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cmn:ConsolidatedMember 0 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 5 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 63049611 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2025-01-01 63049611 Kamilla Erbo Hoffmann 2026-05-29 Annual report 63049611 Hartmann Packaging A/S Ørnegårdsvej 18 2820 Gentofte xWizard version 1.1.1529.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 1672700000 1085400000 Hartmann Packaging A/S Ørnegårdsvej 18 2820 Gentofte, Denmark Hartmann   at a glance   Hartmann is the world’s leading   manufacturer of moulded-fibre egg   packaging and a market-leading   manufacturer of fruit packaging in   Argentina and India.   The group is also the world’s largest   manufacturer of technology for the production   of moulded-fibre packaging. Founded in   1917, Hartmann’s market position builds on its   strong technology know-how and extensive   experience of moulded-fibre production   dating back to 1936.   Number of employees   3,296 4,145 602  Hartmann Packaging A/S   — Annual Report 2025   Revenue (DKKm)   Profit before tax (DKKm)   Business model   Resources   Core business   Customers   Pulp   Expertise   Farmers   We continually enhance our expertise on   We help egg and fruit farmers grow sales and   Consumer   Moulding   packaging production, consumer trends,   earnings through reliable delivery, superior   and the marketing of eggs and fruit.   product protection and efficiency improvements.   Moulded-fibre   packaging made from   Employees   recycled materials   Packing business   Each year, our more than 3.000 highly   We supply packing businesses with retail   skilled and experienced employees   and transport packaging and through   manufacture billions of products.   Delivery   Drying   close cooperation ensure that our products   contribute to an excellent packing process.   Technology   Retail   Our deep technology knowhow   Based on our knowledge of consumer   Print/label   After-   builds on decades of experience and   preference, we assist an increasing number   pressing   position us to setting the standard for   of retail chains with the marketing of eggs   moulded-fibre production.   and the choice of packaging.   Value creation   Customers   Environment   Employees   Community   We carry a customised portfolio of high quality   We make moulded-fibre packaging from   We create jobs in our local communities and   Our sustainability-focused products, innovation,   packaging products offering timely delivery, more   recycled paper offering a packaging solution   provide our employees with attractive working   job creation, employee development, and tax   sustainable packaging with protective qualities.   that does not rely on oil-based plastic.   conditions and development opportunities.   contributions support economic growth and help   strengthen the communities in which we operate.   Strengths   Expertise   Platform   Hartmann has built unique expertise in the marketing   Our experienced sales organisation has built solid   of eggs and the production of moulded-fibre pack-   market positions that are supported by a well-   aging since 1936. Our insights into consumer pref-   established production network which is continually   erences and behaviour are based on continuous   optimised and expanded with a view to improving   consumer research providing a strong and data-   efficiency, ensuring flexibility in production, and   based foundation for customers’ choice of products.   driving continued growth.   Products   Technology   Our versatile product portfolio enables us to   Thanks to our proven technological skills, we are   customise the product range to specific demand   uniquely positioned to continually expand, opti-   patterns among customers and consumers across   mise, and automate our production facilities and to   the group’s diverse markets. We cover all customer   develop new cost- and energy-saving technologies,   requirements and can provide both premium and   processes, and production methods.   standard products.   1936   Hartmann has built a unique expertise on   the marketing of eggs and production of   moulded-fibre packaging since 1936.   Trends   Sustainability   Demographics   Consumer behaviour   Increasing demand for sustainable   Global population growth means   Eggs are considered a less expensive and   packaging is correlated with the growing   increased demand for food, while growing   natural source of protein and a natural part   awareness of consumers, retailers, and   prosperity and urbanisation further   of the varied and healthy diet prioritised   policy- and opinion makers about the   supports consumption of packed products.   by an increasing number of consumers.   adverse impact of single-use plastic   Hartmann’s markets are expected to witness   This development drives increased egg   packaging on the environment, animal life   varying degrees of these developments,   consumption and shifts demand between   and humans. The disposal of plastics is a   leading to growing use of moulded-fibre   different types of eggs.   growing challenge, and waste products   packaging and increased demand for   from crude oil-based plastic materials are   premium products.   accumulating in oceans, drinking water and   on land.   Letter from management   Solid Performance   in a Volatile Market   Environment   Hartmann delivered a solid performance in an unusually volatile   market environment, delivering revenue of 4,145 mDKK and profit   before tax of 602 mDKK, exceeding our expectations. Performance   was driven by strong operational execution, pricing discipline and   strategic investments. Demand for moulded-fibre packaging remained   supported by structural tailwinds, including plastic substitution,   the expansion of cage-free egg production and growing retailer   commitments to sustainable packaging.   The year began with avian flu outbreaks across   both Europe and North America, leading to   tight egg availability in key markets. In North   America, egg prices surged dramatically,   which curtailed promotional activity and ulti-   mately reduced egg consumption, as both   retailers and consumers adjusted to elevated   cost levels. A prolonged period of trade uncer-   tainty also began in the first quarter, driven by   an increasingly unpredictable political envi-   ronment. While the robustness of the USMCA   agreement continued to provide an important   degree of protection for North American cross-   border trade, uncertainty remains regarding   potential tariff measures.   Henrik Marinus Pedersen   Chairman   Torben Rosenkrantz-Theil   CEO   Despite this backdrop, performance in Europe   remained robust, with continued commer-   cial momentum throughout most of the year.   In North America, the prolonged impacts of   avian flu continued to distort supply, pricing   and demand; however, a strong product mix,   pricing actions and solid operational execution   supported earnings. In South America, market   conditions remained mixed, with Argentina   demonstrating resilience as macroeconomic   conditions improved, while intense competition   and excess capacity in Brazil led to reduced   capacity utilisation across our plants. Our pres-   ence in Asia remains under development, with   significant long-term potential.   Our ESG efforts were accelerated in 2025. Hart-   mann nearly doubled technology resources   to improve energy efficiency and reduce our   climate footprint. At the same time, manage-   ment addressed an unacceptable rise in   workplace accidents through intensified focus   on mitigating actions, safety training of new   employees and knowledge sharing across the   organisation. Human-rights governance was   further strengthened through an independent   review of contract labor conditions in India.   Looking ahead to 2026, we expect continued   political and market volatility, including   potential revisions to the USMCA agreement,   ongoing fluctuations in raw material prices,   and a challenging macroeconomic environ-   ment. At the same time, Hartmann’s robust   business model and geographically diversi-   fied production footprint provide resilience.   Volume growth is expected to continue, driven   by ongoing plastic substitution, increased   demand for eggs and the effects of our signifi-   cant strategic investments.   We will maintain a high investment level   throughout 2026 to further support future   growth and competitiveness. Assuming no   material deterioration in the global operating   environment, we expect satisfactory financial   performance in 2026, with revenue growth   around 5% and profit before tax broadly in line   with 2025 levels.   Strategy   Global population growth, increased sustain-   ability awareness and consequent positive   shifts in consumer behaviour grow demand for   moulded-fibre packaging for eggs and fruit.   Capitalising on these trends as well as oper-   ating its factories in an efficient manner, Hart-   mann aims to:   • Implement marketing initiatives to increase   the share of premium products and help   drive the conversion from oil-based plastic   packaging to more sustainable moulded-   fibre packaging solutions   • Continuously develop recyclable and bio-   degradable products   • Expand production capacity to meet growing   market demand and drive volume growth   across markets   • Enhance utilisation of the group’s total   production capacity   • Improve efficiency through further automa-   tion and continuous development of produc-   tion network and technologies   • Explore for potential acquisition opportunities   in both existing and new markets   Hartmann turns fibre based recycled waste into   valuable products. Our core business focuses on   recycling and circularity with a strong commit-   ment to environmental-, social- and governance   responsibility. As a global company, Hartmann   is dedicated to protecting the planet, respecting   people, and staying true to core values: Being   accurate, responsible, and transparent.   Our key strengths – expertise, strong platform,   diverse product range and proprietary   technology – underpin our strategy to solidify   Hartmann’s positions as the world’s leading   moulded-fibre manufacturer of egg packaging,   the leading manufacturer of fruit packaging   in selected markets and the preferred supplier   of machinery and technology to produce   moulded-fibre packaging.   Markets and   products   Hartmann operates in diverse markets with varying product   offerings continuously adapted to regional needs. The   product portfolio comprises retail and transport packaging   for eggs and fruit packaging. In selected markets, Hartmann   also sells machinery and technology to manufacturers of   moulded-fibre packaging.   Retail packaging for eggs is our main   product category. The segmentation into   premium and standard products varies   from market to market depending on   factors such as the maturity of the retail   trade, the penetration of moulded-fibre   packaging, and the focus on sustainability.   For sales of packaging, our main markets   are Europe, North and South America and   Asia while Hartmann Technology sells   machinery and technology for manu-   facturing moulded-fibre packaging in   selected global markets.   Demand for egg and fruit packaging   steadily increases and is – over time –   relatively resilient to economic fluctua-   tions. However, exchange rate fluctuations   particularly affect South American fruit   exports and, hence, sales of fruit pack-   aging. Under normal market conditions,   demand for egg and fruit packaging is   seasonal. Hartmann’s primary markets are   highly competitive and served by a few   large and several medium-sized players.   Europe   Hartmann is the leading manufacturer of   egg packaging in the relatively mature and   competitive European market.   Growth varies across borders but is generally   driven by increased demand for retail pack-   aging on the back of continued penetration and   professionalisation of the retail trade combined   with the transition towards moulded-fibre   packaging in more markets.   North America   In North America, Hartmann is the leading   manufacturer of moulded-fibre packaging in   the market for egg packaging, which is growing   on the back of an increasing consumption of   eggs.   Furthermore, moulded-fibre egg packaging   growth is driven by conversion from foam and   plastic packaging. Sales of cage-free and   free-range eggs are growing at the expense   of battery-cage eggs, entailing an increased   number of differentiated products with demand   for premium packaging.   South America   Hartmann holds a market-leading position in   the egg packaging market in Brazil and Argen-   tina, as well as a leading position in Argentina's   fruit packaging market.   Demand for egg packaging in these markets   is growing due to growing population, urban-   isation, and the resulting shifts in consumer   behaviour.   Hartmann’s sales of fruit packaging are largely   driven by fruit exports.   Asia   The egg packaging market in Asia is currently   fragmented and commodity-driven, with   numerous local players. However, the market   is expected to see strong growth over the next   decade, driven by favorable demographics,   increased egg production, urbanisation and the   resulting shifts in consumer behavior.   With factories in India, Malaysia and China the   geographical footprint strategically positions   Hartmann to capitalize on the emerging market   opportunities in the region over the coming   decade.   Key figures Definitions of key figures and financial ratios   Net working capital   Profit margin   Inventories + receivables + other current   Operating profit x 100   operating assets - trade payables - other   Revenue   current operating liabilities (excluding   restructuring)   Return on invested capital (ROIC)   Operating profit x 100   Investments   Average invested capital   Investments in property, plant and equipment,   intangible assets and business combinations   Return on equity   Profit for the year x 100   Invested capital   Average equity   Net working capital + intangible assets   + property, plant and equipment + other   Equity ratio   non-current receivables - pension obligations   Equity at year-end x 100   government grants   Assets at year-end   Net interest-bearing debt   Gearing   Credit institutions + overdraft facilities - cash   Net interest-bearing debt x 100   Equity at year-end   Revenue Revenue Revenue Revenue Revenue Operating profit Operating profit Operating profit Operating profit Operating profit Net financial income and expenses Net financial income and expenses Net financial income and expenses Net financial income and expenses Net financial income and expenses Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax 4145000000 666000000 -64000000 602000000 3810000000 570000000 -28000000 542000000 3494000000 332000000 -44000000 288000000 3350000000 204000000 -72000000 132000000 2666000000 115000000 -9000000 106000000 Investing activities Investing activities Investing activities Investing activities Investing activities Financing activities Financing activities Financing activities Financing activities Financing activities Total cash flow Total cash flow Total cash flow Total cash flow Total cash flow 720000000 -422000000 -275000000 23000000 637000000 -501000000 -125000000 10000000 606000000 -293000000 -204000000 109000000 204000000 -182000000 54000000 241000000 -527000000 233000000 77000000 -53000000 Total assets Total assets Total assets Total assets Total assets Investments Investments Investments Investments Investments Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Net working capital Net working capital Net working capital Net working capital Net working capital Invested capital Invested capital Invested capital Invested capital Invested capital Net interest-bearing debt (NIBD) Net interest-bearing debt (NIBD) Net interest-bearing debt (NIBD) Net interest-bearing debt (NIBD) Net interest-bearing debt (NIBD) Equity Equity Equity Equity Equity 3316000000 522000000 522000000 414000000 2315000000 343000000 3157000000 402000000 417000000 460000000 2135000000 515000000 2620000000 296000000 277000000 2949000000 186000000 163000000 2804000000 527000000 372000000 348000000 1939000000 933000000 373000000 517000000 1802000000 602000000 1183000000 2046000000 938000000 1222000000 1902000000 1673000000 1197000000 Profit margin Profit margin Profit margin Profit margin Profit margin Return on invested capital (ROIC) Return on invested capital (ROIC) Return on invested capital (ROIC) Return on invested capital (ROIC) Return on invested capital (ROIC) 16100000 30300000 24.9 57.4 18800000 15000000 27900000 28.6 53 30800000 9500000 16900000 14.5 45.2 50900000 7100000 11100000 4.7 42.8 76700000 8700000 12300000 6.2 45.1 78000000 Gearing Gearing Gearing Gearing Gearing Risk management   Hartmann is exposed to several risks. They are monitored and actively addressed on   an ongoing basis to identify and prioritise key risk areas, to determine   how to manage them and to optimise the risk-return balance.   