Egmont Fonden
CVR No. 11 45 61 11
Vognmagergade 11,
1120 Copenhagen K,
Denmark
As approved on the
Annual Meeting on
11 March 2026
Chair of the Meeting
Annual Report
202 5
Egmont Annual Report 2025
3
Management review
Consolidated financial highlights 5
Egmont in 2025 6
Key Financial Figures for 2025 7
TV 2, Norway 8
Nordisk Film 9
Story House Egmont 10
Egmont Books 11
Egmont’s grants 12
Corporate Social Responsibility 14
Foundation and corporate governance 16
Board of directors 17
Management board 18
Consolidated financial statements
Income statement 21
Statement of comprehensive income 21
Statement of financial position 22
Cash flow statement 23
Statement of changes in equity 24
Notes 25
Statements
Statement by the board of directors and
management board 61
Independent auditor’s report 62
Financial statements of Egmont Fonden
Income statement 66
Statement of financial position 66
Statement of changes in equity 67
Notes 68
Contents
3
Egmont Annual Report 2025 Management review
5
5
2025 was a very
satisfactory year for
Egmont , with an EBIT of
EUR 141 million.
Consolidated financial highlights
Financial terms and ratios are defined in section 7.1.
Key figures (EUR million)
2025
2024
2023
2022
2021
Revenue
2,198.0
2,278.0
2,376.8
2,303.1
2,073.5
Profit before net financials, depreciation,
amortisation and impairment losses (EBITDA)
311.8
282.7
284.0
255.9
390.2
Operating profit (EBIT)
140.5
102.1
84.2
81.1
255.9
Profit/(loss) from investments in associates
(1.3)
5.4
1.7
0.4
4.4
Net financial income/(expense) from operation
1.3
2.7
(6.7)
1.4
0.4
Adjusted operating profit *
140.5
110.2
79.2
82.9
260.7
Financial income and expenses, net
(21.2)
(27.1)
(28.9)
(15.8)
(15.1)
Profit before tax (EBT)
119.3
83.1
50.4
67.1
245.6
Profit for the year
96.2
66.9
41.6
61.6
224.2
Total assets
2,389.1
2,331.9
2,451.7
2,545.2
2,500.4
Investments in intangible assets
102.1
91.6
121.5
129.6
89.7
Investments in property, plant and equipment
15.5
13.2
14.9
27.3
21.4
Borrowings
230.8
291.2
322.6
364.8
186.9
Net interest -bearing debt * *
336.8
406.2
450.8
495.1
306.2
Equity
1,189.4
1,106.3
1,082.7
1,096.9
1,097.7
Cash generated from operations
267.9
220.1
269.0
218.3
301.3
Financial ratios (%)
Operating margin
6.4
4.5
3.5
3.5
12.3
Equity ratio
49.4
47.2
43.9
42.5
43.3
Return on equity
8.0
5.9
3.5
5.6
22.3
Average number of full -time employees
5,361
5,742
6,220
6,201
5,376
* Adjusted operating profit comprises operating profit, financial income and expenses from operations, and results from
investments in associated companies.
** Including IFRS 16 leasing debt.
Egmont Annual Report 2025 Management review
6
Egmont is a leading Nordic media group with a
dual purpose. We bring stories to life and enable
children and youth to have equal opportunities to
pursue a good life. Our stories matter to people
and society.
Egmont is overall divided into four divisions, TV
2, Nordisk Film, Story House Egmont and
Egmont Books. Our operations cover a wide
range of innovative businesses and brands
spanning books, TV, magazines, films, computer
games, cinemas, education, e-commerce, and
digital agencies.
Strategy
In Egmont, we are driven by stories that touch
our hearts, enlighten, educate, inspire, create
community and push for change. With a strong
entrepreneurial spirit rooted in our DNA, we
continue to find new ways to share important
stories.
As an enterprise foundation we use part of our
profits to help others. And we are determined to
go greener and play our part in the green
transition.
Our strategy Grow with the Modern Consumer
enables us to be a technology-empowered
company that uses consumer insights, data
systems and artificial intelligence to optimize and
scale-up operations and follow the consumer
across all media platforms, delivering locally
produced and engaging journalism, content,
entertainment and experiences.
In a time of geopolitical tensions, widespread
misinformation, and the growing dominance of
global technology platforms, it is more important
than ever to ensure access to strong local
content and support cohesion in our society.
2025
Egmont had a very satisfactory year, driven by
successful content, strengthened subscription
platforms and business optimisation.
Egmont plays an important role in society as a
leading Nordic media group in relation to
informing and entertaining with locally rooted
journalism and content. As in previous years,
Egmont has in 2025 had high content
investments in TV, films, books, magazines and
computer games, which resulted in a record
number of TV programs with more than one
million viewers, several of the year's most
watched films and a number of bestselling
books.
In 2025, Egmont continued to build scalable
technology and expanded subscription platforms
and further increased its direct customer
relationships – with the aim of being accessible
to the modern consumer. Egmont now has
6.6 million subscribers across its media
platforms. In addition, Egmont has focused on
optimising the business and prioritising capital
allocation, which among other things led to the
divestment of 7 companies, most significantly
the company GoGift.
Our performance enables us to continue to
support Egmont’s charitable activities. The
Egmont grants amounted to EUR 14.8 million
in 2025.
Divisional highlights
TV 2 experienced revenue growth in 2025,
primarily driven by increased advertising and
subscription revenues. Adjusted operating profit
increased by 24%, driven by the higher revenue
and operational excellence, especially in RiksTV.
This was offset by rising costs of sports rights
and four months of black screen for Telia
customers due to negotiation of a new
distribution agreement.
Nordisk Film's revenue declined in 2025
primarily due to the divestment of GoGift but also
due to lower sales of PlayStation and a more
volatile market for films and computer games,
which led to a reduction in externally financed
computer games. Despite declined revenue,
adjusted operating profit increased from 2024,
attributable to the gain on divestment of GoGift
and strong performance in Nordisk Film
Cinemas. Nordisk Film continued to have major
content investments, with 61 local and
international premiere films and one Oscar
nomination.
Story House Egmont increased revenue when
adjusting for divestment of the e-commerce
company Nicehair late 2024. The increased
adjusted operating profit compared to last year
comes from profitability in both Media, e-
commerce and agency. In a structurally
challenged market, Story House Egmont's
magazines make an important contribution to
the media diversity in Scandinavia.
Egmont Books revenue was overall in line with
last year. Adjusted operating profit declined
compared to last year mainly because of
investments in digitalisation.
Egmont in 2025
Egmont Annual Report 2025 Management review
7
Revenue
Revenue amounted to EUR 2,198 million, which
is 4% below last year, but as expected in line
with last year, when adjusted for divestments
(primarily the divestment of GoGift in early 2025
and Nicehair in late 2024). TV2 realised growth
driven by increased advertising revenue and
growth in TV2 Play subscribers but lower sales
of PlayStations and reduced activity in Games
took revenue down.
Earnings
Operating profit stood at EUR 141 million, an
improvement of EUR 38m compared to last year.
The improvement is driven by divestments of
businesses (EUR 32 million), but also improved
underlying operations, mainly in TV2 Norway
and in Story House Egmont. The result is very
satisfactory.
The profit before tax (EBT) amounted to EUR 119
million, an increase of EUR 36 million compared
to 2024. Due to cost efficiencies and better
performance, the profit before tax (EBT)
excluding gains from divestment of businesses
improved compared to our expectations.
Tax on profit for the year amounted to an
expense of EUR 23 million, corresponding to an
effective tax rate of 19.4%.
The net profit for the year was EUR 96 million in
2025 against EUR 67 million in 2024.
Balance sheet
Total assets amounted to EUR 2,389 million
compared to EUR 2,332 million in 2024. The
increase is mainly caused by renewal of lease
contracts.
Net interest-bearing debt saw a notable
reduction in 2025, decreasing to EUR 337 million
from EUR 406 million in 2024. Net interest-
bearing primarily consists of non-current lease
liabilities and mortgage loans.
Equity increased and reached EUR 1,189 million
at the end of 2025 compared to EUR 1,106
million last year. The increase was primarily
driven by earnings and favourable currency
translation of foreign entities, but off-set by
negative value adjustments of hedging
instruments and donations.
Return on equity was 8.0% compared to 5.9% in
2024, driven by the improved underlying
operating performance and divestments. The
equity ratio at the end of 2025 increased to
49.4% from 47.2% in 2024.
Cash flow
Cash generated from operations amounted to
EUR 268 million compared to EUR 220 million in
2024. Cash flows from investing activities
amounted to an expense of EUR 78 million,
primarily regarding acquisition of film rights and
other rights, offset by divestment of businesses.
Outlook for 2026
Looking ahead, 2026 is anticipated to be another
year marked by continued uncertainty across
macroeconomic conditions, geopolitical
developments and consumer confidence.
Egmont forecasts revenue to be largely in line
with 2025, alongside a slight decrease in
earnings before tax compared to 2025,
excluding the effects of divestments and
acquisitions.
Egmont will carry on developing media
platforms, continuously adapting its media
products to changing consumer needs and new
technology, and run profitability programmes
and efficiency-enhancing measures. The
greatest uncertainty is associated with
advertising revenue, which is sensitive to
economic fluctuations and changes in consumer
demand that impact sales in especially the e-
commerce and games businesses.
Egmont Fonden (parent entity)
Egmont Fonden, the parent entity of the Egmont
Group, realised a profit excluding dividends from
investments in subsidiaries, of EUR 6 million in
2025 (2024: EUR 7 million). Compared to last
year’s expectations, the lower result is due to
decreased interest income.
Egmont Fonden’s commercial activities primarily
comprise royalty income from the foundation’s
publishing rights and management of the
foundation’s assets. For 2026, Egmont Fonden
expects an unchanged profit excluding
dividends depending on development in interest
levels.
Key Financial Figures for 202 5
Egmont Annual Report 2025 Management review
8
660 million EUR
in revenue:
(2024: EUR 637 million)
45 million EUR
in adjusted operating profit
(2024: EUR 37 million)
1,146 employees
(2024: 1,158)
TV 2 is Norway’s commercial public service
broadcaster and has for more than 30 years
been an integral part of the Norwegian social
structure with a unique content portfolio of
news, sports, local programming, and
international films and series. Its public service
channel TV 2 Direkte and the 24/7 news channel
TV 2 Nyheter are leading TV channels, and TV 2
Play is the most used commercial streaming
service in the Norwegian market. TV2.no also
ranks as among the country’s most popular
online news sites.
Revenue amounted to EUR 660 million, a growth
of 4%. Adjusted operating profit was EUR 45
million, which was 22% higher than last year.
The improved performance was driven by a
strong advertising market, solid growth for TV 2
Play, improved operational performance in
RiksTV, partially offset by rising costs of sports
rights and the four months without agreement
with Telia.
Conten t
2025 was a successful year for TV 2 in terms of
content, with high levels of audience
engagement across all genres. Highlights
included major sporting events, broad family
entertainment, critically acclaimed comedy,
drama, and factual programming. Throughout
the year, TV 2 united more than one million
viewers on 35 occasions. TV 2 was awarded the
prestigious award Den store journalistprisen
(The Grand Journalism Award) and SKUP-prisen
(the SKUP Award) for the investigative series
Russerhyttene (The Russian Cabins).
Norwegian viewers have a high level of
confidence in TV 2’s news operation, which
provided extensive coverage of the Norwegian
election and the world’s many hot spots, among
many other news stories during the year. TV 2’s
entertainment offerings included the successful
launch of two new program concepts: Hotellet
(The Fortune Hotel) and Boksen (The Box).
Audience favourite Norges dummeste (Nations
Dumbest) returned for another season, while the
new Norwegian scripted comedy Nepobaby set
records on TV 2 Play. Factual programs such as
Dødsenglene (Angels of Death), Uten synlige
tegn (Without Visible Scars), and Skolebytte
(School Swap) received high ratings and sparked
important discussions. TV 2 also elevated the
coverage of Eliteserien to new heights, and the
year’s most notable sporting event was the
Norwegian national team’s qualification for the
FIFA World Cup with the decisive match against
Italy reaching 1.2 million viewers.
TV channels
In 2025, TV 2 had a 27.3% share of the total TV
market, compared to 27.6% the previous year. Its
total commercial market share was 52.7%, which
was an increase of 0.3 percentage points
compared to 2024. TV 2’s public service channel
TV 2 Direkte achieved high ratings with several
flagship programmes. Its share of the total
market decreased by 0.7 percentage points to
17.4%. This was primarily because Telia
customers were without access to the channel
for four months while a new distributor deal was
being negotiated. TV 2 Nyheter performed 0.2
percentage points better than in 2024, reaching
a total market share of 4.6%. The genre channel
TV 2 Zebra increased its share by 0.5 percentage
points, while TV 2 Livsstil and the sports
channels remained stable.
TV 2 Play
Subscriber numbers continued to grow, further
demonstrating TV 2 Play’s prominent position in
the Norwegian streaming market. For the second
consecutive year, TV 2 surpassed NRK in terms
of daily streaming minutes. TV 2 Play maintained
a robust direct-to-consumer (D2C) base and a
declining churn rate. Driven by Eliteserien and
the Champions League, in which the Norwegian
team FK Bodø/Glimt qualified for the group
stage, TV 2 Play’s premium football offering
continued to grow in 2025.
TV2.no
TV2.no was awarded Online News Site of the
Year at the Media Awards. During 2025, the site
experienced growth in traffic. TV2.no maintained
the trend of increased consumption per user,
measured by video and page views, and also
continued to set new records for video views.
RiksTV
RiksTV operates as a distributor of pay-TV
channels in the Norwegian digital terrestrial TV
network, with additional activities in the fibre and
streaming markets. Serving approximately
210,000 customers, RiksTV stabilised its fibre
and streaming business in 2025, while
experiencing a smaller decline in the digital
terrestrial sector than in previous years.
TV 2, Norway
Egmont Annual Report 2025 Management review
9
556 million EUR
in revenue:
(2024: EUR 643 million)
52 million EUR
in adjusted operating profit
(2024: EUR 42 million)
1,607 employees
(2024: 1,818)
Nordisk Film is one of the world’s oldest film
studios and today a leading Nordic
entertainment company focused on storytelling
and experiences in films, series, cinemas and
computer games across all platforms.
Revenue amounted to EUR 556 million, a decline
of 14%. Adjusted operating profit was EUR 52
million, which was 24% higher than last year.
The activity level and adjusted operating profit
were impacted by the divestment of the gifting
company GoGift. Performance in Cinemas was
strong, while Film & Series and Games delivered
notable content successes but also experienced
volatile market conditions. Cost reductions were
implemented to adapt to this changing
environment.
Film & Series (Content)
Nordisk Film offers consumers a diverse range of
films and series. In 2025, Nordisk Film was
involved in 61 film releases across the Nordic
countries as a producer, co-producer and/or
distributor. A multi-year distribution agreement
for its coming Nordic film slate was signed with
Disney+. The 2025 Danish film slate performed
particularly well, while some US titles
underperformed, reflecting the challenging
nature of the international film market.
In Denmark, Nordisk Film as a producer and
distributor sold nearly three million cinema
tickets in total for its Danish films and was
behind four of the five most successful Danish
films including the two biggest box-office hits of
the year, Anders Matthesen’s animated comedy
Checkered Ninja 3 and The Last Viking, directed
by Anders Thomas Jensen and produced by the
associated production company Zentropa. The
in-house production company Nordisk Film
Production was responsible for several films and
series, including the Oscar-nominated drama
The Girl with the Needle, the historical crime
drama Special Unit – The First Murder, the
comedy To New Beginnings, and the series The
Lie for Denmark’s TV 2. Other notable Nordic
films released in 2025, include the award-
winning Sentimental Value from Norwegian
director Joachim Trier, the biggest box-office hit
in Norway A Mouse Hunt for Christmas, the
Swedish animated film Bamse and the Secret of
the Sea, and the Finnish comedy Cancel. The
associated company Drive Studios produced
Mango for Netflix, which was among the
streaming service’s most-watched films in
October 2025.
Cinemas
Nordisk Film Cinemas is one of Scandinavia’s
leading cinema chains, operating 47 cinema
centres in total in Denmark, Norway, and
Sweden. The development of guest offerings,
cinema upgrades and optimised operations was
a key focus for Nordisk Film Cinemas during
2025. The refurbished Saga Cinema in Oslo
reopened in November after being closed for
two years. Compared to 2024, Nordisk Film
Cinemas’ market share and total admissions
increased, primarily due to the success of local
Danish films.
Games
Nordisk Games owns or co-owns four computer
game studios: Avalanche Studios Group,
Supermassive Games, Star Stable Entertainment
and MercurySteam. The studio Flashbulb Games
was divested during the year. The portfolio’s
revenue and profitability decreased, primarily
due to weaker performance in externally funded
projects and the delayed release of Directive
8020 from Supermassive Games. Avalanche
Studios Group delivered strong growth with
theHunter: Call of the Wild, the world’s largest
hunting game, and Supermassive Games
released critically acclaimed Little Nightmares 3
in collaboration with Bandai Namco.
Interactive
Nordisk Interactive is the official distributor of
Sony PlayStation products in the Nordic and
Baltic countries. The PlayStation 5 console
continued to be in high consumer demand,
particularly during Black Friday and the holiday
season. Several high-profile games were
released by Sony, including Ghost of Tsushima
and Death Stranding 2.
Nordisk Film
Egmont Annual Report 2025 Management review
10
764 million EUR
in revenue:
(2024: EUR 778 million)
47 million EUR
in adjusted operating profit
(2024: EUR 34 million)
1,660 employees
(2024: 1,78 8)
Story House Egmont delivers exceptional
journalism, storytelling and experiences. As a
publisher at heart, it provides popular magazines
and digital media alongside leading e-commerce
platforms and specialized agency services.
Revenue amounted to EUR 764 million, a decline
of 2%. The revenue decline was due to the
divestment of the e-commerce company
Nicehair, divested late 2024. Adjusted operating
profit was EUR 47 million, 38% higher than last
year. The improved profit was based on
efficiency improvements across all business
units combined with strong commercial
execution.
Media
Story House Egmont’s media is dedicated to
creating compelling stories for adults and
children, with journalism and content spanning
various formats and platforms. Through its
network of magazines and digital channels, Story
House Egmont plays a vital role in enriching the
content-based media landscape across 24
countries. Story House Egmont’s magazines are
an important Nordic media alternative to digital
content from tech giants. Magazines play an
important role when it comes to ensuring a
diversity of strong local media, and throughout
2025, the magazines reached millions of readers
and a wide audience with trustworthy
journalism.
Profitability and overall performance remained
strong across all markets, with improvement
seen in several of them, and substantially
exceeding market benchmark. The Kids
publishing segment realised excellent results
and continuously worked to expand its IP rights,
achieving several new market positions. Media
operations were further integrated to foster
enhanced cross-border collaboration, securing
long-term financial results and resilience in
tough market conditions.
E -commerce
Story House Egmont’s e-commerce operations
in the Nordics specialise in five distinct areas:
Outdoor, Parenting, Home & Interior, Health &
Beauty, and Hobby. These businesses aim to be
experts in their respective categories, fostering
inspiration, engagement, and customer loyalty
within their target demographics. The
e-commerce portfolio includes Royal Design,
AndLight, Bagaren och Kocken. Outnorth,
Fjellsport, Garnius, and minority stakes in
Jollyroom and Med24.
Total e-commerce sales grew in 2025 compared
to 2024 (excluding the divestment of Nicehair),
albeit with some variations across different
niches and companies. The portfolio’s overall
performance improved, due to strong execution,
streamlined infrastructure and positive
developments based on a more data-driven
approach and category expert skills.
Agencies
Story House Egmont has digital agencies that
work to bridge the gap between brands and
consumers in an increasingly digital world,
assisting companies in conveying their narratives
and cultivating powerful brand identities. The
agencies that make up this segment are: s360
(which includes Helion B2B), Ingager,
Klintberg/Niléhn, Intuvio, KAN, and OKTO.
s360 continued to expand its footprint with a
Serbian hub in 2025, and the portfolio’s overall
profitability remained solid, improving its
performance compared to 2024.
Story House Egmont
Egmont Annual Report 2025 Management review
11
218 million EUR
in revenue:
(2024: EUR 220 million)
9 million EUR
in adjusted operating profit
(2024: EUR 14 million)
799 employees
(2024: 833)
Egmont Books comprises the two publishing
houses Cappelen Damm in Norway and
Lindhardt og Ringhof in Denmark. They publish
local and international books as well as print and
digital teaching resources for primary and
secondary schools, youth programmes and
higher education institutions. Revenue
amounted to EUR 218 million, a decline of 1%.
Adjusted operating profit was EUR 9 million,
which was 36% lower than last year, mainly due
to the lower growth.
