Svitzer Group A/S
Sundkrogsgade 17, 2100 Copenhagen Ø, Denmark
Company registration number: 44 79 14 47
Annual Report
1 January to 31 December 2025
Management Review
 3 Management Review
 4 Svitzer at a glance
5 5-year summary
6 Main business areas
7 Financial performance 2025
9 Value chain and business model
10 Sustainability reporting
Contents
Financial Statements
17 Consolidated Financial Statements
61 Parent Company Financial Statements
71 Company Overview
72 Management’s Statement
73 Independent Auditor’s Reports
75 Definition of Terms
Svitzer Annual Report 2025
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Financial StatementsManagement Review
Returning to private ownership
Svitzer has a proud tradition spanning nearly
two centuries and following a short period as
a listed company on Nasdaq Copenhagen. In
2025 Svitzer returned to private ownership
as a portfolio company under a familiar family
name: A. P. Moller Holding.
After Svitzer was spun out of A.P. Møller
- Mærsk A/S in 2024. As the major
shareholder, A. P. Moller Holding elected
to acquire the remaining shares in Svitzer
through a voluntary takeover offer. The
voluntary takeover was successfully
completed in May 2025. The return to
private ownership provides long-term
shared ambitions, strengthens strategic
alignment, and creates a stable platform to
support Svitzer’s continued development and
investment for sustainable growth.
Solid performance for the year
2025 was marked by a volatile global
operating environment, characterised by
geopolitical conflict, evolving shipping
Management Review
patterns, and a rebalancing of international
trading relationships. Economic
protectionism in key markets and broader
uncertainty across global trade corridors
impacted shipping volumes and tested global
supply chain resilience.
Against this backdrop, Svitzer delivered
a solid full year performance in line with
expectations resulting from tight cost
management and efficiency initiatives.
Full-year revenue on constant exchange
rates increased by 4.4% year-on-year, while
operating profitability, defined as adjusted
EBITDA, reached DKK 1,906m, representing
growth of 5.3% compared with 2024 on a
constant exchange rate basis.
Safety performance
Safety is Svitzer’s first priority and is
foundational to operational performance.
Despite a challenging operating environment
and increased activity levels. The company
maintained a strong safety performance,
supported by continued investment in
training and leadership engagement via the
Safety Differently philosophy.
People and culture
Svitzer’s financial and operational
performance is mirrored by continued
strength in employee engagement. Employee
Net Promoter Score increased to 8.2 (out of
10), maintaining Svitzer’s position in the top
quartile of the global benchmark database
maintained by its survey provider. These
results reflect continued investment in
leadership capability, frontline engagement,
and consistent service delivery.
Leadership and governance
Following extended periods of service,
several changes occurred within Svitzer’s
management team during 2025. The Chief
Commercial Officer, Chief People Officer,
and Managing Director Europe exited the
company, each having made significant
contributions to Svitzer’s development.
From 1 January 2026, Arjen Van Dijk
assumed the role of Managing Director
Europe, and Daniel Reedtz Cohen became
Managing Director Americas. New external
appointments to the Chief Commercial
Officer and Chief People Officer roles are
scheduled to commence in 2026.
The Board of Directors was strengthened
with the appointment of Ghim Siew Ho
and Louise Løn as non-executive directors.
The company also acknowledged Peter
Wikström, who concluded his board service
during the year.
A look toward the future: Poised for
growth
Svitzer concluded 2025 with a solid
financial result, strengthened ownership
alignment, and a clear strategic direction.
The company enters 2026 well positioned to
deliver sustainable, long-term value through
disciplined growth, continued innovation, and
operational excellence.
Svitzer Annual Report 2025
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Financial Statements
Management review
Management Review
Svitzer at a glance
Every 3-4 minutes, somewhere in the
world, a ship relies on Svitzer for safe and
sustainable towage in or out of a bustling
port. Cargo and container ships, tankers, and
car carriers etc. depend on our expertise to
manoeuvre them safely through the critical
first and last mile of their journeys.
Founded in 1833, Svitzer builds on almost
200 years of experience. Our powerful
tugboats and skilled towage experts
work tirelessly to keep goods moving and
businesses thriving. Today, Svitzer is a
leading global port and terminal infrastructure
provider, across 37 countries with a fleet of
446 vessels.
446
Vessels
17
Average fleet age (years)
All data based on end of 2025. Countries, vessels, and
fleet age include Svitzer Group and all joint ventures and
associated companies. Employees include Svitzer and
subsidiaries.
1833
Foundation year
37
Countries
Employees
4,017
Onshore
789
Seafarers
3,228
Svitzer Annual Report 2025
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Financial Statements
Svitzer at a glance
Management Review
5-year summary
Financial statements (DKKm) 2025 2024 2023 2022 2021
Income statement
Revenue 6,343 6,320 5,786 5,476 4,653
Profit before depreciation, amortisation and
impairment losses, etc. (EBITDA) 1,859 1,757 1,694 1,623 1,383
Depreciation, amortisation and impairment losses,
net -985 -934 -831 -957 -774
Profit/loss before financial items (EBIT) 965 925 996 820 762
Financial items, net -270 -297 39 -21 -72
Profit/loss before tax 695 628 1,035 799 690
Tax -204 -191 -286 -149 -118
Profit/loss for the year 491 437 749 649 573
Profit/loss for the year – Svitzer’s share 429 377 694 598 537
Balance sheet
Total assets 12,175 12,501 14,363 14,442 13,615
 of which tangible assets 8,916 8,994 8,782 8,069 7,746
Equity 3,690 7,016 6,368 12,324 11,627
Liabilities 8,485 5,485 7,995 2,118 1,988
Invested capital  10,329 10,310 9,778 9,750 9,290
Net interest-bearing debt  6,380 3,438 3,908 -2,576 -2,325
Cash flow statement
Change in net working capital 79 -6 -117 -205 -77
Cash flow from operating activities 1,816 1,474 1,416 1,291 1,252
Cash flow from investing activities -1,110 -795 -1,223 -910 -703
Capital lease instalments – repayments of lease
liabilities -116 -105 -100 -98 -96
Gross capital expenditure, excl. acquisitions and
divestments (CAPEX) -1,260 -981 -1,465 -1,153 -944
Cash flow from financing activities -660 -304 -289 -402 -561
Free Cash Flow  563 584 61 232 391
Financial statements (DKKm) 2025 2024 2023 2022 2021
Key financial figures
Revenue growth 0.4% 9.2% 5.7% 17.7% 4.5%
Revenue growth in constant exchange rates 4.4% 8.9% 9.5% 11.9% 3.5%
Adjusted EBITDA 1,906 1,887 1,694 1,623 1,383
Adjusted EBITDA margin 30.1% 29.9% 29.3% 29.6% 29.7%
Return on equity after tax 9.2% 6.5% 8.1% 5.4% 5.1%
Return on invested capital (LTM) 6.7% 7.1% 7.6% 6.7% 7.0%
Adjusted return on invested capital (LTM) 7.8% 8.4% 7.6% 6.7% 7.0%
Revenue from Harbour Towage (HT) activities 4,263 4,299 3,993 3,731 3,124
EBITDA from HT activities 1,095 1,148 1,038 955 833
Number of tug jobs in HT 153,294 151,391 151,018 146,115 137,738
Revenue from Terminal Towage (TT) activities 2,050 2,027 1,787 1,764 1,548
EBITDA from TT activities 827 770 700 679 597
Environmental and social data
Average number of employees 3,567 3,528 3,397 3,285 3,127
Reference is made to page 75 for definition of terms.
Svitzer Annual Report 2025
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Financial Statements
5-year summary
Management Review
Main business areas
Harbour Towage
In Harbour Towage, we enter into agreements
with vessel owners or operators to provide
towage services for their vessels in specific
ports. In addition to agreements with vessel
owners or operators, we may also enter into
a license agreement with the port authority
granting the right to operate in that port.
The contract period with the vessel owners
or operators is usually between one and three
years. Licenses issued by the port can be of
a longer duration, usually between five and
ten years.
In some instances, typically for certain
licensed ports, the fee or any increase in fees
is agreed with or set by the port authority
as part of the tender for the license. These
fees are then typically adjusted or reviewed
every year, reflecting consumer price index
developments or other cost parameters,
and may also incorporate more frequent
adjustments related to changes to fuel price.
The fee structure for customers in the Harbour
Towage segment is usually based on a per-
tug-job basis which means that we are paid
a certain fee per tug required for a given
towage service. Each port has a public tariff
– generally defined by the towage operator –
for towage jobs and other related services.
The fee is either determined based on the
public tariff or a negotiated discount to the
public tariff.
Terminal Towage
In Terminal Towage, we enter into
agreements with on- and off-shore terminal
operators or other customers for the
delivery of towage services by making a
pre-determined number of tugboats, and
sometimes other vessels, available to service
all vessels that enter or leave the specific
terminal.
The fee structure for these contracts is
generally a fixed day rate paid by terminal
operators regardless of towage volumes.
Adjustments of fees are relative to each
contract but are often tied to changes of the
consumer price index, pre-determined annual
rate increases, or increases in certain costs,
e.g. crew costs.
Terminal Towage contract periods differ
but can be up to 30 years, with an average
contract length of more than 10 years.
Harbour Towage Terminal Towage
Our towage service business can be divided into two business areas;
Harbour Towage and Terminal Towage.
Svitzer Annual Report 2025
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Financial Statements
Main business areas
Management Review
Financial performance 2025
Revenue increased by DKK 23m to
DKK 6,343m (DKK 6,320m) and adjusted for
foreign exchange impact, the increase was
4.4% or DKK 278m compared to 2024. The
revenue growth adjusted for foreign exchange
impact was in the high end of the initial
financial outlook provided in the beginning of
2024, when growth was expected to range
between around 1-5%.
EBITDA increased to DKK 1,859m
(DKK 1,757m) and adjusted EBITDA
increased to DKK 1,906m (DKK 1,887m).
This was driven by an increase in revenue and
lower operating costs of DKK 73m.
Variable costs remained on par with higher
overflow costs partly offset by a decrease in
fuel costs as a result of lower volumes and
lower hydrotreated vegetable oil (HVO)
consumption.
Vessel costs decreased due to lower
insurance premiums and lower maintenance
and repair costs as prior year was impacted
by unforeseen repairs in Europe and Australia.
Overhead costs were lower as prior year was
impacted by higher legal, consultancy and
IT costs related to the separation and listing
costs. Staff costs decreased globally.
This resulted in EBITDA margin of 29.3%
(27.8%), and excluding one-off costs, the
adjusted EBITDA margin was 30.1% (29.9%).
The growth in adjusted EBITDA margin in
constant currencies is 5.3%, this is in the
range of the initial outlook range of a growth
around 0-7% in constant currencies.
EBIT increased to DKK 965m (DKK 925m)
and excluding one-off costs, the EBIT was
DKK 1,012m (DKK 1,055m). The increase was
as a result of the increased EBITDA partly
offset by higher depreciation for vessels,
drydock assets and leased assets, lower
results from joint ventures and associated
companies.
Financial items net was a net expense of
DKK 270m (net expense of DKK 297m).
Lower interest expenses as prior year was
impacted by higher interest expenses as part
of the set up of the debt structure, lower net
foreign exchange losses partly offset by lower
interest income.
Tax expense increased to DKK 204m
(DKK 191m).
Net profit increased to DKK 491m
(DKK 437m) primarily driven by higher EBIT,
lower net financial expenses, partly offset by
higher tax expense.
ROIC decreased to 6.7% (7.1%) impacted
by decreased net operating profit after tax
(NOPAT).
Cash flow from operating activities was
DKK 1,816m (DKK 1,474m). The increase
was impacted by improved EBITDA and
a positive change in net working capital
in comparison to prior year. The change
in working capital was primarily driven by
decreased fuel inventory due to timing of fuel
stock on vessels, an increase in trade and
other payables partly offset by an increase in
trade receivables and lower taxes paid during
the year.
Cash conversion increased to 98% (84%),
driven by improved net working capital and
lower taxes paid.
Gross capital expenditure (CAPEX)
for the year increased to DKK 1,260m
(DKK 981m) mainly driven by higher
spend on growth projects of DKK 476m
(DKK 408m) related to vessels for new
contracts in Panama, Oman and additional
tugs added for the extended scope in
Bahrain. CAPEX for fleet renewals increased
to DKK 189m (DKK 109m), drydocking
and other CAPEX increased to DKK 595m
(DKK 464m). CAPEX was in line with
the initial financial outlook provided in the
beginning of 2025, when the level was
expected to be around DKK 1,100m-1,300m.
Free cash flow decreased to DKK 563m
(DKK 584m) primarily driven by increased
CAPEX by DKK 279m, decrease in proceeds
from sale of vessels of DKK 54m and lower
dividends received from joint ventures
and associated companies of DKK 122m
(DKK 140m), partly offset by higher cash flow
from operating activities.
Total assets for the year amounted to
DKK 12,175m (DKK 12,501m). The decrease
was primarily driven by a decrease in
investments in joint ventures and associated
companies and other current assets.
Total equity at 31 December 2025
amounted to DKK 3,690m (DKK 7,016m)
including non-controlling interests
of DKK 178m (DKK 173m). Other
comprehensive income for the year was
DKK -534m (DKK 258m). The return on
equity after tax increased to 9.2% (6.5%),
Svitzer Annual Report 2025
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Financial Statements
Financial performance 2025
Management Review
primarily impacted by lower equity as a result
of the dividend payout during the year.
Capital structure at 31 December 2025
consisted of two term loans of EUR 720m
and AUD 200m and a revolving credit facility
of EUR 185m maturing in 2029; an increase
of EUR 400m of debt facility in comparison to
prior year.
Net interest-bearing debt at 31 December
2025 was DKK 6,380m, DKK 2,942m higher
than prior year primarily driven by drawdown
of an additional term loan of EUR 400m.
Liquidity reserve increased to DKK 1,336m
(DKK 1,303m). The increase is primarily
related to a decrease in restricted cash
balances. The liquidity reserve as at end of
2025 composed of cash and bank balances
(excluding funds not readily available to
the Group) of DKK 477m (DKK 445m)
and undrawn revolving credit facilities of
DKK 859m (DKK 858m).
Financial outlook for 2026
Svitzer expects moderate activity growth
across geographies, which, combined with
the acquisition of Buksér og Berging AS, is
expected to lead to around 10-20% revenue
growth in constant exchange rates. Adjusted
EBITDA is expected to grow with the revenue
and the margin to be around 2025 level.
Svitzer Annual Report 2025
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Financial Statements
Financial performance 2025
Management Review
Value chain and
business model
Svitzer has mapped a single value chain that spans our
activities from upstream to downstream operations. This
approach focuses on our key activities – providing towage
services – to ensure the overview accurately reflects the
most relevant aspects of our operations.
Crew and service functions
(e.g. Marine Standards,
Finance, People and Culture)
Docking service
(e.g. yards for periodical
maintenance of vessels)
Bunkering and energy supply
(e.g. to vessels and offices)
Transport
of marine fuel
Delivery of newbuild and
relocation between regions
(e.g. vessel transfers or
suppliers of mobilisation crew)
Resource extraction and
refining for marine fuel
(e.g. drilling of crude oil,
storage etc.)
Transport
of materials
Port authorities and owners
(local port authorities or port owners
in charge of regulating safety)
Harbour and Terminal Towage
(assisting seaborne vessels in manoeuvring
in and out of ports and terminals)
Harbour and Terminal Towage customers
(operators and owners of
seaborne vessels or terminals)
Related marine services
(e.g. line handling, fire fighting and
emergency response)
Manufacturing of vessels
and marine equipment
(e.g. shipyards and original
equipment manufacturers)
Resource extraction and
processing for vessels and
marine equipment
(e.g. mining of iron ores for steel)
End-of-life management
(e.g. sale of assets, scrapping and
waste management)
Upstream
Workers in the value chain
Downstream
Consumers and end users
Own operations
Own workforce
Svitzer Annual Report 2025
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Financial Statements
Value chain and business model
Management Review
Sustainability reporting
Svitzer's Sustainability Statement is prepared
in accordance with the Danish Financial
Statements Act. Following the company's
acquisition by A.P. Moller Holding and
Omnibus Regulation package Corporate
Sustainability Reporting Directive (CSRD)
for Svitzer has been postponed till 2027. The
sustainability sections below are prepared
in accordance with the Danish Financial
Statements Act §99b and §99d, with
additional voluntary disclosure of gender
diversity data by Svitzer.
