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"value": "1. Significant accounting estimates and judgements Estimates and judgements: In applying the Group\u2019s and the Parent Company\u2019s accounting policies, Management is required to make judgments, estimates and assumptions concerning the carrying amount of assets and liabilities that cannot be immediately inferred from other sources. The judgments, estimates and assumptions made are based on historical experience and other relevant factors which Management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. Estimates and underlying assumptions are assessed on an ongoing basis. Changes to accounting estimates are recognized in the reference period in which the change occurs and in future reference periods if the change affects both the period in which the change occurs and subsequent reference periods. Capital structure and financing: The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio \"solvency\", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2025 Glunz & Jensen did not breach the covenants. Management considers the Group\u2019s funding for 2026 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2026. Investment properties: For investment properties, a valuation methodology based on a discounted cash flow (DCF) model is used every year. The average yield in 2025 is 7,4% (2024: 7,2%). Including inflation, the average discount rate in 2025 is 9,9% (2024: 29,7%). The yearly rent adjustment of 2,5% was used for all years, the maintenance per m in DKK was 42 and the DCF model include occupancy rate of 100%. Calculated terminal cash flows are based on an average yield of 7,4%. Year 1-15 is based on an average discount rate of 9,9%. Key assumption in the fair value calculation is the yield and discount rate. Sensitivity analysis of the fair value calculation indicates that a change in the discount rate +/- 0,5% will lead to a fair value adjustment of approximately DKK 10 million. The yield rate is based on available information from commercial real estate agents and the Executive Management\u2019s assessments. The fair values of the properties are however not based on valuations performed by an independent external valuer. Please see note 14 concerning investment properties. Inventories: In connection with the preparation of the annual report and during the year, Management regularly assesses the need for writing down the inventory value regarding phase-out of materials, consumables, and/or finished machines. The need for write-downs is estimated based on analysis in which last year\u2019s revenue is compared to the present composition of the inventories. The percentage of the write-down increase depends on the number of years of revenue the inventory is estimated to cover. If Management estimates that future revenue differs significantly compared to historical sales, e.g., due to planned phase-outs, this is taken into consideration in the impairment test. Normally, inventory write-downs are made when Management estimates that the product portfolio covers more than two years\u2019 future expected revenue. Most of the uncertainties in the impairment test relate to estimating the future revenue, the effect of phase-outs and the precision of the write-down percentages used. Non-current assets: The carrying amounts of non-current assets are reviewed annually to determine whether there is any evidence of impairment. If any such evidence exists, the recoverable amount of the asset is estimated. The recoverable amount of an asset is the higher of its fair value less expected disposal costs and its value in use. The value in use is determined as the present value of expected future cash flows from the asset or the cash-generating unit to which the assets belong. Completed development projects are tested at least annually for impairment. The impairment test is based on Flexo revenue growth averaging about 1-3% per year during a 5-year period. The Group\u2019s completed development projects on stDecember 31, 2025, are amortized over 3 years. The uncertainties in the impairment test relate to estimated future sales and product life. Please see note 11 concerning intangible assets. Accounting policies: In applying the Group\u2019s and the Parent Company\u2019s accounting policies, Management is required to make other judgments not relating to estimates which might significantly affect amounts recognized in the annual report. Segments: The Glunz & Jensen Group\u2019s main activities lie within the Prepress market. Product area Flexo and Product area Offset, are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. At the production facility in Slovakia, Glunz & Jensen manufactures both Flexo and Offset equipment. Glunz & Jensen markets Flexo and Offset through a comprehensive and worldwide network of private label partners, distributors, and dealers. Flexo and Offset equipment are sold on a standalone basis or in conjunction with other product types. Glunz & Jensen\u2019s service organization provides service for both Flexo and Offset equipment. Glunz & Jensen sees an overlap between customers within Flexo and Offset. Consequently, Glunz & Jensen has concluded that Offset and Flexo belong to the same segment. The management of Glunz & Jensen and the internal financial reporting is organized accordingly. Thus Glunz & Jensen Group account can be divided into two segments: Prepress market and Investment properties, Selandia Park. Glunz & Jensen presents entity-wide information regarding geographical distribution of revenue and assets. However, Glunz & Jensen\u2019s financial reporting does not include information regarding geographical markets beyond those reflected in note 2 and geographical markets are not considered operating segments.",
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"f1__s8__7__66-1": {
"value": "Investment properties: For investment properties, a valuation methodology based on a discounted cash flow (DCF) model is used every year. The average yield in 2025 is 7,4% (2024: 7,2%). Including inflation, the average discount rate in 2025 is 9,9% (2024: 29,7%). The yearly rent adjustment of 2,5% was used for all years, the maintenance per m in DKK was 42 and the DCF model include occupancy rate of 100%. Calculated terminal cash flows are based on an average yield of 7,4%. Year 1-15 is based on an average discount rate of 9,9%. Key assumption in the fair value calculation is the yield and discount rate. Sensitivity analysis of the fair value calculation indicates that a change in the discount rate +/- 0,5% will lead to a fair value adjustment of approximately DKK 10 million. The yield rate is based on available information from commercial real estate agents and the Executive Management\u2019s assessments. The fair values of the properties are however not based on valuations performed by an independent external valuer. Please see note 14 concerning investment properties.14. Investment properties Group Group(DKK \u2018000) 2025 2024 st Total cost on January 1119.205 119.205 Additions 4.645 - stTotal cost on December 31123.850 119.205 stTotal fair value adjustment on January 125.495 27.295 Fair value adjustment recognized in profit and loss (345) (1.800) stTotal fair value adjustment on December 3125.150 25.495 stCarrying amount on December 31149.000 144.700 Direct operating expenses (including repairs and maintenance) arising from investment properties that did not generate rental income during the period. 478 355 Direct operating expenses (including repairs and maintenance) arising from investment properties that generated rental income during the period. 1.016 1.143 The investment properties totaling 16.242 sqm. are located in Ringsted, Denmark. The properties are available for commercial lease only. The tenants use the properties for amongst other health care, education, office, production and retail. st100% of the investment properties were leased to tenants on December 31, 2025 (2024: 92%). Own use of the properties strepresented 1% on December 31, 2025 (2024: 2%). All lease agreements have expiration dates from 2027 at the earliest to 2033 at the latest. Group GroupUn-observable input used in the DCF-model 2025 2024 Budget period applied 15 years 15 years The yearly rent adjustments used for the budget period 2,5% 2,5% The yearly rent adjustments used in terminal period 2,5% 2,5% Vacancy rate included in first two years 0% 11% Vacancy rate included after the first two years 0% 0% Payment of lease quarterly quarterly The average yield: Office buildings & Retail 7,3% 7,3% Warehouse and logistic buildings 7,5% 6,8% Total average yield included 7,4% 7,2% The average discount rate: Office buildings & Retail 9,8% 9,8% Warehouse and logistic buildings 10,0% 9,3% Total average discount included 9,9% 9,7% 2Average rent per m751 DKK 700 DKK 2The maintenance cost per m47 DKK 42 DKK stCollateral in the form of a registered mortgage on December 31, 2025 has been provided in investment properties with a carrying amount DKK 149.000 thousand (2024: DKK 144.700 thousand). The value of the relating collateral was DKK st57.477 thousand on December 31, 2025 (2024: DKK 60.497 thousand). Please see note 1 Significant accounting estimates and judgements \u201cInvestment properties\u201d and note 2 Segments \u201cRental of the Selandia Park properties\u201d and note 26 Financial risks and financial instruments \u201cFair values\u201d. ",
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"value": "Inventories: In connection with the preparation of the annual report and during the year, Management regularly assesses the need for writing down the inventory value regarding phase-out of materials, consumables, and/or finished machines. The need for write-downs is estimated based on analysis in which last year\u2019s revenue is compared to the present composition of the inventories. The percentage of the write-down increase depends on the number of years of revenue the inventory is estimated to cover. If Management estimates that future revenue differs significantly compared to historical sales, e.g., due to planned phase-outs, this is taken into consideration in the impairment test. Normally, inventory write-downs are made when Management estimates that the product portfolio covers more than two years\u2019 future expected revenue. Most of the uncertainties in the impairment test relate to estimating the future revenue, the effect of phase-outs and the precision of the write-down percentages used.18. Inventories Group Group stDecember 31 (DKK \u2018000) 2025 2024 Raw materials and consumables 27.440 25.887 Finished goods and semi-manufacture goods 11.155 11.339 Total 38.595 37.226 Inventories recognized at net realizable value 114 76",
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"value": "Non-current assets: The carrying amounts of non-current assets are reviewed annually to determine whether there is any evidence of impairment. If any such evidence exists, the recoverable amount of the asset is estimated. The recoverable amount of an asset is the higher of its fair value less expected disposal costs and its value in use. The value in use is determined as the present value of expected future cash flows from the asset or the cash-generating unit to which the assets belong. Completed development projects are tested at least annually for impairment. The impairment test is based on Flexo revenue growth averaging about 1-3% per year during a 5-year period. The Group\u2019s completed development projects on stDecember 31, 2025, are amortized over 3 years. The uncertainties in the impairment test relate to estimated future sales and product life. Please see note 11 concerning intangible assets.",
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"value": "Accounting policies: In applying the Group\u2019s and the Parent Company\u2019s accounting policies, Management is required to make other judgments not relating to estimates which might significantly affect amounts recognized in the annual report.30. Accounting policies Glunz & Jensen Holding A/S is a limited company domiciled in stDenmark. The annual report for the period January 1 - stDecember 31, 2025, includes both consolidated financial statements of Glunz & Jensen Holding A/S and its subsidiaries (the Group) and the separate financial statements of the Parent Company. The annual report of Glunz & Jensen Holding A/S for 2025 has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. The Board of Directors discussed and approved the annual threport of Glunz & Jensen Holding A/S for 2025 on March 17, 2026. The annual report will be submitted to the shareholders of Glunz & Jensen Holding A/S for adoption at the Annual General thMeeting on April 15, 2026. Basis of preparation The annual report is presented in DKK, rounded to the nearest amount in DKK thousands. The annual report is prepared using the historical cost principle. However, recognized derivatives are measured at fair value. Non-current assets are measured at the lower of their carrying amount before the reclassification and fair value less selling costs. The accounting policies have been applied consistently in the financial year and to comparative figures. Adoption of new and revised IFRSs Glunz & Jensen Holding A/S has implemented all the relevant new or amended IFRS Accounting Standards and interpretations as adopted by the EU that are effective as of stJanuary 1, 2025. No new standards or interpretations have had effect on the financial statements of the Group. The accounting policies have been applied consistently in the financial year and to comparative figures. Description of accounting policies Consolidated financial statements The consolidated financial statements include the Parent Company Glunz & Jensen Holding A/S and subsidiaries. Subsidiaries are entities controlled by the group. The group \u2018controls\u2019 an entity when it 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 over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consolidated financial statements are prepared by aggregating the Parent Company\u2019s and the individual subsidiaries\u2019 financial statements, applying the Group\u2019s accounting policies. Intra-group income and expenses, shareholdings, balances, and dividends as well as realized and unrealized gains arising from intra-group transactions are eliminated on consolidation. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates. Foreign currency translation A functional currency is designated for each of the reporting entities in the Group. The functional currency is the currency used in the primary economic environment in which the reporting entity operates. Transactions denominated in currencies other than the functional currency are transactions in foreign currencies. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the transaction date. Gains and losses arising between the rate at the transaction date and the rate at the date of payment are recognized in the statement of comprehensive income under financial income and expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the balance sheet date. Differences between the rate at the balance sheet date and the rate at the transaction date or the exchange rate stated in the latest annual report are recognized in the statement of comprehensive income under financial income and expenses. On recognition of foreign subsidiaries and associates with a functional currency other than DKK, items in the statement of comprehensive income are translated at average rate rates that do not differ significantly from the rates ruling at the transaction date. Balance sheet items in subsidiaries and the equity share of associates are translated at closing rates. Exchange rate differences arising on the translation of the opening equity of subsidiaries and associates at closing rates and on the translation of items in the statement of comprehensive income from average rates to closing rates are recognized in the consolidated financial statements under other comprehensive income in equity as a separate translation reserve. Statement of comprehensive income Revenue The Glunz & Jensen Group\u2019s main activities lie within Flexo and Offset, which are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer. The recognized revenue is measured at the fair value of the agreed consideration exclusive of VAT and fees collected on behalf of third parties. All forms of discounts will be recognized in revenue. Any part of the total consideration that is variable, e.g. in the form of discounts, bonuses, penalties, etc., will be recognized in revenue only when reasonably certain that no repayments will be made in subsequent periods, i.e. as the result of failure to meet goals, etc. Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties). In determining the transaction price for the sale of equipment, the Group considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any). Customers are not entitled to return purchased goods. The sale of services includes service packages and extended guarantees concerning products sold. The services typically include one performance obligation which is recognized on a straight-line basis over the period during which the services are provided. Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms. Costs The Group distributes the cost, including depreciation and amortization and wages and salaries, by the functions production costs, sales and distribution costs, development costs and administrative expenses. Costs not directly attributable to a function are allocated to the functions based on the number of employees in each function. Administrative expenses comprise operating expenses relating to the Group\u2019s investment property. Development costs comprise research costs and any development costs not qualifying for capitalization and depreciation and amortization of capitalized development projects. Administrative expenses comprise operational expenses relating to the Group's rental property. Other operating income and expenses Other operating income and expenses comprise items of a secondary nature, including gains and losses from disposal of intangible assets and property, plant and equipment, which are measured as the selling price less selling costs and the carrying value at the time of sale. Financial income and expenses Financial income and expenses comprise interest, including interest on lease liabilities, fair value gains and losses on securities, realized and unrealized foreign exchange adjustments, amortization and surcharges and allowances under the tax prepayment scheme. Also included are realized and unrealized gains and losses relating to derivative financial instruments not qualifying as effective hedges. Income tax expense Glunz & Jensen Holding A/S is jointly taxed with its Danish subsidiaries. The current Danish income tax charge is allocated among the jointly taxed entities in proportion to their taxable income. Tax for the year, comprising current income tax for the year and changes in deferred tax, including such changes as follow from changes in the tax rate, is recognized in profit or loss, other comprehensive income or in equity, depending on where the relevant item is recognized. Balance sheet Development projects Development costs comprise costs and salaries and depreciation and amortization relating to the Group\u2019s development activities. Development costs on an individual project are recognized as an intangible asset, when the Group can demonstrate the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, its intention to complete and its ability and intention to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to reliably measure the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit, which is 3-10 years. During the period of development, the asset is tested for impairment annually. Other development costs are expensed as incurred. Property, plant, and equipment Property, plant, and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the asset is available for use. Subsequent costs, e.g., for the replacement of components of an item of property, plant, or equipment, are recognized in the carrying amount of the asset when it is likely that the expenditure of the replacement involves a future financial benefit for the Group. The carrying amount of the replaced components ceases to be recognized in the balance sheet and is transferred to profit or loss. All other costs related to general repair and maintenance are recognized in profit or loss as and when incurred. The cost value of a total asset is divided into separate components that are depreciated separately if the useful lives of the individual components differ. Items of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives: Buildings and components 10-30 years Technical installations 10-15 years Other fixtures and fittings 3-5 years Land is not depreciated. The depreciation basis is determined considering the residual value of the asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depreciation period or the residual value is changed, the effect on depreciation going forward is recognized as a change in accounting estimates. Leased assets A lease asset and a lease liability are recognized in the balance sheet when a right-of-use lease asset is transferred to the group or the parent company for the term of the lease pursuant to a concluded lease agreement and the group obtains the right to substantially all the economic benefits from the use of the identifiable asset and the right to control the use of the identifiable asset. Service components are excluded from the lease liability. On initial recognition, lease liabilities are measured at the present value of the future lease payments, discounted using an alternative interest rate. The lease liability is measured at amortized cost using the effective interest rate method. The lease liability is re-measured when there is a change in the underlying contractual cash flows due to changes in an index or an interest rate, if there is a change to the estimate of a residual value guarantee, or if there is a change to the assessment as to whether it is reasonably certain that a purchase option, an extension option, or a termination option will be exercised. On initial recognition, the right-of-use asset is measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs for dismantling, removing, and restoring or similar and less any discounts or other types of incentive payments granted by the lessor. On subsequent recognition, the asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. Depreciation charges are recognized in the income statement on a straight-line basis. The right-of-use asset is adjusted for any changes in the lease liability due to changes in the lease terms or changes in the contractual cash flows because of changes in an index or an interest rate. Lease assets are depreciated on a straight-line basis over the estimated lease term. The lease asset and the lease liability are presented separately by the group and the parent company in the balance sheet. The group and the parent company have elected not to recognize right-of-use assets of low value and short-term leases in the balance sheet and instead to recognize lease payments concerning these leases in the income statement on a straight-line basis. When the group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Investment properties Investment properties are measured initially at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. Transfers are made to (or from) investment property only when there is a change in use. For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner-occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under \"Property, plant and equipment\" up to the date of change in use. At the same date the property is evaluated to fair value and the adjustment between the cost value and fair value is recognized as other comprehensive income. Investments in subsidiaries Investments in subsidiaries are measured using the equity method. Investments in subsidiaries are measured at the proportionate share of the entities' net asset value calculated in accordance with the Group's accounting policies minus or plus unrealized intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the purchase method of accounting. Investments in subsidiaries with negative net asset values are measured at DKK 0, and any amounts owed by such entities are written down insofar as the amount receivable is considered irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under \"Provisions\". Net revaluation of investments in subsidiaries is recognized in the net revaluation reserve according to the equity method under equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of Glunz & Jensen Holding A/S is adopted are not taken to the net revaluation reserve. Impairment of non-current assets Development projects are tested annually for evidence of impairment. Deferred tax assets are tested for impairment annually and are written down if it is deemed likely that the deferred tax asset cannot be utilized against tax on future income or set off against deferred tax liabilities in the same legal tax entity and jurisdiction. This assessment considers the type and nature of the recognized deferred tax asset, the estimated period for set-off of the deferred tax asset etc. Other long-term assets are tested for impairment once a year. When there is evidence that an asset may be impaired, the recoverable amount of that asset is determined. The recoverable amount is the higher of the net selling price of the asset and the net present value of the expected future net cash flows. An impairment loss is recognized when the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or its cash-generating unit. Impairment losses are recognized in the statement of incomprehensive income under production costs, development costs, sales and distribution costs and administrative expenses. However, impairment losses in respect of goodwill are recognized in a separate line in the statement of incomprehensive income. Impairment losses on other long-term assets are reversed to the extent that changes have occurred in the assumptions and estimates based on which the impairment loss was recognized. Impairment losses are reversed only to the extent that the new carrying amount of the asset does not exceed the carrying amount it would have had net of amortization and net of depreciation if the impairment loss had not been recognized. Inventories Inventories are measured at cost using the FIFO method. Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct labor costs and production overheads. Production overheads comprise indirect materials and labor costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and factory administration and management costs. Where the net realizable value is lower than cost, inventories are written down to such lower value. The net realizable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined considering marketability, obsolescence, and developments in the expected selling price. Receivables Receivables are measured at amortized cost. A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates (simplified 'expected credit loss\u2019 model). The cost of the credit loss allowance is included in sales and distribution costs. A loss is considered realized when it is certain that we will not recover the receivable, e.g., in case of bankruptcy or similar. Deposits are measured at fair value cost and consist of rent deposits. The leases are non-cancellable for a period of 0\u20139 years. Prepayments Prepayments include expenses paid in respect of subsequent financial years. Equity Dividends: Dividends proposed for the year is recognized as a liability at the time it is adopted at the Annual General Meeting. The amount proposed as dividends for the year is stated as a separate item in equity. Translation reserve: The translation reserve in the consolidated financial statements includes accumulated foreign exchange differences arising on the translation of the financial statements of foreign subsidiaries from their functional currency to the presentation currency of the Group. Revaluation reserve: The revaluation reserve contains adjustment occurred during transfers to (or from) investment property when there is a change in use, or the investment property is sold. Income tax and deferred tax Current tax payable and receivable is recognized in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method, providing for all temporary differences between the carrying amount and the tax base of assets and liabilities. However, the following items are not recognized: goodwill not deductible for tax purposes and other items \u2013 apart from business combinations \u2013 where temporary differences have arisen at the date of acquisition that neither affect profit/(loss) nor taxable income. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognized as other non-current assets at the value at which they are expected to be utilized, either by elimination against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. The deferred tax charge is adjusted in respect of elimination of unrealized intra-group profits and losses. Deferred tax is measured based on the tax rules and at the tax rates that will apply under the legislation enacted at the balance sheet date in the relevant countries when the deferred tax is expected to crystallize in the form of current tax. Changes in deferred tax as a result of changes in tax rates are recognized in the statement of comprehensive income. Under the joint taxation rules, Glunz & Jensen Holding A/S, as the management company, becomes liable vis-\u00e0-vis the tax authorities for the subsidiaries\u2019 income taxes as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable and receivable are recognized in the balance sheet under receivables from/payables to subsidiaries. Provisions Provisions comprise estimated commitments regarding warranty obligations and restructuring etc. Provisions are recognized when, as a result of events occurring before or at the balance sheet date, the Group has a legal or constructive obligation, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at Management's best estimate of the amount required to settle the obligation at the balance sheet date. A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data. Restructuring costs are recognized as liabilities when a detailed, formal restructuring plan has been announced not later than the balance sheet date to the parties affected by the plan. Pension obligations Payments relating to defined contribution plans under which the Group regularly pays fixed contributions into an independent pension fund are recognized in profit or loss in the period in which they are earned, and outstanding payments are recognized in the balance sheet under other payables. There are no defined benefit plans within the Group. Financial liabilities Payables to credit institutions are recognized at the date of borrowing at fair value (corresponding to the net proceeds received) less transaction costs paid. In subsequent periods, payables to credit institutions are measured at amortized cost, corresponding to the capitalized value using the effective interest rate method. Accordingly, the difference between the proceeds and the nominal value (capital loss) is recognized in profit or loss over the term of the loan. Other liabilities are measured at net realizable value. Prepayments from customers Prepayments from customers include payments received which relate to subsequent financial years. Cash flow statement The cash flow statement shows cash flows for the year, broken down by operating, investing, and financing activities, and the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of entities is shown separately under cash flows from investing activities. Cash flows from acquisitions of entities are recognized in the cash flow statement from the date of acquisition, and cash flows from disposals of entities are recognized up to the date of disposal. Cash flows from operating activities are determined as profit/(loss) for the year adjusted for non-cash operating items, changes in working capital, interest received and paid, including interest on lease liabilities, and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities; acquisitions and disposals of intangible assets, property, plant and equipment, investment properties and other non-current assets; and acquisitions and disposals of securities that are not recognized as cash and cash equivalents. Cash flows from financing activities comprise changes in the size or composition of the share capital and associated expenses as well as raisings of loans, repayment of interest-bearing debt, including repayment of lease liabilities, purchase and sale of treasury shares, and payment of dividends as well as dividends received from subsidiaries. Cash and cash equivalents comprise deposits with credit institutions and cash. Segment information Segment information is prepared in accordance with the Group's accounting policies and internal financial reporting. The Group presents two reportable segments: the Prepress market and Investment properties, Selandia Park. Segment revenue, segment expenses, segment assets and liabilities are those items that are directly attributable to the individual segment or can be allocated to the segment on a reliable basis. Segment assets are those assets that are employed directly by the segment in its operating activities, including non-current assets, inventories, trade receivables, other receivables, prepayments and cash and cash equivalents. Segment liabilities are those liabilities that result from the segments\u2019 operating activities, including trade liabilities, borrowings, lease liabilities and other liabilities. Additional segment information is stated regarding consolidated revenue broken down by geographical markets. DEFINITIONS OF RATIOS Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. The ratios in the annual report are calculated as follows: Gross profit x 100Gross margin RevenueOperating profit (EBITA) x 100Operating margin RevenueProfit before interest, tax, amortization, depreciation and impairment x 100EBITDA margin RevenueOperating profit x 100Return on assets Average operating assetsProfit or loss for the year x 100Return on equity (ROE) Average EquityEquity at year-end x 100Solvency ratio Liabilities at year-endOperating profit (EBITA) + interest incomeInterest coverage Interest expensesProfit(loss) for the yearEarnings per share (EPS) Average number of shares outstandingDiluted earningsDiluted earnings per share (EPS-D) Diluted average number of shares outstandingCash flows from operating activities Cash flow per share (CFPS) Diluted average number of shares outstandingEquity at year-endBook value per share (BVPS) Numbers of shares at year endTotal dividend paidPay-out ratio Profit or loss for the yearShare priceShare price/book value (KI) BVPS",
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"value": "Segments: The Glunz & Jensen Group\u2019s main activities lie within the Prepress market. Product area Flexo and Product area Offset, are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. At the production facility in Slovakia, Glunz & Jensen manufactures both Flexo and Offset equipment. Glunz & Jensen markets Flexo and Offset through a comprehensive and worldwide network of private label partners, distributors, and dealers. Flexo and Offset equipment are sold on a standalone basis or in conjunction with other product types. Glunz & Jensen\u2019s service organization provides service for both Flexo and Offset equipment. Glunz & Jensen sees an overlap between customers within Flexo and Offset. Consequently, Glunz & Jensen has concluded that Offset and Flexo belong to the same segment. The management of Glunz & Jensen and the internal financial reporting is organized accordingly. Thus Glunz & Jensen Group account can be divided into two segments: Prepress market and Investment properties, Selandia Park. Glunz & Jensen presents entity-wide information regarding geographical distribution of revenue and assets. However, Glunz & Jensen\u2019s financial reporting does not include information regarding geographical markets beyond those reflected in note 2 and geographical markets are not considered operating segments.2. Segment information The Glunz & Jensen Group consists of two reportable segments: the Prepress market and rental of the Selandia Park properties. Sales and purchases between the segments are made on terms equivalent to those that prevail in arm\u2019s length transactions. st, 2025 \u2013 December 31stJanuary 1, 2025 Prepress Selandia Total Elimi-Consoli-(DKK \u2018000) market Park segments nations dated External revenue 131.941 11.697 143.638 - 143.638 Inter-segment - 135 135 (135) - Total revenue 131.941 11.832 143.773 (135) 143.638 Cost of goods sold 76.224 - 76.224 - 76.224 Fair value adjustments on investment properties - (345) (345) - (345) Amortization, intangible assets 222 - 222 - 222 Depreciation of property, plant, and equipment 1.014 - 1.014 - 1.014 Depreciation of leased assets 305 - 305 - 305 Operating profit 5.720 9.994 15.714 - 15.714 Financial income 420 219 639 (206) 433 Financial expenses (1.588) (3.492) (5.080) 206 (4.874) Segment profit before tax 4.552 6.721 11.273 - 11.273 Inventories 38.595 - 38.595 - 38.595 Segment assets 73.452 152.719 226.171 - 226.171 Capital expenditure 2.364 4.645 7.009 - 7.009 Credit institutions 14.558 57.476 72.034 - 72.034 Segment liabilities 29.976 83.738 113.714 - 113.714 st, 2024 \u2013 December 31stJanuary 1, 2024 Prepress Selandia Total Elimi-Consoli-(DKK \u2018000) market Park segments nations dated External revenue 119.751 11.288 131.039 - 131.039 Inter-segment - 151 151 (151) - Total revenue 119.751 11.439 131.190 (151) 131.039 Cost of goods sold 66.550 - 66.550 - 66.550 Fair value adjustments on investment properties - (1.800) (1.800) - (1.800) Depreciation of property, plant, and equipment 1.036 - 1.036 - 1.036 Depreciation of leased assets 549 - 549 - 549 Operating profit/(loss) (237) 8.141 7.904 - 7.904 Financial income 375 199 574 (302) 272 Financial expenses (1.349) (3.817) (5.166) 302 (4.864) Segment profit/(loss) before tax (1.211) 4.523 3.312 - 3.312 Inventories 37.226 - 37.226 - 37.226 Segment assets 63.462 148.681 212.143 - 212.143 Capital expenditure 1.125 - 1.125 - 1.125 Credit institutions 10.698 60.497 71.195 - 71.195 Segment liabilities 22.826 84.902 107.728 - 107.728 Glunz & Jensen operates mainly in the European and North American markets. External revenue is allocated to geographical areas based on the customer\u2019s geographical location, whereas non-current assets are allocated to geographical areas based on the geographical location of the reporting units. Geographical distribution Non- Non- current current assets assets Revenue Revenue 2025 2024 st Dec. 31(DKK \u2018000) 2025 2024 Dec. 31Group EMEA (Europe, Middle East, Africa) 94.132 79.533 157.550 151.986 Americas 29.186 35.419 - - Asia and the Pacific 20.321 16.087 - - Total 143.639 131.039 157.550 151.986 Glunz & Jensen has generated more that 10% of total revenue in the following countries: Germany accounted for DKK 39.984 thousand (2024; DKK 35.428 thousand) and USA accounted for DKK 22.568 thousand (2024: DKK 27.975 thousand). Further 8% of the Group\u2019s revenue relates to Denmark (2024: 9%). In 2025 a major customer generated revenue of more than 10% of total revenue. Customer A accounted for DKK 30.901 thousand (2024: Customer A accounted for DKK 30.797 thousand). All major customers relate to the Prepress market. Revenue Group Group st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 Type of revenue Sale of goods 131.049 118.729 Sale of services 892 1.022 Rental income from investment properties 11.698 11.288 143.639 131.039 Timing of revenue recognition Revenue recognized at a point in time 131.050 118.729 Revenue recognized over time 12.589 12.310 143.639 131.039 Investe-",
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"value": "3. Production costs Group Group st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 Cost of goods sold 76.224 66.550 Inventory write-downs 1.371 3.827 Reversed inventory write-downs (1.069) (817) Inventory write-downs are made based on an assessment that includes expectations as to future demand and use of the item concerned. As such expectations can change from year to year, and significant fluctuations in the need for write-downs may occur. As a result, written-down inventories are sometimes reversed.",
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"value": "4. Staff costs Parent Parent Group Group Company Company st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Wages and salaries 26.284 26.077 3.898 3.244 Defined contribution plans 573 822 155 154 Other social security costs 6.800 5.388 78 6 33.657 32.287 4.131 3.404 Staff costs are recognized as follows: Production costs 14.005 14.408 - - Labor transferred to inventory 4.107 3.639 - - Sales and distribution costs 7.062 6.619 - - Product development costs 128 640 - - Administrative expenses 8.355 6.981 4.131 3.404 33.657 32.287 4.131 3.404 Average number of full-time employees 100 107 1 1 Remuneration of the Executive Management: Salaries 3.588 3.464 2.498 2.396 Bonus 1.194 - 808 - Remuneration of the Executive Management total 4.782 3.464 3.306 2.396 Remuneration of the Board of Directors: Board member fees 650 833 650 833 Committee fees 175 175 175 175 Total remuneration of the Board of Directors 825 1.008 825 1.008 Executive Management: st, 2023, and CFO since April 1stHenrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1, 2016. stRobert Popik Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1, 2020, was assigned st,as executive manager of Glunz & Jensen Holding A/S effective by February 1 2023. In the Parent Company the remuneration of Robert Popik comprises the share attributable to the performance of duties in the Executive Board whereas the full remuneration has been included in the Group. There are no defined benefit plans within the Group.",
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"value": "4. Staff costs Parent Parent Group Group Company Company st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Wages and salaries 26.284 26.077 3.898 3.244 Defined contribution plans 573 822 155 154 Other social security costs 6.800 5.388 78 6 33.657 32.287 4.131 3.404 Staff costs are recognized as follows: Production costs 14.005 14.408 - - Labor transferred to inventory 4.107 3.639 - - Sales and distribution costs 7.062 6.619 - - Product development costs 128 640 - - Administrative expenses 8.355 6.981 4.131 3.404 33.657 32.287 4.131 3.404 Average number of full-time employees 100 107 1 1 Remuneration of the Executive Management: Salaries 3.588 3.464 2.498 2.396 Bonus 1.194 - 808 - Remuneration of the Executive Management total 4.782 3.464 3.306 2.396 Remuneration of the Board of Directors: Board member fees 650 833 650 833 Committee fees 175 175 175 175 Total remuneration of the Board of Directors 825 1.008 825 1.008 Executive Management: st, 2023, and CFO since April 1stHenrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1, 2016. stRobert Popik Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1, 2020, was assigned st,as executive manager of Glunz & Jensen Holding A/S effective by February 1 2023. In the Parent Company the remuneration of Robert Popik comprises the share attributable to the performance of duties in the Executive Board whereas the full remuneration has been included in the Group. There are no defined benefit plans within the Group.",
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"f1__s8__7__76": {
"value": "Remuneration of the Executive Management: Salaries 3.588 3.464 2.498 2.396 Bonus 1.194 - 808 - Remuneration of the Executive Management total 4.782 3.464 3.306 2.396 Remuneration of the Board of Directors: Board member fees 650 833 650 833 Committee fees 175 175 175 175 Total remuneration of the Board of Directors 825 1.008 825 1.008 Executive Management: st, 2023, and CFO since April 1stHenrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1, 2016. stRobert Popik Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1, 2020, was assigned st,as executive manager of Glunz & Jensen Holding A/S effective by February 1 2023. In the Parent Company the remuneration of Robert Popik comprises the share attributable to the performance of duties in the Executive Board whereas the full remuneration has been included in the Group. There are no defined benefit plans within the Group.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__7__77": {
"value": "5. Auditor\u2019s fee Parent Parent Group Group Company Company st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Total fees to the auditors: KPMG 336 363 179 241 Other auditors 195 186 - - 531 549 179 241 Statutory audit 433 405 141 135 Tax and VAT assistance 80 88 37 56 Other services 18 56 1 50 531 549 179 241 Group: Non-audit services provided by KPMG amount to DKK 55 thousand in 2025 relating to sundry tax advisory services and other advisory services (2024: DKK 97 thousand). Non-audit services provided by other auditors amount to DKK 43 thousand in 2025 relating to sundry tax advisory services and other advisory services (2024: DKK 47). Parent Company: Non-audit services provided by KPMG amount to DKK 38 thousand in 2025 relating to sundry tax advisory services and other advisory services (2024: DKK 106 thousand).",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__7__78": {
"value": "6. Depreciation, amortization, and impairment losses Parent Parent Group Group Company Company st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Amortization, intangible assets 222 - - - Depreciation, property, plant, and equipment 1.014 1.036 - - Depreciation, leased assets 305 549 - - 1.541 1.585 - - Amortization, depreciation, and impairment losses are included in the following items: Production costs 931 1.201 - - Sales and distribution costs 225 184 - - Development costs 260 78 - - Administrative expenses 125 122 - - 1.541 1.585 - - Amortization relating to intangible assets is recognized in development costs. See notes 11, 12 and 13 concerning impairments of intangible assets, property, plant, and equipment and leased assets.",
