To Nasdaq OMX Copenhagen A/S
Company announcement no. 577
August 20
th
, 2025
Glunz & Jensen
Glunz & Jensen is a supplier of innovative, high-quality plate equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of
spare parts, wear parts and consumable products. Our diverse product portfolio includes inkjet imaging systems, exposure units, wash out units (processors), dryers, light finishers,
full-automatic platemaking (inline) systems, mounting tables, plate stackers & turners.
Our R&D, supply chain, production, testing, and training facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology. In
addition, we have an R&D facility in Odense, Denmark.
Glunz & Jensen has been operating in prepress for more than 50 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji
Film, Heidelberg, KBA, Kodak, MacDermid, Miraclon, TechNova and more. We market our products and solutions globally through a well-established, comprehensive, and worldwide
network of distributors and dealers. We have approx. 100 employees in our facilities in Denmark, Slovakia and the USA.
We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market
share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply
chain.
The shares of Glunz & Jensen Holding A/S are listed at NASDAQ OMX Copenhagen A/S.
Page 1 of 15
Phone: +45 5768 8181, CVR-no. 10239680
www.glunz-jensen.com
INTERIM REPORT JANUARY 1
ST
, 2025 – JUNE 30
TH
, 2025 (H1 2025)
The H1 2025 report of the fiscal year was reviewed and approved at the Board of Directors meeting.
Highlights
• Overall, the H1, 2025 came out stronger than expected and well ahead of H1, 2024. Topline, margins,
bottom-line, and inventories have all improved against 2024, 1
st
half.
However, Glunz & Jensen Holding A/S is currently not able to estimate or to conclude how the
imposing of trade tariffs will affect the demand for equipment, spares, and services in the remaining
part of 2025, and/or how the profitability of Glunz & Jensen will be affected accordingly.
• The revenue for H1 2025 amounted to DKK 74,5 million (H1 2024: DKK 64,9 million).
• The gross profit amounted to DKK 19,6 million in H1 2025 (H1 2024: DKK 15,0 million), the gross profit
margin was 26,3% (H1 2024: 23,1%).
o The improved margins are due to the implementation of Plan-2026 as described in the annual
report for 2024. Plan-2026 includes operational consolidation, additional focus on purchase of
parts and materials, additional focus on new markets, an updated go-to-market approach, new
product launches, and organizational adjustments. Plan-2026 is on track.
• EBITDA for the period was DKK 9,5 million (H1 2024: DKK 4,1 million).
• Profit before tax for the period H1 2025 was DKK 6,3 million (H1 2024: DKK 1,0 million), corresponding
to a result per share (EPS) at DKK 2,7 (H1 2024: DKK 0,4).
Glunz & Jensen continuously monitors its financial performance and will communicate an updated 2025
outlook (guidance) in the event of any material deviations from the already communicated outlook dated
November 20
th
, 2024.
Following the mandate received at the annual general meeting on April 9
th
, 2025, Glunz & Jensen Holding A/S
has initiated; “a formal review process, including market assessments, identifying potential buyers, and
determining the best approach for a sale and initiate the actual selling of Selandia Park A/S, or the selling of
assets (primarily the investment property) owned by Selandia Park A/S, and finalize the sale”. Glunz & Jensen
Holding A/S will inform the market when substantial progress is made.
