42623172 2025-07-01 2026-06-30 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 42623172 2025-07-01 2026-06-30 1 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 1 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 2 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 cmn:ConsolidatedMember 42623172 2024-07-01 2025-06-30 cmn:ConsolidatedMember 42623172 2023-07-01 2024-06-30 cmn:ConsolidatedMember 42623172 2022-07-01 2023-06-30 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 cmn:ConsolidatedMember 1973 42623172 2024-07-01 2025-06-30 cmn:ConsolidatedMember 1973 42623172 2023-07-01 2024-06-30 cmn:ConsolidatedMember 1973 42623172 2022-07-01 2023-06-30 cmn:ConsolidatedMember 1973 42623172 2025-07-01 2026-06-30 cmn:ConsolidatedMember 382 42623172 2024-07-01 2025-06-30 cmn:ConsolidatedMember 382 42623172 2023-07-01 2024-06-30 cmn:ConsolidatedMember 382 42623172 2022-07-01 2023-06-30 cmn:ConsolidatedMember 382 42623172 2026-06-30 cmn:ConsolidatedMember 42623172 2025-06-30 cmn:ConsolidatedMember 42623172 2024-06-30 cmn:ConsolidatedMember 42623172 2023-06-30 cmn:ConsolidatedMember 42623172 2024-07-01 2025-06-30 cmn:ConsolidatedMember 42623172 2025-07-01 2026-06-30 42623172 2024-07-01 2025-06-30 42623172 2026-06-30 cmn:ConsolidatedMember 42623172 2025-06-30 cmn:ConsolidatedMember 42623172 2026-06-30 42623172 2025-06-30 42623172 2025-07-01 cmn:ConsolidatedMember 42623172 2024-07-01 cmn:ConsolidatedMember iso4217:DKK xbrli:pure 2025-07-01 2026-06-30 2026-10-08 Cedra Godkendt Revisionsaktieselskab 2024-07-01 2025-06-30 ETK Finans ApS 42623172 Annual report Christian Møller Christensen The Exec­ut­ive Board have today con­sidered and adop­ted the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments for the fin­an­cial year 1 July 2025 - 30 June 2026 for ETK Finans ApS. ETK Finans ApS The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In my opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of group's and the com­pany's fin­an­cial pos­i­tion at 30 June 2026 and of the res­ults of its opera­tions and cash flows for the fin­an­cial year 1 July 2025 - 30 June 2026. I believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. I recom­mend that the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments be adop­ted at the Annual Gen­eral Meet­ing. Christian Møller Christensen To the share­holders in ETK Finans ApS ETK Finans ApS Opinion We have audited the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments of ETK Finans ApS for the fin­an­cial year 1 July 2025 - 30 June 2026, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity, state­ment of cash flows and notes. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of the group's and the com­pany's fin­an­cial pos­i­tion as at 30 June 2026 and of the res­ults of the group's and the com­pany's opera­tions and cash flows for the fin­an­cial year 1 July 2025 - 30 June 2026 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. ETK Finans ApS 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 fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the group in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the group's and the com­pany'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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments unless Man­age­ment either intends to liquid­ate the group or the com­pany or to cease opera­tions, or has no real­istic altern­at­ive but to do so. Our object­ives are to obtain reas­on­able assur­ance about whether the con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 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 con­sol­id­ated fin­an­cial state­ments and 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 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 con­sol­id­ated fin­an­cial state­ments and 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 com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the con­sol­id­ated fin­an­cial state­ments and 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. 