Svitzer has elected to base its due diligence
on the Double Materiality Assessment carried
out in 2024 which identified a set of material
topics that remain relevant for 2025.
Business model
Our strategy and business model are
founded on a resilient framework that guides
decision-making and resource allocation
across the organisation. These priorities
position Svitzer to lead the towage industry
through operational excellence, technological
innovation, and responsible business
practices that benefit our people, customers,
and the communities we serve.
ESG considerations are embedded in
Svitzer’s strategic and operational decisions.
Our long-term ambition to achieve carbon
neutrality by 2040 is a key driver of innovation
across the business. To enhance resilience,
we continue to deploy technologies that
reduce greenhouse gas emissions, optimise
fleet efficiency, and support the transition to
low-carbon operations.
Svitzer’s strategy also places a strong
emphasis on our people. We prioritise safety,
diversity, and professional development to
uphold the highest operational standards
and ensure an inclusive, high-performing
workforce. Ethical conduct underpins all our
activities, supported by robust compliance
behaviour.
Recognising the dynamic nature of our
industry and the evolving expectations
of customers, regulators, and society, we
continuously assess material risks and
opportunities that could influence our ESG
performance and adjust our approach
accordingly.
ESG governance
To deliver on our ambitions, Svitzer has
established governance structures to
strengthen alignment between sustainability
objectives and operational priorities. Svitzer’s
ESG governance structure, established in
2024, ensures continued oversight and
accountability for sustainability reporting.
The Finance Department, supported by the
ESG Working Group, manages reporting.
This structure anchors sustainability reporting
within Finance, aligning ESG and financial
disclosures and integrating sustainability into
Svitzer’s broader governance framework.
ENVIRONMENT
Geopolitical tensions and market uncertainty
dampened customer demand for
decarbonised services in 2025 and weighed
on the pace of transition investments amid
broader inflation and energy market volatility.
Climate ambition
Svitzer aims to achieve a significant reduction
in emissions across all scopes by 2040.
Svitzer remains committed to supporting
the objectives of the Paris Agreement;
however, the interim emissions target set for
2025 does not follow the previously applied
science-based linear trajectory, reflecting an
updated internal pathway while the company
continues to work toward long-term
alignment with Paris-aligned ambitions.
Instead, the company has established
an internally defined reduction pathway,
including a 6% emissions-reduction target for
2025, which will guide progress toward the
2040 ambition. This shift ensures continued
transparency and direction in Svitzer’s
decarbonisation efforts, while reflecting the
company’s evolving operational context and
strategic priorities.
Targets: Svitzer’s decarbonization strategy
aims to reduce the carbon intensity of the
fleet by:
• A 50% reduction in vessel carbon
intensity (per gCO
2
e/kWh) by 2030,
with 2020 as the base year.
• A total GHG emissions reduction of
33% for scope 1, 2 and 3 (against a
2023 baseline).
Further, Svitzer aims to achieve climate-
neutral operations by 2040 through a 100%
reduction of Scope 1 and 2 emissions and
a 95% reduction of Scope 3 emissions and
GHG emissions will be offset using carbon
credits. Svitzer’s climate targets remain
provisional and were initially developed based
Svitzer Annual Report 2025
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Financial Statements
Sustainability reporting
Management Review
on a linear reduction framework. During
2025, no further work was undertaken
on the Climate Transition Plan. The Plan
and ambition will be revisited and further
developed in line with the newly finalised
regulatory requirements and industry
expectations.
We achieved a 4% reduction in carbon
intensity in 2025, which fell short of our
target of 6%, primarily due to limited market
demand for decarbonised towage services.
Policies and actions taken: Svitzer’s
Environmental Policy guides its
decarbonisation strategy, focusing on
improving operational efficiency, enhancing
technical solutions, and transitioning to
low-carbon fuels and electrification to
reduce GHG emissions and energy use.
The Sustainable Procurement Policy
embeds environmental considerations
into procurement, requiring suppliers
to align with Svitzer’s Supplier Code of
Conduct and encouraging joint progress
on reducing emissions and protecting the
environment. High-risk suppliers are subject
to assessments, with improvement plans
developed where areas for improvement are
identified. We will work together on practical
and timely improvement plans.
In 2025, key actions included the following:
• The continued deployment of low-
carbon fuels such as hydrotreated
vegetable oil (HVO) and fatty acid
methyl esters (FAME). Svitzer is
advancing the commercialisation of its
green products, EcoTow and EcoBAF,
which offer customers tangible Scope
3 emission reductions. In partnership
with DP World, a terminal operator
company, Svitzer is also establishing
the world’s first Carbon Inset Lanes at
London Gateway and Southampton,
further contributing to DP World’s
Scope 3 reductions.
• In 2025, Svitzer deployed three
TRAnsverse tugs, which are expected
to reduce long-term fleet fuel
consumption, supported by more
compact designs that lower material
requirements during construction.
The company continues to expand
products that deliver verifiable Scope
3 reductions for customers and is
scaling the Aim for 8 programme to
reduce mobilisation speeds and cut fuel
consumption across operations.
• Additionally, Svitzer is investing
in innovative vessel technologies,
including the design and construction
of the world’s first battery–methanol
hybrid tug, which progressed to
60% completion in 2025 and will
substantially reduce operational
emissions once in service.
• Svitzer Ingrid, the company’s first
battery-electric tug equipped with
an 1,808kWh battery pack, is now in
operation and is expected to reduce
CO₂ emissions by 600–900 metric
tonnes annually.
Performance against these initiatives is
tracked through key performance indicators,
including total CO₂ emissions, carbon
intensity per unit of energy (gCO₂e/kWh),
the percentage of the fleet operating on
alternative fuels, and progress toward
interim 2030 targets. Collectively, these
actions demonstrate Svitzer’s continued
commitment to managing climate-related
risks responsibly while delivering on its long-
term climate ambition.
Risk assessment: Principal risks relate
to regulatory compliance (including
exposure to the EU ETS), uncertainty
surrounding the development, pricing and
regulatory framework for alternative fuels
due to postponement of IMO net zero
framework, as well as the availability and
maturity of new technologies, all of which
may materially affect future operations
and turnover. Svitzer mitigates these risks
through its decarbonisation roadmap,
operational efficiency programmes such
as Aim for 8 which optimises mobilisation
speeds to maximise efficiency and reduce
fuel consumption, and strategic innovation
partnerships to secure sustainable fuel and
vessel solutions.
Pollution
Svitzer works to prevent and reduce
pollution arising from its operations through
established policies, regulatory compliance,
and operational controls. The company
recognises that activities may impact air
quality and involve substances of concern
and therefore manages this as a material
environmental risk by aligning its operations
with local laws and regulations.
Targets: Svitzer has not set specific targets
related to air pollution or substances of
concern. At this stage, the company focuses
on regulatory compliance, responsible
operational practices, and continuous
improvement rather than formal target
setting.
Policies and actions taken: Svitzer is
mindful that our operations can have harmful
effects on the environment. In response,
Svitzer pursues its pollution reduction goals
through safe, innovative, and continuous
improvements to our operations. Svitzer has
taken the following steps:
• Svitzer utilises IMO Tier III compliant
engines for eligible vessels operating in
ECA and Pollution SECA zones.
Svitzer Annual Report 2025
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Financial Statements
Sustainability reporting
Management Review
• Furthermore, Svitzer ensures Tier III
ready vessels for retrofit optionality
within the vessel’s lifetime, thereby
reducing overall pollution.
• Collaborate with engine suppliers to
develop next-generation fuel engines.
• Introduce battery-operated vessels into
the fleet and identify battery and shore
power opportunities to reduce fuel use.
Risk assessment: Svitzer acknowledges
that its operations inherently involve
pollution-related risks, primarily linked to
fuel combustion and the potential release
of substances of concern. The company
recognises the presence of these risks
as part of normal operational activity. At
present, Svitzer monitors specific pollutants
associated with vessel operations and fuel
use and continues to evaluate opportunities
to expand its monitoring framework as
regulatory requirements and operational
practices evolve.
OUR PEOPLE
Diversity, Equity & Inclusion
In the marine and transportation industry,
underrepresented groups risk being
disproportionately impacted if inclusion is not
actively addressed. Svitzer is committed to
fostering a diverse and inclusive workplace
and recognises that Diversity, Equity, and
Inclusion (DEI) are essential to performance,
innovation, and ensuring equal treatment
within a traditionally male-dominated
industry.
Targets: Svitzer has set ambitious gender
diversity targets to ensure accountability in
our diversity, equity and inclusion agenda. For
2025, Svitzer achieved 39% gender diversity
in the global leadership team (the Executive
Leadership and Senior Leadership levels),
representing solid progress towards the 40%
target. Svitzer has retained its 40% diversity
ambition, revising the target year from an
annual objective to a long-term goal to be
achieved by 2030.
Additionally, Svitzer has achieved the target
of 10% year-on-year increase in the share
of underrepresented gender among crew
employees in 2025.
Policies and actions taken: Svitzer’s
Diversity and Inclusion Policy is built on
four pillars: organisational engagement,
capability building, embedding diversity in
the employee experience, and accountability
through progress measurement. The
company monitors gender representation
across employee processes, particularly
in senior leadership, to promote balance
and prevent discrimination in line with local
legislation. Svitzer has taken the following
steps in 2025, which it plans to continue in
the medium term:
• Promote diversity in recruitment by
screening non-inclusive language in
job ads and partnering with educational
institutions in regions to attract diverse
talent.
• Establish a Diversity Taskforce within
one of Svitzer’s entities to test and
evaluate initiatives, providing valuable
insights to inform the company’s global
DEI approach.
• Track the perception of equal
opportunities in our People Pulse
survey.
• Engage all regions to enforce global
diversity policies and encourage local
initiatives.
• Continue to promote the Female
Leadership Development Program
Pilot in collaboration with Women’s
International Shipping and Trading
Association (WISTA), Australia.
• Received a nomination for a Diversity,
Equity, and Inclusion (DEI) recognition,
further enhancing Svitzer’s visibility and
commitment in this area.
Risk assessment: Svitzer faces several
DEI-related risks due to the traditionally
male-dominated maritime industry, including
limited diversity representation, gender-
based inequalities, and elevated risks of
harassment toward women, migrant workers,
and LGBTQ+ individuals. These risks
underscore the importance of maintaining
strong DEI policies, grievance mechanisms,
and continuous monitoring.
Health & Safety
Safety is central to Svitzer’s mission, with
a clear focus on protecting our people and
preventing fatalities and life-altering injuries.
Our HSSE approach combines risk mitigation,
compliance, and continuous improvement
through a culture of safety, collaboration,
and open dialogue. All crew receive required
certifications, onboarding, and ongoing
training to meet local and global standards.
Targets: By nature, Svitzer aims to avoid
accidents, fatalities, or injuries in the
operation. The focus is on proactively
reducing risk by strengthening safeguards to
prevent fatalities and life-altering injuries. The
following global targets are set and reviewed
annually with regional Marine Standards
and safety teams with the following results
achieved in 2025:
• Completion of learning teams within
eight weeks of any High Potential
Incident.
• All HMS-covered vessels are in scope,
and progress is monitored monthly.
Svitzer Annual Report 2025
12
Financial Statements
Sustainability reporting
Management Review
• 97% target completion of monthly
Leadership Visits (one per vessel)
against 90% target.
• 95% target completion of Emergency
Drills as defined in the HMS drill plan,
against a 100% target.
• 97% target adherence to the Internal
Audit plan against 95% target.
• 95% target completion of monthly
Vessel Safety Meetings, achieved a
97%.
Policies and actions taken: Svitzer’s Health
and Safety Policy is built on three principles:
learning and adapting to risks, leading with
care, and empowering employees to identify
improvements. This employee-centric
model is supported by top-down standards,
audits, and assurance, alongside workforce
engagement and leadership accountability.
Compliance with Global Offshore Vessel
Management and Self-Assessment
(OVMSA) standards and proactive HSE
practices, including emergency drills, vessel
visits, safety meetings, and incident learning,
are core leading indicators.
Key actions include:
• Activating frontline learning teams after
high-potential incidents, conducting
monthly drills and vessel safety
meetings, and carrying out both internal
(SOVIQ) and OVMSA audits.
• Performance is monitored daily through
the Marine Standards dashboard and
reviewed monthly at global and regional
levels, with results embedded into
company scorecards.
• Regular incident reviews, KPI
reporting, and lessons learned
ensure accountability and continuous
improvement across the organisation.
• Svitzer runs an annual, data driven
safety programme and monitors
key leading indicators to support
continuous improvement.
Risk assessment: Svitzer’s operations
take place in dynamic and high-risk marine
environments, where employees face
hazards such as collisions, man-overboard
situations, fires and equipment failures.
Svitzer recognises these as material health
and safety risks and focuses on strengthening
safeguards and operational practices to
prevent severe incidents. These risks remain a
core consideration in Svitzer’s HSE approach,
given their potential to impact employees’
wellbeing, operational continuity, and
regulatory compliance.
Human Rights
Svitzer is committed to respecting and
upholding human rights across all operations,
guided by its core values and Human
Rights Statement approved by the Board of
Directors.
Targets: Svitzer has not set specific human
rights targets. The company’s focus is on
maintaining compliance with its Human
Rights Statement, Code of Conduct,
and international standards rather than
establishing quantitative goals. Human-
rights performance is monitored through
Svitzer’s whistleblower system that enables
employees and external stakeholders to
report concerns such as discrimination,
harassment, retaliation, and other breaches
of laws or company values. In 2025, two
whistleblower incidents related to human
rights were reported and assessed. While no
systemic human rights issues were identified,
the cases demonstrate the system’s
effectiveness in supporting transparency,
early detection of potential misconduct, and
timely follow-up.
Policies and actions taken: Svitzer’s
commitment to human rights is embedded in
the Code of Conduct, supported by internal
policies, and aligned with international
standards such as the International Bill
of Human Rights, the ILO Declaration on
Fundamental Principles and Rights at Work,
the UN Guiding Principles on Business and
Human Rights, and the OECD Guidelines
for Multinational Enterprises. Svitzer
enforces a Global Anti-bullying, Harassment,
Violence and Discrimination Policy, which
sets clear behavioural standards, prohibits
discrimination or retaliation on any grounds,
and ensures breaches are addressed
promptly, fairly, and confidentially, with
oversight by the Chief People Officer and
support from HR and Compliance teams.
Risk assessment: Svitzer recognises that
its towage operations face limited risk of
forced or child labour due to the technical
requirements of vessel operations and works
to prevent adverse impacts on employees,
supply chain partners, and communities,
striving to uphold higher international
standards where local rules are less stringent.
Business & Data Ethics
Anti-Corruption & Bribery
Svitzer is committed to conducting its
business with integrity and upholds a zero-
tolerance approach to corruption, bribery, and
facilitation of payments. This commitment is
reflected in the company’s policies, training
programmes, and oversight mechanisms,
which collectively ensure that employees and
third parties act in accordance with Svitzer’s
ethical standards.
Targets: Svitzer has a 100% completion
target for its annual Code of Conduct
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Financial Statements
Sustainability reporting
Management Review
refresher training. All onshore employees
are required to complete the training each
year. Achieving full compliance ensures that
ethical conduct, anti-corruption principles,
respect for human rights and responsible
decision-making remain embedded across
the organisation. The 2025 completion rate
for onshore Code of Conduct refresher was
86% (2024: 92%), reflecting organisational
changes and high operational activity, with
improvement expected in the coming year
due to increased focus on awareness and
engagement.
Policies and actions taken: Svitzer’s
Anti-Corruption Policy applies to all
employees and third parties acting on
Svitzer’s behalf. The policy sets out clear
procedures to prevent, detect, and respond
to unethical behaviour. Governance and
policy oversight rest with the General
Counsel, while implementation, monitoring,
and investigation of potential breaches are
undertaken by the Compliance function.
