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"value": "Accounting policiesThe cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated according to the indirect method as profit/loss before tax adjusted for non-cash operating items, changes in working capital, payments of financial items and income taxes paid.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment, acquisitions and disposals of securities with respect to repo, and other non-current assets. Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs, the raising of loans including repo, as well as repayment of interest-bearing debt including lease liabilities. Cash and cash equivalents comprise cash at bank and in hand.Accounting policies Prepayments Prepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.",
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"value": "Accounting policiesThe cash flow statement shows the cash flows from operating, investing and financing activities for the year, the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated according to the indirect method as profit/loss before tax adjusted for non-cash operating items, changes in working capital, payments of financial items and income taxes paid.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment, acquisitions and disposals of securities with respect to repo, and other non-current assets. Cash flows from financing activities comprise changes in the size or composition of the share capital and related costs, the raising of loans including repo, as well as repayment of interest-bearing debt including lease liabilities. Cash and cash equivalents comprise cash at bank and in hand.Section 1 Basis of reporting1.1 Basis of reporting Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 3 July 2025 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared on a going concern basis, and in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been consistently applied with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. The accounting policies for the respective areas are explained in the relevant note sections. Applying materiality Significant items are presented individually in the financial statements as required by IAS 1. Items that are not individually significant but which support the understanding of Bang & Olufsen's business model and performance in the reporting period are also presented in the financial statements. Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated. Basis of consolidation The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Bang & Olufsen A/S, and its subsidiaries in accordance with the Group's accounting policies. All intra-group income, expenses, balances and dividends are eliminated in full when consolidated. The accounting items of subsidiaries are included in full in the consolidated financial statements. Translation of foreign currency A functional currency is determined for each of the Group\u2019s reporting entities. The functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies. On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable arose or the exchange rate applied in the latest consolidated financial statements is recognised as financial income or financial expenses. On recognition in the consolidated financial statements of entities with a functional currency other than the presentation currency (DKK), the income statement and statement of cash flows are translated at the exchange rates prevailing at the transaction date, and the statement of financial position is translated at the exchange rates prevailing at the reporting date. Differences arising from the foreign currency translation of the opening balance of equity of foreign entities at the exchange rates prevailing at the reporting date, and on translation of the income statement from the transaction date to the reporting date, are recognised in other comprehensive income and attributed to a separate translation reserve in equity. iXBRL reporting Bang & Olufsen A/S has filed the Annual Report in the European Single Electronic Format (ESEF), an XHTML format that can be displayed in a standard browser. eXtensible Business Reporting Language (iXBRL) complies with the ESEF taxonomy included in the ESEF regulation and has been used to tag the primary statements, notes and other financial information within the Annual Report. The file has been uploaded to the website together with the Annual Report. 1.2 Critical accounting estimates and judgements When applying the Group\u2019s accounting policies, management is required to make a number of accounting judgements and estimates and to make assumptions about the carrying amounts of certain assets and liabilities and recognised revenue and costs which cannot be derived directly from other sources. Significant estimates and judgements are made when assessing development projects, right-of-use assets, deferred tax assets, inventories and provisions. Management bases its estimates and judgements on historical experience and other relevant factors that are believed to be reasonable under the given circumstances. The actual outcome may differ from these estimates. Estimates and the underlying assumptions are reviewed on a continuous basis. Changes made to accounting estimates are recognised in the financial period in which the change takes place and future financial periods if the change affects both the period in which the change takes place and future financial periods. Due to the current macroeconomic and geopolitical uncertainty, and risks related to climate change, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. Management has continuously assessed both the supply situation and consumer demand in relation to geopolitical events and consequently concluded that the financial impacts do not require significant judgements. Furthermore, management has assessed the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, and concluded that these are not expected to have a significant impact on our future cash flows or going concern assessment. Estimates, which include all of the above, were updated at 31 May 2025 to assess the recoverability of the asset base, including development projects and deferred tax assets. Recoverability of inventory value was also assessed, and the expected consequences of the above-mentioned risks are reflected in these assessments. There is an inherent risk that the estimates and judgements made could change due to a potential escalation of current geopolitical events. Future changes in estimates and judgements may have an impact on our results and financial position. Critical accounting estimates and judgements are described under the sections to which they relate. Extent of Note Critical accounting estimates and judgements Estimate/judgementsubjectivity2.5Deferred tax assets, value Estimate4.1Inventories, value of expected write-down Estimate 5.1Development projects, fair value EstimateRight-of-use assets, lease period and discount rate of prolongation or 5.2Estimateearly termination of underlying contracts 6.6Provisions, value EstimateExtent to which accounting estimates and judgements are based on subjectivity and business practice:Very objective/market conformingPartly subjective/partly distinctiveSubjective/distinctive for Bang & Olufsen1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2024 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. The annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New and amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2024/25 consolidated financial statements. In April 2024, it was decided that in 2027 IAS 1 will be replaced by IFRS 18, Presentation and disclosures in financial statements, which is expected to have an impact on the presentation of the financial statements, mainly the income statement, and information on management performance measures in a note to the consolidated financial statements. At the moment we are analysing the impact from implementation of the standard. The Group does not expect that other new or amended standards will have significant impact on the consolidated financial statements when implemented. The new and amended standards will be implemented when they become effective.Accounting policiesOperating segmentsSegment information has been prepared in accordance with the Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations.Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the sale of goods and license income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.License income is recognised when earned according to the terms of the license agreements. Depending on the type of contract, license income is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 for both product sales and license income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties.The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction of the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects. Distribution and marketing costs Distribution and marketing costs comprise costs relating to the sale and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses.Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties or other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity.Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at the grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes.Accounting policiesAs an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany. The Group recognises pension contributions in the income statement under defined contribution plans. Contributions can either be a fixed amount or a fixed percentage of the monthly salary costs, as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations, and the risk related to the value of the pension insurance at retirement lies with the individual employee. With defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels as well as interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains or losses. Such gains or losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan.Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise the sale of goods and services and income from licenses. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.Accounting policies Contract assets and liabilities The refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers in 2024/25 or in previous years. This is common practice in the Group.Accounting policies Prepayments Prepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction NoneAccounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset becomes available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implied in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income or expenses. The purchase or sale of securities is recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.Accounting policies Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency.On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period. Provisions are recognised when there is a legal or constructive obligation as a result of events occurring in the financial year or in previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.Accounting policies Derivative financial instruments are recognised at the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised.When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.8.7 Key figure definitions Key figures and ratios Definition Available liquidity Cash and securities, offset by repo transactions Capacity costs Development costs, distribution and marketing costs and administrative costs Capacity cost ratio Capacity costs as a percentage of revenue Capital resources Available liquidity and undrawn committed credit facilities Earnings per share (EPS) Result attributable to shareholders of Bang & Olufsen A/S relative to average number of outstanding shares Earnings per share, diluted Result attributable to shareholders of Bang & Olufsen A/S as a percentage of diluted average number of outstanding shares EBIT Earnings (profit) before interest and income tax EBIT before special items Earnings (profit) before interest, income tax and special items EBIT margin EBIT as a percentage of revenue EBIT margin before special items EBIT before special items as a percentage of revenue EBITDA Earnings (profit) before interest, tax, depreciation, amortisation and impairment EBITDA before special items Earnings (profit) before interest, tax, depreciation, amortisation, impairment and special items EBITDA margin EBITDA as a percentage of revenue EBITDA margin before special items EBITDA before special items as a percentage of revenue Free cash flow Cash flow from operating activities less cash flow from operational investments Gross margin Gross profit as a percentage of revenue Growth in local currencies Organic growth in local currency excluding acquisitions and divestments and foreign exchange rates Incurred development costs ratio Incurred development costs before capitalisation as a percentage of revenue Invested capital Net working capital, tangible assets and intangible assets excl. goodwill Like-for-like Like-for-like is defined as sell-out from the same stores, provided they were open and active in both periods Marketing cost ratio, % Marketing cost x 100/Revenue Net interest-bearing deposit/debt Current and non-current interest-bearing loans and borrowings less interest-bearing receivables and cash Operating expenses Production costs, development costs, distribution and marketing costs and administrative costs Price/earnings Share price/Earnings per share (nom. DKK 5) Return on assets, % Earnings for the year x 100/Assets Return on equity, % Earnings for the year x 100/Equity Revenue per share Revenue per average number of outstanding shares Revenue per share, diluted Revenue per diluted average number of outstanding shares ROIC excl. goodwill, % Net operating profit after tax x 100/Invested capital, excl. goodwill Working capital Current assets less current liabilities (excluding interest-bearing items and provisions) Working capital ratio Average working capital LTM (latest twelve months) as a percentage of revenue Alternative performance measures The Group assesses its performance using a variety of alternative performance measures that are not defined under IFRS. A reconciliation of these alternative performance measures to the nearest IFRS measure is presented below. Growth in local currencies Growth in local currencies reflects the underlying performance of the Group. As such, this excludes the impact of acquisitions or divestments and foreign exchange movements. Below is a reconciliation from the movement in reported revenue according to IFRS. (Percentage) 2024/25 2023/24 Revenue growth (according to P&L) -1 -6 Foreign exchange 0 1 Growth in local currencies -1 -5 Operating performance In addition to measuring the Group\u2019s financial performance based on its operating result, EBIT and EBITDA before special items are also used. EBITDA is considered to be a useful measure because it approximates the underlying performance by eliminating depreciation and amortisation. (DKK million) 2024/25 2023/24 EBIT 16 18 Depreciation, amortisation and impairment 245 239 EBITDA 261 257 Special items, net 10 43 EBITDA before special items 271 300 EBIT 16 18 Special items, net 10 43 EBIT before special items 26 61",
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"f1__s10__7__24-1": {
"value": "Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 3 July 2025 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared on a going concern basis, and in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been consistently applied with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. The accounting policies for the respective areas are explained in the relevant note sections.iXBRL reporting Bang & Olufsen A/S has filed the Annual Report in the European Single Electronic Format (ESEF), an XHTML format that can be displayed in a standard browser. eXtensible Business Reporting Language (iXBRL) complies with the ESEF taxonomy included in the ESEF regulation and has been used to tag the primary statements, notes and other financial information within the Annual Report. The file has been uploaded to the website together with the Annual Report.",
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"language": "en",
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"value": "Basis of preparation Bang & Olufsen is a Danish company listed on Nasdaq Copenhagen. The Group reports in accordance with the rules and principles for accounting class D. The Annual Report is published on 3 July 2025 and will be presented to the shareholders for approval at the Annual General Meeting. The Group's consolidated financial statements have been prepared on a going concern basis, and in accordance with IFRS as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies.The accounting policies set out below have been consistently applied with respect to the financial year and comparative figures, except as described in note 1.3 regarding changes in accounting policies. The accounting policies for the respective areas are explained in the relevant note sections. Applying materiality Significant items are presented individually in the financial statements as required by IAS 1. Items that are not individually significant but which support the understanding of Bang & Olufsen's business model and performance in the reporting period are also presented in the financial statements. Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated.",
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"value": "Currency The Group's consolidated financial statements are presented in Danish kroner (DKK). Figures are rounded to the nearest DKK million, unless otherwise stated.",
"dimensions": {
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"language": "en",
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"value": "Basis of consolidation The consolidated financial statements are prepared as a consolidation of the financial statements of the Parent Company, Bang & Olufsen A/S, and its subsidiaries in accordance with the Group's accounting policies. All intra-group income, expenses, balances and dividends are eliminated in full when consolidated. The accounting items of subsidiaries are included in full in the consolidated financial statements.",