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. Man­age­ment is respons­ible for Man­age­ment’s Review.Our opin­ion on the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments does not cover Man­age­ment’s Review, and we do not express any form of assur­ance con­clu­sion thereon.In con­nec­tion with our audit of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, our respons­ib­il­ity is to read Man­age­ment’s Review and, in doing so, con­sider whether Man­age­ment’s Review is mater­i­ally incon­sist­ent with the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments or our know­ledge obtained dur­ing the audit, or other­wise appears to be mater­i­ally mis­stated.Moreover, it is our respons­ib­il­ity to con­sider whether Man­age­ment’s Review provides the inform­a­tion required under the Dan­ish Fin­an­cial State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the con­sol­id­ated fin­an­cial state­ments and 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 in Man­age­ment’s Review. Aarhus 2026-10-08 Cedra Godkendt Revisionsaktieselskab Cedra Godkendt Revisionsaktieselskab 37543128 37543128 Kristian Bredgaard Lassen State Authorised Public Accountant mne23430 Chris Middelhede State Authorised Public Accountant mne45823 ETK Finans ApS 42623172 Christian Møller Christensen  Group 2025/26Group 2024/25Group 2023/24Group 2022/23 DKKDKKDKKDKKKey fig­ures    Income state­ment    Rev­enue293,447,927332,272,695405,316,000460,083,000Gross profit/loss100,240,421107,969,76299,625,000118,232,000EBITDA19,233,86022,864,90414,520,00029,004,000EBIT-114,7264,574,621-3,771,00014,046,000Net fin­an­ci­als-7,445,920-10,744,3091,655,00010,717,000Profit/loss for the year-6,470,571-7,523,112-7,593,00018,835,000Profit/loss for the year excl minor­ity interests-3,953,842-4,512,490-4,715,00011,120,000     Bal­ance sheet    Total assets375,501,708391,249,772432,867,000516,018,000Invest­ment in prop­erty, plant and equip­ment for the year-10,853,500-4,597,828-21,419,000-4,346,000Equity121,991,181128,511,970135,039,000148,407,000Equity excl minor­ity interests72,066,47775,829,24579,520,00087,971,000     Cash flows    Cash flow from operat­ing activ­it­ies-6,327,39118,858,77736,045,00010,784,000Cash flow from invest­ing activ­it­ies-9,816,888-4,038,553-17,034,00024,000Cash flow from fin­an­cing activ­it­ies-19,314,317-18,135,651-8,432,000-22,138,000      293447927 332272695 405316000 460083000 100240421 107969762 99625000 118232000 19233860 22864904 14520000 29004000 -114726 4574621 -3771000 14046000 -7445920 -10744309 1655000 10717000 -6470571 -7523112 -7593000 18835000 375501708 391249772 432867000 516018000 121991181 128511970 135039000 148407000 -6327391 18858777 36045000 10784000 -9816888 -4038553 -17034000 24000 -19314317 -18135651 -8432000 -22138000 ETK EMS Group is an Elec­tron­ics Man­u­fac­tur­ing Ser­vices (EMS) pro­vider. The Group man­u­fac­tures elec­tron­ics on behalf of its cus­tomers, includ­ing PCBA assembly, mech­an­ical assembly, box-build and tailored logist­ics, from sites in Skander­borg and Sønder­borg (Den­mark), Thai­l­and and Atlanta (USA). In FY 2025/26, demand in the Group's Dan­ish and European core mar­kets remained sub­dued dur­ing the first part of the year. How­ever, order intake improved sig­ni­fic­antly dur­ing the second half of the fin­an­cial year, provid­ing a stronger found­a­tion for future growth. Rev­enue decreased by 11.7% to DKK 293.4 mil­lion com­pared to DKK 332.3 mil­lion in the pre­vi­ous year. The decrease was primar­ily attrib­ut­able to the trans­fer of a major cus­tomer from the Skander­borg facil­ity to the newly est­ab­l­ished US opera­tion, res­ult­ing in a tem­por­ary pro­duc­tion gap dur­ing the trans­ition period. A sig­ni­fic­ant mile­stone dur­ing the year was the est­ab­l­ish­ment of ETK EMS USA Inc., includ­ing the acquis­i­tion and trans­fer of pro­duc­tion equip­ment, recruit­ment and train­ing of employ­ees, and the suc­cess­ful ramp-up of pro­duc­tion activ­it­ies and cus­tomer deliv­er­ies from the US facil­ity. Fur­ther­more, the Group com­pleted the con­sol­id­a­tion of its Dan­ish man­u­fac­tur­ing foot­print from three to two pro­duc­tion sites and imple­men­ted a com­pre­hens­ive fact­ory lay­out pro­gram in Skander­borg. These ini­ti­at­ives are expec­ted to enhance opera­tional effi­ci­ency and strengthen the Group's com­pet­it­ive­ness in the com­ing years. EBITDA amoun­ted to DKK 19.2 mil­lion com­pared to DKK 22.9 mil­lion in the pre­vi­ous year, while EBIT amoun­ted to DKK -0.1 mil­lion com­pared to DKK 4.6 mil­lion last year. Cash flow from operat­ing activ­it­ies amoun­ted to DKK -6.3 mil­lion com­pared to DKK 18.9 mil­lion in the pre­vi­ous year. The decrease was primar­ily due to increased invent­ory levels of DKK 11.2 mil­lion related to the est­ab­l­ish­ment of opera­tions in the USA, com­bined with a decrease in trade pay­ables. Invest­ments in prop­erty, plant and equip­ment amoun­ted to DKK 10.9 mil­lion com­pared to DKK 4.6 mil­lion in the pre­vi­ous year and primar­ily related to the est­ab­l­ish­ment and expan­sion of the US pro­duc­tion facil­ity. Man­age­ment