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"f1__s8__7__79-1": {
"value": "7. Other operating income Group Group st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 Gain on sale of non-current assets 35 90 Other income 1 7 36 97Other operating income and expenses Other operating income and expenses comprise items of a secondary nature, including gains and losses from disposal of intangible assets and property, plant and equipment, which are measured as the selling price less selling costs and the carrying value at the time of sale.",
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"f1__s8__7__80": {
"value": "8. Financial income and expenses Parent Parent Group Group Company Companyst \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Financial income Interest income, cash, and cash equivalents etc. 241 228 - 1 Interest income, subleasing receivables - - - - Interest income from subsidiaries - - 815 1.098 Foreign exchange gains 192 44 - - 433 272 815 1.099 Interest on financial assets measured at amortized cost represents 241 228 815 1.099Financial expenses Interest expenses, credit institutions 3.848 4.218 - - Interest expenses, lease liabilities 18 64 - - Foreign exchange losses 515 291 3 3 Other financial expenses 493 291 7 5 4.874 4.864 10 8 Interest on financial liabilities measured at amortized cost represents 3.866 4.282 - -",
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"f1__s8__7__81": {
"value": "Financial income and expenses Parent Parent Group Group Company Companyst \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Financial income Interest income, cash, and cash equivalents etc. 241 228 - 1 Interest income, subleasing receivables - - - - Interest income from subsidiaries - - 815 1.098 Foreign exchange gains 192 44 - - 433 272 815 1.099 Interest on financial assets measured at amortized cost represents 241 228 815 1.099Financial expenses Interest expenses, credit institutions 3.848 4.218 - - Interest expenses, lease liabilities 18 64 - - Foreign exchange losses 515 291 3 3 Other financial expenses 493 291 7 5 4.874 4.864 10 8 Interest on financial liabilities measured at amortized cost represents 3.866 4.282 - -",
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"f1__s8__7__82": {
"value": "Financial income and expenses Parent Parent Group Group Company Companyst \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Financial income Interest income, cash, and cash equivalents etc. 241 228 - 1 Interest income, subleasing receivables - - - - Interest income from subsidiaries - - 815 1.098 Foreign exchange gains 192 44 - - 433 272 815 1.099 Interest on financial assets measured at amortized cost represents 241 228 815 1.099Financial expenses Interest expenses, credit institutions 3.848 4.218 - - Interest expenses, lease liabilities 18 64 - - Foreign exchange losses 515 291 3 3 Other financial expenses 493 291 7 5 4.874 4.864 10 8 Interest on financial liabilities measured at amortized cost represents 3.866 4.282 - -",
"dimensions": {
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"f1__s8__7__83": {
"value": "9. Tax on profit for the year Parent Parent Group Group Company Company st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 2025 2024 st \u2013 December 31st January 1(DKK \u2018000) Tax on profit for the year: Current tax 851 288 247 242 Adjustment of tax regarding previous years (31) 1 - - Adjustment of deferred tax 1.969 189 (10) 4 Total tax on profit/(loss) for the year 2.789 478 237 246 Analysis of tax on profit for the year: Tax charged at 22% 2.481 729 1.919 678 Tax effect of: Non-deductible profit/(loss) after tax in subsidiaries - - (1.682) (431) Non-taxable income and non-deductible expenses 307 (289) - (1) Non-recognized deferred tax asset in foreign subsidiaries 64 12 - - Adjustment of tax calculated for foreign subsidiaries against 22% (32) 25 - - Tax relating to previous years (31) 1 - - 2.789 478 237 246 Effective tax rate 24.7% 14,4% 2,7% 8,0% Group: The effective tax rate for 2025 increased to 24,7% from 14,4% in 2024 due to adjustments of non-taxable income and non-deductible expenses and adjustments of non-recognized deferred tax assets in foreign subsidiaries. Parent Company: The effective tax rate for 2025 decreased to 2,7% from 8,0% in 2024 due to the development in non-deductible profit/(loss) after tax in subsidiaries.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__7__84": {
"value": "10. Earnings per share Group Group st \u2013 December 31st January 1(DKK \u2018000) 2025 2024 Profit for the year 8.484 2.834 Average number of shares 1.821 1.821 Average number of outstanding shares 1.821 1.821 Average number of outstanding shares, diluted 1.821 1.821 Earnings per share (EPS) (DKK) 4,7 1,6 Diluted earnings per share (EPS-D) (DKK) 4,7 1,6",
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"f1__s8__7__85": {
"value": "11. Intangible assets Complet- Develop-ed ment develop- projects in ment (DKK \u2018000) progress projects Total Group stTotal cost on January 1,2024 - - - Additions 573 - 573 Transfer (573) 573 - stTotal cost on December 31, 2024 - 573 573 stAmortization and impairment losses on January 1, 2024 - - - Amortization for the year - - - stAmortization and impairment losses on December 31, 2024 -- - stCarrying amount on December 31, 2024 - - stTotal cost on January 1,2025 - 573 573 Additions 353 - 353 Transfer (353) 353 - stTotal cost on December 31, 2025 - 926 926 stAmortization and impairment losses on January 1, 2025 - - - Amortization for the year - 222 222 stAmortization and impairment losses on December 31, 2025 - 222 222 stCarrying amount on December 31, 2025 - 704 704 Group: Amortization relating to development projects is recognized in development costs. Development costs of DKK 1.366 thousand (2024: DKK 2.049 thousand) were incurred in 2025. Hereof, DKK 353 (2024: DKK 573) are recognized in the balance sheet and DKK 1.013 thousand (2024: DKK 1.476 thousand) are recognized in the income statement as development costs. stOn December 31, 2025, Management tested the carrying amount of development projects. Project development plans and revenue budget approved by Management were compared to the project development processes, which included a follow-up on expenses incurred, time schedules and project completion. As in 2024, the impairment test showed no need to recognize an impairment loss.",
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},
"f1__s8__7__86": {
"value": "12. Property, plant, and equipment Other fixtures and fittings, Leasehold Land and tools, and improve-(DKK \u2018000) buildings equipment ments Total Group stTotal cost on January 1, 2024 34.124 18.855 188 53.167 Foreign exchange adjustments 25 38 - 63 Additions 451 674 - 1.125 Disposals - (875) (188) (1.063) stTotal cost on December 31, 2024 34.600 18.692 - 53.292 stDepreciation and impairment losses on January 1, 2024 29.497 17.316 144 46.957 Foreign exchange adjustments 22 37 - 59 Depreciation for the year 390 602 44 1.036 Depreciation of disposals - (838) (188) (1.026) stDepreciation and impairment losses on December 31, 2024 29.909 17.117 - 47.026 stCarrying amount on December 31, 2024 4.691 1.575 - 6.266 stTotal cost on January 1, 2025 34.600 18.692 - 53.292 Foreign exchange adjustments 60 (55) - 5 Additions 1.228 1.136 - 2.364 Disposals - (1.898) - (1.898) stTotal cost on December 31, 2025 35.888 17.875 - 53.763 stDepreciation and impairment losses on January 1, 2025 29.909 17.117 - 47.026 Foreign exchange adjustments 51 (58) - (7) Depreciation for the year 438 576 - 1.014 Depreciation of disposals - (1.898) - (1.898) stDepreciation and impairment losses on December 31, 2025 30.398 15.737 - 46.135 stCarrying amount on December 31, 2025 5.490 2.138 - 7.628 Group: stCollateral in the form of a registered mortgage on December 31, 2025 has been provided in land and buildings with a stcarrying amount of DKK 5.490 thousand (December 31, 2024: DKK 4.691 thousand). The value of the relating collateral st, 2025 (December 31stwas DKK 4.840 thousand on December 31, 2024: DKK 5.870 thousand). stOn December 31, 2025, Management tested the carrying amount of property, plant, and equipment. As in 2024, the impairment test showed no need to recognize an impairment loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__87": {
"value": "13. Leased assets Other fixtures and fittings, tools, and (DKK \u2018000) Property equipment Total Group stBalance on January 1, 2024 291 480 771 Depreciation for the year - 1 1 Additions 85 139 224 Depreciation for the year (303) (246) (549) - stCarrying amount on December 31, 2024 73 374 447 stBalance on January 1, 2025 73 374 447 Foreign exchange adjustments - - - Additions 75 1 76 Depreciation for the year (73) (232) (305) stCarrying amount on December 31, 2025 75 143 218 Group Group st December 31(DKK \u2018000) 2025 2024 Expected maturity: Due within 1 year or less 229 312 Due within 1-5 years - 157 Due after 5 years - - stTotal non-discounted lease liabilities December 31229 469 Lease liabilities recognized in the balance sheet: Long-term liabilities - 154 Short-term liabilities 223 298 Total liabilities 223 452 Lease liabilities recognized in income statement: Interest 18 64 Cost relating to leasing agreements with a term of less than 12 months - - Moder- Group: In the financial year 2025, payments related to leases amounted to DKK 322 thousand (2024: DKK 2.095 thousand) of selskab which interest payments relating to recognized lease liabilities accounted for DKK 18 thousand (2024: DKK 64 thousand) and repayment of recognized lease liabilities for DKK 304 thousand (2024: DKK 2.031 thousand). 2012 The weighted average discount rate applied was 6% in 2025 (2024: 7%). tDKK, In 2025, Management tested the carrying amount of leased assets. As in 2024, the impairment test showed no need to recognize an impairment loss. Some of the agreements can be extended.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__89": {
"value": "15. Investment in subsidiaries Profit for Profit/(loss) the year Equity for the year Equity after tax 2025 after tax 2024 stst 2025 Dec. 31 2024 Dec. 31Parent Company (DKK \u2018000) Glunz & Jensen A/S*, Ringsted, Denmark 2.442 26.959 (1.510) 24.959 Selandia Park A/S, Ringsted, Denmark 5.202 68.981 3.471 63.779 7.644 95.940 1.961 88.738 Ownership interest is 100% during 2025 and 2024. Parent Parent company company 2025 2024 stTotal cost on January 1150.000 150.000 stTotal cost on December 31150.000 150.000 stAdjustments on January 1(61.262) (63.579) Profit for the year 7.644 1.961 Foreign exchange adjustments (442) 356 stAdjustments on December 31(54.060) (61.262) stCarrying value on December 3195.940 88.738 stAs of December 31, 2025, the difference on initial recognition of the subsidiaries totaled DKK 0 thousand. No tax liability will be incurred on realization of the Parent Company\u2019s investments in subsidiaries at carrying amount (2024: DKK 0 thousand). *Glunz & Jensen s.r.o., Presov, Slovakia, and Glunz & Jensen Inc., Inman, USA, are wholly owned subsidiaries of Glunz & Jensen A/S. The ownership interest was 100% in both 2025 and 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__90": {
"value": "16. Deferred tax Parent Parent Group Group Company Company (DKK \u2018000) 2025 2024 2025 2024 stDeferred tax on January 1(7.965) (7.785) (120) (116) Foreign exchange adjustments (13) 9 - - Tax income/(expense) during the period recognized in profit or loss (1.969) (189) 10 (4) stDeferred tax on December 31(9.947) (7.965) (110) (120) Breakdown of deferred tax and recognition in the balance sheet: Deferred tax asset 82 144 - - Deferred tax liability (10.029) (8.109) (110) (120) stTotal on December 31(9.947) (7.965) (110) (120) The value of tax loss carryforwards has been recognized as a deferred tax asset in the comp __ Group budget, it is considered very likely that they can be set off against future earnings and where a history of profit before tax ___ 2018 .649 thousastin the last five years has been verified. The value of tax loss carry-forward, DKK 4nd on December 31, 2025 (2024: DKK 5.358 thousand), has not been recognized as a deferred tax asset, as it is not considered likely that they will be utilized. Tax loss Property, carry- Intangible plant, and Current forward (DKK \u2018000) assets equipment assets Liabilities etc. Total Group stDeferred tax on January 1, 2024 - (13.465) (221) 3.507 2.394 (7.785) Foreign exchange adjustments - - - - 9 9 Recognized in profit for the year, net (126) (591) 143 279 106 (189) stDeferred tax on December 31, 2024 (126) (14.056) (78) 3.786 2.509 (7.965) stDeferred tax on January 1, 2025 (126) (14.056) (78) 3.786 2.509 (7.965) Foreign exchange adjustments - (1) - - (12) (13) Recognized in profit for the year, net (29) (805) 45 63 (1.243) (1.969) stDeferred tax on December 31, 2025 (155) (14.862) (33) 3.849 1.254 (9.947) Parent Company stDeferred tax on January 1, 2024 - - - (116) - (116) Recognized in profit for the year, net - - (4) (4) stDeferred tax on December 31, 2024 - - - (120) - (120) stDeferred tax on January 1, 2025 - - - (120) - (120) Recognized in profit for the year, net - - - 10 - 10 stDeferred tax on December 31, 2025 - - - (110) - (110) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__91-1": {
"value": "17. Other receivables Group Group stDecember 31 (DKK \u2018000) 2025 2024 Non-current other receivables: Leasehold improvement in Selandia Park investment properties 3.302 3.621 Deposit regarding leased property 20 19 3.322 3.640 Current other receivables: VAT and other receivables (authorities) 2.708 2.078 Leasehold improvement in Selandia Park investment properties 366 352 Other receivables 87 3 3.161 2.433 Glunz & Jensen funded leasehold improvements on behalf of a tenant in Selandia Park investment properties. The tenant is obliged by contract to repay all related costs regarding the loan.19. Trade receivables Group Group (DKK \u2018000) 2025 2024 Trade receivables, gross 22.261 15.415 Changes in credit loss allowance: stAllowance on January 1(467) (760) Additions in the year (366) (82) Reversal in the year 193 375 stAllowance on December 31(640) (467) Trade receivables, net 21.621 14.948 The credit risk of the various trade receivables is mainly associated with the customer\u2019s geographical location. Breakdown of trade receivables, net, based on the customer\u2019s geographical location: Group Group stDecember 31 (DKK \u2018000) 2025 2024 Western Europe 13.544 8.571 Eastern Europe 395 448 North America 2.797 2.706 Asia and Pacific 2.283 2.040 Rest of the world 2.602 1.183 Trade receivables, net 21.621 14.948 Write down is based on historically observed default rates adjusted for estimated uncertainties in project related activities and market conditions. stAs of December 31, 2025, 21,8% of the trade receivables are due (2024: 14,4%). Trade Trade Expected receivables Expected receivables (DKK \u2018000) default rate gross loss net stMaturity of trade receivables on December 31, 2024: Not due 2,0% 13.080 358 12.722 Due 1-30 days 4,1% 1.725 70 1.655 Due 31-60 days 5,8% 605 35 570 Due more than 60 days 80,0% 5 4 1 15.415 467 14.948 stMaturity of trade receivables on December 31, 2025: Not due 2,0% 17.120 343 16.777 Due 1-30 days 2,8% 3.515 97 3.418 Due 31-60 days 3,4% 589 20 569 Due more than 60 days 17,4% 1.037 180 857 22.261 640 21.621 No loss is expected on receivables from subsidiaries in the Parent Company. See note 26, section debtor risks. ANNUAL REPORT 2025 Page | 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__95": {