Company announcement for H1 2025
Page 2 of 15
For further information please contact:
CEO Henrik Blegvad Funk: phone +45 21 39 05 32
Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
Company announcement for H1 2025
Page 3 of 15
FINANCIAL HIGHLIGHTS
In millions, except per share data
2025
H1
2024
H1
2024
Year
Income statement
Revenue
74,5
64,9
131,0
Gross profit
19,6
15,0
34,4
Operating profit
8,7
3,3
7,9
Net financials
(2,4)
(2,3)
(4,6)
Profit before tax
6,3
1,0
3,3
Profit for the year
4,8
0,8
2,8
Profit before financial income and expenses, tax, depreciation, amortization, and
impairment of assets (EBITDA)
9,5
4,1
9,5
Balance sheet
Assets
Intangible assets
0,7
0,4
0,6
Other non-current assets
157,6
158,5
155,2
Current assets
62,6
60,6
56,3
Total assets
220,9
219,5
212,1
Liabilities
Share capital
108,8
102,2
104,4
Non-current liabilities
72,9
75,0
72,6
Current liabilities
39,2
42,3
35,1
Total Equity and liabilities
220,9
219,5
212,1
Cash flows
Cash flows from operating activities
5,1
0,9
6,6
Cash flows from investing activities
1
(3,5)
(1,3)
(1,6)
Free cash flow
1,6
(0,4)
5,0
Cash flows from financing activities
(1,1)
0,2
(5,6)
Change in cash and cash equivalents for the year
0,5
(0,2)
(0,7)
1)
including investments in property, plant and equipment
(3,3)
(0,9)
(1,1)
Financial ratios in %
Operating margin
11,7
5,1
6,0
EBITDA margin
12,7
6,4
7,2
Return on assets
3,8
1,5
3,7
Return on equity (ROE)
4,6
0,8
2,8
Equity ratio
49,2
46,6
49,2
Other information
Credit institutions net interest-bearing debt
69,1
74,8
70,5
Interest coverage
4,1
1,6
1,9
Earnings per share (EPS)
2,7
0,4
1,6
Diluted earnings per share (EPS-D)
2,7
0,4
1,6
Cash flow per share (CFPS)
2,8
0,5
3,6
Book value per share (BVPS)
59,7
56,1
57,3
Share price (KI)
64
74
75
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
Dividend per share
0,0
0,0
0,0
Average number of employees
107
For definitions of financial ratios please refer to Glunz & Jensen's annual report for 2024 page 62.
Company announcement for H1 2025
Page 4 of 15
THE DEVELOPMENT IN H1 2025
Compared to H1 2024 the period of H1 2025 showed an
increase in revenue to DKK 74,5 million (H1 2024: DKK
64,9 million) equal to an increase of 14,8%.
Commercial efforts are ongoing, including strengthening
the organization, price adjustments, and production cost
reductions.
The introduction of U.S. trade tariffs during H1 2025 has
adversely impacted revenue, primarily due to increased
import costs and market uncertainty.
See note 3 (geographical distribution) for revenue figures
for the different regions.
Gross profit
Gross profit is at DKK 19,6 million in H1 2025 (H1 2024:
DKK 15,0 million). There is a continuous focus on
securing parts and components at competitive prices.
and as we recently purchased at a lower cost price, our
gross profit margin during 2025 has improved compared
to full year 2024.
The gross profit margin was 26,3% in H1 2025 (H1 2024:
23,1%).
Development in EBITDA
Earnings before financial income and expenses, tax,
depreciation, and amortization EBITDA was at DKK 9,5
million in H1 2025 (H1 2024: DKK 4,1 million).
Operating profit (EBIT) was DKK 8,7 million in H1 2025
(H1 2024: DKK 3,3 million).
The net financial items represent a cost of DKK 2,4
million in H1 2025 (H1 2024: DKK 2,3 million). The
increase is mainly caused by USD exchange rate loss.
In H1 2025 tax for the period was calculated to a cost of
DKK 1,5 million (H1 2024: cost of DKK 0,2 million).
The profit for the period in H1 2025 was DKK 4,8 million
compared to DKK 0,8 million in H1 2024.
Balance sheet
The balance sheet for the group amounted to DKK 220,9
million by the end of June 2025 compared to DKK 212,1
million by the end of the last financial year on December
31
st
, 2024.
The non-current other receivables have increased due to
a rebuilding of rental property on behalf of a new tenant,
an increase in trade receivables, whereas inventories
were reduced. The inventories have decreased because
of improved inventory management. Inventories
amounted to DKK 37,6 million on June 30
th
, 2025 (H1
2024: DKK 40,3 million). Trade receivables were DKK
18,4 million on June 30
th
, 2025 (H1 2024: DKK 15,2
million).
