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Significant estimates and judgements

Accounting estimates

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1.2Revenue

Large and complex IFS contracts:

Determining the transaction price, including the impact of scope changes (contract modifications)

2.6Provisions

Estimate of future profitability and likely outcomes:

Onerous contracts

Claims, disputes and legal proceedings

3.2Goodwill and

customer contracts

Key assumptions applied for the purpose of impairment testing:

Recoverable amounts of CGUs

5.2Deferred tax

Financial forecasts of future taxable profit impacting recognised deferred tax assets

Uncertain tax positions \u2013 estimate of the amount required to settle the obligations

7.1Pensions and similar obligations

Impact from key assumptions such as salary levels, interest rates, inflation, mortality and guaranteed benefits

Accounting judgements

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1.2Revenue

Large and complex IFS contracts:

Assessment of contractual terms and impact on transaction price

2.2Other receivables

Transition and mobilisation costs \u2013 assessment of capitalisation criteria (generating or enhancing resources to be used in satisfying performance obligations and are expected to be recovered)

2.6Provisions

Large and complex IFS contracts \u2013 assessment of risks and disputes

Onerous contracts \u2013 assessment of termination and extension options

2.7Right-of-use assets

Lease term \u2013 determining whether extension options are reasonably certain to be exercised

3.1Intangible assets

Cloud-based arrangements \u2013 assessment of control and whether configuration/customisation costs result in an intangible asset

Software (owned) \u2013 capitalisation of configuration/customisation costs

7.2Hyperinflation in T\u00fcrkiye

Price index \u2013 assessment of which approach to apply in calculating the conversion factor when restating for hyperinflation, i.e. average year-to-date or average month-to-date

Making judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements required management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, and the accompanying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods.

Estimates and assumptions are reviewed on an ongoing basis and have been prepared taking macroeconomic and geopolitical developments into consideration, but still ensuring that one-off effects, which are not expected to exist in the long term, do not affect estimation and determination of these key factors, including discount rates and expectations for the future.

Climate-related matters

\u2013 no material impact

In preparing the Group\u2019s consolidated financial statements, management considered the impact of climate matters and related risks in relation to 1) the going concern assessment; and 2) applying significant estimates and assumptions. This included both transitional risks in the form of increased costs incurred as part of transitioning toward a more sustainable economy, and physical risks due to specific weather events.

Generally, we do not believe that our profitability, cash flow generation or asset base is significantly exposed to climate risk, which is based on our general ability to pass on cost increases to customers as evidenced by our relative historic margin stability and on the fact that we are an asset-light operation with low operational investment needs.

As a result, it is management\u2019s assessment, that climate-related matters 1) will not have a significant impact on the Group\u2019s going concern assessment, or in the long term (next five years); and 2) did not have a material impact on the Group\u2019s significant accounting estimates and assumptions applied in these consolidated financial statements.

Accounting estimates & judgements

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Due to our strategic focus on key accounts, our customer base contains a number of large and complex IFS contracts in terms of determining the transaction price, including the impact of scope changes (contract modifications).

Management makes detailed assessments of the contractual terms and on that basis estimates the amount of revenue expected to be received based on services delivered, including an assessment of the probability of such amount subsequently being reversed.

For large and complex contracts, the outcome may vary significantly, should the judgements and assumptions applied by management in their assessments not be realised as expected.

Accounting judgements

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Transition and mobilisation costs(costs to fulfil a contract) comprise costs directly related to startup of operations of certain large, long-term contracts. Examples include the transfer of employees from previous suppliers, site due diligence, planning and developing service plans. Such costs include internal direct costs and external costs e.g. to consultants.

Capitalisation of transition and mobilisation costs involves management\u2019s judgement to determine whether the criteria for capitalisation are met, including if the costs relate directly to the contract, generate resources that will be used in satisfying the performance obligations, and are expected to be recovered, i.e. reflected in the pricing of the contracts.

Bid-related costs, including costs relating to sales work and securing contracts, are expensed as incurred.

Accounting estimates & judgements

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Due to the Group\u2019s strategic focus on key accounts, its customer base includes a number of large complex contracts in terms of performance obligations towards our customers. The size and complexity of these contracts requires the Group to incur significant transition and mobilisation costs before service delivery commences to enable fulfilment of the performance obligations. Furthermore, complex restructuring projects may be necessary and recognised as provisions.

Onerous contractsManagement assesses whether contracts may be onerous by estimating the expected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the contract, including any transition and mobilisation costs incurred. In estimating the future profitability, management makes judgements, including in relation to termination and extension options.

Certain contracts are large, complex and longer-term facility service partnerships. When estimating unavoidable costs for such contracts, management makes assumptions around future costs taking

expected optimisations and efficiency gains from improvement initiatives into consideration. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interests with the customer within the framework of the agreement for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assessment of whether a contract is onerous.

Restructuringsand Other Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits and investigations. Management\u2019s assessment of the likely outcome of lawsuits and investigations, etc., is based on external legal assistance and established precedents.

For large, complex contracts, the outcome may vary significantly should the judgements and assumptions applied by management in their assessment of the risks and disputes not be realised as expected.

Accounting judgements

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Lease term The majority of the Group\u2019s lease contracts for HQ office buildings contain extension options, and few have no contractual fixed term. This combination of fixed terms and extension options are essential to ensure stability and operational efficiency, while maintaining flexibility to adapt to future business needs.

Management exercises judgement in determining the lease term, including the assessment of whether extension options are reasonably certain to be exercised. All relevant facts and circumstances that create an economic incentive for the Group to exercise an option or not, are considered:

Strategic and operational development of the ISS business in the specific country, including management\u2019s expectations for organic growth, acquisitions, divestments and restructurings

Suitableness of the location in the longer term

Development in market prices in the specific geographic area

The property\u2019s condition, including significant leasehold improvements undertaken or expected to be undertaken

Termination-related costs, such as penalties, obligations to restore the facility, relocation costs and potential business disruption

Historical length of occupying similar buildings

When the term cannot be reasonably determined, the term for HQ office building contracts with no contractual end date is set at 10 years based on the Group\u2019s past experience.

Management reassesses the lease term based on the above facts and circumstances, when significant changes or events occur, and revises the lease term if appropriate.

Accounting judgements

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\"\"
\"\"

Software as a Service (SaaS) Generally, the right to access a cloud provider\u2019s software does not give rise to an intangible asset because the Group does not obtain control over the software. At the commencement date, management assesses whether the arrangement gives rise to an intangible asset, a lease or a service over the contract term.

If the Group receives a right to use cloud-hosted software managed by a software provider without further rights or control, the arrangement is neither a lease nor an intangible asset, and costs are expensed as the Group receives the service. In some instances, the Group obtains control over the software, which may be the case when:

a) the Group has the contractual right to take possession of the software during the hosting period without incurring significant costs;

b) the Group has the ability to use software separately without significant diminution in utility or value; and

c) it is feasible for the Group to run the software on its own hardware or contract with a party (unrelated to the cloud provider) to do so.

Configuration or customisation costsIn SaaS arrangements, capitalisation of configuration or customisation costs requires management\u2019s assessment of the nature of the activities performed and the output. Activities that typically result in capitalisation include development of additional software code that enhances, modifies or creates additional capability. If activities performed result in the creation of a resource that the Group controls, such configuration and customisation costs are capitalised.

Accounting estimates

\"\"
\"\"
\"\"

In performing impairment tests, management assesses whether the CGU to which the goodwill relates is expected to generate sufficient net cash flows to support the carrying amount of intangibles and other non-current assets. The assessment is based on estimates of expected future cash flows (value in use) for the individual CGU, which by nature are uncertain.

Estimates are based on financial forecasts for the following year, as approved by management, estimated discount rates, expected growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) as well as terminal growth rates and margins applied are described in 3.2.4, Determining value in use.

In T\u00fcrkiye, as a result of the macroeconomic environment, the normal Group methodology of applying a constant WACC rate in both the forecasting and terminal period, would lead to an understatement of the value in use (especially in the terminal period) due to the disproportionate negative gap between the risk-free interest rate and the consistently applied terminal growth rate. Instead, the Group applies a normalised WACC rate in the terminal period, while the WACC applied in the forecasting period is determined based on the normal Group methodology. Given the circumstances, it is management\u2019s view that this is more appropriate and leads to a more reasonable estimate of the value in use.

The outcome of the impairment tests may vary significantly should the assumptions and estimates not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.

Accounting estimates

\"\"
\"\"
\"\"

Deferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. Future taxable income is based on financial forecasts approved by management and expectations for operational development, mainly in terms of organic growth and operating margin, i.e. the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests. These represent management\u2019s best estimates, but are by nature associated with significant uncertainty.

Uncertain tax positionsAs part of operating a global business, disputes with tax authorities around the world may occur. Management periodically evaluates positions taken in tax returns with respect to situations where applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions is measured based on management\u2019s best estimate of the amount required to settle the obligation and recognised in tax payables or income tax depending on the tax position.

Management believes that the provisions made are adequate. However, the actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

Accounting estimates

\"\"
\"\"
\"\"

Actuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined based on country-specific assumptions regarding future development in variables such as salary levels, interest rates, inflation, mortality and guaranteed benefits. Assumptions are assessed at the reporting date.

The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__43": { "value": "

1.1 Segments

1.1.1 Operating and reportable segments

ISS is a leading, global provider of workplace and facility service solutions operating in 57 countries. The Group\u2019s operations and business performance are generally managed based on a geographical structure. Countries are grouped into four regions, which represent the Group\u2019s reportable segments.

The regions have been identified based on a key principle of grouping countries that share market conditions and cultures. Countries where we do not have a full country-based support structure (global managed services) are combined in a separate segment \u201cOther countries\u201d. An overview of the grouping of countries into regions is presented in 8.4, Group companies.

(DKKm)

NorthernEurope

Central &SouthernEurope

Asia &Pacific

Americas

Othercountries

Total segments

Unall./IC elim

Group

2025

Revenue, excl. IAS 29

32,286

29,307

14,572

7,734

872

84,771

(68)

84,703

Revenue

32,286

29,288

14,572

7,734

872

84,752

(68)

84,684

Employee costs

(18,737)

(19,428)

(10,152)

(4,318)

(179)

(52,814)

(1,074)

(53,888)

Depreciation and amortisation

(609)

(546)

(142)

(93)

(3)

(1,393)

(162)

(1,555)

Operating profit before other

items, excl. IAS 29

1,952

1,972

1,051

298

53

5,326

(1,089)

4,237

Operating profit before other items

1,952

1,904

1,051

298

53

5,258

(1,089)

4,169

Key ratios:

Operating margin, excl. IAS 29

6.0%

6.7%

7.2%

3.9%

6.1%

6.3%

-

5.0%

Operating margin

6.0%

6.5%

7.2%

3.9%

6.1%

6.2%

-

4.9%

Other income and expenses, net

(15)

(32)

(3)

(1)

-

(51)

(72)

(123)

Amortisation/impairment of customer contracts

(16)

(63)

-

(17)

-

(96)

-

(96)

Operating profit

1,921

1,809

1,048

280

53

5,111

(1,161)

3,950

2024

Revenue, excl. IAS 29

31,328

27,159

14,403

9,407

767

83,064

(59)

83,005

Revenue

31,328

27,915

14,403

9,407

767

83,820

(59)

83,761

Employee costs

(18,239)

(18,686)

(9,928)

(4,733)

(176)

(51,762)

(1,060)

(52,822)

Depreciation and amortisation

(560)

(520)

(141)

(109)

(4)

(1,334)

(135)

(1,469)

Operating profit before other

items, excl. IAS 29

1,803

1,867

1,032

547

30

5,279

(1,124)

4,155

Operating profit before other items

1,803

1,855

1,032

547

30

5,267

(1,124)

4,143

Key ratios:

Operating margin, excl. IAS 29

5.8%

6.9%

7.2%

5.8%

3.9%

6.4%

-

5.0%

Operating margin

5.8%

6.6%

7.2%

5.8%

3.9%

6.3%

-

4.9%

Other income and expenses, net

6

(43)

(2)

(60)

-

(99)

(64)

(163)

Amortisation/impairment of customer contracts

(14)

(60)

-

(17)

-

(91)

-

(91)

Operating profit

1,795

1,752

1,030

470

30

5,077

(1,188)

3,889

Revenue

\u2013 by region

84.7

DKKbn

38% Northern

35% Central & Southern

17% Asia & Pacific

09% Americas

01% Other

Operating profit1)

\u2013 by region

4.0

DKKbn

38% Northern

35% Central & Southern

21% Asia & Pacific

05% Americas

01% Other

1)Based on total segments.

1.1.2 Geographical distribution

Revenue

Non-current assets1)

(DKKm)

2025

2024

2025

2024

UK & Ireland

12,400

11,939

3,113

3,251

Switzerland

7,282

7,052

2,450

2,493

T\u00fcrkiye

6,454

6,622

1,800

1,929

Germany

6,194

5,713

1,378

1,479

Spain

5,786

5,136

2,131

1,719

US & Canada

5,633

6,870

2,172

2,481

Australia & New Zealand

5,502

5,279

1,262

1,312

Denmark (country of domicile)

3,307

3,224

1,731

1,745

Other countries2)

32,126

31,926

12,158

11,977

Total

84,684

83,761

28,195

28,386

1)Excluding deferred tax assets.

2)Including unallocated items and eliminations.

For further information, revenue and employee per country are disclosed on p. 37

Revenue

\u2013 by country

84.7

DKKbn

15% UK & Ireland

09% Switzerland

08% T\u00fcrkiye

07% Germany

07% Spain

07% US & Canada

06% Australia & NZ

04% Denmark

37% Other

Non-current assets

\u2013 by country

28.2

DKKbn

11% UK & Ireland

09% Switzerland

08% Spain

08% US & Canada

06% T\u00fcrkiye

06% Denmark

05% Germany

04% Australia & NZ

43% Other

Accounting policy

\"\"
\"\"

The Group\u2019s four reportable segments reflect the geographical presence and the strategic management, decision-making and reporting structure applied by the Executive Group Management (EGM). The EGM manage segment performance primarily based on Operating profit.

Segment revenue and costs comprise items that are directly attributable to the individual segments. Unallocated items mainly comprise revenue and cost related to the Group\u2019s corporate functions. Financing activities (finance income or finance costs) and tax planning (income tax) are managed at Group level and are therefore not allocated to the operating segments.

Segment revenue is presented including internal revenue. Due to the nature of the Group\u2019s business internal revenue is insignificant and therefore not disclosed.

The geographical distribution of segment revenue and non-current assets is based on the geographical location of the individual subsidiary providing the service. Significant countries are defined as those representing more than 5% of Group revenue as well as the Group\u2019s domicile country, Denmark. No customer accounts for more than 10% of Group revenue.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__44": { "value": "

1.1 Segments

1.1.1 Operating and reportable segments

ISS is a leading, global provider of workplace and facility service solutions operating in 57 countries. The Group\u2019s operations and business performance are generally managed based on a geographical structure. Countries are grouped into four regions, which represent the Group\u2019s reportable segments.

The regions have been identified based on a key principle of grouping countries that share market conditions and cultures. Countries where we do not have a full country-based support structure (global managed services) are combined in a separate segment \u201cOther countries\u201d. An overview of the grouping of countries into regions is presented in 8.4, Group companies.

(DKKm)

NorthernEurope

Central &SouthernEurope

Asia &Pacific

Americas

Othercountries

Total segments

Unall./IC elim

Group

2025

Revenue, excl. IAS 29

32,286

29,307

14,572

7,734

872

84,771

(68)

84,703

Revenue

32,286

29,288

14,572

7,734

872

84,752

(68)

84,684

Employee costs

(18,737)

(19,428)

(10,152)

(4,318)

(179)

(52,814)

(1,074)

(53,888)

Depreciation and amortisation

(609)

(546)

(142)

(93)

(3)

(1,393)

(162)

(1,555)

Operating profit before other

items, excl. IAS 29

1,952

1,972

1,051

298

53

5,326

(1,089)

4,237

Operating profit before other items

1,952

1,904

1,051

298

53

5,258

(1,089)

4,169

Key ratios:

Operating margin, excl. IAS 29

6.0%

6.7%

7.2%

3.9%

6.1%

6.3%

-

5.0%

Operating margin

6.0%

6.5%

7.2%

3.9%

6.1%

6.2%

-

4.9%

Other income and expenses, net

(15)

(32)

(3)

(1)

-

(51)

(72)

(123)

Amortisation/impairment of customer contracts

(16)

(63)

-

(17)

-

(96)

-

(96)

Operating profit

1,921

1,809

1,048

280

53

5,111

(1,161)

3,950

2024

Revenue, excl. IAS 29

31,328

27,159

14,403

9,407

767

83,064

(59)

83,005

Revenue

31,328

27,915

14,403

9,407

767

83,820

(59)

83,761

Employee costs

(18,239)

(18,686)

(9,928)

(4,733)

(176)

(51,762)

(1,060)

(52,822)

Depreciation and amortisation

(560)

(520)

(141)

(109)

(4)

(1,334)

(135)

(1,469)

Operating profit before other

items, excl. IAS 29

1,803

1,867

1,032

547

30

5,279

(1,124)

4,155

Operating profit before other items

1,803

1,855

1,032

547

30

5,267

(1,124)

4,143

Key ratios:

Operating margin, excl. IAS 29

5.8%

6.9%

7.2%

5.8%

3.9%

6.4%

-

5.0%

Operating margin

5.8%

6.6%

7.2%

5.8%

3.9%

6.3%

-

4.9%

Other income and expenses, net

6

(43)

(2)

(60)

-

(99)

(64)

(163)

Amortisation/impairment of customer contracts

(14)

(60)

-

(17)

-

(91)

-

(91)

Operating profit

1,795

1,752

1,030

470

30

5,077

(1,188)

3,889

Revenue

\u2013 by region

84.7

DKKbn

38% Northern

35% Central & Southern

17% Asia & Pacific

09% Americas

01% Other

Operating profit1)

\u2013 by region

4.0

DKKbn

38% Northern

35% Central & Southern

21% Asia & Pacific

05% Americas

01% Other

1)Based on total segments.

1.1.2 Geographical distribution

Revenue

Non-current assets1)

(DKKm)

2025

2024

2025

2024

UK & Ireland

12,400

11,939

3,113

3,251

Switzerland

7,282

7,052

2,450

2,493

T\u00fcrkiye

6,454

6,622

1,800

1,929

Germany

6,194

5,713

1,378

1,479

Spain

5,786

5,136

2,131

1,719

US & Canada

5,633

6,870

2,172

2,481

Australia & New Zealand

5,502

5,279

1,262

1,312

Denmark (country of domicile)

3,307

3,224

1,731

1,745

Other countries2)

32,126

31,926

12,158

11,977

Total

84,684

83,761

28,195

28,386

1)Excluding deferred tax assets.

2)Including unallocated items and eliminations.

For further information, revenue and employee per country are disclosed on p. 37

Revenue

\u2013 by country

84.7

DKKbn

15% UK & Ireland

09% Switzerland

08% T\u00fcrkiye

07% Germany

07% Spain

07% US & Canada

06% Australia & NZ

04% Denmark

37% Other

Non-current assets

\u2013 by country

28.2

DKKbn

11% UK & Ireland

09% Switzerland

08% Spain

08% US & Canada

06% T\u00fcrkiye

06% Denmark

05% Germany

04% Australia & NZ

43% Other

Accounting policy

\"\"
\"\"

The Group\u2019s four reportable segments reflect the geographical presence and the strategic management, decision-making and reporting structure applied by the Executive Group Management (EGM). The EGM manage segment performance primarily based on Operating profit.

Segment revenue and costs comprise items that are directly attributable to the individual segments. Unallocated items mainly comprise revenue and cost related to the Group\u2019s corporate functions. Financing activities (finance income or finance costs) and tax planning (income tax) are managed at Group level and are therefore not allocated to the operating segments.

Segment revenue is presented including internal revenue. Due to the nature of the Group\u2019s business internal revenue is insignificant and therefore not disclosed.

The geographical distribution of segment revenue and non-current assets is based on the geographical location of the individual subsidiary providing the service. Significant countries are defined as those representing more than 5% of Group revenue as well as the Group\u2019s domicile country, Denmark. No customer accounts for more than 10% of Group revenue.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__41": { "value": "

Accounting policy

\"\"
\"\"

The Group\u2019s four reportable segments reflect the geographical presence and the strategic management, decision-making and reporting structure applied by the Executive Group Management (EGM). The EGM manage segment performance primarily based on Operating profit.

Segment revenue and costs comprise items that are directly attributable to the individual segments. Unallocated items mainly comprise revenue and cost related to the Group\u2019s corporate functions. Financing activities (finance income or finance costs) and tax planning (income tax) are managed at Group level and are therefore not allocated to the operating segments.

Segment revenue is presented including internal revenue. Due to the nature of the Group\u2019s business internal revenue is insignificant and therefore not disclosed.

The geographical distribution of segment revenue and non-current assets is based on the geographical location of the individual subsidiary providing the service. Significant countries are defined as those representing more than 5% of Group revenue as well as the Group\u2019s domicile country, Denmark. No customer accounts for more than 10% of Group revenue.

Accounting policy

\"\"
\"\"

Transaction priceOur customer contracts are based on three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

All three models include mechanisms to adjust the transaction price for:

a) inflation and regulatory changes; and

b) scope changes (contract modifications).

Inflation and regulatory adjustments are typically applied annually based on the actual development in salaries/minimum wages or cost of consumables (e.g. food) based on changes in a price index.

Scope changes regularly occur, particularly for key account customers, to ensure that service solutions continue to meet customers\u2019 current needs. Such modifications are generally agreed with the customer in advance as per a specified change management procedure in the contract.

In addition to these general adjustment mechanisms applicable for all commercial models, the differences in relation to determining the transaction price are outlined below.

For fixed price contractsthe transaction price is based on a fixed amount for the agreed services as stated in the contract.

For cost-plus contractsthe transaction price is determined based on actual costs incurred with the addition of an agreed markup/management fee. In addition, the transaction price may include a variable consideration element determined based on achievement of certain defined key performance indicators (KPIs). Variable consideration is assessed on a contract-by-contract basis on a recurring basis in alignment with the customer, and is measured based on the most likely amount management expects ISS to be entitled to.

Forcost-plus variations, determining the transaction price is similar to cost-plus (including variable consideration), however typically with a cap, i.e. if ISS\u2019s actual costs exceed a guaranteed maximum price (GMP), the consideration is reduced to the GMP. Determining the transaction price requires assessment of which costs may be included in the calculation basis and if relevant, whether within the capped maximum.

RecognitionRevenue from contracts with customers is recognised when control of the services is transferred to the customer. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group.

Revenue is recognised based on the actual services provided in the reporting period as a proportion of the total services to be provided. The measure of progress is determined based on the actual labour hours incurred and costs expensed relative to the total expected labour hours and costs required to complete the service. Estimates of labour hours, costs and the extent of progress toward completion are revised if circumstances change. Any resulting increases

or decreases in the estimated revenue or costs are recognised in profit or loss in the period in which the changes become known to management.

Contract modifications are accounted for going forward with no adjustments to revenue recognised up to the date of modification.

Variable consideration is recognised as services are performed to the extent that it is highly probable that a significant reversal of the cumulative amount of revenue recognised will not occur.

Customers are invoiced on a monthly basis in accordance with contractual terms. Payment terms are agreed on an individual basis. No significant financing component is identified as the contractual credit term is consistent with market practice.

Gross or net presentation The Group\u2019s strategy and business model are based on delivery of integrated facility services (IFS) to its customers with ISS being responsible for providing the services specified in the contracts. Consequently, based on an assessment of its revenue arrangements, the Group has concluded that \u2013 as a main rule \u2013 it acts as the principal, and consequently recognises revenue on a gross basis.

In arrangements where ISS engages subcontractors to perform all or part of the services, the Group assesses, on a contract-by-contract basis, whether it acts as the principal or as the agent. The assessment is based on whether ISS controls the services before they are transferred to the customer.

Typically, when the Group has concluded that ISS controls the services and is the principal, ISS:

1) engages with the customer before and after the services are provided, and takes the responsibility for fulfilment of services according to the contract;

2) has discretion in establishing the pricing for the specified services;

3) selects and engages with the subcontractor; and

4) agrees changes to services directly with the customer.

When the Group concludes that it does not control the services before they are transferred to the customer, and therefore acts as an agent, revenue is recognised on a net basis, representing the amount (fee or commission) to which the Group expects to be entitled for arranging the services.

Accounting policy

\"\"
\"\"

Other income and expenses, net consists of recurring and non-recurring items that management does not consider to be part of the Group\u2019s ordinary operating activities, i.e. divestment gains and losses, remeasurement of disposal groups classified as held for sale, the winding-up of operations, disposal of property as well as acquisition and integration costs.

Other income and expenses, net are presented separately from the Group\u2019s ordinary operating activities as management believes that this best reflects the Group\u2019s financial performance.

Accounting policy

\"\"
\"\"

Trade receivables comprise invoiced amounts and unbilled revenue. Unbilled revenue represents consideration for services where the related performance obligation has been satisfied, but not yet invoiced. Trade receivables are recognised at the invoiced amount less expected credit losses, which equals amortised costs due to their short-term nature.

The Group applies the simplified approach to measuring expected credit losses whereby a lifetime expected loss allowance is recognised for all trade receivables. The expected loss rates are calculated based on aging profiles and are applied to groups of customers with similar credit risk characteristics, e.g. geographical region, industry sector and customer rating. Historical loss rates are adjusted to reflect current conditions and forward-looking information, including relevant macroeconomic factors that may affect customers\u2019 ability to settle their receivables.

Trade receivables are generally written off when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery or reversal of expected credit losses are credited against the same line item.

Accounting policy

\"\"
\"\"

FactoringThe Group enters into factoring arrangements, including participation in customers\u2019 supply chain finance programmes (together referred to as factoring) with certain key account customers.

Trade receivables subject to factoring are derecognised when the derecognition criteria are met and substantially all risks and rewards are transferred to the factor. Upon derecognition, the Group retains no continuing involvement in, and bears no residual risk relating to, the transferred receivables.

Accounting policy

\"\"
\"\"

Other receivables comprise various items of different nature and thus different measurement methods are applied. As these items are considered individually immaterial, they are presented together as Other receivables.

Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost.

Sign-on feesand transition and mobilisation costsare capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer.

Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

Accounting policy

\"\"
\"\"

Provisions

Provisions are recognised when the Group, as a result of a past event, has a present legal or constructive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions are measured at the estimated costs required to settle the obligation at the reporting date. Provisions are not recognised for future operating losses. The estimated amount is discounted using the Group\u2019s average borrowing rate, if this significantly impacts the measurement of the liability.

Provisions are recognised for:

Legal claims and disputes, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.

Self-insuranceon employers\u2019 liability and/or workers compensation based on valuations from external actuaries.

Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the business concerned, the location and number of employees affected, and include a detailed estimate of costs as well as a timeline.

Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meeting the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting.

Customer and contract-related disputes (presented in \u201cOther\u201d provisions) based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group.

Decommissioning liability(presented in \u201cOther\u201d provisions) if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities (right-of-use assets) when vacated. The present value of the obligation is included in the cost of the relevant asset and depreciated accordingly. The estimated future costs and applied discount rate are reviewed annually and any changes are included in the cost of the asset.

Contingencies and commitments

Contingent liabilitiesare possible obligations whose existence will be confirmed by the occurrence or non-occurrence of future events. An obligation may also be contingent if the amount cannot be estimated reliably or settlement is not probable.

Contingent assetsare possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.

Commitments are the Group\u2019s promise resulting from a contractual agreement to assume a future obligation for a future delivery.

Contingent assets, liabilities and commitments do not represent a present legal or constructive obligation. Thus, they are not recognised, but disclosed in the notes.

Accounting policy

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Right-of-use assetsare recognised at the commencement date of the lease and measured at cost less accumulated depreciation and impairment losses. The carrying amount is adjusted for any remeasurement of related lease liabilities, including changes arising from extension options.

Certain leases comprise a liability to dismantle or remove the asset or restore the facility. The estimated costs of such liability are recognised as part of the cost of the asset.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset.

Average lease term applied:

Properties:

HQ office leases

10-12 years

Customer-specific leases (contract term)3-5 years

Vehicles

3-5 years

Other equipment

2-5 years

Depreciation methods, lease terms (including extension options) and residual values are reassessed at the reporting date.

The recognition exemption is applied for short-term leases (term of 12 months or less) and leases of low-value assets (e.g. office furniture and minor cleaning and IT equipment). Related lease payments are recognised in Other operating expenses on a straight-line basis over the lease term.

Property and equipmentis measured at cost, less accumulated depreciation and impairment losses.

Property and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets.

Estimated useful life

Property and equipment

3-10 years

Leasehold improvements (lease term)

3-12 years

Buildings

20-40 years

Land

Not depreciated

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

Gains and losses arising on the disposal or retirement of property and equipment are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.

Accounting policy

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\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

Accounting policy

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\"\"

The Group performs impairment tests of goodwill and the ISS brand at the reporting date or when indications of impairment exist. Other non-current assets are tested annually, or more frequently if events or changes indicate that the carrying amount may not be recoverable.

When performing the impairment test, the recoverable amount of the asset is determined as the higher of the fair value of the asset less anticipated costs of disposal and its value in use. Value in use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs. Corporate costs for services performed by the Group\u2019s head office functions to the CGUs are allocated to the individual CGUs and taken into account in the calculation.

Goodwill is tested for impairment together with other non-current assets in the CGU to which goodwill is allocated.

Impairment of goodwill is recognised in profit or loss in a separate line if the carrying amount of the CGU exceeds its estimated recoverable amount.

Impairment of goodwill is not reversed. Impairment of other assets is reversed if estimates used to calculate the recoverable amount change. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, had no impairment loss been recognised.

Management believes that the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.

Accounting policy

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Business combinations (acquisitions)are accounted for using the acquisition method. The consideration transferred is measured at acquisition date fair value of net assets and any contingent consideration as well as the amount of any non-controlling interests in the acquiree. For each acquisition, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.

Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net.

Contingent consideration is classified as financial liabilities and presented in Other liabilities with changes in fair value recognised in Other income and expenses, net.

Depending on the size, complexity, and timing of the acquisition, uncertainties regarding identification or measurement of assets, liabilities and contingent liabilities may arise, and the initial recognition is based on provisionally determined fair values.

Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date. Comparatives are restated, accordingly. Changes in fair values after 12 months are recognised in Other income and expenses, net.

Goodwill is initially measured at cost being the excess of the consideration transferred, over the fair value of the net identifiable assets acquired. Subsequently, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is not deductible for tax purposes.

Pro forma revenue and operating profit include adjustments assuming that acquisitions/divestments were in-/excluded in/from profit or loss from 1 January. Estimates are made by local ISS management at the time of acquisition/divestment or actual results where available, and are based on unaudited financial information.

Accounting policy

\"\"
\"\"

DivestmentsGain or loss on disposal of an operation that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, and recognises any resultant gain or loss in Other income and expenses, net.

Accounting policy

\"\"
\"\"

Retained earningsis the Group\u2019s free reserves, which includes proposed dividends and share premium. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S.

Treasury sharesThe cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings.

Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK and from the translation of non-current balances which are considered part of the investment in foreign entities. Furthermore, fair value adjustments of net investment hedges and hyperinflation restatement are included. On full realisation of a foreign entity the accumulated foreign exchange adjustments are transferred to profit or loss in the same line item as the gain or loss.

Accounting policy

\"\"
\"\"

Issued bonds, ECP andbank loans are recognised initially at fair value net of transaction costs (financing fees) and subsequently at amortised cost. Any difference between the proceeds and the nominal value is recognised in Finance costs over the term of the loan using the effective interest method.

Lease liabilities are recognised initially at the present value of the payments to be made over the lease term. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the liability is measured at amortised cost and remeasured due to modifications such as changes in:

1) lease term;

2) the assessment to purchase the underlying asset;

3) future lease payments (e.g. a change in an index or rate); or

4) the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

Accounting policy

\"\"
\"\"

Deferred tax is provided for using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts, except for goodwill which is not deductible for tax purposes. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to management\u2019s intended use of the asset or settlement of the liability.

Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax.

Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in non-current assets 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.

The Group has applied the mandatory exception for recognition and disclosure of deferred tax assets and liabilities arising from Pillar Two Income taxes.

Accounting policy

\"\"
\"\"

The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both schemes are equity-settled.

The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including market-based vesting conditions (Total Shareholder Return (TSR)), see Vesting criteria in 6.2.1. Fair value assumptions are disclosed in the tables in 6.2.1 and 6.2.2.

On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. This estimate is revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.

Accounting policy

\"\"
\"\"

Defined contribution plansThe Group\u2019s contributions are recognised in Employee costs when the related service is provided.

Defined benefit plansThe Group\u2019s net obligation is calculated by a qualified actuary using the projected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of plan assets is recognised in Pensions and similar obligations. If the calculation results in a net asset, the asset is recognised if it offsets refunds from, or leads to reduced future contributions to, the plan. Consideration is given to applicable minimum funding requirements.

Pension costs are calculated based on actuarial estimates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Finance costs. Remeasurements (actuarial

gains/losses), comprising the differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date as well as the effect of asset ceiling are recognised in Other comprehensive income.

When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlements are recognised when incurred.

Multiemployer plans The Group does not have the necessary information to account for the schemes as defined benefit plans, and they are therefore accounted for as defined contribution plans.

Other long-term employee benefits are calculated as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.

Accounting policy

\"\"
\"\"

Inflation restatement

The financial statements of ISS T\u00fcrkiye based on historical costs are restated for inflation to reflect the purchasing power at the reporting date using the consumer price index.

Non-monetary items such as goodwill, customer contracts, right-of-use assets, property and equipment and deferred tax, are restated for the effect of inflation based on changes in the price index for the period from initial recognition to 31 December 2025 or to the date of disposal, where relevant. The restatement was made effective from the time, the items were initially recognised, which was no earlier than 2005, when ISS first entered T\u00fcrkiye through an acquisition. The restatement effect related to prior years is recognised in Other comprehensive income and current year effect is recognised in Finance income and Finance costs.

Management assesses whether the restatement of non-monetary items represents an indication of impairment to ensure that the restated amounts do not exceed the recoverable amounts of the assets, see 3.2, Impairment tests.

Monetary itemssuch as receivables, payables and borrowings are not restated as these items already reflect the purchasing power at the reporting date.

Equity includes the opening effect of restating non-monetary items. The restatement effects based on in-year changes in the price index are recognised in Other comprehensive income with set-off within Finance income or Finance costs in profit or loss.

Profit or loss transactions are restated to reflect changes in the price index from the time of transaction to the end of the reporting period except for depreciation and amortisation, which are recalculated based on the inflation-adjusted carrying amounts. The restating gain or loss is recognised in Finance income or Finance costs, except for the tax effect, which is recognised in Income tax.

Cash flow statement Operating profit before other items includes a non-cash effect from the inflation restatement, and is eliminated in the line Non-cash items related to hyperinflation.

Price index

Restatement for hyperinflation of the financial

statements of ISS T\u00fcrkiye is based on the

development in the consumer price index provided

by the T\u00fcrkiyish Statistical Institute calculated as an

average year to date conversion factor. For 2025, the

inflation rate in T\u00fcrkiye was 30.89% (2024: 44.38%).

In 2025, the conversion factor was 12% (2024: 17%).

