1
JOE & THE JUICE HOLDING A/S
Østergade 26, DK-1100 København K
CVR no 35 52 79 90
Annual Report for January 01, 2025 to
December 31, 2025
The Annual Report was presented and
adopted at the Annual General Meeting
of the Company on April 10, 2026
Sebastian Christmas Poulsen
Chairman of the General Meeting
2
Contents
Page
Management's Statement and Auditor’s Report
Management's Statement .........................................................................................................
3
Independent Auditor's Report ..................................................................................................
4
Company Information ............................................................................................................
7
Financial Highlights ................................................................................................................
8
Developments in the Financial Year .......................................................................................
9
Report on Corporate Social Responsibility .............................................................................
12
Policy on Data Ethics ..............................................................................................................
14
Diversity ..................................................................................................................................
14
Group
Consolidated Financial Statements
Consolidated Statements of Profit (Loss) ................................................................................
15
Consolidated Statements of Comprehensive Income (Loss) ...................................................
16
Consolidated Statements of Balance Sheet ..............................................................................
17
Consolidated Statements of Changes in Equity .......................................................................
18
Consolidated Statements of Cash Flows..................................................................................
19
Notes to Consolidated Financial Statements ...........................................................................
20
Parent
Parent Company Financial Statements
Parent Statements of Profit ......................................................................................................
69
Parent Statements of Balance Sheet ........................................................................................
70
Parent Statements of Changes in Equity ..................................................................................
71
Notes to Parent Financial Statements ......................................................................................
72
3
Executive Board
Board of Directors
Independent Auditor's Report
4
Independent Auditor's Report
5
6
CVR No. 33963556
Identification No (MNE) mne 34532 Identification No (MNE) mne24828
Company Information
7
The Company
CVR No: 35 52 79 90
Financial period: January 01 – December 31
Municipality of reg. office: Copenhagen
Board of Directors
Jeffrey David Lawrence, Chairman
Andrew William Crawford
Tue Mantoni
Melis Zeynep Kahya
Harrison Robert DiGia
Andrea Calabro
Jennelle Lisa Tilling
Nadia Sawiris
Stephen Leslie Gibbs
Executive Board
Thomas Kusk Nørøxe
Jørn Vestergaard
Auditors
Deloitte Statsautoriseret Revisionspartnerselskab
Weidekampsgade 6
DK-2300 Copenhagen
Financial Highlights
8
Key figures
Seen over a five-year period, the development of the Group is described by the following financial highlights:
In thousands DKK
2025 2024 2023 2022 2021
Consolidated Statements of Profit (Loss)
Revenue ..........................................................
3,303,193
2,836,376
2,424,303
1,709,637
1,150,805
Same-Store-Sales (SSS) Growth ....................
6%
12%
36%
33%
35%
Operating profit before depreciation,
amortization and impairment (EBITDA) ....
620,324
560,089
497,587
276,874
271,942
Operating profit (loss) (EBIT) ........................
204,629
171,512
178,113
(47,138)
(49,882)
Adj. operating profit(loss) (Adj. EBIT)
1
.........
247,504
257,786
228,544
5,099
(107,839)
Net financial expenses ....................................
(187,286)
(122,403)
(279,048)
(212,264)
(155,698)
Profit (loss) for the year ..................................
(41,465)
143,289
(107,840)
(260,091)
(232,511)
Consolidated Statements of Balance Sheet
Total assets .....................................................
2,750,368
2,338,989
2,153,176
2,113,938
2,257,486
Equity .............................................................
53,455
15,855
(140,704)
(1,045,112)
(774,224)
Equity including subordinated loan capital ....
53,455
15,855
(140,704)
(913,722)
(652,971)
Consolidated Statements of Cash Flows
Net cash flows from operating activities ........
478,969
385,285
288,878
178,353
115,255
Net cash flows used in investing activities .....
(492,844)
(186,853)
(194,234)
(162,383)
(77,491)
Cash flows used in purchase of property,
plant and equipment .................................
(434,623)
(169,183)
(185,885)
(149,689)
(63,855)
Net cash flows from (used in) financing
activities ......................................................
(181,096)
(168,730)
(35,524)
(207,165)
149,635
Net increase (decrease) in cash .......................
(194,971)
29,702
59,120
(191,195)
187,398
Number of employees.....................................
2,984
2,537
2,374
1,829
2,120
Financial ratios (%)
EBITDA margin .............................................
18.8%
19.7%
20.5%
16.2%
23.6%
EBIT margin ...................................................
6.2%
6.0%
7.3%
(2.8%)
(4.3%)
1
Adjusted operating profit (Adj. EBIT) excludes items of non-recurring nature.
The financial ratios have been calculated in accordance with the recommendations of the Association of Danish
Financial Analysts. Refer to Note 28 for definition of financial ratios.
Net income in 2025 was negatively impacted by a higher tax expense compared to 2024. Tax on profit amounted to
DKK (58.8) million in 2025, compared to DKK 94.2 million in 2024, representing a significant year-on-year increase.
In 2024, the Group recognized a previously unrecognized loss carry forwards including a deferred tax asset in the
United States of DKK 75 million, for further details please refer to Note 9 and Note 14.
Management's Review
9
Developments in the Financial Year
Continued double-digit sales growth – delivering on expectations
Growth continued at double digit rates in 2025, surpassing expectations for the year. Revenue reached DKK 3.3
billion, up by 16.5% from 2024 (DKK 2.8 billion), and operating results increased 19% to DKK 204.6 million (2024:
DKK 171.5 million). The Group’s 12-month-running average unit volume (AUV) from own stores reached DKK 9.4
million in 2025 (up 7% from DKK 8.8 million in 2024), driven by juicers’ consistent commitment in serving freshly
prepared, high-quality products to our customers.
Growth in 2025 favoured sales contribution from new stores, where a further 42 (net) locations were added to the
Group’s existing footprint, now reaching 366 company-operated stores. System-wide sales were further elevated by
opening of 33 new franchise-operated locations, bringing the Group’s total footprint to 472 stores. Although building
on strong growth last year, and amid increasingly dynamic market conditions, same-store-sales reached +6 % for
2025, including positive transactional growth from menu innovations and an increased focus on operational
excellence. Continued conversion of customers to the JOE App increased digital sales by 1 percentage point to 33%
of total revenue in company-operated stores.
Executing on profitable growth
In 2025, the Group continued its positive performance, with operating result before depreciation and amortization
(EBITDA) increasing by 11% to DKK 620.3 million (2024: DKK 560.1 million). Operating profit (EBIT) amounted
to DKK 204.6 million which translates to an EBIT margin of 6.2%. This represents a 19% increase from DKK 171.5
million in 2024, reflecting continued strong operational performance.
The growth in operating results was primarily driven by the Group’s Mid-Europe and Nordic regions, with the UK
also contributing positively. The US region also improved operating results from 2024, although at a slower rate due
to planned growth investments aimed at supporting future years new store expansion plans, which will see the Group
grow significantly in this region. The Group’s operating profit for 2025 was impacted by certain non-recurring costs,
mainly related to an Equity Private Placement process, loss on disposal of assets, and litigation and legal costs.
As the Group expands, investments into continued capability uplift across support functions, increased predictability,
risk mitigation and organizational sustainability will continue in coming years, in keeping with Management’s
strategy of long-term profitable growth. Management is satisfied with the Group’s operational performance, which is
above expectations.
New JOE App introduced in 2025
Digital sales channels remain a pillar of JOE & THE JUICE’s sales strategy, where continued investment in digital
systems to facilitate efficient, data-driven and customer-centric operation of its stores are prioritized. As part of this
focus, a new JOE App was introduced in 2025 to replace the first JOE App originally introduced in 2019. The new
JOE App includes improved customer engagement opportunities through a new loyalty program and customer
journey, ultimately raising connection with the JOE brand and guest frequency.
Additionally, sales through online Third-Party Delivery platforms continued facilitating increased scale by reaching
customers outside of stores and tapping into a growing delivery market. The Group continues to pursue digital sales
as a strategic enabler for increasing customer loyalty, retention and frequency. Management expects the relative share
of revenue coming from digital sales in the future will continue to increase.
The in-store customer experience is supported by a brand platform across social media, such as Instagram and
Facebook. Benefits of this omni-channel strategy is seen in the strong brand awareness globally and reactions from
JOE & THE JUICE’s community through views, likes and comments.
Global Concept with Proven Adaptability and Scalability
While JOE & THE JUICE was founded in Copenhagen, the brand and business model have generated strong
performance across a number of international markets and is today a global brand represented in 23 countries. The
products, ambience and brand have a broad appeal while being unique.
Management's Review
10
In addition to driving increased operating performance in existing stores, Management is committed to the existing
expansion strategy from 2024, with the aim of reaching a store footprint of 1,000 stores (company- and franchise-
operated) in 2028. With the growth organization and partner landscape in place from last year, 2025 was focused on
building a robust new store pipeline and increasing the annual company-operated store opening count from 10 (net)
in 2024 to 42 (net) in 2025. This work will continue in coming years, with further increases in annual new store
openings planned. The Group’s own store opening strategy continues to be fully focused on core markets in Europe,
the United Kingdom and United States, supported by franchise activities in non-core geographies.
In addition to expanding JOE & THE JUICE’s footprint in key European and North American metropolitan cities, the
Group continues to expand company-operated stores in suburban markets. In 2025, the Group continued growing
franchise operations with new market openings in Turkey, Morocco and Mexico. In total, 33 new stores were opened
across franchise markets. The continued success outside the Group’s core markets and expansion to Latin America
demonstrates first-hand the strong brand appeal across cultures and geographies.
Expectations for the year ahead
JOE & THE JUICE's near-term growth strategy is centered around profitable and sustainable expansion, by building
scale within existing core markets, mainly the United States, the United Kingdom and Europe. This strategy builds
upon existing brand awareness and provides scale benefits to the Group’s operations. Complementary to opening new
stores, the Group intends to continue driving increased same-store-sales in heritage stores. Efforts build on reinforcing
guest loyalty by driving innovation across menu and offerings, enhancing convenience and guest experience through
digital initiatives, and further cultivating brand awareness. In parallel, JOE & THE JUICE's unique culture will
continue to be nurtured, alongside the development of the workforce to improved staff seniority and strengthen
operational skillset.
For 2026, Management anticipates Revenue to grow by 10-15% vs. 2025 and an EBIT Margin in a range of 5.5% to
7.0%, excluding non-recurring items.
Cash flow
At the beginning of the year, the Group had cash of DKK 143.9 million and DKK (0.1) million at the end of the year.
Net cash outflow for the year of DKK 195.0 million comes from positive net cash inflow from operating activities of
DKK 479.0 million and net cash outflows to financing activities of DKK 181.1 million and investing activities of
DKK 492.8 million. Foreign currency adjustments accounted for DKK 51.9 million during the year.
Risks
Uncertainties remain in the Group’s operating markets, mainly related to geopolitical instabilities, as well as further
shift in globalization may potentially influence consumer behavior and purchasing power in the Group’s operating
markets. Inflationary and interest rate risks are perceived as being of lesser magnitude than last year. Management
will continue to monitor the situation closely and take necessary action as required. The Group operates in several
markets and is therefore exposed to currency risk, mainly in USD, GBP, NOK and SEK.
Management's Review
11
Financing and capital management
The Group is dependent on loan financing to maintain the current capital structure. Loan agreements which mature in
December 2027 are in place to secure the Group’s liquidity needs. Following the additional CAPEX loan facilities
and capital increase during 2025, Management’s deems the Group’s capital resources adequate to cover future
obligations as they arise. The Group complies with financial covenants as set forth in loan agreements. The Group’s
leverage ratio (net debt/EBITDA) was 1.01x (2024: 0.7x) as of December 31, 2025.
For further information, reference is made to Note 19 to the financial statements.
Subsequent Events
On 28 March 2026, the Group entered into a subscription and share purchase agreement with a new shareholder,
which upon completion of closing conditions will result in a capital increase of USD 50 million into the Group.
Management's Review
12
Management's Review
13
Management's Review
14
• A
dvancing gender diversity in leadership roles.
• Investing in the development of employee engagement and retention, including assessment of working
conditions through quarterly surveys on employee satisfaction.
• Expanding GDPR training and review of all processes in place towards consolidation.
• Continuing the Enterprise Risk Management program and assisting the business to address critical risks
• Completing monitoring and annual revalidation of due diligence on franchise and high-risk third-party
vendors, including the creation of an audit process alongside the current due diligence process.
• Implementing Risk Proof in all franchise markets.
• Continuing the Group’s commitment and support of the United Nations Global Compact and the annual
Communication on Progress reporting.
JOE & THE JUICE HOLDING A/S
15
Consolidated Statements of Profit (Loss)
for the years ended December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Revenue .................................................................................
4
Raw materials and consumables used ....................................
(652,865 )
(533,213 )
Staff expenses.........................................................................
5,6
(1,171,232 )
(964,662 )
Other external expenses .........................................................
7
(858,772 )
(778,412 )
Depreciation, amortization, and impairment ..........................
11,12,13
(415,695 )
(388,577 )
Operating profit....................................................................
Financial income ....................................................................
8
Financial expenses..................................................................
8
(193,657 )
(140,571 )
Profit before tax....................................................................
Tax on profit...........................................................................
9
(58,808 )
Profit (loss) for the year .......................................................
(41,465 )
Profit attributable to non-controlling interests.................
Profit (loss) attributable to Parent’s shareholders...........
(42,171 )
See accompanying Notes to Consolidated Financial Statements.
JOE & THE JUICE HOLDING A/S
16
Consolidated Statements of Comprehensive Income (Loss)
for the years ended December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Profit (loss) for the year .......................................................
(41,465 )
Other comprehensive income (loss):
Items that may be reclassified to the statements of profit
(loss) when certain conditions are met:
Net foreign exchange differences on translation of foreign
operations .......................................................................
(24,803 )
Gain (loss) on hedging instrument related to cash flow
hedge ..............................................................................
22
(2,175 )
Tax relating to items that will not be reclassified...............
(190 )
Other comprehensive income (loss), net of tax...................
(26,499 )
Comprehensive income (loss)...............................................
(3,458 )
Comprehensive income attributable to non-controlling
interests.........................................................................
Comprehensive income (loss) attributable to Parent’s
shareholders .................................................................
(4,111 )
See accompanying Notes to Consolidated Financial Statements.
JOE & THE JUICE HOLDING A/S
17
Consolidated Statements of Balance Sheet
as of December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Assets
Non-current assets
Goodwill .......................................................................................................
