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2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 45349918 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 45349918 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 45349918 2024-01-01 2024-12-31 cmn:ConsolidatedMember 5 45349918 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 45349918 2024-01-01 2024-12-31 cmn:ConsolidatedMember 7 45349918 2025-01-01 2025-12-31 cmn:ConsolidatedMember 6 45349918 2024-01-01 2024-12-31 cmn:ConsolidatedMember 9 45349918 2025-01-01 2025-12-31 cmn:ConsolidatedMember 8 45349918 2023-12-31 cmn:ConsolidatedMember xbrli:pure iso4217:EUR Regnskabsklasse C, stor virksomhed 2025-01-01 1963-01-01 true Annual report 30700228 EY Godkendt revisionspartneselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1524.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 3.1 -4.6 28 2 8 29.9 7.3 5.5 30.5 5.8 -9.8 31.2 6.9 -7.5 35.1 1.8 0.3 5.7 5.6 3.5 1.7 0.3 5.9 5.9 3.1 Statement by the Management Today, the Managing Board and the Board of Directors   have discussed and approved the annual report of   ECCO Sko A/S for the financial year 1 January - 31  December 2025.   We recommend that the annual report be approved   at the Annual General Meeting.   The annual report has been prepared in accord-  ance with the Danish Financial Statements Act.   Bredebro 2026-03-18 In our opinion, the consolidated financial statements   and the Parent Company financial statements give a   true and fair view of the financial position of the Group   and the Parent Company at 31 December 2025, and of   the results of the Group’s and the Parent Company’s   operations and the consolidated cashflows 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.   2025-12-31 Thomas Gøgsig Chief Executive Officer Marco Bossen Chief Financial Officer Casper Gram Hvejsel Chief Commercial Officer Hanni Toosbuy Henrik Ottosen Karen Frøsig Vice Chairman Chairman Vice Chairman André Toosbuy Kasprzak Anna Toosbuy Rasch Member, Board of Directors Member, Board of Directors Vivi Okholm Employee Representative Ib Overgaard Employee Representative Hanne Zimmermann Employee Representative Independent Auditor’s Report TO THE SHAREHOLDERS OF ECCO SKO A/S OPINION   We have audited the consolidated financial statements   and the parent company financial statements of   ECCO Sko A/S for the financial year 1 January – 31   December 2025, which comprise income statement,   balance sheet, statement of changes in equity and   notes, including accounting policies, for the Group   and the Parent Company, and a consolidated cashflow   statement. The consolidated financial statements and   the parent company financial statements are prepared   in accordance with the Danish Financial Statements   Act.   In our opinion, the consolidated financial statements   and the parent company financial statements give a   true and fair view of the financial position of the Group   and the Parent Company at 31 December 2025 and of   the results of the Group’s and the Parent Company’s   operations as well as the consolidated cashflows for   the financial year 1 January – 31 December 2025 in   accordance with the Danish Financial Statements Act.   AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF   THE FINANCIAL STATEMENTS   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 Group’s and the Parent   Company’s internal control.   • Evaluate the appropriateness of accounting   policies used and the reasonableness of accounting   estimates and related disclosures made by   Management.   Conclude on the appropriateness of Management’s   use of the going concern basis of accounting in   preparing the financial statements and, based on   the audit evidence obtained, whether a material   uncertainty exists related to events or conditions   that may cast significant doubt on the Group’s   and the Parent Company’s ability to continue as   a going concern. If we conclude that a material   uncertainty exists, we are required to draw attention   in our auditor’s report to the related disclosures in   the financial 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 Group and the Parent   Company to cease to continue as a going concern.   • Evaluate the overall presentation, structure, and   contents of the financial statements, including   the note disclosures, and whether the financial   statements represent the underlying transactions   and events in a manner that gives a true and fair   view.   • Plan and perform the group audit to obtain   sufficient appropriate audit evidence regarding   the financial information of the entities or business   units within the group as a basis for forming an   opinion on the group financial statements and   the parent company financial statements. We are   responsible for the direction, supervision and review   of the audit work performed for purposes of the   group audit. We remain solely responsible for our   audit opinion.   We communicate with those charged with governance   regarding, among other matters, the planned scope   and timing of the audit and significant audit findings,   including any significant deficiencies in internal   control that we identify during our audit.   BASIS FOR OPINION   We conducted our audit in accordance with   International Standards on Auditing (ISAs)   and additional requirements applicable in Denmark.   Our responsibilities under those standards and   requirements are further described in the ”Auditor’s   responsibilities for the audit of the consolidated   financial statements and the parent company financial   statements” (hereinafter collectively referred to as ”the   financial statements”) section of our report. We believe   that the audit evidence we have obtained is sufficient   and appropriate to provide a basis for our opinion.   INDEPENDENCE   We are independent of the Group in accordance   with the International Ethics Standards Board   for Accountants’ Code of Ethics for Professional   Accountants (IESBA Code) and additional ethical   requirements applicable in Denmark, and we have   fulfilled our other ethical responsibilities in accordance   with these requirements and the IESBA Code.   MANAGEMENT’S RESPONSIBILITIES FOR THE   FINANCIAL STATEMENTS   Management is responsible for the preparation   of consolidated financial statements and parent   company financial statements that give a true and   fair view in accordance with the Danish Financial   Statements Act and for such internal control as   Management determines is necessary to enable the   preparation of 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 Group’s   and the Parent Company’s ability to continue as a   going concern, disclosing, as applicable, matters   related to going concern and using the going   concern basis of accounting in preparing the financial   statements unless Management either intends to   liquidate the Group or the Parent Company or to   cease operations, or has no realistic alternative but   to do so.   Esbjerg 2026-03-18 EY Godkendt Revisionspartnerselskab 30700228 Morten Østergaard Koch State Authorised Public Accountant mne35420 STATEMENT ON THE MANAGEMENT’S REVIEW   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.   ECCO Sko A/S Industrivej 5 DK-6261 Bredebro, Denmark 45349918 www.ecco.com contact@ecco.com +45 74 91 16 25 Net revenue Net revenue Net revenue Net revenue Net revenue 1409831000 109446000 -65404000 -15304000 44042000 1486978000 105098000 -74941000 20535000 30157000 -25052000 5105000 1570524000 191520000 -77336000 107987000 114184000 1585780000 173185000 -80665000 89158000 1218078000 155156000 -71030000 73702000 84126000 -8326000 42832000 Profit before amortisation and depreciation Profit before amortisation and depreciation Profit before amortisation and depreciation Profit before amortisation and depreciation Profit before amortisation and depreciation Amortisation and depreciation Amortisation and depreciation Amortisation and depreciation Amortisation and depreciation Amortisation and depreciation Operating profit Operating profit Operating profit Operating profit Operating profit Profit before financials Profit before financials Profit before financials Profit before financials Profit before financials Financial income and expenses Financial income and expenses Financial income and expenses Financial income and expenses Financial income and expenses Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax 92520000 -4331000 88189000 -19263000 24779000 -24155000 90029000 Income tax Income tax Income tax Income tax Income tax -48787000 -42695000 -42994000 -39492000 -29356000 Profit for the year Profit for the year Profit for the year Profit for the year Profit for the year -24008000 -37590000 47035000 48697000 13476000 Non-current assets Non-current assets Non-current assets Non-current assets Non-current assets Current assets Current assets Current assets Current assets Current assets Total assets Total assets Total assets Total assets Total assets 369265000 1003078000 1372343000 439021000 1052451000 1491472000 463693000 1016283000 1479976000 497606000 1077193000 1574799000 542841000 876243000 1419084000 ECCO Sko A/S shareholders' share of equity ECCO Sko A/S shareholders' share of equity ECCO Sko A/S shareholders' share of equity ECCO Sko A/S shareholders' share of equity ECCO Sko A/S shareholders' share of equity Non-controlling interests Non-controlling interests Non-controlling interests Non-controlling interests Non-controlling interests Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities Current liabilities Current liabilities Current liabilities Current liabilities Current liabilities Equity and liabilities Equity and liabilities Equity and liabilities Equity and liabilities Equity and liabilities 384264000 179579000 432950000 375550000 1372343000 446452000 194236000 395703000 455081000 1491472000 451442000 195946000 489713000 342875000 1479976000 491118000 194154000 463892000 425635000 1574799000 498436000 179734000 226105000 514809000 1419084000 Cashflow from operating activities Cashflow from operating activities Cashflow from operating activities Cashflow from operating activities Cashflow from operating activities 60231000 -23320000 -29191000 46588000 -38331000 -30327000 -7562000 127541000 -43278000 -29863000 -85740000 -43096000 -75715000 -57435000 103320000 184839000 -89835000 -44328000 -36363000 Cashflow from net investing activities Cashflow from net investing activities Cashflow from net investing activities Cashflow from net investing activities Cashflow from net investing activities Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Investments in property, plant and equipment Cashflow from financing activities Cashflow from financing activities Cashflow from financing activities Cashflow from financing activities Cashflow from financing activities -40307000 Number of employees (as of 31 December) Number of employees (as of 31 December) Number of employees (as of 31 December) Number of employees (as of 31 December) Number of employees (as of 31 December) 20423 21758 22601 23753 21712 Key Ratios Profit ratio Profit ratio Profit ratio Profit ratio Profit ratio Return on assets Return on assets Return on assets Return on assets Return on assets Investment ratio Investment ratio Investment ratio Investment ratio Investment ratio 0.5 2.3 0.6 3 0.9 2.5 1.3 1.7 0.4 2.7 DEFINITIONS OF KEY RATIOS   Operating margin: Profit before financials x 100  Net revenue   Profit ratio:   Profit before tax x 100   Net revenue   Return on assets: Profit before tax x 100  Average assets   Investment ratio: Investments for the year  Amortisation and depreciation   Return on equity: Profit for the year excl, non-controlling interests x 100  ECCO Sko A/S shareholders’ share of average equity   Equity ratio:   ECCO Sko A/S shareholders’ share of equity x 100   Total assets   Liquidity ratio:   Current assets   Current liabilities   MANAGEMENT   REPORT   Following a year marked by global volatility and   strategic adaptation, ECCO closed 2025 with a   financial result that is not satisfactory. Across all   markets and channels, revenue failed to meet our   expectations.   As we entered 2025, we anticipated a challenging   year. Amid global instability and shifting consumer   expectations, we remained steadfast in executing a   strategic turnaround of ECCO, with a clear priority to   deepen relationships with customers and consumers,   while we fortify our core to build resilience and drive   operational excellence. This has guided every decision   we made throughout the year.   Consequently, we implemented critical changes   across processes and structures to strengthen our   financial flexibility and organisation, creating the   foundation necessary to achieve long-term stability.  Key priorities included reducing our cost base and   streamlining operations.   In order to optimise our production footprint, we   closed our production facility in Martin, Slovakia. Our   global manufacturing network remains strong, with   strategically located factories across multiple regions   which ensures that we continue to serve consumers   worldwide with the highest degree of consistency.   A destructive fire at ECCO Leather’s tannery in the   Netherlands prompted a comprehensive evaluation of   the future of the site. Furthermore, this event became   a catalyst for rethinking how we could build a stronger,   more sustainable leather operation moving forward.   In conclusion, ECCO Leather’s operations in Dongen,   the Netherlands will discontinue. ECCO Leather will   continue to develop and deliver premium leathers to   ECCO and selected customers from our tanneries in   Asia.   