Retranslation from TRY to DKK

The financial statements of ISS T\u00fcrkiye, including effects of inflation restatement, are translated into DKK applying the TRY/DKK exchange rate at the reporting date as opposed to the Group\u2019s normal practice of translating the profit or loss using the exchange rate at the transaction date or an average exchange rate for the month.

The TRY/DKK exchange rate decreased from 20.30 at the beginning of 2025 to 14.79 at 31 December 2025. The average rate was 16.65 (2024: 20.97).

8.1 Other material accounting policies

ISS A/S is listed on Nasdaq Copenhagen. The consolidated financial statements of ISS A/S for the year ended 31 December 2025 comprise ISS A/S and its subsidiaries (collectively, the Group). Significant subsidiaries are listed in 8.4, Group companies.

The 2025 Annual Report for ISS A/S was discussed and approved by the Executive Group Management Board and the Board of Directors on 19 February 2026 and issued for approval at the subsequent annual general meeting on 16 April 2026.

Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRS Accounting Standards issued by the IASB.

The consolidated financial statements have been prepared on the basis that the Group will continue to operate as a going concern.

The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.

Fair value measurement and disclosureAssets and liabilities are generally measured at historical cost, except for plan assets under defined benefit plans, derivatives and contingent consideration that are measured at fair value. Fair value measurements are categorised within the fair value hierarchy and disclosed in the relevant notes.

For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash

equivalents, trade receivables, trade payables and other current and non-current financial assets and liabilities approximate their carrying amounts largely due to the short-term nature of these items.

The fair value of borrowings, including methods and assumptions used to estimate the fair value, is disclosed in 4.2.1, Borrowings.

MaterialityThe consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with other information, is disclosed.

Materiality is judged by reference to the size and nature of the item, either individually or combined. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements.

Basis of consolidationThe consolidated financial statements comprise ISS A/S and entities controlled by ISS A/S. Consolidation is performed after elimination of intra-group balances, income and expenses. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

By virtue of agreement certain non-controlling shareholders are only eligible of receiving benefits from their non-controlling interest when ISS as controlling shareholder has received their initial investment and compound interest on such. In such instances the subsidiaries\u2019 result and equity are fully allocated to ISS until the point in time where ISS has recognised amounts exceeding their investment including compound interest on such.

Foreign currencyTransactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.

On initial recognition, foreign currency transactions are translated to the functional currencies of the Group companies at the exchange rates at the transaction date. Translation differences between the exchange rates at the transaction date and the date of payment are recognised in Finance income or Finance costs.

Monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the transaction date or the exchange rate used in the latest financial statements is recognised in Finance income or Finance costs.

On recognition in the consolidated financial statements of Group companies with a functional currency other than DKK, except for companies operating in hyperinflationary environments, the statements of profit or loss and statement of cash flows are translated at the average exchange rates for the period and the statements of financial position are translated at the exchange rates at the reporting date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities and on translation of receivables considered part of the net investment in the entity and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in Other comprehensive income. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest.

8.2 In-year changes

Changes in accounting policiesFrom 1 January 2025, the Group has adopted certain new and amended standards with no significant impact on recognition and measurement.

8.3 New regulations

IASB issued certain amended standards and interpretations, that are not mandatory for the consolidated financial statements of the Group at 31 December 2025. The Group expects to adopt the new standards and interpretations when they become mandatory.

Based on the current business setup and level of activities, none of these standards and interpretations are expected to have a material impact on the recognition and measurement in the consolidated financial statements.

The standard below will impact presentation and the definition of certain required subtotals.

IFRS 18: Presentation and Disclosure of Financial statementsFrom 1 January 2027, IFRS 18 will replace IAS 1, introducing new requirements that will help to achieve comparability of financial performance of similar entities and provide more relevant information and transparency to users.

Even though IFRS 18 will not impact the recognition and measurement of items, its impact on presentation (including definition of certain required subtotals) and disclosures is expected to be pervasive, in particular those related to the statement of profit or loss and providing management-defined performance measures (MPMs) within the financial statements. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss;

required disclosures in the financial statements for certain profit or loss performance measures that are reported outside and entity\u2019s financial statements (i.e. MPMs); and

enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general

ISS is currently analysing the new standard and will disclose the impact, including on profit or loss and MPMs, in due course.

8.5 Definitions

ISS uses various key figures, financial ratios and non-financial ratios, all of which provide our stakeholders with useful and necessary information about the Group\u2019s financial position, profit or loss, cash flows and development in a consistent way. In relation to managing the business, achieving our strategic goals and ultimately creating value for our shareholders, these measures are considered essential.

In addition, the Group uses alternative performance measures (APMs) to provide stakeholders with additional measures to evaluate and analyse the Group\u2019s performance. The APMs are non-IFRS financial measures defined by the Group and thus may not be comparable with measures provided by peers or other companies\u2019 measures.

Alternative performance measures

EBITDA

Operating profit + Depreciation and amortisation + Amortisation/impairment of customer contracts

EBITDA before other items

Operating profit before other items + Depreciation and amortisation

Pro forma adjusted EBITDA

EBITDA before other items, excluding hyperinflation (IAS 29) + EBITDA before other items in discontinued operations, and adjusted as if all acquisitions and divestments had occurred on 1 January of the respective year

Net profit (adjusted)

Net profit excluding Other income and expenses, net, Goodwill impairment, Amortisation/impairment of customer contracts, impact from hyperinflation (IAS 29) and Net profit from discontinued operations (comparatives are not restated)

Free cash flow

Cash flow from operating activities \u2013 Acq. of intangible assets, property and equipment, net \u2013 Change in financial assets (excl. equity-accounted investees) \u2013 Addition of right-of-use assets, net

Financial leverage

Net debt

Pro forma adjusted EBITDA

Organic growth, %

(Revenue current year excl. hyperinflation \u2013 Comparable revenue1)prior year) \u00d7 100

Comparable revenue1)prior year

Acquisitions are treated as having been integrated with ISS at the acquisition date. Consequently, organic growth includes changes in revenue of such acquisitions compared with expectations at the acquisition date.

Operating margin, %

Operating profit before other items \u00d7 100

Revenue

Total revenue growth, %

(Revenue current year \u2013 Revenue prior year) \u00d7 100

Revenue prior year

Financial ratios

Acquisitions, %

Revenue from acquisitions2)\u00d7 100 Revenue prior year

Cash conversion, %

Free cash flow \u00d7 100 Operating profit before other items

Currency adjustments

Total revenue growth \u2013 Organic growth \u2013 Acquisition/divestment growth, net3)

Divestments, %

Revenue from divestments4)\u00d7 100 Revenue prior year

Equity ratio, %

Total equity \u00d7 100 Total assets

Gross debt

Borrowings + utilisation of factoring and certain customer\u2019s supply chain finance arrangements

Net debt

Borrowings \u2013 Securities \u2013 Cash and cash equivalents +/\u2013 Fair value of derivatives + Net debt included in Liabilities held for sale

Share ratios

Basic earnings per share (EPS)

Net profit attributable to owners of ISS A/S Average number of shares (basic)

Diluted earnings per share (EPS)

Net profit attributable to owners of ISS A/S Average number of shares (diluted)

Average number of shares (basic)

Average number of issued shares, excluding average treasury shares, for the year

Average number of shares (diluted)

Average number of shares (basic) + Average number of outstanding PSUs and RSUs expected to vest in the year

Other ratios

Customer retention, %

Portfolio revenue (annual value) retained at 31 December of the portfolio at 1 January Portfolio revenue (annual value) at 1 January

Gender diversity, Board, %

Female board members (AGM5)) elected) \u00d7 100

Board members (AGM5)) elected)

Board meeting attendance, %

Accumulated number of attended board meetings for all board members \u00d7 100

Number of board meetings possible to attend for all board members

1)Comparable revenue prior year excludes impacts from changes in exchange rates and acquisitions/divestments, net as well as impact from hyperinflation restate-ment. To arrive at comparable revenue, prior year\u2019s revenue is retranslated by ap-plying current year\u2019s exchange rates, divestments and impacts from hyperinflation restatements are excluded and estimated impacts from acquisitions are added.

2)Expectations at the acquisition date.

3)Estimated or actual revenue where available at the divestment date.

4)Incl. the effect from exclusion of currency effects from the calculation of organic growth and acq./div., net.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__45": { "value": "

Accounting policy

\"\"
\"\"

The Group\u2019s four reportable segments reflect the geographical presence and the strategic management, decision-making and reporting structure applied by the Executive Group Management (EGM). The EGM manage segment performance primarily based on Operating profit.

Segment revenue and costs comprise items that are directly attributable to the individual segments. Unallocated items mainly comprise revenue and cost related to the Group\u2019s corporate functions. Financing activities (finance income or finance costs) and tax planning (income tax) are managed at Group level and are therefore not allocated to the operating segments.

Segment revenue is presented including internal revenue. Due to the nature of the Group\u2019s business internal revenue is insignificant and therefore not disclosed.

The geographical distribution of segment revenue and non-current assets is based on the geographical location of the individual subsidiary providing the service. Significant countries are defined as those representing more than 5% of Group revenue as well as the Group\u2019s domicile country, Denmark. No customer accounts for more than 10% of Group revenue.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__46": { "value": "

1.2 Revenue

The Group\u2019s revenue is generated from rendering of workplace and facility service solutions to more than 40,000 customers. Our services are provided on a daily basis at our customers sites, largely by our own employees (placemakers) given our self-delivery business model. Subcontractors are only used to a limited extent and primarily for delivery of highly specialised services (e.g. within technical) and/or infrequently delivered services.

The vast majority of our revenue is portfolio revenue 84% (2024: 84%), which means that revenue is contractually agreed (committed) with the customer at contract inception. With initial contract terms typically of 3-5 years, this revenue base offers a relatively high stability and predictability. The remaining part of our revenue is non-recurring (not committed) in the form of projects and above-base work (e.g. capital projects, events, etc.), which is demanded on a non-recurring basis and agreed separately with the customer.

Start-up of new key account contracts often requires ISS to incur significant transition and mobilisation costs (costs to fulfil a contract) before service delivery commences in order to be able to fulfil the performance obligations under the contracts.

Capitalised transition and mobilisation costs are presented in 2.2, Other receivables.

1.2.1 Commercial modelsOur contracts are individually negotiated with each customer based on their specific needs. Despite individuality in contracts, we do however generally operate based on variations of the following three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

Determining the transaction price varies depending on the model as described in Accounting policies. However, they all include mechanisms to adjust prices due to a) inflation and regulatory changes and b) scope changes. These contractual mechanisms, along with strong and well-embedded processes for implementing such adjustments, are essential in mitigating the risk of contracts becoming onerous due to e.g. changing customer needs, macroeconomic or regulatory events etc.

1.2.2 DisaggregationAligned with our strategy, we disaggregate revenue from contracts with customers based on:

Revenue base (portfolio vs. projects and above-base work)

Customer category

Customer segment

Core services

The distribution of revenue among our portfolio and above-base work, customer category, customer segment and services within the regions is largely the same as the overall distribution for the Group. However, in Americas, the share of food services is relatively higher and healthcare significantly lower than compared to the rest of the Group.

The overview on the next page illustrates the relationship between disaggregation of revenue and revenue per reportable segments.

Accounting estimates & judgements

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Due to our strategic focus on key accounts, our customer base contains a number of large and complex IFS contracts in terms of determining the transaction price, including the impact of scope changes (contract modifications).

Management makes detailed assessments of the contractual terms and on that basis estimates the amount of revenue expected to be received based on services delivered, including an assessment of the probability of such amount subsequently being reversed.

For large and complex contracts, the outcome may vary significantly, should the judgements and assumptions applied by management in their assessments not be realised as expected.

Revenue

\u2013 by customer category

Revenue

\u2013 by customer segments

Revenue

\u2013 by core services

84.7

DKKbn

71% Key accounts

24% Large and medium

05% Small and route-based

84.7

DKKbn

41% Office-based

21% Production-based

15% Healthcare

23% Other

84.7

DKKbn

42% Cleaning

24% Technical

15% Food

19% Other

Disaggregation of revenue

2025

2024

(DKKm/%)

Northern Europe

Central & Southern Europe

Asia & Pacific

Americas

Othercoun-tries

Un-all./

IC elim.

Total

Northern Europe

Central & Southern Europe

Asia & Pacific

Americas

Othercoun-tries

Unall./

IC elim.

Total

Revenue base

Portfolio

26,029

81%

24,241

83%

13,127

90%

6,899

89%

607

(46)

70,857

84%

25,189

80%

23,574

84%

12,998

90%

7,795

83%

513

(43)

70,026

84%

Projects and above-base work

6,257

19%

5,047

17%

1,445

10%

835

11%

265

(22)

13,827

16%

6,139

20%

4,341

16%

1,405

10%

1,612

17%

254

(16)

13,735

16%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Customer category

Key accounts

23,489

73%

19,024

65%

10,633

73%

5,879

76%

863

(63)

59,825

71%

22,694

73%

18,134

65%

10,299

72%

7,433

79%

759

(57)

59,262

71%

Large and medium

6,612

20%

8,757

30%

3,177

22%

1,844

24%

-

-

20,390

24%

6,688

21%

8,425

30%

3,235

22%

1,958

21%

-

-

20,306

24%

Small and route-based

2,185

7%

1,507

5%

762

5%

11

0%

9

(5)

4,469

5%

1,946

6%

1,356

5%

869

6%

16

0%

8

(2)

4,193

5%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Customer segments1)

Office-based

13,962

43%

11,893

41%

4,652

32%

3,659

48%

446

(62)

34,550

41%

13,436

43%

11,096

40%

4,465

31%

3,951

42%

378

(53)

33,273

40%

Production-based

6,373

20%

5,916

20%

3,115

21%

2,104

27%

400

(6)

17,902

21%

6,209

20%

6,057

22%

3,245

22%

3,397

36%

354

(6)

19,256

23%

Healthcare

4,849

15%

4,673

16%

3,307

23%

102

1%

-

-

12,931

15%

4,693

15%

4,291

15%

3,112

22%

103

1%

-

-

12,199

14%

Other

7,102

22%

6,806

23%

3,498

24%

1,869

24%

26

-

19,301

23%

6,990

22%

6,471

23%

3,581

25%

1,956

21%

35

-

19,033

23%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Core services

Cleaning

13,188

41%

13,617

46%

6,810

47%

2,057

27%

92

(20)

35,744

42%

13,090

42%

12,697

45%

6,808

47%

2,253

24%

102

(23)

34,927

42%

Technical

7,837

24%

8,965

31%

1,359

9%

1,552

20%

246

(6)

19,953

24%

7,408

24%

8,241

30%

1,157

8%

2,487

26%

140

(20)

19,413

23%

Food

5,626

17%

2,400

8%

1,139

8%

3,275

42%

57

(9)

12,488

15%

5,720

18%

2,554

9%

1,234

9%

3,436

37%

57

(7)

12,994

15%

Other

5,635

18%

4,306

15%

5,264

36%

850

11%

477

(33)

16,499

19%

5,110

16%

4,423

16%

5,204

36%

1,231

13%

468

(9)

16,427

20%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

1)ESRS 2, SBM-1 \u00a740b.

Accounting policy

\"\"
\"\"

Transaction priceOur customer contracts are based on three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

All three models include mechanisms to adjust the transaction price for:

a) inflation and regulatory changes; and

b) scope changes (contract modifications).

Inflation and regulatory adjustments are typically applied annually based on the actual development in salaries/minimum wages or cost of consumables (e.g. food) based on changes in a price index.

Scope changes regularly occur, particularly for key account customers, to ensure that service solutions continue to meet customers\u2019 current needs. Such modifications are generally agreed with the customer in advance as per a specified change management procedure in the contract.

In addition to these general adjustment mechanisms applicable for all commercial models, the differences in relation to determining the transaction price are outlined below.

For fixed price contractsthe transaction price is based on a fixed amount for the agreed services as stated in the contract.

For cost-plus contractsthe transaction price is determined based on actual costs incurred with the addition of an agreed markup/management fee. In addition, the transaction price may include a variable consideration element determined based on achievement of certain defined key performance indicators (KPIs). Variable consideration is assessed on a contract-by-contract basis on a recurring basis in alignment with the customer, and is measured based on the most likely amount management expects ISS to be entitled to.

Forcost-plus variations, determining the transaction price is similar to cost-plus (including variable consideration), however typically with a cap, i.e. if ISS\u2019s actual costs exceed a guaranteed maximum price (GMP), the consideration is reduced to the GMP. Determining the transaction price requires assessment of which costs may be included in the calculation basis and if relevant, whether within the capped maximum.

RecognitionRevenue from contracts with customers is recognised when control of the services is transferred to the customer. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group.

Revenue is recognised based on the actual services provided in the reporting period as a proportion of the total services to be provided. The measure of progress is determined based on the actual labour hours incurred and costs expensed relative to the total expected labour hours and costs required to complete the service. Estimates of labour hours, costs and the extent of progress toward completion are revised if circumstances change. Any resulting increases

or decreases in the estimated revenue or costs are recognised in profit or loss in the period in which the changes become known to management.

Contract modifications are accounted for going forward with no adjustments to revenue recognised up to the date of modification.

Variable consideration is recognised as services are performed to the extent that it is highly probable that a significant reversal of the cumulative amount of revenue recognised will not occur.

Customers are invoiced on a monthly basis in accordance with contractual terms. Payment terms are agreed on an individual basis. No significant financing component is identified as the contractual credit term is consistent with market practice.

Gross or net presentation The Group\u2019s strategy and business model are based on delivery of integrated facility services (IFS) to its customers with ISS being responsible for providing the services specified in the contracts. Consequently, based on an assessment of its revenue arrangements, the Group has concluded that \u2013 as a main rule \u2013 it acts as the principal, and consequently recognises revenue on a gross basis.

In arrangements where ISS engages subcontractors to perform all or part of the services, the Group assesses, on a contract-by-contract basis, whether it acts as the principal or as the agent. The assessment is based on whether ISS controls the services before they are transferred to the customer.

Typically, when the Group has concluded that ISS controls the services and is the principal, ISS:

1) engages with the customer before and after the services are provided, and takes the responsibility for fulfilment of services according to the contract;

2) has discretion in establishing the pricing for the specified services;

3) selects and engages with the subcontractor; and

4) agrees changes to services directly with the customer.

When the Group concludes that it does not control the services before they are transferred to the customer, and therefore acts as an agent, revenue is recognised on a net basis, representing the amount (fee or commission) to which the Group expects to be entitled for arranging the services.

1.2.3 Revenue backlogOur revenue base consists of a mix of yearly contracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of 3-5 years. Contracts regularly include options for the customer to terminate for convenience within 3-9 months. However, historically we have maintained a retention rate in the range of 93%-95%, supporting that these options are rarely exercised.

The vast majority of our revenue is portfolio revenue, see 1.2, Revenue. The remaining part is non-recurring in the form of projects and above-base work (not committed) and thus, excluded from the revenue backlog. In addition, the Group has excluded contracts with a term of less than 12 months and contracts where the Group invoices a fixed amount for each hour of service provided.

As a result, the amounts disclosed in the maturity table is significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. Therefore, as a supplement, in the management review, p. 26, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.

(DKKm)

2025

2024

< 1 year

23,366

35%

23,510

35%

1-5 years

37,427

56%

36,182

54%

> 5 years

6,377

9%

7,553

11%

Total

67,170

100%

67,245

100%

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__47": { "value": "

1.2 Revenue

The Group\u2019s revenue is generated from rendering of workplace and facility service solutions to more than 40,000 customers. Our services are provided on a daily basis at our customers sites, largely by our own employees (placemakers) given our self-delivery business model. Subcontractors are only used to a limited extent and primarily for delivery of highly specialised services (e.g. within technical) and/or infrequently delivered services.

The vast majority of our revenue is portfolio revenue 84% (2024: 84%), which means that revenue is contractually agreed (committed) with the customer at contract inception. With initial contract terms typically of 3-5 years, this revenue base offers a relatively high stability and predictability. The remaining part of our revenue is non-recurring (not committed) in the form of projects and above-base work (e.g. capital projects, events, etc.), which is demanded on a non-recurring basis and agreed separately with the customer.

Start-up of new key account contracts often requires ISS to incur significant transition and mobilisation costs (costs to fulfil a contract) before service delivery commences in order to be able to fulfil the performance obligations under the contracts.

Capitalised transition and mobilisation costs are presented in 2.2, Other receivables.

1.2.1 Commercial modelsOur contracts are individually negotiated with each customer based on their specific needs. Despite individuality in contracts, we do however generally operate based on variations of the following three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

Determining the transaction price varies depending on the model as described in Accounting policies. However, they all include mechanisms to adjust prices due to a) inflation and regulatory changes and b) scope changes. These contractual mechanisms, along with strong and well-embedded processes for implementing such adjustments, are essential in mitigating the risk of contracts becoming onerous due to e.g. changing customer needs, macroeconomic or regulatory events etc.

1.2.2 DisaggregationAligned with our strategy, we disaggregate revenue from contracts with customers based on:

Revenue base (portfolio vs. projects and above-base work)

Customer category

Customer segment

Core services

The distribution of revenue among our portfolio and above-base work, customer category, customer segment and services within the regions is largely the same as the overall distribution for the Group. However, in Americas, the share of food services is relatively higher and healthcare significantly lower than compared to the rest of the Group.

The overview on the next page illustrates the relationship between disaggregation of revenue and revenue per reportable segments.

Accounting estimates & judgements

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Due to our strategic focus on key accounts, our customer base contains a number of large and complex IFS contracts in terms of determining the transaction price, including the impact of scope changes (contract modifications).

Management makes detailed assessments of the contractual terms and on that basis estimates the amount of revenue expected to be received based on services delivered, including an assessment of the probability of such amount subsequently being reversed.

For large and complex contracts, the outcome may vary significantly, should the judgements and assumptions applied by management in their assessments not be realised as expected.

Revenue

\u2013 by customer category

Revenue

\u2013 by customer segments

Revenue

\u2013 by core services

84.7

DKKbn

71% Key accounts

24% Large and medium

05% Small and route-based

84.7

DKKbn

41% Office-based

21% Production-based

15% Healthcare

23% Other

84.7

DKKbn

42% Cleaning

24% Technical

15% Food

19% Other

Disaggregation of revenue

2025

2024

(DKKm/%)

Northern Europe

Central & Southern Europe

Asia & Pacific

Americas

Othercoun-tries

Un-all./

IC elim.

Total

Northern Europe

Central & Southern Europe

Asia & Pacific

Americas

Othercoun-tries

Unall./

IC elim.

Total

Revenue base

Portfolio

26,029

81%

24,241

83%

13,127

90%

6,899

89%

607

(46)

70,857

84%

25,189

80%

23,574

84%

12,998

90%

7,795

83%

513

(43)

70,026

84%

Projects and above-base work

6,257

19%

5,047

17%

1,445

10%

835

11%

265

(22)

13,827

16%

6,139

20%

4,341

16%

1,405

10%

1,612

17%

254

(16)

13,735

16%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Customer category

Key accounts

23,489

73%

19,024

65%

10,633

73%

5,879

76%

863

(63)

59,825

71%

22,694

73%

18,134

65%

10,299

72%

7,433

79%

759

(57)

59,262

71%

Large and medium

6,612

20%

8,757

30%

3,177

22%

1,844

24%

-

-

20,390

24%

6,688

21%

8,425

30%

3,235

22%

1,958

21%

-

-

20,306

24%

Small and route-based

2,185

7%

1,507

5%

762

5%

11

0%

9

(5)

4,469

5%

1,946

6%

1,356

5%

869

6%

16

0%

8

(2)

4,193

5%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Customer segments1)

Office-based

13,962

43%

11,893

41%

4,652

32%

3,659

48%

446

(62)

34,550

41%

13,436

43%

11,096

40%

4,465

31%

3,951

42%

378

(53)

33,273

40%

Production-based

6,373

20%

5,916

20%

3,115

21%

2,104

27%

400

(6)

17,902

21%

6,209

20%

6,057

22%

3,245

22%

3,397

36%

354

(6)

19,256

23%

Healthcare

4,849

15%

4,673

16%

3,307

23%

102

1%

-

-

12,931

15%

4,693

15%

4,291

15%

3,112

22%

103

1%

-

-

12,199

14%

Other

7,102

22%

6,806

23%

3,498

24%

1,869

24%

26

-

19,301

23%

6,990

22%

6,471

23%

3,581

25%

1,956

21%

35

-

19,033

23%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

Core services

Cleaning

13,188

41%

13,617

46%

6,810

47%

2,057

27%

92

(20)

35,744

42%

13,090

42%

12,697

45%

6,808

47%

2,253

24%

102

(23)

34,927

42%

Technical

7,837

24%

8,965

31%

1,359

9%

1,552

20%

246

(6)

19,953

24%

7,408

24%

8,241

30%

1,157

8%

2,487

26%

140

(20)

19,413

23%

Food

5,626

17%

2,400

8%

1,139

8%

3,275

42%

57

(9)

12,488

15%

5,720

18%

2,554

9%

1,234

9%

3,436

37%

57

(7)

12,994

15%

Other

5,635

18%

4,306

15%

5,264

36%

850

11%

477

(33)

16,499

19%

5,110

16%

4,423

16%

5,204

36%

1,231

13%

468

(9)

16,427

20%

Total

32,286

100%

29,288

100%

14,572

100%

7,734

100%

872

(68)

84,684

100%

31,328

100%

27,915

100%

14,403

100%

9,407

100%

767

(59)

83,761

100%

1)ESRS 2, SBM-1 \u00a740b.

Accounting policy

\"\"
\"\"

Transaction priceOur customer contracts are based on three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

All three models include mechanisms to adjust the transaction price for:

a) inflation and regulatory changes; and

b) scope changes (contract modifications).

Inflation and regulatory adjustments are typically applied annually based on the actual development in salaries/minimum wages or cost of consumables (e.g. food) based on changes in a price index.

Scope changes regularly occur, particularly for key account customers, to ensure that service solutions continue to meet customers\u2019 current needs. Such modifications are generally agreed with the customer in advance as per a specified change management procedure in the contract.

In addition to these general adjustment mechanisms applicable for all commercial models, the differences in relation to determining the transaction price are outlined below.

For fixed price contractsthe transaction price is based on a fixed amount for the agreed services as stated in the contract.

For cost-plus contractsthe transaction price is determined based on actual costs incurred with the addition of an agreed markup/management fee. In addition, the transaction price may include a variable consideration element determined based on achievement of certain defined key performance indicators (KPIs). Variable consideration is assessed on a contract-by-contract basis on a recurring basis in alignment with the customer, and is measured based on the most likely amount management expects ISS to be entitled to.

Forcost-plus variations, determining the transaction price is similar to cost-plus (including variable consideration), however typically with a cap, i.e. if ISS\u2019s actual costs exceed a guaranteed maximum price (GMP), the consideration is reduced to the GMP. Determining the transaction price requires assessment of which costs may be included in the calculation basis and if relevant, whether within the capped maximum.

RecognitionRevenue from contracts with customers is recognised when control of the services is transferred to the customer. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group.

Revenue is recognised based on the actual services provided in the reporting period as a proportion of the total services to be provided. The measure of progress is determined based on the actual labour hours incurred and costs expensed relative to the total expected labour hours and costs required to complete the service. Estimates of labour hours, costs and the extent of progress toward completion are revised if circumstances change. Any resulting increases

or decreases in the estimated revenue or costs are recognised in profit or loss in the period in which the changes become known to management.

Contract modifications are accounted for going forward with no adjustments to revenue recognised up to the date of modification.

Variable consideration is recognised as services are performed to the extent that it is highly probable that a significant reversal of the cumulative amount of revenue recognised will not occur.

Customers are invoiced on a monthly basis in accordance with contractual terms. Payment terms are agreed on an individual basis. No significant financing component is identified as the contractual credit term is consistent with market practice.

Gross or net presentation The Group\u2019s strategy and business model are based on delivery of integrated facility services (IFS) to its customers with ISS being responsible for providing the services specified in the contracts. Consequently, based on an assessment of its revenue arrangements, the Group has concluded that \u2013 as a main rule \u2013 it acts as the principal, and consequently recognises revenue on a gross basis.

In arrangements where ISS engages subcontractors to perform all or part of the services, the Group assesses, on a contract-by-contract basis, whether it acts as the principal or as the agent. The assessment is based on whether ISS controls the services before they are transferred to the customer.

Typically, when the Group has concluded that ISS controls the services and is the principal, ISS:

1) engages with the customer before and after the services are provided, and takes the responsibility for fulfilment of services according to the contract;

2) has discretion in establishing the pricing for the specified services;

3) selects and engages with the subcontractor; and

4) agrees changes to services directly with the customer.

When the Group concludes that it does not control the services before they are transferred to the customer, and therefore acts as an agent, revenue is recognised on a net basis, representing the amount (fee or commission) to which the Group expects to be entitled for arranging the services.

1.2.3 Revenue backlogOur revenue base consists of a mix of yearly contracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of 3-5 years. Contracts regularly include options for the customer to terminate for convenience within 3-9 months. However, historically we have maintained a retention rate in the range of 93%-95%, supporting that these options are rarely exercised.

The vast majority of our revenue is portfolio revenue, see 1.2, Revenue. The remaining part is non-recurring in the form of projects and above-base work (not committed) and thus, excluded from the revenue backlog. In addition, the Group has excluded contracts with a term of less than 12 months and contracts where the Group invoices a fixed amount for each hour of service provided.

As a result, the amounts disclosed in the maturity table is significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. Therefore, as a supplement, in the management review, p. 26, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.

(DKKm)

2025

2024

< 1 year

23,366

35%

23,510

35%

1-5 years

37,427

56%

36,182

54%

> 5 years

6,377

9%

7,553

11%

Total

67,170

100%

67,245

100%

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__48": { "value": "

Accounting policy

\"\"
\"\"

Transaction priceOur customer contracts are based on three commercial models:

1) Fixed price contracts;

2) Cost-plus contracts; and

3) Cost-plus variations (typically capped)

All three models include mechanisms to adjust the transaction price for:

a) inflation and regulatory changes; and

b) scope changes (contract modifications).

Inflation and regulatory adjustments are typically applied annually based on the actual development in salaries/minimum wages or cost of consumables (e.g. food) based on changes in a price index.

Scope changes regularly occur, particularly for key account customers, to ensure that service solutions continue to meet customers\u2019 current needs. Such modifications are generally agreed with the customer in advance as per a specified change management procedure in the contract.

In addition to these general adjustment mechanisms applicable for all commercial models, the differences in relation to determining the transaction price are outlined below.

For fixed price contractsthe transaction price is based on a fixed amount for the agreed services as stated in the contract.

For cost-plus contractsthe transaction price is determined based on actual costs incurred with the addition of an agreed markup/management fee. In addition, the transaction price may include a variable consideration element determined based on achievement of certain defined key performance indicators (KPIs). Variable consideration is assessed on a contract-by-contract basis on a recurring basis in alignment with the customer, and is measured based on the most likely amount management expects ISS to be entitled to.

Forcost-plus variations, determining the transaction price is similar to cost-plus (including variable consideration), however typically with a cap, i.e. if ISS\u2019s actual costs exceed a guaranteed maximum price (GMP), the consideration is reduced to the GMP. Determining the transaction price requires assessment of which costs may be included in the calculation basis and if relevant, whether within the capped maximum.

RecognitionRevenue from contracts with customers is recognised when control of the services is transferred to the customer. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group.

Revenue is recognised based on the actual services provided in the reporting period as a proportion of the total services to be provided. The measure of progress is determined based on the actual labour hours incurred and costs expensed relative to the total expected labour hours and costs required to complete the service. Estimates of labour hours, costs and the extent of progress toward completion are revised if circumstances change. Any resulting increases

or decreases in the estimated revenue or costs are recognised in profit or loss in the period in which the changes become known to management.

Contract modifications are accounted for going forward with no adjustments to revenue recognised up to the date of modification.

Variable consideration is recognised as services are performed to the extent that it is highly probable that a significant reversal of the cumulative amount of revenue recognised will not occur.

Customers are invoiced on a monthly basis in accordance with contractual terms. Payment terms are agreed on an individual basis. No significant financing component is identified as the contractual credit term is consistent with market practice.

Gross or net presentation The Group\u2019s strategy and business model are based on delivery of integrated facility services (IFS) to its customers with ISS being responsible for providing the services specified in the contracts. Consequently, based on an assessment of its revenue arrangements, the Group has concluded that \u2013 as a main rule \u2013 it acts as the principal, and consequently recognises revenue on a gross basis.

In arrangements where ISS engages subcontractors to perform all or part of the services, the Group assesses, on a contract-by-contract basis, whether it acts as the principal or as the agent. The assessment is based on whether ISS controls the services before they are transferred to the customer.

Typically, when the Group has concluded that ISS controls the services and is the principal, ISS:

1) engages with the customer before and after the services are provided, and takes the responsibility for fulfilment of services according to the contract;

2) has discretion in establishing the pricing for the specified services;

3) selects and engages with the subcontractor; and

4) agrees changes to services directly with the customer.

When the Group concludes that it does not control the services before they are transferred to the customer, and therefore acts as an agent, revenue is recognised on a net basis, representing the amount (fee or commission) to which the Group expects to be entitled for arranging the services.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__49": { "value": "

1.3 Employee costs

(DKKm)

Note

2025

2024

Wages and salaries

43,027

42,716

Social security costs

9,212

8,525

Pensions

7.1

1,556

1,488

Share-based payments

6.2

93

93

Total

53,888

52,822

% of operating costs

67%

66%

Average number of employees

320,244

327,767

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__50-1": { "value": "

1.3 Employee costs

(DKKm)

Note

2025

2024

Wages and salaries

43,027

42,716

Social security costs

9,212

8,525

Pensions

7.1

1,556

1,488

Share-based payments

6.2

93

93

Total

53,888

52,822

% of operating costs

67%

66%

Average number of employees

320,244

327,767

Our strategy is based on self-delivery of our services by our placemakers, who are our key resource and essential to our value creation.

Our business model is asset-light and therefore employee costs is our single largest cost category.

Government grantsIn 2025, the Group recognised government grants of DKK 156 million (2024: DKK 178 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensated the Group primarily for social security, wage increases as well as for employing certain categories of employees such as trainees, disabled persons, long-term unemployed and employees in certain age groups.

6.1 Management remuneration

6.1.1 Key management personnel

EGM

(DKK thousand)

Board

EGMB

Corporate

Senior

Officers

2025

Base salary and non-monetary benefits

10,581

14,671

20,594

Annual bonus (STIP)

-

9,633

9,119

Sign-on bonus

-

168

-

Pensions

-

1,388

221

Share-based payments

-

9,140

7,141

Severance payments

-

-

31,828

Total

10,581

35,000

68,903

2024

Base salary and non-monetary benefits

9,378

11,776

42,736

Annual bonus (STIP)

-

10,707

21,556

Sign-on bonus

-

1,552

-

Pensions

-

1,113

2,086

Share-based payments

-

5,117

13,943

Severance payments

-

-

1,461

Total

9,378

30,265

81,782

The Executive Group Management (EGM) comprises the Executive Group Management Board (EGMB) and Corporate Senior Officers of the Group.

Members of the EGM have authority and responsibility for planning, implementing and controlling the Group\u2019s activities and are together with the Board of Directors (Board) considered as the Group\u2019s key management personnel.

Remuneration policy is described in the Remuneration report which is availablehere.

6.2 Share-based payments

6.2.1 Long-term incentive programmeMembers of the EGM and other senior officers of the Group are granted a number of performance share units (PSUs) under the annual LTIP. Participants are compensated for any dividend distributed between time of grant and time of vesting. Upon vesting, each PSU entitles the holder to receive one share at no cost.