11
Other intangible assets ..................................................................................
11
Property, plant and equipment.......................................................................
12
Right-of-use assets ........................................................................................
13
Deferred tax assets ........................................................................................
14
Rent deposits.................................................................................................
Total non-current assets .............................................................................
Current assets
Inventories ....................................................................................................
10
Trade receivables ..........................................................................................
17,20
Tax receivables .............................................................................................
Prepayments..................................................................................................
Other receivables ..........................................................................................
20
Cash ..............................................................................................................
Total current assets .....................................................................................
Total assets ..................................................................................................
Equity
Share capital..................................................................................................
18
Other reserves ...............................................................................................
(43,523 )
Accumulated deficit ......................................................................................
(39,023 )
(28,256 )
Parent’s shareholders’ share of equity ......................................................
Non-controlling interests...............................................................................
Total equity..................................................................................................
Liabilities
Non-current liabilities
Provisions .....................................................................................................
15
Lease liabilities .............................................................................................
13,20
Borrowings ...................................................................................................
16,20
Trade and other payables ..............................................................................
Deferred revenue...........................................................................................
17
Total non-current liabilities........................................................................
Current liabilities
Provisions .....................................................................................................
15
Bank overdraft ..............................................................................................
Lease liabilities .............................................................................................
13,20
Tax liabilities ................................................................................................
Trade payables ..............................................................................................
20
Other payables ..............................................................................................
Deferred revenue...........................................................................................
17
Total current liabilities ...............................................................................
Total liabilities.............................................................................................
Total liabilities and equity ..........................................................................
See accompanying Notes to Consolidated Financial Statements.
18
JOE & THE JUICE HOLDING A/S
Consolidated Statements of Changes in Equity
for the years ended December 31, 2025 and 2024
In thousands DKK
Share capital
Reserve for
treasury
shares
Foreign
currency
translation
reserve
Cash flow
hedging
reserve
Share-based
payments
reserve
Total
reserves
Accumulated
deficit
Total equity
attributable to
the Group
Total equity
attributable to
non-controlling
interest
Total equity
Equity at January 01, 2024................
(4 )
(21,837 )
(21,653 )
(205,961 )
(141,023 )
(140,704 )
Profit for the year .................................
Other comprehensive loss ....................
(24,864 )
(2,175 )
(27,039 )
(27,039 )
(26,978 )
Tax relating to items that will not be
reclassified......................................
Total comprehensive loss for
the year ........................................
(24,864 )
(1,696 )
(26,560 )
Dividends distributed ...........................
(670 )
(670 )
Share-based payments..........................
Capital increase....................................
Equity at December 31, 2024.............
(46,701 )
(1,696 )
(43,523 )
(28,256 )
Loss for the year ..................................
(42,171 )
(42,171 )
(41,465 )
Other comprehensive income...............
(53 )
Tax relating to items that will not be
reclassified......................................
(190 )
(190 )
(190 )
(190 )
Total comprehensive loss for
the year..........................................
(42,171 )
(4,111 )
(3,458 )
Dividends distributed ...........................
(673 )
(673 )
Share-based payments..........................
Purchase of treasury shares ..................
(925 )
(925 )
(925 )
(925 )
Capital increase....................................
Equity at December 31, 2025.............
(925 )
(9,313 )
(1,024 )
(39,023 )
See accompanying Notes to Consolidated Financial Statements.
19
JOE & THE JUICE HOLDING A/S
Consolidated Statements of Cash Flows
for the years ended December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Cash flows from operating activities
Operating profit............................................................
Adjustments for non-cash items:
Depreciation, amortization and impairment ...........
11,12,13
Share-based payments .............................................
5
Loss from disposals of property, plant and
equipment............................................................
12
Operating cash flows before working capital
changes ...............................................................
Decrease (increase) in:
Inventory .................................................................
(10,919 )
(2,008 )
Trade receivable ......................................................
(31,069 )
(23,332 )
Prepayments ............................................................
(30,266 )
Increase (decrease) in:
Trade payables.........................................................
Provisions ................................................................
(4,097 )
(5,135 )
Cash generated from operations...............................
Interest received ...........................................................
Interest paid on leasing contracts .................................
(102,760 )
(93,212 )
Interest on borrowing and other financial expenses
paid ..........................................................................
(87,504 )
(48,578 )
Income taxes paid .......................................................
9
(7,226 )
(27,123 )
Net cash flows from operating activities ..................
Cash flows used in investing activities
Purchase of intangible assets........................................
11
(50,626 )
(12,230 )
Purchase of property, plant and equipment..................
12
(434,623 )
(169,183 )
Payment of rent deposit ...............................................
(7,595 )
(5,440 )
Net cash flows used in investing activities................
(492,844 )
(186,853 )
Cash flows used in financing activities
Proceeds from issues of shares.....................................
18
Payment of lease liabilities ..........................................
16
(211,350 )
(203,813 )
Purchase of treasury sales ............................................
(925 )
Dividends paid .............................................................
(673 )
(670 )
Net cash flows used in financing activities ...............
(181,096 )
(168,730 )
Net (decrease) increase in cash .................................
(194,971 )
Cash as of January 01 ..................................................
Exchange rate translation on cash ................................
(13,725 )
Cash at December 31 .................................................
(90 )
See accompanying Notes to Consolidated Financial Statements.
20
JOE & THE JUICE HOLDING A/S
Notes to Consolidated Financial Statements
Note 1 General information
Note 2 Summary of significant accounting policies
Note 3 Significant accounting estimates and judgements
Note 4 Revenue
Note 5 Staff expenses
Note 6 Share-based payments
Note 7 Other external expenses
Note 8 Financial income and expenses
Note 9 Income tax expense
Note 10 Inventories
Note 11 Goodwill and other intangible assets
Note 12 Property, plant and equipment
Note 13 Leases
Note 14 Deferred tax assets
Note 15 Provisions
Note 16 Borrowings
Note 17 Contract balances
Note 18 Share capital
Note 19 Capital management
Note 20 Financial risk management
Note 21 Fair value information
Note 22 Derivative financial instruments
Note 23 Related party transactions
Note 24 Fee to auditors
Note 25 Security, commitments and contingent liabilities
Note 26 Interests in other entities
Note 27 Subsequent events
Note 28 Definition of financial ratios
Contents of the Notes to Consolidated Financial Statements
Note 1 General information
21
JOE & THE JUICE is a retail chain of juice stores located in trendy neighborhoods or pedestrian areas with heavy
traffic. JOE & THE JUICE sells fresh, made-to-order fruit and vegetable juices, smoothies, shakes, shots, sandwiches
and salads, coffee, and tea prepared on the premises, and cakes made by a third-party supplier. JOE & THE JUICE
HOLDING A/S (the Parent Company) provides services to subsidiaries in the JOE & THE JUICE group (the Group)
and hold ownership shares in companies that operate JOE & THE JUICE stores and related activities. In this review,
when referring to the Group, it includes the Parent Company and all its subsidiaries.
At the end of 2025, the Group had 472 stores (including franchise stores) across 23 countries in Europe, North
America, Middle East and Asia-Pacific.
The address of the Group’s registered office is located at Østergade 26, Copenhagen, Denmark. The Group’s
registration number in Denmark is 35 52 79 90.
The Group’s Board of Directors approved these consolidated financial statements on March 30, 2026.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
22
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European
Union (EU) and additional requirements of the Danish Financial Statements Act.
The consolidated financial statements have been prepared under the historical cost convention except for certain
financial instruments that are measured at fair value at the end of each reporting period as set out in the accounting
policies.
The consolidated financial statements are presented in Danish Kroner (DKK), which is the Parent’s functional
currency. The consolidated financial statements have been rounded to the nearest thousand except when otherwise
stated.
The Board of Directors has at the time of approval, assessed that the Group has adequate liquidity and financial
resources to continue its operations in the foreseeable future. Based on this assessment, the consolidated financial
statements are presented under the going concern assumption. The assessment is supported by committed financing
under the Senior Facilities Agreement (see Note 16), with all facilities maturing in December 2027 and significant
undrawn credit facilities available. The Group was in compliance with its financial covenants as of December 31,
2025.
New and amended IFRS Accounting Standards that are effective for the current year
On January 01, 2025, the Group has adopted all new or amended standards (IFRS) and interpretations (IFRIC) as
adopted by the EU and which are effective for the financial year January 01 – December 31, 2025, which consist of
the following:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
(applicable for annual periods beginning on or after January 01, 2025).
The amendment had no material impact on the Group’s consolidated financial statements.
Standard issued but not yet effective
The IASB has issued new and amended standards that are effective for annual periods beginning on or after January
01, 2026 and have been endorsed by the EU, including:
• Amendments to IFRS 9 Financial Instruments (applicable for annual periods beginning on or after January
01, 2026).
The Group does not anticipate that the application of these amendments may have an impact on the Group’s
consolidated financial statements in future periods.
• IFRS 7 Financial Instruments: Disclosure (applicable for annual periods beginning on or after January 01,
2026).
The Group does not anticipate that the application of these amendments may have an impact on the Group’s
consolidated financial statements in future periods.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
23
• Annual Improvements to IFRS Accounting Standards (Volume 11) Amendments to:
o IFRS 7 Financial Instruments: Disclosures—Gain or loss on derecognition, Disclosure of deferred
difference between fair value and transaction price and Introduction and credit risk disclosures
The Group does not anticipate that the application of improvements may have an impact on the
Group’s consolidated financial statements in future periods.
o IFRS 9 Financial Instruments—Derecognition of lease liabilities and Transaction price
The Group does not anticipate that the application of improvements may have an impact on the
Group’s consolidated financial statements in future periods.
• IFRS 18 Presentation and Disclosures in Financial Statements (applicable for annual periods beginning on
or after January 01, 2027)
IFRS 18 introduces specific categories for the classification of income and expenses in the income statement
(operating, investing, financing, income taxes and discontinued operations), based on an entity’s main
business activities. The Group has assessed that its main activity is the sale of fresh juices, smoothies,
sandwiches, coffee and other food and beverages through retail outlets. Accordingly, most of the Group’s
income and expenses are expected to be presented in the operating category, while financing costs, taxes and
investment-related items will be presented in their respective categories. The Group is currently assessing
the full impact of IFRS 18 on its financial statements.
IFRS 18 also introduces Management-defined Performance Measures (MPMs), which are subtotals of
income and expenses that are not defined in the IFRS standards but used in public communication. A note is
required showing a reconciliation between MPMs and the most directly comparable subtotals in the income
statement. The Group is currently in the process of identifying MPMs.
IFRS 18 will also have changes to the Balance sheet and Cash flow statement. However, IFRS 18 will have
no impact on the Group’s net profit or equity on implementation. The directors of the entity anticipate that
the application of the new standard may have an impact on the group's consolidated financial statements in
future periods.
Principles of consolidation
Subsidiaries
The consolidated financial statements include the Parent and its subsidiaries. Subsidiaries are all entities over which
the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power to direct the activities
of the entity. This is generally established through holding the majority of voting rights. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that
control ceases.
Intercompany transactions, balances and unrealized gains or losses on transactions between group companies are
eliminated.
Foreign currencies
Functional currency
Items included in the consolidated financial statements of each of the Group’s entities are measured using the currency
of the primary economic environment in which the entity operates. Major functional currencies for the Group include
DKK, USD, GBP, SEK and NOK.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
24
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from settlement of such transactions are recognized in
consolidated statements of profit (loss) within financial income and expense. Similarly, foreign exchange gains and
losses resulting from translation of monetary assets and liabilities denominated in foreign currencies at period-end
exchange rates are presented in the consolidated statements of comprehensive income (loss) within financial income
and expense.
Translation of group companies
The results and financial position of foreign operations that have a functional currency different from the reporting
currency (DKK) are translated into the reporting currency as follows:
• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the
balance sheet.
• income and expenses for each statement of profit or loss and statement of comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions), and
• all resulting exchange differences are recognized in other comprehensive income.
Non-controlling interests
Non-controlling interests’ share of profit/loss for the year and of equity in subsidiaries is included in the Group’s
profit(loss) for the year and of the equity of subsidiaries, respectively, but shown as separate items. Net profit for the
year is allocated to non-controlling interests using the ownership interests present on the reporting date.
Transactions with non-controlling interest that do not result in a change of control are recognized directly in equity.
Such transactions result in an adjustment between the carrying amounts of the controlling and non-controlling interests
to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-
controlling interest and the consideration paid or received is recognized directly in retained earnings attributable to
owners of JOE & JUICE HOLDING A/S.
Revenue recognition
Retail revenue
The Group’s retail revenue is generated primarily by the sale of made-to-order beverages and food from stores to
customers. The amount reported as revenue comprises the gross sales price less value-added tax and discounts. All
revenue within this category is recognized in accordance with the IFRS 15 category “at a point in time” and is
recognized when payment is tendered at the point of sale, net of discounts as the performance obligation has been
satisfied.
In some instances, customers buy food and delivery services in a single package through delivery platforms.
Management assesses whether the Group or the third-party service providers of the delivery platform act as principal
or agent. If the Group has control over the services before they are transferred to customers, the Group is considered
principal, and the gross amount received from the customer is recognized as revenue. The payment to the third-party
service providers performing delivery service is recognized as other external expense. If the third-party service
providers performing the delivery service have control over the products, the third-party service providers are
considered principal, and the gross amount received from the customer less the amount paid to the third-party service
providers is recognized as revenue. Based on an assessment of the contractual terms with the third-party service
providers and the fact that the Group has responsibility over the products before they are transferred to the customers,
the Group has the inventory risk and sets the prices, as such, the Group has concluded that in most instances it is the
principal and accordingly has recognized the gross sales amount through delivery platforms as revenue.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
25
The Group operates a customer loyalty program. If a customer earns the right to additional goods for free or goods at
a discount, the transaction price is allocated between the actual sale and the right to additional goods on a relative fair
value basis. The portion of revenue deferred is recognized when the customer claims the goods.
Retail revenue consists of revenue from sales in stores, revenue from JOE App orders, and revenue from sales through
delivery services providers.
Franchise revenue
The Group’s franchise agreements typically comprise a bundle of services including franchise rights, access to
software and support and IT applications. When entering such arrangements, the Group identifies the performance
obligations included in the contract and allocates consideration to the performance obligation and recognizes revenue
at fulfillment of the performance obligation.