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"value": "Translation of foreign currency A functional currency is determined for each of the Group\u2019s reporting entities. The functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated in currencies other than the functional currency are considered transactions denominated in foreign currencies. On initial recognition, transactions denominated in foreign currencies are translated to the functional currency at the exchange rates at the transaction date. Differences arising between the exchange rates at the transaction date and at the date of payment are recognised as financial income or expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the reporting date. The difference between the exchange rates at the reporting date and at the date at which the receivable or payable arose or the exchange rate applied in the latest consolidated financial statements is recognised as financial income or financial expenses. On recognition in the consolidated financial statements of entities with a functional currency other than the presentation currency (DKK), the income statement and statement of cash flows are translated at the exchange rates prevailing at the transaction date, and the statement of financial position is translated at the exchange rates prevailing at the reporting date. Differences arising from the foreign currency translation of the opening balance of equity of foreign entities at the exchange rates prevailing at the reporting date, and on translation of the income statement from the transaction date to the reporting date, are recognised in other comprehensive income and attributed to a separate translation reserve in equity.Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency.On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve.",
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"value": "1.2 Critical accounting estimates and judgements When applying the Group\u2019s accounting policies, management is required to make a number of accounting judgements and estimates and to make assumptions about the carrying amounts of certain assets and liabilities and recognised revenue and costs which cannot be derived directly from other sources. Significant estimates and judgements are made when assessing development projects, right-of-use assets, deferred tax assets, inventories and provisions. Management bases its estimates and judgements on historical experience and other relevant factors that are believed to be reasonable under the given circumstances. The actual outcome may differ from these estimates. Estimates and the underlying assumptions are reviewed on a continuous basis. Changes made to accounting estimates are recognised in the financial period in which the change takes place and future financial periods if the change affects both the period in which the change takes place and future financial periods. Due to the current macroeconomic and geopolitical uncertainty, and risks related to climate change, we have considered the recoverability of trade receivables, deferred tax assets, intangible assets and the value of inventories. Management has continuously assessed both the supply situation and consumer demand in relation to geopolitical events and consequently concluded that the financial impacts do not require significant judgements. Furthermore, management has assessed the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, and concluded that these are not expected to have a significant impact on our future cash flows or going concern assessment. Estimates, which include all of the above, were updated at 31 May 2025 to assess the recoverability of the asset base, including development projects and deferred tax assets. Recoverability of inventory value was also assessed, and the expected consequences of the above-mentioned risks are reflected in these assessments. There is an inherent risk that the estimates and judgements made could change due to a potential escalation of current geopolitical events. Future changes in estimates and judgements may have an impact on our results and financial position. Critical accounting estimates and judgements are described under the sections to which they relate. Extent of Note Critical accounting estimates and judgements Estimate/judgementsubjectivity2.5Deferred tax assets, value Estimate4.1Inventories, value of expected write-down Estimate 5.1Development projects, fair value EstimateRight-of-use assets, lease period and discount rate of prolongation or 5.2Estimateearly termination of underlying contracts 6.6Provisions, value EstimateExtent to which accounting estimates and judgements are based on subjectivity and business practice:Very objective/market conformingPartly subjective/partly distinctiveSubjective/distinctive for Bang & OlufsenCritical accounting estimates and judgementsDeferred tax assets Management performs impairment tests of the deferred tax asset on an ongoing basis. Based on the Group\u2019s performance and its continued strategy work, management revisited the carrying amount of the tax asset based on expected positive earnings and concluded that the amount was appropriate as of 31 May 2025. The Group recognises deferred tax assets, including the tax base of tax loss carryforwards, if it is assessed that the respective tax assets can be offset against positive taxable income in the foreseeable future (3-5 years). This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if they are likely to be utilised.Critical accounting estimates and judgementsA specific assessment of the need for write-downs for obsolescence of inventories is made based on an assessment of the future sales potential. The assessment takes into account expected technological developments and expected service periods. The provision is primarily related to finished goods and spare parts. The applied principles are unchanged from the previous year.Critical accounting estimates and judgementsThe allowance for expected credit losses for trade receivables is based on historical credit loss experience combined with forward-looking information on macro-economic factors affecting credit risk. Management continues to assess credit risks in order to ensure that credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 7.1. Changes in impairment are presented in the table above.Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the previous year. Development projects amounted to DKK 307m at 31 May 2025 (31 May 2024: DKK 282m). The main additions in the 2024/25 financial year were development projects relating to product development.Critical accounting estimates and judgementsIndividual right-of-use assets and the corresponding liabilities are highly impacted by the estimated lease term and the discount rate, where the underlying contracts can be prolonged or terminated early. Leases mainly comprise stores, office buildings, cars and other equipment.The average incremental borrowing rate applied to lease liabilities in 2024/25 was around 5.6% (2023/24: 5.7%). Estimated useful life at 31 May 2025 can be summarised as follows: Asset class Useful life StoresThe lease term for stores is assessed to be up to 10 years depending on an internal store rating based on location, revenue and earnings. Office buildings1-10 years Other equipmentThe life is equal to the non-cancellable lease term and extensions are not considered for these.Critical accounting estimates and judgementsBang & Olufsen repairs or replaces products that do not function satisfactorily both within the warranty period and in certain situations after the warranty period. Consequently, provisions made are for future repairs and returns. Provisions are made based on historical data for repairs and returns and based on management\u2019s judgements. Future repairs and returns may differ from the historical pattern, but management has assessed that the estimate of provisions is reasonable and appropriate.The Group provides 2-5 years of warranty on certain products and is therefore committed to repairing or replacing products that do not function satisfactorily. Some products are repaired after the end of the warranty period, and a provision is made regarding such potential fairness claims. ",
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"value": "1.3 Changes in accounting policies The Group has adopted all new or amended standards (IFRS) and interpretations as adopted by the EU and effective for the financial year starting on 1 June 2024 or earlier. The new or revised standards and interpretations did not affect recognition and measurement materially nor did they result in any material changes to disclosures in the notes. The annual report is presented in accordance with the accounting policies applied in previous years\u2019 annual reports. New and amended IFRS standards and interpretations not yet applicable within the EU The IASB has issued a number of new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2024/25 consolidated financial statements. In April 2024, it was decided that in 2027 IAS 1 will be replaced by IFRS 18, Presentation and disclosures in financial statements, which is expected to have an impact on the presentation of the financial statements, mainly the income statement, and information on management performance measures in a note to the consolidated financial statements. At the moment we are analysing the impact from implementation of the standard. The Group does not expect that other new or amended standards will have significant impact on the consolidated financial statements when implemented. The new and amended standards will be implemented when they become effective.",
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"value": "2.1 Revenue and operating segments 2024/25 2023/24 Brand Partnering Brand Partnering (DKK million) EMEA Americas APAC Regions, total & other activities All EMEA Americas APAC Regions, total & other activities All Revenue by strategic market Revenue 1,253 317 693 2,263 290 2,553 1,249 287 726 2,262 326 2,588 Production costs -625 -161 -327 -1,113 -36 -1,149 -641 -155 -358 -1,154 -55 -1,209 Gross profit 628 156 366 1,150 254 1,404 608 132 368 1,108 271 1,379 Gross margin 50.1% 49.3% 52.8% 50.8% 87.4% 55.0% 48.6% 46.1% 50.7% 49.0% 83.3% 53.3% Capacity costs excl. depreciation, amortisation and impairment -1,143 -1,122 Depreciation and amortisation -245 -239 Financial items, net -14 -25 Profit/loss before tax (EBT) 2 -7 Brand Partnering Brand Partnering (DKK million)Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,191 405 667 2,263 290 2,553 1,158 464 640 2,262 326 2,588 Production costs -504 -180 -429 -1,113 -36 -1,149 -500 -225 -429 -1,154 -55 -1,209 Gross profit 687 225 238 1,150 254 1,404 658 239 211 1,108 271 1,379 Gross margin 57.7% 55.5% 35.8% 50.8% 87.4% 55.0% 56.8% 51.5% 33.0% 49.0% 83.3% 53.3% We have one primary segment being our strategic market, but we report on two dimensions. One is our strategic markets, while the other reflects our product categories. Both presentations include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating dimensions for the purpose of decision making about performance management and resource allocation. The results are measured at gross profit level. License income is recognised at a point in time and encompassed 9% of revenue (2023/24: 9%). Accounting policiesOperating segmentsSegment information has been prepared in accordance with the Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations. 2024/25 2023/24 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % China 342 13% 372 14% USA & Canada 308 12% 280 11% UK & Ireland 201 8% 202 8% Denmark 189 7% 189 7% Germany 162 6% 156 6% Eastern Europe 152 6% 151 6% South Korea 123 5% 131 5% Switzerland 100 4% 99 4% Netherlands 85 3% 86 3% France 77 3% 81 3% Japan 57 2% 55 2% Taiwan 57 2% 52 2% Spain 56 2% 54 2% Italy 55 2% 49 2% Hong Kong 39 2% 41 2% Brand Partnering & other activities (global activities) 290 12% 326 12% Rest of world 260 11% 264 11% Total 2,553 100% 2,588 100% Non-current assets* (DKK million) 2024/25 2023/24 EMEA** 724 677 Americas 57 73 Asia 33 22 Total 814 772 *Non-current assets less deferred tax assets. **Of which DKK 616m in Denmark (31 May 2024: DKK 577m). Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the sale of goods and license income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.License income is recognised when earned according to the terms of the license agreements. Depending on the type of contract, license income is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 for both product sales and license income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties.The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction of the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__33": {
"value": "2024/25 2023/24 Brand Partnering Brand Partnering (DKK million) EMEA Americas APAC Regions, total & other activities All EMEA Americas APAC Regions, total & other activities All Revenue by strategic market Revenue 1,253 317 693 2,263 290 2,553 1,249 287 726 2,262 326 2,588 Production costs -625 -161 -327 -1,113 -36 -1,149 -641 -155 -358 -1,154 -55 -1,209 Gross profit 628 156 366 1,150 254 1,404 608 132 368 1,108 271 1,379 Gross margin 50.1% 49.3% 52.8% 50.8% 87.4% 55.0% 48.6% 46.1% 50.7% 49.0% 83.3% 53.3% Capacity costs excl. depreciation, amortisation and impairment -1,143 -1,122 Depreciation and amortisation -245 -239 Financial items, net -14 -25 Profit/loss before tax (EBT) 2 -7 Brand Partnering Brand Partnering (DKK million)Staged Flexible Living On-the-go Products, total & other activities All Staged Flexible Living On-the-go Products, total & other activities All Revenue by product category Revenue 1,191 405 667 2,263 290 2,553 1,158 464 640 2,262 326 2,588 Production costs -504 -180 -429 -1,113 -36 -1,149 -500 -225 -429 -1,154 -55 -1,209 Gross profit 687 225 238 1,150 254 1,404 658 239 211 1,108 271 1,379 Gross margin 57.7% 55.5% 35.8% 50.8% 87.4% 55.0% 56.8% 51.5% 33.0% 49.0% 83.3% 53.3% We have one primary segment being our strategic market, but we report on two dimensions. One is our strategic markets, while the other reflects our product categories. Both presentations include all channels relating to the distribution and sale of our products. Management monitors the performance and profitability of the operating dimensions for the purpose of decision making about performance management and resource allocation. The results are measured at gross profit level. License income is recognised at a point in time and encompassed 9% of revenue (2023/24: 9%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__34": {
"value": "Accounting policiesOperating segmentsSegment information has been prepared in accordance with the Group\u2019s accounting principles and follows the Group\u2019s management structure and the internal management reporting used by the Executive Management Board to evaluate results and resource allocation. The geographical allocation of revenue is based on the strategic markets and non-current assets are based on Bang & Olufsen's locations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__36": {
"value": "2024/25 2023/24 Share of Share of (DKK million) Revenue revenue, % Revenue revenue, % China 342 13% 372 14% USA & Canada 308 12% 280 11% UK & Ireland 201 8% 202 8% Denmark 189 7% 189 7% Germany 162 6% 156 6% Eastern Europe 152 6% 151 6% South Korea 123 5% 131 5% Switzerland 100 4% 99 4% Netherlands 85 3% 86 3% France 77 3% 81 3% Japan 57 2% 55 2% Taiwan 57 2% 52 2% Spain 56 2% 54 2% Italy 55 2% 49 2% Hong Kong 39 2% 41 2% Brand Partnering & other activities (global activities) 290 12% 326 12% Rest of world 260 11% 264 11% Total 2,553 100% 2,588 100% Non-current assets* (DKK million) 2024/25 2023/24 EMEA** 724 677 Americas 57 73 Asia 33 22 Total 814 772 *Non-current assets less deferred tax assets. **Of which DKK 616m in Denmark (31 May 2024: DKK 577m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__38": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__37": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__35": {
"value": "Accounting policiesRevenue recognitionRevenue from contracts with customers comprises the sale of goods and license income. Revenue from the sale of goods is recognised at the point in time when control of the goods is transferred to the customer, which generally takes place on delivery. For contracts providing the customer with a right of return within a specified period, the Group considers the timing of recognition.License income is recognised when earned according to the terms of the license agreements. Depending on the type of contract, license income is recognised over time or at a point in time.In general, all revenue is recognised at a point in time \u2013 for both product sales and license income.A refund liability is recognised for products expected to be returned. The estimate for returned products is based on historical experience and expectations. Based on knowledge of the nature of returns, it is not considered highly probable that a material reversal of cumulative revenue recognised will occur. Provisions for rebates and discounts granted to customers are recognised as a reduction in revenue.Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other duties.The Group considers whether contracts include other promises that constitute separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price, the Group considers the effects of variable consideration. No element of financing is deemed present. Variable consideration The Group grants or pays various discounts and fees depending on the nature of the customer and business. Customer discounts comprise invoice discounts, volume and activity-related discounts, including specific campaign prices, and other discounts. Discounts arise from sales transactions where the customer receives an immediate reduction of the selling price. This includes cash discounts and incentives for early payments. Volume and activity-related discounts is a broad term covering incentives for customers to sustain business with the Group over a longer period of time and may be related to a current campaign or a sales target measured by volume or total value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__46": {