Subject to certain criteria, the PSUs will vest after three years.

In 2025, the Group recognised a cost of DKK 93 million (2024: DKK 93 million) related to share-based payment programmes (see overview to the right for PSUs and overview in 6.2.2, Special incentive programmes (SIP) for RSUs) with a corresponding increase in equity.

Fair value and profit or loss impact

(DKKm unless otherwise stated)

LTIP 2025

LTIP 2024

LTIP 2023

LTIP 20221)

Fair value

At grant date

112

113

116

129

At 31 December 2025

111

96

91

-

Profit or loss impact

Recognised in 2025

22

36

25

3

Not yet recognised

63

38

9

-

PSUs and participants

Participants (number)

129

132

147

140

PSUs granted (number)

881,490

1,192,690

1,027,939

1,448,791

PSUs expected to vest (of outstanding PSUs)

84%

90%

96%

75%

1) Vested in March 2025.

Fair value assumptions

LTIP 2025

LTIP 2024

LTIP 2023

LTIP 2022

At the time of grant

Share price, DKK1)

167-191

124-127

122-153

117-153

Expected volatility2)

28.9%

32.8%

33.8%

42.3%

Expected life of grant, years

3

3

3

3

Risk-free interest rate2)

0.6%-4.7%

0.8%-4.2%

1.0%-3.1%

(0.1%)-1.5%

1) Based on five-day average.

2) Based on observable market data for peer groups.

Vesting criteriaThe vesting criteria are total shareholder return (TSR), measured relative to peer group performance, and earnings per share (EPS).

The weight of the individual criteria are:

TSR: 40%

EPS: 40%

Service-based objective: 20%

TSR performance criteria

Threshold

Vesting

TSR

Below threshold

0%

Below median of peers

Threshold

25%

At median of peers

Maximum

100%

At upper quartile of peers or better

TSR peers are the Nasdaq Copenhagen OMX C25 and a peer group of comparable international service companies.

Vested programmes In March 2025, the LTIP 2022 programme vested. Based on the EPS and TSR performances for the period 2022-2024, 75% of the granted PSUs vested at a weighted average price of DKK 162 at the date of vesting. After this vesting, no further PSUs are outstanding under the LTIP 2022 and the programme has lapsed.

Furthermore, in March 2026, the PSUs granted under LTIP 2023 will vest with 96% based on the annual EPS and TSR performances for the period 2023-2025.

Outstanding PSUs

EGM

LTIP 2022(vesting in 2025)

EGMB

Corporate

Senior

Officers

Other

Senior

Officers

Total

At 1 January 2024

34,833

190,603

855,753

1,081,189

Granted

646

3,536

15,629

19,811

Forfeited

-

(13,648)

(27,653)

(41,301)

Outstanding at 31 December 2024

35,479

180,491

843,729

1,059,699

Vested

(26,474)

(134,665)

(620,438)

(781,577)

Forfeited

-

-

(11,992)

(11,992)

Expired

(9,005)

(45,826)

(211,299)

(266,130)

Outstanding at 31 December 2025

-

-

-

-

LTIP 2023 (vesting in 2026)

At 1 January 2024

47,698

143,812

685,101

876,611

Granted

883

2,668

12,605

16,156

Forfeited

-

(13,823)

(48,084)

(61,907)

Outstanding at 31 December 2024

48,581

132,657

649,622

830,860

Granted

1,021

2,666

13,180

16,867

Forfeited

-

(5,739)

(30,649)

(36,388)

Outstanding at 31 December 20251)

49,602

129,584

632,153

811,339

LTIP 2024 (vesting in 2027)

Granted

115,713

163,197

892,389

1,171,299

Forfeited

-

(19,452)

(60,697)

(80,149)

Outstanding at 31 December 2024

115,713

143,745

831,692

1,091,150

Granted

2,430

2,328

16,633

21,391

Forfeited

-

(32,920)

(66,232)

(99,152)

Outstanding at 31 December 20251)

118,143

113,153

782,093

1,013,389

LTIP 2025 (vesting in 2028)

Granted

93,876

79,822

707,792

881,490

Forfeited

-

-

(31,131)

(31,131)

Outstanding at 31 December 20251)

93,876

79,822

676,661

850,359

1) The weighted average remaining contractual life of the existing LTIP programmes is 1.2 year (2024: 1.2 year).

Accounting policy

\"\"
\"\"

The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both schemes are equity-settled.

The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including market-based vesting conditions (Total Shareholder Return (TSR)), see Vesting criteria in 6.2.1. Fair value assumptions are disclosed in the tables in 6.2.1 and 6.2.2.

On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. This estimate is revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.

6.2.2 Special incentive programmes (SIP)The Group has a Special Incentive Programme (SIP) under which Restricted Share Units (RSUs) are granted to certain EGM members and Other Senior Officers of the Group. Subject to individual service criteria, the RSUs will vest after 2 years. Upon vesting, each RSU entitles the holder to receive one share at no cost.

In 2025, a total of 25,075 RSUs were granted to members of EGM and certain Other Senior Officers under the SIP 2025 programme.

Vested programmes In March 2025, the RSUs granted under the SIP 2023 programme vested 100% based on individual service criteria.

In March 2026, the RSUs granted under the SIP 2024 programme will vest 100% subject to achievement of individual service criteria.

Fair value and profit or loss impact

(DKKm, unless otherwise stated)

SIP 2025

SIP 2024

SIP 20231)

Fair value

At grant date

4

9

1

At 31 December 2025

4

9

-

Profit or loss impact

At grant date

1

5

1

At 31 December 2025

3

1

-

RSUs and participants

Participants (number)

4

6

4

RSUs granted (number)

25,075

74,300

10,365

Expected to vest (of outstanding RSUs)

100%

100%

100%

Fair value assumptions

SIP 2025

SIP 2024

SIP 2023

At the time of grant

Share price, DKK

167-191

124-127

122

Expected life of grant, years

2.0

2.0

1.5

Outstanding RSUs

EGM

SIP 2023(vesting in 2025)

EGMB

CorporateSenior Officers

Other Senior

Officers

Total

At 1 January 2024

-

-

10,178

10,178

Granted

-

-

187

187

Outstanding at 31 December 2024

-

-

10,365

10,365

Granted

(10,365)

(10,365)

Outstanding at 31 December 2025

-

-

-

-

SIP 2024 (vesting in 2026)

Granted

3,003

-

69,769

72,772

Outstanding at 31 December 2024

3,003

-

69,769

72,772

Granted

63

1,465

1,528

Outstanding at 31 December 20251)

3,066

-

71,234

74,300

SIP 2025 (vesting in 2027)

Granted

-

11,495

13,580

25,075

Outstanding at 31 December 20251)

-

11,495

13,580

25,075

1) The weighted average remaining contractual life of the existing SIP programmes is 0.4 year (2024: 1.0 year).

1) Vested in March 2025.

7.1 Pensions and similar obligations

7.1.1 Pension schemesThe Group has a significant number of pension schemes with different characteristics. The majority of the schemes are defined contribution plans, but in a number of countries, the Group is also party to defined benefit plans.

Defined contribution plansUnder these schemes contributions are paid to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. In 2025, contributions amounted to DKK 1,247 million (2024: DKK 1,249 million), or 80% of the Group\u2019s pension costs (2024: 84%).

Defined benefit plansUnder these schemes the obligation towards the employees and risk associated with future developments in salary, interest rate, inflation, mortality, etc. rests with the Group. The plans are primarily based on years of service, and benefits are determined on the basis of salary and position.

The majority (93%) of the obligations are funded with assets placed in independent pension funds. In some countries, primarily T\u00fcrkiye, Sweden, Hong Kong and Mexico, the obligation is unfunded. For unfunded plans, the obligation amounted to DKK 667 million or 7% of the present value of the total gross obligation (2024: DKK 728 million or 7%).

Multiemployer pension plansIn the US and the Netherlands, the Group participates in multiemployer pension schemes that by nature are defined benefit plans. Due to the unavailability of necessary information, including information on surplus or deficit if any, from the relevant funds, the Group accounts for the schemes as defined contribution plans.

In 2025, the Group contributed DKK 78 million (2024: DKK 74 million) to multiemployer pension plans of which DKK 39 million (2024: DKK 32 million) related to the Netherlands and DKK 39 million (2024: DKK 42

million) to the US. In total, these corresponded to 5% of the Group\u2019s total pension costs (2024: 5%).

7.1.2 Major defined benefit plansThe Group\u2019s largest defined benefit plans:

SwitzerlandParticipants are insured against the financial consequences of:

retirement;

disability; and

death

The pension plans guarantee a minimum interest credit and fixed conversion rates at retirement and include a risk-sharing element between ISS and the plan participants.

Contributions are paid by both ISS and the employees and the plans must be fully funded. In case of underfunding, recovery measures must be taken, such as additional financing from ISS or from ISS and the plan participants, reduction of benefits or a combination of both.

GermanyParticipants are insured against the financial consequences of:

retirement;

disability; and

death

The majority of the pension plans guarantee a life-long monthly pension payment after retirement. Most of the plans are closed for new entrants. Contributions are paid by ISS and there is no risk-sharing element.

UKParticipants are insured against the financial consequences of:

retirement; and

death

Pension obligation, gross

\u2013 by country

9.6

DKKbn

73% Switzerland

09% Germany

08% UK

10% Other

Pension obligation, gross

\u2013 by funded vs. unfunded

9.6

DKKbn

93% Funded

07% Unfunded

Pension costs

1.6

DKKbn

75% Defined contribution

20% Defined benefit

05% Multiemployer

7.1.3 Defined benefit plans, net obligation

2025

2024

(DKKm)

Obligation

(present value)

Plan assets

(fair value)

Total

Obligation

(present value)

Plan assets

(fair value)

Total

At 1 January

9,736

9,991

(255)

8,755

9,338

(583)

Current service costs

226

(4)

230

208

-

208

Interest on obligation/plan assets

245

166

79

216

183

33

Past service costs

-

-

-

(2)

-

(2)

Recognised in profit or loss

471

162

309

422

183

239

Remeasurement (gain)/loss:

Demographic assumptions

6

-

6

(13)

-

(13)

Financial assumptions

(340)

-

(340)

254

-

254

Experience adjustments

125

-

125

(39)

-

(39)

Return on plan assets

-

253

(253)

-

62

(62)

Asset ceiling

-

(341)

341

-

(28)

28

Recognised in other comprehensive income

(209)

(88)

(121)

202

34

168

FX adjustments

(71)

37

(108)

(65)

(58)

(7)

Contributions, plan participants

177

177

-

179

179

-

Contributions, employer

-

224

(224)

-

237

(237)

Benefits paid

(531)

(467)

(64)

(548)

(470)

(78)

Asset ceiling

-

341

(341)

-

28

(28)

Acquisitions/divestments, net

5

-

5

150

165

(15)

Reclass

-

-

-

641

355

286

Other changes

(420)

312

(732)

357

436

(79)

At 31 December

9,578

10,377

(799)

9,736

9,991

(255)

Recognised in the statement of financial position

(DKKm)

2025

2024

Carrying amount of defined benefit plans

(799)

(255)

Accumulated impact from asset ceiling 1)

1,574

1,207

Defined benefit obligation, net2)

775

952

Other long-term employee benefits

329

364

Pensions and similar obligations

1,104

1,316

1)Including an FX adjustment on the opening balance of DKK 26 million (2024: DKK 7 million).

2)Including an asset of DKK 386 million (2024: DKK 391 million) related to defined benefit plans in the UK.

Development in 2025 In 2025, the net impact on the pension obligation from actuarial calculations was a gain of DKK 121 million, mainly stemming from actuarial gains of DKK 340 million due to increased discount rates (financial assumptions), primarily in Switzerland and Germany. This was partly offset by an actuarial loss of DKK 125 million due to membership movements (experience assumptions), primarily in Switzerland.

The major plans in Switzerland and the UK have significant surplus due to strong asset returns in prior years. In 2025, there was an additional positive return on plan assets of DKK 253 million, mainly due to favourable market conditions for our plan assets in Switzerland.

Due to surplus restrictions (ISS does not have access to the overfunding), a significant asset ceiling has been recognised in prior years. In 2025, the asset ceiling increased further by DKK 341 million (2024: increase of DKK 28 million) resulting in an accumulated impact from the asset ceiling of DKK 1,574 million by the end of 2025 (2024: DKK 1,207 million).

Contributions in 2025In 2025, the Group contributed DKK 288 million to defined benefit plans (2024: DKK 315 million). The Group expects to contribute DKK 283 million in 2026.

7.1.4 Reimbursement rights in GermanyCertain pension plans in Germany carry contractual provisions for reimbursement rights, which partially reduce the pension obligation. As these reimbursement rights do not meet the criteria for recognition as plan assets, they are reported separately under Other financial assets. In 2025, the reimbursement right decreased to DKK 282 million (2024: DKK 381 million) due to actuarial gains decreasing the related pension obligation.

7.1.5 Plan assets

(DKKm)

Switzer-land

UK

Ger-

many

Other

Total

2025

Investment funds:

Listed shares

3,266

40

-

-

3,306

Corporate bonds

1,752

-

-

-

1,752

Property

1,836

-

-

-

1,836

Other

1,339

4

34

-

1,377

Corporate bonds1)

-

512

160

-

672

Government bonds

-

322

-

-

322

Cash/cash equivalents

331

281

9

-

621

Insurance contracts

73

-

2

159

234

Listed shares1)

-

-

138

-

138

Other

-

-

82

37

119

Total

8,597

1,159

425

196

10,377

2024

Investment funds:

Listed shares

3,036

-

-

-

3,036

Corporate bonds

1,738

-

-

-

1,738

Property

1,729

-

-

-

1,729

Other

1,209

23

40

-

1,272

Corporate bonds1)

-

700

159

-

859

Government bonds

-

362

-

-

362

Cash/cash equivalents

235

123

11

-

369

Insurance contracts

226

-

-

156

382

Listed shares1)

-

1

113

-

114

Other

-

-

88

42

130

Total

8,173

1,209

411

198

9,991

1)Traded in active markets (listed).

The majority of the Group\u2019s pension obligations are funded with assets placed in independent pension funds (unlisted), mainly in Switzerland, the UK and Germany.

Plan assets are predominantly placed in investment funds that invest in listed shares, corporate bonds, property or other, such as investments in infrastructure and energy projects and senior loans.

Plan assets

\u2013 by category

10.4

DKKbn

80% Investment funds

06% Corporate bonds

06% Cash/Cash equivalents

03% Government bonds

02% Insurance contracts

01% Listed shares

02% Other

Plan assets

\u2013 by country

10.4

DKKbn

83% Switzerland

11% UK

04% Germany

02% Other

Accounting policy

\"\"
\"\"

Defined contribution plansThe Group\u2019s contributions are recognised in Employee costs when the related service is provided.

Defined benefit plansThe Group\u2019s net obligation is calculated by a qualified actuary using the projected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of plan assets is recognised in Pensions and similar obligations. If the calculation results in a net asset, the asset is recognised if it offsets refunds from, or leads to reduced future contributions to, the plan. Consideration is given to applicable minimum funding requirements.

Pension costs are calculated based on actuarial estimates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Finance costs. Remeasurements (actuarial

gains/losses), comprising the differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date as well as the effect of asset ceiling are recognised in Other comprehensive income.

When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlements are recognised when incurred.

Multiemployer plans The Group does not have the necessary information to account for the schemes as defined benefit plans, and they are therefore accounted for as defined contribution plans.

Other long-term employee benefits are calculated as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.

7.1.6 Actuarial assumptions

CHF

GBP

EUR

Other countries

2025

Discount rates

1.3%

5.4-5.6%

3.7-4.3%

3.5-29.6%

Salary increase

1.0%

2.3-2.5%

2.5-3.2%

3.0-24.0%

Pension increase

0.0%

2.4-2.8%

2.0%

2.7.-3.8%

Price inflation

1.0%

2.3-2.5%

2.0-2.2%

1.7-3.5%

2024

Discount rates

1.0%

5.5-5.6%

3.5-4.2%

3.0-28.5%

Salary increase

1.0%

0.0-5.0%

0.0-3.2%

2.0-25.0%

Pension increase

0.0%

2.7-3.0%

0.0-1.9%

0.0-1.9%

Price inflation

1.0%

2.5-2.8%

0.0-2.2%

0.0-3.5%

Sensitivity analysis

2025

2024

(DKKm)

+0.5%

-0.5%

+0.5%

-0.5%

Discount rate

(420)

518

(421)

491

Price inflation

64

(48)

82

(37)

Salary increase

82

(74)

98

(61)

Pension increase

241

(41)

259

(213)

+1 year

-1 year

+1 year

-1 year

Life expectancy

198

(189)

206

(166)

The sensitivities related to the applied significant actuarial assumptions in terms of estimated increase/ (decrease) in the obligation are illustrated below.

The analysis is based on changes in assumptions, with all other variables held constant, that the Group considered to be reasonably possible at the reporting date.

Duration

(Years)

2025

2024

Active employees

9

9

Retired employees

11

12

Deferred vested1)

15

15

Total employees

10

10

1)The impact from deferred vested on total estimated weighted average duration is minor due to the fact that deferred vested make up less than 2% of the participants, and do not exist in many of the shorter duration plans.

The estimated weighted average duration of the de-fined benefit obligation was 10 years (2024: 10 years) and is split into:

Accounting estimates

\"\"
\"\"
\"\"

Actuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined based on country-specific assumptions regarding future development in variables such as salary levels, interest rates, inflation, mortality and guaranteed benefits. Assumptions are assessed at the reporting date.

The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__53-1": { "value": "

1.3 Employee costs

(DKKm)

Note

2025

2024

Wages and salaries

43,027

42,716

Social security costs

9,212

8,525

Pensions

7.1

1,556

1,488

Share-based payments

6.2

93

93

Total

53,888

52,822

% of operating costs

67%

66%

Average number of employees

320,244

327,767

Our strategy is based on self-delivery of our services by our placemakers, who are our key resource and essential to our value creation.

Our business model is asset-light and therefore employee costs is our single largest cost category.

Government grantsIn 2025, the Group recognised government grants of DKK 156 million (2024: DKK 178 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensated the Group primarily for social security, wage increases as well as for employing certain categories of employees such as trainees, disabled persons, long-term unemployed and employees in certain age groups.

1.4 Other income and expenses, net

(DKKm)

2025

2024

Gain on divestments

1

9

Other income

1

9

Loss on divestments

(11)

(64)

Acquisition and integration costs

(39)

(32)

Other

(74)

(76)

Other expenses

(124)

(172)

Other income and expenses, net

(123)

(163)

Loss on divestmentsmainly related to adjustments to prior year divestment.

Acquisition and integration costsrelated to the Group\u2019s acquisitions in Spain, Austria and Belgium. Of the total amount, DKK 14 million was acquisition costs (2024: DKK 10 million).

Othercomprised mainly remeasurement of the contingent consideration related to the transaction in T\u00fcrkiye in 2021.

Accounting policy

\"\"
\"\"

Other income and expenses, net consists of recurring and non-recurring items that management does not consider to be part of the Group\u2019s ordinary operating activities, i.e. divestment gains and losses, remeasurement of disposal groups classified as held for sale, the winding-up of operations, disposal of property as well as acquisition and integration costs.

Other income and expenses, net are presented separately from the Group\u2019s ordinary operating activities as management believes that this best reflects the Group\u2019s financial performance.

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__52": { "value": "Government grantsIn 2025, the Group recognised government grants of DKK 156 million (2024: DKK 178 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensated the Group primarily for social security, wage increases as well as for employing certain categories of employees such as trainees, disabled persons, long-term unemployed and employees in certain age groups. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__55": { "value": "

1.4 Other income and expenses, net

(DKKm)

2025

2024

Gain on divestments

1

9

Other income

1

9

Loss on divestments

(11)

(64)

Acquisition and integration costs

(39)

(32)

Other

(74)

(76)

Other expenses

(124)

(172)

Other income and expenses, net

(123)

(163)

Loss on divestmentsmainly related to adjustments to prior year divestment.

Acquisition and integration costsrelated to the Group\u2019s acquisitions in Spain, Austria and Belgium. Of the total amount, DKK 14 million was acquisition costs (2024: DKK 10 million).

Othercomprised mainly remeasurement of the contingent consideration related to the transaction in T\u00fcrkiye in 2021.

Accounting policy

\"\"
\"\"

Other income and expenses, net consists of recurring and non-recurring items that management does not consider to be part of the Group\u2019s ordinary operating activities, i.e. divestment gains and losses, remeasurement of disposal groups classified as held for sale, the winding-up of operations, disposal of property as well as acquisition and integration costs.

Other income and expenses, net are presented separately from the Group\u2019s ordinary operating activities as management believes that this best reflects the Group\u2019s financial performance.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__56": { "value": "

1.4 Other income and expenses, net

(DKKm)

2025

2024

Gain on divestments

1

9

Other income

1

9

Loss on divestments

(11)

(64)

Acquisition and integration costs

(39)

(32)

Other

(74)

(76)

Other expenses

(124)

(172)

Other income and expenses, net

(123)

(163)

Loss on divestmentsmainly related to adjustments to prior year divestment.

Acquisition and integration costsrelated to the Group\u2019s acquisitions in Spain, Austria and Belgium. Of the total amount, DKK 14 million was acquisition costs (2024: DKK 10 million).

Othercomprised mainly remeasurement of the contingent consideration related to the transaction in T\u00fcrkiye in 2021.

Accounting policy

\"\"
\"\"

Other income and expenses, net consists of recurring and non-recurring items that management does not consider to be part of the Group\u2019s ordinary operating activities, i.e. divestment gains and losses, remeasurement of disposal groups classified as held for sale, the winding-up of operations, disposal of property as well as acquisition and integration costs.

Other income and expenses, net are presented separately from the Group\u2019s ordinary operating activities as management believes that this best reflects the Group\u2019s financial performance.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__57": { "value": "

Accounting policy

\"\"
\"\"

Other income and expenses, net consists of recurring and non-recurring items that management does not consider to be part of the Group\u2019s ordinary operating activities, i.e. divestment gains and losses, remeasurement of disposal groups classified as held for sale, the winding-up of operations, disposal of property as well as acquisition and integration costs.

Other income and expenses, net are presented separately from the Group\u2019s ordinary operating activities as management believes that this best reflects the Group\u2019s financial performance.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__58": { "value": "

2.1 Trade receivables and credit risk

2.1.1 Gross and net amounts

(DKKm)

Gross

Expected

credit losses

Carrying amount

2025

Central & Southern Europe

6,222

(37)

6,185

Northern Europe

3,852

(84)

3,768

Asia & Pacific

1,987

(19)

1,968

Americas

827

(4)

823

Other countries

128

-

128

Total

13,016

(144)

12,872

Not past due

11,827

(1)

11,826

Past due 1 to 60 days

667

(1)

666

Past due 61 to 180 days

88

(9)

79

Past due 181 to 360 days

26

(13)

13

More than 360 days

408

(120)

288

Total

13,016

(144)

12,872

2024

Central & Southern Europe

5,371

(45)

5,326

Northern Europe

3,879

(67)

3,812

Asia & Pacific

2,113

(30)

2,083

Americas

1,105

(12)

1,093

Other countries

135

-

135

Total

12,603

(154)

12,449

Not past due

11,285

(4)

11,281

Past due 1 to 60 days

754

(6)

748

Past due 61 to 180 days

120

(11)

109

Past due 181 to 360 days

89

(37)

52

More than 360 days

355

(96)

259

Total

12,603

(154)

12,449

Development in 2025

In 2025, trade receivables increased to DKK 12,872 mil-lion (2024: DKK 12,449 million) due to organic growth driven by price increases and higher activity levels at customer sites across the Group as well as acquisitions in Spain and Austria. In addition, in T\u00fcrkiye payment cycles are longer than Group average, which contribut-ed further to the increase.

Expected credit losses comprised 1.1% (2024: 1.2%) of trade receivables (gross) and trade receivables not past due was 91% of trade receivables (gross) (2024: 90%).

Expected credit losses

(DKKm)

2025

2024

At 1 January

(154)

(127)

FX adjustments

9

(2)

Acquisitions

(2)

(18)

Additions

(81)

(68)

Unused amounts reversed

65

40

Unrecoverable amounts written off

19

21

At 31 December

(144)

(154)

Credit risk

\u2013 low exposure

The Group\u2019s exposure to credit risk is inherently low due to its business model and strategic choices leading to a diversified customer portfolio, both in terms of geography, industry sector, customer size and services.

Risk management

Exposure to credit risk and expected credit losses are managed locally in each operating entity.

We have a strong ongoing assessment and monitoring of customers\u2019 creditworthiness and the credit limits are set as deemed appropriate taking into account the customer\u2019s financial position and the current market conditions.

In 2025, we continued to manage inflation tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractual terms with no increase in credit losses.

Generally, the Group does not hold collateral as security for trade receivables.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__59": { "value": "

2.1 Trade receivables and credit risk

2.1.1 Gross and net amounts

(DKKm)

Gross

Expected

credit losses

Carrying amount

2025

Central & Southern Europe

6,222

(37)

6,185

Northern Europe

3,852

(84)

3,768

Asia & Pacific

1,987

(19)

1,968

Americas

827

(4)

823

Other countries

128

-

128

Total

13,016

(144)

12,872

Not past due

11,827

(1)

11,826

Past due 1 to 60 days

667

(1)

666

Past due 61 to 180 days

88

(9)

79

Past due 181 to 360 days

26

(13)

13

More than 360 days

408

(120)

288

Total

13,016

(144)

12,872

2024

Central & Southern Europe

5,371

(45)

5,326

Northern Europe

3,879

(67)

3,812

Asia & Pacific

2,113

(30)

2,083

Americas

1,105

(12)

1,093

Other countries

135

-

135

Total

12,603

(154)

12,449

Not past due

11,285

(4)

11,281

Past due 1 to 60 days

754

(6)

748

Past due 61 to 180 days

120

(11)

109

Past due 181 to 360 days

89

(37)

52

More than 360 days

355

(96)

259

Total

12,603

(154)

12,449

Development in 2025

In 2025, trade receivables increased to DKK 12,872 mil-lion (2024: DKK 12,449 million) due to organic growth driven by price increases and higher activity levels at customer sites across the Group as well as acquisitions in Spain and Austria. In addition, in T\u00fcrkiye payment cycles are longer than Group average, which contribut-ed further to the increase.

Expected credit losses comprised 1.1% (2024: 1.2%) of trade receivables (gross) and trade receivables not past due was 91% of trade receivables (gross) (2024: 90%).

Expected credit losses

(DKKm)

2025

2024

At 1 January

(154)

(127)

FX adjustments

9

(2)

Acquisitions

(2)

(18)

Additions

(81)

(68)

Unused amounts reversed

65

40

Unrecoverable amounts written off

19

21

At 31 December

(144)

(154)

Credit risk

\u2013 low exposure

The Group\u2019s exposure to credit risk is inherently low due to its business model and strategic choices leading to a diversified customer portfolio, both in terms of geography, industry sector, customer size and services.

Risk management

Exposure to credit risk and expected credit losses are managed locally in each operating entity.

We have a strong ongoing assessment and monitoring of customers\u2019 creditworthiness and the credit limits are set as deemed appropriate taking into account the customer\u2019s financial position and the current market conditions.

In 2025, we continued to manage inflation tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractual terms with no increase in credit losses.

Generally, the Group does not hold collateral as security for trade receivables.

Accounting policy

\"\"
\"\"

Trade receivables comprise invoiced amounts and unbilled revenue. Unbilled revenue represents consideration for services where the related performance obligation has been satisfied, but not yet invoiced. Trade receivables are recognised at the invoiced amount less expected credit losses, which equals amortised costs due to their short-term nature.

The Group applies the simplified approach to measuring expected credit losses whereby a lifetime expected loss allowance is recognised for all trade receivables. The expected loss rates are calculated based on aging profiles and are applied to groups of customers with similar credit risk characteristics, e.g. geographical region, industry sector and customer rating. Historical loss rates are adjusted to reflect current conditions and forward-looking information, including relevant macroeconomic factors that may affect customers\u2019 ability to settle their receivables.

Trade receivables are generally written off when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery or reversal of expected credit losses are credited against the same line item.

2.1.2 Factoring/sale of receivables

For selected key account customers that meet the criteria of the Group\u2019s factoring policy, the Group may enter into factoring arrangements, including participa-tion in customers\u2019 supply chain finance programmes (together referred to as factoring). Such arrangements are applied to support cash collection and manage working capital, primarily by mitigating the impact of extended customer payment terms and the nec-essary investments in the contract transition and mobilisation phases.

Under these arrangements, substantially all risks and rewards associated with the trade receivables are transferred, and the Group has neither continuing in-volvement nor exposure to credit risk in respect of the underlying customers. Accordingly, the related trade receivables are derecognised.

At 31 December 2025, factoring amounted to DKK 1.59 billion (2024: DKK 1.53 billion), reflecting revenue growth from key account customers, where invoic-es, as per the Group\u2019s factoring policy, are eligible for factoring.

Accounting policy

\"\"
\"\"

FactoringThe Group enters into factoring arrangements, including participation in customers\u2019 supply chain finance programmes (together referred to as factoring) with certain key account customers.

Trade receivables subject to factoring are derecognised when the derecognition criteria are met and substantially all risks and rewards are transferred to the factor. Upon derecognition, the Group retains no continuing involvement in, and bears no residual risk relating to, the transferred receivables.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__60-1": { "value": "

2.1 Trade receivables and credit risk

2.1.1 Gross and net amounts

(DKKm)

Gross

Expected

credit losses

Carrying amount

2025

Central & Southern Europe

6,222

(37)

6,185

Northern Europe

3,852

(84)

3,768

Asia & Pacific

1,987

(19)

1,968

Americas

827

(4)

823

Other countries

128

-

128

Total

13,016

(144)

12,872

Not past due

11,827

(1)

11,826

Past due 1 to 60 days

667

(1)

666

Past due 61 to 180 days

88

(9)

79

Past due 181 to 360 days

26

(13)

13

More than 360 days

408

(120)

288

Total

13,016

(144)

12,872

2024

Central & Southern Europe

5,371

(45)

5,326

Northern Europe

3,879

(67)

3,812

Asia & Pacific

2,113

(30)

2,083

Americas

1,105

(12)

1,093

Other countries

135

-

135

Total

12,603

(154)

12,449

Not past due

11,285

(4)

11,281

Past due 1 to 60 days

754

(6)

748

Past due 61 to 180 days

120

(11)

109

Past due 181 to 360 days

89

(37)

52

More than 360 days

355

(96)

259

Total

12,603

(154)

12,449

Development in 2025

In 2025, trade receivables increased to DKK 12,872 mil-lion (2024: DKK 12,449 million) due to organic growth driven by price increases and higher activity levels at customer sites across the Group as well as acquisitions in Spain and Austria. In addition, in T\u00fcrkiye payment cycles are longer than Group average, which contribut-ed further to the increase.

Expected credit losses comprised 1.1% (2024: 1.2%) of trade receivables (gross) and trade receivables not past due was 91% of trade receivables (gross) (2024: 90%).

Expected credit losses

(DKKm)

2025

2024

At 1 January

(154)

(127)

FX adjustments

9

(2)

Acquisitions

(2)

(18)

Additions

(81)

(68)

Unused amounts reversed

65

40

Unrecoverable amounts written off

19

21

At 31 December

(144)

(154)

Credit risk

\u2013 low exposure

The Group\u2019s exposure to credit risk is inherently low due to its business model and strategic choices leading to a diversified customer portfolio, both in terms of geography, industry sector, customer size and services.

Risk management

Exposure to credit risk and expected credit losses are managed locally in each operating entity.

We have a strong ongoing assessment and monitoring of customers\u2019 creditworthiness and the credit limits are set as deemed appropriate taking into account the customer\u2019s financial position and the current market conditions.

In 2025, we continued to manage inflation tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractual terms with no increase in credit losses.

Generally, the Group does not hold collateral as security for trade receivables.

Accounting policy

\"\"
\"\"

Trade receivables comprise invoiced amounts and unbilled revenue. Unbilled revenue represents consideration for services where the related performance obligation has been satisfied, but not yet invoiced. Trade receivables are recognised at the invoiced amount less expected credit losses, which equals amortised costs due to their short-term nature.

The Group applies the simplified approach to measuring expected credit losses whereby a lifetime expected loss allowance is recognised for all trade receivables. The expected loss rates are calculated based on aging profiles and are applied to groups of customers with similar credit risk characteristics, e.g. geographical region, industry sector and customer rating. Historical loss rates are adjusted to reflect current conditions and forward-looking information, including relevant macroeconomic factors that may affect customers\u2019 ability to settle their receivables.

Trade receivables are generally written off when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery or reversal of expected credit losses are credited against the same line item.

2.1.2 Factoring/sale of receivables

For selected key account customers that meet the criteria of the Group\u2019s factoring policy, the Group may enter into factoring arrangements, including participa-tion in customers\u2019 supply chain finance programmes (together referred to as factoring). Such arrangements are applied to support cash collection and manage working capital, primarily by mitigating the impact of extended customer payment terms and the nec-essary investments in the contract transition and mobilisation phases.

Under these arrangements, substantially all risks and rewards associated with the trade receivables are transferred, and the Group has neither continuing in-volvement nor exposure to credit risk in respect of the underlying customers. Accordingly, the related trade receivables are derecognised.

At 31 December 2025, factoring amounted to DKK 1.59 billion (2024: DKK 1.53 billion), reflecting revenue growth from key account customers, where invoic-es, as per the Group\u2019s factoring policy, are eligible for factoring.

Accounting policy

\"\"
\"\"

FactoringThe Group enters into factoring arrangements, including participation in customers\u2019 supply chain finance programmes (together referred to as factoring) with certain key account customers.

Trade receivables subject to factoring are derecognised when the derecognition criteria are met and substantially all risks and rewards are transferred to the factor. Upon derecognition, the Group retains no continuing involvement in, and bears no residual risk relating to, the transferred receivables.

2.2 Other receivables

(DKKm)

2025

2024

Supplier rebates and bonuses

468

531

Prepayments to suppliers

394

357

Securities

135

140

Sign-on fees

128

132

Divestment proceeds

64

70

Transition and mobilisation

62

44

Government grants

47

69

Derivatives

14

51

Other

311

327

Total

1,623

1,721

Supplier rebates and bonusescomprised volume-related supplier discounts and reflects the Group\u2019s continued efforts to minimise the number of suppliers and drive synergies and cost savings.

Prepayments to supplierscomprised various payments mainly related to IT licences, utilities and insurance.

Securitiesrelated to a savings plan in the US administered by ISS on behalf of certain senior employees.

Sign-on feescomprised upfront discounts to certain large customers incurred in the normal course of business, most significantly in the UK, Australia and the US and on certain global key accounts.

Divestment proceedsmainly related to the divestment of Specialized Services in the US, where part of the consideration is deferred.

Transition and mobilisation comprised costs to fulfil the performance obligation under certain large long-term contracts. At 31 December 2025, capitalised transition and mobilisation costs amounted to DKK 62 million (2024: DKK 44 million) and related mainly to DEFRA and DWP in the UK and the Australian Defence in Australia.

Government grantsrelated primarily to wage subventions in Spain, Denmark and Singapore as well as enterprise development support in China.

Othercomprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.