Cappelen Damm
Cappelen Damm is Norway’s largest publishing
house, engaged in the development, sale and
distribution of analogue and digital publications
across all genres within general and educational
publishing. Cappelen Damm owns the
distribution company Sentraldistribusjon,
co-owns the audiobook streaming service
Storytel Norway together with Storytel Sweden.
In 2025, Cappelen Damm’s revenue and
operating profit were in line with 2024. While the
general publishing business grew, the
educational publishing business saw a small
decline, driven by a decrease in physical
textbook sales in primary schools. Digital
products showed double-digit growth, driven by
strong demand for audiobooks and digital
learning materials.
Cappelen Damm launched more than 3,000
publications in 2025, including hardcover books,
digital educational materials, audiobooks, e-
books, and paperbacks. Grunnboka (The Basic
Cook Book) by Eyvind Hellstrøm became the
best-selling book of 2025 in the overall
Norwegian market, achieving the highest first-
year sales ever recorded. UFRED (Unrest) by
Åsne Seierstad received both the Brage Award
for Best Non-Fiction and the Bookseller Award.
Author and illustrator Anna Fiske was awarded
the Brage Honorary Award, marking the fourth
consecutive year a Cappelen Damm author
received this distinction. Matematikk 1
(Mathematics 1) was awarded the gold prize in
the BELMA competition at the Frankfurt Book
Fair. The 2025 Nobel Prize in Literature was
awarded to László Krasznahorkai, whose works
are published in Norwegian by Cappelen Damm.
Lindhardt og Ringhof
Lindhardt og Ringhof operates across three main
business areas: general publishing, international
digital publishing, and educational publishing.
Revenue and operating profit decreased in 2025
compared to the all-time high in 2024.
Lindhardt og Ringhof published a range of new
titles on the Danish market, including Niels
Krause-Kjær’s bestselling novel Ude for Uden
(The Land Beyond) which won the prestigious
Golden Laurel award, former TV celebrity Jørgen
Skoubo’s Vilde fugle flyver (Wild Birds Fly), and
the children’s book series Sallys far (Sally’s Dad),
which has sold over three million copies and was
marked by a new book, Sallys far kan alle
bogstaverne (Sally’s Dad Knows All the Letters).
Digital and international publisher Saga added
almost 8,000 digital publications in eleven
languages to its global catalogue, bringing the
total number of digital publications close to
150,000. A collaboration with Cappelen Damm
continued to focus on translating and publishing
Nordic sagas in Scandinavia, Germany and
France.
Lindhardt og Ringhof’s educational publishing
business released a variety of new printed
learning materials for primary and lower
secondary schools, in response to the increasing
demand for teaching methods that reduce
screen time. A new textbook in Danish was
awarded the gold prize in the BELMA
competition at the Frankfurt Book Fair.The
portfolio of learning materials for upper
secondary education was significantly expanded,
and the demand for private tutoring increased
further.
Egmont Books
Egmont Annual Report 2025 Management review
12
14.8 million EUR
in grants
(2024: EUR 15 .4 million)
Egmont supports children and young people at
risk in Denmark, Norway and Sweden. Our
support enables them to complete an education,
have an active voice in society, and create a
good life for themselves.
Egmont is a foundation, and in 2025 a total of
EUR 14.8 million was granted to 28 initiatives.
New strategy
In 2025, Egmont launched a philanthropic
strategy centred on three key areas: 1) reducing
deprivation for children in poverty, 2) education
for all, and 3) enhanced participation and
empowerment. Together, these areas contribute
to Egmont’s vision of ensuring that all children
and young people have equal opportunities to
lead good lives, receive an education, and
participate actively in society.
Education for all
In collaboration with the Signature Programme,
Sygt Stærk (Stay Strong), Egmont published
Egmont Insight in Spring 2025 offering new
analyses and insights into the lives and
challenges faced by children and young people
at risk. The focus was on the educational
conditions of young people living with serious or
chronic physical illnesses.
Egmont also continued to focus on reading and
math difficulties, aiming to help more children
thrive at school and complete their final exams in
primary education. Egmont supported Nationalt
Videnscenter for Læsning (the National Centre
for Reading) and the University College
Copenhagen, among others.
Child poverty
In Autumn 2025, Egmont launched another
Egmont Insight, this time in collaboration with
Red Barnet (Save the Children Denmark),
Mødrehjælpen (Mother’s Aid), and Dansk
Folkehjælp (Danish People’s Aid). This
publication examined child poverty in Denmark
and its impact on children and young people.
The new findings were covered by several major
Danish media outlets, highlighting the urgent
need to support children growing up in poverty
today, as well as the long-term consequences of
doing so.
As part of the programme A Helping Hand,
Egmont provided direct support to vulnerable
children and families through eight partner
organisations. Furthermore, Egmont supported
Børnehjælpsdagen (the Children’s Aid
Foundation).
Enhanced participation and empowerment
Sygt Stærk was established as an independent
organisation in 2025. It continues to collaborate
with Egmont in a strong partnership, and with a
four-year grant of EUR 3.0 million, Sygt Stærk
will continue to develop activities and strong
communities with and for young people with
chronic illnesses.
Egmont also announced that a four-year grant of
EUR 1.5 million would extend the long-standing
collaboration with the organisation De Anbragtes
Vilkår (The Conditions of Children in Care),
enabling even more children and young people
in care to have their voices heard. Egmont also
supported Ungdomsbureauet (the Youth Bureau)
and SUMH (the Danish association of Youth with
Disabilities).
Activities in Sweden and Norway in 2025
Most of Egmont’s charitable work takes place in
Denmark but focus on Sweden and Norway is
increasing. In Sweden, Egmont supported BRIS,
the organisation that runs Stödlinjen, the
Swedish equivalent of the Child Helpline. Thanks
to Egmont’s support, Stödlinjen can remain open
at night. In Norway, Egmont collaborated with
Guttas Campus that offers boys who are school-
challenged a one-year learning programme.
Nordisk Film Fonden
Nordisk Film Fonden is part of Egmont Fonden
and champions and develops film talents. In
2025, it donated EUR 1.0 million.
A total of 63 talented individuals received Store
Isbjørn and Lille Isbjørn scholarships to study
abroad, while nine projects spanning three
categories were supported: Explore Technology
in Filmmaking, Empower Comedy, and Grow the
Talent Pool. The new Alice Award was presented
to director Thomas Vinterberg, the Nordisk Film
Award to Zinnini Elkington, the Ove Sprogøe
Award to actor Özlem Saglanmak, and the Erik
Balling Travel Grant to director Magnus von
Horn. In Norway, the Nordisk Film Talent Award
went to director Lilja Ingolfsdóttir; the Kon-Tiki
Award went to actress Renate Reinsve and
director Halfdan Ullmann Tøndel; and the
Veiviser Award went to the Norwegian Film
School.
Egmont’s grants
Egmont Annual Report 2025 Management review
13
Distribution policy
In 2024, the board of directors set the framework
for distributing donations in a new philanthropic
strategy for the period 2025-2030.
During 2025, the Grants Secretariat presented
individual proposals for donations to be
distributed within that framework to the board of
directors.
Egmont Fonden’s Statutory Report on
Distribution Policy, cf. section 77b of the Danish
Financial Statements Act, can be reviewed and
downloaded at:
www.egmont.com/distributionpolicy.
Egmont’s grants (continued)
13
Egmont Annual Report 2025 Management review
14
40 ,552 Greenhouse gas emissions
(tCO2e)
(202 4: 42,146 tCO 2e)
Egmont’s Sustainability Report provides detailed
information on sustainability and our responsible
business behaviour. The Sustainability Report
serves as a supplement to the United Nations
Global Compact Communication on Progress,
which will be submitted through the CoP digital
platform. The report, which includes mandatory
non-financial reporting (Article 99b) and a
statement on data ethics (Article 99d) under the
Danish Financial Statements Act, is available for
download at www.egmont.com/key-figures-
reports. Highlights from the report are outlined
below.
Go Greener
Go Greener is Egmont's climate strategy which
describes Egmont’s ambition to reduce Egmont's
environmental impacts and contribute to a better
planet for future generations. Egmont’s
greenhouse (GHG) emissions from scope 1, 2
(market-based) and scope 3 have decreased
from 42,146 tCO2e in 2024 to 40,552 tCO2e in
2025 (-4%).
Since 2022, Egmont has matched its electricity
consumption with 100% renewable electricity
(market-based). Through power purchase
agreements, Egmont has invested in two solar
parks that supply renewable electricity to the
Danish and Swedish grids, covering more than
two-thirds of Egmont’s total electricity
consumption in 2025.
In 2024, Egmont signed up to the globally
recognised Science Based Targets initiative
(SBTi) and thereby committed to set targets in
line with the Paris Agreement's ambition to keep
global warming below 1.5°C compared with
preindustrial levels. In 2025, Egmont's main
focus was to finalise the baseline and develop
near-term GHG emission reduction targets
which will be submitted for validation in
April 2026.
For 2026, Egmont expects to report full scope 1,
2, and 3 GHG emissions for the base years and
track progress against SBTi-aligned reduction
targets, significantly expanding its reported
scope 3 emissions across Egmont’s value chains.
Corporate Social Responsibility
14
Egmont Annual Report 2025 Management review
15
226 Social compliance audits
(2024: 212)
Business ethics and anti -corruption
Egmont’s Business Ethics Policy incorporates a
wide range of legal compliance areas, and it is
an overall umbrella to communicate compliance
policies and how Egmont expects all managers
and employees to act. The Business Ethics e-
learning presents the employees with dilemmas
and cases, which they may encounter in their
daily business. The training is automatically
assigned to all relevant new employees, and
Egmont runs regular refresher training for
relevant employees and conducts training on
certain topics based on a risk assessment. In
2025, Egmont updated its Code of Conduct for
Third Parties which sets out minimum
requirements on responsible business practices
for our business partners and suppliers.
Whistleblowing policy and system
Egmont has a whistleblowing policy which can
be accessed online by employees in Egmont and
by external parties (via Egmont.com). In 2025,
Egmont received 12 whistleblower reports
through the system, five of which fell outside the
scope of the whistleblower regulation. The
remaining seven reports were investigated under
Egmont’s whistleblower framework and follow
up actions have been taken. All matters have
been closed.
Data protection, ethics and security
Egmont has implemented a group-wide, general
framework for ongoing GDPR compliance, and
its businesses continue to actively implement
GDPR compliance into the way they work.
Egmont also has a group-wide Information
Security Policy, and all employees are educated
in general information security on an annual
basis. Finally, Egmont has introduced a policy on
data ethics to ensure that Egmont companies
manage data in an ethical way. The principles in
the policy are universal and relevant across
Egmont but currently it only applies directly to all
100% owned Danish companies.
Egmont social compliance
Egmont’s approach to social compliance is
guided by Egmont’s Code of Conduct for Third
Parties and it is aligned with UN Global
Compact’s ten principles and covers topics
related to human rights, labour rights,
environment and anti-corruption. Egmont’s
Social Compliance Programme defines
processes and practices on how to ensure
compliance and how to mitigate non-
compliance issues at our direct suppliers and
selected sub-suppliers. During 2025, Egmont
continued to monitor its manufacturers’ social
compliance level via social audits and on-going
dialogue to remedy audit findings. During 2025,
Egmont has evaluated 226 social audit reports
and self-assessment questionnaires.
E mployee engagement
Egmont’s leaders are vital to the performance of
the businesses and the well-being and
development of its people, and it is crucial for
Egmont’s continued success that its leaders
understand how to guide their employees
through the rapid changes in business models.
Therefore, Egmont continues to invest in
leadership training, which aims at unfolding
Egmont’s strategy in a set of key leadership
principles. In 2025, 90 leaders from across the
businesses completed the ‘Committed to Lead’
programmes and 243 employees participated in
other general training programmes.
Egmont’s engagement remains at a high level,
both in terms of participation rate in surveys
(87%) and the overall engagement level (7.9 on a
10-point scale) according to the latest survey in
March 2025. During 2025, Egmont has
strengthened its efforts to prevent offensive acts,
which included an updated policy on offensive
acts and targeted training.
Corporate Social Responsibility (continued)
Egmont Annual Report 2025 Management review
16
Governance framework
Based on the legal requirements in Egmont
Fonden’s charter as well as the most recent
recommendations from the Committee on
Foundation Governance and the Committee on
Corporate Governance, the board of directors
and the management board have established the
governance framework for Egmont.
In general, Egmont Fonden adheres to supports
the Danish Recommendations on Foundation
Governance and complies with most of the
recommendations. Egmont Fonden’s Statutory
Report on Foundation Governance for the
financial year 2025 can be reviewed and
downloaded at:
www.egmont.com/foundationgovernance.
The report includes a full description of Egmont’s
approach to each of the recommendations from
the Committee on Foundation Governance. As in
previous years, Egmont Fonden complies with all
but two of the recommendations.
The board of directors has also prepared a
Report on Corporate Governance for the
financial year 2025 based on the
Recommendations on Corporate Governance.
The report can be reviewed and downloaded at:
www.egmont.com/corporategovernance.
Organisation
At the Annual Meeting in March 2025, Josh
Bottomley and Christian Wegner were
reappointed to the board of directors for a four-
year period. During 2025, Jesper Lyders
Andersen resigned from his position in Egmont,
and was replaced by Christina Wester as
employee representative in the board of
directors.
Martin Enderle has been a member of the board
of directors since 2014. He participated in board
meetings in 2025 until his medical leave in the
autumn of 2025 and resigned from the board of
directors before the annual meeting in March
2026. It is expected that Eva Berneke will be
appointed to the board of directors for a four-
year period.
As of 1 January 2026, Andreas Morthorst has
been appointed as the Group’s new CFO.
Egmont Fonden’s charter requires that the board
members elected on the basis of the charter
have relevant skills to manage the commercial
and charitable activities carried out by the
foundation. The board members must also have
sufficient understanding of the main markets in
Scandinavia. Board members must collectively
have relevant experience from both foundation
and business activities as well as management
of companies. At least three board members
must have significant commercial experience
from longstanding management positions or
similar positions in society in Scandinavia, and at
least two of these members must have obtained
the experience in one or more companies or
institutions in Denmark. In that connection, the
board has assessed that its members collectively
have relevant experience from and with
international business and management, finance
and reporting, enterprise foundations, digital
business and marketplaces, mergers &
acquisitions, media, strategy design and
implementation, growth markets, ESG, digital
transformation and performance management.
Foundation and corporate governance
16
Egmont Annual Report 2025 Management review
17
Merete Eldrup (Chair)
2 3 5 6
Professional board member. Born 1963, appointed
2020, election period expires 2028.
Member of the board of Egmont International Holding
A/S, University of Copenhagen
(C)
, Nykredit Realkredit
A/S
(C)
, Nykredit Holding A/S
(C)
, Greenland Airports
International, NFI A/S (Molslinjen), Falck A/S and
Villum Fonden.
Special competences: media, finance, strategy,
management.
Participated in 7 out of 7 board meetings.
Tom Knutzen (Vice Chair)
1 3 5 6 7
Professional board member. Born 1962, appointed
2023, election period expires 2027.
Member of the boards of Egmont International
Holding A/S, Tivoli A/S
(C)
, Jeudan A/S
(VC)
, Givaudan
S.A., Switzerland (until March 2026) and
Jungbunzlauer Holding AG, Switzerland.
Special competences: management, international
business, innovation, finance, M&A and strategy.
Participated in 7 out of 7 board meetings.
Josh Bottomley
1 3 5
CEO, dunnhumby, UK. Born 1967, appointed 2017,
election period expires 2029.
Member of the board of Egmont International
Holding A/S.
Special competences: international business and
management experience, digital transformation,
strategy design and implementation.
Participated in 5 out of 7 board meetings.
Christian Wegner
1 3 5
CEO, Südwestdeutsche Medienholding (SWMH),
Germany. Born 1974, appointed 2017, election
period expires 2029.
Member of the board of Egmont International
Holding A/S.
Special competences: international business and
management experience, performance management,
portfolio management, strategy and execution, digital
transformation, growth markets, M&A, venture capital.
Participated in 6 out of 7 board meetings.
Rebekka Glasser Herlofsen
2 3 5 7
Independent consultant, investor and professional
board member. Born 1970, appointed 2023,
election period expires 2027.
Member of the board Egmont International Holding
A/S, Norwegian Hull Club, Norway
(C)
, Handelsbanken
Norge, Norway
(C)
, DNV Council, Norway
(C)
, Aibel AS,
Norway
(C)
,, Wilh. Wilhelmsen Holding ASA, Norway,
BW Offshore ASA, Norway, Torvald Klaveness Group
AS, Norway, Rockwool A/S, Denmark.
Special competences: financial expert and board
certified within ESG.
Participated in 7 out of 7 board meetings.
Peder Høgild
1 4
Media operator, Nordisk Film Biografer. Born 1958,
elected 2019, election period expires 2027.
Participated in 7 out of 7 board meetings.
Christina Wester
2 4
Senior HR business partner, Nordisk Film A/S.
Born 1971, elected 2025, election period expires
2027.
Participated in 3 out of 3 board meetings.
Anna von Lowzow
2 4
Journalist and director, Nordisk Film Production
A/S. Born 1961, elected 2016, election period
expires 2027.
Participated in 6 out of 7 board meetings.
C:
Chair
VC:
Vice Chair
1
Male
2
Female
3
Independent
4
Employee representative in
commercial activities
5
General and charitable activities
6
Funding and Grant Committee
7
Audit Committee.
No board members own shares, options, warrants or
similar in the foundation’s subsidiaries, joint ventures and
associated companies. No members are appointed by
authorities or providers of grants etc.
Board of directors
Egmont Annual Report 2025 Management review
18
Steffen Kragh
President and CEO. Born 1964
Member of the boards of Tryg A/S
(VC)
, Tryg Forsikring
A/S
(VC)
and Nordic Bioscience Holding A/S
(VC)
.
Chair, Vice Chair or member of boards of Egmont
Group companies.
Andreas Morthorst
Executive Vice President and CFO. Born 1980
Chair, Vice Chair or member of boards of
Egmont Group companies.
