29401462 2025-01-01 2025-12-31 23 29401462 2024-01-01 2024-12-31 23 29401462 2002-01-01 2002-12-31 23 29401462 2001-01-01 2001-12-31 23 29401462 2000-01-01 2000-12-31 23 29401462 2025-01-01 2025-12-31 29401462 2025-01-01 2025-12-31 1 29401462 2025-01-01 2025-12-31 1 29401462 2025-01-01 2025-12-31 1 29401462 2025-01-01 2025-12-31 2 29401462 2025-01-01 2025-12-31 3 29401462 2002-01-01 2002-12-31 29401462 2001-01-01 2001-12-31 29401462 2000-01-01 2000-12-31 29401462 2024-01-01 2024-12-31 29401462 2002-12-31 29401462 2001-12-31 29401462 2000-12-31 29401462 2025-12-31 29401462 2024-12-31 29401462 2024-01-01 d:ContributedCapitalMember 29401462 2024-01-01 d:RetainedEarningsMember 29401462 2024-01-01 d:ProposedDividendRecognisedInEquityMember 29401462 2024-01-01 2024-12-31 d:ContributedCapitalMember 29401462 2024-01-01 2024-12-31 d:RetainedEarningsMember 29401462 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 29401462 2025-01-01 d:ContributedCapitalMember 29401462 2025-01-01 d:RetainedEarningsMember 29401462 2025-01-01 d:ProposedDividendRecognisedInEquityMember 29401462 2025-01-01 2025-12-31 d:RetainedEarningsMember 29401462 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 29401462 2025-12-31 d:ContributedCapitalMember 29401462 2025-12-31 d:RetainedEarningsMember 29401462 2025-12-31 d:ProposedDividendRecognisedInEquityMember 29401462 2024-01-01 2024-12-31 1 29401462 2025-01-01 d:AcquiredIntangibleAssetsMember 29401462 2025-12-31 d:AcquiredIntangibleAssetsMember 29401462 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 29401462 2025-01-01 d:LeaseholdImprovementsMember 29401462 2025-01-01 d:PropertyPlantAndEquipmentInProgressMember 29401462 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 29401462 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 29401462 2025-01-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 29401462 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 29401462 2025-12-31 d:LeaseholdImprovementsMember 29401462 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 29401462 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 29401462 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 29401462 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 29401462 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 29401462 2025-01-01 29401462 2024-01-01 29401462 2025-12-31 d:PropertyPlantAndEquipmentMember 29401462 2024-12-31 d:PropertyPlantAndEquipmentMember 29401462 2025-12-31 d:ProvisionsMember 29401462 2024-12-31 d:ProvisionsMember 29401462 2025-12-31 d:LiabilitiesOtherThanProvisionsMember 29401462 2024-12-31 d:LiabilitiesOtherThanProvisionsMember 29401462 2025-12-31 d:OtherTaxableTemporaryDifferencesMember 29401462 2024-12-31 d:OtherTaxableTemporaryDifferencesMember 29401462 2025-12-31 1 29401462 2024-12-31 1 iso4217:DKK xbrli:pure xbrli:shares Profit/loss before financial income and expenses Profit/loss before financial income and expenses Profit/loss before financial income and expenses Profit/loss before financial income and expenses Profit/loss before financial income and expenses Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 29401462 Advansor A/S Rosbjergvej 7A Årslev 8220 Brabrand 2006-02-24 Aarhus 72170174 www.advansor.dk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Danmark 8932 0000 2026-05-27 Paul Edward Sindoni Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-05-27 2026-05-27 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Advansor A/S for the financial 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 of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Aarhus Kristian Østergaard Breitenbauch Man. Director Paul Edward Sindoni Chairman Kristian Østergaard Breitenbauch Torben Linaa Hansen To the shareholder of Advansor A/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Advansor A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 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 Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus C Christine Tveteraas State Authorised Public Accountant mne34341 871323000 809202000 695043000 366536000 307667000 258069000 154720000 144647000 116819000 120449000 121641000 154720000 144822000 116819000 8266000 12147000 10638000 -313000 -1389000 128925000 112673000 90001000 713137000 570737000 444843000 10138000 770000 0 18000 2000 385909000 336984000 294311000 12.3 14.0 17.8 17.9 16.8 20.5 19.4 24.1 28.5 31.6 70.1 62.4 54.1 59.0 66.2 26.5 29.3 35.7 35.7 36.1 289 241 199 The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expensesOperating margin Operating profit/loss (EBIT) x 100RevenueReturn on assets Profit/loss from operating activities x 100Average assetsEquity ratio Equity, year-end x 100Total equity and liabilities, year-endReturn on equity Profit/loss after tax x 100Average equity Advansor’s mission is to design and produce the world´s best sustainable CO2 climate solutions. Advansor’s climate solutions combine cooling, freezing, air-conditioning and heating into one system to reduce the need for fossil fuels, boost energy savings and lower the total cost of ownership.As a market-leading OEM manufacturer, we have produced more than 20,000 CO2 systems for commercial and industrial use around the world since 2006. We produce our own systems in Denmark, where our unique hallmark is close collaboration between customers, design and production. We have an international set-up for serving customers in more than 40 countries and more than 10 languages. All Advansor systems are purely based on our core