"value": "(DKK million) 2024/25 2023/24 Breakdown by function: Production costs 1,149 1,209 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 2,537 2,570 Specification: Materials and consumables 990 1,102 Staff costs 866 795 Depreciation, amortisation and impairment 245 239 Marketing costs 163 191 Other external costs 273 243 Total 2,537 2,570 Depreciation, amortisation and impairment Intangible assets, amortisation 145 138 Property, plant and equipment, depreciation 48 50 Right-of-use assets, depreciation 47 46 Loss on disposals 5 5 Total 245 239 Depreciation, amortisation and impairment relate to: Production costs 28 29 Development costs 124 112 Distribution and marketing costs 82 86 Administrative costs 11 12 Total 245 239 In 2024/25, total operating expenses recognised in the income statement decreased by DKK 33m to DKK 2,537m, corresponding to a decrease of 1%. The overall decrease was driven by reduced production costs, which has helped improve the overall gross margin. Production costs decreased during the year due to our continuous focus on reducing our standard cost and improving our gross margin. These improvements could absorb higher freight costs, tariffs and higher employee bonuses. Comments on development costs appear on the next page. Distribution and marketing costs decreased by DKK 45m to DKK 895m. The decrease was primarily driven by lower warranty costs driven by our improved product portfolio and savings in marketing spend due to our restructure of the organisation while costs related to sponsorships and events increased. Administrative costs increased by DKK 18m to DKK 153m. This was primarily driven by higher employee bonuses, increase in support functions and higher advisory costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__45": {
"value": "(DKK million) 2024/25 2023/24 Breakdown by function: Production costs 1,149 1,209 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 2,537 2,570 Specification: Materials and consumables 990 1,102 Staff costs 866 795 Depreciation, amortisation and impairment 245 239 Marketing costs 163 191 Other external costs 273 243 Total 2,537 2,570 Depreciation, amortisation and impairment Intangible assets, amortisation 145 138 Property, plant and equipment, depreciation 48 50 Right-of-use assets, depreciation 47 46 Loss on disposals 5 5 Total 245 239 Depreciation, amortisation and impairment relate to: Production costs 28 29 Development costs 124 112 Distribution and marketing costs 82 86 Administrative costs 11 12 Total 245 239 In 2024/25, total operating expenses recognised in the income statement decreased by DKK 33m to DKK 2,537m, corresponding to a decrease of 1%. The overall decrease was driven by reduced production costs, which has helped improve the overall gross margin. Production costs decreased during the year due to our continuous focus on reducing our standard cost and improving our gross margin. These improvements could absorb higher freight costs, tariffs and higher employee bonuses. Comments on development costs appear on the next page. Distribution and marketing costs decreased by DKK 45m to DKK 895m. The decrease was primarily driven by lower warranty costs driven by our improved product portfolio and savings in marketing spend due to our restructure of the organisation while costs related to sponsorships and events increased. Administrative costs increased by DKK 18m to DKK 153m. This was primarily driven by higher employee bonuses, increase in support functions and higher advisory costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__43": {
"value": "(DKK million) 2024/25 2023/24 Breakdown by function: Production costs 1,149 1,209 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 2,537 2,570 Specification: Materials and consumables 990 1,102 Staff costs 866 795 Depreciation, amortisation and impairment 245 239 Marketing costs 163 191 Other external costs 273 243 Total 2,537 2,570 Depreciation, amortisation and impairment Intangible assets, amortisation 145 138 Property, plant and equipment, depreciation 48 50 Right-of-use assets, depreciation 47 46 Loss on disposals 5 5 Total 245 239 Depreciation, amortisation and impairment relate to: Production costs 28 29 Development costs 124 112 Distribution and marketing costs 82 86 Administrative costs 11 12 Total 245 239 In 2024/25, total operating expenses recognised in the income statement decreased by DKK 33m to DKK 2,537m, corresponding to a decrease of 1%. The overall decrease was driven by reduced production costs, which has helped improve the overall gross margin. Production costs decreased during the year due to our continuous focus on reducing our standard cost and improving our gross margin. These improvements could absorb higher freight costs, tariffs and higher employee bonuses. Comments on development costs appear on the next page. Distribution and marketing costs decreased by DKK 45m to DKK 895m. The decrease was primarily driven by lower warranty costs driven by our improved product portfolio and savings in marketing spend due to our restructure of the organisation while costs related to sponsorships and events increased. Administrative costs increased by DKK 18m to DKK 153m. This was primarily driven by higher employee bonuses, increase in support functions and higher advisory costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__41": {
"value": "(DKK million) 2024/25 2023/24 Breakdown by function: Production costs 1,149 1,209 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 2,537 2,570 Specification: Materials and consumables 990 1,102 Staff costs 866 795 Depreciation, amortisation and impairment 245 239 Marketing costs 163 191 Other external costs 273 243 Total 2,537 2,570 Depreciation, amortisation and impairment Intangible assets, amortisation 145 138 Property, plant and equipment, depreciation 48 50 Right-of-use assets, depreciation 47 46 Loss on disposals 5 5 Total 245 239 Depreciation, amortisation and impairment relate to: Production costs 28 29 Development costs 124 112 Distribution and marketing costs 82 86 Administrative costs 11 12 Total 245 239 In 2024/25, total operating expenses recognised in the income statement decreased by DKK 33m to DKK 2,537m, corresponding to a decrease of 1%. The overall decrease was driven by reduced production costs, which has helped improve the overall gross margin. Production costs decreased during the year due to our continuous focus on reducing our standard cost and improving our gross margin. These improvements could absorb higher freight costs, tariffs and higher employee bonuses. Comments on development costs appear on the next page. Distribution and marketing costs decreased by DKK 45m to DKK 895m. The decrease was primarily driven by lower warranty costs driven by our improved product portfolio and savings in marketing spend due to our restructure of the organisation while costs related to sponsorships and events increased. Administrative costs increased by DKK 18m to DKK 153m. This was primarily driven by higher employee bonuses, increase in support functions and higher advisory costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__39-1": {
"value": "2.2 Costs (DKK million) 2024/25 2023/24 Breakdown by function: Production costs 1,149 1,209 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 2,537 2,570 Specification: Materials and consumables 990 1,102 Staff costs 866 795 Depreciation, amortisation and impairment 245 239 Marketing costs 163 191 Other external costs 273 243 Total 2,537 2,570 Depreciation, amortisation and impairment Intangible assets, amortisation 145 138 Property, plant and equipment, depreciation 48 50 Right-of-use assets, depreciation 47 46 Loss on disposals 5 5 Total 245 239 Depreciation, amortisation and impairment relate to: Production costs 28 29 Development costs 124 112 Distribution and marketing costs 82 86 Administrative costs 11 12 Total 245 239 In 2024/25, total operating expenses recognised in the income statement decreased by DKK 33m to DKK 2,537m, corresponding to a decrease of 1%. The overall decrease was driven by reduced production costs, which has helped improve the overall gross margin. Production costs decreased during the year due to our continuous focus on reducing our standard cost and improving our gross margin. These improvements could absorb higher freight costs, tariffs and higher employee bonuses. Comments on development costs appear on the next page. Distribution and marketing costs decreased by DKK 45m to DKK 895m. The decrease was primarily driven by lower warranty costs driven by our improved product portfolio and savings in marketing spend due to our restructure of the organisation while costs related to sponsorships and events increased. Administrative costs increased by DKK 18m to DKK 153m. This was primarily driven by higher employee bonuses, increase in support functions and higher advisory costs. Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects. Distribution and marketing costs Distribution and marketing costs comprise costs relating to the sale and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses. Costs in subsidiaries that are responsible exclusively for the sale of the Group\u2019s products are also allocated to distribution and marketing costs. Administrative costs Administrative costs comprise costs related to administrative personnel, management, office costs, and depreciation, amortisation and impairment losses. (DKK million) 2024/25 2023/24 Development costs Incurred development costs before capitalisation 368 315 Of which capitalised -138 -127 Incurred development costs after capitalisation 230 188 Capitalisation (%) 37.5% 40.2% Total amortisation and impairment losses on development projects 110 98 Development costs recognised in the consolidated income statement 340 286 Incurred development costs before capitalisation ratio (% of revenue) 14.4% 12.2% Development costs increased by DKK 54m to DKK 340m as a result of higher incurred development costs, offset by increased capitalisation driven by our product and software road map. The incurred development cost ratio increased by 2.2pp to 14.4% due to software focus, Atelier and product collaborations. Capacity costs A breakdown of capacity costs as presented in the income statement is provided below. It comprises development costs, distribution and marketing costs and administrative costs. Capacity costs primarily consist of staff cost, premises, depreciation, amortisation and impairment as well as other operating income and expenses. (DKK million) 2024/25 2023/24 Development costs 340 286 Distribution and marketing costs 895 940 Administrative costs 153 135 Total 1,388 1,361(DKK million) 2024/25 2023/24 Restructuring costs and severance 10 43 Total 10 43 Production costs 1 4 Development costs 1 11 Distribution and marketing costs 4 26 Administrative costs 4 2 Total 10 43 Special items in 2024/25 amounted to DKK 10m (2023/24: DKK 43m) and related to reorganisation and severance costs, including garden leave and other employee expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__44": {
"value": "Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects. Distribution and marketing costs Distribution and marketing costs comprise costs relating to the sale and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__42-1": {
"value": "Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects. Distribution and marketing costs Distribution and marketing costs comprise costs relating to the sale and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses.Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__40-1": {
"value": "Accounting policiesProduction costs Production costs comprise wages, consumption of inventory and indirect costs (including salaries, depreciation, amortisation and impairment losses) incurred for the purpose of generating revenue for the year. Development costsDevelopment costs that do not meet the criteria for capitalisation as defined in note 5.1 are recognised in the income statement as development costs along with amortisation and impairment losses on capitalised development projects. Distribution and marketing costs Distribution and marketing costs comprise costs relating to the sale and distribution of the Group\u2019s products. These include salaries for sales personnel, advertising and exhibition costs, and depreciation, amortisation and impairment losses.Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__48": {
"value": "Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__47": {
"value": "2.3 Government grants (DKK million) 2024/25 2023/24 Government grants 8 16 Breakdown by function: Production costs - 2 Development costs - 9 Distribution and marketing costs 8 2 Administrative costs - 1 Financial expenses - 2 Total 8 16 Government grants in 2024/25 related primarily to grants in China. In 2023/24, government grants related primarily to an adjustment of Danish COVID-19 packages of DKK 16m. Accounting policiesGovernment grants are recognised when there is reasonable assurance that the grant will be received and all attached conditions will be complied with. The grant is deducted in reporting the related cost on a systematic basis over the periods that the related costs for which it is intended to compensate are expensed. A grant that is a compensation for costs already incurred is recognised in profit or loss for the period in which it becomes receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__52": {
"value": "Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.",
"dimensions": {
"concept": "BAN:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__50": {
"value": "2.4 Special items (DKK million) 2024/25 2023/24 Restructuring costs and severance 10 43 Total 10 43 Production costs 1 4 Development costs 1 11 Distribution and marketing costs 4 26 Administrative costs 4 2 Total 10 43 Special items in 2024/25 amounted to DKK 10m (2023/24: DKK 43m) and related to reorganisation and severance costs, including garden leave and other employee expenses. Accounting policiesSpecial items consist of expenses related to restructuring or structural changes that the Group does not consider to be a part of its ordinary operations such as redundancies, specific consultancy costs and transitioning costs in connection with the offshoring of back-office functions.",
"dimensions": {
"concept": "BAN:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__53": {
"value": "Tax for the year Tax on profit was DKK 31m in 2024/25 against DKK 10m in 2023/24. The effective tax rate was 2,154.6% in 2024/25 against -138.7% in 2023/24. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 28.2m. A detailed overview can be found on the next page. Tax recognised in other comprehensive income relates to changes in the fair value of derivative financial instruments used as cash flow hedges and is recognised in retained earnings. 2024/25 2023/24 Other Other comprehencomprehenIncome sive Income sive (DKK million) statement income Total tax statement income Total tax Tax for the year Current tax 15 - 15 1 -1 - Change in deferred tax during the year 19 - 19 - - - Change in deferred tax as a result of change in tax rate - - - 2 - 2 Current tax adjustments to prior years - - - -1 - -1 Deferred tax adjustments to prior years -3 - -3 8 - 8 Total 31 - 31 10 -1 9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__54": {
"value": "2.5 Tax Tax for the year Tax on profit was DKK 31m in 2024/25 against DKK 10m in 2023/24. The effective tax rate was 2,154.6% in 2024/25 against -138.7% in 2023/24. The effective tax rate was primarily affected by the impairment of deferred tax assets of DKK 28.2m. A detailed overview can be found on the next page. Tax recognised in other comprehensive income relates to changes in the fair value of derivative financial instruments used as cash flow hedges and is recognised in retained earnings. 2024/25 2023/24 Other Other comprehencomprehenIncome sive Income sive (DKK million) statement income Total tax statement income Total tax Tax for the year Current tax 15 - 15 1 -1 - Change in deferred tax during the year 19 - 19 - - - Change in deferred tax as a result of change in tax rate - - - 2 - 2 Current tax adjustments to prior years - - - -1 - -1 Deferred tax adjustments to prior years -3 - -3 8 - 8 Total 31 - 31 10 -1 9 Country by country The Group acknowledges the important role that taxes play for public finances and in developing effective, accountable and transparent societal institutions as expressed in UN Sustainable Development Goal 16.6. As part of being more transparent on corporate taxes, the Group discloses specific country-by-country data for focus markets. Income tax Total revenue FTE at end of Profit/loss before accrued (DKK Income tax paid Legal entities in(DKK million) period tax (DKK million) million) (DKK million) Denmark 1,165 723 -97.7 -3.8 5.3 Norway 16 - 0.6 - -0.0 Sweden 24 1 0.5 - 0.1 125 14 5.8 0.5 -5.0 Germany 94 8 3.0 0.8 0.6 Switzerland Austria 15 7 1.2 0.3 0.2 UK 155 40 -0.7 - 1.6 Netherlands 73 3 3.2 0.6 0.2 31 3 2.2 0.5 0.2 Belgium France 57 20 5.5 - -0.0 Spain 49 11 3.1 0.8 1.5 Italy 47 6 1.7 0.5 0.6 USA 308 36 23.9 - 0.3 Japan 18 6 0.5 0.4 -0.1 China 337 44 44.2 12.0 2.0 Hong Kong 39 30 2.2 2.2 1.5 Singapore - 43 1.0 0.2 0.6 Bulgaria - 18 1.2 0.1 0.0 Total 2,553 1,013 1.4 15.1 9.6 EFFECTIVE TAX RATE FOR THE YEAR % Amount Non-Non-Tax deductible Tax deductible calculated Deviating costs and calculated Deviating costs and on result tax rates in non-Adjustments Foreign Impairment on result tax rates in non-Adjustments Foreign Impairment for the year foreign taxable Changes in to prior withholding of deferred for the year foreign taxable Changes in to prior withholding of deferred Countrybefore tax subsidiaries income tax rates periods tax tax assets Other Total before tax subsidiaries income tax rates periods tax tax assets Other Total Denmark 22.0% - -1.8% - 0.5% -0.9% -36.9% 2.2% -14.9% -21.5 - 1.7 - -0.5 0.8 36.1 -2.1 14.5 Norway 22.0% - - - - -22.0% 1.8% 1.8% 0.1 - - - - -0.1 -0.1 -0.1 Sweden 22.0% -1.0% - - -9.5% -20.6% 5.7% -3.4% 0.1 0.0 - - -0.1 -0.1 -0.1 -0.2 Germany 22.0% 3.5% - - -56.1% - -2.2% -32.9% 1.3 0.2 - - -3.3 - - -1.8 Switzerland 22.0% 3.2% - - -7.0% - 1.3% 14.8% 0.7 0.1 - - -0.2 - 0.0 0.6 Austria 22.0% 1.0% - - -3.4% - -0.0% 19.6% 0.2 0.0 - - 0.0 - 0.0 0.2 UK 22.0% 2.6% - - 72.9% - 9.6% 107.0% -0.2 0.0 - - -0.6 - 0.0 -0.8 Netherlands 22.0% -3.0% - - -13.9% - -0.0% 5.0% 0.7 -0.1 - - -0.4 - 0.0 0.2 Belgium 22.0% 3.0% - - 4.2% - -0.0% 32.9% 0.5 0.0 - - 0.1 - 0.0 0.6 France 22.0% 3.0% - - - -25.0% -0.0% -14.1% 1.2 0.2 - - - -1.4 0.0 0.0 Spain 22.0% 3.0% - - -6.1% - -0.0% 18.9% 0.7 0.1 - - -0.2 - 0.0 0.6 Italy 22.0% 5.9% - - 6.5% - -0.0% 42.5% 0.4 0.1 - - 0.1 - 0.0 0.6 USA 22.0% 5.6% 1.5% - - -28.5% -3.0% -2.4% 5.3 1.2 0.3 - - -6.2 -0.6 0.0 Japan 22.0% 13.8% 64.0% - - - -4.6% 95.2% 0.1 0.0 0.3 - - - 0.0 0.4 China 22.0% 3.1% 0.2% - -1.7% -0.1% -0.3% 51.1% 9.7 1.3 0.1 - -0.7 -0.1 -0.1 10.2 Hong Kong 22.0% -5.5% 84.7% - 136.4% - -0.0% 237.6% 0.5 -0.1 1.9 - 3.0 - 0.0 5.3 Singapore 22.0% -4.7% - - 4.4% - 1.2% 22.9% 0.2 0.0 - - 0.0 - 0.0 0.2 Bulgaria 22.0% -12.0% - - - - -0.0% 45.1% 0.3 -0.1 - - - - 0.0 0.2 2024/25 22.0% 202.9% 300.7% - -196.5% 58.6% 1978.9% -211.8% 2154.6% 0.3 2.9 4.3 - -2.8 0.8 28.2 -3.0 30.7 2023/24 22.0% -32.0% -26.7% - -104.4% -13.2% -164.7% 180.3% -138.7% -1.6 2.4 1.9 - 7.5 0.9 11.6 -12.6 10.1 Deferred tax At 31 May 2025, net deferred tax assets amounted to DKK 67m (31 May 2024: DKK 84m). The decrease is reflected primarily in tax loss carryforwards. Deferred tax assets have been recognised based on