Trade payables were DKK 13,3 million on June 30
th
,
2025 (2024: DKK 9,9 million).
Net interest-bearing debt amounted to DKK 70,6 million
on June 30
th
, 2025, of which DKK 0,3 million referred to
IFRS 16 lease liabilities. On June 30
th
, 2024, net interest-
bearing debt amounted to DKK 77,2 million of which DKK
1,2 million referred to lease liabilities.
The equity increased in the period from DKK 104,4
million to DKK 108,8 million mainly due to the positive
result for the first half year.
On June 30
th
, 2025, the equity ratio was 49,2% which is
equal to the equity ratio December 31
st
, 2024.
As in previous years the activities in the Group have not
significantly been affected by seasonal fluctuations.
Cash flow
The net cash flow from operating activities came at DKK
5,1 million in H1 2025 (H1 2024: DKK 0,9 million), net
cash flow from investing activities were DKK -3,5 million
(H1 2024: DKK -1,3 million) and the free cash flow was
positive by DKK 1,6 million compared to a negative free
cash flow of DKK 0,4 million in H1 2024.
Covenants
The main bank has linked the credit lines to 3 financial
covenants based on solvency, EBITDA/revenue, and
debt leverage compared to EBITDA in Glunz & Jensen
Holding A/S. As of June 30
th
, 2025, all covenants were
calculated and confirmed to be in compliance.
Events after the balance sheet date
No significant events, which are deemed to have a
significant impact on the Group’s financial position, have
occurred since June 30
th
, 2025.
Outlook for 2025
As outlined in the 2024 annual report, the Glunz &
Jensen expect revenue in fiscal year 2025 to reach
approximately DKK 132 million, while operating profit
(EBITDA) around DKK 15 million and profit before tax of
approximately DKK 8 million. The outlook for the EBITDA
and the profit before tax is before any potential fair value
adjustment the investment property.
Glunz & Jensen continuously monitors its financial
performance and will update the market in the event of
any material deviations from the current outlook.
The Group’ intends to allocate free cash flow to
maximize shareholder value, including investments in
business development and technology as well as debt
reduction.
Company announcement for H1 2025
Page 5 of 15
Forward-looking statements
The forward-looking statements in this announcement
reflect the company’s current expectation for future
events and financial performance. These statements are
inherently subject to uncertainty, and actual results may
differ from expectations. Key risk factors include general
economic and financial market developments, changes
in legislation and regulation, fluctuations in product
demand, competitive dynamics, and the availability and
pricing of raw materials. For further details, please refer
to the risk section on page 13 of Glunz & Jensen's 2024
annual report.
Glunz & Jensen Holding A/S is currently not able to
estimate or to conclude how the imposing of trade tariffs
will affect the demand for equipment, spares, and
services in the remaining part of 2025, and/or how the
profitability of Glunz & Jensen will be affected
accordingly.
- - - o o O o o - - -
The annual reporting for 2025 covering the period
January 1
st
, 2025 – December 31
st
, 2025, is expected to
be announced on March 17
th
, 2026.
