Annual  
Report  
2025  
3Shape Holding A/S, Holmens Kanal 7, 1060 Copenhagen K, Denmark, CVR no. 31473233  
 
3Shape Holding A/S  
Annual Report 2025  
2
Contents  
Management Review  
BUSINESS REVIEW  
SUSTAINABILITY STATEMENTS  
FINANCIAL STATEMENTS  
IN BRIEF  
PRODUCT PORTFOLIO  
GENERAL  
45 Customers and Patients  
47 Social Metrics  
64 Consolidated Financial Statements  
100 Statements  
05 At a Glance  
06 CEO Letter  
08 Business Highlights  
16 Dental Practice Solutions  
18 Dental Lab Solutions  
20 Audio Solutions  
29 Sustainability Strategy  
30 Double Materiality  
104 Parent Company Financial Statements  
Assessment  
GOVERNANCE  
31 Impacts, Risks and  
Opportunities along  
the Value Chain  
50 3Shape’s Business Conduct  
53 Governance Metrics  
09 Financial Highlights  
for the Group  
RESULTS  
10 Sustainability Highlights  
22 Financial Review  
32 Basis for the Preparation  
APPENDIX  
BUSINESS  
GOVERNANCE  
55 ESRS Disclosure  
ENVIRONMENTAL  
Requirements Covered  
by the Sustainability  
Statements and Information  
Incorporated by Reference  
12 Purpose  
13 Strategy  
14 Business Model  
24 3Shape Governance  
25 3Shape Leadership  
26 Risk Management  
34 3Shape’s Environmental  
Responsibility  
35 Climate Change  
56 DMA Methodology and  
Sustainability Reporting  
Risk Management  
37 Resource Use and  
Circular Economy  
38 Environmental Metrics  
57 Accounting Considerations:  
GHG emissions  
SOCIAL  
58 General Disclosure  
Requirements – Policies  
40 3Shape’s Social  
Responsibility  
61 Datapoints Derived from  
other EU Legislation  
41 Own Workforce  
44 Workers in the Value Chain  
 
Business Review  
3Shape Holding A/S  
Annual Report 2025  
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Business  
Review  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
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In Brief  
05 At a Glance  
06 CEO Letter  
08 Business Highlights  
09 Financial Highlights for the Group  
10 Sustainability Highlights  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
5
At a Glance  
3Shape is a global innovator in digital dentistry,  
empowering dental professionals to provide  
superior dental care for every patient, every time.  
3Shape’s award-winning digital solutions advance  
and connect practices and labs. Private equity  
fund EQT has been a shareholder since 2022.  
47 100+ 29  
Nationalities  
We are a diverse company with  
47 nationalities across our global  
offices.  
Countries  
Our hardware, software and  
services are sold in more than  
100 countries.  
Locations  
We have 3Shapers present in 29  
countries across the globe, with  
headquarters in Copenhagen,  
Denmark.  
DKK  
North Macedonia  
United Kingdom  
Germany  
Spain  
3,026m 801m  
Italy  
Denmark  
Poland  
Ukraine  
Romania  
France  
Turkey  
Total Revenue 2025  
EBIT 2025  
Netherlands  
Belgium  
Japan  
United States  
Mexico  
China  
South Korea  
Austria  
Taiwan  
India  
Egypt  
Over  
Costa Rica  
Colombia  
Thailand  
Singapore  
2,627  
Brazil  
33.2m  
3Shapers globally  
Australia  
We are 2,6271 dedicated  
Patients Scanned using a TRIOS Scanner in 2025  
3Shape colleagues.  
New Zealand  
1
This number denotes average number of fulltime employees  
 
Business Review  
In Brief  
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Annual Report 2025  
6
LOOKING AHEAD - CEO LETTER  
NAVIGATING A FAST-MOVING MARKET  
2025 was a year when 3Shape once again  
set new standards for dentistry through  
transformative innovation. At the same  
time, the financial year did not live up  
to our expectations, prompting both  
reflection and strategic realignment.  
The dental market in 2025 remained dynamic,  
with changing demand patterns and increased  
macroeconomic uncertainty across key markets.  
In response, we took decisive steps during the year  
to reset elements of our strategy, strengthening  
our commercial focus and positioning the business  
on a clearer path toward sustainable growth, with  
innovation and customer proximity at its core.  
We closed the year with total revenue of DKK  
3,026m, representing a decline compared  
to 2024. The decrease was driven by adverse  
currency movements, market dynamics in select  
key markets as well as some discrete one-off  
actions taken in the long-term commercial  
interest of the company.  
Jacob Vishof Paulsen  
CEO  
Since taking on the role as CEO, I  
have seen firsthand just how large,  
dynamic, and technology-driven the  
dental industry is – and the unique  
role 3Shape plays in shaping its future.  
We remain confident in our direction  
and continue to push the boundaries  
of innovation. We end the year poised  
to shape the future, drive growth, and  
improve patients’ lives.  
Gross profit declined year-on-year in line with  
lower revenue, while the gross margin remained  
stable at 70%. This reflects continued pricing disci-  
pline and operational efficiencies, which helped  
offset inflationary pressures in the supply chain.  
My vision is for 3Shape  
In 2025, we realized EBIT of DKK 801m. This  
performance reflects the lower topline as well as  
deliberate investments to support future growth,  
including increased R&D spending and initiatives to  
strengthen our go-to-market capabilities. In addi-  
tion, EBIT was impacted by several special items  
that fall outside our ordinary cause of business,  
including restructuring costs. While these factors  
affected our short-term results, they represent  
deliberate choices and necessary adjustments  
to stand out as the most  
trusted name in dentistry,  
driven by our unwavering  
commitment to patients,  
customers, and partners.  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
7
that support our long-term ambitions. We are now  
better positioned to drive growth and improve  
performance in the years ahead.  
We continue to strengthen our organization  
and bring in new talent to support our five-year  
strategy and growth ambitions. To invest in the  
areas that matter most, we made adjustments,  
including a strategic realignment of our workforce.  
and the DentalHealth app. Dx Plus is the first  
medical device software of its kind that utilizes  
diagnostic AI on IOS scans.  
Dental professionals continue to invest in tech-  
nology to enhance clinical outcomes, improve  
patient experiences, and expand treatment options.  
In 2025, we increased our intraoral scanner (IOS)  
installed base by 14% and launched several new  
products, reinforcing our position in the premium  
segment and underlining our commitment to  
delivering transformative digital solutions.  
The combined solution redefines intraoral scan-  
ning, providing diagnostic support and enhancing  
Patients are increasingly aware of their oral health  
and expect personalized care, comfort, clear  
communication with patients about their oral health. communication, and innovation in the clinic.  
COMMITTED TO PATIENTS AND PLANET  
3Shape’s purpose is to enable superior dental  
care for every patient, every time. Our solutions  
enhance dental health and well-being, benefiting  
an increasing number of people.  
At the end of 2025, we introduced an upgrade to  
our CAD solution for labs. 3Shape Dental System  
2025 features powerful AI-supported workflows  
that enhance efficiency in lab operations.  
With our new strategic direction, we enter 2026  
well-prepared to meet these trends and advance our  
commitment to improving dental care worldwide.  
While our financial performance in 2025 did not  
meet expectations, we continued to advance  
innovation and strengthen our position in a  
rapidly evolving, technology-driven industry.  
Together with the strategic actions taken during  
the year, this provides a solid foundation for  
future growth and value creation.  
In 2025, over 33 million patients were scanned using a  
TRIOS intraoral scanner, representing a 24% increase  
compared to the previous year. Our ambition is to Our dedicated team continues to work diligently  
OUR PEOPLE  
Jacob Vishof Paulsen  
CEO  
reach over 100 million patients scanned by 2030.  
and with passion to ensure we remain a leading  
digital dentistry company.  
As a healthcare technology leader, 3Shape  
continues to prioritize sustainability by setting  
DEFINING THE NEXT CHAPTER  
The average number of full-time employees in  
To stay resilient in a changing industry, we took  
time this year to evaluate our strategic direction.  
Driven by our purpose to enable better dental  
care for patients, we have defined a renewed five-  
year strategy to guide our next phase, reinforcing  
our strengths and sharpening our market focus.  
goals for emission reductions, minimizing product 2025 was 2,627 across 29 locations and more  
footprint, enhancing diversity and inclusion, and  
embedding accountability across the business.  
than 47 nationalities.  
We are pleased to report that in 2025, 3Shape  
surpassed its target of reaching 35% women in  
management. Our goal is to achieve 40% by 2030.  
In 2025, we completed a double materiality  
assessment to identify key Environmental, Social  
and Governance (ESG) issues. This helps focus our  
sustainability strategy on what matters most.  
The 2030 strategy is designed to strengthen  
relationships with customers and partners, define  
the future of dentistry through transformative  
innovation, and enhance how we work as a  
company. Implementation of the new strategy has environmental impacts that will guide sustaina-  
already begun.  
We continue to support our colleagues in Ukraine,  
who inspire us with their resilience despite the  
hardships of war. In 2025, 3Shape Ukraine relo-  
cated to a new office in Kyiv with modern infra-  
structure and on-site shelter facilities to ensure  
staff safety during air alerts.  
Over 33 million  
We also completed a Life Cycle Assessment (LCA)  
of the TRIOS 5 intraoral scanner, identifying key  
patients were scanned  
using a TRIOS  
intraoral scanner in  
2025  
bility requirements for future products.  
INTRODUCING TRANSFORMATIVE INNOVATION LOOKING AHEAD  
In 2025, strong partnerships continued to drive  
our success, including a new strategic partnership In March, 3Shape introduced the TRIOS 6 intraoral Despite economic pressures, the global dental  
with Eon Dental.  
scanner, along with Dx Plus diagnostic software  
market is expected to continue on a positive  
growth trajectory.  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
8
Business Highlights  
This year, 3Shape shook up the industry with product releases that promise to  
redefine dentistry and intraoral scanning, empowering practitioners with diagnostic  
support for oral health conditions and enhanced patient communication.  
Dr. Kaveh Golestani  
TRIOS 6 Intraoral  
Scanner  
DX Plus Diagnostic  
Software  
3Shape Dental  
System 2025  
TRIOS 6’s hyperspectral technology works  
in conjunction with 3Shape’s new Dx Plus  
AI-assistive software. Together they help  
dentists detect key oral health conditions,  
including surface and proximal caries1,  
plaque, tooth wear, and gingival recession.  
Results are presented as 3D visualizations of  
the patient’s teeth and can be shared with  
patients in the clinic or through the Dental-  
Health app on their mobile devices.  
In November 2025, 3Shape released  
3Shape Dental System 2025. This upgrade  
to 3Shape’s leading CAD software for  
labs boosts productivity with new AI-sup-  
ported workflows. It includes Automate  
AI-powered design proposals2, AI bite  
functionality that aligns upper and lower  
jaw scans in seconds, and AI-assisted tooth  
outlining for copy dentures. Enhanced  
error messaging minimizes interruptions  
by reducing unnecessary clicks and delays.  
In March 2025, 3Shape launched the  
wireless TRIOS 6 intraoral scanner.  
This wireless scanner introduces  
hyperspectral technology – an  
With 3Shape TRIOS 6 and  
Dx Plus AI-assistive software  
I get a second set of eyes  
during diagnostic checkups  
for patients. I can reference  
the results to confirm or  
identify issues with my  
innovation that captures data from  
multiple light sources simultaneously,  
opening new visualization and workflow  
possibilities in dentistry. TRIOS 6 boasts  
up to 110% higher scan resolution  
compared to previous 3Shape scanners,  
delivering our best-ever scan quality.  
ScanAssist intelligent-alignment  
technology and sensory feedback  
ensure a smooth and easy scanning  
experience.  
1
Proximal caries is not AI-detected  
patient’s oral health  
2
Available for LabCare subscribers only  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
9
Financial Highlights for the Group  
DKK thousands  
2025  
2024  
2023  
2022  
2021  
Revenue  
3,025,628  
2,118,091  
977,794  
800,539  
-55,423  
3,316,629  
2,283,469  
1,461,420  
1,351,907  
35,719  
3,284,652  
2,290,897  
1,342,910  
1,265,176  
16,546  
3,090,099  
2,206,466  
1,195,160  
1,108,457  
20,675  
2,585,966  
1,918,761  
928,687  
889,274  
15,900  
Gross profit/loss  
EBITDA  
Operating profit (EBIT)  
Net financials  
Profit for the year  
564,848  
1,077,294  
996,409  
875,979  
705,387  
Non-current assets  
Current assets  
1,34 4,141  
1,764,818  
-37,30 9  
837,328  
2,206,602  
-38,543  
563,474  
2,0 09,153  
-35,171  
426,194  
1,867,74 8  
-34,163  
169,607  
1,226,335  
-15,871  
Investments in property, plant and equipment  
Total balance  
3,108,959  
1,725,041  
515,401  
3,043,930  
1,903,928  
297,689  
2,572,627  
1,564,001  
247,029  
2,293,942  
1,338,603  
223,985  
1,395,942  
681,685  
69,199  
Equity  
Non-current liabilities  
Current liabilities  
868,517  
842,313  
761,597  
731,354  
645,058  
Cash flows from operating activities  
Cash flows from investing activities  
Cash flows from financing activities  
Cash flows for the year  
1,021,825  
-472,439  
-785,028  
-235,943  
1,073,198  
-211,523  
-794,787  
66,888  
988,901  
-195,333  
-839,787  
-46,218  
825,774  
-40,397  
-264,924  
520,453  
629,660  
80,460  
-1,068,429  
-1,068,429  
Key figures  
Profit margin  
18.7%  
70.0%  
32.3%  
26.5%  
31.1%  
2,627  
32.5%  
69.0%  
4 4.1%  
40.8%  
62.1%  
2,197  
30.3%  
69.7%  
40.9%  
38.5%  
68.7%  
2,095  
28.3%  
71.4%  
38.7%  
35.9%  
86.7%  
2,022  
27.3%  
74.2%  
35.9%  
34.4%  
82.2%  
1,735  
Gross margin  
EBITDA-margin  
Operating (EBIT) margin  
Return on equity  
Average number of full-time employees  
 
Business Review  
In Brief  
3Shape Holding A/S  
Annual Report 2025  
10  
Sustainability  
Highlights  
ENVIRONMENTAL  
SOCIAL  
GOVERNANCE  
Minimum e-learning completion % across ethical business conduct trainings2  
Share of renewable  
electricity consumption  
Scope 1 and 2 GHG emission  
reductions (market-based)  
Number of patients  
scanned anually  
%
Target: 90%  
%
tCO2e  
2023  
2024  
90%  
100  
2690  
90%  
>99 >99  
100+m  
91%  
33.2m  
26.6m  
391  
395  
<269  
Target achieved  
90%  
0.3  
2025  
2023 2024 2025  
2030  
2023 2024 2025  
2030  
2024  
2025  
2030  
Completed  
Actual  
Target  
Number of supplier audits completed annually against sustainability criteria  
Quantifying environmental  
impact through LCAs1  
Embracing circularity in  
product and process  
Underrepresented gender  
in management  
Global average Diversity  
& Inclusion score  
Score (out of ten)  
#
Target: 10  
%
2025  
7
40  
39  
35  
Top  
LCA completed 5 Sustainability  
10%  
8.6  
8.4  
8.3  
Response rate to supplier self-assessment  
%
for TRIOS 5  
Principles  
Target achieved  
91%  
to identify environmental  
hotspots and prioritize  
reduction initiatives  
being implemented in product  
design and development such as  
resource efficient manufacturing  
and sustainable material use  
2025  
2024 2025 2030  
2023 2024 2025  
2030  
2
Maximum achievable completion rate is between 96% and 98% for all mandatory ethical business  
conduct trainings as the count includes employees who are on leave, but have not completed the  
training.  
Target  
achieved  
Top 10%  
Industry  
Actual  
Target  
1
Life Cycle Assessment  
 
Business Review  
Business  
3Shape Holding A/S  
Annual Report 2025  
11  
Business  
12 Purpose  
13 Strategy  
14 Business Model  
 
Business Review  
Business  
3Shape Holding A/S  
Annual Report 2025  
12  
Purpose  
3Shape is driven by a singular purpose: to enable superior  
dental care for every patient, every time.  
3Shape values  
STAY CUSTOMER-  
CENTRIC  
Stay close and put the  
customer at the heart of  
any business decision.  
PLAY TO WIN  
Be bold, ambitious,  
and pragmatic.  
This purpose guides 3Shape’s values and aspira-  
tions, shaping its impact on the dental industry  
and patient health. It provides clear direction for  
the company’s priorities and reflects its commit-  
ment to making a meaningful difference.  
treatments, and deliver better outcomes for  
healthier smiles and lasting oral health  
WHAT PATIENTS SAY  
Studies and surveys highlight the benefits  
3Shape technologies bring to patients. Using  
an intraoral scanner, such as a 3Shape TRIOS,  
IMPROVING THE LIVES OF PATIENTS  
3Shape’s innovations provide dental professionals reduces gag reflex, nausea, breathing difficulty,  
TAKE OWNERSHIP  
Lean in, take charge,  
and own our  
INNOVATE WITH  
PASSION  
Be passionate  
about products and  
everything else we do.  
with tools that enhance the patient experience.  
They boost comfort, enhance education and  
communication to build trust and informed  
choices, ensure clinical accuracy for reliable  
and patient anxiety compared to traditional  
mold-based impression methods*. Visual  
aids, such as intraoral scans and 3Shape’s Dx  
Plus software for diagnostic aid, help patients  
understand their dental health, increase aware-  
ness of concerning changes, and aid confident  
decisions.  
1
treatment decisions .  
CHAMPION TEAM SPIRIT  
Show respect for one another  
and ensure inclusion.  
When it comes to traditional methods of taking mouth  
impressions, for example molds, patients prefer the  
comfort of a TRIOS scan  
1
References available upon request  
 
Business Review  
Business  
3Shape Holding A/S  
Annual Report 2025  
13  
Strategy  
3Shape’s 2030 Strategy puts patients and dental  
professionals at the center because delivering for  
them makes everything else fall into place. When  
combined, the three pillars of 3Shape’s 5-year strategy  
position the company to fulfill its purpose – to enable  
superior dental care for every patient, every time.  
The three pillars of 3Shape’s 2030 strategy:  
CONNECT  
We are bringing dental professionals, patients, and partners closer  
to us. We will deepen our engagement with customers and patients,  
strengthen partnerships, and inspire our entire organization to  
deliver experiences that consistently create value for them all.  
INNOVATE  
We are unleashing our company’s proven power for ground-  
breaking innovation. Pushing boundaries with visionary ideas to  
create technology, solutions, and treatments that shape the future  
of dentistry.  
TRANSFORM  
We are elevating how we work together while living our compa-  
ny’s values in all we do. Improving our systems and processes,  
boosting efficiency and resources, and fostering a collaborative and  
high-performance culture.  
 
Business Review  
Business  
3Shape Holding A/S  
Annual Report 2025  
14  
Business Model  
3Shape’s commitment to innovation empowers dental professionals with state-of-the-art tools,  
ensuring superior dental care through enhanced efficiency, accuracy, and patient experience.  
DEVELOP & INNOVATE  
SOURCE  
ASSEMBLE  
SALES CHANNELS & SHIPPING  
CUSTOMERS & AFTER SALES  
PATIENTS  
3Shape’s experts develop award-win-  
ning solutions for dentists and labs.  
Innovation is central to 3Shape’s  
history, culture, and strategy. Along-  
side its strong R&D focus, 3Shape  
invests heavily in protecting its intel-  
lectual property through a dedicated  
IP & patent team.  
3Shape collaborates with approx.  
170 direct suppliers - all required  
to adhere to the Supplier Code of  
Conduct, ensuring ethical business  
practices. Partnerships with technical  
suppliers enable 3Shape to source  
high-quality components.  
3Shape’s manufacturing and distri-  
bution operations are strategically  
located in Poland and the United  
States, with assembly primarily  
conducted in Poland. This approach  
ensures efficient production, stable  
supply chains, and short customer  
lead times.  
3Shape primarily uses indirect sales  
channels. A global reseller network  
drives lead generation and sales,  
delivering 3Shape’s innovative solu-  
tions worldwide. This model ensures  
broad distribution and choice for  
customers. After the sale, 3Shape  
ships products globally.  
3Shape serves three primary customer  
segments: dental practices, dental  
labs, and audio manufacturers. It  
supports end-users with a market-  
leading service offering and is  
committed to delivering tailored  
experiences, building lasting trust, and  
being an insight-driven partner.  
3Shape advances dental health by  
equipping professionals with inno-  
vative tools that enhance the patient  
experience. Its solutions increase  
comfort, foster trust through better  
education and communication,  
ensure clinical accuracy, and lead to  
healthier, long-term outcomes.  
Upstream  
Own operations  
Downstream  
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
15  
Product  
Portfolio  
16 Dental Practice Solutions  
18 Dental Lab Solutions  
20 Audio Solutions  
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
16  
Dental Practice Solutions  
3Shape dental practice solutions  
3Shape TRIOS intraoral scanners  
are used by dentists and their staff.  
Our intraoral scanners create 3D  
digital impressions of a patient’s  
teeth, replacing conventional  
alginate or silicone impression-  
taking in dental practices. A  
3Shape TRIOS intraoral scanners create digital impressions. The scanner line has won an unprecedented twelve  
consecutive Cellerant Best of Class Technology Awards, Red Dot design awards, and numerous industry awards.  
TRIOS intraoral scanners are recognized for their accuracy, speed, and ease of use. In addition to creating digital  
dental impressions, TRIOS is also used to aid in diagnosing a patient’s oral health, quantifying changes to a patient’s  
oral situation over time, simulating orthodontic and whitening treatments, designing smiles, and more.  
The 3Shape TRIOS portfolio includes four intraoral scanners.  
patient’s TRIOS digital impression  
is then sent securely via the cloud  
for the design and production of  
dental treatments such as crowns,  
dentures, clear aligners, and more.  
TRIOS CORE WIRED  
TRIOS 3 WIRED  
TRIOS 5 WIRELESS  
TRIOS 6 WIRELESS  
Launched in 2024, TRIOS Core  
features 3Shape core scan-  
ning technology at our most  
affordable price.  
The TRIOS 3 is a remodeled  
version of the classic TRIOS 3  
wired scanner. It now features a  
USB-C connecting cable.  
Launched in 2022, the TRIOS  
5 intraoral scanner features  
ScanAssist intelligent alignment scan resolution. Hyperspectral  
technology in a compact and  
hygienically optimized scanner  
body.  
Launched in 2025, TRIOS 6  
features up to 110% higher  
technology captures data from  
white, fluorescent, and near-in-  
frared light in a single scan.  
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
17  
TRIOS and  
lab scanner  
accessories  
3Shape dental practice software  
TRIOS MOVE PRO &  
TRIOS MOVE+  
3SHAPE UNITE  
TRIOS SMILE DESIGN  
TRIOS TREATMENT  
SIMULATOR  
TRIOS DESIGN STUDIO  
TRIOS SCAN SOFTWARE  
Included with every TRIOS  
scanner, 3Shape Unite enables  
professionals to manage scans  
and cases from the cloud and  
seamlessly send them to treat-  
ment partners like dental labs  
and clear aligner brands.  
With TRIOS Smile Design, dental  
professionals can design teeth  
to create a new smile on a  
patient’s 2D facial image. The  
simulation helps align patient  
expectations, boost treatment  
acceptance, and create a blue-  
print for restorations.  
With TRIOS Design Studio,  
dental professionals can design  
and produce a range of dental  
restorations, including standard supported by AI technology.  
and screw-retained crowns,  
Included with every TRIOS  
scanner, the software manages  
scan processing and is  
TRIOS MOVE Pro and TRIOS  
MOVE+ are optional setup  
stands for TRIOS intraoral  
scanners. These ergonomic  
solutions include a scanner  
holder, touch screen, and  
PC on an easy-to-move cart.  
The MOVE Pro also includes a  
built-in battery for maximum  
mobility.  
The TRIOS Treatment Simulator  
enables dental professionals  
to scan patients and show  
them the expected results of  
orthodontic treatment, thereby inlays, veneers, and three-unit  
TRIOS SHARE  
increasing case approval.  
bridges.  
TRIOS Share enables dental  
professionals to use their wire-  
less TRIOS scanner on any PC  
and Mac in the dental practice.  
Additional accessories for  
both intraoral and lab scan-  
ners include intraoral scanner  
sleeves, tips, pods, cables,  
batteries, chargers, calibra-  
tion kits, laptops, training  
dental models, and more.  
3SHAPE IMPLANT STUDIO*  
3SHAPE SPLINT STUDIO1  
DX PLUS  
DX STANDARD  
DENTALHEALTH APP  
3Shape Implant Studio enables  
the planning of implant treat-  
ments, the design and printing  
of custom surgical guides, and  
temporary screw-retained  
crowns in one workflow.  
3Shape Splint Studio allows  
dental professionals to design  
and manufacture all major  
single-jaw occlusal splint types.  
Exclusively compatible with  
TRIOS 6 scans, Dx Plus is an  
AI-assisted software that aids in  
the detection of key oral health  
conditions, including surface  
and proximal caries2, plaque,  
tooth wear, and gingival reces-  
sion.  
The Dx Standard software can  
help dentists engage patients  
by tracking and quantifying  
changes to their dentition. It  
is compatible with all TRIOS  
models, except for the TRIOS  
Core. TRIOS Dx Standard is the  
successor to the time-proven  
TRIOS Patient Monitoring.  
3Shape’s DentalHealth App  
allows dentists to share TRIOS  
scans and Dx Plus visual expla-  
nations directly to patients'  
phones. Patients can track  
their oral health progress,  
learn proper care techniques,  
and understand their dentist’s  
recommendations.  
1
Available for both dental practices and dental laboratories.  
Proximal caries is not AI-detected.  
2
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
18  
Dental Lab Solutions  
3Shape dental lab solutions are  
3Shape dental lab scanners  
made for dental lab technicians  
and their colleagues. 3Shape lab  
scanners are intended for scanning  
dental gypsum or impression  
3Shape released its first dental lab scanner in 2005. All 3Shape dental lab scanners feature ISO-documented accuracy  
and have been recognized with numerous industry awards, including four Red Dot design awards.  
models. Lab technicians then  
use the scan data in 3Shape CAD  
software to plan and produce  
dental restorations such as crowns,  
dentures, dental bridges, and more.  
E2 DENTAL LAB SCANNER  
E3 DENTAL LAB SCANNER  
E4 DENTAL LAB SCANNER  
F8 DENTAL LAB SCANNER  
The entry-level E2 scanner is  
designed for labs working with  
crown and bridge restorations.  
The E3 delivers essential scan-  
ning with implant bar accuracy.  
The E4 features high-speed  
scanning and accuracy and is  
suitable for full service digital  
labs.  
The F8 scans two dental models  
at once to enable dual model  
scanning workflows. It includes  
place and scan technology for  
more efficient operation and is  
suitable for all types of dental  
restorative indications.  
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
19  
3Shape dental laboratory software  
Additional 3Shape service offerings  
for dental practices and labs  
3SHAPE DESIGN SERVICES  
3SHAPE ACADEMY AND COMMUNITY  
3Shape supports dental practices and labs with  
Computer-Aided Design (CAD) of restorative and  
orthodontic treatments. Dental professionals can  
choose to have 3Shape design the treatment and  
send back the digital design, or have it forwarded  
to another lab for production.  
Delivering high-quality digital dentistry educa-  
tion is a key priority for 3Shape. At the 3Shape  
Academy, dental professionals, from dentists to  
lab technicians, can take classes in person, online,  
and one-on-one with 3Shape experts.  
The 3Shape Community supports the 3Shape  
Academy. The online 3Shape Community features  
an extensive library of tutorials, case studies,  
lectures, and discussion forums, all available for  
download.  
3Shape offers two design services:  
3SHAPE DENTAL SYSTEM  
3SHAPE LMS  
3Shape Design Service  
3Shape Dental System offers a compre-  
hensive CAD/CAM solution for dental  
labs, providing a wide range of generic  
and specialized workflows, from crowns  
and bridges to dentures and implant  
bars. Includes Automate AI-powered  
design proposals1.  
3Shape lab management software (LMS)  
enables dental professionals to manage  
files, tasks, and communication for every  
case at every point in the lifecycle.  
3Shape Design Service provides cost-effective  
restorative and orthodontic designs to support  
dental professionals. From crowns and bridges to  
clear aligners and surgical guides, 3Shape Design  
Service team members create each CAD design.  
Professionals can take advantage of specific  
classes, webinars, and lectures, as well as follow  
3Shape on social media for best practices, tuto-  
rials, case studies, and more.  
3Shape Automate  
Including:  
3SHAPE IMPLANT STUDIO2  
3SHAPE SPLINT STUDIO2  
3Shape Automate is a cost-effective, solely  
AI-powered dental design service that creates  
single-unit monolithic molar and pre-molar  
crowns and nightguard designs. Dental profes-  
sionals can submit unlimited design orders and  
receive the CAD designs back in as little as ninety  
seconds, produced solely through ground-  
breaking AI technology.  
Add-on modules for various indications  
are available with Dental System, as are  
CAD points, which provide pay-per-ac-  
cess design capabilities for indications  
their software may not include.  
1
LabCare subscribers only  
2
Available for both dental practices and dental laboratories. Descriptions under 3Shape dental practice software  
 
Business Review  
Product portfolio  
3Shape Holding A/S  
Annual Report 2025  
20  
Automation and modeling software  
Audio Solutions  
3Shape Audio is a leading solution  
provider for custom hearing  
production, serving hearing aid  
manufacturers, labs, audiologists,  
and music specialists. Its audio  
scanners create precise 3D  
3SHAPE ADVANCE – DESIGN AUTOMATION  
3SHAPE AUDIO DESIGNERS – POWERFUL CAD DESIGNERS  
3Shape Advance elevates the custom design workflow with AI-pow- 3Shape Audio Designers enable audio professionals to create  
ered automation. Advance delivers consistent, high-quality auto-  
mated designs of custom hearing products, offering unparalleled  
customization options for every design detail.  
hearing aids, earmoulds, noise protection devices, communication  
devices, and in-ear monitors through specialized CAD workflows.  
renderings of ear impressions. This  
digital data is utilized with 3Shape  
Audio’s automation and CAD/CAM  
software to design and produce  
hearing aids, earmolds, noise  
Production management software Ear impression 3D scanners  
protection devices, communication  
devices, and in-ear music monitors.  
3SHAPE SHELLMANAGER  
3SHAPE A-SERIES SCANNERS  
3Shape ShellManager is a comprehensive production management  
system for custom hearing production, covering the entire work-  
flow from order intake, design, production, and quality control.  
The sleekly designed A-series 3D impression scanners deliver the most  
accurate 3D impressions with blazing-fast binaural scanning. They  
capture all details from the ear impression to model the perfect fit.  
 