Accounting judgements

\"\"
\"\"
\"\"

Transition and mobilisation costs(costs to fulfil a contract) comprise costs directly related to startup of operations of certain large, long-term contracts. Examples include the transfer of employees from previous suppliers, site due diligence, planning and developing service plans. Such costs include internal direct costs and external costs e.g. to consultants.

Capitalisation of transition and mobilisation costs involves management\u2019s judgement to determine whether the criteria for capitalisation are met, including if the costs relate directly to the contract, generate resources that will be used in satisfying the performance obligations, and are expected to be recovered, i.e. reflected in the pricing of the contracts.

Bid-related costs, including costs relating to sales work and securing contracts, are expensed as incurred.

Accounting policy

\"\"
\"\"

Other receivables comprise various items of different nature and thus different measurement methods are applied. As these items are considered individually immaterial, they are presented together as Other receivables.

Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost.

Sign-on feesand transition and mobilisation costsare capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer.

Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__62-1": { "value": "

Accounting policy

\"\"
\"\"

Trade receivables comprise invoiced amounts and unbilled revenue. Unbilled revenue represents consideration for services where the related performance obligation has been satisfied, but not yet invoiced. Trade receivables are recognised at the invoiced amount less expected credit losses, which equals amortised costs due to their short-term nature.

The Group applies the simplified approach to measuring expected credit losses whereby a lifetime expected loss allowance is recognised for all trade receivables. The expected loss rates are calculated based on aging profiles and are applied to groups of customers with similar credit risk characteristics, e.g. geographical region, industry sector and customer rating. Historical loss rates are adjusted to reflect current conditions and forward-looking information, including relevant macroeconomic factors that may affect customers\u2019 ability to settle their receivables.

Trade receivables are generally written off when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery or reversal of expected credit losses are credited against the same line item.

Accounting policy

\"\"
\"\"

FactoringThe Group enters into factoring arrangements, including participation in customers\u2019 supply chain finance programmes (together referred to as factoring) with certain key account customers.

Trade receivables subject to factoring are derecognised when the derecognition criteria are met and substantially all risks and rewards are transferred to the factor. Upon derecognition, the Group retains no continuing involvement in, and bears no residual risk relating to, the transferred receivables.

Accounting policy

\"\"
\"\"

Other receivables comprise various items of different nature and thus different measurement methods are applied. As these items are considered individually immaterial, they are presented together as Other receivables.

Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost.

Sign-on feesand transition and mobilisation costsare capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer.

Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__64": { "value": "

2.2 Other receivables

(DKKm)

2025

2024

Supplier rebates and bonuses

468

531

Prepayments to suppliers

394

357

Securities

135

140

Sign-on fees

128

132

Divestment proceeds

64

70

Transition and mobilisation

62

44

Government grants

47

69

Derivatives

14

51

Other

311

327

Total

1,623

1,721

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__65": { "value": "

2.2 Other receivables

(DKKm)

2025

2024

Supplier rebates and bonuses

468

531

Prepayments to suppliers

394

357

Securities

135

140

Sign-on fees

128

132

Divestment proceeds

64

70

Transition and mobilisation

62

44

Government grants

47

69

Derivatives

14

51

Other

311

327

Total

1,623

1,721

Supplier rebates and bonusescomprised volume-related supplier discounts and reflects the Group\u2019s continued efforts to minimise the number of suppliers and drive synergies and cost savings.

Prepayments to supplierscomprised various payments mainly related to IT licences, utilities and insurance.

Securitiesrelated to a savings plan in the US administered by ISS on behalf of certain senior employees.

Sign-on feescomprised upfront discounts to certain large customers incurred in the normal course of business, most significantly in the UK, Australia and the US and on certain global key accounts.

Divestment proceedsmainly related to the divestment of Specialized Services in the US, where part of the consideration is deferred.

Transition and mobilisation comprised costs to fulfil the performance obligation under certain large long-term contracts. At 31 December 2025, capitalised transition and mobilisation costs amounted to DKK 62 million (2024: DKK 44 million) and related mainly to DEFRA and DWP in the UK and the Australian Defence in Australia.

Government grantsrelated primarily to wage subventions in Spain, Denmark and Singapore as well as enterprise development support in China.

Othercomprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.

Accounting judgements

\"\"
\"\"
\"\"

Transition and mobilisation costs(costs to fulfil a contract) comprise costs directly related to startup of operations of certain large, long-term contracts. Examples include the transfer of employees from previous suppliers, site due diligence, planning and developing service plans. Such costs include internal direct costs and external costs e.g. to consultants.

Capitalisation of transition and mobilisation costs involves management\u2019s judgement to determine whether the criteria for capitalisation are met, including if the costs relate directly to the contract, generate resources that will be used in satisfying the performance obligations, and are expected to be recovered, i.e. reflected in the pricing of the contracts.

Bid-related costs, including costs relating to sales work and securing contracts, are expensed as incurred.

Accounting policy

\"\"
\"\"

Other receivables comprise various items of different nature and thus different measurement methods are applied. As these items are considered individually immaterial, they are presented together as Other receivables.

Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost.

Sign-on feesand transition and mobilisation costsare capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer.

Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__66": { "value": "

2.2 Other receivables

(DKKm)

2025

2024

Supplier rebates and bonuses

468

531

Prepayments to suppliers

394

357

Securities

135

140

Sign-on fees

128

132

Divestment proceeds

64

70

Transition and mobilisation

62

44

Government grants

47

69

Derivatives

14

51

Other

311

327

Total

1,623

1,721

Supplier rebates and bonusescomprised volume-related supplier discounts and reflects the Group\u2019s continued efforts to minimise the number of suppliers and drive synergies and cost savings.

Prepayments to supplierscomprised various payments mainly related to IT licences, utilities and insurance.

Securitiesrelated to a savings plan in the US administered by ISS on behalf of certain senior employees.

Sign-on feescomprised upfront discounts to certain large customers incurred in the normal course of business, most significantly in the UK, Australia and the US and on certain global key accounts.

Divestment proceedsmainly related to the divestment of Specialized Services in the US, where part of the consideration is deferred.

Transition and mobilisation comprised costs to fulfil the performance obligation under certain large long-term contracts. At 31 December 2025, capitalised transition and mobilisation costs amounted to DKK 62 million (2024: DKK 44 million) and related mainly to DEFRA and DWP in the UK and the Australian Defence in Australia.

Government grantsrelated primarily to wage subventions in Spain, Denmark and Singapore as well as enterprise development support in China.

Othercomprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.

Accounting judgements

\"\"
\"\"
\"\"

Transition and mobilisation costs(costs to fulfil a contract) comprise costs directly related to startup of operations of certain large, long-term contracts. Examples include the transfer of employees from previous suppliers, site due diligence, planning and developing service plans. Such costs include internal direct costs and external costs e.g. to consultants.

Capitalisation of transition and mobilisation costs involves management\u2019s judgement to determine whether the criteria for capitalisation are met, including if the costs relate directly to the contract, generate resources that will be used in satisfying the performance obligations, and are expected to be recovered, i.e. reflected in the pricing of the contracts.

Bid-related costs, including costs relating to sales work and securing contracts, are expensed as incurred.

Accounting policy

\"\"
\"\"

Other receivables comprise various items of different nature and thus different measurement methods are applied. As these items are considered individually immaterial, they are presented together as Other receivables.

Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost.

Sign-on feesand transition and mobilisation costsare capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer.

Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__68-1": { "value": "Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__69-1": { "value": "Securitiesand derivatives are measured at fair value with fair value adjustments being recognised in profit or loss. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative.

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__70": { "value": "

2.3 Other liabilities

(DKKm)

2025

2024

Accrued wages, pensions, holiday allowances and social security

5,493

5,642

Prepayments from customers

1,176

1,110

Tax withholdings, VAT etc.

1,912

1,813

Contingent consideration and deferred payments

276

227

Supplier and other discounts

145

44

Accrued interests

139

175

Savings plan

135

140

Derivatives

28

19

Other

431

335

Total

9,735

9,505

Savings planrelated to a plan in the US under which ISS has invested in securities, see 2.2, Other receivables. The plan is administered by ISS on behalf of certain senior employees.

Othercomprised customer discounts, etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__71": { "value": "

2.3 Other liabilities

(DKKm)

2025

2024

Accrued wages, pensions, holiday allowances and social security

5,493

5,642

Prepayments from customers

1,176

1,110

Tax withholdings, VAT etc.

1,912

1,813

Contingent consideration and deferred payments

276

227

Supplier and other discounts

145

44

Accrued interests

139

175

Savings plan

135

140

Derivatives

28

19

Other

431

335

Total

9,735

9,505

Savings planrelated to a plan in the US under which ISS has invested in securities, see 2.2, Other receivables. The plan is administered by ISS on behalf of certain senior employees.

Othercomprised customer discounts, etc.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__72-1": { "value": "

2.4 Changes in working capital

(DKKm)

2025

2024

Changes in inventories

2

(14)

Changes in receivables

(761)

(1,014)

Changes in payables

224

533

Changes in working capital

(535)

(495)

2.5 Free cash flow

(DKKm)

Note

2025

2024

Cash flow from operating activities

3,989

3,727

Acquisition of intangible assets, property and equipment

(667)

(634)

Disposal of intangible assets, property and equipment

16

15

Change in financial assets1)

77

(35)

Addition of right-of-use assets, net

2.7

(762)

(1,077)

Free cash flow

2,653

1,996

1)Excluding changes in equity-accounted investments of DKK (8) million (2024: DKK 22 million).

Free cash flow as defined by management, see 8.5, Definitions, is specified above. Free cash flow is not a financial performance measure defined by IFRS. Accordingly, the measure and its calculation is presented as it is used by management as an alternative performance measure in managing the business.

The free cash flow measure should not be considered a substitute for those measures required by IFRS and may not be calculated by other companies in the same manner. As such, reference is made to the IFRS measures included in the consolidated statement of cash flows of the consolidated financial statements, see p. 113.

4.2.3 Cash flow impact from changes in borrowings

(DKKm)

Note

Issuedbonds

European Commercial Papers (ECP)

Lease

liabilities

Bankloans

Total

2025

At 1 January

15,635

-

2,464

242

18,341

FX adjustments

20

5

(39)

(40)

(54)

Cash flows

(3,732)

403

(893)

(72)

(4,294)

Acquisitions/divestments, net

-

-

14

195

209

Lease additions

2.7

-

-

762

-

762

Fair value adjustments

4.4

17

-

-

-

17

Other

20

-

-

76

96

At 31 December

11,960

408

2,308

401

15,077

2024

At 1 January

14,073

-

2,335

311

16,719

FX adjustments

9

-

(13)

(8)

(12)

Cash flows

1,459

-

(963)

(259)

237

Acquisitions/divestments, net

-

-

11

89

100

Lease additions

2.7

-

-

1,077

-

1,077

Fair value adjustments

4.4

88

-

-

-

88

Other

6

-

17

109

132

At 31 December

15,635

-

2,464

242

18,341

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__74": { "value": "

2.6 Provisions, contingencies, guarantees and commitments

2.6.1 Provisions

(DKKm)

Legal claims and disputes

Self-insurance

Restruc-turings

Onerous contracts

Other

Total

2025

At 1 January

95

242

3

25

238

603

FX adjustments

(10)

(25)

-

-

(9)

(44)

Profit or loss impact:

Additions

56

293

46

26

104

525

Unused amounts reversed

(23)

(12)

-

-

(9)

(44)

Used during the year (payment)

(38)

(270)

(18)

(19)

(99)

(444)

Acquisitions

12

3

-

7

-

22

At 31 December

92

231

31

39

225

618

Non-current

34

125

-

26

126

311

Current

58

106

31

13

99

307

2024

At 1 January

162

263

76

26

225

752

FX adjustments

-

21

-

-

6

27

Profit or loss impact:

Additions

54

296

-

13

3

366

Unused amounts reversed

(33)

(40)

-

(13)

(1)

(87)

Used during the year (payment)

(88)

(299)

(73)

(3)

(59)

(522)

Acquisitions

-

1

-

2

-

3

Reclass (to)/from other liabilities

-

-

-

-

64

64

At 31 December

95

242

3

25

238

603

Non-current

29

139

1

10

193

372

Current

66

103

2

15

45

231

ISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investigations and legal proceedings arising out of the normal conduct of its business. These are mainly within:

Commercial/contractual matters

Labour-related

Divestments and acquisitions

Tax/social regulations

Provisions are recognised in relation to such obligations for probable losses that management deems reasonable and appropriate at 31 December 2025 as reflected in the table above. In addition, ISS is exposed to possible obligations in relation hereto, see 2.6.2, Contingencies.

Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime, holiday, pensions, severance etc., claims and disputes in relation to contractual disagreements with customers and suppliers as well as sales and service tax disputes. In addition, the provision includes claims and disputes associated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2025, the provision predominantly related to Spain, T\u00fcrkiye, and the US as the previously mentioned VAT dispute in Norway got resolved in ISS\u2019s favour.

Self-insuranceThe provision mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment.

Listed below are the relevant countries, including self-insurance limits (yearly):

Hong Kong: DKK 24.5m (2024: DKK 27.6m)

UK: DKK 21.4m, (aggregated) (2024: DKK 27.0m) and DKK 4.3m per claim (2024: DKK 4.5m)

Australia: DKK 4.3m per claim (2024: DKK 4.5m)

US: DKK 3.7m per claim (2024: DKK 3.6m)

The provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-insured for claims below DKK 7.5 million (EUR 1 million per claim).

RestructuringsThe provision mainly relates to restructuring projects conducted in the ordinary course of business to ensure continuous optimisation and adjustment of our cost base involving mainly overhead reductions, including termination of employees. In 2025, movements mainly related to the EGM restructuring in January following the strategy refresh and organisational adjustments of operating structures on new customer contracts, mainly in the UK.

Onerous contractsThe provision covers unavoidable costs for certain loss-making contracts. In 2025, we continued to manage inflation through price increases and cost efficiencies. As a result, we did not identify any significant new onerous contracts.

OtherThe provision comprises various other risks and obligations incidental to our business, most significantly related to customer and contract-related risks and disputes, acquisitions, divestments and decommissioning liabilities. In 2025, the provision decreased to DKK 225 million (2024: DKK 238 million) mainly due to utilisations (payments) related to the divestment of ISS France. At 31 December 2025, the provision mainly related to risks and disputes related to customer contracts and divestments in Germany, the US and France.

2.6.2 ContingenciesISS is party to pending disputes, claims, investigations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2025. The existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss, financial position and cash flows from one or more of these possible obligations.

Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.

The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom (DTAG). As previously informed, ISS has initiated the establishment of an Arbitration Tribunal under the German Institute of Arbitration (DIS) to decide on the contractual disagreements between ISS and DTAG. In the proceedings, ISS and DTAG have exchanged claims against each other. ISS has claimed remuneration for services performed. DTAG has disputed the claims and is withholding certain payments to ISS related to the services delivered.

The final oral hearing in the arbitration proceedings took place in mid July 2025. The parties await a ruling by the Tribunal, and have, in parallel, engaged in discussions on a potential settlement, which aim at settling disputed claims, creating clarity on contractual positions going forward and further strengthening the collaboration and partnership between ISS and Deutsche Telekom. ISS expects a final outcome in first half 2026. The outcome of the proceedings remains uncertain.

Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Labour-related risksBeing a people company operating across different geographies and service areas exposes us to varying and changing labour laws, including regulations on pension schemes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.

The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Additionally, the Group is aware of certain legal rulings implying that practices applied by ISS could potentially be challenged and possibly lead to liabilities in the future. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and disputes regarding sales price.

RestructuringsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly liabilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Sales and consumption tax disputes Being a global company operating in various jurisdictions exposes us to varying and changing laws and regulations, including interpretations from authorities on sales and consumption taxes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities and future cash outflows. The Group is currently party to certain disputes. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Other (Hong Kong)On 26 November 2025, Wang Fuk Court, a residential estate in Hong Kong, was hit by a devastating fire, which destroyed 7 out of 8 towers, and cost the lives of more than 160 residents. We extend our deepest condolences to the families of those who lost their lives in the fire, and our heartfelt sympathies to the Hong Kong community and to all who were injured or otherwise affected by this terrible tragedy.

ISS, through its subsidiary ISS EastPoint Properties Limited (ISS EPPL), was contracted by the owners\u2019 association of Wang Fuk Court as property manager until 31 December 2025. As property manager, ISS EPPL provided administrative support and certain on-site services for the estate. Further, ISS EPPL arranged for specialist services to be carried out by third parties, including as an example the mandatory installation, maintenance and inspection of the fire safety equipment. These third parties were selected and appointed by the owners, not by ISS EPPL.

ISS EPPL was not involved in the major renovation project ongoing at the time of the fire, and ISS EPPL played no part in recommending, selecting or appointing any of the construction companies involved in the renovation.

An independent committee, appointed by the Government of the Hong Kong Special Administrative Region of the People\u2019s Republic of China, has initiated a thorough review of the incident and the parties involved, and is expected to deliver its report by Q4 2026. ISS EPPL is cooperating fully with the committee. At this point it is too early to speculate on the outcome of the committee\u2019s findings, but should any responsibility be attached to ISS EPPL, it is the assessment that appropriate and sufficient insurance cover is in place.

Accounting estimates & judgements

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Due to the Group\u2019s strategic focus on key accounts, its customer base includes a number of large complex contracts in terms of performance obligations towards our customers. The size and complexity of these contracts requires the Group to incur significant transition and mobilisation costs before service delivery commences to enable fulfilment of the performance obligations. Furthermore, complex restructuring projects may be necessary and recognised as provisions.

Onerous contractsManagement assesses whether contracts may be onerous by estimating the expected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the contract, including any transition and mobilisation costs incurred. In estimating the future profitability, management makes judgements, including in relation to termination and extension options.

Certain contracts are large, complex and longer-term facility service partnerships. When estimating unavoidable costs for such contracts, management makes assumptions around future costs taking

expected optimisations and efficiency gains from improvement initiatives into consideration. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interests with the customer within the framework of the agreement for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assessment of whether a contract is onerous.

Restructuringsand Other Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits and investigations. Management\u2019s assessment of the likely outcome of lawsuits and investigations, etc., is based on external legal assistance and established precedents.

For large, complex contracts, the outcome may vary significantly should the judgements and assumptions applied by management in their assessment of the risks and disputes not be realised as expected.

2.6.3 Guarantees

(DKKm)

2025

2024

Bank-guaranteed performance bonds

2,019

1,955

Other performance bonds

6,881

6,696

Performance guarantees (service contracts)

8,900

8,651

Indemnity and guarantee

commitments

532

546

ISS has issued certain guarantees in the normal course of business.

Performance guarantees

ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances.

In 2025, other performance bonds increased mainly due to a new customer contract in the UK.

Indemnity and guarantee commitments

Other guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.

2.6.4 Commitments

(DKKm)

2025

2024

License agreements

926

725

Leases

32

12

Purchase obligations, suppliers

and subcontractors

101

57

Total not recognised

1,059

794

Non-current

705

556

Current

354

238

The Group has entered into various contractual agreements under which it is obligated to pay a continued fee in the short to long term.

License agreements comprise multi-year software license agreements with non-cancellable obligations to pay future license fees. The majority relates to an enterprise agreement of a suite of office-related productivity and security software.

Leasesrelates to various contracts not yet commenced at 31 December, but entailing obligations for future lease payments.

Furthermore, the Group has entered into contracts with a limited number of suppliers and subcontractorsthat contain future purchase obligations.

Accounting policy

\"\"
\"\"

Provisions

Provisions are recognised when the Group, as a result of a past event, has a present legal or constructive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions are measured at the estimated costs required to settle the obligation at the reporting date. Provisions are not recognised for future operating losses. The estimated amount is discounted using the Group\u2019s average borrowing rate, if this significantly impacts the measurement of the liability.

Provisions are recognised for:

Legal claims and disputes, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.

Self-insuranceon employers\u2019 liability and/or workers compensation based on valuations from external actuaries.

Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the business concerned, the location and number of employees affected, and include a detailed estimate of costs as well as a timeline.

Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meeting the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting.

Customer and contract-related disputes (presented in \u201cOther\u201d provisions) based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group.

Decommissioning liability(presented in \u201cOther\u201d provisions) if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities (right-of-use assets) when vacated. The present value of the obligation is included in the cost of the relevant asset and depreciated accordingly. The estimated future costs and applied discount rate are reviewed annually and any changes are included in the cost of the asset.

Contingencies and commitments

Contingent liabilitiesare possible obligations whose existence will be confirmed by the occurrence or non-occurrence of future events. An obligation may also be contingent if the amount cannot be estimated reliably or settlement is not probable.

Contingent assetsare possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.

Commitments are the Group\u2019s promise resulting from a contractual agreement to assume a future obligation for a future delivery.

Contingent assets, liabilities and commitments do not represent a present legal or constructive obligation. Thus, they are not recognised, but disclosed in the notes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__75-1": { "value": "

2.6 Provisions, contingencies, guarantees and commitments

2.6.1 Provisions

(DKKm)

Legal claims and disputes

Self-insurance

Restruc-turings

Onerous contracts

Other

Total

2025

At 1 January

95

242

3

25

238

603

FX adjustments

(10)

(25)

-

-

(9)

(44)

Profit or loss impact:

Additions

56

293

46

26

104

525

Unused amounts reversed

(23)

(12)

-

-

(9)

(44)

Used during the year (payment)

(38)

(270)

(18)

(19)

(99)

(444)

Acquisitions

12

3

-

7

-

22

At 31 December

92

231

31

39

225

618

Non-current

34

125

-

26

126

311

Current

58

106

31

13

99

307

2024

At 1 January

162

263

76

26

225

752

FX adjustments

-

21

-

-

6

27

Profit or loss impact:

Additions

54

296

-

13

3

366

Unused amounts reversed

(33)

(40)

-

(13)

(1)

(87)

Used during the year (payment)

(88)

(299)

(73)

(3)

(59)

(522)

Acquisitions

-

1

-

2

-

3

Reclass (to)/from other liabilities

-

-

-

-

64

64

At 31 December

95

242

3

25

238

603

Non-current

29

139

1

10

193

372

Current

66

103

2

15

45

231

ISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investigations and legal proceedings arising out of the normal conduct of its business. These are mainly within:

Commercial/contractual matters

Labour-related

Divestments and acquisitions

Tax/social regulations

Provisions are recognised in relation to such obligations for probable losses that management deems reasonable and appropriate at 31 December 2025 as reflected in the table above. In addition, ISS is exposed to possible obligations in relation hereto, see 2.6.2, Contingencies.

Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime, holiday, pensions, severance etc., claims and disputes in relation to contractual disagreements with customers and suppliers as well as sales and service tax disputes. In addition, the provision includes claims and disputes associated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2025, the provision predominantly related to Spain, T\u00fcrkiye, and the US as the previously mentioned VAT dispute in Norway got resolved in ISS\u2019s favour.

Self-insuranceThe provision mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment.

Listed below are the relevant countries, including self-insurance limits (yearly):

Hong Kong: DKK 24.5m (2024: DKK 27.6m)

UK: DKK 21.4m, (aggregated) (2024: DKK 27.0m) and DKK 4.3m per claim (2024: DKK 4.5m)

Australia: DKK 4.3m per claim (2024: DKK 4.5m)

US: DKK 3.7m per claim (2024: DKK 3.6m)

The provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-insured for claims below DKK 7.5 million (EUR 1 million per claim).

RestructuringsThe provision mainly relates to restructuring projects conducted in the ordinary course of business to ensure continuous optimisation and adjustment of our cost base involving mainly overhead reductions, including termination of employees. In 2025, movements mainly related to the EGM restructuring in January following the strategy refresh and organisational adjustments of operating structures on new customer contracts, mainly in the UK.

Onerous contractsThe provision covers unavoidable costs for certain loss-making contracts. In 2025, we continued to manage inflation through price increases and cost efficiencies. As a result, we did not identify any significant new onerous contracts.

OtherThe provision comprises various other risks and obligations incidental to our business, most significantly related to customer and contract-related risks and disputes, acquisitions, divestments and decommissioning liabilities. In 2025, the provision decreased to DKK 225 million (2024: DKK 238 million) mainly due to utilisations (payments) related to the divestment of ISS France. At 31 December 2025, the provision mainly related to risks and disputes related to customer contracts and divestments in Germany, the US and France.

Accounting policy

\"\"
\"\"

Provisions

Provisions are recognised when the Group, as a result of a past event, has a present legal or constructive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions are measured at the estimated costs required to settle the obligation at the reporting date. Provisions are not recognised for future operating losses. The estimated amount is discounted using the Group\u2019s average borrowing rate, if this significantly impacts the measurement of the liability.

Provisions are recognised for:

Legal claims and disputes, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.

Self-insuranceon employers\u2019 liability and/or workers compensation based on valuations from external actuaries.

Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the business concerned, the location and number of employees affected, and include a detailed estimate of costs as well as a timeline.

Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meeting the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting.

Customer and contract-related disputes (presented in \u201cOther\u201d provisions) based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group.

Decommissioning liability(presented in \u201cOther\u201d provisions) if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities (right-of-use assets) when vacated. The present value of the obligation is included in the cost of the relevant asset and depreciated accordingly. The estimated future costs and applied discount rate are reviewed annually and any changes are included in the cost of the asset.

Accounting estimates & judgements

\"\"
\"\"
\"\"
\"\"
\"\"
\"\"

Due to the Group\u2019s strategic focus on key accounts, its customer base includes a number of large complex contracts in terms of performance obligations towards our customers. The size and complexity of these contracts requires the Group to incur significant transition and mobilisation costs before service delivery commences to enable fulfilment of the performance obligations. Furthermore, complex restructuring projects may be necessary and recognised as provisions.

Onerous contractsManagement assesses whether contracts may be onerous by estimating the expected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the contract, including any transition and mobilisation costs incurred. In estimating the future profitability, management makes judgements, including in relation to termination and extension options.

Certain contracts are large, complex and longer-term facility service partnerships. When estimating unavoidable costs for such contracts, management makes assumptions around future costs taking

expected optimisations and efficiency gains from improvement initiatives into consideration. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interests with the customer within the framework of the agreement for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assessment of whether a contract is onerous.

Restructuringsand Other Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits and investigations. Management\u2019s assessment of the likely outcome of lawsuits and investigations, etc., is based on external legal assistance and established precedents.

For large, complex contracts, the outcome may vary significantly should the judgements and assumptions applied by management in their assessment of the risks and disputes not be realised as expected.

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__79-1": { "value": "

2.6.2 ContingenciesISS is party to pending disputes, claims, investigations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2025. The existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss, financial position and cash flows from one or more of these possible obligations.

Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.

The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom (DTAG). As previously informed, ISS has initiated the establishment of an Arbitration Tribunal under the German Institute of Arbitration (DIS) to decide on the contractual disagreements between ISS and DTAG. In the proceedings, ISS and DTAG have exchanged claims against each other. ISS has claimed remuneration for services performed. DTAG has disputed the claims and is withholding certain payments to ISS related to the services delivered.

The final oral hearing in the arbitration proceedings took place in mid July 2025. The parties await a ruling by the Tribunal, and have, in parallel, engaged in discussions on a potential settlement, which aim at settling disputed claims, creating clarity on contractual positions going forward and further strengthening the collaboration and partnership between ISS and Deutsche Telekom. ISS expects a final outcome in first half 2026. The outcome of the proceedings remains uncertain.

Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Labour-related risksBeing a people company operating across different geographies and service areas exposes us to varying and changing labour laws, including regulations on pension schemes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.

The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Additionally, the Group is aware of certain legal rulings implying that practices applied by ISS could potentially be challenged and possibly lead to liabilities in the future. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and disputes regarding sales price.

RestructuringsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly liabilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Sales and consumption tax disputes Being a global company operating in various jurisdictions exposes us to varying and changing laws and regulations, including interpretations from authorities on sales and consumption taxes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities and future cash outflows. The Group is currently party to certain disputes. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Other (Hong Kong)On 26 November 2025, Wang Fuk Court, a residential estate in Hong Kong, was hit by a devastating fire, which destroyed 7 out of 8 towers, and cost the lives of more than 160 residents. We extend our deepest condolences to the families of those who lost their lives in the fire, and our heartfelt sympathies to the Hong Kong community and to all who were injured or otherwise affected by this terrible tragedy.

ISS, through its subsidiary ISS EastPoint Properties Limited (ISS EPPL), was contracted by the owners\u2019 association of Wang Fuk Court as property manager until 31 December 2025. As property manager, ISS EPPL provided administrative support and certain on-site services for the estate. Further, ISS EPPL arranged for specialist services to be carried out by third parties, including as an example the mandatory installation, maintenance and inspection of the fire safety equipment. These third parties were selected and appointed by the owners, not by ISS EPPL.

ISS EPPL was not involved in the major renovation project ongoing at the time of the fire, and ISS EPPL played no part in recommending, selecting or appointing any of the construction companies involved in the renovation.

An independent committee, appointed by the Government of the Hong Kong Special Administrative Region of the People\u2019s Republic of China, has initiated a thorough review of the incident and the parties involved, and is expected to deliver its report by Q4 2026. ISS EPPL is cooperating fully with the committee. At this point it is too early to speculate on the outcome of the committee\u2019s findings, but should any responsibility be attached to ISS EPPL, it is the assessment that appropriate and sufficient insurance cover is in place.

2.6.3 Guarantees

(DKKm)

2025

2024

Bank-guaranteed performance bonds

2,019

1,955

Other performance bonds

6,881

6,696

Performance guarantees (service contracts)

8,900

8,651

Indemnity and guarantee

commitments

532

546

ISS has issued certain guarantees in the normal course of business.

Performance guarantees

ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances.

In 2025, other performance bonds increased mainly due to a new customer contract in the UK.

Indemnity and guarantee commitments

Other guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.

2.6.4 Commitments

(DKKm)

2025

2024

License agreements

926

725

Leases

32

12

Purchase obligations, suppliers

and subcontractors

101

57

Total not recognised

1,059

794

Non-current

705

556

Current

354

238

The Group has entered into various contractual agreements under which it is obligated to pay a continued fee in the short to long term.

License agreements comprise multi-year software license agreements with non-cancellable obligations to pay future license fees. The majority relates to an enterprise agreement of a suite of office-related productivity and security software.

Leasesrelates to various contracts not yet commenced at 31 December, but entailing obligations for future lease payments.

Furthermore, the Group has entered into contracts with a limited number of suppliers and subcontractorsthat contain future purchase obligations.

Contingencies and commitments

Contingent liabilitiesare possible obligations whose existence will be confirmed by the occurrence or non-occurrence of future events. An obligation may also be contingent if the amount cannot be estimated reliably or settlement is not probable.

Contingent assetsare possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.

Commitments are the Group\u2019s promise resulting from a contractual agreement to assume a future obligation for a future delivery.

Contingent assets, liabilities and commitments do not represent a present legal or constructive obligation. Thus, they are not recognised, but disclosed in the notes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__80-1": { "value": "

2.6.2 ContingenciesISS is party to pending disputes, claims, investigations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2025. The existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss, financial position and cash flows from one or more of these possible obligations.

Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.

The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom (DTAG). As previously informed, ISS has initiated the establishment of an Arbitration Tribunal under the German Institute of Arbitration (DIS) to decide on the contractual disagreements between ISS and DTAG. In the proceedings, ISS and DTAG have exchanged claims against each other. ISS has claimed remuneration for services performed. DTAG has disputed the claims and is withholding certain payments to ISS related to the services delivered.

The final oral hearing in the arbitration proceedings took place in mid July 2025. The parties await a ruling by the Tribunal, and have, in parallel, engaged in discussions on a potential settlement, which aim at settling disputed claims, creating clarity on contractual positions going forward and further strengthening the collaboration and partnership between ISS and Deutsche Telekom. ISS expects a final outcome in first half 2026. The outcome of the proceedings remains uncertain.

Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Labour-related risksBeing a people company operating across different geographies and service areas exposes us to varying and changing labour laws, including regulations on pension schemes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.

The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Additionally, the Group is aware of certain legal rulings implying that practices applied by ISS could potentially be challenged and possibly lead to liabilities in the future. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and disputes regarding sales price.

RestructuringsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly liabilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Sales and consumption tax disputes Being a global company operating in various jurisdictions exposes us to varying and changing laws and regulations, including interpretations from authorities on sales and consumption taxes. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities and future cash outflows. The Group is currently party to certain disputes. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2025.

Other (Hong Kong)On 26 November 2025, Wang Fuk Court, a residential estate in Hong Kong, was hit by a devastating fire, which destroyed 7 out of 8 towers, and cost the lives of more than 160 residents. We extend our deepest condolences to the families of those who lost their lives in the fire, and our heartfelt sympathies to the Hong Kong community and to all who were injured or otherwise affected by this terrible tragedy.

ISS, through its subsidiary ISS EastPoint Properties Limited (ISS EPPL), was contracted by the owners\u2019 association of Wang Fuk Court as property manager until 31 December 2025. As property manager, ISS EPPL provided administrative support and certain on-site services for the estate. Further, ISS EPPL arranged for specialist services to be carried out by third parties, including as an example the mandatory installation, maintenance and inspection of the fire safety equipment. These third parties were selected and appointed by the owners, not by ISS EPPL.

ISS EPPL was not involved in the major renovation project ongoing at the time of the fire, and ISS EPPL played no part in recommending, selecting or appointing any of the construction companies involved in the renovation.

An independent committee, appointed by the Government of the Hong Kong Special Administrative Region of the People\u2019s Republic of China, has initiated a thorough review of the incident and the parties involved, and is expected to deliver its report by Q4 2026. ISS EPPL is cooperating fully with the committee. At this point it is too early to speculate on the outcome of the committee\u2019s findings, but should any responsibility be attached to ISS EPPL, it is the assessment that appropriate and sufficient insurance cover is in place.

Contingent liabilitiesare possible obligations whose existence will be confirmed by the occurrence or non-occurrence of future events. An obligation may also be contingent if the amount cannot be estimated reliably or settlement is not probable.

Contingent assetsare possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.

", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__83-1": { "value": "

2.6.4 Commitments

(DKKm)

2025

2024

License agreements

926

725

Leases

32

12

Purchase obligations, suppliers

and subcontractors

101

57

Total not recognised

1,059

794

Non-current

705

556

Current

354

238

The Group has entered into various contractual agreements under which it is obligated to pay a continued fee in the short to long term.

License agreements comprise multi-year software license agreements with non-cancellable obligations to pay future license fees. The majority relates to an enterprise agreement of a suite of office-related productivity and security software.

Leasesrelates to various contracts not yet commenced at 31 December, but entailing obligations for future lease payments.

Furthermore, the Group has entered into contracts with a limited number of suppliers and subcontractorsthat contain future purchase obligations.

Commitments are the Group\u2019s promise resulting from a contractual agreement to assume a future obligation for a future delivery.

Contingent assets, liabilities and commitments do not represent a present legal or constructive obligation. Thus, they are not recognised, but disclosed in the notes.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__78": { "value": "

Accounting policy

\"\"
\"\"

Provisions

Provisions are recognised when the Group, as a result of a past event, has a present legal or constructive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions are measured at the estimated costs required to settle the obligation at the reporting date. Provisions are not recognised for future operating losses. The estimated amount is discounted using the Group\u2019s average borrowing rate, if this significantly impacts the measurement of the liability.

Provisions are recognised for:

Legal claims and disputes, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.

Self-insuranceon employers\u2019 liability and/or workers compensation based on valuations from external actuaries.

Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the business concerned, the location and number of employees affected, and include a detailed estimate of costs as well as a timeline.

Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meeting the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting.