The franchise right and the provision of a technology platform is considered to establish a right for the franchisee to
use the JOE & THE JUICE brand and concept as it exists throughout the term of the arrangement. Consequently,
consideration attributable to the franchise right is recognized as revenue over the term of the arrangement. Revenue
attributable to services, including support of IT applications, which is considered distinct, is recognized along with
provision of the service.
Incremental costs of obtaining a franchise contract are recognized as an asset only if the Group expects to recover
those costs, either directly or indirectly. Costs incurred to fulfil a franchise contract are recognized as an asset if the
costs relate directly to the franchise contract, the costs generate or enhance resources of the Group that will be used
in satisfying performance obligations in the future; and the costs are expected to be recovered. These costs are
amortized over the franchise period.
Raw materials and consumables used
Raw materials and consumables used primarily consist of food and beverage costs associated with generating revenue
within our company-operated stores as well as distribution/freight costs from the distributor of food and beverages to
company-operated stores. Food and beverage costs are recognized as expenses in the statement of loss when the
inventory is sold whereas distribution/freight costs are expensed as incurred.
Staff expenses
Staff expenses comprise wages and salaries, share-based payment costs, as well as payroll related expenses. These
costs are expensed as incurred.
Other external expenses
Other external expenses comprise expenses for utilities and maintenance, rental and property, consultancy and legal,
transactional fees from credit card sale transactions and delivery services, and other expenses.
Pre-opening costs that are directly attributable to store constructions and accession to leases are capitalized either as
part of property, plant, and equipment or right-of-use assets, as applicable. Otherwise, these are expensed as part of
other external expenses.
Financial income and expenses
Financial income and expenses comprise interest income and expenses as well as interest calculated using the effective
interest rate method, foreign currency gains and losses, and interests from leasing agreements. Furthermore,
reclassification of amounts from the hedging reserve regarding interest rate hedges and gains and losses on interest
rate derivatives not designated as hedging instruments are included.
Income tax
The income tax expense or credit for the year is the tax payable/receivables on the current year’s taxable income/loss,
based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
26
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of
the reporting period in the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to
the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred
tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not
accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax
liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those
temporary differences and tax loss carryforwards. The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the deferred tax asset to be recovered. Unrecognized deferred tax assets are reassessed at each
reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to
realize the asset and settle the liability simultaneously. Deferred tax liabilities are recognized on taxable temporary
differences arising on investments in subsidiaries and joint arrangements except where the Group is able to control
the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or
directly in equity, respectively.
Uncertain tax positions
A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable
that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the
amount expected to become payable. The assessment is based on combined judgment of Management and tax
professionals within the Group, supported by previous experience in respect of such activities and in certain cases
based on specialist independent tax advice.
Property, plant and equipment
Property, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes
expenditure that is directly attributable to the acquisition of the items.
Assets under construction include costs related to stores under development. Upon completion and opening of stores,
the assets are transferred to furniture, fittings and equipment and leasehold improvements.
All repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Depreciation is calculated using the straight-line method, net of their residual values over their estimated useful lives,
as follows:
Leasehold improvements .................................................
7-10 years or the lease term, if shorter
Furniture, fittings and equipment ....................................
3 years
Residual values and useful lives are reviewed annually or if events or changes in circumstances are identified.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
27
Gains and losses on disposals are determined by comparing proceeds from the sale of such assets with the carrying
amount. These are included in depreciation, amortization and impairment if losses are incurred and in other operating
income if gains are realized.
Leases
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the
lease term on a straight-line basis.
The leases of the Group consist mainly of property rentals.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payments that are based on an index or a rate
• payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the
Group’s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease liability
and reducing the carrying amount to reflect the lease payments made.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
Amounts paid to a third party for obtaining the right to enter a lease are included in the initial measurement of the
right-of-use asset as initial direct costs.
Some property leases contain variable payment terms that are linked to sales generated by the store. Variable lease
payments not linked to an index are recognized as an expense in the period in which the condition that triggers those
payments occurs. Payments associated with short-term leases are recognized as an expense on a straight-line basis
over the term of the contract. Short-term leases are leases with a lease term of 12 months or less.
The Group applies the recognition exemptions under IFRS 16 for short-term leases and leases of low-value assets.
Payments associated with these leases are recognized as an expense in the income statement on a straight-line basis
over the lease term. Such leases are not significant to the Group.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
28
Extension and termination options are included in a number of property and equipment leases across the Group. These
are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. The
majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
Goodwill and other intangible assets
Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and fair value
of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized but is tested for impairment
annually, or more frequently if events or changes in circumstances indicate that it may be impaired. Goodwill is
carried at cost less accumulated impairment losses.
Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. The allocation is made
to the CGU or groups of CGUs that are expected to benefit from the business combination in which goodwill arose.
The CGUs are identified at the lowest level at which goodwill is monitored for internal management purposes.
Following the change in management reporting structure in 2024, goodwill is allocated to the Nordic CGU. There
were no changes to the CGU structure in 2025.
Other intangible assets
Other intangible assets include software and internally developed IT platforms and operating systems. These assets
have finite useful lives and are recognized at cost less accumulated amortization and any impairment losses.
Costs associated with maintaining IT-platforms are recognized as an expense as incurred. Development costs that are
directly attributable to the design and testing of identifiable and unique projects controlled by the Group are
recognized as intangible assets when the following criteria are met:
• it is technically feasible to complete the software so that it will be available for use
• management intends to complete the software and use or sell it
• there is an ability to use or sell the software
• it can be demonstrated how the software will generate probable future economic benefits
• adequate technical, financial and other resources to complete the development and to use or sell the
software are available, and
• the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the projects include employee costs and professional fees
arising directly from bringing the asset to its working condition and the cost of testing whether the asset is functioning
properly.
Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is
ready for use. Development costs that are directly attributable to development activities, including staff costs, are
capitalized as part of the development projects and recognized as intangible assets. Otherwise, such costs are expensed
as incurred.
Research and development expenditures that do not meet the criteria above are recognized as an expense as incurred.
Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.
The Group amortizes intangible assets with a finite useful life using the straight-line method over the following
periods:
Completed development projects ....................................
5 years
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
29
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually
for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other
assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value
in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-
generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period. Impairment for property, plant and equipment is
assessed on a restaurant-by-restaurant basis except for corporate assets which are tested at a consolidated level.
Corporate assets do not generate separate cash flows and are tested for impairment in the context of the CGU or group
of CGUs to which they belong.
Inventories
Inventories comprise raw materials for preparation of sandwiches, juices and coffee as well as purchased finished
products for resale. Furthermore, inventories consist of non-food products in the form of materials or supplies that are
consumed in making the final products. Inventories are valued at the lower of cost and net realizable value. Cost
comprises direct materials and are assigned on the basis of first-in-first-out (FIFO) method. Net realizable value is the
estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. No
adjustment is deemed necessary to reduce inventory to net realizable value due to the rapid turnover and high
utilization of inventory.
Trade receivables
Trade receivables are recognized initially at the transaction price and are subsequently measured at amortized cost
using the effective interest method.
The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore
measures them subsequently at amortized cost.
The Group applies the simplified approach using a provision matrix in estimating the expected credit losses which
uses historical loss rates adjusted for forward-looking information.
Prepayments
Prepayments are measured at cost and comprise advance payments made for goods or services that are yet to be
received. Prepayments consist of prepaid rent and prepaid general and administrative expenses.
Cash
Cash consists of cash on hand and demand deposits with banks. Bank overdrafts are repayable on demand and form
an integral part of the Group’s cash management, with balances frequently fluctuating between positive and negative.
Accordingly, they are included in cash and cash equivalents in the consolidated statement of cash flows. As the criteria
for offsetting under IAS 32 are not met, bank overdrafts are presented as liabilities in the consolidated statement of
financial position.
Equity
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown
in equity as a deduction, net of tax, from the proceeds. The Group’s own equity instruments that are reacquired
(treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on
the purchase, sale, issue or cancellation of the Group’s own equity instruments.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
30
Foreign currency translation reserve
Exchange differences arising on translation of foreign operations are recognized in other comprehensive income and
accumulated in a separate reserve within equity. The cumulative amount is reclassified to the statement of loss when
the net investment is disposed of.
Cash flow hedging reserve
The hedging reserve includes the cash flow hedge reserve and is used to recognize the effective portion of gains or
losses on derivatives that are designated and qualify as cash flow hedges. Amounts are subsequently either transferred
to the initial cost of the hedged non-financial item or reclassified to the consolidated statements of profit (loss), as
appropriate depending on effectiveness of the hedging strategy.
Financial liabilities
Borrowings
Borrowings are initially recognized at fair value. Incremental transaction costs that are directly attributable to the
acquisition or issue of financial liabilities are included in the initial measurement of the financial liabilities other than
those at fair value through profit or loss.
Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction
costs) and the redemption amount is recognized in the statement of loss over the period of the borrowings using the
effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the
loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will
be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the
facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled
or expired.
Where the terms of a financial liability are renegotiated and result in substantially different terms, it is treated as an
extinguishment of the original liability and recognition of a new liability on the amended terms. Management
considers both qualitative and quantitative changes in this assessment. Qualitative factors comprise among others
change in the term of the loan, change in seniority, change in interest rate base and change in loan currency. Under
the quantitative assessment, a change in the present value of the future payments discounted at the original discount
rate of at least 10% is considered to establish substantially different terms. If the terms are considered not substantially
different, the carrying amount of the liability is remeasured to equal the present value of the future payments under
the amended terms including payments made to the lenders upon the renegotiation, discounted at the original effective
interest rate. Third party transaction costs are amortized to the statement of loss over the remaining term of the loan.
Derivative financial instruments
The Group recognizes a derivative financial instrument in its consolidated statements of balance sheet when, and only
when, it becomes a party to the contractual provisions of the instrument. At initial recognition, a derivative financial
instrument is designated and measured as financial liability (asset) at fair value through profit or loss. Subsequently,
it is measured at fair value.
Provisions
Provisions are liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the
Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow
of economic benefits will be required to settle the obligation. Provisions are calculated on a discounted basis. The
carrying amounts of provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is
recognized as interest expense. Provisions mainly comprise refurbishment obligations and legal disputes.
Contents of the notes to the consolidated financial statements
Note 2 Summary of significant accounting policies
31
Trade payables
Trade payables represent liabilities for goods and services provided to the Group prior to the end of the financial year
which are unpaid. Trade payables are presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost
using the effective interest method.
Other liabilities
Other liabilities comprise employee related costs, withholding tax liabilities, and VAT. The liabilities are measured
at the amount expected to be paid.
Deferred revenue
An obligation to transfer goods or services to a customer for which the Group has received consideration from the
customer or an amount of consideration is due is classified as a contract liability and presented as deferred revenue.
Contract liabilities are recognized as revenue when the Group performs under the contract. Contract liabilities
comprise mainly deferred revenue related to franchise arrangements, prepaid loyalty vouchers, gifts and rewards, and
loyalty points under the customer loyalty program which constitute material rights.
Share-based payments
The Group has issued equity settled warrants to members of management and key employees. The grant date fair
value of the warrants is recognized as an expense over the vesting period with a corresponding credit to share-based
payments reserve. The programs vest upon an exit event (a transaction involving loss of control by the controlling
parties, such as an initial public offering) and continued employment, and the vesting period is consequently estimated
based on expectations about the timing of an exit event. This estimate is reassessed regularly. Further, the expense is
adjusted for the effect of forfeitures, and on a cumulative basis, the expense is equal to the grant date fair value of the
number of warrants which vest.
Grant date fair value is determined considering market vesting conditions comprising a linkage between the number
of awards that eventually vest and the exit date equity value. Fair value is not subsequently remeasured. Non-market
vesting conditions comprising continued employment and the occurrence of an exit event throughout the service
period are not included in grant date fair value. Upon commencement of expense recognition, an estimate of the extent
to which nonmarket vesting conditions will be met is made. If a participant fails to meet a non-market vesting
condition, no expense is recognized.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value of financial assets traded in active markets are
based on quoted market prices at the close of trading on the reporting date. The fair value of financial instruments that
are not traded in an active market is determined using generally accepted valuation technics based on observable
inputs from active markets. For financial liabilities where the fair value is disclosed, the fair value is estimated by
discounting future contractual cash flows at the current market interest rate.
The Group classifies fair value measurement based on the degree of subjectivity in determining fair value:
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity
securities) is based on quoted market prices at the end of the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the-counter
derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as
little as possible on entity-specific estimates. If all significant inputs required to determine fair value of an instrument
are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
level 3.
Contents of the notes to the consolidated financial statements
Note 3 Significant accounting estimates and judgements
32
Significant judgements in applying the Group’s accounting policies
The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting period. Such estimates may be subject to change as more current information becomes available
and accordingly actual results could differ significantly from those estimates.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items
which are more likely to be materially adjusted in a subsequent year due to estimates and assumptions turning out to
be wrong. Detailed information about each of these estimates and judgements is included in other notes together with
information about the basis of calculation for each affected line item in the consolidated financial statements.
Determination of lease terms
The Group’s lease contracts comprise fixed lease terms, break options and, in certain markets, renewal or automatic
renewal options. Lease terms are determined based on the non-cancellable period together with periods covered by
extension options (or excluding termination options) where the Group is reasonably certain to exercise (or not
exercise) such options.
In assessing the lease term, management applies judgement and considers economic disincentives to terminate
(including fit-out investments and contractual penalties), historical renewal patterns and the enforceable rights of both
parties.
The determination of the lease term affects the measurement of right-of-use assets and lease liabilities. Changes in
the assessed lease term could have a material impact on the Group’s financial position.
Refer to Note 13 for a description of the judgments made in respect of determining the lease term.
Cash generating units
When performing goodwill impairment testing, Management applies judgment with respect to the allocation of
goodwill to CGU. Following the change in management reporting structure implemented in 2024, goodwill was re-
allocated from the Danish operation to the Nordic CGU, which represents the lowest level at which goodwill is
monitored for internal management purposes.
There were no changes to the CGU structure or the allocation of goodwill during 2025.
Please refer to Note 11 for further information.
Accounting estimates
Impairment of goodwill
In estimating the recoverable amount of goodwill which is based on value-in use, a discounted cash flow valuation
approach is used. The estimated future cash flows expected to be generated from continuing operations in the Nordics
CGU are discounted to their present value using a discount rate that reflects current market assessments and the risks
specific to the CGU, including benchmarking to a relevant peer group in the fast casual restaurant industry.
