43059637 2025-01-01 2025-12-31 43059637 2025-01-01 2025-12-31 1 43059637 2025-01-01 2025-12-31 1 43059637 2025-01-01 2025-12-31 2 43059637 2025-01-01 2025-12-31 3 43059637 2025-01-01 2025-12-31 1 43059637 2025-01-01 2025-12-31 2 43059637 2024-01-01 2024-12-31 43059637 2025-12-31 43059637 2024-12-31 43059637 2023-12-31 fsa:ContributedCapitalMember 43059637 2023-12-31 fsa:SharePremiumMember 43059637 2023-12-31 fsa:RetainedEarningsMember 43059637 2023-12-31 43059637 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 43059637 2024-01-01 2024-12-31 fsa:SharePremiumMember 43059637 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 43059637 2024-12-31 fsa:ContributedCapitalMember 43059637 2024-12-31 fsa:SharePremiumMember 43059637 2024-12-31 fsa:RetainedEarningsMember 43059637 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43059637 2025-01-01 2025-12-31 fsa:SharePremiumMember 43059637 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43059637 2025-12-31 fsa:ContributedCapitalMember 43059637 2025-12-31 fsa:SharePremiumMember 43059637 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report The Board of Directors and the Executive Board have today discussed and approved the annual report of Semikron Danfoss Holding A/S for the financial year 1 January - 31 December 2025.   The annual report has been prepared in accordance with the Danish Financial Statements Act.  In our opinion, the Financial Statements give a true and fair view of the Company's financial position at 31 December 2025, and of the result of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Nordborg 2026-05-18 Dominic Frank Horst Dorfner Mika Petteri Kulju Kern Jain Troels Hammelev Petersen To the shareholder of Semikron Danfoss Holding A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Semikron Danfoss Holding A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes (“the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Company´s Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of the Company´s Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ¤ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ¤ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. ¤ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ¤ Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. ¤ Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus 2026-05-18 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 33771231 Claus Lyngsø Sørensen Jeppe Brændstrup State Authorised Public Accountant State Authorised Public Accountant mne34539 mne48564 Company: Semikron Danfoss Holding A/S Nordborgvej 81 6430 Nordborg 43059637 Soenderborg Financial highlights tEUR 2025 2024 2023 2022 Key figures Operating profit -365 -1,194 -242 -90 Financial items -653,686 -500,949 239 -1 Net profit/loss for the year -651,644 -500,160 -2 -82 Total assets 993,460 1,499,151 1,785,293 1,524,991 Equity 373,724 1,025,473 1,526,730 1,524,952 Key figures % Return on assets -52.5 -30.6 0.0 0.0 Solvency ratio 37.6 68.4 85.5 100.0 Return on equity -93.1 -39.2 0.0 0.0 Key figures have been prepared in accordance with the definitions stated under Accounting policies.  6 Management commentary Main activities The company´s activity consists of exercising holding activities and investing, as well as other related activities. Developments in activities and economic conditions The income statement for the year shows a result of -651.644 tEUR, and the balance sheet at 31 December 2025 shows equity of 373.724 tEUR. The result of 2025 is particularly affected by the write-down of the company's equity investments in Semikron Danfoss International GmbH and Semikron Danfoss GmbH. In 2025, Danfoss concluded that the Automotive Electrification business is not core for Danfoss moving forward. As a result, the Automotive business has been classified as discontinued operations and as assets and liabilities held for sale in the Danfoss Group Annual Report. The impairment of the company’s shareholdings in Semikron Danfoss International GmbH and Semikron Danfoss GmbH is largely due to the decision to divest the Automotive business. Danfoss A/S acquires the remaining shares in Semikron Danfoss Holding A/S On March 4, 2026 Danfoss A/S acquired the remaining shares in Semikron Danfoss Holding, taking 100% ownership of the company and moving from a joint setup to full ownership and strategic control. Expected development The company expects the result for 2026 to be in the range of EUR –20 million to EUR -10 million. Key figures have been prepared in accordance with the definitions stated under Accounting policies.  