does not con­sider the year's per­form­ance accept­able des­pite the sig­ni­fic­ant stra­tegic invest­ments and trans­form­a­tion activ­it­ies com­pleted dur­ing the fin­an­cial year. The Group will con­tinue to invest in long-term growth ini­ti­at­ives aimed at enhan­cing com­pet­it­ive­ness and strength­en­ing its mar­ket pos­i­tion. Based on increas­ing order intake, the onboard­ing of new cus­tomers and improved capa­city util­iz­a­tion across the Group's pro­duc­tion facil­it­ies, Man­age­ment expects rev­enue growth dur­ing FY 2026/27. The Group expects profit in the range of DKK 0 mil­lion to DKK 10 mil­lion for the com­ing fin­an­cial year. The outlook is based on cur­rent mar­ket condi­tions and assumes con­tin­ued pos­it­ive devel­op­ment in cus­tomer demand and suc­cess­ful exe­cu­tion of the Group's stra­tegic ini­ti­at­ives. Busi­ness model ETK EMS is present in Den­mark with two sites, one in Thai­l­and and one under est­ab­l­ish­ment in USA. We employed an average of 252 people dur­ing the fin­an­cial year. We ser­vice cus­tomers through­out the world, offer­ing assembly of PCBA’s, mech­an­ical assem­blies, box-build solu­tions and tailored logist­ics for end cus­tomer ship­ments and we spe­ci­al­ize in indus­trial energy, trans­port­a­tion, the med­ical industry and inform­a­tion tech­no­logy mar­kets. We are proud of the pos­it­ive impacts our products bring to ensur­ing that crit­ical infra­struc­ture is digit­ized and reli­able. Policies We have adop­ted the Respons­ible Busi­ness Alli­ance Code of Con­duct, a high qual­ity stand­ard within our industry, and we have upd­ated CSR and Busi­ness Eth­ics Policies. Together they address import­ant mat­ters like human and labor rights, safety, envir­on­mental top­ics and anti-cor­rup­tion. Envir­on­ment and cli­mate We operate a low impact opera­tion with rel­at­ively insig­ni­fic­ant risks con­cern­ing the envir­on­ment and cli­mate. We main­tain site rel­ev­ant ISO stand­ard cer­ti­fic­a­tions at the man­u­fac­tur­ing sites cover­ing ISO 9001, ISO14001 and ISO 13485. We con­tinue to mon­itor energy con­sump­tion and waste and con­tinue with efforts to reduce these. Social mat­ters Our busi­ness’ suc­cess relies on the col­lab­or­a­tions and engage­ment of our employ­ees. We main­tain a work­place with equal oppor­tun­it­ies for all, where safety is a pri­or­ity, and cur­rently we con­sider our efforts very suc­cess­ful and risks relat­ing to our employ­ees to be min­imal. Our ambi­tion for the future is to main­tain high engage­ment and that we have a good place to work where people going the extra mile are recog­n­ized and where flex­ib­il­ity can be expec­ted. Human rights We are not aware of, and would never tol­erate any kind of human rights viola­tions, which is also why we have signed the Respons­ible Buy­ers Act (RBA) Code of Con­duct. The net­work of sup­pli­ers we work with is large and con­sidered respons­ible and reli­able so while we have not iden­ti­fied any major risks, we will con­tinue to increase robust­ness of, and insight to the opera­tions of our sup­pli­ers. Anti-cor­rup­tion Our busi­ness rela­tions have not been iden­ti­fied as a place where high risks relat­ing to cor­rup­tion are a prob­lem. We will not tol­erate any sort of bribery or cor­rup­tion, and efforts in the past have been on ensur­ing that busi­ness pro­cesses are in place to reduce the risk and even pos­s­ib­il­ity of using our com­pany assets for per­sonal gains. We have a func­tion­ing whis­tleblower sys­tem in place, and we main­tain and con­tinue optim­iz­ing our con­trols and stand­ards and ensure prompt action in the event of find­ings. Work­ing respons­ibly and eth­ic­ally with data is already an import­ant task for us. We have est­ab­l­ished policies and com­pli­ance with the data pro­tec­tion / GDPR act as well as cyber secur­ity top­ics to pro­tect data of our employ­ees as well as in rela­tion to mar­ket­ing and sales activ­it­ies to man­age busi­ness part­ner data in the right way. Regard­ing trans­par­ency all employ­ees are informed about which data we col­lect, and how it will be used and shared. It is stated in the GDPR policy in the employee hand­book and data is only col­lec­ted for spe­cified, legitim­ate pur­poses. To this date, no events have occurred after the bal­ance sheet date, which would influ­ence the evalu­a­tion of this annual report. 