C:
Chair
VC:
Vice Chair
Management board
18
Egmont Annual Report 2025 Consolidated financial statements
20
Main statements
Income statement 21
Statement of comprehensive income 21
Statement of financial position 22
Cash flow statement 23
Statement of changes in equity 24
Section 1
Operating activities
1.1 Revenue 25
1.2 Contract balances 27
1.3 Other operating income 28
1.4 Personnel expenses 28
1.5 Financial income/(expense) from
operations 28
Section 2
Invested capital and working capital
items
2.1 Intangible assets 29
2.2 Property, plant and equipment 33
2.3 Lease assets 35
2.4 Amortisation, depreciation and
impairment losses 35
2.5 Investment properties 35
2.6 Inventories 36
2.7 Trade receivables 36
2.8 Prepayments 37
2.9 Pension obligations 38
2.10 Provisions 39
2.11 Other liabilities 39
Section 3
Capital structure and financing
3.1 Financial risks 40
3.2 Cash and cash equivalents 42
3.3 Net interest-bearing debt 42
3.4 Financial liabilities 42
3.5 Financial income and expenses 43
3.6 Derivative financial instruments 44
Section 4
Acquisitions, divestments, joint
ventures and associates
4.1 Acquisition and divestment of businesses 45
4.2 Investments in joint ventures and
associates 48
Section 5
Taxes
5.1 Income taxes 50
5.2 Deferred taxes 51
Section 6
Other disclosures
6.1 Contingent assets and liabilities 52
6.2 Related parties 52
6.3 Subsequent events 52
6.4 Fees to auditors 52
Section 7
Basis for preparation
7.1 Basis of preparation 53
7.2 Significant accounting estimates and
judgements 55
7.3 Principal accounting policies 55
7.4 Standards and interpretations not yet
adopted 55
Section 8
Group entities
8.1 Subsidiaries 56
8.2 Joint ventures 59
8.3 Associates 59
Egmont Annual Report 2025 Consolidated financial statements
20
Consolidated financial statements
Egmont Annual Report 2025 Consolidated financial statements
21
Income statement
(EURk)
Statement of comprehensive income
(EURk)
Section
2025
2024
1.1
Revenue
1.3
Other operating income
Cost of goods sold
(616,403 )
(663,709 )
Other external expenses
(824,156 )
(850,738 )
1.4
Personnel expenses
(481,430 )
(498,802 )
2.4
Depreciation, amortisation and impairment losses
(171,346 )
(180,561 )
Other operating expenses
(7,504 )
(5,552 )
4.2
Profit/(loss) after tax from investments in joint ventures
(686 )
(906 )
Operating profit
4.2
Profit/(loss) after tax from investments in associates
(1,296 )
1.5
Net financial income/(expense) from operations
Adjusted operating profit
3.5
Financial income
3.5
Financial expenses
(21,444 )
(28,008 )
Profit before tax
5.1
Tax on profit for the year
(23,132 )
(16,169 )
Net profit for the year
Net profit for the year attributable to:
Egmont Fonden
Non -controlling interests
Total
Section
2025
2024
Profit for the year
Items not reclassified to the income statement in subsequent periods:
Actuarial gains/(losses) on defined benefit pension plans
Other equity transactions in joint ventures and associates
(348 )
5.1
Tax on items not being reclassified to the income statement in
subsequent periods
(263 )
(282 )
(175 )
Items reclassified to the income statement in subsequent periods:
Foreign exchange adjustments on translation to presentation currency
(2,099 )
(891 )
Foreign exchange adjustments on translation of foreign entities
(32,958 )
Net value adjustment of hedging instruments
(5,650 )
5.1
Tax on items reclassified to the income statement in subsequent periods
(1,448 )
(27,845 )
Other comprehensive income after tax
(25,762 )
Total comprehensive income
Total comprehensive income attributable to:
Egmont Fonden
Non -controlling interests
Total
Egmont Annual Report 2025 Consolidated financial statements
22
Statement of financial position at 31 December
(EURk)
Section
Assets
2025
2024
2.1
Intangible assets
2.2
Property, plant and equipment
2.3
Lease assets
2.5
Investment properties
4.2
Investments in joint ventures and associates
Other investments
Lease receivable
6.1
Receivables from joint ventures, associates and non -controlling interests
5.2
Deferred tax assets
Total non -current assets
2.6
Inventories
2.7
Trade receivables
1.2
Contract assets
6.1
Receivables from joint ventures, associates and non -controlling interests
Other receivables
2.8
Prepayments
3.2
Cash and cash equivalents
Total current assets
Total assets
Section
Equity and liabilities
2025
2024
Capital fund
Retained earnings and other reserves
Egmont Fonden’s share of equity
Non -controlling interests
Equity
3.4
Borrowings
3.4
Lease liabilities
5.2
Deferred tax liabilities
2.10
Provisions
1.2
Contract liabilities
2.11
Other liabilities
Non -current liabilities
3.4
Lease liabilities
3.4
Trade payables
2.10
Provisions
1.2
Contract liabilities
2.11
Other liabilities
Current liabilities
Total liabilities
Total equity and liabilities
Egmont Annual Report 2025 Consolidated financial statements
23
Cash flow statement
(EURk)
Section
2025
2024
Operating profit
Adjustment for non -cash operating items, etc.:
Provisions
(4,095 )
(40,024 )
2.4
Depreciation, amortisation and impairment losses
Profit/(loss) after tax from investments in joint ventures
Other non -cash operating items, net
(13,711 )
(16,497 )
Cash generated from operations before change in working capital
Change in inventories
(2,258 )
Change in receivables
(21,223 )
(15,608 )
Change in trade payables and other payables
(3,333 )
(3,001 )
Change in working capital
(26,814 )
(6,895 )
Cash generated from operations
Interest received
Interest paid
(12,491 )
(19,558 )
2.3
Interest paid on lease liabilities
(8,953 )
(8,118 )
Corporate income tax paid
(15,190 )
(10,432 )
Cash flows from operating activities
2.1
Acquisition of intangible assets
(102,108 )
(91,550 )
2.2
Acquisition of property, plant and equipment
(15,486 )
(13,225 )
Disposal of property, plant and equipment
Acquisition of financial assets
(1,890 )
(4,589 )
Disposal of financial assets
4.2
Dividends received from joint ventures and associated companies
Dividends received from other investments
4.1
Acquisition of subsidiaries
(100 )
(5,458 )
4.1
Disposal of subsidiaries
Earn -out and deferred payments, net
Cash flows from investing activities
(79,208 )
(90,950 )
Section
2025
2024
Acquisitions of non -controlling interests
(2,561 )
(4,284 )
Disposal of non -controlling interests
3.4
Borrowing from credit institutions, etc.
3.4
Repayments to credit institutions, etc.
(59,427 )
(79,858 )
3.4
Instalments on lease liabilities
(38,495 )
(39,969 )
4.2
Dividends to non -controlling shareholders
(894 )
(1,015 )
Share based payment
(340 )
Donations
(14,811 )
(15,392 )
Cash flows from financing activities
(114,704 )
(89,253 )
Net cash flows from operating, investing and financing activities
Cash and cash equivalents at 1 January
Foreign exchange adjustment of cash and cash equivalents
(8,860 )
Cash and cash equivalents at 31 December
3.2
Hereof cash pledged as collateral
(670)
(790)
Cash and cash equivalents at 31 December (unrestricted)
78,799
37,617
The cash flow statement cannot be derived directly from the balance sheet and income statement.
Egmont Annual Report 2025 Consolidated financial statements
24
Statement of changes in equity
(EURk)
2025
Capital fund
Reserve for
hedging
transactions
Reserve for
foreign
exchange
adjustments
Retained
earnings
Non-
controlling
interests
Total equity
Equity at 1 January
(305,785 )
Net profit for the year
Foreign exchange adjustments on
translation to presentation currency
(45 )
(18 )
(2,025 )
(11 )
(2,099 )
Foreign exchange adjustments on
translation of foreign entities
(48 )
Value adjustments of hedging
instruments
Value adjustment for the year
Value adjustments transferred to other
external expenses
(3,726 )
(3,726 )
Value adjustments transferred to
financial income
(7,156 )
(7,156 )
Other items
Actuarial gains/(losses) on defined
benefit pension plans
Equity transactions in joint ventures
(348 )
(348 )
Tax on other comprehensive income
(263 )
Other comprehensive income
(45 )
(4,355 )
(2,248 )
Total comprehensive income
(45 )
(4,355 )
Used for charitable purposes and
associated costs
(14,811 )
(14,811 )
Acquisitions/disposal, non -controlling
interests
(2,906 )
(1,427 )
(4,333 )
Dividends, non -controlling interests
(894 )
(894 )
Share -based payment
Equity at 31 December
(292,192 )
2024
Capital fund
Reserve for
hedging
transactions
Reserve for
foreign
exchange
adjustments
Retained
earnings
Non-
controlling
interests
Total equity
Equity at 1 January
(272,891 )
Net profit for the year
Foreign exchange adjustments on
translation to presentation currency
(19 )
(4 )
(863 )
(5 )
(891 )
Foreign exchange adjustments on
translation of foreign entities
(33,275 )
(314 )
(32,958 )
Value adjustments of hedging
instruments
Value adjustments for the year
(811 )
(811 )
Value adjustments transferred to other
external expenses
Value adjustments transferred to
financial expenses
Other items
Actuarial gains/(losses) on defined
benefit pension plans
Equity transactions in associates
Tax on other comprehensive income
(1,829 )
(282 )
(1,730 )
Other comprehensive income
(19 )
(32,894 )
(319 )
(25,762 )
Total comprehensive income
(19 )
(32,894 )
Used for charitable purposes and
associated costs
(15,392 )
(15,392 )
Acquisition/disposal, non -controlling
interests
(2,250 )
(900 )
Dividends, non -controlling interests
(1,015 )
(1,015 )
Share -based payment
(340 )
(340 )
Equity at 31 December
(305,785 )
Egmont Annual Report 2025 Section 1 - Operating activities
25
1.1 Revenue
The Group’s revenue
The Group’s revenue arises from sales of books
and magazines, e-commerce products (primarily
home & interior and outdoor), PlayStations, TV
and film production, TV and cable broadcasting
distribution, advertising, gaming, agency
services, cinema experiences and subscription
sales.
Revenue was in line with the expected activity
level. The decrease compared to 2024 was
primarily due to divestments of GoGift and full
year impact of divestment of Nicehair in late
2024.
On divisional level, TV2 increased advertising
and TV2 Play revenue, whereas Nordisk Film
decreased due to divestment of GoGift, lower
activity in Games and lower sales of PlayStations.
Revenue is split in the four divisions as follows:
Section 1
Operating activities
This section includes
disclosures on the Group’s
operating activities generated
for the year describing the
revenue streams, other
operating income , personnel
expenses and financial/income
expenses from operations .
In 2025 Egmont had a revenue
on par with last year when
adjusted for divestments of
businesses .
Nordic Countries
Other Countries
Total
Geographical markets
(EURk)
2025
2024
2025
2024
2025
2024
Sale of goods
904,264
938,658
244,445
243,097
1,148,709
1,181,755
Sale of services
775,079
820,472
133,796
127,588
908,875
948,060
Royalty
107,961
110,717
21,102
27,697
129,063
138,414
Rental income
11,394
9,807
-
-
11,394
9,807
Total
1,798,698
1,879,654
399,343
398,382
2,198,041
2,278,036
At point in time
1,063,098
1,182,847
354,017
319,466
1,417,115
1,502,313
Transferred over time
735,600
696,807
45,326
78,916
780,926
775,723
Total
1,798,698
1,879,654
399,343
398,382
2,198,041
2,278,036
Revenue split on Divisions
(EURk)
2025
2024
TV 2, Norway
660,164
636,613
Nordisk Film
555,681
643,387
Story House Egmont
763,734
777,560
Egmont Books
217,608
220,097
Other (rental income)
11,394
9,807
Eliminations
(10,540)
(9,428)
Total
2,198,041
2,278,036
Significant estimates and judgements
Revenue
The Group considers all terms and conditions in contracts
with customers to determine the performance obligation(s),
the transaction price and the allocation of the transaction
price.
All types of variable consideration are recognised as
revenue only to the extent that it is highly probable that a
significant reversal will not occur subsequently. Return and
warranty policies are typically based on customary return
arrangements in local markets.
Recognition and measurement of revenue is also based on
estimates and judgements relating to expected sales
returns allowed to customers in most markets. When the
customer holds a right to return the good, the Group
postpones the recognition of revenue for the portion of the
sale that is expected to be returned
These judgements can have a material impact on the timing
and measurement of recognised revenue as well as the
level of the refund liability.
Revenue from films and games work for hire contracts is
subject to judgements relating to identifying the
performance obligations in the contract, i.e. assessing
whether milestones are separate performance obligations
or one combined. Furthermore, assessment of the
percentage of completion is subject to estimates.
Egmont Annual Report 2025 Section 1 - Operating activities
26
1.1 Revenue (continued)
Accounting Policies
Revenue
The Group separates customer contracts into performance
obligations and recognises revenue from these separately.
The Group recognises revenue when or as control passes to
the customer. Revenue is measured at its transaction price,
which comprise net present value when payments exceed
12 months.
Revenue is measured excluding VAT and taxes and
including all types of discounts provided to customers.
When consideration is received before control is transferred
it is recognised as a contract liability.
Warranty provisions are recognised as the underlying goods
are sold based on historical warranty costs experience in
previous financial years.
Generally, payment terms are based on customary terms in
local markets.
Revenue from sale of goods
Revenue from sale of goods comprise sale of PlayStation
products, sale from e-commerce, etc. and are recognised
at point in time when control is transferred, usually when
the goods are delivered. Specific revenue recognition
criteria for significant revenue streams are described below.
Revenue from sale of cinema tickets (sale of goods)
Revenue from sale of cinema tickets is recognised as the
movies are shown.
Revenue from magazine sales (sale of goods)
Egmont recognises revenue from sale of magazines both
single-copy sales and ads related to magazines at the
publication date of the magazine, which is considered a
point in time.
Magazine subscriptions are considered as a number of
discrete performance obligations which are satisfied over
the course of the subscription period as magazines are
published.
For circulation sales, where customer’s holds a right of
return, Egmont only recognises revenue from the sale of
magazines to the extent that it is highly probable that a
significant reversal will not occur.
Revenue from TV and film production (sale of goods)
Revenues from sale of TV and film productions to TV
stations (availability rights) and distribution companies is
recognised at point in time, on the availability date, when it
becomes available (accessible) to the customer.
Consideration received for TV and film productions before
the availability date is recognised as a contract liability.
Consideration received for co-founding of film productions
are recognised as revenue.
Self-published games (sale of goods)
Revenue from self-published games without no future
material free content communicated at time of release, is
recognised at the time of delivery to the customer
(download).
When Egmont promises to deliver future material free
content, the customer contract includes an additional
performance obligation. Egmont allocates the transaction
price in such arrangements by determining the stand-alone
selling price of the performance obligations that is
recognised upon release.
Revenue from film and tv distribution (royalty)
Revenue from rent of films to cinemas is recognised in
period of screen-time, when the tickets are redeemed.
Revenue from video on demand distribution is recognised
when the program is broadcasted based on statements
from the streaming platforms.
Revenue from streaming of e-books and audio books
(royalty)
Royalties earned from rent of e-books and audio books
rights to streaming platforms are recognized as revenue at
the time of delivery to the customer (download).
TV and cable distribution (sale of services)
Revenue from TV and cable distribution (cable fee) is based
on number of subscribers and is recognised on straight-line
basis over the period of the relevant agreements.
The number of subscribers is based on reports received
from the distribution companies.
Revenue from advertising (sale of services)
Revenue from advertising is recognised when the adverts
are broadcasted on TV or in the Cinema. If the transaction
price is variable based on the number of viewers, Egmont
constrains revenue to the extent that it is highly probable
that a significant reversal will not occur subsequently.
Gaming work for hire (sale of services)
Gaming work for hire contracts usually comprise one
performance obligation that is satisfied over time as Egmont
delivers hours at a fixed hourly rate, thus having a right to
consideration that corresponds directly with the value
transferred to the customer to date. Revenue deriving from
work for hire is recognised at the amount that Egmont has a
right to invoice.
Revenue from sale of gift cards (sale of services)
Sale of gift cards are initially recognized as deferred income
and subsequently recognized as revenue over the
redemption period, including the expected amount of not
redeemed gift cards (breakage).
Deferred income relating to gift cards is assessed for gift
cards which are not expected to be redeemed (breakage).
Breakage is recognized over the redemption period based
on expectations of how many gift cards that will not be
redeemed.
Subscription based revenue (sale of services)
Subscription based revenue primarily comprise TV2 Play,
educational platforms in Books and Cinemas (‘Unlimited’).
Subscription based revenue comprise one performance
obligation that is satisfied over the subscription period, thus
having a right to consideration that corresponds directly
with the value transferred to the customer to date. Prepaid
subscriptions for a certain subscription period are
recognised as deferred income and disclosed as contract
liabilities.
26
Egmont Annual Report 2025 Section 1 - Operating activities
27
1.2 Contract balances
Contract assets
Contract assets primarily relate to revenue from
work for hire contracts where the customer has
been invoiced less than the stage of completion.
As such, the balances of this account vary and
depend on the number of ongoing work for hire
contracts at the end of the year. At year-end,
contract assets amounted to EUR 4,614k (2024:
EUR 7,498k) and are related to Games.
Contract liabilities
Contract liabilities comprise deferred revenue
related to subscriptions for magazines, TV
packages, TV2 Play and educational platforms,
Film & TV production and sale of gift cards.
Additionally, contract liabilities include provision
for goods sold with a right of return for e-
commerce products, magazines and books that
the shops can return according to agreement.
EUR 142,933K (2024: EUR 144,122K) of the total
opening balance of deferred income of EUR
170,550k (2024: EUR 151,001K) has been
recognized as revenue during the year.
(EURk)
2025
2024
Non -current liabilities
4,919
5,969
Current liabilities
193,000
182,069
Total
197,919
188,038
Provision for returns
42,382
38,539
Deferred revenue,
subscriptions
81,063
78,852
Deferred revenue, film &
TV production
37,252
36,340
Deferred revenue, gift
cards
14,017
16,818
Deferred revenue, other
23,205
17,489
Total contract liabilities
197,919
188,038
27
Accounting policies
Contract balances
Contract balances include the assets and liabilities arising
from the Group's contracts with customers, reflecting
timing differences between the satisfaction of performance
obligations and the payments received.
Contract assets
For contract balances arising from work for hire contracts,
please refer to section 1.1 under revenue.
Deferred income
Payments received from customers before the transfer of
control or the satisfaction of the performance obligation are
recognized as deferred income. As the Group fulfills its
obligations, the deferred amounts are recognized as
revenue in the income statement. Deferred income is
measured at cost.
Provision for goods sold with a right of return
Provisions for goods sold with a right of return are based on
past experience or otherwise, where the Group can make a
reliable estimate of the amount of goods that will be
returned and expected restructuring costs, etc. Right of
return assets are recognized as part of inventory.
Warranty provisions
Warranty provisions are recognized as the underlying
goods are sold based on historical warranty costs
experience in previous financial years at its gross liability
amount, in respect of which expected partial compensation
from the supplier is recognised in other receivables.
Egmont Annual Report 2025 Section 1 - Operating activities
28
1.3 Other operating income
Accounting Policies
Other operating income and costs
Other operating income and costs comprise items
secondary to the principal activities of the entities, including
gains and losses on the disposal of businesses, sale of
intangible assets and property, plant and equipment and
right-of-use assets, as well as re-measurement of existing
shares in step-acquisitions and value adjustments of
investment properties at fair value and fair value
adjustments of contingent consideration.
Gains and losses on the divestment of businesses and sale
of intangible assets and property, plant and equipment are
determined as the selling price less disposal costs and the
carrying amount at the date of disposal.
Gains and losses from re-measuring existing shares in step-
acquisitions are determined as the fair value of new shares
acquired adjusted for control premium less the carrying
value of those shares prior to the step-acquisitions.
Government grants
TV 2, Norway has a public service broadcasting agreement
with the Norwegian state, which compensates TV 2 for
additional cost regarding production of Norwegian news,
film and TV content for EUR 12.9 million in both 2024 and
2025. Compensation under the agreement with the
Norwegian state is recognised in the income statement as a
reduction of the related expenses.
1.4 Personnel expenses
Personnel expenses (EURk)
2025
2024
Wages and salaries
(389,671)
(406,970)
Defined contribution pension
plans
(33,255)
(33,058)
Defined benefit pension plans
53
161
Other social security costs
(58,557)
(58,935)
Total
(481,430)
(498,802)
Average number of full -time
employees
Compensation to the management board
amounted to EUR 5,727k (2024: EUR 5,314k), of
which pension contributions amounted to EUR
547k (2024: EUR 482k).
Compensation to the board of directors and
members of committees amounted to EUR 640k
(2024: EUR 640k).
Annual compensation to members
of the board of directors per task
(EURk)
2025
2024
Egmont Fonden, general:
Member
11
11
Vice chair
16
16
Chair
21
21
Egmont Fonden, charitable
activities:
Member
11
11
Vice chair
16
16
Chair
21
21
Grant Committee, charitable
activities:
Vice chair
16
16
Chair
32
32
Audit committee:
Member
11
11
Chair
21
21
Egmont International Holding
A/S:
Member
35
35
Vice chair
52
52
Chair
70
70
1.5 Financial income/(expense) from
operations
Accounting Policies
Financial income and expenses from operations
Financial income and expenses from operation comprise
gains and losses on securities, amortisation of financial
assets and liabilities and foreign exchange adjustments.
Furthermore, changes in the fair value of derivative financial
instruments regarding foreign currency contracts, which
are not designated as hedging instruments as well as the
effective portion of the hedges are also included.
Other operating income (EURk)
2025
2024
Gain on divestment of
businesses
32,302
8,687
Earn -outs and sale of activities
1,912
4,840
Reversal of provisions for
litigations and claims
106
2,802
Government grants
741
650
Miscellaneous
8,922
7,343
Total
43,983
24,322
Net financial
income/(expense) from
operation (EURk)
2025
2024
Dividends received
794
261
Gain on disposal of
securities and shares
1,465
2,612
Foreign exchange gains
2,380
1,579
Financial income from
operations
4,639
4,452
Other financial expenses
(3,363)
(1,734)
Financial expenses from
operations
(3,363)
(1,734)
Total
1,276
2,718
28
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
29
2.1 Intangible assets
Section 2
Invested capital and
working capital
items
This section includes
disclosures on the Group’s
invested capital that forms the
basis of our business activities.
Invested capital represents the
Group’s intangible assets,
property, plant and equipment
and net working capital items
in the form of operating assets
and liabilities.
Further more , invested capital
also comprises significant
intangible assets mainly
related to acquired goodwill
and trademarks from business
combinations carried out over
the years.
Intangible assets totals a carrying amount of EUR 1,100,536k (2024: EUR 1,114,929k).
