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Annual report
2026-06-12
Søren Hyllekvist
The Board of Directors and the Executive Board have today considered and approved the annual report of Det tidligere SHL K/S for the financial year 01.01.2025 - 31.12.2025.
The annual report is presented in accordance with the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025.
We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.
We recommend the annual report for adoption at the Annual General Meeting.
Copenhagen
Sanne Wall-Gremstrup
CEO
Søren Hyllekvist
Chairman
Kristian Lars Ahlmark
Philip Leonard Harrison
To the shareholders of Det tidligere SHL K/S
We have audited the financial statements of Det tidligere SHL K/S for the financial year01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance
with the Danish Financial Statements Act.
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Entity in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Entity’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 Entity’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
Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, 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
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.
Copenhagen
Deloitte Statsautoriseret Revisionspartnerselskab
Deloitte Statsautoriseret Revisionspartnerselskab
33963556
33963556
Tim Kjær-Hansen
State Authorised Public Accountant
mne23295
Sebastian Reinbach Kilde Hye
State Authorised Public Accountant
mne51486
Financial highlights2025DKK'0002024DKK'0002023DKK'0002022DKK'0002021DKK'000Key figuresRevenue87,05894,833115,912132,977136,265Gross profit/loss28,61638,73250,20236,30613,475Operating profit/loss(83)4,45711,8443,087(349)Net financials(3,019)(556)340(378)1,530Profit/loss for the year(3,102)3,90112,1842,7091,154Total assets104,721118,106122,029128,421107,018Equity38,45841,56037,65925,47522,766Average number of employees7882939474RatiosEBIT margin (%)(0.10)4.7010.222.32(0.26)Equity ratio (%)36.7235.1930.8619.8421.27Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.EBIT margin (%):Operating profit/loss
* 100RevenueEquity ratio (%)
:Equity * 100Total assets
Primary activitiesDet tidligere SHL K/S (SHL) is an architecture firm that provides services within architecture, workplace strategy, master planning, and client advisory. The company operates both on a national and an international scale, with Scandinavia, Northern Europe, Asia, and North America as primary markets. The practice’s extensive portfolio encompasses a wide range of projects within the cultural, educational, healthcare, office, commercial, and residential sectors, and demonstrates solid experience in working with adaptive transformation and timber construction.
Development in activities and finances2025 has been characterized by the organizational integration of Schmidt Hammer Lassen and Rørbæk and Møller Architects.
The purpose of this integration has been to consolidate competencies within a single united organization and establish a stronger foundation for growth in new construction, conservation, renovation, and transformation.
The integration has been carried out as planned, and the combined organization now possesses a broader professional platform, increased capacity, and a strengthened position in both the Danish and international markets. At the same time, the first positive effects of closer collaboration across disciplines and markets are already being experienced.
During the year, focused efforts have been made to operate under a unified management and governance structure to achieve strategic alignment and operational efficiencies.
As a significant milestone in the integration process, the company’s new shared headquarters in Copenhagen NV was occupied at the beginning of 2026. Bringing employees together at a single location supports collaboration, knowledge sharing, and the continued development of the organization.
The integration efforts will continue in 2026, where the organizational and professional benefits of the merger are expected to be further consolidated.
As part of the integration, the activities of Det tidligere SHL K/S (formerly Schmidt Hammer Lassen K/S, CVR no. 20728132) are expected to be transferred during 2026 to Schmidt Hammer Lassen A/S (formerly Rørbæk and Møller Architects A/S, CVR no. 73175216).
Profit/loss for the year in relation to expected developmentsThe result for the year amounts to DKK -3.1 million. The result is affected by the integration of Schmidt Hammer Lassen and Rørbæk and Møller Architects, including the harmonization of the organization, processes and systems, as well as the establishment of a shared headquarters. These costs have been incurred as part of realizing the long-term objectives of the integration.
Management considers the result for the year to be unsatisfactory but expected given the extraordinary nature of the year. The underlying operations are still considered satisfactory and in line with expectations.
Uncertainty relating to recognition and measurementThe main accounting areas where the recognition and measurement can be affected by estimates and subject to uncertainty are:
Revenue related to contract work in progress (projects) is recognized at the selling price of work performed, based on the stage of completion of the work. Provisions for disputes are measured at the best estimate of the related costs to settle liabilities as of the balance sheet date. The stage of completion, provision for disputes, and expected earnings are based on estimates and expected future events, making them subject to uncertainty.
OutlookThe activities of Det tidligere SHL K/S are expected to be transferred to Schmidt Hammer Lassen A/S during 2026, and the company’s financial activity is therefore expected to be limited afterwards. A breakeven result of (+/- 0) is expected.
2025 marks the end of an important chapter and the beginning of a new one. The integration of Schmidt Hammer Lassen and Rørbæk and Møller Architects has brought together two strong professional environments into one organization and created a solid foundation for the company’s continued development both in Denmarkand internationally.
Use of financial instrumentsSHL’s revenue from international projects is relatively high. The need for currency hedging is specifically assessed for each project, and forward exchange contracts might be concluded, if necessary, to cover any risks.
Events after the balance sheet dateNo events have happened after the balance sheet date that would significantly impact the financials in this annual report.
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1 Staff costs2025DKK2024DKKWages and salaries53,921,41257,766,013Pension costs5,087,8474,914,413Other social security costs836,862335,07259,846,12163,015,498Average number of full-time employees7882Referring to Danish Financial Statements act §98b, 2 the remuneration for management is not shown.