"value": "20. Share capital and treasury shares stThe share capital in Glunz & Jensen Holding A/S consists of 1.821.309 shares as of December 31, 2025, and likewise ston December 31, 2024, representing a nominal value of DKK 20 each. The total nominal value is DKK 36.426 thousand. No shares carry any special rights. All shares are fully paid. st,2025, and on December 31stAs of December 31, 2024, Glunz & Jensen Holding A/S held no treasury shares. During the last five years there have been no movements in the share capital. Please see to note 26 under the \u201cCapital management\u201d section. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__94": {
"value": "20. Share capital and treasury shares stThe share capital in Glunz & Jensen Holding A/S consists of 1.821.309 shares as of December 31, 2025, and likewise ston December 31, 2024, representing a nominal value of DKK 20 each. The total nominal value is DKK 36.426 thousand. No shares carry any special rights. All shares are fully paid. st,2025, and on December 31stAs of December 31, 2024, Glunz & Jensen Holding A/S held no treasury shares. During the last five years there have been no movements in the share capital. Please see to note 26 under the \u201cCapital management\u201d section. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__96": {
"value": "21. Provisions Group Group (DKK \u2018000) 2025 2024 stWarranty commitments on January 1973 1.093 Additions 1.012 665 Disposals (826) (785) stWarranty commitments on December 311.159 973 stRestructuring on January 1400 1.736 Additions 420 - Disposals (400) (1.336) stRestructuring on December 31420 400 stProvisions on December 311.579 1.373 Breakdown of provisions by non-current and current liabilities: Non-current liabilities 290 243 Current liabilities 1.289 1.130 stProvisions on December 311.579 1.373 Group Group Warranties A provision has been made for warranty commitments to cover contract-related warranty for goods already delivered2022 2022 Warranty commitments are recognized as the goods are sold and are calculated based on historical warranty costs. The warranty commitments cover a period from 6 months to 2 years after delivery of the goods. Warranty commitments comprise commitments under ordinary product guarantees of up to 1-2 years. The commitments are calculated based on historical warranty costs and are assessed for specific matters. The expenses are expected to be incurred over the next two years. Restructuring Following the decline in gross profit margins over previous years, management developed a short-term plan during 2023 to improve profitability. As a result, provisions for restructuring costs in the amount of DKK 1.736 thousand was made in 2023. The majority of the amount related to severance cost. As planned the restructuring cost were expected to be incurred over two years. The remaining expenses were incurred during 2025. During 2025 additional plan to improve profitability was introduced. The expenses are expected to be incurred during 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__97": {
"value": "Warranties A provision has been made for warranty commitments to cover contract-related warranty for goods already delivered2022 2022 Warranty commitments are recognized as the goods are sold and are calculated based on historical warranty costs. The warranty commitments cover a period from 6 months to 2 years after delivery of the goods. Warranty commitments comprise commitments under ordinary product guarantees of up to 1-2 years. The commitments are calculated based on historical warranty costs and are assessed for specific matters. The expenses are expected to be incurred over the next two years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__98": {
"value": "22. Credit institutions Due after Due after 1Due within(DKK \u2018000) 5 years year, total 1 year Total Group stCredit institutions on December 31, 2025: Credit institutions (DKK), fixed rate 5% 9.589 38.356 47.945 2.171 50.116 Credit institutions (DKK), floating rate 4% 4.155 2.224 6.379 7.585 13.964 Credit institutions (EUR), floating rate 4% - - - 7.954 7.954 13.744 40.580 54.324 17.710 72.034 stCredit institutions on December 31, 2024: Credit institutions (DKK), fixed rate 5% 9.285 40.821 50.106 2.078 52.184 Credit institutions (DKK), floating rate 6% 4.040 3.330 7.370 4.551 11.921 Credit institutions (EUR), floating rate 5% - - - 7.090 7.090 13.325 44.151 57.476 13.719 71.195 st, Non-cash Dec. 31st Jan 1, (DKK \u2018000) 2024 Cash flows items 2024 Group Non-current credit institutions 56.460 1.016 - 57.476 Current credit institutions 18.251 (4.536) 4 13.719 74.711 (3.520) 4 71.195 st, Non-cash Dec. 31st Jan. 1, 2025 Cash flows items 2025 Group Non-current credit institutions 57.476 (3.152) - 54.324 Current credit institutions 13.719 3.982 9 17.710 71.195 830 9 72.034 The Parent Company has no credit facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__99": {
"value": "23. Other payables Parent Parent Group Group Company Company stDecember 31 (DKK \u2018000) 2025 2024 2025 2024 Non-current other payables: Holiday pay 2.147 2.212 - - Other payables 227 224 - - 2.374 2.436 - - Current other payables: Wages, salaries, holiday pay etc. 6.574 4.276 1.971 1.304 Accrued employee taxes 165 85 - - VAT and other payables toward authorities 501 673 404 314 Other payables 1.268 1.005 222 284 8.508 6.039 2.597 1.902 ANNUAL REPORT 2025 Page | 51",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__100-1": {
"value": "24. Prepayments from customers Group Group stDecember 31 (DKK \u2018000) 2025 2024 Non-current prepayments from customers: Prepayment from tenants in Selandia Park 4.548 4.230 4.548 4.230 Current prepayments from customers: Prepayments from customers in connection with the sale of Prepress goods and services 5.282 5.980 Prepayment from tenants in Selandia Park 554 554 5.836 6.534 stDKK 6.444 thousand of the prepayments received December 31,2024, are recognized in revenue during 2025 (2024: DKK 5.959 thousand).Prepayments Prepayments include expenses paid in respect of subsequent financial years.Prepayments from customers Prepayments from customers include payments received which relate to subsequent financial years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__102": {
"value": "25. Contingent liabilities and collateral Group: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company\u2019s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 58.306 thousand. Please refer to note 12, Property, plant, and equipment and 14 Investment properties regarding collateral mortgage. Parent Company: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company\u2019s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 58.306 thousand. The Parent Company acts as management company for the jointly taxed Danish companies. Pursuant to the provisions of the Danish Corporation Tax Act, the Parent Company is thus liable to withhold tax at source on interest, royalties, and dividends for the jointly taxed companies for contingent liabilities and to withhold income taxes. The Parent Company st, 2025 (December 31strecognized jointly tax receivables in the balance sheet amounting to DKK 0 on December 31, 2024: DKK 0). The Parent Company's liability regarding joint tax may be impacted by future corrections of the taxable income. The companies in the joint taxation arrangement are not subject to withholding tax on dividends, interest, or royalties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__101": {
"value": "25. Contingent liabilities and collateral Group: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company\u2019s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 58.306 thousand. Please refer to note 12, Property, plant, and equipment and 14 Investment properties regarding collateral mortgage. Parent Company: The shares in Glunz & Jensen A/S and Selandia Park A/S are pledged as security towards the main bank, Nordea. The Group has provided a company charge of DKK 35.000 thousand secured upon the Company\u2019s inventories, goodwill, domain names and rights, fixtures, and operating equipment as well as unsecured claims relating to the sale of goods and services at a carrying amount of DKK 58.306 thousand. The Parent Company acts as management company for the jointly taxed Danish companies. Pursuant to the provisions of the Danish Corporation Tax Act, the Parent Company is thus liable to withhold tax at source on interest, royalties, and dividends for the jointly taxed companies for contingent liabilities and to withhold income taxes. The Parent Company st, 2025 (December 31strecognized jointly tax receivables in the balance sheet amounting to DKK 0 on December 31, 2024: DKK 0). The Parent Company's liability regarding joint tax may be impacted by future corrections of the taxable income. The companies in the joint taxation arrangement are not subject to withholding tax on dividends, interest, or royalties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__104": {
"value": "26. Financial risks and financial instruments Risk management policy: As a result of its operating, investing, and financing activities, the Group is exposed to various financial risks, including market risks, credit risks and liquidity risks. It is the Group\u2019s policy not to speculate actively in financial risks. The Group\u2019s financial risk management is thus aimed exclusively at managing the financial risks that are a direct consequence of the Group\u2019s operating, investing, and financing activities. Currency risk: The Group\u2019s currency risk consists of transaction risks and currency translation risks. The main part of the Group's sales is invoiced in EUR and USD. In 2025, approx. 82% of sales were invoiced in EUR and approx. 9% in USD (2024: 80% in EUR and 11% in USD). The main part of the Group's expenses is paid in EUR 72%, DKK 19% and USD 8%. In 2025, expenses paid in DKK, USD and EUR amounted to 99% of total expenses (2024: 99%). As Management considers the EUR/DKK exchange rate to be fixed, the Group's exposure to currency risks is limited. As part of the Group\u2019s currency policy, Glunz & Jensen seeks only to reduce the impact of exchange rate fluctuations (EUR exempted) on its profits and financial position via financial instruments when the risk is assessed as unacceptable. As in 2024, future currency transactions are currently not hedged. Due to the foreign subsidiaries, Glunz & Jensen is exposed to currency translation risks insofar as part of the Group\u2019s earnings and net assets derive from these foreign subsidiaries and, therefore, are translated and included in the consolidated financial statements, which are presented in DKK. 26. Financial risks and financial instruments (continued) An increase in the USD rate of 10% is estimated, all else being equal, to affect the Group's operating profit by approx. DKK 24 thousand (2024: DKK 91 thousand). The estimate is based on the level of USD Profit/(loss) transactions in 2025. Based on the Group\u2019s USD exposure at the balance sheet date, the impact of a hypothetical fluctuation of 10% of the USD/DKK exchange rate on the profit/(loss) for the year and consolidated equity amounts to DKK 164 thousand regarding cash and receivables (2024: DKK 175 thousand) and DKK 6 thousand regarding financial liabilities (2024: DKK 90 thousand), respectively. Interest rate risk: As a result of its investing and financing activities, the Group is exposed to interest rate fluctuations. Net interest-bearing stdebt on December 31, 2025, amounted to DKK 71.559 thousand (2024: DKK 70.500 thousand). During 2024 Selandia entered a DKK 4.300 thousand fixed-rate 10-year and 3-month DKK-based bond loan. During 2025 the Group did not adjust or enter into new loan agreements. A 1 percentage point change in the general interest rate level relative to the balance sheet date is estimated to affect the Group's profit/(loss) for the year by DKK 170 thousand and consolidated equity by DKK 170 thousand based on financial stcommitments on December 31, 2025 (2024: an effect on the profit/(loss) for the year of DKK 148 thousand and consolidated equity of DKK 148 thousand). The estimate does not include adjustments concerning repayment and borrowing. Credit risk: The Group may realize losses if trade and other receivables are not settled. The majority of the Group\u2019s goods and services are sold to large companies with which Glunz & Jensen has long-term relationship. The four largest customers account for approx. 48,9% of total revenue. The Group normally requires prepayment from new customers. Based on the Group's internal credit procedures, the credit risk associated with the various trade receivables mainly relates to the customer's geographical location. Trade receivables deemed to have a high credit quality (low risk) are estimated to relate to Western Europe and North America. Conversely, trade receivables relating to Asia, Eastern Europe and the rest of the world are deemed to have a lower credit quality (medium and high risk). As part of the Group's risk management, past-due receivables are monitored monthly. Historically, the Group has realized only minor credit losses related to trade receivables. Please refer to note 19 regarding the credit quality of trade receivables. Liquidity risk: Liquidity risk is the risk that Glunz & Jensen will be unable to meet its obligations as they fall due because of its inability to liquidate assets or obtain adequate funding. The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio \"solvency\", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2025 Glunz & Jensen did not breach any of the 3 covenants. Management considers the Group\u2019s funding for 2026 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2026. stThe Group's interest-bearing liabilities amounted to DKK 72.034 thousand on December 31, 2025 (2024: DKK 71.195 thousand). stOn December 31, 2025, the Group's credit facilities amounted to DKK 79.946 thousand (2024: DKK 87.955 thousand) of which DKK 72.034 thousand has been drawn (2024: DKK 71.195 thousand). The liquidity reserve amounted to DKK st7.911 thousand on December 31, 2025 (2024: DKK 16.760 thousand). The liabilities fall due as follows: Group Carrying Payment In 1 year Over 5 (DKK \u2018000) amount obligation or less 1-5 years years stOn December 31, 2024 Non-derivative financial instruments: Credit institutions and banks 71.195 104.232 17.613 25.015 61.604 Lease liabilities 452 469 312 157 - Trade payables 7.303 7.303 7.303 - - Total 78.950 112.004 25.228 25.172 61.604 stOn December 31, 2025 Non-derivative financial instruments: Credit institutions and banks 72.034 101.491 21.388 24.552 55.551 Lease liabilities 223 229 229 - - Trade payables 7.963 7.963 7.963 - - Total 80.220 109.683 29.580 24.552 55.551 26. Financial risks and financial instruments (continued) Parent Company Carrying Payment In 1 year Over 5 (DKK \u2018000) amount obligation or less 1-5 years years stOn December 31, 2024 Non-derivative financial instruments: Trade payables 37 37 37 - - Total 37 37 37 - - stOn December 31, 2025 Non-derivative financial instruments: Trade payables 6 6 6 - - Total 6 6 6 - - The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are based on current market conditions. Management believes that the Group has sufficient cash resources to cover planned operations and ongoing investments. Capital management: It is the Group's policy that capital is distributed to the shareholders via dividends or that Glunz & Jensen purchases treasury shares if and when earnings justify it. This means that during periods of low and unstable income, the solvency ratio must be high, while it may be reduced if earnings stabilize at a higher level than achieved in recent years. stOn December 31, 2025, the solvency ratio was 49,7% (2024: 49,2%). Based on the performance during 2025 and the outlook for 2026, the Board of Directors proposes to the Annual General Meeting that no dividends be distributed for financial year 2025. Fair values: There was no difference between the fair values and the carrying amounts of financial assets and liabilities on December st, 2025, or on December 31st31, 2024. Short-term, floating-rate bank loans are measured at a price of 100. The methods used are unchanged compared with last year. Group Un-(DKK \u2018000) observable inputs Fair value measurement hierarchy for assets and liabilities using: (Level 3) Total stOn December 31, 2024 Non-current assets: Investment properties 144.700 144.700 Total non-current assets 144.700 144.700 stOn December 31, 2025 Non-current assets: Investment properties 149.000 149.000 Total non-current assets 149.000 149.000 No assets and liabilities are measured at fair value in the Parent Company.",
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"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s8__7__103": {
"value": "26. Financial risks and financial instruments Risk management policy: As a result of its operating, investing, and financing activities, the Group is exposed to various financial risks, including market risks, credit risks and liquidity risks. It is the Group\u2019s policy not to speculate actively in financial risks. The Group\u2019s financial risk management is thus aimed exclusively at managing the financial risks that are a direct consequence of the Group\u2019s operating, investing, and financing activities. Currency risk: The Group\u2019s currency risk consists of transaction risks and currency translation risks. The main part of the Group's sales is invoiced in EUR and USD. In 2025, approx. 82% of sales were invoiced in EUR and approx. 9% in USD (2024: 80% in EUR and 11% in USD). The main part of the Group's expenses is paid in EUR 72%, DKK 19% and USD 8%. In 2025, expenses paid in DKK, USD and EUR amounted to 99% of total expenses (2024: 99%). As Management considers the EUR/DKK exchange rate to be fixed, the Group's exposure to currency risks is limited. As part of the Group\u2019s currency policy, Glunz & Jensen seeks only to reduce the impact of exchange rate fluctuations (EUR exempted) on its profits and financial position via financial instruments when the risk is assessed as unacceptable. As in 2024, future currency transactions are currently not hedged. Due to the foreign subsidiaries, Glunz & Jensen is exposed to currency translation risks insofar as part of the Group\u2019s earnings and net assets derive from these foreign subsidiaries and, therefore, are translated and included in the consolidated financial statements, which are presented in DKK. 26. Financial risks and financial instruments (continued) An increase in the USD rate of 10% is estimated, all else being equal, to affect the Group's operating profit by approx. DKK 24 thousand (2024: DKK 91 thousand). The estimate is based on the level of USD Profit/(loss) transactions in 2025. Based on the Group\u2019s USD exposure at the balance sheet date, the impact of a hypothetical fluctuation of 10% of the USD/DKK exchange rate on the profit/(loss) for the year and consolidated equity amounts to DKK 164 thousand regarding cash and receivables (2024: DKK 175 thousand) and DKK 6 thousand regarding financial liabilities (2024: DKK 90 thousand), respectively. Interest rate risk: As a result of its investing and financing activities, the Group is exposed to interest rate fluctuations. Net interest-bearing stdebt on December 31, 2025, amounted to DKK 71.559 thousand (2024: DKK 70.500 thousand). During 2024 Selandia entered a DKK 4.300 thousand fixed-rate 10-year and 3-month DKK-based bond loan. During 2025 the Group did not adjust or enter into new loan agreements. A 1 percentage point change in the general interest rate level relative to the balance sheet date is estimated to affect the Group's profit/(loss) for the year by DKK 170 thousand and consolidated equity by DKK 170 thousand based on financial stcommitments on December 31, 2025 (2024: an effect on the profit/(loss) for the year of DKK 148 thousand and consolidated equity of DKK 148 thousand). The estimate does not include adjustments concerning repayment and borrowing. Credit risk: The Group may realize losses if trade and other receivables are not settled. The majority of the Group\u2019s goods and services are sold to large companies with which Glunz & Jensen has long-term relationship. The four largest customers account for approx. 48,9% of total revenue. The Group normally requires prepayment from new customers. Based on the Group's internal credit procedures, the credit risk associated with the various trade receivables mainly relates to the customer's geographical location. Trade receivables deemed to have a high credit quality (low risk) are estimated to relate to Western Europe and North America. Conversely, trade receivables relating to Asia, Eastern Europe and the rest of the world are deemed to have a lower credit quality (medium and high risk). As part of the Group's risk management, past-due receivables are monitored monthly. Historically, the Group has realized only minor credit losses related to trade receivables. Please refer to note 19 regarding the credit quality of trade receivables. Liquidity risk: Liquidity risk is the risk that Glunz & Jensen will be unable to meet its obligations as they fall due because of its inability to liquidate assets or obtain adequate funding. The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio \"solvency\", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2025 Glunz & Jensen did not breach any of the 3 covenants. Management considers the Group\u2019s funding for 2026 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2026. stThe Group's interest-bearing liabilities amounted to DKK 72.034 thousand on December 31, 2025 (2024: DKK 71.195 thousand). stOn December 31, 2025, the Group's credit facilities amounted to DKK 79.946 thousand (2024: DKK 87.955 thousand) of which DKK 72.034 thousand has been drawn (2024: DKK 71.195 thousand). The liquidity reserve amounted to DKK st7.911 thousand on December 31, 2025 (2024: DKK 16.760 thousand). The liabilities fall due as follows: Group Carrying Payment In 1 year Over 5 (DKK \u2018000) amount obligation or less 1-5 years years stOn December 31, 2024 Non-derivative financial instruments: Credit institutions and banks 71.195 104.232 17.613 25.015 61.604 Lease liabilities 452 469 312 157 - Trade payables 7.303 7.303 7.303 - - Total 78.950 112.004 25.228 25.172 61.604 stOn December 31, 2025 Non-derivative financial instruments: Credit institutions and banks 72.034 101.491 21.388 24.552 55.551 Lease liabilities 223 229 229 - - Trade payables 7.963 7.963 7.963 - - Total 80.220 109.683 29.580 24.552 55.551 26. Financial risks and financial instruments (continued) Parent Company Carrying Payment In 1 year Over 5 (DKK \u2018000) amount obligation or less 1-5 years years stOn December 31, 2024 Non-derivative financial instruments: Trade payables 37 37 37 - - Total 37 37 37 - - stOn December 31, 2025 Non-derivative financial instruments: Trade payables 6 6 6 - - Total 6 6 6 - - The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are based on current market conditions. Management believes that the Group has sufficient cash resources to cover planned operations and ongoing investments. Capital management: It is the Group's policy that capital is distributed to the shareholders via dividends or that Glunz & Jensen purchases treasury shares if and when earnings justify it. This means that during periods of low and unstable income, the solvency ratio must be high, while it may be reduced if earnings stabilize at a higher level than achieved in recent years. stOn December 31, 2025, the solvency ratio was 49,7% (2024: 49,2%). Based on the performance during 2025 and the outlook for 2026, the Board of Directors proposes to the Annual General Meeting that no dividends be distributed for financial year 2025. Fair values: There was no difference between the fair values and the carrying amounts of financial assets and liabilities on December st, 2025, or on December 31st31, 2024. Short-term, floating-rate bank loans are measured at a price of 100. The methods used are unchanged compared with last year. Group Un-(DKK \u2018000) observable inputs Fair value measurement hierarchy for assets and liabilities using: (Level 3) Total stOn December 31, 2024 Non-current assets: Investment properties 144.700 144.700 Total non-current assets 144.700 144.700 stOn December 31, 2025 Non-current assets: Investment properties 149.000 149.000 Total non-current assets 149.000 149.000 No assets and liabilities are measured at fair value in the Parent Company.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__105": {
"value": "Credit risk: The Group may realize losses if trade and other receivables are not settled. The majority of the Group\u2019s goods and services are sold to large companies with which Glunz & Jensen has long-term relationship. The four largest customers account for approx. 48,9% of total revenue. The Group normally requires prepayment from new customers. Based on the Group's internal credit procedures, the credit risk associated with the various trade receivables mainly relates to the customer's geographical location. Trade receivables deemed to have a high credit quality (low risk) are estimated to relate to Western Europe and North America. Conversely, trade receivables relating to Asia, Eastern Europe and the rest of the world are deemed to have a lower credit quality (medium and high risk). As part of the Group's risk management, past-due receivables are monitored monthly. Historically, the Group has realized only minor credit losses related to trade receivables. Please refer to note 19 regarding the credit quality of trade receivables.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__106": {
"value": "Liquidity risk: Liquidity risk is the risk that Glunz & Jensen will be unable to meet its obligations as they fall due because of its inability to liquidate assets or obtain adequate funding. The Group's primary loan agreement with Nordea is subject is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio \"solvency\", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). During 2025 Glunz & Jensen did not breach any of the 3 covenants. Management considers the Group\u2019s funding for 2026 sufficient to be able to continue meeting its payment obligations and its obligations under the financing covenants during 2026. stThe Group's interest-bearing liabilities amounted to DKK 72.034 thousand on December 31, 2025 (2024: DKK 71.195 thousand). stOn December 31, 2025, the Group's credit facilities amounted to DKK 79.946 thousand (2024: DKK 87.955 thousand) of which DKK 72.034 thousand has been drawn (2024: DKK 71.195 thousand). The liquidity reserve amounted to DKK st7.911 thousand on December 31, 2025 (2024: DKK 16.760 thousand). The liabilities fall due as follows: Group Carrying Payment In 1 year Over 5 (DKK \u2018000) amount obligation or less 1-5 years years stOn December 31, 2024 Non-derivative financial instruments: Credit institutions and banks 71.195 104.232 17.613 25.015 61.604 Lease liabilities 452 469 312 157 - Trade payables 7.303 7.303 7.303 - - Total 78.950 112.004 25.228 25.172 61.604 stOn December 31, 2025 Non-derivative financial instruments: Credit institutions and banks 72.034 101.491 21.388 24.552 55.551 Lease liabilities 223 229 229 - - Trade payables 7.963 7.963 7.963 - - Total 80.220 109.683 29.580 24.552 55.551 26. Financial risks and financial instruments (continued) ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__7__107": {
"value": "Fair values: There was no difference between the fair values and the carrying amounts of financial assets and liabilities on December st, 2025, or on December 31st31, 2024. Short-term, floating-rate bank loans are measured at a price of 100. The methods used are unchanged compared with last year. Group Un-(DKK \u2018000) observable inputs Fair value measurement hierarchy for assets and liabilities using: (Level 3) Total stOn December 31, 2024 Non-current assets: Investment properties 144.700 144.700 Total non-current assets 144.700 144.700 stOn December 31, 2025 Non-current assets: Investment properties 149.000 149.000 Total non-current assets 149.000 149.000 No assets and liabilities are measured at fair value in the Parent Company.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__7__108": {
"value": "27. 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. Both Heliograph Holding GmbH and MRB Holding GmbH are located at Konrad-Zuse-Bogen 18, 82152 Krailling, Germany. Glunz & Jensen Holding A/S is included in the consolidated financial statement of Heliograph Holding GmbH. Consolidated financial statements can be requested by contacting Heliograph Holding GmbH and MRB Holding GmbH at the abovementioned address. All companies in which Glunz & Jensen Holding A/S has a controlling interest are presented on page 26. Transactions with subsidiaries have been eliminated in the consolidated financial statements in accordance with the group\u2019s accounting policies. Receivables from subsidiaries is presented in the balance sheet and interest income from subsidiaries is presented in note 8. The Group\u2019s related parties also comprise the members of the board of directors and the executive board as well as these persons\u2019 family members. Remuneration paid to members of the executive board and the board of directors is disclosed in note 4. Transactions with related parties: Parent Parent Group Group Company Company stDecember 31 (DKK \u2018000) 2025 2024 2025 2024 Sale of services to Heliograph Holding GmbH 56 52 - - Purchase of services from Heliograph Holding GmbH - 868 - - Sale of finished goods and parts to other MRB Group companies 802 2.477 - - Sale of services to other MRB Group companies - 60 - - Purchase of services from MRB Group companies 1.594 1.594 13 26 Sale of services to subsidiaries - - 6.775 6.210 Purchase of services from subsidiaries - - 235 208",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__109": {
"value": "28. Events after the balance sheet date stNo events have occurred since December 31, 2025, which are considered to have a significant impact on the Group's or the Parent Company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__110": {
"value": "29. New accounting standards The IASB has issued several new standards and amendments not yet in effect or endorsed by the EU and therefore not relevant for the preparation of the 2025 consolidated financial statements. Glunz & Jensen Holding A/S expects to implement these standards when they take effect. IFRS 18 Presentation and Disclosure in Financial Statements is expected to have a moderate impact on the company's financial reporting. The standard primarily introduces changes in presentation and disclosure requirements, including new categories in the income statement and increased requirements for the specification of management performance measures (MPM). At present, implementation work has not begun. However, a detailed analysis of the standard's requirements will be carried out prior to its effective date to ensure correct implementation and adjustment of the presentation in the annual report.. ANNUAL REPORT 2025 Page | 55",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__112": {
"value": "Basis of preparation The annual report is presented in DKK, rounded to the nearest amount in DKK thousands. The annual report is prepared using the historical cost principle. However, recognized derivatives are measured at fair value. Non-current assets are measured at the lower of their carrying amount before the reclassification and fair value less selling costs. The accounting policies have been applied consistently in the financial year and to comparative figures.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__7__113": {
"value": "Adoption of new and revised IFRSs Glunz & Jensen Holding A/S has implemented all the relevant new or amended IFRS Accounting Standards and interpretations as adopted by the EU that are effective as of stJanuary 1, 2025. No new standards or interpretations have had effect on the financial statements of the Group. The accounting policies have been applied consistently in the financial year and to comparative figures. Description of accounting policies",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s8__7__115-1": {
"value": "Consolidated financial statements The consolidated financial statements include the Parent Company Glunz & Jensen Holding A/S and subsidiaries. Subsidiaries are entities controlled by the group. The group \u2018controls\u2019 an entity when it 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 over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consolidated financial statements are prepared by aggregating the Parent Company\u2019s and the individual subsidiaries\u2019 financial statements, applying the Group\u2019s accounting policies. Intra-group income and expenses, shareholdings, balances, and dividends as well as realized and unrealized gains arising from intra-group transactions are eliminated on consolidation. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates.Investments in subsidiaries Investments in subsidiaries are measured using the equity method. Investments in subsidiaries are measured at the proportionate share of the entities' net asset value calculated in accordance with the Group's accounting policies minus or plus unrealized intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the purchase method of accounting. Investments in subsidiaries with negative net asset values are measured at DKK 0, and any amounts owed by such entities are written down insofar as the amount receivable is considered irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under \"Provisions\". Net revaluation of investments in subsidiaries is recognized in the net revaluation reserve according to the equity method under equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of Glunz & Jensen Holding A/S is adopted are not taken to the net revaluation reserve.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__114": {
"value": "Consolidated financial statements The consolidated financial statements include the Parent Company Glunz & Jensen Holding A/S and subsidiaries. Subsidiaries are entities controlled by the group. The group \u2018controls\u2019 an entity when it 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 over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. The consolidated financial statements are prepared by aggregating the Parent Company\u2019s and the individual subsidiaries\u2019 financial statements, applying the Group\u2019s accounting policies. Intra-group income and expenses, shareholdings, balances, and dividends as well as realized and unrealized gains arising from intra-group transactions are eliminated on consolidation. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__7__117": {
"value": "Foreign currency translation A functional currency is designated for each of the reporting entities in the Group. The functional currency is the currency used in the primary economic environment in which the reporting entity operates. Transactions denominated in currencies other than the functional currency are transactions in foreign currencies. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the transaction date. Gains and losses arising between the rate at the transaction date and the rate at the date of payment are recognized in the statement of comprehensive income under financial income and expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the balance sheet date. Differences between the rate at the balance sheet date and the rate at the transaction date or the exchange rate stated in the latest annual report are recognized in the statement of comprehensive income under financial income and expenses. On recognition of foreign subsidiaries and associates with a functional currency other than DKK, items in the statement of comprehensive income are translated at average rate rates that do not differ significantly from the rates ruling at the transaction date. Balance sheet items in subsidiaries and the equity share of associates are translated at closing rates. Exchange rate differences arising on the translation of the opening equity of subsidiaries and associates at closing rates and on the translation of items in the statement of comprehensive income from average rates to closing rates are recognized in the consolidated financial statements under other comprehensive income in equity as a separate translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__116-1": {
"value": "Foreign currency translation A functional currency is designated for each of the reporting entities in the Group. The functional currency is the currency used in the primary economic environment in which the reporting entity operates. Transactions denominated in currencies other than the functional currency are transactions in foreign currencies. Transactions in foreign currencies are translated into the functional currency at the exchange rate at the transaction date. Gains and losses arising between the rate at the transaction date and the rate at the date of payment are recognized in the statement of comprehensive income under financial income and expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the balance sheet date. Differences between the rate at the balance sheet date and the rate at the transaction date or the exchange rate stated in the latest annual report are recognized in the statement of comprehensive income under financial income and expenses. On recognition of foreign subsidiaries and associates with a functional currency other than DKK, items in the statement of comprehensive income are translated at average rate rates that do not differ significantly from the rates ruling at the transaction date. Balance sheet items in subsidiaries and the equity share of associates are translated at closing rates. Exchange rate differences arising on the translation of the opening equity of subsidiaries and associates at closing rates and on the translation of items in the statement of comprehensive income from average rates to closing rates are recognized in the consolidated financial statements under other comprehensive income in equity as a separate translation reserve.Translation reserve: The translation reserve in the consolidated financial statements includes accumulated foreign exchange differences arising on the translation of the financial statements of foreign subsidiaries from their functional currency to the presentation currency of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s8__7__118": {
"value": "Revenue The Glunz & Jensen Group\u2019s main activities lie within Flexo and Offset, which are both part of the Prepress market. All products and services are connected to setters and printing equipment. In addition to equipment, Glunz & Jensen sells installation of the equipment, service, and spare parts. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer. The recognized revenue is measured at the fair value of the agreed consideration exclusive of VAT and fees collected on behalf of third parties. All forms of discounts will be recognized in revenue. Any part of the total consideration that is variable, e.g. in the form of discounts, bonuses, penalties, etc., will be recognized in revenue only when reasonably certain that no repayments will be made in subsequent periods, i.e. as the result of failure to meet goals, etc. Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the equipment. The normal credit term is 30 to 90 days upon delivery. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties). In determining the transaction price for the sale of equipment, the Group considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any). Customers are not entitled to return purchased goods. The sale of services includes service packages and extended guarantees concerning products sold. The services typically include one performance obligation which is recognized on a straight-line basis over the period during which the services are provided. Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__119": {
"value": "Costs The Group distributes the cost, including depreciation and amortization and wages and salaries, by the functions production costs, sales and distribution costs, development costs and administrative expenses. Costs not directly attributable to a function are allocated to the functions based on the number of employees in each function. Administrative expenses comprise operating expenses relating to the Group\u2019s investment property. Development costs comprise research costs and any development costs not qualifying for capitalization and depreciation and amortization of capitalized development projects. Administrative expenses comprise operational expenses relating to the Group's rental property.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__121": {
"value": "Financial income and expenses Financial income and expenses comprise interest, including interest on lease liabilities, fair value gains and losses on securities, realized and unrealized foreign exchange adjustments, amortization and surcharges and allowances under the tax prepayment scheme. Also included are realized and unrealized gains and losses relating to derivative financial instruments not qualifying as effective hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__122-1": {
"value": "Income tax expense Glunz & Jensen Holding A/S is jointly taxed with its Danish subsidiaries. The current Danish income tax charge is allocated among the jointly taxed entities in proportion to their taxable income. Tax for the year, comprising current income tax for the year and changes in deferred tax, including such changes as follow from changes in the tax rate, is recognized in profit or loss, other comprehensive income or in equity, depending on where the relevant item is recognized.Income tax and deferred tax Current tax payable and receivable is recognized in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method, providing for all temporary differences between the carrying amount and the tax base of assets and liabilities. However, the following items are not recognized: goodwill not deductible for tax purposes and other items \u2013 apart from business combinations \u2013 where temporary differences have arisen at the date of acquisition that neither affect profit/(loss) nor taxable income. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognized as other non-current assets at the value at which they are expected to be utilized, either by elimination against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. The deferred tax charge is adjusted in respect of elimination of unrealized intra-group profits and losses. Deferred tax is measured based on the tax rules and at the tax rates that will apply under the legislation enacted at the balance sheet date in the relevant countries when the deferred tax is expected to crystallize in the form of current tax. Changes in deferred tax as a result of changes in tax rates are recognized in the statement of comprehensive income. Under the joint taxation rules, Glunz & Jensen Holding A/S, as the management company, becomes liable vis-\u00e0-vis the tax authorities for the subsidiaries\u2019 income taxes as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable and receivable are recognized in the balance sheet under receivables from/payables to subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__123": {
"value": "Development projects Development costs comprise costs and salaries and depreciation and amortization relating to the Group\u2019s development activities. Development costs on an individual project are recognized as an intangible asset, when the Group can demonstrate the technical feasibility of completing the intangible asset so that the asset will be available for use or sale, its intention to complete and its ability and intention to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to reliably measure the expenditure during development. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit, which is 3-10 years. During the period of development, the asset is tested for impairment annually. Other development costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__124": {
"value": "Property, plant, and equipment Property, plant, and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the asset is available for use. Subsequent costs, e.g., for the replacement of components of an item of property, plant, or equipment, are recognized in the carrying amount of the asset when it is likely that the expenditure of the replacement involves a future financial benefit for the Group. The carrying amount of the replaced components ceases to be recognized in the balance sheet and is transferred to profit or loss. All other costs related to general repair and maintenance are recognized in profit or loss as and when incurred. The cost value of a total asset is divided into separate components that are depreciated separately if the useful lives of the individual components differ. Items of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives: Buildings and components 10-30 years Technical installations 10-15 years Other fixtures and fittings 3-5 years Land is not depreciated. The depreciation basis is determined considering the residual value of the asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depreciation period or the residual value is changed, the effect on depreciation going forward is recognized as a change in accounting estimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__125": {
