction date and that in effect at the payment date as well as exchange adjustments of accounts denominated in foreign currencies using the balance sheet date exchange rate are recognised as financial income or expenses. The foreign subsidiaries' income statements are translated into Danish kroner at average exchange rates. Bal-ance sheet items are translated using the exchange rates at the balance sheet date. Exchange differences arising on the translation of the subsidiaries' equity at the beginning of the year at the balance sheet date exchange rates and on the exchange adjustment of the income statement from average rates to the exchange rates at the balance sheet date are recognised directly in equity. Derivative financial instruments Derivative financial instruments, typically comprising forward exchange contracts are initially recognised at cost and measured at fair value at the balance sheet date. Positive and negative fair values on the derivatives are classified as “other receivables” or “other payables” and changes in the fair value on both loans and forward contracts are recognised in the profit and loss statement, unless they fulfil the criteria for hedge accounting cf. below. The fair value of the derivate financial instruments is based on the fair values as obtained from the external financial institution’s counterparties and adjusted with own estimates when deemed applicable. Hedge accounting Value adjustments on financial instruments that fulfill the criteria for hedge accounting are recognised directly in equity. These financial instruments comprise forward exchange contracts and loans in foreign currencies that are entered into to hedge future revenues and expenses. Income and expenses regarding such hedging trans-actions are transferred from equity upon realisation and recognised under the same financial statements item as the hedged amount. Revenue Revenue from invoiced sales (net of discounts) is recognised in the income statement at risk transfer to the buyer and if revenue can be stated reliably and expected received. Revenue is recognised net of VAT and duties. Change in inventories and expenses for raw materials, consumables and purchased goods Raw materials, consumables and purchased goods comprise direct and indirect costs for raw materials and consumables, direct wages and salaries and indirect production cost, goods consumed in the financial year measured at cost, adjusted for ordinary inventory write-downs. Other external expenses Other external expenses include expenses relating to the ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, operational leasing, etc. This item also includes write-downs of receivables recognised in current assets. Staff costs Staff costs comprise salaries and wages as well as social security contributions and pension contributions. Staff costs directly related to production of goods is transferred to inventories and subsequently recognised in “Change in inventories and expenses for raw materials, consumables and purchased goods”. Depreciation, amortisation and impairment losses Depreciation, amortisation and impairment losses relating to property, plant and equipment and intangible as-sets comprise depreciation, amortisation and impairment losses for the financial year. Other income Other income comprises of income of a secondary nature as viewed in relation to the primary activities. Income/(loss) from investments in subsidiaries after tax Income/(loss) from investments in subsidiaries after tax comprises the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Financial income Financial income comprises interest income, including interest income on receivables from group enterprises, exchange gains on receivables, payables and transactions in foreign currencies etc. Financial expenses Financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, exchange losses on receivables, payables and transactions in foreign currencies etc. Income taxes and deferred tax The Parent Company is jointly taxed with Chr. Augustinus Fabrikkers Aktieselskab and a number of other group enterprises. Calculated tax on the profit for the year, which comprises current tax and change in deferred tax, is recognised in the income statement calculated under the liability method. Deferred tax is provided for on the difference between carrying amount and tax base. Intangible assets Intangible assets