73162718 2025-01-01 2025-12-31 73162718 2025-01-01 2025-12-31 1 73162718 2025-01-01 2025-12-31 1 73162718 2025-01-01 2025-12-31 2 73162718 2025-01-01 2025-12-31 3 73162718 2025-01-01 2025-12-31 1 73162718 2024-01-01 2024-12-31 73162718 2025-12-31 73162718 2024-12-31 73162718 2024-12-31 fsa:ContributedCapitalMember 73162718 2024-12-31 fsa:RetainedEarningsMember 73162718 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 73162718 2025-12-31 fsa:ContributedCapitalMember 73162718 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-05-04 Manoela Pereira Fry The Board of Directors and the Executive Board have today considered and approved the annual report of Densit 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 our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Aalborg Glenn Terence Ayres Manoela Pereira Fry Chairman Monique Martins Glenn Terence Ayres To the shareholder of Densit ApS We have audited the financial statements of Densit 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. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations 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 financial statements" section of this auditor’s report. We are independent of the Entity 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 financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the 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 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 financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the 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 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 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 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the 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 financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the 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 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. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Mikael Møller State Authorised Public Accountant mne47835 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss22,31355,04835,756133,79558,441Operating profit/loss72425,53011,87870,66825,654Net financials(621)(843)940121(82)Profit/loss for the year20318,7928,98556,26219,488Total assets45,52950,25958,56977,131138,324Investments in property, ​plant and equipment15,49811,0867,1432,7891,683Equity38,38338,18039,38860,40328,141RatiosReturn on equity (%)0.5348.4518.01127.0863.07Equity ratio (%)84.3075.9767.2578.3120.34Financial highlights are defined and calculated in accordance with the latest version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesDensit ApS manufactures cement-based special materials to be used for wear protection, industrial flooring, and within offshore wind segment for reinforcement of platforms and foundation for wind turbines. Moreover, the Company manufactures hardwearing components, especially for the cement and power station industry. Development in activities and financesIn 2025 Densit ApS realised a loss for the year of DKK 389k. Profit/loss for the year in relation to expected developmentsThe Company's results were negatively impacted by the timing of wind projects in 2025. While a slight decrease in​results had been anticipated in the prior year's outlook, the actual outcome fell significantly short of expectations,​with a loss of DKK 336 thousand recorded against the previously guided profit range of DKK 10-12 million. Mangement determines this as unsatisfying. Uncertainty relating to recognition and measurementThere hasn’t been any uncertainty regarding recognition and measurement. Unusual circumstances affecting recognition and measurementThere has been no unusual circumstances with impact on recognition and measurement. OutlookFor 2026, the Company expects a turnaround in results. Based on the current project pipeline and market conditions, the profit after tax is estimated to be in the range of DKK 10-12 million. 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. 22313000 55048000 12213000 22109000 9376000 7409000 724000 25530000 282000 687000 903000 1530000 103000 24687000 -100000 5895000 203000 18792000 15575000 9949000 730000 590000 0 0 2182000 7854000 18487000 18393000 484000 484000 484000 484000 18971000 18877000 2975000 4512000 5802000 10497000 8777000 15009000 9822000 9076000 2178000 4135000 1704000 0 170000 170000 379000 291000 14253000 13672000 3528000 2701000 26558000 31382000 45529000 50259000 4000000 4000000 34383000 34180000 38383000 38180000 1037000 918000 1037000 918000 3341000 1742000 337000 7372000 2431000 2047000 6109000 11161000 6109000 11161000 45529000 50259000 4000000 34180000 38180000 203000 203000 4000000 34383000 38383000 1 Events after the balance sheet dateNo events have occured after the balance sheet date to this date which would influence the evaluation of this annual report. 2 Staff costs2025​DKK'0002024​DKK'000Wages and salaries19,92419,935Pension costs1,7071,634Other social security costs54052022,17122,089Average number of full-time employees2525 25 25 3 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises212491Other financial income70196282687 4 Other financial expenses2025​DKK'0002024​DKK'000Other financial expenses9031,5309031,530 5 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax(61)4,803Change in deferred tax119627Adjustment concerning previous years(158)465(100)5,895 6 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Retained earnings20318,79220318,792 203000 18792000 203000 18792000 7 Property, plant and equipmentPlant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Leasehold improvements​DKK'000Property, plant and equipment in progress​DKK'000Cost beginning of year49,1085,2271,9417,854Transfers000(10,540)Additions10,48714304,868Disposals(3,789)(93)00Cost end of year55,8065,2771,9412,182Depreciation and impairment losses beginning of year(39,159)(4,637)(1,941)0Depreciation for the year(4,861)(3)00Reversal regarding disposals3,7899300Depreciation and impairment losses end of​year(40,231)(4,547)(1,941)0Carrying amount end of year15,57573002,182 8 Financial assetsDeposits​DKK'000Cost beginning of year484Cost end of year484Carrying amount end of year484 9 Receivables from group enterprisesThe Company participates together with other Danish Group enterprises in a cash pool arrangement in which another company is liable as a sole contracting party towards the bank. ​Receivables and payables in relation to the cash pool arrangement are recognised as intercompany receivables and payables, respectively. At 31 December 2025, the item receivable to group enterprises includes an amount of DKK 2.178K. 10 PrepaymentsPrepayment consist of prepaid costs. 11 Deferred tax​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year(918)(291)Recognised in the income statement(119)(627)End of year(1,037)(918)Deferred tax relates to property, plant and equipment, inventories and other provisions. 12 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Liabilities under rental or lease agreements until maturity in total8,9359,835 13 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where ITW Denmark ApS serves as the administration company. 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 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 14 Assets charged and collateralDensit ApS has through its bank issued performance guarantees which amounts to a total of DKK 7,949k 15 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 16 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Illinois Tool Works Inc., 155 Harlem Avenue, Glenview, IL 60025, Chigago, USA This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied 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. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue and production costs. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes ordinary writedown of inventories. Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment attached to the distribution process. Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity. Other financial incomeOther financial income comprises changes of exchange rates. Other financial expensesOther financial expenses comprise bank fees and changes of exchange rates. 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 Entity is jointly taxed with its Parent and the Parent’s Danish subsidiaries. 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).The Entity is jointly taxed with all 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). Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​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. Straightline depreciation​is made on the basis of the following estimated useful lives of the assets:Useful life Plant and machinery5-15 yearsOther fixtures and fittings, tools and equipment3-7 yearsLeasehold improvements5-10 yearsFor 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. The estimated residual value of tangible assets compromise DKK 0​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. InventoriesInventories are measured at the lower of cost using the FIFO 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 ​of and impairment losses relating to 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. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. 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. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. 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. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash flow statementAccording to section 86(4) of the Danish Financial statements Act, the Company has omitted to prepare a cash flow statement as the Company is included in the cash flow statement of the Group. true Grundlag for konklusion Konklusion 2026-05-04 2026-05-04 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Aalborg Aalborg Øst 9220 Revisionspåtegning 2025-12-31 2025-01-01 44 Rørdalsvej Densit ApS 73162718 73162718 9220 Aalborg Øst Rørdalsvej 44 DENSIT ApS