Customer and contract-related disputes (presented in \u201cOther\u201d provisions) based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group.

Decommissioning liability(presented in \u201cOther\u201d provisions) if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities (right-of-use assets) when vacated. The present value of the obligation is included in the cost of the relevant asset and depreciated accordingly. The estimated future costs and applied discount rate are reviewed annually and any changes are included in the cost of the asset.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__85": { "value": "Decommissioning liability(presented in \u201cOther\u201d provisions) if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities (right-of-use assets) when vacated. The present value of the obligation is included in the cost of the relevant asset and depreciated accordingly. The estimated future costs and applied discount rate are reviewed annually and any changes are included in the cost of the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__84": { "value": "

Contingencies and commitments

Contingent liabilitiesare possible obligations whose existence will be confirmed by the occurrence or non-occurrence of future events. An obligation may also be contingent if the amount cannot be estimated reliably or settlement is not probable.

Contingent assetsare possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.

Commitments are the Group\u2019s promise resulting from a contractual agreement to assume a future obligation for a future delivery.

Contingent assets, liabilities and commitments do not represent a present legal or constructive obligation. Thus, they are not recognised, but disclosed in the notes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__89-1": { "value": "

2.7 Right-of-use assets, property and equipment

2.7.1 Right-of-use assetsAt 31 December 2025, ISS was party to around 17,000 (2024: 18,600) lease agreements of which the majority related to vehicles. In terms of value, the main part related to property leases which, generally fall in two categories:

HQ office leases (Group headquarters in S\u00f8borg as well as HQ buildings and regional offices in each ISS Country)

Customer-specific property leases (offices, storage etc.)

In 2025, additions were DKK 762 million (2024: DKK 1,077 million). The decrease compared to 2024 was mainly the result of the large number of lease cycle renewals in Germany, the UK, T\u00fcrkiye and Belgium & Luxembourg last year.

The amount of leases not yet commenced is disclosed in 2.6.4, Commitments.

For lease liabilities and maturity, see 4.2.1, Borrowings and 4.5.1, Financial liabilities, respectively.

Lease-related costs recognised in profit or loss

(DKKm)

2025

2024

Depreciation and amortisation

945

916

Depreciation and amortisation

945

916

Leases of low-value assets

92

120

Short-term leases

110

104

Variable lease payments

9

8

Other operating expenses

211

232

Interest expense on lease liabilities

154

154

Finance costs

154

154

Total

1,310

1,302

Hereof cash outflow

365

386

In 2025, total cash outflow for leases was DKK 1,258 million (2024: DKK 1,349 million).

Right-of-use assets

2.2

DKKbn

43%Properties

41%Vehicles

16%Other

2.7.2 Property and equipmentComprise mainly vehicles, equipment and leasehold improvements.

In 2025, additions of DKK 436 million (2024: DKK 355 million) primarily related to equipment for new and ex-isting customer contracts and leasehold improvements.

Right-of-use-assets

Property,

and

equipment

(DKKm)

Properties

Vehicles

Other

Total

2025

Carrying amount at 1 January

1,070

940

414

2,424

998

FX adjustments

(17)

(13)

(41)

(71)

(46)

Hyperinflation restatement

1

12

36

49

31

Additions

264

392

106

762

436

Acquisitions/divestments, net

8

2

-

10

62

Disposals

-

-

-

-

(15)

Depreciation

(372)

(417)

(156)

(945)

(346)

Reclass

(8)

8

-

-

-

Carrying amount at 31 December

946

924

359

2,229

1,120

Cost

2,541

1,740

781

5,062

3,501

Accumulated depreciation and impairment

(1,595)

(816)

(422)

(2,833)

(2,381)

Carrying amount at 31 December

946

924

359

2,229

1,120

2024

Carrying amount at 1 January

1,116

691

393

2,200

926

FX adjustments

3

(3)

(16)

(16)

(7)

Hyperinflation restatement

2

13

54

69

42

Additions

320

612

145

1,077

355

Acquisitions/divestments, net

5

3

2

10

32

Disposals

-

-

-

-

(11)

Depreciation

(376)

(376)

(164)

(916)

(329)

Reclass

-

-

-

-

(10)

Carrying amount at 31 December

1,070

940

414

2,424

998

Cost

2,613

1,614

816

5,043

3,375

Accumulated depreciation and impairment

(1,543)

(674)

(402)

(2,619)

(2,377)

Carrying amount at 31 December

1,070

940

414

2,424

998

Accounting judgements

\"\"
\"\"
\"\"

Lease term The majority of the Group\u2019s lease contracts for HQ office buildings contain extension options, and few have no contractual fixed term. This combination of fixed terms and extension options are essential to ensure stability and operational efficiency, while maintaining flexibility to adapt to future business needs.

Management exercises judgement in determining the lease term, including the assessment of whether extension options are reasonably certain to be exercised. All relevant facts and circumstances that create an economic incentive for the Group to exercise an option or not, are considered:

Strategic and operational development of the ISS business in the specific country, including management\u2019s expectations for organic growth, acquisitions, divestments and restructurings

Suitableness of the location in the longer term

Development in market prices in the specific geographic area

The property\u2019s condition, including significant leasehold improvements undertaken or expected to be undertaken

Termination-related costs, such as penalties, obligations to restore the facility, relocation costs and potential business disruption

Historical length of occupying similar buildings

When the term cannot be reasonably determined, the term for HQ office building contracts with no contractual end date is set at 10 years based on the Group\u2019s past experience.

Management reassesses the lease term based on the above facts and circumstances, when significant changes or events occur, and revises the lease term if appropriate.

Accounting policy

\"\"
\"\"

Right-of-use assetsare recognised at the commencement date of the lease and measured at cost less accumulated depreciation and impairment losses. The carrying amount is adjusted for any remeasurement of related lease liabilities, including changes arising from extension options.

Certain leases comprise a liability to dismantle or remove the asset or restore the facility. The estimated costs of such liability are recognised as part of the cost of the asset.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset.

Average lease term applied:

Properties:

HQ office leases

10-12 years

Customer-specific leases (contract term)3-5 years

Vehicles

3-5 years

Other equipment

2-5 years

Depreciation methods, lease terms (including extension options) and residual values are reassessed at the reporting date.

The recognition exemption is applied for short-term leases (term of 12 months or less) and leases of low-value assets (e.g. office furniture and minor cleaning and IT equipment). Related lease payments are recognised in Other operating expenses on a straight-line basis over the lease term.

Property and equipmentis measured at cost, less accumulated depreciation and impairment losses.

Property and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets.

Estimated useful life

Property and equipment

3-10 years

Leasehold improvements (lease term)

3-12 years

Buildings

20-40 years

Land

Not depreciated

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

Gains and losses arising on the disposal or retirement of property and equipment are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.

3.1 Intangible assets

(DKKm)

Goodwill

Brands

Customer contracts

Software

Total

2025

Carrying amount at 1 January

20,501

1,589

1,154

1,115

24,359

FX adjustments

(760)

-

(153)

(9)

(922)

Hyperinflation restatement

248

-

114

2

364

Additions

-

-

-

236

236

Acquisitions/divestments, net

384

-

147

-

531

Amortisation

-

-

(96)

(264)

(360)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

Cost

21,624

1,666

8,954

3,171

35,415

Accumulated amortisation and impairment

(1,251)

(77)

(7,788)

(2,091)

(11,207)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

2024

Carrying amount at 1 January

19,696

1,589

934

1,053

23,272

FX adjustments

51

-

(34)

(4)

13

Hyperinflation restatement

339

-

164

3

506

Additions

-

-

-

277

277

Acquisitions/divestments, net

415

-

181

-

596

Amortisation

-

-

(91)

(224)

(315)

Reclass

-

-

-

10

10

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Cost

21,751

1,673

9,067

3,207

35,698

Accumulated amortisation and impairment

(1,250)

(84)

(7,913)

(2,092)

(11,339)

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Goodwill and customer contracts

Goodwill relates mainly to assembled workforce, technical expertise and know how, synergies and scale benefits as well as platform for growth.

In 2025, the Group\u2019s acquisitions added DKK 384 million to goodwill and DKK 147 million to customer contracts, see 3.3, Acquisitions. Furthermore, hyperinflation in T\u00fcrkiye added DKK 248 million to goodwill and DKK 114 million to customer contracts.

Brands

The carrying amount of brands relates to the ISS brand, which is considered to have an indefinite useful life. Thus, the ISS brand is not amortised but tested for impairment annually, see 3.2, Impairment tests.

Software

Technology is a key enabler of the Group\u2019s strategy and an integrated part of our customer and employee value propositions. Overall, the Group\u2019s software investments relate to:

1) customer-facing solutions;

2) employee-facing solutions; and

3) IT security.

A significant part of our software is mandatory Group-managed solutions as we wish to harvest scale-benefits and ensure consistency across the Group. Our capitalised software is mainly owned \u2013 either \u201coff-the-shelf\u201d or solutions being fully or partially customised to ISS \u2013 whereas the remaining (mainly the most recent software solutions) relates to Software as a Service (SaaS solutions).

In 2025, additions amounted to DKK 236 million (2024: DKK 277 million) and included DKK 157 million related to assets under development at Group level (2024: DKK 136 million).

Accounting judgements

\"\"
\"\"
\"\"

Software as a Service (SaaS) Generally, the right to access a cloud provider\u2019s software does not give rise to an intangible asset because the Group does not obtain control over the software. At the commencement date, management assesses whether the arrangement gives rise to an intangible asset, a lease or a service over the contract term.

If the Group receives a right to use cloud-hosted software managed by a software provider without further rights or control, the arrangement is neither a lease nor an intangible asset, and costs are expensed as the Group receives the service. In some instances, the Group obtains control over the software, which may be the case when:

a) the Group has the contractual right to take possession of the software during the hosting period without incurring significant costs;

b) the Group has the ability to use software separately without significant diminution in utility or value; and

c) it is feasible for the Group to run the software on its own hardware or contract with a party (unrelated to the cloud provider) to do so.

Configuration or customisation costsIn SaaS arrangements, capitalisation of configuration or customisation costs requires management\u2019s assessment of the nature of the activities performed and the output. Activities that typically result in capitalisation include development of additional software code that enhances, modifies or creates additional capability. If activities performed result in the creation of a resource that the Group controls, such configuration and customisation costs are capitalised.

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__91-1": { "value": "

2.7 Right-of-use assets, property and equipment

2.7.1 Right-of-use assetsAt 31 December 2025, ISS was party to around 17,000 (2024: 18,600) lease agreements of which the majority related to vehicles. In terms of value, the main part related to property leases which, generally fall in two categories:

HQ office leases (Group headquarters in S\u00f8borg as well as HQ buildings and regional offices in each ISS Country)

Customer-specific property leases (offices, storage etc.)

In 2025, additions were DKK 762 million (2024: DKK 1,077 million). The decrease compared to 2024 was mainly the result of the large number of lease cycle renewals in Germany, the UK, T\u00fcrkiye and Belgium & Luxembourg last year.

The amount of leases not yet commenced is disclosed in 2.6.4, Commitments.

For lease liabilities and maturity, see 4.2.1, Borrowings and 4.5.1, Financial liabilities, respectively.

Lease-related costs recognised in profit or loss

(DKKm)

2025

2024

Depreciation and amortisation

945

916

Depreciation and amortisation

945

916

Leases of low-value assets

92

120

Short-term leases

110

104

Variable lease payments

9

8

Other operating expenses

211

232

Interest expense on lease liabilities

154

154

Finance costs

154

154

Total

1,310

1,302

Hereof cash outflow

365

386

In 2025, total cash outflow for leases was DKK 1,258 million (2024: DKK 1,349 million).

Right-of-use assets

2.2

DKKbn

43%Properties

41%Vehicles

16%Other

2.7.2 Property and equipmentComprise mainly vehicles, equipment and leasehold improvements.

In 2025, additions of DKK 436 million (2024: DKK 355 million) primarily related to equipment for new and ex-isting customer contracts and leasehold improvements.

Right-of-use-assets

Property,

and

equipment

(DKKm)

Properties

Vehicles

Other

Total

2025

Carrying amount at 1 January

1,070

940

414

2,424

998

FX adjustments

(17)

(13)

(41)

(71)

(46)

Hyperinflation restatement

1

12

36

49

31

Additions

264

392

106

762

436

Acquisitions/divestments, net

8

2

-

10

62

Disposals

-

-

-

-

(15)

Depreciation

(372)

(417)

(156)

(945)

(346)

Reclass

(8)

8

-

-

-

Carrying amount at 31 December

946

924

359

2,229

1,120

Cost

2,541

1,740

781

5,062

3,501

Accumulated depreciation and impairment

(1,595)

(816)

(422)

(2,833)

(2,381)

Carrying amount at 31 December

946

924

359

2,229

1,120

2024

Carrying amount at 1 January

1,116

691

393

2,200

926

FX adjustments

3

(3)

(16)

(16)

(7)

Hyperinflation restatement

2

13

54

69

42

Additions

320

612

145

1,077

355

Acquisitions/divestments, net

5

3

2

10

32

Disposals

-

-

-

-

(11)

Depreciation

(376)

(376)

(164)

(916)

(329)

Reclass

-

-

-

-

(10)

Carrying amount at 31 December

1,070

940

414

2,424

998

Cost

2,613

1,614

816

5,043

3,375

Accumulated depreciation and impairment

(1,543)

(674)

(402)

(2,619)

(2,377)

Carrying amount at 31 December

1,070

940

414

2,424

998

Accounting judgements

\"\"
\"\"
\"\"

Lease term The majority of the Group\u2019s lease contracts for HQ office buildings contain extension options, and few have no contractual fixed term. This combination of fixed terms and extension options are essential to ensure stability and operational efficiency, while maintaining flexibility to adapt to future business needs.

Management exercises judgement in determining the lease term, including the assessment of whether extension options are reasonably certain to be exercised. All relevant facts and circumstances that create an economic incentive for the Group to exercise an option or not, are considered:

Strategic and operational development of the ISS business in the specific country, including management\u2019s expectations for organic growth, acquisitions, divestments and restructurings

Suitableness of the location in the longer term

Development in market prices in the specific geographic area

The property\u2019s condition, including significant leasehold improvements undertaken or expected to be undertaken

Termination-related costs, such as penalties, obligations to restore the facility, relocation costs and potential business disruption

Historical length of occupying similar buildings

When the term cannot be reasonably determined, the term for HQ office building contracts with no contractual end date is set at 10 years based on the Group\u2019s past experience.

Management reassesses the lease term based on the above facts and circumstances, when significant changes or events occur, and revises the lease term if appropriate.

Accounting policy

\"\"
\"\"

Right-of-use assetsare recognised at the commencement date of the lease and measured at cost less accumulated depreciation and impairment losses. The carrying amount is adjusted for any remeasurement of related lease liabilities, including changes arising from extension options.

Certain leases comprise a liability to dismantle or remove the asset or restore the facility. The estimated costs of such liability are recognised as part of the cost of the asset.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset.

Average lease term applied:

Properties:

HQ office leases

10-12 years

Customer-specific leases (contract term)3-5 years

Vehicles

3-5 years

Other equipment

2-5 years

Depreciation methods, lease terms (including extension options) and residual values are reassessed at the reporting date.

The recognition exemption is applied for short-term leases (term of 12 months or less) and leases of low-value assets (e.g. office furniture and minor cleaning and IT equipment). Related lease payments are recognised in Other operating expenses on a straight-line basis over the lease term.

4.2.1 Borrowings

(DKKm)

Note

2025

2024

Issued bonds

11,960

15,635

Euro-Commercial Paper (ECP) programme

408

-

Lease liabilities

2,308

2,464

Bank loans

401

242

Borrowings

15,077

18,341

Non-current liabilities

9,762

13,584

Current liabilities

5,315

4,757

Borrowings

15,077

18,341

Cash and cash equivalents

(1,729)

(6,829)

Derivatives, net

2.2, 2.3

14

(32)

Securities

2.2

(135)

(140)

Net debt

13,227

11,340

Lease liabilities are recognised initially at the present value of the payments to be made over the lease term. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the liability is measured at amortised cost and remeasured due to modifications such as changes in:

1) lease term;

2) the assessment to purchase the underlying asset;

3) future lease payments (e.g. a change in an index or rate); or

4) the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__90-1": { "value": "

2.7.2 Property and equipmentComprise mainly vehicles, equipment and leasehold improvements.

In 2025, additions of DKK 436 million (2024: DKK 355 million) primarily related to equipment for new and ex-isting customer contracts and leasehold improvements.

Right-of-use-assets

Property,

and

equipment

(DKKm)

Properties

Vehicles

Other

Total

2025

Carrying amount at 1 January

1,070

940

414

2,424

998

FX adjustments

(17)

(13)

(41)

(71)

(46)

Hyperinflation restatement

1

12

36

49

31

Additions

264

392

106

762

436

Acquisitions/divestments, net

8

2

-

10

62

Disposals

-

-

-

-

(15)

Depreciation

(372)

(417)

(156)

(945)

(346)

Reclass

(8)

8

-

-

-

Carrying amount at 31 December

946

924

359

2,229

1,120

Cost

2,541

1,740

781

5,062

3,501

Accumulated depreciation and impairment

(1,595)

(816)

(422)

(2,833)

(2,381)

Carrying amount at 31 December

946

924

359

2,229

1,120

2024

Carrying amount at 1 January

1,116

691

393

2,200

926

FX adjustments

3

(3)

(16)

(16)

(7)

Hyperinflation restatement

2

13

54

69

42

Additions

320

612

145

1,077

355

Acquisitions/divestments, net

5

3

2

10

32

Disposals

-

-

-

-

(11)

Depreciation

(376)

(376)

(164)

(916)

(329)

Reclass

-

-

-

-

(10)

Carrying amount at 31 December

1,070

940

414

2,424

998

Cost

2,613

1,614

816

5,043

3,375

Accumulated depreciation and impairment

(1,543)

(674)

(402)

(2,619)

(2,377)

Carrying amount at 31 December

1,070

940

414

2,424

998

Property and equipmentis measured at cost, less accumulated depreciation and impairment losses.

Property and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets.

Estimated useful life

Property and equipment

3-10 years

Leasehold improvements (lease term)

3-12 years

Buildings

20-40 years

Land

Not depreciated

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

Gains and losses arising on the disposal or retirement of property and equipment are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__94-1": { "value": "

Accounting policy

\"\"
\"\"

Right-of-use assetsare recognised at the commencement date of the lease and measured at cost less accumulated depreciation and impairment losses. The carrying amount is adjusted for any remeasurement of related lease liabilities, including changes arising from extension options.

Certain leases comprise a liability to dismantle or remove the asset or restore the facility. The estimated costs of such liability are recognised as part of the cost of the asset.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset.

Average lease term applied:

Properties:

HQ office leases

10-12 years

Customer-specific leases (contract term)3-5 years

Vehicles

3-5 years

Other equipment

2-5 years

Depreciation methods, lease terms (including extension options) and residual values are reassessed at the reporting date.

The recognition exemption is applied for short-term leases (term of 12 months or less) and leases of low-value assets (e.g. office furniture and minor cleaning and IT equipment). Related lease payments are recognised in Other operating expenses on a straight-line basis over the lease term.

Lease liabilities are recognised initially at the present value of the payments to be made over the lease term. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the liability is measured at amortised cost and remeasured due to modifications such as changes in:

1) lease term;

2) the assessment to purchase the underlying asset;

3) future lease payments (e.g. a change in an index or rate); or

4) the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__95-1": { "value": "

Accounting policy

\"\"
\"\"

Right-of-use assetsare recognised at the commencement date of the lease and measured at cost less accumulated depreciation and impairment losses. The carrying amount is adjusted for any remeasurement of related lease liabilities, including changes arising from extension options.

Certain leases comprise a liability to dismantle or remove the asset or restore the facility. The estimated costs of such liability are recognised as part of the cost of the asset.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset.

Average lease term applied:

Properties:

HQ office leases

10-12 years

Customer-specific leases (contract term)3-5 years

Vehicles

3-5 years

Other equipment

2-5 years

Depreciation methods, lease terms (including extension options) and residual values are reassessed at the reporting date.

The recognition exemption is applied for short-term leases (term of 12 months or less) and leases of low-value assets (e.g. office furniture and minor cleaning and IT equipment). Related lease payments are recognised in Other operating expenses on a straight-line basis over the lease term.

Property and equipmentis measured at cost, less accumulated depreciation and impairment losses.

Property and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets.

Estimated useful life

Property and equipment

3-10 years

Leasehold improvements (lease term)

3-12 years

Buildings

20-40 years

Land

Not depreciated

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

Gains and losses arising on the disposal or retirement of property and equipment are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__93": { "value": "

Property and equipmentis measured at cost, less accumulated depreciation and impairment losses.

Property and equipment is depreciated on a straight-line basis over the estimated useful lives of the assets.

Estimated useful life

Property and equipment

3-10 years

Leasehold improvements (lease term)

3-12 years

Buildings

20-40 years

Land

Not depreciated

Depreciation methods, useful lives and residual values are reassessed at the reporting date.

Gains and losses arising on the disposal or retirement of property and equipment are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__98": { "value": "

3.1 Intangible assets

(DKKm)

Goodwill

Brands

Customer contracts

Software

Total

2025

Carrying amount at 1 January

20,501

1,589

1,154

1,115

24,359

FX adjustments

(760)

-

(153)

(9)

(922)

Hyperinflation restatement

248

-

114

2

364

Additions

-

-

-

236

236

Acquisitions/divestments, net

384

-

147

-

531

Amortisation

-

-

(96)

(264)

(360)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

Cost

21,624

1,666

8,954

3,171

35,415

Accumulated amortisation and impairment

(1,251)

(77)

(7,788)

(2,091)

(11,207)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

2024

Carrying amount at 1 January

19,696

1,589

934

1,053

23,272

FX adjustments

51

-

(34)

(4)

13

Hyperinflation restatement

339

-

164

3

506

Additions

-

-

-

277

277

Acquisitions/divestments, net

415

-

181

-

596

Amortisation

-

-

(91)

(224)

(315)

Reclass

-

-

-

10

10

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Cost

21,751

1,673

9,067

3,207

35,698

Accumulated amortisation and impairment

(1,250)

(84)

(7,913)

(2,092)

(11,339)

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Goodwill and customer contracts

Goodwill relates mainly to assembled workforce, technical expertise and know how, synergies and scale benefits as well as platform for growth.

In 2025, the Group\u2019s acquisitions added DKK 384 million to goodwill and DKK 147 million to customer contracts, see 3.3, Acquisitions. Furthermore, hyperinflation in T\u00fcrkiye added DKK 248 million to goodwill and DKK 114 million to customer contracts.

Brands

The carrying amount of brands relates to the ISS brand, which is considered to have an indefinite useful life. Thus, the ISS brand is not amortised but tested for impairment annually, see 3.2, Impairment tests.

Software

Technology is a key enabler of the Group\u2019s strategy and an integrated part of our customer and employee value propositions. Overall, the Group\u2019s software investments relate to:

1) customer-facing solutions;

2) employee-facing solutions; and

3) IT security.

A significant part of our software is mandatory Group-managed solutions as we wish to harvest scale-benefits and ensure consistency across the Group. Our capitalised software is mainly owned \u2013 either \u201coff-the-shelf\u201d or solutions being fully or partially customised to ISS \u2013 whereas the remaining (mainly the most recent software solutions) relates to Software as a Service (SaaS solutions).

In 2025, additions amounted to DKK 236 million (2024: DKK 277 million) and included DKK 157 million related to assets under development at Group level (2024: DKK 136 million).

Accounting judgements

\"\"
\"\"
\"\"

Software as a Service (SaaS) Generally, the right to access a cloud provider\u2019s software does not give rise to an intangible asset because the Group does not obtain control over the software. At the commencement date, management assesses whether the arrangement gives rise to an intangible asset, a lease or a service over the contract term.

If the Group receives a right to use cloud-hosted software managed by a software provider without further rights or control, the arrangement is neither a lease nor an intangible asset, and costs are expensed as the Group receives the service. In some instances, the Group obtains control over the software, which may be the case when:

a) the Group has the contractual right to take possession of the software during the hosting period without incurring significant costs;

b) the Group has the ability to use software separately without significant diminution in utility or value; and

c) it is feasible for the Group to run the software on its own hardware or contract with a party (unrelated to the cloud provider) to do so.

Configuration or customisation costsIn SaaS arrangements, capitalisation of configuration or customisation costs requires management\u2019s assessment of the nature of the activities performed and the output. Activities that typically result in capitalisation include development of additional software code that enhances, modifies or creates additional capability. If activities performed result in the creation of a resource that the Group controls, such configuration and customisation costs are capitalised.

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__99": { "value": "

3.1 Intangible assets

(DKKm)

Goodwill

Brands

Customer contracts

Software

Total

2025

Carrying amount at 1 January

20,501

1,589

1,154

1,115

24,359

FX adjustments

(760)

-

(153)

(9)

(922)

Hyperinflation restatement

248

-

114

2

364

Additions

-

-

-

236

236

Acquisitions/divestments, net

384

-

147

-

531

Amortisation

-

-

(96)

(264)

(360)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

Cost

21,624

1,666

8,954

3,171

35,415

Accumulated amortisation and impairment

(1,251)

(77)

(7,788)

(2,091)

(11,207)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

2024

Carrying amount at 1 January

19,696

1,589

934

1,053

23,272

FX adjustments

51

-

(34)

(4)

13

Hyperinflation restatement

339

-

164

3

506

Additions

-

-

-

277

277

Acquisitions/divestments, net

415

-

181

-

596

Amortisation

-

-

(91)

(224)

(315)

Reclass

-

-

-

10

10

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Cost

21,751

1,673

9,067

3,207

35,698

Accumulated amortisation and impairment

(1,250)

(84)

(7,913)

(2,092)

(11,339)

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Goodwill and customer contracts

Goodwill relates mainly to assembled workforce, technical expertise and know how, synergies and scale benefits as well as platform for growth.

In 2025, the Group\u2019s acquisitions added DKK 384 million to goodwill and DKK 147 million to customer contracts, see 3.3, Acquisitions. Furthermore, hyperinflation in T\u00fcrkiye added DKK 248 million to goodwill and DKK 114 million to customer contracts.

Brands

The carrying amount of brands relates to the ISS brand, which is considered to have an indefinite useful life. Thus, the ISS brand is not amortised but tested for impairment annually, see 3.2, Impairment tests.

Software

Technology is a key enabler of the Group\u2019s strategy and an integrated part of our customer and employee value propositions. Overall, the Group\u2019s software investments relate to:

1) customer-facing solutions;

2) employee-facing solutions; and

3) IT security.

A significant part of our software is mandatory Group-managed solutions as we wish to harvest scale-benefits and ensure consistency across the Group. Our capitalised software is mainly owned \u2013 either \u201coff-the-shelf\u201d or solutions being fully or partially customised to ISS \u2013 whereas the remaining (mainly the most recent software solutions) relates to Software as a Service (SaaS solutions).

In 2025, additions amounted to DKK 236 million (2024: DKK 277 million) and included DKK 157 million related to assets under development at Group level (2024: DKK 136 million).

Accounting judgements

\"\"
\"\"
\"\"

Software as a Service (SaaS) Generally, the right to access a cloud provider\u2019s software does not give rise to an intangible asset because the Group does not obtain control over the software. At the commencement date, management assesses whether the arrangement gives rise to an intangible asset, a lease or a service over the contract term.

If the Group receives a right to use cloud-hosted software managed by a software provider without further rights or control, the arrangement is neither a lease nor an intangible asset, and costs are expensed as the Group receives the service. In some instances, the Group obtains control over the software, which may be the case when:

a) the Group has the contractual right to take possession of the software during the hosting period without incurring significant costs;

b) the Group has the ability to use software separately without significant diminution in utility or value; and

c) it is feasible for the Group to run the software on its own hardware or contract with a party (unrelated to the cloud provider) to do so.

Configuration or customisation costsIn SaaS arrangements, capitalisation of configuration or customisation costs requires management\u2019s assessment of the nature of the activities performed and the output. Activities that typically result in capitalisation include development of additional software code that enhances, modifies or creates additional capability. If activities performed result in the creation of a resource that the Group controls, such configuration and customisation costs are capitalised.

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__100-1": { "value": "

3.1 Intangible assets

(DKKm)

Goodwill

Brands

Customer contracts

Software

Total

2025

Carrying amount at 1 January

20,501

1,589

1,154

1,115

24,359

FX adjustments

(760)

-

(153)

(9)

(922)

Hyperinflation restatement

248

-

114

2

364

Additions

-

-

-

236

236

Acquisitions/divestments, net

384

-

147

-

531

Amortisation

-

-

(96)

(264)

(360)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

Cost

21,624

1,666

8,954

3,171

35,415

Accumulated amortisation and impairment

(1,251)

(77)

(7,788)

(2,091)

(11,207)

Carrying amount at 31 December

20,373

1,589

1,166

1,080

24,208

2024

Carrying amount at 1 January

19,696

1,589

934

1,053

23,272

FX adjustments

51

-

(34)

(4)

13

Hyperinflation restatement

339

-

164

3

506

Additions

-

-

-

277

277

Acquisitions/divestments, net

415

-

181

-

596

Amortisation

-

-

(91)

(224)

(315)

Reclass

-

-

-

10

10

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Cost

21,751

1,673

9,067

3,207

35,698

Accumulated amortisation and impairment

(1,250)

(84)

(7,913)

(2,092)

(11,339)

Carrying amount at 31 December

20,501

1,589

1,154

1,115

24,359

Goodwill and customer contracts

Goodwill relates mainly to assembled workforce, technical expertise and know how, synergies and scale benefits as well as platform for growth.

In 2025, the Group\u2019s acquisitions added DKK 384 million to goodwill and DKK 147 million to customer contracts, see 3.3, Acquisitions. Furthermore, hyperinflation in T\u00fcrkiye added DKK 248 million to goodwill and DKK 114 million to customer contracts.

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__101": { "value": "

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__103": { "value": "

Accounting policy

\"\"
\"\"

Goodwill and brands(the ISS brand) with indefinite useful lives are not amortised but recognised at cost less accumulated impairment losses.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__104": { "value": "

Acquisition-related customer contracts are recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Softwareis measured at cost less accumulated amortisation and impairment losses. The cost of internally developed software includes external costs to consultants and software as well as directly attributable internal costs incurred during the development phase. Development costs for which it cannot be demonstrated that future economic benefits will flow to the Group are recognised in profit or loss.

Amortisation is calculated on a straight-line basis over the estimated useful lives, except for certain customer contracts where the unit-of-production method better reflects the expected pattern of consumption.

Estimated useful life

Customer contracts

10-24 years

Software

3-10 years

Amortisation methods and useful lives are reassessed at the reporting date.

Software as a Service (SaaS)arrangements are service contracts providing the Group with the right to access cloud-hosted software managed by the software provider over the contract term.

Costs related to SaaS arrangements are generally expensed as incurred. These costs include cloud-hosting fees, software license fees, internal costs incurred in selecting a cloud provider as well as costs related to data conversion, training and testing.

Costs related to configuration and customisation activities may be capitalised as an intangible asset if they meet the recognition criteria, see Significant accounting judgements. Capitalised costs are amortised over the useful life of the asset, commencing when ready for use.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__106": { "value": "

3.2 Impairment tests

3.2.1 Impairment test resultsThe impairment tests of goodwill and customer contracts performed at 31 December 2025 did not result in recognition of impairment losses (2024: No impairment losses).

In the majority of the Group\u2019s CGUs, excess values increased in 2025 due to improved financial results leading to higher financial forecasts, and broad-based decreases in discount rates.

It is management\u2019s view that excess values in the Group\u2019s CGUs, including in T\u00fcrkiye, are fairly resilient to any likely and reasonable deteriorations in the key assumptions applied, see sensitivity analyses in 3.2.2, Goodwill and customer contracts.

T\u00fcrkiye

Despite the persistent macroeconomic challenges, with elevated interest levels and high, albeit decreasing, inflation, ISS T\u00fcrkiye continued to demonstrate resilient operational performance in terms of revenue growth, operating margin and free cash flow generation in 2025. Consequently, the estimated value in use rose more than the increase in carrying amounts of goodwill and customer contracts resulting from hyperinflation adjustments (IAS 29).

At 31 December 2025, intangibles amounted to DKK 1.5 billion (2024: DKK 1.6 billion) of which DKK 1.4 billion (2024: DKK 1.4 billion) was attributable to hyperinflation. The Group continued to apply a normalised WACC rate in the terminal period, as it is management\u2019s view that it is most appropriate given the circumstances.

Accounting estimates

\"\"
\"\"
\"\"

In performing impairment tests, management assesses whether the CGU to which the goodwill relates is expected to generate sufficient net cash flows to support the carrying amount of intangibles and other non-current assets. The assessment is based on estimates of expected future cash flows (value in use) for the individual CGU, which by nature are uncertain.

Estimates are based on financial forecasts for the following year, as approved by management, estimated discount rates, expected growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) as well as terminal growth rates and margins applied are described in 3.2.4, Determining value in use.

In T\u00fcrkiye, as a result of the macroeconomic environment, the normal Group methodology of applying a constant WACC rate in both the forecasting and terminal period, would lead to an understatement of the value in use (especially in the terminal period) due to the disproportionate negative gap between the risk-free interest rate and the consistently applied terminal growth rate. Instead, the Group applies a normalised WACC rate in the terminal period, while the WACC applied in the forecasting period is determined based on the normal Group methodology. Given the circumstances, it is management\u2019s view that this is more appropriate and leads to a more reasonable estimate of the value in use.

The outcome of the impairment tests may vary significantly should the assumptions and estimates not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.

3.2.2 Goodwill and customer contractsThe carrying amounts of intangibles for CGUs representing more than 5% of intangibles are disclosed in the table to the right along with sensitivities of the key assumptions in the impairment testing.

Sensitivity analysis

The allowed change represents the percentage points by which the specific key assumption can change, all other things being equal, before the CGU\u2019s recoverable amount equals its carrying amount.

3.2.3 Cash-generating units (CGUs)Consistent with the Group\u2019s management and reporting structure, the lowest level of CGUs is individual countries, as cash inflows are generated largely independent of cash inflows in other ISS countries (the majority of our contract portfolio is locally based with no cross-border activities). Accordingly, impairment tests are carried out per country, and intangibles (goodwill and customer contracts) are allocated to these.

For a few countries, management has been combined to take advantage of similarities in terms of markets, shared customers and cost synergies. In these exceptional cases, the countries are regarded as one CGU when performing the impairment test.

Forecasting period

Terminal period

Carrying amount

Growth

Margin1)

Growth

Margin1)

Discount rate

(DKKm)

Goodwill

Customer contracts

Total

Avg.

Allowed decrease

Avg.