are measured at cost net of accumulated amortisation and impairment losses. Intangible as-sets are amortised on a straight-line basis over the assets’ estimated useful life. The period of amortisation for rights, goodwill and development projects is determined based on Management’s experience in the Company’s business areas, and Management considers it to reflect the best estimate of the useful life of the assets. Goodwill 10 years Rights 5 years Software 3-10 years Property, plant and equipment Property, plant and equipment are measured at cost less accumulated depreciation and recoverable amounts. Land is not depreciated. Cost comprises the acquisition price and costs directly attributable to the acquisition until the time when the asset is ready to be put into operation. The basis of depreciation is cost with addition of any revaluation and less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful life of the assets, however, no more than the following: Land and buildings: Buildings 33 years Installations 10 years Plant and machinery: Manufacturing machinery 10 years Tools 5 years Other fixtures and fittings, tools and equipment: Factory and warehouse equipment 10 years Office furniture and machinery 5 years IT equipment 3 years Leasehold improvements 5-7 years Gains and losses on current replacement of property, plant and equipment are recognised in “Amortisation, depreciation, impairment losses”. Intangible assets and property, plant and equipment are impaired to the lower of recoverable amount and car-rying amount. Recoverable amount is calculated as the higher of net selling price and capital value. Fixed Asset Investments Investments in the subsidiaries are measured in the Parent Company under the equity method, i.e. the propor-tionate share of the companies' equity less unrealised intra-group profits. The proportionate share of the companies' profit/loss after elimination of intra-group profits is recognised in the income statement. Inventories Raw materials, consumables and goods for resale are measured at the lower of cost calculated under the FIFO method and net realisable value. Finished goods and work in progress are measured at the cost of direct materials and labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected sales sum less completion costs and ex-penses necessary to execute the sale and is determined allowing for marketability and obsolescence. Receivables Receivables are measured at amortised cost or estimated net realisable value if this is lower. The estimated realisable value is based on an individual assessment. Equity - Dividends Proposed dividends are recognised as a liability at the time of adoption at the Annual General Meeting. Divi-dends expected to be distributed for the year are disclosed as a separate equity item. Financial liabilities other than provisions Fixed-interest loans, such as mortgage loans and loans at credit institutions, intended to be held to maturity are recognised at the time of contracting the debt at the proceeds received net of transaction expenses. Subse-quently, the loans are measured at amortised cost equal to the capitalised value using the effective interest method; the difference between the proceeds and the nominal value (capital loss) is recognised in the income statement over the loan period. Cash flow statement The cash flow statement is presented using the indirect method and shows the year’s consolidated cash flows from operating, investing and financial activities, the year’s changes in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities Cash flows from operating activities are calculated on the basis of earnings before depreciation and amortisation adjusted for changes in working capital, payments relating to financial items as well as income tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with the purchase and sale of property, plant and equipment as well as fixed asset investments. Upon the acquisition and sale of enterprises, cash flows are adjusted for additions to and disposals of assets and liabilities. Cost is stated at acquisition price adjusted for cash and cash equivalents received. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of share capital and related expenses, borrowing, instalments on interest-bearing debt as well as payment of dividends. Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand and short-term bank debt. Segment information Segment information is provided for geographical markets (primary segment). Since the Company has only one business area, no segment information has been provided for the secondary segment. Segment disclosures are stated based on the Company’s financial reporting and comply with the applied accounting policies. true Ratios Profit Margin = Operating profit x 100 Revenue Return on Capital Employed (ROCE) = Profit from primary activities x 100 Average operating assets Average Operating Assets = Operating assets are balance sheet total less cash at bank and in hand and non-interest-bearing debt. Equity Ratio = Equity x 100 Balance sheet total Return on Equity = Net profit for the year x 100 Average equity 555688000 547580000 574020000 588510000 -249470000 -221794000 -198327000 -227518000 -165064000 -147094000 -169208000 -189403000 -127132000 -111149000 -129772000 -145788000 -59065000 -32428000 -34846000 -63546000 -45043000 35115000 41867000 -37745000 4605000 4860000 0 0 669000 1043000 1064000 594000 -10429000 -6645000 -6990000 -10843000 -50198000 34373000 35941000 -47994000 -3771000 -11365000 -12933000 -5975000 -53969000 23008000 23008000 -53969000 90878000 74988000 74988000 90878000 26777000 18812000 18812000 26777000 12000 109000 109000 12000 117667000 93909000 93909000 117667000 36955000 34997000 61776000 64562000 7166000 7633000 14814000 13886000 6216000 4154000 4298000 6361000 3514000 1684000 1747000 4024000 53851000 48468000 82635000 88833000 6313000 5514000 5530000 6507000 33213000 36802000 0 0 39526000 42316000 5530000 6507000 211044000 184693000 182074000 213007000 153472000 140700000 144044000 157257000 52253000 45173000 51544000 56528000 20406000 14414000 0 0 5372000 11378000 11366000 5362000 6363000 5388000 5701000 6779000 1852000 1858000 1995000 1860000 7431000 5518000 6255000 8813000 93677000 83729000 76861000 79342000 29220000 32434000 36842000 31054000 276369000 256863000 257747000 267653000 487413000 441556000 439821000 480660000 22000000 22000000 22000000 22000000 -4928000 -2304000 -2304000 -4928000 8309000 11898000 0 0 249423000 267475000 279373000 257732000 274804000 299069000 299069000 274804000 2500000 2500000 2500000 2500000 142455000 62359000 62359000 142455000 39462000 45319000 40226000 29291000 28192000 32309000 35667000 31610000 210109000 139987000 138252000 203356000 210109000 139987000 138252000 203356000 487413000 441556000 439821000 480660000 22000000 -4928000 8309000 249423000 0 274804000 0 0 3589000 19419000 0 23008000 0 -633000 0 -1367000 0 -2000000 0 4176000 0 0 0 4176000 0 919000 0 0 0 919000 22000000 -2304000 11898000 267475000 0 299069000 22000000 -4928000 257732000 0 274804000 0 0 0 0 0 0 0 23008000 0 23008000 0 -633000 -1367000 0 -2000000 0 4176000 0 0 4176000 0 919000 0 0 919000 22000000 -2304000 279373000 0 299069000 Share capital consists of: 4 shares at 2,500 10,000 1 share at 12,000 12,000 Total 22,000 There have been no capital increases or reductions in the last five years. 76713000 25801000 -13213000 -65516000 57000 12698000 -16065000 5279000 106048000 98736000 145000 594000 5268000 9590000 11431000 11552000 89494000 78188000 Acquisition of property, plant and equipment Acquisition of property, plant and equipment -4020000 -9750000 Acquisition of software Acquisition of software -567000 -1106000 Acquisition/sale of financial assets investments Acquisition/sale of financial assets investments 977000 457000 -3610000 -10399000 0 0 0 0 85884000 67789000 -111401000 -179190000 -25517000 -111401000 Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 1. Segment information Revenue Geographical primary segment 382,156 367,311 Europe 367,311 382,156 173,532 180,269 Rest of the world 206,709 206,354 555,688 547,580 574,020 588,510 2. Other external expenses This item includes the following fees to the au-ditors appointed at the General Meeting 466 594 Statutory audit 786 620 17 17 Other services 53 100 483 611 839 720 3. Staff costs Total salaries and remuneration, etc., are dis-tributed as follows: 115,380 101,093 Wages and salaries 126,302 139,758 9,049 7,682 Pension costs 9,774 11,045 4,458 3,971 Other social security costs 7,517 8,173 128,887 112,746 143,593 158,976 -1,755 -1,597 Transferred to inventories -13,821 -13,188 127,132 111,149 129,772 145,788 2,463 533 Board of Directors 533 2,463 9,291 8,935 Executive Board 8,935 9,291 172 146 237 270 Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 4. Amortisation, depreciation, impairment losses and other income 41,885 15,890 Goodwill & Rights 15,890 41,885 9,013 8,435 Software 8,435 9,013 2,299 2,305 Land and buildings 3,527 4,078 2,762 2,921 Plant and machinery 3,967 5,384 2,761 2,278 Other fixtures & fittings, tools & equipment 2,380 2,841 Amortisation, depreciations and impair-58,720 31,829 ment losses 34,199 63,201 - - Gain on sale of assets - - 345 599 Loss on sale of assets 647 345 59,065 32,428 34,846 63,546 5. Financial income 659 806 Interest income, intra-group - - 10 124 Interest income, other 951 594 - 113 Exchange gains 113 - 669 1,043 1,064 594 6. Financial expenses 8,025 4,113 Interest expenses, banks 4,131 8,026 1,158 818 Interest expenses, other 1,137 1,564 1,246 1,714 Exchange losses 1,722 1,253 10,429 6,645 6,990 10,843 Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 7. Tax on profit for the year 4,273 10,966 Current tax of profit for the year 11,733 5,144 5,714 -595 Adjustment tax of profit previous years -439 5,692 Adjustment of deferred tax re. profit for the year -6,216 994 and adjustments relating to tax rate changes 1,639 -4,861 3,771 11,365 12,933 5,975 0 0 0 0 -53969000 23008000 23008000 -53969000 -53969000 23008000 23008000 -53969000 9. Intangible Assets – Parent Com-pany DKK’000 Software in Goodwill Rights Software progress Total Cost at 1 January 232,939 5,909 57,515 12 296,375 Additions - - 470 97 567 Transfer - - - - - Retirements - - -97 - -97 Cost at 31 December 232,939 5,909 57,888 109 296,845 Depreciation & impairment at 1 Jan. 142,061 5,909 30,738 - 178,708 Impairment - - - - - Depreciation 15,890 - 8,435 - 24,325 Retirements - - -97 - -97 Depreciation & impair. at 31 Dec. 157,951 5,909 39,076 - 202,936 Carrying amount at 31 Dec. 2025 74,988 - 18,812 109 93,909 Carrying amount at 31 Dec. 2024 90,878 - 26,777 12 117,667 9. Intangible Assets – Group DKK’000 Software in Goodwill Rights Software progress Total Cost at 1 January 232,939 5,909 57,515 12 296,375 Additions - - 470 97 567 Transfer - - - - - Retirements - - -97 - -97 Cost at 31 December 232,939 5,909 57,888 109 296,845 Depreciation & impairment at 1 Jan. 142,061 5,909 30,738 - 178,708 Impairment - - - - - Depreciation 15,890 - 8,435 - 24,325 Retirements - - -97 - -97 Depreciation & impair. at 31 Dec. 157,951 5,909 39,076 - 202,936 Carrying amount at 31 Dec. 2025 74,988 - 18,812 109 93,909 Carrying amount at 31 Dec. 2024 90,878 - 26,777 12 117,667 10. Property, plant and equipment – Parent Company Other fix-DKK’000 tures and Property, Plant & fittings, plant and Land & machi-tools and equipment buildings nery equipment in progress Total Cost at 1 January 145,527 54,940 30,738 3,514 234,719 Currency adjustment - - -117 -7 -124 Additions 222 566 493 1,603 2,884 Transfer 126 2,823 372 -3,321 - Retirements -15 - -3,000 -105 -3,120 Cost at 31 December 145,860 58,329 28,486 1,684 234,359 Depreciation & impairment at 1 Jan. 108,572 47,774 24,522 - 180,868 Currency adjustment 1 1 -73 - -71 Depreciation 2,305 2,921 2,278 - 7,504 Retirements -15 - -2,395 - -2,410 Depreciation & impair. at 31 Dec. 110,863 50,696 24,332 - 185,891 Carrying amount at 31 Dec. 2025 34,997 7,633 4,154 1,684 48,468 Carrying amount at 31 Dec. 2024 36,955 7,166 6,216 3,514 53,851 10. Property, plant and equipment – Group DKK’000 Other fix-tures and Property, Plant & fittings, plant and Land & machi-tools and equipment buildings nery equipment in progress Total Cost at 1 January 191,172 95,613 31,166 4,024 321,975 Currency adjustment 478 426 -113 -2 789 Additions 268 1,596 591 1,670 4,125 Transfer 234 3,234 372 -3,840 - Retirements -146 - -3,000 -105 -3,251 Cost at 31 December 192,006 100,869 29,016 1,747 323,638 Depreciation & impairment at 1 Jan. 126,610 81,727 24,805 - 233,142 Currency adjustment 195 361 -72 - 397 Depreciation 3,527 3,967 2,380 - 9,874 Retirements -102 - -2,395 - -2,410 Depreciation & impair. at 31 Dec. 130,230 86,055 24,718 - 241,003 Carrying amount at 31 Dec. 2025 61,776 14,814 4,298 1,747 82,635 Carrying amount at 31 Dec. 2024 64,562 13,886 6,361 4,024 88,833 Parent Company 2025 2024 11. Investments in subsidiaries DKK'000 DKK'000 Cost at 1 January 24,904 24,904 Cost at 31 December 24,904 24,904 Value adjustment at 1 January 13,338 10,018 Exchange adjustments, beginning of year -1,263 948 Profit for the year 2,567 2,333 Exchange adjustment of profit