10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 10031265 2025-01-01 2025-12-31 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 10031265 2025-12-31 cmn:ConsolidatedMember 10031265 2024-12-31 cmn:ConsolidatedMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 10031265 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 10031265 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 10031265 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 10031265 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 10031265 2023-12-31 cmn:ConsolidatedMember 10031265 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ShorttermDeferredIncomeMember 10031265 2024-01-01 2024-12-31 10031265 2025-12-31 10031265 2024-12-31 10031265 2024-12-31 fsa:ContributedCapitalMember 10031265 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2024-12-31 fsa:RetainedEarningsMember 10031265 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 10031265 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 10031265 2025-12-31 fsa:ContributedCapitalMember 10031265 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 10031265 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-05-18 Rikkekatrine Larsen The Executive Board has today considered and approved the annual report of Clausen Engineering ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Copenhagen Tais Clausen To the shareholder of Clausen Engineering ApS We have audited the consolidated financial statements and the parent financial statements of Clausen Engineering ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group 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. Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​​that we identify during our audit.​ Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Thomas Rosquist Andersen State Authorised Public Accountant mne31482 Marie Louise Vester Sørensen State Authorised Public Accountant mne47319 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresRevenue53,02426,39361300Gross profit/loss(40,898)(25,368)(19,892)(7,811)(1,884)Operating profit/loss(114,422)(82,578)(28,754)(12,175)(3,993)Net financials320,356462,067236,138(69,304)147,177Profit/loss for the year406,171506,341518,979328,2223,057,815Balance sheet total4,874,1254,375,0564,475,0923,916,9843,879,917Equity4,604,3314,172,8504,284,0433,763,4473,512,847Equity excl. minority interests4,583,2734,158,6674,278,6963,763,4473,512,847RatiosEquity ratio (%)94.0395.0595.6696.0890.54Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Equity ratio (%):Equity excl. minority interests * 100​Balance sheet total Primary activitiesThe company's main activity is to hold equity shares in group & associated companies, as well as to own and manage other investments. Development in activities and financesThe income statement for the period 01.01.25 - 31.12.25 shows a profit of kDKK 406,171 compared to kDKK ​506,341 for the period 01.01.24 - 31.12.24. The balance sheet shows equity of kDKK 4,604,331.​ ​The management considers the year's result satisfactory. Profit/loss for the year in relation to expected developmentsThe company's result shows a profit of kDKK 532,823 mainly due to income from equity shares in associated companies, realised profit and fair value adjustments in listed and unlisted investments. ​ The result is lower than the expectations primarily due to developments in the financial market and change in accounting policy. Unusual circumstances affecting recognition and measurementIn 2025, the Company and Group changed its accounting policy regarding the recognition of associated companies, whereby these are now recognized at cost less any impairment losses, with revenue recognition of dividends received. Previously, associated companies were recognized using the equity method. The change in accounting policy is made to align the accounting policy with the rest of the Group, and as management assesses that it will be more relevant to present the direct return on the investment in associated companies in the form of​dividends received. ​​The change in accounting policy has affected the year's result and the balance sheet by kDKK 142,929 and kDKK 827,507 respectively, and equity at the beginning of the year by kDKK 680,018. Comparative figures have been adjusted accordingly. OutlookThe company expects a positive profit before tax at the same level as the current financial year. The company has ​significant investments in listed and unlisted securities, and therefore the company expects 2026 results to be subject to financial market volatility, with potential impact in the range of 8-12% of equity.​ ​The overall expectations are therefore affected by uncertainties and risks beyond the company's control, which may significantly affect the result compared to expectations. Use of financial instrumentsAs a consequence of its investments, the company is generally exposed to financial risks, primarily share price ​exposure, interest rate risks and currency risks. The company also uses financial instruments to obtain exposure ​towards different asset classes. It is an integral part of the company's business model to assume financial risks in its investments, and limits for and monitoring of such limits form part of the company's portfolio and risk models. Statutory report on corporate social responsibilityThe Business model of Clausen Engineering ApS is to invest in passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties. ​​​Information of significant risks related to social responsibility ​The company's significant risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are considered to be extremely limited. ​​The assessment has included an analysis of selected areas to identify the potential negative impact of risks on daily operations. The identified risks are reported in connection with the following review of policies and activities ​for each area where it is deemed relevant and proportional. ​​Policy and activities ​Given the business model's focus on passive financial investments and the company's extremely limited organization and operational activities, the management has assessed that the company's risks related to environmental and climate impact, social conditions, personnel matters, and respect for human rights, as well as combating corruption and bribery, are insignificant. ​ ​On that basis, the company has not found it necessary to establish policies for social responsibility in the mentioned areas. Statutory report on data ethics policyClausen Engineering ApS is an investment company with passive financial investments in listed and unlisted securities and equity shares, as well as lending to related parties. Therefore, the company only processes data to a very limited extent, and data is not made available to third parties. ​ ​On that basis, Clausen Engineering ApS has not found a basis for developing an actual data ethics policy. The company complies with applicable legislation for the processing of personal data and does not process sensitive personal data, except for employee and owner data. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 53024000 26393000 0 -2888000 20579000 11048000 38275000 18996000 76226000 46701000 -40898000 -25368000 48235000 29114000 10967000 7033000 14322000 21063000 -114422000 -82578000 0 -95107000 263968000 305088000 12559000 0 462466000 551824000 5700000 69918000 148969000 19839000 469902000 589470000 63122000 83225000 609000 -96000 406171000 506341000 2257000 4032000 9035000 0 9051000 8987000 20343000 13019000 0 143000 125000000 0 5412000 4318000 228164000 231742000 2015000 1440000 160000 0 360751000 237643000 294641000 189148000 1237497000 853973000 1761000 890000 12934000 411000 1546833000 1044422000 1927927000 1295084000 8775000 9885000 1513000 2209000 13970000 10573000 5500000 3367000 29758000 26034000 12372000 5298000 3028000 0 21735000 35128000 0 285000 18788000 4788000 0 501000 154000 0 4640000 1282000 60717000 47282000 2275219000 1900893000 2275219000 1900893000 580504000 1105763000 2946198000 3079972000 4874125000 4375056000 125000 125000 4583148000 4158542000 4583273000 4158667000 21058000 14183000 4604331000 4172850000 20179000 6687000 1684000 1684000 21863000 8371000 50202000 0 50202000 0 2017000 0 117000 0 113000 712000 5862000 6284000 28787000 0 7075000 15798000 148001000 167358000 5757000 3683000 197729000 193835000 247931000 193835000 4874125000 4375056000 125000 680017000 4215774000 4895916000 14183000 -680017000 -57232000 -737249000 0 0 0 0 0 13901000 0 0 0 2010000 0 0 -7758000 -7758000 -1641000 0 416848000 416848000 -10677000 125000 0 4583148000 4583273000 21058000 4910099000 -737249000 13901000 2010000 -9399000 406171000 4604331000 10967000 7033000 -30636000 53180000 7800000 4466000 -126291000 -17899000 105182000 175291000 143990000 7897000 66019000 71770000 -231118000 77725000 372000 0 14000 0 6363000 8000000 685000 25000 218254000 305949000 Acquisition of companies -14776000 -15256000 -462055000 -548691000 -264613000 -265973000 495731000 188248000 1691000 0 31219000 0 Capital increase from minority owners 0 3425000 -29528000 3425000 -525259000 -184823000 1105763000 1290586000 580504000 1105763000 1 Revenue2025​DKK'0002024​DKK'000Europe27,98712,933United States11,99710,557Rest of the world13,0402,903Total revenue by geographical market53,02426,393Sales of boards44,20523,827Other8,8192,566Total revenue by activity 53,02426,393 2 Fees to the auditor appointed by the Annual General Meeting2025​DKK'0002024​DKK'000Statutory audit services443238Other assurance engagements28768Tax services380219Other services5098121,6191,337 3 Staff costs2025​DKK'0002024​DKK'000Wages and salaries43,47623,612Pension costs2,7082,246Other social security costs2,0513,25648,23529,114Average number of full-time employees7568Pursuant the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board. 75 68 4 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Amortisation of intangible assets3,3131,214Depreciation on property, plant and equipment7,6545,81910,9677,033 5 Other financial income2025​DKK'0002024​DKK'000Financial income from associates1,3652,454Financial income from participating interests3830Other interest income24,02660,734Exchange rate adjustments41,95671,497Fair value adjustments364,864390,931Other financial income29,87226,208462,466551,824 6 Other financial expenses2025​DKK'0002024​DKK'000Other interest expenses9,6314,385Exchange rate adjustments129,9764,602Other financial expenses9,36210,852148,96919,839 7 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax55,10073,846Change in deferred tax5,9327,304Adjustment concerning previous years7,0562,075Refund in joint taxation arrangement(4,966)063,12283,225 8 Proposed distribution of profit/loss2025​DKK'0002024​DKK'000Retained earnings416,848510,807Minority interests' share of profit/loss(10,677)(4,466)406,171506,341 416848000 510807000 -10677000 -4466000 406171000 506341000 9 Intangible assetsCompleted development projects​DKK'000Goodwill​DKK'000Development projects in progress​DKK'000Cost beginning of year22,80908,987Exchange rate adjustments1150536Transfers4720(472)Additions3729,6280Disposals(14)00Cost end of year23,7549,6289,051Amortisation and impairment losses beginning of year(18,777)00Amortisation for the year(2,720)(593)0Amortisation and impairment losses end of year(21,497)(593)0Carrying amount end of year2,2579,0359,051 10 Development projectsDevelopment projects relate to the development of new products. Costs for ongoing development projects are included at cost. The value of ongoing development projects is expected to be at least equal to the book value, based on expectations of future earnings resulting from the development project. There is uncertainty associated​with these expectations, as the value of the development project depends on continued customer growth. 11 Property, plant and equipmentLand and buildings​DKK'000Investment property​DKK'000Plant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Leasehold improvements ​DKK'000Cost beginning of year25905,375238,1911,510Addition through business combinations etc092,238000Additions002,1863,054962Disposals(259)00(600)0Cost end of year092,2387,561240,6452,472Addition through business combinations etc032,762000Revaluations end of year032,762000Depreciation and impairment losses beginning of year(116)0(1,057)(6,449)(70)Exchange rate adjustments0016669(149)Depreciation for the year00(1,258)(6,158)(238)Reversal regarding disposals11600570Depreciation and impairment losses end of year00(2,149)(12,481)(457)Carrying amount end of year0125,0005,412228,1642,015Prepayments for property, plant and equipment​DKK'000Cost beginning of year0Addition through business combinations etc0Additions160Disposals0Cost end of year160Addition through business combinations etc0Revaluations end of year0Depreciation and impairment losses beginning of year0Exchange rate adjustments0Depreciation for the year0Reversal regarding disposals0Depreciation and impairment losses end of year0Carrying amount end of year160Assumptions for Measurement of Fair Value of Investment Properties ​Investment properties are, in accordance with the applied accounting policies, measured at fair value using the income capitalization approach. The commercial lease agreements relate to non-cancellable lease contracts with a non-cancellable lease period of 19 years. Current lease agreements have a remaining non-cancellable period of 15 years. ​ ​Retail/Commercial Property: Havnegade 44, 1058 Copenhagen​Key assumption for fair value measurement are:​​Normalized operating result, kDKK 6,563 ​Capitalization rate 5.25 % ​Sensitivity: value decrease upon 0.5 percentage point increase in capitalization rate, kDKK 10,869 12 Financial assetsInvestments in associates​DKK'000Other investments​DKK'000Deposits​DKK'000Other receivables​DKK'000Cost beginning of year189,148894,105890411Addition through business combinations etc00013,160Additions109,753444,6731,545432Disposals(4,260)(55,773)(674)(1,069)Cost end of year294,6411,283,0051,76112,934Revaluations beginning of year051,17700Fair value adjustments032400Revaluations end of year051,50100Impairment losses beginning of year0(91,309)00Impairment losses for the year0(5,700)00Impairment losses end of year0(97,009)00Carrying amount end of year294,6411,237,4971,76112,934Key assumptions​Other investments consist primarly of investments in unlisted shares and investments through alternative investment funds and considered illiquid in the short term.​​Other investments through mutual funds are based on valuations of net asset value provided by external portfolio managers. Management and Clausen Engineering ApS are continually monitoring the external portfolio managers and evaluating valuations. ​​Investments in participating companies is measured at cost and impaired to the valution of latest capital round of​the companies, which management considers to be independent third party assessment of the companies. AssociatesRegistered inOwnership ​​​%3Shape Holding A/SCopenhagen40.51Glaecier ApSCopenhagen50.00Newton ApSCopenhagen50.00Copenhagen Imaging ApSCopenhagen38.53PFD Driftsselskab ApSCopenhagen25.00PFD Ejendomsselskab ApSCopenhagen32.50LFN Investment K/SCopenhagen20.00Hococo ApS Copenhagen35.14COPI ApS Copenhagen27.18 13 Contract work in progress2025​DKK'0002024​DKK'000Contract work in progress3,02803,0280 14 Deferred tax2025​DKK'0002024​DKK'000Property, plant and equipment(22,032)(6,589)Receivables(1,485)0Liabilities other than provisions42Tax losses carried forward3,334185Deferred tax(20,179)(6,402)​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year(6,402)20,020Recognised in the income statement(5,932)(7,304)Recognised related to joint taxation prior year 0(19,118)Addition through business combination etc.(7,845)0End of year(20,179)(6,402)Deferred tax has been recognised in the balance sheet as follows2025​DKK'0002024​DKK'000 Deferred tax assets0285 Deferred tax liabilities(20,179)(6,687)(20,179)(6,402) 15 Receivables from owners and managementExecutive ​Board​DKK'000Receivables86Reveivables from Executive Board is related to ordinary trade transactions on market terms. 16 PrepaymentsPrepayments consist of prepaid expenses. 17 Other provisions Other provisions relates to provisions in sale entity. 18 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKK'000Due after ​more than 12 ​months​2025​DKK'000Outstanding ​after 5 years​2025​DKK'000Mortgage debt2,01750,20210,7782,01750,20210,778 19 Deferred incomeDeferred income pertains to transactions where goods have been sold but delivery has not yet occurred. 20 Changes in working capital2025​DKK'0002024​DKK'000Increase/decrease in inventories(1,591)(2,038)Increase/decrease in receivables(9,530)49,375Increase/decrease in trade payables etc.(19,515)5,843(30,636)53,180 21 Fair value informationListed other investments​DKK'000Other investments ​DKK'000Fair value end of year 2,275,2191,080,132Unrealised fair value ​adjustments recognised in ​the income statement 245,84970,882 22 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Total liabilities under lease rental or agreements until maturity 7,7893,704 23 Contingent liabilitiesThe group has entered into investments contract which commits the company to invest in funds where the total remaining commitment amounts to kDKK 1,052,542. ​​The group has provided a guarantee for the debt obligations to an investment in a subsidiary to a credit insitution. The guarantee is limited to kDKKK 27,510. 24 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 25 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Sagitta Investments ApSCopenhagenApS99.75Sagitta Ventures ApSCopenhagenApS100.003A Entreprise ApSCopenhagenApS100.00Ride Awake ApSCopenhagenApS83.463A Light ApSCopenhagenApS95.00Havnegade 44 ApSCopenhagenApS51.00Pandonia ApSCopenhagenApS51.00Sagitta ABL ApSCopenhagenApS100.003A Poland Sp. z o.o.Szczecin, PolandSp. z o.o.100.00 16072000 10459000 23828000 19590000 -7756000 -9131000 10840000 6760000 5646000 5542000 13365000 9631000 -37607000 -31064000 222639000 216598000 218254000 305949000 49737000 30878000 23208000 12682000 429815000 509679000 1085000 245000 21000 -748000 428709000 510182000 225138000 230267000 43000 59000 225181000 230326000 3848956000 3654781000 139526000 94989000 11149000 0 1466000 890000 4001097000 3750660000 4226278000 3980986000 36790000 5250000 21599000 22136000 7546000 1186000 0 55376000 0 8081000 22000 25000 65957000 92054000 276506000 235126000 276506000 235126000 182870000 80577000 525333000 407757000 4751611000 4388743000 125000 125000 297651000 354882000 4297358000 3860891000 4595134000 4215898000 12016000 6587000 12016000 6587000 327000 847000 8246000 0 135888000 165411000 144461000 166258000 144461000 166258000 4751611000 4388743000 125000 1034900000 3860891000 4895916000 -680018000 0 -680018000 0 0 -7758000 -7758000 -57231000 0 -57231000 0 428709000 428709000 125000 297651000 4297358000 4595134000 Other equity entries regarding adjustment of applied accounting policies in subsidiary. 1 Staff costs2025​DKK'0002024​DKK'000Wages and salaries9,9736,347Pension costs783373Other social security costs844010,8406,760Average number of full-time employees126Pursuant the Danish Financial Statements Act § 98b, subsection 3, no information has been provided about the total remuneration to the executive board.​​Staff costs include allocated salary costs to reflect the actual costs associated with operating the company. Allocated salary is not included in the calculation of the average number of full-time employees. 12 6 2 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Depreciation on property, plant and equipment5,6465,5425,6465,542 3 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises1,180306Financial income from associates1,2441,954Other interest income2,6965,890Exchange rate adjustments35,49516,835Other financial income9,1225,89349,73730,878 4 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Change in deferred tax5,4297,204Adjustment concerning previous years(114)1,122Refund in joint taxation arrangement(4,230)(8,081)1,085245 5 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Retained earnings428,709510,182428,709510,182 428709000 510182000 428709000 510182000 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKK'000Leasehold improvements ​DKK'000Cost beginning of year236,27482Additions5010Cost end of year236,77582Depreciation and impairment losses beginning of year(6,007)(23)Depreciation for the year(5,630)(16)Depreciation and impairment losses end of year(11,637)(39)Carrying amount end of year225,13843 7 Financial assetsInvestments in group enterprises​DKK'000Investments in associates ​DKK'000Other investments​DKK'000Deposits​DKK'000Cost beginning of year3,297,95294,9890890Transfers4,260(4,260)00Additions14,77648,79711,1491,250Disposals000(674)Cost end of year3,316,988139,52611,1491,466Revaluations beginning of year354,883000Exchange rate adjustments7,758000Amortisation of goodwill(593)000Share of profit/loss for the year219,595000Other adjustments(53,595)000Revaluations end of year528,048000Impairment losses beginning of year1,946000Investments with negative equity value depreciated over receivables 1,974000Impairment losses end of year3,920000Carrying amount end of year3,848,956139,52611,1491,466A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in ​associatesRegistered inCorporate ​formOwnership ​​%3Shape Holding A/SCopenhagenA/S40.51Glaecier ApSCopenhagenApS50.00Copenhagen Imaging ApSCopenhagenApS38.53MedBeat Sweden ABMalmöAB20.19PFD Driftsselskab ApSCopenhagenApS25.00PFD Ejendomsselskab ApSCopenhagenApS32.50 8 PrepaymentsPrepayments consist of prepaid expenses. 9 Deferred tax2025 ​DKK'0002024​DKK'000Property, plant and equipment12,0206,592Liabilities other than provisions(4)(5)Deferred tax12,0166,587​ ​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year6,587(617)Recognised in the income statement5,4297,204End of year12,0166,587 10 Fair value informationListed other investements​DKK'000Fair value end of year276,506Unrealised fair value ​adjustments recognised in ​the income statement21,911 11 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Total liabilities under rental or lease agreements until maturity 7,1141,234 12 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 13 Assets charged and collateralThe Company has provided liquidity commitments to secure the future operations of affiliated companies. The liquidity commitments expire at the end of 2026.​​The company has guaranteed the debt of affiliated companies to credit institutions. The guarantee is capped at DKK 57,000,000. The bank debt of affiliated companies amounts to DKK 52,219,611 as of 31 December 2025. 14 Transactions with related partiesAll transactions with related parties have been conducted on an arm's length basis. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​​governing reporting class C enterprises (large). Changes in accounting policiesIn 2025, the Company and Group changed its accounting policy regarding the recognition of associated companies, whereby these are now recognized at cost less any impairment losses, with revenue recognition of dividends received. Previously, associated companies were recognized using the equity method. The change in accounting policy is made to align the accounting policy with the rest of the Group, and as management assesses that it will be more relevant to present the direct return on the investment in associated companies in the form of ​dividends received. ​​Group:​The change in accounting policy has affected the year's result and the balance sheet by kDKK 127,534 and equity at the beginning of the year by kDKK 737,249 Comparative figures have been adjusted accordingly. ​ ​Parent:​The change in accounting policy has affected the year's result and the balance sheet by kDKK 142,929 and equity at the beginning of the year by kDKK 680,018. Comparative figures have been adjusted accordingly.​​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year. Recognition and measurementAssets 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 Entity, and the value of the asset can be measured reliably. ​​ ​​Liabilities are recognised in the balance sheet when the Entity 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 Entity, and the ​​value of the liability can be measured reliably. ​​ ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​​recognition is effected as described below for each financial statement item. ​​ ​​Anticipated risks and losses 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 ​​measurement. ​​ ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent 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 and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. ​Revenue from the sale of manufactured goods is recognised in the income statement when delivery is made and risk has passed to the buyer. ​Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based onthe stage of completion so that revenue corresponds ​​to the selling price of the work performed in the financial year (the percentage-of-completion method). Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​​cost for proprietary intangible assets and property, plant and equipment. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory ​writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​​receivables recognised in current assets. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toproperty, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary ​activities, including loss from the sale of intangible assets and property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ ​profit/loss after pro rata elimination of intra-group profits or losses. Income from other fixed asset investments Income from other fixed asset investments comprises gains in the form of interest, dividends, etc. on fixed ​​asset investments which are not investments in group enterprises or associates. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​​Tax Prepayment Scheme etc. Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured ​at fair value on a current basis. Other financial expensesOther financial expenses compriseinterest expenses, including interest expenses on payables to group ​​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​​income statement by the portion attributable to the profit for the year and recognised directly in equity by the ​portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Other taxesThe item includes tax amounts calculated on a basis other than income for the year, which are not refunded ​​to the Entity. GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by ​Management for each business area.