Allowed decrease

Rate

Allowed decrease

Rate

Allowed decrease

Net of tax

Allowed increase

Pre-tax

2025

UK & Ireland

2,613

61

2,674

5.2 %

>5.2 %

5.3 %

>5.3 %

2.5 %

>2.5 %

5.5 %

3.7 %

10.9 %

8.5 %

14.2 %

US & Canada

2,003

96

2,099

5.9 %

>5.9 %

5.4 %

>5.4 %

3.0 %

>3.0 %

6.0 %

2.9 %

10.5 %

5.4 %

13.5 %

Switzerland

1,927

235

2,162

1.7 %

>1.7 %

8.3 %

>8.3 %

1.5 %

>1.5 %

8.3 %

8.1 %

5.5 %

>5.5 %

6.5 %

Finland

2,107

-

2,107

3.0 %

>3.0 %

7.0 %

>7.0 %

2.5 %

>2.5 %

7.0 %

3.6 %

8.7 %

4.3 %

10.5 %

Denmark

1,620

-

1,620

2.4 %

>2.4 %

6.3 %

>6.3 %

2.0 %

>2.0 %

6.3 %

4.6 %

8.5 %

>8.5 %

10.6 %

T\u00fcrkiye2)

1,050

459

1,509

24.4 %

18.6 %

7.9 %

>7.9 %

10.0 %

>10.0 %

8.0 %

5.7 %

35.2 %

11.0 %

41.1 %

Spain

1,547

269

1,816

2.8 %

>2.8 %

7.4 %

>7.4 %

2.5 %

>2.5 %

7.4 %

5.6 %

8.9 %

>8.9 %

11.4 %

Belgium & Lux.

1,398

20

1,418

2.9 %

>2.9 %

7.0 %

>7.0 %

2.5 %

>2.5 %

7.0 %

4.1 %

9.6 %

5.8 %

12.3 %

Australia & NZ

1,186

-

1,186

4.1 %

>4.1 %

7.6 %

>7.6 %

3.0 %

>3.0 %

7.6 %

>7.6 %

9.6 %

>9.6 %

13.0 %

Norway

1,095

-

1,095

2.8 %

>2.8 %

8.1 %

>8.1 %

2.5 %

>2.5 %

8.1 %

>8.1 %

8.9 %

>8.9 %

11.0 %

Other

3,827

26

3,853

Total

20,373

1,166

21,539

2024

UK & Ireland

2,737

79

2,816

5.1 %

>5.1 %

5.2 %

>5.2 %

2.5 %

>2.5 %

5.5 %

3.0 %

11.7 %

6.1 %

15.2 %

US & Canada

2,262

125

2,387

4.5 %

>4.5 %

5.4 %

>5.4 %

3.0 %

>3.0 %

6.0 %

3.7 %

11.3 %

8.8 %

14.5 %

Switzerland

1,904

252

2,156

1.2 %

>1.2 %

8.0 %

>8.0 %

1.5 %

>1.5 %

8.0 %

7.6 %

6.2 %

>6.2 %

7.4 %

Finland

2,104

-

2,104

2.9 %

>2.9 %

6.4 %

>6.4 %

2.5 %

> 2.5 %

6.4 %

2.6 %

8.6 %

2.9 %

10.4 %

Denmark

1,620

-

1,620

1.3 %

>1.3 %

5.8 %

>5.8 %

2.0 %

>2.0 %

6.0 %

3.5 %

8.5 %

5.6 %

10.6 %

T\u00fcrkiye2)

1,101

509

1,610

25.3 %

17.9 %

7.9 %

>7.9 %

10.0 %

>10.0 %

8.0 %

5.4 %

36.3 %

10.2 %

42.5 %

Spain

1,278

161

1,439

3.9 %

>3.9 %

6.5 %

>6.5 %

2.5 %

>2.5 %

6.5 %

4.4 %

9.3 %

7.8 %

11.9 %

Belgium & Lux.

1,385

22

1,407

3.0 %

>3.0 %

6.6 %

>6.6 %

2.5 %

>2.5 %

6.6 %

3.7 %

9.1 %

5.4 %

11.7 %

Australia & NZ

1,244

-

1,244

3.0 %

>3.0 %

7.0 %

>7.0 %

3.0 %

>3.0 %

7.0 %

7.0 %

10.4 %

>10.4 %

14.2 %

Norway

1,097

-

1,097

1.4 %

>1.4 %

8.0 %

>8.0 %

2.5 %

>2.5 %

8.0 %

>8.0 %

9.5 %

>9.5 %

11.8 %

Other

3,769

6

3,775

Total

20,501

1,154

21,655

1)Excluding allocated corporate costs.

2)Discount rate applied in the terminal period was 20.5%.

3.2.4 Determining value in useThe recoverable amount of each CGU is calculated on the basis of its value in use using certain key assumptions per CGU, i.e. revenue growth, operating margin and discount rate.

Forecasting period

Cash flow projections for the individual CGUs are based on financial forecasts for the following year as approved by management.

Generally, assumptions applied in the short to medium term (forecasting period of five years) reflect management\u2019s expectations considering all relevant factors, including the Group\u2019s strategic initiatives, local initiatives, past experience and external sources of information, where possible and relevant. This also includes expected development in local markets in terms of competition, inflation and growth.

Specifically, management has considered the expected impacts from the Group\u2019s updated strategic priorities from 2025 and onwards, especially increased investments in our commercial agenda, our people processes and in driving efficiencies in our overhead and service costs. Where relevant, initiated restructurings and other improvement initiatives, have also been taken into consideration when estimating the expected future performance and cash flows.

Management also assessed the impact from macroeconomic developments, including inflation rates. In the year, the Group demonstrated its continued ability to manage and mitigate wage increases and price increases in the supply chain, including activating indexation mechanisms in the customer contracts to increase prices.

Terminal period

Assumptions applied in the terminal period generally reflect management\u2019s long-term expectations for the individual country. Revenue growth reflects inflation and GDP growth and is determined based on input from external sources like IMF\u2019s \u201cWorld Economic Outlook\u201d. Operating margin reflects the expected normalised earnings level in the long term.

Key assumptions1)

Revenue growth

Year 1

Financial forecasts as approved by management

Forecasting period (year 2-5)

Based on expected market development, including maturity and inflation

Impact from local and Group initiatives are considered, including focus on strategic customer segments

Terminal period

Long-term expectations based on external sources such as IMF \u201cWorld Economic Outlook\u201d, OECD, etc.

Not exceeding expected long-term average for the country, including inflation

Operating margin

Year 1

Financial forecasts as approved by management

Forecasting period (year 2-5)

Impact from Group initiatives are considered, including focus on strategic customer segments and investments in our commercial agenda, our people processes and driving efficiencies in our overhead and service costs

Restructurings and local improvement initiatives are considered

Terminal period

Reflects the expected normalised earnings level in the long term

Discount rates (net of tax)

Risk-free interest rate based on 30-year government bonds (country-specific) where available, except that for T\u00fcrkiye a normalised interest rate is applied in the terminal period (see Accounting estimates). If 30-year bonds are not available for the given CGU, the rate is based on a 20-year or 10-year government bond

Country specific estimation risk premium added (to reflect possible variations in amounts/timing of the projected cash flows)

Equity risk premium: 5.5% (2024: 5.5%)2)

Unlevered beta: 0.6 (2024: 0.8)

Debt/equity target ratio (market values): 25/75 (2024: 25/75)

1)The key assumptions applied are used for accounting purposes and should not be considered a forward-looking statement within the meaning of the US Private Securities Litigation Act of 1995 and similar laws in other countries regarding expectations to the future development.

2)For T\u00fcrkiye a country specific equity risk premium of 5.0% is added (2024: 5.0%).

3.2.5 The ISS brandThe carrying amount of brands relates to the ISS brand and was DKK 1,589 million at 31 December 2025 (2024: DKK 1,589 million). In 2025, no impairment of the ISS brand was identified.

No sensitivity is shown for the ISS brand, as the group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets significantly exceed the carrying amount. This is additionally supported by ISS\u2019s market capitalisation at 31 December 2025 of approximately DKK 38 billion exceeding the carrying amount of equity, which amounted to DKK 10.5 billion.

Accounting policy

\"\"
\"\"

The Group performs impairment tests of goodwill and the ISS brand at the reporting date or when indications of impairment exist. Other non-current assets are tested annually, or more frequently if events or changes indicate that the carrying amount may not be recoverable.

When performing the impairment test, the recoverable amount of the asset is determined as the higher of the fair value of the asset less anticipated costs of disposal and its value in use. Value in use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs. Corporate costs for services performed by the Group\u2019s head office functions to the CGUs are allocated to the individual CGUs and taken into account in the calculation.

Goodwill is tested for impairment together with other non-current assets in the CGU to which goodwill is allocated.

Impairment of goodwill is recognised in profit or loss in a separate line if the carrying amount of the CGU exceeds its estimated recoverable amount.

Impairment of goodwill is not reversed. Impairment of other assets is reversed if estimates used to calculate the recoverable amount change. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, had no impairment loss been recognised.

Management believes that the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__107": { "value": "

Accounting policy

\"\"
\"\"

The Group performs impairment tests of goodwill and the ISS brand at the reporting date or when indications of impairment exist. Other non-current assets are tested annually, or more frequently if events or changes indicate that the carrying amount may not be recoverable.

When performing the impairment test, the recoverable amount of the asset is determined as the higher of the fair value of the asset less anticipated costs of disposal and its value in use. Value in use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs. Corporate costs for services performed by the Group\u2019s head office functions to the CGUs are allocated to the individual CGUs and taken into account in the calculation.

Goodwill is tested for impairment together with other non-current assets in the CGU to which goodwill is allocated.

Impairment of goodwill is recognised in profit or loss in a separate line if the carrying amount of the CGU exceeds its estimated recoverable amount.

Impairment of goodwill is not reversed. Impairment of other assets is reversed if estimates used to calculate the recoverable amount change. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, had no impairment loss been recognised.

Management believes that the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__108": { "value": "

Accounting policy

\"\"
\"\"

The Group performs impairment tests of goodwill and the ISS brand at the reporting date or when indications of impairment exist. Other non-current assets are tested annually, or more frequently if events or changes indicate that the carrying amount may not be recoverable.

When performing the impairment test, the recoverable amount of the asset is determined as the higher of the fair value of the asset less anticipated costs of disposal and its value in use. Value in use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs. Corporate costs for services performed by the Group\u2019s head office functions to the CGUs are allocated to the individual CGUs and taken into account in the calculation.

Goodwill is tested for impairment together with other non-current assets in the CGU to which goodwill is allocated.

Impairment of goodwill is recognised in profit or loss in a separate line if the carrying amount of the CGU exceeds its estimated recoverable amount.

Impairment of goodwill is not reversed. Impairment of other assets is reversed if estimates used to calculate the recoverable amount change. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation, had no impairment loss been recognised.

Management believes that the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__109": { "value": "

3.3 Acquisitions

3.3.1 Acquisition impact Consistent with the Group\u2019s normal procedures, and given the short interval between the completion of the acquisitions and the reporting date, the acquisition accounting has not yet been completed. As a result, the fair values of certain assets and liabilities, such as customer contracts and trade receivables, are based on management\u2019s best estimates, as the necessary analyses and calculations are currently ongoing.

Franye Group, Austria On 1 December 2025, ISS acquired 100% of the shares in Franye Group, a provider of technical services in Austria. The acquisition has strong strategic fit and strengthens our market position mainly in the eastern and southern parts of Austria, while enhancing our technical services capabilities. In addition, the acquisition offers robust cross-selling opportunities to existing ISS customers.

The acquisition added an estimated DKK 0.2 billion to Group annual revenue and 150 employees. Since completion, Franye contributed revenue of DKK 21 million to the Group.

Goodwill is attributable mainly to: 1) expertise and know-how in technical services; 2) platform for growth; 3) cross-selling synergies; and 4) assembled workforce.

Garbialdi, Spain On 21 October 2025, ISS acquired 100% of the shares in Garbialdi in Spain. The acquisition strengthens our market position in the healthcare segment and cleaning service offerings to public sector customers. The acquisition has a strong strategic fit and creates a platform for further growth, predominantly in the Basque Country where ISS Spain\u2019s presence is limited. The integration process has been initiated with identified synergies expected to be realised before mid-year 2026.

The acquisition added an estimated DKK 0.6 billion to Group annual revenue and approximately 3,000 employees. Since completion, Garbialdi contributed revenue of DKK 110 million to the Group.

A portion of the total consideration is contingent upon certain future conditions. Accordingly, contingent consideration of DKK 120 million has been recognised, reflecting expected earn-out payments under the share purchase agreement. The maximum potential payout is DKK 146 million, primarily payable in 2026.

Goodwill is attributable mainly to: 1) platform for growth primarily in Northern Spain; 2) expertise and know-how in the healthcare segment and public administration; 3) synergies and scale benefits; and 4) assembled workforce.

3.3.2 Pro forma revenue/operating profitPro forma revenue was DKK 85,277 million and operating profit before other items was DKK 4,210 million, corresponding to adjustments of the reported amounts of DKK 593 million and DKK 41 million, respectively.

3.3.3 Subsequent acquisitionsOn 2 February 2026, ISS acquired 100% of the shares in Cater Plus Services in New Zealand. The acquisition will strengthen our market position and enable ISS to expand and develop its cleaning and food services offering to primarily public sector customers across the Pacific region.

The acquisition will add an estimated annual revenue of around DKK 0.2 billion and more than 750 employees.

Other than that, the Group did not complete any acquisitions from 1 January to 15 February 2026.

Net assets and cash flow

(DKKm)

Franye

Group

Garbialdi

Other/Prior

year adj.

2025

2024

Customer contracts

21

126

-

147

181

Other non-current assets

9

127

29

165

67

Trade receivables

20

139

2

161

222

Other current assets

17

103

9

129

113

Non-current liabilities

(34)

(226)

(13)

(273)

(180)

Current liabilities

(22)

(178)

(46)

(246)

(261)

Fair value of net assets

11

91

(19)

83

142

Goodwill

109

259

16

384

417

Consideration transferred

120

350

(3)

467

559

Cash in acquired business

(1)

(23)

(9)

(33)

(70)

Consideration transferred, net

119

327

(12)

434

489

Contingent and deferred consideration

(1)

(120)

28

(93)

21

Acquisition (cash flow)

118

207

16

341

510

Accounting policy

\"\"
\"\"

Business combinations (acquisitions)are accounted for using the acquisition method. The consideration transferred is measured at acquisition date fair value of net assets and any contingent consideration as well as the amount of any non-controlling interests in the acquiree. For each acquisition, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.

Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net.

Contingent consideration is classified as financial liabilities and presented in Other liabilities with changes in fair value recognised in Other income and expenses, net.

Depending on the size, complexity, and timing of the acquisition, uncertainties regarding identification or measurement of assets, liabilities and contingent liabilities may arise, and the initial recognition is based on provisionally determined fair values.

Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date. Comparatives are restated, accordingly. Changes in fair values after 12 months are recognised in Other income and expenses, net.

Goodwill is initially measured at cost being the excess of the consideration transferred, over the fair value of the net identifiable assets acquired. Subsequently, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is not deductible for tax purposes.

Pro forma revenue and operating profit include adjustments assuming that acquisitions/divestments were in-/excluded in/from profit or loss from 1 January. Estimates are made by local ISS management at the time of acquisition/divestment or actual results where available, and are based on unaudited financial information.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__110": { "value": "

Accounting policy

\"\"
\"\"

Business combinations (acquisitions)are accounted for using the acquisition method. The consideration transferred is measured at acquisition date fair value of net assets and any contingent consideration as well as the amount of any non-controlling interests in the acquiree. For each acquisition, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.

Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net.

Contingent consideration is classified as financial liabilities and presented in Other liabilities with changes in fair value recognised in Other income and expenses, net.

Depending on the size, complexity, and timing of the acquisition, uncertainties regarding identification or measurement of assets, liabilities and contingent liabilities may arise, and the initial recognition is based on provisionally determined fair values.

Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date. Comparatives are restated, accordingly. Changes in fair values after 12 months are recognised in Other income and expenses, net.

Goodwill is initially measured at cost being the excess of the consideration transferred, over the fair value of the net identifiable assets acquired. Subsequently, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is not deductible for tax purposes.

Pro forma revenue and operating profit include adjustments assuming that acquisitions/divestments were in-/excluded in/from profit or loss from 1 January. Estimates are made by local ISS management at the time of acquisition/divestment or actual results where available, and are based on unaudited financial information.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__111": { "value": "

Accounting policy

\"\"
\"\"

Business combinations (acquisitions)are accounted for using the acquisition method. The consideration transferred is measured at acquisition date fair value of net assets and any contingent consideration as well as the amount of any non-controlling interests in the acquiree. For each acquisition, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.

Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net.

Contingent consideration is classified as financial liabilities and presented in Other liabilities with changes in fair value recognised in Other income and expenses, net.

Depending on the size, complexity, and timing of the acquisition, uncertainties regarding identification or measurement of assets, liabilities and contingent liabilities may arise, and the initial recognition is based on provisionally determined fair values.

Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date. Comparatives are restated, accordingly. Changes in fair values after 12 months are recognised in Other income and expenses, net.

Goodwill is initially measured at cost being the excess of the consideration transferred, over the fair value of the net identifiable assets acquired. Subsequently, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination. Goodwill is not deductible for tax purposes.

Pro forma revenue and operating profit include adjustments assuming that acquisitions/divestments were in-/excluded in/from profit or loss from 1 January. Estimates are made by local ISS management at the time of acquisition/divestment or actual results where available, and are based on unaudited financial information.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__112": { "value": "

3.4 Divestments

3.4.1 Divestment impact

Net assets and cash flow

(DKKm)

2025

2024

Goodwill

-

2

Other non-current assets

-

35

Current assets

-

883

Non-current liabilities

-

(111)

Borrowings

-

(260)

Current liabilities

-

(866)

Net assets disposed

-

(317)

Gain/(loss) on divestment, net

(10)

(61)

Divestment costs

14

174

Consideration received

4

(204)

Cash in divested businesses

-

(263)

Consideration received, net

4

(467)

Contingent and deferred

consideration

(46)

233

Divestment costs paid

(48)

(116)

Divestments (cash flow)

(90)

(350)

No divestments were completed in 2025. Thus, cash out-flow related to prior year divestments.

Contingent and deferred considerationrelated to the divestment of ISS France, where part of the consideration is deferred up to three years from the date of divestment.

3.4.2 Subsequent divestments Two minor divestments were completed in the period from 1 January to 15 February 2026.

Accounting policy

\"\"
\"\"

DivestmentsGain or loss on disposal of an operation that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, and recognises any resultant gain or loss in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__114": { "value": "

3.4 Divestments

3.4.1 Divestment impact

Net assets and cash flow

(DKKm)

2025

2024

Goodwill

-

2

Other non-current assets

-

35

Current assets

-

883

Non-current liabilities

-

(111)

Borrowings

-

(260)

Current liabilities

-

(866)

Net assets disposed

-

(317)

Gain/(loss) on divestment, net

(10)

(61)

Divestment costs

14

174

Consideration received

4

(204)

Cash in divested businesses

-

(263)

Consideration received, net

4

(467)

Contingent and deferred

consideration

(46)

233

Divestment costs paid

(48)

(116)

Divestments (cash flow)

(90)

(350)

No divestments were completed in 2025. Thus, cash out-flow related to prior year divestments.

Contingent and deferred considerationrelated to the divestment of ISS France, where part of the consideration is deferred up to three years from the date of divestment.

3.4.2 Subsequent divestments Two minor divestments were completed in the period from 1 January to 15 February 2026.

Accounting policy

\"\"
\"\"

DivestmentsGain or loss on disposal of an operation that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, and recognises any resultant gain or loss in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__117": { "value": "3.4.2 Subsequent divestments Two minor divestments were completed in the period from 1 January to 15 February 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__118-1": { "value": "3.4.2 Subsequent divestments Two minor divestments were completed in the period from 1 January to 15 February 2026.

7.5 Subsequent events

Other than set out elsewhere in these consolidated financial statements, we are not aware of events subsequent to 31 December 2025, which are expected to have a material impact on the Group\u2019s financial position.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__113": { "value": "

Accounting policy

\"\"
\"\"

DivestmentsGain or loss on disposal of an operation that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, and recognises any resultant gain or loss in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__115": { "value": "

Accounting policy

\"\"
\"\"

DivestmentsGain or loss on disposal of an operation that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, and recognises any resultant gain or loss in Other income and expenses, net.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__119": { "value": "

4.1 Equity

4.1.1 Share capital and share premiumAt 31 December 2025, ISS\u2019s share capital comprised a total of DKK 174,200,000 shares (2024: 185,668,226) with a nominal value of DKK 1 each. All shares were fully paid and freely transferable. The decrease in shares related to the reduction of share capital from 185,668,226 to 174,200,000 shares. The reduction was implemented on 12 May 2025 by way of cancellation of 11,486,226 own shares with an average price of 131.96 and a total value of DKK 1,513 million.

ISS has one class of shares, and no shares carry special rights. Each share gives the holder the right to one vote at our general meetings.

Share premium included in retained earnings at 31 December 2025 amounted to DKK 19,168 million (2024: DKK 19,168 million).

At 31 December 2025, the total number of treasury shares corresponded to 7.33% of the share capital.

4.1.2 Treasury shares

(DKKm)

Purchase price

Number

2025

At 1 January

1,204

9,219,765

Settlement of vested PSUs/RSUs

(128)

(791,942)

Purchased

2,810

15,807,465

Cancellation of own shares

(1,513)

(11,468,226)

At 31 December

2,373

12,767,062

2024

At 1 January

66

331,906

Settlement of vested PSUs/RSUs

(79)

(624,352)

Purchased

1,217

9,512,211

At 31 December

1,204

9,219,765

Share buyback programmes2024 programme On 19 February 2025, ISS completed the 2024 programme as 9,950,148 shares had been repurchased for a total consideration of DKK 1.5 billion.

2025 programme On 20 February 2025, a new share buyback programme was announced to be executed over the 12-months period ending on 13 February 2026. On 13 February 2026, ISS completed the programme as 15,692,940 shares had been repurchased for at total consideration of DKK 3.0 billion.

At the forthcoming annual general meeting, the Board expects to propose a decrease of ISS A/S\u2019s share capital in accordance with the share buyback programme by cancellation of own shares.

2026 programmeThe Board of Directors has decided to initiate a new share buyback programme under which ISS will buy back own shares for a maximum consideration of DKK 2.5 billion over a 12-months period from 19 February 2026 to 22 February 2027 at the latest.

4.1.3 Translation reserve

(DKKm)

Hedging

Subsi-diaries

Total

2025

At 1 January

(269)

(702)

(971)

FX adjustments

-

(724)

(724)

At 31 December

(269)

(1,426)

(1,695)

2024

At 1 January

(269)

(1,008)

(1,277)

FX adjustments

-

306

306

At 31 December

(269)

(702)

(971)

A specification of hedging and FX adjustments in the year is provided in 4.1.7, Other comprehensive income.

Hedging reserveThe hedging reserve comprises accumulated fair value adjustments arising from net investment hedges recognised in previous years. At 31 December 2025, the accumulated fair value adjustments, net of tax, amounted to DKK (269) million of which DKK (140) million related to GBP, DKK (75) million related to CHF and DKK (54) million related to USD. The associated tax effect was DKK 12 million. These amounts will remain in the translation reserve until full realisation of the foreign entity.

4.1.4 Earnings per share

(in \u2018000)

2025

2024

Average number of shares

177,059

185,668

Average number of treasury shares

(9,774)

(4,714)

Average number of shares (basic)

167,285

180,954

Average number of PSUs and RSUs expected to vest

1,583

2,404

Average number of shares (diluted)

168,868

183,358

The table reflects the share data used in the basic and diluted EPS calculations, see 8.5, Definitions. The calculation of average number of diluted shares excluded a total of 1,191,628 PSUs and RSUs (2024: 1,268,950), which, depending on the development related to the vesting criteria, could potentially become dilutive in the future.

4.1.5 DividendsAt the annual general meeting to be held on 16 April 2026, the Board of Directors will propose a dividend for 2025 of DKK 3.2 per share of DKK 1 (2024: DKK 3.1 per share), equivalent to DKK 557 million and a pay-out ratio of 20% (2024: DKK 575 million/pay-out ratio: 20%). There are no tax consequences of proposed dividends for the Group.

In 2025, dividends paid, net of dividends on treasury shares, amounted to DKK 534 million (2024: DKK 425 million).

4.1.6 Non-controlling interestsThe Group\u2019s non-controlling interests predominantly relates to ISS T\u00fcrkiye, where Actera, a leading T\u00fcrkiyish private equity company, owns 39.9%. Actera became minority shareholder of ISS T\u00fcrkiye as part of the acquisition of R\u00f6nesans Facility Management Company in September 2021. Further, certain members of management of ISS T\u00fcrkiye together hold a minority shareholding of 10% in ISS T\u00fcrkiye.

The shareholders\u2019 agreement between ISS, Actera and management establishes the rights and obligations of the parties, including rights and restrictions on transferring shares, such as right of first refusal, drag along rights from Q4 2024 and right to explore a potential Initial Public Offering (IPO). As previously mentioned, and in line with the terms of the shareholders\u2019 agreement, Actera has initiated a dialogue to explore their potential exit options, and that dialogue remains ongoing.

4.1.7 Other comprehensive income

Attributable to owners of ISS A/S

(DKKm)

Note

Retained earnings

Translation reserve

Total

Non-

controlling

interest

Total

equity

2025

Defined benefit plans

Remeasurement (gain)/loss

7.1

439

-

439

23

462

Reimbursement rights related to remeasurement gain/(loss)

(88)

-

(88)

-

(88)

Asset ceiling

7.1

(341)

-

(341)

-

(341)

FX adjustments

Subsidiaries

-

(882)

(882)

(208)

(1,090)

Hyperinflation, T\u00fcrkiye

-

158

158

174

332

Tax

Tax related to the items above

(5)

-

(5)

(5)

(10)

Total

5

(724)

(719)

(16)

(735)

2024

Defined benefit plans

Remeasurement (gain)/loss

7.1

(85)

-

(85)

(55)

(140)

Asset ceiling

7.1

(28)

-

(28)

-

(28)

FX adjustments

Subsidiaries

-

77

77

(71)

6

Hyperinflation, T\u00fcrkiye

-

229

229

248

477

Tax

Tax related to the items above

25

-

25

11

36

Total

(88)

306

218

133

351

Development in 2025In 2025, other comprehensive income was DKK (735) million, a decrease of DKK 1,086 million compared to 2024. The decrease mainly related to a negative impact from FX adjustments of subsidiaries in T\u00fcrkiye, the US, the UK and Hong Kong.

Accounting policy

\"\"
\"\"

Retained earningsis the Group\u2019s free reserves, which includes proposed dividends and share premium. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S.

Treasury sharesThe cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings.

Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK and from the translation of non-current balances which are considered part of the investment in foreign entities. Furthermore, fair value adjustments of net investment hedges and hyperinflation restatement are included. On full realisation of a foreign entity the accumulated foreign exchange adjustments are transferred to profit or loss in the same line item as the gain or loss.

", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__124": { "value": "

4.1.1 Share capital and share premiumAt 31 December 2025, ISS\u2019s share capital comprised a total of DKK 174,200,000 shares (2024: 185,668,226) with a nominal value of DKK 1 each. All shares were fully paid and freely transferable. The decrease in shares related to the reduction of share capital from 185,668,226 to 174,200,000 shares. The reduction was implemented on 12 May 2025 by way of cancellation of 11,486,226 own shares with an average price of 131.96 and a total value of DKK 1,513 million.

ISS has one class of shares, and no shares carry special rights. Each share gives the holder the right to one vote at our general meetings.

Share premium included in retained earnings at 31 December 2025 amounted to DKK 19,168 million (2024: DKK 19,168 million).

At 31 December 2025, the total number of treasury shares corresponded to 7.33% of the share capital.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__126": { "value": "

4.1.3 Translation reserve

(DKKm)

Hedging

Subsi-diaries

Total

2025

At 1 January

(269)

(702)

(971)

FX adjustments

-

(724)

(724)

At 31 December

(269)

(1,426)

(1,695)

2024

At 1 January

(269)

(1,008)

(1,277)

FX adjustments

-

306

306

At 31 December

(269)

(702)

(971)

A specification of hedging and FX adjustments in the year is provided in 4.1.7, Other comprehensive income.

Hedging reserveThe hedging reserve comprises accumulated fair value adjustments arising from net investment hedges recognised in previous years. At 31 December 2025, the accumulated fair value adjustments, net of tax, amounted to DKK (269) million of which DKK (140) million related to GBP, DKK (75) million related to CHF and DKK (54) million related to USD. The associated tax effect was DKK 12 million. These amounts will remain in the translation reserve until full realisation of the foreign entity.

", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__127": { "value": "

4.1.4 Earnings per share

(in \u2018000)

2025

2024

Average number of shares

177,059

185,668

Average number of treasury shares

(9,774)

(4,714)

Average number of shares (basic)

167,285

180,954

Average number of PSUs and RSUs expected to vest

1,583

2,404

Average number of shares (diluted)

168,868

183,358

The table reflects the share data used in the basic and diluted EPS calculations, see 8.5, Definitions. The calculation of average number of diluted shares excluded a total of 1,191,628 PSUs and RSUs (2024: 1,268,950), which, depending on the development related to the vesting criteria, could potentially become dilutive in the future.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__129": { "value": "3.2", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s8__8__129": { "value": "3.1", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "f0__s8__7__130": { "value": "557000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f0__s8__8__130": { "value": "575000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f0__s8__7__131": { "value": "

4.1.6 Non-controlling interestsThe Group\u2019s non-controlling interests predominantly relates to ISS T\u00fcrkiye, where Actera, a leading T\u00fcrkiyish private equity company, owns 39.9%. Actera became minority shareholder of ISS T\u00fcrkiye as part of the acquisition of R\u00f6nesans Facility Management Company in September 2021. Further, certain members of management of ISS T\u00fcrkiye together hold a minority shareholding of 10% in ISS T\u00fcrkiye.

The shareholders\u2019 agreement between ISS, Actera and management establishes the rights and obligations of the parties, including rights and restrictions on transferring shares, such as right of first refusal, drag along rights from Q4 2024 and right to explore a potential Initial Public Offering (IPO). As previously mentioned, and in line with the terms of the shareholders\u2019 agreement, Actera has initiated a dialogue to explore their potential exit options, and that dialogue remains ongoing.

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__120": { "value": "Retained earningsis the Group\u2019s free reserves, which includes proposed dividends and share premium. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__123-1": { "value": "Retained earningsis the Group\u2019s free reserves, which includes proposed dividends and share premium. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S.

4.1.5 DividendsAt the annual general meeting to be held on 16 April 2026, the Board of Directors will propose a dividend for 2025 of DKK 3.2 per share of DKK 1 (2024: DKK 3.1 per share), equivalent to DKK 557 million and a pay-out ratio of 20% (2024: DKK 575 million/pay-out ratio: 20%). There are no tax consequences of proposed dividends for the Group.

In 2025, dividends paid, net of dividends on treasury shares, amounted to DKK 534 million (2024: DKK 425 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__121": { "value": "Treasury sharesThe cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__122-1": { "value": "Treasury sharesThe cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings.

4.1.2 Treasury shares

(DKKm)

Purchase price

Number

2025

At 1 January

1,204

9,219,765

Settlement of vested PSUs/RSUs

(128)

(791,942)

Purchased

2,810

15,807,465

Cancellation of own shares

(1,513)

(11,468,226)

At 31 December

2,373

12,767,062

2024

At 1 January

66

331,906

Settlement of vested PSUs/RSUs

(79)

(624,352)

Purchased

1,217

9,512,211

At 31 December

1,204

9,219,765

Share buyback programmes2024 programme On 19 February 2025, ISS completed the 2024 programme as 9,950,148 shares had been repurchased for a total consideration of DKK 1.5 billion.

2025 programme On 20 February 2025, a new share buyback programme was announced to be executed over the 12-months period ending on 13 February 2026. On 13 February 2026, ISS completed the programme as 15,692,940 shares had been repurchased for at total consideration of DKK 3.0 billion.

At the forthcoming annual general meeting, the Board expects to propose a decrease of ISS A/S\u2019s share capital in accordance with the share buyback programme by cancellation of own shares.

2026 programmeThe Board of Directors has decided to initiate a new share buyback programme under which ISS will buy back own shares for a maximum consideration of DKK 2.5 billion over a 12-months period from 19 February 2026 to 22 February 2027 at the latest.

", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__134-1": { "value": "

4.2.1 Borrowings

(DKKm)

Note

2025

2024

Issued bonds

11,960

15,635

Euro-Commercial Paper (ECP) programme

408

-

Lease liabilities

2,308

2,464

Bank loans

401

242

Borrowings

15,077

18,341

Non-current liabilities

9,762

13,584

Current liabilities

5,315

4,757

Borrowings

15,077

18,341

Cash and cash equivalents

(1,729)

(6,829)

Derivatives, net

2.2, 2.3

14

(32)

Securities

2.2

(135)

(140)

Net debt

13,227

11,340

Non-current vs. current borrowings At 31 December 2025, non-current borrowings amounted to DKK 9.8 billion, a decrease of DKK 3.8 billion compared to 2024. The decrease was mainly related to the reclassification of EUR 500 million of the Group\u2019s EMTNs, maturing in June 2026, to current borrowings.The Group is currently evaluation different financing options to be determined during H1 2026.

Euro-Commercial Paper (ECP) programmeOn 27 May 2025, ISS established a Euro-Commercial Paper (ECP) programme to enhance financial flexibility and diversify the Group\u2019s funding structure, enabling more efficient and timely access to short-term financing.

The programme allows for the issuance of unsecured notes up to a maximum principal amount of EUR 900 million. Notes under the programme have maturities of up to 364 days, typically shorter than six months. Each note carries a fixed interest rate for its duration and may be issued either at a discount or on an interest-bearing basis, depending on market conditions.

S&P Global has assigned an A-2 short-term credit rating to the ECP programme.

EMTN repayment on 7 July 2025On 7 July, EUR 500 million of the Group\u2019s EMTNs reached maturity and were repaid in full through a combination of cash and funding obtained through the ECP programme.

Financing feesAt 31 December 2025, accumulated financing fees recognised in borrowings amounted to DKK 61 million (2024: DKK 80 million). The decrease compared to last year was due to ordinary amortisation of DKK 27 million (2024: DKK 23 million) recognised in finance costs, partly offset by financing fees of DKK 8 million (2024: DKK 49 million) being capitalised.

Fair valueAt 31 December 2025, the fair value of bonds was DKK 11,939 million (2024: DKK 15,477 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy due to the use of quoted market inputs.

For the remaining borrowings, the fair values are not materially different from their carrying amounts due to their short-term nature.

Accounting policy

\"\"
\"\"

Issued bonds, ECP andbank loans are recognised initially at fair value net of transaction costs (financing fees) and subsequently at amortised cost. Any difference between the proceeds and the nominal value is recognised in Finance costs over the term of the loan using the effective interest method.

Lease liabilities are recognised initially at the present value of the payments to be made over the lease term. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the liability is measured at amortised cost and remeasured due to modifications such as changes in:

1) lease term;

2) the assessment to purchase the underlying asset;

3) future lease payments (e.g. a change in an index or rate); or

4) the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.

4.4.2 Fair value hedge

(DKKm)

Nominal

value

Carrying

amount

Accumulated fair value adj.

Change

in FV

Interest rate swap

EUR 300 million

-

-

15

EMTNs 2025

EUR 500 million

-

-

(15)

Interest rate swaps

EUR 250 million

(22)

(44)

(14)

EMTNs 2029

EUR 500 million

3,751

(48)

(2)

At 31 December 2025, the Group had interest rate swap agreements with a total nominal amount of EUR 250 million whereby the Group receives a fixed rate interest and pays a variable interest rate on the nominal amount. The swaps hedge the exposure to fair value

changes of the Group\u2019s fixed rate bond and mature in 2029 in line with the maturity of the bonds.

In 2025, a cost of DKK 16 million was recognised in profit or loss related to the ineffective part of the interest rate swaps (2024: an income of DKK 12 million).