for the year 25 39 Value adjustment at 31 December 14,667 13,338 Internal profit -2,769 -5,029 Carrying amount at 31 December 36,802 33,213 Name Reg. address Voting/ownership share Fritz Hansen Inc. New York City, USA 100% Fritz Hansen Production Sp. z.o.o. Rawicz, Poland 100% Fritz Hansen Trading Co. Ltd Shanghai, China 100% 12. Inventories Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 23,326 26,553 Raw materials and consumables 26,592 23,413 4,751 6,862 Work in progress 6,862 4,751 125,395 107,285 Finished goods 110,590 129,093 153,472 140,700 144,044 157,257 13. Prepayments Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 4,663 5,019 Other prepayments 5,332 5,079 1,700 369 Prepaid rent 369 1,700 6,363 5,388 5,701 6,779 14. Deferred tax assets Parent Company Group 2024 2025 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 -4,214 -2,966 Intangible and tangible assets -2,966 -4,214 8,887 7,718 Inventories 7,718 8,887 - - Internal profit 623 1,265 191 422 Trade receivables 422 191 1,191 954 Liabilities and provisions 1,068 1,308 130 -789 Hedging Reserve -789 130 1,246 179 Deferred tax loss 179 1,246 7,431 5,518 6,255 8,813 2,588 7,431 Provision deferred tax 1 January 8,813 5,322 6,215 -994 Deferred tax of profit for the year -1,639 4,863 6 -919 Deferred tax adjusted in Equity -919 6 -1,378 - Joint taxation utilisation - -1,378 7,431 5,518 6,255 8,813 15. Currency, Interest and Credit Exposure Trade Receivables The credit period for trade receivables varies by market from 30 days to 60 days. The credit period for trade receivables is free of interest. Bank debt The bank debt consists of ordinary credits. The average term is one year. The rate of interest averaged 2.8% by the end of 2025. Derivative financial instruments: Derivative financial instruments in the form of forward foreign exchange contracts have been entered into, which have a fair value of DKK 3.6 million as of 31 December 2025. The total fair value of hedge accounting instruments recognised in equity amounts to DKK 2,3 million and is expected to be recycled to the profit & loss statement within 12 months. 16. Contingent Liabilities Rental and lease commitments The Group has assumed rental and lease commitments with payments of DKK 16 million in the period of notice (parent DKK 16 million). In the financial year 2026, group payments amount to DKK 8 million (parent DKK 8 million). The balance of DKK 8 million (parent DKK 8 million) is due for payment in the financial years 2027 to 2029 (group and parent). The commitments relate to leases of showrooms and motor vehicles. The Company has guaranteed payments of DKK 0.3 million relating to performance guarantees. The Company has entered into mutually binding agreements, but none beyond what is considered ordinary practice for the Company. 17. Related Parties Related parties of Fritz Hansen A/S comprise the following in the period 1 January to 30 June 2025: • Skandinavisk Holding A/S, Sankt Annæ Plads 13, st. th., 1250 Copenhagen K • Chr. Augustinus Fabrikker Aktieselskab, Sankt Annæ Plads 13, st. th., 1250 Copenhagen K • C.W. Obel A/S, Vestergade 2, 1456 Copenhagen K • Augustinus Fonden, Sankt Annæ Plads 13, st. th., 1250 Copenhagen K • Det Obelske Familiefond, Kastetvej 2, st., 9000 Aalborg Controlling influence: Skandinavisk Holding A/S, which holds 100% of the Company’s share capital. Related parties of Fritz Hansen A/S comprise the following in the period 1 July to 31 December 2025: • Chr. Augustinus Fabrikker Aktieselskab, Sankt Annæ Plads 13, st. th., 1250 Copenhagen K • Augustinus Fonden, Sankt Annæ Plads 13, st. th., 1250 Copenhagen K Controlling influence: Chr. Augustinus Fabrikker Aktieselskab, which holds 100% of the Company’s share capital. 18. Subsequent events No subsequent events have occurred after the balance sheet date that materially affect the assessment of the financial statements as per 31.12 2025. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-03-24 Reporting class C, large enterprise 1955-03-30 4548172300 www.fritzhansen.com https://downloads.fritzhansen.com/assetbank-fritzhansen/action/viewAsset?id=34336&index=0&total=7&view=viewSearchItem https://www.fritzhansen.com/en/Sales-Support/Terms-and-Conditions/data-ethics-policy 2026-03-24 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-03-24 mne33228 33771231 mne47889 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab