30193652 2025-01-01 2025-12-31 30193652 2025-01-01 2025-12-31 1 30193652 2025-01-01 2025-12-31 0 30193652 2025-01-01 2025-12-31 0 30193652 2025-01-01 2025-12-31 1 30193652 2025-01-01 2025-12-31 2 30193652 2025-01-01 2025-12-31 3 30193652 2025-01-01 2025-12-31 2 30193652 2025-01-01 2025-12-31 3 30193652 2024-01-01 2024-12-31 30193652 2025-12-31 30193652 2024-12-31 30193652 2025-01-01 fsa:ContributedCapitalMember 30193652 2025-01-01 fsa:RetainedEarningsMember 30193652 2025-01-01 30193652 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 30193652 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 30193652 2025-12-31 fsa:ContributedCapitalMember 30193652 2025-12-31 fsa:RetainedEarningsMember 30193652 2025-01-01 2025-12-31 0 30193652 2024-01-01 2024-12-31 0 iso4217:DKK Annual report 2026-06-22 Henrik Lenskjold INROTECH A/S C.F. Tietgens Boulevard 26 5220 Odense SØ 30193652 2025-01-01 2025-12-31 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3, 3 1 5230 Odense M DK Denmark 30700228 1014142181 <p xmlns="http://www.w3.org/1999/xhtml">The Executive Board and Board of Directors have today considered and adopted the Annual Report of INROTECH A/S for the financial year 1 January - 31 December 2025.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Annual Report is prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">We recommend that the Annual Report be adopted at the Annual General Meeting.</p> Odense SØ 2026-06-22 Henrik Lenskjold Jörg Müller Marta di Benedetto Justin David Percio Chairman Robert Francis Mayo Independent auditor’s report To the shareholders of INROTECH A/S Opinion We have audited the financial statements of INROTECH 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. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the 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. 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 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. 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance 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 assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements. As part of an audit conducted in accordance with ISAs and 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 note 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. Management is responsible for the Management'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 otherwise 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 Statements Act. We did not identify any material misstatement of the Management's review. Odense 2026-06-22 EY Godkendt Revisionspartnerselskab 30700228 Brian Skovhus Jakobsen mne27701 State Authorised Public Accountant EY Godkendt Revisionspartnerselskab 30700228 Kasper Hartvig Kortegaard mne47798 State Authorised Public Accountant <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Key activities</strong> <br/> The primary activity of INROTECH A/S is to develop and implement welding robots with unique software for Heavy Fabrication with main focus on shipbuilding and renewable industry.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Development in the year</strong> <br/> 2025 has been the first full year under the ownership of Lincoln Electric. <br/> Lincoln Electric is a world leader within the welding business, with headquarters in Cleveland Ohio, USA.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The focus for 2025 has been standardization of standard products for scaling up for global sales, with the main focus on the North American market. The geopolitical situation has slowed down the decision-making process.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The income statement of the Company for 2025 shows a loss of DKK 10.412.239, and at 31 December 2025 the balance sheet of the Company shows a positive equity of DKK 26.360.595. <br/> 2025 shows a positive increase in primary business</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The development in 2025 revenue is not satisfactory. <br/> <br/> <strong>Subsequent events</strong> <br/> No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</p> The annual report has been prepared in accordance with the regulation applying to Reporting class B.<br xmlns="http://www.w3.org/1999/xhtml"/>There have been options of certain rules in reporting class C.<br xmlns="http://www.w3.org/1999/xhtml"/> Reporting class B <p xmlns="http://www.w3.org/1999/xhtml">The accounting policies applied remain unchanged from last year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Financial Statements for 2025 are presented in DKK.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Recognition and measurement</strong> <br/> Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognized in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. <br/> <br/> <strong>Leases</strong> <br/> The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognized in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". <br/> <br/> <strong>Translation policies</strong> <br/> Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognized directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognized in financial income and expenses in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Fixed assets acquired in foreign currencies are measured at the transaction date rates. <br/> <br/> <strong>Public grants</strong> <br/> Grants to cover expenses are recognised in the income statement when it is deemed likely that all grant criteria have been met. Grants which must be repaid under certain circumstances are recognised only where they are not expected to be repaid.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Grants to acquire assets are recognised as a cut off item and are taken to income as the asset to which the grant relates is amortised.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Changes in the fair values of derivative financial instruments are recognized in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Income statement</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Revenue</strong> <br/> The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Revenue from the sale of goods is recognized when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Contract work in progress (construction contracts) is recognized at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Services are recognized at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. </p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Revenue is measured at the consideration received and is recognized exclusive of VAT and net of discounts relating to sales. <br/> <br/> <strong>Expenses for raw materials and consumables</strong> <br/> Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. <br/> <br/> <strong>Other external expenses</strong> <br/> Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Gross profit</strong> <br/> With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognized in assets, other operating income, expenses for raw materials and consumables and other external expenses. <br/> <br/> <strong>Staff expenses</strong> <br/> Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. <br/> <br/> <strong>Amortisation, depreciation and impairment losses</strong> <br/> Amortization, depreciation and impairment losses comprise amortization, depreciation and impairment of intangible assets and property, plant and equipment. <br/> <br/> <strong>Other