Business Review Results  
3Shape Holding A/S  
Annual Report 2025  
21  
Results  
22 Financial Review  
 
Business Review Results  
3Shape Holding A/S  
Annual Report 2025  
22  
Financial Review  
REVENUE  
EFFECT OF SPECIAL ITEMS  
TOTAL ASSETS  
In 2025, we achieved revenue of 3,026 DKKm, corresponding to  
revenue decline of 9.0% compared to 2024, which is significantly  
below the communicated outlook of 5–10% revenue growth. The  
decline in revenue was mainly driven by weaker market conditions in  
the United States, where demand was impacted by several external  
Special items comprise significant non-recurring transactions or  
events that fall outside the Group’s ordinary course of business, such  
as restructuring costs, asset impairments, litigation settlements,  
divestments, and acquisition related expenses. They are presented  
separately to provide a clearer view of underlying operating perfor-  
Shape's total assets amount to 3,109 DKKm (2024: 3,044 DKKm).  
EQUITY  
The equity decreased in 2025 to 1,725 DKKm (2024: 1,904 DKKm). In  
2025, 3Shape distributed dividends of 538 DKKm. Furthermore, the  
group proposes dividends for 2025 of 355 DKKm.  
factors. Revenue was negatively impacted by currency developments, mance, as they are unusual in nature or infrequent in occurrence. In  
as the EUR strengthened against all major currencies, particularly the  
USD, reducing revenue by 3 percentage point.  
2025, special items amounted to 125 DKKm (2024: income of 116  
DKKm), primarily driven by acquisition related costs as well as organi-  
zational restructuring and litigation settlement income.  
EVENTS AFTER THE BALANCE SHEET DATE  
No material events have occurred subsequent to 31 December 2025 that  
have not already been included in the annual report, and that would have a  
material effect on the assessment of the Group's financial position.  
GROSS PROFIT AND MARGIN  
DKKm  
2025  
2024  
3Shape's gross profit amounted to DKK 2,118 DKKm, a decrease of 7%  
compared to last year (2024: 2,283 DKKm). The gross margin remained  
relatively flat at 70% compared to 69.0% last year which is in line with  
expectations and reflective of dedicated efforts to counter inflationary  
pressure and drive efficiency in our production and supply chain.  
Reported EBIT  
801  
-125  
926  
1,352  
116  
CASH FLOW  
Special items  
EBIT before Special items  
1,236  
Operating Activities Cash flows from operating activities decreased by 5%  
to 1,022 DKKm (2024: 1,073 DKKm).  
as % of Revenue  
31%  
37%  
RESEARCH AND DEVELOPMENT COSTS  
PARENT COMPANY  
OPERATING PROFIT (EBIT)  
Total research and development costs recognized amounted to 443  
DKKm. The R&D spending percentage to revenue increased (around EBIT before Special items amounted to 926 DKKm (2024: 1,236  
The Parent company's objective is as a holding company to hold shares,  
directly or indirectly. The assessment of the performance within the Parent's  
14.6% in 2025, 10.6% in 2024), and the spending was focused on  
DKKm), which is significantly below the communicated outlook. The investments was satisfying and in accordance with expectations. The Parent's  
strengthening the future product portfolio.  
decrease in EBIT and EBIT margin compared to 2024 was primarily  
attributable to lower revenue. EBIT for 2025 was further affected  
by the completion of several development projects, which led to  
higher amortization of capitalized development costs ( 2025: 97  
DKKm, 2024: 28 DKKm).  
income statement for 2025 resulted in a gain of 565 DKKm, compared to a  
gain of 1,077 DKKm in 2024. The financial position as of 31 December 2025  
showed an equity of 1,725 DKKm and total assets of 1,717 DKKm, compared  
to 1,904 DKKm in equity and 1,948 DKKm in total assets last year.  
SALES AND DISTRIBUTION AND ADMINISTRATIVE COSTS  
Total sales and distribution costs were 655 DKKm or 21.6% as a  
percentage of revenue (2024: 591 DKKm and 17.8%) driven mainly  
by investments to strengthen go-to-market capabilities. Total  
administrative costs were 192 DKKm or 6.3% of revenue (2024:166  
DKKm and 5%), primarily driven by one-off costs related to strategy  
development and restructuring activities. In addition, recurring  
costs were impacted by higher salary expenses, mainly from busi-  
ness combinations.  
OUTLOOK  
NET FINANCIALS  
3Shape remains committed to returning to growth. The strategic initia-  
tives undertaken lay the foundation for future growth, and the Group is  
well-positioned to navigate evolving market conditions. Management  
expects and plans with achieving a low to mid-single digit revenue  
growth in 2026, with an EBIT margin before Special items in the low-20s  
(26.5% in 2025) following strategic long-term investments..  
Net financials resulted a loss of 55 DKKm (2024: income of 36 DKKm).  
NET PROFIT FOR THE YEAR  
Net profit for the year ended at 565 DKKm (1,077 DKKm in 2024).  
 
Business Review  
Governance  
3Shape Holding A/S  
Annual Report 2025  
23  
Governance  
24 3Shape
Governance  
25 3Shape
Leadership  
26 Risk
Management  
 
Business Review  
Governance  
3Shape Holding A/S  
Annual Report 2025  
24  
3Shape Governance  
CORPORATE GOVERNANCE  
SUSTAINABILITY GOVERNANCE  
ESG Advisory Group  
3Shape has a two-tier management structure consisting of the  
Board of Directors (BoD) and the Senior Leadership Team (SLT).  
There is no overlap between members. The BoD is accountable  
for the overall strategic management and organization of the  
Group's business and operations. On behalf of the shareholders,  
the BoD oversees 3Shape's organization and sets guidelines on the  
day-to-day responsibilities and obligations of the SLT.  
3Shape’s ESG Governance Body is composed of the Board of Direc-  
tors (BoD), the Senior Leadership Team (SLT), the Audit Committee,  
the ESG Advisory Group and the ESG team. These governance  
bodies ensure that material sustainability impacts, risks and oppor-  
tunities are addressed as part of 3Shape's overall strategy and in  
decisions on major transactions when relevant.
Their diverse back-  
grounds and expertise, supported by EQT’s sustainability experts  
and the BoD’s ESG Ambassador, enable the right skills to develop  
and oversee strategies and adapt strategies that address key chal-  
lenges and opportunities.  
In 2025 a dedicated ESG Advisory Group was established to support  
the strategic dimensions of ESG, thereby separating ESG Compli-  
ance and Strategy responsibilities. Members include 3Shape’s CEO,  
General Counsel, and Senior Manager of Sustainability. Responsi-  
bilities include but are not limited to; overseeing and supporting  
3Shape’s Sustainability Strategy and it’s execution, ESG policies and  
ESG value creation.  
The BoD meets seven times yearly and holds extraordinary meet-  
ings when required. The BoD and the SLT further assess 3Shape’s  
business processes, organization, strategy, risks, objectives, and  
controls. 3Shape's BoD is governed by a set of rules. These rules  
are reviewed annually and updated as necessary. The BoD has six  
members and has appointed a chairperson and two vice chairs.  
It has organized itself with two standing committees: the Inno-  
vation Committee and the Audit Committee. All board members  
are subject to election at each Annual General Meeting. In 2025,  
3Shape was pleased to welcome Matteo Thun-Hohenstein as a new  
member of the BoD, succeeding Mads Munkholt Ditlevsen and  
Scott Philip Andersen, who stepped down from the Board. Addition-  
ally, three employee representatives were elected to the Board in  
2025 and will be formally confirmed at the Annual General Meeting  
in 2026, raising the share of employee-elected members to 33% of  
the Board.  
ESG Team and Senior Leadership  
The overall responsibility for defining and operationalizing 3Shape’s  
Sustainability Strategy resides with the ESG Team, chaired by the  
Senior Manager of Sustainability. The ESG Team reports quarterly to  
SLT on target setting and progress.
SLT members review, approve,  
and oversee these targets within their respective business areas.  
Board of Directors  
3Shape’s commitment to sustainability starts at the highest level,  
with oversight of the company’s sustainability work anchored with  
the BoD. They review 3Shape’s Sustainability Strategy bi-annu-  
ally and approve the annual Sustainability Statements. The BoD’s  
responsibilities are reflected in 3Shape’s Articles of Association and  
the Rules of Procedures for the BoD which includes a commitment  
to sustainability and responsible business.  
3Shape’s sustainability-related performance is integrated into the  
performance assessment of the General Counsel, whereby 20%  
of performance is assessed against ESG criteria, including imple-  
mentation of the sustainability strategy and overall progress on the  
relating commitments and targets. The performance of the admin-  
istrative, management, and supervisory bodies is currently not  
Audit Committee  
The Audit Committee meets bi-annually to oversee ESG Compliance
assessed against specific greenhouse emission reduction targets.  
and the annual Sustainability Statement according to applicable  
EU regulations. As outlined in the Audit Committee Charter, it also  
evaluates and oversees the appropriate level of assurance with  
Own shares  
respect to ESG. Attendees include 3Shape’s General Counsel and  
As of 31 December 2025, 3Shape Holding A/S owned 74,841  
shares which corresponds to 1.39% of the total shares. The BoD has  
decided that 3Shape Holding A/S can own 100,000 own shares.  
Senior Vice President, the CFO, the Senior Manager of Sustainability  
and the Chair of the Audit Committee.  
 
Business Review  
Governance  
3Shape Holding A/S  
Annual Report 2025  
25  
3Shape Leadership  
Senior Leadership Team (SLT)  
Board of Directors  
JØRGEN JENSEN  
Chair  
Independent  
NIKOLAJ HOFFMANN DEICHMANN  
Vice Chair  
Not independent  
TAIS CLAUSEN  
Vice Chair  
Chair of Innovation Committee  
Not independent  
JACOB VISHOF PAULSEN  
Chief Executive Officer & Interim  
Chief Technology Officer  
Born: 1977  
Gender: Male  
Nationality: Danish  
STEFAN KRATZER  
Senior Vice President and  
Chief Financial Officer  
Born: 1975  
Gender: Male  
Nationality: German  
Joined 3Shape: 2026  
HENRIETTE STAKEMANN  
Senior Vice President Legal, IP &  
Sustainability and General Counsel  
Born: 1972  
Gender: Female  
Nationality: Danish  
RASMUS HANNEMANN  
Senior Vice President, Portfolio  
& Product Strategy  
Born: 1979  
Gender: Male  
Nationality: Danish  
Joined 3Shape: 2026  
HEATHER JORDAN CARTWRIGHT  
Member of Innovation Committee  
Independent  
Joined 3Shape: 2025  
Joined 3Shape: 2021  
KARSTEN MUNK KNUDSEN  
Chair of Audit Committee  
Independent  
MATTEO THUN-HOHENSTEIN  
Independent  
66%  
Independent Board  
members  
MATVEJ GOLYSHEV  
Senior Vice President of Strategy  
and Business Development  
Born: 1984  
WITOLD SALANDYK  
Senior Vice President of Production,  
Supply Chain, and Quality  
Born: 1977  
JOHN CUSACK  
PERNILLE RIIS JOHANSEN  
Senior Vice President, People,  
Culture and Communication  
Born: 1972  
Senior Vice President and  
Chief Commercial Officer  
Born: 1972  
Gender: Male  
Nationality: German  
Joined 3Shape: 2024  
Gender: Male  
Nationality: Polish  
Joined 3Shape: 2024  
Gender: Male  
Nationality: Irish  
Joined 3Shape: 2017  
Gender: Female  
Nationality: Danish  
Joined 3Shape: 2021  
17%  
Female Board members  
 
Business Review  
Governance  
3Shape Holding A/S  
Annual Report 2025  
26  
Risk Management  
RISK MANAGEMENT AND RESILIENCE  
DUAL-FOCUSED RISK STRATEGY  
For an overview of sustainability risks, refer to  
the Sustainability Statements page 31.  
3Shape’s approach to risk management serves as a foundational  
element of its commitment to sustainable growth and operational  
excellence. By conducting systematic internal assessments, the  
company integrates risk awareness and mitigation into its organi-  
zational structures and processes. This proactive strategy ensures  
that risks are effectively identified and managed while enabling the  
organization to remain agile in an ever-changing business environ-  
ment.  
3Shape’s risk management strategy addresses both industry-spe-  
cific challenges and risks unique to the company. In the dental and  
audio industries, innovation is a key driver of success, particularly  
as digital transformation reshapes dental practices. Operating  
within such dynamic sectors demands foresight and adaptability.  
In addition, 3Shape’s global value chain exposes the company to  
macroeconomic and geopolitical risks that could disrupt opera-  
tions. Strategic mitigation measures are essential to maintaining  
production continuity and addressing these complexities.  
ROBUST INTERNAL CONTROLS  
CURRENCY AND FINANCIAL RISK MANAGEMENT  
3Shape’s internal control system is designed to anticipate and  
address the challenges the company faces. Overseen by the Senior  
Leadership Team (SLT), the system undergoes continuous refine-  
ment to ensure optimal functionality. Enterprise risk management  
plans are reviewed quarterly by SLT, while the Board of Directors  
conducts an annual evaluation of the framework and its mitiga-  
tion activities. Management teams across functions and regions  
contribute to a comprehensive risk profile by assessing and  
As a global company, 3Shape generates revenue in EUR, USD, and  
CNY, while incurring costs in various currencies, including USD and  
PLN. To manage associated currency risks, the company closely  
monitors exchange rate fluctuations. Excess liquidity is secured by  
placing funds with financial institutions holding high external credit  
ratings, safeguarding the company’s financial resources. By embed-  
ding risk management into its operations and strategy, 3Shape  
reporting risks specific to their areas of responsibility. Risks are eval-
ensures resilience and positions itself for sustainable growth in an  
uated using a two-factor matrix that considers both their potential  
impact and likelihood. These assessments inform the implemen-  
tation of targeted mitigation measures, ensuring that risk-related  
information is effectively communicated throughout the organiza-  
tion and to relevant stakeholders.  
evolving global landscape.  
SUSTAINABILITY-RELATED RISKS  
3Shape has assessed sustainability related risks as a result of the  
Double Materiality Assessment (DMA). 3Shape uses the DMA results  
to define the Sustainability Strategy and subsequent targets and  
actions.  
 
3Shape Holding A/S  
Annual Report 2025  
27  
Sustainability  
Statements  
 
Sustainability Statements  
General  
3Shape Holding A/S  
Annual Report 2025  
28  
General  
29 Sustainability
Strategy  
30 Double
Materiality Assessment  
31 Impacts,
Risks and Opportunities along the Value Chain  
32 Basis
for the Preparation of the Sustainability Statements  
 
Sustainability Statements  
General  
Sustainability Strategy  
3Shape Holding A/S  
Annual Report 2025  
29  
Sustainability Strategy  
As a purpose-driven company, we are dedicated to enabling superior dental care for every patient, every time. We are committed  
to achieving this purpose responsibly, both for our employees, our business, and the planet. Our Sustainability Strategy is built on  
four pillars that set our ambitions for environmental impact, social responsibility, and strong governance.  
SUSTAINABILITY COMMITMENTS  
2030 TARGETS  
2025 PROGRESS  
Pillar 1 – Social  
Commitment:  
Improve dental health for patients world-  
wide through transformative innovation.  
ENABLE SUPERIOR  
PATIENT CARE  
+100m patients scanned annually in 2030  
33.2m patients scanned in 2025  
Commitment:  
Calculate 100% of Scope 1, 2 and 3 Greenhouse gas emissions  
Reduce Scope 1 and 2 Greenhouse gas emissions by 90%  
Quantify environmental impact for 90% of IOS portfolio through LCAs1  
100% of Scope 1 and 2 Greenhouse gas emissions calculated  
85% reduction in Scope 1 and 22  
LCA1 completed for TRIOS 5 system  
Pillar 2 – Environmental  
Calculate and reduce greenhouse gas  
emissions and environmental impact  
across the organization.  
EMBRACE CIRCULARITY  
IN PRODUCT AND  
PROCESS  
100% of new products adhere to our Sustainability Principles  
Sustainability Principles defined and being implemented  
Commitment:  
40% females in management3  
40% females in Product Creation3,4  
39% females in management  
27% females in Product Creation4  
TARGET ACHIEVED  
Pillar 3 – Social  
Cultivate an engaging, diverse, and inclu-  
sive workplace where every employee  
can thrive.  
FOSTER AN INCLUSIVE  
AND ENGAGING  
EMPLOYEE EXPERIENCE  
Top 10% in industry in Diversity & Inclusion score  
Top 10% in industry in Engagement
score  
Middle range
in Engagement
score  
Pillar 4 – Governance  
Commitment:  
Min 90% completion rate for ethical conduct trainings  
TARGET ACHIEVED  
TARGET ACHIEVED  
Drive ESG accountability throughout our  
operations by working with responsible  
suppliers and maintaining the highest  
standards of ethical business conduct.  
Achieve 90% response rate for all direct and indirect suppliers on the  
supplier self-assessment survey  
EMBED ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
7 supplier audits completed  
Complete 10 supplier audits annually against ISO 19011  
TARGET ACHIEVED  
Maintain ISO 27001 certification  
Progress on target  
Progress below target  
Target achieved  
1
2
3
4
Life Cycle Assessment  
Base year 2023  
• • •  
We continuously monitor the global developments in the legal landscape and how they impact our D&I targets to ensure that 3Shape maintains a legally compliant and thriving workplace  
Product Creation constitutes 3Shape’s R&D department  
 
Sustainability Statements  
General  
Double Materiality Assessment  
3Shape Holding A/S  
Annual Report 2025  
30  
Double Materiality Assessment  
In 2025, we completed a Double Materiality Assessment (DMA) to identify our most significant impacts, risks, and  
opportunities. These findings shape the commitments and targets under each pillar of our Sustainability Strategy.  
The DMA identified 8 impacts, 3 risks, and 3 opportunities  
across ESRS1 and 3Shape-specific topics. The overview to  
Pillar 1 – Social  
Pillar 2 – Environmental  
Pillar 3 – Social  
Pillar 4 – Governance  
the right distinguishes material from non-material topics.  
Climate change, resource use and circular economy, own  
workforce, workers in the value chain, customers and  
dental patients, and responsible business conduct are all  
essential sustainability topics to 3Shape, reflecting our  
focus on managing the associated impacts, risks and oppor-  
tunities through our strategic priorities. Since the prelimi-  
nary DMA completed in 2023, impacts, risks and opportu-  
nities related to pollution and affected communities have  
been reclassified as non-material. This is due to updated  
scoring keys and new knowledge.  
ENABLE SUPERIOR  
PATIENT CARE  
EMBRACE  
CIRCULARITY IN  
PRODUCT AND PROCESS  
FOSTER AN  
INCLUSIVE AND ENGAGING  
EMPLOYEE EXPERIENCE  
EMBED ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
Commitment:  
Commitment:  
Commitment:  
Commitment:  
Improve dental health for  
patients worldwide through  
transformative innovation.  
Calculate and reduce greenhouse  
gas emissions and environmental  
impact across the organization.  
Cultivate an engaging, diverse,  
and inclusive workplace where  
every employee can thrive.  
Drive sustainability accountability  
throughout our operations by  
working with responsible suppliers  
and maintaining the highest stand-  
ards of ethical business conduct.  
Material topics addressed  
ESRS standard and IRO2  
Material topics addressed  
ESRS standard and IRO2  
Material topics addressed  
ESRS standard and IRO2  
Material topics addressed  
ESRS standard and IRO2  
The DMA results have been validated and approved by  
3Shape’s Senior Leadership Team and Board of Directors.  
The impacts, risks and opportunities define the sustain-  
ability issues material for reporting and are addressed in  
3Shape’s Sustainability Statements. Each topical section in  
the Sustainability Statements provides a detailed overview  
of the material impacts, risks and opportunities, including  
how they inform the policies, actions, metrics and targets of  
our Sustainability Strategy.  
S4  
E1  
S1  
G1  
Customers and patients  
Climate action  
Own workforce  
Business conduct  
Improved dental health and  
wellbeing for patients  
Greenhouse gas emissions  
Increased engagement from  
Diversity & Inclusion  
Business ethics and Code of  
Conduct breach  
Natural disasters strike out  
single source suppliers  
Revenue expansion from  
patient satisfaction  
Innovation and collaboration  
through Diversity & Inclusion  
Data security and privacy  
incidents  
E5 Resource use &  
circular economy  
Environmental impact from  
resource use  
Engagement and wellbeing  
fostering retention and  
productivity  
Workers in the value chain3  
S2  
Lack of responsible sourcing  
Human rights violations in the  
supply chain  
Employee harm from war in  
Ukraine  
Financial risk from weak  
supply chain oversight  
Significant ESRS1 sector groups for 3Shape are ‘Electronics  
and Electrical Equipment’ and ‘Information Technology’.  
For details on the DMA methodology, see Appendix p.56.  
Non-material topics  
E2 Pollution E3 Water and Marine Resources  
Positive impact or opportunity  
Actual negative impact  
E4 Biodiversity and Ecosystems  
S3 Affected Communities  
1
European Sustainability Reporting Standards  
Impacts, risks and opportunities  
Potential negative impact or risk  
2
3
S2: Workers in the Value Chain is a Social topical standard under the ESRS but addressed in Pillar 4 of our strategy with dedicated actions and targets.  
 
Sustainability Statements  
General  
Impacts, Risks and Opportunities along the Value Chain  
3Shape Holding A/S  
Annual Report 2025  
31  
Impacts, Risks and Opportunities along the Value Chain  
The visualization maps the material impacts, risks, and opportunities for 3Shape. They arise at different stages of our value chain  
and over varying timeframes, all of which are addressed through our strategic pillars.  
UPSTREAM  
OWN OPERATIONS  
DOWNSTREAM  
Sustainability  
Strategy &  
ESRS Topics  
Raw materials  
incl. extraction  
Suppliers  
Packaging Transportation  
Data storage &  
energy  
Research &  
development  
Product assembly &  
operations  
Distribution  
Dentists and Patients
Waste & end-of-life  
management  
Improved dental health and wellbeing  
for patients  
Revenue expansion from patient  
satisfaction  
Greenhouse gas emissions  
Natural disasters strike out single source suppliers  
Environmental impact from resource  
use  
Increased engagement from Diversity & Inclusion  
Innovation and collaboration through Diversity & Inclusion  
Engagement and wellbeing fostering retention and productivity  
Employee harm from war in Ukraine  
Business ethics and Code of Conduct breach  
Lack of responsible sourcing  
Data security and privacy incidents  
Human rights violations in  
the supply chain  
Financial risk from weak supply chain  
oversight  
IROs  
Positive impact or opportunity  
Actual negative impact  
Potential negative impact or risk  
Time frame  
Short term (1 year)
Medium term (2-5 years)  
Long term (≥5 years)  
 
Sustainability Statements  
General  
Basis for the Preparation of the Sustainability Statements  
3Shape Holding A/S  
Annual Report 2025  
32  
Basis for the Preparation of the Sustainability Statements  
STATEMENT ON DUE DILIGENCE  
The Sustainability Statements provide a status on 3Shape’s ESG (Environmental,  
Social, and Governance) efforts for the 2025 financial year. It includes insights  
into the scope of the company's sustainability work and its integration into daily  
operations.  
European Sustainability Reporting Standards (ESRS) Exposure Draft published in  
July 2025.  
The table below shows where the Sustainability Statements  
include details on 3Shape’s due diligence process:  
The Sustainability Statements include statutory reporting on Corporate Social  
Responsibility (CSR) in accordance with section §99a of the Danish Financial  
Statements Act. In 2025, 3Shape Holding A/S entered a strategic partnership with  
Eon Dental. As focus remains on strategic alignment, 3Shape applies the relief of  
the Exposure Draft ESRS 1 §72 for the consolidated figures of the 2025 Sustaina-  
bility Statement. Data therefore does not include Eon.  
Core elements of due diligence  
Page  
Embedding due diligence in governance,  
strategy, and business model  
24, 29, 34-35,  
40-41, 50-51  
CONSOLIDATION AND CHANGES IN THE BASIS OF REPORTING  
Non-financial data is consolidated according to the same principles as the  
Financial Statements and includes 3Shape Holding A/S and its subsidiaries,  
unless otherwise specified. The statements cover material information related  
to impacts, risks, and opportunities in 3Shape's own operations, upstream and  
downstream value chain. All data points represent the January to December  
2025 reporting period, unless otherwise indicated. 3Shape expects to adopt the  
Corporate Sustainability Reporting Directive (CSRD) reporting standards for the  
2027 financial year, in line with the EU Omnibus proposal. This report is based  
on information currently available and has been prepared with reference to the  
Engaging with affected stakeholders  
41, 44-46, 52, 56  
Identifying and assessing negative  
impacts on people and the environment  
30-31, 34, 40,  
50, 56  
Taking Action to address negative impacts  
on people and the environment  
34-37, 40-46, 50-52  
ACCOUNTING ESTIMATES AND JUDGMENTS  
3Shape uses estimates for the reporting of some data points, e.g. Scope 2 and  
3 carbon emissions. Use of estimates and judgments are re-assessed regularly  
based on experience, the development of ESG reporting and other factors. For  
further information on key estimates and assumptions applied, please refer to  
the accounting principles of each topical section.  
Tracking the effectiveness of these efforts  
33, 38, 40, 47-48  
50, 53  
 
Sustainability Statements  
Environmental  
3Shape Holding A/S  
Annual Report 2025  
33  
Environmental  
34 3Shape’s
Environmental Responsibility  
35 Climate
Change  
37 Resource
Use and Circular Economy  
38 Environmental
Metrics  
Pillar 1 – Social  
Pillar 2 – Environmental  
Pillar 3 – Social  
Pillar 4 – Governance  
ENABLE SUPERIOR  
PATIENT CARE  
EMBRACE CIRCULARITY  
IN PRODUCT AND  
PROCESS  
FOSTER AN INCLUSIVE  
AND ENGAGING  
EMPLOYEE EXPERIENCE  
EMBED ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
Read more about 3Shape's  
Sustainability Strategy  
on page 29.  
 
Sustainability Statements  
Environmental  
3Shape's Environmental Responsibility  
3Shape Holding A/S  
Annual Report 2025  
34  
Pillar 1  
Pillar 2  
Pillar 3  
Pillar 4  
3Shape’s Environmental Responsibility  
3Shape is committed to environmental protection and resource efficiency. As a core element of our environmental due  
diligence, we measure how processes and products impact the environment. The table illustrates the link between environmental  
impacts, risks and opportunities, strategic actions, targets, 2025 progress, and relevant policies.  
IMPACTS, RISKS AND OPPORTUNITIES  
ACTIONS  
2030 TARGETS  
2025 PERFORMANCE  
POLICIES  
Greenhouse Gas (GHG ) emissions  
Improve energy efficiency  
through engagement with local  
facility managers in 3Shape's  
biggest offices.  
Calculate 100% of Scope 1, 2 and 3  
GHG emissions.  
Scope 1 and 2:  
full inventory completed  
GHG emissions across 3Shape’s value chain  
contribute to climate change. These include  
emissions from raw material extraction, transport,  
assembly, energy use in operations, and the prod-  
uct’s use and disposal.  
# of relevant Scope 3  
categories calculated  
4/10  
85%  
Increase the share of renewable  
electricity in 3Shape’s operations  
and across the value chain.  
Reduce Scope 1 and 2 GHG emis-  
sions by 90%.  
Reduction of  
Scope 1 + 21  
85%  
Pillar 2  
Natural disasters can strike out single source  
suppliers  
Physical climate risks, such as river and coastal  
flooding, landslides, and water scarcity, can disrupt  
3Shape’s upstream supply chain and drive higher  
supplier cost.  
Upskill Supplier Quality Engineers  
Complete 10 supplier audits  
Supplier audits completed  
EMBRACE  
CIRCULARITY  
IN PRODUCT  
AND PROCESS  
Environment  
and  
Climate Policy  
see details p. 58.  
against ISO 14001.2  
annually against ISO 19011.3  
7
x%  
Environmental impact from resource use  
Waste and GHG emissions from virgin materials,  
disposables used during scanner operation, and  
limited recyclability contribute to environmental  
degradation.  
Reduce environmental impact of  
intraoral scanner portfolio through  
LCAs.4  
Quantify environmental impact for  
90% of IOS portfolio
through Life  
Cycle Assessments.  
LCA completed for TRIOS 5 system  
Sustainability Principles defined and  
being implemented in innovation  
and product development  
Embed Sustainability Principles  
in innovation and product devel-  
opment.  
100% of new products adhere to  
our Sustainability Principles.  
Positive impact or opportunity  
Base year 2023  
The Internal Standard for Environmental Management Systems  
Guidelines for auditing management systems, including environmental management systems  
Life Cycle Assessments  
Actual negative impact  
Potential negative impact or risk  
1
2
3
4
 
Sustainability Statements  
Environmental  
Climate Change  
3Shape Holding A/S  
Annual Report 2025  
35  
Climate Change  
Due diligence processes related to climate change
Purchase Agreements (PPAs) for our two biggest  
meaning that overall energy consumption  
mitigation and adaptation including energy  
efficiency, resource use and circular economy are  
described in 3Shape's Environment and Climate  
offices in Poland and Denmark, acquiring Energy  
Attribute Certificates (EACs) for all remaining  
3Shape locations, and improving energy efficiency
Certificates (EACs), which are procured locally  
remained effectively stable. Our renewable supply  
is verified through unbundled Energy Attribute  
Policy, Global Code of Conduct as well as its Policy
through targeted local optimization initiatives.  
whenever available. Where local EACs are not  
accessible, in South Korea and Ukraine, certifi-  
cates from neighboring markets are purchased to  
ensure continued coverage.  
on Sustainable Procurement. To learn more about  
the policies governing environmental impact, see  
pp. 58-59.  
In 2026, 3Shape will explore additional reduc-  
tion opportunities for Scope 1 and 2 emissions,  
focusing on heating and company-owned and  
leased vehicles.  
3SHAPERS  
DRIVING IMPACT  
TRANSITION PLAN FOR CLIMATE  
CHANGE MITIGATION  
Improving energy efficiency  
in 3Shape's largest sites  
ENERGY CONSUMPTION  
RESTORING LOCAL HABITATS  
– CAJICÁ, COLOMBIA  
3Shape has committed to reduce combined Scope
As of 2025, 3Shape’s total energy consumption  
Our facilities in Poland, Denmark and Ukraine  
account for 78% of total energy consumption.  
Throughout the year,
we continued assessing  
these sites to identify and implement energy  
efficiency measures. Regular check-ins with local  
facility managers ensure flexibility and ongoing  
exploration of new opportunities. In Poland, we  
invested in a climate chamber to optimize energy  
use and improve process control. In Ukraine, the  
team relocated to a smaller, more modern office,  
with comparative data on its impact expected in  
2026. Energy consumption in 2025 remained stable  
in Poland and Denmark, while Ukraine saw a 22%  
reduction. To further improve the energy efficiency  
of our premises and work environment in Denmark,  
installation of better-insulated windows and a new  
ventilation system is planned for 2026.  
1 and 2 greenhouse gas (GHG) emissions by 90%  
by 2030 with a baseline
year of 2023. To achieve  
the target, defined reduction levers include:  
switching to renewable electricity through Power  
amounted to 6,391 MWh, of which ~57%, corre-  
sponding to our electricity use, comes from  
renewable sources. Compared to 2024 energy  
consumption, this represents a 0.1% increase,  
In July 2025, 81 volunteers  
from 3Shape and their families  
planted 100 trees in a protected  
forest reserve in Cajicá. The  
initiative was successfully imple-  
mented in a town of 90,000  
residents and marks the third  
consecutive year of the tradi-  
tion for 3Shape volunteers in  
Colombia.  
Total energy consumption  
%
3%  
2%  
5%  
>99%  
Out of total electricity  
33%  
consumption, >99%1 comes  
from renewable sources.  
57%  
Electricity  
District heating  
Diesel  
Natural Gas  
Gasoline and Gasoline Hybrid  
1
Our EACs cover >99% of electricity consumption. The remaining share relates to the
diesel-powered generator, whose fuel-based consumption cannot be matched by EACs  
 
Sustainability Statements  
Environmental  
Climate Change  
3Shape Holding A/S  
Annual Report 2025  
36  
GREENHOUSE GAS EMISSIONS  
Scope 1  
Total Scope 1 and 2 GHG  
emissions (market-based)  
Tonnes CO2e  
Scope 3 emissions  
Tonnes CO2e  
In 2025, 3Shape's Scope 1 emissions totaled 134  
tonnes CO2e, accounting for 32% of total market-  
based Scope 1 and 2 emissions. This reflects a  
38% increase since 2024 which can be attributed  
tain. We will continue improving data quality by  
expanding activity based and supplier specific data.  
Scope 3 emissions constituted 99% of combined  
Scope 1, 2 and 3 GHG emissions. As data collec-  
4,769  
647  
954  
-85%  
to more accurate data and additions to the vehicle
tion improves in the coming years, we will expand  
2,690  
43,864  
fleet in some European offices. Sources include  
leased and company-owned vehicles.  
calculations to all relevant Scope 3 categories.  
Once complete, 3Shape will evaluate relevant  
reduction targets for Scope 3.  
Scope 2  
In 2025, 3Shape´s market-based Scope 2 emis-  
sions totaled 290 tonnes CO2e, representing a  
3% decrease compared to 2024. The decrease is  
mainly driven by a lower heating consumption in  
Denmark's office and the access to more accurate  
consumption data for other countries. Market-  
based emissions derive solely from heating and  
the diesel-powered generator in Ukraine1, as all  
other electricity consumption is covered by EACs  
and therefore counted as renewable. Loca-  
tion-based emission sources include both elec-  
tricity (85%) and heating (15%) consumption.  
While a formal target is pending, actions to  
reduce Scope 3 emissions have already begun.  
Key progress in 2025 includes:  
395  
391  
C1: Purchased goods and services  
C2: Capital goods  
C4: Upstream transportation and  
distribution  
C9: Downstream transportation  
and distribution  
2023  
2024  
2025  
•
Completing a Life Cycle Assessment (LCA) of  
our TRIOS 5 system to identify the product’s  
environmental impact hotspots. The findings  
inform the prioritization of climate change miti-  
gation actions and decarbonization levers.  
Scope 1  
Scope 2  
Total Scope 1, 2 and 3 GHG  
emissions (market-based)  
Tonnes CO2e  
GHG removals and  
mitigation projects  
•
•
Defining and implementing 5 Sustainability  
Principles in innovation and product develop-  
ment to reduce emissions in future products  
s e e
p.37.  
As of 2025, 3Shape has not engaged  
in any greenhouse gas removals or  
mitigation projects through carbon  
credit financing and does not apply  
internal carbon pricing schemes.  
290  
Scope 3  
134  
In 2024, 3Shape began calculating Scope 3 GHG  
emissions, focusing on four out of ten relevant  
categories: purchased goods and services, capital  
goods, and inbound/outbound transportation. In  
2025, emissions from these categories generated  
an estimated 50,234 tonnes CO2e. Since 2024, we  
achieved an 14% reduction in Scope 3 emissions.  
However, because a large share of our calculation  
is still spend-based, price fluctuations and limited  
primary data make year on year implications uncer-  
Defining metrics and targets to measure our  
progress towards understanding and reducing  
the environmental impact of our intraoral  
scanner products.  
50,234  
Scope 1  
Scope 2  
Scope 3  
1
In 2025, the diesel powered generator is included under Scope 2, as it is controlled by the landlord in the new office. An insignificant amount of 5 liters of diesel is included under  
Scope 1, as the generator’s consumption in January was still under 3Shape’s direct operational control.  
 
Sustainability Statements  
Environmental  
Resource Use and Circular Economy  
3Shape Holding A/S  
Annual Report 2025  
37  
Resource Use and Circular Economy  
Resource inflows and outflows  
5 Sustainability  
Principles  
3Shape’s Environment and Climate Policy outlines our commitment  
to resource efficiency and innovation to reduce environmental and  
climate impact. In 2025, we defined our Sustainability Principles,  
which will guide the design of both new and existing products.  
To drive meaningful progress, we set the following target in 2025:  
by 2030, 100% of new products3 are to adhere to at least one or  
more of our Sustainability Principles.  
Design for:  
Durability and repairability  
3Shape is working to establish processes for tracking resource  
In 2025, 3Shape completed a third party critically reviewed and vali-
inflows, outflows and recyclable content rates. Our TRIOS scanners  
SUSTAINABLE  
MATERIAL USE  
Quantifying our impact through Life Cycle Assessments  
dated Life Cycle Assessment (LCA) of its TRIOS 5 system according  
to ISO 14040:2006 and ISO 14044:2006. We
are working actively  
are designed for long-term use, supported by rigorous durability  
testing and up to 5-year warranty through our TRIOS Care service  
plan. They are fully repairable via authorized service channels,  
including out of warranty options. Furthermore, the TRIOS software  
is continuously updated to ensure optimal performance for the  
scanners throughout their lifetime.  
1
SUSTAINABLE PACKAGING  
AND LOGISTICS  
with the results to explore further opportunities for impact reduc-  
tion based on environmental hotspots. To ensure progress on our  
commitment to reduce the environmental impact of our intraoral  
scanner portfolio, we have defined a target to complete LCAs for  
90%2 of our intraoral scanner portfolio by 2030. As of 2025 we are  
on track to achieve our goal.  
LOW ENERGY  
CONSUMPTION  
Waste from own operations  
We do not yet have complete waste data for all operations, but  
are working on collecting data to inform appropriate actions. Key  
non-hazardous streams in our two biggest sites (DK and PL) are  
mixed waste, paper, and plastic, while electronics are the primary  
hazardous stream.  
Implementing Sustainability Principles in Product Development  
Guided by insights from our LCA results, we have established five  
Sustainability Principles to integrate our sustainability ambitions  
into our innovation and product development processes. These  
Principles, ranging from selecting sustainable materials to designing  
for recirculation, help us identify the most effective opportunities  
to reduce our environmental footprint.  
RESOURCE EFFICIENT  
MANUFACTURING  
RECIRCULATION OF  
MATERIALS AND PRODUCTS  
1
As 3Shape continues to enhance its LCA data quality and refine methodological approaches,  
results may change over time. Future updates could require adjustments to baselines to reflect  
improved data accuracy and methodological developments.  
Measured as a percentage of annual hardware related revenue from our intraoral scanner port-  
2
folio (scanners and accessories).  
All IOS products launched after 2025.  
3
 
Sustainability Statements  
Environmental  
Environmental Metrics  
3Shape Holding A/S  
Annual Report 2025  
38  
Environmental Metrics  
ACCOUNTING PRINCIPLES  
Metric  
Unit  
2025  
2024  
2023  
Scope 1 GHG emissions: Direct GHG from sources  
owned or controlled by 3Shape. In 2025, this covered  
emissions from diesel and gasoline combustion in  
company vehicles and a power generator.  
Total energy consumption from fossil sources: Total  
energy consumption from fossil sources measured in  
MWh for own operations. Includes 1) fuel consumption  
and 2) consumption of purchased or acquired elec-  
tricity, heat, steam, or cooling from fossil sources. Fuel  
consumption is categorized by consumption from i) coal  
and coal products, ii) crude oil and petroleum products,  
iii) natural gas, and (iv) other fossil sources. Consumption  
data is obtained from meter readings, invoices, property  
owner reports, or statements from energy companies  
and lessors. If monthly data is missing for certain sites,  
consumption is assumed equal to the previous month.  
For sites where energy consumption data was unavail-  
able, estimates are based on the intensity method using  
comparable sites or country units.  
Emissions  
Scope 1 GHG emissions  
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO₂e  
%
134  
290  
97  
298  
78  
Scope 2 GHG emissions (market-based)  
Scope 2 GHG emissions (location-based)  
Percentage of Contractual instruments in Scope 2 market-based emissions  
Scope 3 Emissions  
2,612  
Scope 2 GHG emissions (market-based and loca-  
tion-based): Indirect GHG emissions from the genera-  
tion of purchased electricity, heat, and steam, reported  
using both market-based and location-based methods  
under the GHG Protocol. Market-based: Emissions from  
utilities where 3Shape purchases electricity with bundled  
instruments or unbundled Energy Attribute Certificates  
Location-based: Emissions calculated using national grid  
average factors for the relevant locations.  
1,988  
61  
2,047  
60  
1,919  
0.3  
-
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO₂e  
Tonnes CO2e  
50,234  
43,864  
954  
58,712  
53,663  
745  
Scope 3 Category 1: Purchased Goods and Services  
Scope 3 Category 2: Capital Goods  
-
-
Scope 3 Category 4: Upstream Transportation and Distribution  
Scope 3 Category 9: Downstream Transportation and Distribution  
Total GHG Emissions (market-based)  
647  
546  
-
Percentage of Contractual instruments in Scope 2  
market-based emissions: Share of energy consumption  
covered by contractual instruments (bundled and unbun-  
dled EACs) relative to total energy consumption for all  
Scope 2 activities.  
Total energy consumption from nuclear sources:  
Measured as the total energy consumption from nuclear  
sources in MWh related to own operations.  
4,769  
50,657  
0
3,758  
59,107  
0
-
-
Biogenic emission of CO₂ from combustion or biodegradation of biomass  
0
Total energy consumption from renewable sources:  
Total renewable energy consumption in MWh for  
own operations, including 1) fuel consumption from  
renewable sources including biomass, biofuels, biogas,  
hydrogen from renewable sources, etc., 2) consumption  
of purchased electricity, heat, steam, and cooling from  
renewable sources, and 3) consumption of self-generated  
non-fuel renewable energy. Consumption of purchased  
electricity, heat, steam, and cooling from renewable  
sources is obtained through unbundled Energy Attribute  
Certificates.  
Scope 3 GHG emissions: All indirect emissions (excluding  
Scope 2) across 3Shape’s value chain, including upstream  
and downstream activities. In 2025, Emissions for  
categories 1, 2, 4, and 9 are calculated using a mix of  
spend-based and supplier-specific methods. For details,  
see p. 57.  
Energy Consumption and Mix  
Total energy consumption from fossil sources  
Fuel consumption from coal and coal products  
Fuel consumption from crude oil and petroleum products  
Fuel consumption from natural gas  
MWh  
MWh  
MWh  
MWh  
MWh  
2,767  
01  
2,802  
0
6,058  
0
424  
183  
01  
417  
192  
0
333  
128  
0
Scope 3 Categories: Category 1: Upstream GHG  
emissions from the production of goods and services  
purchased by 3Shape in 2025, including raw materials,  
product components, packaging, software, and IT equip-  
ment. Category 2: Refers to upstream emissions from  
the production of capital goods purchased or acquired by  
3Shape in 2025, primarily machinery and tools. Category  
4: Emissions from the transportation and distribution  
of products purchased in 2025, between 3Shape’s tier 1  
suppliers and its own operations in vehicles not owned or  
operated by 3Shape. Category 9: Emissions from trans-  
porting and distributing products sold by 3Shape in 2025  
between its operations and the end consumer, where  
transport costs are not paid by 3Shape.  
Fuel consumption from other fossil sources  
Consumption of purchased or acquired electricity, heat, steam and cooling  
from fossil sources  
Total energy consumption: Measured as the sum of  
the total energy consumption from 1) fossil sources, 2)  
nuclear sources and 3) renewable sources at all 3Shape  
owned or controlled sites.  
MWh  
MWh  
MWh  
MWh  
MWh  
MWh  
2,160  
01  
2,193  
0
5,597  
0
Total energy consumption from nuclear sources  
Total energy consumption from renewable sources  
Total energy consumption  
3,624  
6,391  
0.06  
0
3,583  
6,385  
65  
16  
Non-Renewable/renewable energy production:  
Measured in MWh as non-renewable/renewable energy  
produced by 3Shape. All locally produced energy is also  
accounted for as consumed energy.  
6,074  
2.5  
0
Non-Renewable energy production  
Renewable energy production  
0
CapEx amounts invested related to coal, oil and gas:  
Significant CapEx
invested during the reporting period  
related to coal, oil and gas-related economic activities.  
CapEx amounts considered are direct investments  
related to the following NACE codes B.05, B.06,B.09.1,  
C.19, D.35.1, D.35.3, G.46.81. Investments considered  
significant are above the threshold of 450,000 DKK.  
Biogenic emission of CO₂
from combustion or biodeg-  
radation of biomass: Includes biogenic CO₂ emissions  
from biomass combustion (scope 1) and from the use  
of electricity, steam, and heating generated through  
biomass in the value chain (scope 2). Under the loca-  
tion-based approach, the grid average emission factors  
used do not specify biomass share or report biogenic CO₂  
separately, effectively treating them as “zero” emissions.  
Investments  
CapEx amounts invested related to coal, oil and gas  
DKK  
0
0
2,291,701  
1
3Shape does not directly procure energy from coal or nuclear sources. However, some office locations  
are in countries where these sources are part of the electricity mix.  
 
Sustainability Statements  
Social  
3Shape Holding A/S  
Annual Report 2025  
39  
Social  
40 3Shape’s
Social Responsibility  
41 Own
Workforce  
44 Workers
in the Value Chain  
45 Customers
and Patients  
47 Social
Metrics  
Pillar 1 – Social  
Pillar 2 – Environmental  
Pillar 3 – Social  
Pillar 4 – Governance  
ENABLE SUPERIOR  
PATIENT CARE  
EMBRACE CIRCULARITY  
IN PRODUCT AND  
PROCESS  
FOSTER AN INCLUSIVE  
AND ENGAGING  
EMPLOYEE EXPERIENCE  
EMBED ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
Read more about 3Shape's  
Sustainability Strategy  
on page 29.  
 
Sustainability Statements  
Social  
3Shape’s Social Responsibility  
3Shape Holding A/S  
Annual Report 2025  
40  
Pillar 1  
Pillar 2  
Pillar 3  
Pillar 4  
3Shape’s Social Responsibility  
3Shape is dedicated to improving dental care, fostering an inclusive workplace, continually developing our human rights due  
diligence processes, ensuring ethical practices, and driving innovation to benefit patients globally. The table illustrates the link  
between social impacts, risks and opportunities, strategic actions, targets, 2025 progress, and relevant policies.  
IMPACTS, RISKS AND OPPORTUNITIES  
ACTIONS  
2030 TARGETS  
2025 PERFORMANCE  
POLICIES  
Improved dental health for patients  
Launch of T6, Dx and the Dental-  
100+m patients scanned  
Patients scanned in 2025  
Quality and  
Health App.  
in annually 2030  
Information Security  
Policy  
Clinical accuracy, improved communication and personalized  
care enabled by 3Shape products may lead to patient empow-  
erment, reduced stress and improved dental health.  
33.2 m  
Pillar 1  
Engagement with leading industry  
experts.  
Post-market  
surveillance  
ENABLE SUPERIOR  
PATIENT CARE  
Revenue expansion from patient satisfaction  
Increased demand and sales, driven by improved dental health  
and patient satisfaction, can lead to financial opportunities.  
Complaints and  
Customer Support  
Increased engagement from diversity and inclusion (D&I)  
Implementation of annual D&I  
40% females in  
management2  
39% / 61%  
Roadmap initiatives, with dedicated  
actions defined for Product Crea-  
Diverse hiring and inclusive teams foster belonging, creativity,  
and collaboration.  
Females  
Males  
Diversity & Inclusion  
Policy  
1
tion.  
40% females in Product  
Creation2  
27% / 73%  
Improved innovation and strengthened  
Tracking D&I progress through  
biannual employee surveys.  
Females  
Males  
Whistleblower  
Policy  
collaboration through diversity and inclusion (D&I)  
A diverse workforce and inclusive culture drives innovation,  
collaboration, customer experience, and value creation.  
Top 10% in industry  
in D&I score  
Pillar 3  
Target achieved  
Employee Handbook  
FOSTER AN  
INCLUSIVE AND  
ENGAGING  
Health and  
Wellbeing Policy  
Engagement score  
Top 10 %  
Increased retention and productivity from employee  
engagement and wellbeing  
Targeted programs and health  
campaigns in our largest sites.  
Top 10% in industry in  
Engagement score  
Middle range  
Workplace Accident  
Prevention Practices  
Strong employee well-being and engagement boost produc-  
tivity, reduce costs, and improve talent attraction and  
retention.  
EMPLOYEE  
EXPERIENCE  
Tracking Engagement progress  
through biannual employee surveys.  
For policy details, see  
Appendix p. 57-59.  
Employee harm from war in Ukraine  
Annual fundraising for the local  
The war in Ukraine causes emotional distress and potential  
physical harm to employees.  
NGO ‘Superhumans Center’.  
Positive impact or opportunity  
Actual negative impact  
Potential negative impact or risk  
1
2
Product Creation constitutes 3Shape’s R&D department  
We continuously monitor the global developments in the legal landscape and how they impact our D&I targets to ensure that 3Shape maintains a legally compliant and thriving workplace.  
 
Sustainability Statements  
Social  
Own Workforce  
3Shape Holding A/S  
Annual Report 2025  
41  
Own Workforce  
3Shape's employees  
one shorter Pulse Check. They can also report grievances via their  
manager, 3Shape's General Counsel, People & Culture, or the  
anonymous whistleblower system. The survey tool also facilitates  
anonymous two-way communication with management and  
with the People & Culture team, helping ensure that concerns are  
addressed effectively while maintaining confidentiality.  
3Shape is only as strong as its people. Employees  
are not just team members - they are the  
company’s talent ambassadors and the driving  
force behind its success today and in the future.  
3SHAPERS  
DRIVING IMPACT  
3Shape addresses employee-related impacts, risks, and opportuni-  
ties through policies including the Global Code of Conduct, Diver-  
sity & Inclusion, Health and Wellbeing, and local accident preven-  
tion practices. Due diligence processes ensure fairness across  
all people-related procedures. For locations with more than 20  
employees or where required by law, customized Employee Hand-  
books are provided, aligning local labor regulations with company  
values and outlining culture, policies, and data processing practices.  
These policies apply to all employees and are reinforced through  
mandatory training covering the Code of Conduct, bias, stress  
management, well-being, and psychological safety.  
All grievance reports are handled with respect for privacy and data  
protection. 3Shape’s grievance mechanisms, including the whistle-  
blower system, serve as channels through which workers can seek  
and receive remedy. Remedies are determined on a case-by-case  
bais. For more information on grievance mechanisms and related  
policies, see pages 51 and 59.  
PROMOTING WOMEN IN STEM  
– COPENHAGEN, DENMARK  
In 2025, 3Shapers reaffirmed their commitment to  
the Promoting Women in STEM initiative, dedi-  
cated to fostering diversity in science, technology,  
engineering, and mathematics (STEM). Employees  
organized a series of engaging activities, including  
participation in Science Day, where they led  
hands-on exercises to spark students’ interest  
in STEM-related topics. Throughout the year,  
the program reached more than 50 young girls  
and boys through three interactive workshops,  
demonstrating how technology can address  
today’s challenges and showcasing the vital role  
women play in driving innovative solutions.  
The Engagement and D&I surveys also allow 3Shape to monitor the  
effectiveness of its workforce-related policies. Insights from these  
surveys inform target-setting and guide actions to manage impacts,  
risks, and opportunities related to the workforce. Results are regu-  
larly shared with employees to ensure transparency, and follow-up  
actions are prioritized at the team level. The Senior Leadership Team  
oversees implementation and progress.  
Employee engagement  
3Shape fosters open dialogue and values its employees’ feedback,  
ensuring concerns can be raised confidentially and anonymously.  
Employees can share input through biannual Engagement, Health  
& Wellbeing, and Diversity & Inclusion (D&I) surveys, as well as  
For details regarding 3Shape’s employee-  
related policies, see pages 58-59.  
 
Sustainability Statements  
Social  
Own Workforce  
3Shape Holding A/S  
Annual Report 2025  
42  
Diversity and inclusion  
Global gender distribution  
across management levels  
%
Gender distribution at top  
management level*  
%
CREATING AN INCLUSIVE WORKPLACE  
ment by 2025 - a goal we achieved, reaching 39%. To continue  
driving progress on this front, we have now set a new target, in line  
with Dansk Industri’s long-term target, of 40% by 2030. In 2025,  
initiatives to advance gender diversity and equity included a work-  
shop with the Female Leadership Academy, collaboration with Hello  
Ada to increase STEM1 accessibility, participation in Science Day,  
and educational outreach through the ‘Promoting Women in STEM1’  
initiative. We continuously monitor the global developments in the  
legal landscape and how they impact our D&I targets to ensure that  
3Shape maintains a legally compliant and thriving workplace.  
3Shape is committed to fostering a workplace that values diversity,  
equity, and inclusion. Guided by a strong Diversity & Inclusion (D&I)  
roadmap and clear policies, we strive to create an environment  
where everyone feels valued and empowered to succeed. Our goal  
is to reach the top 10% of industry scores for Engagement and  
Diversity & Inclusion by 2030. Key initiatives to support this ambi-  
tion in 2025 included:  
39  
18  
61  
82  
•
Inclusive hiring: Leveraging bias-reducing tools and engaging  
in International Citizen Day to attract diverse, global talent and  
expand the pool of qualified applicants.  
In addition to 3Shape’s company-wide target of 40% of the under-  
represented gender in management, the Product Creation2 depart-  
ment has set the same goal across all employee levels, reflecting  
its potential for improvement. To support this, targeted initiatives  
launched in 2025 include a D&I Hub with roadmap updates and  
resources, monthly leader drop-in sessions, a quarterly open forum  
for cultural dialogue, and inclusive recruitment practices using the  
tool ‘DevelopDiverse’ to attract diverse talent in R&D.  
Female, all management levels  
Male, all management levels  
Female, top management level  
Male, top management level  
•
Psychological safety and neurodiversity: Delivering company-  
wide training on psychological safety and providing managers  
with practical guidelines on neurodiversity to build inclusive  
teams.  
Gender distribution in  
Product Creation  
%
Gender distribution in  
Board of Directors  
%
•
•
Active employee networks: Establishing frameworks for  
employee-led groups that are open to all, such as the "Every-  
Shape" network, to champion underrepresented communities  
and promote LGBTQ+ awareness through various initiatives,  
including advising management.  
0.2  
27.3  
17  
8.6  
Zero-tolerance for discrimination: Maintaining clear protocols  
for reporting discrimination or harassment of any kind.  
Global average Diversity  
& Inclusion score  
72.5  
83  
GENDER DIVERSITY  
Gender diversity remains a core element of 3Shape’s D&I strategy.  
In 2021, we pledged to Dansk Industri’s ‘Diversity Pledge’, targeting  
35% representation of the underrepresented gender in manage-  
3Shape scores 8.6 out of 10 globally on Diversity and  
Inclusion, 0.4 points above industry benchmark placing  
3Shape in the top 10% of industry.  
Female, Product Creation  
Male, Product Creation  
No data, Product Creation  
Female, Board of Directors  
Male, Board of Directors  
1
Science, Technology, Engineering and Mathematics  
Product Creation represents 3Shape's R&D department  
*
Top Management is defined as CEO, Senior Vice Presidents and Vice Presidents  
2
 
Sustainability Statements  
Social  
Own Workforce  
3Shape Holding A/S  
Annual Report 2025  
43  
Employee health and wellbeing  
GLOBAL HEALTH AND WELL-BEING  
In 2025, 3Shape organized its fourth annual internal charitable  
initiative in support of Ukraine. Through voluntary employee contri-  
butions and company support, the fundraiser directed assistance  
to the local NGO ‘Superhumans’- a modern medical and rehabilita-  
tion center that provides prosthetics, reconstructive surgery, and  
rehabilitation for war victims. Despite the challenges of war, 3Shape  
has maintained a stable workforce in Ukraine, ensuring employees  
receive essential care and assistance.  
3Shape promotes employee health and well-being through its  
Global Health and Well-being Policy, which is consistent with the  
company’s values and culture, see p.58. In 2025, our focus was on  
monitoring health and enhancing mental and physical well-being.  
We track progress through global well-being surveys and biannual  
Board reports on incidents, safety, and training. Additionally, well-  
being is fostered by targeted programs and health campaigns. In  
Denmark, initiatives in 2025 included awareness campaigns, sharing  
tools for physical and social activity, and webinars like ‘Healthy  
Sleep’ and ‘Optimizing Energy’. In Poland, we launched an annual  
Health Program with ‘Wellbeing Polska’, featuring video consul-  
tations, a digital platform, relaxation sessions, office massages, a  
burnout/crisis helpline, and a dedicated Health Day.  
Local workplace accident prevention practices  
3Shape’s employees in the assembly facility in Poland is considered  
at potential higher risk of workplace accidents. This increased  
vulnerability is addressed by Occupational Health and Safety train-  
ings implemented locally in Poland. To learn more about 3Shape’s  
workplace accident prevention practices, see p.59.  
3SHAPERS  
DRIVING IMPACT  
DONATIONS AND SUPPORT FOR  
WAR VICTIMS – UKRAINE  
Well-being of colleagues in Ukraine  
Amid the ongoing war in Ukraine, 3Shape remains dedicated to  
supporting and protecting its employees in Ukraine during this time  
of crisis. Initiatives include a well-being program offering group  
and individual psychologist sessions, a tailored medical insur-  
ance program for veterans, and in-office services such as health  
checkups, massages, and vaccinations. Our new modern office is  
designed to support the well-being and safety of our employees,  
including access to an on-site shelter.  
In 2025, 3Shape and its employees raised  
over 646.000 DKK for the Ukrainian  
'Superhumans Center' to support hearing  
restoration for individuals injured by the  
war. This annual employee-driven fund-  
raiser reinforces 3Shaper’s long-term  
commitment to supporting Ukraine.  
0 4  
Fatalities as result of  
work-related injuries  
and ill health  
Work-related  
accidents  
 
Sustainability Statements  
Social  
Workers in the Value Chain  
3Shape Holding A/S  
Annual Report 2025  
44  
Workers in the Value Chain  
Respecting human rights  
pressures and labor standards, we investigate possible actions to  
Channels for value chain workers to raise concerns  
3Shape’s whistleblower system enables value chain workers to  
report concerns anonymously via a third-party operator, fulfilling  
the requirements for human rights grievance mechanisms. For  
more information on the whistleblower system, see p.51. 3Shape  
further engages with upstream value chain workers through  
supplier self-assessments. The Supplier Code of Conduct requires  
suppliers to provide secure internal reporting channels with whis-  
tleblower protection.  
3Shape collaborates globally with suppliers and  
partners to uphold sustainable and ethical practices.  
We aim to implement human rights due diligence  
across the supply chain through the Supplier Code  
of Conduct, Policy on Sustainable Procurement, and  
Global Sanctions Compliance Policy.  
prevent and mitigate negative impacts, prioritizing human rights.  
For more information on the policies managing impacts, risks and  
opportunities related to workers in the value chain, see pp.58-59.  
Targets implemented to address impacts, risks, and opportuni-  
ties related to value chain workers are addressed in the Govern-  
ance section under responsible sourcing, see p.52. They include  
achieving 90% response rate for all direct and indirect suppliers on  
the supplier self-assessment survey, and completing 10 supplier  
audits annually against ISO 19011.  
Direct suppliers are required to sign the Supplier Code of Conduct  
and complete a self-assessment aligned with international standards  
on human rights, labor rights, ethics, and the environment. The  
Policy on Sustainable Procurement outlines our actions to address  
impacts, risks, and opportunities related to upstream value chain  
workers, including:  
Processes to remediate negative impacts for value chain workers  
3Shape’s whistleblower system serves as a channel through  
which workers in the supply chain can seek and receive remedy.  
In 2025, no violations of the Supplier Code of Conduct or human  
rights infringements were reported or observed across 3Shape’s  
value chain, requiring no remedial actions. Potential remedies are  
assessed on a case-by-case basis.  
Process for engaging suppliers and assessing  
and monitoring compliance  
3Shape enhances human rights due diligence through supplier  
self-assessments, collecting data on environmental, social, and  
governance responsibilities to monitor compliance with the  
Supplier Code of Conduct. This process ensures visibility into  
supplier performance, tracks effectiveness, and addresses non-con-  
formities promptly.  
•
•
Incorporating sustainability criteria in supplier selection.  
Promoting fair labor practices and human rights through compli-  
ance with the Supplier Code of Conduct.  
•
•
•
Monitoring compliance via mandatory self-assessments.  
Engaging suppliers to address risks and drive improvements.  
Offering grievance mechanisms through the whistleblower  
system.  
Survey insights guide procurement decisions, with preference given  
to suppliers demonstrating stronger sustainability performance.  
Sustainability is integral to supplier selection, and sustainability data  
is often requested prior to a purchase to ensure alignment with our  
standards.  
These actions are ongoing with no set time horizon and encompass  
upstream activities. In cases where tensions arise between business  
 
Sustainability Statements  
Social  
Customers and Patients  
3Shape Holding A/S  
Annual Report 2025  
45  
Customers and Patients  
Enabling superior dental care for  
every patient, every time.  
33.2m  
patients scanned using a  
TRIOS scanner in 2025  
increase of 24% from 2024. 3Shape has defined a target to reach  
100 million patients scanned annually by 2030.  
Innovation drives 3Shape to create technology  
that advances dental health and well-being.  
3Shape solutions enhance patient comfort,  
improve education and communication, foster  
trust, and support informed decisions. With  
proven clinical accuracy, they deliver precise  
treatments and better outcomes, ensuring  
healthier smiles and lasting oral health.  
Measures to track and improve the effectiveness of actions to  
address the impact of 3Shape's solutions on patients and dentists  
are governed by 3Shape’s Quality and Information Security Policy  
as well as a range of Process Descriptions and Standard Operating  
Procedures (SOPs). For more information on these, see p.60.  
ENGAGING WITH CUSTOMERS  
Engaging leading industry experts  
Using an intraoral scanner,  
such as a 3Shape TRIOS,  
reduces gag reflex, nausea,  
breathing difficulty and  
patient anxiety compared  
to traditional mold-based  
Since its founding, 3Shape's innovation has been driven by the  
needs of dental professionals and patients. Feedback on TRIOS  
scanners is systematically collected, reviewed, and integrated  
into product development to improve patient experience and  
outcomes.  
With the launch of TRIOS 6 and Dx Plus software, patients now  
benefit from higher-resolution scan visuals1 and AI-assistive diag-  
nostics, helping dentists build trust through objective insights.  
3Shape’s Dental Health App further empowers patients with  
personalized education and Dx Plus insights, both in-clinic and at  
home, supporting a better understanding and increased engage-  
ment in their dental health.2  
Ensuring the safety, performance and usability of products  
Maintaining high standards of safety, performance, and usability of  
3Shape’s products is vital. 3Shape’s Regulatory Affairs team gathers  
*
impression methods.  
To advance our commitment to superior patient care, 3Shape tracks
insights on product safety, performance, and usability through  
the number of patients scanned with a TRIOS scanner annually.  
In 2025, 33.2 million patients were scanned, which constitutes an  
surveys, scanner usage data, and customer complaints, with  
engagement frequency tailored to each product. Effectiveness is  
assessed through feedback from dentists and resellers.  
1
Compared to the existing TRIOS portfolio  
References available upon request  
*
References available upon request  
2
 
Sustainability Statements  
Social  
Customers and Patients  
3Shape Holding A/S  
Annual Report 2025  
46  
3SHAPERS  
Pursuing customer happiness and loyalty  
For severe incidents, including serious patient health injuries, an  
emergency contact list allows dentists and resellers to reach 3Shape  
directly. Immediate action is taken, and incidents are reported to  
authorities in accordance with local regulations. Contact details are  
provided via the 3Shape Partner Portal and user manuals distrib-  
uted with all products, including detailed instructions for reporting  
complaints to ensure awareness. Feedback mechanisms are anony-  
mous where appropriate. Whistleblower protection policies explic-  
itly prohibit retaliation against individuals who report incidents or  
concerns. The policies are communicated internally and externally.  
DRIVING IMPACT  
3Shape applies quarterly Net Promoter Score (NPS) surveys to  
measure customer satisfaction and loyalty across regions and  
products. The surveys collect insights on product performance  
and usability, satisfaction drivers, perceived value, and challenges,  
helping 3Shape analyze trends and identify factors shaping  
customer experiences. This feedback guides targeted improve-  
ments and is reported to top management on a quarterly basis.  
Additionally, 3Shape’s Customer Experience & Engagement teams  
provide continuous training, education, and support to help  
customers maximize the value of their 3Shape solution.  
SUPPORTING  
PATIENTS IN NEED  
Safety-impact complaints are documented in an internal vigilance  
tracker, detailing the incident, remediation actions, investigation  
outcomes, and authority reporting. Resellers and dentists are  
trained to identify and report incidents to 3Shape, and the effec-  
tiveness of remediation efforts is assessed through NPS surveys and  
post-market surveillance activities.  
Bogotá, Colombia  
DATA PRIVACY AND ETHICS  
In 2025, 3Shape Colombia partnered with a local shelter to  
bring joy to underprivileged children. Building on the successful  
collaboration in 2024, 20 employees volunteered to organize a  
special day out for approximately 35 children, including a movie  
experience and personalized gift packages with clothing and  
toys, making them feel cared for and valued.  
3Shape is committed to safeguarding data privacy throughout  
the entire product lifecycle, from production to direct sales and  
product use. 3Shape is certified according to ISO 27701 for Privacy  
Information Management System, ensuring compliance with  
customers' privacy and data security. 3Shape’s Data Ethics Policy  
governs the ethical management of customer and patient personal  
data. For more information on data ethics, see the Governance  
section, p.52.  
3Shape does not require business partners to maintain remediation  
channels for dentists and patients.  
HANDLING COMPLAINTS AND PROVIDING REMEDIATION  
To learn more about the policies governing  
engagement with customers, see p. 60.  
3Shape prioritizes addressing stakeholder complaints and feed-  
back. The Customer Care team oversees the complaints process,  
involving Regulatory Affairs in cases related to safety. While  
resellers or third parties often manage initial complaint channels,  
safety-related complaints are forwarded to 3Shape for remediation,  
including scanner replacements, remote- or on-site support.  
New Providence, USA  
In 2025, 3Shape colleagues in New Jersey supported several  
‘Missions of Mercy’ events through channel and customer  
partnerships, providing equipment onsite. ‘Missions of Mercy’  
delivers free healthcare to underserved and uninsured popula-  
tions, with the shared goal of alleviating suffering and restoring  
dignity through compassion and care.  
 
Sustainability Statements  
Social  
Social Metrics  
3Shape Holding A/S  
Annual Report 2025  
47  
Social Metrics  
ACCOUNTING PRINCIPLES  
Metric  
Unit  
2025  
2024  
2023  
Employees: Measured using global employee headcount. Each person  
on 3Shape’s payroll counts as one. Data is disaggregated by gender  
groups (Females [F], Males [M], Undeclared [U]- i.e. individuals identifying  
outside female/male binary, and no data [n.d.]) and by country, reported  
for countries with more than 50 employees.  
3Shape's Workforce1  
Employees  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
# (total | F | M | U | n.d.)  
2,359 | 1,070| 1,136 | 1 | 152
2,330 | 1,031 | 1,142 | 1 | 156  
2,243 | 970 | 1,103 | - | 170  
Denmark  
574 | 208 | 364 | 1 | 1  
576 | 345 | 231 | 0 | 0  
541 | 293 | 248 | 0 | 0  
77 | 31 | 36 | 0 | 10  
151 | 29 | 49 | 0 | 73  
176 | 62 | 114 | 0 | 0  
62 | 0 | 0 | 0 | 62  
591 | 216 | 372 | 1 | 2  
582 | 349 | 233 | 0 | 0  
547 | 268 | 279 | 0 | 0  
70 | 24 | 35 | 0 | 11  
152 | 28 | 51 | 0 | 73  
153 | 63 | 90 | 0 | 0  
64 | 0 | 0 | 0 | 64  
547  
Permanent employees: All employees on permanent contracts,  
including those working for 3Shape but paid through a local third party  
and those invoicing 3Shape on a permanent basis.  
Poland  
588  
Ukraine  
511  
USA  
75  
Temporary employees: All employees on temporary contracts (e.g.,  
maternity/paternity cover, fixed-term), including those working for  
3Shape but paid through a local third party and those invoicing 3Shape  
directly.  
China  
156  
Colombia  
141  
Costa Rica  
72  
Non-guaranteed hours employees: All employees on contracts with  
non-guaranteed hours (e.g., student assistants, interns), including  
those working for 3Shape but paid through a local third party and those  
invoicing 3Shape directly.  
Permanent employees  
Temporary employees  
Non-guaranteed hours employees2  
Gender distribution in Top Management  
# (total | F | M | U | n.d.)
2,311 | 1,046 | 1,113 | 1 | 151  
2,272 | 997 | 1,120 | 1 | 154  
30 | 16 | 13 | 0 | 1  
2,038 | 946 | 1,087 | 5 | -  
# (total | F | M | U | n.d.)  
32 | 16 | 15 | 0 | 1  
-
-
# (total)  
16  
28  
Gender distribution
in Top Management: Number and percentage of  
gender groups
at top management level, defined as CEO, Senior Vice  
Presidents, and Vice Presidents in 3Shape’s workforce.  
# (total | F | M | U | n.d.)  
17 | 3 | 14 | 0 | 0  
15 | 3 | 12 | 0 | 0 | -  
20 | 80 | 0 | 0 | -  
11 | 2 | 9 | - | - | -  
% ( F | M | U | n.d.)  
18 | 82 | 0 | 0  
Gender distribution in Board of Directors
% (F | M | U | n.d))  
17 | 83 | 0 | 0  
14 | 86 | 0 | 0  
14 | 86 | 0 |0  
-
Gender distribution in Board of Directors: Ratio of female to male  
members on 3Shape’s Board of Directors.  
Employee Turnover2  
%
18.1  
15.4  
Employee Turnover: Rate at which permanent employees leave 3Shape,  
voluntarily or involuntarily.  
3Shape specific KPIs  
Global average Diversity & Inclusion score2 Score out of 10  
8.6  
8.4  
8.3  
Global average Diversity & Inclusion score: Average score (1–10) from  
all participating employees on D&I survey questions, measured through  
the external survey tool Peakon.  
Global average Employee Engagement  
score2  
Participation rate of engagement survey2  
Nationalities employed2  
Score out of 10  
7.8  
8.0  
8.0  
%
87  
47  
29  
86  
46  
29  
87  
52  
29  
-
Global average Employee Engagement score: Represents the Employee  
Net Promoter Score (eNPS) on a scale of 1 to 10, based on responses from  
all employees who completed the Engagement survey. Measured using  
the external survey tool Peakon.  
# (of nationalities)  
# (of countries)  
Global reach of employment  
Gender distribution in Product Creation  
# (F | M | U | n.d.)  
% (F | M | U | n.d.)  
142 | 378 | 0 | 1  
27.3 | 72.5 | 0 | 0.2  
180 | 449 | 1 |-  
28.6 | 71.3 | 0.2 |-  
Participation rate of Engagement Survey: Percentage of total  
employees (headcount) who completed the latest global employee  
engagement survey.  
Gender distribution across management2 # (F | M | U | n.d.)  
% (F | M | U | n.d.)  
140 | 223 |0 | 0  
39 | 61 | 0 | 0  
115 | 210 | 1
| 0  
35.3 |64.4 |0.3 | 0  
-
-
Number of patients scanned  
#
33,161,552  
26,557,4 82  
1
Employee headcount data reported in the Sustainability Statements reflects the headcount as of December 31, 2025.  
Excludes 3Shape Design Services.  
2
 
Sustainability Statements  
Social  
Social Metrics  
3Shape Holding A/S  
Annual Report 2025  
48  
Social Metrics, continued  
Nationalities employed: Total number of nationalities  
represented across all 3Shape sites among permanent  
and temporary staff on 3Shape's payroll.  
reported through 3Shape’s Whistleblower system,  
to management, the General Counsel, or via internal  
communication channels, excluding discrimination and  
subject to relevant privacy regulations.  
Metric  
Unit  
2025  
2024  
2023  
Health and Safety1  
Global reach of employment: Total number of countries  
where 3Shape has at least one employee. Includes perma-  
nent and temporary employees on 3Shape's payroll.  
Employees covered by health and safety  
management system  
%
#
100  
0
100  
0
100  
0
Fines, penalties and compensation related to incidents  
of discrimination and complaints: Sum of fines and  
penalties as compensation for damages reported through  
3Shape’s Whistleblower system.  
Fatalities of 3Shape employees and on-site  
workers as result of work-related injuries and  
work-related ill health  
Gender distribution in Product Creation: Percentage of  
gender groups among employees within Product Crea-  
tion, i.e. product research, development, and manage-  
ment activities.  
Work-related accidents  
#
4
3
3
Gender distribution across management: Percentage of  
gender groups among employees with people manage-  
ment responsibilities.  
Incidents, Complaints and Human Rights  
Impacts  
Reported incidents of discrimination  
#
#
5
0
5
0
4
0
Number of patients scanned: The number of patient  
scan cases with a TRIOS scanner per year. A “case” repre-  
sents a unique encounter where a dental professional  
uses a 3Shape product.  
Human rights incidents connected to own  
workforce  
Fines, penalties and compensation related to
DKK  
incidents of discrimination and complaints  
0
0
0
Employees covered by health and safety management  
system: Percentage of 3Shape employees working on  
3Shape premises covered by the company’s health and  
safety management system. The health and management  
system is considered a collection of policies, procedures,  
and plans aligned with local legal requirements to mini-  
mize workplace injury and illness risks.  
Fatalities of 3Shape employees and on-site workers  
as a result of work-related injuries and work-related  
ill health: Sum of fatalities resulting from work-related  
injuries and ill health on 3Shape premises, including own  
workforce and workers operating on 3Shape sites.  
Work-related accidents: Number of recordable work-re-  
lated accidents occurring while performing work for  
3Shape, both on and outside company premises.  
Reported incidents of discrimination: Sum of reported  
cases of discrimination, including harassment, through  
3Shape's Whistleblower system, management, the  
General Counsel, or via internal communication channels  
subject to relevant privacy regulations.  
Human rights incidents connected to own workforce:  
Sum of human rights issues connected to own workforce  
1
Excludes 3Shape Design Services  
 
Sustainability Statements  
Governance  
3Shape Holding A/S  
Annual Report 2025  
49  
Governance  
50 3Shape’s
Business Conduct  
53 Governance
Metrics  
Pillar 1 – Social  
Pillar 2 – Environmental  
Pillar 3 – Social  
Pillar 4 – Governance  
ENABLE SUPERIOR  
PATIENT CARE  
EMBRACE CIRCULARITY  
IN PRODUCT AND  
PROCESS  
FOSTER AN INCLUSIVE  
AND ENGAGING  
EMPLOYEE EXPERIENCE  
EMBED ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
Read more about 3Shape's  
Sustainability Strategy  
on page 29.  
 
Sustainability Statements  
Governance 3Shape’s
Business Conduct  
3Shape Holding A/S  
Annual Report 2025  
50  
Pillar 1  
Pillar 2  
Pillar 3  
Pillar 4  
3Shape’s Business Conduct  
With uncompromising integrity, we are committed to being valued by our employees and trusted by our customers, enforcing  
zero tolerance for bribery, corruption, fraud, discrimination, and other misconduct. The table illustrates the link between  
governance impacts, risks and opportunities, strategic actions, targets, 2025 progress, and relevant policies.  
IMPACTS, RISKS AND OPPORTUNITIES  
Human rights violations in supply chain  
ACTIONS  
2030 TARGETS  
2025 PERFORMANCE  
POLICIES  
Upskill Supplier Quality  
Engineers against ISO 14001  
and human rights standards  
Complete 10 supplier audits  
annually against ISO 19011  
Supplier audits completed  
Supplier Code of  
Conduct  
Sectors such as mining, oil, logistics, packaging, and manu-  
facturing are at higher risk of forced labor, unsafe condi-  
tions, low pay, restricted union rights, and child labor.  
70%  
Engage and monitor supplier  
data through supplier self-  
assessments  
Achieve 90% response rate for  
all direct and indirect suppliers  
on the supplier self-assessment  
survey  
Response rate  
Target achieved  
91%  
Whistleblower  
Policy  
Lack of responsible sourcing  
Weak supplier risk management or poor business ethics in  
the upstream value chain can lead to negative social and  
environmental impacts such as pollution, resource deple-  
tion, corruption, and human rights violations.  
Global Sanctions  
Compliance Policy  
Appointed a supply chain  
resilience engineer to leverage  
data for mitigating critical  
sustainability risks identified  
in the Double Materiality  
Assessment  
Policy on Sustain-  
able Procurement  
Pillar 4  
Financial risk from weak supply chain oversight  
Poor supplier data quality and lack of traceability can lead  
to financial risks such as fines, higher costs, lost revenue,  
and reputational damage.  
EMBED  
ACCOUNTABILITY  
AND INTEGRITY IN  
ALL THAT WE DO  
Business ethics and Code of Conduct breach  
Failing to uphold high ethical standards among employees,  
suppliers, and business partners can negatively impact  
stakeholders and society.  
Employee training in Code of  
Conduct, GDPR, Information  
Security and Competition Law  
90% completion rate for Code  
of Conduct, GDPR, Information  
Security and Competition Law  
trainings  
Minimum training  
completion rate  
Code of Conduct  
Data Ethics Policy  
Target achieved  
90%  
Annual certification in ISO  
27001  
Gifts and Conflicts  
of Interest Policy  
Data security and privacy incidents  
Data security or privacy breaches, like cyberattacks,  
employee negligence, identity theft, or GDPR non-compli-  
ance - within operations or offered software solutions - can  
cause financial and reputational damage.  
Maintain ISO 27001  
certification  
ISO 27001 certified  
For policy details,  
see Appendix p.  
58-60.  
Positive impact or opportunity  
Actual negative impact  
Potential negative impact or risk  
 
Sustainability Statements  
Governance 3Shape’s
Business Conduct  
3Shape Holding A/S  
Annual Report 2025  
51  
Corporate Culture and Ethical Standards  
Whistleblower system  
3Shape provides clear guidance for raising concerns, including  
3Shape promotes a healthy corporate culture and  
To learn more about  
robust due diligence against corruption and bribery  
by ensuring all employees have access to the  
Global Code of Conduct (CoC). The CoC outlines  
3Shape’s values, stance on corruption, bribery, and  
human rights, and provides guidance for reporting  
breaches, such as discrimination or bribery.  
3Shape's policies governing  
corporate culture, see p.58.  
using the anonymous whistleblower system or contacting the  
company’s General Counsel. The whistleblower system is available  
to both internal and external stakeholders. Publicly accessible on  
3Shape’s website, it ensures safe reporting and diligent investiga-  
tion. Employees are trained in these grievance mechanisms, as well  
as in registering conflicts of interest and gifts. Reporting in good  
faith is protected under 3Shape’s strict no-retaliation policy.  
An external operator initially screens whistleblower reports to  
ensure anonymity and impartiality. Internally, trained legal profes-  
sionals handle complaints, ensuring that investigating committees  
are separate from the chain of management involved in the matter.  
No incidents of corruption or bribery were reported in 3Shape in  
2025.  
Preventing and detecting corruption and bribery  
Corporate culture standards are reinforced on an ongoing basis  
through mandatory training for all employees, including CoC,  
GDPR1, and Competition Law e-learning, with completion rates  
closely monitored. While functions most at risk of corruption and  
bribery have not been defined, the CoC and GDPR trainings are  
mandatory for all employees. New hires are introduced to the CoC  
and key policies during their onboarding process. 3Shape aims for  
a min 90% completion rate for mandatory training. As of December  
2025, the rate was 90% or above for all ethical business conduct  
trainings. This includes employees who are on long-term leave, but  
have not completed the trainings, leaving the de facto completion  
rate for all eligible employees approx. 95%.2  
Together, these actions ensure that appropriate anti-corruption and  
anti-bribery due diligence is performed, and risks are mitigated.  
Going forward, 3Shape will continue to fight corruption and bribery  
and monitor reports from its established whistleblower system.  
1
General Data Protection Regulation  
2
Maximum achievable completion rate is between 96% and 98% for all mandatory ethical business conduct
trainings as the count includes employees who are on leave, but have not completed the  
training.  
 
Sustainability Statements  
Governance 3Shape’s
Business Conduct  
3Shape Holding A/S  
Annual Report 2025  
52  
Integrity in Partnerships and Supply Chains  
3Shape prioritizes responsibility and integ-  
rity in its business relationships. Our Policy on  
Sustainable Procurement governs supply chain  
due diligence, reflecting our commitment to  
fairness, safety, and ethical practices across the  
value chain. Our Supplier Code of Conduct sets  
clear expectations for social, ethical, and envi-  
ronmental performance, while our Global Sanc-  
tions Compliance framework ensures alignment  
with international norms and trade regulations,  
To advance our goals and embed sustainability  
across the supply chain, we are upskilling and  
certifying supplier quality engineers in environ-  
mental and human rights standards. In 2024,  
we hired a supply chain resilience engineer to  
leverage data for risk mitigation, focusing on  
critical sustainability risks identified in the DMA.  
These efforts strengthen our approach through  
improved monitoring and data collection,  
in-depth risk analysis, and targeted projects that  
Data ethics and information security  
3Shape’s engagement with healthcare profes-  
sionals and business partners involves inherent  
risks related to data privacy. As a data controller,  
we are committed to our responsibility and  
uphold high standards for ethical data processing  
through our Data Ethics Policy. To safeguard the  
personal data of employees, business partners,  
and patients, we maintain ISO 27001 certification  
for Information Security Management. Employees  
are required to complete mandatory Informa-  
tion Security training, and we strive for an annual  
completion rate of at least 90%. In 2025 the  
completion rate was 91%.  
including human rights. Together, these measures
address the most severe risks.  
foster trust and transparency in our partnerships.  
3Shape conducts on-site audits for critical  
Targets and actions for responsible sourcing  
To reduce, mitigate, and manage material nega-  
tive impacts and risks associated with 3Shape’s  
supply chain and value chain workers, we work  
towards our 2030 targets;  
suppliers and other parties based on their risk  
profiles. In 2025, ESG criteria were introduced  
into these audits. Suppliers are required to  
promptly address any findings and implement  
corrective actions that are verified. Persistent  
non-compliance or failure to implement correc-  
tive measures may result in suspension or termi-  
nation of the business relationship.  
Learn more about 3Shape’s  
policies on p.58.  
•
•
Complete 10 audits annually against ISO 19011  
and human rights criteria for existing suppliers.  
Achieve a 90% response rate to mandatory  
supplier self-assessment surveys for direct and  
indirect suppliers.  
7
91%
Suppliers audited against  
sustainability criteria  
Response rate to supplier  
self-assessment  
 
Sustainability Statements  
Governance  
Governance Metrics  
3Shape Holding A/S  
Annual Report 2025  
53  
Governance Metrics  
ACCOUNTING PRINCIPLES  
Metric  
Unit  
2025  
2024  
2023  
Percentage of payments aligned with standard  
payment terms: Share of payments that comply with  
3Shape's standard payment terms of 30 days. These  
standard payment terms apply to all main supplier cate-  
gories, including SMEs.  
Ethical Business Conduct  
Percentage of payments aligned with standard payment terms  
Number of legal proceedings outstanding for late payments  
%
#
85  
0
81  
0
-
0
Number of legal proceedings outstanding for late  
payments: Total count of unresolved legal actions  
against 3Shape due to payment delays.  
Corruption and Bribery  
Convictions for violation of anti-corruption and anti-bribery laws  
Monetary value of fines for violation  
#
0
0
0
0
0
0
DKK  
Convictions for violation of anti-corruption and anti-  
bribery laws: Number of convictions for violations of  
anti-corruption and anti-bribery laws.  
3Shape specific KPIs  
Global Code of Conduct e-learning completion rate  
%
91  
91  
91  
Monetary value of fines: Counted as the sum of all  
monetary fines paid for convicted violations of anti-  
corruption and anti-bribery laws.  
GDPR e-learning completion rate  
%
%
%
90  
92  
91  
91  
92  
-
90  
91  
-
Competition Law e-learning completion rate  
Information Security e-learning Completion Rate  
E-Learning Completion Rates: Percentage of employees  
who completed the e-learning module and test. The  
denominator includes employees who are on leave,  
making the actual completion rate for eligible employees  
higher.  
 
Sustainability Statements  
Appendix  
3Shape Holding A/S  
Annual Report 2025  
54  
Appendix  
55 ESRS
Disclosure Requirements Covered by the Sustainability  
Statements and Information Incorporated by Reference  
56 DMA
Methodology and Sustainability  
Reporting Risk Management  
57 Accounting
Considerations: GHG emissions  
58 General
Disclosure Requirements – Policies  
61 Datapoints
Derived from other EU Legislation  
 
Sustainability Statements  
Appendix  
Disclosure Requirements Covered by the Sustainability Statements and Information Incorporated by Reference  
3Shape Holding A/S  
Annual Report 2025  
55  
ESRS Disclosure Requirements Covered by the Sustainability Statements  
and Information Incorporated by Reference  
Status | DR1  
Section  
Page2  
Status | DR1  
Section  
Page2  
Status | DR1  
Section  
Page2  
Status | DR1  
Section  
Page2  
Status | DR1  
Section  
Page2  
ESRS 2 General Disclosures  
E1 Climate Change  
S1 Own Workforce  
S2 Workers in the Value Chain  
G1 Business Conduct  
●
●
●
B P-1  
SUS  
SUS  
BR  
32  
E1-1  
E1-2  
E1-3  
SUS  
-
34-35  
-
S1-1  
SUS  
AP  
40-41, 43  
S2-1  
SUS  
AP  
SUS  
AP  
40, 44, 50, 52  
58-59  
G1-1  
SUS  
50-51  
58-60  
50-52  
BP-2  
29-30, 34, 40, 50  
58-59  
AP  
●
●
S1-2  
SUS  
SUS  
SUS  
SUS  
-
41-43, 51  
S2-2  
44  
G1-2  
G1-3  
G1-4  
G1-5  
G1-6  
SUS  
SUS  
SUS  
GOV-1  
24-25  
-
-
●
●
S1-3  
S1-4  
S1-5  
S1-6  
S1-7  
S1-8  
S1-9  
40-43  
56  
50-52  
SUS  
BR  
42, 47  
E1-4  
SUS  
AP  
34  
●
●
40, 42  
S2-3  
S2-4  
SUS  
SUS  
44, 50, 52  
50, 52  
51, 53  
GOV-2  
GOV-3  
GOV-4  
SB M-1  
24  
58  
47  
Not Material  
SUS  
AP  
32  
E1-5  
E1-6  
E1-7  
E1-8  
SUS  
SUS  
SUS  
SUS  
AP  
34-35  
34-35  
35, 38  
36, 38  
57  
-
56  
SUS  
53  
S3 Affected Communities  
-
below materiality threshold  
●
Not material  
BR  
11-20  
SUS  
SUS  
-
42, 47  
SUS  
AP  
29-31  
40  
-
SBM-2  
SBM-3  
IRO -1  
IRO-2  
56  
29-31  
S4 Customers and Patients  
●
●
S1-10  
SUS  
AP  
E1-9  
SUS  
SUS  
-
36  
S 4-1  
SUS  
AP  
45  
59-60  
●
S1-11  
-
-
56  
E1-10  
E1-11  
36  
●
●
SUS  
AP  
30- 31, 34, 40, 50  
55, 61-62  
58-60  
-
S1-12  
Not material  
●
S4-2  
SUS  
AP  
45-46, 51  
59-60  
●
S1-13  
SUS  
-
48  
-
GDR-P  
GDR-A  
AP  
E2 Pollution -
below materiality threshold  
S1-14  
S4-3  
S4-4  
SUS  
SUS  
45-46, 51  
40, 45  
SUS  
34-37, 40-45,  
50-51  
●
S1-15  
-
-
E3 Water and Marine Resources  
-
below materiality threshold  
S1-16  
SUS  
48  
●
GDR-M  
GDR-T  
SUS  
AP  
38, 47-48, 53,  
57  
SUS  
34, 40, 50  
E4 Biodiversity and Eosystems  
-
below materiality threshold  
Status legend:  
●
●
Phased-in disclsoure requirement  
Incorporated by reference  
E5 Resource Use and Circular Economy  
●
E5-1  
SUS  
AP  
34, 37  
58  
BR Business
Review  
SUS Sustainability
Statements  
AP Appendix  
E5-2  
E5-3  
E5-4  
E5-5  
SUS  
SUS  
-
34, 37  
34, 37  
-
SUS  
37  
-
Data is not yet available  
1
2
Disclosure Requirement  
If a page number is indicated, it either represents concrete data or an explanation of the state of data collection  
 
Sustainability Statements  
Appendix  
DMA Methodology and Sustainability Reporting Risk Management  
3Shape Holding A/S  
Annual Report 2025  
56  
DMA Methodology and Sustainability Reporting Risk Management  
supported detailed value chain mapping to ensure  
comprehensive coverage. The assessment focused on the  
production and global distribution of dental intraoral scan-  
ners, which represented 75% of 3Shape’s revenue in 2024.  
However, as operations in the lab and audio segments are  
closely integrated, the findings are considered broadly  
applicable across all business areas.  
To focus reporting and strategy on the most critical  
issues, materiality thresholds were applied. Environmental  
and governance impacts were deemed material if the  
combined, normalized score of severity and likelihood  
exceeded 4. For social topics, any topic with a severity  
rating of high (4) or absolute (5) related to potential nega-  
tive human rights impacts was deemed material, regardless  
of likelihood, in line with ESRS principles. Risks and oppor-  
tunities were considered material when their combined,  
normalized score for likelihood and magnitude exceeded 4.  
DOUBLE MATERIALITY ASSESSMENT  
METHODOLOGY AND ASSUMPTIONS  
Identification of  
Key Stakeholders  
To strengthen methodological rigor and align with evolving  
regulatory and business expectations, 3Shape advanced  
from a preliminary 2023 Double Materiality Assessment  
(DMA) to a comprehensive DMA in 2025, conducted in  
accordance with ESRS guidance. This ensures our Sustain-  
ability Statements and strategy address the most material  
impacts, risks, and opportunities originating from our busi-  
ness model and value chain.  
Based on the ESRS list of sustainability topics, external  
industry research, reports, and expert knowledge, a long  
list of potentially critical sustainability topics was identified.  
Value Chain Mapping  
Step 3: Validation of results  
The process was reinforced through systematic due dili-  
gence, continuous stakeholder engagement, and iterative  
validation. Key steps are summarized below.  
Step 2: Critical assessment of 3Shape’s  
impacts, risks, and opportunities (IROs)  
To ensure a robust foundation for materiality ratings,  
3Shape defined impact, risk, and opportunity (IRO)  
descriptions with input from subject matter experts and  
secondary data.  
The final list of critical material impacts, risks, and oppor-  
tunities was validated through discussions with subject  
matter experts in workshop settings and feedback from  
3Shape’s Senior Leadership Team. The outcome of the DMA  
was approved by the Board of Directors. The results form  
the basis of the Sustainability Statements and Sustainability  
Strategy.  
IRO Identification  
Step 1: Identification and engagement of  
stakeholders, value chain mapping and  
long-list of sustainability topics  
To ensure our DMA and Sustainability Strategy reflect  
stakeholder priorities and align with 3Shape’s mission, we  
actively engaged both internal and external stakeholders  
based on their relevance to our operations and sustaina-  
bility impacts.  
IROs were assessed using two distinct methodologies:  
IRO Assessment  
RISK MANAGEMENT AND INTERNAL CONTROLS  
OVER SUSTAINABILITY REPORTING  
3Shape maintains strong risk management and internal  
controls to ensure ESG reporting is accurate and complete.  
Standard Operating Procedures (SOPs) are in place for each  
group of material quantitative disclosures, with clear defini-  
tions, data ownership, and regular internal checks.  
•
Impact Materiality: Scored by severity (1-5) and like-  
lihood (1-6), with severity reflecting the average of  
scale, scope, and irremediability. The difference in scale  
reflects a prioritization of actual impacts over potential  
impacts.  
Internal stakeholders from key business areas including  
R&D, supply chain, regulatory, compliance, HR, and  
sales were engaged through interviews to ensure broad  
representation within the company.  
Validation  
•
Financial Materiality: Scored by likelihood (1-5) and  
magnitude (1: <1% revenue to 4: >4% revenue).  
Risks are identified throughout the data collection process,  
categorized by likelihood (low, medium, high), and miti-  
gated through targeted controls. We apply both preventive  
and detective controls, including automated calculations  
and deviation flagging, as well as cross-check reviews by  
multiple stakeholders. Procedures are regularly reviewed  
and updated. Sustainability risks are assessed and, where  
relevant, prioritized alongside other business risks as part  
of 3Shape’s Enterprise Risk Management (ERM) framework.  
Key external stakeholders - dental patients, dental profes-  
sionals, clinics, resellers, suppliers and industry associa-  
tions – were engaged through secondary sources such as  
feedback channels, surveys, and industry research. This  
approach ensured representation across all major stake-  
holder groups in 3Shape’s value chain.  
Scoring keys ensured consistency by aligning impact  
scoring with ESRS topical standards and financial scoring  
with 3Shape’s Enterprise Risk Management (ERM) frame-  
work. Risks and opportunities were identified based on  
whether (i) an impact existed that could create a risk or  
opportunity, or (ii) there was a dependency on natural,  
social, or human resources.  
Implementation into  
Strategy & Reporting  
The DMA covers 3Shape’s full value chain, from resource  
extraction to product end-of-life. Subject matter experts  
2026: Review of DMA  
 
Sustainability Statements  
Appendix  
Accounting Considerations: GHG emissions  
3Shape Holding A/S  
Annual Report 2025  
57  
Accounting Considerations: GHG emissions  
GHG emissions are disclosed in line with the guidelines of  
the Greenhouse Gas Protocol. The organizational boundary  
constitutes the entire 3Shape Group, over which 3Shape  
has operational control. The reporting period runs from  
January 1st to December 31st, 2025.  
spend-based and supplier-specific methods of calculation.  
lated using the spend-based method, based on spend data  
from fixed assets acquired by 3Shape in the reporting year.  
SCOPE 1 AND 2 TARGETS  
Approximately 7% of Scope 3 emissions are calculated  
using primary data. Scope 3 emission factors for the spend-  
based method are sourced from EXIOBASE v3.8.2 model,  
while cradle-to-gate GHG inventory data and reports  
provided by suppliers are used for the supplier-specific  
method.  
The market-based method has been applied for calculating  
the target. The target and associated transition plan covers  
3Shape’s global operations and has been approved by  
3Shape’s Senior Leadership Team, Audit Committee as well  
C4 Upstream Transportation and Distribution, and  
C9 Downstream Transportation and Distribution  
C4 and C9 emissions were estimated using prior-year  
intensity factors combined with current-year activity data.  
For C9, emissions are assessed for the main site in Poland,  
which accounts for the majority of outbound transporta-  
tion. These emissions include complete transport chains  
across all modes of transport, including transshipments and  
warehousing, as reported in the supplier’s carbon footprint  
report.  
as the Board of Directors.  
Emissions from each greenhouse gas are calculated sepa-  
rately by multiplying activity data by the corresponding  
emission factors. Resulting emissions are converted to  
tCO₂e1 on the basis of their Global Warming Potential  
(GWP) obtained from the Sixth Assessment Report (AR6 –  
100 years) published by the Intergovernmental Panel on  
Climate Change (IPCC).  
C1 Purchased Goods and Services, and C2 Capital Goods  
C1 emissions are calculated using both spend-based  
and supplier specific methods. For both production  
and non-production-related procurement, the spend-  
based method is applied unless weight or quantity data  
is available, in which case the supplier-specific method is  
used. Emissions from transportation and distribution of  
purchased products upstream of 3Shape’s tier 1 suppliers  
are accounted for in this category. C2 emissions are calcu-  
SCOPE 3 METHODOLOGY  
Scope 3 emissions are estimated for 4 out of 10 relevant  
categories. These include C1: purchased goods and  
services; C2: capital goods; C4: upstream transportation  
and distribution; and C9: downstream transportation  
and distribution. Efforts are made to obtain accurate  
data whenever possible, resulting in a combination of  
SCOPE 1 AND 2 METHODOLOGY  
Fuel, electricity and heating consumption are based on  
direct data retrieved from each site, with the following  
exceptions: US (New Jersey, Texas), Germany, UK, Costa  
Rica, Turkey, and India for electricity consumption, and  
the US (New Jersey), Germany, UK and Italy for heating  
consumption. For these locations, consumption is based  
on estimates.  
Status and calculation method for relevant Scope 3 categories  
Scope 3 category: calculation method  
Not reported  
Spend-based  
Supplier-specific3  
C1: Purchased goods and services  
C2: Capital goods  
●
●
●
Based on recommendations from the GHG Protocol, loca-  
tion-based emission factors are sourced from Ecoinvent  
3.12, with the exception of US, UK and Australia in which  
national and subnational emission factors are sourced from  
EPA eGRID, DEFRA and DCCEEW2 respectively. Regarding  
market-based emissions, for purchased energy without  
contractual instruments, 3Shape prioritizes supplier-spe-  
cific emission factors from utility companies and in the  
cases where such data is not available, national emission  
factors are applied.  
C3: Fuel and energy related activities (not included in Scope 1 and 2)  
C4: Upstream transportation and distribution  
C5: Waste generated in operations  
C6: Business travel  
●
●
●
●
●
●
C7: Employee commuting  
C8: Upstream leased assets  
C9: Downstream transportation and distribution  
C11: Use of sold products  
●
●
●
C12: End of life treatment of sold products  
1
Tonnes of carbon dioxide equivalent  
2
IEA: International Energy Agency; EPA eGRID: United States Environmental Protection
Agency Emissions & Generation Resource Integrated Database; DEFRA: United Kingdom Department for Environment Food & Rural Affairs;  
DCCEEW: Australian Government Department of Climate Change, Energy, the Environment and Water.  
Includes supplier-specific proxy data.  
3
 
Sustainability Statements  
Appendix  
General Disclosure Requirements – Policies  
3Shape Holding A/S  
Annual Report 2025  
58  
General Disclosure Requirements – Policies  
Policy  
Objective  
Scope  
Related IROs  
Environment and Climate Policy  
The Policy outlines 3Shape’s commitments, actions and targets defined to address material impacts, risks and  
opportunities related to environment and climate impact.  
3Shape Group  
• Greenhouse
Gas (GHG) emissions  
• Natural
disasters strike out single source suppliers  
• Environmental
impact from resource use  
Global Code of Conduct  
3Shape's ethical conduct and corporate culture directly impact employees and external stakeholders. The global Code  
of Conduct (CoC) is built on internationally recognized agreements including:  
3Shape Group, all business  
operations and decisions  
• Business
ethics and COC breach  
• Data
security and privacy incidents  
• UN
Global Compact  
• OECD
Guidelines for Multinational Enterprises  
• UN
Guiding Principles on Business and Human Rights  
• Universal
Declaration of Human Rights  
• ILO
Declaration of Fundamental Principles of Rights at Work  
• Relevant
ILO conventions  
The CoC provides an ethical and legal framework for all employees, guiding them in addressing dilemmas, doubts,  
or concerns. It includes measures to prevent discrimination, harassment, and inappropriate behavior within the  
organization and addresses environmental, human rights, labor rights including forced labor, and ethical business  
conduct. Human trafficking and child labor are considered under human rights but are not specifically mentioned.  
The CoC outlines how to report breaches, such as bribery or corruption, and ensures compliance through mandatory  
e-learning and grievance mechanism.  
Diversity and Inclusion Policy  
Health and Well-being Policy  
Employee Handbook  
The policy provides high-level guidance on Diversity and Inclusion (D&I) and outlines targets, initiatives, and principles  
shaping 3Shape's culture and Global Code of Conduct. It reflects commitments to Dansk Industri’s Diversity Pledge  
and the Danish Financial Statements Act §99b on gender diversity.  
Entire workforce  
Entire workforce  
Entire workforce  
• Increased
engagement from D&I  
• Improved
innovation and strengthened  
collaboration through D&I  
3Shape is dedicated to fostering a work environment and culture that prioritizes employee health and well-being,  
aligned with the company’s corporate values. The Global Health and Well-being Policy outlines the commitment and  
due diligence practices to emphasize support for both physical and mental well-being of employees.  
• Increased
retention and productivity from  
employee engagement and well-being  
• Employee
harm from war in Ukraine  
The Employee Handbook provides comprehensive guidance on company policies, expectations, and employee rights  
and responsibilities. Covering workplace conduct, attendance, benefits, safety protocols, and organizational culture,  
it serves as a reference to global and local guidelines and official policies.  
• Increased
retention and productivity from  
employee engagement and well-being  
• Employee
harm from war in Ukraine  
• Increased
engagement from D&I  
• Business
ethics and CoC Breach  
Upstream  
Own operations  
Downstream  
 
Sustainability Statements  
Appendix  
General Disclosure Requirements – Policies  
3Shape Holding A/S  
Annual Report 2025  
59  
Policy  
Objective  
Scope  
Related IROs  
Workplace Accident  
Prevention Practices  
3Shape adheres to local workplace accident prevention procedures in its subsidiaries, aligned with global and local  
guidelines, training, and manuals. These practices address workforce safety impacts and risks and are outlined in  
the Health & Well-being Policy. Compliance includes fulfilling protective clothing regulations, monitoring substance  
handling, and ensuring appropriate equipment use. In Poland, 3Shape’s largest site, mandatory Occupational Health  
and Safety (OHS) training and a near-miss reporting system help identify and mitigate risks.  
Poland, China  
• Increased
retention and productivity from  
employee engagement and well-being  
Whistleblower Policy  
The Whistleblower Policy enables employees and third parties to report concerns anonymously, offering guidance on  
identifying and reporting improper behavior. Reports on breaches of the Code of Conduct, including corruption and  
bribery, are reviewed quarterly by 3Shape’s Audit Committee. The whistleblower system addresses the EU Whistle-  
blower Directive (EU) 2019/1937 and DK law no 1436 of 29/06/2021.  
Entire Workforce, Workers  
in the Value Chain,  
Affected Communities  
• Increased
retention and productivity from  
employee engagement and well-being  
• Business
ethics and CoC Breach  
• Lack
of responsible sourcing  
• Human
rights violations in the supply chain  
Gifts and Conflicts of Interest Policy  
The Policy on Conflicts of Interest and Gifts. It defines conflicts of interest, outlines gift registration requirements, and  
describes the system for recording such instances to ensure ethical conduct.  
3Shape Group, Entire  
Workforce, Business  
Partners  
• Business
ethics and CoC breach  
Data Ethics Policy  
The Data Ethics Policy reflects 3Shape’s commitment to ethical data processing and patient data privacy, addressing  
risks related to end-user relations and data protection. It considers the interests of business partners, customers, and  
end-users, outlining principles for ethical, responsible, and transparent data handling based on the Danish Expert  
Group on Data Ethics' value compass.  
Entire Workforce, Business  
Partners, Customers and  
Patients  
• Data
Security and Privacy Incidents  
• Business
ethics and CoC Breach  
Supplier Code of Conduct  
3Shape’s Supplier Code of Conduct (SCoC) sets expectations for suppliers regarding social, ethical, and environmental  
practices, aiming to protect human rights and ethical conduct within the value chain. The SCoC is based on interna-  
tionally recognized standards, including those addressed in the Global Code of Conduct.  
The SCoC covers four sustainability topics:  
Signature of all direct  
suppliers required, indi-  
rect suppliers must sign or  
adopt an equivalent Code  
of Conduct  
• Lack
of responsible sourcing  
• Business
ethics and Code of Conduct Breach  
• Financial
risk from weak supply chain oversight  
• Human
rights violations in the supply chain  
• Human
and labor rights  
• Environment
and natural resources  
• Business
ethics  
• Raising
concerns  
Human trafficking and child labor are considered under human rights but are not specifically mentioned.  
Policy on Sustainable Procurement  
The Policy on Sustainable Procurement outlines 3Shape’s commitment to sustainable and ethical business practices,  
integrating human rights due diligence across the supply chain. It addresses the interests of both upstream workers  
and 3Shape, promoting environmental, social, and governance (ESG) goals. The Policy encourages sustainability  
awareness among suppliers and contractors  
Suppliers  
• Lack
of responsible sourcing  
• Business
ethics and Code of Conduct Breach  
• Financial
risk from weak supply chain oversight  
• Human
rights violations in the supply chain  
• Greenhouse
Gas emissions  
• Environmental
impact from resource use  
• Natural
disasters strike out single source suppliers  
Upstream  
Own operations  
Downstream  
 
Sustainability Statements  
Appendix  
General Disclosure Requirements – Policies  
3Shape Holding A/S  
Annual Report 2025  
60  
Policy  
Objective  
Scope  
Related IROs  
Quality and Information Security  
Policy  
The Policy outlines principles for quality and information security, including ensuring products meet customer  
requirements, protecting information integrity, and maintaining 3Shape's market position. It empowers employees to  
manage tasks affecting quality and information security and covers ISO 13485:2016 and MDSAP requirements.  
3Shape Group/ Entire  
workforce, Customers and  
Patients  
• Improved
dental health and well-being for  
patients  
• Revenue
expansion from increased patient  
satisfaction  
Process Description on Post-Market  
Surveillance  
The Process Description ensures continuous monitoring of device performance and safety, in compliance with EU  
MDR Annex III, Section 1.1. It focuses on identifying and mitigating device-related risks.  
All marketed devices  
across global markets  
• Improved
dental health and well-being for  
patients  
• Revenue
expansion from increased patient  
satisfaction  
Standard Operating Procedure on  
Recalls  
The SOP ensures the effective execution of Field Safety Corrective Actions (FSCAs) and recall processes in compliance  
with region-specific regulations, minimizing patient and user risks. It addresses risks associated with device non-con-  
formities while minimizing disruption.  
All device recalls globally,  
excluding those without  
identified FSCA/recall risk  
• Improved
dental health and well-being for  
patients  
• Revenue
expansion from increased patient  
satisfaction  
Process Description on Complaints  
and Customer Support  
The process description governs the collection and monitoring of customer feedback to ensure timely complaint  
handling in compliance with regulatory requirements. It ensures that feedback is processed and escalated when  
necessary to maintain product quality, usability, safety, and customer satisfaction. The process aligns with ISO  
13485:2016 and MDR-Regulation (EU) 2017/4 on medical devices.  
Employees managing  
customer feedback across  
all customer groups  
• Improved
dental health and well-being for  
patients  
• Revenue
expansion from increased patient  
satisfaction  
Standard Operating Procedure on  
Handling Bugs in Customer Care  
The SOP ensures systematic and effective handling of bug cases in the Customer Care department, including inves-  
tigating and reporting software issues via the Jira issue tracking system (SW-SOP-0001), and managing CRM cases. It  
addresses risks to customer satisfaction by ensuring efficient complaint handling and customer support. The SOP is  
aligned with ISO 13485:2016 and MDR-Regulation (EU) 2017/4 on medical devices.  
Employees handling  
customer-reported bugs  
in 3Shape software,  
covering all software  
products  
• Improved
dental health and well-being for  
patients  
• Revenue
expansion from increased patient  
satisfaction  
Upstream  
Own operations  
Downstream  
 
Sustainability Statements  
Appendix  
Datapoints Derived from other EU Legislation  
3Shape Holding A/S  
Annual Report 2025  
61  
Datapoints Derived from other EU Legislation  
The table below includes all datapoints deriving from other EU legislation as listed in ESRS 2 appendix B, indicating where the data points can be found in 3Shape's report and which data points are assessed  
as not material or not applicable for 3Shape. Sections are indicated as follows: SUS = Sustainability Statements; BR = Business Review, AP = Appendix. 'No data' indicates that data is not yet available.  
Benchmark  
Disclosure  
Requirement  
Pillar 3  
Regulation  
Reference  
EU Climate Law  
Reference  
Data Point  
SFDR Reference
Reference  
Section  
Page  
●
●
●
●
●
●
●
●
ESRS 2 GOV-1  
ESRS 2 GOV-1  
ESRS 2 GOV-4  
ESRS 2 SBM-1  
ESRS 2 SBM-1  
ESRS 2 SBM-1  
ESRS 2 SBM-1  
E SR S
E1-1  
Board's gender diversity  
SUS  
25, 42, 47  
25  
Percentage of board members who are independent  
Statement on due diligence  
BR  
●
SUS  
32  
●
●
●
●
Involvement in activities related to fossil fuel activities  
Involvement in activities related to chemical production  
Involvement in activities related to controversial weapons  
Involvement in activities related to cultivation and production of tobacco  
Transition plan for climate change mitigation  
Not applicable  
Not applicable  
Not applicable  
Not applicable  
SUS  
Not applicable  
Not applicable  
Not applicable  
Not applicable  
35  
●
●
●
●
●
●
●
●
ESRS E1-6  
ESR S
E1-7  
GHG emission reduction targets  
SUS  
34-35  
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)  
Energy consumption and mix  
SUS  
38  
ESR S
E1-7  
SUS  
35, 38  
●
●
ESRS E1-8  
ESRS E1-9  
Gross Scope 1, 2, 3 and Total GHG emissions  
SUS  
36, 38  
●
GHG removals and carbon credits  
SUS  
36  
E SR S
E1-11  
E SR S
E1-11  
E SR S
E1-11  
ESRS E1-9  
Exposure of the benchmark portfolio to climate-related physical risks  
Location of significant assets at material physical risk  
Breakdown of the carrying value of its real estate assets by energy-efficiency classes  
Degree of exposure of the portfolio to climate-related opportunities  
Amount of material pollutants emitted to air, water and soil  
Water-related policies  
Not applicable  
Not applicable  
Not applicable  
Not applicable  
No material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
No data  
Not applicable  
Not applicable  
Not applicable  
Not applicable  
No material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
Not material  
No data  
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
ESRS E2-4  
E SR S
E3-1  
E SR S
E3-1  
Policies covering areas at water risk, including areas of high-water stress  
Total water recycled and reused  
ESRS E3-4  
ESRS E4-5  
ESRS E4-5  
ESRS E4-5  
ESRS E4-2  
ESRS E4-2  
ESRS E4-5  
ESRS E4-2  
ESRS E5-5  
ESRS E5-5  
Operations that affect threatened species  
Land degradation, desertification, soil sealing  
Sustainable land/agriculture practices or policies  
Sustainable oceans/seas practices or policies  
Policies to address deforestation  
Activities negatively affecting biodiversity-sensitive areas  
Policy covering sites in or near biodiversity-sensitive areas  
Non-recycled waste  
Hazardous waste and radioactive waste  
No data  
No data  
 
Sustainability Statements  
Appendix  
Datapoints Derived from other EU Legislation  
3Shape Holding A/S  
Annual Report 2025  
62  
Benchmark  
Regulation  
Reference  
Disclosure  
Requirement  
Pillar 3  
EU Climate Law  
Reference  
Data Point  
SFDR Reference
Reference  
Section  
Page  
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
●
ESRS 2 – IRO-2  
ESRS 2 – IRO-2  
ESRS 2 GDR-P  
E SR S
S1-1  
Risk of incidents of forced labour  
SUS | AP  
SUS | AP  
SUS | AP  
SUS | AP  
SUS | AP  
SUS | AP  
Not data  
Not applicable  
No data  
No data  
SUS  
50, 58  
Risk of incidents of child labour  
50, 58  
●
Human rights policy commitments  
Processes and measures for preventing trafficking in human beings  
Occupational risk prevention policy or management system  
Grievance mechanism, including employee-related matters  
Rate of work-related accidents  
51-52, 58-59  
41, 58-59  
43, 58  
E SR S
S1-1  
E SR S
S1-13  
E SR S
S1-13  
E SR S
S1-13  
E SR S
S1-15  
E SR S
S1-15  
E SR S
S1-16  
E SR S
S1-16  
E SR S
S2-1  
41, 51, 58-59  
No data  
Not applicable  
No data  
No data  
48  
●
●
Number of days lost to injuries, accidents, illness  
Unadjusted gender pay gap  
Annual total remuneration ratio  
Incidents of discrimination  
●
Human rights incidents  
SUS  
48  
Processes and measures for preventing trafficking in human beings  
Code of conduct  
SUS | AP  
SUS | AP  
SUS  
52, 58-59  
51, 58  
E SR S
S2-1  
ESRS S3-2  
Grievance mechanism  
44  
●
●
ESRS S2-3  
Human rights incidents  
Not material  
Not material  
SUS | AP  
No data  
SUS | AP  
Not material  
Not material  
45, 51, 58-59  
No data  
51, 58-59  
ESRS S3-3  
Human rights incidents  
ESRS S4-2  
ESRS S4-3  
E SR S
G1-1  
Grievance mechanism  
●
●
Human rights incidents  
Policies consistent with United Nations Convention against Corruption  
●
●
●
●
●
●
E SR S
G1-1  
ESRS G1-4  
ESRS G1-4  
Protection of whistle-blowers  
SUS | AP  
SUS  
51, 59  
53  
Convictions and Fines for violation of anti-corruption and anti-bribery laws  
Actions to address breaches of Standards of anti-corruption and anti-bribery  
SUS | AP  
51, 58-60  
 
Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
63  
Financial  
Statements  
64 Consolidated Financial Statements  
100 Statements  
104 Parent Company Financial Statements  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
64  
Consolidated Financial  
Statements  
65 Income statement  
65 Comprehensive income  
66 Balance sheet  
67 Equity statement  
69 Cash flow statement  
70 Notes  
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
65  
Income statement  
Comprehensive income  
DKK thousands  
Note  
2025  
2024  
DKK thousands  
Note  
2025  
2024  
Revenue  
4
3,025,628
-907,537
2,118,091
3,316,629
-1,033,160
2,283,469
Profit for the year  
564,848
1,077,294
Cost of Sales  
Gross profit  
5, 7  
Other comprehensive income  
Items that will be reclassified subsequently to  
the income statement:  
Sales & distribution costs  
Research & development costs  
Administrative costs  
5, 7  
5, 7  
5, 7  
6
-654,752
-443,340
-191,550
-27,910
-591,231
-354,244
-165,844
179,757
Exchange rate adjustments of foreign operations  
-10,382
7,228
Other comprehensive income, net of tax  
-10,382
7,228
Other operating income and expenses  
Operating profit  
800,539
1,351,907
Total comprehensive income  
554,466
1,084,522
Financial income  
Financial expenses  
Profit before tax  
8
8
28,250
-83,673
745,116
49,599
-13,880
1,387,626
Tax  
9
-180,268
-310,332
Profit for the year  
564,848
1,077,294
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
66  
Balance sheet  
As at  
As at  
As at  
As at  
31 December
31 December  
31 December
31 December  
DKK thousands  
Note  
2025  
2024  
DKK thousands  
Note  
2025  
2024  
Assets  
Equity and liabilities  
Intangible assets  
10  
11  
12  
9
927,425
83,270
406,933
64,423
Share capital  
539
1,556,950
355,103
538
1,340,107
538,307
24,976
Property, plant and equipment  
Right-of-use assets  
Retained earnings  
Proposed dividend  
Other reserves  
Total equity  
167,036
76,115
193,435
42,480
130,057
837,328
Deferred tax assets  
-187,551
Other non-current receivables  
Total non-current assets  
13  
90,295
1,725,041
1,903,928
1,344,141
Deferred tax liabilities  
Provisions  
9
99,439
101,321
10,309
78,383
38,465
-
Inventories  
16  
17  
13  
393,251
463,993
357,402
677,843
15  
Trade receivables  
Other receivables  
Cash and cash equivalents  
Total current assets  
Total assets  
Bank debts  
23, 24  
26  
4
117,236
140,763
Contingent liabilities  
Deferred revenue  
Leasing liabilities  
Total non-current liabilities  
151,583
36,072
-
790,338
1,764,818
3,108,959
1,030,594
2,206,602
3,043,930
39,926
140,915
297,689
12  
116,677
515,401
Provisions  
15  
36,670
492,989
54,198
-
489,397
53,809
-
Deferred revenue  
Leasing liabilities  
Bank debts  
4
12  
23, 24  
11,981
Trade payables  
153,937
11,081
171,396
58,099
69,612
Corporation tax  
Other payables  
14  
107,661
868,517
1,383,918
3,108,959
Total current liabilities  
Total liabilities  
Total equity and liabilities  
842,313
1,140,002
3,043,930
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
67  
Equity statement  
Reserve for  
treasury  
shares  
Share  
premium  
Retained Exchange
rate  
Proposed  
dividend  
DKK thousands  
Share capital  
earnings  
adjustments  
Total equity  
Equity at 1 January 2025  
538
99,428
-91,704
1,340,107
17,252
538,307
1,903,928
Net profit  
-
-
-
-
-
-
-
-
-
564,848
-
-
-10,382
-10,382
-
-
-
564,848
-10,382
554,466
Other comprehensive income for the year  
Total comprehensive income for the period  
564,848
Transactions with owners in their capacity as owners:  
Capital increase  
1
-
12,004
-
-
1,146
-
-
-
-
-
-
-
-
-
-
12,005
1,146
Share-based payment  
-
-
Acquisition of treasury shares  
Distributed dividends  
-
-
-214,149
-
-214,149
-532,355
-
-
-
-
-
-532,355
-5,952
355,103
-183,205
Dividends, treasury shares  
Proposed dividends  
-
-
-
-
-
5,952
-355,103
-348,005
-
-
Total transactions with owners  
1
12,004
-214,149
-733,353
Equity at 31 December 2025  
539
111,432
-305,853
1,556,950
6,870
355,103
1,725,041
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
68  
Equity statement  
Reserve for  
treasury  
shares  
Share  
premium  
Retained Exchange
rate  
Proposed  
dividend  
DKK thousands  
Share capital  
earnings  
adjustments  
Total equity  
Equity at 1 January 2024  
538
90,652
-80,675
789,997
10,024
753,465
1,564,001
Net profit  
-
-
-
-
-
-
-
-
-
1,077,294
-
-
7,228
7,228
-
-
-
1,077,294
7,228
Other comprehensive income for the year  
Total comprehensive income for the period  
1,077,294
1,084,522
Transactions with owners in their capacity as owners:  
Capital increase  
-
-
-
-
-
-
-
8,776
-
-
8,023
-
-
-
-
-
-
-
-
-
-
8,776
8,023
-11,029
-750,365
-
Share-based payment  
-
-
Acquisition of treasury shares  
Distributed dividends  
-
-11,029
-
-
-
-
-750,365
-3,100
538,307
-215,158
Dividends, treasury shares  
Proposed dividends  
-
-
-
-
3,100
-538,307
-527,184
-
Total transactions with owners  
8,776
-11,029
-744,595
Equity at 31 December 2024  
538
99,428
-91,704
1,340,107
17,252
538,307
1,903,928
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
69  
Cash flow statement  
DKK thousands  
Note  
2025  
2024  
Profit/loss for the year  
564,848
418,554
219,986
1,077,294
402,130
-169,409
-
Adjustments of non-cash operating items  
Changes in working capital  
Changes in provisions  
25  
19  
83,694
Income taxes paid  
-265,258
1,021,825
-236,817
1,073,198
Cash flows from operating activities  
Additions of intangible assets  
10  
11  
26  
26  
-206,549
-22,609
-262,326
18,745
-193,180
-18,343
-
Acquisition of property, plant and equipment  
Acquisition of enterprises  
Cash and cash equivalents in business acquired  
Cash flows from investing activities  
-472,739
-211,523
Capital increase  
12,004
-45,510
-5,018
8,776
-42,169
-
Repayment of lease liabilities (principal portion)  
Repayment of bank debt  
23  
23  
Purchase/sale of treasury shares  
Dividends paid to company’s shareholders  
Cash flow from financing activities  
-214,149
-532,355
-785,028
-11,029
-750,365
-794,787
Net increase in cash and cash equivalents  
Cash and cash equivalents, beginning of year  
Effects of exchange rate changes on cash and cash equivalents  
Cash and cash equivalents, year end  
-235,943
1,030,594
-4,313
66,888
964,079
-373
790,338
1,030,594
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
70  
Notes  
1
2
3
Accounting policies  
71  
72  
17 Trade receivables  
88  
89  
90  
90  
91  
92  
92  
93  
93  
94  
96  
97  
98  
Key accounting estimates and judgements  
18 Share capital and treasury shares  
19 Changes in working capital  
20 Financial risk management  
21 Net interest-bearing debt  
22 Financial assets and liabilities by category  
23 Financing activities  
Implementation of new and revised standards and  
interpretations  
73  
73  
75  
75  
76  
76  
77  
79  
82  
83  
85  
85  
86  
87  
4
5
6
7
8
9
Revenue  
Staff costs and incentive plans  
Other operating income  
Depreciation, amortisation and impairment losses  
Financial income and expenses  
Income taxes and deferred tax  
24 Financing liabilities  
25 Adjustments of non-cash operating items  
26 Business combination  
10 Intangible assets  
11 Property, plant and equipment  
12 Right-of-use assets  
13 Other receivables  
14 Other payables  
15 Provisions  
27 Contingent liabilities and commitments  
28 Related parties  
29 Share-based payment  
30 Remuneration of the auditors elected by the general  
meeting  
99  
99  
99  
31 Events occuring after the balance sheet date  
32 Non-IFRS financial definitions  
16 Inventories  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
71  
Notes  
1
Accounting policies  
Basis of preparation  
Cost of sales increased by DKK 4,930  
affect those returns through its power to direct the activ-  
ities of the entity. Subsidiaries are fully consolidated from  
the date on which control is transferred to the group. They  
are deconsolidated from the date that control ceases.  
ities and contingent liabilities acquired are recognized as  
goodwill in intangible assets.  
The 2025 consolidated financial statement and sepa-  
rate parent financial statements of 3Shape Holding A/S  
have been prepared in accordance with IFRS accounting  
standards (“IFRS”) as adopted by the European Union  
and additional requirements of the Danish Financial  
Statements Act Large C.  
Sales and distribution costs increased by DKK 77,632  
The acquisition consideration for an entity consists of  
the fair value of the agreed consideration in the form of  
assets transferred, liabilities assumed and equity instru-  
ments issued. If part of the purchase consideration is  
contingent on future events or compliance with agreed  
terms, such part of the purchase consideration is recog-  
nized at fair value at the acquisition date. Subsequent  
adjustments of contingent purchase considerations are  
recognized in the income statement.  
Research and development costs increased by DKK  
39,667  
The consolidated financial statements are prepared as a  
consolidation of the Parent Company's and the individual  
subsidiaries' financial statements, which are prepared  
according to the Group's accounting policies. On consoli-  
dation, intra-group income and expenses, shareholdings,  
intra-group balances and dividends as well as realised  
and unrealised gains on intra-group transactions are  
eliminated. The subsidiaries' financial statement items are  
included 100% in the consolidated financial statements.  
Administrative costs decreased by DKK 122,229  
This section sets out the basis of preparation, which  
relates to the financial statements as a whole. Where an  
accounting policy is specific to one note, the policy is  
described in the note to which it relates. Similarly, critical  
sources of estimation uncertainty and judgements are  
described in the notes to which they relate.  
The reclassifications resulted in a decrease in gross  
profit of DKK 4,930, while operating profit (EBIT) and  
profit for the year remain unchanged.  
In addition, certain liabilities have been reclassified  
between Other payables and Provisions in accordance  
with IAS 37 in order to better reflect the nature of the  
underlying obligations. The reclassification relates solely  
to the presentation of liabilities and has no impact on  
total equity, total liabilities, or total assets.  
Any adjustments in the provisional values, including good-  
will, are adjusted retrospectively, until 12 months after the  
acquisition date, and comparative figures are restated.  
The Board of Directors and the Executive Board have  
discussed and approved the annual report for 3Shape  
Holding A/S on 21 May 2026. The annual report will be  
presented to the shareholders of 3Shape Holding A/S for  
adoption at the annual general meeting on 15 June 2026  
Business combinations  
Newly acquired entities are recognized in the consolidated  
financial statements from the acquisition date. Entities sold  
or otherwise disposed of are recognized in the consolidated  
financial statements up to the date of disposal. Comparative  
figures are not restated to reflect newly acquired entities.  
Materiality in financial reporting  
Our focus is to present information that is considered  
of material importance for our stakeholders in a simple  
and structured way. Disclosures that IFRS requires are  
included in the annual report, unless the information is  
considered of immaterial importance to the users of the  
annual report.  
Comparative figures have been adjusted accordingly to  
ensure consistency and comparability.  
Changes in presentation  
In the current reporting period, the Group has revised  
the classification of certain operating costs between  
functional categories to better reflect the organizational  
setup. As a result, costs have been reallocated among  
Administrative costs, Research & development costs,  
Sales & distribution costs, and Cost of Sales. The reclassi-  
fications have no impact on the balance sheet, equity or  
profit for the year.  
The acquisition method is applied to acquisitions of new  
businesses over which the Group obtains control. The  
acquired businesses' identified assets, liabilities and  
contingent liabilities are measured at fair value at the  
acquisition date. Identifiable intangible assets are recog-  
nized if they are separable or arise from a contractual  
right. Deferred tax on revaluations is recognized.  
As a result of the reclassification, DKK 38,465 thousand  
has been reclassified from Other payables (current  
liabilities) to Provisions (non-current liabilities). Conse-  
quently, total non-current liabilities increased by DKK  
38,465 thousand, while total current liabilities decreased  
by the same amount.  
Rounding of amounts  
All amounts disclosed in the financial statements and  
notes have been rounded off to the nearest thousand  
currency units unless otherwise stated.  
Consolidated financial statements  
Positive differences (goodwill) between, on the one  
hand, the consideration for the acquiree, the value of  
non-controlling interests in the acquired entity and the  
fair value of any previously acquired equity investments  
and, on the other hand, the fair value of the assets, liabil-  
Foreign currency translation  
Comparative figures have been restated accordingly.  
The consolidated financial statements comprise the Parent  
Company 3Shape Holding A/S and subsidiaries controlled  
by 3Shape Holding A/S. The group controls an entity when  
the group is exposed to, or has rights to, variable returns  
from its involvement with the entity and has the ability to  
The Group has significant activities in Danish Kroner  
(DKK). Therefore, the functional currency of 3Shape  
Holding A/S and the presentation currency of the 3Shape  
Group is determined to be DKK. The financial statements  
are presented in DKK thousand if not stated otherwise.  
As a result of the change, the following reclassifications  
were made (DKK thousands):  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
72  
Notes  
2
Key accounting estimates and judgements  
1
Accounting policies (continued)  
On initial recognition, transactions denominated in  
foreign currencies are translated at the exchange rates at  
the transaction date. Foreign exchange differences arising  
between the exchange rates at the transaction date and  
the date of payment are recognized in the income state-  
ment as financial income or financial expenses.  
Cash flow statement  
As part of the preparation of the financial statements,  
Management makes several judgements, accounting  
estimates and assumptions about the carrying amount  
of assets and liabilities that cannot be directly derived  
from other sources.  
Estimates and the underlying assumptions are reas-  
sessed on a regular basis. Any changes in the accounting  
estimates are recognized in the accounting period  
in which the change was made as well as in future  
accounting periods if the change effects the subsequent  
accounting periods.  
Cash flows from operating activities are presented using  
the indirect method and are made up as the profit of the  
year, adjusted for non-cash operating items, changes in  
working capital and paid income taxes.  
The judgements, estimates and assumptions made  
are based on historical experience and other relevant  
factors that are considered by Management in the  
circumstances, but which are inherently subject to  
uncertainty and volatility.  
Receivables, payables and other monetary items denomi-  
nated in foreign currencies are translated at the exchange  
rates at the balance sheet date. The difference between the  
exchange rates at the balance sheet date and the date at  
which the receivable or payable arose or was recognized in  
the latest financial statements is recognized in the income  
statement as financial income or financial expenses.  
Management considers the following accounting esti-  
mates and judgements to be significant in the prepara-  
tion of the financial statements.  
The assumptions may be incomplete or inaccurate,  
and unforeseen events or circumstances may occur for  
which reason the actual results may differ from the esti-  
mates and judgements made.  
Foreign exchange adjustments of balances with foreign  
subsidiaries that are considered part of the total net  
investment in the subsidiary are recognized directly in  
the exchange rate reserve under equity. Correspond-  
ingly, foreign exchange gains and losses on loans and  
derivative financial instruments hedging net invest-  
ments in foreign subsidiaries are recognized directly in  
the exchange rate reserve under equity.  
Nature of  
accounting  
impact  
Note  
Key accounting estimates and judgements  
Judgements are applied when determining the performance  
Note 4 Revenue  
Judgement  
obligations.  
On translation of foreign subsidiaries, monetary items  
are recognized at the exchange rates at the balance  
sheet date. Non-monetary items are recognized at the  
exchange rates at the acquisition date or at the date of  
any subsequent revaluation or impairment of the asset.  
Income statement items are translated at the exchange  
rates at the transaction date, although items derived  
from non-monetary items are translated at the historical  
exchange rates applying to the non-monetary items.  
Note 10 Intangible assets  
Note 10 Intangible assets  
Judgements are applied when assessing capitalization criteria.  
Judgement  
Estimate  
Estimates are used in calculations of the recoverable value of  
goodwill.  
Note 16 Inventory  
Estimates are used in calculations of inventory write-downs  
Estimate  
Estimate  
Note 26 Business combinations  
Estimates are used to determine the fair value of the acquired  
assets as well as to determine the amount of the contingent  
liability.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
73  
Notes  
3
Implementation of new and revised standards and interpretations  
4
Revenue  
Management has assessed that new or amended IFRS  
Accounting Standards and interpretations issued by  
the IASB and endorsed by the EU effective on or after  
1 January 2025 have not had a significant effect on the  
Consolidated financial statements.  
entation and Disclosure in Financial Statements’ which  
replaces IAS 1 effective from 1 January 2027. The new  
IFRS 18 is expected to change the presentation of the  
Income statement and to differentiate between earn-  
ings from operating activities, investment activities  
and financing activities. IFRS 18 will also add additional  
disclosures but will not change any accounting policies  
on recognition and measurement, hence it will not  
change reported net results.  
Revenue  
3Shape operates in three geographical regions: Europe, North America and Rest of World.  
The revenue by geographical area can be reconciled directly to the P&L.  
Revenue by geographical area  
Furthermore, new or amended IFRS Accounting Stand-  
ards and interpretations issued by the IASB that have  
not yet become effective are generally not adopted  
until they become effective and endorsed by the EU.  
Management does not anticipate any significant impact  
on the Consolidated financial statements in the period  
of initial application from the adoption of these new  
standards and amendments, apart from IFRS 18 ‘Pres-  
DKK thousands  
2025  
2024  
Europe  
1,254,570  
995,964  
1,198,66 4  
1,153,365  
964,600  
Further, IFRS 18 is expected to introduce a new note with  
'management-defined performance measures' in the  
audited section of the financial statements, as well as  
introduce additional disclosures.  
North America  
Rest of world  
Total revenue  
775,094  
3,025,628  
3,316,629  
North America includes Revenue in USA of DKKt. 883,303 (2024: DKKt. 1,049,665)  
Contract liabilities  
31 December 31 December  
DKK thousands  
2025  
2024  
Customer prepayments  
Deferred revenue from subscription sales  
Volume discounts  
4,203  
512,986  
8,173  
4,125  
519,055  
52,958  
6,166  
Deferred warranty revenue  
Total  
3,699  
529,061  
582,304  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
74  
Notes  
4
Revenue (continued)  
Contract liabilities are expected to mature within:  
§
ACCOUNTING POLICIES  
31 December 31 December  
Revenue comprises sale of scanners including scanner software, accessories, software and after-sales services. The following is a description of the  
DKK thousands  
2025  
2024  
principal activities from which the Group generates its revenue.  
Revenue from the sale and delivery of scanners including scanner software and accessories to customers is recognized at a point in time. The perfor-  
mance obligation is fulfilled when the Group has transferred control of the products sold to the buyer and it is probable that the Group will collect  
the consideration to which it is entitled for transferring the products. Control of the products is transferred at a point in time, typically on delivery.  
Revenue is measured based on the fair value of the consideration receivable after deducting sales tax and discounts relating directly to sales and as  
specified in a contract with a customer. Each contract is divided into separate performance obligations whether this means unbundling contracts or  
combining contracts.  
0-1 years  
492,989  
36,072  
-
542,378  
38,847  
1,079  
2-5 years  
> 5 years  
31 December  
529,061  
582,304  
Revenue from software is recognized at a point in time.  
Revenue from after-sales services is recognized over the time of the service contract period.  
Significant changes in the contract liabilities balances during the year  
The Group offers various discounts, rebates and sales incentives to customers including trade discounts and volume rebates. Discounts, rebates, and  
sales incentives to customers are deducted from revenue and are measured using the expected value method. The Group has generally concluded  
that it is the principal in its revenue arrangements.  
DKK thousands  
2025  
2024  
Opening balances at 1 January  
Foreign currency translation adjustments  
Revenue recognized from prior year balance  
Advances received during the year  
Total  
582,304  
-8,492  
4 87,0 05  
2,294  
The Group offers its customers the opportunity to trade up their older scanners for a credit towards the purchase of a newer generation scanner. Such  
trade-up transactions are based on the circumstances at the time of the trade-up, based on the then trade-up value of the scanner and are generally  
not based on any pre-existing rights granted by the Group. Accordingly, such trade-ups are not considered separate performance obligations in the  
arrangement for a scanner sale.  
-534,393  
489,641  
529,061  
-454,935  
547,94 0  
582,304  
Depending on scanner generation, traded-up scanners can be refurbished and resold. The Group accounts for the fair value of the traded-up scanner  
in the total consideration in the arrangement by including the net realizable value of the trade-up scanner less normal profit margin. The value of  
the traded-up scanner is determined as the amount, after refurbishment costs are added, that will allow for a normal profit margin on the sale of the  
refurbished scanner to be generated. When there is no market for the traded-up scanners, no value is assigned. The assigned value of the traded-up  
scanners is reported as part of inventory until resold or otherwise disposed.  
Payment terms vary significantly across territories.  
Material accounting judgements  
The sale of scanners including scanner software, which is directly attributable to the scanners, and updates for this software, are considered a single  
performance obligation because the software is considered integral part of the scanner. Revenue from software sold, which is not directly attribut-  
able to the scanners, is considered a single performance obligation. After-sales services, such as post-contract customer support including technical  
support, software updates and product warranty, are considered a single performance obligation.  
Accessories are considered a single performance obligation. Revenue from accessories is recognised at a point in time when control of the accesso-  
ries is transferred to the customer, which typically occurs upon delivery.  
 
Financial Statements
Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
75  
Notes  
Short-term  
employee  
benefits  
Share-based  
payment  
5
Staff costs and incentive plans  
Termination  
benefits  
DKK thousands  
2025  
2024  
DKK thousands  
benefits  
Total  
Wages and salaries  
Pensions  
1,001,693  
33,360  
65,294  
27,872  
852,957  
30,822  
54,927  
15,620  
8,023  
2025  
Board of Directors  
Executive management  
Senior leadership team1  
3,716  
17,329  
41,502  
-
10,033  
12,029  
-
735  
735  
3,716  
28,097  
54,266  
Other social security costs  
Other staff costs  
Share-based payment  
Total staff costs  
1,146  
2024  
1,129,364  
962,349  
Board of Directors and Executive management  
Senior leadership team1  
10,291  
29,797  
-
-
7,612  
7,612  
17,9 03  
37,4 0 9  
Staff costs presented as follows in the income statement  
1
Senior leadership team is reported including Executive Management and Board of Directors. Executive Management and Board of Directors,  
DKK thousands  
2025  
2024  
together with other members of the Senior leadership team, are considered as key management personnel in 3Shape.  
Management Remuneration  
Cost of Sales  
158,414  
428,466  
269,108  
106,305  
962,292  
117,234  
358,166  
236,655  
82,938  
In accordance with Danish Financial Statements Act § 98b section 3 nr. 1. remuneration to the company's Management is  
for 2024 presented together for the Executive Management and the Board of Directors.  
Sales & distribution costs  
Research and development costs  
Administrative costs  
§
ACCOUNTING POLICIES  
Total staff expenses  
794,993  
Staff costs comprise salaries and wages including the value of share-based incentive programmes and cash bonus arrangements as well as social  
security costs, pension contributions etc. related to the activities that contribute to the Group's cost of sales, sales & distribution, research and devel-  
opment and administration.  
Staff costs presented as follows in the balance sheet  
DKK thousands  
2025  
2024  
6
Other operating income and expenses  
Staff costs capitalized as intangible assets  
167,072  
167,356  
For financial period ending 31 December 2025, the Group recognized other operating income of 48,3 DKKm, primarily  
related to settlements of intellectual property rights. Other operating expenses amounted to 76,2 DKKm and rose  
from activities not directly related to the Group's primary business, but arising from ancillary or supporting operations,  
including transaction costs associated with business acquisitions; see note 26 for further details  
Total staff costs  
1,129,364  
962,349  
Average number of full-time employees  
2,627
2,197
§
ACCOUNTING POLICIES  
Other operating income and expenses comprise items that are secondary to the Group's main activities. It covers the following items:  
•
•
•
Income and expenses related to non-core activities  
Provisions, settlements and legal costs relating to litigation and disputes  
Transaction-related costs associated with the acquisition of businesses  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
76  
Notes  
7
Depreciation, amortisation and impairment losses  
8
Financial income and expenses  
DKK thousands  
2025  
21,097  
2024  
Depreciation on tangible assets and right-of-use assets  
DKK thousands  
2025  
2024  
Interest income  
23,861  
-
Other financial income  
Foreign exchange gains  
Total financial income  
7,153  
-
Fixtures and fittings, tools and equipment  
Leasehold improvements  
Right-of-use assets  
19,448  
3,051  
18,970  
5,934  
25,738  
49,599  
28,250  
49,272  
71,771  
48,272  
73,176  
Total depreciation  
DKK thousands  
2025  
2024  
Amortisation on intangible assets  
Interest expenses  
-
10,751  
15,962  
2,411  
123  
12,880  
-
Interest, leasing  
DKK thousands  
2025  
2024  
Unwinding of discount  
Other financial expenses  
Foreign exchange losses  
Total financial expenses  
877  
Customer relations  
Software  
1,714  
2,359  
-
3,800  
54,549  
83,673  
-
13,880  
Patents  
4,004  
4,187  
Development projects  
Total amortisation  
97,4 0 6  
105,484  
28,350  
36,337  
Total financial income and expenses  
-55,423  
35,719  
§
ACCOUNTING POLICIES  
Depreciation and amortisation presented as follows in the income statement:  
Financial income and expenses comprise interest income and expenses, payables and transactions denominated in foreign currencies, amortisation  
of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.  
DKK thousands  
2025  
2024  
Cost of Sales  
25,441  
36,928  
90,153  
24,733  
177,255  
20,940  
29,283  
30,715  
28,574  
109,513  
Sales & distribution costs  
Research and development costs  
Administrative costs  
Total depreciation and amortisation  
§
ACCOUNTING POLICIES  
Please refer to notes 10, 11 & 12.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
77  
Notes  
9
Income taxes and deferred tax  
Assets  
2025  
Liabilities  
DKK thousands  
2025  
2024  
DKK thousands  
2024  
2025  
2024  
Tax for the year  
Deferred tax  
Intangible assets  
Tangible assets  
Receivables  
Inventory  
Tax on profit for the year  
Total tax for the year  
180,268  
310,332  
975  
-6,527  
5,323  
776  
-2,735  
3,384  
127,454  
-10,577  
-31  
87,215  
-4,111  
-111  
180,268  
310,332  
Tax on profit for the year is calculated as follows  
Current tax  
57,559  
18,785  
76,115  
36,032  
5,023  
-
-
216,262  
-30,569  
1,964  
287,864  
22,141  
-
Liabilities  
-17,4 07  
99,439  
-4,610  
78,383  
Deferred tax  
Total  
42,480  
Tax adjustment relating to previous years current tax  
Tax adjustment relating to previous years deferred tax  
Total tax on profit for the year  
-7,389  
327  
DKK thousands  
2025  
2024  
180,268  
310,332  
Net changes in deferred tax  
Deferred tax at 1 January  
Deferred tax adjustment for the year  
Additions through acquisitions  
31 December  
-35,903  
37,958  
-13,762  
-22,141  
-
Tax rate  
DKK thousands  
2025  
2024  
-25,379  
-23,324  
-35,903  
Tax rate specifies as follows  
Profit for the year before tax  
745,116  
1,387,626  
The deferred tax assets and liabilities recognized are allocated to the following items:  
Tax at a rate of 22%  
163,926  
26,475  
-120  
305,278  
6,478  
-35  
Intangible  
assets  
Tangible  
assets Receivables Inventory Liabilities  
DKK thousands  
Total  
Tax-based value of non-deductible expenses  
Tax-based value of non-taxable income  
Tax-based value of extra tax-deductions  
Difference in overseas tax rates  
Adjustments for current tax of prior periods  
Total tax for the year  
Deferred tax allocation 2025  
Deferred tax at 1 January 2025  
Additions through acquisitions  
Recognized in profit/loss  
-3,893  
-815  
-2,303  
587  
-86,439  
-27,920  
1,376  
-
3,495  
-
36,032  
-
9,633  
2,541  
-35,903  
-25,379  
37,958  
-5,425  
180,268  
327  
-12,120  
2,674  
4,050  
1,859  
5,354  
21,527  
57,559  
24,018  
36,192  
310,332  
Deferred tax at 31 December 2025  
-126,479  
-23,324  
Effective tax rate  
24,2%  
22,4%  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
78  
Notes  
9
Income taxes and deferred tax (continued)  
§
ACCOUNTING POLICIES  
Tax for the year comprises current income tax and changes in deferred tax for the year, including adjustments to previous year. The tax for the year is  
recognized in the income statement unless the tax relates directly to items included in other comprehensive income or equity.  
Current income tax receivable and payable are measured at the amount expected to be recovered from or paid to the taxation authorities. Current tax  
payable and receivable are recognized in the balance sheet at the estimated tax charge regarding the taxable income for the year, adjusted for tax on  
prior years’ taxable income and tax paid on account.  
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of  
assets and liabilities at the reporting date. However, deferred tax is not recognized on temporary differences relating to goodwill, which is not  
deductible for tax purposes and on other items where temporary differences, apart from business combinations, arise at the date of acquisition  
without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is  
measured based on Management's intended use of the asset or settlement of the liability, respectively.  
Deferred tax is measured according to the taxation rules and rates in the respective countries applicable at the balance sheet date when the deferred  
tax is expected to crystallise as current tax.  
Deferred tax assets are recognized at the value at which they are expected to be utilized, either through elimination against tax on future earnings or  
through a set-off against deferred tax liabilities within the same jurisdiction.  
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities.  
The deferred taxes relate to the same taxable entity and the same taxation authority.  
Deferred tax is calculated on share-based payments to the extent that the individual scheme is deductible for the group. Deferred tax is calculated as  
the difference between the value of the share-based payment at the time of allocation and the fair value, whichever is higher. Deferred tax assets from  
share-based payment schemes are recognized proportionately over the vesting period. The tax asset is recognized in the income statement at a value  
corresponding to the tax deduction for the scheme-related costs recognized in the income statement. Any additional values are recognized directly  
in equity.  
Deferred tax is adjusted for elimination of unrealised intercompany gains and losses.  
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible temporary  
differences, unused tax losses and unused tax credits can be utilised. This judgement is made annually and based on budgets and business plan for the  
coming 3 years unless a longer period in certain situations is warranted.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
79  
Notes  
10 Intangible assets  
Development  
projects and other  
assets in progress  
DKK thousands  
Software  
Patents  
Goodwill  
Customer relations  
Development projects  
Total intangible assets  
2025  
Acquisition  
1 January 2025  
Exchange rate adjustment  
Additions  
37,026  
-313  
1,176  
65  
56,296  
-
70,843  
-
133,313  
-114  
218,285  
515,763  
3,371  
3,832  
-34  
-
195,891  
-
9,464  
-
-
-
-
206,549  
415,725  
-
Additions through acquisitions  
Transferred  
278,449  
24,000  
113,211  
220,324  
-
-
1,094  
-12,8 45  
54,009  
-
-
-
-
-221,418  
-
Disposals  
-199  
37,755  
-13,0 4 4  
1,128,364  
31 December 2025  
353,124  
23,966  
466,734  
192,758  
Amortisation and impairment losses  
1 January 2025  
31,341  
-297  
29,930  
-
17,349  
-
-2  
30,210  
-
-
-
-
-
-
108,830  
-307  
Exchange rate adjustment  
Amortisation  
-
-8  
2,359  
-86  
4,004  
-
-
1,714  
-
97,4 0 6  
105,484  
-86  
Other adjustments  
Disposals  
-
-
-
-
-199  
-12,782  
21,152  
-
-12,981  
200,939  
31 December 2025  
33,118  
17,349  
1,712  
127,608  
Carrying amount at 31 December 2025  
4,637  
32,857  
335,775  
22,254  
339,126  
192,758  
927,425  
Refer to note 7 for allocation of amortisation and impairment to cost of sales, sales and distributions costs, research and development costs and administrative costs.  
The Group's research and development costs totalled DKKm 639 in 2025 including amortization of Development projects of DKKm 97. A total of DKKm 196 of research and development costs in 2025 has been capitalized.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
80  
Notes  
10 Intangible assets (continued)  
Development  
projects and other  
assets in progress  
DKK thousands  
Software  
Patents  
Goodwill  
Customer relations  
Development projects  
Total intangible assets  
2024  
Acquisition  
1 January 2024  
Exchange rate adjustment  
Additions  
36,663  
200  
187  
53,414  
-
70,843  
-
-
-
-
-
-
7,4 4 0  
157,514  
-
325,874  
200  
-
-
6,349  
-
-
-
125,873  
-
186,644  
-125,873  
-
193,180  
-
Transferred  
-
-
-
Disposals  
-24  
-3,467  
56,296  
-3,491  
515,763  
31 December 2024  
37,026  
70,843  
133,313  
218,285  
Amortisation and impairment losses  
1 January 2024  
27,453  
105  
3,800  
-
28,493  
17,298  
-
-
-
-
-
-
-
1,860  
-
-
-
-
-
-
-
75,10 4  
105  
Exchange rate adjustment  
Amortisation  
-
4,187  
-
-
-
-
28,350  
36,337  
-
Impairment losses  
Other adjustments  
Disposals  
-
51  
-
-
-
-
-
51  
-17  
-2,750  
29,930  
-
-2,767  
108,830  
31 December 2024  
31,341  
17,349  
30,210  
Carrying amount at 31 December 2024  
5,685  
26,366  
53,494  
-
103,103  
218,285  
406,933  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
81  
Notes  
10 Intangible assets (continued)  
§
ACCOUNTING POLICIES  
Customer relations  
Customer relations are measured at cost less accumulated amortization and impairment losses. Customer relations are amortized on a straight-line  
basis over 7 years.  
Goodwill  
On initial recognition, goodwill is measured in the balance sheet at cost being the difference between the fair value of acquisition price in a business  
combination and the fair value of the acquired assets and liabilities. Subsequently, goodwill is measured at cost less accumulated impairment losses.  
Goodwill is not amortized. When recognising goodwill, it is allocated to the cash-generating unit to which it relates. The determination of cash-gener-  
ating units complies with the managerial structure and the Group's internal financial control and reporting.  
§
ACCOUNTING ESTIMATES AND JUDGEMENTS  
Goodwill is not subject to amortisation but is tested annually for impairment. Assessing expected future cash flows and setting discount rates involves  
a level of estimation based on approach based on approved forecasts and market data. Estimates are applied when estimating the value of goodwill.  
Impairment of goodwill  
Goodwill is tested for impairment at least once a year and when circumstances indicate that the carrying amount may be impaired. The test is  
performed at the lowest CGU level possible. Goodwill is written down if the carrying amount exceeds the recoverable amount, which is the higher of  
the fair value of the asset less expected disposal costs and value in use. The recoverable amount is determined as the present value of the expected  
future net cash flows from the cash-generating unit to which goodwill is allocated.  
Goodwill impairment  
The carrying amount of Goodwill at DKK.t.335,775 (2024: DKK.t. 53,494) stems from the business combinations of EON Dental NV from 2025 and  
Design Services, and SC Investment in prior years.  
Impairment testing and accounting judgements and estimates  
Impairment losses of goodwill is recognized in the income statement.  
Management has identified two CGUs based on internal reporting and independent cash inflows:  
-
-
CGU A: Scanner solutions  
CGU B: EON Dental  
Development projects  
Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or  
development opportunities are identifiable and where the Group intends to produce, market or use the project, are recognised as intangible assets  
provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover cost of sales, selling costs and  
administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Cost comprises sala-  
ries and other external expenses, which are attributable to the Group’s development activities. Development costs that are recognised in the balance  
sheet are measured at cost less accumulated amortisation and impairment losses. On completion of a development project, development costs are  
amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 3 years and cannot exceed 5 years.  
Impairment test was performed as of December 31, 2025 by comparing the carrying amount and the recoverable amount of the CGU. The recover-  
able amount is based on the “value in use” as the present value of the future cash flows expected to be derived from the CGU. The carrying amount of  
both the CGUs was determined to be lower than their recoverable amount and the Group has therefore no impairment loss to be recognized.  
Key assumptions used in value in use calculations and sensitivity to changes in assumptions  
The calculation of value in use is most sensitive to the following assumptions:  
The expected useful life of the acquired development projects is 7 years, reflecting the anticipated period over which the assets are expected to  
• EBITDA: Overall, revenue growth similar to previous years is expected in the forecast period. For EBITDA, the corresponding increase is expected to  
be equal to growth in revenue.  
generate economic benefits.  
• Discount rate (WACC): Discount rate (WACC) represents the current market assessment of the risks taking into consideration the time value of  
money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based  
on the specific circumstances of the CGU and is derived from its weighted average cost of capital (WACC). The WACC takes into consideration both  
debt and equity. The cost of equity is derived from the expected return on investment by the Group´s investors. The cost of debt is derived from  
borrowings on terms similar to the Group's credit assessment. Adjustments to the discount rate are made to factor in the specific amount and timing  
of the future tax flows. The expected future cash flow has been discounted using a WACC of 10% for CGU A and 15% for CGU B.  
• Inflation: Applied in the budget period 2026-2031 is on average 2.4% for both CGUs  
Impairment of development projects  
Development projects in progress, either acquired or internally generated, are tested for impairment on an annual basis. For completed development  
projects, it is continuously assessed whether there is any indication of impairment. If the management finds that there is an indication of impairment,  
an impairment test is carried out, comparing the estimated future net cash flows with the carrying amount of the asset. Impairment losses of develop-  
ment projects is recognized in the income statement.  
Software  
• Growth rate estimates: Average growth rate of 2% expected in the terminal period for both CGUs  
Software includes acquired intangible rights. Software acquired separately or developed for internal use is measured at the lower cost, less any accu-  
mulated amortisation and impairment losses and the recoverable amount. Costs related to development of software are calculated as external costs,  
amortisation and depreciation directly attributable to the development of the software.  
The period applied prior to the terminal period is 6 years and consist of a one-year budget period followed by a five-year normalization period and a  
terminal period. The expected future cash flows covering the period from 2026-2031 have been derived from the Group´s business plan. These cash  
flows relate to the CGU in its condition when preparing the financial statements and exclude the estimated cash flow that might arise from restruc-  
turing plans or other structural changes. The assumptions used in this process represent management´s best estimate for the period under consider-  
ation and no reasonable changes in assumptions would lead to impairment.  
Amortisation is recognized on a straight-line basis over their estimated useful lives for software which is considered to be 3-5 years.  
The estimated useful life and amortisation method is reviewed at the end of each reporting period.  
Patents and licenses  
Patents and licenses are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over  
the remaining term of the patent, and licenses are amortised over the term of the license, however not exceeding 10 years.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
82  
Notes  
11 Property, plant and equipment  
Fixtures  
and fittings,  
tools and  
Fixtures  
and fittings,  
tools and  
Tangible  
assets under  
construction  
Tangible  
assets under  
Leasehold  
Leasehold  
DKK thousands  
equipment improvements  
Total  
DKK thousands  
equipment improvements  
construction  
Total  
2025  
2024  
Cost  
Cost  
1 January 2025  
Exchange rate adjustment  
Additions  
131,360  
-7,713  
63,621  
-561  
4,599  
384  
199,580  
-7,89 0  
37,30 9  
14,765  
-19,435  
-
1 January 2024  
Exchange rate adjustment  
Additions  
110,290  
836  
65,411  
-368  
5,950  
27  
181,651  
495  
29,035  
6,020  
3,333  
6,521  
-2,834  
114  
4,941  
2,224  
-
32,699  
-16,828  
4,363  
970  
4,874  
-1,715  
-4,537  
4,599  
38,543  
-21,109  
-
Additions through acquisitions  
Disposals  
Disposals  
-2,566  
174  
-16,601  
2,986  
Transferred  
31 December 2024  
Transferred  
-3,10 0  
9,048  
131,360  
63,621  
199,580  
31 December 2025  
145,087  
70,194  
224,328  
Depreciation and impairment  
1 January 2024  
Depreciation and impairment  
1 January 2025  
64,779  
-271  
54,894  
36  
-
-
-
-
-
119,673  
-235  
76,787  
-2,847  
19,448  
-10,636  
82,752  
58,370  
-489  
-
-
-
-
-
135,157  
-3,337  
Exchange rate adjustment  
Depreciation charge  
Disposals  
Exchange rate adjustment  
Depreciation charge  
Disposals  
18,970  
-6,691  
76,787  
5,934  
-2,494  
58,370  
24,904  
-9,185  
135,157  
3,051  
22,499  
-13,261  
141,059  
-2,625  
58,307  
31 December 2024  
31 December 2025  
Carrying amount at 31 December 2024  
54,573  
5,251  
4,599  
64,423  
Carrying amount at 31 December 2025  
62,335  
11,886  
9,048  
83,270  
Refer to note 7 for allocation of amortisation and impairment to cost of sales, sales and distribution costs, research and  
development costs and administrative costs,  
Additions and disposal of fixtures and fittings, tools and equipment include changes in classification of scanners from and  
to inventory. In 2025, this includes additions amounting to DKK 14,700 thousand, which are non-cash and therefore not  
included in the statement of cash flows.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
83  
Notes  
11 Property, plant and equipment (continued)  
12 Right-of-use assets  
§
ACCOUNTING POLICIES  
§
ACCOUNTING POLICIES  
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Costs comprise the acquisition  
price and any costs directly attributable to the acquisition until the date when the asset is ready for use. The cost of self-constructed assets comprises  
direct and indirect costs of materials, components, sub-suppliers, wages and salaries as well as borrowing costs relating to specific and general  
borrowing directly attributable to the construction of the individual asset.  
Whether a contract contains a lease is assessed at contract inception. For identified leases, a right-of-use asset and corresponding lease liability is  
recognized on the lease commencement date.  
The Group has lease contracts for office, productions sites, warehouses and vehicles. Leases of office and vehicles generally have lease terms between  
1 and 7 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from  
assigning and subleasing the leased assets and some contracts require the Group to maintain certain financial ratios. There are several lease contracts  
that include extension and termination options and variable lease payments, which are further discussed below.  
Individual components of property, plant and equipment that have different useful lives are accounted for as separate items, which are depreciated  
separately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets, which are as follows:  
Leasehold improvements  
Fixtures and fittings, tools and equipment  
5 years (or shorter if agreement is shorter)  
3-5 years  
Upon initial recognition, the right-of-use asset is measured at cost corresponding to the lease liability recognized, adjusted for any lease prepay-  
ments or directly related costs, including restoration costs. The lease liability is measured at the present value of lease payments of the leasing period  
discounted using the interest rate implicit in the lease contract.  
Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value  
are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further  
depreciation charges are recognized. In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is  
recognized prospectively as a change in accounting estimates.  
At subsequent measurement, the right-of-use asset is measured at costs less accumulated depreciation and impairment losses and adjusted for any  
remeasurements of the lease liability.  
Depreciation is carried out following the straight-line method over the lease term or the useful life of the right-of-use asset, whichever is shortest. The  
lease liability is measured at amortised cost using the effective interest method and adjusted for any remeasurements or modifications made to the  
contract.  
Depreciation is recognized in the income statement as cost of sales, sales and distributions cost, research & development costs and administrative  
expenses, respectively. Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference between the selling  
price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognized in the income statement as other operating  
income or other operating expenses, respectively.  
Right-of-use assets and lease liabilities are not recognized for low value lease assets or leases with a lease term of 12 months or less. These are recog-  
nized as an expense on a straight-line basis over the term of the lease. Any service elements separable from the lease contract are also accounted for  
following the same principle.  
The lease liability will be remeasured when changes occur due to modifications to the contract (extension, termination etc.) or indexation.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
84  
Notes  
12 Right-of-use assets (continued)  
Recognition of right-of-use assets in the balance sheet  
The profit and loss and cash flow impact of leases recognized for the year are specified below:  
31. December 31. December  
DKK thousands  
2025  
2024  
DKK thousands  
2025  
2024  
Right-of-use assets  
Land and buildings  
Vehicle fleet  
Depreciation charge, right-of-use assets  
163,322  
3,713  
188,007  
5,428  
Land and buildings  
46,734  
45,636  
2,636  
Vehicle fleet  
2,538  
Total right-of-use assets  
167,036  
193,435  
Total depreciation charge, right-of-use assets  
49,272  
48,272  
Additions on lease assets during the year  
10,541  
12,162  
Other Profit and loss  
Interest expenses on lease liabilities  
Expenses relating to short-term leases  
10,751  
2,033  
12,880  
1,853  
31. December 31. December  
2025  
2024  
Cash flow  
Contractual maturity of lease liabilities  
Total cash outflow for leases  
58,295  
56,902  
0-1 years  
55,808  
132,235  
4,652  
55,274  
147,9 05  
22,276  
2-5 years  
> 5 years  
Total undiscounted lease liabilities at 31 December  
192,695  
225,455  
All lease payments are fixed.  
31. December 31. December  
2025  
2024  
Lease liabilities  
Current  
54,198  
116,677  
170,875  
53,809  
140,915  
194,724  
Non-current  
Total lease liabilities  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
85  
Notes  
13 Other receivables  
Other non-current receivables are as follows:  
DKK thousands  
14 Other payables  
31 December 31 December  
2025  
2024  
DKK thousands  
2025  
2024  
Deposits  
16,369  
7,934  
15,555  
6,819  
Vacation payment accrual  
Other salary payables  
Other  
23,341  
80,291  
4,029  
24,464  
44,439  
709  
Prepayments  
Interest-bearing receivables  
Total  
65,992  
90,295  
107,683  
130,057  
Total  
107,661  
69,612  
Other current receivables are as follows:  
DKK thousands  
2025  
2024  
Indirect tax receivables  
Prepayments  
19,441  
36,276  
31,325  
15,664  
14,530  
117,236  
14,107  
28,942  
72,073  
13,595  
12,044  
140,763  
Interest-bearing receivables  
Other receivables from public authorities  
Other receivables  
Total  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
86  
Notes  
15 Provisions  
For the financial period ending 31 December 2025, other  
Right of  
return liability  
Other  
provision  
Carrying  
amount  
provisions included provisions for legal disputes and provi-  
sions for other matters where the outcome and timing are  
subject to estimation uncertainty.  
DKK thousands  
Warranty  
2025  
Opening balances at 1 January  
Exchange rate adjustment  
Additions during the year  
Additions through acquisition  
Used during the year  
Value adjustment  
38,465  
-
-
38,465  
-4,296  
83,694  
20,128  
-
§
ACCOUNTING POLICIES  
-4,296  
-
-
Provisions are recognized when 3Shape, as a result of an event occurring  
before or on the balance sheet date, has incurred a legal or constructive  
obligation, and it is probable that economic benefits will flow from the  
Group to settle the obligation.  
3,625  
-
80,069  
-
20,128  
-
-
-
-
-
-
-
Provisions mainly relate to right-of-return obligations and expected costs  
for product refinements. Provisions are measured at the best estimate of  
the expected expenditure. If the effect of the time value of money is signif-  
icant, provisions are discounted using a pre-tax discount rate, and the  
unwinding of the discount is recognized as a financial cost.  
-
31 December 2025  
37,794  
20,128  
80,069  
137,991  
Provisions expected to fall due :  
Non-current liabilities  
37,794  
-
-
20,128  
20,128  
63,527  
16,542  
80,069  
101,321  
36,670  
Current liabilities  
Provision at 31 December 2025  
37,794  
137,991  
2024  
Opening balances at 1 January  
Exchange rate adjustment  
Additions during the year  
Additions through acquisition  
Used during the year  
Value adjustment  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38,465  
38,465  
-
-
-
-
-
-
31 December 2024  
38,465  
38,465  
Provisions expected to fall due :  
Non-current liabilities  
38,465  
-
-
-
-
-
-
-
38,465  
-
Current liabilities  
Provision at 31 December 2024  
38,465  
38,465  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
87  
Notes  
16 Inventories  
§
ACCOUNTING POLICIES  
31 December 31 December  
DKK thousands  
2025  
2024  
Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down  
to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs.  
Inventory  
Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries as well as  
indirect production overheads. Production overheads comprise costs of material and labour as well as maintenance of and depreciation on produc-  
tion machinery, buildings and equipment as well as costs relating to plant administration and management.  
Raw materials and consumables  
Work in progress  
261,553  
66,138  
256,823  
73,350  
The net realisable value of inventories is determined as the selling price less costs of completion and costs incurred to effect the sale, taking into  
account marketability, obsolescence and developments in the expected selling price.  
Finished goods and goods for resale  
Writedowns at year-end  
Total inventories  
149,612  
-84,052  
393,251  
124,319  
-97,090  
357,402  
Material accounting estimates  
Inventories are measured at the lower of cost and net realizable value, which requires significant estimates. Key estimates include expected selling  
prices, forecasted demand, inventory rotation and product life cycles. Management also assesses obsolescence risks related to slow-moving and  
end-of-life products, as well as the condition and usability of inventory items. Changes in these assumptions may result in adjustments to inventory  
write-downs in future periods.  
Movements in inventory writedowns.  
DKK thousands  
2025  
2024  
Writedowns at 1 January  
Exchange rate adjustments  
Writedowns during the year  
Utilisation of writedowns  
Reversal of writedowns  
-97,090  
14  
-81,888  
-5,591  
-30,874  
24,862  
19,036  
-84,052  
-47,869  
18,591  
19,667  
-97,090  
Writedowns at 31 December  
During 2025, DKK.t. 13,024 (2024: DKK.t. 9,611) was recognized as an expense for inventories carried at net realizable  
value. This is recognized in cost of sales  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
88  
Notes  
17 Trade receivables  
Ageing of trade receivables  
Allowance for expected credit losses  
31 December 2025  
DKK thousands  
2025  
-21,741  
2024  
Loss  
allowance  
Carrying  
amount  
DKK thousands  
Gross  
Loss allowance at 1 January  
-17,088  
-72  
Foreign exchange adjustments  
Additions through acquisitions  
Provision for expected credit losses  
Reversal of expected credit losses (unused)  
Realised write-offs  
171  
-2,532  
-15,301  
8,866  
Trade receivables, not overdue  
357,285  
82,336  
16,386  
7,103  
-
-
357,285  
82,336  
12,898  
5,650  
5,824  
-
-
Trade receivables, 0-90 days overdue  
Trade receivables, 91-180 days overdue  
Trade receivables, 181-270 days overdue  
Trade receivables, 271-360 days overdue  
Trade receivables, more than 360 days overdue  
Total trade receivables  
-15,46 4  
10,116  
767  
-3,487  
-1,453  
-3,724  
-20,257  
-28,921  
1,615  
9,547  
Loss allowance at 31 December  
-28,921  
-21,741  
20,257  
492,914  
463,993  
§
ACCOUNTING POLICIES  
Trade receivables include receivables from sales and are measured at amortised cost less allowance for life-time expected credit losses.  
31 December 2024  
The Group applies the simplified approach to measuring expected credit losses under IFRS 9, which uses a lifetime expected loss allowance for all  
trade receivables and contract assets. The allowance for expected credit losses for trade receivables is based on historical credit loss experience.  
Loss  
allowance  
Carrying  
amount  
DKK thousands  
Gross  
The cost of allowances for expected credit losses and write-offs for trade receivables are recognized in the income statement under Production Cost.  
Payment terms vary significantly across territories.  
Trade receivables, not overdue  
493,560  
173,411  
7,768  
-
-
493,560  
173,411  
4,841  
4,723  
1,308  
-
Trade receivables, 0-90 days overdue  
Trade receivables, 91-180 days overdue  
Trade receivables, 181-270 days overdue  
Trade receivables, 271-360 days overdue  
Trade receivables, more than 360 days overdue  
Total trade receivables  
-2,927  
-1,832  
-761  
6,555  
2,069  
16,221  
699,584  
-16,221  
-21,741  
677,843  
The carrying amount of the trade receivables is assumed to approximate the fair value.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
89  
Notes  
18 Share capital and treasury shares  
Share capital  
The share capital comprises 187,290 class A shares of DKK 0.1 each, 4,674,049 class B shares of DKK 0.1 each and 527,033 class C shares of DKK 0.1 each. Each A, B and C share of DKK 0.1 per share carries 1 vote.  
Class A shares  
2025  
Class B shares  
2025  
Class C shares  
2025  
Number of shares  
Number of shares  
2024  
2024  
2024  
2025  
2024  
Opening balance 1 January  
Capital increase  
181,990  
5,300  
181,890  
100  
4,674,049  
-
4,673,769  
280  
527,033  
-
526,235  
798  
5,383,072  
5,300  
5,381,894  
1,178  
Closing balance 31 December  
187,290  
181,990  
4,674,049  
4,674,049  
527,033  
527,033  
5,388,372  
5,383,072  
Class A shares  
2025  
Class B shares  
2025  
Class C shares  
Nominal value (DKKt)  
2025  
In % of share capital  
2025  
Treasury shares  
2024  
2024  
2025  
2024  
2024  
2024  
Opening balance 1 January  
Acquisition of treasury shares  
Disposals, share options  
24,006  
48,346  
-
22,032  
2,174  
76  
509  
-
76  
-
379  
1,525  
-
379  
-
91,705  
214,149  
-
80,675  
11,135  
-105  
0.46%  
0.93%  
0.00%  
1.39%  
0.42%  
0.04%  
0.00%  
0.46%  
-200  
-
-
Treasury shares 31 December  
72,352  
24,006  
585  
76  
1,904  
379  
305,854  
91,705  
The Board has decided that the Group can hold 100,000 treasury shares.  
Exchange rate adjustment reserve  
§
ACCOUNTING POLICIES  
Exchange rate adjustment reserve  
Exchange rate adjustment reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with  
a functional currency other than DKK as well as from the translation of non-current balances which are considered part of the investment in foreign  
entities. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjustments are transferred to profit or loss in  
the same line item as the gain or loss.  
DKK thousands  
2025  
2024  
Opening balance 1 January  
17,252  
-13,065  
4,187  
10,024  
7,228  
Treasury shares  
The cost of acquisition and proceeds from sale of treasury shares are recognized in reserve for treasury shares. Dividends received in relation to  
treasury shares are recognized in retained earnings. The acquisition of treasury shares was mainly driven by contractual employee share arrange-  
ments, under which the Group repurchase shares upon employee departures.  
Foreign exchange adjustment of subsidiaries  
Translation reserve 31 December  
17,252  
Dividend  
Dividend is recognized in the financial statements when it is adopted at the Annual General Meeting and the Company thereby having incurred a liability.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
90  
Notes  
19 Changes in working capital  
20 Financial risk management (continued)  
DKK thousands  
2025  
2024  
Foreign currency risk  
Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because of changes  
in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates to exposure on  
revenue and expenses denominated in foreign currency.  
Changes in inventories  
-35,849  
277,139  
-17,459  
-262  
72,127  
-316,952  
-48,396  
71,265  
Changes in receivables  
Changes in trade payables  
Changes in deferred revenue  
Changes in other payables  
Exchange rate effect in working capital  
Other changes in working capital  
Total  
The global presence with manufacturing and representation offices in several countries as well as a direct sales channel  
in select countries creates currency exposure for the Group. The principal exchange rate effect arises from transaction  
flows when purchasing and/or production is carried out in one currency and sales occur in another one.  
38,048  
-42,307  
676  
34,682  
7,054  
A major part of the business flows is denominated in EUR and USD. DKK and EUR are closely correlated as DKK is pegged  
to EUR. Consequently, the risk on EUR is considered limited. Other business flows are primarily denominated in USD, CNY  
and PLN. The Group's overall currency exposure is managed centrally. This is carried out by exchanging sufficient cash  
into the required currency using spot exchange once the requirement is known. Cash more than working capital needs is  
held in EUR or DKK.  
10,811  
219,986  
-169,409  
20 Financial risk management  
The Group does not perform any hedging activities, and at present 3Shape does not have plans to engage in hedging of  
foreign currency risks. Engaging in hedging activities requires approval from the Board of Directors.  
Policy for management of capital  
The Group's capital management is assessed and adjusted in close cooperation with its owners. It is the view that the  
Group's capital structure and financial gearing at all time shall reflect the Group's activities and risk profile providing  
opportunities for investment based on Group strategy.  
Sensitivity analysis  
The following table shows the impact on the group's net profit in the event of a 10% fluctuation in the main currencies  
relative to the recognized financial instruments. The fluctuation of 10% constitutes the management’s assessment of a  
realistic exchange rate development within the main currencies. The financial instruments comprised by the sensitivity  
analysis include trade receivables, cash, payables, trade payables and intercompany balances. The sensitivity analysis  
does not take into consideration any translation effect from functional currency to presentation currency.  
Policy for management of financial risks  
The group’s risk management is predominantly controlled by a central finance department (group finance) under policies  
approved by the Board of Directors. Group finance identifies and evaluates financial risks in close co-operation with the  
Group’s operating units. The Board provides written principles for overall risk management, as well as policies covering  
specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.  
Decrease of 10% in USD  
Increase of 10% in PLN  
DKK thousands  
2025  
2024  
2025  
2024  
Income statement  
-25,938  
-66,414  
-36,873  
-37,637  
Management has assessed the following key financial risks:  
-25,938  
-66,414  
-36,873  
-37,637  
Market Risk  
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in  
market prices. For the Group, market risk comprises foreign currency risk and interest rate risk.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
91  
Notes  
20 Financial risk management (continued)  
21 Net interest-bearing debt  
Interest rate risk  
The net interest-bearing debt is as set out in the table below.  
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of  
changes in market interest rates. The Group’s exposure to interest rate risk arises mainly from deposits held by the Group.  
These are short-term and not material amounts. As the Group is generating positive cash flows, exposure to interest rate  
risk is considered minimal.  
31 December 31 December  
DKK thousands  
2025  
2024  
Bank debts  
22,290  
170,875  
193,165  
-
194,724  
194,724  
The Group regularly monitors its interest rate risk and considers it to be insignificant, therefore an interest rate sensitivity  
analysis is not deemed necessary.  
Lease liabilities  
Gross interest-bearing debt  
Credit risk  
Credit risk exposure to financial counterparties  
Cash and cash equivalent  
790,338  
1,030,594  
Credit risk arises from the possibility that transactional counterparties may default on their obligations, causing financial  
losses for the Group. To manage credit risk regarding financial counterparties, the Group only enters into money market  
investments with counterparties possessing a satisfactory long-term credit rating. A credit scoring of A or higher is a  
requirement, with exceptions being made in local markets where banks with such ratings may not be present.  
Gross interest-bearing receivables  
790,338  
1,030,594  
Net-interest bearing debt  
-597,173  
-835,870  
Credit risk exposure to non-financial counterparties  
§
ACCOUNTING POLICIES  
Credit risk exposures to non-financial counterparties is the risk that a counterparty will not meet its obligations, leading  
to a financial loss. The Group is exposed to credit risk primarily related to its trade and other receivables.  
On initial recognition, interest-bearing debt and borrowings are measured at fair value less transaction costs. Subsequent to initial recognition, inter-  
est-bearing loans and borrowings are measured at amortised cost.  
The Group assesses default and partly write off outstanding amounts when the trade receivables are due more than 90  
days and fully when above 360 days or when there is a court order of bankruptcy from the counterparty. Since many  
years, 3Shape has not realized significant losses on receivables.  
Liquidity Risk  
Liquidity risk results from the Group’s potential inability or difficulty in meeting the contractual obligations associated  
with its financial liabilities due to insufficient liquidity.  
As of December 31, the Group's cash and cash equivalents amounted to DKK 790 million (2024: DKK 1,031 million), which  
is deemed sufficient to meet the current obligations and future obligations in line with the Group's expectations and  
strategy.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
92  
Notes  
22 Financial assets and liabilities by category  
23 Financing activities  
31 December 31 December  
Non-cash change  
DKK thousands  
2025  
2024  
Acqui-  
Beginning  
of the year  
sition  
addition Cash flow  
Financial assets measured at amortised cost  
Trade receivables  
DKK thousands  
Other* End of year  
463,993  
66,004  
97,317  
677,8 43  
55,302  
Other receivables  
Financing activities 2025  
Bank debts  
Interest-bearing receivables  
Prepayments  
179,757  
35,762  
-
194,724  
194,724  
27,308  
-
-5,018  
-45,510  
-50,528  
-
21,662  
21,662  
22,290  
170,875  
193,165  
44,210  
671,524  
Lease liabilities  
Financial assets measured at amortised cost  
948,663  
Total liabilities from financing activities  
27,308  
Financial liabilities measured at amortised cost  
Financing activities 2024  
Lease liabilities  
Bank debt  
22,290  
170,875  
153,937  
-
194,724  
171,396  
198,290  
-
-42,169  
38,603  
194,724  
Lease liabilities  
Trade payables  
Total liabilities from financing activities  
198,290  
-
-42,169  
38,603  
194,724  
*
Other includes additions and remeasurement of financial liabilities  
Other liabilities  
107,661  
108,077  
Financial liabilities measured at amortised cost  
454,763  
474,197  
As carried amounts measured in the balance sheet all are adjusted according to the official year end exchange rate, the  
carried amounts are assessed as representable for fair value.  
Financial liabilities measured at fair value  
Contingent liability  
151,583  
-
Financial liability measured at fair value  
151,583  
-
As carried amounts measured in the balance sheet all are adjusted according to the official year end exchange rate, the  
carried amounts are assessed as representable for fair value.  
Financial liability measured or disclosed at fair value  
2025  
Level 1  
Level 2  
Level 3  
Contingent liability  
-
-
-
-
151,583  
Total  
151,583  
The fair value of the contingent liability is calculated as the probability-weighted present value of expected future  
payments under the earn-out arrangement, discounted using a rate reflecting the time value of money and the risks  
specific to the obligation.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
93  
Notes  
24 Financing liabilities  
25 Adjustments of non-cash operating items  
DKK thousands  
2025  
180,268  
2024  
The table breaks down the Group's financial liabilities into relevant maturity groupings based on contractual maturities  
Total cash  
Carrying flow including  
Income taxes in the income statement  
Amortisation on intangible assets  
Depreciation on tangible assets including right-of-use assets  
Net value of disposed assets  
310,332  
36,337  
73,176  
-
105,484  
71,771  
6,238  
DKK thousands  
amount  
interest  
0-1 year  
1-5 years  
> 5 years  
Financing liabilities - maturity 2025  
Contingent liability  
Trade payables  
Unrealised foreign exchange gains/losses  
Unwinding of discount  
30,727  
15,962  
6,959  
-25,738  
-
151,583  
153,937  
107,661  
22,290  
264,279  
153,937  
107,661  
25,397  
-
153,937  
107,661  
13,962  
264,279  
-
-
-
-
Unwinding of post-combination remuneration  
Share-based payment  
-
Other payables  
-
1,146  
8,023  
402,130  
Bank debt  
9,867  
274,146  
1,567  
1,567  
Total  
418,554  
Total  
435,471  
551,274  
275,560  
Financing liabilities - maturity 2024  
Trade payables  
171,396  
69,612  
171,396  
69,612  
171,396  
69,612  
-
-
-
-
-
-
Other payables  
Total  
241,008  
241,008  
241,008  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
94  
Notes  
DKK thousands  
PPA fair value  
26 Business combination  
On 18 June 2025, 3Shape completed the acquisition of EON Dental NV (hereinafter, “EON Dental”), a leading provider of  
digital orthodontic solutions headquartered in Jordan. The acquisition enhances 3Shape’s orthodontic offering by inte-  
grating clear aligner technology and case-management software into its end-to-end digital workflow.  
Customer relations  
Development projects  
Intangible assets  
24,000  
113,211  
65  
At completion, 3Shape acquired 71,7% of the shares in EON Dental. Concurrently, 3Shape and the remaining share-  
holders entered into binding contractual arrangements under which 3Shape is obliged to acquire, and the remaining  
shareholders are obliged to sell, the remaining 28,3% of the shares after the expiry of the agreed earn-out period  
(“Deferred Completion”).  
Property, plant and equipment  
Inventories  
14,765  
18,999  
38,493  
2,546  
Trade receivables  
Deferred tax assets  
Other receivables  
Cash and cash equivalents  
Bank debt  
Based on the contractual arrangements, 3Shape has concluded that, in substance, 3Shape obtained control over 100%  
of EON Dental at the acquisition date. The contractual obligation to acquire the remaining shares represents a present  
obligation for cash settlement and is accounted for as a financial liability.  
9,836  
18,745  
-27,308  
-30,079  
-20,128  
-1,231  
-16,203  
1,351  
Consequently, no non-controlling interests have been recognised in connection with the business combination.  
Deferred tax liabilities  
Provisions  
The identifiable assets acquired and liabilities assumed are presented in the table below. The amounts are provisional  
and based on preliminary information. The identification and valuation of intangible assets and other net assets will be  
finalized within the measurement period (up to 12 months from the acquisition date) and are expected to be completed  
during 2026.  
Deferred revenue  
Trade payables  
Corporation tax  
Other payables  
-25,16 4  
121,899  
Net identifiable assets acquired  
Goodwill  
278,449  
Fair value of total consideration  
400,348  
Equity instruments  
-3,679  
-134,343  
262,326  
Contingent consideration  
Cash consideration  
Total consideration  
400,348  
Cash and cash equivalents in business acquired  
-18,745  
Cash consideration for the acquisitions  
243,581  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
95  
Notes  
26 Business combination (continued)  
The total acquisition cost (including cash consideration and the fair value of contingent consideration) amounts to mDKK  
400,3. This comprises cash consideration of mDKK 262,3 and contingent consideration of mDKK 134,3 and equity instru-  
ments of mDKK 3,7.  
Customer relations  
Customer relations were valued using the allowed margin method. The method estimates the present value of the future  
cash flows attributable to the existing customer base from the acquisition date in June 2025 to 2031 adjusted for an  
expected churn rate and discounted with the internal required rate of return of 17,4% p.a.  
As part of the acquisition of EON Dental, a contingent consideration (earn-out) arrangement has been agreed with the  
remaining sellers. The arrangement initially runs for 36 months from completion (the “Earn-out Period”) and may be  
extended by up to 12 months. The earn-out is dependent on revenue targets and is capped (undiscounted) at USD 115,1  
million (mDKK 731,2).  
Development projects  
EON Dental’s revenue is generated through proprietary technology and software platforms supporting digital ortho-  
dontic workflows, including treatment planning, case-management software, and manufacturing processes. These  
technology platforms enable recurring and scalable revenue generation and therefore represent ongoing value that is  
directly attributable to the underlying technology.  
Twenty-five percent (25%) of the nominal earn-out is contingent on the continued employment of the selling share-  
holders and is therefore accounted for as post-combination remuneration, not as consideration transferred. This amount  
will be recognized as personnel expenses over the earn-out period.  
The fair value of the acquired technology was determined using the relief-from-royalty method. The valuation was based  
on forecasted revenue from the acquisition date in June 2025 to 2031 that reflects revenues attributable to the existing  
technology at the acquisition date. A market-based royalty rate of 15% was applied and discounted with the internal  
required rate of return of 17,4% p.a.  
The fair value of the contingent consideration has been determined based on probability-weighted scenarios and a  
discount rate of 15,4%. The estimated undiscounted amount of the earn-out is USD 41,6 million (mDKK 264,3) . Subse-  
quent remeasurement of the liability will be recognized in profit or loss.  
Material accounting estimates  
Goodwill represents expected synergies, the assembled workforce, and growth opportunities that are not separately  
identifiable. Goodwill is not amortized but is subject to annual impairment testing. None of the goodwill is expected to be  
deductible for income tax purposes.  
Key assumptions for the methods applied in determining the fair value are based on the present value of future cash  
flows, churn rates or the expected cash flows related to the specific asset. Estimates and methodologies used can have  
a material impact on the respective values and ultimately the amount of the fair values recognized for identifiable assets  
and liabilities of the acquired business.  
From the acquisition date to 31 December 2025, EON Dental contributed revenue of mDKK 88.7 and a net loss of mDKK  
6,4 to the Group. Had the acquisition occurred on 1 January 2025, the Group’s revenue would have been approximately  
mDKK 165,6 and the net loss approximately mDKK 22,4.  
The acquisition includes contingent consideration in the form of an earn-out linked to EON Dental’s future revenue  
performance. The measurement of the earn-out involves significant estimates, including estimates of future revenue  
and probability weighted outcomes. Changes in these estimates may result in subsequent remeasurement of the liability  
recognized in profit or loss.  
Transaction costs related to the acquisition of EON Dental, including advisory, legal, and valuation fees, totaling mDKK  
12,7, were expensed in profit or loss under “Other operating income and expenses.” These costs do not form part of the  
consideration transferred.  
Identifiable intangible assets  
As part of the purchase price allocation, 3Shape recognized the following identifiable intangible assets, which were  
measured at acquisition-date fair value.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
96  
Notes  
27 Contingent liabilities and commitments  
26 Business combination (continued)  
contingent  
liability  
Contingent liabilities  
The Group had the following contingent liabilities as of 31 December 2025  
DKK thousands  
In 2025, as well as in 2024, the Group was party to certain legal claims (including a lawsuit from Densys Ltd regarding  
alleged patent infringements). The case concerns only the US market, and 3Shape disputes the allegations made. The  
outcome of these disputes is not considered likely to impact the Group's financial position significantly.  
2025  
Opening balances at 1 January  
Exchange rate adjustment  
Additions through acquisition  
Unwinding of discount  
Unwinding of post-combination remuneration  
Value adjustment  
0
-5,681  
134,343  
15,962  
6,959  
Commitments  
DKK thousands  
2025  
2024  
0
Guarantee commitments  
Bank guarantee  
31 December 2025  
151,583  
350  
350  
Total guarantee commitments  
350  
350  
Contingent liability expected to fall due :  
Non-current liabilities  
151,583  
Current liabilities  
DKK thousands  
2025  
2024  
Contingent liability at 31 December 2025  
151,583  
Operating commitments  
Purchase contracts for raw materials  
Total operating commitments  
16,091  
65,000  
16,091  
65,000  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
97  
Notes  
28 Related parties  
Ownership  
3Shape Holding A/S' related parties comprise the following:  
Companies in the Group  
Country  
2025  
2024  
The following shareholders are listed in the company's owner's register as owning a minimum of 5% of the votes or a  
minimum of 5% of the share capital:  
3Shape A/S  
Denmark  
Denmark  
China  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
0%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
0%  
3Shape Trios A/S  
Shareholder  
Registered office  
3Shape (Shanghai) Co., Ltd.  
3Shape UK Limited  
UK  
- Clausen Engineering ApS  
- Deichmann Media ApS  
- Jaws BidCo S.à r.l.  
Copenhagen  
Copenhagen  
Luxembourg  
3Shape A/S Medical Equipment Manufacture Shanghai Limited  
3Shape Australia Pty Ltd  
China  
Australia  
Brazil  
3Shape do Brasil Soluções Tecnológicas para Saúde Ltda.  
3Shape France SAS  
France  
3Shape Germany GmbH  
Germany  
USA  
Other Related parties  
3Shape Inc.  
Other Related parties with significant influence comprise the Board of Directors and Executive Board and their related  
parties. There were no other parties identified.  
3Shape Italy SRL  
Italy  
3Shape Japan GK  
Japan  
There has been no related party transactions other than normal remuneration of the Board of Directors and Executive  
Board which are disclosed as part of note 5.  
3Shape Korea Limited  
South Korea  
Poland  
Colombia  
Spain  
3Shape Poland sp. z o.o.  
3Shape S.A.S.  
3Shape Trios S.L.  
3Shape Ukraine Ltd.  
Ukraine  
Northern Macedonia  
USA  
3Shape LLC Skopje (Macedonia)  
3Shape Design Services, LLC  
3Shape Design Services Costa Rica, S.R.L.  
Shenzhen FullContour Design Co. Ltd  
SC Investment Company, LLC  
3Shape India Private Limited  
3SHAPE TURKEY DİŞ HEKİMLİĞİ ÜRÜNLERİ TİCARET LİMİTED ŞİRKETİ  
3Shape Co., Ltd. (Taiwan)  
Three Shape DS CR Limited  
Eon Dental NV  
Costa Rica  
China  
100%  
100%  
100%  
100%  
100%  
100%  
72%  
USA  
India  
Turkey  
Taiwan  
Costa Rica  
Belgium  
Jordan  
Jordan  
Ukraine  
0%  
Eon Dental Jordan LLC  
72%  
0%  
Eon Dental Jordan FZ  
72%  
0%  
3Shape Ukraine Digital Ltd.  
100%  
0%  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
98  
Notes  
Restricted stock units  
to employees  
Shares for  
Management Board  
29 Share-based payment  
Total  
DKK thousands  
2025  
2024  
DKK thousands  
2025  
2024  
2025  
2024  
2025  
2024  
Short and long-term share-based incentive programs to employees  
Long-term share-based incentive programme (Executive management)  
Share-based payment expensed in the income statement  
411  
735  
411  
7,612  
8,023  
Outstanding share options  
Outstanding at the beginning  
of the year  
428  
789  
-
464  
-
5,300  
5,300  
5,728  
789  
5,764  
1,146  
Allocated in the year  
-
-
-
-
Restricted stock units to employees - new programme introduced in 2025  
Exercised during the year  
Cancelled during the year  
Outstanding at end of the year  
-
-5,300  
-
-
-5,300  
-106  
In December 2025, 3Shape introduced a new Restricted Stock Unit (RSU) programme for selected employees in recogni-  
tion of their continued contributions and performance. Under the programme, participants receive RSUs free of charge.  
Each RSU provides the right to receive one A share in 3Shape Holding A/S upon vesting.  
-106  
1,111  
-36  
428  
-
-36  
-
5,300  
1,111  
5,728  
RSUs vest after a three-year vesting period, running from the grant date on 15 December 2025 until 15 December 2028,  
and vesting is conditional on continued employment with 3Shape on the vesting date. Upon vesting, shares are delivered  
to participants at no cost, and carry voting rights and rights to dividends from the date of transfer.  
Restricted  
Restricted stock  
stock units to units to employees  
The grant-date fair value of RSUs is measured based on the fair value of the underlying shares on 15 December 2025. The  
total cost of the programme amounts to DKK 2,912 thousand and is expensed on a straight-line basis over the three-year  
vesting period, in accordance with IFRS 2.  
Numbers  
employees  
(legacy)  
Active restricted share programmes  
Originally granted shares  
Share value at launch (DKK)  
Fair value at grant (USDk)  
Vesting period  
789  
3,691  
464  
6,211  
2,882  
Restricted stock units to employees - legacy programmes  
In appreciation of the efforts of employees during recent years, as of 28 October 2022 and 31 March 2023, 3Shape  
offered selected specialist employees restricted stock units. A restricted stock unit gives the holder the right to receive  
two 3Shape Holding A/S A-shares free of charge in October 2029 and April 2030, subject to continued employment.  
2,912  
2025 to 2028  
2022-2023 to  
2029-2030  
The total cost of the programme is DKK 2,882 thousand, which is amortised on a straight-line basis over the respective  
vesting periods.  
Amortisation period  
3 years  
7 years  
§
ACCOUNTING POLICIES  
Long-term share-based incentive programme  
The fair value of 3Shape’s share-based payment is expensed on an accrual basis. Fair value of equity-based schemes at the time of allocation is calcu-  
lated according to recognized valuation models or methods. This value is expensed over the service period for each of the respective schemes and is  
taken to equity. On recognition of the fair value during the service period, account is taken of the number of employees who are expected to obtain a  
final right to the scheme, including the conditions to which the allocation is subject. This estimate is reassessed at the end of each reporting period so  
that only the number of rights expected to be vested are recognized. Adjustments relating to previous periods are recognized in the period in which  
the adjustment is made. The fair value per unit does not change.  
Executive management  
On 8 June 2022, the Board of Directors approved a warrant program of 5,300 A shares for the Executive management.  
The cost of the programme is amortised over the vesting period of 2022-2025. The total costs is DKK 20,3 million.  
All restricted stock units and shares allocated to employees and Management are settled by shares at the time of vesting.  
Valuation is based on Black-Scholes option pricing model. The Black-Scholes option pricing model takes into account the  
exercise price, the term of the warrant, the share price at grant date and expected price volatility of the underlying share,  
the expected dividend yield, the risk-free interest rate for the term of the warrant, and the correlations and volatilities of  
a peer group of companies.  
 
Financial Statements Consolidated Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
99  
Notes  
30 Remuneration of the auditors elected by the general meeting  
32 Non-IFRS financial definitions  
DKK thousands  
2025  
2024  
EBITDA  
EBITDA is defined as ’net profit’, adjusted for 'income taxes', 'financial items',  
'depreciation and amortisation' and 'impairment losses'  
Fee for statutory audit  
Tax consultancy  
2,766  
626  
2,284  
355  
Profit margin  
Net profit as a percentage of revenue.  
Other assurance engagements  
Non-audit services  
Total  
44  
31  
1,444  
4,880  
466  
3,136  
Gross margin  
Gross profit as a percentage of revenue.  
EBITDA margin  
EBITDA as a percentage of revenue.  
31 Events occurring after the balance sheet date  
Operating (EBIT) margin  
The Group has not identified any events after the balance sheet date that would significantly affect these financial state-  
ments.  
Operating (EBIT) profit as a percentage of revenue.  
Return of equity  
Net profit as a percentage of the average equity.  
Free cash flow  
Cash flow from operating and investing activities.  
 
Financial Statements Statements  
3Shape Holding A/S  
Annual Report 2025  
100  
Statements  
101 Managements statement  
102 Independent auditor's report  
 
Financial Statements
Statements  
3Shape Holding A/S  
Annual Report 2025  
101  
Managements statement
The Board of Directors and the Executive Management have today considered and  
approved the Annual Report of 3Shape Holding A/S for the financial year that ended  
31 December 2025.  
Copenhagen, May 21, 2026
Executive Management  
The consolidated financial statement and parent financial statement have been prepared  
in accordance with the International Financial Reporting Standards as adopted by the EU  
and disclosure requirements of the Danish Financial Statements Act.  
Jacob Vishof Paulsen (CEO)
In our opinion, the consolidated financial statements and the parent financial statements  
give a true and fair view of the financial position of the Group at 31. december 2025  
and of the results of their operations and consolidated cash flows for the financial year  
1 January - 31 December 2025.  
Board of Directors  
Further, in our opinion, the Management's review gives a fair review of the development  
in the Group's and the Parent Company's operations and financial matters, the results for  
the year and the Group's and the Parent Company's financial position.  
Jørgen Falkebo Jensen
(Chair)
Nikolaj Deichmann
Tais Clausen
In our opinion the ESG performance data included in the Management’s review represent  
a fair and balanced view of the Group’s sustainability performance and social responsibility  
and are prepared in accordance with the stated accounting policies.  
Karsten Munk Knudsen
Matteo Thun-Hohenstein
Heather Jordan Cartwright
We recommend that the annual report be approved at the annual general meeting.
 
Financial Statements
Statements  
3Shape Holding A/S  
Annual Report 2025  
102  
Independent auditor's report
Basis for opinion  
In connection with our audit of the finan-  
cial 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.  
Management determines is necessary to enable  
the preparation of financial statements that are  
free from material misstatement, whether due  
to fraud or error.  
To the shareholders of 3Shape Holding A/S
We conducted our audit in accordance with  
International Standards on Auditing (ISAs) and  
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  
consolidated financial statements and the parent  
company financial statements" (hereinafter  
collectively referred to as "the financial state-  
ments") section of our report. We believe that the  
audit evidence we have obtained is sufficient and  
appropriate to provide a basis for our opinion.  
Opinion  
We have audited the consolidated financial  
statements and the parent company financial  
statements of 3Shape Holding A/S for the  
financial year 1 January – 31 December 2025,  
which comprise income statement, compre-  
hensive income, balance sheet, equity state-  
ment, cash flow statement and notes, including  
material accounting policy information, for the  
Group and the Parent Company. The consol-  
idated financial statements and the parent  
company financial statements are prepared in  
accordance with IFRS Accounting Standards as  
adopted by the EU and additional requirements  
of the Danish Financial Statements Act.  
In preparing the financial statements, Manage-  
ment 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 in preparing  
the financial statements 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.  
Moreover, it is our responsibility to consider  
whether the Management's review provides the  
information required under the Danish Financial  
Statements Act.  
Independence  
Based on our procedures, we conclude that  
the Management's review is in accordance  
with the financial statements and has been  
prepared in accordance with the requirements  
of the Danish Financial Statements Act. We did  
not identify any material misstatement of the  
Management's review.  
We are independent of the Group in accord-  
ance 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.  
Auditor's responsibilities for the  
audit of the financial statements  
Our objectives are to obtain reasonable assur-  
ance 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 assur-  
ance, but is not a guarantee that an audit  
conducted in accordance with ISAs and addi-  
tional requirements applicable in Denmark will  
always detect a material misstatement when it  
exists. Misstatements can arise from fraud or  
error and are considered material if, individually  
or in the aggregate, they could reasonably be  
In our opinion, the consolidated financial state-  
ments and the parent company financial state-  
ments give a true and fair view of the financial  
position of the Group and the Parent Company  
at 31 December 2025 and of the results of the  
Group's and the Parent Company's operations  
and cash flows for the financial year 1 January  
– 31 December 2025 in accordance with IFRS  
Accounting Standards as adopted by the EU and  
additional requirements of the Danish Financial  
Statements Act.  
Management's responsibilities  
for the financial statements  
Statement on the Management's review  
Management is responsible for the Manage-  
ment's review.  
Management is responsible for the prepara-  
tion of consolidated financial statements and  
parent company financial statements that give  
a true and fair view in accordance with IFRS  
Accounting Standards as adopted by the EU and  
additional requirements of the Danish Financial  
Statements Act and for such internal control as  
Our opinion on the financial statements does  
not cover the Management's review, and we do  
not express any assurance conclusion thereon.  
 
Financial Statements
Statements  
3Shape Holding A/S  
Annual Report 2025  
103  
expected to influence the economic decisions  
of users taken on the basis of the financial  
statements.  
•
•
Evaluate the appropriateness of accounting  
policies used and the reasonableness of  
accounting estimates and related disclosures  
made by Management.  
•
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 group  
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.  
As part of an audit conducted in accordance  
with ISAs and additional requirements appli-  
cable in Denmark, we exercise professional  
judgement and maintain professional scepti-  
cism throughout the audit. We also:  
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 state-  
ments 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.  
•
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, inten-  
tional omissions, misrepresentations or the  
override of internal control.  
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 signif-  
icant deficiencies in internal control that we  
identify during our audit.  
Copenhagen,21 May 2026
•
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.  
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
•
Evaluate the overall presentation, structure  
and contents of the financial statements,  
including the note disclosures, and whether  
the financial statements represent the  
underlying transactions and events in a  
manner that gives a true and fair view.  
Henrik Kronborg Iversen
Morten Weinreich Larsen
State Authorised Public
Accountant
State Authorised Public
Accountant
mne24687
mne42791
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
104  
Parent Company  
Financial Statements  
105 Income statement  
105 Comprehensive income  
106 Balance sheet  
107 Equity statement  
109 Cash flow statement  
110 Notes  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
105  
Income statement  
Comprehensive income  
DKK thousands  
Note  
2025  
2024  
DKK thousands  
Note  
2025  
2024  
Administrative costs  
2
-1,496  
-511  
Profit for the year  
564,848  
1,077,295  
Operating profit/loss  
-1,496  
-511  
Other comprehensive income  
Shares of profit/loss in subsidiaries  
Financial income  
3
4
4
577,819  
5,181  
1,071,823  
7,927  
Items that will be reclassified subsequently to  
the income statement:  
Financial expenses  
-18,028  
563,476  
-2,14 0  
Exchange rate adjustments of investments in subsidiaries  
-10,382  
7,228  
Profit/loss before tax  
1,077,100  
Other comprehensive income, net of tax  
-10,382  
7,228  
Tax  
5
6
1,372  
195  
Total comprehensive income  
554,466  
1,084,523  
Profit/loss for the year  
564,848  
1,077,295  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
106  
Balance sheet  
As at  
As at  
As at  
As at  
31 December 31 December  
31 December 31 December  
DKK thousands  
Note  
2025  
2024  
DKK thousands  
Note  
2025  
2024  
Assets  
Equity and liabilities  
Equity investments in subsidiaries  
3
1,518,285  
1,856,056  
Share capital  
539  
645,313  
538  
551,037  
Total non-current assets  
1,518,285  
1,856,056  
Retained earnings  
Proposed dividend  
Other reserves  
Total equity  
355,103  
538,307  
814,047  
1,903,928  
Receivables from affiliated companies  
Cash  
63,304  
146,944  
17,54 6  
74,149  
724,087  
1,725,041  
Total current assets  
Total assets  
210,248  
91,695  
1,728,533  
1,947,751  
Trade payables  
852  
2,641  
61  
43,762  
Corporation tax  
Total current liabilities  
Total liabilities  
3,492  
43,823  
3,492  
43,823  
Total equity and liabilities  
1,728,533  
1,947,751  
Please refer to statement of changes in equity and note 18 in the consolidated financial statements for details on the  
average number of shares, treasury shares and total number of shares in 3Shape Holding A/S  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
107  
Equity statement  
Net  
revaluation  
reserve  
Reserve for  
treasury  
shares  
according to  
the equity  
method  
Share  
premium  
Retained  
earnings  
Proposed  
dividend  
DKK thousands  
Share capital  
Total equity  
Equity at 1 January 2025  
538  
99,428  
-91,704  
806,323  
551,037  
538,307  
1,903,928  
Net profit  
-
-
-
-
-
-
-
-
-
577,819  
-10,382  
567,437  
-368,074  
-
355,103  
-
564,848  
-10,382  
554,466  
Other comprehensive income for the year  
Total comprehensive income for the period  
-368,074  
355,103  
Transactions with owners in their capacity as owners:  
Capital increase  
1
-
12,004  
-
-
-
1,146  
-
12,005  
1,146  
Share-based payment  
-
-
-
-
-
-
Acquisition of treasury shares  
Expected dividends from subsidiaries  
Distributed dividends  
-
-
-214,149  
-
-214,149  
-
-
-
-
-450,000  
-5,252  
-
450,000  
5,252  
5,952  
-
-
-
-
-
-
-532,355  
-5,952  
-538,307  
-532,355  
-
Dividends, treasury shares  
-
Total transactions with owners  
1
12,004  
-214,149  
-455,252  
462,350  
-733,353  
Equity at 31 December 2025  
539  
111,432  
-305,853  
918,508  
645,313  
355,103  
1,725,041  
Expected dividends from subsidiaries have been approved before the general meeting of 3Shape Holding A/S and therefore, in accordance with the rules of the Danish Financial Statements  
Act for the principle of simultaneity, transferred from the net revaluation reserve using the equity method to the transferred result.  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
108  
Equity statement  
Net  
revaluation  
reserve  
Reserve for  
treasury  
shares  
according to  
the equity  
method  
Share  
premium  
Retained  
earnings  
Proposed  
dividend  
DKK thousands  
Share capital  
Total equity  
Equity at 1 January 2024  
538  
90,652  
-80,675  
658,601  
141,420  
753,465  
1,564,001  
Net profit  
-
-
-
-
-
-
-
-
-
1,071,823  
7,228  
-532,835  
-
538,307  
-
1,077,295  
7,228  
Other comprehensive income for the year  
Total comprehensive income for the period  
1,079,051  
-532,835  
538,307  
1,084,523  
Transactions with owners in their capacity as owners:  
Capital increase  
-
-
-
-
-
-
-
8,776  
-
-
-
8,023  
-
8,776  
8,023  
-11,029  
-
Share-based payment  
-
-
-
-
-
-
Acquisition of treasury shares  
Expected dividends from subsidiaries  
Distributed dividends  
-
-11,029  
-
-
-
-900,000  
-31,329  
-
900,000  
31,329  
3,10 0  
-
-
-
-
-
-750,365  
-3,10 0  
-753,465  
-750,365  
-
Dividends, treasury shares  
Total transactions with owners  
8,776  
-11,029  
-931,329  
942,452  
-744,596  
Equity at 31 December 2024  
538  
99,428  
-91,704  
806,323  
551,037  
538,307  
1,903,928  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
109  
Cash flow statement  
DKK thousands  
Note  
2025  
2024  
Net profit for the year  
564,848  
-576,672  
-11,825  
-86,089  
-
1,077,295  
-1,072,773  
4,522  
Adjustments of non-cash operating items  
Cash generated from operations before changes in working capital  
Changes in working capital  
8
9
29,582  
195  
Income taxes paid  
Cash flows from operating activities  
-97,914  
34,299  
Investment in subsidiaries  
-43  
-175  
Cash flows from investing activities  
-43  
-175  
Capital increase  
12,004  
-214,149  
905,252  
-532,355  
170,752  
8,776  
-2,254  
Purchase/sale of treasury shares  
Dividends received from subsidiaries  
Dividends paid to company’s shareholders  
Cash flow from financing activities  
581,329  
-750,365  
-162,514  
Net increase in cash and cash equivalents  
Cash and cash equivalents, beginning of year  
Cash and cash equivalents, year end  
72,795  
74,149  
-128,388  
202,537  
74,149  
146,944  
The cash flow statement cannot be directly derived from the balance sheet and income statement.  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
110  
Notes  
1
Accounting policies  
3
Equity investments in subsidiaries  
DKK thousands  
2025  
2024  
The financial statements of the parent company have  
been prepared in accordance with International Finan-  
cial Reporting Standards (IFRS) as adopted by the EU and  
further requirements in the Danish Financial Statements  
Act.  
Equity investments in subsidiaries measured at net asset  
value are subject to impairment test requirements if  
there is any indication of impairment.  
Cost  
1 January  
Additions  
31 December  
31,046  
30,871  
175  
Net revaluation reserve according  
to the equity method  
43  
The accounting policies applied by the Parent Company  
are the same as the ones applied to the 3Shape Group.  
Net revaluation of equity investments in subsidiaries and  
associates is recognized at cost in the net revaluation  
reserve according to the equity method. The reserve  
can be eliminated in case of losses, realisation of equity  
investments or changes in accounting estimates. The  
reserve cannot be recognized at a negative amount.  
31,089  
31,046  
Value adjustments  
See the notes to the consolidated financial statements.  
1 January  
1,825,010  
-10,382  
1,327,288  
7,228  
Equity investments in subsidiaries in the  
parent company financial statements  
Equity investments in subsidiaries are measured  
according to the equity method in the parent company  
financial statements. The Parent Company has chosen to  
consider the equity method as a measurement method.  
Foreign exchange rate adjustment  
Distributed dividends  
-905,252  
577,819  
-581,329  
1,071,823  
1,825,010  
Expected dividends from subsidiaries have been  
approved before the general meeting of 3Shape Holding  
A/S and therefore, in accordance with the rules of  
the Danish Financial Statements Act for the principle  
of simultaneity, transferred from the net revaluation  
reserve using the equity method to retained earnings.  
Negative value adjustments of divested subsidiaries are  
not reversed in the net revaluation reserve according to  
the equity method.  
Profit/loss for the year  
Value adjustments at 31 December  
1,487,195  
Carrying amount at 31 December  
1,518,285  
1,856,056  
On initial recognition, equity investments in subsidiaries  
and associates are measured at cost, i.e. plus transaction  
costs. The cost is allocated in accordance with the acqui-  
sition method; see the accounting policies regarding the  
consolidated financial statements above.  
Group companies are specified in note 28 in the consolidated financial statements.  
The cost is adjusted by shares of profit/loss after tax  
calculated in accordance with the Group's accounting  
policies less or plus unrealised intra-group gains/losses.  
2
Administrative costs  
For information regarding remuneration to the Board  
of Directors and Executive Management, please refer to  
note 5 to the consolidated financial statements.  
Identified increases in value and goodwill, if any,  
compared to the underlying entity's net asset value are  
amortised in accordance with the accounting policies in  
the consolidated financial statements. Negative good-  
will is recognized in the income statement.  
Dividend received is deducted from the carrying  
amount.  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
111  
Notes  
4
Financial income and expenses  
6
Distribution of profit/loss  
DKK thousands  
2025  
2024  
DKK thousands  
2025  
2024  
Interest income  
4,496  
131  
5,986  
1,941  
-
Proposed distribution of profit/loss  
Proposed dividend  
Foreign exchange gains  
Other financial income  
Financial income  
355,103  
538,307  
1,071,823  
-532,835  
1,077,295  
553  
Reserve for net revaluation according to equity method  
Transferred to retained earnings  
Total  
577,819  
-368,074  
564,848  
5,181  
7,927  
Interest expenses  
-17  
-16,721  
-1,290  
-
-1,510  
-630  
Foreign exchange losses  
Other financial expenses  
Financial expenses  
7
Contractual obligations and contingencies, etc.  
-18,028  
-2,140  
The Parent Company is jointly taxed with the Danish subsidiaries. As administration company, the Parent Company has  
unlimited joint and several liability, together with the subsidiaries, for payment of Danish corporation taxes and with-  
holding taxes on dividends, interest and royalties within the joint taxation group. Any subsequent corrections of income  
subject to joint taxation and withholding taxes, etc., may entail that the entities' liability will increase.  
Total financial income and expenses  
-12,847  
5,788  
5
Tax  
DKK thousands  
2025  
2024  
Tax rate specifies as follows  
Profit for the year before tax  
563,476  
1,077,10 0  
Tax at a rate of 22%  
123,965  
460  
236,962  
138  
Tax-based value of non-deductible expenses  
Tax-based value of non-taxable income  
Adjustments for current tax of prior periods  
Total tax for the year  
-127,243  
1,446  
-235,801  
-1,494  
-195  
-1,372  
Effective tax rate  
-1%  
-0,1%  
 
Financial Statements  
Parent Company Financial Statements  
3Shape Holding A/S  
Annual Report 2025  
112  
Notes  
8
Adjustments of non-cash operating items  
DKK thousands  
2025  
2024  
Income taxes in the income statement  
Unrealised foreign exchange gains/losses  
Shares of profit/loss in subsidiaries  
Other adjustments  
-1,372  
4,480  
-195  
-432  
-577,819  
-1,961  
-1,071,823  
-323  
Total  
-576,672  
-1,072,773  
9
Changes in working capital  
DKK thousands  
2025  
2024  
Changes in receivables  
Changes in trade payables  
Changes in other current liabilities  
Total  
-45,758  
791  
14,833  
-216  
-41,122  
-86,089  
14,965  
29,582  
 
3SHAPE HOLDING A/S  
Holmens Kanal 7  
1060 Copenhagen K  
Denmark  
CVR no. 31473233  
www.3shape.com