78
82
2 Depreciation, amortisation and impairment losses2025DKK2024DKKDepreciation of property, plant and equipment66,14546,38566,14546,385
3 Other financial expenses2025DKK2024DKKOther interest expenses7,795186Exchange rate adjustments3,269,314822,3423,277,109822,528
4 Proposed distribution of profit and loss2025DKK2024DKKRetained earnings(3,102,108)3,901,160(3,102,108)3,901,160
-3102108
3901160
-3102108
3901160
5 Property, plant and equipmentOther fixtures and fittings, tools and equipmentDKKLeasehold improvementsDKKCost beginning of year11,436,0091,298,722Cost end of year11,436,0091,298,722Depreciation and impairment losses beginning of year(11,384,433)(1,284,153)Depreciation for the year(51,576)(14,569)Depreciation and impairment losses end of year(11,436,009)(1,298,722)Carrying amount end of year00
6 Financial assetsDepositsDKKCost beginning of year772,793Additions55,230Disposals(81,317)Cost end of year746,706Carrying amount end of year746,706
7 Contract work in progress2025DKK2024DKKContract work in progress278,820,317223,672,143Progress billings regarding contract work in progress(270,501,766)(223,095,616)Transferred to liabilities other than provisions3,144,40610,201,36411,462,95710,777,891
8 PrepaymentsPrepayments comprises insurance etc. related to subsequent financial years.
9 Other provisionsProvisions for Claims related to finished projects.
10 Other payables2025DKK2024DKKHoliday pay obligation4,588,7174,410,9694,588,7174,410,969
11 Non-current liabilities other than provisionsDue within 12
months2024DKKDue after more than 12 months2025DKKOutstanding after 5 years2025DKKOther payables62,8894,588,7174,253,83062,8894,588,7174,253,830
12 Other unrecognised commitmentsUnrecognised rental and lease commitments2025DKK2024DKKLiabilities under rental or lease agreements until maturity in total450,388991,500
13 Contingent liabilitiesA chattel mortgage registered to the mortgager of DKK 10,000 thousand has been provided as
collateral for bank debt secured upon fixtures and fittings, operating equipment and goodwill. The
carrying amount of the assets provided as collateral amounting to DKK 0 thousand at 31 December 2025.
A charge has been provided as collateral for bank debt secured upon unsecured claims of DKK 13,000 thousand. The carrying amount of the assets provided as collateral amounting to DKK 16,671 thousand at 31
December 2025.
The Company has also issued payment guarantees of DKK. 463 thousand at 31 December 2025.The company's activity entails that the company participates and is a party in construction projects. These can result in material claims on the project as a whole, where the company might be held liable. The Company tries toaddress
these risks by means of insurance. If the Company should be held financially responsible, a provision will be made in this respect. A claim typically runs over a long period of time, causing high uncertainty of the outcome, and costs related to the claim. The company is involved in two contracts where public entities are project owners. The two other contracts are, among others, under dispute and ongoing. The outcome of the disputes are uncertain and thus provisions, if any,are based on management best estimates.The Company participates in two consortium agreements in which the participants are jointly and
severally liable.
14 Transactions with related partiesParentDKKAssociatesDKKOther related partiesDKKRevenue from IC-projects administered by IC-companies (income)005,372,677Management fee/IT allocations (expense)006,407,989Receivables017,77562,862,196Liabilities other than provisions21,888,86205,236,207
15 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Perkins & Will Inc, Chicago, USA.Name and registered office of the Parent preparing consolidated financial statements for the smallest group:Perkins & Will Inc, Chicago, USACopies of the consolidated financial statements of Perkins & Will Inc may be ordered at the following address:Perkins & Will Inc, Chicago, USA.
This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.
Material uncertainty related to recognition and measurementThe main accounting areas where the recognition and measurement can be affected by estimates and subject to uncertainty are:
Revenue related to contract work in progress (projects), which are measured at the selling price of work performed, are recognized based on the stage of completion of work performed.Provision for disputes are measured at best estimate of the related cost to settle liabilities at the balance sheet date.
The stage of completion, provision for disputes and expected earnings is based on estimates as well as expected future events and is thus subject to uncertainty.
Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.
RevenueRevenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue
corresponds to the selling price of the work performed in the financial year (the percentage-of-completion
method).
Production costsProductions costs include salaries and fees for architects, construction designers and draughtsmen as well
as direct costs, e.g. insurance and travelling expenses, etc.
Cost of salesCost of sales comprise of fees for architects, construction designers and draughtsmen as well as direct cost,
e.g. insurance and travelling expenses, etc. paid to subcontractors.
Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages
and salaries for administrative staff and Management, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.
Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.
Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.
Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.
Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the asset until the time when it is ready to be put into operation. For assets held under
finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-5 yearsSoftware3 yearsEstimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.
Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources. Provision for disputes are measured at best estimate of the related cost to settle liabilities at the balance sheet date. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or negative. Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.
PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
CashCash comprises of bank deposits.
Other provisionsOther provisions comprise anticipated commitments relating to the companies consortiumsOther provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Perkins + Will Inc., 410 North Michigan Avenue, Suite 1600, Chicago, IL 60611, USA.
true
Grundlag for konklusion
Konklusion
2026-06-12
2026-06-12
Regnskabsklasse C, mellemstor virksomhed
2024-01-01
2024-12-31
København S
2300
6
Weidekampsgade
Copenhagen
Copenhagen
2400
Revisionspåtegning
2025-12-31
2025-01-01
17
Thoravej
Det tidligere SHL K/S
20728132
33963556
2300 København S
Weidekampsgade 6
Deloitte Statsautoriseret Revisionspartnerselskab