293447927 332272695 0 0 6468355 1385392 0 250 167413906 197175075 0 0 32261955 28513250 34675 0 100240421 107969762 -34675 250 80984976 85104858 0 0 19348586 18290283 0 0 21585 0 0 0 -114726 4574621 -34675 250 0 0 -3870612 -4504485 737430 586819 66528 4793 8183350 11331128 115083 345858 -7560646 -6169688 -3953842 -4845300 -1090075 1353424 0 -332810 -6470571 -7523112 -3953842 -4512490 -3953842 -4512490 -83230 -8194791 106735164 119748489 0 0 106735164 119748489 0 0 4234808 4268633 0 0 11185234 14375727 0 0 21311719 14116010 0 0 36731761 32760370 0 0 0 0 71212966 74892502 2230362 3209559 0 0 2230362 3209559 71212966 74892502 145697287 155718418 71212966 74892502 127894047 125064282 0 0 7852457 5548228 0 0 9911432 6380289 0 0 2771897 231865 0 0 148429833 137224664 0 0 51064210 58040125 0 0 1813123 5729713 0 1315053 0 1508000 0 1508000 0 0 0 622879 16330000 10486000 0 0 2086513 155682 0 0 71293846 75919520 0 3445932 10080742 22387170 890387 361788 229804421 235531354 890387 3807720 375501708 391249772 72103353 78700222 100000 100000 100000 100000 0 0 0 0 71966479 75729245 71966479 75729245 49924702 52682725 0 0 121991181 128511970 72066479 75829245 0 0 0 0 0 0 0 0 16580956 33184765 0 0 5609329 8513767 0 0 22190285 41698532 0 0 19727718 19091661 0 0 95508190 73062213 0 0 48347557 50520993 0 0 49752492 57886081 36874 36875 0 0 0 2211910 1073990 789128 0 0 0 0 0 622145 16113139 19689194 0 47 797156 0 0 0 231320242 221039270 36874 2870977 253510527 262737802 36874 2870977 375501708 391249772 72103353 78700222  Con­trib­uted cap­italReserve for net revalu­a­tion accord­ing to equity methodRetained earn­ingsTotal DKKDKKDKKDKK     Equity at 1 July 2024100,000079,419,55179,519,551Exchange rate adjust­ments for the year  822,1840822,184Dis­trib­uted profit/loss for the year 3,682,301-8,194,791-4,512,490Trans­ferred from net revalu­a­tion accord­ing to equity method to retained earn­ings -4,504,4854,504,4850Equity at 1 July 2025100,000075,729,24575,829,245Exchange rate adjust­ments for the year  191,0760191,076Dis­trib­uted profit/loss for the year -3,870,612-83,230-3,953,842Equity trans­ac­tions in group enter­prises 3,679,536-3,679,5360Equity at 30 June 2026100,000071,966,47972,066,479 3682301 -3870612  Con­trib­uted cap­italRetained earn­ingsMinor­ity interestsTotal DKKDKKDKKDKK     Equity at 1 July 2024100,00079,419,55155,519,907135,039,458Exchange rate adjust­ments for the year  822,184592,2641,414,448Extraordin­ary dividends 0-418,824-418,824Dis­trib­uted profit/loss for the year -4,512,490-3,010,622-7,523,112Equity at 1 July 2025100,00075,729,24552,682,725128,511,970Exchange rate adjust­ments for the year  191,076137,642328,718Extraordin­ary dividends 0-378,936-378,936Dis­trib­uted profit/loss for the year -3,953,842-2,516,729-6,470,571Equity at 30 June 2026100,00071,966,47949,924,702121,991,181 0 0 19348586 18290283 6640848 12773146 11205169 -22337952 6975915 8192095 8133589 -6743262 -2966576 -24551613 621802 586819 8177574 9141330 2961063 8848725 -6327391 18858777 10853500 4597828 57415 961678 99146 820325 1078343 417922 -9816888 -4038553 4435802 1243694 16667000 16667000 6704183 2293521 0 0 378936 418824 -19314317 -18135651 -35458596 -3315427 706191 -1388065 -85427448 -50675043 95508190 73062213 -85427448 -50675043 No events have occurred after the bal­ance sheet date to this date, which would influ­ence the evalu­a­tion of this annual report.  Den­markEUNon EUTotal DKKDKKDKKDKKTotal rev­enue by geo­graph­ical mar­ket 2025/26197,690,48325,429,32170,328,123293,447,927     Total rev­enue by geo­graph­ical mar­ket 2024/25294,871,39410,607,81826,793,483332,272,695  Group 2025/26Group 2024/25 DKKDKK   Stat­utory audit fee398,500430,000Total398,500430,000  Group 2025/26Group 2024/25Par­ent 2025/26Par­ent 2024/25     Wages and salar­ies74,093,42377,794,66500Pen­sions 5,974,9546,108,56500Other social secur­ity costs916,5991,201,62800Total80,984,97685,104,85800     Average num­ber of full-time employ­ees25228600     Remu­nera­tion for man­age­ment cat­egor­ies:    Exec­ut­ive Board4,451,5722,342,34000Board of dir­ect­ors370,000327,50000     Total4,821,5722,669,84000     Spe­cial incent­ive pro­grammes    Mem­bers of senior man­age­ment have been offered the oppor­tun­ity to invest in a war­rant pro­gram since 2022. The pro­gram grants rights to acquire shares in the Com­pany sub­ject to spe­cific exit condi­tions. As of the bal­ancesheet date, the cri­teria for pay­out have not been met, and no pro­vi­sion has there­fore been recog­n­ized except for the ini­tial invest­ment. 74093423 77794665 0 0 5974954 6108565 0 0 916599 1201628 0 0 252 286 0 0  Group 2025/26Group 2024/25Par­ent 2025/26Par­ent 2024/25 DKKDKKDKKDKK     Other fin­an­cial income737,430586,81966,5284,793Total737,430586,81966,5284,793 737430 586819 66528 4793  Group 2025/26Group 2024/25Par­ent 2025/26Par­ent 2024/25 DKKDKKDKKDKK     Other fin­an­cial expenses8,183,35011,331,128115,083345,858Total8,183,35011,331,128115,083345,858 8183350 11331128 115083 345858  Good­willTotal DKKDKK   Cost begin­n­ing of year177,807,383177,807,383Cost end of year177,807,383177,807,383   Amort­isa­tion and impair­ment losses begin­n­ing of year-58,058,894-58,058,894Amort­isa­tion for the year-13,013,325-13,013,325Amort­isa­tion and impair­ment losses end of year-71,072,219-71,072,219   Car­ry­ing amount end of year106,735,164106,735,164  Lease­hold improve­mentsPlant and machineryFix­tures, fit­t­ings, tools and equip­mentTotal DKKDKKDKKDKK     Cost begin­n­ing of year7,516,13424,660,82230,985,71063,162,666Exchange rate adjust­ments-43,785-182,486-51,580-277,851Addi­tions for the year534,312303,18810,016,00010,853,500Dis­pos­als for the year0-280,915-2,531,154-2,812,069Cost end of year8,006,66124,500,60938,418,97670,926,246     Depre­ci­a­tion and impair­ment losses begin­n­ing of year-3,247,501-10,285,095-16,869,700-30,402,296Exchange rate adjust­ments2,19711,1392,67016,006Depre­ci­a­tion for the year-526,549-1,350,291-2,761,713-4,638,553Impair­ment losses for the year0-1,696,7080-1,696,708Reversal regard­ing dis­pos­als for the year05,5802,521,4862,527,066Depre­ci­a­tion and impair­ment losses end of year-3,771,853-13,315,375-17,107,257-34,194,485     Car­ry­ing amount end of year4,234,80811,185,23421,311,71936,731,761     Fin­an­cing leases recog­n­ised in the asset0012,634,79112,634,791  Depos­itsTotal DKKDKK   Cost begin­n­ing of year3,209,5593,209,559Addi­tions for the year99,14699,146Dis­pos­als for the year-1,078,343-1,078,343Cost end of year2,230,3622,230,362   Car­ry­ing amount end of year2,230,3622,230,362  Invest­ments in group enter­prisesTotal DKKDKK   Cost begin­n­ing of year86,000,22586,000,225Cost end of year86,000,22586,000,225   Revalu­a­tions begin­n­ing of year-11,107,723-11,107,723Exchange rate adjust­ments191,076191,076Revalu­a­tions for the year-3,870,612-3,870,612Revalu­a­tions end of year-14,787,259-14,787,259   Car­ry­ing amount end of year71,212,96671,212,966  Equity interest  ETK EMS Skander­borg A/S, Den­mark100%ETK EMS Sønder­borg A/S, Den­mark100%ETK EMS Næstved A/S, Den­mark100%ETK EMS Asia Pro­duc­tions Ltd., Thai­l­and100%ETK EMS USA Inc., USA100%ETK EMS Group ApS, Den­mark98,01%BE-ETK Hold­ing ApS, Den­mark59,31%  Group 30‑06‑2026Group 30‑06‑2025 DKKDKK   Liab­il­it­ies in total:  Debt to credit insti­tu­tions33,247,95649,851,765Lease com­mit­ments8,670,04710,938,428Total41,918,00360,790,193   Cur­rent por­tion of non-cur­rent liab­il­it­ies:  Debt to credit insti­tu­tions16,667,00016,667,000Lease com­mit­ments3,060,7182,424,661Total19,727,71819,091,661   Due bey­ond 5 years after the bal­ance sheet date:  Debt to credit insti­tu­tions00Lease com­mit­ments00Total00  Group 30‑06‑2026Group 30‑06‑2025 DKKDKK   Total liab­il­it­ies under rental or lease agree­ments until matur­ity22,977,00034,006,387   In addi­tion to the above, the com­pany has entered into a num­ber of mutu­ally oner­ous agree­ments with sup­pli­ers relat­ing to ordin­ary deliv­er­ies as part of its ordin­ary course of busi­ness. The Par­ent and the Dan­ish sub­si­di­ar­ies par­ti­cip­ate in a Dan­ish joint tax­a­tion arrange­ment in which ETK Fin­ans ApS serves as the admin­is­tra­tion com­pany. Accord­ing to the joint tax­a­tion pro­vi­sions of the Dan­ish Cor­por­a­tion Tax Act, the Par­ent and the Dan­ish sub­si­di­ar­ies are there­fore liable for income taxes etc. for the jointly taxeden­tit­ies, and also for oblig­a­tions, if any, relat­ing to the with­hold­ing of tax on interest, roy­al­ties and dividends forthe jointly taxed entit­ies. The jointly taxed entit­ies' total known net liab­il­ity under the joint tax­a­tion arrange­mentis dis­closed in the admin­is­tra­tion com­pany's fin­an­cial state­ments. The Entity serves as the admin­is­tra­tion com­pany in a Dan­ish joint tax­a­tion arrange­ment. Accord­ing to the joint​tax­a­tion pro­vi­sions of the Dan­ish Cor­por­a­tion Tax Act, the Entity is there­fore liable for income taxes etc. for the​jointly taxed entit­ies, and also for oblig­a­tions, if any, relat­ing to the with­hold­ing of tax on interest, roy­al­ties and​dividends for these entit­ies. Shares in all sub­si­di­ar­ies have been pos­ted as secur­ity for bank debt and bank debt in ETK EMS Skander­borg A/S, ETK EMS Sønder­borg A/S, ETK EMS Næstved A/S, ETK EMS Asia Pro­duc­tions Ltd., and BE-ETK Hold­ing ApS.​ ETK EMS Group ApS has issued a guar­an­tee for bank debt of its sub­si­di­ar­ies of ETK EMS Skander­borg A/S, ETK EMS Sønder­borg A/S, ETK EMS Næstved A/S and ETK EMS Asia Pro­duc­tions Ltd. Shares in all sub­sid­ar­ies have been pos­ted as secur­ity for bank debt and bank debt in ETK EMS Skander­borg A/S, ETK EMS Sønder­borg A/S, ETK EMS Næstved A/S, ETK EMS Asia Prop­erties Ltd., and BE-ETK Hold­ing ApS.​ The com­pany is included in the con­sol­id­ated report for the par­ent com­pan­ies:   The largest group:ETK Fin­ans ApS, 7100 VejleThe smal­lest group:ETK EMS Group ApS, 8600 Skander­borg   The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class C, large enterprise.The account­ing policies have not been changed from last year.The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments for 2025/26 is presen­ted in DKK. Reporting class C, large enterprise The con­sol­id­ated fin­an­cial state­ments com­prise the par­ent com­pany and the enter­prises (group enter­prises) con­trolled by the par­ent com­pany. The par­ent com­pany is deemed to be con­trolling an enter­prise when it dir­ectly or indir­ectly con­trols more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol of more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol or de facto con­trol with respect to the eco­nomic and opera­tional deci­sions in the enter­prise. The con­sol­id­ated fin­an­cial state­ments are pre­pared on the basis of the fin­an­cial state­ments of the par­ent com­pany and the Group enter­prises by the add­ing together items of a uni­form nature. In the pre­par­a­tion of the con­sol­id­ated fin­an­cial state­ments, all inter­com­pany bal­ances, income and expenses as well as gains and losses arising from trans­ac­tions between the group enter­prises have been elim­in­ated. Equity invest­ments in the group enter­prises have been elim­in­ated by the group enter­prises' pro­por­tion­ate shares of the equity value. The fin­an­cial state­ments used for the pur­pose of con­sol­id­a­tion have been pre­pared in accord­ance with the con­sol­id­ated account­ing policies. The net profit or loss for the year and the equity of for­eign enter­prises have been expressed in Dan­ish Kroner. For­eign cur­rency trans­la­tion adjust­ments arising as a res­ult of trans­la­tion of the equity of the for­eign enter­prises at the begin­n­ing of the fin­an­cial years and trans­la­tion of the net profit or loss for the fin­an­cial years from the average rate of exchange to the clos­ing rate are charged dir­ectly to equity. Where group enter­prises have been acquired, the bal­ance res­ult­ing from the elim­in­a­tion has to the extent pos­s­ible been dis­trib­uted on the assets and liab­il­it­ies of the group enter­prises whose value is above or below the amount at which they were booked when the group rela­tion was est­ab­l­ished. Any remain­ing pos­it­ive bal­ance is treated as good­will and stated under intan­gible assets. Any neg­at­ive bal­ance which is equal to an expec­ted cost or an adverse devel­op­ment in the group enter­prises is recog­n­ised in the income state­ment when acquired. Assets 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. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Other operat­ing income""Other external expenses". Rev­enue from the sale of man­u­fac­tured goods and goods for resale is recog­n­ised in the income state­ment when deliv­ery is made and risk has passed to the buyer. Rev­enue is recog­n­ised net of VAT, duties and sales dis­counts and is meas­ured at fair value of the con­sid­era­tion fixed. Cost of sales com­prises goods con­sumed in the fin­an­cial year meas­ured at cost, adjus­ted for nor­mal invent­ory write­downs. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the Entity’s primary activ­it­ies, includ­ing profit from the sale of intan­gible assets and prop­erty, plant and equip­ment, and salary refunds. Other external expenses include expenses relat­ing to the Entity’s ordin­ary activ­it­ies, includ­ing expenses for premises, sta­tion­ery and office sup­plies, mar­ket­ing costs, etc. This item also includes write­downs of receiv­ables recog­n­ised in cur­rent assets. Staff costs com­prise wages and salar­ies, and social secur­ity con­tri­bu­tions, pen­sion con­tri­bu­tions, etc. for entity staff. Depre­ci­a­tion, amort­isa­tion and impair­ment losses relat­ing top­rop­erty, plant and equip­ment and intan­gible assets com­prise depre­ci­a­tion, amort­isa­tion and impair­ment losses for the fin­ancal year, and gains and losses from the sale of intan­gible assets and prop­erty, plant and equip­ment. Income from invest­ments in group enter­prises com­prises the pro rata share of the indi­vidual enter­prises’ profit/loss after full elim­in­a­tion of intra-group profits or losses. Fin­an­cial income com­prises 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. 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. Tax for the year, which con­sists of cur­rent tax for the year and changes in deferred tax, is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is jointly taxed with all of its Dan­ish group enter­prises. The cur­rent Dan­ish income tax is alloc­ated among the jointly taxed entit­ies pro­por­tion­ally to their tax­able income (full alloc­a­tion with a refund con­cern­ing tax losses). The bal­ance sheet has been presen­ted in account form. Good­will is the pos­it­ive dif­fer­ence between cost and fair value of assets and liab­il­it­ies arising from acquis­i­tions. Good­will is amort­ised straight-line over its estim­ated use­ful life, which is fixed based on the exper­i­ence gained by Man­age­ment for each busi­ness area. The amort­isa­tion peri­ods used are 15 years, which is based on an assess­ment from man­age­ment that the value of the invest­ment is expec­ted to be returned over a longer period. Good­will is writ­ten down to the lower of recover­able amount and car­ry­ing amount. Plant and machinery, and other fix­tures and fit­t­ings, tools and equip­ment are​meas­ured at cost less accu­mu­lated depre­ci­a­tion and impair­ment losses. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Lease­hold improve­ments 5-10 years Fix­tures, fit­t­ings, tools and equip­ment 3 - 8 years Plant and machinery 3 - 8 years Use­ful lives and resid­ual val­ues are reas­sessed annu­ally. Any changes are accoun­ted for as changes in account­ing estim­ates, and the effect on depre­ci­a­tion is recog­n­ised pro­spect­ively.Profit/loss on sale or retire­ment has been included in the income state­ment under gross profit or loss/other operat­ing income and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets. Invest­ments in group enter­prises are recog­n­ised and meas­ured in the par­ent fin­an­cial state­ments accord­ing to the equity method. This means that invest­ments are meas­ured at the pro rata share of the enter­prises’ equity value plus unamort­ised good­will and plus or minus unreal­ised intra-group profits or losses. Group enter­prises with neg­at­ive equity value are meas­ured at DKK 0. Any receiv­ables from these enter­prises are writ­ten down to net real­is­able value based on a spe­cific assess­ment. If the Par­ent has a legal or con­struct­ive​ oblig­a­tion to cover the liab­il­it­ies of the rel­ev­ant enter­prise, and it is prob­able that such oblig­a­tion will involve a loss, a pro­vi­sion is recog­n­ised that is meas­ured at present value of the costs neces­sary to settle the oblig­a­tions at ​the bal­ance sheet date. Upon dis­tri­bu­tion of profit or loss, net revalu­a­tion of invest­ments in group enter­prises is trans­ferred to the reserve for net revalu­a­tion accord­ing to the equity method in equity. Good­will is the dif­fer­ence between cost of invest­ments and fair value of the pro rata share of assets and liab­il­it­ies arising from acquis­i­tions. Good­will is amort­ised straight-line over its estim­ated use­ful life, which is fixed based on the exper­i­ence gained by Man­age­ment for each busi­ness area. It has not been pos­s­ible to estim­ate use­ful life reli­ably, for which reason use­ful life has been set at 10 years. Invest­ments in group enter­prises are writ­ten down to the lower of recover­able amount and car­ry­ing amount. Invent­or­ies are meas­ured at cost accord­ing to the FIFO method. In the event of cost exceed­ing net real­is­able value, write­down is made to this lower value. Cost of goods for resale as well as raw mater­i­als and con­sum­ables com­prises pur­chase price plus deliv­ery costs. The net real­is­able value of invent­or­ies is cal­cu­lated at the estim­ated selling price less com­ple­tion costs and expec­ted costs to execute sale. The net real­is­able value is determ­ined allow­ing for mar­ket­ab­il­ity, obsol­es­cence and devel­op­ment in expec­ted sales price.Received pre­pay­ments from cus­tomers regard­ing non delivered goods are recog­n­ised as liab­il­it­ies. Receiv­ables are meas­ured at amort­ised cost, which usu­ally cor­responds to nom­inal value. The value is reduced with pro­vi­sions for bad debts to cover expec­ted losses. Pre­pay­ments com­prise incurred costs relat­ing to sub­sequent fin­an­cial years. Pre­pay­ments