In estimating cash flows from continuing operations, Management considers revenue growth and gross margin used
in the forecast period to be the most sensitive elements. The forecast comprises projections of in-store revenue, staff
costs and overhead costs based on current and anticipated market conditions and consumer trends. Forecasts include
revenue growth rates for specific markets applicable to the CGU to which goodwill is allocated, being the Nordic
region. Forward-looking metrics are based on strategic business plans prepared by Management and approved by the
Board of Directors.
The key assumptions used to determine the recoverable amount for the Nordics CGUs, are further explained in Note
11.
Contents of the notes to the consolidated financial statements
Note 3 Significant accounting estimates and judgements
33
Leases - determination of the incremental borrowing rate.
As the Group cannot readily determine the interest rate implicit in its leases, in order to estimate its lease liabilities,
the Group uses an incremental borrowing rate (IBR), which reflects the interest rate that the Group would have to pay
to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. The IBR requires estimation when no observable rates are
available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to
reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency).
The Group generally estimates the IBR using observable inputs (such as market interest rates) when available and is
required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).
Contents of the notes to the consolidated financial statements
Note 4 Revenue
34
The Group’s revenue is disaggregated into the following regions and sources:
2025
In thousands DKK
Retail
Other
Revenue from
sales in stores
Revenue from
JOE App orders
Revenue from sales
through delivery
services providers
Revenue from
franchise
arrangements
Total
Nordics
1
......................
697,928
199,595
112,273
–
1,009,796
Mid-Europe
2
................
425,645
65,867
92,702
–
584,215
United Kingdom ..........
521,448
122,650
181,695
–
825,793
United States ...............
486,878
102,356
210,979
–
800,212
Other
3
..........................
–
– – 83,176 83,176
Total ...........................
2,131,899 490,469 597,649 83,176 3,303,193
2024
In thousands DKK
Retail
Other
Revenue from
sales in stores
Revenue from
JOE App orders
Revenue from sales
through delivery
services providers
Revenue from
franchise
arrangements
Total
Nordics
1
.......................
629,457
147,361
84,178
–
860,996
Mid-Europe
2
................
322,770
37,605
74,805
–
435,180
United Kingdom ..........
477,455
105,857
198,725
–
782,037
United States ...............
446,316
98,643
160,755
–
705,714
Other
4
..........................
–
–
–
52,449
52,449
Total ...........................
1,875,998
389,466
518,463
52,449
2,836,376
1
Nordics consists of Denmark, Finland, Norway, and Sweden
2
Mid-Europe consists of Belgium, France, Germany, Switzerland and Netherlands.
3
Other consists of franchise revenues from Bahrain, Canada, Iceland, Korea, Kuwait, Lebanon, Qatar, Saudi Arabia, United Arab Emirates,
Türkiye, Morocco, and Mexico.
4
Other consists of franchise revenues from Bahrain, Canada, Iceland, Korea, Kuwait, Lebanon, Qatar, Saudi Arabia, and United Arab Emirates.
Contents of the notes to the consolidated financial statements
Note 5 Staff expenses
35
The Group’s staff expenses are as follows:
In thousands DKK
2025
2024
Wages and salaries .....................................................................................................
(1,021,443)
(856,919)
Defined contribution plans .........................................................................................
(19,950)
(12,600)
Share based payment ..................................................................................................
(10,805)
(4,685)
Other social security costs ..........................................................................................
(105,137)
(81,409)
Other staff costs .........................................................................................................
(13,897)
(9,049)
Staff expenses total
...................................................................................................
(1,171,232) (964,662)
Average number of full-time equivalent employees
..............................................
Staff expenses capitalized during 2025 amounted to DKK 17.3 million (2024: DKK 6.6 million) as part of property,
plant and equipment and other intangible assets, following initial recognition principles for these assets.
Key Management Compensation
Key Management consists of the Chief Executive Officer, Chief Financial Officer, Chief Growth Officer, Chief
Commercial Officer, Chief Technology Officer, Chief Legal Officer, Chief Strategy Officer, Chief Operating Officer
and Chief People Officer.
The compensation paid or payable to Key Management and the Board of Directors is shown below:
2025
In thousands DKK
Key
Management
Board of
Directors
Wages and salaries ..................................................................
(27,751)
(27,751)
Share-based payment ...............................................................
(6,643)
(1,941)
(8,584)
Board compensation ................................................................
–
(1,944)
(1,944)
Total ........................................................................................
(34,394)
(3,885)
(38,279)
2024
In thousands DKK
Key
Management
Board of
Directors Total
Wages and salaries ...................................................................
(24,224)
(24,224)
Share-based payment ................................................................
(3,332)
(275)
(3,607)
Board compensation .................................................................
–
(1,112)
(1,112)
Total .........................................................................................
(27,556)
(1,387)
(28,943)
Contents of the notes to the consolidated financial statements
Note 6 Share-based payments
36
A number of key employees, members of Management, members of the Board of Directors, and non-employees have
been granted warrants to acquire shares in the Parent Company, described as the “2020 warrant program”, “2023
warrant program” and “2024 warrant program” below. The warrants are exercisable only upon continued employment,
varying minimum enterprise value as applicable to each warrant program, and upon an Exit Event, which is defined
individually and differently under each warrant program. Warrants lapse upon ceasing of employment subject to
certain leaver provisions. All warrant programs have been classified as equity-settled arrangements.
The Parent Company measured the fair value of services received from the Board of Directors by reference to the fair
value of the equity instruments granted at grant date, being the most appropriate measure of the value of the services
received by the Parent Company.
2020 warrant program
In September 2020, a warrant program comprising 96,531,134 warrants was offered to a number of key employees.
The warrants are exercisable only if the total equity value of the Parent exceeds DKK 3.5 billion in an Exit Event.
Each warrant entitles the holder to acquire one ordinary share in the Parent for an amount equal to the exercise price
of 0.01 DKK per share.
The warrants become exercisable upon an Exit Event and are subject to continued employment, and a minimum
enterprise value requirement, subject to certain leaver provisions. The warrants have no expiry date. The vesting
period of the warrants has been originally assessed at 1.9 years based on expected timing of an Exit Event through an
IPO and subsequently changed to 3.8 years. The grant date fair value of the warrants was estimated using the method
as for the 2016 program but with updated key assumptions. The grant date fair value was assessed at DKK 0.6 million.
During 2023, the vesting period was reassessed from 3.8 years to 4.8 years, and subsequently reassessed again to 5.8
years during 2025, resulting in a cumulative catch-up adjustment of approximately DKK 0.01 million.
The net expense relating to these warrants was DKK 0.02 million (2024: 0.02 DKK million) for the year ended
December 31, 2025.
2023 warrant program
In June 2023, a warrant program comprising 109,466,970 warrants was offered to a number of key employees. Each
warrant entitles the holder to acquire one ordinary share in the Parent for an amount equal to the exercise price of 0.01
DKK per share.
The warrants become exercisable upon an Exit Event and are subject to continued employment, and a minimum
enterprise value requirement. The warrants originally expire on December 31, 2025 and was extended until December
31, 2030 during 2025. The vesting period of the warrants has been originally assessed at 2 years based on expected
timing of an Exit Event through an IPO.
The grant date fair value of the warrants was estimated using the Black-Scholes-Merton option pricing model. The
key assumptions used include the current value of the underlying shares, exercise price, performance hurdle, term of
the option, risk-free interest rate and expected volatility of the share. The risk-free interest rate was based on the yield
curve for Danish government bonds. The expected volatility was based on observable historical volatility of peer
companies which are deemed to be closely comparable, adjusted for differences in size, capital structure, and other
risk factors, including the effect of COVID-19 pandemic and 2022 market uncertainties induced by high inflation
rates and Ukraine conflict. The grant date fair value was assessed at DKK 0.9 million.
During 2025, the vesting period was reassessed from 2 years to 3 years, resulting in a cumulative catch-up adjustment
of approximately DKK 0.02 million.
The net expense relating to these warrants was DKK 0.06 million (2024: DKK 0.09 million) for the year ended
December 31, 2025.
Contents of the notes to the consolidated financial statements
Note 6 Share-based payments
37
2024 warrant program
In July 2024, a warrant program comprising 257,602,368 warrants was granted to members of key management, other
key employees and members of the Board of Directors. Subsequently, an additional 14,351,108 warrants and
52,418,891 warrants were granted during 2024 and 2025, respectively, including non-employees. Each warrant
entitles the holder to acquire one ordinary share in the Parent for an amount equal to the exercise price ranging from
0.46 to 0.71 DKK per share. The warrants vest over a period of four (4) years from the grant date. The vesting period
will begin with an initial eighteen (18) months cliff-period. Subsequently, 6/16 of the granted warrants will vest
immediately on the first business day of the first quarter following the cliff-period. Following the cliff-period, the
remaining warrants will vest linearly with 1/10 each quarter until all the granted warrants have vested. No warrants
will vest during the cliff-period or until the date of vesting where the 6/16 of the granted warrants will vest. Should
an Exit Event become reasonably certain and occur earlier, there will be an accelerated vesting of the warrants.
The vested warrants become exercisable upon an Exit Event, at any one or more times as discretionary determined by
the Board of Directors, or during the exercise periods as defined in the warrant agreements. The warrants are also
subject to continued employment of participants during the vesting period, with additional provisions for “good
leaver” and “intermediate leaver”. The warrants do not have an expiry date.
The grant date fair value of the warrants was estimated using the Black-Scholes-Merton option pricing model. The
key assumptions used include the current value of the underlying shares, exercise price, expected time to maturity,
expected volatility of the share, risk-free rate, dividends, and tenure risk. The risk-free interest rate was based on the
yield curve for Danish government bonds. The expected volatility was based on observable historical volatility of
peer companies which are deemed to be closely comparable, adjusted for differences in size, capital structure, and
other risk factors. The expected term has been applied at 2.5 years. The tenure risk is based on historical churn rate
for management and employees at similar levels. The total grant date fair value for original warrants granted was
assessed at DKK 20.5 million, net of adjustment for tenure risk, and DKK 5.4 million for the additional warrants
granted during 2025.
The net expense relating to these warrants was DKK 10.7 million (2024: 4.6 DKK million) for the year ended
December 31, 2025.
Movements in the outstanding warrants are shown below:
In thousands
Key
Management
Other key
employees
Board of
Directors
Non-
employees Total
Outstanding on January 01,
2024
...........................................
15,870
33,380
11,563
–
60,813
Granted ...........................................
199,480
56,687
15,786
–
271,953
Forfeited .........................................
(14,351)
(2,253)
(6,267)
–
(22,871)
Outstanding on December 31,
2024 ...........................................
200,999 87,814 21,083 – 309,895
Granted ...........................................
9,064
4,305
36,557
2,492
52,419
Forfeited .........................................
(10,046)
(4,330)
–
–
(14,375)
Outstanding on December 31,
2025
...........................................
200,018
87,790 57,640
2,492 347,940
None of the warrants were exercisable as of December 31, 2025 and 2024.
All outstanding warrants have a weighted exercise price of DKK 0.43 per warrant.
Contents of the notes to the consolidated financial statements
Note 7 Other external expenses
38
The Group’s other external expenses are as follows:
In thousands DKK
2025
2024
Utilities and maintenance .........................................................................................
241,039
202,886
Transactional fees .....................................................................................................
171,337
183,827
Rental and property fees ..........................................................................................
190,621
165,447
Consultancy and legal fees .......................................................................................
119,593
122,807
Advertising fees .......................................................................................................
47,299
40,970
Other expenses .........................................................................................................
88,883
62,475
Total other external expenses
................................................................................
858,772
778,412
Transactional fees pertain to credit card sales transactions and delivery services.
Rental and property fees are related to variable lease payments excluded from recognition of lease liability and
property taxes.
Other expenses are primarily comprised of pre-opening costs, travel and vehicle expenses, and other administrative
and operating costs.
Contents of the notes to the consolidated financial statements
Note 8 Financial income and expenses
39
The Group’s financial income and expenses are as follows:
In thousands DKK
2025
2024
Financial income:
Interest income on bank deposits ..............................................................................
6,371
3,320
Foreign exchange rate gains, net ...............................................................................
–
14,848
Total financial income
.............................................................................................
6,371
18,168
Financial expenses:
Interest expense on borrowings determined on amortized cost basis ........................
(42,948)
(31,320)
Interest expense on lease liabilities ...........................................................................
(102,760)
(93,216)
Foreign exchange rate loss, net .................................................................................
(36,398)
–
Interest expense, other ...............................................................................................
–
(5,068)
Other financial expenses ...........................................................................................
(11,551)
(10,967)
Total financial expenses ..........................................................................................
(193,657)
(140,571)
Contents of the notes to the consolidated financial statements
Note 9 Income tax expense
40
Details of the Group’s income tax expense, including income tax reconciliation, are as follows:
In thousands DKK
2025
2024
Current tax on profit for the year .................................................................................
74,249
10,728
Change in deferred tax for the year ............................................................................ (77,213) 16,837
Change in valuation of deferred tax assets .................................................................. 42,540 (99,952)
Prior-year adjustments, current tax..............................................................................
(5,158)
3,739
Prior-year adjustments, deferred tax ............................................................................
24,102
(26,011)
Total tax for the year ................................................................................................
58,519
(94,659)
Tax on profit (loss) for the year ...................................................................................
58,808
(94,180)
Tax in other comprehensive income ............................................................................
(289)
(479)
Reconciliation of effective tax rate
Profit before tax ...........................................................................................................
16,101
49,109
Calculated 22% (statutory Danish tax rate) tax on profit for the year
before income tax .................................................................................................... 3,542 10,804
Adjusted for tax rate in foreign group entities compared with 22% rate .....................
970
3,051
Tax effects of:
Non-taxable income or expenses .................................................................................
–
(3,770)
Non-deductible expenses .............................................................................................
7,037
25,614
Change in valuation of deferred tax assets ..................................................................
42,540
(99,952)
Utilized tax loss carry forward not previously recognized ..........................................
(14,226)
(8,656)
Adjustments for tax of prior years ...............................................................................
18,944
(22,271)
Income tax expense (benefit) for the year ...............................................................
58,808
(94,180)
Non-deductible expenses include advisory, entertainment and interest expenses.
The Group’s subsidiaries are subject to corporate income tax in all jurisdictions where the Group is active, depending
on presence and activity. The applicable statutory tax rates in these jurisdictions range from 15% to 30% which may
cause the effective tax rate to differ from the 22% tax rate in Denmark.
Contents of the notes to the consolidated financial statements
Note 10 Inventories
41
Details of the Group’s inventories are as follows:
In thousands DKK
2025
2024
Raw materials ...............................................................................................................