Company announcement for H1 2025
Page 6 of 15
MANAGEMENT’S REVIEW
th
, 2025
Executive Management
Board of Directors
Company announcement for H1 2025
Page 7 of 15
INCOME STATEMENT
(DKK millions)
Note
2025
H1
2024
H1
2024
Year
Revenue
3
Production costs
(54,9 )
(49,9 )
(96,6 )
Gross margin
Other operating income
Sales and distribution costs
(6,1 )
(7,0 )
(13,2 )
Development costs
(0,7 )
(0,4 )
(1,5 )
Administrative expenses
(4,1 )
(4,3 )
(10,1 )
Fair value gains on investment property
(1,8 )
-
Operating profit
Financial income
Financial expenses
(2,5 )
(2,4 )
(4,9 )
Profit before tax
Income taxes
(1,5 )
(0,2 )
(0,5 )
Profit for the year
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
Total
Earnings per share
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
STATEMENT OF COMPREHENSIVE INCOME
(DKK ’000)
Note
2025
H1
2024
H1
2024
Year
Profit for the year
Other comprehensive income:
Items that may be reclassified to the income statement:
Exchange rate adjustments of investments in subsidiaries
(0,4 )
Total other comprehensive income
(0,4 )
Total comprehensive income
Attributable to:
,1
,1
6,0
Equity holders of Glunz & Jensen Holding A/S
Total
Company announcement for H1 2025
Page 8 of 15
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2025
30
th
Jun.
2024
31
st
Dec.
2024
ASSETS
Non-current assets
Intangible assets
Completed development project
Development projects in progress
0,7
0,4
0,6
Property, plant, and equipment
Property, plant, and equipment
Leased assets
Investment properties
5
Other non-current assets
Deferred tax
Other receivables
Total non-current assets
Current assets
Inventories
Trade receivables
Other receivables
Income tax
Prepayments
Cash
Total current assets
TOTAL ASSETS
Company announcement for H1 2025
Page 9 of 15
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2025
30
th
Jun.
2024
31
st
Dec.
2024
LIABILITIES
Equity
6
Share capital
Other reserves
Revaluation reserve
Retained earnings
Total equity
Non-current liabilities
Deferred tax
Provisions
Credit institutions
Other payables
Prepayments from customers
Lease liabilities
Total non-current liabilities
Current liabilities
Credit institutions
Trade payables
Lease liabilities
Provisions
Prepayments from customers
Income tax
Other payables
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Company announcement for H1 2025
Page 10 of 15
STATEMENT OF CASH FLOW
(DKK millions)
Note
2025
H1
2024
H1
2024
Year
Operating activities
Profit for the year
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
Gain and loss on sale of non-current assets
(0,1 )
Fair value gain on investment properties
Other non-cash items, net
Provisions
(0,3 )
(1,5 )
Financial income
(0,1 )
(0,1 )
(0,3 )
Financial expenses
Tax on operating profit
Cash flow from operating activities before changes in working
capital
Changes in working capital:
Changes in inventories
(0,8 )
Changes in receivables
(4,2 )
(2,9 )
(2,0 )
Changes in trade and other payables
(0,5 )
(2,5 )
Changes in working capital
(2,3 )
(0,6 )
Financial income received
Financial expenses paid
(2,5 )
(2,4 )
(4,8 )
Income taxes paid
(0,2 )
Net cash flow from operating activities
Acquisition of intangible assets
(0,2 )
(0,4 )
(0,6 )
Acquisition of items of property, plant, and equipment
4
(0,7 )
(0,9 )
(1,1 )
Acquisition of investment property
5
(2,6 )
Sale of associates
Net cash flow from investing activities
(3,5 )
(1,3 )
(1,6 )
Free cash flow
(0,4 )
Change in net interest-bearing debt
(0,9 )
(3,5 )
Repayment of lease liabilities
(0,2 )
(1,0 )
(2,1 )
Net cash flow from financing activities
(1,1 )
(5,6 )
Net cash flow generated from operations
(0,2 )
(0,6 )
Cash and cash equivalents at the beginning of the year
Exchange gains/(losses) rate on cash and cash equivalents
(0,1 )
Cash and cash equivalents at the end of the year
Company announcement for H1 2025
Page 11 of 15
STATEMENT OF CHANGES IN EQUITY
(DKK millions)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity December 31
st
, 2023
Changes in equity in H1 2024
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
Total other comprehensive income
Total comprehensive income for the year
Equity June 30
th
, 2024
Equity December 31
st
, 2024
Changes in equity in H1 2025
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
(0,4 )
(0,4 )
Total other comprehensive income
(0,4 )
(0,4 )
Total comprehensive income for the year
(0,4 )
Equity June 30
th
, 2025
Company announcement for H1 2025
Page 12 of 15
NOTES
Note 1 Accounting policies
The interim report of the Group for the period January 1
st
, 2025 – June 30
th
, 2025, is presented in accordance with IAS 34”
Presentation of financial statements” as approved by the EU and additional Danish disclosure requirements regarding
interim reporting by listed companies.
