26198402 2025-01-01 2025-12-31 26198402 2025-01-01 2025-12-31 1 26198402 2025-01-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 26198402 2024-01-01 2024-12-31 cmn:OtherRenderingOfReportedValueMember 26198402 2023-01-01 2023-12-31 26198402 2022-01-01 2022-12-31 26198402 2021-01-01 2021-12-31 26198402 2024-01-01 2024-12-31 26198402 2025-12-31 cmn:OtherRenderingOfReportedValueMember 26198402 2024-12-31 cmn:OtherRenderingOfReportedValueMember 26198402 2023-12-31 26198402 2022-12-31 26198402 2021-12-31 26198402 2025-12-31 26198402 2024-12-31 26198402 2024-12-31 fsa:ContributedCapitalMember 26198402 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26198402 2024-12-31 fsa:RetainedEarningsMember 26198402 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26198402 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 26198402 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26198402 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 26198402 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 26198402 2025-12-31 fsa:ContributedCapitalMember 26198402 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 26198402 2025-12-31 fsa:RetainedEarningsMember 26198402 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 26198402 2025-01-01 2025-12-31 1 26198402 2025-01-01 2025-12-31 1 26198402 2025-01-01 2025-12-31 2 26198402 2025-01-01 2025-12-31 3 26198402 2025-01-01 2025-12-31 4 26198402 2025-01-01 2025-12-31 5 iso4217:DKK xbrli:pure Au2mate A/S Frichsvej 11 8600 Silkeborg 26198402 Silkeborg PricewaterhouseCoopersStatsautoriseret Revisionspartner-selskab Jens Chr. Skous Vej 1 DK 8000 Aarhus C Word from our CEOThe past year has marked an important milestone for our company. We achieved record revenue, driven by strong demand for advanced automation solutions across the global process industry and by the trust our customers continue to place in our expertise. This performance reflects the robustness of our strategy, the relevance of our technologies, and the consistent execution delivered by our organisation.While revenue reached a historical record, our profit did not develop at the same pace. This outcome was primarily influenced by significant investments and finan-cial impact associated with a major strategic project. Although this project affected short term earnings, it represents a deliberate and forward looking decision. It posi-tions us to enter a new and strategically important segment of the process industry, one that we expect will contribute meaningfully to our long term growth, differentia-tion, and competitiveness.Our achievements this year are the result of the dedication and professionalism of our employees, as well as the continued confidence of our customers and partners. I would like to express my sincere appreciation to all who have contributed to our progress. Your commitment has enabled us to deliver strong results in a year char-acterised by both opportunity and complexity.Looking ahead, we remain firmly focused on our strategic priorities. We see substan-tial potential for continued international growth, particularly in key markets where demand for automation, digitalisation, and operational efficiency continues to accel-erate. With a strengthened platform, an expanding portfolio, and a clear long term direction, we are well positioned to advance our global presence and capture new opportunities across the process industry.Thank you for your continued support and confidence in our company. We look forward to building on this year’s momentum and further strengthening our position in the year ahead.Henrik AndersenChief Executive OfficerAu2mate develops and delivers complete automation solutions to the global food, bev-erage and process industry with special focus on process optimisation and minimising waste, energy consumption, and a resilient production.Our solution designs emphasise a high level of user-friendliness, operational reliability, and optimal use of Industry 4.0 technologies to safeguard your investment.We offer training programmes for both operating and technical staff at our training centre, Au2mate Academy, and competent support via our 24/7 Hotline.Au2mate – your partner and provider of quality solutions and guarantor of the optimal performance of your process system.projects+4000 employees+200 offices21 countries11 OfficesOur missionTo be the preferred automation and IT partner in the food and beverage industryCustomers prefer us because we are:• No. 1 in knowhow and experience• Easy to work with• Promise keepers• Proactive – quickly spotting new demands and opportunitiesTo deliver unique quality with the right timing and priceWe provide unique automation solutions – specializing in premium quality, rapid delivery and competitive prices. We can meet all those needs because we have:• Comprehensive experience• Structured development processes• Effective tools for knowledge sharingTo attract the most talented employeesWe aim to be state-of-the-art in our business so to us knowledge build-ing has high priority. This makes Au2mate an attractive place to work – employees are challenged and developed though complex projects and highly qualified colleagues.Strategic ambition“We want to be the top choice Automation and Digitalization partner for major international End-Users and OEMs in the Food & Beverage industry.”Group financial overview-financial highlightsKey figures (DKK Million) 2025 2024 2023 2022 2021Income statement Revenue 295 252 191 175 157Operating Profit 29 37 16 17 18Net financial Item -1 1 0 -1 0Profit for the year 23 30 12 13 14Balance Total