2025
2024
Intangible assets (EURk)
Goodwill
Trademarks
In-house
produced
rights
Film rights
and other
acquired
rights
Intangible
assets under
development
and pre-
payments
Goodwill
Trademarks
In-house
produced
rights
Film rights
and other
acquired
rights
Intangible
assets under
development
and pre-
payments
Cost at 1 January
816,509
247,021
452,111
667,772
77,901
846,949
245,375
356,363
722,137
24,398
Foreign exchange adjustments
17,045
1,687
1,291
(1,095)
(578)
(31,572)
(7,597)
(3,487)
(4,381)
(193)
Additions through business
combinations
788
117
-
242
-
6,619
-
-
1,712
-
Additions
-
-
5,608
13,541
82,554
180
-
2,511
7,542
80,921
Transferred*
-
(8,910)
13,467
49,074
(73,617)
-
11,793
97,638
(56,833)
(27,225)
Disposals
(13,743)
(6,142)
(3,731)
(2,393)
(1,011)
(5,667)
(2,550)
(914)
(2,405)
-
Cost at 31 December
820,599
233,773
468,746
727,141
85,249
816,509
247,021
452,111
667,772
77,901
Amortisation and impairment losses at 1
January
(55,150)
(75,402)
(421,204)
(592,407)
(2,222)
(62,487)
(55,011)
(311,315)
(600,739)
-
Foreign exchange adjustments
(7,587)
(1,413)
(1,308)
1,105
27
7,313
1,654
3,431
3,584
(18)
Disposals
-
5,759
3,712
254
982
24
2,553
914
2,173
-
Transferred
-
4,387
19,335
(4,387)
651
-
(11,793)
(58,902)
50,131
(987)
Impairment losses
-
(793)
-
(7,353)
(5,376)
-
(1,473)
(8,490)
(668)
(1,217)
Amortisation
-
(7,680)
(41,934)
(46,968)
-
-
(11,332)
(46,842)
(46,888)
-
Amortisation and impairment losses at
31 December
(62,737)
(75,142)
(441,399)
(649,756)
(5,938)
(55,150)
(75,402)
(421,204)
(592,407)
(2,222)
Carrying amount at 31 December
757,862
158,631
27,347
77,385
79,311
761,359
171,619
30,907
75,365
75,679
* In 2024, in -house produced rights with a carrying amount of EUR 3,822k was reclassified from inventories.
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
30
2.1 Intangible assets (continued)
Goodwill
The carrying amount of goodwill is tested for
impairment annually or if there is any indication
of impairment. The impairment test is made for
the Group’s cash-generating units (CGUs), based
on their management structure and internal
financial reporting.
In the impairment test of the CGUs, the recover-
able amount, equivalent to the discounted value
of expected future net cash flows, is compared
with the carrying amount of the CGUs.
The carrying amount of goodwill decreased in
2025 mainly due to the GoGift divestment (cf.
section 4.1), partially offset by a strengthened
Swedish Krone, and is specified on the Group’s
CGUs as follows:
Results of impairment tests
The impairment tests of the cash-generating
units show no need for write down as the
calculated value in use exceeds the carrying
amount of the CGUs’ invested capital.
Sensitivity
The Group assesses that probable changes in
the assumptions underlying the impairment
calculations will not result in a write down for
impairment in the Group’s CGUs.
Key assumptions in the impairment tests
Key assumptions are prepared based on past
experience, knowledge of the trends in the
businesses within the CGUs (see next page) and
external sources, where available.
Budgets and growth rates
The recoverable amount is based on the value in
use, determined by expected net cash flows that
are based on management-approved budgets
and business plans for 2026, projections for
subsequent years up to and including 2030 (for
Nordisk Film, Games up to 2035), and long-term
average growth during the terminal period.
A budget period exceeding 5 years in the
Nordisk Film, Games CGU is considered to best
reflect the business strategy due to the expected
growth, development and harvesting on the
long-term strategy regarding own produced
rights.
The terminal period growth rates are projected
not to surpass the anticipated long-term average
growth rate within the respective business areas.
Weighted average cost of capital (WACC)
The risk-free rate is predicated on a weighted
average of 10-year government bond spot rates
from the countries where the CGU conducts its
operations.
The cost of debt for each CGU is derived from its
risk-free rate, further adjusted to reflect the
CGU's specific credit risk.
Betas are sourced from comparable publicly
traded peer-group companies for each CGU.
Observed equity (levered) betas are first
unlevered to obtain asset (unlevered) betas,
which are then relevered to reflect the CGU's
specific capital structure.
The final WACC is calculated by weighting the
cost of debt and the cost of equity according to
the CGU's capital structure.
Pre-tax discount
rates
Growth rate during terminal
period
2025
2024
2025
2024
TV 2, Norway
12.4%
11.5%
2.0%
2.0%
Nordisk Film, Cinemas
11.5%
9.1%
2.0%
2.0%
Nordisk Film, Games
11.3%
10.1%
2.0%
2.5%
Story House Egmont
11.9%
11.3%
2.0%
2.0%
Books
10.2%
10.7%
2.0%
2.0%
Goodwill (EURk)
2025
2024
TV 2, Norway
177,169
177,916
Nordisk Film, Cinemas
45,847
57,910
Nordisk Film, Games
122,870
122,282
Nordisk Film, Content
9,294
9,332
Story House Egmont
249,246
239,967
Books
153,436
153,952
Carrying amount
757,862
761,359
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
31
2.1 Intangible assets (continued)
Trademarks with indefinite useful life
Trademarks with indefinite useful life consist of
the TV2, Norway trademark.
The carrying amount of trademarks with an
indefinite life is tested for impairment annually or
if there is any indication of impairment.
Trademarks for TV 2, Norway are tested by using
the Relief from Royalty method to assess future
cash flows from royalty income for the individual
trademarks. The royalty rate, determined on the
basis of the cash-generating unit’s products and
the reputation of such products is 4.5%
(2024: 4.5%).
Key parameters used in the impairment model
for the TV2 trademark:
Impairment tests for trademarks with an
indefinite life for 2025 show that the recoverable
amount exceeds the carrying amount.
Trademarks with definite useful life
Trademarks with definite useful life are primarily
within Nordisk Film Games, Cappelen Damm
and e-commerce.
The impairment on trademarks with definite
useful life in 2025 of EUR 0.8 million is related to
e-commerce due to lower revenue expectations
(2024: impairments of EUR 1.5 million also
relating to e-commerce).
Film rights, other acquired rights and
in-house produced rights
Film rights comprise film, transactional home
entertainment (TVOD, streaming, etc.) and TV
rights. Other acquired intellectual property rights
comprise domain names, magazine titles and
audio- and e-book rights. In-house produced
rights comprise film productions and games.
The Group continuously receives sales estimates,
and if impairment indicators are identified, film
rights and in-house produced films and games
rights are tested for impairment.
The useful lives of film rights and in-house
produced film rights for 2025 were in general at
the expected level.
Impairment losses of approximately EUR 13.5
million in 2025 (EUR 11.8 million in 2024) relates
primarily to a few specific games in development
and film rights, which are expected to perform
below expectations.
Significant estimates and judgements
Impairment testing of goodwill requires significant
estimates and judgements. The following section details the
significant estimates and judgements applied in the
impairment testing for each of the CGU’s in the Group.
TV 2, Norway
The TV business is volatile due to various trends and factors
shifting the business model and therefore affected by a
generally larger uncertainty regarding the development in
revenue and expenses. Combined with increasing prices for
acquiring TV rights related to especially sports events and
increasing programme cost for Norwegian TV productions,
it may result in a more volatile EBITDA-margin in the
coming years.
The value of the business is primarily impacted by the
development in advertising income, number of subscribers
and the prices of TV content.
Growth in revenues in the budget and forecast period is
expected to be between 0% and 3% annually (2024: 1-2%)
mainly due to increase in revenue from subscription sales
(TV2 Play) while traditional flow-TV is expected to decline.
Margins are expected to be maintained at more or less the
same competitive level based on continued efficiencies as
well as a focus on cost savings.
Nordisk Film, Cinemas
After the divestment of GoGift, cf. section 4.1, the Nordisk
Film, Cinemas CGU consist of the cinema business in 2025.
The Cinemas cash-generating unit is dependent on a strong
line-up of both local and international titles to keep up ticket
revenue (box office sales).
Cinemas are aware of the pressure on the window structure
in terms of changes in the length of the cinema exclusivity
period and the risk of titles being released directly to Home
Entertainment.
Revenue in the budget and forecast period is expected to
grow between 3% and 6% annually (2024: 3-10%)
depending on the level of releases of new big international
titles.
Nordisk Film, Games
Revenue in the Games CGU is expected to grow with a 10%
compact annual growth rate (CAGR) in the budget period
(2024: 9%) from an increased focus on self-published
games while at the same time maintaining a stable cost
base resulting in improved profitability.
The gaming industry has been facing tough market
conditions with publishers holding back and commissioning
fewer new projects.
The gaming business in general, however, is expected to be
a long-term growth area. Due to this, the budget period is
determined to be 10 years in the impairment test to
normalize the revenue growth towards the terminal period.
Story House Egmont
The traditional publishing business is expected to be
reduced. On the other hand revenue from other business
areas such as e-commerce and agencies are expected to
increase again from 2026 after a couple of years with
challenging macroeconomic circumstances. An annual
growth in revenue between 0% and 4% (2024: 1-6%) is
expected. At the same time, it is expected that the cost base
can be kept relatively stable, resulting in slightly improved
profitability.
Books
The general shift from analogue to digital sales will
continue. The digital business will increase significantly in
both Retail and Education and be the main driver of growth.
An annual growth up to 4% (2024: 5%) is expected in the
budget and forecast period while maintaining a stable cost
base resulting in slightly improved profitability. This is i.e.
due to harvesting of the previous years' heavy investments
in digitalizing the audio books and e-books cataloque.
TV 2, Norway
Trademarks (EURk)
2025
2024
Carrying amount
118,217
118,712
Key valuation assumptions (%)
TV 2, Norway
Pre-tax discount rates
12.4%
11.6%
Growth rate, terminal period
2.0%
2.0%
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
32
2.1 Intangible assets (continued)
Significant estimates and judgements
Impairment testing
Impairment testing related to intangible assets, including
asset groups with indefinite life such as goodwill and the
TV2 trademark, but also intangible assets with definite life
such as in-house produced rights, is subject to a high
degree of estimates and judgements.
Outcome of impairment testing is dependent on the critical
assumptions applied related to cash flow forecasts, which
are affected by the increased macroeconomic uncertainties
such as increased inflation rates and changed consumer
confidence, but also other factors such as volatile discount
rates and expected long-term growth rates.
Specific key assumptions regarding the impairment tests of
the CGUs are stated above in the goodwill-section.
Indefinite useful life of the TV 2 trademark
Management has assessed that the value of the TV 2
trademark can be maintained for an indefinite period, as it is
a well-established brand on the Norwegian market, having
existed for decades.
The TV industry in the Nordics is characterised as being
very stable with consistent consumer demand and a
predictable competitive environment, and is expected to be
profitable for the foreseeable future. Control of the
trademark is legally established and enforceable indefinitely.
In management’s opinion, the risk of the useful life of the
trademark becoming finite is minimal because of its market
positions and because current and planned marketing
initiatives are expected to sustain its useful life.
Useful life of film rights, other acquired rights and in-house
produced rights
The Group makes regular estimates of the remaining useful
lives of film rights, other acquired rights and in-house
produced films and games rights based on its expected
sales in the cinema, transactional home entertainment
(TVOD and streaming) and TV media markets, etc. which
are naturally subject to uncertainty as actual sales may
differ from estimated sales.
Accounting Policies
Goodwill
On initial recognition, goodwill is recognised in the balance
sheet at cost as described under “Business combinations”,
cf. section 4.1. Subsequently, goodwill is measured at cost
less accumulated impairment losses. Goodwill is not
amortised, but is subject to an annual impairment test.
The carrying amount of goodwill is allocated to the Group’s
cash-generating units at the date of acquisition. The
identification of cash-generating units is based on the
management structure and internal financial control.
Trademarks
Acquired intellectual property rights, including trademarks,
are measured at cost on initial recognition. Trademarks with
a finite useful life are typically amortised on a straight-line
basis over the useful life (typically 5 to 20 years).
Trademarks with an indefinite useful life are not amortised
but are tested for impairment at least once annually.
In-house produced rights
In-house produced rights, which comprise film and games
are measured at cost, which includes indirect production
costs, less grants received, accumulated amortisation and
impairment, or at the recoverable amount where this is
lower.
In-house produced rights are amortised over the period
during which they are expected to generate income.
Film rights and other acquired rights, etc.
Film rights are recognised as an intangible asset at the time
when control over the asset is transferred. Prepayments for
film rights are recognised in the balance sheet as a
prepayment for intangible assets, and when control is
gained over the assets, prepayments are reclassified to film
rights.
Film rights are measured at cost which is allocated
proportionally to the cinema, transactional home
entertainment and TV media, as well as to markets. Film
rights are amortised over the period during which they are
expected to generate income on the respective market and
in the respective media.
Other intellectual property rights with a definite useful life,
such as domain names and magazine titles, are measured
at cost on initial recognition and amortised on a straight-line
basis over the useful life (typically 5 to 10 years).
Intangible assets in progress
Intangible assets in progress are measured at cost and
consist mainly of prepaid film rights.
Impairment
Goodwill and intangible assets with indefinite useful lives
are subject to annual impairment tests, initially before the
end of the acquisition year and if there is any indication of
impairment. Likewise, development projects in process are
subject to an annual impairment test.
The carrying amount of goodwill is tested for impairment
together with the other non-current assets of the cash-
generating unit or groups of cash-generating units to which
goodwill has been allocated. If the carrying amount exceeds
the recoverable amount, it is written down to the
recoverable amount via the income statement. As a main
rule, the recoverable amount is calculated as the present
value of expected future net cash flows from the entity or
activity (cash-generating unit or groups of cash-generating
units) to which goodwill has been allocated.
Impairment losses of goodwill are not reversed. For other
assets, impairment losses can only be reversed if changes
have occurred in the assumptions and estimates underlying
the impairment calculation. The increased carrying amount
from such a reversal cannot exceed the carrying amount
that would have been determined (net of amortisation or
depreciation) had no impairment loss been recognised for
the asset in prior years
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
33
2.2 Property, plant and equipment
2025
2024
Property, plant and equipment (EURk)
Land and
buildings
Plant and
machinery
Tools and
equipment
Leasehold
improvements
Property, plant and
equipment under
construction
Total property,
plant and
equipment
Land and
buildings
Plant and
machinery
Tools and
equipment
Leasehold
improvements
Property, plant
and equipment
under
construction
Total property,
plant and
equipment
Cost at 1 January
225,071
77,569
83,285
35,125
5,850
426,900
229,559
78,183
79,610
34,859
3,234
425,445
Foreign exchange adjustments
(345)
575
198
(175)
2
255
(151)
(3,466)
(788)
(464)
(43)
(4,912)
Additions through business combinations
-
-
1
-
-
1
-
-
2
-
-
2
Additions
836
3,179
3,484
541
7,446
15,486
-
4,311
2,478
469
5,967
13,225
Transferred
2,150
-
3,206
3,514
(8,870)
-
275
(1,275)
2,751
1,368
(3,119)
-
Disposals
(626)
(17,357)
(1,288)
(554)
(958)
(20,783)
(4,612)
(184)
(768)
(1,107)
(189)
(6,860)
Cost at 31 December
227,086
63,966
88,886
38,451
3,470
421,859
225,071
77,569
83,285
35,125
5,850
426,900
Depreciation and impairment losses at
1 January
(114,387)
(54,240)
(69,912)
(26,772)
-
(265,311)
(113,579)
(51,866)
(61,199)
(24,145)
-
(250,789)
Foreign exchange adjustments
173
(63)
(176)
84
-
18
75
2,417
502
391
-
3,385
Disposals
626
17,226
593
30
-
18,475
4,308
160
483
606
-
5,557
Transferred
-
-
588
(588)
-
-
-
1,275
(895)
(380)
-
-
Impairment losses
(154)
-
(1,415)
(987)
-
(2,556)
-
-
(1,605)
(307)
-
(1,912)
Depreciation
(4,561)
(6,003)
(5,198)
(2,434)
-
(18,196)
(5,191)
(6,226)
(7,198)
(2,937)
-
(21,552)
Depreciation and impairment losses
at 31 December
(118,303)
(43,080)
(75,520)
(30,667)
-
(267,570)
(114,387)
(54,240)
(69,912)
(26,772)
-
(265,311)
Carrying amount at 31 December
108,783
20,886
13,366
7,784
3,470
154,289
110,684
23,329
13,373
8,353
5,850
161,589
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
34
2.2 Property, plant and equipment (continued)
34
Significant estimates and judgements
Property, plant and equipment have been assessed for
impairment indicators in 2025 on an individual basis, which
has resulted in write downs amounting to EUR 2,556k
primarily relating to cinemas equipment.
(2024: EUR 1,912k).
Useful lives have been reassessed, but has not resulted in
any change.
Accounting Policies
Property, plant and equipment
Land and buildings, plant and machinery equipment and
leasehold improvements are measured at cost less
accumulated depreciation and impairment. Cost comprises
the purchase price and any costs directly attributable to the
acquisition until the date when the asset is available for use.
Our property at Vognmagergade has previously been
revaluated. The cost price amounts to EUR 80,260k.
Subsequent costs, e.g. in connection with replacing
components of property, plant and equipment, are
recognised in the carrying amount of the relevant asset if it is
probable that the costs will result in future economic
benefits. The replaced components are derecognised in the
balance sheet, and the carrying amount is transferred to the
income statement. All other costs incurred for ordinary
repairs and maintenance are recognised in the income
statement as incurred.
When individual components of an item of property, plant
and equipment have different useful lives, the cost of such
individual components is accounted for and depreciated
separately.
Depreciation is made on the basis of the asset's residual
value less any impairment losses. The residual value and
useful life of the assets are reassessed every year. If the
residual value exceeds the carrying amount, depreciation is
discontinued.
Corporate properties (head offices)
25, 50 years
Properties used for operational purposes
25 years
Installations and conversions (the useful
life depends on the nature of conversion)
10, 15, 25 years
Plant and machinery
3 - 15 years
Equipment
3 - 5 years
Leasehold improvements
5 - 10 years
Land is not depreciated
-
Depreciation is provided on a straight-line basis over the
expected useful lives, based on the following estimates of the
useful lives of the assets:
Gains and losses on the disposal of property, plant and
equipment are determined as the difference between the
selling price less disposal costs and the carrying amount at
the date of disposal. Gains or losses are recognised in the
income statement under other operating income or other
operating costs, respectively.
Impairment
The carrying amount of property, plant and equipment is
tested annually for impairment indicators. When there is an
indication that assets may be impaired, the recoverable
amount of the asset is determined, which is the higher of an
asset's fair value less expected disposal costs and its value in
use. Value in use is the present value of future cash flows
expected to be derived from an asset or the cash-generating
unit to which the asset belongs.
An impairment loss is recognised if the carrying amount of
an asset or a cash-generating unit exceeds the recoverable
amount of the asset or the cash-generating unit. Impairment
losses on property, plant and equipment are reversed only to
the extent that changes in the assumptions and estimates
underlying the calculation of impairment losses have
occurred and only to the extent that the asset's increased
carrying amount does not exceed the carrying amount that
would have been determined (net of amortisation or
depreciation) had no impairment loss been recognised for
the asset in prior years.
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
35
2.3 Lease assets
The lease assets consist mainly of property
leases (rent of cinemas, offices, stores and
warehouses etc). The lease contracts are
typically made for fixed periods of 2 to 10 years,
but may have extension options included in the
lease term. Lease terms are negotiated on an
individual basis and contains different terms and
conditions including payment terms, termination
rights, index-regulations, maintenance etc.
Extension and termination options are typically
found in leases in order to maximise operational
flexibility in terms of managing contracts. Some
property leases contain variable payment terms
that are linked to an index or revenue e.g. sale of
cinema tickets.
In 2025 lease assets increased mainly due to
extensions and entering of new long-term leases
in Cappelen Damm and TV 2. Impairment
totalled EUR 3,650k in 2025, which primarily
relates to an e-commerce warehouse (2024:
EUR 4,415k relating to unused free space).
Recognised in profit and loss:
(EURk)
2025
2024
Interest expense on lease
liabilities
8,953
8,118
Lease expenses related to
variable lease payments not
included in the lease liabilities
3,421
2,031
Lease payments relating to
short -term leases
(under 12 months) and low -
value leases
2,343
2,310
Rental income from sub -leases
47
-
*For depreciation and impairment of lease assets please
refer to section 2.4
Accounting Policies
Lease assets
Lease assets are recognised at the commencement date of
the lease which is the date the underlying asset is available
for use. Lease assets are measured at cost, less any accu-
mulated depreciation and potential impairment, adjusted
for any remeasurement of lease liabilities. The cost includes
the amount of lease liabilities recognised, initial direct costs
incurred less any lease incentives received. Lease assets
are depreciated over the shorter of the lease term and the
estimated useful lives of the assets, typically 2-10 years.
If ownership of the leased assets transfers to the Group at
the end of the lease term or the cost reflects the exercise of
a purchase option, depreciation is calculated using the
estimated useful life of the asset. The lease assets are also
subject to impairment.