As an active member of the Maritime Anti-
Corruption Network (MACN), Svitzer
upholds the highest ethical standards and
contributes to global efforts to eliminate
corruption within the maritime sector
and remains committed. In 2025, Svitzer
continued to strengthen its anti-corruption
framework through the following actions:
• Enhanced compliance management
by expanding the use of the company’s
global risk management platform,
RISMA, across the organisation to
improve oversight, transparency, and
process efficiency.
• Conducted spot checks on potential
facilitation payments in high-risk ports,
with no cases identified.
• Introduced a digital assistant (chatbot)
to support employees in applying the
Gifts and Entertainment Guideline.
• Delivered targeted training, including
onboarding for new employees, Code
of Conduct refresher modules, and risk-
based ad-hoc sessions.
• Conducted knowledge assessments
to identify training needs and capability
gaps.
• Implemented a Speak Up awareness
campaign, using QR codes to increase
visibility of confidential reporting
channels.
These initiatives support Svitzer’s long-
term commitment to ethical conduct and
responsible business practices across all
operations.
Risk assessment: Due to its global
operations, Svitzer is exposed to corruption
and facilitation payment risks, particularly
in higher-risk jurisdictions. These risks are
mitigated through the policies, controls, and
actions described above.
Data Ethics (in accordance to §99d)
As digitalisation grows and data collection in
the workplace increases, worker privacy is at
risk, particularly in areas with low awareness
of data protection. Svitzer ensures that
any implementation of software or artificial
intelligence is accompanied by strong data
ethics principles, transparency, respect,
innovation, and security to protect employees’
privacy. The Data Ethics Policy covers all
Svitzer employees and is approved by the
Board of Directors.
Targets: Svitzer has no quantitative data
ethics or privacy targets. The company’s
objective is to comply with relevant data-
protection regulation, including GDPR,
and uphold responsible data-handling
practices. Svitzer focuses on maintaining
secure systems, preventing data misuse, and
protecting personal information.
Policies and actions taken: Svitzer has
taken the following steps in 2025, which it
plans to continue in the long term:
• Regularly assessing human rights
impacts, particularly concerning key
issues such as health and safety,
data ethics, and labour conditions. In
addition, the Board of Directors reviews
and approves the Data Ethics Policy
annually to ensure continued alignment
with legal requirements and ethical
standards.
• All new employees are required to
read the Acceptable Use Policy (AUP)
during onboarding, which includes a
dedicated section on data ethics.
Risk assessment: Svitzer collects
increasing volumes of workforce, operational,
and customer-related data, which introduces
risks related to data privacy, misuse, and
unauthorised access. Inadequate data
protection could particularly impact
vulnerable sensitive data, and breaches may
result in regulatory penalties. Svitzer manages
these risks through adherence to data-
protection regulations, internal IT security
controls, including access management,
encryption, and monitoring. Svitzer conducts
monthly IT risk assessments to identify and
address emerging threats, applies vendor risk
management for third-party data processors,
and maintains policies governing the
responsible handling of personal data. With
all these actions, Svitzer recorded zero data
breaches in 2025.
Svitzer Annual Report 2025
14
Financial Statements
Sustainability reporting
Management Review
Consolidated Sustainability Metrics
Disclosure requirement / Metric Unit 2023 2024 2025
Energy and Emissions
Fossil energy consumption MWh – 900,643 923,175
Renewable energy used MWh – 88,880 38,614
Scope 1 GHG emissions tCO₂e 198,512 238,610 253,518
Scope 2 GHG emissions (location-based) tCO₂e 6,420 8,580 7,806
Scope 2 GHG emissions (market-based) tCO₂e 6,806 11,461 10,702
Scope 3 GHG emissions (total) tCO₂e 164,767 175,142 199,512
Total GHG emissions (location-based) tCO₂e 369,699 422,332 460,836
Total GHG emissions (market-based) tCO₂e 370,085 425,212 463,733
Employee headcount
Male Number - 3,730 3,675
Female Number - 368 341
Other Number - 1 1
Total employees Number - 4,099 4,017
Average headcount employees Number - 4,016 4,061
Total energy consumption from fossil sources
(MWh): All fossil-based energy consumption that is
consumed/combusted for all assets and entities that
are under Svitzer's operational control reported in MWh.
Includes (but not limited to) the following: a. fuel oil, incl.
marine diesel oil, and petrol; b. Electricity and heating
from fossil sources, e.g. coal or natural gas (methane)
using DEFRA factors.
Total from renewable sources (MWh): This
encompasses all renewable energy consumption,
including renewable electricity, heating and green
fuels consumed on Svitzer-controlled vessels and/or
shoreside installations and offices. Renewable energy
consumption is split into: a. Renewable electricity
including electricity from solar panels, wind turbines
covering on-site self-generation and purchased
electricity from the grid through RECs) b. Renewable
heating which refers to heating energy sourced from
renewable sources. c. Green fuels: Biofuel consumption.
Gross Scope 1 GHG emissions: Direct emissions
reported based on the GHG protocol from Svitzer’s fuel
consumption in liters of all vessels under its operational
control, with direct GHG emissions converted to CO₂
equivalents using DEFRA emission factors.
Gross Scope 2 GHG emissions: Indirect emissions
from purchased electricity and district heating are
calculated by converting actual or estimated usage
into emissions using national averages and location/
market-based IEA conversion factors. Location-based:
Emissions calculated without considering renewable
energy certificates (RECs) or power purchase
agreements (PPAs), based on the national average
emissions per location. Market-based: GHG emissions
determined by the RECs or PPAs selected by Svitzer, or
the residual mix for the remaining electricity emissions.
For countries which do not disclose ‘residual-mixes’
Svitzer uses IEA location-based emissions factors to
calculate emissions.
Scope 3: Value chain GHG emissions (Scope 3
GHG) are the CO₂ equivalents from Svitzer’s value
chain activities. Of the 15 Scope 3 categories in the
GHG Protocol, eight upstream categories and one
downstream category are currently determined as
applicable to Svitzer’s business model and activities.
Value chain GHG emissions are in all reported categories
based on financial spend data converted to CO
2
e
emissions using CEDA emissions factors for all scope 3
categories except category 3, where DEFRA emission
factors are being used.
Baseline year for all GHG emissions is 2023, while
baseline year for carbon intensity is 2020.
Total number of employees (headcount) is
determined as of 31 December. This includes those
on garden leave or unpaid leave. This also includes
employees who have been made redundant or whose
employment has been terminated until the expiry of their
notice of termination period (even if they have left the
company). It also includes casual employees even if they
are inactive.
Average employee headcount is calculated as the
average number for each legal entity throughout the year.
These averages are derived from measurements taken at
the end of each month.
Employee headcount total at Executive Leadership
Team: Total employee headcount as of 31 December.
Svitzer Executive Leadership Team includes the
Executive Management (currently the CEO and CFO),
and other members of Svitzer’s Executive Leadership
Team.
§ Accounting Policies
Svitzer Annual Report 2025
15
Financial Statements
Sustainability reporting
Management Review
Employee headcount total for Senior Leadership:
Total employee headcount as of 31 December. Svitzer
Senior Leadership means the direct reports of Executive
Leadership who have direct reports themselves.
Percentage of gender distribution in Executive
Leadership Team: Gender distribution based on the
Total Employee headcount as of 31 December as a
percentage. Executive Leadership Team includes the
Executive Management (currently the CEO and CFO),
and other members of Svitzer’s Executive Leadership
Team. Underrepresented gender in Executive Leadership
Team/employee headcount in Executive Leadership
Team x100
Employee headcount total at Executive Leadership
Team: Total employee headcount as of 31 December.
Svitzer Executive Leadership Team includes the
Executive Management (currently the CEO and CFO),
and other members of Svitzer’s Executive Leadership
Team.
Employee headcount total for Senior Leadership:
Total employee headcount as of 31 December. Svitzer
Senior Leadership means the direct reports of Executive
Leadership Team who have direct reports themselves.
Percentage of gender distribution in Executive
Leadership Team: Gender distribution based on the
Total Employee headcount as of 31 December as a
percentage. Executive Leadership Team includes the
Executive Management (currently the CEO and CFO),
and other members of Svitzer’s Executive Leadership
Team. Underrepresented gender in Executive Leadership
Team/employee headcount in Executive Leadership
Team x100.
Percentage of gender distribution in Senior
Leadership: Gender distribution based on the
Total Employee headcount as of 31 December as
a percentage. Underrepresented gender in Senior
Leadership/employee headcount in Senior Leadership
x100
Lost-time injuries: LTI is a work-related injury, which
is classified as a fatality, life-altering injury (LAI) or lost
workday case (LWC) that results in a worker (own
employees and Non- Employee workers) covered by
HMS being unfit for work on the day after or shift after
the day of injury occurrence. This ‘day’ includes rest
days, weekends, leave days, public holidays or days after
ceasing employment.
Lost-time injury rate: The sum of lost-time injuries
resulting from fatality, life-altering injury (LAI) or lost
workdays (LWC) for own workforce (own employees
and Non- Employee workers) covered by HMS divided
by exposure hours and normalised by multiplying by 1
million hours.
Consolidated Sustainability Metrics — continued
§ Accounting Policies – continued
Disclosure requirement / Metric Unit 2023 2024 2025
Diversity, Equity & Inclusion
Board of Directors
Total number Number 4 4 5
Underrepresented gender Number 1 (25%) 1 (25%) 2 (40%)
1
Target (%) % N /A N /A N /A
Executive Leadership Team
Total number Number - 11 10
Underrepresented gender Number - 5 5
Underrepresented gender (%) % - 45% 50%
Target (%) % - 40% 40%
Senior Leadership Team
Total number Number - 61 51
Underrepresented gender Number - 18 19
Underrepresented gender (%) % - 30% 37%
Target (%) % - 40% 40%
2
Executive and Senior Leadership Team
Total number Number - 72 61
Underrepresented gender Number - 23 24
Underrepresented gender (%) % - 32% 39%
Target (%) % - 40% 40%
3
Target year Year - 2025 2030
Safety Metrics
Lost-Time Injuries (LTI) Number - 15 9
Lost-Time Injury Frequency Rate (LTIR)
Injuries per million
hours worked - 1.51 0.91
1 I
n line with the Danish Business Authority's guidelines, a 40/60 gender distribution among Board members elected by
the General Meeting is considered equitable. The shift in 2025 is due to the appointment of Ghim Siew Ho and Louise
Løn, increasing female representation from one to three and reducing male representation from three to two due to
Peter Wikström leaving, resulting in 2/3 male/female composition (40/60) in Board.
2
Target set by the Danish authorities for Executive Leadership Team and Senior Leadership Team.
3
The target is for both Global Executive Leadership Team and Svitzer Global Senior Leadership Team collectively.
Svitzer Annual Report 2025
16
Financial Statements
Sustainability reporting
Management Review
18 Consolidated income statement
18 Consolidated statement of comprehensive income
19 Consolidated balance sheet
20 Consolidated cash flow statement
21 Consolidated statement of changes in equity
22 Notes
Consolidated
Financial Statements
Consolidated Financial Statements
Svitzer Annual Report 2025
17
Financial StatementsManagement Review
Consolidated income statement Consolidated statement of comprehensive income
Note (DKKm) 2025 2024
2.1 Revenue 6,343 6,320
2.2 Operating costs -4,498 -4,571
Other income 25 27
Other costs -11 -19
2.1
Profit before depreciation, amortisation and impairment
losses, etc. (EBITDA) 1,859 1,757
2.3, 3.1, 3.2,
3.3 Depreciation, amortisation and impairment losses, net -985 -934
2.4 Gain on sale of non-current assets, etc., net 16 4
3.6 Share of profit in joint ventures and associated companies 75 98
2.1 Profit/loss before financial items (EBIT) 965 925
4.3 Financial income 98 190
4.3 Financial expenses -368 -487
Profit before tax 695 628
5.1 Tax -204 -191
Profit for the period 491 437
Of which:
Non-controlling interests 62 60
Svitzer Group A/S’ share 429 377
Note (DKKm) 2025 2024
Profit for the year 491 437
Translation from functional currency to presentation currency:
 Translation impact arising during the year -545 256
 Reclassified to the income statement 1 -
Cash flow hedges
 Value adjustments of hedges during the year 6 -
5.1 Tax on other comprehensive income -1 -
Total items that have been or may be reclassified
subsequently to the income statement -539 256
4.2 Actuarial gains/losses on defined benefit plans 7 2
5.1 Tax on other comprehensive income -2 -
Total items that will not be reclassified to the income
statement 5 2
Other comprehensive income, net of tax -534 258
Total comprehensive income for the year -43 695
Of which:
Non-controlling interests 44 70
Svitzer Group A/S’ share -87 625
Consolidated Financial Statements
Svitzer Annual Report 2025
18
Financial StatementsManagement Review
Consolidated balance sheet
Note (DKKm)
31 Dec
2025
31 Dec
2024
3.1 Intangible assets 349 400
3.2 Property, plant and equipment 8,544 8,599
3.3 Right-of-use-assets 372 395
3.6 Investments in joint ventures and associated companies 601 760
Derivatives 6 -
4.2 Pensions, net assets 55 14
3.4, 4.5 Loans receivable 54 14
Other receivables 15 15
Financial non-current assets, etc. 731 803
5.1 Deferred tax 284 277
Total non-current assets 10,280 10,474
Inventories 72 81
4.5, 2.1 Trade receivables 839 853
Tax receivables 85 140
Derivatives 12 -
3.4,4.5 Loan receivable 14 22
Other receivables 115 166
Prepayments 55 51
Other current assets 1,120 1,232
Cash and bank balances 665 712
Assets held for sale 38 2
Total current assets 1,895 2,027
Total assets 12,175 12,501
Note (DKKm)
31 Dec
2025
31 Dec
2024
4.1 Share capital 315 315
Reserves 3,197 6,528
Equity attributable to Svitzer A/S 3,512 6,843
Non-controlling interests 178 173
Total equity 3,690 7,016
4.2 Lease liabilities, non-current 292 314
4.2 Borrowings, non-current 6,199 3,253
4.3 Pensions and similar obligations 67 27
3.5 Provisions 76 80
5.1 Deferred tax 268 214
Tax payables 27 32
Other non-current liabilities 438 353
Total non-current liabilities 6,929 3,919
4.2 Lease liabilities, current 106 104
4.2 Borrowings, current 523 522
3.5 Provisions 11 4
Trade payables 459 433
Tax payables 94 130
Other payables 354 353
2.1 Deferred income 9 19
Other current liabilities 927 938
Total non-current liabilities 1,555 1,564
Total liabilities 8,485 5,485
Total equity and liabilities 12,175 12,501
Consolidated Financial Statements
Svitzer Annual Report 2025
19
Financial StatementsManagement Review
Consolidated cash flow statement
Note (DKKm) 2025 2024
Profit/loss before financial items 965 925
2.3, 3.1, 3.2, 3.3 Depreciation, amortisation and impairment losses, net 985 934
2.4 Gain on sale of non-current assets, etc., net -16 -4
Share of profit/loss in joint ventures and associated companies -75 -98
5.5 Change in working capital 79 -6
Change in provisions and pension obligations, etc. 21 -7
Other non-cash items -1 2
Cash flow from operating activities before tax 1,958 1,746
Taxes paid -142 -272
Cash flow from operating activities 1,816 1,474
5.5 Purchase of intangible assets and property, plant and equipment -1,260 -981
Sale of property, plant and equipment 17 72
Dividends received 122 140
Other financial investments 11 -26
Cash flow from investing activities -1,110 -795
4.2 Repayment of external borrowings -369 -58
4.2 Repayment of lease liabilities -116 -105
4.2 Proceeds from external borrowings 3,349 4,017
4.2 Proceeds from borrowings with related party - -
4.2 Repayment of borrowings to related party - -6,299
Change in loans with related party - 2,405
Financial income received 16 126
Financial expenses paid -237 -345
4.4 Financial expenses paid on lease liabilities -16 -16
Dividends distributed -3,237 -
Dividends distributed to non-controlling interests in subsidiaries -50 -44
Acquisition of non-controlling interests - -
Other equity transactions - 15
Cash flow from financing activities -660 -304
Net cash flow for the period 46 375
Note (DKKm) 2025 2024
Net cash flow for the period 46 375
Cash and cash equivalents 1 January 712 319
Currency translation effect on cash and cash equivalents -93 18
Cash and cash equivalents 31 December 665 712
 Of which classified as assets held for sale - -
Cash and cash equivalents 31 December 665 712
Cash and bank balances include DKK 188m (DKK 268m) relating to cash and bank balances in
countries with exchange control or other restrictions. These funds are not readily available for  general
use by the parent company or other subsidiaries.