assets 160 144 114 101 100Equity 42 57 39 35 39Cash flow Net cash flow -16 27 1 -11 6Employees No. of employees - average 216 184 159 151 122Ratios Operating profit margin 9.8% 14.7% 8.4% 9.7% 11.5%Solvency ratio 26.3% 39.4% 34.2% 34.7% 39.0%Return on equity 46.5% 62.5% 32.4% 35.1% 36.4%ESG at a glanceAt Au2mate, we are proud to present our ESG Report, which reflects our unwavering commitment to sustainability, responsible growth, and innovation in process automation. Here’s a brief overview of our key initiatives and achievements: Environmental Leadership: We are dedicated to reducing our environmental impact by optimizing the processes of our customers. Through our software upgrades, we’ve achieved significant resource sav-ings—up to 30% reductions in water and chemical usage, and 20% reductions in electric-ity, steam, and ice water consumption. In mapping our carbon footprint, we have identi-fied that business travel constitutes a major part of our emissions, which guides us in our efforts to transition to greener alternatives such as PV panel installations, district heating, and electric vehicles. Social Responsibility: We believe that our people are our greatest asset. Our approach is built on creating an engaging, safe, and inclusive work environment. By investing in employee development through our Au2mate Academy, im-plementing comprehensive onboarding processes, and actively promoting gender diver-sity, we strive to ensure that our workplace supports both personal growth and professional excellence. Our initiatives also extend into community engagement and maintaining robust health and safety practices. Governance & Transparency: With strong governance structures in place, our board and executive team are deeply committed to transparent, data-driven decision-making. We continuously monitor our performance against clearly defined tar-gets and global standards, including the UN’s Sustainable Development Goals. This struc-tured approach helps us to be accountable and to set measurable goals for the future. In essence, our ESG Report is not just a reflection of our current achievements—it’s a promise to our stakeholders that we will continue to innovate, improve, and lead the way towards a more sustainable and in-clusive future. We are excited to build on this foundation and drive forward meaningful change in the process industry.MilestonesFrom Fragile to Future-Ready: How Humlum modernised their production automationWhen ageing control systems began threatening round-the-clock production at Humlum A/S, the company chose a controlled, zero-downtime migration to a modern, open automation platform - securing both operational stability and a clear path to growth.Stability as a Competitive AdvantageAt Humlum A/S in Hjerm, everything revolves around quality, efficiency, and reliable delivery. The company manufactures puff pastry, chilled doughs, and tartlets for retail, catering, and industrial customers - and that demands production lines that run stably around the clock.After many years of operation, however, the legacy control system had begun to show its age. Components had been discontinued, the code was locked, and unintended errors during production caused unexpected stoppages. At the same time, support costs were rising and the risk of a serious breakdown was growing.This marked the beginning of a major modernisation - with the goal of giving Humlum full control over its own automation, increasing uptime, and establishing a technological foundation for future growth.A Controlled Upgrade with No Production LossThe project began with a thorough mapping of equipment, processes, and risk points. Based on this analysis, a migration plan was developed that allowed switchovers to be carried out within short, pre-scheduled windows - so production could continue without interruption.The transition itself was executed in several stages and rigorously tested before the new platform was brought into operation. Operators and maintenance staff were trained on the new system so they could quickly take advantage of the new capabilities.A Modern, Open PlatformThe new solution was built on Siemens’ TIA Portal with an open, fully documented architecture. This means Humlum can now troubleshoot, optimise, and expand production without relying on external vendors or proprietary systems.The system is equipped with:• PLCs from the Siemens S7 family• Intuitive WinCC Unified• operator interfaces• SINAMICS drives and• SIWAREX weighing modulesThe combined setup delivers better visibility, faster response times, and a markedly higher level of operational reliability.Measurable ImprovementsShortly after go-live, Humlum noticed a clear difference in day-to-day operations. Faults that previously required lengthy stoppages and external support can now be identified and resolved quickly. Operators experience a more stable production environment and a system that responds precisely and predictably.Raising the bar for quality and cleanlinessat Arla Foods Arinco When Arla Foods Arinco needed to modernise its largest spray dryer to meet tightening quality and hygiene standards, the project demand-ed a fully integrated automation platform — delivered on a tight dead-line without disrupting production.The CustomerArla Foods Arinco is a specialist dairy in Videbæk, Denmark, employing 320 people and produc-ing child nutrition products alongside whole, skimmed, and fat-filled milk powder. The site operates four spray drying towers, and Au2mate had al-ready successfully upgraded Tower 3 in 2020/21 — estab-lishing the trust that paved the way for this project.The ChallengeTower 6 is the larg-est spray dryer at Arinco and had run with only minor changes since the late 1990s. Rising quality demands and stricter hygiene requirements made a full upgrade un-avoidable. The key objectives were clear: introduce a No Intervention CIP sys-tem to meet modern cleaning standards, implement a Critical Control Point (CCP) system on the evap-orator to ensure correct heat treat-ment, and do it all without compromis-ing uptime.The SolutionAu2mate designed and delivered a new control system based on Siemens TIA PLCs and In-touch/IAS from Ave-va for visualisation and data processing — replacing legacy Siemens S400 PLCs with modern S1500 units. The system was structured across two PLCs covering the spray dryer, feed line, CIP, evaporator, and milk silos, and was fully aligned with Arla Foods’ Software Standard OAS1. Ex-isting MES and SAP integrations were preserved through a newly developed interface.Au2mate’s scope of delivery included:• Software devel-opment for PLC and visualisation systems• Electrical instal-lation, Profinet IO and PLC panels• Factory Accep-tance Testing (FAT) and full on-site commis-sioning• Operator and maintenance training• Handover and enrolment in Au2mate’s 24/7 support hotlineThe ResultThe project launched in January 2022 and was com-pleted on schedule in December 2022 — followed by six weeks of 24/7 on-call commissioning support. Tower 6 now runs on a mod-ern, standards-com-pliant platform that supports No Intervention CIP, meets GMP and CCP requirements, and is built to scale. Arinco gained local maintainability, high uptime, and full inte-gration with existing business systems.“From the start, Au2mate de-livered a combination of tech-nical and professional skills to the project. They quickly got a hold of the complexity and adapted as it unfolded. Through good partnership and cooperation, we delivered the project on time — on a tight schedule. We will happily work together with Au2mate in the future.”— Dannie I. Dali, Automation Project Manager, Arla Foods ArincoTurning Data into performance: How Almarai gained full visibility across eight production linesWhen one of the world’s largest dairy companies set out to build a new production plant in Al Kharj, Saudi Arabia, pro-ductivity and traceability were non-negotiable from day one. Au2mate was brought in to deliv-er a complete MES and OEE solution — con-necting eight filling and packaging lines to SAP and giving Almarai re-al-time insight into every aspect of production.The Customer Almarai is one of the world’s largest integrat-ed dairy and food com-panies, headquartered in Riyadh and operat-ing across the Arabian Peninsula. With more than 45,000 employees and over 100,000 re-tail outlets served, the company has built its reputation on consistent quality and operation-al excellence across a broad product range in-cluding milk, laban, and yoghurt. In 2017, Almarai expanded its produc-tion capacity with a new plant in Al Kharj. The facility covers two main areas: a processing area handling milk intake and production, and a filling and packaging area with eight lines, cooling tun-nels, incubation rooms, crate and pallet washing lines, and a cold store.The Challenge From the outset, Alma-rai had identified OEE measurement and ERP integration as strategic priorities for improving productivity across its production sites. The new Al Kharj plant need-ed a fully automated control and IT solution with SAP integration, real-time OEE moni-toring, and end-to-end traceability — built and commissioned in parallel with the plant itself. The target was clear: a measurable 5% im-provement in line OEE, achieved by reducing waste and downtime while improving perfor-mance, availability, and quality across all eight lines.The Solution Au2mate designed and delivered a complete MES solution for the fill-ing and packaging area, built on Wonderware MES and SCADA soft-ware, Siemens control equipment, HP server infrastructure, Cisco networking, and Sick barcode equipment. The solution connect-ed to 90 line PLCs and covered the full scope of production manage-ment: order execution, OEE measurement, batch reporting, ener-gy monitoring, and full track and trace via 21 barcode scanners. Four large 55” overview mon-itors gave operators andmanagers a live view of line performance across the entire packaging area. Integration with SAP and EWM ensured that released production orders flowed directly from the ERP system into the MES, with re-al-time feedback on filled and packed quan-tities, material locations, and maintenance data flowing back automat-ically. The result was a closed loop between theshop floor and business systems — eliminating manual data entry and providing management with reliable, up-to-date production data at all times. Au2mate’s scope of delivery included projectmanagement and coor-dination with filling line suppliers, full software development for PLC, MES, SCADA, and report-ing systems, design and installation of all control and IT equipment, com-missioning, and training of Almarai personnel.The Result The contract was signedin June 2016, commis-sioning began in Febru-ary 2017, and the plant reached full production in April 2017 — a demand-ing timeline delivered on schedule. From day one of operation, Almarai had complete visibility into performance across all eight lines, with structuredOEE data, KPI reporting, and SAP integration fully in place. The project stands as one of Au2mate’s most comprehensive MES de-liveries — demonstrating the ability to design, in-tegrate, and commission a large-scale production intelligence solution from the ground up, in a new facility, and on an inter-national scale. A Platform for Continu-ous Improvement With live OEE data now embedded in daily op-erations, Almarai’s team in Al Kharj has the tools to identify losses, act on them quickly, and drive ongoing performance improvements — turning production data into a genuine competitive ad-vantage.Development in the yearThe income statement of the Company for 2025 shows a profit of DKK 15,466,427, and at 31 December 2025 the balance sheetof the Company shows an equity of DKK 32,881,501.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Company and the results of the activities and cash flows of the Company forthe financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 100463000 94354000 70988000 65544000 70893000 6744000 14497000 6856000 6527000 12943000 467000 484000 200000 -199000 -210000 15466000 22428000 9252000 9571000 12995000 110263000 99970000 77005000 82069000 77733000 5197000 3498000 547000 2595000 1441000 32882000 46324000 32999000 32810000 36219000 0.298 0.463 0.429 0.40 0.466 0.391 0.565 0.281 0.277 0.362 Key activitiesThe Company’s main activities are sale, development and production of process automation solutions for domestic and foreigncustomers. 100463061 94354159 89648962 78449849 1969997 1407234 2100000 0 6744102 14497076 10035265 10838085 544294 491981 77420 8020 17246241 25819122 1779814 3390936 15466427 22428186 7546149 4659487 1059020 718652 8605169 5378139 10977176 11351242 1635584 1367211 12612760 12718453 21217929 18096592 41696820 27214756 10246665 11069463 22257754 23894789 322652 303257 0 4432452 1053193 1179440 75577084 68094157 104700 61200 13363463 13718279 89045247 81873636 110263176 99970228 3000000 3000000 10377176 10693440 19504325 14630965 0 18000000 32881501 46324405 15767569 15595000 4466000 2064000 20233569 17659000 10826261 7227672 12831577 8205796 6937213 4955372 41955 41955 1607245 0 24022566 14511718 881289 1044310 57148106 35986823 57148106 35986823 110263176 99970228 3000000 10693440 14630965 18000000 46324405 0 90669 0 0 90669 0 0 0 18000000 18000000 0 0 11000000 0 11000000 0 -10500000 10500000 0 0 0 10093067 5373360 0 15466427 3000000 10377176 19504325 0 32881501 1. Staff expenses(DKK) 2025 2024Wages and salaries 77,487,022 68,526,905Pensions 10,955,545 9,097,947Other social security expenses 1,040,234 824,997Other staff expenses 166,161 089,648,962 78,449,849 Including remuneration to the Executive Board and Board of Directors2,982,448 2,410,712 119 99 2. Financial income(DKK) 2025 2024Interest from group enterprises 364,507 319,432Other financial income 75,532 172,549Exchange gains 104,255 0544,294 491,981 3. Income tax expense(DKK) 2025 2024Current tax for the year 1,607,245 - 4,432,452Deferred tax for the year 172,569 7,823,3881,779,814 3,390,936 11000000 0 0 18000000 10093067 7080283 -5626640 -2652097 15466427 22428186 5. Property, plant and equipmentOther fixturesand fittings,tools andLeasehold(DKK)equipmentimprove mentsCost at 1 January 17,805,950 1,165,068Additions for the year 4,654,024 543,003Disposals for the year- 1,118,662 0Cost at 31 December 21,341,312 1,708,071Impairment losses and depreciation at 1 January 13,146,463 446,416Depreciation for the year 1,767,362 202,635Reversal of impairment and depreciation of sold assets - 1,118,662 0Impairment losses and depreciation at 31 December13,795,163 649,051Carrying amount at 31 December7,546,149 1,059,020Amortised over3-10 years 3-10 years 6. Investments in subsidiaries(DKK) 2025 2024Cost at 1 January 600,000 600,000Cost at 31 December600,000 600,000Value adjustments at 1 January 10,751,242 3,716,321Exchange adjustment 90,669 - 103,164Net profit/loss for the year 10,035,265 10,838,085Dividend to the Parent Company - 10,500,000 - 3,700,000Value adjustments at 31 December 10,377,176 10,751,242Carrying amount at 31 December 10,977,176 11,351,242Investments in subsidiaries are specified as follows:Place ofNameregistered office Owner shipAu2mate International ApS Silkeborg 100 %Au2mate Norge A/S Norway 100 %Au2mate Process Automation Partner Sverige AB Sweden 60 %Au2mate Ltd. England 60 %Process Automation Partner FZ-LLC. Dubai 60 %Au2mate Zealand A/S Hillerød 80 %Au2mate Fyn A/S Odense 60 %Au2mate Deutschland GmbH Germany 100 %Au2mate Australia Pty. Ltd. Australia 100 %6. Investments in subsidiaries (continued)Place ofNameregistered office Owner shipAu2mate Portugal, LDA Portugal 80 %Au2mate Netherlands B.V. Netherlands 51 %7. Other fixed asset investments(DKK) DepositsCost at 1 January 1,367,211Additions for the year268,373Cost at 31 December 1,635,584Carrying amount at 31 December 1,635,584 8. Contract work in progress(DKK) 2025 2024Selling price of work in progress 104,901,984 80,342,017Payments received on account -107,486,896 -77,478,350-2,584,912 2,863,667Recognised in the balance sheet as follows:Contract work in progress recognised in assets 10,246,665 11,069,463Prepayments received recognised in debt -12,831,577 -8,205,796-2,584,912 2,863,667 9. PrepaymentsPrepayments consists of prepaid expenses related to the Company´s activities.13. Deferred incomeDeferred income consists of preinvoiced service contracts with customers. 