The accounting policies applied in the interim report are consistent with the accounting policies applied in the annual report
2024. The accounting policies are described in note 31 on page 57 to which reference are made.
Note 2 Significant accounting estimates and judgements
When preparing the interim report in accordance with the Group’s accounting policies, it is necessary that Management
makes estimates and lays down assumptions that affect the recognized assets, liabilities, revenues, and expenses.
Management bases its estimates on historical experience and other assumptions considering relevant at the time in
question. These estimates and assumption form the basis of the recognized carrying amounts of assets and liabilities and
the derived effect on the income statement. The actual results may deviate over time. Reference is made to note 1,
significant accounting estimates and judgements on page 38 in the annual report 2024 for further details.
Note 3 Segment information
The Glunz & Jensen Group consists of two reportable segments: the prepress market and the Selandia Park properties.
(DKK millions)
January 1
st
, 2025 – June 30
th
, 2025
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
68,8
5,7
74,5
-
74,5
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
68,8
5,8
74,6
(0,1)
74,5
Cost of goods sold
54,9
-
54,9
-
54,9
Depreciation of intangible assets
0,1
-
0,1
-
0,1
Depreciation of property, plant, and equipment
0,5
-
0,5
-
0,5
Depreciation of leased assets
0,2
-
0,2
-
0,2
Operating profit
3,7
5,0
8,7
-
8,7
Financial income
0,1
0,1
0,2
(0,1)
0,1
Financial expenses
(0,7)
(1,9)
(2,6)
0,1
(2,5)
Segment profit before tax
3,1
3,2
6,3
-
6,3
Inventories
37,6
-
37,6
-
37,6
Segment assets
69,6
151,3
220,9
-
220,9
Capital expenditure
1,0
2,5
3,5
-
3,5
Credit institutions
11,3
59,0
70,3
70,3
Segment liabilities
27,1
85,0
112,1
-
112,1
Company announcement for H1 2025
Page 13 of 15
(DKK millions)
January 1
st
, 2024 – June 30
th
, 2024
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
59,2
5,7
64,9
-
64,9
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
59,2
5,8
65,0
(0,1)
64,9
Cost of goods sold
49,9
-
49,9
-
49,9
Depreciation of property, plant, and equipment
0,5
-
0,5
-
0,5
Depreciation of leased assets
0,3
-
0,3
-
0,3
Operating profit/(loss)
(1,7)
5,0
3,3
-
3,3
Financial income
0,2
0,1
0,3
(0,2)
0,1
Financial expenses
(0,6)
(2,0)
(2,6)
0,2
(2,4)
Segment profit/(loss) before tax
(2,1)
3,1
1,0
-
1,0
Inventories
40,3
-
40,3
-
40,3
Segment assets
68,5
151,0
219,5
-
219,5
Capital expenditure
1,3
0,0
1,3
-
1,3
Credit institutions
14,0
61,9
75,9
75,9
Segment liabilities
29,1
88,2
117,3
-
117,3
Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length
transactions.
For further information regarding the investment properties in Selandia Park please refer to page 47 in the Annual report
2024.
Geographical distribution
(DKK millions)
2025
H1
2024
H1
2024
Year
EMEA (Europe, Middle East, Africa)
50,4
38,2
90,6
Americas
12,5
19,0
32,7
Asia and the Pacific
11,6
7,7
20,0
Total
74,5
64,9
143,3
Selandia Park is included in EMEA.