Consolidated Financial Statements
Svitzer Annual Report 2025
20
Financial StatementsManagement Review
Consolidated statement of changes in equity
Note (DKKm)
Share
capital
Translation
reserve
Reserve for
hedges
Retained
earnings Total
Non-controlling
interests
Total
equity
Equity 1 January 2024 315 3,636 - 2,261 6,212 156 6,368
Other comprehensive income, net of tax - 246 - 2 248 10 258
Profit for the period - - - 377 377 60 437
Total comprehensive income for the period - 246 - 379 625 70 695
Dividends to shareholders - - - - - -68 -68
Value of share based payments - - - 7 7 - 7
Sale of non-controlling interests - - - -2 -2 - -2
Capital increases and decreases - - - - - 15 15
Total transactions with shareholders - - - 5 5 -53 -47
Equity 31 December 2024 315 3,882 - 2,645 6,843 173 7,016
2025
Other comprehensive income, net of tax - -526 5 5 -516 -18 -534
Profit for the period - - - 429 429 62 491
Total comprehensive income for the period - -526 5 434 -87 44 -43
Dividends to shareholders - - - -3,237 -3,237 -39 -3,273
5.2 Value of share based payments - - - -7 -7 - -7
Sale of non-controlling interests - - - - - - -
Capital increases and decreases - - - - - - -
Total transactions with shareholders - - - -3,244 -3,244 -39 -3,283
Equity 31 December 2025 315 3,356 5 -165 3,512 178 3,690
Consolidated Financial Statements
Svitzer Annual Report 2025
21
Financial StatementsManagement Review
1. Basis of Preparation
1.1 General accounting policies
1.2 Significant accounting estimates and judgements
2. Operating Profit
2.1 Revenue
2.2 Operating costs
2.3 Depreciation, amortisation and impairment losses
2.4 Gain on sale of non-current assets, etc. net
3. Invested Capital
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Right-of-use assets
3.4 Loans receivable
3.5 Provisions
3.6 Investments in associates and joint ventures
4. Capital and Financing
4.1 Borrowings and lease liability reconciliation
4.2 Pension and similar obligations
4.3 Financial income and expenses
4.4 Financial instruments and risks
4.5 Financial instruments by category
5. Other Disclosures
5.1 Tax and deferred tax
5.2 Commitments
5.3 Contingent liabilities
5.4 Cash flow specifications
5.5 Related parties
5.6 Subsequent events
Notes
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
22
Financial StatementsManagement Review
1.1 General accounting policies
1.2 Significant accounting estimates and judgements
1.
Basis of Preparation
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
23
Financial StatementsManagement Review
Basis of preparation
The consolidated financial statements for
2025 for Svitzer Group have been prepared
on a going concern basis and in accordance
with the IFRS Accounting Standards as
adopted by the EU and additional disclosure
requirements for reporting class large C as
per the Danish Financial Statements Act.
The consolidated financial statements of
Svitzer Group are included in the consolidated
financial statements of A.P. Møller Holding A/S.
The accounting policies are consistent with
those applied in the consolidated financial
statements of Svitzer Group A/S for 2024,
except for the changes to the accounting
standards that were effective from
1 January 2025 and were endorsed by the EU.
The changes have not had a material impact
on the financial statements.
Ownership
In April 2025, A.P. Møller Holding A/S
through its wholly owned subsidiary APMH
Invest A/S made an all cash voluntary
recommended purchase offer for all shares
in Svitzer. The purchase offer was completed
in May 2025 which resulted in Svitzer's
delisting from Nasdaq Copenhagen on 22
May 2025.
Rounding
In general, rounding may cause variances in
sums and percentages in the Annual Report.
Consolidation
The consolidated financial statements comprise
the parent company Svitzer Group A/S and
its subsidiaries.
Subsidiaries are entities controlled by Svitzer
Group A/S. Control is based on the power
to direct the relevant activities of an entity
and the exposure, or right, to variable returns
arising from it. Control also implies that the
Group is exposed or has rights to variable
returns from its involvement with the investee
and has the ability to affect those returns
through its power over the investee.
Control is usually obtained when the Group
directly or indirectly owning or in other ways
controlling more than 50% of the voting
rights in the company or by other rights as
accepted in IFRS 10 such as agreements on
management control. Entities are classified as
joint ventures if the contracting parties’ rights
are limited to net assets in the separate legal
entities. Entities which are not subsidiaries,
over which the Group exercises significant
influence, but which it does not control are
considered associates. Significant influence
is usually obtained by direct or indirect
ownership or controls of more than 20% of
the voting rights but less than 50%.
The consolidated financial statements
are based on the parent company and the
subsidiaries and are prepared by combining
items of a uniform nature and eliminating
intercompany transactions, shareholdings,
balances and intercompany gains and losses.
The consolidated financial statements are
prepared by applying the Group’s accounting
policies. Investments in subsidiaries are
eliminated against the proportionate share
of the subsidiaries’ net asset value at the
acquisition date. The Group’s investments in
associates and joint ventures are recognised
in the Consolidated Financial Statements
at the Group’s proportionate share of the
associate’s/joint venture’s net asset value.
Non-controlling interests’ share of profit/loss
for the year and of equity in subsidiaries is
included as part of Svitzer’s profit and equity,
respectively, but shown as separate items.
Foreign currency translation
The consolidated financial statements
are presented in DKK. In the translation to
the presen tation currency for subsidiaries,
associates, or joint ventures with functional
currencies other than DKK, the total
comprehensive income is translated into
DKK at average exchange rates, and the
balance sheet is translated at the exchange
rates as at the balance sheet date. Exchange
rate differences arising from such translations
are recognised directly in other comprehensive
income and in a separate reserve of equity.
The functional currency varies from business
area to business area. For Svitzer’s principal
activities, the functional currency is generally
the local currency of the country in which
such activities are performed, unless specific
scenarios suggest a different currency is
appropriate. Transactions in currencies other
than the functional currency are translated
at the exchange rate prevailing at the date
of the transaction. Monetary items in foreign
currencies not settled at the balance sheet
date are translated at the exchange rate as
at the balance sheet date. Foreign exchange
gains and losses are included in the income
statement as financial income or expenses.
Share of profit/loss in associated companies
and joint ventures is recognised net of tax
and corrected for the share of unrealised
intra-group gains and losses. The item also
comprises any impairment losses for such
investments and their reversal.
Statement of comprehensive income
Other comprehensive income consists
of gains and losses not recognised in the
General accounting policies
Note 1.1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
24
Financial StatementsManagement Review
income statement, including exchange rate
adjustments arising from the translation from
functional currency to presentation currency,
fair value adjustments of other equity
investments (at FVOCI), as well as actuarial
gains/losses on defined benefit plans, etc.
Svitzer’s share of other comprehensive
income in associated companies and joint
ventures is also included.
On disposal or discontinuation of an entity,
Svitzer’s share of the accumulated exchange
rate adjustment relating to the relevant entity
with a functional currency other than DKK, is
reclassified to the income statement.
Other comprehensive income includes
current and deferred income tax to the
extent that the items recognised in other
comprehensive income are taxable or
deductible.
Balance sheet
Non-current assets
Assets are held for sale, when the carrying
amount of an individual non-current asset, or
disposal groups, will be recovered principally
through a sale transaction rather than through
continuing use. Assets are classified as
held for sale when activities to carry out a
sale have been initiated, when the activities
are available for immediate sale in their
present condition and when the activities are
expected to be disposed of within 12 months.
Liabilities directly associated with assets
held for sale are presented separately from
other liabilities.
Assets held for sale are measured at the
lower of the carrying amount immediately
before classification as held for sale and
fair value less costs to sell, and impairment
tests are performed immediately before
classification as held for sale. Non-current
assets are not depreciated or amortised
while classified as held for sale.
Current assets
Inventories mainly consist of bunker on the
vessels. Inventories are measured at cost,
primarily according to the FIFO method.
Spare parts are usually expensed directly in
the profit/loss as the amounts are immaterial.
Loans and receivables are initially recognised
at fair value and if applicable any direct
transaction costs, and subsequently measured
at amortised cost using the effective interest
method. For loans and other receivables, write-
downs are made for expected losses based
on specific individual assessments. For trade
receivables, the loss allowance is measured
by the simplified approach according to IFRS
9, applying a provision matrix to calculate the
expected lifetime losses. The provision matrix
includes write-downs for non-due receivables.
Write-downs could also be made for specific
individual cases.
Equity and liabilities
Equity includes total comprehensive
income for the year comprising the profit/
loss for the year and other comprehensive
income. The translation reserve comprises
of Svitzer’s share of accumulated exchange
rate differences arising on translation
from functional currency into presentation
currency.
Other payables comprise of amounts related
to staff, including wages and salaries, holiday
pay and other wages and salary related items,
amounts owed to public authorities, amounts
owed in connection with the purchase/
disposal of CAPEX, accrued interest and
dividends payable.
Definitions of non IFRS measures
The Group annual report includes financial
performance measures that are not defined
as per IFRS. These financial measures are
calculated as follows:
Adjusted EBITDA: Earnings before Interest,
Taxes and Depreciation and Amortisation
adjusted for de-listing and other one-off costs
of DKK 47m in 2025 (DKK 130m in 2024
associated with the listing and demerger
from A.P. Møller - Mærsk A/S.)
Adjusted EBITDA margin: Adjusted
EBITDA divided by Revenue.
Adjusted NOPAT: Net Operating
Profit After Tax excluding financial
items adjusted for de-listing and other
associated one-off costs of DKK 47m in
2025 (DKK 130m of separation and listing
costs associated with the demerger from
A.P. Møller - Mærsk A/S.)
Adjusted ROIC: Adjusted NOPAT divided by
the average invested capital, last 12 months.
Climate-related risks
When preparing the consolidated financial
statements, Management considers
climate- related risks, where these could
potentially impact reported amounts
materially. For Svitzer, the material areas
assessed covered useful life and residual
value of vessels. For 2025, the assessment
has not resulted in any material change in
useful life or the estimated residual value.
Reference is made to Note 3.2 Property,
plant and equipment.
General accounting policies
Note 1.1 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
25
Financial StatementsManagement Review
New financial reporting requirements
and interpretations
Svitzer Group has not yet adopted the
following new or amended accounting
standards and requirements that have not
yet become effective.
IFRS 18: Presentation and Disclosure in
Financial Statements, Effective 1 January
2027.
IFRS 18 replaces IAS 1 and introduces new
requirements for presentation and disclosures
of information in financial statements.
The statement of profit or loss will be
presented into five categories; operating,
investing, financing, income tax and
discontinued operations. The categories are
based on an assessment of Group's business
activities. The standard also includes
requirements related to aggregation and
disaggregation of information in the primary
financial statements and notes. Further,
IFRS 18 requires the Group to identify its
management defined performance measures
(MPM) as detailed disclosures need to be
included in the notes for them. This should
enable users of consolidated financial
statements to understand the aspect of
financial performance that in management's
view is communicated by an MPM and how
the MPM compares with measures defined
by IFRS accounting standards.
The Group is assessing the impact of IFRS 18.
None of the other new standards,
amendments to standards and
interpretations are expected to have material
impact on the consolidated financial
statements of the Group.
General accounting policies
Note 1.1 — continued
The preparation of the consolidated financial
statements requires Management to make
estimates and judgements on an ongoing
basis and to form assumptions that provide
the basis for recognition and measurement of
the reported amounts. These assumptions are
based on historical experience, independent
advice, external data points as well as in-house
specialists and other factors believed to be
reasonable under the given circumstances.
The assumptions may be incomplete or
inaccurate and unanticipated events or
circumstances may occur, for which reason
the actual results may deviate from the applied
estimates, assessments, and assumptions.
One aspect is measurement uncertainty,
where Management makes assumptions that
derive the value of recognised assets and
liabilities. These assumptions concern the
timing and amount of future cash flows as
well as the risks inherent in these. Therefore,
assumptions may change, or the outcome may
differ in the coming years, which could require
an upward or downward adjustment to the
carrying amounts of the balance sheet items.
In Management’s opinion, the following
accounting estimates are significant in the
preparation of the Annual Report:
• Impairment testing key assumptions:
Note 3.1 and Note 3.2
• Useful life and residual value estimates:
Note 3.2
• Deferred tax assets and uncertain tax
positions: Note 5.1
Significant accounting estimates and judgements
Note 1.2
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
26
Financial StatementsManagement Review
2.1 Revenue
2.2 Operating costs
2.3 Depreciation, amortisation and impairment losses
2.4 Gain on sale of non-current assets, etc., net
2.
Operating Profit
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
27
Financial StatementsManagement Review
Income statement
Revenue for all businesses is recognised
when the performance obligation has been
satisfied, which happens upon the transfer
of control to the customer at an amount
that reflects the consideration to which the
Group expects to be entitled in exchange for
the goods or services.
Revenue from towage activities is recognised
over time as the performance obligation is
satisfied, including a share of revenue from
incomplete activities at the balance sheet
date. However, this remains very limited to
Svitzer. Revenue from sales is recognised
based on the price specified in the contract,
net of the estimated volume discounts.
Revenue is only recognised to the extent that
it is highly probable that a significant reversal
will not occur.
Revenue from the sale of goods is recognised
upon the transfer of control to the buyer.
No significant element of financing is deemed
present as sales are made with a credit term
of 20-45 days, which is consistent with
market practice.
Revenue
Note 2.1
Accrued income included in trade receivables
in the balance sheet constitutes contract
assets comprising unbilled amounts to
customers representing the Group’s right
to consideration for the services transferred
to date. Any amount previously recognised
as accrued income is reclassified to trade
receivables at the time it is invoiced to the
customer.
Deferred income is recognised in the income
statement within 12 months.
Under the payment terms generally applicable
to the Group’s revenue generating activities,
prepayments are received only to a limited
extent. Typically, payment is due upon the
completion of services.
Part of the deferred income presented in the
balance sheet constitutes contract liabilities
which represent advance payments and
billings in excess of revenue recognised.
There are no significant changes in accrued
income and deferred income during the
reporting period.
Loss allowance disclosed in note 4.4 relates
to receivables arising from contracts with
customers.
Contract balances (DKKm) 2025 2024
Trade receivables from revenue from contracts with customers 773 725
Accrued income – contract asset 66 128
Deferred income – contract liability 9 19
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
28
Financial StatementsManagement Review
Geographical split (DKKm)
Revenue Non-current assets
 1
2025 2024 2025 2024
Denmark 340 322 1,011 1,031
Argentina 216 202 94 113
Australia 2,098 2,122 2,830 2,768
Brazil 373 387 707 604
Egypt 127 145 273 314
Netherlands 366 309 416 460
Panama 118 115 364 360
Oman 140 145 354 345
Sweden 223 239 10 6
UK 1,134 1,164 1,206 1,347
Other 1,208 1,170 2,000 2,046
Total 6,343 6,320 9,265 9,394
Geographical information: Revenue for towage activities is based on the entity where the port is being serviced by
the tugs operated by the Group, including leased vessels on time charter agreements.
1
  Comprised of intangible assets, property, plant and equipment and right-of-use assets, excluding financial non-
current assets.
Types of revenue (DKKm) 2025 2024
Harbour Towage activities 4,263 4,299
Terminal Towage activities 2,050 2,027
Other activities and eliminations 30 -6
Total 6,343 6,320
Note 2.1 — continued Note 2.2
Operating costs
(DKKm) 2025 2024
Variable costs
 1
625 623
Vessel costs
 2
569 633
Overheads
 3
374 445
Staff costs 2,565 2,649
Other 365 221
Total operating costs 
4
4,498 4,571
Remuneration of employees
Wages and salaries 2,166 2,270
Severance payments 36 20
Pension costs, defined benefit plans 30 7
Pension costs, defined contribution plans 173 190
Other social security costs 169 165
Total remuneration 2,574 2,652
Of which
Recognised in the cost of assets 9 3
Expensed as staff costs 2,565 2,649
Average number of employees 3,567 3,528
Customary agreements have been entered into with employees regarding compensation in connection with
resignation with consideration for local legislation and collective agreements.