34,401
22,417
Finished goods .............................................................................................................
3,203
4,268
Total inventory
...........................................................................................................
37,604
26,685
The cost of inventories recognized as an expense during the period was DKK 652.9 million in 2025 (2024: DKK
533.2 million).
There is no allowance for inventory obsolescence provided in 2025 and 2024 based on assessment by the Group.
Further, there is no write-down in 2025 and 2024. Raw materials scrapped during production are directly included as
part of ‘raw materials and consumables used’.
No inventories have been pledged as security for any liabilities.
Contents of the notes to the consolidated financial statements
Note 11 Goodwill and other intangible assets
42
The carrying amount of the Group’s goodwill and other intangible assets is shown below:
In thousands DKK
Goodwill
Development
projects in
progress
Software Total
Cost:
At January 01, 2024 .......................................
181,235
17,260
53,788
252,283
Additions .......................................................
–
18,190
637
18,827
Transfers ........................................................
–
(10,344)
(10,344)
–
Foreign exchange differences ........................
–
–
8
8
At December 31, 2024
..................................
181,235
25,106
64,777
271,118
Accumulated amortization and impairment:
At January 01, 2024 .......................................
–
–
(43,876)
(43,876)
Amortization charge for the year ...................
–
–
(10,136)
(10,136)
Foreign exchange differences ........................
–
–
(2)
(2)
At December 31, 2024 ..................................
–
–
(54,014)
(54,014)
Carrying amount December 31, 2024
........
181,235
25,106
10,763
217,104
Cost:
At January 01, 2025 .......................................
181,235
25,106
64,777
271,118
Additions .......................................................
–
50,498
163
50,661
Transfers ........................................................
–
(56,675)
56,675
–
Foreign exchange differences ........................
–
–
(46)
(46)
At December 31, 2025 ..................................
181,235
18,929
121,569
321,733
Accumulated amortization and impairment:
At January 01, 2025 .......................................
–
–
(54,014)
(54,014)
Amortization charge for the year ...................
–
–
(12,988)
(12,988)
Foreign exchange differences ........................
–
–
480
480
At December 31, 2025 ..................................
–
–
(66,522)
(66,522)
Carrying amount December 31, 2025
........
181,235
18,929
55,047
255,211
Development projects in progress generally include internal IT platforms and software that are currently in
development.
There were no impairments during 2025 and 2024.
Assumptions for impairment tests for goodwill
The Group tests goodwill for impairment at least annually as of December 31 or more frequently, if certain events or
circumstances warrant. An impairment test was performed as of December 31, 2025 and 2024. No impairment was
identified in 2025 and 2024.
Goodwill is monitored based on CGU or groups of CGUs identifiable at the lowest level. When acquired in 2013, the
activities outside Denmark were insignificant, and consequently, all goodwill has been allocated to the Danish
operation as a group of CGUs within the Nordic region until 2023. In 2024, the Group changed the management
reporting structure by regions, affecting the method in which goodwill is monitored by the Management. As a result,
Contents of the notes to the consolidated financial statements
Note 11 Goodwill and other intangible assets
43
Management has decided to re-allocate all goodwill to the Nordic region. No impairment would have been recognized
had the change in allocation to CGU not been performed.
The impairment test of goodwill is based on the value in use approach to determine the recoverable amount.
For goodwill impairment testing, a number of factors are considered including, but not limited to, economic conditions
and the competitive environment, revenue, discount rates and future capital expenditures.
The expected future net cash flows are based on management-approved forecasts as of December 31, 2025, including
the approved FY2026 budget and forecasts through 2028, followed by a terminal period from 2029. Projections
comprise forecasts of revenue, and all associated costs under anticipated market conditions. The Group is able to
make specific profitability forecast related to the Nordic region’s operation.
The key assumptions in the forecasted periods are revenue growth and gross margin. The assumptions are determined
based on past experience. The annual revenue growth rates applied in the forecasted periods (2026-2028) are within
an interval of 10.9% to 14.4% (2024: 13.8% to 15.1%), which is align with the Group’s growth strategy in the Nordic
region.
The discount rate applied is 8.7% (2024: 8.9%), corresponding to a pre-tax rate of 9.9% (2024: 10.3%). The applied
growth rate that was assessed in 2025 for the terminal period is 2.5% (2024: 2.5%) per annum. The terminal growth
rate correlates with the general long-term expected growth rate of the Nordic region.
Sensitivity analyses have been performed on the key assumptions used in the impairment testing of goodwill,
including revenue growth, gross margin and discount rates.
Based on this analysis, management has not identified any reasonably possible negative change in key assumptions
that would cause the carrying amount of goodwill to exceed its recoverable amount.
Contents of the notes to the consolidated financial statements
Note 12 Property, plant and equipment
44
The carrying amount of the Group’s property, plant and equipment is shown below:
In thousands DKK
Leasehold
improvements
Furniture,
fittings and
equipment
Assets under
construction
Total
Cost:
At January 01, 2024 .....................................
522,768
478,750
–
1,001,518
Additions .....................................................
91,894
66,546
17,784
176,224
Disposals .....................................................
(84,798)
(218,945)
–
(303,743)
Exchange differences...................................
17,258
8,862
–
26,120
At December 31, 2024
................................
547,122
335,213
17,784
900,119
Accumulated depreciation and impairment:
At January 01, 2024 .....................................
(220,446)
(395,602)
–
(616,048)
Depreciation for the year .............................
(50,927)
(50,016)
–
(100,943)
Disposals .....................................................
48,586
212,883
–
261,469
Exchange differences...................................
(9,562)
(7,392)
–
(16,954)
At December 31, 2024 ................................
(232,349)
(240,127)
–
(472,476)
Carrying amount December 31, 2024 ......
314,773
95,086
17,784
427,643
Cost:
At January 01, 2025 .....................................
547,122
335,213
17,784
900,119
Additions .....................................................
–
6,892
436,596
443,488
Transfer .......................................................
232,720
175,980
(408,700)
–
Disposals .....................................................
(35,431)
(85,899)
–
(121,330)
Exchange differences...................................
(24,145)
(5,857)
10,694
(19,308)
At December 31, 2025 ................................
720,266
426,329
56,374
1,202,969
Accumulated depreciation and impairment:
At January 01, 2025 .....................................
(232,349)
(240,127)
–
(472,476)
Depreciation charge for the year .................
(56,145)
(75,875)
–
(132,020)
Disposals .....................................................
26,670
84,648
–
111,318
Exchange differences...................................
6,799
(369)
–
6,430
At December 31, 2025
................................
(255,025)
(231,723)
–
(486,748)
Carrying amount December 31, 2025 ......
465,241
194,606
56,374
716,221
In 2025, the Group performed a review of property, plant and equipment resulting in a loss on disposals amounting
to DKK 11.6 million (2024: DKK 42.3 million). Disposals were mainly related to certain store closures or
replacements of fixed assets due to refurbishments.
There were no impairments during 2025 and 2024.
There are no restrictions on titles, pledges, nor contractual commitments to acquire property, plant and equipment.
Contents of the notes to the consolidated financial statements
Note 13 Leases
45
Details of the Group’s leases are as follows:
In thousands DKK
2025
2024
Amounts recognized in the consolidated statements of balance
sheet:
The balance sheet shows the following carrying amounts relating
to leases:
Right-of-use assets:
Properties ..........................................................................................
1,372,064
1,214,758
Others ...............................................................................................
56
129
1,372,120
1,214,887
Additions to the right-of-use assets ..................................................
449,504
138,932
Lease liabilities:
Current ..............................................................................................
354,338
239,901
Non-current ......................................................................................
1,251,732
1,186,718
1,606,070
1,426,619
Amounts recognized in the consolidated statements of profit
(loss):
The statements of loss shows the following amounts relating to
leases:
Depreciation charge of right-of-use assets:
Properties ..........................................................................................
259,056
235,195
Others ...............................................................................................
56
25
259,112
235,220
Interest expense on lease liabilities ..................................................
102,760
93,212
Expense relating to variable lease payments not included in lease
liabilities .......................................................................................
110,453 97,615
Total .................................................................................................
213,213
190,827
Included in the right-of-use assets is the carrying amount of payments made to third parties for obtaining the right to
enter leases amounting to DKK 16.6 million as of December 31, 2025 (2024: 20.9 million).
Additions during the year primarily relate to new store leases entered into during the year as part of the Group’s
continued expansion, as well as renewals and extensions of existing leases.
During the year, the Group recognized impairments of certain right-of-use assets related to underperforming stores;
however, the amounts recognized were not material to the consolidated financial statements.
Contents of the notes to the consolidated financial statements
Note 13 Leases
46
Determination of lease term
The Group generally leases its properties and to a limited extent other assets. The carrying amount of the right of use
assets in the respective jurisdictions is as follows:
In thousands DKK
2025
2024
Denmark ...........................................................................................
291,857
298,232
United States ....................................................................................
439,763
409,108
United Kingdom ...............................................................................
306,369
288,293
Others ...............................................................................................
334,131
219,254
1,372,120
1,214,887
Most of the leased properties are in Denmark, the United Kingdom and the United States. Lease terms are negotiated
on an individual basis and contain a wide range of different terms and conditions.
Leases in Denmark have extension options for the lessee and are considered non-cancelable from the perspective of
the lessor according to normal practice in Denmark and are therefore considered perpetual leases. The Group can
generally terminate the leases with short term notice and taking into consideration both the degree of historic exercise
of extension options and unexpected events, the Group has assessed that it is reasonably certain that the remaining
lease term will be up to 7-10 years for the Danish property leases commenced as per the balance sheet date.
Leases in the United States have an initial lease term of 10 years with a termination right after 5 years and include
extension options, with the intention of securing flexibility in the lease.
Leases in the United Kingdom have an initial lease term of 10 years with a termination right after 5 years.
Other property leases are mainly fixed term leases and comprise renegotiation clauses effective upon expiry of the
original lease term. All other leases are fixed term leases with a 12-to-60-month fixed time span.
The Group reassesses the lease term upon the occurrence of either a significant event or significant changes in
circumstances that are within the control of the Group. The market in which the Group operates is characterized by
being a relatively mature market.
Expenses relating to variable lease payments comprise mainly revenue-based lease payments and lease payments for
stores located in airports, where the final payments are dependent on the number of passengers.
The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing
purposes.
Some rental agreements comprise revenue-based lease payments in addition to fixed payments. The variable lease
payments disclosed above comprise such revenue-based payments. Overall, the variable payments constitute up to
10-20% of the Group’s entire lease payments. The Group expects this ratio to remain within this range in future years.
The variable payments depend on sales and consequently on the overall economic development over the next few
years. Considering the development of sales expected over the next years, variable rent expenses are expected to
continue to present a similar proportion of the entire lease payments in future years. The discount rates applied on the
lease contracts are determined using the incremental borrowing rate adjusted for lease specific measures and currency.
The discount rates applied are within a spread of 4.5%-4.7% (2024:5.5%-11.0%) where discount rates of 5.0%-8.8%
(2024: 7.0%-10.0%) for lease additions during the year have been used.
The Group has committed itself to lease agreements of an amount of DKK 25.4 million (2024: DKK 18.0 million) to
leases not yet commenced as of December 31, 2025.
For maturity of lease liabilities, see Note 20.
Contents of the notes to the consolidated financial statements
Note 14 Deferred tax assets
47
Details of the Group’s deferred tax assets are as follows:
In thousands DKK
2025
2024
Deferred tax assets at the beginning of period ...................................................................
141,582
30,756
Adjustment to prior years ..................................................................................................
(24,102)
26,011
Change in deferred tax for the year ...................................................................................
77,213
(16,837)
Recognition of deferred tax assets previously not recognized ...........................................
(42,540)
99,952
Exchange adjustment .........................................................................................................
(8,716)
1,700
Deferred tax assets as at December 31 ...........................................................................
143,437
141,582
Movement of deferred tax assets during the year are as follows:
2025
In thousands DKK
Deferred tax relates to:
Balance at
January 01
Exchange
adjustment
Prior year
adjustment
Current year
movement
Balance at
December 31
Intangible assets ............................
(4,061)
–
1,523
2,001
(537)
Property, plant and equipment .......
1,759
2,499
(277)
(29,394)
(25,413)
Right-of-use assets ........................
(237,112)
(362)
(2,595)
(30,929)
(270,998)
Lease liabilities ..............................
286,482
–
2,399
41,132
330,013
Prepayments, provisions, and
deferred revenues ...................... 32,180 (633) (1,549) 23,522 53,520
Tax losses carried forward .............
250,261
(20,175)
(23,603)
46,486
252,969
Valuation allowance ......................
(187,927)
9,955
–
(18,145)
(196,117)
Total deferred tax ........................
141,582
(8,716)
(24,102)
34,673
143,437
2024
In thousands DKK
Deferred tax relates to:
Balance at
January 01
Exchange
adjustment
Prior year
adjustment
Current year
movement
Balance at
December 31
Intangible assets ............................
(6,090)
–
–
2,029
(4,061)
Property, plant and equipment .......
(14,114)
181
–
15,691
1,759
Right-of-use assets ........................
(246,199)
–
–
9,087
(237,112)
Lease liabilities ..............................
290,044
–
–
(3,562)
286,482
Prepayments, provisions, and
deferred revenues ...................... 54,096 11 – (21,927) 32,180
Tax losses carried forward ............. 218,860 1,508 26,011 3,882 250,261
Valuation allowance ......................
(265,841)
–
–
77,914
(187,927)
Total deferred tax ........................
30,756
1,700
26,011
83,115
141,582
Contents of the notes to the consolidated financial statements
Note 14 Deferred tax assets
48
Deferred tax is split as follows:
In thousands DKK
2025
2024
Amount presented as deferred tax assets ..................................................................
143,437
141,582
Amount presented as deferred tax liabilities ............................................................
–
–
Deferred tax as at December 31 ............................................................................
143,437
141,582
Deferred tax assets and liabilities within each tax jurisdiction are offset if there is a legally enforceable right to set off
and the income taxes were levied by the same taxation authority.
The recognized tax assets that relate to tax losses carried forward, mainly relates to operations outside Denmark. In
connection with the assessment of the utilization of the tax assets, special emphasis has been placed on the fact that
the most significant tax loss carry forwards are in markets, where the Group now is well established, and these
operations are expected to generate positive results going forward.