expected earnings in the foreseeable future. The assessment primarily takes into account the possibility of utilising losses in each relevant jurisdiction. Deferred tax assets totalled DKK 75m (31 May 2024: DKK 92m), of which DKK 57m related to the Group\u2019s jointly taxed companies in Denmark, DKK 3m related to China, and DKK 9m to the US, whereas the remaining DKK 6m related to other of the Group\u2019s foreign legal entities. Supporting evidence for recognition our deferred tax asset encompass elements such as our improved gross margins, our plan to accelerate our strategic execution, we raised DKK 217m through a directed issues and upscaling our committed revolving credit facility by DKK 100m and have disclosed our mid-term financial ambitions. Tax loss carryforwards recognised at 31 May 2025 amounted to DKK 5m (31 May 2024: DKK 36m). The Group's tax policy is available on the Group\u2019s website. Assets Liabilities Net assets (DKK million) 31-05-25 31-05-24 31-05-25 31-05-24 31-05-25 31-05-24 Deferred tax Non-current assets 8 - 8 7 0 -7 Inventories 6 5 0 0 6 5 Receivables 1 2 0 0 1 2 Provisions 25 30 0 0 25 30 Tax loss carryforwards 5 36 0 0 5 36 Other 30 19 - 1 30 18 Total 75 92 8 8 67 84 (DKK million) 2024/25 2023/24 Change in deferred tax, net during the year Non-current assets 7 -40 Inventories 1 0 Receivables -1 0 Provisions -5 24 Tax loss carry forwards -31 -9 Other 13 16 Total -17 -9 At 31 May 2025, the value of unrecognised deferred tax assets amounted to DKK 352m (31 May 2024: DKK 323m). Of this amount, DKK 328m related to Denmark (31 May 2024: DKK 292m), DKK 22m to the US (31 May 2024: DKK 23m), and DKK 2m to other legal entities abroad (31 May 2024: DKK 8m). A total of DKK 277m related to tax loss carryforwards (31 May 2024: DKK 245m), DKK 255m of which can be carried forward indefinitely (31 May 2024: DKK 218m). The unrecognised deferred tax assets will be recognised as income as they are utilised or when there is convincing evidence that they will be utilised in the foreseeable future. Critical accounting estimates and judgementsDeferred tax assets Management performs impairment tests of the deferred tax asset on an ongoing basis. Based on the Group\u2019s performance and its continued strategy work, management revisited the carrying amount of the tax asset based on expected positive earnings and concluded that the amount was appropriate as of 31 May 2025. The Group recognises deferred tax assets, including the tax base of tax loss carryforwards, if it is assessed that the respective tax assets can be offset against positive taxable income in the foreseeable future (3-5 years). This assessment is based on budgets and business plans for the following years, including planned business initiatives. Deferred tax assets are tested annually and are only recognised if they are likely to be utilised.Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties or other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__55": {
"value": "Accounting policies Deferred tax Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. No recognition is made of deferred tax on temporary differences relating to amortisation or depreciation of goodwill, properties or other items if disallowed for tax purposes. Such temporary differences arose on the date of acquisition without affecting the results or taxable income. In cases where it is possible to calculate the tax value according to different taxation rules, deferred tax is measured on the basis of the planned use of the asset or the settlement of the liability. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised as other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets on a net basis or to realise the assets and liabilities simultaneously. Deferred tax is measured according to the tax rules and at the tax rates applicable in the relevant countries at the reporting date and when the deferred tax is expected to materialise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__57": {
"value": "Average number of employees 1,013 999 Staff costs relate to: Production costs 134 134 Development costs 246 223 Distribution and marketing costs 372 347 Administrative costs 114 91 Total staff costs 866 795",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__58-1": {
"value": "Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity.Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.Accounting policiesAs an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany. The Group recognises pension contributions in the income statement under defined contribution plans. Contributions can either be a fixed amount or a fixed percentage of the monthly salary costs, as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations, and the risk related to the value of the pension insurance at retirement lies with the individual employee. With defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels as well as interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains or losses. Such gains or losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__56-1": {
"value": "3.1 Staff costs (DKK million) 2024/25 2023/24 Wages and other remuneration 752 703 Share-based payments 32 17 Pensions 47 46 Other social security costs 35 29 Total staff costs 866 795 Average number of employees 1,013 999 Staff costs relate to: Production costs 134 134 Development costs 246 223 Distribution and marketing costs 372 347 Administrative costs 114 91 Total staff costs 866 795Accounting policiesWages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered. The cost of share-based payments, which are expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and equity.Termination benefits are recognised at the time an agreement between the Group and the employee is made, and no future service is rendered by the employee in exchange for the benefits.3.4 Pension and similar retirement obligations (DKK million) 2024/25 2023/24 Amount recognised in the income statement Defined contribution plans 47 46 Defined benefit plans 0 0 Total pension amount charged to the income statement 47 46 Amount recognised in the balance sheet Wholly unfunded defined benefit plans 2 2 Wholly or partly funded defined benefit plans 20 16 Present value of defined benefit obligation at 31 May 22 18 Fair value of plan assets -7 -8 Defined benefit plan obligation at 31 May 15 10 (DKK million) 2024/25 2023/24 Present value of future payments 20 16 Fair value of plan assets -7 -8 Actuarially calculated net obligation 13 8 Wholly unfunded defined benefit plans 2 2 Defined benefit plans at 31 May, net 15 10 Actuarial assumptions Discount rate p.a. 3.8% 4.0% Expected salary increase p.a. 2.4% 2.4% Expected rate of return p.a. 2.4% 2.4% The majority of the pension plans operated by the Group are defined contribution plans. The Group's defined benefit plans are managed by independent pension funds. None of the plan assets are connected to any of the Group companies. Accounting policiesAs an employer, the Bang & Olufsen Group participates in pension plans according to normal practice in the countries in which the Group operates. The majority of the pension plans operated by the Group are defined contribution plans. The only exceptions are defined benefit plans operated in Germany. The Group recognises pension contributions in the income statement under defined contribution plans. Contributions can either be a fixed amount or a fixed percentage of the monthly salary costs, as they are paid to separate independent companies. Any unpaid contributions are recognised in the financial position as other liabilities. Once the contributions have been paid, the Group has no further obligations, and the risk related to the value of the pension insurance at retirement lies with the individual employee. With defined benefit plans the Group has an obligation to pay a fixed amount or a fixed percentage of the salary at retirement. This means that the Bang & Olufsen Group carries the risk of any changes in the actuarially calculated capital value of the pension plans. The present value of the future benefits that employees are entitled to is calculated annually. The present value is calculated based on a number of assumptions relating to the future development in salary levels as well as interest, inflation and mortality rates. The present value of the defined benefit obligation net of the fair value of the plan assets is recognised in the balance sheet as a pension liability. The costs of defined benefit plans are recognised in the income statement and include service costs as well as net interest based on actuarial estimates and the financial outlook at the beginning of the year. Changes in assumptions as well as differences between the expected and the realised return on plan assets are classified as actuarial gains or losses. Such gains or losses are recognised in other comprehensive income in the period in which they arise. If a defined benefit plan constitutes a net asset, the asset is recognised only if it offsets future refunds from the plan or will lead to reduced future payments to the plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__60": {
"value": "3.2 Remuneration of management Total remuneration to the Executive Management Board (EMB) amounted to DKK 49m (2023/24: DKK 38m). This represented an increase of DKK 11m compared to 2023/24 driven by bonus as targets were met for four out of five KPI\u2019s, except from Revenue, resulting in overall combined achievement of 112% against all KPI\u2019s. The Board of Directors decided to extend the special short-term cash-based retention programme for members of the Executive Management Board (EMB) to the financial year 2024/25. The programme is subject to requirements of continued service and satisfactory performance review ratings and was established for the purpose of stabilising the EMB during the turnaround of the Company and until the long-term incentive programmes (LTIP) reach a desired and necessary retention level. The costs of the share-based payments (LTIP) were higher than last year, driven primarily by the EBIT performance. Termination and severance payments for the year amounted to DKK 5m and related to three key employees who left the Company (2023/24: DKK 4m). 2024/25 2023/24 Executive Executive Board of Management Other key Board of Management Other key (DKK million)Directors Board employees Directors Board employees Wages, salaries and fees 5 14 22 6 14 24 Pensions - 1 2 - 1 2 Bonus - 22 9 - 18 20 Termination and severance payments- - 5 - - 4 Total 5 37 38 6 33 50 Share-based payments - 12 7 - 5 4 Total remuneration 5 49 45 6 38 54 The terms of notice for the members of the Executive Management Board are consistent with normal market conditions (up to 24 months). Board of Directors In 2024/25, the Board of Directors received total remuneration of DKK 5m (2023/24: DKK 6m). The decline is driven by two fewer board members. The full remuneration report for the financial year 2024/25 can be found at https://investor.bang-",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__61": {
"value": "3.3 Share-based programmes Long-term incentive programmes (LTIP) Pursuant to Bang & Olufsen A/S\u2019s Remuneration Policy, the Board of Directors has resolved to allocate restricted shares under Bang & Olufsen A/S\u2019s Combined Performance and Retention Share Programmes to the Executive Management Board, other key employees and select employees. Two-thirds of the restricted shares are performance shares that are eligible for vesting in equal tranches over three financial years, depending on the level of achievement of certain KPIs defined by the Board of Directors for each performance year. The remaining shares are retention shares, which are subject to the participants\u2019 continued employment and satisfactory people review ratings. The retention shares also vest in three equal tranches over the period. Each financial year has a maximum payout of index 200 depending on the level of achievement. Any vested restricted shares will be released after the adoption of the Annual Report at an annual general meeting following the end of the third financial year for each programme, with the provision that vesting and release may be accelerated in the case of certain extraordinary events. TABLE - LONG-TERM INCENTIVE PROGRAMMES (LTIP) Estimated Maximum remaining Average market Accumu-maximum share value at lated cost value to be price at launch recognised expensed grant Shares (DKK (DKK (DKK Award Vesting Performance perioddate 31 May million) million) million) date date Programme start date 11.07.2022 01.06.2022-31.05.2025 14.28 1,536,507 76 22 - 11.07.2022 31.05.2025 13.07.2023 01.06.2023-31.05.2026 10.36 3,228,992 80 19 16 13.07.2023 31.05.2026 11.07.2024 01.06.2024-31.05.2027 9.45 5,124,951 73 15 36 11.07.2024 31.05.2027 Total 9,890,450 229 56 52 The programmes are accounted for on an accrual basis over the three-year vesting period. The value of each programme is adjusted on a timely basis until vesting based on the likelihood that certain KPIs will be met. We have three ongoing incentive programmes as per the below table. During 2024/25, a total of 500,048 shares were exercised under the programme initiated in 2021 (2023/24: 1,215,508). This programme ended with a weighted performance index of 58 over the three-year period at the grant share price of 12.93. The programme initiated in 2022 ended at 31 May 2025 and approximately 1,536,507 shares will be exercised after the annual general meeting. The programme ended with a weighted performance index of 83 over the three-year period at the grant share price of 14.28. The costs of the share programmes for the year were DKK 32m (2023/24: DKK 17m). The increase was driven by the improved earnings for the year resulting in an overall combined performance index of 139 (2023/24: index 61). The accumulated costs recognised for the three ongoing programmes totalled DKK 56m (2023/24: DKK 37m) with an estimated remaining maximum value to be expensed of DKK 52m (2023/24: DKK 52m).Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at the grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes. Long-term incentive programmes (LTIP) - continued The table below summarises the maximum outstanding shares within the programmes. Bang & Olufsen A/S has purchased a limited number of treasury shares to cover the obligation for the outstanding shares. The holding of treasury shares totalled 2,963,183 shares at 31 May 2024 (31 May 2024: 1,768,231 shares). TABLE - SHARES OUTSTANDING Executive Management Other Shares outstandingBoard employees Total 2024/25 Shares outstanding at 1 June 2,041,701 4,303,701 6,345,402 Shares granted during the year 1,935,324 3,901,680 5,837,004 Shares exercised during the year 144,121 355,927 500,048 Shares forfeited during the year - 779,572 - 2,012,432 - 2,792,004 Total number of shares outstanding 3,341,574 6,548,876 9,890,450 2023/24 Shares outstanding at 1 June 1,626,112 3,818,548 5,444,660 Shares granted during the year 1,672,368 4,215,286 5,887,654 Shares exercised during the year - 520,773 - 694,735 - 1,215,508 Shares forfeited during the year - 736,006 - 3,035,398 - 3,771,404 Total number of shares outstanding 2,041,701 4,303,701 6,345,402",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__62": {
"value": "Accounting policiesShare-based programmes in which the Executive Management Board and selected other key employees are given the right to receive shares in the Parent Company (equity-settled programmes) are measured at the fair value of the equity instruments at the grant date and recognised in the income statement as part of staff costs during the period when the employees become entitled to buy the shares. The existing share-based programmes give Bang & Olufsen A/S an option to settle in cash. However, as it is expected that the programmes will be settled in shares, they will be accounted for as equity-settled programmes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__66": {
"value": "Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__65": {
"value": "4.1 Inventories (DKK million) 2024/25 2023/24 Inventories before write-downs 481 485 Write-downs -34 -38 Total 447 447 Raw materials 29 35 Work in progress 21 14 Spare parts 71 71 Finished goods 326 327 Total 447 447 Inventories recognised in production costs 990 1,102 Critical accounting estimates and judgementsA specific assessment of the need for write-downs for obsolescence of inventories is made based on an assessment of the future sales potential. The assessment takes into account expected technological developments and expected service periods. The provision is primarily related to finished goods and spare parts. The applied principles are unchanged from the previous year. Accounting policies Inventories are measured at the lower of cost according to the FIFO principle and net realisable value. The cost of raw materials, consumables and purchased goods consists of the acquisition price including delivery costs. The cost of finished goods and work in progress consists of costs of materials and direct labour plus indirect production costs. Indirect production costs include indirect materials and wages, maintenance and depreciation of plant and machinery, factory buildings and other equipment used in the production process as well as costs of factory administration and management. The net realisable value of inventories is calculated as the expected selling price less costs of completion and costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__68": {
"value": "(DKK million) 2024/25 2023/24 Trade receivables at 31 May, before impairment 359 318 Impairment at 1 June -9 -15 Impairment losses recognised -1 2 Realised impairment losses 1 6 Reversed impairment losses -2 -2 Impairment at 31 May -11 -9 Trade receivables at 31 May 348 309 Receivables are recognised when control has been transferred and the consideration to be paid is reasonably assured. Receivables are generally due within 30-60 days, and all receivables are consequently classified as current. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months. Realised losses are immaterial and remain within the expected range. 31-05-25 31-05-24 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 351 -3 312 -3 Past due up to 30 days - - - - Past due between 31 and 60 days - - - - Past due between 61 and 90 days - - - - Past due between 91 and 120 days - - - - Past due more than 120 days 8 -8 6 -6 Trade receivables 359 -11 318 -9 See note 7.1 for details about credit risk associated with trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__69": {
"value": "Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise the sale of goods and services and income from licenses. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__67": {