Organisation   The overall responsibility for Hartmann’s risk   management lies with the board of directors,   which regularly reviews the risk assessment and   management principles and monitors processes   and developments in key risk exposures.   The group management team is responsible   for the day-to-day identification and manage-   ment of risks and continuously developing   and adjusting risk management principles,   processes, and activities.   Local business and production unit managers   provide the group management team with   monthly reports on risk developments and   assessments through a centrally anchored,   operational focused risk team headed by the   group’s risk manager. The risk management   team works continuously to ensure knowledge   sharing between factories, compliance with   adopted standards and risk mitigation.   Operational Risk Management   - Initiatives in 2025   Throughout 2025, Hartmann continued to   strengthen its risk management activities   across the Group with a focus on operational   resilience and reduced physical risk exposure.   During the year, efforts were directed towards   further developing and embedding the existing   risk management framework introduced in   previous years, ensuring a consistent approach   to identifying, assessing, and prioritising risks   across sites. Collaboration with the Group’s   new insurance partner, and its risk engineering   expertise supported more detailed site assess-   ments and clearer prioritisation of mitigation   initiatives.   Fire risk prevention and loss mitigation   remained key focus areas. Selected improve-   ments to fire detection systems were imple-   mented, alongside ongoing optimisation and   maintenance of existing fire protection meas-   ures, supporting early detection and reducing   potential loss severity.   Hartmann also enhanced its understanding   of exposure to natural catastrophes through   refined catastrophe mapping, supporting site-   level risk awareness, long-term planning, and   investment decisions. In parallel, increased   focus on business interruption risks strength-   ened the identification of critical assets and   operational dependencies, supporting opera-   tional continuity.   Overall, the initiatives undertaken in 2025   increased risk transparency and reinforced   a proactive and systematic approach to   managing physical and operational risks   across Hartmann.   Risk assessment   In Hartmann’s assessment, key risks in the period   ahead are related to factory fires, continued   disease outbreaks among laying hens, polit-   ical uncertainty and impact from potential   trade tariffs, and volatile raw material prices as   consequence of the continued macroeconomic   uncertainty and geopolitical instability. These   risks and mitigating efforts are described in   more detail on the next page.   Other identified risks include fluctuations in   demand for eggs and fruit, shifts in sales across   product categories, the group’s ability to attract   and retain skilled employees, as well as IT secu-   rity and interruption. To this should be added   financial risks, which are described in detail in   Note 21, and sustainability risks described in the   Thornico sustainability report.   Risk management process   Hartmann continuously identifies risks   affecting the group's commercial activities,   operations, and financial performance. Iden-   tified risks are analysed at local and central   level with a view to sharing knowledge across   the organisation and assessing potential   impacts and risk probabilities.   On this basis, key risks are determined and   prioritised so that mitigation measures may be   initiated, where relevant, and risks be moni-   tored on an ongoing basis. Developments in   Hartmann’s overall risk exposure, the assess-   ment of key risks and mitigating measures   implemented are reported on an ongoing   basis to the group management team, which   involve and keep the board of directors   informed.   Fire   Raw materials   Disease outbreaks among hens   Politics and macroeconomics   Environment   Description   The production of egg and fruit   Fluctuations in procurement prices of recycled paper and energy   Egg packaging sales are exposed   While the consumption of eggs and   Violations of environmental legisla-   packaging is based on paper-   (electricity and natural gas) may have a significant impact on the   to changes in demand for eggs,   fruit historically has been resilient   tion, rules or thresholds in connec-   based moulded-fibre dried at high   group’s financial results. Potential adjustments of selling prices with   which in turn may be influenced   to slowdowns in economic growth,   tion with, for instance odor and   temperatures, and Hartmann’s   a view to mitigating increases in raw material prices must take into   by disease outbreaks among   political and macroeconomic   noise, wastewater discharge, CO2  single most significant risk is the   account the competitive situation and will be implemented at a   laying hens and consumer fears of   uncertainties may cause significant   emissions, waste disposal or inad-   total loss of a factory from fire.   certain time lag.   resulting health hazards. Moreover,   shifts in Hartmann’s sales across   vertent chemical spills may lead to   Re-establishing the facilities would   the outbreak of diseases such as   product categories. Moreover, trade   business interruption, fines or other   be very time consuming, costly and   Inadequate supplies of raw materials for Hartmann’s production   avian flu will typically entail fluctu-   barriers including potential trade   sanctions and harm Hartmann’s   involve the risk of both business   may cause business interruption, impede satisfactory deliveries to   ations in the population of laying   tariffs, and significant currency fluc-   reputation and internal and external   interruption and loss of market   customers and force the group to purchase raw materials on less   hens and volatility in egg supply   tuations may affect the competitive   stakeholder relationships.   share as the reliability of supply is   attractive terms.   and prices.   strength of some factories and the   crucial to Hartmann’s customers.   group’s financial results.   Mitigating   Hartmann continuously monitors   Hartmann may seek to make up increases in purchase prices   The geographical scope of Hart-   Hartmann monitors its markets   Hartmann monitors environmental   action   and reviews fire conditions at its   by adjusting selling prices. In addition, Hartmann works actively   mann’s production with factories   carefully in order to be able to   risks at local and central level with   factories and invests in physical   to introduce more paper grades and enhance the efficiency of   located in Europe, North and South   reduce negative trends by, for   a view to preventing, mitigating or   separation of equipment, high-effi-   production at individual factories and optimise distribution to the   America, Israel, India, China and   instance, changing the allocation   minimising the group's environ-   ciency sprinkler and alarm systems,   group’s customers in an effort to reduce its exposure to fluctuations   Malaysia helps to mitigate the total   of the group's production between   mental impact. Hartmann contin-   adequate water supply and other   in the prices of recycled paper and energy. These measures include   negative impact of local or regional   factories and adjusting the product   ually invests in new production   fire protection equipment. The   efforts to reduce the volume of energy consumed during the manu-   disease outbreaks on the group's   offering in the markets concerned.   technology, optimisation of existing   internal risk management team   facturing process, reduce waste in production and optimise alloca-   financial performance. At the same   In particular, Hartmann monitors   equipment and processes and   conducts regular factory visits and   tion between the group’s factories, considering customer demand   time, thanks to its versatile product   closely the political and macroe-   systematic waste reduction. With a   organises visits by external experts.   and locations. To further manage short-term volatility in electricity   portfolio and adaptability, Hart-   conomic developments in North   view to ensuring a structured and   In addition, Hartmann has taken   and gas prices, Hartmann may enter into energy hedging contracts   mann is able to vary its product   America, Argentina, Israel, and   efficient approach to environmen-   out all risk insurance policies for all   covering a portion of its expected future consumption. These   offering according to shifts in   Russia.   tally sound and energy-efficient   production facilities covering fire   contracts are used to stabilise production costs when commercially   demand patterns occurring during   production, a number of Hartmann’s   damage, consequential loss and   favourable terms are available.   and in the wake of such disease   Any negative trade barrier impacts   production facilities are certified   other incidents.   outbreaks.   are to a certain extend mitigated by   to the ISO 14001 (environmental   Hartmann has contracted with several suppliers of recycled paper,   Hartmann’s geographical diversifi-   management) and ISO 50001   In addition to strengthening the   energy and other raw materials with a view to mitigating the risk of   cation and sales to local markets.   (energy management) standards.   group’s supply capacity, the   non-delivery. Recycled paper systems and supply vary considerably   spreading of production across 17   across the group’s markets, and long-term fixed-price agreements   factories also helps to reduce the   for recycled paper are generally not obtainable. Hartmann has   total impact in case of a factory fire   the option of signing fixed-price agreements, typically for six or 12   in some regions.   months, for a part of the group’s energy consumption with energy   suppliers in areas with well-functioning markets. The group regularly   analyses whether entering into such agreements is attractive and   explores possibilities for using alternative types of raw materials.   Sustainability   highlights   Share of recycled paper   CO2e emissions scope 1-3  Injury rate, LTI-FR   97% 9% 111%   2024: 97%   from 2024   from 2024   CO2e emission distribution 2025  Science-based targets   Read more in   Thornico Company   Karma Report 2025   Hartmann's near-term scope 1, 2 and 3   carbon emission reduction targets are   validated by the Science Based Target   Scope 2   initiative.   13%   Scope 3   of total CO2e  From a 2021 base, we aim for:   51%   • Scopes 1 and 2: Absolute reduction of   50% by 2030   of total CO2e  • Scope 3: 50% relative reduction of   Scope 1   carbon emission intensity per kilogram   36%   dry matter by 2030   of total CO2e  Achievement of these targets requires a   technology leap.   Scope 1: Direct emissions from gas for heating.   Scope 2: Indirect emissions from externally produced electricty.   Scope 3: Indirect up- and downstream emissions.   Sustainability   2025 has been a year of continued transition in our sustainability journey to set the standard for more sustainable egg packaging.   While the fundamental assessments remain important, our focus has increasingly been on translating priorities into practical   execution. Progress has required patience, technical clarification, and careful prioritisation. Our direction is clear, and our   commitment to responsible and disciplined development remains unchanged.   Adapting to evolving requirements   As part of the Thornico Group, Hartmann   shares the Thornico Group’s values of   Company Karma and work proactively   together with the Thornico Group to prepare   for reporting under the EU Corporate Sustain-   ability Reporting Directive (CSRD) and the   European Sustainability Reporting Standards   (ESRS), which will apply from the financial year   2027. During the year, we revisited our value   chain and updated our double materiality   assessment. The reassessment confirmed our   existing priorities, which remain unchanged   in substance but have been consolidated into   the following key ESG focus areas:   Fighting climate change   Investing in people   Safeguarding resources   Hartmann Packaging A/S   — Annual Report 2025   Reduction of energy and CO2  Fighting climate change and reducing CO2  emissions is high on the agenda in Hartmann.   During 2025, our focus has gradually expanded   from assessment toward stronger execu-   tion. Our growing energy team have placed   increased emphasis on defining solutions that   allow us to translate these insights into tangible   operational improvements. This has required   extensive testing and disciplined technology   clarification, a process that remains ongoing.   An important insight this year has been that   certain critical technologies remain immature,   supported by a limited and not yet fully robust   supplier base, as well as public utility infrastruc-   ture that are lagging in necessary expansion.   These structural conditions have constrained   implementation speed and are expected to   continue influencing execution pace. In addi-   tion, many of the available solutions are capi-   tal-intensive, with return profiles that remain   somewhat uncertain, requiring prudent invest-   ment decisions.   Strengthening the credibility of our data and   decision-making processes has been a central   priority. We have advanced a dedicated CO2  calculation project to improve transpar-   ency, consistency, and reliability across ESG   and operational metrics to support stronger   governance through better systems and clearer   accountability. The prioritised initiatives from   last year’s materiality assessment are now   progressing into structured implementation,   including further embedding ESG in procure-   ment processes.   GHG emission   GHG emissions increased across all three scopes   compared to the previous year. The rise in Scope   1 and Scope 2 emissions is driven by higher   production volumes. The increase in Scope 3 is   mainly attributable to increased investments   in machinery and equipment, as well as higher   production volumes and sales of machinery   within our Technology business, contributing to   higher emissions from the use of sold products.   Water usage   Building on the strengthened water stewardship   focus introduced in 2024, we have continued   to operationalise this work in 2025. We have   identified an even stronger link between   disciplined water management, resource   efficiency, product quality, and operational   performance - reinforcing that environmental   responsibility and commercial results are   closely connected.   Commitments   We are committed to the   UN Global Compact and   company relevant UN SDG’s   Reporting requirements   Our sustainability activities and progress are   presented in the THORNICO Group Sustain-   ability Report named The Company Karma   Report. It also constitutes the group’s statu-   tory reports on corporate social responsibility,   pursuant to section 99a of the Danish Finan-   cial Statements Act. While this annual report   merely provides a summary of selected   activities in 2025, the full THORNICO Group   Sustainability Report is available at   thornico.com/home/company-karma/   sustainable-growth/   Health and Safety   Hartmann remains committed to reaching   zero work-related (category 1) accidents. But   this year our safety performance has moved   in the wrong direction, with an increase in the   recorded lost time incidents frequency to 10.1   in 2025 from 4.8 in 2024. The higher share of   incidents is partly related to new employees   and partly related to cases occurring at the   workplace but not directly work-related.   Regardless, we take our responsibility seriously   and have intensified onboarding, supervision,   and preventive measures to strengthen safety   across all sites.   