1
  Variable costs are inclusive of fuel costs, overheads and royalty costs.
2
  Vessel costs are inclusive of port, mobilisation, insurance, stores, consumables, maintenance and repair costs.
3
  Overheads are inclusive of lease expenses and general administration costs.
4
  Total operating costs for the year include DKK 47m (DKK 130m) of one-time costs that are not considered part
of the regular operations. These costs are excluded from adjusted EBITDA.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
29
Financial StatementsManagement Review
Fees and remuneration (DKKm)
Fixed based
salary
 1
Short-term
incentives
2
Long-term share
based incentives
2025
Executive Management 6 18 -1
Other key management personnel 15 36 -6
Total remuneration 21 54 -7
2024
Executive Management 6 11 1
Other key management personnel 16 12 6
Total remuneration 22 23 7
1
  Fixed based salary is inclusive of pensions contributed for other key management personnel of DKK 0.2m (DKK 0.5m).
2
 
Short-term incentives for other key management personnel also includes one time severance compensation of DKK 9m.
Fees to the statutory auditors (DKKm) 2025 2024
Statutory audit 8 9
Other assurance engagements - 2
Other services 1 4
Total fees 9 15
Other services than statutory audit supplied by PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
(PricewaterhouseCoopers Denmark) in 2024 consisted of assurance services related to the separation and demerger
from A.P. Møller - Mærsk A/S, limited assurance over the sustainability statements and other general accounting and
tax advice.
As part of the change in ownership
structure, Svitzer ceased its restricted shares
programme. This resulted in the reversal
of the long-term share based incentives of
DKK 7m which was accrued in 2024. An
incentive payment of DKK 28m was made
to the Executive Management and Other
key management personnel as a result
of the dissolution of the restricted shares
programme. This is reported as part of Short-
term incentives. The net impact from the
dissolution of the share programme for the
Group was DKK 21m.
The Board of Directors have received
fees of DKK 2.8m (DKK 2.9m). The total
fees to Board of Directors and Executive
Management for the year was DKK 26m
(DKK 21m).
Note 2.2 — continued
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
30
Financial StatementsManagement Review
Note 2.3 Note 2.4
Depreciation, amortisation and impairment losses Gain on sale of non-current assets, etc.,net
(DKKm) 2025 2024
Vessels etc. 827 790
Production facilities and equipment 18 17
Right-of-use assets 121 110
Total depreciation 966 918
Customer relationships - 11
Other intangible assets 10 10
Total amortisation 10 21
Impairment losses related to intangible assets - -
Vessels etc. impairment losses
 1
9 16
Assets held for sale impairment losses
 
- -
Total impairment losses 9 16
Reversal of impairment losses
 2
- -21
Total net impairments 9 -5
Depreciation, amortisation and impairment losses, net 985 934
1
  Impairment losses related to tangible assets of DKK 9m (DKK 16m) relate to impairment of property, plant and
equipment.
2
Reversal of impairment losses in 2024 of DKK 21m relate to four vessels which were sold for higher than asset value
considered in assets held for sale.
(DKKm) 2025 2024
Gains 18 6
Losses -2 -2
Gain on sale of non-current assets, etc., net 16 4
Gains and losses in the years are related to the sale of vessels.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
31
Financial StatementsManagement Review
3.1 Intangible assets
3.2 Property, plant and equipment
3.3 Right-of-use assets
3.4 Loans receivable
3.5 Provisions
3.6 Investments in associates and joint ventures
3.
Invested Capital
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
32
Financial StatementsManagement Review
Intangible assets are measured at cost less
accumulated amortisation and impairment
losses. Amortisation is calculated on a
straight-line basis over the estimated useful
life of the assets. Goodwill has an indefinite
useful life.
Intangible assets regarding acquired
customer relationships are amortised basis
assessment of individual cases, while IT
software is amortised over the useful life of
five years.
Impairment losses are recognised when
the carry ing amount of an asset or a cash-
generating unit exceeds the higher of the
estimated value in use and fair value less
costs of disposal. Goodwill is attributed to
cash- generating units on acquisition and
impaired before other assets.
Significant accounting estimates
Intangible assets and property, plant and
equipment are tested for impairment if there
is an indication of impairment. However,
annual impairment tests are carried out for
goodwill as well as intangible assets that are
not yet in use. Impairment losses are included
in depreciation, amortisation and impairment,
in the income statement.
In Group, only Port Towage Amsterdam, has
Goodwill recognised as a result of a stepwise
acquisiton. An annual impairment test is
carried out for goodwill.
Impairment test – assessment inputs
The recoverable amount of each cash-
generating unit is determined based on the
higher of its value in use or fair value less
costs of disposal. The estimated value in use
is calculated using certain key assumptions
for the expected future cash flows and
applied discount factor. Current market
values for vessels, etc., are estimated using
acknowledged brokers. Projected cash
flow models are used when fair value is not
obtainable or when fair value is deemed lower
than value in use. The cash flow projections
are based on financial budgets and business
plans approved by Management, though
based on experience, external sources where
available and a calculated terminal value.
In nature, these projections are subject to
judgement and estimates that are uncertain.
The discount rates applied reflect the time
value of money as well as the specific risks
related to the underlying cash flows, i.e.,
project and/or country specific risk premium.
Further, any uncertainties reflecting past
performance and possible variations in the
amount or timing of the projected cash flows
are generally reflected in the discount rates.
Impairment test – key assumptions
applied
The outcome of impairment tests is subject
to estimates of the future development of
volumes, tariffs, fuel prices and the discount
rates applied. Management determines the
key assumptions for each impairment test by
considering past experience as well as market
analysis and future expectations based on
supply and demand trends.
Svitzer is directly impacted by the development
of volumes, tariffs and fuel price, where the
competitive landscape determines the extent
to which the development is reflected in the
tariffs charged to the customer. Volumes are
expected to be escalated in line with the
world economy. Fuel expense is expected
to decrease compared to 2025, driven by a
reduction in prices. Inflation is expected to
also remain a contributing factor, while the
impact is expected to be around the same
levels as 2025.
Impairment test – results of impairment
Goodwill relates to Port Towage Amsterdam,
where the impairment test is based on the
estimated value in use from five-year business
plan for 2026-2030 and a calculated
terminal value. Management has applied an
assumption of a flat terminal growth rate of
2% (2%). A discount rate of 7.9% (7.9%) p.a.
before tax or a discount rate of 7.5% (7.5%)
p.a. after tax. The impairment test showed
headroom from the value in use to the
carrying amount and thus no impairment was
recognised.
Intangible assets
Note 3.1
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
33
Financial StatementsManagement Review
Intangible assets
Note 3.1 — continued
(DKKm) Goodwill
Customer
relationships Other
 1
Total
Cost
1 January 2025 2,189 56 86 2,331
Disposals - -56 - -56
Exchange rate adjustments -121 - -1 -122
31 December 2025 2,067 - 86 2,153
Amortisation and impairment losses
1 January 2025 -1,812 -56 -64 -1,932
Amortisation - - -10 -10
Impairment losses  - - - -
Disposals - 56 - 56
Exchange rate adjustments 80 - 1 81
31 December 2025 -1,731 - -73 -1,804
Carrying amount:
31 December 2025 336 - 13 349
(DKKm) Goodwill
Customer
relationships Other
 1
Total
Cost
1 January 2024 2,237 56 90 2,383
Disposals - - - -
Exchange rate adjustments -48 - -4 -52
31 December 2024 2,189 56 86 2,331
Amortisation and impairment losses
1 January 2024 -1,881 -45 -58 -1,983
Amortisation - -11 -10 -21
Impairment losses  - - - -
Disposals - - - -
Exchange rate adjustments 69 - 4 73
31 December 2024 -1,812 -56 -64 -1,932
Carrying amount:
31 December 2024 377 - 23 400
1
 Other including IT software is inclusive of any other rights and IT software and prepayments.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
34
Financial StatementsManagement Review
Property, plant and equipment are valued
at cost less accumulated depreciation and
impairment losses. Depreciation is charged to
the income statement on a straight-line basis
over the useful life at an estimated residual
value. The useful lives of new assets are
typically as follows:
Vessels 25 years
IT equipment 3 years
Operational equipment 5-7 years
Leasehold improvements 5-15 years
Estimated useful lives and residual values are
reassessed on an annual basis. The cost of an
asset is divided into separate components,
which are depreciated separately if the
useful life of the individual component differs.
Drydocking and survey costs are recognised
in the carrying amount of vessels when
incurred and depreciated over the period until
the next drydocking or survey which can vary
from 2.5, 5 or 7.5 years.
The cost of assets constructed by Svitzer
includes directly attributable expenses.
For information on impairment tests,
reference is made to note 3.1 Intangible
assets.
The impact of decarbonisation and climate-
related risks on the useful lives of existing
assets has been assessed. Such risks include
new climate- related legislation restricting
the use of certain assets and new technology
demanded. For 2025, the assessment has
not resulted in any material change.
Significant accounting estimates
Useful lives are estimated based on
experience. When there is an indication of a
change in an asset’s useful life, Management
revises the estimates for individual or groups
of assets with similar characteristics due to
factors such as quality of maintenance and
repair, technical development, or environ-
mental requirements.
Residual values of a vessel is difficult to
estimate given their long useful lives, the
uncertainty of economic conditions, and
the uncertainty of steel prices which is
considered the main determinant of residual
value. Additionally, the acceleration of
development of vessels with a lower carbon
footprint may generate downward pressure
on the market for second-hand conventional
vessels. Svitzer estimates its residual value
of vessels at 10% of the purchase price
excluding drydocking costs.
Property, plant and equipment
Note 3.2
(DKKm)
Vessels
etc.
Other
tangible
assets
 1
Assets under
construction
and payment
on account Total
Cost
1 January 2025 13,893 249 423 14,565
Additions - 1 1,259 1,260
Disposals -390 -11 -1 -402
Transfers 1,184 39 -1,224 -
Transfers, assets held for sale -12 - - -12
Exchange rate adjustments -660 -12 -17 -689
31 December 2025 14,015 267 441 14,722
Depreciation and impairment losses
1 January 2025 -5,807 -159 - 5,967
Depreciation -827 -18 - -845
Impairment losses
 2
-9 - - -9
Disposals 344 11 - 354
Transfers, assets held for sale 10 - - 10
Exchange rate adjustments 270 8 - 279
31 December 2025 -6,020 -158 - -6,178
Carrying amount
31 December 2025 7,995 108 441 8,544
1
  This includes hardware, furniture and fixtures, cars, land, buildings, leasehold improvements, operational
improvements and other tangible assets
2
  Impairment losses relate to batteries of four vessels which were replaced during the year.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
35
Financial StatementsManagement Review
Property, plant and equipment
Note 3.2 — continued
(DKKm)
Vessels
etc.
Other
tangible
assets
 1
Assets under
construction
and payment
on account Total
Cost
1 January 2024 13,039 237 557 13,833
Additions 39 2 966 1,008
Disposals -204 -13 - -217
Transfers 1,078 22 -1,100 -
Transfers, assets held for sale -93 - - -93
Exchange rate adjustments 34 1 - 33
31 December 2024 13,893 249 423 14,565
Depreciation and impairment losses
1 January 2024 -5,240 -154 - -5,394
Depreciation -790 -17 - -807
Impairment losses
 2
-16 - - -16
Disposals 185 13 - 198
Transfers, assets held for sale 90 - - 90
Exchange rate adjustments -36 -1 - -37
31 December 2024 -5,807 -159 - -5,966
Carrying amount
31 December 2024 8,086 90 423 8,599
1
  This includes hardware, furniture and fixtures, cars, land, buildings, leasehold improvements, operational
improvements and other tangible assets
2
  Impairment losses relate to three vessels sold with sales price lower than the net book value.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
36
Financial StatementsManagement Review
Right-of-use assets are mainly leased vessels
and real estate property. Lease contracts for
vessels are typically made for fixed periods
but may have extension options as described
together with lease liabilities. Real estate
contracts are negotiated on an individual
basis and contain a wide range of terms and
conditions.
Leases are recognised as a right-of-use asset
with a corresponding lease liability at the date
on which the leased asset is available for use.
The right-of-use asset is depreciated over the
shorter of the asset’s useful life and the lease
term on a straight-line basis.
The Group applies the short-term recognition
exemption for lease contracts that, at the
commencement date, have a lease term of
12 months or less for all classes of underlying
assets and exemption for lease contracts for
which the underlying asset is of low value.
Total cash outflow from leases was
DKK 191m (DKK 191m) of which DKK 116m
(DKK 105m) relates to repayment of lease
liabilities, DKK 58m (DKK 70m) to other
lease expenses and DKK 17m (DKK 16m) to
interest expenses.
Lease liabilities are disclosed in notes 4.1
borrowing and lease liability reconciliation
and 4.4 financial instruments and risks.
Right-of-use assets (DKKm)
Vessels
etc.
Real estate
and other
leases Total
1 January 2025 186 209 395
Additions 31 97 128
Disposals -10 -2 -12
Depreciation -79 -42 -121
Exchange rate adjustments -10 -9 -19
31 December 2025 118 254 372
1 January 2024 115 228 343
Additions 140 64 204
Disposals - -38 -38
Depreciation -69 -41 -110
Exchange rate adjustments - -5 -4
31 December 2024 186 209 395
Amounts recognised in profit and loss (DKKm) 2025 2024
Depreciation cost on right-of-use assets -121 -110
Interest expenses (included in finance costs) -17 -16
Expenses relating to service elements of leases -10 -4
Expenses relating to short-term leases -47 -65
Expenses relating to leases of low-value assets -1 -1
Total recognised in operating costs -58 -70
As part of the Group’s activities, customary leasing agreements are entered, especially regarding the chartering of
vessels and offices and other equipment. In some cases, there can be options for extending the lease term.
Real estate and other leases primarily consist of leased buildings for Svitzer’s offices.
Right-of-use assets
Note 3.3
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
37
Financial StatementsManagement Review
Provisions
Note 3.5
Provisions are recognised when Svitzer has
a present legal or constructive obligation
from past events. The item includes, legal
disputes, provisions for ongoing indirect tax
disputes and other provisions. Provisions
are recognised based on best estimates
and discounted where the time element is
significant and where the time of settlement
is reasonably determinable.
(DKKm)
Tax
provisions
Unsettled
claims and
lawsuits Other Total
1 January 2025 80 2 2 83
Provision made 5 8 4 17
Amount used - - -1 -1
Amount reversed - -2 - -2
Exchange rate adjustments -9 -1 - -10
31 December 2025 76 6 5 87
Of which:
Classified as non-current 76 - - 76
Classified as current - 6 5 11
(DKKm)
Tax
provisions
Unsettled
claims and
lawsuits Other Total
1 January 2024 77 4 2 83
Provision made 9 1 - 10
Amount used - -1 - -1
Amount reversed -10 -3 - -13
Exchange rate adjustments 4 - - 4
31 December 2024 80 2 2 83
Of which:
Classified as non-current 80 - - 80
Classified as current - 2 2 4
Indirect tax provisions include current and potential tax claims which are not based on the taxable profits such as VAT,
turnover taxes, etc.
Unsettled claims and lawsuits include ongoing legal disputes where a provision should be created based on legal
assessment. The resolution of legal disputes through either negotiations or litigation can take several years to be
reached and outcomes are subject to considerable uncertainty.
All non-current provisions are expected to be settled within two to five years.
Reversals of provisions primarily relate to legal disputes and indirect tax provisions which are recognised in the income
statement under operating costs and tax.
Note 3.4
Loans receivable
Loans receivable, non current of DKK 24m
(DKK 14m) and loans recievable, current
of DKK 8m (DKK 22m) consists of loans
provided to joint ventures.
For assets leased out on a finance lease,
Svitzer recognises an amount equal to the net
present value of the future lease payments
in the balance sheet is reclassed from non
current assets to leases receivables and any
gain or loss arising from this is recognised
in the income statement. In 2025, gain
of DKK 9m and interest of DKK 2m was
recognised in relation to a vessel being
leased out. The outstanding receivable as at
end of 2025 is DKK 37m, of which DKK 6m is
to be settled within 1 year and DKK 31m is to
be settled within 2-5 years.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
38
Financial StatementsManagement Review
Investments in associates and joint ventures
Note 3.6
Investments in associated companies and
joint ventures are recognised as Svitzer’s
share of the equity value inclusive of goodwill
less any impairment losses. Goodwill is
an integral part of the value of associated
companies and joint ventures and is therefore
subject to impairment test together with
the investment. In 2025 an impairment loss
of DKK 18m was considered as part of its
investment in associated companies.
Impairment losses are reversed to the extent
the original value is considered recoverable.
Investments in associates and joint ventures
are measured according to equity method.
In the balance sheet, investments are
measured at the proportionate share of the
companies’ equity value.
The Group, through its wholly owned
subsidiaries have interests in associated
companies and joint ventures. The table on
the right shows the interests with ownership
percentages.
(DKKm) 2025 2024
Svitzer’s interest in associates
1
138 201
Svitzer’s interest in joint ventures 463 559
Total 601 760
Investments comprise (DKKm)
Ownership
%
Type of
ownership
Share of profit/loss Share of Carrying amount
2025 2024 2025 2024
Qingdao Port Svitzer Towage Co. Ltd 45 Associated -7 5 93 110
Cenertech Svitzer Marine Service (Gunagdong) Co. Ltd 49 Associated 3 6 64 70
CNOOC Zhuhai Shipping Services Co, LTD 29 Associated 3 3 19 21
Riverwijs-Dampier Pty. Ltd* 50 Joint venture - -1 - 9
RiverWijs Burrup Pty.Ltd* 50 Joint venture - 1 - 11
Port Lincoln Tugs Pty. Ltd. 50 Joint venture 2 3 34 34
Halifax Marine Towing Limited Partnership 50 Joint venture 10 18 13 17
Shenzhen Dapeng Svitzer Towage Company Ltd. 49 Joint venture 2 2 17 19
Yantian Svitzer (Huizhou) Towage Company Ltd. * 44 Joint venture -1 - - 15
Svitzer Caribbean Dominicana S.A.S 50 Joint venture 12 11 48 48
Nakilat Svitzerwijsmuller Company W.L:L 30 Joint venture 19 20 162 192
Svitzer Barbados Ltd 50 Joint venture - - 4 12
Caucedo Marine Service S.A. (Dominican Republic branch) 50 Joint venture 20 11 146 159
Svitzer Caribbean Harbour Services S.A. 50 Joint venture -2 -3 31 35
Other investments 
2
Joint venture 32 21 8 8
Total 93
1
98 639
1
760
1
  Svitzer has during 2025 classified DKK 38m in relation to interest in associates to assets held for sale as the associated companies are being actively marketed for sale.
This has resulted in an impairment of Svitzer's investment of DKK 18m reported as part of the share of profit/loss.
2
  his consists of other joint venture entities with the investment carrying amount lower than 5% of total interests in joint ventures. This has been rearranged to ensure other
investments continue to only be lower than 5% of the total interests in joint ventures. 2024 figures are accordingly restated to reflect this change.
*  Entities liquidated in 2025.
Reference is made to the company overview for the country of incorporation.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
39
Financial StatementsManagement Review
Investments in associates and joint ventures
Note 3.6 — continued
Joint ventures, key figures (100%) DKKm 2025 2024
Revenue 867 891
Costs -654 -703
Total profit/loss 213 188
Share of profit/loss of joint ventures 94 83
Non-current assets 1,023 1,083
Current assets 755 1,016
of this, cash and cash equivalents 176 253
Non-current liabilities -266 -147
Current liabilities -278 -473
Total carrying amount 1,235 1,480
The table summarises the key financial information at 100% for joint ventures.
Associated companies, key figures (100%) DKKm 2025 2024
Revenue 113 153
Costs -113 -119
Total profit/loss - 34
Share of profit/loss of associates
1
-19 14
Non-current assets 175 327
Current assets 279 200
of this, cash and cash equivalents 211 31
Non-current liabilities -1 -6
Current liabilities -10 -16
Total carrying amount 443 505
The table summarises the key financial information at 100% for associated companies.
1
 This is inclusive of impairment taken on the assoicated company held for sale by Svitzer.
The table on the right summarises the
profit for the period and other key financial
information at 100% for associates and joint
ventures.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
40
Financial StatementsManagement Review
4.1 Borrowings and lease liability reconciliation
4.2 Pension and similar obligations
4.3 Financial income and expenses
4.4 Financial instruments and risks
4.5 Financial instruments by category
4.
Capital and Financing
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
41
Financial StatementsManagement Review
Borrowings and lease liability reconciliation
Note 4.1
(DKKm)
Net debt
as at
31 Dec.
2023 Cash flows
Non-cash changes
Net debt
as at
31 Dec.
2024 Cash flows
Non-cash changes
Net debt
as at
31 Dec.
2025Additions Disposals
Foreign
exchange
movements Other Additions Disposals
Foreign
exchange
movements Other
Borrowings 6,365 -2,571 - - -20 - 3,776 2,980 - - -33 - 6,722
Borrowings:
Classified as non-current 487 3,253 6,199
Classified as current 5,878 523 523
Leases:
Lease liabilities 360 -105 204 -38 -4 - 418 -116 128 -11 -20 - 398
Total leases 360 -105 204 -38 -4 - 418 -116 128 -11 -20 - 398
Leases:
Classified as non-current 275 314 292
Classified as current 85 104 106
Total borrowings and leases 6,726 -2,676 204 -38 -24 - 4,193 2,864 128 -11 -53 - 7,120
Derivatives, hedge of
borrowings, net - 0 0 -6 -6
Cash flows consist of proceeds from external borrowings of DKK 3,349m (DKK 4,017m), repayments of external borrowings of DKK 369m (DKK 58m) and repayment of borrowing to a related party of DKK 0 (DKK 6,530m).
Financial liabilities are initially recognised at fair
value less transaction costs. Subsequently, the
financial liabilities are measured at amortised
cost using the effective interest method,
whereby transaction costs and any premium
or discount are recognised as financial
expenses over the term of the liabilities.
Lease liabilities are measured at the present
value of the lease payments over the lease
term, at the interest rate implicit in the lease.
If that rate cannot be determined, the lease’s
incremental borrowing rate is used, being
the rate that the lessee would have to pay
to borrow the funds necessary to obtain an
asset of similar value in a similar economic
environment with similar terms and conditions.
Subsequently, the lease liability is measured
at amortised cost with each lease payment
allocated between the repayment of the
liability and financing cost. The finance cost
is charged to the income statement over
the lease period using the IBR (incremental
borrowing rate) that was used to discount the
lease payments.
The lease payments include fixed payments
less any lease incentives receivable and
variable lease payments that depend on an
index or a rate. If the contract holds an option
to purchase, extend or terminate a lease and
it is reasonable to be exercised by the Group,
the lease payment will include those. Lease
payments on short-term leases and leases of
low value assets are recognised as an expense
on a straight line basis over the lease term.
Reference is made to Note 4.4 for the
maturities on lease liabilities.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
42
Financial StatementsManagement Review
Pension and similar obligations
Note 4.2
Pension obligations are the net liabilities
of defined benefit obligations and the
dedicated assets adjusted for the effect
of minimum funding and asset ceiling
requirements. Plans with a funding surplus
are presented as net assets on the balance
sheet. The defined benefit obligations are
measured at the present value of expected
future payments to be made in respect of
services provided by employees up to the
balance sheet date. Plan assets are measured
at fair value. The pension cost charged to
the income statement consists of calculated
amounts for vested benefits and interest
in addition to settle ment of gains or losses,
etc. Interest on plan assets is calculated
with the same rates as used for discounting
the obligations. Actuarial gains/losses are
recognised in other comprehensive income.
As employer, the Group participates in
pension plans according to normal practice
in the countries in which the Group operates.
Generally, the pension plans within the
Group are defined contribution plans, where
contributions are recognised on an accrual
basis in the income statement. A number of
entities have defined benefit plans, in which
retirement benefits are based on length of
service and salary level.
Specification of net liability (DKKm)
United
Kingdom
2025
Other
2025
Total
2025
United
Kingdom
2024
Other
2024
Total
2024
Present value of funded plans 1,300 96 1,396 1,381 103 1,483
Fair value of plan assets -1,309 -149 1,458 -1,389 -150 -1,538
Net liability of funded plans -9 -53 -62 -8 -47 -55
Present value of unfunded plans - 66 66 - 60 60
Impact of minimum funding requirement/asset ceiling 3 5 8 3 5 8
Net liability 31 December -7 19 12 -5 18 13
Of which:
Pensions, net assets 55 13
Pensions and similar obligations 67 27
In 2026, the Group expects to pay contributions totalling DKK 10m (DKK 9m) to funded defined benefit plans.
The majority of the Group’s defined benefit liabilities are in the UK. All of the plans in the UK are funded. Other defined benefit
liabilities are in Australia and Canada.
In Sweden, the Group also particiapates in the defined benefit scheme Alecta. As no information is available about the individual
participants’ share of this scheme, it is treated as a defined contribution plan and disclosed as part of operating costs in Note 2.2.
As well as being subject to the risks of falling interest rates, which would increase the obligation, poor asset returns and pensioners
living longer than anticipated, the Group is also subject to the risk of higher-than- expected inflation. This is because many pension
benefits, particularly in the UK plans, increase in line with inflation although some minimum and maximum limits apply.
In 2024, a ruling in the UK on amendments made to a pension scheme for the years 1997-2016 was concluded. This ruling might
have implications on the Group as amendments were also made to the Group’s UK pension schemes in the period in question. As
a detailed investigation into historic scheme amendments is currently being assessed, the amount of any potential impact on the
defined benefit obligation cannot be confirmed or measured reliably at the end of 2025 year-end.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
43
Financial StatementsManagement Review
Pension and similar obligations
Note 4.2 — continued
Sensitivities for key assumptions in the UK
(DKKm) Change in liability
2025
Increase
2025
Decrease
2024
Increase
2024
Decrease
Factors
Discount rate Increase/(decrease) by 25 basis points -31 32 -34 36
Inflation rate Increase/(decrease) by 25 basis points 17 -17 18 -18
Life expectancy Increase/(decrease) by 1 year 64 -65 63 -65
The sensitivity of the liabilities and pension costs to the key assumptions are as follows:
Life expectancy as at 31 December 2025 2045 2024 2044
65 year old male in the UK 21.2 23.1 21.4 22.7
65 year old female in the UK 24.4 25.3 24.2 25.5
Significant financial assumptions
United
Kingdom
2025
Total
2025
United
Kingdom
2024
Total
2024
Discount rate 5.4% 5.1% 5.5% 5.3%
Inflation rate 3.0% 3.0% 3.3% 3.2%
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
44
Financial StatementsManagement Review
Pension and similar obligations
Note 4.2 — continued
Specification of plan assets (DKKm)
United
Kingdom
2025
Other
2025
Total
2025
United
Kingdom
2024
Other
2024
Total
2024
Insurance contracts 1,276 - 1,275 1,351 - 1,351
Shares 7 46 53 7 44 51
Government bonds 9 45 53 11 45 57
Corporate bonds 13 20 33 11 22 33
Real estate - 18 19 - 19 19
Other assets 6 20 25 9 19 28
Fair value 31 December 1,309 149 1,458 1,389 150 1,538
Rates of life expectancy reflect the most
recent mortality investigations, and in line
with market practice an allowance is made
for future improvements in life expectancy.
The Group assumes that future improvements
will be in line with the latest projections of
1.25% for all UK plans.
The liabilities are calculated using assumptions
that are the Group’s best estimate of future
experience bearing in mind the requirements
of IAS 19.
The Group’s plans are funded in accordance
with applicable local legislation. In the UK,
each plan has a Trustee Board that is required
to act in the best interests of plan members.
Every three years, a formal valuation of the
plan’s liabilities is carried out using a prudent
basis, and if the plan is in deficit, the Trustees
agree with the Group or the sponsoring
employer on a plan for recovering that deficit.
Around 98% of the UK liabilities are now
covered by insurance policies. Therefore,
movement in the liabilities due to change in
assumptions would equally impact the assets
value related to the buy-in policies, resulting
in a reduced movement in the overall balance
sheet position.
No contributions to the UK plans are expected
for 2026. No contributions to the UK plans
were also expected for 2025. In most of the
UK plans, any surplus remaining after the last
member dies may be returned to the Group.
However, the Merchant Navy Officers Pension
Fund (MNOPF) contributions paid by the
Group are not refundable in any circumstance
and the balance sheet liability reflects an
adjustment for any agreed deficit recovery
contributions in excess of deficit determined
using the Group’s assumptions.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
45
Financial StatementsManagement Review
Pension and similar obligations
Note 4.2 — continued
Change in net liability
(DKKm)
Present
value of
obligations
Fair value
of plan
assets
Adjust-
ments
Net
liability
Of which:
UK
1 January 2025 1,544 1,538 9 14 -5
Current service cost, administration cost, etc. 28 -5 - 32 4
Calculated interest expense/income 75 78 - -2 -
Recognised in the income statement in 2025 103 73 - 30 4
Actuarial gains/losses from changes in financial and demographic
assumptions, etc. 18 26 - -7 -1
Adjustment for unrecognised asset due to asset ceiling - - - - -
Recognised in other comprehensive income in 2025 18 26 - -7 -2
Contributions from the Group and employees 1 17 - -17 -4
Benefit payments -145 -139 - -6 -
Exchange rate adjustments -58 -57 - -1 -
31 December 2025 1,463 1,458 9 14 -7
1 January 2024 1,714 1,704 9 18 4
Current service cost, administration cost, etc. 20 -4 - 24 3
Calculated interest expense/income 73 75 - -2 -
Recognised in the income statement in 2024 93 71 - 22 3
Actuarial gains/losses from changes in financial and demographic
assumptions, etc. -140 -139 - -2 -
Adjustment for unrecognised asset due to asset ceiling - - - - -2
Recognised in other comprehensive income in 2024 -140 -139 - -2 -2
Contributions from the Group and employees 1 22 - -21 -11
Benefit payments -145 -144 - -5 -
Exchange rate adjustments 22 20 - 2 1
31 December 2024 1,544 1,538 9 14 -5
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
46
Financial StatementsManagement Review
Financial income and expenses
Note 4.3
(DKKm) 2025 2024
Interest income on loans and receivables 19 129
Interest expenses on liabilities
 1
-257 -377
of which borrowing costs capitalised on assets - -
Net interest expenses -238 -249
Exchange rate gains on bank balances, borrowings and working capital 79 62
Exchange rate losses on bank balances, borrowings and working capital -111 -111
Net foreign exchange gains/losses -32 -48
Impairment losses on financial assets - -
Reversal of impairment losses on financial assets - -
Financial expenses, net
 
-270 -297
Of which:
Financial income 98 190
Financial expenses -368 -487
1
  Of which DKK 16m (DKK 16m) relates to interest expenses on lease liabilities.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
47
Financial StatementsManagement Review
Financial instruments and risks
Note 4.4
The Group’s activities expose it to a variety
of financial risks:
• Market risks, i.e., currency risk
and interest rate risk
• Credit risk
• Liquidity risk
The Group’s overall risk management
programme focuses on the unpredictability
of financial markets and seeks to minimise
the potential adverse effects on the Group’s
financial performance.
Financial risk management is carried out by
the central treasury department . Financial
risks are identified, evaluated and hedged in
cooperation with the Executive Management.
Market risk is the risk that changes in market
prices, such as foreign exchange rates
and interest rates, will affect the Group’s
profit or the value of its holdings of financial
instruments. The sensitivity analysis in the
currency risk and interest rate section relate
to the position of financial instruments at
31 December 2025.
The sensitivity analysis for currency risk
has been prepared on the basis that the
proportion of financial assets and liabilities
in foreign currencies remain unchanged
from 31 December 2025. Furthermore, it is
assumed that the exchange rate sensitivities
have a symmetric impact, i.e., an increase in
rates results in the same absolute movement
as a decrease in rates.
The sensitivity analysis shown on the table
on the right shows the effect on profit and
equity of a reasonably possible change of an
increase in the DKK exchange rate of 10%.
Currency and translation risk
The Group’s currency risk relates to the fact
that the Group presentation currency is
DKK while local entities may incur expenses
and earn revenue in both DKK and a wide
range of other currencies, where the most
significant currencies are AUD, EUR, GBP
and USD.
Income and expenses from other activities
are mainly denominated in local currencies,
while the primary financing currency is in
EUR and AUD.
Currency sensitivity for financial
instruments increase of 10% in DKK(DKKm)
Profit before tax Equity before tax
2025 2024 2025 2024
USD 15 33 15 28
AUD -59 -59 -59 -59
GBP 10 17 10 17
Other 61 54 61 54
Total 27 45 27 41
The Group’s sensitivity to an increase in the
DKK exchange rate of 10% against all other
significant currencies to which the Group is
exposed is estimated to have the impact of
DKK 27m (DKK 45m) on profit before tax
with the correlating impact on equity before
tax. EUR is not included in the anlysis as it is
considered pegged to DKK.
The sensitivities are based only on the impact
of financial instruments that are outstanding
at the balance sheet date and are thus not an
expression of the Group’s total currency risk.
Interest rate risk
The Group has its external debt denominated
in EUR and AUD. The Group strives to maintain
a combination of fixed and floating interest
rates on its external debt. The share of the fixed
rate debt including interest rate derivatives
was 52% (52%) excluding lease liabilities
and the revolving credit facility drawn at the
end of 2025.
An increase in the interest rate of 1%-point
compared to the actual interest rates as at end
of 2025 would have increased net interest
payments including hedging by DKK 35m
(DKK 14m) for the Group. A decrease in
1%-point would have a similar negative effect.
An increase in the interest rate of 1%-point
compared to the interest rate as at end of
2025 would have had a positive effect on
the Group’s equity by DKK 70m (DKK 44m)
all else equal. A decrease would have a
corresponding negative effect of DKK 70m
(DKK 44m).
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
48
Financial StatementsManagement Review
Financial instruments and risks
Note 4.4 — continued
Interest rate risk Next interest rate fixing
Borrowings and lease liabilities by
interest rate levels (DKKm)
Carrying
amount 0-1 year 2-4 years 5- years
2025
0-3% 32 12 20 -
3-6% 7,086 597 6,361 127
6%+ 2 1 1 -
Total 7,120 610 6,383 127
Of which:
Bearing fixed interest 3,647
Bearing floating interest 3,473
2024
0-3% 63 - 63 -
3-6% 4,127 588 3,435 104
6%+ 3 - 3 -
Total 4,193 588 3,500 104
Of which:
Bearing fixed interest 2,096
Bearing floating interest 2,097
Credit risk
Maturity analysis of trade receivables (DKKm) 2025 2024
Receivables not due 594 641
Less than 90 days overdue 236 211
91 - 365 days overdue 19 8
More than 1 year overdue 5 4
Receivables, gross 855 864
Provision for bad debt -16 -11
Carrying amount 839 853
Change in provision for bad debt (DKKm) 2025 2024
1 January -11 -15
Provision made -8 -3
Amount used - 1
Amount reversed 2 6
Exchange rate adjustments and others 1 -
31 December -16 -11
The loss allowance provision for trade receivables as at 31 December 2025 reconciles to the
opening loss allowance as follows:
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
49
Financial StatementsManagement Review
Financial instruments and risks
Note 4.4 — continued
Liquidity risk
Net interest-bearing debt and liquidity reserve (DKKm) 2025 2024
Borrowings 6,722 3,775
Net interest-bearing debt 6,380 3,438
Cash and bank balances 665 712
Restricted cash -188 -268
Net Cash pools - -
Undrawn revolving credit facilities >12 months 859 859
Liquidity reserve
 1
1,336 1,303
For information about cash and bank balances in countries with exchange control or other restrictions, please see text
to the consolidated cash flow statement.
1
  Liquidity reserve is defined as undrawn committed revolving facilities with more than one year to expiry, term deposits
not included in cash and bank balances and cash and bank balances, excluding balances in countries with exchange
control or other restrictions.
Trade receivables
The Group has exposure to financial and
commercial counterparties but has no
particular concentration of customers or
suppliers. To  minimise the credit risk, financial
vetting is undertaken for all major customers,
adequate security is required for commercial
counter parties, and credit limits are set for
key commercial counterparties.
The Group applies the simplified approach
to providing the expected credit losses
prescribed by IFRS 9, which permits the
use of the lifetime expected loss provision
for all trade receivables. To measure the
expected credit losses, trade receivables
have been grouped based on shared credit
risk characteristics and the days past due.
In accordance with IFRS 9, non-due trade
receivables have also been considered
for impairment.
Approximately 31% (36%) of the provision
for bad debt is related to trade receivables
overdue by more than one year.
Other financial assets at amortised cost
Other financial assets at amortised cost
comprise loans receivable, cash pool
receivables and other receivables. These
financial assets are considered to have low
credit risk, and thus the impairment provision
calculated based on 12 months of expected
losses is considered immaterial. The financial
assets are considered to be low risk when
they have a low risk of default, and the issuer
has a strong capacity to meet its contractual
cash flow obligations in the near term.
Financial institutions
Bank balances are primarily held in
relationship banks with an investment grade
credit rating.
Borrowings
During 2025 Svitzer upsized the EUR term
loan by EUR 400m on similar terms. The
repayment of the entire loan balances is in
March 2029. As at end of December 2025,
Svitzer had an additional EUR 120m of
borrowings committed for future projects.
The Group's loan portfolio is subject to
financial covenants that are common and
expected for a company the size of the Group.
The Group has complied with this covenant
in 2025.
The average term to maturity of loan
facilities in the Group was about 3 years at
31 December 2025 (about 3.7 years at 31
December 2024).
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
50
Financial StatementsManagement Review
Financial instruments and risks
Note 4.4 — continued
Maturities of liabilities and
commitments (DKKm)
Carrying
amount
Cash flows including interest
Total0-1 year 2-4 years 5- years
2025
Borrowings 6,722 810 6,729 - 7,539
Lease liabilities 398 120 196 150 466
- hereof interest 13 30 24 68
Trade payables 459 459 - - 459
Other payables 353 353 - - 353
Total recognised in balance sheet 7,932 1,741 6,966 150 8,817
Capital commitments 551 513 - 1,064
Total 2,292 7,479 150 9,881
2024
Borrowings 3,775 726 3,783 - 4,509
Lease liabilities 418 119 237 130 486
- hereof interest 15 28 25 68
Trade payables 433 433 - - 433
Other payables 354 354 - - 354
Total recognised in balance sheet 4,980 1,632 4,021 130 5,782
Capital commitments 481 239 - 720
Total 2,113 4,259 130 6,502
It is of great importance for the Group
to maintain a financial reserve to cover
the Group’s obligations and investment
opportunities and to provide the capital
necessary to offset changes in the Group’s
liquidity due to changes in cash flow from
operating activities.
The flexibility of the financial reserve is subject
to ongoing prioritisation and optimisation,
among other things by focusing on the
release of capital and following up on the
development in working capital. Reference
is also made to liquidity reserve shown on
page 50, basis which the Group’s financial
resources are deemed satisfactory.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
51
Financial StatementsManagement Review
Financial instruments by category
Note 4.5
(DKKm)
Carrying
amount
2025
Fair value
2025
 2
Carrying
amount
2024
Fair value
2024
2
Carried at amortised cost
Loans receivable 32 36
Lease receivable 37 -
Other interest-bearing receivables and deposits 6 6
Trade receivables 839 853
Other receivables (non-interest-bearing)
3
124 175
Cash and bank balances 665 712
Financial assets at amortised cost 1,703 1,783
Derivatives 18 -
Carried at fair value through other comprehensive
income
Equity investments (FVOCI)
 1
2 2
Financial assets at fair value through OCI 2 2
Total financial assets 1,723 1,784
Carried at amortised cost
Borrowings 6,722 6,751 3,775 3,800
Lease liabilities 398 418
Trade payables 459 433
Other payables 354 353
Financial liabilities at amortised cost 7,933 4,979
Total financial liabilities 7,933 4,979
1
  Designated at initial recognition in accordance with IFRS 9.
2
  Where no fair value is stated, the amount equals carrying amount.
3
  Derivatives are recognised in the balance sheet at fair value.
Financial instruments measured at
fair value
Financial instruments measured at fair value
can be divided into three levels:
Level 1 – Quoted prices (unadjusted) in active
markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices
included within level 1 that are observable
for the asset or liability, either directly (i.e., as
prices) or indirectly (i.e., derived from prices).
Level 3 – Inputs for the asset or liability that
are not based on observable market data.
Fair value of derivatives and borrowing is
mainly within level 2 of the fair value hierarchy
and is calculated based on observable market
data as of the end of the reporting period.
Fair value of level 3 assets and liabilities
is primarily based on the present value of
expected future cash flows.
A reasonably possible change in the discount
rate is not estimated to affect the Group’s
profit or equity significantly.
Financial instruments carried at
amortised cost
Fair value of the short-term financial assets
and other financial liabilities carried at
amortised cost is not materially different from
the carrying amount. In general, fair value is
determined primarily based on the present
value of expected future cash flows. Where a
market price was available, however, this was
deemed to be the fair value.
Other equity investments (FVOCI)
The Group has investments in equity shares
of one non-listed company. The Group holds
non-controlling interests (between 1% and
15%) in this company. These investments
were irrevocably designated at fair value
through OCI as the Group considers these
investments to be strategic in nature.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
52
Financial StatementsManagement Review
5.1 Tax and deferred tax
5.2 Commitments
5.3 Contingent liabilities
5.4 Cash flow specifications
5.5 Related parties
5.6 Subsequent events
5.
Other Disclosures
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
53
Financial StatementsManagement Review
Tax and deferred tax
Note 5.1
Tax comprises an estimate of current and
deferred income tax as well as adjustments
to previous years taxes. Income tax is tax on
taxable profits, and consists of corporation tax,
withholding tax of dividends, etc. In addition,
tax comprises tonnage tax. Tonnage tax is
classified as tax when creditable in, or paid
in lieu of, income tax. Tax is recognised in
the income statement to the extent that it
arises from items recognised in the income
statement, including tax on gains on intra-
group transactions that have been eliminated
in the consolidation.
Deferred tax is calculated on temporary
differences between the carrying amounts and
tax bases of assets and liabilities. Deferred tax
is not recognised for differences on the initial
recognition of assets or liabilities, where at
the time of the transaction neither accounting
nor taxable profit/loss is affected, unless the
differences arise in a business combination.
In addition, no deferred tax is recognised for
undistributed earnings in subsidiaries, when
Svitzer controls the timing of dividends.
A deferred tax asset is recognised to the
extent that it is probable that it can be utilised
within a foreseeable future.
Global Minimum Taxation (OECD Pillar II)
In an effort to end tax avoidance and to
address concerns about the erosion of the
global corporate tax base, a global framework
for corporate taxation has been formed by
the OECD/G20 Inclusive Framework and
is supported by over 135 jurisdictions. One
of the key elements is to introduce a global
minimum tax rate of 15%, based on group
accounting income per jurisdiction.
The minimum tax rules are designed as a
hierarchy of the right to claim income tax.
If the income is not subject to a minimum
effective tax rate of 15% in the country where
it is earned, then the remaining tax payment
(top-up tax) can be picked up in another
jurisdiction where the Group is active. For the
Group, Denmark will add top-up tax if not
applied locally as the ultimate parent entity
of the Group, A. P. Møller Holding A/S, is
located in Denmark.
The Danish Implementation of Council
Directive (EU) 2022/2523 of 14 December
2022 was effective from 1 January 2024.
This means that A.P. Moller Holding group's
income was subject to the minimum tax rules
for all jurisdictions via Danish implementation
from 2024 and onwards. Several jurisdictions
in which A.P. Møller Holding A/S and
Svitzer A/S operate have implemented a
similar legislation effective for 2025 and it is
expected that many other jurisdictions will
also implement similar legislation.
Because the Danish implementation covers
the A.P. Moller Holding group’s global
activities, it is not expected that other
national implementations will have significant
additional impact to the global tax payments
of the Group. It may, however, have an impact
on the location where potential top-up taxes
will be paid. The top up tax for Svitzer Group
in 2025 amounted to DKK 12m (DKK 17m),
this is included as part of tax payables, non-
current on the balance sheet.
Significant accounting estimates
Deferred tax assets, including the tax value of
tax losses carried forward are recognised to
the extent that Management assesses that
the tax asset can be utilised through positive
taxable income in the foreseeable future.
Assessment is made basis the latest business
plans and the recent financial performance of
the individual entities. Net deferred tax assets
recognised in entities having recognised
an accounting loss in either the current
or preceding period amount to DKK 61m
(DKK 0m). These assets mainly relate to the
unused tax losses. Svitzer applies the IAS
12 exemption to recognising and disclosing
information about deferred tax liabilities
related to Pillar II income taxes.
Uncertain tax positions
Appropriate provisions and recognition of
uncertain tax positions have been made
where the probability of the tax position
upheld in individual cases is considered at
least 50%. Claims for which the probability
of Svitzer Group’s tax position being upheld
is assessed by Management to be less than
50%, are not provided for.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
54
Financial StatementsManagement Review
Tax and deferred tax
Note 5.1 — continued
(DKKm) 2025 2024
Tax recognised in the income statement
Current tax on profits for the year -141 -159
Pillar II top up tax payable to A.P. Moller Holding -12 -17
Adjustment for current tax of prior periods 13 20
Utilisation of previously unrecognised deferred tax assets 22 56
Total current tax -118 -100
Origination and reversal of temporary differences -20 -13
Adjustment for deferred tax of prior periods -48 -51
Adjustment attributable to changes in tax rates and laws - -
Recognition of previous unrecognised deferred tax assets 36 32
Reassessment of recoverability of deferred tax assets, net -54 -58
Total deferred tax -86 -90
Total income tax -204 -190
Tonnage and freight tax - -1
Total tax expense -204 -191
Tax reconciliation
Profit/loss before tax 695 628
Profit/loss subject to Danish and foreign tonnage taxation, etc. -147 -184
Share of profit/loss in joint ventures -94 -83
Share of profit/loss in associated companies 19 -14
Profit/loss before tax, adjusted 473 346
(DKKm) 2025 2024
Tax using the Danish corporation tax rate (22%) -104 -76
Tax rate deviations in foreign jurisdictions -9 -22
Effect of income taxes distinct from corporation tax -24 -36
Non-taxable income and non-deductible expenses, net -9 -6
Deferred tax asset not recognised -10 -52
Tax asset recognised and change in recoverability of deferred tax assets 4 31
Adjustment to previous years’ taxes
 1
-35 -25
Pillar II taxes -12 -17
Other differences, net -5 12
Total income tax -204 -191
Effective tax rate 29% 30%
Tax recognised in other comprehensive income and equity -3 0
Of which:
Current tax -3 0
Deferred tax - 0
1
  Adjustment to previous year taxes includes additional tax payable and correlated penalties related to recognition and
utilisation of tax losses carried forward recognised in prior years.