In 2025, the Group recognized deferred tax assets of DKK 143.4 million. Recognized deferred tax asset primarily
relates to United States (DKK 64.1 million) and Denmark (DKK 56.7 million). Remaining recognized deferred tax
asset amount relates to Sweden and the UK. The unrecognized deferred tax assets related to tax losses carried forward
amounts to DKK 143 million (2024: DKK 139 million) and have not been recognized due to uncertainties of the
utilization within the next 5 years. There is no expiration date on tax loss carried forward for majority of tax
jurisdictions.
The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to
assess risk and estimate outcomes, particularly in relation to the Group’s cross-border operations and transactions.
These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will
alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognized
on the balance sheet and the amount of other tax losses and temporary differences not yet recognized. Uncertain tax
positions have been evaluated in accordance with the accounting policies. Management believes that the provisions
made are adequate.
Contents of the notes to the consolidated financial statements
Note 15 Provisions
49
Movement of the Group’s provisions and their classification are as follows:
In thousands DKK
Refurbishment
obligation
Other
provisions Total
As at January 01, 2024 ...............................................
68,135
18,018
86,153
Additional provisions recognized ...............................
5,400
12,114
17,514
Amounts used during the year ....................................
(2,700)
(12,948)
(15,648)
Reversals ....................................................................
–
(4,302)
(4,302)
Effect of discounting ..................................................
3,130
–
3,130
Changes in foreign exchange ......................................
508
820
1,328
As at December 31, 2024 ..........................................
74,473
13,702
88,175
As at January 01, 2025 ...............................................
74,473
13,702
88,175
Additional provisions recognized ...............................
14,850
15,260
30,110
Amounts used during the year ....................................
(2,700)
(9,512)
(12,212)
Reversals ....................................................................
–
(3,501)
(3,501)
Effect of discounting ..................................................
2,114
–
2,114
Changes in foreign exchange ......................................
(6,015)
1,083
(4,932)
As at December 31, 2025 ..........................................
82,722
17,032
99,754
The Group’s provisions are presented as follows in the balance sheet:
In thousands DKK
Refurbishment
obligation
Other
provisions Total
As at December 31, 2024:
Non-current liabilities .................................................
71,503
8,294
79,797
Current liabilities ........................................................
2,970
5,408
8,378
Total
...........................................................................
74,473
13,702
88,175
As at December 31, 2025:
Non-current liabilities .................................................
78,402
11,012
89,414
Current liabilities ........................................................
4,320
6,020
10,340
Total ...........................................................................
82,722
17,032
99,754
Refurbishment obligation
The Group is required to restore the leased premises to their original condition at the end of the respective lease terms.
A provision has been recognized for the present value of the estimated expenditure required to remove any leasehold
improvements. These costs have been capitalized as part of the cost of leasehold improvements and are amortized
over the shorter of the term of the lease and the useful life of the assets.
Other provisions
In the normal course of business, the Group is subject to legal and regulatory proceedings and claims and assessment
that cover a wide range of matters. Liabilities for such matters are recorded to the extent that it is probable the liability
is incurred, and the amount is reasonably estimable. Associated legal costs to such matters are expensed as incurred.
The timing of settlement of legal disputes cannot be determined whereas the remaining provisions are expected to be
settled in one to two years.
Contents of the notes to the consolidated financial statements
Note 16 Borrowings
50
The Group had the following outstanding loan facilities:
As of December 31 (in TDKK):
Facility
2025
2024
Interest
Expiry
Bank loans:
Term loan (DKK)
...................
322,257 322,257
Floating rate based on
CIBOR plus variable margin December 21, 2027
Term loan (USD)
....................
25,489 28,785
Floating rate based on Term
SOFR plus variable margin December 21, 2027
CAPEX A
...............................
– –
Floating rate based on
CIBOR plus variable margin December 21, 2027
CAPEX B
...............................
– –
Floating rate based on
applicable IBOR plus
variable margin
December 21, 2027
Revolving credit facility .........
–
–
Fixed margin
December 21, 2027
On December 21, 2023, a Senior Facilities Agreement was entered into between the Group and Skandinaviska
Enskilda Banken AB (publ) with a total commitment amount of DKK 600 million consisting of the following loan
facilities:
a. term loan facilities, denominated in DKK and USD, with total commitment amount of DKK 350 million
b. multicurrency revolving facility with total commitment amount of DKK 250 million
In addition, the new agreement includes an available Accordion facility with a commitment amount of DKK 150
million which can be used, subject to certain conditions, either as a new additional commitment or facility, or as an
additional tranche of any facility, or as an increase to existing term loan facilities.
On March 21, 2024, Skandinaviska Enskilda Banken AB (publ) transferred and assigned a part of its rights and
obligations under the Senior Facilities Agreement to other parties, as new lenders, in a loan syndicate led by SEB as
agent, DKK 100 million has been assigned to the new lenders.
On July 17, 2025, the Senior Facilities Agreement was amended and restated to include new capital expenditure
(CAPEX) facilities with total commitment amount of DKK 400 million, divided into the following: On
a. CAPEX A facility, denominated in DKK, with total commitment amount of DKK 37.5 million
b. CAPEX B facility, multicurrency, with total commitment amount of DKK 362.5 million
Capitalized costs related to the loan facilities amounted to DKK17.3 million and are amortized over the term of the
loans. These include the bank facility fee of DKK 16.5 million and other direct transaction costs. As of December 31,
2025, outstanding capitalized costs amounted to DKK 8.5 million (2024: DKK 12.9 million), net of accumulated
amortization costs of DKK 8.7 million (2024: DKK 4.5 million).
The bank loans are subject to certain loan covenants as further described in Note 19.
There were no changes in the outstanding amounts during 2024 and 2025, except impact of foreign currency changes.
Contents of the notes to the consolidated financial statements
Note 16 Borrowings
51
The table below sets out an analysis of liabilities arising from financing activities and the movements in each of the
periods presented:
In thousands DKK
January 01,
2024
Cash flows
Non-cash changes
December
31, 2024
New loans /
leases*
Changes in
foreign
exchange
rates
Other
changes**
Borrowings ......................................
332,010
–
–
1,653
4,481
338,144
Lease liabilities ................................
1,437,550
(203,813)
152,711
40,750
(579)
1,426,619
Total liabilities from financing
activities ....................................
1,769,560 (203,813) 152,711 42,403 3,902 1,764,763
* New leases include remeasurements.
** Other changes include non-cash movements such as accrued interest expense, loan modification and termination settlements on lease liabilities.
In thousands DKK
January 01,
2025
Cash flows
Non-cash changes
December
31, 2025
New loans /
leases*
Changes in
foreign
exchange
rates
Other
changes**
Borrowings ......................................
338,144
–
–
(3,133)
4,256
339,267
Lease liabilities ................................
1,426,619
(211,350)
461,677
(70,527)
(349)
1,606,070
Total liabilities from financing
activities ....................................
1,764,763 (211,350) 461,677 (73,660) (3,907) 1,945,337
* New leases include remeasurements.
** Other changes include amortization of capitalized loan costs for borrowings and non-cash movements such as termination settlements on lease liabilities.
Contents of the notes to the consolidated financial statements
Note 17 Contract balances
52
The Group has recognized the following assets and liabilities related to contracts with customers:
In thousands DKK
2025 2024
As at January
01, 2024
Contract asset:
Trade receivables ..........................................................
86,545
66,441
47,470
86,545
66,441
47,470
Contract liability:
Deferred revenue ..........................................................
169,633
115,072
104,952
169,633
115,072
104,952
Trade receivables consist of credit card receivables, receivables from delivery services providers, franchise partners,
and other trade partners.
The Group’s contract liabilities are presented as follows in the balance sheet:
In thousands DKK
Deferred
revenue Total
As at December 31, 2024:
Non-current liabilities .........................................................................................
87,030
87,030
Current liabilities ................................................................................................
28,042
28,042
Total ...................................................................................................................
115,072
115,072
As at December 31, 2025:
Non-current liabilities .........................................................................................
135,592
135,592
Current liabilities ................................................................................................
34,041
34,041
Total ...................................................................................................................
169,633
169,633
Deferred revenue consists of payments received in respect of unfulfilled performance obligations. As of December
31, 2025, deferred revenue consists of DKK 155.3 million (2024: DKK 97.2 million) related to deferred franchise
fees, which will be recognized as revenue over the contractual term of 10 years, DKK 10.2 million (2024: DKK 17.2
million) related to prepaid loyalty cards, DKK 4.1 million (2024: DKK 0.7 million) related to gifts and rewards. DKK
50.1 million of deferred revenue at the beginning of the year was recognized as revenue during 2025 (2024: DKK
22.1 million).
Contents of the notes to the consolidated financial statements
Note 18 Share capital
53
The Group’s share capital is comprised of ordinary shares (A-shares) and cumulative preference shares (B-shares) as
shown below:
2025
2024
Number of
shares
Nominal value
TDKK
Number of
shares
Nominal value
TDKK
A-shares..................................
6,578,031,046
65,780
6,533,212,561
65,332
B-shares ..................................
2,203,330,842
22,034
2,203,330,842
22,034
Share capital (fully paid) .....
8,781,361,046
87,814
8,736,543,403
87,366
Changes in share capital during the year are shown below:
A-shares
B-shares
C-shares
2025
2024
2025
2024
2025
2024
Number of
shares
Number of
shares
Number of
shares
Number of
shares
Number of
shares
Number of
shares
Changes in share capital
Opening balance ..............
6,533,212,561
2,011,244,066
2,203,330,842
4,444,489,635
–
2,203,330,842
Conversion of C-shares to
B-shares ...................... – – – 2,203,330,842 – (2,203,330,842)
Conversion of B-shares to
A-shares ...................... – 4,444,489,635 – (4,444,489,635) – –
Capital increase ................
44,818,485
77,478,860
–
–
–
–
Total ................................
6,578,031,046
6,533,212,561
2,203,330,842
2,203,330,842
–
–
A-shares and B-shares have a nominal value of 0.01 (2024:0.01).
A-shares and B-shares have equal voting rights. B-shares have a preferential dividend and liquidation right comprising
the amount paid in plus 8% interest per annum on a non-compounding basis, which amounted to DKK 64.4 million
(2024: DKK 66.3 million) as of December 31, 2025. The B-shares are classified as equity as B-shares do not create a
contractual obligation for the Group to deliver cash or another financial asset. Preferential dividends are recognized
as a liability only when declared at the general meeting. Holders of A-shares are entitled to all proceeds in excess of
the B-shares preference amount. No preferential dividends had been declared as of December 31, 2025.
During 2024, the Group converted the existing B-shares, totaling 4,444,489,635 shares, into new and additional A-
shares, while all the existing C-share classes, totaling 2,203,330,842 shares, were converted into new and additional
B-shares. The conversion of shares is based on the relative value of A-shares and B-shares considering the
shareholder’s current holding of A-shares and the value of relevant B-shares, taking into account the accrued
preferential interest on such B-shares. In addition, the Group issued additional A-shares totaling 77,478,860.
During 2025, the Group issued additional A-shares totaling 44,818,485.
Contents of the notes to the consolidated financial statements
Note 18 Share capital
54
Authorization to issue shares
As of December 31, 2025, the following authorizations to increase the share capital in one or more issues with pre-
emption rights for the Group’s existing shareholders were granted to the Board of Directors:
• by a nominal value of up to a total of DKK 800,000 by issuing new A and/or B-shares, until and
including June 20, 2029
• by a nominal value of up to a total of DKK 485,000 by issuing new A and/or B-shares, until and
including June 27, 2030
• by a nominal value of up to a total of DKK 60,000 by issuing new shares, until and including
December 19, 2030
During 2024, the shareholders have further delegated authority to the Board of Directors to issue up to 2,500,000,000
warrants which give the holders the right to subscribe for up to nominally DKK 25,000,000 ordinary shares in the
Group. In connection with this issuance, the shareholders have further authorized the Board of Directors to increase
the Group’s ordinary share capital with up to nominally DKK 25,000,000 to make it possible for the holders of the
warrants to exercise.
Treasury shares
As of December 31, 2025, the Group holds a total of 1,317,778 (2024: 21,871) A-shares with a nominal value of DKK
0.01.
Contents of the notes to the consolidated financial statements
Note 19 Capital management
55
The Group’s objectives when managing capital are to:
safeguard the Group’s ability to continue as a going concern, so that it can provide returns for shareholders and
benefits for other stakeholders and ensure sufficient funding to support the Group’s growth plans, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to aid such objectives, Management prepares cash flow budgets regularly and forecasts when required. This
enables Management to act in due time in order to comply with the capital management objectives.
Loan covenants
On December 21, 2023, all outstanding loans as disclosed in Note 16 were refinanced and a new Senior Facilities
Agreement (SFA) was entered into between the Group and Skandinaviska Enskilda Banken AB (publ). The new
Senior Facilities Agreement includes financial covenants relating to leverage ratio (Net Senior Debt to Adjusted
EBITDA as defined in the SFA) and interest coverage (Adjusted EBITDA as defined in the SFA to Finance Charges).
The Group must report and comply with these covenants on a quarterly basis, starting in Q3 2024.
The Group was in compliance with both covenants for Q3 and Q4 2024 and for all quarters during 2025.
Based on current forecasts and available headroom, Management expects the Group to remain in compliance with the
financial covenants for the next 12 months.
Refer further to Note 16 – Borrowings.
Contents of the notes to the consolidated financial statements
Note 20 Financial risk management
56
The Group’s principal financial assets include trade receivables and cash while principal financial liabilities comprise
borrowings, lease liabilities and trade and other payables. The main purpose of these financial assets and liabilities is
to finance the Group’s operations.
The Group is exposed to market risk (interest rate and foreign currency), credit risk and liquidity risk. The Group’s
management oversees the management of these risks on an ongoing basis and responds to those risks as appropriate.
The Group does not take on any speculative positions.
Interest rate risk
The Group is exposed to interest risk arising from floating rate loans. The Group entered into an interest rate swap
agreement in 2024 with termination date on December 21, 2027. The interest rate risk is partially hedged through
interest rate swaps under which the Group receives a floating interest rate and pays a fixed interest rate. An increase
or decrease in the Copenhagen Interbank Offered Rate (CIBOR) will result in a gain or loss, as applicable, in the fair
value of the interest rate swap. Refer to Note 22 for an overview of the outstanding interest rate swaps.
Upon entering into the new Senior Facilities Agreement as disclosed in Note 16, a new floating interest rate for the
USD Term Loan was applied which is based on Term Secured Overnight Financing Rate (SOFR). The CIBOR and
Term SOFR base rates on the new loans have a 0% floor and originally have three-months tenor. On June 2024, the
Group elected to change both CIBOR and Term SOFR base rates to have six-months tenor.
As of December 31, 2025, the applicable CIBOR and Term SOFR rates were positive (2024: positive).
A reasonably possible change in the six-months and three-months CIBOR and Term SOFR rates for 2025 and 2024,
respectively, would have the following impact in profit/loss before tax determined on an annual basis:
In thousands DKK
2025
2024
1.0% increase (2024: 1.0% increase) ..............................................................
1,477
3,510
0.25% decrease (2024: 0.25% decrease) .........................................................
(369)
(878)
The amounts are determined based on the loans outstanding as at December 31, 2025, and loans and swaps outstanding
as at December 31, 2025.
When assessing what is a reasonably possible change in interest rates, Management has considered the increased
interest rate volatility throughout 2025 and increased/decreased the change from +1.0 % to -0.25 % (2024: +1.0% to
-0.25%).
Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a balance sheet exposure will fluctuate
because of changes in foreign exchange rates.
The individual Group entities generate their revenue and incur expenses mainly in the local currency, which is their
functional currency. Therefore, the operating activities do not give rise to foreign currency risk. The Group is exposed
to foreign currency risk on intercompany balances, and arises primarily from balances in USD, GBP, SEK and NOK.
Contents of the notes to the consolidated financial statements
Note 20 Financial risk management
57
The following table demonstrates the sensitivity to a reasonably possible change in foreign exchange rates. based on
the exposure as of December 31. With all other variables held constant, the Group’s profit is affected as follows (in
local currency base):
In thousands DKK
Impact on post tax profit (loss) for the year
2025
2024
DKK/GBP exchange rate - increase/decrease 10% ....................
9,028/ (9,028)
17,659 / (17,659)
DKK/NOK exchange rate - Increase/decrease 10% ...................
5,352/ (5,352)
14,908 / (14,908)
DKK/USD exchange rate - increase/decrease 10% ....................
19,190/ (19,190)
24,948 / (24,948)
DKK/SEK exchange rate - increase/decrease 10% ....................
5,302/ (5,302)
4,855 / (4,855)
SEK/USD exchange rate - increase/decrease 10% .....................
454/ (454)
9,427 / (9,427)
NOK/USD exchange rate - increase/decrease 10% ....................
241/ (241)
3,661 / (3,661)
Credit risk
Credit risk arises from cash and deposits with banks and financial institutions, as well as credit card sales.
Customers of the Group generally pay with credit card or with cash. The credit risk that arises from credit card sales
exposes the Group to the respective credit card issuers. Credit card issuers have a high credit rating. Therefore, the
risk is considered immaterial.
The Group is also exposed to credit risk related to trade receivables arising from the sale of goods and services. Credit
risk is managed through ongoing monitoring of customer balances and ageing of receivables, and provisions are
recognized where there is an indication of potential non-recovery.
The most significant counterparty risk is related to deposits with banks and financial institutions, as the Group’s cash
balance at December 31, 2025, amounts to TDKK (90) (2024: DKK 143.9 million). To mitigate this risk, the Group
only enters into bank demand deposits with financial counterparties processing a satisfactory long-term credit rating
from an internationally recognized agency (credit rating of minimum A-). The carrying amounts represent the
maximum credit exposure.
Liquidity risk
Maturities of financial liabilities
The amounts disclosed in the following table are the contractual undiscounted future cash flows, including interest
payments.
In thousands DKK
Contractual maturities of
financial liabilities
0-1 years 1-2 years 2-5 years
More than
5 years
Total
contractual
cash flows
At December 31, 2025:
Trade payables .................................
315,895
2,932
–
–
318,827
Borrowings .......................................
22,001
369,083
–
–
391,084
Lease liabilities .................................
368,175
342,087
723,614
607,801
2,041,677
Derivative financial instruments ......
764
549
–
–
1,313
706,835
714,651
723,614
607,801
2,752,901
Contents of the notes to the consolidated financial statements
Note 20 Financial risk management
58
In thousands DKK
Contractual maturities of
financial liabilities
0-1 years
1-2 years
2-5 years
More than
5 years
Total
contractual
cash flows
At December 31, 2024:
Trade payables ...................................
236,402
4,006
–
–
240,408
Borrowings .........................................
24,920
25,143
375,537
–
425,600
Lease liabilities ...................................
325,590
310,708
666,837
470,229
1,773,364
Derivative financial instruments ........
552
962
661
–
2,175
587,464
340,819
1,043,035
470,229
2,441,547
Contractual maturities of borrowings include interest payments which are calculated based on 6-months CIBOR and
Term SOFR for 2025 and 3-months CIBOR and Term SOFR for 2025, plus variable margins based on expected
leverage ratio.
The Group holds the following financial instruments:
In thousands DKK
2025
2024
Financial assets:
Financial assets at amortized cost
Trade receivables ......................................................................................................
86,545
66,441
Cash ..........................................................................................................................
–
143,948
Other receivables ......................................................................................................
47,355
36,390
133,900
246,779
Financial liabilities:
Liabilities at amortized cost
Trade payables ..........................................................................................................
315,895
236,402
Borrowings ................................................................................................................
339,267
338,144
Lease liabilities .........................................................................................................
1,606,070
1,426,619
2,261,232
2,001,165
Liabilities at fair value through profit or loss
Derivative financial instruments ...............................................................................
1,313
2,175
1,313
2,175
Contents of the notes to the consolidated financial statements
Note 21 Fair value information
59
The categorization of fair value measurements into different levels of the fair value hierarchy depends on the degree
to which the inputs to the fair value measurement are observable and the significance of the inputs to the fair value
measurement.
The following table gives information about how the fair values of the Group’s assets and liabilities, which are
measured at fair value at the end of each reporting period, are determined (in particular, the valuation technique(s)
and inputs used).
In thousands DKK
Fair value as at
Fair value
hierarchy
Valuation
techniques
Significant
unobservable
input
Relationship of
unobservable inputs to
fair value
December 31,
2025
December 31,
2024
Derivative financial
instruments:
Interest rate swap ...................
(1,313)
(2,175)
Level 2
Discounted
cash flow (a)
Not applicable
Not applicable
(1,313)
(2,175)
a. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end
of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of
various counterparties (level 2 in the fair value measurement hierarchy).
There are no recurring fair value measurements categorized within Level 3 of the fair value hierarchy in 2025 and
2024 and therefore no sensitivity of the fair value measurements is required.
There were no transfers to other levels during 2025 and 2024.
The total gains (losses) for the year included fair value gain amounting to DKK 0.9 million and loss amounting to
DKK 2.2 million in 2025 and 2024, respectively. Such fair value gains or losses related to ineffective portion of the
hedge are presented as “financial income and expenses” or presented as part of “other comprehensive income (loss)”
for the effective portion.
The following financial liabilities are not measured at fair values on recurring basis but the fair value disclosure is
required:
In thousands DKK
2025
2024
Carrying
Amount
Fair Value
Carrying
Amount
Fair Value
Fair Value
Hierarchy
Financial Liabilities:
Borrowings .................................
339,267
339,267
338, 144
338, 144
Level 3
Lease liabilities ...........................
1,606,070
1,606,070
1,426,619
1,426,619
Level 3
1,945,337
1,945,337
1,764,763
1,764,763
The fair value of borrowings is determined as the present value of the contractual cash flows discounted at a risk-free
rate plus a market credit spread for a credit rating determined based on a synthetic rating of the Group. The carrying
amount is a reasonable approximation of fair value due to the borrowings having floating interest rates. Fair value
amounted to DKK 339.3 million as of December 31, 2025 (2024: DKK 338.2 million).
The fair values are considered level 3 measurements in the fair value measurement hierarchy.
Contents of the notes to the consolidated financial statements
Note 21 Fair value information
60
The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have
been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with
the most significant inputs being the discount rate that reflects the credit risk of counterparties.
Management believes that cash, trade and other receivables, and trade and other payables approximate their fair
values. Accordingly, fair value of such financial assets and liabilities are not disclosed.
Contents of the notes to the consolidated financial statements
Note 22 Derivative financial instruments
61
The Group had the below interest rate swaps outstanding for the purpose of partially managing interest rate risk on its
loan portfolio.
Principal
Start date
Maturity date
Fixed interest rate
In thousands DKK
As at December 31, 2025:
200,000
December 30, 2024
December 21, 2027
2.631%
As at December 31, 2024:
200,000
December 30, 2024
December 21, 2027
2.631%
The swaps were on inception designated as cash flow hedges of the interest rate.
On August 06, 2024, the Group entered into a new interest rate swap agreement with Skandinaviska Enskilda Banken
AB (publ) with a notional amount of DKK 200 million and exchanged the Group’s floating interest rate based on 6M
CIBOR to a fixed interest rate. The hedge agreement is effective starting on December 31, 2024 and will terminate
on December 21, 2027. As of December 31, 2025, the hedging strategy was considered effective, and gain from
change in fair value of the interest rate swap during the year, which amounted to DKK 0.9 million (2024: DKK 2.2
million loss), was presented in ‘other comprehensive income (loss)’.
The cumulative gain (loss) deferred through equity is presented as a separate reserve within equity and recycled
through the statements of profit (loss) within financial items over the remaining term of the loans if considered
ineffective. As of December 31, 2025, the fair value of the interest rate swap amounted to DKK 1.3
million (2024:
DKK 2.2 million).
Fair value is determined as the present value of future payments, based on observable interest rate curves (level 2 in
the fair value measurement hierarchy). Interest rate swaps are recognized as other receivables and other payables
respectively.
Contents of the notes to the consolidated financial statements
Note 23 Related party transactions
62
As at December 31, 2025, and 2024, the Parent is controlled by General Atlantic JTJ B.V, which is also the ultimate
controlling party.
During 2024, all existing B-shares and C-shares held by General Atlantic JTJ B.V. and Key Management were
converted into A-shares and B-shares, respectively. In addition, the Group issued additional share capital with some
members of Key Management participating.
During 2025, members of Key Management and the Board of Directors participated in a capital increase which
consists of 11,577,034 A-shares. Total subscription price amounted to DKK 8.3 million.
Refer to Note 18 “Share capital” for further details.
The Group also granted new share warrants to members of Key Management.
Remuneration and share-based payment to Key Management are disclosed in Note 5 “Staff expenses” and Note 6
“Share-based payments”.
Balances and transactions between the Parent and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. There are no outstanding balances at the end of the reporting period
in relation to transactions with related parties.
Other than those disclosed above, no other transactions took place during the year with Key Management, major
shareholders or other related parties.
Contents of the notes to the consolidated financial statements
Note 24 Fee to auditors
63
Details of the Group’s fee to auditors for various services are as follows:
In thousands DKK
2025
2024
Deloitte:
Audit fee ....................................................................................................................
7,501
4,906
Tax advisory services ................................................................................................
166
503
Other assurance engagements ....................................................................................
259
218
7,926
5,627
Contents of the notes to the consolidated financial statements
Note 25 Security, commitments and contingent liabilities
64
Charges and security
The following assets have been placed as security with bank and credit institutions:
As of December 21, 2023, upon execution of the new Senior Facilities Agreement as disclosed in Note 16, shares in
JOE & THE JUICE US HOLDINGS INC., JTJ HEARTBEAT A/S and JOE & THE JUICE A/S have been pledged
as security for all accounts with Skandinaviska Enskilda Banken AB (publ).
On March 20, 2024, the subsidiaries JOE & THE JUICE NEW YORK LLC, JOE & THE JUICE Norge AS, JOE &
THE JUICE NG AB, JOE & THE JUICE UK Ltd., JOE & THE JUICE NICE SARL and JOE & THE JUICE
Netherlands have also acceded to the new Senior Facilities Agreement. In connection with their accession, their shares
have also been pledged as security for all accounts with the Bank Syndicate.
On September 12, 2025, JOE & THE JUICE France (formerly JOE & THE JUICE NICE SARL) re-entered into a
second-ranking share pledge agreement in respect of its shares.
The Parent has, as security for the landlords, issued bank guarantees through Skandinaviska Enskilda Banken AB
(publ) totaling DKK 127 million (2024: DKK 144 million) on behalf of subsidiaries.
Contents of the notes to the consolidated financial statements
Note 26 Interests in other entities
65
The Group’s principal subsidiaries at year end are set out below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held
equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of
business.
Name of entity
Place of
business /
country of
incorporation
Ownership interests held by
the Group
2025 2024
JTJ HEARTBEAT A/S ..............................................................
Denmark
100%
100%
JOE & THE JUICE A/S ............................................................
Denmark
100%
100%
JOE & THE JUICE (Switzerland) AG ......................................
Switzerland
100%
100%
JOE & THE JUICE FRANCE SARL
1
......................................
France
100%
100%
JOE & THE JUICE UK Ltd ......................................................
England
100%
100%
JOE & THE JUICE BLEICHENHOF GmbH ...........................
Germany
100%
100%
JOE & THE JUICE DE GmbH .................................................
Germany
100%
100%
JOE & THE JUICE Finland Oy ................................................
Finland
100%
100%
JOE & THE JUICE Netherlands B.V. .......................................
Netherlands
100%
100%
JOE & THE JUICE Belgium NV ..............................................
Belgium
100%
100%
JOE & THE JUICE Norge AS ..................................................
Norway
100%
100%
JOE & THE JUICE NG AB ......................................................
Sweden
100%
100%
JOE & THE JUICE Sydney Pty Limited ...................................
Australia
100%
100%
JOE & THE JUICE US HOLDINGS INC ................................
USA
100%
100%
JOE & THE JUICE NEW YORK LLC .....................................
USA
100%
100%
JJ PCG-MSP Venture LLC .......................................................
USA
82%
82%
JOE & THE JUICE PITTSBURGH LLC .................................
USA
100%
100%
JOE & THE JUICE VANCOUVER AIRPORT LIMITED ......
Canada
100%
100%
NFB Asia Pte. Ltd. ....................................................................
Singapore
100%
100%
JOE & THE JUICE (SHANGHAI) FOOD AND BEVERAGE
MANAGEMENT COMPANY LIMITED ............................ China 100% 100%
NFB Asia (Hong Kong) Pte. Ltd. ..............................................
Hong Kong
100%
100%
JOE & THE JUICE Ireland Limited ..........................................
Ireland
100%
–
JOE & THE JUICE Monaco SARL ..........................................
Monaco
85%
–
In 2024, JOE & THE JUICE 286 Madison LLC has been voluntarily dissolved while JOE & THE JUICE LA LLC,
JOE & THE JUICE MIAMI LLC, JOE & THE JUICE SFO LLC, JOE & THE JUICE 1165 Broadway LLC, JOE &
THE JUICE WTC LLC, JOE & THE JUICE MANAGEMENT LLC, and JOE & THE JUICE CENTRAL STREET
LLC have been merged into JOE & THE JUICE NEW YORK LLC. In 2025, JOE & THE JUICE Ireland Limited
and JOE & THE JUICE Monaco SARL were incorporated.
JOE & THE JUICE Sydney Pty Limited, JOE & THE JUICE (SHANGHAI) FOOD AND BEVERAGE
MANAGEMENT COMPANY LIMITED, NFB Asia Pte. Ltd, NFB Asia (Hong Kong) Pte. Ltd, and JOE & THE
JUICE DE GmbH were dormant as of December 31, 2025.
1
The entity was renamed from JOE & THE JUICE NICE SARL to JOE & THE JUICE FRANCE SARL during 2025.
Contents of the notes to the consolidated financial statements
Note 27 Subsequent events
66
On 28 March 2026, the Group entered into a subscription and share purchase agreement with a new shareholder,
which upon completion of closing conditions will result in a capital increase of USD 50 million into the Group.
Besides this event, the Group has determined that no material events have occurred after the balance sheet date, which
significantly affects the consolidated financial statements.
Contents of the notes to the consolidated financial statements
Note 28 Definition of financial ratios
67
Financial ratios and key figures presented in the annual report include alternative performance measures (non-GAAP
measures) used by Management to monitor the Group’s financial performance and financial position. These measures
are not defined under IFRS and may therefore not be directly comparable with similarly titled measures used by other
companies.
Key figures for financial position:
Net financial expenses
Financial income less expenses.
EBIT
Profit (or loss) excluding net financial expenses (or income) and income taxes.
EBITDA
Reported EBIT adjusted to exclude depreciation and amortization.
Adjusted EBIT
Reported EBIT adjusted to exclude effects of any one-off items.
One-off items
One-off items are defined as income and expense items which are wholly outside of the Group’s ordinary course of
business and are of non-recurring nature.
Same-Store Sales Growth
Same-Store Sales Growth is defined as the period-over-period sales comparison for own-operated stores that have
been open for 18 months or longer. Closed stores, including temporary closures, are excluded.
Gross margin Gross profit x 100
Revenue
EBITDA margin EBITDA x 100
Revenue
EBIT margin EBIT x 100
Revenue
Effective tax rate Tax on profit for the year
Profit before tax
Leverage ratio Net interest-bearing debt
EBITDA
68
Parent Company
69
JOE & THE JUICE HOLDING A/S
Parent Statements of Profit
for the years ended December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Other operating income ............................................................... 11 11,861 13,694
Other external expenses .............................................................. (8,819) (19,577)
Staff expenses .............................................................................. 2
(19,323)
(18,358)
Loss before financial income and expenses (EBIT) ................
(16,281)
(24,241)
Financial income ......................................................................... 3 92,741 85,816
Financial expenses....................................................................... 4
(1,739)
(2,329)
Profit before income tax............................................................
74,721
59,246
Tax on profit during the year ....................................................... 5
(2,031)
(19,996)
Profit for the year ......................................................................
72,690
39,250
See accompanying Notes to Parent Financial Statements.
70
JOE & THE JUICE HOLDING A/S
Parent Statements of Balance Sheet
as of December 31, 2025 and 2024
In thousands DKK
Notes
2025
2024
Assets
Non–current assets
Receivables from group entities .............................................
11
1,200,013
1,080,347
Deferred tax assets ..................................................................
8
3,169
1,072
Total non–current assets
......................................................
1,203,182
1,081,419
Current assets
Tax receivables .......................................................................
68,389
–
Other receivables ....................................................................
788
7,772
Cash ........................................................................................
66
10,493
Total current assets ..............................................................
69,243
18,265
Total assets ............................................................................
1,272,425
1,099,684
Equity
Share capital ...........................................................................
7
87,814
87,366
Retained earnings ...................................................................
1,092,035
978,029
Total equity ...........................................................................
1,179,849
1,065,395
Liabilities
Non–current liabilities
Payables to group enterprises ................................................. 9,11
5,365
17,805
Total non–current liabilities ................................................
5,365
17,805
Current liabilities
Trade payables ........................................................................
4,514
7,913
Tax liabilities ..........................................................................
62,358
4,937
Payables to group enterprises .................................................
20,339
–
Other payables ........................................................................
–
3,283
Provisions ...............................................................................
–
351
Total current liabilities.........................................................
87,211
16,484
Total liabilities ......................................................................
92,576
34,289
Total liabilities and equity ...................................................
1,272,425
1,099,684
See accompanying Notes to Parent Financial Statements.
71
JOE & THE JUICE HOLDING A/S
Parent Statements of Changes in Equity
for the years ended December 31, 2025 and 2024
In thousands DKK
Notes
Share capital
Retained
earnings
Total equity
Equity at January 01, 2024 ...
86,591
899,116
985,707
Capital increase ....................... 7 775 34,978 35,753
Share-based payment ............... – 4,685 4,685
Profit for the year .....................
–
39,250 39,250
Equity at December 31, 2024
87,366
978,029 1,065,395
Capital increase ....................... 7 448 31,404
31,852
Share-based payment ............... – 10,805 10,805
Other adjustments .................... – (893) (893)
Profit for the year ....................
–
72,690 72,690
Equity at December 31, 2025
87,814
1,092,035
1,179,849
See accompanying Notes to Parent Financial Statements.
72
JOE & THE JUICE HOLDING A/S
Notes to Parent Financial Statements
Note 1 Summary of significant accounting policies
Note 2 Staff expenses
Note 3 Financial income
Note 4 Financial expenses
Note 5 Tax on profit (loss) during the year
Note 6 Investments in subsidiaries
Note 7 Share capital
Note 8 Provision for deferred tax
Note 9 Long-term liabilities
Note 10 Contingent assets, liabilities and commitments
Note 11 Related parties
Note 12 Subsequent events
73
Contents of the Notes to Parent Financial Statements
Note 1 Summary of significant accounting policies
Basis of preparation
The financial statements of the Parent Company have been prepared in accordance with the provisions of the Danish
Financial Statements Act applying to medium-sized enterprises of reporting class C.
The accounting policies used in the preparation of the Parent Financial Statements are consistent with those of prior
year.
The financial statements are presented in Danish Kroner (DKK) and have been rounded to the nearest thousand except
when otherwise stated.
Recognition and measurement
Revenues are recognized in the statements of profit and loss as earned. Furthermore, value adjustments of financial
assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to
achieve the earnings for the year are recognized in the statements of profit and loss, including depreciation,
amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts
earlier recognized in the statements of profit and loss.
Value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover,
all expenses incurred to achieve the earnings for the year are recognized in the statements of profit and loss.
Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset
will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow from the
Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for
each item below.
Translation policies
Danish Kroner (DKK) is used as the presentation currency. All other currencies are regarded as foreign currencies.
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses
arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in
financial income and financial expenses in the statements of profit and loss.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet
date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the
balance sheet date and the transaction date rates are recognized in financial income and financial expenses in the
statements of profit and loss.
Statements of profit (loss)
Other operating income
Other operating income comprises items of a secondary nature to the main activities of the Parent Company, including
recharges to other group entities for services and costs incurred by the Parent Company.
Other external expenses
Other external expenses comprise of external administrative expenses.
74
Staff expenses
Staff expenses comprise wages and salaries as well as payroll related expenses.
Financial income and expenses
Financial income and expenses are recognized in the statements of profit and loss at the amounts relating to the
financial year.
Tax on profit (loss) during the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to
the profit (loss) for the year is recognized in the statements of profit and loss, whereas the tax attributable to equity
transactions is recognized directly in statements of changes in equity.
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognized and measured under the equity method.
The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset
value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition
with deduction or addition of unrealized intercompany profits or losses, other equity movements, and amortization
of goodwill calculated at the time of acquisition of the enterprises.
Subsidiaries with a negative net asset value are recognized at nil. Any legal or constructive obligation of the Parent
Company to cover the negative balance of the enterprise is recognized in provisions.
Receivables from group enterprises
Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which
corresponds to nominal value less provisions for bad and doubtful debts.
Deferred tax assets and liabilities
Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis
of the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets are measured at the value at which the asset is expected to be realized, either by elimination in tax
on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the
balance sheet date when the deferred tax is expected to become due as current tax. Any changes in deferred tax due
to changes to tax rates are recognized in the income statement or in equity if the deferred tax relates to items recognized
in equity.
Financial liabilities
Financial liabilities are measured at amortized cost, substantially corresponding to nominal value.
Cash flow statement
No cash flow statement has been prepared for the Parent Company, as the Parent Company’s cash flows are included
in the cash flow statement for the Group based on Danish Financial Statement Act section 86.4.
75
Note 2 Staff expenses
In thousands DKK
2025
2024
Wages and salaries .................................................................
8,001 13,378
Share-based payments ............................................................
10,805 4,685
Pensions costs .........................................................................
517
295
Total .......................................................................................
19,323
18,358
Including remuneration to the Executive Board and Board of Directors of:
In thousands DKK
2025
2024
Executive Management ............................................................
13,145
8,526
Board of Directors ....................................................................
3,879
1,112
Total .........................................................................................
17,024
9,638
Average number of employees ..............................................
3
5
Remuneration of the Executive Board and the Board of Directors is based on the proportional time spent on the
assignment of the Executive Board and the Board of Directors. The disclosed remuneration will therefore differ from
the actual total remuneration of the Executive Board and the Board of Directors.
Refer to Note 5 in the consolidated financial statements for more information about management remuneration and
refer to Note 6 in the consolidated financial statements for more information about share-based payments.
Note 3 Financial income
In thousands DKK
2025
2024
Interest received from group enterprises ....................................
92,741 85,720
Interest received, external.........................................................
–
96
Total .........................................................................................
92,741
85,816
Note 4 Financial expenses
In thousands DKK
2025
2024
Exchange adjustments, expenses ..............................................
(1,734)
(1,188)
Interest paid, external ...............................................................
(5)
(513)
Other financial expenses ..........................................................
–
(405)
Interest paid to group enterprises .............................................
–
(223)
Total .........................................................................................
(1,739)
(2,329)
76
Note 5 Tax on profit (loss) during the year
In thousands DKK
2025
2024
Current tax for the year ............................................................
(19,353) (21,872)
Deferred tax for the year ..........................................................
2,053 4,034
Adjustment to prior year income (expense) .............................
15,269 (2,158)
Total .........................................................................................
(2,031)
(19,996)
Note 6 Investments in subsidiaries
In thousands DKK
2025
2024
Cost at January 01 .....................................................................
1,235,143
1,235,143
Additions for the year ................................................................
–
–
Cost at December 31 .................................................................
1,235,143
1,235,143
Value adjustments at January 01 ...............................................
(1,235,143)
(1,235,143)
Net profit (loss) for the year .....................................................
64,824
114,907
Other equity movements, net .....................................................
41,691
(21,334)
Amortization of goodwill ..........................................................
(14,122)
(14,122)
Reversal of (positive) negative result for the year ....................
(92,392)
(79,451)
Value adjustments at December 31 ...........................................
(1,235,143)
(1,235,143)
Carrying amount at December 31 ..........................................
–
–
The net asset value in the one subsidiary directly owned, JTJ HEARTBEAT A/S, is negative by DKK 752 million
(2024: DKK 844 million). This amount is net of goodwill of DKK 97 million (2024: DKK 111 million). Until the net
asset value is positive, the Parent Company does not recognize income from the subsidiary in the statements of profit
and loss.
Refer to Note 26 in the consolidated financial statements for a specification of investments in subsidiaries.
Note 7 Share capital
During 2024, the Parent converted the existing B-shares into new and additional A-shares, while all the existing C-
share classes were converted into new and additional B-shares. In addition, the Parent issued further additional A-
shares totaling 77,478,860.
During 2025, the Parent issued 44,818,485 additional A-shares.
Refer to Note 18 in the consolidated financial statements for an overview of changes in share capital.
77
Note 8 Provision for deferred tax
In thousands DKK
2025
2024
Provision for deferred tax:
Provision for deferred tax, January 01 ......................................
1,072 (3,121)
Adjustment of deferred tax in prior year ..................................
44 –
Change in deferred tax for the year ..........................................
2,053
4,193
Provision for deferred tax, December 31 ..............................
3,169
1,072
Note 9 Long-term liabilities
In thousands DKK
2025
2024
Payables to group companies:
Between 1 and 5 years .............................................................
5,365
17,805
Long-term part ..........................................................................
5,365
17,805
Other short-term payables ........................................................
–
–
Total .........................................................................................
5,365
17,805
Note 10 Contingent assets, liabilities and commitments
The Danish group companies are jointly and severally liable for tax on the jointly taxed income of the Group. The
Parent acts as administration company for the Danish joint taxation. The total amount of corporate tax liability by the
Parent amounted to 62,358
TDKK (2024: 4,937 TDKK). Moreover, the group companies are jointly and severally
liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income.
Any subsequent adjustments of corporate taxes and withholding taxes may increase the Parent’s liability.
Refer to Note 25 in the consolidated financial statements for more information.
Note 11 Related parties
Recharges to other group entities for services and costs incurred by the Parent Company amounted to 11,861 TDKK
during the year (2024: 16,782 TDKK). Interest received from and paid to group enterprises are disclosed in Note 3
and Note 4, respectively.
Receivables from and payables to group entities are disclosed in the parent statements of balance sheet. Receivables
from group entities are composed primarily of receivables from JTJ Heartbeat A/S amounting to 1,020,754 TDKK.
The amount is related to the capital raise and loan refinancing during 2023, including interest.
Refer to Note 2 for remuneration of the Executive Board and the Board of Directors. Refer further to Note 23 in the
consolidated financial statements for more information about related parties.
Consolidated Financial Statements:
The separate financial statements and the consolidated financial statements of JOE & THE JUICE HOLDING A/S are
included in the ultimate controlling party's consolidated financial statements:
Name
Place of registered office
General Atlantic JTJ B.V.
Amsterdam, The Netherlands
78
Note 12 Subsequent events
On 28 March 2026, the Parent entered into a subscription and share purchase agreement with a new shareholder, which
upon completion of closing conditions will result in a capital increase of USD 50 million into the Parent. Besides this
event, the Parent has determined that no material events have occurred after the balance sheet date, which significantly
affects the financial statements.