Contract Workers   Our double materiality assessment identified a   potential high-risk impact relating to contract   workers in India. To better understand this   risk, we have previously visited the facility and   engaged with local management to assess   working conditions and potential challenges.   During the reporting year, we conducted   a focused review of working conditions for   contract workers in collaboration with external   experts. The review identified certain gaps,   which have resulted in concrete mitigating   actions and strengthened local oversight.   Based on the insights gained, we are currently   assessing whether similar initiatives should   be implemented in our other facilities located   in countries which we consider as high-risk   countries.   Governance structure   Hartmann’s corporate governance comprises management,   policies as well as risk management and audits.   Ownership   Hartmann’s share capital is fully owned by   Thornico Food and Food Technology A/S a   company within the Thornico Group.   Management structure   Hartmann operates a two-tier management   structure comprising the board of directors and   executive management, leading the group   management team.   Board of Directors   Hartmann’s board of directors is responsible for   the overall management of the company and   resolves matters relating to Hartmann’s strategic   development, financial forecasts, risk factors, ac-   quisitions, and divestments as well as major de-   velopment and investment projects.   The board of directors consists of five members,   three elected by the shareholder and two by   the employees in the parent company. Board   members elected by the shareholder are elected   for one year and eligible for re-election. Board   members elected by the employees are elected   for terms of four years in accordance with the   provisions of the Danish Companies Act.   During 2025 there were no changes to the   composition of the board of directors.   Executive and Group Management   The board of directors appoints the exec-   utive management, who is responsible for   the company’s day-to-day management,   including the development of the company’s   operations, results of operations and internal   development. The executive and his group   management team is responsible for imple-   menting Hartmann’s strategy and the overall   resolutions approved by the board of directors.   Data ethics   The group's statutory report on data ethics   pursuant to section 99d of the Danish Financial   Statements Act may be found at https://hart-  mann-packaging.com/media/bvrjhe5j/statuto-   ry-data-ethics-policy-statement-2026.pdf   Revenue and earnings   Revenue   In 2025, revenue increased to DKK 4,145 million from   DKK 3,810 million in 2024, exceeding the expectations   outlined in the 2024 annual report of around DKK   4.0 billion. The revenue growth was primarily driven   by continued volume growth in the Group's core   markets in Europe and North America, supported   by an improved product mix and modestly higher   selling prices.   In South America, market conditions were mixed,   and particularly in Brazil, intensified competition led   to lower volumes and continued pressure on selling   prices.   In addition, revenue benefited from the full-year   effect of the companies acquired during 2024, which   in the prior year contributed only from the acquisi-   tion date of 30 June 2024.   The overall positive developments were partly offset   by adverse currency effects, primarily related to the   weakening of the US dollar.   Operating profit   Operating profit for 2025 increased to DKK 666 million   from DKK 570 million in 2024, resulting in a profit   margin of 16.1% compared to 15.0% in 2024.   The increase was mainly attributable to higher   revenue, improved operational efficiency, a favour-   able product mix in core markets and ongoing cost   discipline.   Operating profit in 2025 was negatively impacted   by impairments in Russia of DKK 11 million, as well as   provisions for legal claims of DKK 14 million (refer to   Notes 6 and 20). In comparison, operating profit in 2024   was negatively impacted by impairments of assets in   China and Russia of DKK 31 million (see Note 6).   Financial income and expenses   Net financial expenses for the year were DKK 64   million, compared to DKK 28 million in 2024. The   increase was primarily driven by adverse foreign   exchange developments, reflecting higher foreign   exchange losses compared to the prior year. This was   partly offset by lower net interest expenses, mainly   due to a lower average level of interest-bearing   debt during the year, while net interest expenses in   2024 also benefited from a one-off interest income   related to settlement of a transfer pricing case.   Profit for the year   Profit before tax increased to DKK 602 million from   DKK 542 million in 2024, exceeding our expecta-   tions as outlined in the 2024 annual report of a   profit before tax comparable to the 2024 level. The   increase primarily reflects the improved operating   performance, partly offset by higher net financial   expenses. Tax expense for the year amounted to DKK   154 million, corresponding to an effective tax rate of   26%, compared to 23% in 2024.   Consequently, profit for the year increased to DKK   448 million from DKK 417 million in 2024.   Parent company   In 2025, the parent company realised revenue of   DKK 2,229 million, compared to DKK 2,066 million   in 2024, and an operating profit of DKK 292 million,   compared to DKK 207 million in 2024.   Profit for the year amounted to DKK 201 million in   2025, compared to DKK 203 million in 2024. The   improvement in operating profit was offset by lower   dividend income from subsidiaries and a higher tax   expense.   Cash flows   Investments and cash flows   In 2025, operating activities generated a net cash   inflow of DKK 720 million compared to DKK 637   million in 2024. The increase was primarily driven by   the higher operating profit. Income tax payments   were higher than in the prior year, reflecting the   timing of tax payments and the higher increased   taxable income in 2025 compared to 2024. The cash   outflow related to changes in working capital was   lower than in 2024, mainly due to higher prepay-   ments received from customers.   Cash flows from investing activities resulted in a   net outflow of DKK 422 million compared to DKK 501   million in 2024. The cash outflow mainly reflected   continued investments in tangible assets, primarily   in Europe and North America, to enhance capacity   and operational efficiency. Investing activities in   2025 also included a cash inflow from the repay-   ment of a loan granted to the Group’s parent   company in 2024.   Free cash flow (combined operating and investing   activities) amounted to a net inflow of DKK 298   million compared to DKK 136 million in 2024. The free   cash flow was primarily used to reduce the Group’s   net interest-bearing debt and to pay dividends.   Financing activities therefore resulted in a net cash   outflow of DKK 275 million compared to a net outflow   of DKK 125 million in 2024.   Statement of financial position and equity   Funding   As of 31 December 2025, the Group’s net inter-   est-bearing debt was DKK 357 million (2024: DKK 515   million). Financial resources, including cash and   undrawn facilities (loans and overdrafts), amounted   to DKK 657 million (2024: DKK 591 million), a level   deemed adequate to support the Group’s planned   investments. The Group’s loans are governed by   standard financial covenants (see Note 21).   Assets   Total assets increased to DKK 3,316 million as of 31   December 2025 (2024: DKK 3,157 million), reflecting   investments in plant and machinery and working   capital.   ROIC   ROIC improved to 30.3% in 2025, compared to 27.9%   in 2024.   Equity   Equity at 31 December 2025 was DKK 1,902 million   (2024: DKK 1,673 million), resulting in an equity ratio   of 57% (2024: 53%). The financial gearing ratio was   reduced to 19% in 2025 from 31% in 2024. A dividend   of DKK 200 million is proposed for the year (2024: DKK   107 million).   Profit for the year   448   417   191   (30)   74   Cash flows   4145000000 3810300000 2229200000 2065500000 2798300000 2574100000 1571800000 1468700000 1346700000 1236200000 -3500000 657400000 596800000 400000 100000 1000000 443800000 433600000 240000000 234500000 237400000 665900000 27500000 91500000 601900000 154400000 229100000 570000000 57200000 85600000 541600000 124700000 125400000 292100000 82900000 114700000 260300000 59300000 156300000 207000000 346100000 320700000 232400000 29700000 447500000 416900000 201000000 202700000 10400000 665900000 209000000 18700000 -24900000 868700000 24300000 570000000 201000000 8100000 -52200000 726900000 34100000 22600000 Adjustment for other non-cash items Adjustment for other non-cash items Cash flows generated from operations Cash flows generated from operations 180100000 -20800000 181900000 166200000 3500000 180100000 45900000 127400000 63700000 60100000 250700000 68800000 181900000 250300000 70200000 180100000 Acquisition of subsidiaries and other investments, net of cash acquired Acquisition of subsidiaries and other investments, net of cash acquired 719700000 700000 521500000 0 0 -100000000 637200000 4900000 417100000 200000 20400000 100000000 Repayment of loans from affiliated companies Repayment of loans from affiliated companies -422200000 -501400000 77200000 50000000 147000000 -28400000 0 223500000 -23600000 105000000 -274900000 -125400000 22600000 10400000 17800000 17800000 389000000 1193700000 37200000 287200000 1907100000 1656000000 0 0 51800000 31700000 31700000 372900000 1072000000 36800000 16700000 16700000 48200000 175300000 7900000 97300000 328700000 1064600000 28800000 0 30000000 30000000 46000000 185200000 8400000 138300000 -21400000 -588200000 2173500000 200000000 140300000 -4500000 -491500000 1921900000 106500000 138300000 -11700000 0 758800000 200000000 140300000 -1600000 0 754300000 106500000 999500000 174300000 30400000 1902200000 270000000 741400000 449100000 0 8400000 72300000 13700000 525000000 0 10200000 60700000 0 670300000 0 0 13000000 0 525000000 0 0 0 14300000 0 670300000 39400000 0 0 0 57200000 1976700000 1744900000 1438800000 1490500000 1800000 1900000 442600000 501700000 0 389000000 527100000 102800000 0 182900000 254400000 0 148200000 278600000 102800000 135000000 0 621100000 743100000 538000000 724000000 68800000 56600000 322400000 0 0 51000000 1100000 70200000 8300000 330200000 0 24300000 43200000 400000 264800000 741400000 68800000 29400000 107700000 126600000 0 32200000 300000 63400000 2700000 80800000 212900000 0 15300000 300000 143400000 518800000 0 175100000 0 7100000 700000 103200000 33800000 250700000 1339100000 94300000 48100000 250300000 1412300000 56500000 12900000 21200000 51700000 12600000 22900000 751800000 703000000 292600000 792500000 153400000 518400000 3315800000 3157200000 2141800000 2242300000 3315800000 3157200000 2141800000 2242300000 Statement of changes in equity   Group   2025   Share   Hedging   Translation   Retained   Proposed   Total   DKKm   capital   reserve   reserve   earnings   dividend   equity   Equity at 1 January   140.3   (4,5)   (491.5)   1,921.9   106.5   1,672.7   Paid dividends   - - - 1.5   (106.5)   (105.0)   Profit for the year   - - - 247.5   200.0   447.5   Capital decrease   (2.0)   - - 2.0   - 0.0   Actuarial gains/(losses) on defined benefit plans   - - - 0.8   - 0.8   Tax on defined benefit plans   - - - (0.2)   - (0.2)   Foreign exchange adjustments on translation of foreign subsidiaries   - - (93.0)   - - (93.0)   Foreign exchange adjustments of equity-like loans to subsidaries   - - (4.8)   - - (4.8)   Tax on equity-like loans to subsidiaries   - - 1.1   - - 1.1   Value adjustment of hedging instruments:   - - - - - - Value adjustments of hedging instruments   - (21.5)   - - - (21.5)   Tax on hedging instruments   - 4.6   - - - 4.6   Changes in equity in the year   (2.0)   (16.9)   (96.7)   251.6   93.5   229.5   Equity at 31 December   138.3   (21.4)   (588.2)   2,173.5   200.0   1,902.2   Statement of changes in equity   Statement of changes in equity   Parent company   2025   Share   Hedging   Retained   Proposed   Total   DKKm   capital   reserve   earnings   dividend   equity   Equity at 1 January   140.3   (1.6)   754.3   106.5   999.5   Paid dividend   - - 1.5   (106.5)   (105.0)   Profit for the year   - - 1.0   200.0   201.0   Capital decrease   (2.0)   - 2.0   - 0.0   Value adjustment of hedging instruments   - (13.0)   - - (13.0)   Tax on hedging instruments   - 2.9   - - 2.9   Changes in equity in the year   (2.0)   (10.1)   4.5   93.5   85.9   Equity at 31 December   138.3   (11.7)   758.8   200.0   1085.4   Material accounting policies   Basis of preparation   The consolidated financial statements and the   parent company financial statements for the   year ended 31 December 2025 of the group and   Hartmann Packaging A/S, respectively, have been   prepared in accordance with the provisions of the   Danish Financial Statements Act (ÅRL) applying to   entities of reporting class C for large companies.   Hartmann Packaging A/S has its registered office   in Denmark.   The consolidated financial statements and the   parent company financial statements are presented   in Danish kroner (million DKK), The consolidated   financial statements and the parent company   financial statements are prepared on the basis of   the historical cost convention, with the exception of   derivative financial instruments, which are meas-   ured at fair value. The accounting policies have   been applied consistently in the financial year and   for the comparative figures.   Consolidated financial statements   The consolidated financial statements comprise   the parent company, Hartmann Packaging A/S, and   entities in which the parent company directly or   indirectly holds the majority of voting rights or which   the parent company in some other way controls   (subsidiaries). Entities in which the group holds   between 20% and 50% of the voting rights and over   which it exercises significant influence, but which it   does not control, are considered associates.   The consolidated financial statements are prepared   on the basis of the financial statements of the   parent company and the subsidiaries by combining   like items. The financial statements used for the   annual report of the group have been prepared in   accordance with the group's accounting policies. On   consolidation, intra-group income and expenses,   shareholdings, dividends, balances, and realised   and unrealised gains and losses on intra-group   transactions are eliminated.   Business Combination between external parties   Business combinations between external parties   are accounted for using the acquisition method.   Identifiable assets and liabilities and contingent   liabilities assumed are measured at fair value at the   date of acquisition by applying relevant valuation   methods. Goodwill is recognised at the excess of   purchase price and the fair value of any previously   held equity interest over the fair value of net iden-   tifiable assets acquired and liabilities and contin-   gent liabilities assumed. Transaction costs incurred   in connection with the business combination are   expensed as incurred. Subsidiaries acquired during   the year are included in the consolidated financial   statements from the acquisition date, which is the   date control is obtained.   Notes   Group internal business combinations   (Book Value Method)   For business combinations involving companies   under the controlling influence of the same parent   company (common control), the book value method   is applied. Under this method, assets and liabilities   acquired are recognised at their carrying amounts   as reflected in the consolidated financial state-   ments of the transferring entity, and no goodwill or   fair value adjustments are recognised. Any differ-   ence between the consideration transferred and the   carrying value of the net assets acquired is adjusted   directly in equity, through retained earnings without   impacting the statement of profit or loss. The book   value method is applied as of the acquisition date,   and prior period figures are not restated.   Statement of profit or loss   The accounting policies applied to the items in the   statement of profit or loss are described in the respec-   tive notes to the statement of profit or loss, except as   stated below.   