"value": "4.2 Trade receivables (DKK million) 2024/25 2023/24 Trade receivables at 31 May, before impairment 359 318 Impairment at 1 June -9 -15 Impairment losses recognised -1 2 Realised impairment losses 1 6 Reversed impairment losses -2 -2 Impairment at 31 May -11 -9 Trade receivables at 31 May 348 309 Receivables are recognised when control has been transferred and the consideration to be paid is reasonably assured. Receivables are generally due within 30-60 days, and all receivables are consequently classified as current. The price specified in the contract is not adjusted for any financing element as payment terms never exceed 12 months. Realised losses are immaterial and remain within the expected range. 31-05-25 31-05-24 (DKK million) Amount Impairment Amount Impairment Maturity analysis: Amounts not due 351 -3 312 -3 Past due up to 30 days - - - - Past due between 31 and 60 days - - - - Past due between 61 and 90 days - - - - Past due between 91 and 120 days - - - - Past due more than 120 days 8 -8 6 -6 Trade receivables 359 -11 318 -9 See note 7.1 for details about credit risk associated with trade receivables. Critical accounting estimates and judgementsThe allowance for expected credit losses for trade receivables is based on historical credit loss experience combined with forward-looking information on macro-economic factors affecting credit risk. Management continues to assess credit risks in order to ensure that credit risk never exceeds the recognised write-down on trade receivables. For a further description of credit risk, see note 7.1. Changes in impairment are presented in the table above. Accounting policies On initial recognition, trade receivables are measured at fair value and subsequently at amortised cost less loss allowance for expected credit losses. Trade receivables comprise the sale of goods and services and income from licenses. Other receivables comprise VAT receivables, loans to partners, interest receivables and derivatives. The Group applies the simplified approach to measuring expected credit losses. This entails recognising a lifetime expected loss allowance for all trade receivables. Loss rates are determined based on a grouping of trade receivables sharing the same characteristics. Impairment of trade receivables is recognised in distribution and marketing costs in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__71": {
"value": "(DKK million) 2024/25 2023/24 Trade receivables 348 309 Right-of-return assets* 1 2 Total contract assets 349 311 Deferred income - non-current** 0 0 Deferred income - current** 0 3 Refund liabilities** 2 3 Total contract liabilities 2 6 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities have been recognised in other liabilities. Generally, trade receivables are recognised at the same point in time as revenue and invoicing. Payment terms vary within different customer segments due to local and specific agreements. In some cases, the Group receives upfront payments which are deducted in the actual invoicing. The income from the associated contract is recognised over time, resulting in contract liabilities. Right-of-return assets and the associated refunds refer mainly to a few multibrand customers. Deferred income consists of prepayments from customers. Deferred income mainly constitutes revenue related to the license agreement with Harman (brand licensing income from car audio products). This includes deferred revenue from future licensing income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__72": {
"value": "Accounting policies Contract assets and liabilities The refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers in 2024/25 or in previous years. This is common practice in the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__70": {
"value": "4.3 Contract assets and liabilities (DKK million) 2024/25 2023/24 Trade receivables 348 309 Right-of-return assets* 1 2 Total contract assets 349 311 Deferred income - non-current** 0 0 Deferred income - current** 0 3 Refund liabilities** 2 3 Total contract liabilities 2 6 * Right-of-return assets have been recognised in current other receivables. ** Deferred income and refund liabilities have been recognised in other liabilities. Generally, trade receivables are recognised at the same point in time as revenue and invoicing. Payment terms vary within different customer segments due to local and specific agreements. In some cases, the Group receives upfront payments which are deducted in the actual invoicing. The income from the associated contract is recognised over time, resulting in contract liabilities. Right-of-return assets and the associated refunds refer mainly to a few multibrand customers. Deferred income consists of prepayments from customers. Deferred income mainly constitutes revenue related to the license agreement with Harman (brand licensing income from car audio products). This includes deferred revenue from future licensing income. Accounting policies Contract assets and liabilities The refund liability for estimated sales returns is recognised when there is historical experience or when a reasonably accurate estimate of expected future returns can otherwise be made. The income effect recognised is the gross margin of the expected returns. Changes to right-of-return assets and refund liabilities are recognised gross in the income statement, i.e. as both revenue and cost of sales.Deferred income comprises payments received related to revenue in subsequent financial years. Deferred income is measured at cost. Licensing income is recognised at a point in time based on products produced. No costs to obtain contracts with customers were capitalised as part of contracts with customers in 2024/25 or in previous years. This is common practice in the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__73": {
"value": "4.4 Net working capital (DKK million) 31-05-25 31-05-24 Change Inventories 447 447 - Trade receivables 348 309 39 Other receivables* 59 52 7 Prepayments 42 27 15 Trade payables -453 -401 -52 Other liabilities -227 -171 -56 Total 216 263 -47 * Other receivables were adjusted for financial receivables relating to leases of DKK 2m not included as net working capital at 31 May 2025 (31 May 2024: DKK 1m). Net working capital decreased by DKK 47m during the year to DKK 216m (31 May 2024: DKK 263m). Inventories remained at the same level with our continued focus on inventory management. Trade receivables increased mainly driven by higher revenue in Q4 2024/25 compared to last year. Payables increased by DKK 108m, driven by timing of payments and an increase in bonus accruals. Accounting policies Prepayments Prepayments comprise incurred costs related to subsequent financial years. Prepayments are measured at cost.Other liabilities Other liabilities mainly comprise provisions for employee-related costs, VAT and deferred income. Other liabilities are measured at cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__79": {
"value": "Property, plant Completed Development and equipment Acquired rights development projects in Land and Plant and Leasehold under Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements construction and equipment Cost At 1 June 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals and terminations - -5 -162 - -167 - - - -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Additions - 62 16 122 200 3 5 8 4 19 39 Disposals and terminations - -73 - -3 -76 - -4 -5 - - -9 Completed development projects and assets - - 103 -103 - 3 7 - - -10 - Exchange rate adjustments - - - - - - - -1 -1 - -2 At 31 May 2025 64 234 678 148 1,124 338 500 139 85 29 1,091 Depreciation, amortisation and impairment At 1 June 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals and terminations - 1 162 - 163 - - - 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Amortisation and depreciation - -35 -110 - -145 -12 -14 -7 -15 - -48 Disposals and terminations - 72 - - 72 - 4 5 - - 9 Exchange rate adjustments - - - - - - - 1 1 - 2 At 31 May 2025 -22 -136 -519 - -677 -251 -457 -121 -51 - -880 Carrying amount At 31 May 2025 42 98 159 148 447 87 43 18 34 29 211 At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 Impairment Recognised impairment No impairment was recognised in 2024/25. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2024: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2023/24: 1.5%) and a discount rate of 7.00% were applied (2023/24: 9.25%). The impairment test showed significant headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__78": {
"value": "Property, plant Completed Development and equipment Acquired rights development projects in Land and Plant and Leasehold under Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements construction and equipment Cost At 1 June 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals and terminations - -5 -162 - -167 - - - -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Additions - 62 16 122 200 3 5 8 4 19 39 Disposals and terminations - -73 - -3 -76 - -4 -5 - - -9 Completed development projects and assets - - 103 -103 - 3 7 - - -10 - Exchange rate adjustments - - - - - - - -1 -1 - -2 At 31 May 2025 64 234 678 148 1,124 338 500 139 85 29 1,091 Depreciation, amortisation and impairment At 1 June 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals and terminations - 1 162 - 163 - - - 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Amortisation and depreciation - -35 -110 - -145 -12 -14 -7 -15 - -48 Disposals and terminations - 72 - - 72 - 4 5 - - 9 Exchange rate adjustments - - - - - - - 1 1 - 2 At 31 May 2025 -22 -136 -519 - -677 -251 -457 -121 -51 - -880 Carrying amount At 31 May 2025 42 98 159 148 447 87 43 18 34 29 211 At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 Impairment Recognised impairment No impairment was recognised in 2024/25. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2024: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2023/24: 1.5%) and a discount rate of 7.00% were applied (2023/24: 9.25%). The impairment test showed significant headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__77": {
"value": "Property, plant Completed Development and equipment Acquired rights development projects in Land and Plant and Leasehold under Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements construction and equipment Cost At 1 June 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals and terminations - -5 -162 - -167 - - - -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Additions - 62 16 122 200 3 5 8 4 19 39 Disposals and terminations - -73 - -3 -76 - -4 -5 - - -9 Completed development projects and assets - - 103 -103 - 3 7 - - -10 - Exchange rate adjustments - - - - - - - -1 -1 - -2 At 31 May 2025 64 234 678 148 1,124 338 500 139 85 29 1,091 Depreciation, amortisation and impairment At 1 June 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals and terminations - 1 162 - 163 - - - 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Amortisation and depreciation - -35 -110 - -145 -12 -14 -7 -15 - -48 Disposals and terminations - 72 - - 72 - 4 5 - - 9 Exchange rate adjustments - - - - - - - 1 1 - 2 At 31 May 2025 -22 -136 -519 - -677 -251 -457 -121 -51 - -880 Carrying amount At 31 May 2025 42 98 159 148 447 87 43 18 34 29 211 At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 Impairment Recognised impairment No impairment was recognised in 2024/25. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2024: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2023/24: 1.5%) and a discount rate of 7.00% were applied (2023/24: 9.25%). The impairment test showed significant headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__80": {
"value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Land and Plant and Leasehold under Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements construction and equipment Cost At 1 June 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals and terminations - -5 -162 - -167 - - - -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Additions - 62 16 122 200 3 5 8 4 19 39 Disposals and terminations - -73 - -3 -76 - -4 -5 - - -9 Completed development projects and assets - - 103 -103 - 3 7 - - -10 - Exchange rate adjustments - - - - - - - -1 -1 - -2 At 31 May 2025 64 234 678 148 1,124 338 500 139 85 29 1,091 Depreciation, amortisation and impairment At 1 June 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals and terminations - 1 162 - 163 - - - 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Amortisation and depreciation - -35 -110 - -145 -12 -14 -7 -15 - -48 Disposals and terminations - 72 - - 72 - 4 5 - - 9 Exchange rate adjustments - - - - - - - 1 1 - 2 At 31 May 2025 -22 -136 -519 - -677 -251 -457 -121 -51 - -880 Carrying amount At 31 May 2025 42 98 159 148 447 87 43 18 34 29 211 At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 Impairment Recognised impairment No impairment was recognised in 2024/25. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2024: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2023/24: 1.5%) and a discount rate of 7.00% were applied (2023/24: 9.25%). The impairment test showed significant headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the previous year. Development projects amounted to DKK 307m at 31 May 2025 (31 May 2024: DKK 282m). The main additions in the 2024/25 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__76": {
"value": "5.1 Intangible assets and property, plant and equipment Property, plant Completed Development and equipment Acquired rights development projects in Land and Plant and Leasehold under Property, plant (DKK million) Goodwill and software projects progress Intangible assets buildings machinery Other equipment improvements construction and equipment Cost At 1 June 2023 64 214 602 124 1,004 321 477 133 58 23 1,012 Additions - 36 24 103 163 2 9 4 28 12 55 Disposals and terminations - -5 -162 - -167 - - - -4 - -4 Completed development projects and assets - - 95 -95 - 9 6 - - -15 - At 31 May 2024 64 245 559 132 1,000 332 492 137 82 20 1,063 Additions - 62 16 122 200 3 5 8 4 19 39 Disposals and terminations - -73 - -3 -76 - -4 -5 - - -9 Completed development projects and assets - - 103 -103 - 3 7 - - -10 - Exchange rate adjustments - - - - - - - -1 -1 - -2 At 31 May 2025 64 234 678 148 1,124 338 500 139 85 29 1,091 Depreciation, amortisation and impairment At 1 June 2023 -22 -134 -473 - -629 -228 -429 -112 -28 - -797 Amortisation and depreciation - -40 -98 - -138 -11 -18 -8 -13 - -50 Disposals and terminations - 1 162 - 163 - - - 4 - 4 At 31 May 2024 -22 -173 -409 - -604 -239 -447 -120 -37 - -843 Amortisation and depreciation - -35 -110 - -145 -12 -14 -7 -15 - -48 Disposals and terminations - 72 - - 72 - 4 5 - - 9 Exchange rate adjustments - - - - - - - 1 1 - 2 At 31 May 2025 -22 -136 -519 - -677 -251 -457 -121 -51 - -880 Carrying amount At 31 May 2025 42 98 159 148 447 87 43 18 34 29 211 At 31 May 2024 42 72 150 132 396 93 45 17 45 20 220 Impairment Recognised impairment No impairment was recognised in 2024/25. Impairment test of goodwill The carrying amount of goodwill amounted to DKK 42m (31 May 2024: DKK 42m) and related to the distribution network in the Netherlands. The impairment test was carried out with the activities in the Netherlands considered as the cash generating unit. The recoverable amount was based on value in use and estimated using input from local and Group management. The test included a five-year budget period followed by a terminal period. Key assumptions applied in the impairment test were expected revenue, gross margin, capacity cost, discount rate and growth rate in the terminal period. Sensitivity tests of key assumptions were carried out. These showed gross margin, WACC and the growth rate to be the assumptions with the largest impact on value in use. In the test, a growth assumption of 1.5% (2023/24: 1.5%) and a discount rate of 7.00% were applied (2023/24: 9.25%). The impairment test showed significant headroom from value in use to the carrying amount. Management is of the opinion that the applied assumptions are sustainable. Critical accounting estimates and judgements Development projects Development costs are capitalised only after the technical and commercial feasibility of the project has been established. In connection with the capitalisation of development costs, the expected useful life of the product is determined. Management has assessed that the amortisation period is usually 2 to 6 years. Management also makes assumptions when assessing the possible impairment of development projects. The applied principles are unchanged from the previous year. Development projects amounted to DKK 307m at 31 May 2025 (31 May 2024: DKK 282m). The main additions in the 2024/25 financial year were development projects relating to product development. Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__83": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__82": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__81": {
"value": "Accounting policiesCost Intangible assets and property, plant and equipment are initially recognised at cost and subsequently measured at cost less accumulated amortisation or depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised borrowing costs on specific or general borrowings attributable to the construction of the asset. Research and development costs are recognised in the income statement as incurred. Development costs are recognised under development projects in progress if the costs are expected to generate future economic benefits. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. Subsequent costs, for example in connection with the replacement of components of property, plant and equipment, are recognised in the carrying amount of the asset if it is probable that the costs will result in future economic benefits to the Group. The replaced components are derecognised from the statement of financial position and recognised as an expense in the income statement. Costs incurred for ordinary repairs and maintenance are recognised in the income statement as incurred. Useful life, amortisation, depreciation and impairment losses Useful life and residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation and depreciation are recognised on a straight-line basis over the expected useful lives of the assets, taking into account any residual value. The expected useful life and residual value are determined based on past experience and expectations of the future use of assets. Goodwill with an indefinite life is not amortised but instead tested for impairment on an annual basis. Development projects, acquired rights and software, land and buildings, plant and machinery, other equipment and leasehold improvements are tested for impairment whenever there is any indication that the recoverable amount may be lower than the carrying amount. Depreciation is calculated on the basis of cost less the residual value and impairment losses. Amortisation and depreciation are recognised under cost of sales, distribution and marketing expenses, and administrative expenses. Expected useful lives are as follows: Asset class Useful life Goodwill No amortisation. Tested for impairment on an annual basis Development projects (under construction) Useful file will be determined and applied upon project completion. These assets are reviewed annually for impairment. Development projects (completed) 2-6 years, or remaining term of intellectual property right if shorter Acquired rights 10 years, or remaining term of intellectual property right if shorter Software 3 years Land and buildings Land: None Buildings: 40 yearsInstallations: 10 yearsPlant and machinery Single-purpose production tools: 3-6 years Other plant and machinery: 8-10 years Other equipment 3-10 years Leasehold improvements Over lease term, max. 10 years Property, plant and equipment under construction None",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__85-1": {
