38330284 2025-01-01 2025-12-31 38330284 2025-01-01 2025-12-31 auditor_1 38330284 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 38330284 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 38330284 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 38330284 2025-01-01 2025-12-31 memberOfBoardIdentifier_3 38330284 2024-01-01 2024-12-31 38330284 2023-01-01 2023-12-31 38330284 2022-01-01 2022-12-31 38330284 2021-01-01 2021-12-31 38330284 2025-12-31 38330284 2024-12-31 38330284 2023-12-31 38330284 2022-12-31 38330284 2021-12-31 38330284 2024-12-31 fsa:ContributedCapitalMember 38330284 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 38330284 2024-12-31 fsa:ReserveForCurrentValueOfHedgingMember 38330284 2024-12-31 fsa:RetainedEarningsMember 38330284 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 38330284 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38330284 2025-01-01 2025-12-31 fsa:ReserveForCurrentValueOfHedgingMember 38330284 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 38330284 2025-12-31 fsa:ContributedCapitalMember 38330284 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38330284 2025-12-31 fsa:ReserveForCurrentValueOfHedgingMember 38330284 2025-12-31 fsa:RetainedEarningsMember 38330284 2024-12-31 fsa:CompletedDevelopmentProjectsMember 38330284 2024-12-31 fsa:AcquiredIntangibleAssetsMember 38330284 2024-12-31 fsa:GoodwillMember 38330284 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38330284 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 38330284 2025-01-01 2025-12-31 fsa:AcquiredIntangibleAssetsMember 38330284 2025-01-01 2025-12-31 fsa:GoodwillMember 38330284 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38330284 2025-12-31 fsa:CompletedDevelopmentProjectsMember 38330284 2025-12-31 fsa:AcquiredIntangibleAssetsMember 38330284 2025-12-31 fsa:GoodwillMember 38330284 2025-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38330284 2024-12-31 fsa:LandAndBuildingsMember 38330284 2024-12-31 fsa:PlantAndMachineryMember 38330284 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38330284 2024-12-31 fsa:LeaseholdImprovementsMember 38330284 2025-01-01 2025-12-31 fsa:LandAndBuildingsMember 38330284 2025-01-01 2025-12-31 fsa:PlantAndMachineryMember 38330284 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38330284 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 38330284 2025-12-31 fsa:LandAndBuildingsMember 38330284 2025-12-31 fsa:PlantAndMachineryMember 38330284 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38330284 2025-12-31 fsa:LeaseholdImprovementsMember 38330284 2025-12-31 fsa:LandAndBuildingsMember fsa:LeasedAssetsMember 38330284 2025-12-31 fsa:PlantAndMachineryMember fsa:LeasedAssetsMember 38330284 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember fsa:LeasedAssetsMember 38330284 2025-12-31 fsa:LeaseholdImprovementsMember fsa:LeasedAssetsMember 38330284 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 38330284 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 38330284 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 38330284 2025-12-31 fsa:LongtermMortgageLoansMember 38330284 2024-12-31 fsa:LongtermMortgageLoansMember 38330284 2025-12-31 fsa:LongtermLeaseCommitmentsMember 38330284 2024-12-31 fsa:LongtermLeaseCommitmentsMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-06-30 38330284 2026-06-30 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 true Annual report Klaus Beyer Nielsen The Board of Directors and the Executive Board have today discussed and approved the annual report for DSI Dantech 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 assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Aalborg 2026-06-30 Henrik Ziegler CEO Klaus Beyer Nielsen Chairman Henrik Ziegler Martin Jørgen Flaga Independent auditor's report To the shareholder of DSI Dantech A/S Opinion We have audited the financial statements of DSI Dantech A/S for the financial year 1 January - 31 December 2025, comprising 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 Company's assets, liabilities and financial position 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 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's responsibility for the financial statementsManagement 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 that 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 statementsOur 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 the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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.plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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 significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement 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 Statement Act. We did not identify any material misstatement of the Management's review. Aalborg 2026-06-30 KPMG 25578198 Steffen S. Hansen State Authorised Public Accountant mne32737 DSI Dantech A/S Speditørvej 1 DK-9000 Aalborg 38330284 2017-01-06 Aalborg 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Østre Havnegade 22D 9000 Aalborg 25578198 81759000 63625000 73553000 23152000 44888000 25315000 16218000 28580000 -18227000 13245000 -283000 3967000 -2197000 97000 13000 18566000 15758000 19227000 -14141000 10628000 