While the costs of these initiatives are reflected in our   results, the projected operational efficiencies have not   yet fully materialised. Nevertheless, these initiatives   represent critical steps towards sustainable, long-  term success and delivering enduring value to our   shareholders. We remain committed to our long-term  strategic direction and invest in our employees and   their capabilities to deliver transformative results   over time.   Despite a challenging year, we close 2025 stronger   than 2024 and enter 2026 with more streamlined   processes and stronger organisational alignment,   making us better positioned to pursue long-term  success with clarity and resilience. None of this would   be possible without the dedication and passion of our   colleagues across offices, retail stores, and production   sites. Their commitment has been instrumental   in navigating this year’s challenges and laying the   groundwork for future success.   ECCO stands for quality and comfort. Our purpose   remains clear: to offer footwear that delivers comfort,   quality, and is truly made for walking. This philosophy   continues to inspire our ambition to serve our   consumers with shoes for every walking moment.   March 2026   CEO Thomas Gøgsig   PRINCIPAL ACTIVITIES   The purpose of the company is to manufacture   footwear and accessories for sale in the wholesale   and retail businesses, to undertake other production   and trade activities as decided by the Board of   Directors, and to have ownership of subsidiaries   within product design, production, and sales.   CONSUMER VOICES   AT OUR CORE   ECCO begins and ends with our consumers. Their choices and expectations shape how we design,   communicate, and deliver experiences. Our purpose is simple: to deliver quality and comfort in   footwear made for walking, giving consumers quiet confidence in every step they take.   The essence of ECCO’s strategic turnaround is putting the consumer at the centre of everything we   do; from how we create and design new products, to how we communicate, to where we are present   in distribution, and how we serve our customers. This is our focus.   Owning our factories and tanneries and designing everything in-house gives us authenticity, speed,  and uncompromising quality control. If it is not perfect, it does not leave our hands. That is our   heritage. It ensures every product is crafted with absolute attention to quality and comfort, because   ECCO shoes are made for walking.   PARTNERSHIPS THAT SCALE   We strive to be best-in-class partners, not only to our  consumers but also to those who bring ECCO closer   to them. Delivering footwear made for walking, with   quality and comfort at its core, requires collaboration   at the highest level.   We want to build strong partnerships with our   wholesalers. Partnerships built on trust, shared   ambition, and a relentless focus on the consumer.   Together, we turn insights into action, ensuring   consumers find the right products at the right time,   wherever they choose to engage with ECCO.   These collaborations strengthen ECCO’s global reach   while helping partners optimise assortments, elevate   in-store engagement, and grow their business.  Through joint marketing initiatives and conversations   with consumers, we create experiences that inspire   confidence and loyalty. Ongoing training ensures   alignment with our brand values, while strategic   relationships open doors to new markets. When our   partners succeed, we succeed and together, we bring   ECCO closer to consumers everywhere.   Partnerships are critical for navigating complex   markets and unlocking growth. This strategic   understanding guided ECCO’s decision to enter India,   a fast-growing economy with a young, dynamic  consumer base and significant retail potential.   Together with a local partner, ECCO opened its first   store in India in 2019. ECCO continues to expand   across the country and growing the presence through   local partnerships with deep consumer and market   knowledge, enabling us to respond effectively to   market needs.   India’s scale and diversity demand cultural insight,   operational discipline, and long-term commitment.  Our partnerships with local players remain essential to   meeting consumer expectations and strengthening   ECCO’s position in India and other important growth   markets.   FIRST IMPRESSIONS MATTER   E-commerce is often the first step in a consumer’s  journey with ECCO. In 2025, we finalised the   introduction of one shared global platform for our   e-commerce solution, creating stronger internal  collaboration and ensuring the same high level of   service for consumers everywhere.   ECCO invests in digital solutions to make consumer   experiences personal, from intuitive navigation to fast,   reliable fulfilment. Omnichannel features such as   click-and-collect and online-to-offline services bridge  the gap between digital and physical, creating a   connected experience for consumers.   Driving sustainability forward, we integrate   responsible practices into e-commerce, from  packaging and logistics to ECCO PreLoved, our   re-commerce initiative piloted in Germany that invites  consumers to return used footwear to be assessed,   refreshed, and reintroduced into circulation.   IMMERSIVE BRAND EXPERIENCES   Our channels complement each other to create a   unified ECCO experience, whether online or in-store  with the added advantage of trying and feeling our   products firsthand.   An example is ECCO’s new store in Shibuya, one   of Tokyo’s most vibrant and high-traffic districts.  Designed to immerse visitors in the ECCO universe,   it reflects our commitment to connect deeply with   consumers and elevate our presence in one of the   world’s most trend-setting retail environments.  Every market teaches us something new. By listening   and responding thoughtfully, our goal is to create   experiences that feel relevant and authentic, wherever   consumers meet ECCO.   ENGAGING CONSUMERS THROUGH A REFRESHED   APPROACH   Our presence in Shibuya signals a refreshed way   of connecting with consumers. This same mindset   drives our marketing approach, where we combine   compelling storytelling and data-driven insights to  engage consumers meaningfully across every channel.   Amplifying ECCO’s brand story is a key focus for   2026. ECCO cares for any walking moment in our   consumers’ lives, and we are meeting consumers with   a renewed approach to marketing, celebrating what   ECCO stands for: footwear made for walking, crafted   with uncompromising quality and comfort.   We remain firmly focused on what ECCO does best   - quality and craftsmanship - while bringing more  energy and emotion to our brand communication   through storytelling. Every interaction is an   opportunity to listen, learn, and respond, ensuring   consumers discover the right products at the right   time, wherever they choose to engage with ECCO.   Our aim is simple: wherever consumers explore   ECCO, they experience the same promise of quality,   comfort, and emotional connection. By engaging in   conversations that matter, we strengthen trust and   deepen loyalty, making ECCO the brand consumers   choose for footwear truly made for walking.   DEVELOPMENT IN ACTIVITIES AND   FINANCIAL MATTERS   2025 did not deliver to expectations. Sales fell   short of plan and were also below the previous   year’s levels.. Extensive cost base reductions   were not enough to compensate for lost sales.   Profit landed significantly below expectations,   but improved compared to the previous year. The   result for the year was also impacted by significant   non-recurring costs associated with initiatives aimed  at improving ECCO’s core business and   long-term competitiveness.   PROFIT AND LOSS   Sales development in 2025 was negatively affected   by lower consumer demand, tariffs, and cautious   consumer spending across most regions in which   ECCO operates. All sales channels experienced   declining sales, most profoundly in our own operated   direct-to- consumer business.  Total sales amounted to EUR 1,409.8m, a decrease of   5% compared to 2024. Sales were negatively impacted   by unfavourable currency developments. At currency-  neutral rates, sales declined by 3% compared to 2024.   The capacity cost base was reduced by 7% versus   2024. Although ECCO continued to lower its cost   base throughout 2025, savings and non-recurring  income were partly offset by non-recurring costs from  a restructuring and simplification agenda. The cost   reduction initiatives are permanent and will benefit   2026 and subsequent years.   Profit before depreciation and amortisation increased   by 4.18% to EUR 109.4m (from EUR 105m in 2024).   Depreciation and amortisation fell to EUR 65.4m   (from EUR 74.9m in 2024), a reduction driven by lower   investments.   Financial expenses decreased to EUR 19.3m   (compared to EUR 25.1m in 2024). Lower financial   expenses are related to lower interest rates and   reduction in interest bearing debt.   ECCO increased the profit before tax from EUR 5.1m   in 2024, to EUR 24.8m in 2025. Profit margin increased   to 1.8% from 0.3% in 2024. Although this marks an   improvement in comparison to 2024, the result for the   year was still far from expectations.   BALANCE SHEET AND CASHFLOW   Net investments in 2025 amounted to EUR 23.3   million, representing a decrease of 39% compared   with last year. The reduction in investment levels was   driven by a deliberate focus on high return projects   and the disposal of assets.   Group net working capital decreased by 1% compared   to 2024. The reduction was primarily driven by lower   raw material inventories, but also finished shoe   inventory was reduced compared to last year. Lower   finished inventory value is related to lower production   costs per pair, whereas pairs in stock have increased   to improve delivery performance to customers. Level   of aged inventory remained low and consistent with   2024.   Assets decreased by 119m compared to the prior year,   driven by a slimmer asset base resulting from lower   fixed assets and reduced inventory levels.   Interest-bearing debt was reduced by 29m  compared to 2024. Year-end cash position ended  at 273m compared to 309m in 2024. Equity ratio   ended at 28% vs. 29.9% for last year. Equity ratio   was negatively impacted by devaluation of foreign   currencies.   Cash flow from operating activities increased to EUR   60.2m from EUR 46.6m prior year.   OUTLOOK   There are no events after the balance sheet date that   materially affect the financial statements for 2025.   ECCO’s profitability is expected to increase to a   profit before tax in the range of EUR 40-50m in  2026. Sales development is expected to be flat   compared to 2025, but achieved on a healthier sales   foundation. ECCO’s equity ratio is expected to be in   the range of 28-30%.   RISK MANAGEMENT   ECCO is exposed to a number of business risks that   may adversely impact our ability to reach our financial   and strategic objectives. In pursuing business   opportunities, ECCO consciously takes on certain   risks, but effective risk management enables the   ECCO Group to continuously monitor these and   implement appropriate countermeasures. Key risks   are examined by the Managing Board and the Board   of Directors on a quarterly basis. Significant risks   include geopolitical risks, cyber security, tax risks,   internal supply chain disruption, illegal use of ECCO’s   IPR, and financial risks.   In 2025, ECCO established a business resilience   function to ensure a structured and holistic approach,   including crisis incident response, business continuity,   enterprise risk management, insurance, and cost   management.   CYBER RISK   In 2025, ECCO continued to strengthen its cyber   resilience in alignment with our overarching strategy,   supporting ECCO’s business objectives and growth   ambitions.   Cyber threats remain dynamic and increasingly   sophisticated, targeting both people, infrastructure,   and brand integrity with a growing impact from   geopolitical issues. ECCO’s response has been   proactive and strategic, guided by the NIST   Cybersecurity Framework. Leveraging strategic   partnerships, ECCO has reduced the time to detect,   respond, and contain incidents, and increased our   compliance to internal processes and procedures.   The cybersecurity investments and the updated   roadmap for the coming years are now explicitly   anchored in ECCO’s strategy, ensuring that digital   risk management supports the company’s business   objectives and growth ambitions.   In 2026, ECCO will invest in scalable and cost-  effective cybersecurity solutions and adapt the   usage of existing tools to match the changing   needs. ECCO remains committed to fostering a   culture of shared responsibility, innovation, and   continuous improvement across all levels of the   organisation.   TAX RISKS  The global tax policy landscape continues to change   and move towards a more public tax policy domain.   This is driven by public demands and supported   by both voluntary sustainability standards and   mandatory directives. ECCO’s Tax Committee follows   these developments closely, ensuring that ECCO   continues to adhere to new legislation.   ECCO’s global presence, and a significant number of   inter-company transactions, increase the exposure  to challenging tax evolutions and in this increasingly   uncertain environment, double taxation continues to   be a tangible challenge to mitigate.   ECCO follows the OECD transfer pricing guidelines.   ILLEGAL USE OF ECCO IP   ECCO’s Intellectual Property Rights (IPR) are core   assets due to their essential and considerable value.   ECCO’s IPR strategy ensures that we are able to   carry out our business activities unhindered, achieve   competitive advantages, and maintain and further   develop our position in global markets.   ECCO is constantly alert to the ongoing threat of   individuals or companies that may try to penetrate,   or copy, ECCO’s IPR and brand. This could potentially   lead to a loss of competitive advantage, or damage to   the perception of the ECCO brand.   