"value": "5.2 Right-of-use assets Land and (DKK million)buildings Other equipment Total Costs At 1 June 2023 235 8 243 Additions 21 1 22 Remeasurements 40 - 40 Terminations -24 -2 -26 At 31 May 2024 272 7 279 Additions 20 16 36 Remeasurements 11 - 11 Terminations -3 -1 -4 At 31 May 2025 300 22 322 Depreciation, amortisation and impairment At 1 June 2023 -119 -4 -123 Depreciation -43 -3 -46 Terminations 24 2 26 At 31 May 2024 -138 -5 -143 Depreciation -43 -4 -47 Terminations 3 1 4 At 31 May 2025 -178 -8 -186 Carrying amount At 31 May 2025 122 14 136 At 31 May 2024 134 2 136 Repayment of lease liability amounted to DKK 46m in 2024/25 (2023/24: DKK 45m). Expenses relating to low-value leases were insignificant. (DKK million) 2024/25 2023/24 Amounts recognised in the income statement: Interest expenses -9 -7 Short-term leases - - Expenses relating to variable payments -8 -7 Income from subleases 1 2 Lease liabilities Non-current 104 117 Current 59 45 Total lease liabilities 163 162 Critical accounting estimates and judgementsIndividual right-of-use assets and the corresponding liabilities are highly impacted by the estimated lease term and the discount rate, where the underlying contracts can be prolonged or terminated early. Leases mainly comprise stores, office buildings, cars and other equipment.The average incremental borrowing rate applied to lease liabilities in 2024/25 was around 5.6% (2023/24: 5.7%). Estimated useful life at 31 May 2025 can be summarised as follows: Asset class Useful life StoresThe lease term for stores is assessed to be up to 10 years depending on an internal store rating based on location, revenue and earnings. Office buildings1-10 years Other equipmentThe life is equal to the non-cancellable lease term and extensions are not considered for these. Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset becomes available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implied in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.31-05-25 31-05-24 Nominal interest Year of Carrying Carrying (DKK million) value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 53 56 Total loans 53 56 Additions Additions and and Financing remeasuremReclassifi- Financing remeasuremReclassifi- (DKK million) 31-05-23 cash flow ents cations 31-05-24 cash flow ents cations 31-05-25 Change in interest bearing debts Lease liabilities 146 -45 61 - 162 -46 47 - 163 Long-term mortgage loans 56 - - -3 53 - - -3 50 Short-term mortgage loans 3 -3 - 3 3 -3 - 3 3 Bank loans 386 -6 1 - 381 -206 - - 175 Other non-current liabilities 3 - -1 - 2 - - - 2 Total 594 -54 61 - 601 -255 47 - 393 We have a mortgage loan with a three-year interest refinancing period. No extraordinary repayments were made on the mortgage loan during 2024/25. The mortgage loan was most recently refinanced in 2022/23 at 3.3% plus contribution margin, providing an annual percentage rate of 4.7%. Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__86": {
"value": "Accounting policies Leases are recognised as right-of-use assets with the corresponding liability at the time the asset becomes available for use by the Group. Assets and liabilities arising from a lease are measured on a present value basis. Right-of-use assets are recognised at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. When a sublease is classified as a finance lease, the right-of-use asset is derecognised as a right-of-use asset and recognised as a lease receivable under other receivables. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test for the relevant CGU is carried out. Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives. Payments relating to services are not included in lease liabilities. Some property leases contain variable payment terms linked to sales generated from a store. Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs and are not included in the lease liability. In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, given that the interest rate implied in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in lease payments. Lease costs for low value assets and short-term leases are recognised as operating expenses on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__87-1": {
"value": "(DKK million) 31-05-25 31-05-24 Mortgage loans (non-current) -50 -53 Mortgage loans (current) -3 -3 Bank loans (current) -175 -381 Lease liabilities (non-current) -104 -117 Lease liabilities (current) -59 -45 Other non-current liabilities -2 -2 Interest-bearing debt -393 -601 Finance lease receivables (non-current) 0 1 Finance lease receivables (current) 2 1 Cash (current) 145 177 Securities (current) 380 388 Interest-bearing assets 527 567 Net interest-bearing deposit/debt 134 -34 Net available liquidity was DKK 350m (31 May 2024: DKK 184m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-25 31-05-24 Cash (current) 145 177 Securities (current) 380 388 Offset by repo transactions presented as bank loans (current) -175 -381 Available liquidity 350 184 Including the undrawn part of our ESG-linked credit facility, capital resources were DKK 600m (31 May 2024: DKK 344m), consisting of available liquidity of DKK 350m (31 May 2023: DKK 184m) and undrawn committed credit facilities of DKK 250m (31 May 2024: DKK 160m).6.3 Liabilities from financing activities 31-05-25 31-05-24 Nominal interest Year of Carrying Carrying (DKK million) value maturity amount amount Interest profile of mortgage loan Fixed rate loans, DKK 3.3% 2040 53 56 Total loans 53 56 Additions Additions and and Financing remeasuremReclassifi- Financing remeasuremReclassifi- (DKK million) 31-05-23 cash flow ents cations 31-05-24 cash flow ents cations 31-05-25 Change in interest bearing debts Lease liabilities 146 -45 61 - 162 -46 47 - 163 Long-term mortgage loans 56 - - -3 53 - - -3 50 Short-term mortgage loans 3 -3 - 3 3 -3 - 3 3 Bank loans 386 -6 1 - 381 -206 - - 175 Other non-current liabilities 3 - -1 - 2 - - - 2 Total 594 -54 61 - 601 -255 47 - 393 We have a mortgage loan with a three-year interest refinancing period. No extraordinary repayments were made on the mortgage loan during 2024/25. The mortgage loan was most recently refinanced in 2022/23 at 3.3% plus contribution margin, providing an annual percentage rate of 4.7%. Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__88": {
"value": "6.1 Net interest-bearing deposit/debt Net interest-bearing deposit/debt consists of interest-bearing assets less interest-bearing debt. Interest-bearing assets consist of securities, cash, and finance lease receivables. Interest-bearing debt consists of mortgage loans, bank loans and lease liabilities. We have placed the majority of our cash in Danish mortgage bonds, all with an AAA S&P rating. To maintain short-term financial flexibility, we use repo transactions, whereby we can access liquidity on an intra-day basis if needed by lending bonds to our banks in return for cash, while committing to a reverse transaction at a predetermined date in the future. Bonds are presented as securities on the balance sheet, as the risk and return of the bonds remains with the company during the term of the repo. The obligation to return cash for bonds under such repo transactions is recognised as short-term bank loans. As of 31 May 2025, repo transactions amounted to DKK 175m (31 May 2024: DKK 381m). Net interest-bearing deposit amounted to DKK 134m (31 May 2023: a debt of DKK 34m). The increase was mainly due to the rights issue (DKK 217m) and free cash flow of DKK 16m offset by additions and remeasurement of liabilities (DKK 49m) and purchase of treasury shares (DKK 20m). Change in net interest bearing deposit/debt, DKKm 256217-20134-45-240-3431 May 2024 Cash flows from Cash flows from Rights issue Treasury Shares Remeasurements of 31 May 2025 operating operational lease liabilities and activities investing activities other adjustments (DKK million) 31-05-25 31-05-24 Mortgage loans (non-current) -50 -53 Mortgage loans (current) -3 -3 Bank loans (current) -175 -381 Lease liabilities (non-current) -104 -117 Lease liabilities (current) -59 -45 Other non-current liabilities -2 -2 Interest-bearing debt -393 -601 Finance lease receivables (non-current) 0 1 Finance lease receivables (current) 2 1 Cash (current) 145 177 Securities (current) 380 388 Interest-bearing assets 527 567 Net interest-bearing deposit/debt 134 -34 Net available liquidity was DKK 350m (31 May 2024: DKK 184m), consisting of cash and securities offset by repo transactions. (DKK million) 31-05-25 31-05-24 Cash (current) 145 177 Securities (current) 380 388 Offset by repo transactions presented as bank loans (current) -175 -381 Available liquidity 350 184 Including the undrawn part of our ESG-linked credit facility, capital resources were DKK 600m (31 May 2024: DKK 344m), consisting of available liquidity of DKK 350m (31 May 2023: DKK 184m) and undrawn committed credit facilities of DKK 250m (31 May 2024: DKK 160m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__92": {
"value": "(DKK million) 31-05-25 31-05-24 Non-current other receivables 20 20 Trade receivables 348 309 Other receivables 61 53 Cash 145 177 Financial assets at amortised cost 574 559 Securities 380 388 Fair value through income statement 380 388 Derivatives used for hedge accounting 1 1 Fair value through other comprehensive income 1 1 Financial assets 955 948 Mortgage loans 53 56 Bank loans 175 381 Lease liabilities 163 162 Trade payables 453 401 Financial liabilities at amortised cost 844 1,000 Derivatives used for hedge accounting 7 6 Fair value through other comprehensive income 7 6 Financial liabilities 851 1,006 The fair value was approximately equal to the carrying amounts for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-25 Mortgage loans 3 13 37 53 53 Lease liabilities 59 100 25 184 163 Bank loans 175 - - 175 175 Trade payables 453 - - 453 453 31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__89": {
"value": "(DKK million) 31-05-25 31-05-24 Non-current other receivables 20 20 Trade receivables 348 309 Other receivables 61 53 Cash 145 177 Financial assets at amortised cost 574 559 Securities 380 388 Fair value through income statement 380 388 Derivatives used for hedge accounting 1 1 Fair value through other comprehensive income 1 1 Financial assets 955 948 Mortgage loans 53 56 Bank loans 175 381 Lease liabilities 163 162 Trade payables 453 401 Financial liabilities at amortised cost 844 1,000 Derivatives used for hedge accounting 7 6 Fair value through other comprehensive income 7 6 Financial liabilities 851 1,006 The fair value was approximately equal to the carrying amounts for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-25 Mortgage loans 3 13 37 53 53 Lease liabilities 59 100 25 184 163 Bank loans 175 - - 175 175 Trade payables 453 - - 453 453 31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__90": {
"value": "6.2 Financial instruments by category (DKK million) 31-05-25 31-05-24 Non-current other receivables 20 20 Trade receivables 348 309 Other receivables 61 53 Cash 145 177 Financial assets at amortised cost 574 559 Securities 380 388 Fair value through income statement 380 388 Derivatives used for hedge accounting 1 1 Fair value through other comprehensive income 1 1 Financial assets 955 948 Mortgage loans 53 56 Bank loans 175 381 Lease liabilities 163 162 Trade payables 453 401 Financial liabilities at amortised cost 844 1,000 Derivatives used for hedge accounting 7 6 Fair value through other comprehensive income 7 6 Financial liabilities 851 1,006 The fair value was approximately equal to the carrying amounts for all financial assets and liabilities. Hedge accounting was only related to the management of foreign exchange risk. Less than Between one More than Carrying (DKK million)one year and five years five years Total amount Contractual maturity analysis for financial liabilities31-05-25 Mortgage loans 3 13 37 53 53 Lease liabilities 59 100 25 184 163 Bank loans 175 - - 175 175 Trade payables 453 - - 453 453 31-05-24 Mortgage loans 3 12 41 56 56 Lease liabilities 53 114 16 183 162 Bank loans 381 - - 381 381 Trade payables 401 - - 401 401 Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income or expenses. The purchase or sale of securities is recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__94": {
"value": "Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income or expenses. The purchase or sale of securities is recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__93": {
"value": "Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income or expenses. The purchase or sale of securities is recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__91": {
"value": "Accounting policies Financial assets include loans, receivables, securities and cash. Loans and receivables are initially recognised at fair value, including direct transaction costs, and subsequently measured at amortised cost using the effective interest method. For trade receivables, the loss allowance is measured in accordance with IFRS 9 applying a provision matrix to calculate the minimum impairment, which includes impairment for not-due receivables. For other receivables and loans, a write-down is made for expected losses based on specific individual or Group assessments.Financial liabilities are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities. Securities comprise bonds that are measured at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit/(loss) for the year as financial income or expenses. The purchase or sale of securities is recognised at the settlement date. For listed securities, market value equals the market price, while - for unlisted securities - the market value is estimated based on generally accepted valuation methods and market data. Divested securities where repurchase agreements have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held (Level 1). The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit/(loss) for the year over the term as interest. The return on the securities is recognised in profit/(loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__97": {
"value": "Accounting policiesFinancial liabilities, including mortgage loans, are initially recognised at fair value less transaction costs and subsequently measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discounts are recognised as financial expenses over the term of the loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__100": {
"value": "Nominal value Number (DKK million) % of share capital 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Treasury shares 1 June 1,768,231 2,983,739 9 15 1.4 2.4 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme 1,695,000 - 8 - 1.2 - Share-based programmes -500,048 -1,215,508 -3 -6 -0.3 -1.0 Additions - - - - -0.3 - 31 May 2,963,183 1,768,231 14 9 2.0 1.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2024/25 2023/24 Share repurchases for the year 20 - It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. The capital structure consists mainly of equity, lease liabilities and minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 300m (31 May 2024: DKK 200m) with its primary bank. The committed revolving credit facility was refinanced and upscaled from DKK 200m during May 2025. On 31 May 2025, the revolving credit facility was only utilised for issuance of bank guarantees and other ancillary services. At 31 May 2025, Bang & Olufsen held a total of 2,963,183 treasury shares (31 May 2024: 1,768,231) for the purpose of hedging the value of its long-term incentive programmes. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency.On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__99": {
"value": "Nominal value Number (DKK million) % of share capital 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Treasury shares 1 June 1,768,231 2,983,739 9 15 1.4 2.4 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme 1,695,000 - 8 - 1.2 - Share-based programmes -500,048 -1,215,508 -3 -6 -0.3 -1.0 Additions - - - - -0.3 - 31 May 2,963,183 1,768,231 14 9 2.0 1.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2024/25 2023/24 Share repurchases for the year 20 - It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. The capital structure consists mainly of equity, lease liabilities and minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 300m (31 May 2024: DKK 200m) with its primary bank. The committed revolving credit facility was refinanced and upscaled from DKK 200m during May 2025. On 31 May 2025, the revolving credit facility was only utilised for issuance of bank guarantees and other ancillary services. At 31 May 2025, Bang & Olufsen held a total of 2,963,183 treasury shares (31 May 2024: 1,768,231) for the purpose of hedging the value of its long-term incentive programmes. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency.On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__101": {
"value": "Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__102": {
"value": "Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__104": {
"value": "Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__98": {