344739000 133885000 124091000 130365000 109957000 391000 692000 9548000 6266000 1282000 66538000 26120000 10362000 -8865000 14477000 3760 4920 17320 -1520 1340 12170 11860 10620 8640 10930 4010 8640 256870 -5040 4520 1930 1950 840 -680 1320 60000 66000 62000 65000 47000 The financial ratios have been calculated as follows:Return on invested capitalProfit/loss before financial income and expenses x 100 / Average invested capitalInvested capitalOperational intangible assets and property, plant and equipment as well as net working capitalCurrent ratioCurrent assets x 100 / Current liabilitiesReturn on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities The Company's activities are development, production and sale of freezers within the global food and feed industry. After restructuring of the Group, the Company's activities also include development, production and sale of plate freezers and production and sale of complete handling lines and palletizing facilities for frozen blocks within the global food and feed industry which supplements the Company's development, production and sale of plate freezers. Significant changes in the Company's activities and financial position During the year, the Company was merged with its Parent Company, and at the end of the year, activities from DSI Dantech Dybvad were contributed, which increased equity significantly. Development in activities and financial position Profit for the year (including comparison with outlook previously announced) The Company's income statement for 2025 shows a profit of DKK 18,566 thousand as against a profit of DKK 15,758 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 66,538 thousand as against DKK 26,120 thousand at 31 December 2024. The financial year was in line with forecast, and results for the year are considered satisfactory. During 2025, the Company's cash flows were strengthened as a result of its financial performance. The Company has a significant outstanding from group entities, mainly relating to projects recognised as receivable in group entity. On that basis, Management considers current cash resources sufficient. Outlook At the outset of 2026, the Company has a strong order backlog and a healthy pipeline of potential projects. However, uncertainty in the global business environment is still high, especially due to the political situation in USA, which is an important market for the DSI Dantech Group, and we still experience high volatility in order intake. Based on the initiatives taken in 2025, Management expects an increase in profitability for 2026 with reported EBT expected to be in the range of DKK 40-50 million. Research and development activities The Company continues to invest in both the development of new products and the ongoing enhancement of its existing product portfolio. These activities are driven by internally generated innovation as well as insights and feedback from customers and markets, ensuring that the Company remains responsive to evolving market demands and customer expectations. During 2025, the Company successfully initiated several development projects and, through the acquisition of GEA’s North American freezer business, integrated new technologies into its product portfolio, further strengthening its product offering and technological capabilities. During the year, the Company commenced the capitalisation of development costs in accordance with the accounting policies applicable to its reporting framework. Development expenditures are capitalised when they relate to projects with demonstrable future economic benefits. Capitalised costs comprise directly attributable expenses, including staff costs supported by time registration and other relevant project-specific expenditures. Based on the progress of its ongoing development initiatives, the Company expects to introduce a number of new products and solutions to the market during 2026, supporting its continued growth and innovation strategy. Financial instruments The Company's goals and policies for management of financial risks The principal risks facing the Company pertain to the execution of projects at sustainable and profitable margins. To address these risks, the Group has further strengthened the project approval process and execution frameworks designed to identify and mitigate potential challenges at an early stage. The Board of Directors and Executive Board continuously assess the Group’s capital structure to ensure alignment with strategic objectives and to support long-term, sustainable economic growth. The Group’s financing is derived from a combination of equity capital and external sources, including acquisition loans, overdraft facilities, and supplier credit arrangements. Interest rate and maturity risks are assessed on an ongoing basis to ensure they remain appropriate for both the Company and the Group. Exposure to foreign exchange and credit risks arising from commercial operations is either naturally hedged or hedged with forward contracts as stipulated in the company´s hedging guideline, which was requested implemented by the Board of Directors during 2025. The Group is primarily exposed to the USD. The Group does not engage in speculative foreign exchange transactions. As part of the hedging of recognised and unrecognised transactions, the Company makes use of hedging instruments such as forward currency exchange contracts in USD. The Company hedges forecast currency risks relating to the milestones from actual project sales within the coming year using forward exchange contracts. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2025. 81759000 63625000 51577000 42443000 4867000 4964000 25315000 16218000 1040000 258000 4215000 4087000 5538000 378000 25032000 20185000 6466000 4427000 18566000 15758000 3789000 2134000 1669000 0 2275000 400000 7595000 0 15328000 2534000 9313000 0 5395000 0 8970000 7663000 7883000 9634000 31561000 17297000 0 12378000 3572000 2830000 3572000 15208000 50461000 35039000 18673000 9311000 9342000 722000 132000 0 28147000 10033000 40934000 23082000 43273000 18706000 142033000 32525000 0 2400000 11053000 1681000 2081000 66000 239374000 78460000 26757000 10353000 294278000 98846000 344739000 133885000 501000 500000 2955000 1665000 -143000 0 63225000 23955000 66538000 26120000 33164000 21774000 2177000 2451000 35341000 24225000 859000 0 106000 194000 965000 194000 388000 0 14582000 0 116413000 42511000 42110000 5420000 26635000 23616000 88000 113000 41679000 11686000 241895000 83346000 242860000 83540000 344739000 133885000 500000 1665000 0 23697000 1000 2247000 0 20005000 0 -957000 0 19523000 0 0 41000 0 0 0 -184000 0 501000 2955000 -143000 63225000 The annual report of DSI Dantech A/S for 2025 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement and balance sheet. The reclassifications have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of DSI Dantech A/S and group entities are included in the consolidated financial statements of Freeze HoldCo ApS, 9352 Dybvad, CVR no. 38606131. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Freeze HoldCo ApS. Business combinations The book value method is applied to business combinations such as the acquisition and disposal of equity investments, mergers, demergers, contribution of assets, share exchanges, etc., between entities controlled by the Parent Company. The business combination is considered completed at the date of acquisition, and comparative figures are not restated. The two entities are combined at book values, and no goodwill is recognised. Differences between the agreed consideration and the carrying amount of the net assets of the acquired entity is recognised directly in equity.In relation to vertical and reverse vertical intragroup mergers, the group method is used to combine the entities. This will allow the entities to be combined at the carrying amounts of assets and liabilities as they are stated in the consolidated financial statements or would have been stated in the consolidated financial statements of the parent company included in the merger, as if consolidated financial statements had been prepared. The group method is used even though the entities have been combined from the date when the parent company acquired equity investments in the entities comprised by the merger, and therefore comparative figures are restated. Foreign currency translation On initial recognition, 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 the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Derivative financial instruments On initial recognition, derivative financial instruments are recognised at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are recognised as other receivables and other payables, respectively. Changes in the fair value of derivative financial instruments designated as or qualifying for recognition as a fair value hedge of a recognised asset or liability are recognised in the income statement together with changes in the fair value of the hedged asset or liability. Changes in the fair value of derivative financial instruments designated as or qualifying for recognition as a hedge of future transactions are recognised as other receivables or other payables and in equity until the realisation of the hedged transactions. If the future transaction results in the recognition of assets or liabilities, amounts that were previously recognised in equity are transferred to the cost of the assets or liabilities. If the future transaction results in income or costs, amounts that were previously recognised in equity are transferred to the income statement for the period when the hedged item affects the income statement. For derivative financial instruments not qualifying for treatment as hedging instruments, changes in fair value are recognised in the income statement on an ongoing basis. Changes in the fair value of derivative financial instruments used for hedging of net investments in separate foreign subsidiaries or participating interests (including associates) are recognised directly in equity. Revenue The Company has chosen IAS 11/ IAS 18 as the basis for interpretation of revenue recognition.Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. Income from contract work in progress involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contractwork performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably. Where income from contract work in progress cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs include the year's costs relating to the Company's core activities, including costs relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Income from equity investments in subsidiaries and participating interests (including associates) The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the Parent Company's income statement after elimination of a proportionate share of intra-group gains/losses and amortisation of goodwill. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g., from group entities, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. Tax on profit for the year Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/ loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/ loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Intangible assets Development projects Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well development costs. Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Upon completion of development work, development costs are amortised on a straight-line basis over the estimated useful lives. The amortisation period is usually 5 years. Patents, licences and trademarks Intangible assets are measured at cost less accumulated amortisation and impairment losses. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Goodwill Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The maximum amortisation period is between 10 and 15 years and longest for strategically acquired entities with a strong market position and long-term earnings profile. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. The amortisation period is fixed on the basis of the expected repayment horizon and is longest for strategically acquired entities with strong market positions and long-term earnings profiles. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use.The cost of self-constructed assets includes the cost of direct materials and labour, etc. directly used in the production process and a portion of the relating production overheads.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The expected useful lives of the assets are as follows:Fixtures and fittings, tools and equipment3-10 yearsLeasehold improve­ments3-20 yearsLand is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are accounted for as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Financial assets Equity investments in subsidiaries and participating interests (including associates) are measured at the proportionate share of the entities' net asset value calculated in accordance with the Parent Company's accounting policies plus or minus unrealised intra-group gains or losses and plus or minus the residual value of positive and negative goodwill calculated in accordance with the acquisition method. Equity investments in subsidiaries and participating interests (including associates) with negative net asset values are measured at DKK 0, and any receivables from these entities are written down to the extent that the receivables are deemed irrecoverable. To the extent that the Parent Company has a legal or constructive obligation to cover a negative balance exceeding the receivable, the residual amount is recognised as provisions. Other receivables and deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is assessed for impairment on an annual basis Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised write-downs are reversed when the basis for the write-down no longer exists. Write-down of goodwill is not reversed. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs. The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct labour and indirect production overheads. Indirect production overheads include the indirect cost of material and labour as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the sales price. ReceivablesReceivables are measured at amortised cost.The Company has chosen IAS 39 as the basis for interpretation of impairment of financial receivables.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Contract work in progress Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract. Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser. Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement. The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured according to the 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 temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/ loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Prepayments Prepayments comprise prepaid expenses regarding subsequent years. EquityReserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividends or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.Dividends Dividends proposed for the year are recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Warranty commitments include expenses for remedial action in respect of the contract work within the warranty period of 1-2 years. Provisions for warranty commitments are measured at net realisable value and recognised based on past experience. Liabilities other than provisionsFinancial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, 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.Lease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease.Other liabilities are measured at net realisable value. 44701000 36683000 5058000 5054000 1818000 706000 60 66 The Company's Executive Board received remuneration totaling DKK 3,362 thousand (2024: DKK 1,501 thousand). The remuneration was incurred through management fee. -4099000 -2000000 -116000 -77000 0 -2010000 367000 378000 5171000 0 -957000 0 19523000 15758000 6695000 0 2000000 0 2882000 1669000 2075000 0 0 0 0 7595000 9577000 1669000 4075000 7595000 -4561000 0 -1600000 0 -1227000 0 -200000 0 -5788000 0 -1800000 0 3789000 1669000 2275000 7595000 Completed development projects Completed development projects include the Company’s development of new freezer functions, features and handling system with a carrying amount of DKK 3,789 thousand. In Management's opinion, development progressed as planned. The features were completed and rolled out in 2020-23 and are amortised over 5 years.Development projects in progress During 2025, the Company successfully initiated several development projects and, through the acquisition of GEA’s North American freezer business, integrated new technologies into its product portfolio, further strengthening its product offering and technological capabilities. Development projects in progress comprise development of "AeroFreeze"-related technology to further develop, industrialize, and integrate the technology into DSI’s operational and commercial platform, "Direct Drive" -related technology to integrate into DSI spiral freezer and "Sequential Defrost" functionality to integrate into DSI cooling and freezing systems The projects are expected to be completed in 2026 where considerable economic benefits in the form of project are expected supported by order backlog and pipeline. 0 0 18590000 15973000 9313000 5395000 2527000 89000 0 0 391000 0 9313000 5395000 21508000 16062000 0 0 -10927000 -6339000 0 0 -1611000 -1840000 0 0 -12538000 -8179000 9313000 5395000 8970000 7883000 0 0 195000 0 12378000 -12378000 0 0 1040000 -1040000 0 0 512386000 263065000 -585526000 -286870000 43273000 18706000 116413000 42511000 Receivables from group entities include DKK 44.8 million from the Parent Company, which are not not expected to be paid during 2026. Prepayment2,08166 Prepayments include accrual of expenses relating to subsequent financial years, including insurance policies, subscriptions and trade fair costs, etc. Contributed capital consists of:A shares, 501,000 shares of nom. DKK 1 each. 21774000 20569000 5322000 1205000 6109000 0 -41000 0 DKK'00020252024 Other provisions at 1 January 2,4512,196 Used during the year -2,385-3,427 Provisions for the year 2,1113,682 Other provisions at 31 December 2,177 2,451 388000 0 859000 0 88000 113000 106000 194000 965000 194000 476000 113000 Contingent liabilities, including guarantee commitments The Company is a party to a few pending claims. In Management's opinion, apart from the liabilities recognised in the balance sheet at 31 December 2025, the outcome of the disputes will not affect the Company's financial position. The Company is jointly taxed with its Parent Company, Freeze HoldCo ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for the payment of income taxes as well as withholding taxes on interest, royalties and dividends. Other commitments, including lease obligations The Company has entered into other liabilities, including operating leases with a remaining term of 1-9 years and an average monthly payment of DKK 563 thousand, totaling DKK 58,945 thousand. DKK'00031/12 202531/12 2024Rental 58,654 62,575Other 291 4858,94562,623 Through credit institutions, the Company has provided guarantees of DKK 44,246 thousand as well as ordinary warranty for work performed. The Company has provided a company charge of DKK 5,500 thousand to credit institutions. At 31 December 2025, the company charge comprises goodwill, property, plant and equipment, inventories and receivables with a carrying amount of approx. DKK 154,000 thousand. Land and buildings with a carrying amount of DKK 9,313 thousand at 31 December 2025 have been provided as collateral for debt to mortgage credit institutions, totalling DKK 1,246 thousand. As collateral for bank debt, the Company has issued owner's mortgages of DKK 4,000 thousand, providing collateral in land and buildings. As part of the hedging of recognised and unrecognised transactions, DSI makes use of hedging instruments such as forward currency exchange contracts in USD. The Company hedges forecast currency risks relating to the milestones from actual project sales within the coming year using forward exchange contracts. The consolidated financial statements of Freeze HoldCo ApS can be obtained by contacting the company. In addition to the above Parent Company, DSI Dantech A/S' related parties furthermore comprise affiliated companies controlled by the above Parent Company and their Executive Boards and Boards of Directors as well as their close family members and controlled companies. Related party transactions DKK'0002025 Sale of goods to group entities 18,842 Purchase of goods and services from group entities -93,529 Management fee expense -20,780 Interest income from group entities 4,099 Shares in subsidiaries sold to the Parent Company 13,418 Activity obtained through capital increase from the Parent Company 10,720 No events have occurred after the balance sheet date to this date that would influence the assessment and evaluation of this annual report in any material way.