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

4.5.1 Financial liabilitiesContractual maturities

(DKKm)

Carrying amount

Contractual cash flows

< 1

year

1-2

years

2-3

years

3-4

years

4-5

years

> 5

years

2025

Bonds, ECP and bank loans

12,769

13,450

4,791

4,711

149

3,799

-

-

Lease liabilities

2,308

2,611

981

626

427

273

97

207

Trade payables and other

4,573

4,574

4,574

-

-

-

-

-

Derivatives

28

28

28

-

-

-

-

-

Total financial liabilities

19,678

20,663

10,374

5,337

576

4,072

97

207

2024

Bonds and bank loans

15,877

16,859

4,256

3,984

4,683

145

3,791

-

Lease liabilities

2,464

2,792

939

676

461

291

166

259

Trade payables and other

4,486

4,486

4,486

-

-

-

-

-

Derivatives

19

19

19

-

-

-

-

-

Total financial liabilities

22,846

24,156

9,700

4,660

5,144

436

3,957

259

The contractual maturities of financial liabilities above are based on the undiscounted contractual cash flows, i.e. including interest payments estimated based on market expectations at 31 December.

The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance operating assets such as trade receivables and property and equipment.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__136-1": { "value": "

4.2.1 Borrowings

(DKKm)

Note

2025

2024

Issued bonds

11,960

15,635

Euro-Commercial Paper (ECP) programme

408

-

Lease liabilities

2,308

2,464

Bank loans

401

242

Borrowings

15,077

18,341

Non-current liabilities

9,762

13,584

Current liabilities

5,315

4,757

Borrowings

15,077

18,341

Cash and cash equivalents

(1,729)

(6,829)

Derivatives, net

2.2, 2.3

14

(32)

Securities

2.2

(135)

(140)

Net debt

13,227

11,340

Non-current vs. current borrowings At 31 December 2025, non-current borrowings amounted to DKK 9.8 billion, a decrease of DKK 3.8 billion compared to 2024. The decrease was mainly related to the reclassification of EUR 500 million of the Group\u2019s EMTNs, maturing in June 2026, to current borrowings.The Group is currently evaluation different financing options to be determined during H1 2026.

Euro-Commercial Paper (ECP) programmeOn 27 May 2025, ISS established a Euro-Commercial Paper (ECP) programme to enhance financial flexibility and diversify the Group\u2019s funding structure, enabling more efficient and timely access to short-term financing.

The programme allows for the issuance of unsecured notes up to a maximum principal amount of EUR 900 million. Notes under the programme have maturities of up to 364 days, typically shorter than six months. Each note carries a fixed interest rate for its duration and may be issued either at a discount or on an interest-bearing basis, depending on market conditions.

S&P Global has assigned an A-2 short-term credit rating to the ECP programme.

EMTN repayment on 7 July 2025On 7 July, EUR 500 million of the Group\u2019s EMTNs reached maturity and were repaid in full through a combination of cash and funding obtained through the ECP programme.

Financing feesAt 31 December 2025, accumulated financing fees recognised in borrowings amounted to DKK 61 million (2024: DKK 80 million). The decrease compared to last year was due to ordinary amortisation of DKK 27 million (2024: DKK 23 million) recognised in finance costs, partly offset by financing fees of DKK 8 million (2024: DKK 49 million) being capitalised.

Fair valueAt 31 December 2025, the fair value of bonds was DKK 11,939 million (2024: DKK 15,477 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy due to the use of quoted market inputs.

For the remaining borrowings, the fair values are not materially different from their carrying amounts due to their short-term nature.

Accounting policy

\"\"
\"\"

Issued bonds, ECP andbank loans are recognised initially at fair value net of transaction costs (financing fees) and subsequently at amortised cost. Any difference between the proceeds and the nominal value is recognised in Finance costs over the term of the loan using the effective interest method.

Lease liabilities are recognised initially at the present value of the payments to be made over the lease term. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the liability is measured at amortised cost and remeasured due to modifications such as changes in:

1) lease term;

2) the assessment to purchase the underlying asset;

3) future lease payments (e.g. a change in an index or rate); or

4) the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__142-1": { "value": "

4.2.1 Borrowings

(DKKm)

Note

2025

2024

Issued bonds

11,960

15,635

Euro-Commercial Paper (ECP) programme

408

-

Lease liabilities

2,308

2,464

Bank loans

401

242

Borrowings

15,077

18,341

Non-current liabilities

9,762

13,584

Current liabilities

5,315

4,757

Borrowings

15,077

18,341

Cash and cash equivalents

(1,729)

(6,829)

Derivatives, net

2.2, 2.3

14

(32)

Securities

2.2

(135)

(140)

Net debt

13,227

11,340

Non-current vs. current borrowings At 31 December 2025, non-current borrowings amounted to DKK 9.8 billion, a decrease of DKK 3.8 billion compared to 2024. The decrease was mainly related to the reclassification of EUR 500 million of the Group\u2019s EMTNs, maturing in June 2026, to current borrowings.The Group is currently evaluation different financing options to be determined during H1 2026.

Euro-Commercial Paper (ECP) programmeOn 27 May 2025, ISS established a Euro-Commercial Paper (ECP) programme to enhance financial flexibility and diversify the Group\u2019s funding structure, enabling more efficient and timely access to short-term financing.

The programme allows for the issuance of unsecured notes up to a maximum principal amount of EUR 900 million. Notes under the programme have maturities of up to 364 days, typically shorter than six months. Each note carries a fixed interest rate for its duration and may be issued either at a discount or on an interest-bearing basis, depending on market conditions.

S&P Global has assigned an A-2 short-term credit rating to the ECP programme.

EMTN repayment on 7 July 2025On 7 July, EUR 500 million of the Group\u2019s EMTNs reached maturity and were repaid in full through a combination of cash and funding obtained through the ECP programme.

Financing feesAt 31 December 2025, accumulated financing fees recognised in borrowings amounted to DKK 61 million (2024: DKK 80 million). The decrease compared to last year was due to ordinary amortisation of DKK 27 million (2024: DKK 23 million) recognised in finance costs, partly offset by financing fees of DKK 8 million (2024: DKK 49 million) being capitalised.

Fair valueAt 31 December 2025, the fair value of bonds was DKK 11,939 million (2024: DKK 15,477 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy due to the use of quoted market inputs.

For the remaining borrowings, the fair values are not materially different from their carrying amounts due to their short-term nature.

4.4.2 Fair value hedge

(DKKm)

Nominal

value

Carrying

amount

Accumulated fair value adj.

Change

in FV

Interest rate swap

EUR 300 million

-

-

15

EMTNs 2025

EUR 500 million

-

-

(15)

Interest rate swaps

EUR 250 million

(22)

(44)

(14)

EMTNs 2029

EUR 500 million

3,751

(48)

(2)

At 31 December 2025, the Group had interest rate swap agreements with a total nominal amount of EUR 250 million whereby the Group receives a fixed rate interest and pays a variable interest rate on the nominal amount. The swaps hedge the exposure to fair value

changes of the Group\u2019s fixed rate bond and mature in 2029 in line with the maturity of the bonds.

In 2025, a cost of DKK 16 million was recognised in profit or loss related to the ineffective part of the interest rate swaps (2024: an income of DKK 12 million).

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__132-1": { "value": "

Fair valueAt 31 December 2025, the fair value of bonds was DKK 11,939 million (2024: DKK 15,477 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy due to the use of quoted market inputs.

For the remaining borrowings, the fair values are not materially different from their carrying amounts due to their short-term nature.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

Fair value measurement and disclosureAssets and liabilities are generally measured at historical cost, except for plan assets under defined benefit plans, derivatives and contingent consideration that are measured at fair value. Fair value measurements are categorised within the fair value hierarchy and disclosed in the relevant notes.

For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash

equivalents, trade receivables, trade payables and other current and non-current financial assets and liabilities approximate their carrying amounts largely due to the short-term nature of these items.

The fair value of borrowings, including methods and assumptions used to estimate the fair value, is disclosed in 4.2.1, Borrowings.

MaterialityThe consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with other information, is disclosed.

Materiality is judged by reference to the size and nature of the item, either individually or combined. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__133-1": { "value": "

Fair valueAt 31 December 2025, the fair value of bonds was DKK 11,939 million (2024: DKK 15,477 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy due to the use of quoted market inputs.

For the remaining borrowings, the fair values are not materially different from their carrying amounts due to their short-term nature.

4.4.2 Fair value hedge

(DKKm)

Nominal

value

Carrying

amount

Accumulated fair value adj.

Change

in FV

Interest rate swap

EUR 300 million

-

-

15

EMTNs 2025

EUR 500 million

-

-

(15)

Interest rate swaps

EUR 250 million

(22)

(44)

(14)

EMTNs 2029

EUR 500 million

3,751

(48)

(2)

At 31 December 2025, the Group had interest rate swap agreements with a total nominal amount of EUR 250 million whereby the Group receives a fixed rate interest and pays a variable interest rate on the nominal amount. The swaps hedge the exposure to fair value

changes of the Group\u2019s fixed rate bond and mature in 2029 in line with the maturity of the bonds.

In 2025, a cost of DKK 16 million was recognised in profit or loss related to the ineffective part of the interest rate swaps (2024: an income of DKK 12 million).

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__139": { "value": "

Accounting policy

\"\"
\"\"

Issued bonds, ECP andbank loans are recognised initially at fair value net of transaction costs (financing fees) and subsequently at amortised cost. Any difference between the proceeds and the nominal value is recognised in Finance costs over the term of the loan using the effective interest method.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__143": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__144": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__145": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__146": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__147": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__148": { "value": "

4.2.2 Finance income and costs

(DKKm)

2025

2024

Interest income on cash and cash equivalents

181

216

Hedge ineffectiveness of interest rate swaps

-

12

Monetary gain on hyperinflation restatement, T\u00fcrkiye

77

86

Finance income

258

314

Interest expenses on borrowings1)

(491)

(506)

Interest expenses on lease liabilities1)

(154)

(154)

Net interest on defined benefit obligations

(79)

(33)

Bank and commitment fees

(68)

(69)

Interest expenses on factoring1)

(52)

(71)

Amortisation of financing fees (non-cash)1)

(27)

(23)

Hedge ineffectiveness of interest rate swaps

(16)

-

Other

(6)

(25)

Foreign exchange losses

(26)

(23)

Finance costs

(919)

(904)

1)The total interest expensed determined on an amortised cost basis was DKK 724 million (2024: DKK 754 million).

Interest income on cash and cash equivalentsThe decrease compared to 2024 was mainly driven by lower cash balances following the EMTN redemption in July 2025, the ongoing share buyback programmes and lower interest rates.

Interest expenses on factoringdecreased compared to 2024 due to lower interest rates and a slight decrease in average factoring utilisation.

Net interest on defined benefit obligationincreased mainly due to higher interest rates in T\u00fcrkiye and Switzerland compared to 2024.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__150-1": { "value": "

4.3 Financial risk management

The Group is exposed to a number of financial risks arising from its operating and financing activities, mainly interest rate risk, liquidity risk, currency risk and credit risk. It is management\u2019s assessment that the Group\u2019s exposure to these risks is low. The Group has not identified additional financial risk exposures in 2025 compared to 2024.

Financial risks are managed centrally by Group Treasury based on the Financial Policy, which is reviewed and approved annually by the Board of Directors. Due to our decentralised business model, exposure to credit risk on trade receivables and expected credit losses is however managed locally in the operating entities, see 2.1, Trade receivables and credit risk. Through our risk management procedures, financial risks are monitored and reduced to an acceptable level.

It is the Group\u2019s policy to mitigate risk exposure derived from its business activities. Group policy does not allow taking speculative positions in the financial markets.

On an ongoing basis the Group considers whether the financial risk management approach appropriately addresses the risk exposures.

Risk assessmentThe Group\u2019s objectives and policies for measuring and managing risk exposure are explained in the respective notes. An overview of financial risks and impact assessment at 31 December 2025 is provided in the table to the right.

Risk assessment at 31 December 2025

Credit risk

\u2013 Low

Not past due on trade receivables is around 90% (aging analysis)

Expected credit losses on trade receivables are less than 2% of gross receivables (credit ratings)

The Group transacts only with financial institutions with a credit rating of at least A- (cash and cash equivalents)

Note 2.1

Interest rate risk

\u2013 Low

63% of the Group\u2019s gross debt carried fixed rates (2024: 58%). This includes the effect of swapping part of the EMTNs from fixed to floating rates, see 4.4.2.

Note 4.4

Liquidity risk

\u2013 Low

Diversified funding portfolio of debt (bonds, ECP programme and bank loans)

No financial covenants in our main Group facilities (certain covenants apply to the local loan facility in T\u00fcrkiye)

Revolving credit facility of EUR 900 million (established in 2023) maturing in 2030

Uncommitted facilities in place to ensure flexible and efficient liquidity management

Duration of gross debt is 1.6 years (2024: 2.1) (target above 2.0 years), expected to increase as we refinance the EUR 500 million EMTN bonds maturing in June 2026

Note 4.5

Currency risk

\u2013 Low

The Group benefits from a natural hedge in having income, costs and investments in the same functional currency, country-by-country

96.7% of the Group\u2019s bonds and bank loans denominated in EUR (2024: 98.3%)

Note 4.6

4.4 Interest rate risk

Interest rate risk\u2013 low exposure

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial instruments. Exposure relates to bank loans, bonds or interest rate swaps with floating interest rates.

Risk management policy

At least 50% of the Group\u2019s gross debt must carry fixed interest rates directly or through derivatives

Mitigation

The fixed/floating ratio is measured on a monthly basis

Interest rate swaps (fair value hedge) are used to manage the fixed/floating ratio on gross debt

Gross debt

\u2013 by fixed/floating rates1)

63% Fixed rates

37% Floating rates

1)Including the effect of hedging

4.4.1 Interest-bearing borrowings

2025

2024

(DKKm)

Maturity

Fixed/Floating

Nominal

interest rate

Nominal

value

Carrying

amount

Carrying

amount

Issued bonds

EMTNs (EUR 500 million)1)

2025

Fixed

1.25%

-

-

3,711

EMTNs (EUR 500 million)

2026

Fixed

0.88%

3,735

3,732

3,721

EMTNs (EUR 600 million)

2027

Fixed

1.50%

4,481

4,477

4,468

EMTNs (EUR 500 million)1)

2029

Fixed

3.88%

3,734

3,751

3,735

11,950

11,960

15,635

Euro-commercial paper (ECP)

34 days2)

Fixed

2.2%2)

408

408

-

408

408

-

Bank loans

Loan facility T\u00fcrkiye (TRY)

2026

Floating

TLFREF

19

19

51

Bank loans and overdrafts (Multi)

-

Floating

-

405

382

191

424

401

242

1)The carrying amount included the accumulated fair value adjustments at 31 December 2025 of the hedged items, see 4.4.2 below.

1)Weighted average.

Interest rate sensitivityAn increase in relevant interest rates of 1%-point, with all other variables held constant, would have decreased net profit and equity by DKK 23 million (2024: DKK 44 million).

The estimate was based on the Group\u2019s floating rate bor-rowings, i.e. disregarding cash and cash equivalents, as the level at 31 December is typically the highest in the year and thus not representative for the purpose of this analysis.

4.4.2 Fair value hedge

(DKKm)

Nominal

value

Carrying

amount

Accumulated fair value adj.

Change

in FV

Interest rate swap

EUR 300 million

-

-

15

EMTNs 2025

EUR 500 million

-

-

(15)

Interest rate swaps

EUR 250 million

(22)

(44)

(14)

EMTNs 2029

EUR 500 million

3,751

(48)

(2)

At 31 December 2025, the Group had interest rate swap agreements with a total nominal amount of EUR 250 million whereby the Group receives a fixed rate interest and pays a variable interest rate on the nominal amount. The swaps hedge the exposure to fair value

changes of the Group\u2019s fixed rate bond and mature in 2029 in line with the maturity of the bonds.

In 2025, a cost of DKK 16 million was recognised in profit or loss related to the ineffective part of the interest rate swaps (2024: an income of DKK 12 million).

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

4.5 Liquidity risk

Liquidity risk \u2013 low exposure

Liquidity risk results from the Group\u2019s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity.

Risk management policy

Maintain an appropriate level of short- and long-term liquidity reserves (liquid funds and committed credit facilities)

Maintain a smooth maturity profile in terms of different maturities

Maintain access to diversified funding sources

Maintain a duration of gross debt above two years

Mitigation

Raising capital is managed centrally by Group Treasury to ensure efficient liquidity management

Group Treasury monitors the risk of insufficient liquidity on a daily basis

Liquidity is transferred to/from ISS Global A/S, which operates as the Group\u2019s internal bank

For day-to-day liquidity management cash pools have been established in the majority of the local entities

No financial covenants in our main Group facilities (certain covenants apply to the local loan facility in T\u00fcrkiye)

4.5.1 Financial liabilitiesContractual maturities

(DKKm)

Carrying amount

Contractual cash flows

< 1

year

1-2

years

2-3

years

3-4

years

4-5

years

> 5

years

2025

Bonds, ECP and bank loans

12,769

13,450

4,791

4,711

149

3,799

-

-

Lease liabilities

2,308

2,611

981

626

427

273

97

207

Trade payables and other

4,573

4,574

4,574

-

-

-

-

-

Derivatives

28

28

28

-

-

-

-

-

Total financial liabilities

19,678

20,663

10,374

5,337

576

4,072

97

207

2024

Bonds and bank loans

15,877

16,859

4,256

3,984

4,683

145

3,791

-

Lease liabilities

2,464

2,792

939

676

461

291

166

259

Trade payables and other

4,486

4,486

4,486

-

-

-

-

-

Derivatives

19

19

19

-

-

-

-

-

Total financial liabilities

22,846

24,156

9,700

4,660

5,144

436

3,957

259

The contractual maturities of financial liabilities above are based on the undiscounted contractual cash flows, i.e. including interest payments estimated based on market expectations at 31 December.

The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance operating assets such as trade receivables and property and equipment.

4.5.2 Liquidity reserves

(DKKm)

2025

2024

Cash and cash equivalents

1,729

6,829

Hereof restricted cash

(16)

(35)

Unused revolving credit facilities

6,718

6,712

Liquidity reserves

8,431

13,506

Not readily available

(745)

(751)

Readily available liquidity

7,686

12,755

Cash and cash equivalentscomprise only cash and reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year.

Restricted cashDKK 16 million of the total cash and cash equivalents at 31 December 2025 was placed on blocked or restricted bank accounts due to legal cases or tax-related circumstances.

Unused revolving credit facilitiesThe Group has a EUR 900 million committed revolving credit facility maturing in June 2030. In addition, uncommitted credit facilities are available in countries and at Group level, which are not considered part of the readily available liquidity. At 31 December 2025, these amounted to DKK 5.1 billion of which DKK 0.0 billion was drawn (2024: DKK 4.2 billion of which DKK 0.0 billion was drawn).

Not readily availableCash is considered readily available when upstreaming to the parent company (ISS A/S) is possible within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus such cash is not deemed readily available.

4.6 Currency risk

Currency risk \u2013 low exposure

Currency risk arises from changes in exchange rates, and affects the Group\u2019s result, investments or value of financial instruments.

The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country-by-country. Currency risk therefore predominantly arises from funding and investments in subsidiaries.

Risk management policy

It is Group policy to pool funding activities centrally and fund investments in subsidiaries through a combination of intercompany loans and equity

Currency risk on intercompany loans is generally hedged against DKK or EUR when exposure exceeds DKK 5 million. Some currencies cannot be hedged within a reasonable price range why correlation to a proxy currency is considered and, if deemed appropriate, proxy hedging is applied

Exposure to EUR is monitored but not hedged due to the fixed rate exchange policy between DKK/EUR

Currency risk on net investments are as a main policy not hedged

Mitigation

Currency swaps are used to hedge currency risk on borrowings (external), intercompany balances and long-term receivables (external)

Currency exposure on borrowings (external), intercompany balances and cash and cash equivalents is measured at least on a weekly basis

4.6.1 Borrowings

Sensitivity

(DKKm)

Currency

exposure

(nominal)

Currency swaps

(contractual)

Exposure,

net

Increase in FX

Profit or loss

Equity

2025

EUR/DKK

(12,512)

13,157

645

1%

6

6

TRY/DKK1)

171

-

171

20%

34

34

USD/DKK

803

(913)

(110)

10%

(11)

(11)

Other/DKK

(1,704)

1,825

121

10%

12

12

Total

(13,242)

14,069

827

2024

EUR/DKK

(13,310)

10,737

(2,573)

1%

(26)

(26)

TRY/DKK1)

371

-

371

30%

45

111

USD/DKK

968

(1,215)

(247)

10%

(25)

(25)

Other/DKK

(429)

835

406

10%

41

41

Total

(12,400)

10,357

(2,043)

1)TRY is not hedged due to high costs of hedging.

Foreign currency sensitivityA change in relevant currencies, with all other variables held constant, would have impacted profit or loss and equity with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal).

Bonds and bank loans

\u2013 by currency

12.8

DKKbn

97% EUR

03% Other

Change in average FX rates

2025

2024

TRY

(20.6)%

(29.6)%

GBP

(1.1%)

2.8%

CHF

1.7%

2.1%

USD

(4.2)%

(0.0)%

AUD

(6.3)%

(0.6)%

NOK

(0.7)%

(1.8)%

SEK

3.4%

0.5%

HKD

(4.1)%

0.3%

EUR

0.1%

0.1%

( ) = Weakened against DKK

4.6.2 Translation riskImpact on profit or lossIn 2025, changes in average FX rates resulted in a decrease in Group revenue of DKK 3,148 million or 3.8% (2024: decrease of DKK 587 million or 0.7%) and a decrease of the Group\u2019s operating profit before other items of DKK 226 million or 5.4% (2024: decrease of DKK 73 million or 2.2%), including the impact of hyperinflation in T\u00fcrkiye.

Excluding hyperinflation impact, changes in average FX rates resulted in a decrease in Group revenue of DKK 2,373 million or 2.9% (2024: decrease of DKK 1,346 million or 1.7%) and a decrease of the Group\u2019s operating profit before other items of DKK 169 million or 4.1% (2024: decrease of DKK 109 million or 3.3%).

Foreign currency sensitivity A 10% change (TRY: 20% and EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts below.

(DKKm)

Revenue

Operating profit

before other items

TRY

1,291

86

GBP

1,180

55

CHF

728

63

USD

543

14

AUD

515

36

NOK

362

31

SEK

327

21

EUR

255

15

HKD

254

16

Other

1,021

38

Total

6,476

375

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__152-1": { "value": "

4.4 Interest rate risk

Interest rate risk\u2013 low exposure

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of financial instruments. Exposure relates to bank loans, bonds or interest rate swaps with floating interest rates.

Risk management policy

At least 50% of the Group\u2019s gross debt must carry fixed interest rates directly or through derivatives

Mitigation

The fixed/floating ratio is measured on a monthly basis

Interest rate swaps (fair value hedge) are used to manage the fixed/floating ratio on gross debt

Gross debt

\u2013 by fixed/floating rates1)

63% Fixed rates

37% Floating rates

1)Including the effect of hedging

4.4.1 Interest-bearing borrowings

2025

2024

(DKKm)

Maturity

Fixed/Floating

Nominal

interest rate

Nominal

value

Carrying

amount

Carrying

amount

Issued bonds

EMTNs (EUR 500 million)1)

2025

Fixed

1.25%

-

-

3,711

EMTNs (EUR 500 million)

2026

Fixed

0.88%

3,735

3,732

3,721

EMTNs (EUR 600 million)

2027

Fixed

1.50%

4,481

4,477

4,468

EMTNs (EUR 500 million)1)

2029

Fixed

3.88%

3,734

3,751

3,735

11,950

11,960

15,635

Euro-commercial paper (ECP)

34 days2)

Fixed

2.2%2)

408

408

-

408

408

-

Bank loans

Loan facility T\u00fcrkiye (TRY)

2026

Floating

TLFREF

19

19

51

Bank loans and overdrafts (Multi)

-

Floating

-

405

382

191

424

401

242

1)The carrying amount included the accumulated fair value adjustments at 31 December 2025 of the hedged items, see 4.4.2 below.

1)Weighted average.

Interest rate sensitivityAn increase in relevant interest rates of 1%-point, with all other variables held constant, would have decreased net profit and equity by DKK 23 million (2024: DKK 44 million).

The estimate was based on the Group\u2019s floating rate bor-rowings, i.e. disregarding cash and cash equivalents, as the level at 31 December is typically the highest in the year and thus not representative for the purpose of this analysis.

4.6 Currency risk

Currency risk \u2013 low exposure

Currency risk arises from changes in exchange rates, and affects the Group\u2019s result, investments or value of financial instruments.

The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country-by-country. Currency risk therefore predominantly arises from funding and investments in subsidiaries.

Risk management policy

It is Group policy to pool funding activities centrally and fund investments in subsidiaries through a combination of intercompany loans and equity

Currency risk on intercompany loans is generally hedged against DKK or EUR when exposure exceeds DKK 5 million. Some currencies cannot be hedged within a reasonable price range why correlation to a proxy currency is considered and, if deemed appropriate, proxy hedging is applied

Exposure to EUR is monitored but not hedged due to the fixed rate exchange policy between DKK/EUR

Currency risk on net investments are as a main policy not hedged

Mitigation

Currency swaps are used to hedge currency risk on borrowings (external), intercompany balances and long-term receivables (external)

Currency exposure on borrowings (external), intercompany balances and cash and cash equivalents is measured at least on a weekly basis

4.6.1 Borrowings

Sensitivity

(DKKm)

Currency

exposure

(nominal)

Currency swaps

(contractual)

Exposure,

net

Increase in FX

Profit or loss

Equity

2025

EUR/DKK

(12,512)

13,157

645

1%

6

6

TRY/DKK1)

171

-

171

20%

34

34

USD/DKK

803

(913)

(110)

10%

(11)

(11)

Other/DKK

(1,704)

1,825

121

10%

12

12

Total

(13,242)

14,069

827

2024

EUR/DKK

(13,310)

10,737

(2,573)

1%

(26)

(26)

TRY/DKK1)

371

-

371

30%

45

111

USD/DKK

968

(1,215)

(247)

10%

(25)

(25)

Other/DKK

(429)

835

406

10%

41

41

Total

(12,400)

10,357

(2,043)

1)TRY is not hedged due to high costs of hedging.

Foreign currency sensitivityA change in relevant currencies, with all other variables held constant, would have impacted profit or loss and equity with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal).

Bonds and bank loans

\u2013 by currency

12.8

DKKbn

97% EUR

03% Other

Change in average FX rates

2025

2024

TRY

(20.6)%

(29.6)%

GBP

(1.1%)

2.8%

CHF

1.7%

2.1%

USD

(4.2)%

(0.0)%

AUD

(6.3)%

(0.6)%

NOK

(0.7)%

(1.8)%

SEK

3.4%

0.5%

HKD

(4.1)%

0.3%

EUR

0.1%

0.1%

( ) = Weakened against DKK

4.6.2 Translation riskImpact on profit or lossIn 2025, changes in average FX rates resulted in a decrease in Group revenue of DKK 3,148 million or 3.8% (2024: decrease of DKK 587 million or 0.7%) and a decrease of the Group\u2019s operating profit before other items of DKK 226 million or 5.4% (2024: decrease of DKK 73 million or 2.2%), including the impact of hyperinflation in T\u00fcrkiye.

Excluding hyperinflation impact, changes in average FX rates resulted in a decrease in Group revenue of DKK 2,373 million or 2.9% (2024: decrease of DKK 1,346 million or 1.7%) and a decrease of the Group\u2019s operating profit before other items of DKK 169 million or 4.1% (2024: decrease of DKK 109 million or 3.3%).

Foreign currency sensitivity A 10% change (TRY: 20% and EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts below.

(DKKm)

Revenue

Operating profit

before other items

TRY

1,291

86

GBP

1,180

55

CHF

728

63

USD

543

14

AUD

515

36

NOK

362

31

SEK

327

21

EUR

255

15

HKD

254

16

Other

1,021

38

Total

6,476

375

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__154-1": { "value": "

4.4.2 Fair value hedge

(DKKm)

Nominal

value

Carrying

amount

Accumulated fair value adj.

Change

in FV

Interest rate swap

EUR 300 million

-

-

15

EMTNs 2025

EUR 500 million

-

-

(15)

Interest rate swaps

EUR 250 million

(22)

(44)

(14)

EMTNs 2029

EUR 500 million

3,751

(48)

(2)

At 31 December 2025, the Group had interest rate swap agreements with a total nominal amount of EUR 250 million whereby the Group receives a fixed rate interest and pays a variable interest rate on the nominal amount. The swaps hedge the exposure to fair value

changes of the Group\u2019s fixed rate bond and mature in 2029 in line with the maturity of the bonds.

In 2025, a cost of DKK 16 million was recognised in profit or loss related to the ineffective part of the interest rate swaps (2024: an income of DKK 12 million).

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__158": { "value": "

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__159": { "value": "

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__168": { "value": "

Accounting policy

\"\"
\"\"

The Group\u2019s interest rate swaps qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. Hedge accounting is applied.

The change in the fair value of the interest rate swap (the hedging instrument) is recognised in profit or loss under Finance income or Finance costs. The change in the fair value of the hedged item (the bond) attributable to the risk being hedged is recognised as part of the carrying amount of the hedged item and is also recognised in profit or loss under Finance income or Finance costs. The gain or loss relating to the ineffective portion is recognised in profit or loss under Finance income or Finance costs.

The unamortised fair value is recognised in profit or loss if the hedged item is derecognised.

Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__161-1": { "value": "Fair value measurement takes current market data into account. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is based on directly observable market data.

Fair value measurement and disclosureAssets and liabilities are generally measured at historical cost, except for plan assets under defined benefit plans, derivatives and contingent consideration that are measured at fair value. Fair value measurements are categorised within the fair value hierarchy and disclosed in the relevant notes.

For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash

equivalents, trade receivables, trade payables and other current and non-current financial assets and liabilities approximate their carrying amounts largely due to the short-term nature of these items.

The fair value of borrowings, including methods and assumptions used to estimate the fair value, is disclosed in 4.2.1, Borrowings.

MaterialityThe consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with other information, is disclosed.

Materiality is judged by reference to the size and nature of the item, either individually or combined. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__171": { "value": "

4.5 Liquidity risk

Liquidity risk \u2013 low exposure

Liquidity risk results from the Group\u2019s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity.

Risk management policy

Maintain an appropriate level of short- and long-term liquidity reserves (liquid funds and committed credit facilities)

Maintain a smooth maturity profile in terms of different maturities

Maintain access to diversified funding sources

Maintain a duration of gross debt above two years

Mitigation

Raising capital is managed centrally by Group Treasury to ensure efficient liquidity management

Group Treasury monitors the risk of insufficient liquidity on a daily basis

Liquidity is transferred to/from ISS Global A/S, which operates as the Group\u2019s internal bank

For day-to-day liquidity management cash pools have been established in the majority of the local entities

No financial covenants in our main Group facilities (certain covenants apply to the local loan facility in T\u00fcrkiye)

4.5.1 Financial liabilitiesContractual maturities

(DKKm)

Carrying amount

Contractual cash flows

< 1

year

1-2

years

2-3

years

3-4

years

4-5

years

> 5

years

2025

Bonds, ECP and bank loans

12,769

13,450

4,791

4,711

149

3,799

-

-

Lease liabilities

2,308

2,611

981

626

427

273

97

207

Trade payables and other

4,573

4,574

4,574

-

-

-

-

-

Derivatives

28

28

28

-

-

-

-

-

Total financial liabilities

19,678

20,663

10,374

5,337

576

4,072

97

207

2024

Bonds and bank loans

15,877

16,859

4,256

3,984

4,683

145

3,791

-

Lease liabilities

2,464

2,792

939

676

461

291

166

259

Trade payables and other

4,486

4,486

4,486

-

-

-

-

-

Derivatives

19

19

19

-

-

-

-

-

Total financial liabilities

22,846

24,156

9,700

4,660

5,144

436

3,957

259

The contractual maturities of financial liabilities above are based on the undiscounted contractual cash flows, i.e. including interest payments estimated based on market expectations at 31 December.

The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance operating assets such as trade receivables and property and equipment.

4.5.2 Liquidity reserves

(DKKm)

2025

2024

Cash and cash equivalents

1,729

6,829

Hereof restricted cash

(16)

(35)

Unused revolving credit facilities

6,718

6,712

Liquidity reserves

8,431

13,506

Not readily available

(745)

(751)

Readily available liquidity

7,686

12,755

Cash and cash equivalentscomprise only cash and reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year.

Restricted cashDKK 16 million of the total cash and cash equivalents at 31 December 2025 was placed on blocked or restricted bank accounts due to legal cases or tax-related circumstances.

Unused revolving credit facilitiesThe Group has a EUR 900 million committed revolving credit facility maturing in June 2030. In addition, uncommitted credit facilities are available in countries and at Group level, which are not considered part of the readily available liquidity. At 31 December 2025, these amounted to DKK 5.1 billion of which DKK 0.0 billion was drawn (2024: DKK 4.2 billion of which DKK 0.0 billion was drawn).

Not readily availableCash is considered readily available when upstreaming to the parent company (ISS A/S) is possible within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus such cash is not deemed readily available.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__172": { "value": "

4.5.2 Liquidity reserves

(DKKm)

2025

2024

Cash and cash equivalents

1,729

6,829

Hereof restricted cash

(16)

(35)

Unused revolving credit facilities

6,718

6,712

Liquidity reserves

8,431

13,506

Not readily available

(745)

(751)

Readily available liquidity

7,686

12,755

Cash and cash equivalentscomprise only cash and reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year.

Restricted cashDKK 16 million of the total cash and cash equivalents at 31 December 2025 was placed on blocked or restricted bank accounts due to legal cases or tax-related circumstances.

Unused revolving credit facilitiesThe Group has a EUR 900 million committed revolving credit facility maturing in June 2030. In addition, uncommitted credit facilities are available in countries and at Group level, which are not considered part of the readily available liquidity. At 31 December 2025, these amounted to DKK 5.1 billion of which DKK 0.0 billion was drawn (2024: DKK 4.2 billion of which DKK 0.0 billion was drawn).

Not readily availableCash is considered readily available when upstreaming to the parent company (ISS A/S) is possible within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus such cash is not deemed readily available.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__173-1": { "value": "

4.5.2 Liquidity reserves

(DKKm)

2025

2024

Cash and cash equivalents

1,729

6,829

Hereof restricted cash

(16)

(35)

Unused revolving credit facilities

6,718

6,712

Liquidity reserves

8,431

13,506

Not readily available

(745)

(751)

Readily available liquidity

7,686

12,755

Restricted cashDKK 16 million of the total cash and cash equivalents at 31 December 2025 was placed on blocked or restricted bank accounts due to legal cases or tax-related circumstances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__177-1": { "value": "

4.6.1 Borrowings

Sensitivity

(DKKm)

Currency

exposure

(nominal)

Currency swaps

(contractual)

Exposure,

net

Increase in FX

Profit or loss

Equity

2025

EUR/DKK

(12,512)

13,157

645

1%

6

6

TRY/DKK1)

171

-

171

20%

34

34

USD/DKK

803

(913)

(110)

10%

(11)

(11)

Other/DKK

(1,704)

1,825

121

10%

12

12

Total

(13,242)

14,069

827

2024

EUR/DKK

(13,310)

10,737

(2,573)

1%

(26)

(26)

TRY/DKK1)

371

-

371

30%

45

111

USD/DKK

968

(1,215)

(247)

10%

(25)

(25)

Other/DKK

(429)

835

406

10%

41

41

Total

(12,400)

10,357

(2,043)

1)TRY is not hedged due to high costs of hedging.