"value": "6.4 Capital structure and share capital Nominal value Number (DKK million) % of share capital 2024/25 2023/24 2024/25 2023/24 2024/25 2023/24 Treasury shares 1 June 1,768,231 2,983,739 9 15 1.4 2.4 Share capital reduction, cancellation of treasury shares- - - - - - Acquired in connection with long-term incentive programme 1,695,000 - 8 - 1.2 - Share-based programmes -500,048 -1,215,508 -3 -6 -0.3 -1.0 Additions - - - - -0.3 - 31 May 2,963,183 1,768,231 14 9 2.0 1.4 All treasury shares are held by Bang & Olufsen A/S. (DKK million) 2024/25 2023/24 Share repurchases for the year 20 - It is the objective of Bang & Olufsen's capital management to ensure shareholders the best possible return on their investment in Bang & Olufsen while ensuring that Bang & Olufsen will be able to meet all existing and future commitments. The capital structure consists mainly of equity, lease liabilities and minor mortgage financing of the HQ buildings in Struer. In addition to the Group\u00b4s capital structure, the Group holds a committed revolving credit facility of DKK 300m (31 May 2024: DKK 200m) with its primary bank. The committed revolving credit facility was refinanced and upscaled from DKK 200m during May 2025. On 31 May 2025, the revolving credit facility was only utilised for issuance of bank guarantees and other ancillary services. At 31 May 2025, Bang & Olufsen held a total of 2,963,183 treasury shares (31 May 2024: 1,768,231) for the purpose of hedging the value of its long-term incentive programmes. For details of monetary transactions, see the statement of changes in equity. Accounting policies Dividend Dividend is recognised as a liability at the time it is approved at an annual general meeting. Treasury shares Acquisition and selling prices for treasury shares and the dividend received on such shares are recognised directly in equity under retained earnings. Translation reserve The translation reserve in the consolidated financial statements comprises exchange rate differences that occur when translating foreign subsidiaries\u2019 financial statements from their functional currency into the Group\u2019s presentation currency.On disposal of net investments, the exchange rate differences on the individual investment are recognised in the income statement. The reserve is a distributable reserve. Reserve for cash flow hedges Reserve for cash flow hedges comprises accumulated changes in the fair value of derivative financial instruments that qualify for hedging of future cash flows where the hedged position has not yet been realised. The changes in fair value are transferred to the income statement when the hedged positions are realised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__106": {
"value": "(DKK million) 2024/25 2023/24 Interest income from banks 51 41 Other financial income 14 9 Exchange rate gain, net 3 - Financial income 68 50 Interest expenses to banks -62 -50 Other financial expenses -10 -7 Fair value adjustments of securities 0 - Interest expenses on lease liabilities -10 -7 Exchange rate loss, net - -11 Financial expenses -82 -75 Financial items, net -14 -25 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__107": {
"value": "Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__105": {
"value": "6.5 Financial items (DKK million) 2024/25 2023/24 Interest income from banks 51 41 Other financial income 14 9 Exchange rate gain, net 3 - Financial income 68 50 Interest expenses to banks -62 -50 Other financial expenses -10 -7 Fair value adjustments of securities 0 - Interest expenses on lease liabilities -10 -7 Exchange rate loss, net - -11 Financial expenses -82 -75 Financial items, net -14 -25 Financial income and expenses related to securities were measured at fair value. Financial income and expenses related to the remaining financial assets and liabilities were not measured at fair value. Accounting policiesFinancial income and expenses include interest, fair value adjustment of securities, foreign currency gains and losses and impairment of securities, payables and foreign currency transactions as well as amortisation of financial assets and liabilities, including lease liabilities. Furthermore, realised and unrealised gains and losses on derivative financial instruments that cannot be classified as hedging contracts are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__109": {
"value": "Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period. Provisions are recognised when there is a legal or constructive obligation as a result of events occurring in the financial year or in previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__108": {
"value": "6.6 Provisions Other (DKK million) Warranty Restructuring provisions Total At 31 May 2023 85 10 5 100 Provisions in the year 49 33 - 82 Provisions used during the year -39 -10 -2 -51 Provisions reversed during the year - - -1 -1 At 31 May 2024 95 33 2 130 Provisions in the year 30 0 3 33 Provisions used during the year -51 -33 -0 -84 Provisions reversed in the year - - - At 31 May 2025 74 0 5 79 Maturity analysis for provisions Due between 1-5 years 33 - 4 37 Due after 5 years - - - - Non-current provisions 33 - 4 37 Due within one year 41 - 1 42 At 31 May 2025 74 - 5 79 Provisions for warranty of DKK 74m were recognised at 31 May 2025 (31 May 2024: DKK 95m) to cover expected warranty claims. The size and timing of the provisions are based on previous experience of the level and timing of repairs and returns. No provision for restructuring was recognised at 31 May 2025 (31 May 2024: DKK 10m), as the reorganisation announced in Q4 23/24 was completed during the year and related severance costs were settled. Other provisions of DKK 5m (31 May 2024: DKK 2m) related primarily to employee anniversary benefit and legal provisions. Critical accounting estimates and judgementsBang & Olufsen repairs or replaces products that do not function satisfactorily both within the warranty period and in certain situations after the warranty period. Consequently, provisions made are for future repairs and returns. Provisions are made based on historical data for repairs and returns and based on management\u2019s judgements. Future repairs and returns may differ from the historical pattern, but management has assessed that the estimate of provisions is reasonable and appropriate.The Group provides 2-5 years of warranty on certain products and is therefore committed to repairing or replacing products that do not function satisfactorily. Some products are repaired after the end of the warranty period, and a provision is made regarding such potential fairness claims. Accounting policiesProvisions comprise provisions for warranty, provisions for fairness and other provisions. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period. Provisions are recognised when there is a legal or constructive obligation as a result of events occurring in the financial year or in previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__116": {
"value": "global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__111-1": {
"value": "Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of our activities and investments are denominated in currencies other than DKK. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on the Group\u2019s reported results. We are subject to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group\u2019s presentation currency. Currency flow of revenue in 2024/25: 7%4%EUR7%CNYUSD8%47%DKKGBPCHF13%Other14%In 2024/25, 92% of the Group's revenue (2023/24: 91%) was in foreign currencies. Functional Change during Entities incurrency 2024/25 (in %) Eurozone EUR 0.06% China CNY 0.13% US USD 0.18% UK GBP 2.41% Switzerland CHF 1.80% Changes in exchange rates during the year reduced revenue by 0.3% in 2024/25 (2023/24: reduced by 1.0%). We are primarily exposed to currency risks related to the net inflow of mainly CNY, CHF and GBP and the net outflow of USD. Due to DKK being pegged to EUR, the risk from EUR is considered to be low. According to our Treasury guideline, the net exposure is hedged on up to a 12-month horizon using FX forward contracts. Short-term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease on longer time horizons. We only hedge commercial exposures and do not enter into derivative positions or transactions for trading or speculative purposes. We do not hedge balance sheet items or ownership interest in foreign subsidiaries. Our subsidiaries\u2019 income and costs are mainly denominated in local currencies, and each subsidiary is thereby not significantly impacted by exchange rate fluctuations. All intercompany transactions are carried out in the local currency of each subsidiary and thereby all foreign exchange rate risk is centralised in HQ. Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes to the 31 May 2025 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis. 2024/25 2023/24 (DKK million) Increase Revenue Profit/loss before tax Equity before tax Revenue Profit/loss before tax Equity before tax USD 5.0% 19 -16 8 25 -14 7 GBP 5.0% 10 7 3 10 7 3 CNY 5.0% 17 12 6 19 13 7 CHF 5.0% 5 4 0 5 4 1 Other 5.0% 9 6 4 9 6 2 Total 60 13 21 68 16 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__110-1": {
"value": "7.1 Financial risks We have global activities that expose us to a range of financial risks. The management of financial risks is centralised. The overall objectives and policies for the Group\u2019s financial risk management are outlined in our Treasury guideline. Financial risk management is conducted by the Group Treasury department. Foreign exchange rate risk The Group\u2019s presentation currency is DKK, but the majority of our activities and investments are denominated in currencies other than DKK. Consequently, there is a substantial risk of exchange rate fluctuations having an impact on the Group\u2019s reported results. We are subject to transaction risk related to sales and purchases in foreign currencies, and translation risk when translating foreign entities into the Group\u2019s presentation currency. Currency flow of revenue in 2024/25: 7%4%EUR7%CNYUSD8%47%DKKGBPCHF13%Other14%In 2024/25, 92% of the Group's revenue (2023/24: 91%) was in foreign currencies. Functional Change during Entities incurrency 2024/25 (in %) Eurozone EUR 0.06% China CNY 0.13% US USD 0.18% UK GBP 2.41% Switzerland CHF 1.80% Changes in exchange rates during the year reduced revenue by 0.3% in 2024/25 (2023/24: reduced by 1.0%). We are primarily exposed to currency risks related to the net inflow of mainly CNY, CHF and GBP and the net outflow of USD. Due to DKK being pegged to EUR, the risk from EUR is considered to be low. According to our Treasury guideline, the net exposure is hedged on up to a 12-month horizon using FX forward contracts. Short-term exposure is hedged up to 75% of the expected net exposure, while hedge ratios gradually decrease on longer time horizons. We only hedge commercial exposures and do not enter into derivative positions or transactions for trading or speculative purposes. We do not hedge balance sheet items or ownership interest in foreign subsidiaries. Our subsidiaries\u2019 income and costs are mainly denominated in local currencies, and each subsidiary is thereby not significantly impacted by exchange rate fluctuations. All intercompany transactions are carried out in the local currency of each subsidiary and thereby all foreign exchange rate risk is centralised in HQ. Interest rate risk Our exposure to interest rate risk is considered to be limited and is subject to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt. Increasing macroeconomic uncertainty impacts the market value of the Group\u2019s holdings of Danish mortgage bonds, and when interest rates change, that affects the market value of the Group\u2019s bond portfolio. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 145m (2023/24: DKK 177m), yield interest in the short-term money market. Securities, which totalled DKK 380m (2023/24: DKK 388m), consisted of a portfolio of bonds primarily held for maturity. The bond portfolio is recognised at fair value; hence we are exposed to an interest rate risk during the maturity of the bonds. In 2024/25, the value of the bond portfolio decreased by DKK 8m primarily driven by drawing of bonds. Interest-bearing debt consisted of bank loans of DKK 175m (2023/24: DKK 381m); mortgage debt of DKK 53m (2023/24: DKK 56m), at a floating rate that is fixed until March 2026; and lease liabilities of DKK 163m (2023/24: DKK 162m). At the end of the financial year, the Group's net interest-bearing deposit totalled DKK 134m (2023/24: net interest-bearing debt of DKK 34m), corresponding to 6% of the total financial position (2023/24: 2%). See note 6.1 for further details on the net interest-bearing deposit/(debt). Credit risk We are exposed to risks associated with commercial and financial counterparties. Financial instruments are entered into with counterparties with investment grade ratings. Similarly, we use reputable insurance companies with investment grade ratings for insuring receivables. Credit risk associated with trade receivables is managed centrally based on fixed procedures and guidelines. Credit limits are set as deemed appropriate for the individual customer, considering current local market conditions and individual risk profiles. To reduce credit risk, all commercial counterparts are subject to ongoing financial evaluation. We mainly use credit insurance to mitigate our credit risk, and 57% of total trade receivables were insured via credit insurance at 31 May 2025 (31 May 2024: 48%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 36% of total trade receivables at 31 May 2025 (31 May 2024: 39%). The nature of our business involves a few major key partners and several smaller, but important partners. Concentration risk is monitored closely and mitigated via credit insurance. The top 5 debtors are all long-standing partners with a solid payment history and low credit risk. For trade receivables, we apply the expected credit loss prescribed by IFRS 9. In order to measure the expected credit loss, trade receivables are assessed individually for credit risk characteristics and ageing of the receivable. In accordance with IFRS 9, not-due trade receivables are also tested for impairment. See note 4.2 for further details on trade receivables. During 2024/25, we did not experience any significant bad debt losses. Liquidity risk Liquidity is centrally managed by Group Treasury and is continually assessed. The objective is to ensure that sufficient financial resources are available as and when needed. At 31 May 2025, cash and cash equivalents amounted to DKK 145m (2023/24: DKK 177m). Including securities and repo, available liquidity amounted to DKK 350m (2023/24: DKK 184m). We have a committed revolving credit facility of DKK 300m with our main bank as part of our capital and liquidity readiness. The facility was only utilised for extending bank guarantees, etc. to third parties. The committed revolving credit facility was refinanced and upscaled from DKK 200m in May 2025 (31 May 2024: DKK 200m) with a duration of two years and an additional one-year extension option. The credit facility is subject to financial covenants, including leverage (NIBD/EBITDA) and minimum asset values. All covenants are continuously being monitored to ensure that management, if needed, can initiate mitigating actions to ensure compliance. Commodity risk We are mainly exposed to commodity risk through our energy consumption and purchase of raw materials. The largest exposure to changes in the market price of raw materials is from the purchase of aluminium. The total purchase of aluminium raw material corresponded to approximately 4% of our production costs (2023/24: 4%). We are mitigating the price and supply risk by purchasing aluminium in large volumes to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. We do not mitigate commodity risk by using financial derivatives or contracts, but we mitigate commodity risk through pricing and ordering agreements with key suppliers.7.2 Sensitivity analysis Interest rate sensitivity A one percentage point increase in the interest rate is estimated to have a negative effect of DKK 3.8m on financial items (2023/24: negative DKK 5.7m). The effect is mainly driven by securities, which consist of a portfolio of fixed and floating-rate bonds. Increased interest income from floating rate bonds would drive a DKK 3.1m increase (2023/24: DKK 2.8m), offset by a negative fair value adjustment of DKK 3.7m (2023/24: negative DKK 3.1m). The effect from other interest-bearing debt and deposits would be negative at DKK 3.1m (2023/24: negative DKK 4.3m), mainly driven by repo loans offset by bank deposits. The estimate was calculated on an all-else-equal basis and assumes a parallel change in all relevant yield curves. Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes to the 31 May 2025 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis. 2024/25 2023/24 (DKK million) Increase Revenue Profit/loss before tax Equity before tax Revenue Profit/loss before tax Equity before tax USD 5.0% 19 -16 8 25 -14 7 GBP 5.0% 10 7 3 10 7 3 CNY 5.0% 17 12 6 19 13 7 CHF 5.0% 5 4 0 5 4 1 Other 5.0% 9 6 4 9 6 2 Total 60 13 21 68 16 20",
"dimensions": {
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"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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},
"f1__s10__7__112-1": {