The company´s activity consists of exercising holding activities and investing, as well as other related activities. The income statement for the year shows a result of -651.644 tEUR, and the balance sheet at 31 December 2025 shows equity of 373.724 tEUR. The result of 2025 is particularly affected by the write-down of the company's equity investments in Semikron Danfoss International GmbH and Semikron Danfoss GmbH. In 2025, Danfoss concluded that the Automotive Electrification business is not core for Danfoss moving forward. As a result, the Automotive business has been classified as discontinued operations and as assets and liabilities held for sale in the Danfoss Group Annual Report. The impairment of the company’s shareholdings in Semikron Danfoss International GmbH and Semikron Danfoss GmbH is largely due to the decision to divest the Automotive business. Danfoss A/S acquires the remaining shares in Semikron Danfoss Holding A/S On March 4, 2026 Danfoss A/S acquired the remaining shares in Semikron Danfoss Holding, taking 100% ownership of the company and moving from a joint setup to full ownership and strategic control. The company expects the result for 2026 to be in the range of EUR –20 million to EUR -10 million. In general The annual report of Semikron Danfoss Holding A/S has been prepared in accordance with the provisions applying to Reporting class C, medium-size enterprise under the Danish Financial Statements Act. The company has changed its accounting class in 2025 from class B to class C (medium-sized). The 2025 Annual accounts are presented in tEUR. The general accounting policies set out below have been consistently applied in respect of the financial year and the comparative figures.  Pursuant to §112 of the Danish Financial Statements Act consolidated accounts have not been prepared as part of the Annual Report for Semikron Danfoss Holding A/S, as the accounts for affiliated companies are included in the consolidated accounts for the parent company Danfoss A/S, Nordborg. Pursuant to § 86 (4) of the Danish Financial Statements Act the cash flow statement has not been prepared. General recognition and measurement The accounts have been prepared under the historical cost accounting model. Revenue is recognised in the profit and loss statement as it is earned. Moreover, the profit and loss statement includes all costs related to the year’s profit earning, including depreciation, amortisation and provisions, as well as reversals due to changes in accounting estimates of amounts previously recognised in the profit and loss statement.  Assets are included in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be measured reliably.  Liabilities are included in the balance sheet when it is probable that the Company will have future economic benefits and the liability may be measured reliably. Upon initial recognition, assets and liabilities are recognised at cost. Subsequently, assets and liabilities are recognised as described for each item below. Some financial assets and liabilities are recognised at amortised cost, which implies a constant effective interest rate over the life of the asset or liability. Amortised cost is calculated as the original cost minus discounts and plus/minus the accumulated amortisation of the difference between the cost and the nominal amount. This spreads exchange losses and gains over time. Recognition and measurement shall take into account foreseeable losses and risks that occur prior to the preparation of the Annual Report, and that either confirm or deny existing conditions at the balance sheet date. Foreign currency translation During the year transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.  Receivables and payables and other monetary items denominated in foreign currencies, which are not settled at the balance sheet date, are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the exchange rates at the transaction date is recognised in the income statement as financial income or financial expenses. Income statement Administrative expenses Administrative expenses comprise audit expenses and other administration costs incurred during the year. 8 Accounting policies, continued   Staff costs Staff costs include wages and salaries. Financial income and expenses Financial income and expenses comprise impairment on financial assets, interest income and expense, gains and losses on payables and transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Financial income and expenses are recognised in the income statement at the amounts concerning the financial year. Subsidiaries are measured at cost and dividends and income related to shareholdings in subsidiaries are recognised as financial income in the period when the dividends are declared and other income is realised, respectively. Tax on profit / loss for the year The Company is subject to the Danish tax rules on compulsory joint taxation with the corporate group. The Company is included in joint taxation from the date on which it is included in a group of consolidated accounts until the date on which it is removed from consolidation.  Danfoss A/S is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities. The current Danish corporation tax is allocated by settlement of joint taxation contribution between the jointly taxed companies in proportion to their taxable income. In connection with this, companies with tax deficit receive joint tax contributions from the Management Company.  The annual tax, consisting of the current corporate tax for the year, the joint tax contribution for the year and the change in deferred tax, is recorded in the profit and loss statement for the part related to the profit for the year and directly in equity for the part related to the entries directly in equity.  Balance sheet Investment in subsidiaries and associates Investments in subsidiaries and associates are measured at cost. In case of indication of impairment, an impairment test is made. If the recoverable amount is lower than cost, investments are written down to this lower value. Receivables Receivables are measured at amortised cost or a lower net realisable value, which corresponds to nominal value less impairment losses. Write-downs for losses are calculated on the basis of an individual assessment of the receivables. Equity - dividends Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.  9 Accounting policies, continued Joint taxation contribution According to the joint taxation rules, the subsidiaries' liability to the tax authorities for their own company taxes is settled with the payment of the joint taxation contribution to the Management company. Current tax payable and receivable is recognised in the balance sheet as tax calculated on the taxable income, adjusted for tax on prior years' taxable income and for tax paid in advance. The joint taxation balance is reported as receivables or debt to group enterprises.  Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes, office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets are recognised at the expected value of their utilisation within the foreseeable future, that is expected to be utilised within the joint-taxation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement. Liabilities Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Other liabilities are measured at net realisable value. Key figures Key figures are calculated as follows: Return on assets Profit before tax x 100 / average total assets   Solvency ratio Equity, end of period x 100 / total liabilities and equity, end of period Return on equity Ordinary post-tax profit x 100 / average equity Reporting class C, medium-size enterprise Pursuant to §112 of the Danish Financial Statements Act consolidated accounts have not been prepared as part of the Annual Report for Semikron Danfoss Holding A/S, as the accounts for affiliated companies are included in the consolidated accounts for the parent company Danfoss A/S, Nordborg. Pursuant to § 86 (4) of the Danish Financial Statements Act the cash flow statement has not been prepared. 165000 910000 200000 284000 -365000 -1194000 18615000 26938000 672301000 527887000 -654051000 -502143000 -2407000 -1983000 -651644000 -500160000 672931000 1165231000 672931000 1165231000 672931000 1165231000 320529000 333920000 320529000 333920000 320529000 333920000 993460000 1499151000 88000 88000 0 587966000 373636000 437419000 373724000 1025473000 619583000 473603000 153000 75000 619736000 473678000 619736000 473678000 993460000 1499151000 88000 587966000 938676000 1526730000 0 0 -500160000 -500160000 0 0 1097000 1097000 88000 587966000 437419000 1025473000 88000 587966000 437419000 1025473000 0 0 -651644000 -651644000 0 0 105000 105000 0 -587966000 587966000 0 88000 0 373636000 373724000 1 Staff costs Wages/Salaries 200 284 Total staff costs 200 284 Average number of employees is 0 (2024; 0). Total remuneration to the Executive Board and the Board of Directors in 2025 is 200 tEUR (2024: 200tEUR). The 2024 total includes a remuneration on 84 tEUR to the Executive Board and the Board of Directors regarding financial year 2022. 0 2 Financial income Interest income from group enterprises 18,601 17,962 Foreign exchange gain 14 120 Dividend and income related to shareholdings in subsidiaries 0 8,856 Total financial income 18,615 26,938 3 Financial expenses Interest expense to group enterprises 30,115 25,432 Impairment of investments in subsidiaries 642,186 502,455 Total financial expenses 672,301 527,887 4 Investments Investments in subsidiaries Cost at 1 January 1,667,761 1,667,761 Additions during the year 150,000 0 Cost at 31 December 1,817,761 1,667,761 Revaluation at 1 January -502,530 0 Foreign exchange adjustments -114 -75 Impairment for the year -642,186 -502,455 Revaluation at 31 December -1,144,830 -502,530 Carrying amount at 31 December 672,931 1,165,231 Impairment of financial assets is write-down of the company's equity investments in Semikron Danfoss International GmbH and Semikron Danfoss GmbH. 15 Notes, continued tEUR Investments, continued Ownership Equity Net profit Semikron Danfoss Pty. Ltd., Australia 100.00% 148 35 Semikron Danfoss Ltda., Brazil 100.00% 6,463 330 Semikron Danfoss Electronics (Zhuhai) Co.,Ltd., China 100.00% 32,392 4,061 Semikron Danfoss Electronics (Nanjing) Co.,Ltd., China 100.00% 9,950 -1,560 Semikron Danfoss Oy, Finland 100.00% 3,861 368 Semikron Danfoss S.a.r.l., France 100.00% 9,022 4,048 Semikron Danfoss GmbH, Germany 100.00% -36,166 -110,027 Semikron Danfoss Elektronik GmbH & Co. KG, Germany 100.00% 2,020 -56,760 Semikron Danfoss International GmbH, Germany 100.00% 306,126 44,289 Semikron Danfoss (Hong Kong) Co., Ltd., Hong Kong 100.00% 5,053 1,528 Semikron Danfoss Electronics Pvt. Ltd., India 100.00% 5,449 1,316 Semikron Danfoss S.r.l., Italy 100.00% 18,721 4,302 Semikron Danfoss K.K., Japan 100.00% 1,889 62 Semikron Danfoss B.V., Netherlands 100.00% 358 -62 Semikron Danfoss Sp.z o.o., Poland 100.00% 722 95 Semikron Danfoss s.r.o., Slovakia 100.00% 14,050 2,040 Semikron Danfoss Co., Ltd., South Korea 100.00% 3,764 510 Semikron Danfoss, S.L., Spain 100.00% 3,715 731 Semikron Danfoss AG, Switzerland 100.00% 1,811 686 Semikron Danfoss LLC, USA 100.00% -3,927 -4,010 Semikron Danfoss Inc., USA 100.00% 18,412 3,028 The annual reports for 2025 have not yet been published, which is why the annual result and equity of the above-mentioned companies are for the financial year 2024. 5 Share capital 651.666 shares  88 88 Total share capital 88 88 -651644000 -500160000 -651644000 -500160000 7 Contractual obligations and contingencies, etc. Joint taxation The Company is jointly taxed with other Danish companies in the Danfoss Group. As a joint-taxed company that is not wholly owned, the company is limited and subsidiarily liable for Danish corporation tax and withholding tax on dividends, interest and royalties within the joint taxation arrangement. Any subsequent corrections to the taxable joint taxation income or withholding taxes could result in the company's liability amounting to a larger amount than recognized in the annual report. The administration Company in the joint taxation arrangement is Danfoss A/S. 8 Related parties Semikron Danfoss Holding A/S's related parties include all companies in the Danfoss Group. All intercompany transactions have been made on an arm's length basis, which is why, in accordance with §98c (6) of the Danish Financial Statements Act, no further information is provided on transactions with related parties. Consolidated financial statements  The annual financial statements for Semikron Danfoss Holding A/S are included in the consolidated financial statements for Danfoss A/S.  Danfoss A/S, Nordborgvej 81, 6430 Nordborg, CVR no. 20 16 57 15.  The annual financial statements for Semikron Danfoss Holding A/S are included in the consolidated financial statements for Bitten & Mads Clausen's Foundation. Bitten & Mads Clausen's Foundation, Nordborgvej 81, 6430 Nordborg, CVR no. 41 81 56 12. Consolidated financial statements  The annual financial statements for Semikron Danfoss Holding A/S are included in the consolidated financial statements for Danfoss A/S.  Danfoss A/S, Nordborgvej 81, 6430 Nordborg, CVR no. 20 16 57 15.  The annual financial statements for Semikron Danfoss Holding A/S are included in the consolidated financial statements for Bitten & Mads Clausen's Foundation. Bitten & Mads Clausen's Foundation, Nordborgvej 81, 6430 Nordborg, CVR no. 41 81 56 12. Danfoss A/S 9 Subsequent events No significant events have occurred after the balance sheet date that are deemed to have a significant impact on the assessment of the annual report. Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31