10. Fair valuesValueadjustment,incomeFair value at(DKK)statement31 DecemberShares 43,500 104,700 11. Provision for deferred tax(DKK) 2025 2024Deferred tax liabilities at 1 January 15,595,000 7,771,612Amounts recognised in the income statement for the year 172,569 7,823,388Deferred tax liabilities at 31 December15,767,569 15,595,000 12. Other provisions(DKK) 2025 2024Other provisions comprise expected guarantee costs relating to previously recognised revenue and expected losses oncontracts.Other provisions 4,466,000 2,064,0004,466,000 2,064,000The provisions are expected to mature as follows:Provisions falling due after 5 years 0000 14. Contingent assets, liabilities and other financial obligations(DKK) 2025 2024Rental and lease obligationsRental obligations, period of non-terminability 3 - 100 months18,217,648 15,183,061Guarantee obligationsPayment guarantee10,549,497 267,000Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The totalamount of corporation tax payable is disclosed in the Annual Report of N. Foss & Co. A/S, which is the management companyof the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholdingtaxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments ofcorporation taxes and withholding taxes may increase the Company's liability.14. Contingent assets, liabilities and other financial obligations (continued)(DKK) 2025 2024Other financial obligationsNo other financial obligations at the balance sheet date.Including to group enterprisesPayment guarantee 450,917 267,000 15. Related parties and disclosure of consolidated financial statementsBasisRelated partiesN. Foss & Co. A/S OwnerTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordancewith section 98(c)(6) of the Danish Financial Statements Act.Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Name Place of registered officeN. Foss & Co. A/S Hillerød 16. Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 17. Accounting policiesThe Annual Report of Au2mate A/S for 2025 has been prepared in accordance with the provisions of the Danish FinancialStatements Act applying to medium-sized enterprises of reporting class C.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilitiesmeasured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the yearare recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well asreversals 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 tothe 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 itembelow.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the AnnualReport which confirm or invalidate affairs and conditions existing at the balance sheet date.Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising dueto differences between the transaction date rates and the rates at the dates of payment are recognised in financial income andexpenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date aretranslated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheetdate and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in theincome statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.The Financial Statements for 2025 are presented in DKK.Income statementRevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred tothe purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow tothe Company. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals theselling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenuesand expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and itis probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined onthe basis of the ratio between the expenses incurred and the total expected expenses of the contract.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Cost of goods soldCost of goods sold comprise the purchase price etc. for goods sold in the year.Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc.Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue,other operating income, cost of goods sold and other external expenses.Staff expensesStaff costs include wages and salaries including compensated absence and pensions as well as other social securitycontributions etc. made to the entity's employees.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment.Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of theCompany, including gains and losses on the sale of property, plant and equipment.Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for theyear.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.17. Accounting policies (continued)Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year isrecognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Balance sheetProperty, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairmentlosses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is readyfor use.Interest expenses on loans are not recognised in cost during construction and reconstruction periods.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives ofthe assets, which are:Other fixtures and fittings, tools and equipment 3-10 yearsLeasehold improvements 3-10 yearsThe fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whetherthere is any indication of impairment other than that expressed by depreciation.If so, the asset is written down to its lower recoverable amount.Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value ofthe enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction oraddition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value andgoodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluationunder the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted forother equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the ParentCompany to cover the negative balance of the enterprise is recognised in provisions.Other fixed asset investmentsOther fixed asset investments consist of deposit.17. Accounting policies (continued)ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds tonominal value less provisions for bad debts.Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion.The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated totalcontract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expectedloss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and netrealisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables whenthe net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.Current Asset InvestmentsCurrent Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheetdate. Fair value is determined on the basis of the latest quoted market price.DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company hasa legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include anticipated expences of non-recourse guarantee commitments. Provisions are measured andrecognised based on experience with guarantee work.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising betweenthe tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intendeduse of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expectedto be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal taxentity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to taxrates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.17. Accounting policies (continued)Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expectedtaxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if thereis a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Financial liabilitiesDebts are measured at amortised cost, substantially corresponding to nominal value.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. true Consolidated financial statementsWith reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of N.Foss & Co. A/S, the Company has not prepared consolidated financial statements. Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in theconsolidated financial statements of N. Foss & Co. A/S, the Company has not prepared a cash flow statement. Financial HighlightsExplanation of financial ratiosSolvency ratio Equity at year end x 100 / Total assets at year endReturn on equity Net profit for the year x 100 / Average equity Management’s statementThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Au2mate A/S for thefinancial year 1 January - 31 December 2025.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Companyand of the results of the Company operations for 2025.In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.We recommend that the Annual Report be adopted at the Annual General Meeting. Silkeborg Henrik Andersen Manager Kim Vejlby Hansen Henrik Wiboltt Karl Klaus Bruno Dam Chairman Vice chairman Jesper Sabroe Clara Frederikke Foss Independent Auditor’s report To the shareholders of Au2mate A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with theDanish Financial Statements Act.We have audited the Financial Statements of Au2mate A/S for the financial year 1 January - 31 December 2025, whichcomprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significantaccounting policies (”the Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirementsapplicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’sresponsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company inaccordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for ProfessionalAccountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our otherethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. 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 assuranceconclusion 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 obtainedduring 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 DanishFinancial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements andhas been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any materialmisstatement 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 theDanish Financial Statements Act, and for such internal control as Management determines is necessary to enable thepreparation 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 goingconcern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting inpreparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or hasno 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 materialmisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance isa high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additionalrequirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic 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 exerciseprofessional 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 andperform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultingfrom error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate inthe 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 relateddisclosures made by Management.•Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the FinancialStatements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease tocontinue as a going concern.•Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, andwhether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fairview.•Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information ofthe entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for thedirection, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus C PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Steffen Damsgaard Sørensen State Authorised Public Accountant mne35804 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-22 Kim Vejlby Hansen Reporting class C, medium-size enterprise 2026-04-22 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-04-22 33771231