In ECCO, we therefore protect our brand, designs, and   new technical developments as rigorously as possible   via IPR such as patents, trademarks, copyrights,   design rights, and trade secrets. In addition, ECCO   constantly monitors our products, both online and   offline. When required, we rigorously defend our IPR   against copycats and other infringements through   administrative and legal actions.   In 2025, ECCO successfully enforced our IPR in many   jurisdictions, leading to cancellation of third-party  registrations, compensation, prevention of sales, and   acknowledgement of ECCO’s rights.   INTERNAL SUPPLY CHAIN   ECCO’s tanneries, factories, and retail operations are   closely interconnected, meaning disruptions in one   area can negatively impact the entire value chain and   ultimately consumer sales. Events such as factory   fires, natural disasters, or regional instability could   significantly affect operations. ECCO mitigates these   risks through fire-prevention measures, contingency  planning, and adequate insurance coverage.   In response to geopolitical tensions, ECCO has   strengthened supply chain resilience by testing and   implementing alternative transportation modes and   routes. These include multimodal solutions - such as  sea/air, rail, and road corridors allowing continued flow   of goods between factories and key markets when   standard shipping lanes are disrupted.   ECCO was negatively impacted by increased tariffs   from USA. However, ECCO continuously optimises   product origins and sourcing strategies to mitigate   the commercial impact on the business.   IMPACT FROM FINANCIAL MARKETS   The macroeconomic risk picture continued to be   characterised by uncertainty. The cost to service debt   continued to have an impact on the financial results   in 2025.   As a global consumer goods company operating in   more than 100 markets, ECCO is exposed to the   changes in exchange rates. We continue to take   steps to address risks from financial markets and   macroeconomic developments by reviewing our risk   mitigation instruments and tactics.   ECCO’s Corporate Treasury arranges currency hedging   and ensures adequate credit facilities. The total of   credit facilities must be able to mitigate fluctuations   in Net Working Capital caused by sales seasonality,   while at the same time maintaining proper financial   headroom. ECCO undertakes hedging activities   based on business risk considerations rather than for   compliance with accounting principles. The Corporate   Treasury also functions as ECCO’s internal bank,   providing loans and deposits within the Group.   ECCO is globally exposed to fluctuations in currency   rates, wherever the Corporate Treasury maximises   natural hedging whenever possible, respecting   regulations and practicalities. Our Currency Policy   ensures that the material part of transactional   exposures from sales and sourcing is hedged. ECCO’s   hedge horizon is 12 months. To reduce the risk of   increased financing costs, ECCO manages the interest   rate risk by taking up fixed-rate loans or by entering  into interest rate swaps.   DATA ETHICS   ECCO is dedicated to maintaining high ethical   standards in data collection and processing. This   principle underpins our relationships with employees,   customers, and partners. As we adopt new   technologies to enhance our operations and customer   experiences, we ensure all data practices respect   individual privacy and adhere to our Data Ethics Policy   and data ethics guidelines.   Data ethics considerations are embedded in the   risk assessment of all new projects, especially those   involving advanced technologies or innovative data   processing. Responsible use of artificial intelligence   (AI) remains a top priority. In 2025, we focused   on strengthening governance and expertise in   responsible AI management.   KNOWLEDGE RESOURCES   ECCO holds significant knowledge resources that   are essential to the continued success of our company.   We are dedicated to building a diverse workforce, and   we make it a priority to provide lifelong training and   offer attractive career possibilities to our employees.   RESEARCH AND   INNOVATION ACTIVITIES   The success of ECCO’s products across the globe   can be attributed to a combination of innovation,   advanced technology, and unmatchable   craftsmanship. We believe in the power of a   workplace that stimulates a desire to continuously   become better and find new ways to create the best   shoes and accessories for our consumers.   Since the foundation of ECCO in 1963, innovative   thinking has been a key driver in transforming a   Danish shoe production into a global brand.   Across ECCO’s organisation, we are combining our   knowledge resources with research and innovation   efforts to drive end-to-end innovation in technology,  processes, and sustainability.   THE 10 COMMITMENTS   1, ECCO is a guest in each of the countries in which it operates and respects the  local culture.   2, ECCO supports, respects, and takes a proactive approach to protecting  internationally defined human rights.   3, ECCO respects equal opportunities and fights discrimination in the  workplace.   4, ECCO respects the individual’s right to religious freedom.  5, ECCO respects the right to freedom of association.  6, ECCO wishes to provide employees with a workplace free of harassment or  abuse and condemns any form of enforced labour.   7, ECCO supports the UN Convention on the Rights of the Child.  8, ECCO provides training, education, and further development of human  resources at all levels.   9, ECCO aims to be a leader within the environment, health, and safety and  supports sustainable development.   10, ECCO wishes to ensure that it complies with all relevant laws and regulations.   Corporate Social Responsibility   ECCO builds its business on a foundation of respect for   our people, the environment, and society as described   in our Code of Conduct.   HUMAN RIGHTS   Through seven of its ten Commitments, ECCO pledges   to uphold human rights, foster equal opportunities,   embrace cultural diversity, and maintain a safe,   harassment-free workplace. In line with Commitment  9 of the CoC, ECCO is dedicated to environmental   sustainability, health, and safety. Furthermore, ECCO   ensures compliance with all applicable international   laws and regulations.   ECCO’s vertically integrated business model gives   ECCO direct control over a significant part of our   value chain, enabling us to protect human rights and   mitigate social and environmental risks effectively.   This is supported by a robust environmental, social,   and governance (ESG) risk management framework,   maintained by the Group Corporate Responsibility &   Sustainability team and overseen by the ESG Board,   ensuring strong governance and alignment with OECD   Guidelines and ISO best practices.   The objective of the ESG Board is to govern   ECCO’s ESG direction, approve key initiatives,   assign resources and monitor progress. ECCO's   Code of Conduct programme is also overseen by the   ESG Board to ensure ongoing compliance and to   strengthen our understanding of related risks and   opportunities, enabling proactive action where   needed.   ECCO implements its Whistleblower Policy through a   formal whistleblower scheme. It provides employees,   suppliers, consumers, communities, and other   stakeholders with a secure and confidential channel   to report concerns about ECCO’s business conduct.   Employees and related parties are encouraged to use   normal reporting lines first. Alternatively, they can   report issues via ECCO's dedicated platform www.   whistleblower.ecco.com, or one of the local reporting   channels in place. Reports through www.whistleblower.   ecco.com are handled diligently, ensuring compliance   with legal requirements and protection against   retaliation.   SOCIAL AND   EMPLOYEE CONDITIONS   It is ECCO’s policy to offer attractive jobs and foster   lifelong learning, education, and new challenges for   employees at both local and global levels.   DEVELOPING OUR PEOPLE   ECCO continues to invest young talent. In August   2025, nine ECCO talents completed the graduate   programme and are ready for permanent roles.   In September 2025, six new graduates from four   nationalities joined the two-year talent  programme.   ECCO remains committed to remaining a motivating   and attractive workplace and as an important part   of this, ECCO conducted an annual survey to assess   employee satisfaction. In 2025, the ECCO Engagement   Driver survey had a response rate of 94%, showing   continued high levels of engagement from our   employees. The Engagement Driver covers the vast   majority of office staff employees, excluding retail   staff.   A HEALTHY AND SAFE WORKPLACE   In 2025, ECCO continued to strengthen its   Occupational Health & Safety (OHS) management   system with a strong focus on prevention and   continuous improvement. Key initiatives included   enhancing the registration and investigation process   for workplace accidents and incidents.   A major milestone was the decision to certify all   manufacturing units under ISO 45001 focused on   occupational health and safety. Five units have   already achieved certification, and the process for   the remaining tanneries is scheduled for completion   during 2026–2027, ensuring harmonised practices   across the group. These efforts reflect ECCO’s   dedication to providing a safe and healthy working   environment for all employees, complying with   applicable regulations, and fostering a culture of   continuous improvement.   The chemical management system was updated to   align with new internal and external standards, and   continuous efforts are being made to keep it current   and compliant.   Continuous improvement of skills, expertise, and   experience level of our environment, health and safety   personnel is a key priority, and this year’s global face-  to-face training included a week-long environment,  health and safety workshop.   ENVIRONMENT, INCLUDING   CLIMATE IMPACT   In 1999, our founder set a visionary goal for ECCO;   to lead in environment, health, and safety while   championing sustainable development. This   commitment still drives us today.   ENERGY   ECCO plans to reduce dependence on energy   generated from fossil fuel sources and replace it   with renewable energy.   All our ECCO tanneries and half of our shoe   manufacturing facilities have installed rooftop   solar panels, which allowed us to use 56% of   renewable energy in our 10 facilities around the   world in 2025.   In 2024, ECCO Holding started the creation of a solar   energy park in Bredebro, Denmark. By the end of 2025,   all construction work for the solar energy park was   completed, ensuring readiness for operational launch   in January 2026. Covering an area of 60 hectares,   ECCO will be able to produce enough green energy to   the public grid to exceed the electricity consumption   of ECCO in Denmark and the majority of ECCOs   European locations.   ECCO continues to strengthen environmental   management across our facilities, all production sites   successfully achieved ISO 50001 certification in 2025.   The process for ISO 14001 certification is underway,   with the final production facility scheduled for   completion in 2026, ensuring harmonised   practices across the group.   Furthermore, ECCO has been an active member   of the Leather Working Group since 2010. The   Leather Working Group is a non-profit initiative  that champions environmental best practices in   the tanning industry along with more than 2,400+   stakeholders across the globe. Its standard includes   material traceability, chemical management,   waste handling, social governance, and metrics   for energy, water, and emissions. All our tanneries   have the highest performance standard and are   Gold rated.   CLIMATE   ECCO successfully completed verification of our   FY2021 baseline, FY2024 and FY2025 Greenhouse Gas   emissions. The table below shows our emissions and   represents ECCO’s value chain emissions in tCO2e,   with Scope 2 reported on as market-based emissions.  SCOPE   FY’21   FY’24   FY’25   1 8,566   7,929   5,921   2 48,808   35,168   33,072   3 726,903   620,092   593,394   TOTAL   784,277   663,189   632,387   Accounting policy – Scope 1   Scope 1 emissions comprise direct greenhouse gas   emissions from ECCO’s own and controlled operations,   primarily from fuel combustion in production facilities   and internal transport. Emissions are calculated   based on actual fuel consumption using recognised   emission factors.   Accounting policy – Scope 2   Scope 2 emissions comprise indirect greenhouse gas   emissions from purchased electricity, heating, and   cooling consumed by ECCO. Emissions are reported   using the market-based method, including electricity  from renewable sources.   Accounting policy – Scope 3   Scope 3 emissions comprise other indirect   greenhouse gas emissions across ECCO’s value chain,   including all relevant categories with the largest   ones being purchased materials, transportation,   and end-of-life treatment of sold goods. Emissions  are estimated using activity data and spend data in   accordance with the GHG Protocol.   Greenhouse gas reduction targets   ECCO has set absolute greenhouse gas (GHG)   reduction targets, measured against a 2021 baseline:   a 50% reduction in Scope 1 and 2 emissions and a 25%   reduction in Scope 3 emissions by 2030.   Material matrix   The introduction of the Material Matrix is an   innovative and interactive tool designed to help   designers and procurement teams assess and   compare the sustainability value of materials.   