Glunz & Jensen have generated more that 10% of total revenue in the following countries: Germany accounted for DKK
16,4 million (2024 H1; DKK 14,7 million) and USA accounted for DKK 10,6 million (2024 H1: DKK 15,3 million). Further
7,8% of the Group’s revenue relates to Denmark (2024 H1: 9,7%).
In H1 2025 one major customer generated revenue of more than 10% of total revenue. Customer A accounted for DKK
17,3 million and customer B accounted for DKK 8,2 million. (2024 H1: Customer A accounted for DKK 11,9 million and
customer B accounted for DKK 9,1 million). All major customers relate to the prepress market.
Company announcement for H1 2025
Page 14 of 15
Note 4 Acquisition and sale of tangible assets
In H1 2025 the Group acquired tangible assets for DKK 0,7 million (H1 2024: DKK 0,9 million). The acquisition in 2025
primarily relates to warehouse improvement in Slovakia and IT (H1 2024: (Photovoltic) solar roof panels).
In H1 2025 the Group did not sell tangible assets (H1 2024: DKK 0).
Note 5 Investment properties
(DKK millions)
2025
H1
2024
H1
2024
Year
Total cost on January 1
st
119,2
119,2
119,2
Addition
2,5
-
-
Total cost on June 30
th
/December 31
st
121,7
119,2
119,2
Total fair value adjustment on January 1
st
25,5
27,3
27,3
Fair value adjustment recognized in profit and loss
-
-
(1,8)
Total fair value adjustment on June 30
th
/December 31
st
25,5
27,3
25,5
Carrying amount on June 30
th
/December 31
st
147,2
146,5
144,7
Following a resolution passed at the Annual General Meeting on April 9
th
, 2025, the board of Directors has initiated a
formal review process to explore the penitential sale of Selandia Park A/S or its underlying assets. The sales process is
still expected to take approximately 12-18 months, subject to market conditions and buyer interest. Glunz & Jensen
Holding A/S will inform the market when substantial progress is made.
100% of the investment properties were leased to tenants on June 30
th
, 2025 (2024: 92%). Own use of the properties
represented 2% on June 30
th
, 2025 (2024: 2%). All lease agreements have expiration dates from 2026 at the earliest to
2033 at the latest. (2024; Except 2% of the lease agreements ending December 31
st
, 2024, all lease agreements have
expiration dates from 2026 at the earliest to 2033 at the latest).
In connection with the lease of a previously vacant property, the Group initiated a refurbishment of the premises to
accommodate the new tenant. As a result, an addition to investment property of DKK 2,5 million was recognised in H1
2025. (H1 2024: DKK 0).
Fair value adjustments for the investment property are performed annually; accordingly, no revaluation has been
recognised in the interim financial statements. For further details, reference is made to note 14, Investment properties on
page 47 of the annual report 2024. As of 30
th
June 2025, the unobservable inputs used in the 2024 DCF-model remain
largely unchanged. However, the successful leasing of the vacant property during H1 2025 is expected to positively impact
the year-end DCF valuation considering that 2024 DCF-model include vacancy rate of 11% in 2025 and 2026. This
anticipated increase in fair value is expected to equal or even exceed the addition value of the ongoing refurbishment.
Company announcement for H1 2025
Page 15 of 15
Note 6 Share capital and treasury shares
As of June 30
th
, 2025, and on June 30
th
, 2024, the share capital consists of 1.821.309 shares representing a nominal value
of DKK 20 each. No shares carry any special rights.
By June 30
th
, 2025, and by June 30
th
, 2024, Glunz & Jensen Holding A/S held no treasury shares.
During the last five years there have been no movements in the share capital.
Note 7 Related parties
Companies with a controlling interest in the Group consist of Heliograph Holding GmbH, owned by MRB Holding GmbH,
which is the immediate majority owner, and MRB Holding GmbH, which is the ultimate majority owner.
The Group’s related parties also comprise the members of the board of directors and the executive board as well as these
persons’ family members. Apart from contracts of employment, no transactions were entered into between the Group and
the Executive Management.