competence – the natural refrigerant CO2 . There are significant regulative drivers within refrigerants. CO2 both complies with the latest EU F-Gas Regulation and meets the requirements in international agreements like the Montreal Protocol and the Kigali amendment.Advansor operate within three key segments – food retail, industry and heating. The food retail segment consists of international food retail chains as well as leading national players with all types of stores from convenience stores to large hypermarkets. Industry includes international leading global cold chain and logistics providers as well as international processing companies within food & beverage and the pharmaceutical industry.Heating aims at commercial and public buildings, processing industries as well as district heating. Advansor has a centralised business approach to ensure efficient and direct connection between customers, design and production. To support different languages and cultures in our seven focus regions, we have local presence of sales and aftersales in Nordic, Benelux, France, Iberia, Germany, Austria Switzerland, Central Eastern Europe and Latin America. The focus is on regions where the legislation supports environmental progress and drives climate action, and regulation favours natural refrigerants like CO2. Advansor is a part of Dover Corporation (NYSE-DOV). The income statement for 2025 shows a profit of DKK 99,367 thousand against a profit of DKK 104,257 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 424,532 thousand. During 2025, the global demand for our products increased and despite the demand in central Europe has declined, we have been able to increase our sales in other regions. Our total revenue for 2025 was therefore 10% above 2024, after being flat from 2023 to 2024. The growth has been very good in both the Nordic region and South Europe. We have also continued to grow the market share and develop Advansor’s presences in Latin America, as we see good future growth potential here.After a challenging 2024, where our retail segment was under pressure due to the 2023 inflation impact, we have seen our retail customer investing more in new and green technology. Within the industrial segment of our business, we have also been able to grow despite some uncertainty in the market and some customers postponing investments. Heating is a new segment for us, where we see significant potential for the future. During 2025, we delivered more solutions for our customers and the speed of the future growth in this segment will be directly linked to fossil fuel phase out for heating purposes and the implementation of the new EU F-Gas regulation.In 2025 the SteelXL product family covering the largest capacities within climate solutions was upgraded with more capacities, integrated ultra-low superheat and a more compact and configurable design possible to do in Driveworks with a considerable shorter design time. With energy prices increasing, the most sold ValuePack family was updated with a wide range of energy saving options. There is significant interest in the recent ValueBox heat pump and valuable references has been delivered and running well.The price pressure on components continued in 2025 while lead times and freight rates have stabilized after the global supply chain crisis. We have maintained our ambition of only sourcing components through EU suppliers giving higher reliability on deliveries and shorter lead times. Furthermore, we have continued our high focus on quality and testing of components – all of this to ensure high quality in our end products and reliability in deliveries to customers. The profit for 2025 of DKK ('000) 99,367 has decreased by 5% compared to 2024, mainly driven by a higher cost level for both components and labour. The result is in the lower end of our expectations and therefore not fully satisfactory.Order intake has been challenged during 2025 and due to the general economic climate, we have seen fluctuations during the year and among the different regions. Towards the end of 2025, the order intake improved significantly, and we therefore ended the year with a good backlog for deliveries in first quarter of 2026.Based on the financial performance during 2025 and no dividend payment the equity increased by 31% from DKK ('000) 325,165 in 2024 to DKK ('000) 424,532 in 2025. This means the equity ratio improved from 62% in 2024 to 70% in 2025. The financing of Advansor is based on a strong equity and own generated cash. Furthermore, we participate in a cash pool setup through Dover Corporation. For Advansor, the net cash position was equivalent to DKK ('000) 341,140 at the end of 2025. This is viewed to be more than sufficient to fund the Advansor operations.Profit/loss for the year compared to previously announced expectations Compared to the expectations of a profit of DKK ('000) 100,000-120,000 for 2025, Advansor has delivered DKK ('000) 99,367 which is considered partially satisfactory. The revenue during 2025 did increase by 10%, but due to the challenging market conditions, the sold product mix and investments in strengthening the organisation for continuing the growth our profit have not increased. Special risksAdvansor has the main part of our sales and sourcing in either DKK or EUR and the exposure to changes in foreign currencies is therefore considered minimal.Moreover, Advansor is not exposed to any special risks other than those commonlyoccurring in the industry. Advansor needs to continue being at the leading edge of thetechnological development, be known for its high production quality and be able to act in acompetitive market. We invest heavily in research and development within our core competency CO2 and continuously aim at fulfilling the mission of designing and producing the world’s best sustainable CO2 climate solutions. We keep our own state of the art laboratory up to date to test and validate all components not only individually, but also together as part of the application. R&D has its own strong staff operating with many partners, suppliers and international leading universities.Investments are prioritised to ensure high quality, energy efficient solutions and configurable systems.In 2025 the RD activities have been expanded with a significant addition of a new digital engineering department as part of the overall technical department. The investment in digital engineering is focused on an even better centralized configurable products enabling broader market reach, cost of scale and higher quality.The year’s development projects do not fulfil the accounting criteria for recognition in the Balance Sheet and have consequently been recognized as expenses. Development activities for the upcoming years are expected to be growing in line with the overall growth in sales. ESG statement for annual reportAt Advansor, we are dedicated to upholding the highest standards of Environmental, Social and Governance (ESG) practices, as defined in Dover Code of Conduct and Advansor Supplier Code of Conduct.The principles are an integrated part of our business operations, which is why we are dedicated to the UN Sustainable Development Goals (SDGs), Science Based Target initiative and “No to PFAS” initiated by NGO Chemsec.In line with our Code of Conduct, we actively reduce our carbon footprint, consider responsible energy consumption (ISO 50001), reduce waste, and consider the environmental impact of our products.The mission of designing and producing the world´s best sustainable CO2 solutions and our core values of being both sustainable, easy to work with and ambitious, are defined with the aim of balancing economic growth, environmental protection and healthy working conditions.For further details on ‘Company’ business model, we refer to the management review, section “principal activities” on page 7.Environment (E):Advansor focuses on protecting the environment in line with our Code of Conduct. We participate in the Science Based Target initiative under as a part of Dover Corporation and locally aim for carbon neutrality for scope 1 + 2 in 2028.Refrigerants play a major role in the fight against climate changes. Aligned with SDG 13 (Climate Action), we strive to make the greatest impact with our core output – the world's best sustainable climate solutions, using CO2 as a refrigerant.We want to protect our groundwater by committing to SDG 6 Clean water and sanitation. Our main contribution is to offer climate solutions that can compete with the latest chemical refrigerants (HFO), which are being investigated for polluting drinking water.We are dedicated to SDG 12 (Responsible consumption and production). We’re “doing more with less”. We’re lowering our total environmental impact by reducing the packaging material and maximizing the usage of all materials in the production. Our responsible initiatives in our production facilities are e.g., soldering with locally produced hydrogen, and usage of solely electrical internal transport vehicles.Environmental objectives 2025Our goal is to reduce energy by a minimum of 10% annually. During 2025, our total energy consumption was reduced by 12 mWh (equivalent to 0.4%) but as our revenue during 2025 increased by 10%, we managed to deliver on a relative reducing above our 10% target.Energy consumptionAdvansor is certified according to ISO 50001 within the scope of designing, producing, and selling CO2 climate solutions. This is to ensure our determination to improve our efficiency and avoid unnecessary energy consumption.Energy mixAdvansor purchases more than 90% of our electricity consumption as certified renewable energy. Electricity produced from renewable energy sources does not emit greenhouse gases such as CO2.By using hydrogen soldering in our production, which is produced locally at workstations, we significantly reduce the consumption of conventional energy sources such as oil and natural gas.All heating comes from central district heating. The plan is to replace that with a ValueBox Combi CO2 heat pump to fully electrify heating for both comfort heating and production heating, and to get sustainable air-conditioning for the offices. The project has been postponed due to high customer sales of the ValueBoxes. All internal transportation is electrified, and the last company car will be electrified during 2026.Regarding our Environmental impact, we see the largest risks in getting all initiatives implemented for reaching CO2 neutrality in 2028 and thus, in meeting our ambitious goal of a continuous annual 10% reduction in our energy consumption.Social (S):Our key objectives are to ensure a good, safe and challenging workplace, and we are compliant with the Danish Health and Safety Regulations.Our Code of Conduct establishes standards for transparency, honesty and respect, ensuring a workplace without discrimination, harassment and misinformation.To us, a healthy working environment is a very important part of sustainability. We use hydrogen instead of oxy-acetylen for brazing, which has significantly reduced nasal dryness and other normally occurring health and safety issues associated with brazing.We prioritize easy access for bikers, runners, and pedestrians. With a fitness room and showers, it’s very easy to incorporate exercise into the daily rhythm. Additionally, we made living easy for EV car owners with chargers in 25% of our parking spaces. The canteen serves healthy, primarily ecological food, with a focus on zero food waste.SafetySafety is registered according to TRIR (Total Recordable Incident Rate), and we have the ambitious target for 2025 of reaching < 1 which is significantly below Industry standards. During 2025, TRIR was 1,26 which is 50% better than 2024, which is seen as a satisfactory improvement. We strive to continue to reach zero and have continued a new and improve HSE setup across the organisation. There are H&S representatives for all areas with quarterly meetings, and all participants and people managers have had training with the aim of increasing safety awareness.Regarding our social impact, we see the largest risks in our ability to attract and retain the highly qualified employees that are necessary to drive the development of the company, as knowledge is a very important resource. Our ambition is therefore to be a good, safe and challenging workplace.EqualityIn Advansor, we are dedicated to equality. We have in total more than 40 nationalities, and our company language is English to include everyone. With the use of flex jobs, flexible hours, trainee programs, apprentices and students, we strive to be an attractive workplace for everyone.Internal Processes for EqualityAdvansor is dedicated to creating an inclusive and supportive work environment for all. Our commitment to diversity and inclusion is evident in our talent acquisition process, ensuring equal opportunities for male and female candidates, while encouraging individuals from all backgrounds to apply, irrespective of gender, culture, religion, age and other factors.All job posts are made in English and all internal information is in English first and then translated into Danish were needed.Leadership ResponsibilityLeaders at Advansor are entrusted with the responsibility of assessing and fostering the development of performance and potential. This commitment is integrated into our personal development plan, emphasizing the importance of supporting the growth and success of all team members.Future work and plansTo further strengthen safety and wellbeing across Advansor, a new emergency response plan will be rolled out to all current employees during 2026. As part of the implementation, selected employees will receive certified first aid training. These initiatives directly support our KPI of continued TRIR reduction and our long term ambition of zero harm. Additional emergency and fire response exercises will be conducted during 2026 to ensure that all employees maintain the necessary competence level to handle potential high risk situations in a safe and controlled manner.Advansor will also in 2026 introduce an improved onboarding process and training program with a stronger focus on safety, compliance, and structured learning. The aim is to increase employee retention, enhance overall safety performance, and strengthen documentation of ongoing compliance activities. For blue collar employees specifically, an upgraded training center is planned, enabling more structured, documented, and certifiable internal training. This will further professionalize our approach to skills development and ensure consistent competence levels across all production roles.Governance (G)At Advansor, both our Code of Conduct and Supplier Code of Conduct are setting the key guideline for how we work and which demands we put on our suppliers.To ensure good knowledge around our Code of Conduct, Advansor uses an internal E-learning system to educate our employees about key areas like the company ethics, human rights, anti-corruption and bribery. These trainings are part of our on-boarding process for new employees and employees are required to participate in re-certifications on an annual basis. There is a no tolerance policy for violating the Code of Conduct. Advansor purchases more than 99% of components from suppliers within the EU. Our suppliers are screened for compliance though an internal tool as part of the on-boarding process, to mitigate risk of using the supplier and all suppliers are required to follow the Supplier Code of Conduct. Furthermore, our purchase department visits suppliers throughout the year to assess the corporation and during 2025, more than 100 suppliers were assessed as part of Advansor’s value chain due diligence processes, including adherence to the Supplier Code of Conduct.The main risk of not ensuring high standards within human rights, anti-corruption and bribery and also following the guidelines of both the Code of Conduct and Supplier Code of Conduct, is that we will damage our brand and company name, lose customers and business opportunities, and ultimately violate country rules and regulations.This also means that Advansor will continue to have a strong focus on maintaining a high knowledge of both our Code of Conduct and Supplier Code of Conduct to ensure that our employees are aware and follow the guidelines on especially the company ethics, human rights, anti-corruption and bribery. This will continue to be supported by training and re-certifying our employees on an annual basis.Externally, Advansor will continue our focus and regular audit activities to promote our company ethics, ensuring human rights, anti-corruption and bribery and thereby ensuring that our suppliers are aligned with Advansor Supplier Code of Conduct. Target figures and policies for the underrepresented gender in ManagementThe Board of Directors at Advansor has set a target of 25% for the underrepresented gender in both the board and in the senior management team. The target is to be reached by 2028. Currently, there are no women on Advansor's board with 3 members appointed by the shareholder Dover Denmark Holding that in 2025 did not find a need to change the current board composition.In Advansor’s senior management group, the women’s representation was 28% being 2 out of 7, fulfilling the target set by the board.We will continue to focus on improving the gender distribution in the different management teams of the company when promoting or recruiting new managers. In 2025, Advansor therefore continued the efforts to ensure that both genders are represented in the candidate field, if candidates of both genders meet the competency requirements for the relevant position. Moreover, Advansor has encouraged female employees to apply for management positions during annual development interviews when the opportunity arose. No significant events have occurred after the end of the financial year with material importance for Advansor’s financial position. Advansor has developed a policy for data ethics. The policy describes how Advansor itselfcollects, analyses, and uses data from the behaviour of customers, suppliers, and the company itself, which is used to optimize the company's operations in general. Advansor neither buys nor sells data.Advansor uses new technologies, primarily machine learning but also artificial intelligence in the future, in the development of new products and processes, in the pricing of goods, and optimization of production, all based on its own data.It is the company's senior management that is responsible for the development of Advansor's policy for data ethics, as well as compliance with it. This means that it is Advansor's senior management that makes decisions about which data can be used and for what, as well as whether the use of new technologies should take place. Dover Corporation continuously train its employees in data ethical dilemmas through online training, and efforts and policies are continuously evaluated. Advansor expects a 5 to 10% increase in turnover in 2026 compared to 2025 based on general expectations for industry development, new heating opportunities and specific information from existing and potential customers in various regions and segments.This will, however, depend on the market development and general uncertainties coming from the effects of the wars in Russia-Ukraine and the Middle East combined with the risk of future trade barriers and tariffs being implemented which could reduce the overall economic growth.Management is closely monitoring the development, but it is too early to judge if the mentioned issues will have any significant impact on turnover and earnings in 2026. The profit for 2026 is therefore currently still expected to grow to the range of DKK ('000) 110,000-130,000. 960731133 871395829 531222996 466923135 2797712 2071837 77384380 72910705 354921469 333633826 231712272 206342791 5103762 5649978 118105435 121641057 8373245 13225269 107102 1078101 126371578 133788225 27004312 29531667 99367266 104256558 0 0 0 0 5032833 6875145 16165131 16634122 7345803 0 28543767 23509267 8724988 8596927 8724988 8596927 37268755 32106194 58851378 56131662 38416956 22752645 11835801 10283702 109104135 89168009 108842194 99714768 343181099 293428526 0 706779 4024487 4345890 2965761 1856032 459013541 400051995 0 6775 568117676 489226779 605386431 521332973 1000000 1000000 423532379 324165113 0 0 424532379 325165113 35795 0 6538670 11813435 6574465 11813435 9043 0 21847731 7910717 76725908 62862094 5479053 40398582 27096198 30348880 43121654 42834152 174279587 184354425 174279587 184354425 605386431 521332973 1000000 139908555 245000000 0 80000000 -80000000 104256558 0 0 165000000 1000000 324165113 0 99367266 0 1000000 423532379 0 The Annual Report of Advansor A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. During the financial year, the company's management identified an error related to the classification between, wages/salaries, operating expenses and other operating income in the annual report for 2024. The error has been corrected in the annual report for 2025, and the comparative figures for 2024 have been adjusted. The consequence of the above has resulted in a change in the comparative figures for 2024 with a reduction in wages/salaries by a total of tDKK 20,290, as well as an increase in operating expenses by tDKK 22,362 and other operating income by tDKK 2,072. The reclassification has no effect on the company's total assets, liabilities, equity or financial position, as it only relates to classification internally between the financial statement line items in the income statement. There have been no tax effects as part of the correction. Apart from the above, the annual accounts are presented according to the same accounting policies as last year. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Dover Corporation, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original costless any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Reporting currencyThe Financial Statements for 2025 are presented in DKK. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currenciesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. The Company has chosen IAS 18 as interpretation for revenue recognition.Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses comprise indirect production costs, expenses for repairs and maintenance and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with the parent company. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Software and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Software and licences are amortised over the licence period; however not exceeding 3 years. Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Depreciation based on cost reduced by any residua lvalue is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment 3-5 yearsLeasehold improvements 3-10 yearsDepreciation period and residual value are re-assessed annually. Assets under construction is measured at cost. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Fixed asset investments, which consists of deposits, are meassured at cost. The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Inventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consum-ables and direct labour with addition of indirect production costs. Indirect production costs comprise thecost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning subscriptions and activities. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value.Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from group entities". Proposed dividendsDividend distribution proposed by Management for the year is disclosed as a separate equity item. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Other provisions include warranty obligations in re-spect of repair work within the warranty period of 2 years. Provisions are measured and recognised based on experience with guarantee work. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are reco-gnised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on account taxation scheme are recognised in the income statement in financial income and expenses. Other payablesDebts are measured at amortised cost, substantially corresponding to nominal value. Prepayments received from customers include deferred revenue where payment has been received for a subsequent sale of goods and services, but where delivery has not yet taken place. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. Breakdown of revenue by business segment: Climate solutions960,731,133871,395,829 960,731,133 871,395,829 Breakdown of revenue by geographical segment: Revenue, Denmark78,115,75493,551,103Revenue, Europe797,928,398681,875,990Revenue, Rest of the world84,686,98195,968,736 960,731,133 871,395,829 Segment information on Revenue Information on business segments and geographical segments based on the Companysrisks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. 315000 295000 192884221 165303257 17645161 15212556 3100703 1573963 18082187 24253015 231712272 206342791 334 321 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish FinancialStatements Act. 5103762 5649978 5103762 5649978 7310653 13215174 1062592 10095 0 1234 107102 1076867 27096198 30348880 742575 -856828 -834461 39615 99367266 104256558 2316483 2316483 2316483 2316483 0 22011095 24292914 0 0 -7 0 768981 0 9369290 0 2023487 -2023487 22780076 26316394 7345803 15135950 7658792 0 2611293 2492471 0 17747243 10151263 0 5032833 16165131 7345803 8596927 128061 8724988 8724988 -706779 150049 35795 113319 290500 -1438507 -2598957 375854 536630 985129 1065048 Prepayments consist of prepaid expenses concerning rent, insurance premiums, software licences and interest as well. 1000 A 1000000 1000000 The share capital consists of DKK 1,000 shares of nom. DKK 1,000 each. No shares have special rights. The Company is jointly taxed with its parent, Dover Denmark Holdings ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. Other rent and lease liabilities: DKK20252024 Rent and lease liabilities81,139,43091,904,994 Lease obligations, period of non-terminability 12-120 months DKK 81,139,430 (2024: 91,904,994) The Company has not provided any security or other collateral in assets at 31 December 2025. Parties exercising control Related partyDomicileBasis for control Dover Denmark Holdings ApSCopenhagenClosest parent company Ownership 100% Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Dover CorporationUSADowners Grove, IL 60515, USA https://investors.dovercorporation.com/annual-reports Dover Luxembourg Participations S.à.r.l.Luxembourg10-12 Boulevard F.D. RooseveltL-2450 Luxembourg Related party transactions Advansor A/S was engaged in the below related party transactions: DKK20252024Management fee, income250,693458,532Management fee, cost929,0118,047,088Interest, internal group (income)7,310,65313,215,174Interest, internal group (expense)01,234Other group Revenue5,698,6405,603,584Dividend paid0165,000,000License fee income, group20,373,88223,055,788Services from Group Companies14,098,01611,787,193 Payable to group companies 31.125,479,05340,398,582Recievable to group companies 31.12343,181,099293,428,526 The Company is included in the consolidated financial statements of Dover Luxembourg Participations S.à r.l , Luxembourg, which is the smallest group into which the Company is included as a subsidiary. The consolidated financial statements of Dover Corporation, Downers Grove, IL 60515, USA, is the largest group into which the Company is included as a subsidiary.