Introduced in 2025, this tool enables informed   decision-making that supports a more responsible  future by profiling and guiding material selections   with a focus on emissions.   WASTE AND WASTE WATER   In 2020, ECCO set an ambitious environmental target   to recover 90% of all solid waste by 2026, focusing on   reducing landfill disposal and increasing recycling.   ECCO is proud to share that this goal was achieved   one year ahead of schedule.   Water stewardship remains a priority for ECCO. Since   2024, our shoe manufacturing facility and our tannery   in Indonesia have taken a significant step by recycling   domestic waste water to replace fresh water in the   tannery operations. This initiative reduces freshwater   consumption and supports circular water use.   In 2025, our Thailand units advanced similar initiatives   by reusing industrial waste water for water scrubbers   in spray machines, and our shoe factory began   repurposing rejected drinking water for domestic   use. As a result of these initiatives, a total of 63,775 m³   of water was recycled in 2025.   ANTI-CORRUPTION AND  ANTI-BRIBERY PROGRAMME  In addition to selling products worldwide, ECCO   sources globally and as such, operates in markets   where the risk of corruption and bribery is present,   or even prevalent. Moreover, operating globally   with diverse partners exposes ECCO to regulatory   compliance risks, including economic and trade   sanctions imposed on individuals, entities, and   countries.   ECCO is committed to conducting business ethically   and lawfully in every market in which it operates.   It is therefore important for ECCO that the company   and its business partners comply with relevant   laws and regulations. ECCO therefore strives to   continuously strengthen its governance, policies,   training, screening and oversight to uphold   compliance.   The ECCO Code of Conduct along with relevant   internal policies and procedures are key in preventing   corruption and bribery and, when necessary,   detecting such in order for ECCO to take action, as   well as ensuring sanctions compliance. In line with   last year’s ambitions, in 2025 ECCO implemented a   standardised training solution for Anti-Corruption  and Anti-Bribery for employees globally, providing  practical tools to identify risks and escalate concerns   promptly.   ECCO continuously reviews the Economic and Trade   Sanctions Policy in response to increasing sanctions   and export control regulations. In 2025, ECCO   conducted global training and guidance sessions   to strengthen adherence to sanctions compliance.   Further, ECCO remains committed to ensuring our   business partners comply with relevant laws and   regulations. In 2025, ECCO continued to enhance its   screening processes for partners in high-risk regions.  The ECCO Group Whistleblower Policy continues   to provide a safe channel for employees to express   concern and send through anonymous information.   This mechanism supports early detection of potential   issues and reinforces ECCO’s culture of transparency   and accountability.   In 2026, ECCO will continue to build awareness,   refine training, and enhance controls to support   compliance and ethical conduct across all areas.   Through these efforts, ECCO strives to uphold a   robust culture of compliance that ensures the   protection of its employees, customers, partners,   and brand.   ESG RISK MANAGEMENT   ECCO's business model provides direct control   of a significant part of our value chain, enabling   us to protect human rights and limit social and   environmental risks.   Due to scope of value chain, ECCO can mitigate ESG   risks. In addition, it allows us to harvest opportunities   in a circular economy focused on resource use across   the value chain.   Our primary environmental risks include energy and   water management, material and chemical usage,   and air emissions.   Human rights risks remain a material concern,   particularly within our supply chain. ECCO enforces its   Code of Conduct across all tanneries, shoe factories,   and suppliers. Key actions in 2025 included:   • 185 supplier audits.   • Training additional internal colleagues as supplier   auditors, complementing audits by Bureau   Veritas.   • Ongoing employee engagement through   presentations and training to strengthen   compliance culture.   Since 2025, ECCO has begun auditing its units using   the Higg Facility Social & Labor Module (Higg FSLM),   a globally recognised assessment that benchmarks   our social and labor practices against industry   standards. In 2025, ECCO completed the Higg   Facility Environmental Module (FEM) and Social   and Labor Convergence Program (SLCP) verification   by 3rd party audit firm at 8 ECCO facilities. This   process helps identify strengths, address gaps,   and drive continuous improvement across all   manufacturing units.   Looking ahead, ECCO will continue expanding training   for additional internal colleagues as well as third party   auditors. Starting in 2026, ECCO will enroll suppliers   in the Higg modules (FEM and FSLM), which will   be independently verified by third parties. This will   further strengthen our Supplier Code of Conduct   programme and enhance our ability to mitigate   human rights risks. A key priority for 2026 is also   to reinforce our supplier audit data processes and   procedures, enabling a deeper and more accurate   understanding of our supply chain.   Our primary social and employee risks include   occupational human rights, health and safety, and   working conditions.   To address these, ECCO applies a structured approach   based on international standards, industry best   practices, and strict adherence to local regulations:   • Each manufacturing unit has developed its   Environmental Management System aligned   with ISO 14001 and ISO 50001, ensuring regulatory   compliance and continuous improvement.   • All ECCO tanneries are certified under the Leather   Working Group (LWG), and in 2025, each achieved   the highest Gold rating, reflecting our leadership in   environmental best practices for the tanning   industry.   • All our manufacturing units have undergone   Higg Facility Environmental Module (Higg FEM)   verifications by third parties.   • In 2025, ECCO also conducted a comprehensive   assessment of climate-related risks across our  entire operations, publishing a Task Force on   climate-Related Financial Disclosures (TCFD)-  aligned Climate Risk Report.   ECCO embeds ESG principles at the core of its   strategy, driving actions across environmental,   social, and governance dimensions. Through   rigorous governance, proactive risk management,   and alignment with leading industry standards, we   integrate sustainability throughout our operations   and value chain from renewable energy adoption   and ISO certifications, circularity, and human rights   compliance. Looking ahead, ECCO remains focused   on advancing a greener future, reinforcing ethical   practices, and fostering accountability to deliver long-  term value for stakeholders and customers.   DESIGNING FOR   SUSTAINABILITY   At ECCO, sustainability starts early in the process -  long before a product reaches the store, including   how we source and consume energy across our   company.   A major part of this journey is reducing our   environmental footprint across the value chain.   Transitioning to renewable energy supports this   ambition: our industrial-size solar park in Denmark  is expected to be operational in January 2026,   generating enough green energy to offset ECCO’s   electricity use in Denmark and our European locations.   This step complements our design efforts by ensuring   the products consumers choose are made more   sustainably.   Sustainability in ECCO goes beyond energy. One of   the most influential stages in ECCO’s value chain is   design, where material choices and product concepts   take shape. By making responsible decisions during  the design process, we enable consumers to choose  products that align with their values.   In 2025, ECCO introduced a Material Index – a tool that   empowers our teams to select better materials and  reduce environmental impact without compromising   durability or performance.   The index ranks materials from A (most preferred) to F   (least favourable) based on their climate impact. This   allows our designers to identify preferred materials   early, replace high-volume, low-ranked options, and  launch products with lower emissions compared to   previous seasons. The initiative began with textiles and   will expand to other material categories as we collect   essential data from suppliers, such as composition and   weight, needed to calculate climate impact.   Reducing environmental impact while enabling   informed consumer choices is central to ECCO’s   approach. With tools like the Material Index,   sustainability becomes an integral part of product   design and the consumer experience.   ECCO’S Business Model   DATA COLLECTION   ECCO collects data to get a better   understanding of how we can add   value to our consumers and identify   ways in which we can improve the   overall customer experience.   DESIGN, INNOVATION,   AND TECHNOLOGY   ECCO believes in the future. We invest   in new technologies and innovation to   further develop the quality and comfort of   the new generations of ECCO products.   FROM HIDES TO LEATHER   ECCO has three tanneries in Asia, where we   turn hides from the meat and dairy industry   into premium-quality leathers. The most  commonly used leather in ECCO’s products   is bovine.   SHOE PRODUCTION   ECCO owns and operates five production   facilities around the world. Our philosophy   in shoemaking is to combine craftsmanship   and technology to produce high-quality  shoes where function follows the foot with   emphasis on comfort and quality.   WAREHOUSES AND DISTRIBUTION   ECCO’s distribution network is a vital   element in ensuring timely delivery of   our products to the consumers. Our   main focus is to maintain a safe working   environment while at the same time   meeting our consumers’ needs.   OUR CONSUMERS   We use data to provide a premium   shopping experience to our consumers.   We continue to develop and strengthen   both our online and physical presence   with more than 2,000 shops around   the world.   1409831000 -897000 430877000 59346000 450334000 477623000 65404000 1486978000 41314000 481757000 9622000 469228000 481831000 74941000 675793000 25360000 511516000 0 110132000 54150000 17076000 725258000 734000 538743000 0 119497000 58252000 16928000 44042000 30157000 8279000 -7428000 4246000 23509000 0 5281000 30333000 0 15649000 30345000 25936000 16523000 35784000 16560000 24779000 48787000 -24008000 5105000 42695000 -37590000 -32353000 -1220000 -43249000 801000 -31133000 -44050000 7125000 6460000 -24008000 -37590000 0 2538000 19638000 43829000 761000 0 2574000 17401000 55318000 1148000 0 2537000 17308000 0 0 2572000 15460000 0 0 0 5939000 14933000 5571000 14675000 72705000 91374000 25416000 32707000 148106000 17731000 27722000 15498000 169315000 28152000 34140000 14822000 19054000 10523000 3549000 704000 21367000 3846000 4502000 650000 209057000 246429000 33830000 30365000 0 0 0 0 727343000 162907000 0 763114000 213431000 0 10469000 77034000 11718000 89500000 14754000 18195000 964250000 1057812000 369265000 439021000 57373000 4321000 75394000 7316000 52000 0 67000 0 485502000 486398000 93384000 68023000 547196000 569108000 93436000 68090000 98569000 0 97091000 0 2360000 132174000 653000 2916000 197000 3949000 177302000 195000 7179000 168000 656000 195000 37162000 16853000 29645000 44629000 8480000 23698000 7765000 9035000 182885000 40000 174093000 66000 146065000 0 197828000 0 272957000 1003078000 1372343000 309184000 1052451000 1491472000 3044000 1534000 242545000 1206795000 267452000 1325264000 741000 741000 741000 741000 0 -420000 0 195843000 -668000 302130000 -1242000 3891000 -64615000 448558000 0 -39712000 481532000 0 0 188348000 0 0 144823000 0 179579000 563843000 194236000 640688000 0 0 384264000 446452000 26565000 6513000 5249000 394623000 0 25987000 1613000 6591000 361512000 0 0 0 0 0 0 0 359188000 0 392308000 851000 94891000 15270000 75459000 0 163000 8904000 180863000 144696000 27593000 74340000 0 15353000 11853000 181246000 94894000 0 13579000 310498000 74000 144566000 0 17051000 327061000 15329000 0 127000 10200000 15617000 375550000 808500000 1372343000 455081000 850784000 1491472000 429372000 822531000 519624000 878812000 1206795000 1325264000 741000 3891000 -39712000 481532000 0 0 0 0 0 194236000 640688000 0 0 0 0 0 0 0 0 0 0 0 0 30000000 -31932000 30000000 -31932000 0 -31133000 0 7125000 -24008000 -24903000 -19850000 -44753000 0 0 0 -5494000 0 1183000 0 0 0 0 -1841000 0 0 0 0 0 0 0 -5494000 -1841000 1183000 741000 -420000 -64615000 448558000 0 179579000 563843000 741000 302130000 0 -58076000 -25936000 -24073000 8524000 -1242000 144823000 0 58076000 -5197000 -830000 -8524000 0 0 0 0 0 0 446452000 0 0 0 0 0 0 0 0 0 0 0 0 -31133000 -24903000 0 0 0 0 -6321000 -1841000 1436000 827000 -253000 -668000 0 0 0 0 0 0 -5494000 -1841000 1183000 741000 195843000 188348000 0 384264000 44042000 65404000 30157000 74941000 Increase/(decrease) in provisions Increase/(decrease) in provisions 5384000 -3274000 11115000 -1633000 2595000 -37258000 9573000 -22698000 26000 558000 41172000 54107000 60231000 46588000 8560000 2862000 13387000 1817000 29191000 11569000 -23320000 30327000 3566000 -38331000 Interest income Interest income Interest expenses Interest expenses Capital increase in non-controlling interest Capital increase in non-controlling interest Result in non-controlling interest Result in non-controlling interest 4460000 -22669000 30000000 7125000 37047000 0 5078000 -27923000 20000000 6460000 35491000 0 Dividend paid Dividend paid 245663000 223487000 0 305850000 355164000 -25000000 -7562000 -40307000 -3396000 309250000 -32857000 272997000 695000 298806000 9749000 309250000 40000 272957000 272997000 66000 309184000 309250000 - Accounting Policies The annual report of ECCO Sko A/S for 2025 has been   prepared in accordance with the provisions in the Danish   Financial Statements Act applying to large reporting   class C companies.   Management has assessed that there was a classification   error in the cash flow statement for 2024. The   classification error primarily relates to exchange rate   adjustments of cash and cash equivalents which was   included in cash flows from operating activities. As   a result, the comparative figures for 2024 have been   adjusted. The effect on the comparative figures is a   decrease in cash flows from operating activities of EUR   9m. The profit for the year, equity, and total assets are   unaffected by the change.   BASIS OF CONSOLIDATION   The consolidated financial statements comprise   ECCO Sko A/S and subsidiaries in which ECCO Sko   A/S has a controlling influence on those companies’   operations.   The consolidated financial statements are prepared on   the basis of the audited financial statements of ECCO   Sko A/S and its subsidiaries, by adding items of a similar   nature. The financial statements used for consolidation   are adapted to the accounting policies of the Group.   On consolidation, inter-company income and expenses,  inter-company accounts and profits on inter-company  sales, and purchases between the consolidated   companies are eliminated. The income statements of   foreign subsidiaries are translated at average exchange   rates and the balance sheet is translated at the exchange   rates applicable on the balance sheet date. Exchange   differences arising from the translation of the opening   equity of foreign subsidiaries at the exchange rates   applicable on 31 December, the differences between   the net profit of subsidiaries at average exchange rates,   and the exchange rates applicable at 31 December are   recognised in equity. Currency translation of receivables   from foreign subsidiaries, where the receivables are part   of the total investment in the subsidiary, is recognised   directly in equity.   In the consolidated financial statements, the items   of subsidiaries are recognised in full. Non-controlling  interests’ share of the profit/loss for the year and of   the equity of subsidiaries which are not wholly-owned  are included in the Group’s profit/loss and equity,   respectively, but are disclosed separately.   NON-CONTROLLING INTERESTS  On initial recognition, non-controlling interests are  measured at the fair value of the non-controlling  interests’ ownership share or at the non-controlling  interests’ proportionate share of the fair value of the   acquired entity’s identifiable assets, liabilities, and   contingent liabilities.   In the former scenario, goodwill relating to the non-  controlling interests’ ownership share in the acquired   entity is thus recognised, while, in the latter scenario,   goodwill relating to the non-controlling interests’  ownership share is not recognised.   BUSINESS COMBINATIONS   Recently acquired or formed entities are recognised in   the consolidated financial statements from the date   of acquisition or formation. Entities sold or otherwise   disposed of are recognised in the consolidated income   statement until the date of disposal. Comparative figures   are not restated in respect of recently acquired or sold   entities.   Gains or losses on disposal of subsidiaries and associates   are made up as the difference between the sales price   and the carrying amount of net assets at the date of   disposal plus non-amortised goodwill and anticipated  selling costs.   Corporate acquisitions are accounted for using   the purchase method according to which the   acquired entity's identifiable assets and liabilities   are measured at fair value at the date of acquisition.   Restructuring costs recognised in the acquired entity   before the date of acquisition and not agreed as part   of the acquisition are part of the acquisition balance   sheet and hence, the calculation of goodwill. Costs   relating to restructuring decided by the acquiring   entity are recognised in the income statement.   The tax effect of the restatement of assets and liabilities   is taken into account.   Any excess of the cost over the fair value of the   identifiable assets and liabilities acquired (goodwill)   is recognised as intangible assets and amortised on   a systematic basis in the income statement based   on an individual assessment of the useful life of   the asset.   Negative differences (negative goodwill) are recognised   as income in the income statement at the time of   acquisition.   INTRA-GROUP BUSINESS COMBINATIONS  The book value method is applied to business   combinations such as acquisition and disposal of   investments, mergers, demergers, additions of assets,   and share conversions etc., in which entities controlled   by the Parent Company are involved, provided that the   combination is considered completed at the time of   acquisition without any restatement of comparative   figures.   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 rate at the transaction   date and the rate 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 are translated at   closing rates. 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.   Foreign group entities and associates are considered   separate entities. Items in such entities' income   statements are translated at an average exchange rate   for the month, and balance sheet items are translated   at closing rates. Foreign exchange differences arising   on translation of the opening equity of foreign group   entities to closing rates and on translation of the income   statements from average exchange rates to closing rates   are taken directly to equity.   On recognition of foreign group entities which are   integral entities, monetary items are translated at   closing rates. Non-monetary items are translated at  the exchange rate at the acquisition date or at the date   of any subsequent revaluation or impairment of the   asset. Income statement items are translated at   the exchange rates at the transaction date. However,   items derived from non-monetary items are translated  at historical exchange rates for the non-monetary  item."   INCOME STATEMENT Net revenue: Sales are recognised when the risk has  been passed to the customer. Net revenue consists of   amounts invoiced, excluding VAT, and after deduction of   returned products, discounts, and rebates. The company   has chosen IAS11/IAS18 as interpretation for revenue   recognition.   Raw materials and consumables: These include raw  materials and consumables used for in-house production.  The costs shown include consumption of commercial   products.   Other operating income: Other operating income  includes income from all other operating activities which   are not related to the principal activities of the company,   such as gains/losses from disposals, subsidies, etc.   Other external costs: These costs cover equipment and  expenses relating to the company’s primary ordinary   activities, including lasts, cutting dies, maintenance, rent   of plant, premises, office and sales promotion expenses,   and fees.   DERIVATIVE FINANCIAL INSTRUMENTS   On initial recognition, derivative financial instruments   are recognised in the balance sheet at cost and are   subsequently measured at fair value. Positive and   negative fair values of derivative financial instruments   are included in other receivables and payables,   respectively.   Fair value adjustments of derivative financial instruments   designated as and qualifying for recognition as a hedge   of the fair value of a recognised asset or liability are   recognised in the income statement together with fair   value adjustments of the hedged asset or liability.   Changes in the fair value of derivative financial   instruments designated as and qualifying for recognition   as a hedge of future assets or liabilities are recognised in   other receivables or other payables and in equity. If the   hedged forecast transaction results in the recognition   of assets or liabilities, amounts previously recognised in   equity are transferred to the cost of the asset or liability,   respectively.   If the hedged forecast transaction results in income or   expenses, amounts previously recognised in equity are   transferred to the income statement in the period in   which the hedged item affects the income statement.   Fair value adjustments of derivative financial instruments   that do not qualify for hedge accounting are recognised   in the income statement on a current basis.   Fair value adjustments of derivative financial instruments   held to hedge net investments in independent foreign   subsidiaries or associates are recognised directly in equity.   Staff costs: These costs comprise remuneration to  employees, including pension and social security   payments.   Profit from subsidiaries: This comprises the proportionate  share of profit after tax, excluding unrealised inter-  company profits.   Financial income and expenses: These include interest  income and expenses, realised and unrealised exchange   rate gains and losses on deposits/loans, and other bank   charges.   Income tax: Estimated tax on the profit for the year is  recognised in the income statement, together with the   year’s adjustment in deferred tax.   ECCO Sko A/S and its Danish subsidiaries are governed   by the Danish regulations regarding mandatory   joint taxation. Subsidiaries are part of joint taxation   arrangements from the moment they are under control   by the ECCO Group, to the moment they are not under   control of the ECCO Group anymore.   Danish corporate tax, at the current rate, is allocated by   paying a joint taxation contribution from the companies   in the joint taxation arrangement. The contribution is   allocated according to their taxable income. Companies   in the joint taxation arrangement which have a taxable   deficit receive joint taxation contributions from   companies which have been able to use this deficit to   reduce their taxable income. The income tax for this year   is part of the income statement with the share which can   be assigned to profit of the year and is part of the equity   with the share which can be allocated to entries in equity.   According to Danish regulations regarding mandatory   joint taxation, the liabilities of ECCO Sko A/S and its   Danish subsidiaries to the tax authorities are settled   when the companies have paid the joint taxation   contribution to the administrative company.   Development projects that are recognised at cost under   intangible assets are amortised over the expected useful   life of the project, which is equal to the normal planning   period (typically up to 5 years).   The development costs that do not meet the criteria for   recognition in the balance sheet are recognised as costs   in the income statement.   Patents and trademarks: The costs of registering new  patents and trademarks are recognised and amortised   over the term of the patent/trademark or its economic   life (typically up to 5 years). The costs of maintaining   existing patents/ trademarks are recognised in the   income statement.   Software: The costs of software are amortised over the  expected lifetime of typically 3-5 years.  Goodwill on consolidation: This is determined at the date  of acquisition as the difference between the cost   and fair value of net assets. Goodwill is capitalised and   amortised on a straight-line basis over the expected  useful economic life of the assets, determined on the   basis of earnings projections for the individual business   areas (typically 5-10 years).  If the transaction relates to non-controlling interests  in a company where the ECCO Group has control, any   difference between the cost and fair value of net assets is   adjusted directly in equity. If the cost is lower than the fair   value of net assets, impairment is considered, before the   amount is adjusted in equity.   Deferred tax is measured 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 which is not   deductible for tax purposes or on other items where   temporary differences, apart from business combinations,   arise at the date of acquisition without affecting neither   the profit/loss for the year nor the 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 assets, including the tax base of tax loss   carryforwards, 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 and jurisdiction.   Adjustment is made to deferred tax resulting from   elimination of unrealised intra-group profits and losses.  Deferred tax is measured according to the tax rules and   at the tax rates applicable in the respective countries at   the balance sheet date when the deferred tax is expected   to crystallise as current tax.   Leasehold rights: Payments to take over leases (“key  money”) are classified as leasehold rights. The costs of   leasehold rights are recognised and amortised over the   term of the lease or its economic life (typically up to 10   years).   Property, plant, and equipment: This is recognised at  cost, excluding interest, less accumulated depreciation   and write-downs to a lower recoverable amount. Cost  comprises the purchase price and any costs directly   attributable to the acquisition until the date when the   asset is available for use. Where individual components of   an item of property, plant, and equipment have different   useful lives, they are accounted for as separate items,   which are depreciated separately.   Depreciation is charged on a straight-line basis over the  expected useful lives of the assets.   