Foreign currency sensitivityA change in relevant currencies, with all other variables held constant, would have impacted profit or loss and equity with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal).

Bonds and bank loans

\u2013 by currency

12.8

DKKbn

97% EUR

03% Other

Change in average FX rates

2025

2024

TRY

(20.6)%

(29.6)%

GBP

(1.1%)

2.8%

CHF

1.7%

2.1%

USD

(4.2)%

(0.0)%

AUD

(6.3)%

(0.6)%

NOK

(0.7)%

(1.8)%

SEK

3.4%

0.5%

HKD

(4.1)%

0.3%

EUR

0.1%

0.1%

( ) = Weakened against DKK

Foreign currency sensitivity A 10% change (TRY: 20% and EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts below.

(DKKm)

Revenue

Operating profit

before other items

TRY

1,291

86

GBP

1,180

55

CHF

728

63

USD

543

14

AUD

515

36

NOK

362

31

SEK

327

21

EUR

255

15

HKD

254

16

Other

1,021

38

Total

6,476

375

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__179": { "value": "

5.1 Income tax

5.1.1 Tax expense and effective tax rate

Tax in profit or loss

(DKKm)

2025

2024

Current tax

667

658

Deferred tax

64

59

Prior year adjustments, net

(55)

(59)

Income tax

676

658

Effective tax rate

(DKKm)

2025

2024

Statutory income tax rate, Denmark

22.0%

22.0%

Foreign tax rate differential, net

0.2%

0.4%

Total

22.2%

22.4%

Non-tax-deductible expenses less non-taxable income

(0.6)%

(1.3)%

Prior year adjustments, net

(1.7)%

(1.8)%

Change in valuation of tax assets, net

(1.5)%

(2.9)%

Change in tax rates

0.3%

0.0%

Hyperinflation

0.7%

1.1%

Other taxes

1.2%

2.5%

Effective tax rate

20.6%

20.0%

Development in 2025Income tax amounted to DKK 676 million (2024: DKK 658 million), resulting in an effective tax rate of 20.6% (2024: 20.0%). The effective tax rate was favourably influenced by permanent differences, prior year adjustments and change in valuation of tax assets. Hyperinflation adjust-ments (IAS 29) and other taxes impacted negatively.

Non-tax-deductible expenses less non-taxable income comprisedvarious income and expenses. In 2025, application of interest limitation rules impacted positively, while the effect was negative in Denmark, Germany and Norway. Furthermore, the tax impact of the successful final settlement of the VAT dispute in Norway impacted negatively.

Change in valuation of tax assets, net was positively impacted by recognition of a tax asset for a balance of carried forward tax deductible cost in Norway. In 2024, changes related mainly to release of valuation allowance on tax losses in Germany due to expected improvements in future profitability.

Hyperinflationrelated to the hyperinflation adjustment in T\u00fcrkiye.

Other taxes mainly comprised withholding tax, e.g. in Denmark, and US state taxes.

OECD Pillar Two

\u2013 update

In 2025, the Group has implemented bespoke financial processes to ensure full compliance with OECD\u2019s BEPS 2.0 Pillar Two initiative (Global Minimum Tax). On that basis it is management\u2019s expectation that the Group\u2019s effective tax rate and cash tax rate will not be significantly impacted by the Global Minimum Tax rules.

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__180": { "value": "

5.2 Deferred tax

5.2.1 Recognised deferred tax

Assets

Liabilities

(DKKm)

2025

2024

2025

2024

Tax losses carried forward

478

587

-

-

Goodwill

4

4

422

420

Brands

-

-

350

350

Customer contracts

7

7

263

255

Property and equipment (incl. right-of-use)

127

235

524

579

Provisions, lease and other liabilities

1,063

1,006

495

581

Pensions

173

195

96

97

Tax losses in foreign subsidiaries under Danish joint taxation

-

-

23

23

Set-off within legal tax units/jurisdictions

(1,030)

(1,149)

(1,030)

(1,149)

Total

822

885

1,143

1,156

Development

(DKKm)

2025

2024

Liabilities, net at 1 January

271

358

Prior year adjustments, net

(15)

(31)

FX adjustments

48

21

Hyperinflation restatement

(14)

23

Acquisitions/divestments, net

(43)

19

Actuarial (gains)/losses on pensions

10

(36)

Tax on profit before tax

64

59

Reclass

-

(142)

Liabilities, net at 31 December

321

271

Prior year adjustments, netmainly related to adjustment of tax deductions (temporary differences) in the final tax returns.

Acquisitions/divestments, netin 2025 related mainly to additions from current year acquisitions and adjustments of previous years divestments.

Reclassin 2024 related to uncertain tax positions being reclassified from deferred tax to tax payables due to changed presentation.

5.2.2 Unrecognised deferred tax assetsAt 31 December 2025, the Group had unrecognised deferred tax assets which comprised tax losses carried forward and other deductible temporary differences of DKK 889 million (2024: DKK 952 million) largely related to Germany.

Accounting policy

\"\"
\"\"

Deferred tax is provided for using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts, except for goodwill which is not deductible for tax purposes. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to management\u2019s intended use of the asset or settlement of the liability.

Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax.

Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in non-current assets 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.

The Group has applied the mandatory exception for recognition and disclosure of deferred tax assets and liabilities arising from Pillar Two Income taxes.

Accounting estimates

\"\"
\"\"
\"\"

Deferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. Future taxable income is based on financial forecasts approved by management and expectations for operational development, mainly in terms of organic growth and operating margin, i.e. the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests. These represent management\u2019s best estimates, but are by nature associated with significant uncertainty.

Uncertain tax positionsAs part of operating a global business, disputes with tax authorities around the world may occur. Management periodically evaluates positions taken in tax returns with respect to situations where applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions is measured based on management\u2019s best estimate of the amount required to settle the obligation and recognised in tax payables or income tax depending on the tax position.

Management believes that the provisions made are adequate. However, the actual obligations may deviate as they depend on the result of litigations and settlements with the relevant tax authorities.

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__181": { "value": "

Accounting policy

\"\"
\"\"

Deferred tax is provided for using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts, except for goodwill which is not deductible for tax purposes. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to management\u2019s intended use of the asset or settlement of the liability.

Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax.

Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in non-current assets 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.

The Group has applied the mandatory exception for recognition and disclosure of deferred tax assets and liabilities arising from Pillar Two Income taxes.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__182-1": { "value": "

6.1 Management remuneration

6.1.1 Key management personnel

EGM

(DKK thousand)

Board

EGMB

Corporate

Senior

Officers

2025

Base salary and non-monetary benefits

10,581

14,671

20,594

Annual bonus (STIP)

-

9,633

9,119

Sign-on bonus

-

168

-

Pensions

-

1,388

221

Share-based payments

-

9,140

7,141

Severance payments

-

-

31,828

Total

10,581

35,000

68,903

2024

Base salary and non-monetary benefits

9,378

11,776

42,736

Annual bonus (STIP)

-

10,707

21,556

Sign-on bonus

-

1,552

-

Pensions

-

1,113

2,086

Share-based payments

-

5,117

13,943

Severance payments

-

-

1,461

Total

9,378

30,265

81,782

The Executive Group Management (EGM) comprises the Executive Group Management Board (EGMB) and Corporate Senior Officers of the Group.

Members of the EGM have authority and responsibility for planning, implementing and controlling the Group\u2019s activities and are together with the Board of Directors (Board) considered as the Group\u2019s key management personnel.

Remuneration policy is described in the Remuneration report which is availablehere.

Key management personnelThe Board of Directors (Board) and the Executive Group Management (EGM) are considered the Group\u2019s key management personnel as defined in 6.1, Management remuneration.

Apart from remuneration, including share-based incentive programmes, there were no significant transactions with members of the Board and the EGM in 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__184-1": { "value": "

6.1 Management remuneration

6.1.1 Key management personnel

EGM

(DKK thousand)

Board

EGMB

Corporate

Senior

Officers

2025

Base salary and non-monetary benefits

10,581

14,671

20,594

Annual bonus (STIP)

-

9,633

9,119

Sign-on bonus

-

168

-

Pensions

-

1,388

221

Share-based payments

-

9,140

7,141

Severance payments

-

-

31,828

Total

10,581

35,000

68,903

2024

Base salary and non-monetary benefits

9,378

11,776

42,736

Annual bonus (STIP)

-

10,707

21,556

Sign-on bonus

-

1,552

-

Pensions

-

1,113

2,086

Share-based payments

-

5,117

13,943

Severance payments

-

-

1,461

Total

9,378

30,265

81,782

The Executive Group Management (EGM) comprises the Executive Group Management Board (EGMB) and Corporate Senior Officers of the Group.

Members of the EGM have authority and responsibility for planning, implementing and controlling the Group\u2019s activities and are together with the Board of Directors (Board) considered as the Group\u2019s key management personnel.

Remuneration policy is described in the Remuneration report which is availablehere.

7.3 Related parties

Parent and ultimate controlling partyThe Group\u2019s parent, ISS A/S, is the ultimate controlling party. At 31 December 2025, ISS had no related parties with either control of the Group or significant influence in the Group.

Key management personnelThe Board of Directors (Board) and the Executive Group Management (EGM) are considered the Group\u2019s key management personnel as defined in 6.1, Management remuneration.

Apart from remuneration, including share-based incentive programmes, there were no significant transactions with members of the Board and the EGM in 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__185": { "value": "

6.2 Share-based payments

6.2.1 Long-term incentive programmeMembers of the EGM and other senior officers of the Group are granted a number of performance share units (PSUs) under the annual LTIP. Participants are compensated for any dividend distributed between time of grant and time of vesting. Upon vesting, each PSU entitles the holder to receive one share at no cost.

Subject to certain criteria, the PSUs will vest after three years.

In 2025, the Group recognised a cost of DKK 93 million (2024: DKK 93 million) related to share-based payment programmes (see overview to the right for PSUs and overview in 6.2.2, Special incentive programmes (SIP) for RSUs) with a corresponding increase in equity.

Fair value and profit or loss impact

(DKKm unless otherwise stated)

LTIP 2025

LTIP 2024

LTIP 2023

LTIP 20221)

Fair value

At grant date

112

113

116

129

At 31 December 2025

111

96

91

-

Profit or loss impact

Recognised in 2025

22

36

25

3

Not yet recognised

63

38

9

-

PSUs and participants

Participants (number)

129

132

147

140

PSUs granted (number)

881,490

1,192,690

1,027,939

1,448,791

PSUs expected to vest (of outstanding PSUs)

84%

90%

96%

75%

1) Vested in March 2025.

Fair value assumptions

LTIP 2025

LTIP 2024

LTIP 2023

LTIP 2022

At the time of grant

Share price, DKK1)

167-191

124-127

122-153

117-153

Expected volatility2)

28.9%

32.8%

33.8%

42.3%

Expected life of grant, years

3

3

3

3

Risk-free interest rate2)

0.6%-4.7%

0.8%-4.2%

1.0%-3.1%

(0.1%)-1.5%

1) Based on five-day average.

2) Based on observable market data for peer groups.

Vesting criteriaThe vesting criteria are total shareholder return (TSR), measured relative to peer group performance, and earnings per share (EPS).

The weight of the individual criteria are:

TSR: 40%

EPS: 40%

Service-based objective: 20%

TSR performance criteria

Threshold

Vesting

TSR

Below threshold

0%

Below median of peers

Threshold

25%

At median of peers

Maximum

100%

At upper quartile of peers or better

TSR peers are the Nasdaq Copenhagen OMX C25 and a peer group of comparable international service companies.

Vested programmes In March 2025, the LTIP 2022 programme vested. Based on the EPS and TSR performances for the period 2022-2024, 75% of the granted PSUs vested at a weighted average price of DKK 162 at the date of vesting. After this vesting, no further PSUs are outstanding under the LTIP 2022 and the programme has lapsed.

Furthermore, in March 2026, the PSUs granted under LTIP 2023 will vest with 96% based on the annual EPS and TSR performances for the period 2023-2025.

Outstanding PSUs

EGM

LTIP 2022(vesting in 2025)

EGMB

Corporate

Senior

Officers

Other

Senior

Officers

Total

At 1 January 2024

34,833

190,603

855,753

1,081,189

Granted

646

3,536

15,629

19,811

Forfeited

-

(13,648)

(27,653)

(41,301)

Outstanding at 31 December 2024

35,479

180,491

843,729

1,059,699

Vested

(26,474)

(134,665)

(620,438)

(781,577)

Forfeited

-

-

(11,992)

(11,992)

Expired

(9,005)

(45,826)

(211,299)

(266,130)

Outstanding at 31 December 2025

-

-

-

-

LTIP 2023 (vesting in 2026)

At 1 January 2024

47,698

143,812

685,101

876,611

Granted

883

2,668

12,605

16,156

Forfeited

-

(13,823)

(48,084)

(61,907)

Outstanding at 31 December 2024

48,581

132,657

649,622

830,860

Granted

1,021

2,666

13,180

16,867

Forfeited

-

(5,739)

(30,649)

(36,388)

Outstanding at 31 December 20251)

49,602

129,584

632,153

811,339

LTIP 2024 (vesting in 2027)

Granted

115,713

163,197

892,389

1,171,299

Forfeited

-

(19,452)

(60,697)

(80,149)

Outstanding at 31 December 2024

115,713

143,745

831,692

1,091,150

Granted

2,430

2,328

16,633

21,391

Forfeited

-

(32,920)

(66,232)

(99,152)

Outstanding at 31 December 20251)

118,143

113,153

782,093

1,013,389

LTIP 2025 (vesting in 2028)

Granted

93,876

79,822

707,792

881,490

Forfeited

-

-

(31,131)

(31,131)

Outstanding at 31 December 20251)

93,876

79,822

676,661

850,359

1) The weighted average remaining contractual life of the existing LTIP programmes is 1.2 year (2024: 1.2 year).

Accounting policy

\"\"
\"\"

The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both schemes are equity-settled.

The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including market-based vesting conditions (Total Shareholder Return (TSR)), see Vesting criteria in 6.2.1. Fair value assumptions are disclosed in the tables in 6.2.1 and 6.2.2.

On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. This estimate is revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.

6.2.2 Special incentive programmes (SIP)The Group has a Special Incentive Programme (SIP) under which Restricted Share Units (RSUs) are granted to certain EGM members and Other Senior Officers of the Group. Subject to individual service criteria, the RSUs will vest after 2 years. Upon vesting, each RSU entitles the holder to receive one share at no cost.

In 2025, a total of 25,075 RSUs were granted to members of EGM and certain Other Senior Officers under the SIP 2025 programme.

Vested programmes In March 2025, the RSUs granted under the SIP 2023 programme vested 100% based on individual service criteria.

In March 2026, the RSUs granted under the SIP 2024 programme will vest 100% subject to achievement of individual service criteria.

Fair value and profit or loss impact

(DKKm, unless otherwise stated)

SIP 2025

SIP 2024

SIP 20231)

Fair value

At grant date

4

9

1

At 31 December 2025

4

9

-

Profit or loss impact

At grant date

1

5

1

At 31 December 2025

3

1

-

RSUs and participants

Participants (number)

4

6

4

RSUs granted (number)

25,075

74,300

10,365

Expected to vest (of outstanding RSUs)

100%

100%

100%

Fair value assumptions

SIP 2025

SIP 2024

SIP 2023

At the time of grant

Share price, DKK

167-191

124-127

122

Expected life of grant, years

2.0

2.0

1.5

Outstanding RSUs

EGM

SIP 2023(vesting in 2025)

EGMB

CorporateSenior Officers

Other Senior

Officers

Total

At 1 January 2024

-

-

10,178

10,178

Granted

-

-

187

187

Outstanding at 31 December 2024

-

-

10,365

10,365

Granted

(10,365)

(10,365)

Outstanding at 31 December 2025

-

-

-

-

SIP 2024 (vesting in 2026)

Granted

3,003

-

69,769

72,772

Outstanding at 31 December 2024

3,003

-

69,769

72,772

Granted

63

1,465

1,528

Outstanding at 31 December 20251)

3,066

-

71,234

74,300

SIP 2025 (vesting in 2027)

Granted

-

11,495

13,580

25,075

Outstanding at 31 December 20251)

-

11,495

13,580

25,075

1) The weighted average remaining contractual life of the existing SIP programmes is 0.4 year (2024: 1.0 year).

1) Vested in March 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__187": { "value": "

Accounting policy

\"\"
\"\"

The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both schemes are equity-settled.

The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including market-based vesting conditions (Total Shareholder Return (TSR)), see Vesting criteria in 6.2.1. Fair value assumptions are disclosed in the tables in 6.2.1 and 6.2.2.

On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. This estimate is revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__188-1": { "value": "

Accounting policy

\"\"
\"\"

The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both schemes are equity-settled.

The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including market-based vesting conditions (Total Shareholder Return (TSR)), see Vesting criteria in 6.2.1. Fair value assumptions are disclosed in the tables in 6.2.1 and 6.2.2.

On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. This estimate is revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.

Accounting policy

\"\"
\"\"

Defined contribution plansThe Group\u2019s contributions are recognised in Employee costs when the related service is provided.

Defined benefit plansThe Group\u2019s net obligation is calculated by a qualified actuary using the projected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of plan assets is recognised in Pensions and similar obligations. If the calculation results in a net asset, the asset is recognised if it offsets refunds from, or leads to reduced future contributions to, the plan. Consideration is given to applicable minimum funding requirements.

Pension costs are calculated based on actuarial estimates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Finance costs. Remeasurements (actuarial

gains/losses), comprising the differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date as well as the effect of asset ceiling are recognised in Other comprehensive income.

When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlements are recognised when incurred.

Multiemployer plans The Group does not have the necessary information to account for the schemes as defined benefit plans, and they are therefore accounted for as defined contribution plans.

Other long-term employee benefits are calculated as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__192": { "value": "

7.2 Hyperinflation in T\u00fcrkiye

7.2.1 Impact on the consolidated financial statements

Inflation restatement

(DKKm)

Total

(excl. IAS 29)

Non-monetary

Profit

or loss

Retranslation

(YE FX)

Total

adjust-ments

Total

2025

Profit or loss

Revenue

84,703

-

704

(723)

(19)

84,684

Operating profit before other items

4,237

(73)

60

(55)

(68)

4,169

Operating profit

4,039

(95)

60

(54)

(89)

3,950

Net profit

2,622

(7)

-

(2)

(9)

2,613

Financial ratios

Organic growth (non-IFRS)

4.3%

-

-

-

-

4.3%

Operating margin (non-IFRS)

5.0%

(0.1%)

0.0%

0.0%

(0.1%)

4.9%

Cash flows

Operating activities

3,999

-

-

(10)

(10)

3,989

Investing activities

(1,189)

-

-

5

5

(1,184)

Financing activities

(7,638)

-

-

0

0

(7,638)

Free cash flow (non-IFRS)

2,650

-

-

3

3

2,653

2024

Profit or loss

Revenue

83,005

-

943

(187)

756

83,761

Operating profit before other items

4,155

(78)

80

(14)

(12)

4,143

Operating profit

3,923

(99)

79

(14)

(34)

3,889

Net profit

2,592

(3)

-

(0)

(3)

2,589

Financial ratios

Organic growth (non-IFRS)

6.3%

-

-

-

-

6.3%

Operating margin

5.0%

(0.1%)

0.0%

0.0%

(0.1%)

4.9%

Cash flows

Operating activities

3,729

-

-

(2)

(2)

3,727

Investing activities

(1,537)

-

-

1

1

(1,536)

Financing activities

(1,410)

-

-

5

5

(1,405)

Free cash flow (non-IFRS)

1,995

-

-

1

1

1,996

Financial position

2025

2024

(DKKm)

Total

(excl. IAS 29)

Acc.inflation

restatement

Total

Total

(excl. IAS 29)

Acc.inflation

restatement

Total

Goodwill

19,401

972

20,373

19,509

992

20,501

Other intangible assets

3,448

387

3,835

3,453

405

3,858

Right-of-use assets, property and equipment

3,315

107

3,422

3,288

134

3,422

Total assets

44,135

1,466

45,601

49,110

1,531

50,641

Other comprehensive income1)

(1,988)

1,253

(735)

(948)

1,299

351

Other equity elements

11,186

89

11,275

11,466

96

11,562

Total equity

9,198

1,342

10,540

10,518

1,395

11,913

Deferred tax liabilities

1,019

124

1,143

1,020

136

1,156

Total equity and liabilities

44,135

1,466

45,601

49,110

1,531

50,641

1)In year impact of restatement amounts to DKK 332 million (2024: DKK 477 million).

Development in 2025 In 2025, the impact of hyperinflation restatement on our three key KPIs, i.e. organic growth (non-IFRS), operating margin (non-IFRS) and free cash flow (non-IFRS) continued to be immaterial.

The Group\u2019s financial position continued to be significantly impacted. At 31 December 2025, goodwill increased by DKK 972 million (2024: DKK 992 million), customer contracts increased by DKK 387 million (2024: DKK 405 million) and equity increased by DKK 1,342 million (2024: DKK 1,395 million) (accumulated hyperinflation adjustment impacts).

In 2025, the inflation rate decreased to 30.89% (2024: 44.38%) and the exchange rate for TRY/DKK decreased from 20.30 in the beginning of the year to 14.79 in December 2025, leading to an average rate of 16.65 (2024: 20.97).

Accounting policy

\"\"
\"\"

Inflation restatement

The financial statements of ISS T\u00fcrkiye based on historical costs are restated for inflation to reflect the purchasing power at the reporting date using the consumer price index.

Non-monetary items such as goodwill, customer contracts, right-of-use assets, property and equipment and deferred tax, are restated for the effect of inflation based on changes in the price index for the period from initial recognition to 31 December 2025 or to the date of disposal, where relevant. The restatement was made effective from the time, the items were initially recognised, which was no earlier than 2005, when ISS first entered T\u00fcrkiye through an acquisition. The restatement effect related to prior years is recognised in Other comprehensive income and current year effect is recognised in Finance income and Finance costs.

Management assesses whether the restatement of non-monetary items represents an indication of impairment to ensure that the restated amounts do not exceed the recoverable amounts of the assets, see 3.2, Impairment tests.

Monetary itemssuch as receivables, payables and borrowings are not restated as these items already reflect the purchasing power at the reporting date.

Equity includes the opening effect of restating non-monetary items. The restatement effects based on in-year changes in the price index are recognised in Other comprehensive income with set-off within Finance income or Finance costs in profit or loss.

Profit or loss transactions are restated to reflect changes in the price index from the time of transaction to the end of the reporting period except for depreciation and amortisation, which are recalculated based on the inflation-adjusted carrying amounts. The restating gain or loss is recognised in Finance income or Finance costs, except for the tax effect, which is recognised in Income tax.

Cash flow statement Operating profit before other items includes a non-cash effect from the inflation restatement, and is eliminated in the line Non-cash items related to hyperinflation.

Price index

Restatement for hyperinflation of the financial

statements of ISS T\u00fcrkiye is based on the

development in the consumer price index provided

by the T\u00fcrkiyish Statistical Institute calculated as an

average year to date conversion factor. For 2025, the

inflation rate in T\u00fcrkiye was 30.89% (2024: 44.38%).

In 2025, the conversion factor was 12% (2024: 17%).

Retranslation from TRY to DKK

The financial statements of ISS T\u00fcrkiye, including effects of inflation restatement, are translated into DKK applying the TRY/DKK exchange rate at the reporting date as opposed to the Group\u2019s normal practice of translating the profit or loss using the exchange rate at the transaction date or an average exchange rate for the month.

The TRY/DKK exchange rate decreased from 20.30 at the beginning of 2025 to 14.79 at 31 December 2025. The average rate was 16.65 (2024: 20.97).

", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__195": { "value": "

7.4 Fees to auditors

(DKKm)

2025

2024

Statutory audit

54

52

Other assurance services

5

5

Tax and VAT advisory services

1

2

Other services

0

3

Total

60

62

Fees for services other than the statutory audit of the financial statements provided by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark mainly consist of other assurance opinions including limited assurance on the sustainability statement and agreed-upon procedures.

Other assurance servicescomprised work related to the interim financial statements and other assurance services and ESG.

Tax and VAT advisory servicesmainly related to tax compliance services.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__197": { "value": "The 2025 Annual Report for ISS A/S was discussed and approved by the Executive Group Management Board and the Board of Directors on 19 February 2026 and issued for approval at the subsequent annual general meeting on 16 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__198": { "value": "

Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRS Accounting Standards issued by the IASB.

The consolidated financial statements have been prepared on the basis that the Group will continue to operate as a going concern.

The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.

Fair value measurement and disclosureAssets and liabilities are generally measured at historical cost, except for plan assets under defined benefit plans, derivatives and contingent consideration that are measured at fair value. Fair value measurements are categorised within the fair value hierarchy and disclosed in the relevant notes.

For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash

equivalents, trade receivables, trade payables and other current and non-current financial assets and liabilities approximate their carrying amounts largely due to the short-term nature of these items.

The fair value of borrowings, including methods and assumptions used to estimate the fair value, is disclosed in 4.2.1, Borrowings.

MaterialityThe consolidated financial statements separately present items or groups of items that are considered material. In addition, information that is considered material, either individually or in combination with other information, is disclosed.

Materiality is judged by reference to the size and nature of the item, either individually or combined. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions made by the primary users on the basis of the consolidated financial statements.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__199": { "value": "Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRS Accounting Standards issued by the IASB. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__200": { "value": "The consolidated financial statements have been prepared on the basis that the Group will continue to operate as a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__203-1": { "value": "The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.On recognition in the consolidated financial statements of Group companies with a functional currency other than DKK, except for companies operating in hyperinflationary environments, the statements of profit or loss and statement of cash flows are translated at the average exchange rates for the period and the statements of financial position are translated at the exchange rates at the reporting date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities and on translation of receivables considered part of the net investment in the entity and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in Other comprehensive income. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__206": { "value": "

Basis of consolidationThe consolidated financial statements comprise ISS A/S and entities controlled by ISS A/S. Consolidation is performed after elimination of intra-group balances, income and expenses. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

By virtue of agreement certain non-controlling shareholders are only eligible of receiving benefits from their non-controlling interest when ISS as controlling shareholder has received their initial investment and compound interest on such. In such instances the subsidiaries\u2019 result and equity are fully allocated to ISS until the point in time where ISS has recognised amounts exceeding their investment including compound interest on such.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__205": { "value": "

Foreign currencyTransactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.

On initial recognition, foreign currency transactions are translated to the functional currencies of the Group companies at the exchange rates at the transaction date. Translation differences between the exchange rates at the transaction date and the date of payment are recognised in Finance income or Finance costs.

Monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the transaction date or the exchange rate used in the latest financial statements is recognised in Finance income or Finance costs.

On recognition in the consolidated financial statements of Group companies with a functional currency other than DKK, except for companies operating in hyperinflationary environments, the statements of profit or loss and statement of cash flows are translated at the average exchange rates for the period and the statements of financial position are translated at the exchange rates at the reporting date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities and on translation of receivables considered part of the net investment in the entity and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in Other comprehensive income. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__207": { "value": "

8.2 In-year changes

Changes in accounting policiesFrom 1 January 2025, the Group has adopted certain new and amended standards with no significant impact on recognition and measurement.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__208": { "value": "

8.2 In-year changes

Changes in accounting policiesFrom 1 January 2025, the Group has adopted certain new and amended standards with no significant impact on recognition and measurement.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__209": { "value": "

8.3 New regulations

IASB issued certain amended standards and interpretations, that are not mandatory for the consolidated financial statements of the Group at 31 December 2025. The Group expects to adopt the new standards and interpretations when they become mandatory.

Based on the current business setup and level of activities, none of these standards and interpretations are expected to have a material impact on the recognition and measurement in the consolidated financial statements.

The standard below will impact presentation and the definition of certain required subtotals.

IFRS 18: Presentation and Disclosure of Financial statementsFrom 1 January 2027, IFRS 18 will replace IAS 1, introducing new requirements that will help to achieve comparability of financial performance of similar entities and provide more relevant information and transparency to users.

Even though IFRS 18 will not impact the recognition and measurement of items, its impact on presentation (including definition of certain required subtotals) and disclosures is expected to be pervasive, in particular those related to the statement of profit or loss and providing management-defined performance measures (MPMs) within the financial statements. The key new concepts introduced in IFRS 18 relate to:

the structure of the statement of profit or loss;

required disclosures in the financial statements for certain profit or loss performance measures that are reported outside and entity\u2019s financial statements (i.e. MPMs); and

enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general

ISS is currently analysing the new standard and will disclose the impact, including on profit or loss and MPMs, in due course.

", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__210": { "value": "

8.4 Group companies

Northern Europe

Denmark (ISS A/S\u2019s country of domicile)

ISS Facility Services A/S

100%

ISS World Services A/S

100% 4)

ISS Global A/S

100% 4)

ISS Global Management A/S

100% 4)

ISS Holding France A/S

100% 4)

ISS Lending A/S

100% 4)

Belgium & Luxembourg

ISS Catering N.V.

100%

ISS Facility Services N.V.

100%

ISS Reception and Support Services N.V.

100%

ISS Facility Services S.A. (Luxembourg)

100%

ISS Technical Services BV

100%

ISS Luxinterim S.a.r.l.

100%

Finland

ISS Palvelut Holding Oy

100%

ISS Palvelut Oy

100%

Lithuania

ISS Lietuva UAB

100%

Netherlands

ISS Catering Services B.V.

100%

ISS Holding Nederland B.V.

100%

ISS Integrated Facility Services B.V.

100%

ISS Nederland B.V.

100%

Norway

ISS Holding AS

100%

ISS Management AS

100%

ISS Facility Services AS

100%

ISS Serveringspartner AS

100%

ISS Service Management AS

100%

Poland

ISS Facility Services Sp. Z.o.o.

100%

ISS World Services Poland Sp. z o.o.

100% 4)

Sweden

ISS Facility Services Holding AB

100%

ISS Facility Services AB

100%

ISS Palvelut Holding AB

100%

UK & Ireland

ISS UK Holding Ltd.

100%

ISS UK Ltd.

100%

ISS Facility Services Ltd.

100%

ISS Mediclean Ltd.

100%

ISS Ireland Ltd.

100%

Central & Southern Europe

Austria

ISS Austria Holding GmbH

100%

ISS Facility Services GmbH

100%

med-serv GmbH

100%

ISS Ground Services GmbH

100%

ISS Food Services GmbH

100%

Franye Geb\u00e4udetechnik GmbH

100%

Czech Republic GCC

ISS International Czech Republic s.r.o.

100% 5)

Germany

ISS Automotive Services GmbH

100%

ISS Facility Services Holding GmbH

100%

ISS Integrated Facility Services GmbH

100%

ISS Energy Services GmbH

100%

ISS Communication Services GmbH

100%

Hungary

ISS International Hungary Kft

100% 5)

Italy

ISS Facility Services S.r.l.

100%

Portugal

ISS Tech Portugal, Unipessoal Lda.

100% 4)

Romania

ISS Facility Services International S.R.L

100%

Spain

Integrated Service Solutions S.L.

100%

ISS Facility Services, S.A.

100%

Ute-Hospitales S.A.S

065%1)

Gelim Madrid, S.A.

100%

Gelim S.A.

100%

Servicios Extreme\u00f1os, S.A.

100%

Garbialdi, S.A.

100%

Switzerland

ISS Facility Services AG

100%

ISS Schweiz AG

100%

ISS Facility Services (Liechtenstein) AG

100%

T\u00fcrkiye

ISS Hazir Yemek Uretim Ve Hizmet

50.1% 3)

ISS Proser Koruma Ve Guvenik Hizmetleri A.S.

50.1% 3)

ISS Tesis Yonetim Hizmetleri A.S.

50.1% 3)

ISS \u0130\u015fletme Hizmetleri A.\u015e.

50.1% 3)

ISS Hasere Kontrol Hiz. AS.

50.1% 3)

ISS Tesis Yonetim Hizmetleri A.S & FMS Saglik Hizmetleri A.S. Adi Ortakligi

50.1% 3)

Asia & Pacific

Australia & New Zealand

ISS Facility Management Pty Ltd

100%

ISS Facility Services Australia Ltd.

100%

ISS Facility Services Pty Ltd.

100%

ISS Health Services Pty Ltd.

100%

ISS Integrated Services Pty Ltd.

100%

ISS Property Services Pty Ltd.

100%

ISS Security Pty Ltd.

100%

Pacific Invest December 2004 Pty Ltd.

100%

Pacific Service Solutions Pty Ltd.

100%

ISS Facility Services Limited

100%

ISS Holdings NZ Ltd.

100%

ISS Administrative Services Pty Ltd

100%

ISS Training Pty Ltd

100%

Blurlato Pty Ltd

100%

Wiltari Pty Ltd

100%

China

ISS Facility Services (Shanghai) Ltd.

100%

ISS Hongrun (Shanghai) Cleaning Services Limited

100%

Shanghai BA Property Management Co., Ltd

100%

Shanghai BA Security Co., Ltd

100%

Shanghai ISS Catering Management Ltd.

100%

Hong Kong

ISS Adams Secuforce Ltd

100%

ISS China Holdings Ltd.

100%

ISS China Holdings I Ltd.

100%

ISS EastPoint Properties Ltd

100%

ISS EastPoint Property Management Ltd

100%

ISS Facility Services Ltd

100%

ISS Greater China Ltd.

100%

ISS Mediclean (HK) Ltd.

100%

ISS Pan Asia Security Services Ltd

100%

ISS Support Services Limited

100%

Silvertech E M Engineering Co Ltd

100%

India

ISS Facility Services India Pvt Ltd.

100%

ISS Sdb security services private limited

046% 2)

Innovative salary services and payroll advisory private limited

046% 2)

Indonesia

PT. ISS Facility Services

100%

PT. ISS Indonesia

100%

PT. ISS Jasa Fasilitas

000% 2)

Singapore

ISS Catering Services Pte. Ltd.

100%

ISS Facility Services Pte Ltd.

100%

ISS M and E Pte Ltd.

100%

Americas

Chile

A Punto Servicios de Alimentacion S.A.

100%

ISS Chile S.A.

100%

ISS Servicios Generales

100%

ISS Servicios Integrales Ltda.

100%

Mexico

ISS Centro America S. de R.L de C.V.

100%

ISS Facility Services, S.A. de C.V.

100%

US & Canada

ISS Facility Services Holding, inc

100%

ISS Management and Finance Co, Inc

100%

ISS Facility Services Inc (US)

100%

Guckenheimer Enterprises, Inc

100%

ISS Holding, Inc.

100%

ISS Facility Services, Inc (CA)

100%

1)Joint venture.

2)By virtue of the governance structure, the Group has the power to govern the financial and operating policies of the company. Consequently, the company is consolidated as a subsidiary.

3)Under certain circumstances or events, ISS may be obliged to choose to pur-chase other shareholders\u2019 shareholdings or dispose of its own shareholdings.

4)Group HQ entities

5)Global managed services

On this page the Group\u2019s significant subsidiaries and joint ventures are presented per region. Together these are referred to as \u201cCompanies within the ISS Group\u201d.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__230": { "value": "ISS A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__232": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__231": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__233": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__234": { "value": "Buddingevej 197, DK-2860 S\u00f8borg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__236": { "value": "Global ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__7__237": { "value": "Workplace and facility service solutions", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LEZA58SZNCBN19", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }