Page | 0 ANNUAL REPORT 2025
Glunz & Jensen Holding A/S; Selandia Park 1, 4100 Ringsted, Denmark
CVR 10239680
ANNUAL REPORT 2025 Page | 1
GLUNZ & JENSEN
Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global Prepress
industry. In addition to developing and producing processing equipment for Offset and Flexo printing technologies, we also
offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse
product portfolio includes inkjet imaging systems, lithographic processors, exposure units, wash out units (processors),
dryers, light finishers, combi units, full-automatic platemaking (inline) systems, mounting tables, plate stackers & turners.
Our R&D, supply chain, production, testing, and technical training and testing facilities are in Presov, Slovakia, and our
products are based on application know-how and own developed technology.
Glunz & Jensen has been operating in Prepress for more than 53 years. We have long-standing relations with major
industry leading companies such as Asahi, DuPont, ECO3, Fuji Film, Heidelberg, KBA, Kodak, Miraclon, and many more.
We market our products and solutions globally through a well-established, comprehensive, and worldwide network of
distributors and dealers. We have 93 employees in our facilities in Denmark, Slovakia and the USA end of 2025.
We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for
money in our product areas, and thereby growing our market share with our global partners. We are also set to strengthen
our earnings through improved trade profitability and optimized manufacturing including within procurement and supply
chain.
The segment Prepress consists of two product areas described below:
OFFSET
FLEXO
Products
Primary applications
Share of revenue
Main sales channels
Markets
Main market drivers
CtP and iCtP technology solutions
which prepare Offset plates for Offset
printing together with aftermarket
services.
Commercial printing – production of
newspapers, magazines, books, flyers,
business cards, stationary etc.
Approx. 46% of Prepress
Through large customers such as
ECO3, Kodak, Heidelberg, and multiple
large dealers
Global
Maintain a high-end suite of innovative
products and solutions in close
cooperation with key customers as well
as ongoing consolidation to maintain
critical mass. Limited brand-new sites
but an abundance of replacement sales
to existing accounts as well as
competitive accounts capturing. In the
past the addressable market has
witnessed significant consolidation as
well as migration towards process-less
plate technologies as well as print
output via digital technology solutions.
Flexographic (Thermal and Solvent)
technology solutions which expose,
process and handle plates for Flexo
printing together with aftermarket
services.
Labels & Packaging industry
Approx. 54% of Prepress
Through large customers such as
DuPont, KBA, Miraclon, and multiple
large dealers
Global
Improve technological solutions and
automation of Prepress production
processes in close cooperation with
customers. There will be focus on
developing environmentally friendly
solutions which improves performance,
through longer lifetime, higher
efficiencies, and lower emissions
impact and energy consumption. Key
technology convergence from Gravure
and Offset in packaging in particular
onto Flexo technology drives
expectation for growth in years ahead.
Besides the main segment Prepress Glunz & Jensen reports and operates within the segment investment property,
Selandia Park.
Page | 2 ANNUAL REPORT 2025
TABLE OF CONTENTS
HEADLINES FOR 2025 .................................................................................................................................................. 3
GLUNZ & JENSEN HOLDING A/S LOCATIONS ............................................................................................................... 4
FINANCIAL HIGHLIGHTS .............................................................................................................................................. 5
BUSINESS AND FINANCIAL REVIEW............................................................................................................................. 6
OPTIMIZATION OF THE VALUE CHAIN ......................................................................................................................... 7
OUTLOOK ................................................................................................................................................................... 8
BUSINESS MODEL ....................................................................................................................................................... 8
FINANCIAL STATEMENTS ............................................................................................................................................ 9
RISK FACTORS ............................................................................................................................................................13
REPORTING ON MANAGEMENT .................................................................................................................................15
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY ...............................................................................................19
SHAREHOLDER INFORMATION ..................................................................................................................................22
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ............................................................................................24
GROUP COMPANIES ..................................................................................................................................................26
STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT .....................................................27
INDEPENDENT AUDITOR'S REPORT ............................................................................................................................28
INCOME STATEMENT .................................................................................................................................................32
STATEMENT OF COMPREHENSIVE INCOME ...............................................................................................................32
BALANCE SHEET .........................................................................................................................................................33
STATEMENT OF CHANGES IN EQUITY .........................................................................................................................35
STATEMENT OF CASH FLOWS ....................................................................................................................................36
NOTES .......................................................................................................................................................................37
DEFINITIONS OF RATIOS ............................................................................................................................................61
ANNUAL REPORT 2025 Page | 3
HEADLINES FOR 2025
• Revenue in Glunz & Jensen Holding A/S came to DKK 143,6 million in 2025 vs. DKK 131,0 million in 2024. Revenue
in Selandia Park came to DKK 11,7 million in 2025 vs. DKK 11,3 million in 2024. Revenue is in line with our
expectations announced to the market on October 23
rd
, 2025, as revenue then was guided at approximately DKK
140 million.
• Gross profit totaled DKK 39,5 million (2024: DKK 34,4 million), and gross profit margin increased to 27,5% (2024:
26,3%).
• Profit before financial income and expenses, tax, depreciation, amortization, and impairment of assets, – EBITDA,
was DKK 17,3 million (2024: DKK 9,5 million). EBITDA is in line with our expectations announced to the market on
October 23
rd
, 2025, as it was then announced at approximately DKK 17 million. The outlook was without an
adjustment on fair value on the investment properties which amounted to a negative adjustment of DKK 0,3 million.
• Profit for the year before tax totaled DKK 11,3 million (2024: DKK 3,3 million). This is in line with the expectations
announced to the market on October 23
rd
, 2025, as profit for the year before tax was then expected at approximately
DKK 11 million. The outlook was without an adjustment on fair value on the investment properties which amounted
to a negative adjustment of DKK 0,3 million. Profit for the year before tax is considered satisfactory.
• Profit for the year totaled DKK 8,5 million (2024: DKK 2,8 million), equal to a profit in earnings per share (EPS) of
DKK 4,7 in 2025 (2024: DKK 1,6 per share).
• Net cash flows from operating activities came at DKK 6,7 million (2024: DKK 6,6 million), net investments were DKK
-7,4 million (2024: DKK -1,6 million), and cash flows from financing activities were DKK 0,5 million (2024: DKK -5,6
million). Free cash flows at year-end were DKK -0,7 million (2025: DKK 5,0 million).
• The Board of Directors recommends not to distribute dividends for 2025.
• Following the mandate received at the annual general meeting on April 9
th
, 2025, Glunz & Jensen Holding A/S has
initiated the selling process of Selandia Park A/S, or the selling of assets (primarily the investment property) owned
by Selandia Park A/S. See also company announcement no. 578. The Board of Directors and the Executive
Management of Glunz & Jensen Holding A/S have no knowledge or assessment of the to-be actual selling price of
Selandia Park. The Board of Directors and the Executive Management of Glunz & Jensen Holding A/S reserves the
right to wait for the appropriate buyer of Selandia Park and reserves the right to wait for the optimal sales agreement
which might be finalized in 12-18 months.
Page | 4 ANNUAL REPORT 2025
GLUNZ & JENSEN HOLDING A/S LOCATIONS
Glunz & Jensen Prepress currently maintains operational facilities in Presov, Slovakia; Inman, USA; and Ringsted,
Denmark.
The investment properties owned by Selandia Park A/S are situated in Ringsted, Denmark.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 5
FINANCIAL HIGHLIGHTS
DKK
DKK
DKK
DKK
DKK
EUR
12 months
9 months
12 months
12 months
12 months
12 months
2021/22
2022
2023
2024
2025
2025
1)
147,0
103,4
143,3
131,0
143,6
19,2
39,1
27,5
31,9
34,4
39,5
5,3
17,8
17,0
8,6
7,9
15,7
2,1
(3,1)
(1,8)
(4,9)
(4,6)
(4,4)
(0,6)
14,6
15,3
3,5
3,3
11,3
1,5
12,1
12,0
2,9
2,8
8,5
1,1
23,9
18,2
10,8
9,5
17,3
2,3
-
-
-
0,6
0,7
0,1
152,7
157,7
154,1
155,2
160,3
21,5
67,5
82,8
64,2
56,3
65,2
8,7
220,2
240,5
218,3
212,1
226,2
30,3
86,3
98,4
101,2
104,4
112,5
15,1
70,1
65,9
72,1
72,6
71,6
9,6
63,8
76,2
45,0
35,1
42,1
5,6
220,2
240,5
218,3
212,1
226,2
30,3
23,2
(9,3)
13,9
6,6
6,7
0,9
(4,1)
(1,4)
(0,6)
(1,6)
(7,4)
(1,0)
19,1
(10,7)
13,3
5,0
(0,7)
(0,1)
(18,9)
10,6
(13,0)
(5,6)
0,5
0,1
0,2
(0,1)
0,3
(0,7)
(0,2)
(0,0)
11,7
16,5
6,0
6,0
10,9
10,9
16,3
17,6
7,5
7,2
12,0
12,0
8,0
7,4
3,8
3,7
7,2
7,2
15,1
13,0
2,9
2,8
7,8
7,8
39,2
40,9
46,4
49,2
49,7
49,7
71,1
83,9
73,4
70,5
71,6
9,6
6,9
9,3
2,0
1,9
4,1
4,1
6,7
6,6
1,6
1,6
4,7
0,6
6,7
6,6
1,6
1,6
4,7
0,6
12,7
(5,1)
7,7
3,6
3,7
0,5
47,4
54,1
55,6
57,3
61,7
8,3
78
75
72
75
80
10,0
1.821
1.821
1.821
1.821
1.821
1.821
0,0
0,0
0,0
0,0
0,0
0,0
101
108
113
107
100
100
The accounting period in 2022 is from April 1
st
to December 31
st
hence covering a 9-month period only.
For definitions of financial ratios, see page 61.
1)
The numbers presented in EUR are supplementary information. All numbers are translated from DKK to EUR using the official exchange
rate on December 31
st
, 2025.
MANAGEMENT'S REVIEW
Page | 6 ANNUAL REPORT 2025
BUSINESS AND FINANCIAL REVIEW
Strategy
Following the positive development in gross profit
margins over the last couple of years, a short-term plan
(referred to as the Plan 2026) was developed. This plan
– among others - included further operational
consolidation, additional focus on purchase of parts and
materials, additional focus on new markets, an updated
go-to-market approach, new product launches, and
organizational efficiencies.
Glunz & Jensen has initialized its plan (Plan 2026) which
focuses on increased efficiencies within the company.
The plan targets an increase in efficiency by minimum
10% in 2026.
Main events in 2025:
• Following the mandate received at the annual
general meeting on April 9
th
, 2025, Glunz & Jensen
Holding A/S has initiated the selling process of
Selandia Park A/S, or the selling of assets
(primarily the investment property) owned by
Selandia Park A/S. The Board of Directors and the
Executive Management of Glunz & Jensen Holding
A/S have no knowledge or assessment of the to-be
actual selling price of Selandia Park. The Board of
Directors and the Executive Management of Glunz
& Jensen Holding A/S reserves the right to wait for
the appropriate buyer of Selandia Park and
reserves the right to wait for the optimal sales
agreement which might be finalized in 12-18
months.
• Inflation in Denmark came to 1,9% Y-O-Y in 2025,
whereas it remained relatively higher in Slovakia at
3,9% Y-O-Y in 2025 (source: IMF).
• Cost of capital decreased by approximately 1,5%
PP on the short-term interest rates and came to
approximately 5,0%
• Our strong focus on improving the balance
sheet/working capital was successful. Inventories
were reduced from DKK 56,8 million in 2022 to
DKK 38,6 million in 2025. This included an
inventory write down of DKK 1,4 million in 2025
(2024: DKK 3,8 million).
• Our investment property, Selandia Park, finalized
upgrading of a building in 2025 on behalf of a
tenant. The building was leased in 2025 on a long-
term contract.
Offset market
Glunz & Jensen’s sales to the Offset market decreased
by 2,0% in 2025 compared to 2024. The market has seen
a slow decline over a long period due to changes in
consumer behavior driving less need for commercial
print as well as a shift from traditional to digital print
production.
Flexo market
While competition in the Flexo market remained fierce in
2025, we saw sales increasing by 23,3% compared to
calendar year 2024.
Glunz & Jensen estimates that the global market volume
continues to grow at 1-3% annually and remains
confident that we maintain momentum in this segment
due to our professional network of partners as well as
significant value offering.
Focused development activity
Glunz & Jensen's strategic focus in recent years has
been to meet customer demands through the
development of new and competitive products, both in
Offset and in Flexo. We develop machines both for our
own brand and act as a trusted development partner for
some of the world’s largest plate manufacturers.
In 2025, we further strengthened our product portfolio
with the introduction of the Flex-Pose LED family,
including the latest 520 format, positioned as a high-end
alternative to tier-1 LED exposure solutions from Esko
and XSYS. This was complemented by a continued
focus on cost-efficient solutions for the lower end of the
market, with additional product launches planned for
2026. LED exposure remains a strategic priority in all
customer dialogues, driven by the expected phase-out of
mercury-based light sources.
Selandia Park A/S
Selandia Park A/S' business objective is to invest in and
operate a property portfolio. Rental income in Selandia
Park A/S increased to DKK 11,7 million (2024: DKK 11,3
million), excluding rental income from Glunz & Jensen
A/S. At the beginning of the year, approximately 11% of
the property complex was vacant. All units were fully
leased by the end of 2025.
The portfolio of rental contracts is currently set to expire
from 2027 at the earliest and to 2033 at the latest.
Selandia Park A/S contributed DKK 6,7 million to profit
before tax (2024: DKK 4,5 million).
The fair value of the investment properties amounts to
DKK 149,0 million by December 31
st
, 2025 (2024: DKK
144,7 million). The value was positively impacted by the
building upgrades for the new tenant equal to DKK 4,6
million. The value was negatively impacted compared to
2024 due to negative fair value adjustment of DKK 0,3
million mainly caused by higher market expectations in
2025 on return on investments compared to 2024.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 7
OPTIMIZATION OF THE VALUE CHAIN
Glunz & Jensen's strategy is based on the following key
themes:
1. Leading the market for Offset Prepress equipment
Offset is one of Glunz & Jensen's cornerstone business
areas with iCtP solutions and CtP processors as main
products. These develop and prepare aluminum Offset
plates for commercial printing applications such as
newspapers, inserts, magazines, books, information,
promotional material, packaging, and a variety of other
printed medias.
Our aim is to further retain our position as market leader
on the global Offset market by consolidating our variety
offering and through continuing to deliver cutting-edge
quality products with low energy consumption and
reduced environmental impact at competitive prices.
Further we will increase our footprint in regions which are
still showing notable progress for Offset products, mainly
APAC and South America.
2. Developing a leading position in the Flexo market
through customer satisfaction and the development and
launch of cost-efficient products
Glunz & Jensen is one of the largest providers of Flexo
platemaking equipment globally. In addition, we act as a
valued development and manufacturing partner for some
of the largest plate manufacturers. The Flexo market –
which mainly serves the labels and packaging industry -
develops at an estimated annual growth rate of 1-3%,
driven by underlying growth in packaging, changing
demographics, and shares gained from other printing
technologies. We expect to continue to gain market
share and dominate this segment going forward.
3. Growing the after sale-market
Glunz & Jensen's after sale-market business includes
sales of spare parts, consumables for iCtP products,
installation, repair, preventive maintenance of hardware
and software. In addition to enhanced profitability, these
activities strengthen our relationship with customers and
provide valuable feedback and dialogue with the end-
users.
Our training center established in March 2024 has
surpassed our expectations. Since its inauguration we
have held a total of 9 training sessions that has certified
service technicians from a total of 17 different countries.
9 training sessions are planned for in 2026.
4. Improving profitability
During the last years, a significant number of steps have
been taken to further improve the profitability of Glunz &
Jensen. These include reduction of product range
(overlapping products), transfer of functions from Glunz
& Jensen A/S, Denmark to Glunz & Jensen s.r.o.,
Slovakia and discontinuation of loss-making parts of our
business and product portfolio plus a stringent focus on
cost throughout the value chain. In addition, we have
also made considerable strides to optimize our pricing
strategy.
MANAGEMENT'S REVIEW
Page | 8 ANNUAL REPORT 2025
OUTLOOK
For the financial year 2026, Group revenue is expected
to come in at approximately DKK 140 million, while
operating profit (EBITDA) is expected at approximately
DKK 18 million. Profit before tax is expected at
approximately DKK 12 million. The outlook for EBITDA
and profit before tax is before potential adjustments on
fair value on the investment property.
Management underlines that the outlook for the financial
year 2026 is associated with some uncertainty as the
Company may be impacted by wars, import duty tariffs,
inflation, challenges on the supply side of parts, demand
for equipment, spare-parts, consumables and services,
and other events.
The outlook for 2026 does not include potential costs
related to selling process of Selandia Park nor does the
outlook include possible gains or losses related to the
sale of Selandia Park.
It is the Group’s intention to use free cash flows to the
greatest possible benefit of its shareholders. This
includes investment in business development and
technology as well as reduction of debt.
BUSINESS MODEL
Glunz & Jensen is a supplier of innovative, high-quality
plate making equipment and solutions for the global
Prepress industry. In addition to developing and
producing processing equipment for Offset and Flexo
printing technologies, we also offer premier customer
support as well as a full range of spare parts, wear parts
and consumable products. Our diverse product portfolio
includes inkjet imaging systems, exposure units, wash
out units (processors), dryers, light finishers, full-
automatic platemaking (inline) systems, mounting tables,
plate stackers & turners.
Our R&D, supply chain, production, testing, and training
facilities are in Presov, Slovakia, and our products are
based on application know-how and own developed
technology.
Glunz & Jensen has been operating in Prepress for more
than 53 years. We have long-standing relations with
major industry leading companies such as Asahi, DuPont,
ECO3, Fuji Film, Heidelberg, KBA, Kodak, MacDermid,
Miraclon, and many more. We market our products and
solutions globally through a well-established,
comprehensive, and worldwide network of distributors
and dealers. We have 93 employees in our facilities in
Denmark, Slovakia, and the USA end of 2025.
We are on the path to be the most innovative high-end
equipment and services provider, delivering outstanding
value for money in our product areas, and thereby
growing our market share with our global partners. We
are also set to strengthen our earnings through improved
trade profitability and optimized manufacturing including
within procurement and supply chain.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 9
FINANCIAL STATEMENTS
The Group
Income statement
Group revenue
The Group's revenue totaled DKK 143,6 million in 2025
(2024: DKK 131,0 million).
Figure 1: Revenue (million DKK), financial years, note 2022
at only 9 months.
Figure 2: Revenue (million DKK) by product, financial
years, note 2022 at only 9 months.
Selandia Park
Selandia Park A/S' business objective is to invest in and
operate a property portfolio. Rental income in Selandia
Park A/S increased to DKK 11,7 million (2024: DKK 11,3
million), excluding rental income from Glunz & Jensen
A/S. At the beginning of the year, approximately 11% of
the property complex was vacant. All units were fully
leased by the end of 2025.
The portfolio of rental contracts is currently set to expire
between 2027 and 2033. Selandia Park A/S contributed
DKK 6,7 million to profit before tax. The fair value of the
investment properties amounts to DKK 149,0 million by
December 31
st
, 2025 (2024: DKK 144,7 million). The
value was positively impacted by the building upgrades
for the new tenant equal to DKK 4,6 million. The value
was negatively impacted compared to 2024 due to a
negative fair value adjustment of DKK 0,3 million mainly
caused by higher market expectations in 2025 on return
on investments compared to 2024.
Gross profit
Gross profit for 2025 totaled DKK 39,5 million (2024:
DKK 34,4 million), corresponding to an increase in gross
profit margin to 27,5% (2024: 26,3%).
Figure 3: Gross profit and gross profit margin for the
financial years. Note 2022 is only 9 months.
EBITDA
Profit before interest, tax, and depreciation and
amortization (EBITDA) totaled DKK 17,3 million, (2024:
DKK 9,5 million) corresponding to an EBITDA margin of
12,0% (2024: 7,2%).
Figure 4: EBITDA/EBITDA margin, all shown in financial
years. Note 2022 is only 9 months.
2025 EBITDA was negatively impacted by the
adjustment on fair value on investment properties at DKK
-0,3 million (2024: DKK -1,8 million).
MANAGEMENT'S REVIEW
Page | 10 ANNUAL REPORT 2025
Profit before tax positively affected by lower prices
on purchase of parts and equipment
Inflation in Denmark came to 1,9% Y-O-Y in 2025 (2024:
2,0%), whereas it remained relatively high in Slovakia at
3,9% Y-O-Y in 2025 (2024: 5,1%).
Figure 5: Profit before tax/profit before tax margin, all
shown in financial years. Note 2022 is only 9 months.
Profit before tax totaled DKK 11,3 million, (2024: DKK 3,3
million) corresponding to a profit before tax margin of 7,9%
(2024: 2,5%).
2025 profit before tax was negatively impacted by the fair
value adjustment on investment properties at DKK -0,3
million (2024: DKK -1,8).
EBITDA and profit before tax are the key KPIs for the
Board of Directors and management in assessing the
progress made in the Plan 2026. The Group has made
considerable improvements in procurement and has
furthermore adjusted the sales prices and continued
optimizing the organizational footprint and expects to
achieve an EBITDA margin approximately at 13% and a
profit before tax margin at approximately 8% in the
financial year 2026.
The average number of employees was 100 in 2025
(2024: 107). The number of employees by the end of
2025 was 93 (2024: 105).
Operating profit for the financial year 2025 represents a
profit of DKK 15,7 million against a profit of DKK 7,9
million in 2024.
The Group's net financial expenses in 2025 totaled DKK
4,4 million (2024: DKK 4,6 million).
Financial income in 2025 amounted to DKK 0,4 million
against DKK 0,3 million in 2024. Financial expenses
amounted to DKK 4,9 million against DKK 4,9 million in
2024.
Results of operations
The Group reported a profit before tax of DKK 11,3
million in 2025, against a profit of DKK 3,3 million in 2024.
The Group recognized tax of DKK 2,8 million in 2025
against a tax of DKK 0,5 million in 2024. Profit for the
year after tax was DKK 8,5 million (2024: DKK 2,8
million), corresponding to earnings per share (EPS) of
DKK 4,7 (2024: DKK 1,6).
In 2025 other comprehensive income amounted to DKK
-0,4 million of which all were related to exchange rate
adjustments of investments in subsidiaries. In 2024 other
comprehensive income amounted to DKK 0,4 million –
also related to exchange rate adjustments of
investments in subsidiaries.
Balance sheet
The Group's assets totaled DKK 226,2 million on
December 31
st
, 2025, against DKK 212,1 million on
December 31
st
, 2024.
Investment properties totaled DKK 149,0 million by the
end of 2025 compared to DKK 144,7 million by the end
of 2024.
Inventories increased from DKK 37,2 million in 2024 to
DKK 38,6 million in 2025 as a result of an inventory build-
up to execute on large orders during H1, 2026.
Trade receivables increased by DKK 6,7 million to DKK
21,6 million. The change is driven by a higher activity
level in 2025 compared to 2024.
Equity came at DKK 112,5 million, corresponding to a
solvency ratio of 49,7%, compared to 49,2% by the end
of 2024. The Board of Directors recommends to the
Annual General Meeting that no dividends should be
distributed for the financial year 2025.
Long-term and short-term interest-bearing debt to credit
institutions totaled DKK 72,0 million at the end of 2025
(2024: DKK 71,2 million), of which DKK 54,3 million
(2024: DKK 57,5 million) are long-term liabilities and
DKK 17,7 million (2024: DKK 13,7 million) are current
liabilities. The increase on cash spending is driven by the
building upgrades for a new tenant in Selandia Park A/S
equal to DKK 4,6 million.
Cash flows and liquidity
Cash flows
Cash flows from operating activities were positive and
amounted to DKK 6,7 million in 2025 (2024: DKK 6,6
million), driven by the positive effect of profit for the year,
but also impacted by higher inventory and higher
receivables in 2025 compared to 2024.
Cash flows from investment activities used DKK 7,3
million in 2025 (2024: use of DKK 1,6 million).
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 11
Free cash flows was negative by DKK 0,7 million in 2025
(2024: DKK 5,0 million).
Capital resources
At the end of the financial year 2025, the Group's total
available credit facilities amounted to DKK 79,9 million
compared to DKK 88,0 million at the end of 2024. DKK
72,0 million was utilized at the end of 2025 against DKK
71,2 million the year before. Liquidity reserves totaled
DKK 7,9 million by December 31
st
, 2025 (2024: DKK 16,8
million).
Based on budgets, including expectations for cash flows
and the development of the capital base, existing credit
facilities, related contractual and expected maturities and
conditions, the Board of Directors and the Executive
Management consider the Group's liquidity and capital
resources to be satisfactory.
The Group's available credit lines for 2026 were
extended by Nordea on January 6
th
, 2026, to continue to
March 2027 and the cooperation letter was signed by the
Group on January 8
th
, 2026. The cooperation letter 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). Please
refer to note 26 regarding covenants.
.
Events after the balance sheet date
The Group's available credit lines for 2026 were
extended by Nordea on January 6
th
, 2026, to continue to
March 2027 and the cooperation letter was signed by the
Company on January 8
th
, 2026.
No other events have occurred since December 31
st
,
2025, which are considered to have a significant impact
on the Group's or the Parent Company’s financial
position.
MANAGEMENT'S REVIEW
Page | 12 ANNUAL REPORT 2025
The Parent Company
Income statement
The Parent Company's revenue, which consists of
management fees to subsidiaries, totaled DKK 6,8
million in financial year 2025 (2024: DKK 6,2 million).
Profit after tax in subsidiaries totaled a profit of DKK 7,6
million in financial year 2025 (2024: a profit of DKK 2,0
million).
Regarding development in the subsidiaries please refer
to the Group income statement information on page 9.
Financial income in 2025 amounted to DKK 0,8 million
against DKK 1,1 million in 2024. The financial income
relates to interest received from subsidiaries.
The Parent Company's profit after tax totaled a profit of
DKK 8,5 million in 2025 against a profit of DKK 2,8 million
in 2024.
Balance sheet
The Parent Company's total assets amounted to DKK
115,5 million on December 31
st
, 2025 (2024: DKK 106,8
million).
Most of the assets in the Parent Company refer to the
subsidiaries as investments in subsidiaries amount to
DKK 95,9 million (2024: DKK 88,7 million) and
receivables from subsidiaries came to DKK 19,0 million
as of December 31
st
, 2025 (2024: DKK 17,5 million).
Equity came at DKK 112,5 million, corresponding to a
solvency ratio of 97,4%, compared to 97,8% the year
before. The Board of Directors recommends to the
Annual General Meeting that no dividends should be
distributed for financial year 2025.
Cash flows and liquidity
Cash flows from operating activities amounted to DKK 0
million in 2025 (2024: DKK 0 million).
Free cash flows thus amounted to DKK 0 million in 2025
(2024: DKK 0 million).
Based on budgets, including expectations to the cash
flow and the development of the capital base, existing
credit facilities and related contractual and expected
maturities and conditions, the Board of Directors and the
Executive Management consider the Group's and
thereby also the Parent Company’s liquidity and capital
resources to be satisfactory.
Events after the balance sheet date
No events have occurred since December 31
st
, 2025,
which are considered to have a significant impact on the
Parent Company’s financial position.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 13
RISK FACTORS
Glunz & Jensen Holding's risk policies and procedures
must efficiently and securely identify, control, and reduce
the risks that may affect the Group's business base,
development, and value creation. Several commercial
and financial risk factors can have a significant impact on
the Group's future financial position, activities, and
results of operations. The Group's most important risk
factors are outlined below.
Commercial risk
Glunz & Jensen's revenue is affected by both global
economic developments and changes in industry-
specific conditions. The macroeconomic cycles generally
affect Glunz & Jensen's customers' probability of
investment and may reduce revenue and earnings.
Glunz & Jensen's order lead time are 4-16 weeks, which
is considered to be market-conform. As revenue
expectations beyond this period are based on non-
binding estimates from the Group's largest customers or
based on expectations from management of Glunz &
Jensen, deviations from the expected revenue may
occur.
Glunz & Jensen markets a large part of its production to
a number of major customers with whom the Company
has a long-term customer relationship. The four largest
customers represent approximately 49% of total revenue.
One customer account for more than 20% of the Group's
revenue.
New technologies and product development
Glunz & Jensen's products are based on many years of
development for the Offset and Flexo printing. Insight
into the industry's process needs and production
technologies is crucial to the Company's ability to
maintain customer loyalty. Some items in Glunz &
Jensen's products are patented, but most of the
Company's sales are based on products that do not
involve patented technology.
Glunz & Jensen's goal is to be among the first to offer
products tailored to new technologies within the
Company's two product areas. This places great
demands on continual product development, enabling
the Group to market products at competitive prices in a
timely manner, which will also match customer needs.
Lack of success in this area can affect revenue and
results of operations negatively.
Glunz & Jensen's most important Offset activity is the
development and sales of CtP developers. The
continued use of CtP processors is conditional on the
development of Offset printing plates. Several large plate
manufacturers have developed printing plates that do not
require development. The process-free CtP technology
has gained ground and may affect the demand for CtP
processors negatively.
Glunz & Jensen's strategy in the Flexo area is the
continued development of technology for solvent-based,
and thermal-based Prepress solutions, an area in which
the Group is currently leading the market. Automation
and adaptation to latest technologies are important
requirements to ensure continued positive development
of the Flexo area.
Competition and market conditions
Prices in Offset and Flexo equipment are under pressure.
This is largely due to vendor competition in Flexo offering
similar technologies but also in Offset owing to yet
cheaper supplies products (plates) coming into markets
from China along with low-cost processing equipment.
These products offer “good enough” quality for a short
life span.
Production and supplier risks
Maintaining high reliability of delivery and high quality is
important to maintain existing customer relationships. To
strengthen competitiveness, Glunz & Jensen has
established its main production in Slovakia. If the factory
in Slovakia is impacted by production problems or
accidents, such as fire, this may affect delivery capacity
and thus reduce the Group's earnings.
The Russia-Ukraine conflict has highlighted the need to
consider geopolitical instability when choosing suppliers.
Glunz & Jensen has strengthened its purchasing
organization to counter potential supply risks. However,
ongoing world-wide supply shortage may affect cost
prices and the planned in-flow of parts (incl. microchips)
to Glunz & Jensen.
Risk related to property market
The risk associated with the investment properties is
primarily determined by the uncertainty of the value of
the properties involved. As such, a property market
recession could materially adversely affect the value of
the properties. Further the ability to secure that all
properties are rented out will impact future cash flows of
Glunz & Jensen and thereby the value of the investment
properties.
MANAGEMENT'S REVIEW
Page | 14 ANNUAL REPORT 2025
Insurance risk
It is the Group's policy to hedge risks that may threaten
the Group's financial position. In addition to statutory
insurance, insurance against product liability and
operating losses has thus been taken out. Properties,
plant, and inventories are insured at replacement value
at all risk levels.
Cyber risks
The continuously evolving threat of cyber security, data
leakage and data security are a key area of focus. A
major cyberattack could result in an extended period of
down time resulting in delays to customers and additional
costs for the organization. Glunz & Jensen is focused on
IT Security and awareness. In 2025, increased cyber
awareness training and further IT security measures
across the organization have been introduced helping to
mitigate this risk.
Worldwide economic uncertainty
Glunz & Jensen Holding A/S is selling it equipment,
spare-parts, consumables and services worldwide. The
Company is currently not able to estimate or to conclude
how the imposing of trade tariffs will affect the demand in
2026 or beyond - and/or how the profitability of Glunz &
Jensen will be affected accordingly.
Since 2022 it became evident that inflation has been on
the rise. Prices on manufacturing parts, electricity, gas,
and financing cost - and general expectations on salaries
were higher than seen for more than a decade. Sourcing
from Eastern Europe provides a more competitive
market price for Glunz & Jensen even though inflation
from these countries is at 2,6% in Poland to 3,9% in
Slovakia in 2025 according to Eurostat. Glunz & Jensen
is focused on managing the challenges associated with
the uncertainty. The worldwide economic uncertainty –
including the possibility of various countries introducing
significantly higher custom fees - affects the profitability
on Glunz & Jensen and the outlook is uncertain.
Other risks
There is an ongoing consolidation in the graphic industry.
Glunz & Jensen has no active participation in the industry
consolidation; this trend will benefit Glunz & Jensen.
For financial risks, please refer to note 26.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 15
REPORTING ON MANAGEMENT
This statement of reporting on management is part of the
Management's review, see section 107b of the Danish
Financial Statements Act, covering the financial year
January 1
st
– December 31
st
, 2025. The statement
consists of three elements:
• Corporate Governance
• The composition of the governing bodies and their
functions
• Main elements of the Company’s internal control and
risk management system
Corporate Governance
Glunz & Jensen emphasizes the pursuit of good
corporate governance and continuous optimization of the
Group’s Management. The overall framework for the
management of Glunz & Jensen is based on the
Company’s Articles of Association, values, and policies
as well as current Danish and international legislation
and “Rules for Issuers of Shares” on NASDAQ OMX
Copenhagen A/S, to ensure that the Group pursues its
obligations to all shareholders, customers, employees,
and other stakeholders, as well as to support long-term
value creation.
Glunz & Jensen is governed by the Corporate
Governance Committee’s recommendations of
December 2020.
The recommendations are available at:
https://corporategovernance.dk
In accordance with the recommendations, we explain on
Glunz & Jensen’s website how the Company complies
with the recommendations:
https://glunz-jensen.com/investors/corporate-
governance
The Group has decided to deviate from the
recommendations due to the size of the Company and
thus arranged differently in the following areas:
• The company publishes half-yearly reports at
NASDAQ OMX and on the company´s website. The
company publishes Q1 and Q3 announcements
commenting on the development in the company.
• Glunz & Jensen has implemented 3 of the 4
recommended Board committees. The 4
th
Board
committee (nomination committee) has not yet been
set up due to the size of the Company and the size
of the Board.
• Glunz & Jensen has no share-based incentive
schemes for the Executive Management as the
Board of Directors finds the current remuneration
sufficient.
Interaction with shareholders and other stakeholders
Glunz & Jensen’s Management continually seeks to
have a dialogue with shareholders and other
stakeholders. The company strives for a high degree of
openness and effective dissemination of information.
The dialogue with and information to shareholders and
stakeholders take place through the publication of
interim reports and other communications from the
Company, as well as meetings with investors, analysts,
and the press and at the Company’s general meeting.
Interim reports and other announcements are available
on Glunz & Jensen’s website immediately after
publication.
The company's Articles of Association contain no limits
on ownership or voting rights. If an offer is made to
acquire the Company’s shares, the Board of Directors
will – in accordance with Danish law – openly consider
and convey the offer to the shareholders, accompanied
by the Board of Director’s comments.
The Glunz & Jensen Group has not entered into
significant agreements that are affected, changed, or
expired in the event of a change of control of the
Company.
There are no agreements with the Executive
Management or employees regarding retention or
compensation in case of resignation or dismissal or
termination of a post as a result of the acquisition of the
Glunz & Jensen Group
The general meeting is Glunz & Jensen’s supreme
decision-making body, and the Board of Directors
emphasizes that shareholders should be given adequate
information about the business to be transacted at the
general meeting. Notice of general meetings is published
on the website and sent electronically to all registered
shareholders, who have registered their e-mail address
at least three weeks prior to the event.
All shareholders are entitled to attend and vote at the
Annual General Meeting. Shareholders can also provide
a power of attorney to the Board – on an item-by-item
case on the agenda. The general meeting gives
shareholders the opportunity to ask questions to the
Board of Directors and the Executive Management. The
shareholders can submit proposals that must be
discussed at the general meeting. The Articles of
Association contain no special rules regarding
amendments to the Company's Articles of Association.
Thus, only the provisions of the Danish Companies Act
apply in this area.
MANAGEMENT'S REVIEW
Page | 16 ANNUAL REPORT 2025
Composition of the governing bodies and their function
Board of Directors
According to the Articles of Association, the Board of
Directors consists of three to six members elected by the
general meeting. Each year, all the members are elected
by the general meeting. Resigned members are eligible
for re-election. The Board of Directors elects a Chairman
and a Deputy Chairman from among its own number.
The current Board of Directors consisted of four
members at the end of the financial year 2025. Due to
the size of Glunz & Jensen, it is not required for Glunz &
Jensen to have employee representatives.
In connection with the election of new Board members,
a careful assessment of required knowledge and
professional experience is made to ensure that the Board
possesses the necessary competencies. Information
about the individual Board members can be found on
page 24.
The Board at work
In accordance with the Danish Companies Act, the Board
of Directors represents Glunz & Jensen's overall
management and defines the Group's goals and
strategies as well as approves the overall budgets and
action plans. In addition, the Board of Directors in
general supervises the Group and checks that it is
managed properly and in accordance with Danish law
and the Articles of Association. The general guidelines
for the Board's work are laid down in the rules of
procedure, reviewed at least once a year and adapted to
Glunz & Jensen's needs. The rules of procedure include
procedures for Management's reporting, the Board's
working method and a description of the Chairman's
tasks and responsibilities.
The Board of Directors is notified on an ongoing basis of
the Group's performance. This takes place
systematically at meetings as well as in written and oral
reports. The Board receives a monthly report, which
includes information on financial performance, and the
most important activities and transactions are presented
by the Management to the Board at monthly review
meetings.
At least five ordinary Board meetings must be held
annually with a fixed plan for the agenda of the meetings.
In addition, the Board meets whenever necessary. In
financial year 2025, five board meetings were held.
The three Board committees (Product, Audit, and
Remuneration) have conducted the following formal
number of meetings in 2025; Product committee twelve
meetings, Audit committee nine meetings and
Remuneration committee two meetings.
Risk management
In connection with the strategy review, the Board of
Directors and the Executive Management perform a
comprehensive risk assessment for the Group to identify
which issues – internal as external – may affect the
Group's business base and development.
The risk assessment focuses primarily on the
identification of business risks, and for selected risks,
action plans are identified to reduce and handle such
risks. Glunz & Jensen has decided to manage general
risks by taking out relevant insurance, such as "all-risk"
on buildings and movables, transport insurance etc. As
a main rule, financial risks are the result of commercial
activities, and the Group does not actively speculate in
financial risks.
The Board of Directors establishes policies and
frameworks for the Group's key risks and ensures
effective management of these risks. Reporting on
significant risks is included in the ongoing reporting to the
Board of Directors.
For a more detailed description of Glunz & Jensen's risks,
see the section "Risk factors".
Executive Management
The Executive Management is appointed by the Board of
Directors. The Executive Management is responsible for
the day-to-day operations of the Group and, in
accordance with guidelines and written instructions
developed by the Board of Directors, prepares action
plans and budgets that support the Company's strategy
and reports on ongoing performance developments,
risks and other essential information to the Board. The
Board of Director's delegation of responsibilities to the
Executive Management is outlined in the Board's rules of
procedure.
Evaluation of the Board of Directors and the
Executive Management
A formalized evaluation of the work of the Board of
Directors and the Executive Management is in place. The
Chairman of the Board of Directors regularly reviews the
work of the Executive Management and individual Board
members, the cooperation of the Board of Directors, the
Board of Directors' working methods and the cooperation
between the Board of Directors, and the Executive
Management. Based on these assessments, the Board
of Directors' and the Executive Management's work is
adjusted on a regular basis.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 17
Remuneration to the Board of Directors and the
Executive Management
Glunz & Jensen seeks to ensure that members of the
Board of Directors and the Executive Management are
remunerated at a competitive and reasonable level,
helping to ensure that Glunz & Jensen can attract and
retain competent individuals.
Members of the Board of Directors receive a fixed,
annual fee, and the total remuneration to the Board of
Directors is approved by the Annual General Meeting in
connection with the approval of the annual report. In
financial year 2025, directors' fees which covered a 12-
month period amounted to DKK 825.000, including DKK
300.000 to the Chairman, DKK 150.000 to the Vice-
Chairman and DKK 100.000 to the other members.
Members of the Board of Directors are not subject to
bonus schemes.
The remuneration of the Executive Management is
determined by the Board of Directors. In 2025, members
of the Executive Management received a basic salary,
including usual benefits such as company car and
telephone, and are also eligible for a bonus scheme. The
Executive Management consisted of CEO Henrik
Blegvad Funk and COO Robert Popik. The total 12-
month period remuneration paid to the Executive
Management amounted to DKK 4,8 million in 2025.
The Remuneration report 2025 is available at:
https://glunz-jensen.com/investors/corporate-
governance
Incentive programs
Glunz & Jensen continually seeks to establish incentive
programs that support its shareholders value creation.
The incentive programs for the Executive Management
and the management team includes a bonus scheme.
Results for 2025 brought about provisions of DKK 1,2
million related to the bonus schemes.
The main elements of the Company's internal control
and risk management system
Risk assessment in connection with the financial
reporting process
The Board of Directors and the Executive Management
have overall responsibility for the Group's risk
management and internal control in connection with the
financial reporting process, e.g., responsibility for
ensuring compliance with relevant legislation and other
regulations in relation to the financial reporting.
The Group's internal control and risk management
systems should improve the probability of reporting
without significant errors, omissions, and irregularities
and, moreover, should ensure that the financial
statements are presented in accordance with the IFRS
Accounting Standards as adopted by the EU and
additional requirements in the Danish Financial
Statements Act.
The Group's internal control and risk management
systems in connection with the financial reporting include:
Control environment
The Board of Directors is responsible for identifying the
Group's most significant risks and the adequacy of
internal controls in connection with the presentation of
the financial statements. The Executive Management is
responsible for the operational organization and daily
execution of an effective control environment, e.g., for
ensuring compliance with relevant legislation in
connection with the presentation of the financial
statements. The Executive Management reports to the
Board of Directors on all relevant matters and
assessments.
The operational management includes an appropriate
organizational structure, written procedures for essential
processes, accounting instructions for subsidiaries,
authorization and certification rules, segregation of
duties, consolidation procedures, check and
documentation lists and IT security. The Executive
Management regularly assesses the adequacy of the
control environment, including the adequacy of
resources and competencies. Glunz & Jensen prepared
for a migration to a new ERP system during 2025 which
was implemented in Q1, 2026.
Risk assessment and risk management
The Board of Directors and the Executive Management
continually consider risks that are of importance to the
Group's financial reporting, based on a concrete
assessment of the significance and probability of each
individual risk. The risk assessment focuses on
significant financial items and involves an assessment of
the immediate risk associated with each item and the
critical processes that form the individual financial
statements.
Risk assessments and risk management are included as
part of the Group's strategy plan.
Control activities
The Group's control activities are organized taking into
account the overall objective of reducing the risk of
material misstatements, deficiencies or irregularities to
an acceptable and low level, so that the consolidated
financial statements and the financial statements are
correct. Control activities are performed at management
and operational level, and checks are performed
manually and systematically.
MANAGEMENT'S REVIEW
Page | 18 ANNUAL REPORT 2025
Control activities include the following essential elements:
• The Board of Directors reviews and approves the
budget presented by the Executive Management for
the coming year. The budget includes operations,
balance sheet, liquidity, and investments.
• The Board receives monthly income, balance and
liquidity accounts with budget follow-up, key figures,
and comments on significant developments and/or
deviations. The reporting also includes an update
from area managers regarding actual sales
(customers and products), order status,
expectations as to the future, product development,
competitors etc. Subsidiaries submit monthly
accounts with comments on developments. The
reporting is used as a basis in the group reporting to
the Board of Directors.
• In connection with the year-end, a reporting package
is prepared for the subsidiaries with a view to
meeting disclosure requirements, including
disclosure requirements under IFRS.
• The Parent Company's finance department is
responsible for managing the monitoring and
controlling of financial reports from subsidiaries, with
active participation of local financial controllers.
Regular visits are made to subsidiaries.
Management in subsidiaries liaises with the external
auditor. The Executive Management is informed of
matters identified during the audit of subsidiaries.
• Before the financial statements are presented, the
Board of Directors and the Executive Management
discuss critical accounting practices and estimates
as well as other matters of major importance to the
presentation of the financial statements.
Monitoring
The Board of Directors and the Executive Management
annually assess the adequacy of the Group's risk
management and control systems in the context of the
year-end process, including how the Group is protected
against fraud and accounting irregularities. The
assessment is based on a goal of efficiency and
accountability, and focus is thus primarily on significant
matters.
Audit
The external auditor is elected annually by the Annual
General Meeting. Prior to the election, the Board of
Directors assesses the auditor's independence and
competences etc. An audit tender process is performed
when required by law or more frequently if the Board of
Directors decides it to be appropriate.
The scope for the auditor's work – including fee, audit-
related tasks, and non-audit related tasks – are
stipulated in an agreement.
Members of the Board of Directors receive the external
auditor's report concerning the auditor's review of the
annual report. The Board of Directors reviews the
auditor’s report and the annual report at a meeting with
the external auditor, and the auditor's observations and
significant findings arising from the audit are discussed.
In addition, the significant accounting policies and audit
assessments are reviewed. The audit committee and the
auditor also conduct an annual meeting to approve the
audit plan for and the scope for the annual report.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 19
STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY
Social responsibility (CSR)
A statutory CSR statement, according to section 99a of
the Danish Financial Statements Act, is part of the
Management's review. We adopt social co-responsibility
in the local areas where the Group is located. The Group
wishes to promote a working culture throughout the
organization that ensures a sensible and appropriate
balance between financial, social, and environmental
development. In this regard, it is crucial for the CSR work
that Glunz & Jensen's production strategy and value
chain management is based to a large extent on an
outsourcing model. Virtually all manufacturing of parts
takes place with a large number of subcontractors, after
which Glunz & Jensen is responsible for product
assembly and distribution. Subcontractors are selected
at the starting point of our ISO 9001 procedures. This
ensures that subcontractors meet our requirements.
In this section, the Glunz & Jensen Group provides a
report on intended social responsibility, our policies,
actions taken as well as results achieved in 2025. We
have performed a risk assessment and have not
identified risks within the areas of climate, environment,
social and anti-corruption.
Glunz & Jensen strives to operate its business in a
responsible manner and wants to comply with the
legislation in all the countries where operations are
conducted. Furthermore, compliance with Human Rights
and consideration for the environment are considerable
focus areas for the Group.
Glunz & Jensen's work with corporate social
responsibility is based on value creation and risk
management.
Glunz & Jensen has chosen to focus its work on social
responsibility within four areas: environment, anti-
corruption, human rights, and equality.
As part of the Prepress industry, Glunz & Jensen places
an ongoing fundamental focus on reducing the use of
chemical products and helping reduce the number of
production processes that are environmentally harmful
and energy intensive.
The Group wishes – to the extent possible and if it is
financially sound – to help increase the number of young
people who get a business-related education.
The Group supports the staff associations and company
sports associations, which aim to strengthen collegial
cohesion through the organization of various activities
that support employee well-being, social relations, and
exercise.
The Group has several initiatives which include
economic support for charitable purposes that naturally
belong to CSR. Thus, the Group assumes social
responsibility in some areas and works to comply with
the ethical business practices expressed by CSR
activities.
The policies below have been approved by the Board of
Directors.
For a description of Glunz & Jensen's business model
please see pages 6 to 8 in the annual report.
Climate and environment
Policy
Glunz & Jensen seeks to reduce its impact on the climate
and environment by reducing energy consumption year
by year. The Group is a know-how and engineering
company with production of key components. The
production mainly consists of assembling and testing
and does not include energy-demanding or polluting
processes. All surface treatment processes are
outsourced to sub-suppliers. A part of Glunz & Jensen 's
supplier and customer "Code of Conduct" addresses
impact on the climate and environment. See under
Human Rights for more information about the supplier
and customer "Code of Conduct".
Glunz & Jensen actively seeks to reduce its energy
consumption by, for example, installing LED lighting in its
facilities. Glunz & Jensen also installed (Photovoltaic)
solar roof panels in 2024 and in 2025 at its production
facilities in Slovakia and plan to increase the capacity
during 2026.
In 2025, Glunz & Jensen continued a project to outline
how Glunz & Jensen as a company can become
independent of gas as the long-term as the supply
security of electricity appears to higher than that of gas.
Actions
Glunz & Jensen will seek to maintain the kWh 2026
consumption in line with the 2025 consumption even
though the Company continues to substitute gas heating
with electrically driven heat pumps.
Key performance indicators
Consumed kWh in the production facility in Slovakia.
MANAGEMENT'S REVIEW
Page | 20 ANNUAL REPORT 2025
Result for 2025 compared to goal for 2025
Glunz & Jensen realized 1,1% lower consumption of
kWh in 2025 compared to the goal of 210.000 kWh.
However, the consumption was 2,7% higher than in 2024.
The installation of (Photovoltaic) solar roof panels in
Slovakia during 2024 and 2025 has supplied Glunz &
Jensen with sustainable kWh. Glunz & jensen plans to
add additional (Photovoltaic) solar roof panels in 2026.
We continue to create awareness and as well as general
focus on optimization of consumption in the production.
Results & goals (kWh)
Goal for
2026
Result for
2025
Goal for
2025
Result for
2024
208.000
207.586
210.000
201.967
Measured by: difference in actual consumption
according to electricity meter reading by January 1
st
,
2025 and December 31
st
, 2025.
Anti-corruption and bribery
Policy
Glunz & Jensen seeks to avoid corruption and bribery by
creating a framework that secures that the employees at
Glunz & Jensen can abide to laws and regulations, and
that there will never exist any doubt with regards to the
impartiality of the Glunz & Jensen employees.
Actions
1. Glunz & Jensen enforces a gift policy.
2. Glunz & Jensen has introduced a whistleblower
scheme to give employees the opportunity to
report on corruption, bribery and other matters
while being anonymous.
3. Glunz & Jensen communicates its "Code of
Conduct" at visible locations that describes the
way Glunz & Jensen expects all its employees
to act in accordance with laws and regulations.
The "Code of Conduct" also describes usage of
the whistleblower scheme.
4. Maintain whistleblower scheme to also be
available for external parties.
Key performance indicators
2. No reported violations of anti-corruption laws
and regulations, and Glunz & Jensen’s
Employee Code of Conduct.
3. Employees to attend to the review of the Glunz
& Jensen's Employee "Code of Conduct".
Results for 2025 compared to goals for 2025
1. Glunz & Jensen established its gift policy in
2023.
2. Glunz & Jensen has received no reported
violations of anti-corruption laws and
regulations, and Glunz & Jensen’s Employee
Code of Conduct in 2025.
3. 96% of Glunz & Jensen employees have
attended to the Glunz & Jensen Employee
Code of Conduct review during physical staff
meetings.
4. In 2025, Glunz & Jensen has maintained the
whistleblower scheme to also be available to
external parties. Furthermore, the whistle-
blower scheme is part of the Glunz & Jensen
Employee Code of Conduct.
Results & goals (Anti-corruption and Employee Code of
Conduct)
Goal for
2026
Result for
2025
Goal for
2025
Result for
2024
2.
0
0
0
0
3.
98%
96%
98%
95%
For 2026 we plan to continue with our work regarding
anti-corruption.
No reported violations of anti-corruption laws and
regulations measured by: no breaches entered into the
whistleblower system.
Human rights
Policy
To Glunz & Jensen, respect of human rights is about the
company's own employees' conditions and securing
those suppliers and sub-suppliers deliver services to the
Group in a way that considers their employees' rights
including safety and health.
Actions
Glunz & Jensen has formulated a supplier and customer
"Code of Conduct" that specifies principles Glunz &
Jensen expects our suppliers and customers to follow.
This ensures that suppliers and customers produce and
deliver their services to the Group in a way that considers
the environment and the employees' rights.
Key performance indicators
The part of our main suppliers and customers that have
acknowledged the receival of our supplier and customer
"Code of Conduct".
Result for 2025 compared to goal for 2025
1. We distributed the Code of Conduct to top-70
suppliers and requested them to confirm – in
writing – that they have received and read the
code of conduct. 74% confirmed this.
2. We distributed the Code of conduct to our top-
15 customers and request them to confirm – in
writing – that they have received and read the
Code of Conduct. 73% confirmed this.
MANAGEMENT'S REVIEW
ANNUAL REPORT 2025 Page | 21
Results & goals (Customer & supplier: Code of Conduct)
Goal for
2026
Result for
2025
Goal for
2025
Result for
2024
1.
75%
74%
70%
70%
2.
75%
73%
75%
70%
The Company will continue to communicate to the
suppliers and subcontractors to raise awareness on the
Company’s zero tolerance for corruption.
We have at no time experienced human rights violations
in connection with our business and we have assessed
that the risk is very limited. We adhere to Danish,
Slovakian, and European regulations, and we only work
with trusted partners, who are equally dedicated to
human rights and the rule of law.
Glunz & Jensen’s own employees also work under
conditions that are equal to those provided by a collective
agreement, as a minimum.
For 2026 we plan to continue with our work regarding
human rights.
Diversity
The diversity policies for the financial year 2025 have
been prepared in accordance with 107d of the Danish
Financial Statements Act.
Policy on Diversity
At Glunz & Jensen we believe that a diverse and tolerant
organization makes the company stronger, increases the
competitiveness and creates a good and innovative
working environment. We want to develop and benefit
from the total potential of all employees and that all
employees can develop their full potential in balance
between working life and private life. Therefore, no
discrimination based on gender, religion, ethnicity,
sexual orientation, etc. is tolerated in Glunz & Jensen.
When recruiting members to the Glunz & Jensen
management team, we are convinced that diversity will
add value to the company. The members of the board
and the executive management team are unchanged
compared to 2024.
To make sure all employees and management in Glunz
& Jensen comply with Glunz & Jensen’s policies of
tolerance and inclusion, we have established an
Employee "Code of Conduct" that describes the way
Glunz & Jensen expects all its employees to act in
accordance with our policies.
Actions
1. Glunz & Jensen has developed an Employee
"Code of Conduct" that describes the way
Glunz & Jensen expects all its employees to act
in accordance with our policies. The employee
"Code of Conduct" also describes usage of the
whistleblower scheme. Every year all Glunz &
Jensen employees must carry through the
Employee "Code of Conduct" review. The
review provides the management with insight
on how to secure diversity in the organization
and on management level.
2. Enhance the awareness in the Glunz & Jensen
management team on the benefits of diversity.
This could be in a workshop with this specific
purpose.
Key performance indicators
1. All employees to be included in the Glunz &
Jensen's Employee "Code of Conduct" review.
Results for 2025 compared to goals for 2025
1. 96% of Glunz & Jensen employees have
participated in the Glunz & Jensen Employee
Code of Conduct review.
Results & goals (Code of Conduct review)
Goal for
2026
Result for
2025
Goal for
2025
Result for
2024
1.
98%
96%
98%
95%
The policies of Glunz & Jensen are available in full at
Glunz-Jensen.com under the investor relations folder.
Data ethics
The processing of personal data is not a critical part of
and neither closely linked to the companies’ business
activities. As a B2B company with no transactions with
private customers, the company only processes
personal data in respect of customers and suppliers to a
very limited extent – and only for customer/supplier
administration purposes. The processing of personal
data mainly relates to the internal activities involving
employees' personal data for HR administration
purposes.
In accordance with the regulations, we communicate on
our data ethical policies on Glunz & Jensen’s website:
https://glunz-jensen.com/investors/corporate-
governance
Page | 22 ANNUAL REPORT 2025
SHAREHOLDER INFORMATION
Share information
Glunz & Jensen Holding’s shares are listed on NASDAQ
Copenhagen A/S and are traded under ISIN code
DK0010249309.
By December 31
st
, 2025, the share price was DKK 80,00
against DKK 74,50 by December 31
st
, 2024. Total
market capitalization came at DKK 143,9 million on
December 31
st
, 2025.
In 2025 a total of 52.455 (2024: 62.307) shares were
traded at a total market value of DKK 3,7 million (2024
DKK 4,3 million).
Share capital and voting rights
The share capital in Glunz & Jensen amounted to
nominally DKK 36,4 million on December 31
st
, 2025.
Divided into 1.821.309 shares at a nominal value of DKK
20,00. The shares, which are negotiable instruments
without restrictions on marketability, are issued to the
holder and entitle the holder to cast one vote per share
at general meetings.
Glunz & Jensen did not have any treasury shares at the
end of the financial year 2025 or 2024.
Ownership
At the end of the financial l year, Glunz & Jensen had 398
(2024: 434) registered shareholders holding 98,58%
(2024: 99,57%) of the share capital. Glunz & Jensen
wishes to provide the best possible way of providing its
shareholders with information about the Group so that all
shareholders are encouraged to list their shares in the
Company's register of shareholders.
Change of control
The Glunz & Jensen Group has not entered into
agreements with finance companies, customers,
suppliers, employees, or others which will be affected or
changed, or which will expire if the control in the Parent
Company changes.
Decisions by the Board of Directors and proposals for
the general meeting
Dividends
Glunz & Jensen wants to create the greatest possible
value for the shareholders. Based on the Company's
financial standing and investment and liquidity
requirements, the Board of Directors therefore assesses
whether the excess liquidity, after any investments in
organic or acquisitive growth measures that can increase
the long-term return on the invested capital, must be
used to distribute dividends or repurchase of treasury
shares.
The Board of Directors proposes to the Annual General
Meeting that no dividends should be distributed for the
financial year 2025 and the Company's profit for the year
will be transferred to next year.
Share price development in the past 3 years.
Investor relations
Glunz & Jensen emphasizes to continually providing
timely, accurate and relevant information about the
Group, including its strategy, results of operations and
expectations. Through ongoing reporting, the Group
seeks to provide all stakeholders with easy access to
information, and emphasis is placed on maintaining an
active dialogue with its stakeholders.
Communication with investors, analysts, the press, and
other stakeholders takes place through ongoing public
announcements, including interim reports and individual
meetings. Notices are available on the Company's
website.
ANNUAL REPORT 2025 Page | 23
Shareholders, analysts, investors, and other interested
parties who have questions regarding Glunz & Jensen
should contact:
Glunz & Jensen Holding A/S
Address: Selandia Park 1
DK-4100 Ringsted
Phone: +45 5768 8181
E-mail: gj@glunz-jensen.com
Henrik Blegvad Funk, CEO
Phone: +45 2139 0532
E-mail: hbf@glunz-jensen.com
Flemming Nyenstad Enevoldsen, Chairman of the Board of Directors
Phone: +45 4043 1303
E-mail: f.n.enevoldsen@gmail.com
Annual general meeting
The Company's Annual General Meeting will be held on Wednesday, April 15
th
, 2026, at 15:00 at the following address:
Scandic CPH Strandpark, Amager Strandvej 401, 2770 Kastrup, Denmark.
Shareholders on March 17
th
, 2025
Ownership
interest (%)
Heliograph Holding GmbH, Konrad-Zuse-Bogen 18, 82152 Krailling, Germany
50,10
Strategic Investments A/S
20,48
Klaus Zwisler
10,27
Notified according to the section 38 of the Danish Securities Trading Act
80,85
All other shareholders
19,15
Total
100,00
Share-related key figures and financial ratios
2021/22
2022
2023
2024
2025
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
1.821
1.821
Earnings per share (EPS), %
6,7
6,6
1,6
1,6
4,7
Diluted earnings per share (EPS-D), %
6,7
6,6
1,6
1,6
4,7
Cash flow per share (CFPS), %
12,7
(5,1)
7,7
3,6
3,7
Book value per share (BVPS), %
47,4
54,1
55,6
57,3
61,7
Share price per share
78
75
72
75
80
Share price /book value
1,6
1,4
1,3
1,3
1,3
Market value of average number of shares (DKK million)
141
136
130
136
144
Dividends per share
-
-
-
-
-
Pay-out ratio, %
-
-
-
-
-
Page | 24 ANNUAL REPORT 2025
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Board of Directors
Flemming N. Enevoldsen (1961)
CEO & Non-Executive Director.
Chairman of the Board of Directors of Glunz & Jensen
Holding A/S.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2017. Re-elected in 2025 and is up for
re-election in 2026.
Chairman of the remuneration committee and the audit
committee.
Regarded as independent.
Chairman of the Board of Directors in:
Insepa A/S, A. Espersen A/S, Business Esbjerg, ST
Plast A/S, Suztain A/S, ABL Food A/S, Esbjerg Forenede
Boldklubber Elitefodbold A/S, Glunz & Jensen A/S and
Selandia Park A/S.
Vice-chairman in Head Energy AS (Norway).
Member of the Board of Directors in GreenGenius A/S,
Skov Industri A/S, and Esbjerg Konference & Event A/S.
CEO at Skov Industri A/S, and Enevoldsen Invest ApS.
Competences: Many years of international experience
as CEO within production and energy with expertise in
generating profit and leadership skills. More than 10
years of experience in sales management roles of
equipment for the graphic arts industry – including Glunz
& Jensen products.
Maximilian Rid (1961)
CEO & Non-Executive Director.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2020. Re-elected in 2025 and is up for
re-election in 2026.
Member of the product committee and the remuneration
committee.
Not regarded as independent.
Shareholder in MRB Holding GmbH.
CEO and shareholder in MRGrund GmbH.
Member of the Board in Global Rotogravure Association
(G.R.A.) e.V.
Competences: Many years of CEO experience with
strategy and management with particular emphasis on
international BTB sales and marketing.
Rolf Pfiffner (1969)
CEO at Daetwyler Graphics AG.
Member of the Board of Directors of Glunz & Jensen
Holding A/S since 2017. Re-elected in 2025 and is up for
re-election in 2026.
Chairman of the product committee.
Not regarded as independent.
Board of Management in Heliograph Holding GmbH.
Competences: Many years of experience as CEO within
process and Prepress technology with formation of new
companies, restructuring and acquisitions.
Thomas Haase (1971)
Sales Director, Offset solutions
Member of the Board of Directors of Glunz & Jensen
Holding A/S since June 2021, serving as an employee
representative until 2025. Elected at the annual general
meeting in 2025 and is up for re-election in 2026.
Member of the product committee.
Regarded as independent.
Competences: More than 35 years of experience in the
graphic arts industry, including 19 years in various
positions within Glunz & Jensen.
ANNUAL REPORT 2025 Page | 25
Executive Management
Henrik Blegvad Funk (1964)
CEO of Glunz & Jensen Holding A/S since January 1
st
,
2023.
CFO of Glunz & Jensen Holding A/S during April 1
st
,
2016 - December 31
st
, 2022.
Robert Popik (1977)
Executive manager of Glunz & Jensen Holding A/S since
February 1
st
, 2023.
Group COO and general manager of the subsidiary
Glunz & Jensen s.r.o. since April 1
st
, 2020.
All board members participated in all board meetings during 2025.
Board of Directors and Executive Management;
Ownership interest in Glunz & Jensen Holding A/S
No. of shares on March 17
th
, 2026
2025
2024
Maximilian Rid
912.500
912.500
Rolf Pfiffner
2.603
2.500
Flemming N. Enevoldsen
12.035
11.500
Thomas Haase
206
206
Henrik Blegvad Funk
0
0
Robert Popik
0
0
Page | 26 ANNUAL REPORT 2025
GROUP COMPANIES
Glunz & Jensen Holding A/S
Selandia Park 1
4100 Ringsted
Denmark
Phone: +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Glunz & Jensen A/S
Selandia Park 1
4100 Ringsted
Denmark
Phone: +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Selandia Park A/S
Selandia Park 1
4100 Ringsted
Denmark
Phone: +45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
Glunz & Jensen s.r.o.
Kosicka 50, P.O. Box 116
080 01 Presov
Slovakia
Phone: +421 51 756 3811
skpr@glunz-jensen.com
Glunz & Jensen, Inc.
2185 Highway 292
Inman, SC 29349
USA
Phone: +1 864 568 4638
gj-americas@glunz-jensen.com
.
Legal structure – all legal units are fully owned:
ANNUAL REPORT 2025 Page | 27
STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE
MANAGEMENT
The Board of Directors and the Executive Management have today date discussed and approved the annual report for
2025 for Glunz & Jensen Holding A/S.
The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and
additional requirements in the Danish Financial Statement Act.
In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the Group's
and the Company's financial position on December 31
st
, 2025, and of the results of the Group's and the Company's
operations and cash flows for the financial year January 1
st
, 2025 - December 31
st
, 2025.
In our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's
activities and financial matters, of the results for the year and of the Group’s and the Parent Company's financial position
as well as a description of the major risks and uncertainties faced by the Group and the Company.
We recommend that the annual report be approved at the general meeting.
Copenhagen, March 17
th
, 2026
Executive Management
Henrik Blegvad Funk Robert Popik
CEO COO
Board of Directors
Flemming Nyenstad Enevoldsen Rolf Pfiffner
Chairman Vice Chairman
Maximilian Rid Thomas Haase
Page | 28 ANNUAL REPORT 2025
INDEPENDENT AUDITOR'S REPORT
To the shareholders of Glunz & Jensen Holding A/S
Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements
Opinion
In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair
view of the Group's and the Parent Company's assets, liabilities and financial position at December 31
st
, 2025 and of the
results of the Group's and Parent Company's operations and cash flows for the financial year January 1
st
, 2025 – December
31
st
, 2025 in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the
Danish Financial Statements Act.
Our opinion is consistent with our reporting to the Board or Directors and the Audit Committee.
Audited financial statements
Glunz & Jensen Holding A/S' consolidated financial statements and parent company financial statements for the financial
year January 1
st
– December 31
st
, 2025, comprise the income statement, statement of comprehensive income, balance
sheet, statement of changes in equity, statement of cash flows and notes, including summary of significant accounting
policies, for the Group as well as for the Parent Company (the financial statements). The financial statements are prepared
in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish
Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark.
Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the
audit of the financial statements" section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants'
International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable
in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA
Code.
We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit services, as
referred to in Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in conducting the audit.
We were appointed auditors of Glunz & Jensen Holding A/S for the first time on June 30
th
, 2021, for the financial year
2021/22. We have been re-appointed by resolutions passed by the annual general meeting for a total uninterrupted
engagement period of 5 years up to and including the financial year ending December 31
st
, 2025.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements for the 2025 financial year. These matters were addressed in the context of our audit of the financial
statements as a whole, and in the forming of our opinion thereon. We do not provide a separate opinion on these matters.
ANNUAL REPORT 2025 Page | 29
Key audit matters
How our audit addressed the key audit matter
• Valuation of investment property
For the purpose of our audit, the procedures we
carried out included the following:
• The audit procedures we performed consist,
among other things, of an assessment of the
applied valuation method used in the
determination of fair value performed by
Management. We have assessed whether the
method used by Management has been applied
consistently. We have tested the key
assumptions used in the determination of fair
value performed by Management by comparing
the capitalization rate used to available industry
data for similar investment properties. In
addition, we have assessed the data used by
Management in determination of future cash
flows and agreed expected rental income and
operating expenditure to underlying tenant
contracts, budget and historical property
expenditure.
• We also assessed the appropriateness of the
disclosures and sensitivities made relating to
investment properties compared to applicable
financial reporting standards.
Statement on the Management's review
Management is responsible for the Management's review.
Our opinion on the financial statements does not cover the Management's review, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing
so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management's review provides the information required by
relevant law and regulations.
Based on the work we have performed; we conclude that the Management's review is in accordance with the financial
statements and has been prepared in accordance with relevant law and regulations. We did not identify any material
misstatement of the Management's review.
Management's responsibilities for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act
and for such internal control that Management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease
operations, or has no realistic alternative but to do so.
Page | 30 ANNUAL REPORT 2025
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.
Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise
professional judgement and maintain professional skepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the
Parent Company's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
• conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Group and the Parent Company to cease to continue as a going concern.
• evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that gives a true and
fair view.
• plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements
and the Parent Company financial statements. We are responsible for the direction, supervision and review of the
audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or
safeguards applied.
From the matters communicated to those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determined that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on compliance with the ESEF Regulation
As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Glunz & Jensen
Holding A/S we performed procedures to express an opinion on whether the annual report of Glunz & Jensen Holding A/S
for the financial year January 1
st
, 2025 – December 31
st
, 2025 with the file name 549300S5UFTTWALAFE19-2025-12-31-
1-en is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the Consolidated Financial Statements.
ANNUAL REPORT 2025 Page | 31
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility
includes:
• The preparing of the annual report in XHTML format;
• The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the
anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where
necessary;
• Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human
readable format; and
• For such internal control as Management determines necessary to enable the preparation of an annual report that is
compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in
compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our
opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error.
The procedures include:
• Testing whether the annual report is prepared in XHTML format;
• Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;
• Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements;
• Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the
creation of extension elements where no suitable element in the ESEF taxonomy has been identified;
• Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
• Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of Glunz & Jensen Holding A/S for the financial year January 1
st
,2025 – December 31
st
,
2025, with the file name 549300S5UFTTWALAFE19-2025-12-31-1-en is prepared, in all material respects, in compliance
with the ESEF Regulation.
Copenhagen, March 17
th
, 2026
KPMG
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Nikolaj Møller Hansen Michael E. K. Rasmussen
Authorized Authorized
Public Accountant Public Accountant
mne33220 mne41364
Page | 32 ANNUAL REPORT 2025
INCOME STATEMENT
Note
January 1
st
– December 31
st
(DKK ‘000)
Group
2025
Group
2024
Parent
Company
2025
Parent
Company
2024
2
Revenue
143.639
131.039
6.775
6.210
3,4,6
Production costs
(104.118)
(96.626)
-
-
Gross profit
39.521
34.413
6.775
6.210
7
Other operating income
36
97
-
-
4,6
Sales and distribution costs
(12.603)
(13.219)
-
-
4,6,11
Development costs
(1.013)
(1.476)
-
-
4,5,6
Administrative expenses
(9.882)
(10.111)
(6.503)
(6.182)
14
Fair value adjustments on investment properties
(345)
(1.800)
-
-
Operating profit
15.714
7.904
272
28
15
Profit after tax in subsidiaries
-
-
7.644
1.961
8
Financial income
433
272
815
1.099
8
Financial expenses
(4.874)
(4.864)
(10)
(8)
Profit before tax
11.273
3.312
8.721
3.080
9
Income taxes
(2.789)
(478)
(237)
(246)
Profit for the year
8.484
2.834
8.484
2.834
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
8.484
2.834
Total
8.484
2.834
Earnings per share
10
Basic earnings per share (DKK)
4,7
1,6
10
Diluted earnings per share (DKK)
4,7
1,6
STATEMENT OF COMPREHENSIVE INCOME
Note
January 1
st
– December 31
st
(DKK ‘000)
Group
2025
Group
2024
Parent
Company
2025
Parent
Company
2024
Profit for the year
8.484
2.834
8.484
2.834
Other comprehensive income:
Items that may be reclassified to the income statement:
Exchange rate adjustments of investments in subsidiaries
(442)
357
(442)
357
Total other comprehensive income
(442)
357
(442)
357
Total comprehensive income
8.042
3.191
8.042
3.191
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
8.042
3.191
Total comprehensive income
8.042
3.191
ANNUAL REPORT 2025 Page | 33
BALANCE SHEET
Note
December 31
st
(DKK ‘000)
Group
2025
Group
2024
Parent
Company
2025
Parent
Company
2024
ASSETS
Non-current assets
Intangible assets
11
Completed development project
704
573
-
-
704
573
-
-
Property, plant, and equipment
12
Property, plant, and equipment
7.628
6.266
-
-
13
Leased assets
218
447
-
-
14
Investment properties
149.000
144.700
-
-
156.846
151.413
-
-
Other non-current assets
15
Investments in subsidiaries
-
-
95.940
88.738
16
Deferred tax
82
144
-
-
17
Other receivables
3.322
3.640
-
-
3.404
3.784
95.940
88.738
Total non-current assets
160.954
155.770
95.940
88.738
Current assets
18
Inventories
38.595
37.226
-
-
19
Trade receivables
21.621
14.948
-
-
27
Receivables from subsidiaries
-
-
19.022
17.452
17
Other receivables
3.161
2.433
-
-
Income tax
-
91
-
-
Prepayments
1.365
980
498
543
Cash
475
695
41
22
Total current assets
65.217
56.373
19.561
18.017
TOTAL ASSETS
226.171
212.143
115.501
106.755
Page | 34 ANNUAL REPORT 2025
Note
December 31
st
(DKK ‘000)
Group
2025
Group
2024
Parent
Company
2025
Parent
Company
2024
LIABILITIES
20
Equity
Share capital
36.426
36.426
36.426
36.426
Translation reserve
4.708
5.150
4.708
5.150
Revaluation reserve
4.844
4.844
4.844
4.844
Retained earnings
66.479
57.995
66.479
57.995
Total equity
112.457
104.415
112.457
104.415
Non-current liabilities
16
Deferred tax
10.029
8.109
110
120
21
Provisions
290
243
-
-
22
Credit institutions
54.324
57.476
-
-
23
Other payables
2.374
2.436
-
-
24
Prepayments from customers
4.548
4.230
-
-
13
Lease liabilities
-
154
-
-
Total non-current liabilities
71.565
72.648
110
120
Current liabilities
22
Credit institutions
17.710
13.719
-
-
Trade payables
7.963
7.303
6
37
27
Payables to subsidiaries
-
-
84
39
13
Lease liabilities
223
298
-
-
Income tax
620
57
247
242
21
Provisions
1.289
1.130
-
-
24
Prepayments from customers
5.836
6.534
-
-
23
Other payables
8.508
6.039
2.597
1.902
Total current liabilities
42.149
35.080
2.934
2.220
Total liabilities
113.714
107.728
3.044
2.340
TOTAL EQUITY AND LIABILITIES
226.171
212.143
115.501
106.755
ANNUAL REPORT 2025 Page | 35
STATEMENT OF CHANGES IN EQUITY
Group (DKK ‘000)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity December 31
st
, 2023
36.426
55.161
4.844
4.793
101.224
Changes in equity 2024
Profit for the year
-
2.834
-
-
2.834
Other comprehensive income
Exchange rate adjustments of investments in
subsidiaries
-
-
-
357
357
(522)
Total other comprehensive income
-
-
-
357
357
Total comprehensive income for the year
-
2.834
-
357
3.191
Equity December 31
st
, 2024
36.426
57.995
4.844
5.150
104.415
Changes in equity 2025
Profit for the year
-
8.484
-
-
8.484
Other comprehensive income
Exchange rate adjustments of investments in
subsidiaries
-
-
-
(442)
(442)
(522)
Total other comprehensive income
-
-
-
(442)
(442)
Total comprehensive income for the year
-
8.484
-
(442)
8.042
Equity December 31
st
, 2025
36.426
66.479
4.844
4.708
112.457
Parent Company (DKK ‘000)
Share capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity December 31
st
, 2023
36.426
55.161
4.844
4.793
101.224
-
Changes in equity 2024
Profit for the year
-
2.834
-
-
2.834
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
-
-
-
357
357
(522)
Total other comprehensive income
-
-
-
357
357
Total comprehensive income for the year
-
2.834
-
357
3.191
Equity December 31
st
, 2024
36.426
57.995
4.844
5.150
104.415
-
Changes in equity 2025
Profit for the year
-
8.484
-
-
8.484
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
-
-
-
(442)
(442)
(522)
Total other comprehensive income
-
-
-
(442)
(442)
Total comprehensive income for the year
-
8.484
-
(442)
8.042
Equity December 31
st
, 2025
36.426
66.479
4.844
4.708
112.457
Page | 36 ANNUAL REPORT 2025
STATEMENT OF CASH FLOWS
Note
January 1
st
– December 31
st
(DKK ‘000)
Group
2025
Group
2024
Parent
Company
2025
Parent
Company
2024
Operating activities
Profit for the year
8.484
2.834
8.484
2.834
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
1.541
1.585
-
-
Gain and loss on sale of non-current assets
(35)
(90)
-
-
Fair value adjustments on investment properties
345
1.800
-
-
Profit/(loss) after tax in subsidiaries
-
-
(7.644)
(1.961)
Other non-cash items, net
4
41
-
1
Provisions
206
(1.456)
-
-
Financial income
(433)
(272)
(815)
(1.099)
Financial expenses
4.874
4.864
10
8
Tax on operating profit
2.790
478
237
246
Cash flows from operating activities before changes in working
capital
17.776
9.784
272
29
Changes in working capital:
Changes in inventories
(1.687)
6.007
-
-
Changes in payable and receivables from subsidiaries
-
-
(1.525)
(673)
Changes in receivables
(7.631)
(1.968)
45
(18)
Changes in trade and other payables
2.793
(2.545)
664
82
Changes in working capital
(6.525)
1.494
(816)
(609)
Interest etc. received
433
272
815
1.099
Interest etc. paid
(4.856)
(4.800)
(10)
(8)
Net income tax paid
(164)
(215)
(242)
(492)
Net cash flows from operating activities
6.664
6.535
19
19
11
Acquisition of intangible assets
(353)
(573)
-
-
2, 12
Acquisition of items of property, plant, and equipment
(2.364)
(1.125)
-
-
14
Acquisition of items of investment property
(4.645)
-
-
-
12
Sale of items of property, plant, and equipment
35
127
-
-
Net cash flows from investing activities
(7.327)
(1.571)
-
-
Free cash flows
(663)
4.964
19
19
13
Repayment lease liabilities
(322)
(2.095)
-
-
22
Change in net interest-bearing debt
832
(3.520)
-
-
Net cash flows from financing activities
510
(5.615)
-
-
Net cash flows generated during the year
(153)
(651)
19
19
Cash and cash equivalents at the beginning of the year
695
1.311
22
3
Exchange gains/(losses) rate on cash and cash equivalents
(67)
35
-
-
Cash and cash equivalents at the end of the year
475
695
41
22
Parent
Company
2021/22
ANNUAL REPORT 2025 Page | 37
NOTES
1.
Significant accounting estimates and judgements
Estimates and judgements:
In applying the Group’s and the Parent Company’s 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’s 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:
9,7%). The yearly rent adjustment of 2,5% was used for all years, the maintenance per m
2
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’s
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’s 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’ 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’s completed development projects on
December 31
st
, 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’s and the Parent Company’s accounting policies, Management is required to make other judgments
not relating to estimates which might significantly affect amounts recognized in the annual report.
Page | 38 ANNUAL REPORT 2025
1.
Significant accounting estimates and judgements (continued)
Management has made such judgments concerning:
Segments:
The Glunz & Jensen Group’s 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’s 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’s 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’s length
transactions.
st, 2025 – December 31stJanuary 1, 2025 Prepress Selandia Total Elimi-Consoli-(DKK ‘000) 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
ANNUAL REPORT 2025 Page | 39
2.
Segment information (continued)
st, 2024 – December 31stJanuary 1, 2024 Prepress Selandia Total Elimi-Consoli-(DKK ‘000) 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’s geographical location, whereas non-current
assets are allocated to geographical areas based on the geographical location of the reporting units.
st
Geographical distribution Non- Non- current current assets assets Revenue Revenue 2025 2024 st Dec. 31(DKK ‘000) 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’s 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 – December 31st January 1(DKK ‘000) 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-
ringer
2007/08
Page | 40 ANNUAL REPORT 2025
3.
Production costs Group Group st – December 31st January 1(DKK ‘000) 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.
4.
Staff costs Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000) 2025 2024 2025 2024 st – December 31st January 1(DKK ‘000) 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:
Henrik Blegvad Funk CEO of Glunz & Jensen Holding A/S since January 1
st
, 2023, and CFO since April 1
st
, 2016.
Robert Popik Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1
st
, 2020, was assigned
as executive manager of Glunz & Jensen Holding A/S effective by February 1
st,
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.
ANNUAL REPORT 2025 Page | 41
5.
Auditor’s fee Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000) 2025 2024 2025 2024 st – December 31st January 1(DKK ‘000) 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).
6.
Depreciation, amortization, and impairment losses Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000) 2025 2024 2025 2024 st – December 31st January 1(DKK ‘000) 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.
7.
Other operating income Group Group st – December 31st January 1(DKK ‘000) 2025 2024 Gain on sale of non-current assets 35 90 Other income 1 7 36 97
Page | 42 ANNUAL REPORT 2025
8.
Financial income and expenses Parent Parent Group Group Company Companyst – December 31st January 1(DKK ‘000) 2025 2024 2025 2024 st – December 31st January 1(DKK ‘000) 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 - -
9.
Tax on profit for the year Parent Parent Group Group Company Company st – December 31st January 1(DKK ‘000) 2025 2024 2025 2024 st – December 31st January 1(DKK ‘000) 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.
10.
Earnings per share
Group Group st – December 31st January 1(DKK ‘000) 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
ANNUAL REPORT 2025 Page | 43
11.
573
573
Intangible assets Complet- Develop-ed ment develop- projects in ment (DKK ‘000) 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.
On December 31
st
, 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.
Page | 44 ANNUAL REPORT 2025
12.
Property, plant, and equipment Other fixtures and fittings, Leasehold Land and tools, and improve-(DKK ‘000) 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:
Collateral in the form of a registered mortgage on December 31
st
, 2025 has been provided in land and buildings with a
carrying amount of DKK 5.490 thousand (December 31
st
, 2024: DKK 4.691 thousand). The value of the relating collateral
was DKK 4.840 thousand on December 31
st
, 2025 (December 31
st
, 2024: DKK 5.870 thousand).
On December 31
st
, 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.
ANNUAL REPORT 2025 Page | 45
13.
Leased assets Other fixtures and fittings, tools, and (DKK ‘000) 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 ‘000) 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-
selskab
2012
tDKK,
Group:
In the financial year 2025, payments related to leases amounted to DKK 322 thousand (2024: DKK 2.095 thousand) of
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).
The weighted average discount rate applied was 6% in 2025 (2024: 7%).
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.
Page | 46 ANNUAL REPORT 2025
14.
Investment properties
Group Group(DKK ‘000) 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.
100% of the investment properties were leased to tenants on December 31
st
, 2025 (2024: 92%). Own use of the properties
represented 1% on December 31
st
, 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
Collateral in the form of a registered mortgage on December 31
st
, 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
57.477 thousand on December 31
st
, 2025 (2024: DKK 60.497 thousand).
Please see note 1 Significant accounting estimates and judgements “Investment properties” and note 2 Segments “Rental
of the Selandia Park properties” and note 26 Financial risks and financial instruments “Fair values”.
ANNUAL REPORT 2025 Page | 47
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 ‘000) 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
As of December 31
st
, 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’s 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.
Page | 48 ANNUAL REPORT 2025
16.
Deferred tax Parent Parent Group Group Company Company (DKK ‘000) 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)
__ Group
___ 2018
The value of tax loss carryforwards has been recognized as a deferred tax asset in the companies where, based on the
budget, it is considered very likely that they can be set off against future earnings and where a history of profit before tax
in the last five years has been verified. The value of tax loss carry-forward, DKK 4.649 thousand on December 31
st
, 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 ‘000) 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)
17.
Other receivables
Group Group stDecember 31 (DKK ‘000) 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.
ANNUAL REPORT 2025 Page | 49
18.
Inventories Group Group stDecember 31 (DKK ‘000) 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
19.
Trade receivables
Group Group (DKK ‘000) 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’s geographical location.
Breakdown of trade receivables, net, based on the customer’s geographical location: Group Group stDecember 31 (DKK ‘000) 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.
As of December 31
st
, 2025, 21,8% of the trade receivables are due (2024: 14,4%).
Trade Trade Expected receivables Expected receivables (DKK ‘000) 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.
Page | 50 ANNUAL REPORT 2025
20.
Share capital and treasury shares
The share capital in Glunz & Jensen Holding A/S consists of 1.821.309 shares as of December 31
st
, 2025, and likewise
on December 31
st
, 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.
As of December 31
st
,
2025, and on December 31
st
, 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 “Capital management” section.
21.
Group
2022
Group
2022
Provisions Group Group (DKK ‘000) 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
Warranties
A provision has been made for warranty commitments to cover contract-related warranty for goods already delivered.
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.
ANNUAL REPORT 2025 Page | 51
22.
Credit institutions Due after Due after 1Due within(DKK ‘000) 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 ‘000) 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.
23.
Other payables Parent Parent Group Group Company Company stDecember 31 (DKK ‘000) 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
Page | 52 ANNUAL REPORT 2025
24.
Prepayments from customers
Group Group stDecember 31 (DKK ‘000) 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
DKK 6.444 thousand of the prepayments received December 31
st
,
2024, are recognized in revenue during 2025 (2024:
DKK 5.959 thousand).
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’s 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’s 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
recognized jointly tax receivables in the balance sheet amounting to DKK 0 on December 31
st
, 2025 (December 31
st
,
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.
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’s policy not to speculate actively in financial risks. The Group’s
financial risk management is thus aimed exclusively at managing the financial risks that are a direct consequence of the
Group’s operating, investing, and financing activities.
Currency risk:
The Group’s 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’s 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’s 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.
ANNUAL REPORT 2025 Page | 53
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’s 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
debt on December 31
st
, 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
commitments on December 31
st
, 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’s 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’s funding for 2026 sufficient to be able to continue
meeting its payment obligations and its obligations under the financing covenants during 2026.
The Group's interest-bearing liabilities amounted to DKK 72.034 thousand on December 31
st
, 2025 (2024: DKK 71.195
thousand).
On December 31
st
, 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
7.911 thousand on December 31
st
, 2025 (2024: DKK 16.760 thousand).
The liabilities fall due as follows:
Group Carrying Payment In 1 year Over 5 (DKK ‘000) 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
Page | 54 ANNUAL REPORT 2025
26.
Financial risks and financial instruments (continued)
Parent Company Carrying Payment In 1 year Over 5 (DKK ‘000) 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.
On December 31
st
, 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
31
st
, 2025, or on December 31
st
, 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 ‘000) 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.
ANNUAL REPORT 2025 Page | 55
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’s accounting
policies. Receivables from subsidiaries is presented in the balance sheet and interest income from subsidiaries is
presented in note 8.
The Group’s related parties also comprise the members of the board of directors and the executive board as well as these
persons’ family members. 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 ‘000) 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
28.
Events after the balance sheet date
No events have occurred since December 31
st
, 2025, which are considered to have a significant impact on the Group's
or the Parent Company’s financial position.
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..
Page | 56 ANNUAL REPORT 2025
30.
Accounting policies
Glunz & Jensen Holding A/S is a limited company domiciled in
Denmark. The annual report for the period January 1
st
-
December 31
st
, 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
report of Glunz & Jensen Holding A/S for 2025 on March 17
th
,
2026. The annual report will be submitted to the shareholders of
Glunz & Jensen Holding A/S for adoption at the Annual General
Meeting on April 15
th
, 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
January 1
st
, 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
‘controls’ 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’s and the individual
subsidiaries’ financial statements, applying the Group’s
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’s 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.
ANNUAL REPORT 2025 Page | 57
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’s 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’s
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.
Page | 58 ANNUAL REPORT 2025
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
ANNUAL REPORT 2025 Page | 59
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’ 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 0–9
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 – apart from
business combinations – 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-à-vis the tax
authorities for the subsidiaries’ 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.
Page | 60 ANNUAL REPORT 2025
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’s 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’ operating activities, including trade liabilities,
borrowings, lease liabilities and other liabilities.
Additional segment information is stated regarding consolidated
revenue broken down by geographical markets.
ANNUAL REPORT 2025 Page | 61
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 margin
Gross profit x 100
Revenue
Operating margin
Operating profit (EBITA) x 100
Revenue
EBITDA margin
Profit before interest, tax, amortization, depreciation and impairment x 100
Revenue
Return on assets
Operating profit x 100
Average operating assets
Return on equity (ROE)
Profit or loss for the year x 100
Average Equity
Solvency ratio
Equity at year-end x 100
Liabilities at year-end
Interest coverage
Operating profit (EBITA) + interest income
Interest expenses
Earnings per share (EPS)
Profit(loss) for the year
Average number of shares outstanding
Diluted earnings per share (EPS-D)
Diluted earnings
Diluted average number of shares outstanding
Cash flow per share (CFPS)
Cash flows from operating activities
Diluted average number of shares outstanding
Book value per share (BVPS)
Equity at year-end
Numbers of shares at year end
Pay-out ratio
Total dividend paid
Profit or loss for the year
Share price/book value (KI)
Share price
BVPS
Page | 62 ANNUAL REPORT 2025
Glunz & Jensen Holding A/S
Selandia Park 1
4100 Ringsted, Denmark
+45 5768 8181
gj@glunz-jensen.com
www.glunz-jensen.com
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