​​Useful lives are reassessed annually. The amortisation periods used are 10years. ​​ ​​Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​​can be established, and where the intention is to manufacture, market or apply the product or process in ​question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​​as the development projects are amortised and written down. ​​​ ​​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​​indirectly attributable to the development projects. ​​​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​​which are determined based on a specific assessment of each development project. If the useful life cannot ​​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, ​the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods ​used are 5years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. ​​​ ​​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the ​​asset until the time when it is ready to be put into operation. ​​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line ​depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings20Plant and machinery10Other fixtures and fittings, tools and equipment5Leasehold improvements5For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​​the contract period. ​​ ​​Estimated useful lives and residual values are reassessed annually. ​​ ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​​amount. Investment propertyOn initial recognition, investment properties are measured at cost consisting of the acquisition price of the ​​properties plus directly related acquisition costs. ​​ ​​Subsequent to initial recognition, investment properties are measured at fair value which is equivalent to the ​​amount at which the individual property may be sold to an independent buyer at the balance sheet date.Fair value is determined by applying the yield-based model as the ​calculated value in use of expected cash flows from each property. The calculation is based on budgeted net ​earnings for the next year that has been adjusted to normal earnings, and using a required yield rate that reflects ​current market yield rates for similar properties. The value is adjusted for factors not reflected in normal earnings, for example, actual vacancy rate, major refurbishments etc. The financial year's adjustments of the properties’ fair value are recognised in the income statement. Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses.​​ ​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive ​obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a ​loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at ​​the balance sheet date. ​​ ​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. ​​ ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Investments in associatesInvestments in associates are measured at cost in the parent financial statements. Investments are written down to the lower of recoverable amount and carrying amount.Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Other investmentsOther investments comprise unlisted equity investments through mutual funds, which are measured at fair value​(market price) at the balance sheet date, which is considered illiquid in the short term.​​Other investments also comprise unlisted equity investments measured at the lower of cost and net realisable value. InventoriesInventories are measured at the lower of cost using the standard cost method and net realisable value. ​​ ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​​of costs of raw materials, consumables, direct labour costs and indirect production costs. ​​ ​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​​on machinery, factory buildings and equipment used in the manufacturing ​process, and costs of factory administration and management. Finance costs are not included in cost. ​​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​​costs incurred to execute sale. Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. ​​ ​The selling price is measured based on the stage of completion and the total estimated income from the ​​individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total ​​budgeted consumption of resources. ​​ ​​If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs ​​incurred and net realisable value. ​​ ​​Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. ​​ ​​Costs of sales work and of securing contracts, and finance costs are recognised in the income statement ​​as incurred. However, costs which arise directly from securing contracts and which are expected to be recovered, are recognised over the term of the contract. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of ​assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary ​differences arising at the date of acquisition that do not result from a business combination and that do not have ​any effect on profit or loss or on taxable income. ​​ ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the ​​balance sheet date. CashCash comprises cash in hand and bank deposits. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on ​​contract work in progress, decided and published restructuring, etc. ​​ ​​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​​balance sheet date are measured at their discounted value. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised ​cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable ​amount of the loan is recognised in the income statement as a financial expense over the term of the loan ​applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​​goods agreed or completion of the service agreed. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​​is measured at cost. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. Grundlag for konklusion Konklusion 2026-05-18 2026-05-18 Revisionspåtegning Regnskabsklasse C, stor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Clausen Engineering ApS 10031265 Aarhus C 8000 2 City Tower, Værkmestergade Copenhagen Copenhagen 1411 23 Langebrogade