The Group applies the short-term lease recognition
exemptions to its leases of 12 months or less and also the
low-value assets recognition exemptions. Lease payments
on short-term leases and leases of low value assets are
recognised as expense on a straight-line basis over the
lease term in profit and loss.
2.4 Amortisation, depreciation and
impairment losses
2.5 Investment properties
Investment properties consist of a rental property
in Denmark, rented out under a long-term lease.
The positive fair value adjustment in 2025 is
primarily due to a decrease in the required rate
of return.
Significant estimates and judgements
Investment properties
The fair value of the property has been calculated on the
basis of its expected operating income (pre-tax return) of
EUR 2,102k (2024: EUR 2,124k) and a required rate of return
of 4.79% (2024: 4.89%), determined on the basis of the
general market level and specific circumstances relating to
the property (level 3). No external valuation specialist has
been engaged in the valuation.
The pre-tax return is based on normalised rental income of
2,815 (2024: EUR 2,812k) and operating costs of EUR 713k
(2024: EUR 689k).
If the required rate of return increases or decreases by
0.25%, the fair value of the investment property will be
affected by EUR 2,173k.
Accounting Policies
Investment properties
Investment properties are held for the purpose of obtaining
rental income and/or capital gains. On initial recognition,
investment properties are measured at cost, consisting of
the acquisition cost of the property and any costs directly
attributable to the acquisition. Subsequently, investment
properties are measured at fair value using the net rental
method. Changes in the fair value are recognised in the
income statement under other operating income/costs in
the financial year in which the change occurs.
Lease assets (EURk)
2025
2024
Lease assets at 1 January
121,439
143,668
Foreign exchange adjustments
446
(3,731)
Re-measurement
28,788
8,961
Additions
60,216
17,815
Disposals
(12,034)
(5,087)
Depreciation
(36,840)
(35,772)
Impairment
(3,650)
(4,415)
Carrying amount
at 31 December
158,365
121,439
Depreciation, amortisation
and impairment losses (EURk)
2025
2024
Amortisation, intangible assets
(96,582)
(105,062)
Impairment losses, intangible
assets, net
(13,522)
(11,848)
Depreciation, property, plant
and equipment
(18,196)
(21,552)
Impairment losses, property,
plant and equipment
(2,556)
(1,912)
Depreciation, lease assets
(36,840)
(35,772)
Impairment losses, lease assets
(3,650)
(4,415)
Total
(171,346)
(180,561)
Investment properties (EURk)
2025
2024
Fair value at 1 January
44,835
45,066
Foreign exchange adjustments
(67)
(30)
Fair value adjustment
503
(201)
Fair value at 31 December
45,271
44,835
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
36
2.6 Inventories
The cost of inventories sold for the year
amounted to EUR 616,403k (2024: EUR
663,709k) and write-down of inventories
amounted to EUR 14,541k (2024: EUR 23,876k),
respectively.
Reversed write-down of inventories in the
income statement amounted to EUR 7,213k
(2024: EUR 3,498k) due to overstated provisions
in previous years.
Inventories include capitalised payroll costs in
the amount of EUR 452k (2024: EUR 767k).
The write-downs primarily relate to physical
books and E-commerce products.
Significant estimates and judgements
Write down of inventories to net realisable values relates
primarily to Books and E-commerce. Estimated write-
downs are dependent on expected future sales that by
nature within consumer products and the business areas of
the Group are subject to some uncertainty.
Accounting Policies
Inventories
Inventories are measured at the lower of cost according to
the FIFO method and the net realisable value.
Goods for resale and raw materials and consumables are
measured at cost, comprising purchase price plus delivery
costs.
The cost of finished goods and work in progress comprises
the cost of raw materials, consumables, direct wages and
salaries and indirect production overheads. Indirect
production overheads comprise indirect materials, wages
and salaries as well as maintenance and depreciation of
production machinery and equipment as well as
administrative expenses and management costs.
The cost of acquired TV programmes are recognised as
inventory at the time when the right to broadcast the TV
programme begins. The cost of a TV programme is
expensed proportionally over the period the TV programme
is broadcast.
The net realisable value of inventories is calculated as the
selling price less costs of completion and costs necessary to
effect the sale and is determined taking into account
marketability, obsolescence and development in expected
selling price.
2.7 Trade receivables
To measure the lifetime expected credit losses,
trade receivables are grouped based on shared
credit risk characteristics. The expected loss
rates are based on historical credit losses
experienced in the last 3 years (2022-2024). The
historical loss rates are adjusted to reflect
current and forward-looking information on
macroeconomic factors affecting the ability of
the customers to settle the receivables on basis
of development in corporate insolvencies in the
geographical areas.
For certain sales the Group receives collateral.
This occurs typically in connection with the
distribution of magazines where deposits are
received. Trade receivables secured by collateral,
with a consequent reduction in overall credit risk,
amount to EUR 52,456k (2024: EUR 56,882k).
In addition, some of the Group’s entities take out
credit insurance against losses on trade
receivables to the extent deemed relevant.
Accounting Policies
Trade receivables
Trade receivables are held with the objective to collect the
contractual cash flows. Receivables are therefore measured
at fair value on initial recognition and are subsequently
measured at amortised cost using the effective interest
method, less any impairment.
Receivables are impaired at initial recognition. The
impairment equals lifetime expected credit loss allowance
on receivables, in accordance with the simplified approach.
Trade receivables and impairment losses can be
specified as follows:
Inventories (EURk)
2025
2024
Raw materials and consumables
3,499
5,216
Work in progress
11,220
11,179
Manufactured goods and goods
for resale
141,743
139,127
TV programmes
7,262
7,508
Total
163,724
163,030
Trade receivables (EURk)
2025
2024
Receivables related to third -
party sales of goods and services
294,025
275,258
Total trade receivables
at 31 December
294,025
275,258
Ageing of trade receivables
at 31 December (EURk)
2025
2024
Not past due
255,135
237,129
Up to 30 days
23,736
27,893
Between 30 and 90 days
9,614
4,083
Over 90 days
5,540
6,153
Total
294,025
275,258
Development in impairment losses
on trade receivables (EURk)
2025
2024
Impairment at 1 January
3,419
3,763
Foreign exchange adjustments
40
(376)
Impairment in the year
587
1,615
Realised losses
(249)
(770)
Unused amounts reversed
(645)
(813)
Impairment at 31 December
3,152
3,419
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
37
2.8 Prepayments
Prepayments include sports broadcasting rights
amounting to EUR 6,171k (2024: EUR 8,488k),
which are utilised more than 12 months from
balance sheet day.
Accounting Policies
Prepayments
Prepayments, such as prepaid royalty, prepaid authors’ fees
and prepaid TV programs and sports broadcasting rights,
which are recognised under assets, comprise costs incurred
concerning subsequent financial years. Prepayments are
measured at cost less impairment.
37
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
38
2.9 Pension obligations
Pension obligations and similar
obligations (EURk)
2025
2024
Defined benefit pension
obligations
1,134
399
Other pension obligations
(1,004)
(399)
Total
130
-
Pensions
The Group mainly has defined contribution
pension plans, but also has collective pension
plans (multi-employer plans) as well as defined
benefit pension plans.
Multi-employer plans
The Group has collective pension plans in
Sweden that are entered into with other
enterprises (ITP plans). ITP-plans are classified
as multi-employer plans. Such plans are defined
benefit plans but are treated as defined
contribution plans according to IAS 19.
Contributions made to collective pension plans
in Sweden in 2025 amount to EUR 3,255k (2024:
EUR 3,244k). For 2026, the contributions are
expected to be EUR 3,484k.
Defined benefit pension plans
The Group has defined benefit pension plans in
Norway and Germany. These pension plans are
funded in whole or in part through collective
insurance plans with external insurance
companies who manages the administration and
the investment of the members' pension funds.
The Group is exposed to actuarial risks including
risks on investment and interest rate and
mortality. The Group's remaining defined
pension plans are closed for new members.
The Group expects to contribute EUR 377k to
defined benefit pension plans in 2026.
Other pension obligations
The Group has recognised an obligation of
EUR 1,004k (2024: EUR 399k) to cover other
pension-like obligations, including primarily job
security agreements in a number of subsidiaries.
The benefit payments are conditional upon
specified requirements being met.
Accounting Policies
Pension obligations and similar non-current liabilities
Defined contribution plans where the Group regularly pays
fixed pension contributions to independent pension funds
are recognised in the income statement in the period during
which employees earn entitlement to them, and any
contributions outstanding are recognised in the balance
sheet under other payables.
For defined benefit plans, an actuarial calculation (the
Projected Unit Credit method) is performed annually of the
present value of future benefits payable under the defined
benefit plan based on assumptions about the future
development in variables such as salary levels, interest
rates, inflation and mortality. The actuarial present value
less the fair value of any plan assets is recognised in the
balance sheet under pension obligations.
Pension costs for the year are recognised in the income
statement based on actuarial estimates and financial
assumptions at the beginning of the year. Actuarial gain or
loss is recognised in other comprehensive income.
Pension obligations and similar
obligations (EURk)
2025
2024
Present value of defined
benefit pension obligations
(12,504)
(13,116)
Fair value of pension plan
assets
13,655
13,532
Payroll tax
(17)
(17)
Net assets at 31 December
1,134
399
Composition of pension plan
assets (%)
2025
2024
Bonds
36.7%
37.3%
Shares
36.0%
35.1%
Money market and the like
14.0%
14.7%
Property
13.3%
12.9%
Maturity of pension obligations
(EURk)
2025
2024
Within 1 year
846
821
Between 1 - 5 years
4,338
4,227
After 5 years
7,320
8,068
Total
12,504
13,116
Key assumptions used for the
actuarial calculations in the
individual pension plans:
2025
2024
Discount rate
3.8-3.9%
3.1-3.9%
Inflation rate
2.0%
2.3%
Pension increase
2.8-3.5%
2.4-3.8%
Mortality table (Norway)
K2013/KU
K2013/KU
Egmont Annual Report 2025 Section 2 - Invested capital and working capital items
39
2.10 Provisions
Provisions primarily comprise of provisions for
onerous contracts, provisions for pending
litigation and claims and restructuring
provisions.
Provisions for returns and warranty are included
in contract liabilities, cf. section 1.2.
In 2025, the provisions used and made during
the year are primarily related to onerous sports
contracts and restructuring costs.
Significant estimates and judgements
Provision for restructuring costs
Provision for restructuring costs are based on the estimate
of costs related to restructuring or closure of activities.
Provision for onerous contracts
Provisions for onerous contracts relating to binding content
supply contracts are based on an assessment of the future
income and unavoidable costs over the contract periods.
The content contractual supply costs are in general fixed
and easily determined, however the future income is
subject to estimates affected by external market conditions
and macroeconomic fluctuations, such as consumer
purchasing power, i.e. impacting number of customers and
subscriptions.
Accounting Policies
Provisions
Provisions are recognised when the Group incurs a legal or
constructive obligation due to an event occurring before or
at the end of the reporting period, and meeting the
obligation is likely to result in an outflow of economic
benefits. Provisions are measured at the best estimate of
the costs required to settle the obligation, which are
discounted with a discounting rate that reflects the current
market interest plus risks specific to the liability, provided
that such discounting would have a material effect on the
measurement of the liability.
Provisions for restructuring costs
Restructuring costs are recognised under liabilities when a
detailed, formal restructuring plan has been announced to
the employees affected no later than at the end of the
reporting period. On acquisition of businesses, provisions in
the acquiree are only included in goodwill when, at the
acquisition date, the acquiree had an existing liability.
Provisions for onerous contracts
A provision for onerous contracts is recognised when the
expected benefits to be obtained from a contract are lower
than the unavoidable costs of meeting its obligations under
the contract and is recognized at the estimated loss of
fulfilling the contractual obligations assessing the future
income from the contracts and the direct costs related to
the fulfilling of the contracts.
Provisions for litigation and claims
Provisions for litigation and claims are recognized based on
probabilities of various likely outcome.
2.11 Other liabilities
Other liabilities primarily consist of excise duties,
VAT and staff costs payables, including vacation
and bonus accruals, etc.
Accounting Policies
Other liabilities
Other liabilities are measured at net realisable value.
(EURk)
2025
2024
Non -current liabilities
18,923
11,738
Current liabilities
28,344
24,755
Total
47,267
36,493
Provisions at 1 January
36,493
72,940
Foreign exchange adjustments
(199)
(2,282)
Provisions made
32,001
12,391
Provisions used
(18,774)
(41,548)
Disposals
(20)
(49)
Reversals
(2,234)
(4,959)
Provisions at 31 December
47,267
36,493
(EURk)
2025
2024
Non -current liabilities
17,235
16,062
Current liabilities
220,472
237,740
Total
237,707
253,802
Staff costs payables
63,314
70,166
Duties and VAT
56,806
69,519
Payables to JVs and associates
147
100
Corporate income tax
11,187
1,890
Other payables
106,253
112,127
Total
237,707
253,802
Egmont Annual Report 2025 Section 3 - Capital structure and financing
40
3.1 Financial risks
As a result of its operations, investments and
financing, the Group is exposed to certain
financial risks. Primarily related to foreign
exchange rates and interest rates fluctuations.
The overall framework for financial risk
management is laid down in the Group’s
Treasury Policy approved annually by the board
of directors. The Treasury Policy comprises the
Group's currency and interest rate policy,
financing policy and policy regarding credit risks
in relation to financial counterparties and
includes a description of approved financial
instruments and risk framework. The overall
framework is assessed on an ongoing basis.
Corporate Finance is responsible for a
centralised management of liquidity and risks
related to financial markets in the Group’s wholly
owned entities. Egmont International Holding
A/S operates as counterparty to the Group’s
entities, thus undertaking centralised
management of liquidity and financial risks.
The Group hedges financial risks that are a
consequence of the Group's operations,
investments and financing and consequently
does not enter into derivative transactions for
trading or speculative purposes.
Management monitors the Group’s financial risk
concentration and financial resources on an
ongoing basis.
Currency risks
The Group’s presentation currency is EUR, but a
significant part of the Group’s activities and
investments are denominated in other
currencies. As a result, exchange rate
fluctuations may have a substantial impact on
the Group’s profit (loss), cash flows and/or
financial position in EUR.
The Danish Central Bank has pursued a fixed
exchange rate policy where the value of the
Danish krone (DKK) is pegged to the value of the
EUR. Consequently, Egmont assumes that there
is no currency risk between EUR and DKK.
The functional currency of subsidiaries is
generally the local currency. Subsidiaries may
have significant revenues and/or costs in other
currencies than their local currency.
Forward exchange contracts are used to ensure
that the actual exposure does not exceed the
currency exposure limit of the Group. The
hedged currency risks mainly relates to purchase
of film rights and sports broadcasting rights.
Hedge accounting is applied to match the
impact of the hedged item and the hedging
instrument in the consolidated income
statement.
The tables below shows the foreign exchange
sensitivity on the income statement for the year
(excluding effects from hedging) and foreign
exchange sensitivity from assets and liabilities.
The impacts would have been the opposite if the
exchange rates had been decreasing by similar
percentages.
Section 3
Capital structure
and financing
This section includes
disclosures on the Group’s
financial risk including use of
derivatives for hedging
purposes
Moreover it includes
disclosures on financial
reserves, the borrowing
positions and financial income
and expenses.
Due to strong cash flow from
operations and divestments of
businesses , net interest -
bearing debt (NIBD) was
reduced with EUR 69 million
in 202 5.
2025
2024
Sensitivity analysis on Revenue and Operating profit
(EURk)
Change in
exchange rate
Revenue
Operating profit
(EBIT)
Revenue
Operating profit
(EBIT)
NOK
+5%
54,897
14,606
53,703
13,999
SEK
+5%
12,209
(6,411)
11,953
(10,045)
USD
+5%
3,515
1,360
5,338
2,820
2025
2024
Currency exposure from assets and liabilities (EURk)
Change in
exchange rate
Profit (loss)
before tax
OCI before tax
Profit (loss)
before tax
OCI before tax
NOK
+5%
129
(10,008)
(1,294)
(9,201)
SEK
+5%
(444)
743
(774)
2,463
USD
+5%
1,161
337
1,556
(567)
Movements in the income statement arise from monetary items (cash, borrowings, trade receivables and trade payables)
and hedging instruments where hedge accounting is not applied. Movements in OCI arise from hedging accounting.
Egmont Annual Report 2025 Section 3 - Capital structure and financing
41
3.1 Financial risks and financial instruments (continued)
Interest rate risks
As a result of its investment and financing
activities, Egmont has an exposure related to
fluctuations in interest rate levels.
Egmont’s policy have a target of approx. 40%
(and minimum 20%) of Egmont’s outstanding
net interest bearing debt (excl. leases) to be fixed
for one year or more.
Egmont’s interest rate risks are managed by
entering into interest swap contracts, with
floating-rate loans being converted into fixed-
rate interest loans.
Hedge accounting is applied for the interest rate
swaps.
The principal amount of interest swap contracts
for hedging purposes was EUR 111 million at
31 December 2025 (2024: EUR 136 million).
Had the interest rate level been 1 percentage
point higher during 2025, net interest cost in the
income statement would have increased by
EUR 1 million (2024: EUR 2 million).
A 1 percentage point increase in interest rates
would increase the hedging reserve under equity
by about EUR 3 million (2024: EUR 4 million).
The impacts would have been the opposite had
the interest rates been decreasing by similar
amount.
Commodity risks
The primary commodity risk is increasing
electricity prices.
Approximately two-thirds of Egmont’s electricity
consumption is however covered by fixed price
Power Purchase Agreements. One of these is
classified as a financial derivative. For further
information see sections 3.5.
The sensitivity on the income statement as well
as the reserve for hedging transactions under
equity of a change in electricity prices is
considered insignificant.
Liquidity risks
The liquidity reserve comprises cash and cash
equivalents and unutilised committed and
uncommitted credit facilities. To ensure
optimum utilisation of cash and cash
equivalents, Egmont operates with cash pools.
The upper table shows the committed credit
facilities.
The committed revolving credit facilities are
subject to standard covenant reporting.
Liabilities other than provisions fall due as shown
in the lower tables. The debt repayment
schedule is based on undiscounted cash flows
incl. estimated interest payments based on
current market conditions.
2025
Outstanding committed loan facilities (EURk)
Available
facilities
Fixed/Floating
interest rate
Maturity date
Undrawn
amount
Mortgage debt
160,187
Floating
2031-2054*
-
Revolving credit facilities
350,000
Floating
2029
279,615
Total committed loan facilities at 31 December
510,187
-
-
279,615
* Mortgage loans has initial amortisation free period
2025
Maturity of financial liabilities (EURk)
Carrying
amount
Contractual
cash flows
Within 1 year
1 to 5 years
After 5 years
Mortgage debt
160,187
224,233
4,320
17,319
202,594
Other credit institutions
70,596
82,107
3,337
78,770
-
Lease liabilities
196,952
231,733
47,886
128,919
54,928
Trade payables
255,132
255,132
255,132
-
-
Payables to joint ventures and associates
147
147
147
-
-
Non -derivative financial instruments
683,014
793,352
310,822
225,008
257,522
Derivative financial instruments
4,936
5,335
2,708
2,492
135
Total
687,950
798,687
313,530
227,500
257,657
2024
Maturity of financial liabilities (EURk)
Carrying
amount
Contractual
cash flows
Within 1 year
1 to 5 years
After 5 years
Mortgage debt
160,425
248,551
5,737
22,054
220,760
Other credit institutions
130,782
151,144
5,802
145,342
-
Lease liabilities
154,021
175,715
44,566
99,199
31,950
Trade payables
248,157
248,157
248,157
-
-
Payables to joint ventures and associates
100
100
100
-
-
Non -derivative financial instruments
693,485
823,667
304,362
266,595
252,710
Derivative financial instruments
6,935
7,508
3,657
3,561
289
Total
700,420
831,175
308,019
270,156
252,999
Egmont Annual Report 2025 Section 3 - Capital structure and financing
42
3.1 Financial risks and financial instruments (continued)
Credit risks
Egmont’s credit risks relate to financial
counterparties and trade receivables.
Egmont is exposed to financial counterparty risk
from cash and cash equivalents, market value of
derivatives, and credit commitments. Egmont
manages this risk by cooperating with banks
with a sound credit rating.
Some subsidiaries sell products and services on
credit and thereby undertake credit risks on
customers.
Egmont is not exposed to significant non-
financial counterparty risks associated with any
particular customer or business partner. It is the
responsibility of subsidiaries to manage their
own credit risk. All major customers are regularly
credit rated. See section 2.7 for further
information on trade receivables.
Accounting Policies
Financial and non-financial liabilities
Financial liabilities are recognised at the date of borrowing
as the net proceeds received less transaction costs paid. In
subsequent periods, the financial liabilities are measured at
amortised cost, such that the difference between the
proceeds and the nominal value is recognised under
financial expenses in the income statement over the term of
the loan.