Statement of cash flows   The statement of cash flows shows the group’s cash   flows from operating, investing and financing activi-   ties for the year, the year’s changes in cash and cash   equivalents and the group’s opening and closing   cash and cash equivalents. Cash flow in currencies   other than the functional currency are translated at   the average exchange rates for the month, unless   these differ significantly from the rates at the trans-   action date, in which case the exchange rate at the   transaction date is applied.   Cash flows from operating activities   Cash flows from operating activities are deter-   mined using the indirect method as operating profit   adjusted for changes in working capital, interest and   tax paid and received and non-cash items such as   depreciation, amortisation and impairment losses   and provisions.   Cash flows from investing activities   Cash flows from investing activities comprise cash   flows from acquisition and disposal of intangible   assets and property, plant and equipment, fixed   asset investments and acquisition and disposal of   subsidiaries.   Selling and distribution costs   Selling and distribution costs comprise the costs of   freight, sales staff, advertising, exhibitions, depreciation   and amortisation of sales equipment and credit losses.   Foreign currency translation   Danish kroner (DKK) is used as the presentation   currency. All other currencies are considered foreign   currencies.   Transactions denominated in foreign currency are   translated into the DKK at the exchange rate at the   transaction date. Gains and losses arising from   development in exchange rates from the transaction   date to the date of payment are recognised in the   statement of profit or loss under financial income   and financial expenses, respectively. Receivables,   payables and other monetary items denominated in   foreign currency are translated into the DKK at the   exchange rate at the balance sheet date. Gains and   losses are recognised in the statement of profit or   loss under financial income and financial expenses,   respectively.   Fixed assets acquired in foreign currencies are   measured at the transaction date rates.   Translation of Group Companies   On recognition of foreign subsidiaries with curren-   cies other than DKK, statement of profit or loss   items are translated at the foreign exchange rate   at the transaction date. The rate at the transac-   tion date is calculated as the average rate of the   relevant month, in so far these do not deviate   materially from the actual exchange rates at the   transaction date. Statement of financial position   items of foreign subsidiaries are translated at the   foreign exchange rate at the balance sheet date.   All translation differences are recognised in the   statement of profit or loss, except foreign exchange   differences arising from translation of opening   equity and from translation of statement of profit   or loss items to the exchange rate at the balance   sheet date, that are recognised directly in equity   under the translation reserve.   Foreign exchange adjustments of a loan to (or   borrowings from) subsidiaries which are neither   planned nor likely to be settled in the foreseeable   future, and which are therefore considered to form   part of the net investment in the subsidiary, are in   the consolidated financial statements also recog-   nised directly in equity under the translation reserve.   On full or partial divestment of a foreign entity, the   part of the accumulated foreign exchange adjust-   ment that is recognised in equity and is attributable   to that entity is recognised in profit or loss for the   year together with any gains or losses from the   divestment.   Administrative expenses   Administrative expenses comprise the expenses of the   administrative staff, management, office premises,   consultancy assistance, IT costs and depreciation,   amortisation and impairments of related fixed assets   as well as goodwill and intangible assets.   Other operating income and expenses   Other operating income and expenses comprise   items of a secondary nature to the core activities of   the Group, including gains and losses on the sale of   intangible assets and property, plant and equipment   and certain government grants. Government grants   are recognised in other operating income at fair value   where there is a reasonable assurance that the grant   will be received and the Group will comply with all   attached conditions. Grants received for the acquisi-   tion of property, plant and equipment are recognised   as deferred income, which is recognised in the state-   ment of profit or loss under other operating income on   a systematic basis over the useful life of the asset.   Cash flows from financing activities   Cash flows from financing activities comprise the   raising and repayment of loans as well as dividend   payments to shareholder.   Cash and cash equivalents   Cash and cash equivalents comprise cash and   overdraft facilities that are payable on demand and   form an integral part of the group’s ongoing cash   management.   Statement of financial position   The accounting policies applied to the items in the   statement of financial position are described in the   respective notes to the statement of financial posi-   tion, except as stated below.   Financial liabilities   Financial liabilities comprise payables to credit insti-   tutions, trade payables, payables to subsidiaries and   associates and other payables. Debt to credit insti-   tutions is recognised at the date of borrowing at fair   value corresponding to the net proceeds received   less transaction costs paid. Subsequently, payables   to credit institutions are measured at amortised cost,   corresponding to the capitalised value using the effec-   tive interest rate. Accordingly, the difference between   the proceeds and the nominal value (capital loss) is   recognised in profit or loss over the term of the loan.   Other liabilities are measured at amortised cost.   Prepayments   Prepayments include expenses related to insurance,   rent, licences etc. paid in respect of subsequent   financial years.   Trade receivables   Trade receivables are measured at the lower of   amortised cost and net realisable value, which   usually corresponds to nominal value less provision   for bad debts.   Provisions for bad debts are determined on the basis   of an individual assessment of each receivable and,   in respect of trade receivables, a general provision is   also made based on the company’s experience from   prior years and recognised in the statement of profit   or loss under selling and distribution costs.   Equity   Dividend   The amount proposed in dividends for the year   is stated as a separate item in equity. Proposed   dividend is recognised as a liability at the time of   approval at the annual general meeting.   Translation reserve   The translation reserve in the consolidated financial   statements includes accumulated foreign exchange   differences on the translation of the financial state-   ments of foreign subsidiaries to the presentation   currency of the group.   Hedging reserve   The hedging reserve contains the accumulated net   change in fair value of hedging transactions that   qualify as hedging of future cash flows and for which   the hedged transaction has not yet been realised.   Income tax   Current tax payable and receivable are recognised   in the statement of financial position based on tax   computed on taxable income for the year, adjusted   for prior years taxable income and for tax paid on   account. Joint taxation contributions payable and   receivable are recognised as income tax in the   statement of financial position.   Management periodically evaluates positions taken   in tax returns with respect to situations in which   applicable tax regulation is subject to interpretation   and considers whether it is probable that a taxation   authority will accept an uncertain tax treatment.   Hartmann measures its tax balances either based   on "the most likely amount" or "the expected value"-   method, depending on which provides a better   prediction of the resolution of the uncertainty.   Leases   The Group has chosen IAS 17 Leases as the interpre-   tive guideline for the classification and recognition   of lease contracts. Lease contracts relating to assets   where the company assumes all significant risks   and rewards associated with ownership (finance   leases) are measured upon initial recognition in   the statement of financial position at the lower   of fair value and the present value of future lease   payments. When calculating the present value, the   internal interest rate of the lease contract or the   alternative borrowing rate is used as the discount   factor. Financially leased assets are subsequently   treated as other assets of the company.   The lease obligation is recognised in the statement   of financial position as a liability, and the interest   component of the lease payment is recognised in the   statement of profit or loss over the contract's term.   Lease contracts where the company does not   assume all significant risks and rewards associated   with ownership are classified as operating leases.   Payments related to operating leases and other   rental contracts are recognised in the statement of   profit or loss over the contract's term. The company's   total obligations related to operating lease and rental   contracts are disclosed in note 19 under contingent   liabilities.   Note 02   Key accounting estimates and   judgments   In applying the group’s and the parent compa-   ny’s accounting policies, management is required   to make judgments, estimates and assumptions   concerning the carrying amount of assets and   liabilities that cannot be immediately inferred from   other sources.   The judgments, estimates and assumptions made   are based on historical experience and other rele-   vant factors which management considers reason-   able under the circumstances, but which are inher-   ently uncertain and unpredictable and could result   in adjustments to the carrying amount of assets and   liabilites in future periods. Estimates and underlying   assumptions are assessed on an ongoing basis.   The Group’s accounting estimates and judge-   ments, which Management considers significant   to the preparation of the consolidated and parent   company financial statements are described below:   Provision for legal claim in Brazil   The Group is involved in ongoing tax disputes with the   Brazilian tax authorities concerning the application   of industrial products tax (IPI) in respect of certain   historical sales by the Group’s Brazilian operations.   The outcome of these disputes depends on future   administrative and judicial decisions and is subject   to uncertainty.   Management continues to be of the view that the   claims are not justified. In prior years, based on judi-   cial practice and statements from external legal   advisers, management assessed that no provision   was required and the matters were disclosed as   contingent liabilities.   During 2025, management reassessed this judge-   ment following developments in the administrative   proceedings, including registration of liens over   certain assets in connection with the existing cases,   and updated external legal advice. The updated   assessment indicates that the outcome of the cases   is subject to significant uncertainty and that no single   outcome can be identified as clearly predominant at   the reporting date.   Based on this reassessment, management   concluded that the criteria for recognising a provi-   sion are met, and has recognised a provision, meas-   ured using a probability-weighted expected value   approach. Due to the inherent uncertainty associ-   ated with the cases, the final outcome may differ   materially from the estimate recognised. Reference is   made to Note 20 for further information.   Climate-related matters   Management has assessed the qualitative and   quantitative impact of climate-related matters   when determining estimates and assumptions.   It is management’s assessment that the effect   of climate-related matters does not significantly   impact estimates and assumptions.   Note 03   Revenue   Group   Parent company   DKKm   2025   2024   2025   2024   Moulded-fibre packaging   4,009.1   3,713.7   1,926.1   1,729.2   Machinery and technology   54.4   47.1   303.1   336.3   Recycled paper   81.5   49.5   0.0   0.0   Revenue   4,145.0   3,810.3   2,229.2 2,065.5   Geographical distribution for the group   North and   Rest of   South   Rest of   Total   DKKm   Denmark   Europe   America   world   group   2025   150.9   2,094.0   1,727.1   173.0   4,145.0   2024   77.5   1,919.8   1,700.1   112.9   3,810.3   External revenue is allocated to the geographical areas based on the geographical location of the customer.   Rest of Europe includes Israel and Russia.   Note 03   Revenue   Group   Parent company   DKKm   2025   2024   2025   2024   Moulded-fibre packaging   4,009.1   3,713.7   1,926.1   1,729.2   Machinery and technology   54.4   47.1   303.1   336.3   Recycled paper   81.5   49.5   0.0   0.0   Revenue   4,145.0   3,810.3   2,229.2 2,065.5   Geographical distribution for the group   North and   Rest of   South   Rest of   Total   DKKm   Denmark   Europe   America   world   group   2025   150.9   2,094.0   1,727.1   173.0   4,145.0   2024   77.5   1,919.8   1,700.1   112.9   3,810.3   External revenue is allocated to the geographical areas based on the geographical location of the customer.   Rest of Europe includes Israel and Russia.   Note 03   Revenue – continued  Accounting policies   Revenue   The group and the parent company recognise   revenue from the following categories:   • Sales of moulded-fibre packaging to egg and fruit   producers, packing businesses and retail chains.   • Sales of machinery and technology to manufac-   turers of moulded-fibre packaging.   • Sales of recycled paper.   The Group has chosen IFRS 15 Revenue from contract   with customers as the interpretive guideline for the   classification and recognition of revenue.   Revenue from sales of moulded-fibre packaging,   recycled paper and from machinery and technology   is recognised at a point in time when the goods   have been delivered in accordance with the agreed   terms of delivery and control of the goods has been   transferred to the customer.   Revenue from contracts with customers is meas-   ured at an amount that reflects the consideration   to which the Group expects to be entitled to in   exchange for those goods and services (transaction   price), which normally comprises the price speci-   fied in the contract, net of discounts and customer   bonuses. The Group offers various discounts,   including rebates, bonuses, volume discounts and   payments to customers depending on the nature   of the customer and business. These discounts are   considered variable consideration. Bonuses and   discounts payable to a customer are accrued for as   the related performance obligations are satisfied   and revenue is recognised.   Historical experience is used to estimate and   provide for the discounts, using the expected value   method.   Note 04   Production costs   Group   Parent company   DKKm   2025   2024   2025   2024   Cost of goods sold excl. wages and salaries   1,462.2   1,362.7   1,188.4   1,122.4   Inventory write-downs   8.5   7.0   1.3   1.5   Staff costs   755.6   687.6   251.7   227.4   Depreciation, amortisations and impairments   190.0   177.0   36.6   31.3   Other production costs   382.0   339.8   93.8   86.1   Production costs   2,798.3   2,574.1   1,571.8   1,468.7   Accounting policies   Production costs   Production costs comprise direct and indirect costs, including depreciation, amortisation and impairments   and wages and salaries, incurred in generating the revenue for the year. Production costs also comprise   development costs not qualifying for capitalisation.   Note 04   Production costs   Group   Parent company   DKKm   2025   2024   2025   2024   Cost of goods sold excl. wages and salaries   1,462.2   1,362.7   1,188.4   1,122.4   Inventory write-downs   8.5   7.0   1.3   1.5   Staff costs   755.6   687.6   251.7   227.4   Depreciation, amortisations and impairments   190.0   177.0   36.6   31.3   Other production costs   382.0   339.8   93.8   86.1   Production costs   2,798.3   2,574.1   1,571.8   1,468.7   Accounting policies   Production costs   Production costs comprise direct and indirect costs, including depreciation, amortisation and impairments   and wages and salaries, incurred in generating the revenue for the year. Production costs also comprise   development costs not qualifying for capitalisation.   Note 05   Staff costs   Group   Parent company   DKKm   2025   2024   2025   2024   Wages, salaries and remuneration   791.8   718.5   274.4   265.2   Pension costs, defined benefit plans   6.7   6.1   - - Pension costs, defined contribution plans   63.0   57.0   29.2   26.6   Other social security costs   77.3   68.2   4.0   4.0   Staff costs   938.8   849.8   307.6   295.8   Number of employees   Average number of full-time equivalents   3,296 3,064 490 474 Accounting policies   Staff costs   Staff costs include wages and salaries, pensions, social security contributions, annual leave and sick leave,   bonuses and non-monetary benefits. Employee costs are recognised in the financial year in which the associ-   ated services are rendered. Costs for long-term employee benefits provided by the group are recognised in the   period in which they are earned.   Remuneration of the board of directors   The remuneration paid to the members of the board of directors is a fixed fee approved by the shareholder at   the annual general meeting. No remuneration was paid to the board of directors in 2025.   Remuneration of the executive board   The remuneration paid to the executive board (registered with the Danish Business Authority) is based on a   fixed salary, defined contribution pension, bonus and other benefits in the form of company car and tele-   phone. Bonuses are individual and performance-related. The remuneration for the executive board includes a   one-year cash bonus programme. The one-year bonus programme is based on financial targets and cannot   exceed 50% of the individual’s base salary before pension.   Hartmann may terminate the executive employment agreement of Hartmann’s executive board at 12 months’   notice. In the event of a change of ownership of a controlling interest in the company, the notice of termination   will be extended to 18 months effective from the date of transfer of control. The extended notice will apply for a   period of 18 months after the transfer.   Remuneration   Information on remuneration to the board of directors and executive board for 2025 is omitted in accordance   with section 98 b(3)(2) of ÅRL.   Salary   Other   DKKm   and fees   Bonus   Pension   benefits   Total   2024   Board of directors and executive board   5.5   2.5   0.5   0.3   8.8   5.5   2.5   0.5   0.3   8.8   Note 05   Staff costs   Group   Parent company   DKKm   2025   2024   2025   2024   Wages, salaries and remuneration   791.8   718.5   274.4   265.2   Pension costs, defined benefit plans   6.7   6.1   - - Pension costs, defined contribution plans   63.0   57.0   29.2   26.6   Other social security costs   77.3   68.2   4.0   4.0   Staff costs   938.8   849.8   307.6   295.8   Number of employees   Average number of full-time equivalents   3,296 3,064 490 474 Accounting policies   Staff costs   Staff costs include wages and salaries, pensions, social security contributions, annual leave and sick leave,   bonuses and non-monetary benefits. Employee costs are recognised in the financial year in which the associ-   ated services are rendered. Costs for long-term employee benefits provided by the group are recognised in the   period in which they are earned.   Remuneration of the board of directors   The remuneration paid to the members of the board of directors is a fixed fee approved by the shareholder at   the annual general meeting. No remuneration was paid to the board of directors in 2025.   Remuneration of the executive board   The remuneration paid to the executive board (registered with the Danish Business Authority) is based on a   fixed salary, defined contribution pension, bonus and other benefits in the form of company car and tele-   phone. Bonuses are individual and performance-related. The remuneration for the executive board includes a   one-year cash bonus programme. The one-year bonus programme is based on financial targets and cannot   exceed 50% of the individual’s base salary before pension.   Hartmann may terminate the executive employment agreement of Hartmann’s executive board at 12 months’   notice. In the event of a change of ownership of a controlling interest in the company, the notice of termination   will be extended to 18 months effective from the date of transfer of control. The extended notice will apply for a   period of 18 months after the transfer.   Remuneration   Information on remuneration to the board of directors and executive board for 2025 is omitted in accordance   with section 98 b(3)(2) of ÅRL.   Salary   Other   DKKm   and fees   Bonus   Pension   benefits   Total   2024   Board of directors and executive board   5.5   2.5   0.5   0.3   8.8   5.5   2.5   0.5   0.3   8.8   3296 3064 490 474 Note 06   Special items   Special items comprise significant non-recurring income and expenses of a special nature relative to the   Group’s earnings-generating activities, such as the costs of extensive restructuring of processes and funda-   mental structural changes. Other significant amounts of a non-recurring nature are also included under this   item, including impairment of intangible assets and property, plant and equipment, insurance coverage or   provisions for legal claims related to significant events, and gains and losses on the divestment of activities.   Due to the significant impact on the statement of profit or loss, these non-recurring items of special nature are   disclosed separately in this note. The special items are presented in the statement of profit or loss within the   functions, shown in the table below:   Group   Parent company   DKKm   2025   2024   2025   2024   Impariment of assets Russia   (10.7)   (12.7)   0.0   0.0   Impairment of assets China   0.0   (17.8)   0.0   0.0   Provisions for legal claims   (13.7)   0.0   0.0   0.0   Special items   (24.4)   (30.5)   0.0   0.0   Special items are presented in the following items in   the statement of profit or loss:   Production costs   (10.7)   (30.5)   0.0   0.0   Administrative expenses   (13.7)   0.0   0.0   0.0   (24.4)   (30.5)   0.0   0.0   Special items in 2025 include an impairment of the net assets of the Russian operations by DKK 11 million, to a   net carrying amount of DKK 0 as of 31 December 2025. In April 2022, Hartmann announced its strategic decision   to exit Russia and initiated a full divestment of its Russian business in response to Russia's invasion of Ukraine.   This impairment reflects ongoing political and regulatory uncertainties, prolonged divestment challenges, and   the potential risk of complete loss of control over the assets.   Aditionally, special items in 2025 include provisions for legal claims of DKK 14 million. Refer to Note 20 for further   details.   Special items in 2024 included an impairment of non-current assets in China of DKK 18 million.   Additionally, special items in 2024 included an impairment of the net assets of the Russian operations by DKK 13   million, to a net carrying amount of DKK 0 as of 31 December 2024.   Notes   Notes   Note 06   Special items   Special items comprise significant non-recurring income and expenses of a special nature relative to the   Group’s earnings-generating activities, such as the costs of extensive restructuring of processes and funda-   mental structural changes. Other significant amounts of a non-recurring nature are also included under this   item, including impairment of intangible assets and property, plant and equipment, insurance coverage or   provisions for legal claims related to significant events, and gains and losses on the divestment of activities.   Due to the significant impact on the statement of profit or loss, these non-recurring items of special nature are   disclosed separately in this note. The special items are presented in the statement of profit or loss within the   functions, shown in the table below:   Group   Parent company   DKKm   2025   2024   2025   2024   Impariment of assets Russia   (10.7)   (12.7)   0.0   0.0   Impairment of assets China   0.0   (17.8)   0.0   0.0   Provisions for legal claims   (13.7)   0.0   0.0   0.0   Special items   (24.4)   (30.5)   0.0   0.0   Special items are presented in the following items in   the statement of profit or loss:   Production costs   (10.7)   (30.5)   0.0   0.0   Administrative expenses   (13.7)   0.0   0.0   0.0   (24.4)   (30.5)   0.0   0.0   Special items in 2025 include an impairment of the net assets of the Russian operations by DKK 11 million, to a   net carrying amount of DKK 0 as of 31 December 2025. In April 2022, Hartmann announced its strategic decision   to exit Russia and initiated a full divestment of its Russian business in response to Russia's invasion of Ukraine.   This impairment reflects ongoing political and regulatory uncertainties, prolonged divestment challenges, and   the potential risk of complete loss of control over the assets.   Aditionally, special items in 2025 include provisions for legal claims of DKK 14 million. Refer to Note 20 for further   details.   Special items in 2024 included an impairment of non-current assets in China of DKK 18 million.   Additionally, special items in 2024 included an impairment of the net assets of the Russian operations by DKK 13   million, to a net carrying amount of DKK 0 as of 31 December 2024.   Notes   Notes   Group   Parent company   DKKm   2025   2024   2025   2024   Interest income from subsidiaries   - - 16.7   51.5   Interest income, cash and cash equivalents etc.   4.9   14.5   1.5   9.6   Interest income from affiliated companies   2.2   2.8   2.2   2.8   Other interest income   6.3   12.4   0.4   7.5   Dividend from subsidiaries   - - 24.4   113.0   Reversal of write-down of non-current receivables from subsidiaries   - - 34.7   152.5   Foreign exchange gains   13.7   27.0   2.6   8.7   Derivative financial instruments   0.4   0.5   0.4   0.5   Financial income   27.5   57.2   82.9   346.1   Interest expenses to subsidiaries   - - 5.3   0.5   Interest expenses, credit institutions   25.0   48.7   24.2   45.9   Interest expenses to affiliated companies   0.8   1.4   0.0   0.0   Net interest on defined benefit plans; see note 17   0.4   0.8   - - Other financial expenses   12.4   6.6   3.7   0.8   Impairment of investments in subsidiaries   - - 22.5   162.0   Write-down of non-current and current receivables from subsidiaries   - - 31.8   77.4   Foreign exchange losses   52.9   26.6   14.7   32.6   Derivative financial instruments   0.0   1.5   12.5   1.5   Financial expenses   91.5   85.6   114.7   320.7   Financial income and (expenses)   (64.0)   (28.4)   (31.8)   25.4   Accounting policies   Financial income and expenses   Financial income and expenses comprise interest, realised and unrealised foreign exchange adjustments,   amortisation and surcharges and allowances under the tax prepayment scheme. Also included are realised   and unrealised gains and losses relating to derivative financial instruments not qualifying as effective hedges.   NTaotxe o08n profit for tGroup   Parent company   DKKm   2025   2024   2025   2024   Tax on profit for the year has been calculated as follows:   Current tax   139.7   124.5   60.2   42.5   Change in deferred tax   15.2   (5.3)   (0.9)   1.1   Change in deferred tax relating to prior years   (0.2)   19.3   0.0   (2.3)   Tax relating to prior years   (0.3)   (13.8)   0.0   (11.6)   Tax on profit for the year   154.4   124.7   59.3   29.7   In 2024, change in deferred tax and tax relating to prior years primarily relates to the settlement of a transfer pricing   case.   Accounting policies   Tax on profit for the year   The group’s Danish entities are jointly taxed with its sole shareholder, Thornico Holding A/S, and its Danish   subsidiaries. The current Danish income tax liability is allocated among the jointly taxed entities in proportion to   their taxable income (full allocation subject to reimbursement in respect of tax losses).   Tax for the year, comprising current income tax for the year, joint taxation contributions for the year and   changes in deferred tax for the year, including such changes as follow from changes in the tax rate, is recog-   nised in profit/loss for the year or in equity, depending on where the tax relates to.   Note 09   Cash flows   Group   DKKm   2025   2024   Inventories   (63.2)   (43.5)   Receivables   (6.7)   (16.3)   Pension obligations   (1.6)   (2.1)   Prepayments from customers   48.5   (11.8)   Trade payables   (15.6)   9.0   Other payables etc.   13.7   12.5   Change in working capital etc.   (24.9)   (52.2)   Credit institutions at 1 January   670.3   765.8   Raising of debt with credit Institutions   77.2   50.0   Repayment of debt to credit institutions   (223.5)   (147.0)   Foreign exchange adjustments   0.3   1.4   Other non-cash items   0.7   0.9   Credit institutions at 31 December   525.0   670.3   Note 10   Intangible assets   Group   DKKm   Goodwill   Other   Total   Cost at 1 January 2025   132.6   123.6   256.2   Foreign exchange adjustment   (0.3)   (0.1)   (0.4)   Additions   0.0   0.7   0.7   Cost at 31 December 2025   132.3   124.2   256.5   Amortisation and impairment at 1 January 2025   132.6   91.9   224.5   Foreign exchange adjustments   (0.3)   0.0   (0.3)   Amortisation   0.0   14.5   14.5   Amortisation and impairment at 31 December 2025   132.3   106.4   238.7   Carrying amount at 31 December 2025   0.0   17.8   17.8   Development costs of DKK 20.5 million for both the group and the parent company (2024: DKK 21.9 million) are   included in the statement of profit and loss.   Note 10   Intangible assets – continued   Parent company   DKKm   Goodwill   Other   Total   Cost at 1 January 2025   10.7   74.2   84.5   Additions   0.0   0.5   0.5   Cost at 31 December 2025   10.7   74.7   85.4   Amortisation and impairment at 1 January 2025   10.7   44.2   54.9   Amortisation   0.0   13.8   13.8   Amortisation and impairment at 31 December 2025   10.7   58.0   68.7   Carrying amount at 31 December 2025   0.0   16.7   16.7   Accounting policies   Goodwill   On initial recognition goodwill is recognised in the statement of financial position at cost and allocated to   groups of CGUs at which goodwill is monitored. Goodwill is subsequently measured at cost less accumulated   amortisations and impairments. Goodwill is amortised using the straight-line method over its expected useful   life, that is based on management’s assessment of the market position and long-term earnings profile of the   individual businesses to which goodwill relates. The amortisation period for goodwill is ten years.   Other intangible assets   Other intangible assets are software, customer relations and trademarks. Software is measured at cost less   accumulated amortisation. Software is amortised using the straight-line method over its expected useful life,   which is 3-5 years. Customer relations acquired in connection with business combinations are measured at   cost less accumulated amortisation. Customer relations are amortised using the straight-line method over the   expected useful life, which is ten years.   Trademarks acquired in connection with business combinations are measured at cost less accumulated   amortisation. Trademarks are amortised using the straight-line method over the expected useful life, which is   ten years.   Impairment of intangible assets   Intangible assets are written down in accordance with the accounting policies governing impairment of prop-   erty, plant and equipment set out in note 11. No indicators of impairment were identified during the year.   Note 11   Property, plant and equipment   Other   fixtures   and fittings, Plant under   Land and   Plant and   tools and   construc-   DKKm   buildings machinery equipment   tion   Total   Group   Cost at 1 January 2025   793.5   2,815.3   84.0   189.1   3,881.9   Foreign exchange adjustment   (18.5)   (58.4)   (3.7)   (27.0)   (107.6)   Transfer   47.2   320.5   9.0   (376.7)   0.0   Additions   2.6   13.3   3.8   501.8   521.5   Disposals   0.0   (4.1)   (0.9)   0.0   (5.0)   Cost at 31 December 2025   824.8   3,086.6   92.2   287.2   4,290.8   Depreciation and impairment   at 1 January 2025   420.6   1,743.3   47.2   14.8   2,225.9   Foreign exchange adjustment   (8.6)   (22.4)   (1.3)   0.0   (32.3)   Transfer   0.0   14.8   0.0   (14.8)   0.0   Depreciation   23.8   155.6   9.9   0.0   189.3   Impairment   0.0   5.1   0.1   0.0   5.2   Disposals   0.0   (3.5)   (0.9)   0.0   (4.4)   Depreciation and impairment   at 31 December 2025   435.8   1,892.9   55.0   0.0   2,383.7   Carrying amount at 31 December 2025   389.0   1,193.7   37.2   287.2   1,907.1   Other   fixtures   and fittings, Plant under   Land and   Plant and   tools and   construc-   DKKm   buildings machinery equipment   tion   Total   Note 11   Property, plant and equipment   Other   fixtures   and fittings, Plant under   Land and   Plant and   tools and   construc-   DKKm   buildings machinery equipment   tion   Total   Parent company   Cost at 1 January 2025   157.4   656.9   21.7   30.4   866.4   Transfer   2.6   24.7   1.7   (29.0)   0.0   Additions   2.6   0.0   0.0   95.9   98.5   Disposals   0.0   (0.4)   0.0   0.0   (0.4)   Cost at 31 December 2025   162.6   681.2   23.4   97.3   964.5   Depreciation and impairment   at 1 January 2025   111.4   471.7   13.3   0.0   596.4   Depreciation   3.0   34.2   2.2   0.0   39.4   Disposals   0.0   0.0   0.0   0.0   0.0   Depreciation and impairment   at 31 December 2025   114.4   505.9   15.5   0.0   635.8   Carrying amount at 31 December 2025   48.2   175.3   7.9   97.3   328.7   Note 11   Property, plant and equipment – continued   Accounting policies   Property, plant and equipment   Property, plant and equipment is measured at cost less accumulated depreciation and impairment. Cost   comprises the purchase price and any costs directly attributable to the acquisition until the asset is available   for use. The cost of self-constructed assets comprises costs related to wages and salaries, materials, compo-   nents and sub-suppliers. Where individual components of an item of property, plant and equipment have   different useful lives, they are accounted for as separate items and depreciated separately.   Spare parts that meet the definition of property, plant and equipment are capitalised and accounted for   accordingly. If spare parts do not meet the recognition criteria they are carried in inventory or recognised in   the statement of profit or loss as and when incurred. Subsequent costs, e.g. for the replacement of compo-   nents of property, plant and equipment, are recognised in the carrying amount of the asset when it is likely that   the expenditure of the replacement involves future financial benefits to the group. The carrying amount of the   replaced components is no longer recognised in the statement of financial position but is transferred to the   statement of profit or loss for the year. All other costs related to general repair and maintenance are recognised   in the statement of profit or loss as and when incurred.   Items of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives:   • Buildings and building components, 10-25 years   • Plant and machinery, 5-25 years   • Fixtures and operating equipment, 5-10 years   • IT equipment including basic programs, 3-5 years   Land is not depreciated. The depreciation basis is determined taking into account the residual value of the   asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed   annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depre-   ciation period or the residual value is changed, the effect on depreciation going forward is recognised as a   change in accounting estimates.   Depreciation is recognised in the statement of profit or loss as production costs, selling and distribution costs   and administrative expenses, respectively.   Gains or losses on the disposal of property, plant and equipment are stated as the difference between the   selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in   the statement of profit or loss in other operating income or in other operating expenses.   Impairment of property, plant and equipment   Items of property, plant and equipment are reviewed on an annual basis to determine whether there is any indi-   cation of impairment other than that expressed by amortisation and depreciation. When there is an indication   that an asset may be impaired, the recoverable amount of that asset is determined. The recoverable amount is   the higher of the asset’s net selling price and the net present value of expected future net cash flows. An impair-   ment loss is recognised when the carrying amount of an asset or its cash-generating unit exceeds the recover-   able amount of the asset or its cash-generating unit. Impairment losses are recognised in profit or loss.   Impairment losses on property, plant and equipment are reversed to the extent that changes have occurred in   the assumptions and estimates on the basis of which the impairment loss was recognised. Impairment losses   are reversed only to the extent that the new carrying amount of the asset does not exceed the carrying amount   it would have had net of depreciation if the impairment loss had not been recognised.   No indicators of impairment were identified during the year, except for the write-down related to the Russian   assets. Refer to note 6.   Note 12   Investments in subsidiaries   DKKm   Parent company   Cost at 1 January 2025   1.352.0   Additions   382.4   Disposals   -36.7   Cost at 31 December 2025   1,697.7   Impairment at 1 January 2025   610.6   Impairment losses in the year   22.5   Impairment at 31 December 2025   633.1   Carrying amount at 31 December 2025   1,064.6   Additions comprises capital increases trough debt to equity conversions as part of capital restructurings while   disposals comprise a capital decrease in Hartmann Canada Inc.   Impairment losses during the year primarily relate to the write-downs of certain Asian subsidiaries following   debt-to-equity conversions, with a corresponding reversal of equivalent write-downs of receivables from these   subsidiaries recognised under Financial income (refer to Note 7).   Accounting policies   Investments in subsidiaries in the parent company financial statements   Investments in subsidiaries are measured at cost. Where the recoverable amount is lower than cost, the invest-   ments are written down to this lower value. In connection with reversal of impairment losses, the carrying   amount is revalued at the recoverable amount, which cannot exceed cost.   Dividend from investments in subsidiaries in the parent company financial statements   Dividend from investments in subsidiaries is recognised in the parent company statement of profit or loss for   the financial year in which it is declared.   Note 12   Investments in subsidiaries – continued   Registered   Ownership   Name   office   interest   Danfiber A/S   Denmark   100%   Hartmann (UK) Ltd.   England   100%   Hartmann Canada Inc.   Canada   100%   Hartmann d.o.o.   Serbia   100%   Hartmann East Asia ApS   Denmark   100%   Hartmann Finance A/S   Denmark   100%   Hartmann France S.a.r.l.   France   100%   Hartmann India Ltd.   India   100%   Hartmann Italiana S.r.l.   Italy   100%   Hartmann Packaging China Co., Ltd (subsidiary of Hartmann East Asia ApS)   China   100%   Hartmann Packaing (M) Sdn. Bhd.   Malaysia   100%   Hartmann Papirna Ambalaža d.o.o.   Croatia   100%   Hartmann Pólska Sp. z o.o.   Poland   100%   Hartmann US Inc.   USA   100%   Hartmann Verpackung AG   Switzerland   100%   Hartmann Verpackung GmbH   Germany   100%   Hartmann-Hungary Kft.   Hungary   100%   Hartmann-Mai Ltd.   Israel   100%   JSC Hartmann-Rus (subsidiary of OOO ECU-Holding)   Russia   100%   Molarsa Chile SPA (subsidiary of Moldeados Argentinos SA)   Chile   100%   Moldeados Argentinos SA (subsidiary of Projects A/S)   Argentina   100%   OOO ECU-Holding   Russia   100%   Projects A/S   Denmark   100%   Sanovo Greenpack Argentina SRL (subsidiary of Projects A/S)   Argentina   100%   Sanovo Greenpack Embalagens Do Brasil Ltda (subsidiary of Projects A/S)   Brazil   100%   Accounting policies   Impairment of investments in subsidiaries in the parent company financial statements   Investments in subsidiaries are reviewed for impairment once a year. If there are indications that an investment   may be impaired, the recoverable amount of that investment is computed as the net present value of expected   future net cash flows. An impairment loss is recognised if the carrying amount is higher than the recoverable   amount. Impairment losses are recognised in statement of profit or loss. Impairment losses are reversed only to   the extent that changes have occurred in the assumptions and estimates on the basis of which the impairment   loss was recognised and only to the extent that the revalued carrying amount does not exceed cost.   Note 13   Receivables from subsidiaries (non-current)   Parent   DKKm   company   Carrying amount at 1 January 2025   449.0   Foreign exchange adjustments   (12.7)   Additions   48.9   Disposals   (482.1)   Impairments   (9.0)   Reversal of impairments   34.7   Carrying amount at 31 December 2025   28.8   Disposals during the year primarily relate to intercompany loans to subsidiaries that have been converted into   equity as part of capital restructurings.   Reversal of impairment losses relates to intercompany loans to subsidiaries in Asia that were converted to   equity.   Accounting policies   Receivables from subsidiaries in the parent company financial statements   Receivables from subsidiaries are measured at the lower of amortised cost and net realisable value, which   usually corresponds to nominal value less provisions for bad debt. Where a receivable is considered to be   impaired, an impairment loss covering the total estimated bad debt is recognised.   Note 14   Deferred tax   DKKm   Total   Group   Carrying amount at 1 January 2025   (3.5)   Foreign exchange adjustment   (2.7)   Adjustment relating to prior years   0.2   Recognised in profit for the year, net   (15.2)   Recognised in equity, net   0.7   Carrying amount at 31 December 2025   (20.5)   Note 14   Deferred tax   DKKm   Total   Parent company   Carrying amount at 1 January 2025   (14.3)   Recognised in profit for the year, net   0.9   Recognised in equity, net   0.4   Carrying amount at 31 December 2025   (13.0)   Note 14   Deferred tax – continued   Accounting estimates and judgements   Deferred tax assets   In the measurement of deferred tax assets, it is assessed whether, on the basis of financial forecasts and   operating plans, future earnings will allow for and render probable the utilisation of the temporary differences   between tax bases and carrying amounts. Tax loss carry-forwards are recognised based on utilisation within   five years. Recognised tax loss carry-forwards amount to DKK 28 million as of 31 December 2025 (2024: DKK 20   million) and are attributable to Hartmann US Inc. Unrecognised tax losses amount to DKK 50 million as of 31   December 2025 (2024: DKK 44 million) and relate to the subsidiaries in Brazil, India, China and Malaysia. Out of   unrecognised tax loss DKK 0 million expires within 5 years and DKK 15 million within 5-10 years. The remaining tax   loss carry-forwards do not expire.   Accounting policies   Deferred tax   Deferred tax is measured using the balance sheet liability method on all temporary differences between the   carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on tempo-   rary differences relating to goodwill which is not deductible for tax purposes and office buildings and other   items where temporary differences – other than business acquisitions – arise at the date of acquisition without   affecting either the profit or loss for the year or the taxable income. Where alternative tax rules can be applied   to determine the tax base, deferred tax is measured on the basis of planned use of the asset as decided by   management, or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss   carry-forwards, are recognised under other non-current assets at the expected value of their utilisation, either   as a set-off against tax on future earnings or as a set-off against deferred tax liabilities within the same legal   tax entity and jurisdiction. Adjustment is made to deferred tax relating to eliminations made of unrealised intra-   group gains and losses. Deferred tax is measured according to the tax rules and at the tax rates applicable in   the respective countries at the balance sheet date when the deferred tax is expected to materialise as current   tax.   Hartmann has applied the exception to not recognise and disclose information about deferred tax in the OECD/   EU Pillar Two Model Rules and their local implementation. No Pillar Two tax was paid during 2025.   Impairment of deferred tax assets   Deferred tax assets are reviewed for impairment annually and are written down if it is deemed likely that the   deferred tax asset cannot be utilised against tax on future income or set off against deferred tax liabilities in the   same legal tax entity and jurisdiction. This assessment takes into account the type and nature of the recog-   nised deferred tax asset, and the estimated time frame for the set-off of the asset.   Note 15   Inventories   Group   Parent company   DKKm   2025   2024   2025   2024   Raw materials and consumables   284.5   241.1   92.0   66.6   Work in progress   16.2   14.1   25.3   18.2   Finished goods and goods for resale   141.9   133.8   65.6   63.4   Inventories   442.6   389.0   182.9   148.2   Work in progress for the parent company includes plant under construction for use in subsidiaries, which in the con-   solidated financial statements has been reclassified as assets under contruction, property, plant and equipment.   The group has not pledged inventories as security for debt items to any third party.   Accounting policies   Inventories   Inventories are measured at cost using the FIFO method.   Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus   delivery costs.   Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables,   direct labour costs and production overheads. Production overheads comprise indirect materials and labour   costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and   factory administration and management costs.   Where the net realisable value is lower than cost, inventories are written down to such lower value. The net   realisable value of inventories is determined as the selling price less costs of completion and costs necessary   to make the sale and is determined taking into account marketability, obsolescence and developments in the   expected selling price.   Note 15   Inventories   Group   Parent company   DKKm   2025   2024   2025   2024   Raw materials and consumables   284.5   241.1   92.0   66.6   Work in progress   16.2   14.1   25.3   18.2   Finished goods and goods for resale   141.9   133.8   65.6   63.4   Inventories   442.6   389.0   182.9   148.2   Work in progress for the parent company includes plant under construction for use in subsidiaries, which in the con-   solidated financial statements has been reclassified as assets under contruction, property, plant and equipment.   The group has not pledged inventories as security for debt items to any third party.   Accounting policies   Inventories   Inventories are measured at cost using the FIFO method.   Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus   delivery costs.   Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables,   direct labour costs and production overheads. Production overheads comprise indirect materials and labour   costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and   factory administration and management costs.   Where the net realisable value is lower than cost, inventories are written down to such lower value. The net   realisable value of inventories is determined as the selling price less costs of completion and costs necessary   to make the sale and is determined taking into account marketability, obsolescence and developments in the   expected selling price.   Note 16   Share capital   DKKm   Parent company   Share capital at 1 January 2025   140.3   Share capital reduction (cancellation of own treasury shares)   (2.0)   Share capital at 31 December 2025   138.3   Shares of DKK 20 each   6,915,090   No shares confer special rights.   Proposed appropriation of net profit   The Board of Directors proposes that the profit for the year of DKK 201 million be appropriated as follows: divi-   dend of DKK 200 million is distributed, after which a positive amount of DKK 1 million is transferred to retained   earnings.   Dividend paid   A dividend of DKK 107 million was paid in the financial year ended 31 December 2025 (2024: no dividend paid).   Note 17   Pension obligations   Defined contribution plans   Hartmann offers pension plans to certain groups of employees. These pension plans are generally defined   contribution plans. Under these pension plans, Hartmann recognises regular payments of premiums (e.g. a   fixed amount or a fixed percentage of the salary) to independent insurers who are responsible for the pension   obligations.   Under defined contribution plans, the group carries no risk in relation to future development in interest rates,   inflation, mortality or disability. Once the contributions under defined contribution plans have been paid, Hart-   mann has no further pension obligations towards existing or former employees.   Defined benefit plans   Under defined benefit plans, Hartmann has an obligation to pay a specific benefit (e.g. retirement pension in   the form of a fixed proportion of the exit salary). Under these plans, Hartmann carries the risk in relation to future   development in interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation   is based results in a change in the actuarial present value.   In the event of changes in the assumptions used in the calculation of defined benefit plans for existing and   former employees, actuarial gains and losses are recognised directly in equity.   The total pension obligation relate to two funded plans in the subsidiary Hartmann Canada Inc. and one   unfunded plan in the subsidiary Hartmann Verpackung GmbH.   The weighted average duration of the obligations is 11-16 years in Canada and 15 years in Germany.   Group   DKKm   2025   2024   Recognition of defined benefit plans in the statement of financial position:   Present value of liability with plan assets   127.8   131,1   Market value of plan assets   (193.6)   (185.3)   Net obligation of plans with plan assets   (65.8)   (54.2)   Present value of plans without plan assets   17.8   19.9   Assets not recognised due to asset cap   56.4   44,5   Recognised net obligation   8.4   10.2   The majority of pensions fall due more than one year after the balance sheet date.   Hartmann expects to contribute DKK 15.0 million to pension plans in 2026 (2024: DKK 14.4 million relating to 2025).   Note 17   Pension obligations – continued   % 2025   2024   Composition of plan assets:   Shares and investment funds   73.2   84.1   Bonds and other securities   26.8   15.9   100.0   100.0   Plan assets are measured at fair value based on prices quoted in an active market. No plan assets have any   relation to group entities.   The primary assumption applied in the calculation of pension obligations is the discount rate. The sensitivity   analysis below indicates the development of the pension obligation on a change in the discount rate by 1   percentage point up or down.   2025   2024   DKKm   +1% point -1% point +1% point   -1% point   Pension obligation sensitivity to   changes in the discount rate:   – Germany   (1.1)   1.2   (1.4)   1.5   – Canada, wage earners   (8.5)   11.4   (9.5)   12.7   – Canada, salaried employees   (4.6)   5.8   (4.6)   5.9   Group   % 2025   2024   Defined benefit plans have been calculated based on   the following actuarial assumptions:   Discount rate   – Germany   4.1   3.2   – Canada, wage earners   5.0   4.7   – Canada, salaried employees   4.9   4.7   Expected pay rise   – Germany   - - – Canada, wage earners   - - – Canada, salaried employees   3.0   3.0   Note 17   Pension obligations – continued   Accounting policies   Pension obligations   Payments relating to defined contribution plans, under which the group regularly pays fixed contributions   into an independent pension fund, are recognised in profit or loss in the period in which they are earned, and   outstanding payments are recognised in the statement of financial position under other payables.   For defined benefit plans, annual actuarial calculations are made of the present value of future benefits   payable under the pension plan. The present value is calculated based on assumptions about future devel-   opments in variables such as salary levels and interest, inflation and mortality rates. The present value is only   calculated for benefits earned by the employees through their employment with the group to date. The actu-   arial calculation of present value less the fair value of any plan assets is recognised in the statement of finan-   cial position as pension obligations. The pension costs for the year, based on actuarial estimates and financial   forecasts at the beginning of the year, are recognised in the statement of profit or loss. The difference between   the forecast development in pension assets and liabilities and the realised values is called actuarial gains or   losses and is recognised directly in equity in the period in which they arise. If a pension plan constitutes a net   asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or   it leads to a reduction of future contributions to the plan.   Note 18 NFeotees18to shareholder-appointed auditor  Group   Parent company   DKKm   2025   2024   2025   2024   Fees to shareholder-appointed auditor   Statutory audit   3.8   3.8   2.1   2.2   Other assurance engagements   0.0   0.1   0.0   0.1   Tax advisory services   0.4   0.8   0.4   0.8   Other non-audit services   1.1   0.3   1.0   0.2   Fees to shareholder-appointed auditor   5.3   5.0   3.5   3.3   Note 18 Group   Parent company   DKKm   2025   2024   2025   2024   Fees to shareholder-appointed auditor   Statutory audit   3.8   3.8   2.1   2.2   Other assurance engagements   0.0   0.1   0.0   0.1   Tax advisory services   0.4   0.8   0.4   0.8   Other non-audit services   1.1   0.3   1.0   0.2   Fees to shareholder-appointed auditor   5.3   5.0   3.5   3.3   Note 19   Collateral, contract obligations and liens   Rental and lease obligations   Group   Parent company   DKKm   2025   2024   2025   2024   Due in:   In 1 year or less   11.6   10.3   1.0   0.9   In 1-5 years   33.1   38.1   3.1   2.8   After 5 years   5.3   17.6   2.4   0.4   50.0   66.0   6.5   4.1   Guarantees   Hartmann Packaging A/S has provided a parent company guarantee to Hartmann (UK) Ltd. (CRN 00734190) to   allow the subsidiary to claim exemption from audit under section 479A of the British Companies Act 2006. At 31   December 2025, the amount owed to creditors of Hartmann (UK) Ltd. was DKK 0.1 million (2024: DKK 0.1 million).   Contractual commitments   The Group has as of the balance sheet date contractual commitments of DKK 64 million related to investments   in capacity expansions (2024: DKK 51 million), that becomes due within 1 year. In addition, the Group has entered   into customary contractual arrangements as part of its regular operating activities. These include lease agree-   ments, supply contracts, service agreements, and agreements related to committed sales volumes. None of   these obligations represent significant non-cancellable commitments, nor are they expected to have a mate-   rial impact on the Group’s liquidity.   Liens   In connection with the ongoing IPI tax dispute in Brazil, property, plant and equipment of the Group’s Brazilian   subsidiary with a carrying amount of DKK 6 million at 31 December 2025 are subject to liens imposed by the   public authorities as security for the tax claim. Reference is made to Note 20.   Note 19   Collateral, contract obligations and liens   Rental and lease obligations   Group   Parent company   DKKm   2025   2024   2025   2024   Due in:   In 1 year or less   11.6   10.3   1.0   0.9   In 1-5 years   33.1   38.1   3.1   2.8   After 5 years   5.3   17.6   2.4   0.4   50.0   66.0   6.5   4.1   Guarantees   Hartmann Packaging A/S has provided a parent company guarantee to Hartmann (UK) Ltd. (CRN 00734190) to   allow the subsidiary to claim exemption from audit under section 479A of the British Companies Act 2006. At 31   December 2025, the amount owed to creditors of Hartmann (UK) Ltd. was DKK 0.1 million (2024: DKK 0.1 million).   Contractual commitments   The Group has as of the balance sheet date contractual commitments of DKK 64 million related to investments   in capacity expansions (2024: DKK 51 million), that becomes due within 1 year. In addition, the Group has entered   into customary contractual arrangements as part of its regular operating activities. These include lease agree-   ments, supply contracts, service agreements, and agreements related to committed sales volumes. None of   these obligations represent significant non-cancellable commitments, nor are they expected to have a mate-   rial impact on the Group’s liquidity.   Liens   In connection with the ongoing IPI tax dispute in Brazil, property, plant and equipment of the Group’s Brazilian   subsidiary with a carrying amount of DKK 6 million at 31 December 2025 are subject to liens imposed by the   public authorities as security for the tax claim. Reference is made to Note 20.   Note 20   Provisions and contingent liabilities   IPI tax disputes in Brazil   The Group is involved in ongoing tax disputes with the Brazilian tax authorities concerning the application of   industrial products tax (IPI) on certain historical sales by the Group’s Brazilian operations. IPI is an indirect tax   levied on the sale of certain industrialised products in Brazil.   The Brazilian tax authorities raised claims concerning non-payment of IPI relating to sales in 2015 and 2016 at   selected sites. In 2025, a separate inspection at another Brazilian site resulted in a significantly smaller claim   relating to a later period.   As at 31 December 2025, the total amount claimed by the tax authorities amounts to approximately BRL 84   million, corresponding to DKK 98 million including penalties and calculated accrued interest up until December   2025. The amounts claimed are based on formal tax assessment notices issued by the authorities and repre-   sent the maximum gross exposure.   Based on judicial practice and statements from external legal advisers, management is of the view that the   claims are not justified and continues to dispute them. However, the disputes are subject to a complex adminis-   trative and judicial process, and the final outcome is uncertain.   During 2025, management reassessed the cases following developments in the administrative proceedings   and updated external legal advice. The reassessment indicates that multiple materially different outcomes   remain possible and that no single outcome can be identified as clearly predominant at the reporting date.   As a result, the Group recognised a limited provision in respect of the disputes (2024: no provision), including   estimated legal and advisory costs. The provision reflects management’s best estimate of the expected   economic outflow, measured using a probability-weighted expected value approach.   Due to the inherent uncertainty associated with the disputes, the final outcome may differ materially from the   estimate recognised. A lengthy process is expected before the cases will be finally settled.   Pending lawsuits   The group is party to a few other lawsuits and disputes. Management believes that these lawsuits and disputes   will not significantly affect the financial position of the group or the parent company.   Provisions for legal claims   In total, provisions amounting to DKK 14 million have been recognised in the statement of financial position in   respect of legal claims (2024: nil).   Joint taxation   Hartmann Packaging A/S and its Danish subsidiaries are taxed jointly with Thornico Holding A/S, which is the   management company.   The company and its Danish subsidiaries thus have secondary liability with respect to income taxes etc. and   any obligations to withhold taxes on interest, royalties and dividends applying to the jointly taxed entities. Such   secondary liability is, however, capped at an amount equal to the portion of the share capital in the company   held directly or indirectly by the ultimate parent company.   The total tax obligation of the jointly taxed entities is disclosed in the financial statements of the management   company.   The Group is exposed to financial risks arising from its operating, investing and financing activities. These risks include   market risks (foreign exchange risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The objec-   tive of the Group’s financial risk management is to reduce the impact of such risks on earnings, cash flows and finan-   cial position, while maintaining sufficient financial flexibility to support the Group’s strategic objectives.   Financial risk management is governed by policies approved by the Board of Directors and is executed centrally   by Group Finance. The Group uses derivative financial instruments selectively to hedge certain financial risks.   The Group does not enter into derivative transactions for speculative purposes.   Note 21 describes the Group’s exposure to financial risks and the principles applied in managing these risks,   while Note 23 – Financial instruments provides quantitative information on the derivative financial instruments   used and their financial impact.   Foreign exchange risk   The Group is exposed to foreign exchange risk arising from both translation and transaction exposures.   Translation risk   Translation risk arises when earnings and net assets of foreign subsidiaries, as well as intra-group loans, are   translated into the Group’s presentation currency, DKK. Translation differences relating to earnings and net   assets of foreign subsidiaries are recognised directly in equity and are not hedged, as they do not affect the   Group’s underlying cash flows. Translation risk related to intra-group loans may be hedged where such expo-   sures are assessed to have a potential material impact on the consolidated financial statements.   Transaction risk   Transaction risk arises from cross-border transactions resulting in contractual cash flows denominated in   foreign currencies. The Group’s most significant transaction risk relates to the USD/CAD exchange rate. This   exposure primarily reflects that a significant portion of sales in the North American business is invoiced in USD,   while a substantial share of production costs is incurred in CAD.   In addition to USD and CAD, the Group is exposed to transaction risks in CHF, EUR, GBP, HUF and PLN.  In accordance with the Group’s treasury policy, the Group seeks to reduce the impact of exchange rate fluctu-   ations on earnings and financial position through the use of forward exchange contracts. For selected curren-   cies, hedging is typically undertaken for periods of nine to twelve months, when reasonably priced hedging   instruments are available. Transaction risk relating to the EUR is not hedged.   In addition, a portion of the Group’s borrowings are denominated in USD and provides a natural hedge against   USD-denominated operating income.   Interest rate risk   Interest rate risk arises primarily from the Group’s interest-bearing borrowings, which are subject to variable interest   rates. Changes in market interest rates may therefore affect the Group’s financial expenses and cash flows.   The Group continuously monitors its interest rate exposure and assesses whether it is appropriate to mitigate   fluctuations through the use of interest rate derivatives. Interest rate risk management is aligned with the   maturity profile of the underlying borrowings and the Group’s overall financing strategy.   The Group’s long-term borrowings are denominated in EUR and USD. To limit exposure to rising interest rates, the   Group has entered into an interest rate cap with a strike 2.5% covering EUR 60 million of its variable-rate borrow-   ings. The interest rate cap expires in September 2027. Interest rate hedging is applied selectively and currently   relates only to the EUR-denominated debt. The remaining borrowings are not subject to interest rate hedging   and are therefore exposed to changes in market interest rates.   Commodity (energy) price risk   The Group is exposed to commodity price risks, including price risks related to electricity and natural gas, as   energy constitutes a significant input factor in the Group’s production processes. Fluctuations in energy prices   may therefore affect production costs and operating margins.   Energy price risk is managed through a combination of operational and financial measures, and the Group   may, where considered appropriate, enter into energy hedging contracts to reduce short-medium term   volatility in energy costs, typically covering a portion of expected future consumption within a 12–36 month   horizon, depending on market conditions and operational planning horizons.   Further information on energy hedging activities is provided in Note 23 – Financial instruments.   Liquidity risk   Liquidity risk is the risk that the Group may not be able to meet its financial obligations as they fall due. Liquidity   risk arises primarily from fluctuations in operating cash flows, working capital requirements and the timing of   investments and financing activities.   Liquidity risk is managed by maintaining adequate cash reserves and committed credit facilities, supported by   continuous monitoring of liquidity forecasts. The objective of liquidity risk management is to ensure sufficient   liquidity to meet both short-term obligations and planned investments, while maintaining financial flexibility.   The Group’s long-term financing primarily comprises a committed credit facility of DKK 900 million maturing in   December 2027, with options to expand the credit facility by an additional DKK 950 million for funding of expansions   of production capacity or acquisitions, subject to approval by the Group’s lenders. The interest margin on the facility   is floating and is fixed each quarter based on the Group’s earnings. The credit facility is subject to customary cove-   nant requirements, including a leverage ratio. The Group complied with all covenant requirements during the year.   Short-term liquidity is managed primarily through the transfer of excess liquidity between Group entities and   through cash pooling arrangements within Europe. While subsidiary financing requirements are primarily   covered by the parent company, local financing solutions may be used where required by local conditions.   Total liquidity available to the group (DKKm)   2025   2024   Undrawn credit facilities with banks at 31 December   406   341   Cash at 31 December   251   250   Liquidity available at 31 December   657   591   Management considers the Group’s liquidity position to be sufficient to support ongoing operations and   planned activities.   An overview of contractual maturities of financial liabilities is provided in Note 22 – Financial liabilities.   Credit risk   Credit risk is the risk of financial loss if a counterparty fails to meet its contractual obligations. The Group’s   credit risk primarily relates to trade receivables and cash deposits with financial institutions and, for the parent   company, also loans to and receivables from subsidiaries. Credit risk primarily arises from sales to customers   across multiple geographic markets.   Credit risk relating to trade receivables is managed through a combination of credit assessments, defined credit   limits, ongoing monitoring of customer payment behaviour and, where considered cost-effective, credit insurance.   The parent company does not insure loans to and receivables from subsidiaries or Thornico Group companies.   The carrying amount of financial assets recognised in the balance sheet represents the Group’s maximum   exposure to credit risk.   Surplus liquidity is placed only with financial institutions with satisfactory credit ratings from one or more   recognised credit rating agencies.   Capital structure   It is the group’s objective to maintain a level of flexibility sufficient to carry out and fulfil its strategic objectives   while at the same time continuing to ensure high profitability and delivering competitive returns to its share-   holder. The group also strives to secure financial stability for the purpose of reducing financing costs.   Dividend distributions will always take into account current growth plans and liquidity needs.   Maturities of financial debt   In 1 year   In   After   DKKm   or less   1-5 years   5 years   Group   Credit institutions   0.0   525.0   0.0   Overdraft facilities   68.8   0.0   0.0   68.8   525.0   0.0   Parent company   Credit institutions   0.0   525.0   0.0   Overdraft facilities   68.8   0.0   0.0   68.8   525.0   0.0   Use of derivative financial instruments   The Group uses derivative financial instruments as part of its financial risk management activities to hedge   exposures arising from foreign exchange risk, interest rate risk and energy price risk, in line with the risk   management principles described in Note 21 – Financial risks.   Derivative financial instruments consist of forward exchange contracts, an interest rate cap and energy   contracts relating to electricity and natural gas. Derivatives are entered into for hedging purposes only and not   for speculative activities.   Hedging activities   The Group applies cash flow hedge accounting to qualifying hedging relationships where the hedged items   are highly probable forecast transactions. These include forecast foreign currency cash flows, forecast interest   payments and forecast energy consumption. The timing of derivative contracts broadly reflects the timing of the   underlying exposures they are intended to hedge.   Fair value of derivative financial instruments   Group   Parent company   2025   2025   Average   Notional   Notional   DKKm   hedging rate   amount   Fair value   amount   Fair value   Forward contracts   CHF/DKK   8.09   36.1   0.1   36.1   0.1   EUR/HUF   395.87   38.3   0.8   38.3   0.8   USD/CAD   1.39   44.0   0.8   0.0   0.0   118.4   1.7   74.4   0.9   Interest cap, EUR   2.5%   448.1   (4.4)   448.1   (4.4)   Gas swap   248.2 DKK/MW   170.6   (22.7)   168.5   (22.5)   Electricity swap   614.5 DKK/MWh   27.5   (1.6)   27.5   (1.6)   764.6   (26.9)   718.5   (27.6)   Expected maturity   In 1 year or less   (11.7)   (12.1)   In 1 - 5 years   (15.2)   (15.2)   (26.9)   (27.6)   Hedging reserve   During the year, the hedging reserve changed by negative DKK 22 million (2024: positive DKK 9 million) before   tax, reflecting primarily changes in the fair value of effective hedging instruments especially related to gas swap   contracts. Amounts recognised in the hedging reserve are expected to be reclassified to the income statement as   the hedged transactions occur.   No material hedge ineffectiveness was recognised during the year.   Hartmann Packaging A/S   — Annual Report 2025   Accounting policies   Derivative financial instruments   Derivative financial instruments are initially recognised at cost and subsequently measured at fair value.   The fair value of derivative financial instruments is recognised in other receivables (positive value) and other   payables (negative value).   Changes in the fair value of derivative financial instruments designated as cash flow hedges are recognised in   equity under the hedging reserve to the extent that the hedge is effective. Accumulated gains or losses recog-   nised in equity are reclassified to the income statement when the hedged transaction affects profit or loss to   the same line item as the hedged item. Any ineffective portion is recognised in financial income and expenses.   Hedge accounting is applied to reduce volatility in profit or loss arising from effective hedging of forecast   transactions.   Derivative financial instruments that do not qualify for hedge accounting are recognised at fair value through   profit or loss.   The fair value of derivative financial instruments is determined using generally accepted valuation techniques   based on observable market data. All derivative financial instruments are classified as level 2 in the fair value   hierarchy.   2025   Interest rate risk non-current assets and   liabilities   Nominal   Carrying   Interest   Interest   DKKm   value   amount   rate   rate risk   Group   Credit institutions, floating rate   76.9   76.9   4.9%   Cash flow   Credit institutions, floating rate with cap   448.1   448.1   3.4%   Cash flow   Parent company   Credit institutions, floating rate   76.9   76.9   4.9%   Cash flow   Credit institutions, floating rate with cap   448.1   448.1   3.4%   Cash flow   Receivables from subsidiaries   Fixed rate   60.2   17.9   5.00%-15.00%   Fair value   Floating rate   10.9   10.9   3.61%-5.87%   Cash flow   Note 24   Related parties   Thornico Holding A/S, Havnegade 36, 5000 Odense C, Denmark is the ultimate majority owner. Hartmann Pack-   aging A/S is included in the consolidated financial statements of Thornico Holding A/S. Related parties consist   of other companies controlled by Hartmann’s ultimate majority owner, Thornico Holding A/S, that are not   controlled by Hartmann Packaging A/S.   Subsidiaries consist of companies in which Hartmann Packaging A/S has a controlling interest, see note 12.   Transactions with subsidiaries have been eliminated in the consolidated financial statements in accordance   with the group’s accounting policies.   The company’s related parties also comprise members of the board of directors and executive board as well as   their family members.   All related-party transactions were carried out at arm's length.   NEvoeten2t5s after the balance sheet date  In April 2025, the Group entered into a share purchase agreement to acquire 100% of the shares in the Roma-   nian moulded-fibre producer Dentas Romania S.R.L. including an adjacent land plot for a total consideration   of approximately DKK 130 million, subject to regulatory approval from the Romanian Competition Council and   other customary closing conditions. As at 31 December 2025, the required approval had not been obtained and   the transaction had therefore not been completed. Accordingly, no assets or liabilities have been recognised.   Both the timing and final closing of the transaction remain uncertain.   Apart from the matter described above, no events have occurred after the balance sheet date that are of   significance to the consolidated financial statements or the parent company financial statements.   Management statement   The board of directors and the executive board   today considered and approved the annual   report of Hartmann Packaging A/S for the finan-   cial year ended 31 December 2025.   The annual report has been prepared in   accordance with the Danish Financial State-   ments Act.   In our opinion, the consolidated financial state-   ments and the parent company financial state-   ments give a true and fair view of the financial   position of the Group and the Parent Company   at 31 December 2025 and of the results of the   Group's and the Parent Company's operations   as well as the consolidated cash flows for the   financial year 1 January – 31 December 2025 inaccordance with the Danish Financial State-   ments Act.   We are of the opinion that the management   report includes a fair review of the development   and performance of the group’s and the parent   company’s business and financial position, the   results for the year, cash flows and financial   position as well as a description of the principal   risks and uncertainties that the group and the   parent company face.   The annual report is recommended for   approval by the annual general meeting.   Gentofte 2026-05-29 Torben Rosenkrantz-Theil Kenneth Kongsgaard Kristensen 2025-12-31 CEO CFO Henrik Marinus Pedersen Chairman Michael Strange Midskov Marianne Schelde Vice chairman Klaus Bysted Jensen Palle Skade Andersen Independent auditor’s report   To the shareholders   of Hartmann Packaging A/S   Basis for opinion   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 company financial statements" (here-   inafter collectively referred to as "the financial   statements") section of our report. We believe   that the audit evidence we have obtained is   sufficient and appropriate to provide a basis for   our opinion.   Independence   We are independent of the Group in accord-   ance with the International Ethics Standards   Board for Accountants' International Code of   Ethics for Professional Accountants (IESBA Code)   and the additional ethical requirements appli-   cable in Denmark, and we have fulfilled our   other ethical responsibilities in accordance with   these requirements and the IESBA Code.   Opinion   We have audited the consolidated financial   statements and the parent company financial   statements of Hartmann Packaging 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 accounting policies, for the   Group and the Parent Company, and a consol-   idated cash flow statement. The consolidated   financial statements and the parent company   financial statements are prepared in accord-   ance with the Danish Financial Statements Act.   In our opinion, the consolidated financial state-   ments and the parent company financial state-   ments give a true and fair view of the financial   position of the Group and the Parent Company   at 31 December 2025 and of the results of the   Group's and the Parent Company's operations   as well as the consolidated cash flows for the   financial year 1 January – 31 December 2025 in   accordance with the Danish Financial State-   ments Act.   Auditor's responsibilities for the   audit of the financial statements   Our objectives are to obtain reasonable assur-   ance as to 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 assur-   ance, but is not a guarantee that an audit   conducted in accordance with ISAs and addi-   tional 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 the financial   statements.   As part of an audit conducted in accordance   with ISAs and additional requirements appli-   cable in Denmark, we exercise professional   judgement and maintain professional scepti-   cism throughout the audit. We also:   • Identify and assess the risks of material   misstatement of the financial statements,   whether due to fraud or error, design and   perform audit procedures responsive to   those risks and obtain audit evidence that is   sufficient and appropriate to provide a basis   for our opinion. The risk of not detecting a   material misstatement resulting from fraud   is higher than for one resulting from error, as   fraud may involve collusion, forgery, inten-   tional omissions, misrepresentations or the   override of internal control.   an understanding of internal control   relevant to the audit in order to design audit   procedures that are appropriate in the   circumstances, but not for the purpose of   expressing an opinion on the effectiveness   of the Group's and the Parent Company's   internal control.   • Evaluate the appropriateness of accounting   policies used and the reasonableness of   accounting estimates and related disclosures   made by Management.   • Conclude on the appropriateness of   Management's use of the going concern   basis of accounting in 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 Group's   and the Parent 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 state-   ments or, if such disclosures are inadequate,   to modify our opinion. Our conclusions are   based on the audit evidence obtained up   to the date of our auditor's report. However,   future events or conditions may cause the   Group and the Parent Company to cease to   continue as a going concern.   • Evaluate the overall presentation, structure   and contents of the financial statements,   including the note disclosures, and whether   the financial statements represent the under-   lying 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 group   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 signif-   icant deficiencies in internal control that we   identify during our audit.   Management's responsibilities   for the financial statements   Management is responsible for the prepara-   tion of consolidated financial statements and   parent company financial statements that give   a true and fair view in accordance with the   Danish Financial Statements Act and for such   internal control as Management determines is   necessary to enable the preparation of finan-   cial statements that are free from material   misstatement, whether due to fraud or error.   In preparing the financial statements, Manage-   ment is responsible for assessing the Group's   and the Parent Company's ability to continue   as a going concern, disclosing, as applicable,   matters related to going concern and using the   going concern basis of accounting in preparing   the financial statements unless Management   either intends to liquidate the Group or the   Parent Company or to cease operations, or has   no realistic alternative but to do so.   Copenhagen 2026-05-29 Statement on the Management's review   Management is responsible for the Manage-   ment's review.   Our opinion on the financial statements does   not cover the 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 the   Management's review and, in doing so, consider   whether the Management's review is materially   inconsistent with the financial statements or our   knowledge obtained during the audit, or other-   wise appears to be materially misstated.   Moreover, it is our responsibility to consider   whether the Management's review provides the   information required under the Danish Financial   Statements Act.   Based on the work we have performed, we   conclude that the Management's review is in   accordance with the financial statements and   has been prepared in accordance with the   requirements of the Danish Financial State-   ments Act. We did not identify any material   misstatement of the Management's review.   EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Jan C. Olsen Kennet Kindvig Hartmann State Authorised Public Accountant State Authorised Public Accountant mne33717 mne40036