The expected useful lives of fixed assets   are as follows:   - Buildings: 20-30 years  - Plant and machinery, vehicles, fixtures and fittings:  3-10 years  - Land is not depreciated  The depreciation periods and residual values are   reassessed every year. Where the residual value exceeds   the carrying amount of the asset, no further depreciation   charges are recognised.   Lease: IAS 17 have been chosen as interpretation for  classification and recognition of leases.   Leases of assets where the ECCO Group has   substantially all risks and rewards of ownership are   capitalised as finance leases under property, plant,   and equipment and depreciated over the estimated   useful lives of the assets, according to the periods listed   under the section property, plant, and equipment. The   corresponding finance lease liabilities are recognised in   liabilities.   Operating lease expenses are recognised in the income   statement on a straight-line basis over the period of the  lease.   The recoverable amount is defined as the highest value   of the net sales value, and the value in use. The value   in use is determined as the present value of expected   cashflows from the use of the assets, or the asset group,   and expected cashflows from disposal of the assets, or   the asset group after useful life.   BALANCE SHEET Intangible assets: These are recognised at cost, excluding  interest, less accumulated amortisation and write-downs  to a lower recoverable amount. Amortisation is charged   on a straight-line basis over the useful life of the assets.  Development projects: Projects that are clearly defined  and identifiable, where the technical feasibility, adequate   resources, and potential market or development potential   can be demonstrated, and where the intention is to   produce, market, or use the project, are recognised as   intangible assets, if the cost can be measured reliably   and there is sufficient assurance that future earnings can   cover the costs.   Inventories: Raw materials are measured at cost and are  determined on the basis of the most recent purchases.   Work in progress and finished products are measured   at cost, consisting of the cost of raw materials and   consumables and manufacturing costs, plus a share of   production overheads. Commercial products are valued   at their acquisition price. Products with a net realisable   value lower than the cost or acquisition price are written   down to the lower value.   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 determined as   the selling price less any discounts, costs of completion   and costs incurred to effect the sale, taking into account   marketability, obsolescence and developments in the   expected selling price   Receivables: These are measured at amortised cost, less  provisions for anticipated losses, which are determined   based on an individual evaluation. The company has   chosen IAS 39 as interpretation for impairment write-  down of financial receivables.   Prepayments: These are costs incurred relating to the  following accounting year.   Cash: Cash includes cash on hand and bank deposits that  can be converted into cash on a short-term basis.   Investments: Investments in subsidiaries are recognised  by applying the equity method at the proportionate   share of the equity of the companies. The Parent   company has chosen to consider the equity method as   measurement method.   This determination is based on the Group’s accounting   policies, less unrealised intercompany profits.   Net revaluation of investments in subsidiaries is   recognised in the reserve for net revaluation according   to the equity method in equity where the carrying   amount exceeds cost. Dividends from subsidiaries which   are expected to be declared before the annual report   of ECCO Sko A/S is adopted are not taken to the net   revaluation reserve.   Securities: Securities include shares that can be  converted into cash with no restrictions. These are   measured at the most recently quoted market price.   EQUITY   Reserve for net revaluation according to the equity   method: Net revaluation of investments in subsidiaries  is recognised at cost in the reserve for net revaluation   according to the equity method. The reserve can be   eliminated in case of losses, realisation of investments, or   a change in accounting estimates. The reserve cannot be   recognised as a negative amount.   Hedge reserve: Hedge reserve comprises fair value of  derivative financial instruments qualifying as hedge of   future assets or liabilities.   Translation reserve: The reserve comprises foreign  exchange differences from translating foreign entities   and long-term loans to foreign entities.  Reserve for development costs: The reserve for  development costs comprises recognised development   costs. The reserve cannot be used to distribute dividend   or cover losses. The reserve will be reduced or dissolved   if the recognised development costs are no longer part   of the Company’s operations by a transfer directly to the   distributable reserves under equity.   Write-downs: The carrying amount of intangible assets,  property, plant, and equipment, and investments in   subsidiaries is reviewed at the balance sheet date to   determine if there are indications of decreases in value.   If this is the case, the recoverable amount of the asset   is determined to assess the need for recognition of any   write-downs.   Dividend: Dividend proposed for the year is recognised  as a liability in the financial statements at the time of   adoption by the shareholders at the Annual General   Meeting. The dividend proposed in respect of the   financial year is stated as a separate item under   equity.   LIABILITIES   The company has chosen IAS39 as interpretation for   recognition and measurement of liabilities.   Provision for pensions: There are two types of pension  plans: defined contribution plans and defined benefit   plans.   Under defined contribution plans, the Group recognises   the pension contributions, which can either be a fixed   amount or a fixed percentage of the monthly salary, in   the income statement as they are paid to independent   pension insurance companies. Any unpaid contributions   are recognised in the balance sheet as a liability.   Under defined benefit plans, the Group has an obligation   to pay a fixed amount or a fixed percentage of the salary   at retirement. This means that the Group carries the   risk of any changes in the actuarially calculated capital   value of the pension plans. Annual actuarial calculations   are made of the present value of the future benefits to   which the employees are entitled. The present value is   calculated based on a number of assumptions relating   to the future development in salary levels and interest,   inflation, and mortality rates. The present value of the   defined benefit obligation is recognised in the balance   sheet as a liability. Actuarial gains or losses are recognised   directly in equity.   Other provisions: These comprise the anticipated costs  of warranty obligations, restoration, and restructuring.   Provisions are recognised when, as a consequence of   a past event, the company has a legal or constructive   obligation and it is likely that the obligation will   materialise.   Non-current debt to credit institutions: This comprises  committed loans and credit facilities with a maturity   beyond 1 year. All non-current debt is measured at  amortised cost.   Current liabilities: This comprises all uncommitted  loans, and committed loans and credit facilities, with   maturity less than 1 year. Furthermore, suppliers,   affiliates, and other payables are included. All short-term  debt is measured at amortised cost, which generally   corresponds to the nominal value.   SEGMENT INFORMATION   Information is disclosed by activity and geographical   market. Segment information follows the Group’s   accounting policies, risks, and internal financial   management.   CASHFLOW STATEMENT   The presentation of the cashflow statement follows the   indirect method, based on earnings for the year.   The cashflow statements show the cashflows for the year,   the year’s change in cash and cash equivalents, as well as   cash and cash equivalents at the beginning and end of   the year.   Cashflow from operating activities: Cashflow from  operating activities is stated as earnings for the year,   adjusted for non-cash income statement items and  changes to working capital. The working capital is made   up of current assets less current liabilities, excluding   items which are recognised as cash or cash equivalents.   Cashflow from investing activities: Cashflow from  investing activities comprises the acquisition and   disposal of intangible and tangible assets.   Cashflow from financing activities: Cashflow from  financing activities comprises borrowings and   instalments on non-current liabilities including interest,  dividends paid, and the cashflow effect from minority   interests.   Cash and cash equivalents: Cash and cash equivalents  comprise cash and short-term marketable securities with  a remaining term of three months or less that are subject   to only minor risks of changes in value.   Notes 2   - Speciel items  Special items comprise significant income and expenses of a special nature relative to the Parent Company's and the Group's   revenue-generating operating activities. Special items comprise the income and expenses related to shutdown of two factories,  one of which was due to fire, as well as restructuring of retail footprint in North Americas.   As disclosed in the Management's review, the profit/loss for the year is affected by a number of matters that Management does   not consider part of the operating activities.   Special items for the year are specified, including the line items in which they are recognised in the income statement.   GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   Special items are recognised in the below lines items :   Cost of raw materials and consumables   (4,811)   - - - Other operating income   53,300   - - - Other external costs   (29,012)   - - - Staff costs   (21,157)   - - - Amortisation and depreciation   - - - - Net profit/(loss) from special items   (1,680)   - - - Notes 2   - Speciel items  Special items comprise significant income and expenses of a special nature relative to the Parent Company's and the Group's   revenue-generating operating activities. Special items comprise the income and expenses related to shutdown of two factories,  one of which was due to fire, as well as restructuring of retail footprint in North Americas.   As disclosed in the Management's review, the profit/loss for the year is affected by a number of matters that Management does   not consider part of the operating activities.   Special items for the year are specified, including the line items in which they are recognised in the income statement.   GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   Special items are recognised in the below lines items :   Cost of raw materials and consumables   (4,811)   - - - Other operating income   53,300   - - - Other external costs   (29,012)   - - - Staff costs   (21,157)   - - - Amortisation and depreciation   - - - - Net profit/(loss) from special items   (1,680)   - - - Notes 3   - Segment Information  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   SEGMENT INFORMATION   Shoes   1,260,276   1,320,219   660,402   710,745   Accessories   58,434   61,990   15,391   14,513   Leather   73,930   86,633   - - Others   17,191   18,136   - - Total net revenue   1,409,831   1,486,978   675,793   725,258   NET REVENUE SHOES & ACCESSORIES   ECCO Europe, Middle East & Africa   640,821   630,891   370,642   353,545   ECCO North Americas   142,872   201,004   57,697   110,656   ECCO Greater China   430,622   418,431   177,381   186,712   ECCO Asia Pacific   104,395   131,883   70,073   74,345   Total Shoes & Accessories   1,318,710   1,382,209   675,793   725,258   Sales channels   Wholesale   564,419   589,051   675,793   725,258   Retail, E-Commerce  771,482   811,294   - - Leather   73,930   86,633   - - Total net revenue   1,409,831   1,486,978   675,793   725,258   Reference is made to the ECCO Group structure on pages 53 and 54 regarding the definition of the geographic regions.   Notes 3   - Segment Information  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   SEGMENT INFORMATION   Shoes   1,260,276   1,320,219   660,402   710,745   Accessories   58,434   61,990   15,391   14,513   Leather   73,930   86,633   - - Others   17,191   18,136   - - Total net revenue   1,409,831   1,486,978   675,793   725,258   NET REVENUE SHOES & ACCESSORIES   ECCO Europe, Middle East & Africa   640,821   630,891   370,642   353,545   ECCO North Americas   142,872   201,004   57,697   110,656   ECCO Greater China   430,622   418,431   177,381   186,712   ECCO Asia Pacific   104,395   131,883   70,073   74,345   Total Shoes & Accessories   1,318,710   1,382,209   675,793   725,258   Sales channels   Wholesale   564,419   589,051   675,793   725,258   Retail, E-Commerce  771,482   811,294   - - Leather   73,930   86,633   - - Total net revenue   1,409,831   1,486,978   675,793   725,258   Reference is made to the ECCO Group structure on pages 53 and 54 regarding the definition of the geographic regions.   Notes 4   - Other Operating Income  Other operating income includes gain on sales of fixed assets, wages subsidy, rent subsidy and insurance compensation.   - Staff Costs and Management and Staff Information  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   413095000 16577000 47951000 415863000 18515000 47453000 50262000 3888000 0 54354000 3898000 0 477623000 21075 481831000 21815 54150000 516 58252000 538 20423 21758 526 514 Fees to Managing Board and Board of Directors:   Managing Board   3,258   5,818   3,258   5,818   Board of Directors   803   490   803   490   0 0 15649000 16523000 4246000 5281000 0 0 4246000 5281000 15649000 16523000 0 215000 23294000 0 2891000 27442000 7596000 215000 22534000 10311000 2891000 22582000 23509000 30333000 30345000 35784000 - Income Taxes  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   The Group has performed a preliminary calculation of the Transitional Safe Harbours (TSH) and have conducted impact   assessments in jurisdiction where TSH will not be met. Based on this analysis, no significant impact in terms of potential   top up tax for 2025 is expected. During 2025 no Pillar Two taxes were paid.   56759000 2873000 -10845000 49973000 5723000 -13001000 0 -97000 -1123000 1233000 5923000 -6355000 48787000 42695000 -1220000 801000 Notes 8   - Intangible assets  Development   Patents,   Software   Goodwill   Leasehold   Intangible   Total   projects   trademarks,   rights   assets   completed   licences   in progress   PARENT COMPANY   Cost at 1 January   - 14,459   98,656   7,887  - 14,675   135,677   Currency translation   - (17)   (175)   (9)   - (17)   (218)   Additions   - 763   4,803   - - 1,910   7,476   Transferred   - - 7,931   - - (7,931)   - Disposals   - (36)   (3,132)   - - (3,066)   (6,234)   Cost at 31 December   - 15,169   108,083   7,878   - 5,571   136,701   Accumulated amortisation at 1 January   - 11,887   83,196   7,887  - - 102,970   Currency translation   - (15)   (169)   (9)   - - (193)   Amortisation   - 796   10,862   - - - 11,658   Amortisation on disposals   - (36)   (3,114)   - - - (3,150)   Accumulated amortisation   at 31 December   - 12,632   90,775   7,878   - - 111,285   Carrying amount at 31 December   - 2,537   17,308   - - 5,571   25,416   Amortisation period   5 years   5 years 3-5 years 5-10 years 5-10 years  Capitalised goodwill mainly relates to expansion of the retail business and production portfolio in accordance   with the Group strategy.   The useful lifetime for goodwill has been determined to be 5-10 years considering the market environment,  the technological development and the expected economic benefits.   GROUP   Cost at 1 January   897   8,460   117,902   122,000   5,794   14,933   269,986   Currency translation   (100)   (17)   (527)   (810)   32   (20)   (1,442)   Additions   - 763   5,781   - - 2,016   8,560   Transferred   - - 7,924   - - (7,924)   - Disposals   (648)   (36)   (8,903)   (554)   (174)   (3,066)   (13,381)   Cost at 31 December   149   9,170   122,177   120,636   5,652   5,939   263,723   Accumulated amortisation at 1 January   897   5,886   100,501   66,682   4,646   - 178,612   Currency translation   (100)   (14)   (999)   (506)   10   - (1,609)   Amortisation   - 796   11,940   11,139   409   - 24,284   Amortisation on disposals   (648)   (36)   (8,903)   (508)   (174)   - (10,269)   Accumulated amortisation   at 31 December   149   6,632   102,539   76,807   4,891   - 191,018   Carrying amount at 31 December   - 2,538   19,638   43,829   761   5,939   72,705   Notes 9   - Property, plant and equipment  Land   Plant   Fixtures and   Property,   Total   and   and   fittings,   plant, and   buildings   machinery   tools, and   equipment   equipment   under   construction   PARENT COMPANY   Cost at 1 January   68,984   13,840   30,278   650   113,752   Currency translation   (82)   (17)   (36)   (1)   (136)   Additions   - 8,120   424   741   9,285   Transferred   30   147   166   (343)   - Disposals   (57)   - (3,300)   (343)   (3,700)   Cost at 31 December   68,875   22,090   27,532   704   119,201   Accumulated depreciation at 1 January   47,617   9,994   25,776   - 83,387   Currency translation   (57)   (12)   (31)   - (100)   Depreciation   2,317   1,585   1,516   - 5,418   Depreciation on disposals   (56)   - (3,278)   - (3,334)   Accumulated depreciation at 31 December   49,821   11,567   23,983   - 85,371   Carrying amount at 31 December   19,054   10,523   3,549   704   33,830   Depreciation period   20-30 years  5-10 years  3-5 years   GROUP   Cost at 1 January   400,800   240,941   182,556   14,822   839,119   Currency translation   (16,540)   (14,142)   (9,579)   1,093   (39,168)   Additions   9,418   4,944   9,813   5,016   29,191   Transferred   1,283   1,046   2,658   (4,987)   - Disposals   (31,552)   (20,647)   (37,681)   (446)   (90,326)   Cost at 31 December   363,409   212,142   147,767   15,498   738,816   Accumulated depreciation at 1 January   231,485   212,789   148,416   - 592,690   Currency translation   (7,393)   (11,067)   (6,834)   - (25,294)   Depreciation   16,402   9,238   15,480   - 41,120   Transferred   (40)   - 40   - - Depreciation on disposals   (25,151)   (16,549)   (37,057)   - (78,757)   Accumulated depreciation at 31 December   215,303   194,411   120,045   - 529,759   Carrying amount at 31 December   148,106   17,731   27,722   15,498   209,057   Notes 10   - Other Non-Current Assets, Subsidiaries  INVESTMENTS   RECEIVABLES   IN SUBSIDIARIES   FROM SUBSIDIARIES   2025   2024   2025   2024   EUR ‘000   Cost at 1 January   460,984   440,862   213,431   265,586   Additions   71,381   20,122   58,935   134,269   Disposals   (865)   - (100,935)   (136,844)   Cost at 31 December   531,500   460,984   171,431   263,011   Accumulated revaluation at 1 January   302,130   308,337   Profit after tax of subsidiaries  (15,717)   (6,341)   Currency adjustment of foreign subsidiaries   (24,073)   10,309   Adjustment of currency hedging of future sales in subsidiaries   (4,885)   7,180   Actuarial gains/(losses)   (1,841)   777   Amortisation and depreciation on goodwill   (10,219)   (10,219)   Dividend   (58,076)   (57,493)   Transfer of negative shares   8,524   49,580   (8,524)   (49,580)   Net revaluation   (106,287)   (6,207)   Accumulated revaluation at 31 December   195,843   302,130   (8,524)   (49,580)   Carrying amount at 31 December   727,343   763,114   162,907   213,431   Notes 11   - Investments in Subsidiaries  Country   Ownership interest   Share capital   Shoe Production   Ecco'let (Portugal) - Fábrica de Sapatos, Lda.  Portugal   100%   8,925   t.EUR   ECCO Shoe Production Pte. Ltd.   Singapore   100%   16,000   t.USD   ECCO Slovakia, a.s.   Slovakia   100%   7,634   t.EUR   ECCO (Thailand) Co., Ltd.   Thailand   100%   1,100,000   t.THB   ECCO (Vietnam) Co. Ltd.   Vietnam   100%   226,095,000   t.VND   ECCO (Xiamen) Co. Ltd.   China   100%   15,600   t.USD   P.T. ECCO Indonesia   Indonesia   100%   23,000   t.USD   Xiamen ECCO Logistics Co. Ltd.   China   100%   150   t.CNY   Leather   Danna Leather (Xiamen) Co. Ltd.   China   100%   3,175   t.USD   ECCO Leather B.V.   The Netherlands   100%   13,400   t.EUR   ECCO Tannery (Holland) B.V.   The Netherlands   100%   5,000   t.EUR   ECCO Tannery Holding (Singapore) Pte. Ltd.   Singapore   100%   16,965   t.EUR   ECCO Tannery (Thailand) Co., Ltd.   Thailand   100%   385,645   t.THB   ECCO Tannery (Xiamen) Co. Ltd.   China   100%   21,000   t.USD   PT. ECCO Tannery Indonesia   Indonesia   100%   37,403,550   t.IDR   Sales   ECCO Adriatic d.o.o. (Croatia)   Croatia   50%   20   t.HRK   ECCO Asia Pacific (Singapore) Pte. Ltd.   Singapore   100%   2,510   t.SGD   ECCO (Austria) GmbH   Austria   50%   35   t.EUR   ECCO Baltic SIA (Latvia)   Latvia   50%   3 t.EUR   ECCO (Belgium) BV   Belgium   50%   19   t.EUR   ECCO-BELROS LLC  Belarus   100%   109   t.USD   ECCO Business Management (Shanghai) Co. Ltd.   China   55%   2,000   t.USD   ECCO CACC Inc.   Panama   100%   ECCO CACC Trading Inc.   Panama   100%   400   t.USD   ECCO China Wholesale Holding (Singapore) Pte. Ltd.   Singapore   55%   1,000   t.SGD   ECCO (Cyprus) Limited   Cyprus   50%   1 t.EUR   ECCO (Czech Republic) s.r.o.   Czech Republic   50%   200   t.CZK   ECCO (Danmark) A/S   Denmark   50%   1,000   t.DKK   ECCO (Deutschland) GmbH   Germany   50%   250   t.EUR   ECCO Distributors DAC   Ireland   25%   1 t.EUR   ECCO EMEA B.V.  The Netherlands   100%   23   t.EUR   ECCO EMEA Sales SE   The Netherlands   50%   121   t.EUR   ECCO Europe AG   Switzerland   50%   51,500   t.CHF   ECCO Service Center (Poland) sp. z.o.o.   Poland   50%   5 t.PLN   ECCO Footwear d.o.o. Beograd (Serbia)   Serbia   50%   1 t.RSD   ECCO Footwear Romania s.r.l.   Romania   50%   0.25   t.RON   ECCO Footwear, S.L.  Spain   50%   3 t.EUR   ECCO France S.A.S.   France   80%   1,250   t.EUR   ECCO Global Business Development B.V.   The Netherlands   100%   10   t.EUR   ECCO Greece S.A   Greece   100%   425   t.EUR   ECCO (Hungary) kft.   Hungary   50%   11,000   t.HUF   ECCO India Trading Private Limited   India   100%   66,830   t.INR   ECCO (ITALY) S.R.L.   Italy   50%   10   t.EUR   ECCO Japan Co. Ltd.   Japan   100%   100,000   t.JPY   ECCO Kenkä Oy (Finland)   Finland   50%   4.2   t.EUR   ECCO Korea Limited   Korea   100%   1,058,500   t.KRW   ECCO Kuwait Company for the sale of clothing,   shoes and leather goods in retail WLL   Kuwait   100%   10   KWD   ECCO Latin America Holding Ltd. Inc.   Panama   100%   250   t.USD   ECCO Macao Limited   Macao   55%   25   t.MOP   Notes 11   - Investments in Subsidiaries  Country   Ownership interest   Share capital   Sales   ECCO Malaysia Sdn. Bhd.   Malaysia   100%   23,500   t.MYR   ECCO Middle East A/S   Denmark   100%   2,250   t.DKK   ECCO (Netherlands) B.V.   The Netherlands   50%   50   t.EUR   ECCO (Norway) AS   Norway   50%   30   t.NOK   ECCO Obutev SL d.o.o. (Slovenia)   Slovenia   50%   7.5   t.EUR   ECCO Philippines, Inc.   Philippines   50%   75,000   t.PHP   ECCO (Poland) sp. z.o.o.   Poland   50%   5,050   t.PLN   ECCO Ready to wear (Shanghai) Co. Ltd.   China   55%   2,000   t.USD   ECCO Real Estate LLC (dormant)   USA   100%   - t.USD   ECCO Retail (Shanghai) Co. Ltd.   China   55%   3,000   t.USD   ECCO Retail (Slovakia) s.r.o.   Slovakia   50%   30   t.EUR   ECCO Retail LLC   USA   100%   2,300   t.USD   ECCO-ROS Kazhakhstan LLP  Kazhakhstan   100%   160   t.KZT   ECCO-ROS LLC  Russia   100%   3,000   t.RUB   ECCO Sales (France) SAS   France   50%   5 t.EUR   ECCO SALES Limited   UK   50%   10   t.GBP   ECCO Schuhe GmbH   Germany   100%   1,790   t.EUR   ECCO (Shanghai) Co. Ltd.   China   55%   2,100   t.USD   ECCO Shoe Trading LLC   Qatar   49%   200   t.QAT   ECCO Shoes (NZ) Limited   New Zealand   100%   2,600   t.NZD   ECCO Shoes Canada, Inc.   Canada   100%   31,102   t.CAD   ECCO Shoes Hellas S.A. (dormant)   Greece   51%   60   t.EUR   ECCO Shoes Hong Kong Limited   Hong Kong   55%   3,000   t.HKD   ECCO Shoes India Private Limited   India   100%   580,000   t.INR   ECCO Shoes L.L.C   United Arab Emirates   100%   18,500   t.AED   ECCO Shoes Pacific Pty. Limited   Australia   100%   3,250   t.AUD   ECCO Shoes Trade Ltd.   Turkey   100%   180,466   t.TRY   ECCO (Sweden) AB   Sweden   50%   50   t.SEK   ECCO Switzerland AG   Switzerland   50%   100   t.CHF   ECCO Trading Co. Ltd.   Saudi Arabia   100%   30,000   t.SAR   ECCO USA, Inc.   USA   100%   7,500   t.USD   ECCO´Let Sales (Portugal) LDA   Portugal   50%   5 t.EUR   TwoStepsTechnology LLP   Russia   100%   10,000   t.RUB   Xi'an ECCO Limited   China   55%   20,000   t.CNY   Accessories   ECCO Accessories Ltd.   Switzerland   100%   2,250   t.CHF   Other   Eccolet Portugal ApS   Denmark   100%   200   t.DKK   High Street Properties Investment Ltd.   UK   55%   32,100   t.GBP   Companies with 50% ownership interest have been consolidated as ECCO has controlling influence according   to shareholders' agreements.   Notes 12   - Other Receivables  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   Cost at 1 January   11,718   11,808   - - Additions   830   - - - Disposals   (2,079)   (90)   - - Cost at 31 December   10,469   11,718   - - Carrying amount at 31 December   10,469   11,718   - - Notes 12   - Other Receivables  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ’000   Cost at 1 January   11,718   11,808   - - Additions   830   - - - Disposals   (2,079)   (90)   - - Cost at 31 December   10,469   11,718   - - Carrying amount at 31 December   10,469   11,718   - - Notes 13   - Deferred Tax  Property,   Inventories   Provisions   Other   Tax   Other   Total   plant, and   liabilities   losses   equipment   PARENT COMPANY   Recognised at 1 January   10,986   - (140)   343   7,355   (349)   18,195   Recognised Income statement   (249)   - (84)   - (2,369)   (1,922)   (4,624)   Recognised directly to equity   - - - (343)   - 1,526   1,183   Total adjustment for the year   (249)   - (84)   (343)   (2,369)   (396)   (3,441)   Recognised at 31 December   10,737   - (224)   - 4,986   (745)   14,754   Deferred tax asset   14,754   Deferred tax liability   - Recognised at 31 December   14,754   At the reporting date, the group has not recognised tax assets regarding total tax losses of 505,0 MEUR available for offset   against future profits.   Deferred tax is generally recognised for all temporary differences between the carrying amount of assets and liabilities in the   financial statements and their tax base, however deferred tax assets are recognised only when it is probable that sufficient   taxable profit will be available to utilise deductible temporary differences or tax loss carryforwards.   Unrecognised deferred assets are reassessed at each reporting date and recognised if future taxable profits are probable.   GROUP   Recognised at 1 January   15,731   28,222   8,845   13,220   14,293   7,576   87,887   Recognised Income statement   2,905   (4,354)   (1,055)   (3,532)   (6,237)   (6,276)   (18,549)   Recognised directly to equity   - - - (343)   - 1,526   1,183   Total adjustment for the year   2,905   (4,354)   (1,055)   (3,875)   (6,237)   (4,750)   (17,366)   Recognised at 31 December   18,636   23,868   7,790   9,345   8,056   2,826   70,521   Deferred tax asset   77,034   Deferred tax liability   (6,513)   Recognised at 31 December   70,521   - Prepayments  These relate to indirect taxes, rent, insurance, IT fees etc.   Notes 15   - Provision for Pensions  GROUP   2025   2024   EUR ’000   The provision for pensions is due as follows:   0-1 year  377   296   1-5 years  4,769   4,713   > 5 years   21,419   20,978   Total   26,565   25,987   The provision relates to future payments to employees under defined benefit plans.   Notes 16   - Non-Current Liabilities  GROUP   PARENT COMPANY   EUR ‘000   2025   2024   2025   2024   Non-current liabitities are specified as follows:   Credit institutions:   0 -1 year  110,161   172,289   94,894   144,698   1-5 years  392,392   358,825   392,308   358,732   > 5 years   2,231   2,687   - 456   504,784   533,801   487,202   503,886   Other Provisions   0-1 year  3,268   4,617   - - 1-5 years  1,731   1,855   - - > 5 years   250   119   - - 5,249   6,591   - - Debt to related parties:   0-1 year  1-5 years  - - 851   - > 5 years   - - - - - - 851   - Total non-current liabilities   510,033   540,392   488,053   503,886   The liabilities are recognised in the balance sheet as follows:   Non-current liabilities other than Provision for  pensions and Deferred tax   399,872   368,103   393,159   359,188   Short-term part of non-current liabilities other than  Provision for pension   94,891   144,696   94,894   144,566   Credit institutions under current liabilities   15,270   27,593   - - 510,033   540,392   488,053   503,754   Notes 16   - Non-Current Liabilities  GROUP   PARENT COMPANY   EUR ‘000   2025   2024   2025   2024   Non-current liabitities are specified as follows:   Credit institutions:   0 -1 year  110,161   172,289   94,894   144,698   1-5 years  392,392   358,825   392,308   358,732   > 5 years   2,231   2,687   - 456   504,784   533,801   487,202   503,886   Other Provisions   0-1 year  3,268   4,617   - - 1-5 years  1,731   1,855   - - > 5 years   250   119   - - 5,249   6,591   - - Debt to related parties:   0-1 year  1-5 years  - - 851   - > 5 years   - - - - - - 851   - Total non-current liabilities   510,033   540,392   488,053   503,886   The liabilities are recognised in the balance sheet as follows:   Non-current liabilities other than Provision for  pensions and Deferred tax   399,872   368,103   393,159   359,188   Short-term part of non-current liabilities other than  Provision for pension   94,891   144,696   94,894   144,566   Credit institutions under current liabilities   15,270   27,593   - - 510,033   540,392   488,053   503,754   Notes 17   - Other Payables  These include liabilities related to indirect taxes, personnel, financial instruments, marketing, insurance, bonuses etc.   Notes 18   - Financial Instruments  EUR ‘000   DERIVATIVE FINANCIAL INSTRUMENTS   The Group uses derivative financial instruments as part of an overall risk management strategy.   CURRENCY FORWARD CONTRACTS   Fair value hedges:   The Group has covered part of the currency risk on existing receivables, payables, bank deposits, and loans.   At year end, the Group had entered into the following contracts (net sale of currency):   Principal value of unrealised   Principal value of unrealised   forward contracts   forward contracts   Period   end 2025 in EUR ‘000   end 2024 in EUR ‘000   Currency   EUR   12 months   (90,658)   3,804   CNY   12 months   (27,256)   (12,626)   CAD   12 months   (21,616)   (24,014)   USD   12 months   (34,289)   (94,519)   AUD   12 months   (3,492)   (1,587)   CHF   3 months   538   - KRW   3 months   (1,919)   (1,664)   NOK   1 months   2,114   5,909   HKD   12 months   (1,256)   (667)   IDR   12 months   (388)   5,012   SGD   12 months   60,925   23,788   THB   12 months   3,915   4,210   SEK   1 months   4,622   9,141   Others   3 months   (1,490)   12,534   Total   (110,250)   (70,679)   CASHFLOW HEDGES & INTEREST RATE SWAPS:   The Group has covered part of the currency risk on future sales and purchases.   The Group has entered into interest rate swaps to cover part of the risk of interest fluctuations.   At year end, the Group had entered into the following contracts (net sale of currency):   Principal value of unrealised forward   Fair value adjustment on Equity   contracts & Interest rate swaps   begin/end of   2025   2024   2025   2024   in EUR ‘000   in EUR ‘000   in EUR ‘000   in EUR ‘000   Cash flow hedges   37,596   (99,540)   (5,085)   1,938   Interest rate swaps fixing   the interest rate   (441)   (31)   (409)   (2,143)   In 2025 there has been the following fair value adjustments of financial instruments.   Fair value of financial   Fair value adjustments   Fair value adjustments through   instruments   through the equity   the Income statement  Group   Parent Company   Group Parent Company  Group   Parent Company   in EUR ‘000   in EUR ‘000   in EUR ‘000 in EUR ‘000  in EUR ‘000   in EUR ‘000   Financial   instruments   (2,047)   (2,303)   (5,494)   1,151   (1,462)   (1,968)   Notes 18   - Financial Instruments  EUR ‘000   DERIVATIVE FINANCIAL INSTRUMENTS   The Group uses derivative financial instruments as part of an overall risk management strategy.   CURRENCY FORWARD CONTRACTS   Fair value hedges:   The Group has covered part of the currency risk on existing receivables, payables, bank deposits, and loans.   At year end, the Group had entered into the following contracts (net sale of currency):   Principal value of unrealised   Principal value of unrealised   forward contracts   forward contracts   Period   end 2025 in EUR ‘000   end 2024 in EUR ‘000   Currency   EUR   12 months   (90,658)   3,804   CNY   12 months   (27,256)   (12,626)   CAD   12 months   (21,616)   (24,014)   USD   12 months   (34,289)   (94,519)   AUD   12 months   (3,492)   (1,587)   CHF   3 months   538   - KRW   3 months   (1,919)   (1,664)   NOK   1 months   2,114   5,909   HKD   12 months   (1,256)   (667)   IDR   12 months   (388)   5,012   SGD   12 months   60,925   23,788   THB   12 months   3,915   4,210   SEK   1 months   4,622   9,141   Others   3 months   (1,490)   12,534   Total   (110,250)   (70,679)   CASHFLOW HEDGES & INTEREST RATE SWAPS:   The Group has covered part of the currency risk on future sales and purchases.   The Group has entered into interest rate swaps to cover part of the risk of interest fluctuations.   At year end, the Group had entered into the following contracts (net sale of currency):   Principal value of unrealised forward   Fair value adjustment on Equity   contracts & Interest rate swaps   begin/end of   2025   2024   2025   2024   in EUR ‘000   in EUR ‘000   in EUR ‘000   in EUR ‘000   Cash flow hedges   37,596   (99,540)   (5,085)   1,938   Interest rate swaps fixing   the interest rate   (441)   (31)   (409)   (2,143)   In 2025 there has been the following fair value adjustments of financial instruments.   Fair value of financial   Fair value adjustments   Fair value adjustments through   instruments   through the equity   the Income statement  Group   Parent Company   Group Parent Company  Group   Parent Company   in EUR ‘000   in EUR ‘000   in EUR ‘000 in EUR ‘000  in EUR ‘000   in EUR ‘000   Financial   instruments   (2,047)   (2,303)   (5,494)   1,151   (1,462)   (1,968)   Notes 19   - Contingent Liabilities and Guarantees, etc,  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ‘000   CONTINGENT LIABILITIES   Rent and lease liabilities   216,320   259,343   1,130   1,890   Guarantees and letters to suppliers   14,714   11,529   - 210   COLLATERAL SECURITY   The following assets have been pledged in security of the Group's   loans from credit institutions and other non-current liabilities:  Bearer mortgages on property, plant and equipment   21,362   21,367   21,362   21,367   Guarantee for import duty   8,128   10,080   4,521   4,851   Personnel obligations   - - - - PLEDGED ASSETS   Book value of assets pledged in security of the Group's loans   from credit institutions and other non-current liabilities  19,141   20,877   17,707   19,549   The Parent Company is part of a Danish joint tax Group, with Anpartsselskabet af 1. Oktober 2011 as administration company.   The administration company and subsidiaries in the Danish joint tax group are jointly liable for withholding taxes, corporate   income taxes, tax instalments, surcharges, and interests, related to the taxable income allocated to the company. Any subse-  quent corrections of joint taxation income and withholding taxes etc. may result in a change of the company's liability.   Group and Parent Company are involved in various disputes, which are not expected to have any material impact on the   income statement in future years.   The Company has, as part of its normal course of business, entered into customary executory contracts.   Notes 19   - Contingent Liabilities and Guarantees, etc,  GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ‘000   CONTINGENT LIABILITIES   Rent and lease liabilities   216,320   259,343   1,130   1,890   Guarantees and letters to suppliers   14,714   11,529   - 210   COLLATERAL SECURITY   The following assets have been pledged in security of the Group's   loans from credit institutions and other non-current liabilities:  Bearer mortgages on property, plant and equipment   21,362   21,367   21,362   21,367   Guarantee for import duty   8,128   10,080   4,521   4,851   Personnel obligations   - - - - PLEDGED ASSETS   Book value of assets pledged in security of the Group's loans   from credit institutions and other non-current liabilities  19,141   20,877   17,707   19,549   The Parent Company is part of a Danish joint tax Group, with Anpartsselskabet af 1. Oktober 2011 as administration company.   The administration company and subsidiaries in the Danish joint tax group are jointly liable for withholding taxes, corporate   income taxes, tax instalments, surcharges, and interests, related to the taxable income allocated to the company. Any subse-  quent corrections of joint taxation income and withholding taxes etc. may result in a change of the company's liability.   Group and Parent Company are involved in various disputes, which are not expected to have any material impact on the   income statement in future years.   The Company has, as part of its normal course of business, entered into customary executory contracts.   - Fees to Auditors appointed at the Annual General Meeting  GROUP   2025   2024   EUR ‘000   1725000 154000 17000 1819000 110000 87000 27000 39000 1923000 2055000 Notes 21   - Related Parties  ECCO Sko A/S is included in the consolidated financial statements of ECCO Holding A/S and Anpartsselskabet af 1. oktober 2011,   Bredebro, Denmark.   The parent company of the ECCO Group with controlling influence is ECCO Holding A/S.   ECCO Sko A/S' related parties with controlling influence comprise the company's shareholders, the Board of Directors, the   Managing Board, as well as relatives of these persons. Related parties also comprise companies in which the individuals   have significant influence.   TRANSACTIONS WITH RELATED PARTIES   GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ‘000   Sale of goods to subsidiaries   - - 404,903   377,931   Sale of goods to related parties   100   97   100   96   Purchase of goods from subsidiaries   - - (6,719)   (8,877)   Purchase of legal assistance etc. from parent company   (1,254)   (1,572)   (1,254)   (1,572)   Interest income from subsidiaries   - - 3,087   440   Interest expense to subsidiaries   - - (3,271)   (6,661)   Interest income from related parties   - - - - Interest expenses to related parties   (215)   (2,891)   (215)   (2,891)   Receivables from subsidiares   - - 111,333   146,732   Receivables from affiliated companies   656   195   653   195   Payables to subsidiares   - - 117,964   147,321   Payables to affiliated companies   163   15,353   74   15,329   Debt to related parties   - - - - Besides distribution of dividend and legal assistance, no other transactions were carried out with shareholders in the year.   Remuneration/fees to members of the Managing Board and Board of Directors of the Parent Company are reflected in note 5.   Notes 21   - Related Parties  ECCO Sko A/S is included in the consolidated financial statements of ECCO Holding A/S and Anpartsselskabet af 1. oktober 2011,   Bredebro, Denmark.   The parent company of the ECCO Group with controlling influence is ECCO Holding A/S.   ECCO Sko A/S' related parties with controlling influence comprise the company's shareholders, the Board of Directors, the   Managing Board, as well as relatives of these persons. Related parties also comprise companies in which the individuals   have significant influence.   TRANSACTIONS WITH RELATED PARTIES   GROUP   PARENT COMPANY   2025   2024   2025   2024   EUR ‘000   Sale of goods to subsidiaries   - - 404,903   377,931   Sale of goods to related parties   100   97   100   96   Purchase of goods from subsidiaries   - - (6,719)   (8,877)   Purchase of legal assistance etc. from parent company   (1,254)   (1,572)   (1,254)   (1,572)   Interest income from subsidiaries   - - 3,087   440   Interest expense to subsidiaries   - - (3,271)   (6,661)   Interest income from related parties   - - - - Interest expenses to related parties   (215)   (2,891)   (215)   (2,891)   Receivables from subsidiares   - - 111,333   146,732   Receivables from affiliated companies   656   195   653   195   Payables to subsidiares   - - 117,964   147,321   Payables to affiliated companies   163   15,353   74   15,329   Debt to related parties   - - - - Besides distribution of dividend and legal assistance, no other transactions were carried out with shareholders in the year.   Remuneration/fees to members of the Managing Board and Board of Directors of the Parent Company are reflected in note 5.   - Proposed Profit Allocation  PARENT COMPANY   2025   2024   EUR ‘000   -25936000 -5197000 0 -16560000 -27490000 0 -31133000 -44050000 Notes 23   - Significant Events after the end of the Financial Year  There have been no significant events since the end of the financial year that will materially change   the Group's financial status.