3.2 Cash and cash equivalents
Cash and cash equivalents include fixed-term
deposits of EUR 1,127k (2024: EUR 407k). Cash
and cash equivalents pledged as collateral
amounted to EUR 670k (2024: EUR 790k).
3.3 Net interest -bearing debt
The Group decreased its net interest-bearing
debt in 2025 by EUR 69,447k driven by positive
cash flow from operations and from divestment
of businesses, cf. section 4.1., partly offset by
increase of lease liabilities.
Net interest-bearing debt can be specified as
follows:
3.4 Financial liabilities
Total borrowings decreased in 2025 by EUR
60,424k driven by net positive cash flow from
operating and investing activities, including
divestment of businesses, cf. section 4.1.
Lease liabilities have increased by EUR 42,931k,
mainly due to entering of new long-term leases
in Cappelen Damm and TV 2 and re-
measurement (extensions) of existing leases.
Net interest-bearing debt
(EURk)
2025
2024
Lease liabilities
(196,952)
(154,021)
Lease receivables (subleases)
3,969
-
Mortgage debt
(160,187)
(160,425)
Other credit institutions
(70,597)
(130,782)
Payables to joint ventures
(147)
(100)
Receivables from joint
ventures, associates and
minorities
7,665
694
Cash and cash equivalents
79,469
38,407
Total
(336,780)
(406,227)
2025
Financial liabilities (EURk)
Financial
liabilities at 1
January
Cash flows,
net
Other*
Foreign
exchange
adjustments
Financial
liabilities at 31
December
Non -current borrowings
291,207
(59,427)
-
(997)
230,783
Non -current lease liabilities
115,067
-
41,923
66
157,056
Current lease liabilities
38,954
(38,495)
39,168
269
39,896
Total liabilities from financing activities
445,228
(97,922)
81,091
(662)
427,735
2024
Financial liabilities (EURk)
Financial
liabilities at 1
January
Cash flows,
net
Other*
Foreign
exchange
adjustments
Financial
liabilities at 31
December
Non -current borrowings
273,891
17,497
-
(181)
291,207
Non -current lease liabilities
138,840
-
(20,476)
(3,297)
115,067
Current borrowings
48,709
(47,905)
141
(945)
-
Current lease liabilities
37,604
(39,969)
42,253
(934)
38,954
Total liabilities from financing activities
499,044
(70,377)
21,918
(5,358)
445,228
* Other includes additions and remeasurement of lease liabilities as well as reclassification from non -current to current
liabilities
Egmont Annual Report 2025 Section 3 - Capital structure and financing
43
3.5 Financial income and expenses
Net financial expenses have decreased due to
lower borrowings and decreasing interest rates.
The Group has entered into two power purchase
agreements. One of them is classified as a
financial derivative and fair value adjusted over
profit and loss.
Accounting Policies
Financial income and expenses
Financial income and expenses comprise interest income
and expense, including interest expense on leases.
Furthermore, changes in the fair value derivative financial
instruments regarding virtual power purchase agreements
and interest rate swaps, which are not designated as
hedging instruments as well as the ineffective portion of the
hedges are also included.
Borrowing costs relating to general borrowing or loans
directly relating to the acquisition, construction or
development of qualifying assets are allocated to the cost of
such assets.
Power purchase agreements
The accounting treatment of power purchase agreements
(PPAs) are assessed for classification between right-of-use
assets in accordance with IFRS 16 if it is a physical PPA,
where the Group has control over the asset (solar plant), a
derivative financial instrument if it is a virtual PPA with
contract for difference settlement in accordance with
IFRS 9 or an executory contract in accordance with IAS 37 if
it fulfills the requirement of an own-use contract.
Financial income (EURk)
2025
2024
Interest income,
derivative financial
instruments, measured at
amortised cost
-
807
Fair value adjustment of
virtual power purchase
agreement
201
-
Other financial income
53
78
Total
254
885
Financial expenses (EURk)
2025
2024
Interest expenses,
financial liabilities,
measured at amortised
cost
(9,288)
(19,354)
Interest expense on lease
liability
(8,953)
(8,118)
Interest expenses,
derivative financial
instruments, measured at
amortised cost
(3,203)
-
Fair value adjustment of
virtual power purchase
agreement
-
(536)
Total
(21,444)
(28,008)
43
Egmont Annual Report 2025 Section 3 - Capital structure and financing
44
3.6 Derivative financial instruments
Categories of financial instruments
The carrying amount of receivables and other
financial liabilities (current) is equal to the fair
value. Mortgage debt and debt to other credit
institutions (non-current) are floating-rate cash
loans, and thus the fair value is in all material
aspects equal to the carrying amount.
Derivative financial instruments are valued at fair
value on the basis of inputs other than listed
prices that are observable for the liability, either
directly or indirectly (level 2). Put- and call-
options are valued at fair value on basis of
expected future discounted cash-flows (level 3).
Categories of financial instruments
(EURk)
2025
2024
Financial assets measured at fair
value via the income statement
9,578
5,528
Financial assets used as hedging
instruments
2,868
1,616
Financial assets measured at
amortised cost
450,274
404,198
Financial liabilities measured at
fair value via the income
statement
2,342
2,875
Financial liabilities used as
hedging instruments
4,936
4,060
Financial liabilities measured at
amortised cost
682,867
693,385
Accounting Policies
Derivative financial instruments
Derivative financial instruments are recognised at the date a
derivative contract is entered into and measured in the
balance sheet at fair value. Positive and negative fair values
of derivative financial instruments are included in other
receivables and payables, respectively, and a set-off of
positive and negative values is only made when the entity
has the right and the intention to settle several financial
instruments net. Fair values of derivative financial
instruments are computed on the basis of current market
data and generally accepted valuation methods.
Changes in the fair value of derivative financial instruments
designated as and qualifying for recognition as a hedge of
the fair value of a recognised asset or liability are recognised
in the income statement together with changes in the value
of the hedged asset or liability as far as the hedged portion
is concerned.
Changes in the portion of the fair value of derivative
financial instruments designated as and qualifying as a cash
flow hedge that is an effective hedge of changes in future
cash flows are recognised in other comprehensive income
in equity under a separate hedging reserve until the hedged
cash flows affect the income statement. At that time, any
gains or losses resulting from such hedged transactions are
transferred to other comprehensive income and recognised
under the same item as the hedged item.
If the hedging instrument no longer qualifies for hedge
accounting, the hedge will cease to be effective. The
accumulated change in value recognised in other
comprehensive income is transferred to the income
statement when the hedged cash flows affect the income
statement. If the hedged cash flows are no longer expected
to be realised, the accumulated change in value will be
transferred to the income statement immediately. The
portion of a derivative financial instrument not included in a
hedge is recognised under financial items.
For derivative financial instruments that do not qualify for
treatment as hedging instruments and changes in fair value
are currently recognised in the income statement under
financial items.
Call options
Call options related to equity investments are included
under derivatives (other receivables) and measured at fair
value through the income statement. The fair value is based
on a valuation methodology comparing the expected equity
value with the agreed exercise prices (level 3 in the fair
value hierarchy).
Net gains and losses arising from changes in the fair value
of call options are recognised in the income statement as
financial income or expenses.
Put options on non-controlling interests
Non-controlling interests continues to receive an allocation
of profit or loss.
Put options on non-controlling interests’ share of equity are
measured at the present value of the redemption amount
calculated as if the options were exercised on the last day of
the financial year and based on the latest financial
information of the relevant companies. Non-controlling
interests are reclassified as liability at the end of the
financial year as if the acquisition took place at that date (the
anticipated acquisition method).
Net gains and losses arising from changes in the fair value
of put options are recognized in equity.
Financial and non-financial liabilities
Financial liabilities are recognised at the date of borrowing
as the net proceeds received less transaction costs paid. In
subsequent periods, the financial liabilities are measured at
amortised cost, such that the difference between the
proceeds and the nominal value is recognised under
financial expenses in the income statement over the term of
the loan.
Other liabilities are measured at net realisable value.
2025
Derivative financial instruments (EURk)
Assets
Liabilities
Net
Hedge reserve,
before tax
Foreign exchange hedges
3,130
1,366
1,764
2,307
Interest rate hedges
361
2,119
(1,758)
(1,758)
Virtual power purchase agreement
-
1,333
(1,333)
-
Other
347
118
229
-
Total derivative financial instruments
3,838
4,936
(1,098)
549
2024
Assets
Liabilities
Net
Hedge reserve,
before tax
Foreign exchange hedges
1,556
2,559
(1,003)
(180)
Interest rate hedges
558
2,821
(2,263)
(2,263)
Virtual power purchase agreement
-
1,536
(1,536)
-
Other
518
19
499
-
Total derivative financial instruments
2,632
6,935
(4,303)
(2,443)
Egmont Annual Report 2025 Section 4 - Acquisitions, divestments, joint ventures and associates
45
4.1 Acquisition and divestment
of businesses
Acquisitions in 202 5
During the year, the Group acquired the
remaining shares and now has 100% ownership
in Motorrad Nordic AB, which was previously an
associated company.
The acquisition has impacted revenue with EUR
887k. Full-year impact on revenue relating to the
acquisition amounts to EUR 1,938k. EBIT for
2025 was positively impacted with EUR 50k,
excluding step-up gain.
Transaction costs are immaterial, as the due
diligence process was handled in-house.
Motorrad Nordic AB
As previously mentioned the remaining 56% of
the shares in Motorrad Nordic AB were acquired
in July 2025.
Motorrad Nordic AB specializes in publishing
bike magazines on paper and the Internet. The
company publishes well-known titles such as
Swedish Bike powered by Motorrad, Allt om MC,
Norwegian MC-avisa Bike, Danish Bike powered
by Motorrad, and Finnish Bike powered by
Motorrad. The acquisition further strengthens
the Group's reach and specialisation in
motorcycle media across the Nordics.
Goodwill from the acquisition is primarily related
to the company’s workforce and know-how.
Acquisitions in 202 4
Two entities (Ackermann Kommunikation ApS
and Docklin Digital AB) were acquired for a total
cash purchase consideration of EUR 5,458k.
Acquisitions after the balance sheet date
In January 2026, the Group acquired 100% of the
shares in Gmeiner-Verlag GmbH, a publishing
company in Germany. Gmeiner-Verlag GmbH
specializes in publishing crime books, both
physical, audio and e-books. The entity was
acquired for a total of EUR 2,425k.
Section 4
Acquisitions ,
divestments , joint
venture s and
associates
This section describes the
acquisition s and divestments
of businesses and the
investments in joint ventures
and associates.
In 202 5, GoGift and Flashbulb
were divested along with five
minor divestments resulting in
a gain of EUR 32.3m.
Fair value at acquisition date (EURk)
Motorrad
Nordic AB
Intangible assets
358
Property; plant and equipment
1
Current assets
472
Other non -current liabilities
25
Other current liabilities
491
Identifiable net assets
315
Goodwill
788
Purchase consideration
1,103
Cash and cash equivalents; acquired
(280)
Contingent purchase consideration
(Earn outs)
(370)
Fair value of existing share of net assets in
step-acquisitions
(353)
Total cash consideration paid
100
Significant estimates and judgements
Acquisition of businesses where a number of estimates and
judgments are carried out related to allocation of the
purchase price to identifiable net assets including intangible
assets/goodwill as well as value adjustments (step-up
acquisitions).
The purchase price allocation made in 2025 was carried out
after the Group gained control over the entities based on
information gathered during the due diligence processes
and knowledge of the companies.
Egmont Annual Report 2025 Section 4 - Acquisitions, divestments, joint ventures and associates
46
4.1 Acquisition and divestment of businesses (continued)
Divestments in 202 5
In 2025, the Group divested all its shares in
GoGift.com A/S and Flashbulb ApS. In addition,
five minor companies were divested. Total net
gain from the divestments amounts to EUR
32,302k, which have been recognised in other
operating income.
Earn -out payments in 2025
In 2025, earn-out payments totalling EUR 1,912k
were received and recognised as other operating
income, cf. section 1.5.
Divestments in 2024
In 2024 the Group divested Nicehair ApS,
Wolftech Broadcast Solutions AS and two minor
companies with a gain of EUR 8,687k.
46
2025
2024
Fair value at disposal date (EURk)
GoGift.com A/S
Flashbulb ApS
Other
Total
Nicehair ApS
Wolftech
Broadcast
Solutions AS
Other
Total
Goodwill
11,932
1,002
788
13,722
4,706
-
925
5,631
Intangible assets ex. Goodwill
568
371
-
939
215
-
-
215
Property; plant and equipment
120
307
80
507
731
376
4
1,111
Other non -current assets
-
15
-
15
-
210
217
427
Current assets
47,309
2,045
2,439
51,793
11,542
1,048
1,811
14,401
Other non -current liabilities
(4,267)
(224)
-
(4,491)
(25)
(248)
(4)
(277)
Other current liabilities
(30,947)
(597)
(981)
(32,525)
(10,951)
(1,799)
(1,561)
(14,311)
Net assets divested
24,715
2,919
2,326
29,960
6,218
(413)
1,392
7,197
Gain/(loss) on divestment
30,866
1,527
(91)
32,302
285
7,879
523
8,687
Minority interest
-
-
(9)
(9)
-
(21)
-
(21)
Selling price on divestment of businesses
55,581
4,446
2,226
62,253
6,503
7,445
1,915
15,863
Deferred payment
-
-
(83)
(83)
-
(1,712)
-
(1,712)
Cash and cash equivalents; divested
(30,043)
(1,114)
(999)
(32,156)
-
(121)
(1,184)
(1,305)
Total cash consideration received
25,538
3,332
1,144
30,014
6,503
5,612
731
12,846
Transaction costs
2,046
-
177
2,223
-
665
-
665
Egmont Annual Report 2025 Section 4 - Acquisitions, divestments, joint ventures and associates
47
Accounting Policies
Business combinations
Businesses acquired or formed during the year are
recognised in the consolidated financial statements from
the date of acquisition or formation. Businesses disposed of
or wound up are recognised in the consolidated financial
statements until the date of disposal or winding-up. The
comparative figures are not restated for newly acquired
businesses. Discontinued operations are disclosed
separately.
The acquisition method is used for acquisitions of new
businesses over which Egmont Fonden obtains control. The
acquired businesses' identifiable assets, liabilities and
contingent liabilities are measured at fair value at the
acquisition date. Identifiable intangible assets are
recognised if they are separable or arise from a contractual
right. Deferred tax is recognised in respect of the fair value
adjustments made.
The acquisition date is the date when Egmont Fonden
effectively obtains control of the acquired business. Costs
attributable to business combinations are expensed as
incurred.
Step acquisitions, where either control, joint control or
significant influence is obtained, the existing equity interest
is remeasured at fair value and the difference between the
fair value and carrying amount is recognised in the income
statement. The additional equity investments acquired are
recognised at fair value in the balance sheet.
Any excess (goodwill) of the consideration transferred, the
value of non-controlling interests in the acquired entity and
the fair value of any existing equity interest over the fair
value of the identifiable assets, liabilities and contingent
liabilities acquired is recognised as goodwill under
intangible assets.
Upon acquisition, goodwill is allocated to the cash-
generating units, which subsequently form the basis for the
impairment test at least annually.
Goodwill and fair value adjustments in connection with the
acquisition of a foreign entity with another functional
currency than the presentation currency of Egmont Fonden
are treated as assets and liabilities belonging to the foreign
entity and upon initial recognition translated into the foreign
entity's functional currency at the exchange rate at the
transaction date.
Negative differences (negative goodwill) are recognised in
profit for the year at the acquisition date.
The consideration for an acquired business consists of the
fair value of the agreed consideration in the form of assets
transferred, liabilities assumed and equity instruments
issued. If part of the consideration is contingent on future
events or compliance with agreed conditions, this part of
the consideration is recognised at fair value at the date of
acquisition.
If uncertainties regarding the identification or measurement
of acquired assets, liabilities or contingent liabilities or
determination of the consideration exist at the acquisition
date, initial recognition will take place on the basis of
provisional values. If it subsequently becomes apparent that
the identification or measurement of the consideration,
acquired assets, liabilities or contingent liabilities was
incorrect on initial recognition, the determination is adjusted
retrospectively, including goodwill, until 12 months after the
acquisition, and the comparative figures are restated.
Subsequently, goodwill is not adjusted. Changes to
estimates of contingent considerations are recognised in
the income statement.
The acquisition of further non-controlling interests after
obtaining control is considered an owner’s transaction, and
the difference between acquisition cost and the share of
such non-controlling interests acquired is recognised
directly in equity.
Gains and losses on the disposal or winding-up of
subsidiaries, jointly controlled entities and associates are
stated as the difference between the selling price or the
disposal consideration and the carrying amount of net
assets, including goodwill, at the date of disposal, less the
cost of disposal. If the disposal of either control, joint control
or significant influence takes place in stages, the retained
equity investment is measured at fair value, and the
difference between the fair value and carrying amount is
recognised in the income statement.
47
Egmont Annual Report 2025 Section 4 - Acquisitions, divestments, joint ventures and associates
48
4.2 Investments in joint ventures and
associates
Investments in joint ventures
The Group has investment in 10 joint ventures.
No joint ventures are presented separately as
they are considered individually immaterial
relatively to the total portfolio.
The Groups share of the net profit for the year,
exclusive amortisations of excess values and
group adjustments amounts to EUR 2,159k
(2024: EUR 752k).
48
Investments in joint ventures
(EURk)
2025
2024
Cost at 1 January
24,661
24,042
Foreign exchange adjustments
(78)
(680)
Additions
1,228
1,299
Cost at 31 December
25,811
24,661
Adjustments at 1 January
1,630
4,582
Foreign exchange adjustments
(347)
201
Share of profit/(loss) for the year
(685)
(906)
Equity transactions in joint
ventures
(348)
(212)
Dividends
(455)
(2,035)
Adjustments at 31 December
(205)
1,630
Carrying amount
at 31 December
25,606
26,291
Egmont Annual Report 2025 Section 4 - Acquisitions, divestments, joint ventures and associates
49
4.2 Investments in joint ventures and associates
(continued)
Investments in associates
The Group has investments in 14 associated
entities, with the two most significant located
in Sweden.
Significant associates
Star Stable hosts the online horse-themed life
servie game and fits into Egmont’s games
strategy.
Jollyroom is the clear online leader in the
Nordics within parenting and is a part of
Egmont’s strategic e-commerce portfolio.
Other associates
Carrying amount for the 12 remaining associates
amounts to EUR 46,132k (2024: EUR 46,895k)
and the Groups share of the net profit for the
year amounts to EUR 383k (2024: EUR 2,760k).
Accounting Policies
Investments in joint ventures and associated companies are
recognised in the consolidated financial statements accor-
ding to the equity method, which means that the invest-
ments are measured in the balance sheet at the propor-
tionate share of the joint ventures’ and associated
companies’ net asset values calculated in accordance with
the Group's accounting policies minus or plus the propor-
tionate share of unrealised intra-group gains and losses and
plus any excess values on acquisition, including goodwill.
Investments in joint ventures and associated companies are
tested for impairment when impairment indicators are
identified.
Investments in joint ventures and associated companies
with negative net asset values are measured at EUR 0 (nil).
If the Group has a legal or constructive obligation to cover a
deficit in the joint venture and associated company, such
deficit is recognised under liabilities.
On the acquisition of investments in joint ventures and
associated companies, the acquisition method is used; see
description of business combinations.
Share of results from investments in joint ventures
and associates
The proportionate share of the joint ventures’ and
associates results after tax and non-controlling interests
and after elimination of the proportionate share of intra-
group gains/losses is recognised in the consolidated
income statement.
Investments in associates
(EURk)
2025
2024
Cost at 1 January
141,049
140,962
Foreign exchange
adjustments
4,400
(1,724)
Additions
251
3,051
Disposals
(584)
(1,801)
Equity transactions in
associates
-
1,306
Other adjustments
-
(745)
Cost at 31 December
145,116
141,049
Adjustments at 1 January
(21,433)
(25,435)
Foreign exchange
adjustments
(473)
(963)
Share of profit/(loss) for the
year
(1,892)
5,425
Reversal of impairment
595
-
Dividends
(4,381)
(1,577)
Disposals
539
76
Other adjustments
-
1,041
Adjustments at 31
December
(27,045)
(21,433)
Carrying amount at 31
December
118,071
119,616
Star Stable
Jollyroom
Key Figures in significant associates (EURk)*
2025
2024
2025
2024
Revenue
28,159
29,666
130,609
127,041
Net profit for the year
1,341
5,491
(24)
(679)
Dividend received
3,086
-
-
-
Balance sheet
Non -current assets
564
821
12,236
12,782
Current assets
8,292
10,952
32,543
28,421
Non -current liabilities
524
669
1,616
3,063
Current liabilities
4,088
3,155
37,259
28,242
Equity
4,244
7,949
5,904
9,898
Egmont Fonden's share of equity
2,415
4,524
2,728
4,739
Goodwill and other PPA -values
46,991
44,755
19,805
18,703
Investments in associates
49,406
49,279
22,533
23,442
* The figures presented in the table are 100% values of the entities, excl. amortisations of excess values and group
adjustments.