"value": "Interest rate risk Our exposure to interest rate risk is considered to be limited and is subject to ongoing evaluation and monitoring in accordance with the Treasury guideline. We do not hold material levels of long-term interest-bearing debt. Increasing macroeconomic uncertainty impacts the market value of the Group\u2019s holdings of Danish mortgage bonds, and when interest rates change, that affects the market value of the Group\u2019s bond portfolio. Our interest-bearing assets mainly consisted of bank deposits and securities. Bank deposits, which totalled DKK 145m (2023/24: DKK 177m), yield interest in the short-term money market. Securities, which totalled DKK 380m (2023/24: DKK 388m), consisted of a portfolio of bonds primarily held for maturity. The bond portfolio is recognised at fair value; hence we are exposed to an interest rate risk during the maturity of the bonds. In 2024/25, the value of the bond portfolio decreased by DKK 8m primarily driven by drawing of bonds. Interest-bearing debt consisted of bank loans of DKK 175m (2023/24: DKK 381m); mortgage debt of DKK 53m (2023/24: DKK 56m), at a floating rate that is fixed until March 2026; and lease liabilities of DKK 163m (2023/24: DKK 162m). At the end of the financial year, the Group's net interest-bearing deposit totalled DKK 134m (2023/24: net interest-bearing debt of DKK 34m), corresponding to 6% of the total financial position (2023/24: 2%). See note 6.1 for further details on the net interest-bearing deposit/(debt).Commodity risk We are mainly exposed to commodity risk through our energy consumption and purchase of raw materials. The largest exposure to changes in the market price of raw materials is from the purchase of aluminium. The total purchase of aluminium raw material corresponded to approximately 4% of our production costs (2023/24: 4%). We are mitigating the price and supply risk by purchasing aluminium in large volumes to provide better price stability and ensure a sufficient supply of aluminium to meet production requirements. We do not mitigate commodity risk by using financial derivatives or contracts, but we mitigate commodity risk through pricing and ordering agreements with key suppliers.Interest rate sensitivity A one percentage point increase in the interest rate is estimated to have a negative effect of DKK 3.8m on financial items (2023/24: negative DKK 5.7m). The effect is mainly driven by securities, which consist of a portfolio of fixed and floating-rate bonds. Increased interest income from floating rate bonds would drive a DKK 3.1m increase (2023/24: DKK 2.8m), offset by a negative fair value adjustment of DKK 3.7m (2023/24: negative DKK 3.1m). The effect from other interest-bearing debt and deposits would be negative at DKK 3.1m (2023/24: negative DKK 4.3m), mainly driven by repo loans offset by bank deposits. The estimate was calculated on an all-else-equal basis and assumes a parallel change in all relevant yield curves. Exchange rate sensitivity The effects on revenue and earnings are derived from changes in selected currencies compared to average annual rates. The effect on equity is derived from changes to the 31 May 2025 closing rates for selected currencies and includes the equity of all subsidiaries. The estimates are presented below on an unhedged basis.",
"dimensions": {
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"language": "en",
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"f1__s10__7__113": {
"value": "Credit risk We are exposed to risks associated with commercial and financial counterparties. Financial instruments are entered into with counterparties with investment grade ratings. Similarly, we use reputable insurance companies with investment grade ratings for insuring receivables. Credit risk associated with trade receivables is managed centrally based on fixed procedures and guidelines. Credit limits are set as deemed appropriate for the individual customer, considering current local market conditions and individual risk profiles. To reduce credit risk, all commercial counterparts are subject to ongoing financial evaluation. We mainly use credit insurance to mitigate our credit risk, and 57% of total trade receivables were insured via credit insurance at 31 May 2025 (31 May 2024: 48%). We have a limited number of large key partners, which constitutes a concentration risk on receivables. Top 5 debtors accounted for 36% of total trade receivables at 31 May 2025 (31 May 2024: 39%). The nature of our business involves a few major key partners and several smaller, but important partners. Concentration risk is monitored closely and mitigated via credit insurance. The top 5 debtors are all long-standing partners with a solid payment history and low credit risk. For trade receivables, we apply the expected credit loss prescribed by IFRS 9. In order to measure the expected credit loss, trade receivables are assessed individually for credit risk characteristics and ageing of the receivable. In accordance with IFRS 9, not-due trade receivables are also tested for impairment. See note 4.2 for further details on trade receivables. During 2024/25, we did not experience any significant bad debt losses. ",
"dimensions": {
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"language": "en",
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"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__114": {
"value": "Liquidity risk Liquidity is centrally managed by Group Treasury and is continually assessed. The objective is to ensure that sufficient financial resources are available as and when needed. At 31 May 2025, cash and cash equivalents amounted to DKK 145m (2023/24: DKK 177m). Including securities and repo, available liquidity amounted to DKK 350m (2023/24: DKK 184m). We have a committed revolving credit facility of DKK 300m with our main bank as part of our capital and liquidity readiness. The facility was only utilised for extending bank guarantees, etc. to third parties. The committed revolving credit facility was refinanced and upscaled from DKK 200m in May 2025 (31 May 2024: DKK 200m) with a duration of two years and an additional one-year extension option. The credit facility is subject to financial covenants, including leverage (NIBD/EBITDA) and minimum asset values. All covenants are continuously being monitored to ensure that management, if needed, can initiate mitigating actions to ensure compliance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__120": {
"value": "7.3 Derivative financial instruments Derivative financial instruments comprise primarily foreign exchange contracts used to hedge foreign exchange risk related to unrecognised future transactions. The value adjustments from forward contracts affect the income statement on a monthly basis throughout the hedging period. For information on financial risks and management of those risks, see note 7.1. Derivatives contracted by the Group to hedge foreign exchange risk related to future transactions are specified below: 31-05-25 31-05-24 Average Average (DKK million) Net exposure Hedging period hedging rate Fair value Contract value Net exposure Hedging period hedging rate Fair value Contract value Foreign exchange forward contracts USD Negative 12 months 6.721 -5 134 Negative 12 months 6.820 0 177 GBP Positive 12 months 8.630 -1 41 Positive 12 months 8.520 -2 89 CHF Positive 12 months 7.990 0 34 Positive 12 months 7.730 0 48 CNY Positive 12 months 0.914 0 84 Positive 12 months 0.930 -3 165 JPY Positive 12 months 0.046 0 20 Positive - - - - SGD Negative 12 months 5.206 0 10 Negative 12 months 5.170 0 12 Total -6 323 -5 491 Foreign exchange swaps USD/DKK 0 5 - - CHF/DKK - - 0 4 SGD/DKK - - 0 1 CNY/DKK - - 0 12 Total 0 5 0 17 Derivatives for hedging -6 328 -5 508 The fair value of derivative financial instruments is recognised in the statement of financial position as follows: (DKK million) 31-05-25 31-05-24 Other receivables, current 1 1 Other liabilities, current -7 -6 Total -6 -5 The fair value was based on observable market data and is part of level 2 in the fair value hierarchy. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities Level 2: Input, other than listed prices on level 1, which is observable for the asset or liability either directly (as prices) or indirectly (derived from prices) Level 3: Input for the asset or liability is unobservable and not based on market data input The derivatives are not traded in an active market based on quoted prices but are individual contracts. The fair value of these assets is determined using valuation techniques that apply market data such as exchange rates, credit risk and volatilities. Accounting policies Derivative financial instruments are recognised at the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised.When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.",
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"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__121": {
"value": "Accounting policies Derivative financial instruments are recognised at the trading date at fair value and subsequently measured at fair value at the reporting date. The fair value of derivative financial instruments is recognised under other receivables or other financial liabilities, respectively, in the statement of financial position. The effective portion of changes in the value of derivative financial instruments designated to hedge highly probable future transactions is recognised in other comprehensive income until the hedged transactions are realised.When realised, the accumulated gains/losses are transferred to the items under which the hedged transactions are recognised.The ineffective portion of hedge transactions and changes in the fair values of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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},
"f1__s10__7__122": {
"value": "8.1 Fees to auditors (DKK million) 2024/25 2023/24 Statutory audit 1.8 1.8 Other assurance services 2.3 1.8 Tax services 1.1 0.3 Other services 0.2 0.3 Total 5.4 4.2 Fees for other assurance services provided by Deloitte to the Bang & Olufsen Group mainly consist of fees related to audit of subsidiaries and assurance on sustainability statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__123": {
"value": "8.2 Earnings per share (1,000 shares) 2024/25 2023/24 Profit/loss for the year, DKKm -29 -17 Average number of shares outstanding 147,327 122,772 Dilutive effect of average outstanding shares - - Average number of shares outstanding, including dilutive effect 147,327 122,772 Earnings per share (EPS), DKK -0.2 -0.1 Earnings per share, diluted (EPS-D), DKK -0.2 -0.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__125": {
"value": "Bang & Olufsen Group has issued guarantees in an amount of DKK 67m (31 May 2024: DKK 84m). The guarantees mainly relate to a rent obligation related to the previously owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 53m (31 May 2024: DKK 56m) as security for DKK 53m of the Group\u2019s mortgage loan (31 May 2024: DKK 56m). Other tangible assets relating to land and buildings are included in the mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 87m (31 May 2024: DKK 93m). When entering into repo transactions with our bank, we use a proportional part of our securities as collateral in the repo transaction with the bank. At 31 May 2025, repo transactions amounted to DKK 175m (31 May 2024: 381m). The Group has pledged inventories, debtors, plant, machinery and other equipment as security for our committed credit facility with our bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounting to DKK 100m (31 May 2024: DKK 100m), and a Dutch floating charge on our finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and our assessment of relevant disputes and proceedings may change as they unfold. We expense legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. We are currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. We are also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims in its ordinary course of business, assisted by external advisers where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is our current expectation that none of these claims will have such an effect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__124": {
"value": "8.3 Contingent liabilities, collateral and other financial commitments Bang & Olufsen Group has issued guarantees in an amount of DKK 67m (31 May 2024: DKK 84m). The guarantees mainly relate to a rent obligation related to the previously owned Czech production facility and bank guarantees. Mortgage and security Land and buildings were mortgaged for an amount of DKK 53m (31 May 2024: DKK 56m) as security for DKK 53m of the Group\u2019s mortgage loan (31 May 2024: DKK 56m). Other tangible assets relating to land and buildings are included in the mortgage loans. The carrying amount of the Group\u2019s mortgaged land and buildings was DKK 87m (31 May 2024: DKK 93m). When entering into repo transactions with our bank, we use a proportional part of our securities as collateral in the repo transaction with the bank. At 31 May 2025, repo transactions amounted to DKK 175m (31 May 2024: 381m). The Group has pledged inventories, debtors, plant, machinery and other equipment as security for our committed credit facility with our bank via a Danish first priority floating charge (in Danish: virksomhedspant) amounting to DKK 100m (31 May 2024: DKK 100m), and a Dutch floating charge on our finished goods inventory located in the Netherlands. Legal and arbitration proceedings In the ordinary course of business, the Group is and will from time to time become involved in discussions, disputes and legal proceedings, including claims relating to e.g. commercial counterparties, employees, intellectual property infringement or violations and other business-related disputes. The results of such disputes and legal proceedings may be hard to predict, and our assessment of relevant disputes and proceedings may change as they unfold. We expense legal fees as incurred and records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavourable outcome to any material legal matter may result in damages being awarded, injunctions and/or termination of product lines, all of which could have financial implications exceeding any provisions made and thus an adverse effect on the Group\u2019s business, operating results, cash flow and financial position. We are currently engaged in discussions involving claims against the Group regarding alleged infringements of third-party rights in relation to specific jurisdictions and specific ranges of the Group\u2019s present and past products and features and technologies included therein. We are also a party to claims involving the termination of certain retail partners in some jurisdictions. Such claims are not uncommon in the industry, and the Group addresses and defends itself against such claims in its ordinary course of business, assisted by external advisers where necessary. While by their nature such claims could potentially have a significant adverse effect on the Group in case of an unfavourable outcome, it is our current expectation that none of these claims will have such an effect.",
"dimensions": {
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"language": "en",
"entity": "scheme:52990018KGR3ILFDNJ20",
"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
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"f1__s10__7__126": {
"value": "8.4 Related parties The Bang & Olufsen Group has no related parties with a controlling interest in the Group and no related parties with significant influence other than key management personnel \u2013 mainly in the form of the Board of Directors, the Executive Management Board and other key management personnel. Board of Directors, Executive Management Board and other key management personnel No significant transactions were made with members of the Board of Directors, Executive Management Board or other key management personnel in 2024/25 other than ordinary remuneration, as described in notes 3.2 and 3.3, and sales of products on employee terms and conditions. Professional fees in connection with assistance on tax-related matters incurred by the Executive Management Board are reimbursed when they are incurred. Other transactions There were no other transactions with related parties in 2024/25.",
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"f1__s10__7__127": {
"value": "8.5 Events after the reporting period No events have occurred in the period from the balance sheet date until the presentation of the financial statements that required adjustment to or disclosure in the consolidated financial statements.",
"dimensions": {
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"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
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"f1__s10__7__128": {
"value": "8.6 Companies in the Bang & Olufsen Group Share capital Bang & Olufsen Number of undisclosed Company nameDomicileCurrencyin local currency Group's share subsidiaries Denmark (domicile country) Bang & Olufsen A/S Struer, DK DKK 736,632,515 Bang & Olufsen Operations A/S Struer, DK DKK 156,000,000 100.0% Bang & Olufsen Danmark A/S Struer, DK DKK 3,000,000 100.0% B&O PLAY A/S Struer, DK DKK 7,500,000 100.0% EMEA Bang & Olufsen AS Oslo, NO NOK 3,000,000 100.0% Bang & Olufsen Svenska AB Stockholm, SE SEK 4,150,000 100.0% Bang & Olufsen Deutschland G.m.b.H. Unterhaching, DE EUR 1,022,584 100.0% Bang & Olufsen AG Urdorf, CH CHF 200,000 100.0% Bang & Olufsen Ges. m.b.H Vienna, AT EUR 1,744,148 100.0% Bang & Olufsen UK Ltd.* London, GB GBP 2,600,000 100.0% 2 Bang & Olufsen France SAS Paris, FR EUR 3,585,000 100.0% 1 Bang & Olufsen Espa\u00f1a S.A. Madrid, ES EUR 1,803,036 100.0% Bang & Olufsen Italia S.r.l. Milan, IT EUR 10,000 100.0% Bang & Olufsen Belgium N.V. Brussels, BE EUR 942,000 100.0% Bang & Olufsen B.V. Amsterdam, NL EUR 18,000 100.0% Bang & Olufsen Bulgaria EOOD Sofia, BG BGN 2 100.0% Americas Bang & Olufsen America Inc. Delaware, US USD 34,000,000 100.0% 6 Asia Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% 3 Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0%",
"dimensions": {
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"language": "en",
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"period": "2024-06-01T00:00:00/2025-06-01T00:00:00"
}
},
"f1__s10__7__129": {
"value": "Share capital Bang & Olufsen Number of undisclosed Company nameDomicileCurrencyin local currency Group's share subsidiaries Denmark (domicile country) Bang & Olufsen A/S Struer, DK DKK 736,632,515 Bang & Olufsen Operations A/S Struer, DK DKK 156,000,000 100.0% Bang & Olufsen Danmark A/S Struer, DK DKK 3,000,000 100.0% B&O PLAY A/S Struer, DK DKK 7,500,000 100.0% EMEA Bang & Olufsen AS Oslo, NO NOK 3,000,000 100.0% Bang & Olufsen Svenska AB Stockholm, SE SEK 4,150,000 100.0% Bang & Olufsen Deutschland G.m.b.H. Unterhaching, DE EUR 1,022,584 100.0% Bang & Olufsen AG Urdorf, CH CHF 200,000 100.0% Bang & Olufsen Ges. m.b.H Vienna, AT EUR 1,744,148 100.0% Bang & Olufsen UK Ltd.* London, GB GBP 2,600,000 100.0% 2 Bang & Olufsen France SAS Paris, FR EUR 3,585,000 100.0% 1 Bang & Olufsen Espa\u00f1a S.A. Madrid, ES EUR 1,803,036 100.0% Bang & Olufsen Italia S.r.l. Milan, IT EUR 10,000 100.0% Bang & Olufsen Belgium N.V. Brussels, BE EUR 942,000 100.0% Bang & Olufsen B.V. Amsterdam, NL EUR 18,000 100.0% Bang & Olufsen Bulgaria EOOD Sofia, BG BGN 2 100.0% Americas Bang & Olufsen America Inc. Delaware, US USD 34,000,000 100.0% 6 Asia Bang & Olufsen Asia Pte Ltd. Singapore, SG SGD 2 100.0% Bang & Olufsen Limited Hong Kong, HK HKD 1,000,000 100.0% 3 Bang & Olufsen Japan KK Tokyo, JP JPY 10,000,000 100.0%",
"dimensions": {
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"f1__s10__7__201": {
"value": "Bang & Olufsen A/S",
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"value": "Bang & Olufsen A/S",
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"value": "Bang & Olufsen A/S",
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"value": "A/S",
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"value": "Bang & Olufsen All\u00e9 1, DK-7600 Struer",
"dimensions": {
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}