are meas­ured at cost. Cash com­prises cash in hand and bank depos­its. Reserve for net revalu­a­tion accord­ing to equity method com­prise net revalu­a­tion in group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reserve is reduced by dividend dis­trib­uted to the Par­ent and adjus­ted for other equity move­ments in the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reserve may be elim­in­ated with neg­at­ive retained earn­ings. The reserve is reduced or dis­solved when divest­ing the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. On ini­tial recog­n­i­tion, minor­ity interests are meas­ured at the minor­ity interests’ share of the acquiree’s net assets meas­ured at fair value. No good­will related to the minor­ity interests’ equity interests in the acquiree is recog­n­ised. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. Deferred tax is meas­ured on the basis of the tax rules and tax rates applic­able under the legis­la­tion enacted at the bal­ance sheet date when the deferred tax is expec­ted to reverse as cur­rent tax. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.In the con­sol­id­ated fin­an­cial state­ments, deferred tax assets and deferred tax liab­il­it­ies are presen­ted sep­ar­ately under assets and liab­il­it­ies, respect­ively, but are off­set to the extent that the legal entit­ies are jointly taxed and sub­ject to the same jur­is­dic­tion.Cor­por­a­tion tax relat­ing to the the fin­an­cial year which has not been settled at the bal­ance sheet date is clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Fin­an­cial debts are recog­n­ised ini­tially at the pro­ceeds received net of trans­ac­tion expenses incurred, which are dir­ectly related with the loan. In sub­sequent years, fin­an­cial debts are meas­ured at amort­ised cost equal to the cap­it­al­ised value using the effect­ive interest rate. The dif­fer­ence between the pro­ceeds and the nom­inal value is recog­n­ised in the income state­ment over the loan period. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Deferred income com­prise pre­pay­ments received from cus­tomers prior to deliv­ery of the goods agreed or com­ple­tion of the ser­vice agreed. The cash flow state­ment shows the com­pany's cash flows broken down by operat­ing, invest­ing and fin­an­cing activ­it­ies, changes for the year in cash and cash equi­valents as wells as cash and cash equi­valents at the begin­n­ing and end of the year. Cash flows from acquis­i­tions and divest­ments are shown sep­ar­ately under cash flows from invest­ing activ­it­ies. In the cash flow state­ment, cash flows regard­ing acquired com­pan­ies are recog­n­ised from the date of acquis­i­tion and cash flows from dives­ted com­pan­ies are recog­n­ised until the trans­fer date. Cash flows from operat­ing activ­it­ies are cal­cu­lated as the net profit/loss for the year adjus­ted for non-cash operat­ing items, fin­an­cial income and expenses paid, cor­por­a­tion taxes as well as increase and decrease in invent­or­ies, trade receiv­ables, trade pay­ables and other changes in assets and liab­il­it­ies other than pro­vi­sions deriv­ing from opera­tions. Cash flows from invest­ing activ­it­ies com­prise pay­ments in the year in con­nec­tion with acquis­i­tion and sale of fixed assets as well as pay­ments in con­nec­tion with acquis­i­tion and divest­ment of com­pan­ies. Cash flows from fin­an­cing activ­it­ies com­prise pay­ments in the year from incep­tion and repay­ment of long-term liab­il­it­ies other than pro­vi­sions as well as pay­ments made to and received from share­holders.Cash and cash equi­valents com­prise cash at bank and in hand and short-term secur­it­ies with an insig­ni­fic­ant price risk. Fin­an­cial high­lights are cal­cu­lated on basis of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, and no adjust­ments nor nor­m­al­isa­tions for ana­lysis pur­poses have been made unless expressed in the sec­tion of the fin­an­cial high­lights. The fin­an­cial high­lights are cal­cu­lated as fol­lows: Fin­an­cial high­lights Explan­a­tion EBITDA = Profit/loss for the year before fin­an­cial items, tax on profit/loss for the year as well as depre­ci­a­tion and amort­isa­tion EBIT = Profit/loss for the year before fin­an­cial items, tax on profit/loss for the year EBITDA mar­gin = EBITDA * 100/Rev­enue EBIT mar­gin = EBIT * 100/Rev­enue Solvency ratio = Equity excl minor­ity interests * 100/Total assets Revisionspåtegning 19263096 Cedra Godkendt Revisionsaktieselskab 2026-10-08 Christian Møller Christensen 2025-07-01 2026-06-30 2024-07-01 2025-06-30