Egmont Annual Report 2025 Section 5 - Taxes
50
5.1 Income taxes
Tax for the year
The effective tax rate in 2025 was affected
upwards by tax losses not fully recognised in the
balance sheet and adjustments for prior years
and downwards by non-taxable gains on
divestments of businesses (refer to section 4),
deductible donations distributed from equity and
recognition of deferred tax assets relating to
interest deduction limitation carried forward,
previously not recognised.
The effective tax rate in 2024 was primarily
affected by tax losses not fully recognised, non-
taxable gains on divestment of businesses and
deductible donations distributed from equity.
Pillar 2
In all countries where the Group operates and
pass the de-minimis thresholds, the simplified
effective tax rate exceeds 16% in 2025.
Consequently, transitional safe harbour rules are
applied resulting in no top-up tax being incurred.
Egmont also anticipates complying with
transitional safe harbour rules in 2026 and 2027,
and is currently investigating the impact of
permanent safe harbour and GloBE rules
effective from 2028.
Section 5
Taxes
This section includes
disclosures on the Group’s tax
position , including tax for the
year, explanation of the
Group’s effective tax rate and
deferred tax composition.
Furthermore, the section
describes how the Group is
affected by the Pillar 2 rules.
The effective tax rate was in
line with last year and stood at
19.4% in 202 5 affected by tax
losses in the UK not recognised
offset against non -taxable gain
on divestment of GoGift.
Taxes (EURk)
2025
2024
Current tax
(25,779)
(10,654)
Deferred tax
4,323
(6,163)
Adjustments for prior years, current tax
(216)
517
Adjustments for prior years, deferred tax
(1,203)
551
Withholding tax
(257)
(420)
Total
(23,132)
(16,169)
Tax on the profit for the year results as follows:
Calculated tax, 22.0% on profit before tax
(26,244)
(18,284)
Adjustment of calculated tax in foreign entities relative to 22.0%
(911)
(580)
Tax effect of:
Non -taxable income
14,434
9,124
Non -deductible expenses
(8,299)
(8,283)
Share of net profit/(loss) in joint ventures
(151)
12
Share of net profit/(loss) in associates
(285)
1,194
Adjustments for prior years
(1,419)
1,068
Withholding taxes
(257)
(420)
Total
(23,132)
(16,169)
Taxes recognised in other comprehensvie income (EURk)
2025
2024
Tax on value adjustment of hedging instruments
1,308
(1,829)
Foreign exchange adjustments on translation of foreign entities
19
381
Tax on actuarial gains/(losses) on defined benefit pension plans
(115)
(282)
Withholding tax on dividends
(148)
-
Total
1,064
(1,730)
Accounting Policies
Tax for the year, comprises current tax and changes in
deferred tax. The tax expense is recognised in the income
statement, in other comprehensive income or directly in
equity.
Egmont Annual Report 2025 Section 5 - Taxes
51
5.2 D eferred taxes
Recognised deferred tax assets
The Group has assessed that deferred tax assets
totalling EUR 7,453k (2024: EUR 10,153k),
primarily attributable to tax losses and interest
deduction limitations carried forward in
Germany, Norway, Sweden and UK can be
realised in the foreseeable future. This is based
on the forecasted earnings of the enterprises in
which tax assets can be utilised.
Unrecognised deferred tax assets
The total tax value of unrecognised tax losses
and interest deduction limitations carried
forward amounts to EUR 27,876k (2024: EUR
25,493k). The increase, and balance at year-end,
is primarily relating to UK.
Unrecognised tax losses and interest deduction
limitations carried forward relate to Denmark,
Sweden, Norway and UK.
Significant estimates and judgements
Deferred taxes are subject to some judgements related to
whether tax assets may be utilised.
The amount to be recognised in respect of deferred tax
assets is based on an estimate of the probable time of
realising future taxable profits and the amount of such
profits.
Accounting Policies
Current tax payable/receivable and deferred tax
Current tax payable and receivable is recognised in the
balance sheet as tax computed on the taxable income for
the year, adjusted for tax on the taxable income of prior
years and for tax paid on account.
Deferred tax is measured using the balance sheet liability
method on the basis of all temporary differences between
the carrying amount and the tax value of assets and
liabilities. However, deferred tax is not recognised on
temporary differences relating to goodwill that is not
deductible for tax purposes and on office premises and
other items where temporary differences, apart from
business combinations, arise at the date of acquisition
without affecting either result for the year or taxable
income. Where different tax rules can be applied to
determine the tax value, deferred tax is measured based on
planned use of the asset or settlement of the liability.
Deferred tax assets, including the tax value of tax loss carry
forwards, are recognised at the expected value of their
utilisation to the extent it is considered probable that
taxable profits will be realised in the foreseeable future
against which the losses can be offset.
Deferred tax is measured according to the tax rules and at
the tax rates applicable in the respective countries at the
end of the reporting period when the deferred tax is
expected to be realised as current tax. Changes in deferred
tax due to changed tax rates are recognised in the
comprehensive income for the year.
Impairment
Deferred tax assets are subject to annual impairment tests
and are recognised only to the extent that it is probable that
the assets will be utilised.
Deferred tax (EURk)
2025
2024
Deferred tax at 1 January
(36,738)
(28,562)
Adjustments relating to previous years
(1,203)
551
Foreign exchange adjustments
1,717
252
Additions through business combinations
(24)
(349)
Divestment of businesses
4,227
(321)
Deferred tax for the year recognised in the income statement
4,323
(6,163)
Deferred tax for the year recognised in other comprehensive income
1,193
(2,146)
Deferred tax at 31 December
(26,505)
(36,738)
Deferred tax has been recognised in the balance sheet as follows:
Deferred tax, asset
7,453
10,153
Deferred tax, liability
(33,959)
(46,891)
Deferred tax, net
(26,506)
(36,738)
The deferred tax relates to (EURk)
2025
2024
Intangible assets
(45,755)
(44,583)
Property, plant and equipment
10,487
6,051
Receivables
(1,495)
(5,212)
Inventories
2,914
2,629
Other current assets
(1,858)
(1,791)
Provisions
4,038
4,484
Other liabilities
(5,690)
(12,353)
Tax allocation reserve
(1,354)
(962)
Interest deduction limitation carried forward
5,980
4,236
Tax losses carried forward
6,227
10,763
Total
(26,506)
(36,738)
Egmont Annual Report 2025 Section 6 - Other disclosures
52
6.1 Contingent assets and liabilities
The Group has no significant contingent assets
apart from potential earn-out payments
regarding divested subsidiaries of up to
EUR 3,351k (2024: EUR 7,947k), which have not
been recognised due to uncertainty.
The Group has provided security to credit
institutions of EUR 160,186k (2024: EUR
160,425k) over domicile and investment
properties, with a carrying amount of EUR
131,277k (2024: EUR 133,899k).
The Group has furnished surety commitments of
EUR 25,742k (2024: EUR 25,772k).
The Group has entered into binding contracts
concerning purchase of intangible film rights of
EUR 28,773k (2024: EUR 40,106k).
The Group has entered into binding contracts
concerning content supply, which are not
recognised in the balance sheet. The contractual
nominal obligation amount to EUR 437,973k
(2024: EUR 583,549k). The contracts fall due
over the various contract lengths up to 7 years
from the balance sheet date.
Furthermore, the Group has furnished
miscellaneous guarantees, etc., amounting to
EUR 22,608k (2024: EUR 25,932k).
6.2 Related parties
Egmont Fonden, as the parent company in the
Group, is an enterprise foundation and has no
owner with control.
The Group’s related parties with significant
influence comprise the foundation’s board of
directors, management board and their close
relatives, as well as enterprises in which this
group of persons has material interests. The
compensation paid to the board of directors and
management board is disclosed in section 1.3.
Related parties with significant influence also
comprise joint ventures and associates; cf.
section 4.2 and non-controlling interests.
Transactions with joint ventures, associates and
non-controlling interests are summarised below:
6.3 Subsequent events
No events have occurred after the reporting
period, which significantly impacts the financial
position as of 31 December 2025.
6.4 Fees to auditors
Section 6
Other disclosures
This section includes a
description of the Group’s
contingent assets and
liabilitie s, related parties
transactions and subsequent
events.
Furthermore the section
specifies the fees to auditors.
Joint ventures
Related parties (EURk)
2025
2024
Receivables
16
26
Payables
147
100
Revenue
13,574
13,211
Associates
2025
2024
Receivables
405
1,290
Non-controlling interests
2025
2024
Receivables
7,365
-
Fees to auditors (EURk)
2025
2024
Fee to PwC:
Statutory audit
(1,633)
(1,704)
Tax consultancy
(157)
(303)
Other assurance statements
(52)
(134)
Other services
(140)
(749)
Total fees to PwC
(1,982)
(2,890)
Fee to other auditors:
Statutory audit
(108)
(127)
Tax consultancy
(292)
(206)
Other assurance statements
(317)
(281)
Other services
(214)
(168)
Total fees to other auditors
(931)
(782)
Total fees to auditors
(2,913)
(3,672)
Egmont Annual Report 2025 Section 7 - Basis for preparation
53
7.1 Basis of preparation
The annual report of Egmont Fonden for 2025
comprises both the consolidated financial
statements of Egmont Fonden and its
subsidiaries (the Group) and the separate
financial statements of Egmont Fonden.
The consolidated financial statements have been
prepared in accordance with the IFRS
Accounting Standards, as adopted by the EU,
and additional requirements in the Danish
Financial Statements Act.
The separate financial statements of Egmont
Fonden have been prepared in accordance with
the Danish Financial Statements Act and the
financial reporting requirements of the
Foundation’s Charter (the Foundation’s financial
statements).
The functional currency of Egmont Fonden is
Danish kroner (DKK). The consolidated financial
statements are presented in euro (EUR) as the
Group’s activities are mainly located in European
countries. All values are presented to nearest
EUR thousands (EURk), except otherwise stated.
The consolidated financial statements have been
prepared on the historical cost basis except for
derivative financial instruments, securities and
investment properties (which are measured at
fair value).
The accounting policies have been applied
consistently to the financial year and to the
comparative figures for 2024 apart from the
following:
Reclassification in the profit and loss statement
The classification of sales related costs for a few
companies have been changed from other
external expenses to cost of goods sold.
Comparative figures for 2024 have been
adjusted resulting in an increase of cost of goods
sold of EUR 56.3m and a corresponding
decrease of other external expenses. This
change does not impact other key figures nor
financial ratios.
Reclassification in the statement of financial
position
In 2025, contract liabilities and contract assets
have been presented separately and thus have
been reclassified from provisions, deferred
income, prepayments from customers and trade
payables. Comparative figures for 2024 have
been adjusted resulting in a decrease in
provisions of EUR 39.3m, full reclassification of
prepayments from customers and deferred
income amounting to EUR 148.3m, an increase
in trade payables of EUR 7m, and a
corresponding increase in contract balances of
EUR 188m. Total assets have increased by EUR
7.5m corresponding to the contract assets.
The reclassification has impacted the equity ratio
for 2024 from 47.3% to 47.2%.
Consolidated financial statements
The consolidated financial statements comprise
Egmont Fonden and subsidiaries in which
Egmont Fonden has control of financial and
operating policies in order to obtain returns or
other benefits from its activities.
The consolidated financial statements have been
prepared by consolidating the financial
statements from Egmont Fonden and the
individual subsidiaries, prepared in accordance
with the Group’s accounting policies. On
consolidation, intra-group income and expenses,
shareholdings, intra-group balances and
dividends, and realised and unrealised gains and
losses on transactions between the consolidated
entities are eliminated. Unrealised gains and
losses on transactions with associates are
eliminated in proportion to the Group's
ownership share of the associate.
Control
Control is usually obtained when the Group
holds more than 50% of the voting rights,
whether directly or indirectly, or otherwise has a
controlling interest in the relevant entity.
When assessing whether The Group exercises
control or significant influence, the potential
voting rights that are exercisable at the end of
the reporting period are taken into account.
Entities in which the Group has significant
influence, but not a controlling interest, are
considered associates. Significant influence is
typically obtained when the Group, directly or
indirectly, owns or holds more than 20% of the
voting rights, but less than 50%.
Section 7
Basis for preparation
This section describes the
general basis for preparation
including policies for
consolidation, currency
translation and financial terms
and ratios used in the annual
report.
The annual report of Egmont
Fonden is prepared on a going
concern basis in accordance
with the IFRS Accounting
Standards as adopted by the
EU and further requirements
in the Danish Financial
Statements Act.
The consolidated financial
statements are presented in
euro (EUR) and rounded to the
nearest thousand s.
Egmont Annual Report 2025 Section 7 - Basis for preparation
54
7.1 Basis of preparation (continued)
Non -controlling interests
The non-controlling interests' shares of the profit
for the year, comprehensive income and of the
equity of subsidiaries not wholly owned are
included in the Group's net profit for the year,
comprehensive income and equity, respectively,
but are disclosed separately.
Non-controlling interests are initially measured
either at their fair value or as a proportionate
share of the acquired business's identifiable net
assets. The choice between these methods,
made on a transaction-by-transaction basis,
determines whether goodwill related to non-
controlling interests is recognized.
Foreign currency translation
A functional currency is determined for each of
the reporting entities in the Group. The
functional currency is the currency used in the
primary economic environment in which the
individual reporting entity operates.
Transactions denominated in currencies other
than the functional currency are considered
foreign currency transactions.
On initial recognition, foreign currency
transactions are translated to the functional
currency at the exchange rates at the transaction
date. Foreign exchange differences arising
between the exchange rates at the transaction
date and at the date of payment are recognised
in the income statement as financial income or
financial expenses.
Receivables, payables and other monetary items
denominated in foreign currencies are translated
to the functional currency at the exchange rates
at the end of the reporting period. The difference
between the exchange rates at the end of the
reporting period and at the date at which the
receivable or payable arose or was recognised in
the latest financial statements is recognised in
the income statement as financial income or
financial expenses.
In the consolidated financial statements, the
income statements of entities, joint ventures and
associates with another functional currency than
the presentation currency (EUR) are translated at
the exchange rates at the transaction date, and
the balance sheet items are translated at the
exchange rates at the end of the reporting
period. An average exchange rate for each
month is used as the transaction date exchange
rate to the extent that this does not significantly
distort the presentation of the underlying
transactions. Foreign exchange differences
arising on translation of the opening balance of
equity of such foreign entities at the exchange
rates at the end of the reporting period and on
translation of the income statements from the
exchange rates at the transaction date to the
exchange rates at the end of the reporting period
are recognised directly in other comprehensive
income and presented in equity under a separate
translation reserve. The exchange rate
adjustment is allocated between Egmont Fonden
and the non-controlling interests.
Foreign exchange adjustments of intra-group
balances which are considered part of the total
net investment in foreign entities with another
functional currency than the presentation
currency (EUR) are recognised in other
comprehensive income and presented in equity
under a separate translation reserve.
On disposal of wholly owned foreign entities,
associates or jointly controlled entities with
another functional currency than the presen-
tation currency (EUR), the exchange rate
adjustments that have been recognised in other
comprehensive income and are attributable to
the entity are reclassified from other comprehen-
sive income to the income statement together
with any gains or losses from the disposal.
On partial disposal of foreign subsidiaries with
another functional currency than the
presentation currency (EUR) without a loss of
control, a proportionate share of the translation
reserve is transferred from the Group to the non-
controlling interests’ share of equity.
On partial disposal of associates and jointly
controlled entities, the proportionate share of the
accumulated translation reserve recognised in
other comprehensive income is transferred to
the income statement for the year together with
any gains or losses from the disposal.
Cash flow statement
The cash flow effect of acquisitions and
disposals of businesses is shown separately in
cash flows from investing activities. Cash flows
from acquired businesses are recognised in the
cash flow statement from the date of acquisition,
and cash flows from disposals of businesses are
recognised until the date of disposal.
Cash flows from operating activities are calcu-
lated according to the indirect method as the
profit for the year before net financials, adjusted
for non-cash operating items, changes in
working capital and corporate income tax paid.
Cash flows from investing activities comprise
payments in connection with the acquisition and
disposal of businesses and activities and the
acquisition and disposal of intangible assets,
property, plant and equipment and other non-
current assets, as well as securities.
Cash flows from financing activities comprise the
raising of loans and repayment of interest-
bearing debt including lease liabilities, donations
made and transactions with non-controlling
interests.
Cash and cash equivalents comprise cash and
marketable securities with a residual term of less
than three months at the acquisition date which
are subject to an insignificant risk of changes in
value. Cash flows in other currencies than the
functional currency are translated using average
exchange rates unless these deviate significantly
from the rates at the transaction date.
Egmont Annual Report 2025 Section 7 - Basis for preparation
55
7.1 Basis of preparation (continued)
Financial terms
In this annual report the following financial terms
are used:
EBITDA
Operating profit (loss) before net
financials, depreciation, amortisation
and impairment losses.
Operating profit
(EBIT)
Profit before tax and net financials.
Adjusted
operating profit
Operating p rofit after results from
associates and operational financial
income/(expenses) .
EBT
Profit (loss) before tax
NCI
Non -controlling interests
Financial ratios
Financial ratios stated in the consolidated
financial statements have been calculated in
accordance with the Danish Finance Society’s
“Recommendations & Ratios”.
Operating
margin
Operating profit x 100
Revenue
Equity
ratio
Equity excl. NCI x 100
Total assets
Return on
equity
Net profit for the year excl. NCI x 100
Average equity, excl. NCI
7.2 Significant accounting estimates and
judgements
The preparation of the Group’s consolidated
financial statements requires management to
make judgements, estimates and assumptions
that affect the reported amounts of revenues,
expenses, assets and liabilities, and the
accompanying disclosures.
Uncertainty about these assumptions and
estimates could result in outcomes that require a
material adjustment, positively or negatively, to
the carrying amount of assets or liabilities
affected in future periods.
Areas involving significant estimates and judgements:
Assessment of performance obligations
in contracts with customers, percentage
of completion in work -for-hire
contracts, etc.
Section 1.1
Section 1.2
Impairment testing, useful life and
residual value of intangible assets
Section 2. 1
Impairment testing, useful life and
residual value of property, plant and
equipment
Section 2. 2
Fair value assessment of investment
properties
Section 2. 5
Write down of inventories
Section 2. 6
Provision for onerous contracts,
restructuring costs and litigation and
claims
Section 2. 10
Valuation of d eferred tax assets
Section 5. 2
7.3 Principal accounting policies
General basis for preparation is described in
section 7.1 above and relevant accounting
policies for each section has been presented in
conjunction with the relevant sections. Below are
other relevant accounting policies described.
Accounting Policies
Software as a service (SaaS)
SaaS agreements provide access to cloud software, with
related setup and usage fees expensed as incurred. Costs
enhancing existing systems are capitalized as intangible
assets if eligible or expensed otherwise. Prepaid
customization costs are recognized upfront or amortized
over the contract depending on their linkage to the service.
Lease liabilities
Lease liabilities are measured at the net present value of
lease payments to be made over the lease term.
The lease payments include fixed payments less any lease
incentives receivable, variable lease payments that do not
depend on an index or a rate, and amounts expected to be
paid under residual value guarantees. The lease payments
also include the exercise price of a purchase option
reasonably certain to be exercised and payments of
penalties for terminating the lease, if the lease term reflects
the Group exercising the option to terminate.
Variable lease payments that do not depend on an index or
a rate are recognised as expenses in profit and loss in the
period in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments, the
Group uses its incremental borrowing rate at the lease
commencement date, because the interest rate implicit in
the lease is not readily determinable.
After the commencement date the carrying amount of lease
liabilities is remeasured if there is a modification whether
it’s a change in the in-substance fixed lease payments, a
change lease term (termination or extension), or a change in
the assessment to purchase the underlying asset.
7.4 Standards and interpretations
not yet adopted
A number of new standards and amendments
are effective for annual periods beginning after
1 January 2025 though not mandatory for annual
reporting periods ending on 31 December 2025.
Earlier application is permitted; however, the
new or amended standards have not been early
adopted by the Group.
The new or amended IFRS standards are as
follows:
• IFRS 18 - Presentation and Disclosure in
Financial Statements.
• Amendments to IFRS 9 and IFRS 7 -
Classification and Measurement of Financial
Instruments & Contracts referencing Nature-
dependent electricity.
The Group expects to adopt the new standards,
improvements, amendments and interpretations
when they become mandatory.