"value": "The depreciation basis is determined considering the residual value of the asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depreciation period or the residual value is changed, the effect on depreciation going forward is recognized as a change in accounting estimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__126": {
"value": "Leased assets A lease asset and a lease liability are recognized in the balance sheet when a right-of-use lease asset is transferred to the group or the parent company for the term of the lease pursuant to a concluded lease agreement and the group obtains the right to substantially all the economic benefits from the use of the identifiable asset and the right to control the use of the identifiable asset. Service components are excluded from the lease liability. On initial recognition, lease liabilities are measured at the present value of the future lease payments, discounted using an alternative interest rate. The lease liability is measured at amortized cost using the effective interest rate method. The lease liability is re-measured when there is a change in the underlying contractual cash flows due to changes in an index or an interest rate, if there is a change to the estimate of a residual value guarantee, or if there is a change to the assessment as to whether it is reasonably certain that a purchase option, an extension option, or a termination option will be exercised. On initial recognition, the right-of-use asset is measured at cost, corresponding to the value of the lease liability adjusted for prepaid lease payments plus any initial direct costs and estimated costs for dismantling, removing, and restoring or similar and less any discounts or other types of incentive payments granted by the lessor. On subsequent recognition, the asset is measured at cost less any accumulated depreciation and impairment. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the asset. Depreciation charges are recognized in the income statement on a straight-line basis. The right-of-use asset is adjusted for any changes in the lease liability due to changes in the lease terms or changes in the contractual cash flows because of changes in an index or an interest rate. Lease assets are depreciated on a straight-line basis over the estimated lease term. The lease asset and the lease liability are presented separately by the group and the parent company in the balance sheet. The group and the parent company have elected not to recognize right-of-use assets of low value and short-term leases in the balance sheet and instead to recognize lease payments concerning these leases in the income statement on a straight-line basis. When the group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Investment properties Investment properties are measured initially at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__127-1": {
"value": "investment property only when there is a change in use. For a transfer from investment property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change in use. If owner-occupied property becomes an investment property, the Group accounts for such property in accordance with the policy stated under \"Property, plant and equipment\" up to the date of change in use. At the same date the property is evaluated to fair value and the adjustment between the cost value and fair value is recognized as other comprehensive income.Revaluation reserve: The revaluation reserve contains adjustment occurred during transfers to (or from) investment property when there is a change in use, or the investment property is sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__129": {
"value": "Investments in subsidiaries Investments in subsidiaries are measured using the equity method. Investments in subsidiaries are measured at the proportionate share of the entities' net asset value calculated in accordance with the Group's accounting policies minus or plus unrealized intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the purchase method of accounting. Investments in subsidiaries with negative net asset values are measured at DKK 0, and any amounts owed by such entities are written down insofar as the amount receivable is considered irrecoverable. If the Parent Company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under \"Provisions\". Net revaluation of investments in subsidiaries is recognized in the net revaluation reserve according to the equity method under equity where the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be declared before the annual report of Glunz & Jensen Holding A/S is adopted are not taken to the net revaluation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__130": {
"value": "Impairment of non-current assets Development projects are tested annually for evidence of impairment. Deferred tax assets are tested for impairment annually and are written down if it is deemed likely that the deferred tax asset cannot be utilized against tax on future income or set off against deferred tax liabilities in the same legal tax entity and jurisdiction. This assessment considers the type and nature of the recognized deferred tax asset, the estimated period for set-off of the deferred tax asset etc. Other long-term assets are tested for impairment once a year. When there is evidence that an asset may be impaired, the recoverable amount of that asset is determined. The recoverable amount is the higher of the net selling price of the asset and the net present value of the expected future net cash flows. An impairment loss is recognized when the carrying amount of an asset or its cash-generating unit exceeds the recoverable amount of the asset or its cash-generating unit. Impairment losses are recognized in the statement of incomprehensive income under production costs, development costs, sales and distribution costs and administrative expenses. However, impairment losses in respect of goodwill are recognized in a separate line in the statement of incomprehensive income. Impairment losses on other long-term assets are reversed to the extent that changes have occurred in the assumptions and estimates based on which the impairment loss was recognized. Impairment losses are reversed only to the extent that the new carrying amount of the asset does not exceed the carrying amount it would have had net of amortization and net of depreciation if the impairment loss had not been recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__131": {
"value": "Inventories Inventories are measured at cost using the FIFO method. Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct labor costs and production overheads. Production overheads comprise indirect materials and labor costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and factory administration and management costs. Where the net realizable value is lower than cost, inventories are written down to such lower value. The net realizable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined considering marketability, obsolescence, and developments in the expected selling price.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__132": {
"value": "Receivables Receivables are measured at amortized cost. A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates (simplified 'expected credit loss\u2019 model). The cost of the credit loss allowance is included in sales and distribution costs. A loss is considered realized when it is certain that we will not recover the receivable, e.g., in case of bankruptcy or similar. Deposits are measured at fair value cost and consist of rent deposits. The leases are non-cancellable for a period of 0\u20139 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__134": {
"value": "Dividends: Dividends proposed for the year is recognized as a liability at the time it is adopted at the Annual General Meeting. The amount proposed as dividends for the year is stated as a separate item in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__138": {
"value": "Income tax and deferred tax Current tax payable and receivable is recognized in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method, providing for all temporary differences between the carrying amount and the tax base of assets and liabilities. However, the following items are not recognized: goodwill not deductible for tax purposes and other items \u2013 apart from business combinations \u2013 where temporary differences have arisen at the date of acquisition that neither affect profit/(loss) nor taxable income. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognized as other non-current assets at the value at which they are expected to be utilized, either by elimination against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. The deferred tax charge is adjusted in respect of elimination of unrealized intra-group profits and losses. Deferred tax is measured based on the tax rules and at the tax rates that will apply under the legislation enacted at the balance sheet date in the relevant countries when the deferred tax is expected to crystallize in the form of current tax. Changes in deferred tax as a result of changes in tax rates are recognized in the statement of comprehensive income. Under the joint taxation rules, Glunz & Jensen Holding A/S, as the management company, becomes liable vis-\u00e0-vis the tax authorities for the subsidiaries\u2019 income taxes as the subsidiaries pay their joint taxation contributions. Joint taxation contributions payable and receivable are recognized in the balance sheet under receivables from/payables to subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__139": {
"value": "Provisions Provisions comprise estimated commitments regarding warranty obligations and restructuring etc. Provisions are recognized when, as a result of events occurring before or at the balance sheet date, the Group has a legal or constructive obligation, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at Management's best estimate of the amount required to settle the obligation at the balance sheet date. A provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data. Restructuring costs are recognized as liabilities when a detailed, formal restructuring plan has been announced not later than the balance sheet date to the parties affected by the plan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__140": {
"value": "Pension obligations Payments relating to defined contribution plans under which the Group regularly pays fixed contributions into an independent pension fund are recognized in profit or loss in the period in which they are earned, and outstanding payments are recognized in the balance sheet under other payables. There are no defined benefit plans within the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__141": {
"value": "Financial liabilities Payables to credit institutions are recognized at the date of borrowing at fair value (corresponding to the net proceeds received) less transaction costs paid. In subsequent periods, payables to credit institutions are measured at amortized cost, corresponding to the capitalized value using the effective interest rate method. Accordingly, the difference between the proceeds and the nominal value (capital loss) is recognized in profit or loss over the term of the loan. Other liabilities are measured at net realizable value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__143": {
"value": "Cash flow statement The cash flow statement shows cash flows for the year, broken down by operating, investing, and financing activities, and the year\u2019s changes in cash and cash equivalents as well as cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and disposals of entities is shown separately under cash flows from investing activities. Cash flows from acquisitions of entities are recognized in the cash flow statement from the date of acquisition, and cash flows from disposals of entities are recognized up to the date of disposal. Cash flows from operating activities are determined as profit/(loss) for the year adjusted for non-cash operating items, changes in working capital, interest received and paid, including interest on lease liabilities, and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities; acquisitions and disposals of intangible assets, property, plant and equipment, investment properties and other non-current assets; and acquisitions and disposals of securities that are not recognized as cash and cash equivalents. Cash flows from financing activities comprise changes in the size or composition of the share capital and associated expenses as well as raisings of loans, repayment of interest-bearing debt, including repayment of lease liabilities, purchase and sale of treasury shares, and payment of dividends as well as dividends received from subsidiaries. Cash and cash equivalents comprise deposits with credit institutions and cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__144": {
"value": "Cash and cash equivalents comprise deposits with credit institutions and cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s8__7__145": {
"value": "Segment information Segment information is prepared in accordance with the Group's accounting policies and internal financial reporting. The Group presents two reportable segments: the Prepress market and Investment properties, Selandia Park. Segment revenue, segment expenses, segment assets and liabilities are those items that are directly attributable to the individual segment or can be allocated to the segment on a reliable basis. Segment assets are those assets that are employed directly by the segment in its operating activities, including non-current assets, inventories, trade receivables, other receivables, prepayments and cash and cash equivalents. Segment liabilities are those liabilities that result from the segments\u2019 operating activities, including trade liabilities, borrowings, lease liabilities and other liabilities. Additional segment information is stated regarding consolidated revenue broken down by geographical markets. DEFINITIONS OF RATIOS Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. The ratios in the annual report are calculated as follows: Gross profit x 100Gross margin RevenueOperating profit (EBITA) x 100Operating margin RevenueProfit before interest, tax, amortization, depreciation and impairment x 100EBITDA margin RevenueOperating profit x 100Return on assets Average operating assetsProfit or loss for the year x 100Return on equity (ROE) Average EquityEquity at year-end x 100Solvency ratio Liabilities at year-endOperating profit (EBITA) + interest incomeInterest coverage Interest expensesProfit(loss) for the yearEarnings per share (EPS) Average number of shares outstandingDiluted earningsDiluted earnings per share (EPS-D) Diluted average number of shares outstandingCash flows from operating activities Cash flow per share (CFPS) Diluted average number of shares outstandingEquity at year-endBook value per share (BVPS) Numbers of shares at year endTotal dividend paidPay-out ratio Profit or loss for the yearShare priceShare price/book value (KI) BVPS",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300S5UFTTWALAFE19",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}