operating income and expenses</strong> <br/> Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Financial income and expenses</strong> <br/> Financial income and expenses are recognized in the income statement at the amounts relating to the financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Tax on profit/loss for the year</strong> <br/> Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognized in the income statement, whereas the tax attributable to equity transactions is recognized directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Balance sheet</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Intangible fixed assets</strong> <br/>  </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong> <em>Development projects</em></strong> <br/> Costs of development projects comprise salaries, amortization and other expenses directly or indirectly attributable to the Company’s development activities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognized as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Development projects that do not meet the criteria for recognition in the balance sheet are recognized as expenses in the income statement as incurred.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Capitalized development costs are measured at cost less accumulated amortization and impairment losses or at a lower recoverable amount. An amount corresponding to the recognized development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognized in financial years beginning on or after 1 January 2016. The reserve is reduced by amortization of and impairment losses on the development projects on a continuing basis.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> As of the date of completion, capitalized development costs are amortized on a straight-line basis over the period of the expected economic benefit from the development work. The amortization period is 5 year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Property, plant and equipment</strong> <br/> Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:</p> <ul xmlns="http://www.w3.org/1999/xhtml"> <li>Other fixtures and fittings, tools and equipment 3-5 years</li> <li>Leasehold improvements 5 years</li> </ul> <p xmlns="http://www.w3.org/1999/xhtml">The fixed assets’ residual values are determined at nil.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Depreciation period and residual value are reassessed annually.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Impairment of fixed assets</strong> <br/> The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortization and depreciation.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> If so, the asset is written down to its lower recoverable amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Other fixed asset investments</strong> <br/> Other fixed asset investments consist of deposits.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Inventories</strong> <br/> Inventories are measured at the lower of cost under the FIFO method and net realizable value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The net realizable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The net realizable value is determined allowing for marketability, obsolescence and development in expected selling price.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The cost of goods for resale equals landed cost.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Receivables</strong> <br/> The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which corresponds to nominal value less provisions for bad debts.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Contract work in progress</strong> <br/> Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognized as an expense in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realizable value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Expenses relating to sales work and the winning of contracts are recognized in the income statement as incurred.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Prepayments</strong> <br/> Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. <br/> <br/> <strong>Equity</strong> <br/> <strong> <em>Reserve for development costs</em></strong> <br/> Reserve for development costs comprise development costs after tax, which are capitalized as intangible assets. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved when the recognized development costs are amortized or no longer part of the Company's operations. This is done by a transfer directly to the distributable reserves under equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Provisions</strong> <br/> Provisions are recognized when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognized based on experience with guarantee work.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Deferred tax assets and liabilities</strong> <br/> Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallize as current tax. Any changes in deferred tax due to changes to tax rates are recognized in the income statement or in equity if the deferred tax relates to items recognized in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Current tax receivables and liabilities</strong> <br/> Current tax liabilities and receivables are recognized in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognized in the income statement in financial income and expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Financial liabilities</strong> <br/> The Company has chosen IAS 39 as interpretation for liabilities.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Other debts are measured at amortized cost, substantially corresponding to nominal value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The frozen holiday allowance liability, which comprises frozen holiday funds, is measured at net realizable value, including indexation. Indexation is recognized in the income statement as interest expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Deferred income</strong> <br/> Deferred income comprises payments received in respect of income in subsequent years.</p> 17346578 42877326 28036010 30120780 379896 3058755 -11069328 9697791 829843 393059 172754 544266 -10412239 9546584 0 3711955 -10412239 5834629 -10412239 5834629 -10412239 5834629 1348833 239205 43170 0 1392003 239205 559194 542949 559194 542949 1951197 782154 8474460 11352846 8474460 11352846 1770408 4188795 1555576 2275217 22071414 31752132 3974410 562077 314803 539872 29686611 39318093 1746134 3683970 39907205 54354909 41858402 55137063 742069 742069 25618526 36030765 26360595 36772834 251024 151020 251024 151020 851262 2532904 5309192 5650749 347274 1157653 162850 41835 0 2208862 7989205 5935706 587000 685500 15246783 18213209 15246783 18213209 41858402 55137063 742069 36030765 36772834 0 -10412239 -10412239 742069 25618526 26360595 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Wages and salaries</td> <td style="text-align: right;">25,376,570</td> <td style="text-align: right;">27,063,313</td> </tr> <tr> <td>Pensions</td> <td style="text-align: right;">1,864,827</td> <td style="text-align: right;">1,858,384</td> </tr> <tr> <td>Other social security expenses</td> <td style="text-align: right;">288,788</td> <td style="text-align: right;">286,798</td> </tr> <tr> <td>Other staff expenses</td> <td style="text-align: right;"> <p>505,825</p> </td> <td style="text-align: right;">912,285</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">28,036,010</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">30,120,780</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Interest received from group enterprises</td> <td style="text-align: right;">761,910</td> <td style="text-align: right;">266,943</td> </tr> <tr> <td>Other financial income</td> <td style="text-align: right;">67,933</td> <td style="text-align: right;">126,116</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">829,843</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">393,059</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025.</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Interest paid to group enterprises</td> <td style="text-align: right;">0</td> <td style="text-align: right;">100,630</td> </tr> <tr> <td>Other financial expenses</td> <td style="text-align: right;">172,754</td> <td style="text-align: right;">443,636</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">172,754</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">544,266</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Current tax for the year</td> <td style="text-align: right;">0</td> <td style="text-align: right;">2,208,862</td> </tr> <tr> <td>Deferred tax for the year</td> <td style="text-align: right;">0</td> <td style="text-align: right;">1,208,460</td> </tr> <tr> <td>Adjustment of tax concerning previous years</td> <td style="text-align: right;">0</td> <td style="text-align: right;">294,633</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">0</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">3,711,955</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2025</th> <th class="col4 lastyear">2024</th> </tr> <tr class="header2"> <th class="col1"/> <th class="col2"/> <th class="col3"> DKK </th> <th class="col4 lastyear"> DKK </th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Other Income - Gain from sales of development projects </span> </td> <td class="col2"> </td> <td class="col3"> 0 </td> <td class="col4 lastyear"> 44,667,508 </td> </tr> <tr style="display: none"> <td colspan="4"/> </tr> </tbody> </table> Other Income - Gain from sales of development projects 0 44667508 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Selling price of work in progress</td> <td style="text-align: right;">19,286,097</td> <td style="text-align: right;">21,549,812</td> </tr> <tr> <td>Payments received on account</td> <td style="text-align: right;">-23,039,713</td> <td style="text-align: right;">-24,925,344</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">-3,753,616</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">-3,375,532</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> </tr> </thead> <tbody> <tr> <td>Recognised in the balance sheet as follows:</td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td>Contract work in progress recognised in assets</td> <td style="text-align: right;">1,555,576</td> <td style="text-align: right;">2,275,217</td> </tr> <tr> <td>Contract work in progress recognised in payables</td> <td style="text-align: right;">-5,309,192</td> <td style="text-align: right;">-5,650,749</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">-3,753,616</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">-3,375,532</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company provides warranties on some of its products and is therefrore obliged to repair or replace goods which are not satisfactory. Based on previos experience in respect of the level of repairs and returns, other provisions of TDKK 251 (2024: TDKK 151) have been recognised for expected warranty claims.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td>Other provisions</td> <td style="text-align: right;">251,024</td> <td style="text-align: right;">151,020</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">251,024</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">151,020</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> </tr> </thead> <tbody> <tr> <td>The provisions are expected to mature as follows:</td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td>Within 1 year</td> <td style="text-align: right;">251,024</td> <td style="text-align: right;">151,020</td> </tr> <tr> <td>After 5 years</td> <td style="text-align: right;">0</td> <td style="text-align: right;">0</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">251,024</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">151,020</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt none;width: 55.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2025</th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;">2024</th> </tr> <tr> <th style="text-align: left;"> <strong>Contingent assets, liabilities and other financial obligations</strong> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">DKK</th> </tr> </thead> <tbody> <tr> <td colspan="3"> <p> <strong>Contingent assets</strong></p> <p>The Company has a deferred tax asset of TDKK 6.066 as of 31 December 2025. <br/> The amount has not been recognised in the balance sheet as there is uncertainty about the timing of its utilisation.</p> </td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <thead> <tr> <th style="border: 0.0pt;text-align: left;width: 55.0%;"> <p> <strong>Rental and lease obligations</strong></p> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> <th style="border: 0.0pt none;font-weight: bold;text-align: right;width: 15.0%;"> </th> </tr> </thead> <tbody> <tr> <td>Lease obligations under operating leases. <br/> Total future lease payments:</td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td>Within 1 year</td> <td style="text-align: right;">1,137,824</td> <td style="text-align: right;">1,299,006</td> </tr> <tr> <td>Between 1 and 5 years</td> <td style="text-align: right;">231,137</td> <td style="text-align: right;">672,982</td> </tr> <tr> <td style="font-weight: bold;"> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">1,368,961</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">1,971,988</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has, as part of its normal course of business, entered into customary executory contracts. <br/> Payment guarantees amounting to DKK 5,1 thousand have been issued by Danske Bank. It expires at the end of March 2026.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0.0pt none;width: 650.0px;"> <tbody> <tr> <td colspan="2"> <strong>Related parties and disclosure of consolidated financial statements</strong> </td> </tr> <tr> <td colspan="2"> <strong>Consolidated Financial Statements</strong> </td> </tr> <tr> <td colspan="2"> <p>The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:</p> <p> </p> </td> </tr> <tr> <td> <strong>Name   </strong>                                                                       </td> <td> <strong>Place of registered office</strong> </td> </tr> <tr> <td>Lincoln Electric Europe B.V.</td> <td>Netherlands</td> </tr> <tr> <td>Lincoln Electric Holdings, Inc. Ohio</td> <td>United States of America</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2025</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 36 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 36 false false true true Erhvervsstyrelsen Regnskab Basis 2024-12-31 2024-01-01 Independent Auditor’s Report false false false false Lone Østergaard Isgårdsvej 6 5000 Odense C