None of the amended standards or new
accounting pronouncements are expected to
significantly impact the accounting policies
and/or the consolidated Financial Statements,
however IFRS 18 will result in changed
presentation in both the income statement and
the statement of financial position. Further
analysis of impacts will be carried out in 2026.
Egmont Annual Report 2025 Section 8 - Group entities
56
Section 8
Group entities
8.1 Subsidiaries
Unless otherwise stated, the companies are 100% owned. Ownership reflects the proportion of each entity's
results that is attributed to Egmont Fonden in the consolidated financial statements (effective owner share).
Cross-holdings held by companies within the Group are aggregated.
* Entities owned directly by Egmont Fonden.
** Entities that are not required to file annual reports under the legislation of their country of domicile.
*** Due to voting rights and/or specific clauses in the shareholders' agreements, Egmont does not
exercise control despite owning more than 50% of the shares in these entities.
Country
Entity
Registered office
2025
2024
Denmark
Egmont International Holding A/S *
Copenhagen
Story House Egmont A/S
Copenhagen
Egmont Printing Service A/S
Copenhagen
Egmont Creative Solutions A/S
Copenhagen
GoShopping ApS (dissolved)
Herning
-
Unique Models of Copenhagen A/S
Copenhagen
60%
60%
s360 A/S
Aarhus
48.7%
49.4%
Drive Studios ApS
Copenhagen
80.8%
80.8%
Flashbulb ApS (divested)
Copenhagen
-
Helion B2B Group ApS
Aarhus
38.9%
30.9%
Helion B2B A/S
Copenhagen
37%
29%
AndLight ApS
Copenhagen
GoTutor Denmark ApS
Copenhagen
60.0%
60.0%
Ingager ApS
Copenhagen
80.6%
80.3%
Nordisk Interactive A/S
Copenhagen
Country
Entity
Registered office
2025
2024
Denmark
Lindhardt og Ringhof Forlag A/S
Copenhagen
Nordisk Film A/S
Copenhagen
Nordisk Film Distribution A/S
Copenhagen
Nordisk Film Shortcut A/S
Copenhagen
Nordisk Film Production A/S
Copenhagen
Nordisk Games A/S
Copenhagen
Nordisk Film Biografer A/S
Copenhagen
Ordblindetræning ApS
Esbjerg
51%
51%
Palads Biografen A/S
Copenhagen
Praxis Forlag A/S
Copenhagen
75%
75%
GoGift.com A/S (divested)
Copenhagen
-
Kino.dk A/S
Copenhagen
74%
74%
Nordisk Film Bridge Finance A/S
Copenhagen
Dansk Reklame Film A/S
Copenhagen
Egmont Administration A/S
Copenhagen
Egmont Finansiering A/S
Copenhagen
Egmont Investering A/S
Copenhagen
Egmont Investering 2 A/S
Copenhagen
Ejendomsselskabet Vognmagergade 11 ApS *
Copenhagen
Ejendomsselskabet Gothersgade 55 ApS *
Copenhagen
MBG Sleeping Egmont A/S **
Copenhagen
VPH Sleeping Egmont ApS **
Copenhagen
4 + 1 ApS
Hvidovre
20%
20%
Norway
Egmont Holding AS
Oslo
The Brand AS (dissolved)
Oslo
-
50%
Drammen Kino AS
Drammen
66.7%
66.7%
Egmont Kids Media Nordic AS
(merged with Story House Egmont AS)
Oslo
-
Story House Egmont AS
Oslo
Fjellsport AS
Sandefjord
97%
97%
Garnius.no AS
Gaugesund
51%
51%
Egmont Annual Report 2025 Section 8 - Group entities
57
8.1 Subsidiaries (continued)
Country
Entity
Registered office
2025
2024
Norway
Intuvio AS (previous: Markedspartner AS)
Grålum
50.4%
49.8%
Nordisk Film AS
Oslo
Nordisk Film Distribusjon AS
Oslo
Nordisk Film ShortCut AS
Oslo
66%
66%
Nordisk Film Production AS
Oslo
Productions NF AS (newly incorporated)
Oslo
-
Nordisk Interactive AS
Oslo
S360 Norge AS
Moss
48.7%
44.2%
Indent AS (divested)
Moss
-
39.8%
StoryCo AS
Oslo
65.2%
65.2%
Filmweb AS
Oslo
64.3%
64.3%
Nordisk Film Kino AS
Oslo
Media Direct Norge AS
Oslo
TV 2 Gruppen AS
Bergen
TV 2 AS
Bergen
TV 2 Skole AS
Bergen
Nydalen Studios AS
Oslo
Broom.no AS
Oslo
Broommarked AS
Oslo
RiksTV AS
Oslo
Strim AS
Oslo
Electric Friends AS
Oslo
99.4%
Eventyrkanalen AS
Bergen
Vimond Media Solutions AS
Bergen
TV 2 Invest AS
Fredrikstad
Screen Story AS
Stavanger
90.2%
Screen Story Film og TV AS
Stavanger
90.2%
Aventia Media AS
Nøtterøy
68%
68%
Cappelen Damm AS
Oslo
Tanum AS
Oslo
Sentraldistribusjon AS
Oslo
Country
Entity
Registered office
2025
2024
Norway
Bazar Forlag AS
Oslo
Ex Libris Forlag AS
Oslo
Flamme Forlag AS
Oslo
N.W. Damm & Søn AS
Oslo
Sweden
Egmont Holding AB
Malmö
Egmont Story House AB
Malmö
Belong Agency Sweden AB
Stockholm
61.6%
61.6%
Ingager AB
Stockholm
80.6%
80.3%
Ingager Partners AB (newly incorporated)
Stockholm
-
Bagaren och Kocken AB
Gothenburg
Kanmalmo AB
Malmö
61.6%
61.6%
Kanstockholm AB
Stockholm
31.4%
31.4%
s360 AB (previous: Docklin Digital AB)
Stockholm
48.7%
49.4%
DS Productions AB (divested)
Stockholm
-
80.8%
Motorrad Nordic AB
Solna
44%
Klintberg Niléhn Media AB
Stockholm
59%
59%
Outnordic Invest AB
Växjö
Outnorth AB
Växjö
Nordisk Film Sverige AB
Stockholm
Nordisk Film Distribution AB
Stockholm
Nordisk Film Interactive AB
Stockholm
Nordisk Film Production Sverige AB
Stockholm
Royal Design Group Holding AB
Kalmar
Royal Design Group AB
Kalmar
Fatalist Partners AB
(merged with Avalanche Studios Group AB)
Stockholm
-
Avalanche Studios Group AB
Stockholm
Fatalist Development AB
Stockholm
Fatalist Production 2 AB
Stockholm
Fatalist Production 3 AB
Stockholm
Egmont Annual Report 2025 Section 8 - Group entities
58
8.1 Subsidiaries (continued)
Country
Entity
Registered office
2025
2024
Sweden
Fatalist Production 4 AB
Stockholm
Fatalist Production 5 AB
Stockholm
Systemic Reaction AB
(merged with Avalanche Studios Group AB)
Stockholm
-
Expansive Worlds AB
(merged with Avalanche Studios Group AB)
Stockholm
-
Nordisk Film Biografer Sverige AB
Stockholm
S360 AB (merged with Docklin Digital AB)
Stockholm
-
49.4%
Winston Delta Charlie AB
Stockholm
31.4%
31.4%
Bamse Förlaget AB
Helsingborg
United Kingdom
Avalanche Studios Group Limited
London
Egmont Holding Limited
London
Story House Egmont Limited
London
Egmont Publishing Limited
London
S360 Digital UK Ltd.
London
48.7%
49.4%
Supermassive Games Limited
Hampshire
Starshape Games Limited
Hampshire
Supermassive Games 1 Limited
Hampshire
Supermassive Games 2 Limited
Hampshire
Supermassive Games 3 Limited
Hampshire
Finland
Egmont Holding Oy
Helsinki
Oy Nordisk Film Ab
Helsinki
Oy Nordisk Interactive Ab
Helsinki
Nordic XR Startups Oy
Helsinki
60%
60%
search360 OY
Helsinki
48.7%
49.4%
Germany
Egmont Ehapa Media GmbH
Berlin
Egmont Verlagsgesellschaften mbH
Berlin
dotbooks GmbH
Munich
Egmont Holding GmbH
Berlin
Country
Entity
Registered office
2025
2024
Germany
Mitte Editionen GmbH
Berlin
Egmont Ehapa Rights Management GmbH
Berlin
Egmont Ehapa Comic Collection GmbH
Berlin
Ingager GmbH
Berlin
80.6%
80.3%
GDE GmbH (previous: GoGift GmbH)
Frankfurt M.
USA
Vimond Media Solutions Inc
New York
Avalanche Studios New York Inc.
New York
Netherlands
s360 Digital NL B.V.
Amsterdam
41%
42%
Poland
Story House Egmont sp. z o.o.
Warsaw
Estonia
Egmont Estonia AS (divested)
Tallinn
-
Latvia
Egmont Latvija SIA (divested)
Riga
-
Lithuania
UAB Egmont Lietuva (divested)
Vilnius
-
Bulgaria
Egmont Bulgaria EAD
Sofia
Croatia
Egmont d.o.o.
Zagreb
Canada
Avalanche Studios Montréal Inc.
Montréal
Hong Kong
Egmont Sourcing Hong Kong Limited
Hong Kong
Australia
Vimond Media Solutions APAC Pty Ltd
Sydney
Egmont Annual Report 2025 Section 8 - Group entities
59
8.1 Subsidiaries (continued)
8.2 Joint ventures
8.3 Associates
Country
Entity
Registered office
2025
2024
Spain
s360 Digital Consultancy S.L.
(newly incorporated)
Madrid
48.7%
-
Serbia
s360 Digital Doo Beograd -Stari Grad
(newly incorporated)
Belgrade
48.7%
-
Country
Entity
Registered office
2025
2024
Denmark
Med24.dk ApS
Løkken
49%
49%
RK af 2018 P/S
Copenhagen
50%
50%
Komplementarselskabet RK af 2018 ApS
Copenhagen
50%
50%
I/S Ugebladsdistribution **
Albertslund
50%
50%
Norway
Allvit AS
Oslo
50%
50%
Storytel AS
Oslo
50%
50%
Maipo Film AS
Oslo
50.1%
50.1%
Finland
Solar Films Inc Oy
Helsinki
50.1%
50.1%
Story House Egmont Oy Ab
Helsinki
50%
50%
China
Children's Fun Publishing Co., Ltd.
Beijing
49%
49%
Country
Entity
Registered office
2025
2024
Denmark
Zentropa Folket ApS ***
Hvidovre
52%
52%
Norway
Bladcentralen AS
Hagan
40%
40%
Bokbasen AS
Oslo
25%
25%
Fantefilm Holding AS
Oslo
49%
49%
KinoSør AS
Kristiansand
49%
49%
My Game AS
Oslo
27.4%
27.4%
Norges Televisjon AS
Oslo
50%
50%
Labrador CMS AS
Oslo
32.9%
36.1%
Spain
Mercury Steam Entertainment S.L.
Madrid
40%
40%
Sweden
Star Stable Entertainment AB ***
Stockholm
56.9%
56.9%
Stella Nova Film AB
Stockholm
25%
25%
Jollyroom Group AB
Mölndal
49%
49%
Okto AB
Stockholm
40%
40%
United Kingdom
Wendy Promotion Limited
London
50%
50%
Egmont Annual Report 2025 Statements
61
Management board
Board of directors
Egmont Annual Report 2025 Statements
62
Egmont Annual Report 2025 Statements
63
CVR No 33 77 12 31
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Egmont Annual Report 2025 Financial statements of Egmont Fonden
65
Income statement 66
Statement of financial position 66
Statement of changes in equity 67
1. Accounting policies 68
2. Personnel expenses 68
3. Financial income 68
4. Financial expenses 68
5. Tax on profit for the year 68
6. Investments in subsidiaries 68
7. Loans to group enterprises 68
8. Basis for distribution 68
9. Related parties 69
10. Related undertakings 69
Egmont Annual Report 2025 Financial statements of Egmont Fonden
65
Egmont Fonden financial statements
Egmont Annual Report 2025 Financial statements of Egmont Fonden
66
Income statement
(EURk)
Statement of financial position at 31 December
(EURk)
Note
2025
2024
Royalty income, etc.
922
975
2
Personnel expenses
(155)
(152)
Other external expenses
(422)
(412)
Operating profit
345
411
Dividends from investments in subsidiaries
8,709
24,054
3
Financial income
5,671
7,180
4
Financial expenses
(259)
(111)
Profit before tax
14,466
31,534
5
Tax on profit for the year
(93)
(82)
Net profit for the year
14,373
31,452
Distribution of net profit:
Transfer to charitable fund
10,625
10,000
Transfer to liquid reserve fund
3,748
21,452
Total
14,373
31,452
Note
Assets
2025
2024
6
Investments in subsidiaries
180,864
181,133
7
Loans to subsidiaries
87,028
87,157
Financial assets
267,892
268,290
Total non -current assets
267,892
268,290
Receivables from subsidiaries
71,149
70,542
Other receivables
2,358
1,860
Receivables
73,507
72,402
Securities
118
129
Cash and cash equivalents
1
6
Total current assets
73,626
72,537
Total assets
341,518
340,827
Note
Equity and liabilities
2025
2024
Capital fund
29,456
29,500
Reserve fund
214,466
214,785
Charitable fund
43,408
32,832
Liquid reserve fund
34,014
45,144
Total equity
321,344
322,261
Trade payables
55
101
Payables to subsidiaries
12
33
Donations committed but not yet paid
16,746
15,178
Other payables
3,361
3,254
Current liabilities
20,174
18,566
Total liabilities
20,174
18,566
Total equity and liabilities
341,518
340,827
Egmont Annual Report 2025 Financial statements of Egmont Fonden
67
Statement of changes in equity
(EURk)
67
Liquid reserve fund
2025
Capital fund
Reserve fund
Charitable fund
Use according
to articles 6-10
Use according
to article 11
Total equity
Equity at 1 January
29,500
214,785
32,832
39,929
5,215
322,261
Foreign exchange adjustments
(44)
(319)
(49)
(59)
(8)
(479)
Transfer from distribution
of net profit
-
-
10,625
3,407
341
14,373
Used for charitable purposes
-
-
-
(12,312)
(833)
(13,146)
Costs
-
-
-
(1,474)
(192)
(1,665)
Equity at 31 December
29,456
214,466
43,408
29,491
4,523
321,344
Liquid reserve fund
2024
Capital fund
Reserve fund
Charitable fund
Use according
to articles 6-10
Use according
to article 11
Total equity
Equity at 1 January
29,519
214,926
22,847
34,966
4,141
306,399
Foreign exchange adjustments
(19)
(141)
(15)
(19)
(3)
(197)
Transfer from distribution
of net profit
-
-
10,000
19,363
2,089
31,452
Used for charitable purposes
-
-
-
(12,941)
(938)
(13,879)
Costs
-
-
-
(1,440)
(74)
(1,514)
Equity at 31 December
29,500
214,785
32,832
39,929
5,215
322,261
Egmont Annual Report 2025 Financial statements of Egmont Fonden
68
Notes
1. Accounting policies
The financial statements of Egmont Fonden have
been prepared in accordance with the provisions
of the Danish Financial Statements Act applying
to reporting class C enterprises (large) and the
financial reporting requirements of the
Foundation’s Charter.
The accounting policies applied in the
presentation of the financial statement are
consistent with those of the previous year.
No cash flow statement has been included for
Egmont Fonden, as reference is made to the
consolidated cash flow statement.
Fees to auditors are disclosed in note 6.3 in the
consolidated financial statements.
The accounting policies of Egmont Fonden
deviate from the Group’s accounting policies in
the following areas
Investments in subsidiaries
Investments in subsidiaries are measured at
cost. Where the recoverable amount is lower
than cost, write-downs are made to the lower
value.
Dividends
Dividends from investments in subsidiaries are
recognised in the profit and loss statement in the
financial year in which the dividend is declared,
typically at the time when the general meeting
approves the distribution of dividend by the
relevant company. Dividends exceeding the
accumulated income from the subsidiaries in the
ownership period are deducted in the cost price.
Equity
Profit is distributed according to the
Foundation’s Charter. The Charitable Activities’
donations and associated expenses, i.e. for the
Foundations’ 13 FTEs (2024: 14) are charged
directly to the liquid reserve fund under equity.
The foundation’s equity consists of a capital fund
and a reserve fund intended for the Commercial
Activities. The capital fund is an undistributable
reserve, while the reserve fund can only be
distributed if it exceeds the consolidation
requirements in the Foundation’s Charter. The
charitable fund serves to ensure the existence of
funds required for Egmont Fonden’s Charitable
Activities. The liquid reserve fund is the amount
which is to be used for charitable purposes
under the Foundation’s Charter within the scope
of the Charitable Activities. The total of the
charitable fund and the liquid reserve fund
represent the Foundation’s basis of distribution.
In the calculation of tax, due allowance is made
for the deductibility of charitable donations made
according to the Charter of Egmont Fonden,
which are charged to equity. Tax provisions for
future donations are also taken into account.
Provision for deferred tax is made in case
Egmont Fonden does not expect to use liquid
funds for charitable purposes equal to the tax
provisions.
2. Personnel expenses
Compensation to the board of directors
amounted to EUR 273k in 2025 (2024: EUR
273k), of which EUR 129k (2024: EUR 129k) was
included in the costs of the Charitable Activities.
The management board of Egmont Fonden is
also employed by Egmont International Holding
A/S. Management remuneration are covered by
an administrative fee of which management
remuneration amount to approximately 75%.
Reference is also made to section 1.3 in the
consolidated financial statements.
3. Financial income
4. Financial expenses
5. Tax on profit for the year
6. Investments in subsidiaries
For a list of subsidiaries please see section 8.1 in
the consolidated financial statement.
7. Loans to subsidiaries
Loans to subsidiaries (EURk)
2025
2024
Cost at 1 January
87,157
87,214
Foreign exchange adjustments
(129)
(57)
Cost at 31 December
87,028
87,157
8. Basis for distribution
Basis of distribution (EURk)
2025
2024
Balance at 1 January
77,976
61,954
Foreign exchange adjustments
(116)
(37)
Used for charitable purposes
(13,146)
(13,879)
Costs
(1,665)
(1,514)
Transfer from distribution of net
profit
14,373
31,452
Balance at 31 December
77,422
77,976
Personnel expenses (EURk)
2025
2024
Wages and salaries
(155)
(152)
Financial income (EURk)
2025
2024
Interest income from
subsidiaries
5,626
5,928
Other financial income
45
1,252
Total
5,671
7,180
Financial expenses (EURk)
2025
2024
Interest expense to subsidiaries
(216)
(104)
Other financial expenses
(43)
(7)
Total
(259)
(111)
Tax on profit for the year (EURk)
2025
2024
Royalty tax paid
(93)
(82)
Investments in subsidiaries (EURk)
2025
2024
Cost at 1 January
181,133
181,252
Foreign exchange adjustments
(269)
(119)
Cost at 31 December
180,864
181,133
Egmont Annual Report 2025 Financial statements of Egmont Fonden
69
9. Related parties
Related parties are defined as Egmont Fonden’s
board of directors and management board, close
family members of those persons, as well as
Egmont Fonden’s subsidiaries, associates and
joint ventures.
Related parties also comprise companies
controlled or jointly controlled by the
aforementioned persons.
There is a duality of membership between the
board of directors and management board of
Egmont Fonden and Egmont International
Holding A/S.
Egmont Fonden receives royalty income and
dividends from subsidiaries. Egmont Fonden
pays for rent and administrative services
delivered by subsidiaries. Egmont Fonden
receives interest on loans to subsidiaries. Related
party transactions are made on arm's length
terms.
The compensation paid to the board of directors
and management board is disclosed in section
1.3 in the consolidated financial statement.
Trading with subsidiaries (EURk)
2025
2024
Service fee
139
127
Rent
(79)
(76)
Acquisition of services
(108)
(85)
Interest income
5,626
5,928
Interest expenses
(216)
(104)
Capital transactions and balances
with subsidiaries at 31 December
2025
2024
Dividends from subsidiaries
8,709
24,054
Loans to subsidiaries
87,028
87,157
Receivables from subsidiaries
71,149
70,542
Payables to subsidiaries
(12)
(33)
10. Related undertakings
Related undertakings comprise entities in which
a member of Egmont Fonden’s board of
directors or management board, or such
person’s spouse or permanent cohabitant,
participates in the operation or management of
the undertaking, or holds at least five percent of
voting rights or share capital.
Related undertakings also comprise entities in
which a relative of a board member in the
ascending or descending line, or a sibling,
participates in the management of the
undertaking or holds at least five percent of the
voting rights or share capital.
Egmont Fonden has not entered into
transactions with related undertakings in 2025.
69
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