Towage activity is subject to various local
corporate tax regimes, including tonnage tax
which calculates corporate income tax based
on the net tonnage of the fleet.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
55
Financial StatementsManagement Review
Recognised deferred tax assets and liabilities are attributable to the following:
Tax and deferred tax
Note 5.1 — continued
(DKKm)
Assets Liabilities Net liabilities
2025 2024 2025 2024 2025 2024
Intangible Assets - - - - - -
Property, plant and equipment 7 39 248 207 240 167
Receivables, etc. - - 7 7 7 7
Provisions, etc. 31 33 12 12 -19 -21
Leases 7 6 - - -7 -6
Tax loss carry forwards 244 219 - - -244 -219
Other 3 1 10 10 7 9
Total 293 298 277 235 -16 -63
Offsets -9 -22 -9 -22 - -
Total 284 277 268 214 -16 -63
Unrecognised deferred tax assets (DKKm) 2025 2024
Deductible temporary differences 155 149
Tax loss carry forwards 126 172
Unused tax credits - -
Total 281 321
Majority of the unrecognised deferred tax assets have no significant time limitations. There are no substantial
unrecognised tax liabilities on investments in subsidiaries, associated companies and joint ventures.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
56
Financial StatementsManagement Review
Tax and deferred tax
Note 5.1 — continued
Change in deferred tax, net during the year (DKKm) 2025 2024
1 January -64 -158
Intangible Assets - -3
Property, plant and equipment 73 65
Receivables, etc. 1 -2
Provisions, etc. 2 2
Leases -1 -1
Tax loss carry forwards -25 33
Other -2 -
Recognised in the income statement 48 94
31 December -16 -64
Commitments
Note 5.2
Newbuilding programme at 31 December 2025 (DKKm) 2026 2027 2028 Total
Vessels (number of assets) 9 10 2 21
Capital commitment relating to newbuildings 551 436 77 1,064
Newbuilding programme at 31 December 2024 (DKKm) 2025 2026 Total
Vessels (number of assets) 9 6 15
Capital commitment relating to newbuildings 481 239 720
Lease commitments (DKKm) Total
2025
Within one year 2
Within two to five years 1
Total 3
2024
Within one year 2
Total 2
Capital commitments (DKKm) Total
2025
Capital commitments relating to
acquisition of non-current assets 1,064
Total capital commitments 1,064
2024
Capital commitments relating to
acquisition of non-current assets 720
Total capital commitments 720
Commitments
Short-term and low-value leases
As part of the Group’s activities, customary
agreements are entered into regarding the
charter and operating leases of vessels, port
facilities, etc.
Capital commitments
Capital commitment of DKK 1,064m
(DKK 720m) primarily relate to investments
of 21 (15) new building vessels.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
57
Financial StatementsManagement Review
Class of contingent liabilities (DKKm) 2025 2024
External guarantees - 6
Disputed cases-claims and litigations 27 147
Liabilities jointly liable with other venturers of joint ventures - -
Other items 38 44
Contingent liabilities 65 197
Contingent liabilities
Note 5.3
(DKKm) 2025 2024
Change in working capital
Inventories 6 20
Trade receivables -33 29
Trade payables 54 -23
Other working capital movements 39 -10
Exchange rate adjustment of working capital 14 -21
Total 79 -6
Purchase of intangible assets and property, plant and equipment
Purchase of intangible assets - -
Purchase of property, plant and equipment -1,251 -1,008
Cost of property, plant and equipment, leased - -
Change in payables to suppliers regarding purchase of assets -9 27
Capitalised borrowing costs - -
Total -1,260 -981
Cash flow specifications
Note 5.4
Cash flow from operating activities includes
all cash transactions other than cash flows
arising from investing and financing activities
such as investments and divestments,
received dividends, principal payments of
loans, instalments on lease liabilities, paid
and received financial items and equity
transactions. Capitalisation of borrowing
costs is considered as a non-cash item, and
the actual payments of these borrowing costs
are included in cash flow from financing.
Cash and cash equivalents comprise cash
and bank balances net of bank overdrafts
where overdraft facilities form an integral part
of Svitzer’s cash management.
The Group is involved in several legal cases,
tax and other proceedings arising in the
ordinary course of business, which are
subject to inherent uncertainty. Disputed
cases include ongoing unsettled lawsuits,
tax issues refer to ongoing tax disputes with
tax authorities. Management continuously
assesses the risks associated with the cases
and disputes, and their likely outcome.
It is the opinion of Management that, apart
from items recognised in the financial
statements, the outcome of these cases
and disputes are not probable or cannot
be reliably estimated in terms of amount
or timing. The Group does not expect
these to have a material impact on the
consolidated financial statements. Tax may
crystallise on repatriation of dividends.
Through  participation in a joint taxation
scheme with A.P. Møller Holding A/S, the
Danish companies are jointly and severally
liable for taxes payable, etc., in Denmark.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
58
Financial StatementsManagement Review
Related parties
Note 5.4
(DKKm)
Controlling parties Associated companies Joint Ventures
2025 2024 2025 2024 2025 2024
Income statement
Revenue 679 719 - - 38 27
Operating costs -29 -45 -11 -20 -1 -2
Financial items - -127 -48 -19 - 1
Other 19 -21 - - - -
Assets
Loans receivable, non-current - - - - 24 29
Trade receivables 115 129 1 - 8 -
Loans and other receivable, current - - - - 8 22
Cash and bank balances - - 18 58 -
Liabilities
Bank and other credit institutions, etc. non- current - - 1,236 550 - -
Bank and other credit institutions, etc. current - - 87 87 - -
Trade payables 2 1 - - 2 -
Other - - - - - -
Purchase of property, plant and equipment, etc. - - - - - -
Sale of companies, property, plant and equipment, etc. - - - - - -
Capital Increase - - - - -
Dividends earned - - 11 9 53 134
Dividends distributed - - - - -
Reference is made to Note 2.2 for the remuneration to the Executive Management and other key management personnel
A.P. Møller Holding A/S, Copenhagen Denmark has control over the company and prepares consolidated financial statements.
A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal is the ultimate owner.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
59Financial StatementsManagement Review
Subsequent events
Note 5.6
On 2 January 2026, Svitzer Group
acquired 66.6% shareholding in Buksér og
Berging AS, a leading Norwegian towage,
offshore and marine contracting company.
DKK 835m was paid for the acquisition and
is pending final settlements for working
capital items. Majority of the acquisition
value is expected to be related to vessels,
goodwill and intangible assets. The purchase
price allocation will be completed during
2026. The acquisition includes a put
option exercisable 24 months after closing,
allowing the minority shareholder to offer
their remaining shares to Svitzer before any
external party. The price will be based on fair
market value at the time of exercise.
Consolidated Financial Statements, Notes
Svitzer Annual Report 2025
60Financial StatementsManagement Review
62 Income statement
63 Balance sheet
64 Statement of changes in equity
65 Notes
Parent Company
Financial Statements
Parent Company Financial Statements
Svitzer Annual Report 2025
61
Financial StatementsManagement Review
Income statement
Note (DKKm) 2025 2024
Revenue 43 38
Other income - -
2 Staff costs -16 -17
Other external expenses -40 -98
Loss before depreciation, amortisation and impairment
losses, etc. -13 -77
7 Depreciation, amortisation and impairment losses -9 -9
Loss before financial items -22 -86
Dividends received from subsidiaries 3,600 -
4 Financial income 2 3
4 Financial costs -4 -8
Profit before tax 3,576 -91
5 Tax -10 -15
6 Profit for the year 3,566 -106
Appropriation of profit for the year is disclosed in note 6.
Parent Company Financial Statements
Svitzer Annual Report 2025
62
Financial StatementsManagement Review
Balance sheet
Note (DKKm)
31 Dec
2025
31 Dec
2024
Property, plant and equipment
Vessels 146 155
Vessels under construction 60 24
7 Total property, plant and equipment 206 179
Financial non-current assets
Investments in subsidiaries 9,445 9,445
8 Total financial non-current assets 9,445 9,445
Receivables
Trade receivables 52 17
Other receivables - 19
Tax receivables 1 1
Total receivables, etc. 53 37
Total current assets 53 37
Total assets 9,704 9,661
Note (DKKm)
31 Dec
2025
31 Dec
2024
9 Share capital 315 315
Proposed dividends for the year - 252
Retained earnings 9,353 8,779
Total equity 9,668 9,346
Current liabilities
Payables to subsidiaries - 292
Current tax payables, joint tax 28 17
Trade payables 1 2
Provisions 3 -
Other payables 4 4
Total current liabilities 36 315
Total liabilities 36 315
Total equity and liabilities 9,704 9,661
Parent Company Financial Statements
Svitzer Annual Report 2025
63
Financial StatementsManagement Review
Statement of changes in equity
Note (DKKm)
Share
capital
Proposed
Dividend
Retained
earnings
Total
equity
Equity 1 January 2024 315 - 9,133 9,448
6 Profit/loss for the year - 252 -358 -106
Share based payments - - 7 7
Exchange rate adjustments - - -3 -3
Equity 31 December 2024 315 252 8,779 9,346
Equity 1 January 2025
6 Profit/loss for the year - - 3,566 3,566
6 Dividends to shareholders - -252 -2,985 -3,237
Share based payments - - -7 -7
Exchange rate adjustments - - - -
Equity 31 December 2025 315 - 9,353 9,668
The Company’s share capital amounts to DKK 315, 491,100 divided nominally into DKK 25,115,259.98 A shares,
DKK 679,600.59 of B shares, DKK 289,648,498.42 C shares, DKK 0 D shares and DKK 47,641.01 E shares. The
nominal value of each share is DKK 0.01. Each A share of DKK 0.01 nominal value holds one vote, the remaining share
types do not carry any votes.
Parent Company Financial Statements
Svitzer Annual Report 2025
64
Financial StatementsManagement Review
1 Accounting policies
2 Staff costs
3 Audit fees
4 Financial income and expenses
5 Tax
6 Appropriation of profit/loss
7 Property, plant and equipment
8 Investments in subsidiaries
9 Share capital
10 Commitments and contingent liabilities, etc.
11 Related parties
Parent Company
Notes
Parent Company, Notes
Svitzer Annual Report 2025
65
Financial StatementsManagement Review
Basis of preparation
The financial statements for Svitzer Group A/S
(‘the Company’) for 2025 have been
prepared in accordance with the Danish
Financial Statements Act of reporting class
C (medium).
In accordance with section 86, par. 4 of
the Danish Financial Statements Act, the
Parent Company does not prepare a cash
flow statement, as the Company and its
subsidiaries are included in the consolidated
cash flow statements of Svitzer Group.
The company was incorporated on 26 April
2024 in connection with the separation of the
towage and marine services activities from
A.P. Møller - Mærsk A/S via a demerger from
A.P. Møller - Mærsk A/S and separate listing
of the company. A.P. Møller - Mærsk A/S
injected 100% of the shares in Svitzer A/S,
including this company’s subsidiaries, as
well as certain assets and liabilities to the
company. The transaction was financially
effective 1 January 2024 and the Parent
company financials were prepared for the
full year. In April 2025, A. P. Møller Holding
A/S through its wholly owned subsidiary
APMH Invest A/S made an all cash voluntary
recommended purchase offer for all shares in
Svitzer Group A/S. The purchase offer was
completed in May 2025. As at end of 2025,
Svitzer Group A/S is owned by APMH Invest
38 ApS, a subsidiary of APMH Invest A/S.
The accounting policies of the Parent
Company are consistent with the accounting
policies of the Group, except for the items
listed. Reference is also made to note 2.1
and note 3.2 of the consolidated financial
statements for accounting policies for
Revenue and Property, plant and equipment.
Investments in subsidiaries
Investments in subsidiaries are measured at
cost or a lower recoverable amount, i.e the
higher amount of value-in-use or fair value
less cost of disposal.
In the event the cost exceeds the recoverable
amount, a write-down is made to this lower
value. Indications of impairment exist when
the cost exceeds the net asset value of the
investment. Recoverable amount used is
the highest value of the expected fair value
less cost of disposal and value-in-use.
Value-in-use is determined as the present
value of the forward looking cash flows
in the impairment test. Impairment and
any subsequent reversal of previous years'
impairment is recognised in the income
statement as reversal/impairment of financial
assets.
Dividends from subsidiaries are recognised as
income at the time of declaration. On disposal
of such investments, the difference between
net disposal proceeds and their carrying
amounts is included in profit or loss.
Accounting policies
Note 1
Parent Company, Notes
Svitzer Annual Report 2025
66
Financial StatementsManagement Review
(DKKm) 2025 2024
Intercompany part of financial income 2 3
Intercompany part of financial expenses -4 -8
Audit fees
Note 3
Reference is made to note 2.2 of the Consolidated financial statement for the staff costs for
renumeration to Executive Management.
Staff costs
Note 2
(DKKm) 2025 2024
Tax recognised in the income statement -10 -15
Total -10 -15
Of which:
Current tax 1 1
Pillar II tax -12 -17
Tax adjustment previous years - -
Tax
Note 5
Appropriation of profit/loss
Note 6
(DKKm) 2025 2024
Proposed Dividend - 252
Retained earnings 3,566 -358
Total 3,566 -106
During 2025, Svitzer Group A/S paid out extraordinary dividend of DKK 2,985m to
its shareholders.
(DKKm) 2025 2024
Statutory audit 2 3
Other assurance engagements - 2
Other services 1 -
Total fees 3 5
Other services than statutory audit supplied by PricewaterhouseCoopers Statsautoriseret
Revisionspartnerselskab (PricewaterhouseCoopers Denmark) in 2024 consisted of assurance
services related to the separation and demerger from A.P. Møller - Mærsk A/S, limited assurance over
the sustainability statements and other general accounting and tax advice.
Note 4
Financial income and expenses
Parent Company, Notes
Svitzer Annual Report 2025
67
Financial StatementsManagement Review
Property, plant and equipment
Note 7
(DKKm) Vessels
Vessels under
construction Total
Cost
1 January 2025 166 24 190
Addition - 36 36
Transfer - - -
Disposal - - -
31 December 2025 166 60 226
Depreciation and impairment losses
1 January 2025 11 - 11
Transfer - - -
Depreciation 9 - 9
Disposal - - -
31 December 2025 20 - 20
Carrying amount:
31 December 2025 146 60 206
(DKKm) Vessels
Vessels under
construction Total
Cost
1 January 2024
Addition - 24 24
Transfer 166 - 166
Disposal - - -
31 December 2024 166 24 190
Depreciation and impairment losses
1 January 2024
Transfer 2 - 2
Depreciation 9 - 9
Disposal - - -
31 December 2024 11 - 11
Carrying amount:
31 December 2024 155 24 179
Parent Company, Notes
Svitzer Annual Report 2025
68
Financial StatementsManagement Review
Investments in subsidiaries
Note 8
(DKKm)
Investment in
subsidiaries Total
Cost
1 January 2025 9,445 9,445
Transfer - -
Addition - -
Disposal - -
31 December 2025 9,445 9,445
Impairment
1 January 2025 - -
Impairment - -
Reversal of impairment losses - -
31 December 2025 - -
Carrying amount 2025 9,445 9,445
(DKKm)
Investment in
subsidiaries Total
Cost
1 January 2024
Transfer 9,445 9,445
Addition - -
Disposal - -
31 December 2024 9,445 9,445
Impairment
1 January 2024 - -
Impairment - -
Reversal of impairment losses - -
31 December 2024 - -
Carrying amount 2024 9,445 9,445
Directly owned subsidiaries
(DKKm)
Country of
incorporation Ownership
Profit/loss
for the period
(2024)
DKKm
Equity
DKKm
SVITZER A/S Denmark 100% 1,905 7,751
Parent Company, Notes
Svitzer Annual Report 2025
69
Financial StatementsManagement Review
Share capital
Commitments and contingent liabilities, etc.
Related parties
Note 9
Note 10
Note 11
Svitzer Group A/S is owned 100% by APMH
Invest 38 ApS, a subsidiary of APMH Invest
A/S.
Svitzer Group A/S included in the
consolidated financial statements of
A.P. Møller Holding A/S.
Commitments
The company has commitments amounting
to DKK 402m (DKK 227m) as at 31
December 2025.
Contingent liabilities
Svitzer Group A/S is jointly taxed with the
Danish companies in the A.P. Moller Holding
group. The Danish group companies are
jointly and severally liable for tax on the
Group’s jointly taxed income.
Other financial obligations
Guarantees amount to DKK 0 (2024: nil).
A.P. Møller Holding A/S, has the controlling
influence through ownership by APMH Invest
38 ApS, and all companies in the A. P. Moller
Holding group are considered related parties.
Standard renumeration through Board fees
is paid to the Board of Directors of Svitzer
Group A/S, reference is made to note 2.2 of
the consolidated financial statements.
After the delisting, board fees have only been
renumerated to the independent members
of the Board of Directors. Thus, Svitzer
Group has no further transactions with key
management of A.P. Møller Holding A/S, A.P.
Møller og Hustru Chastine Mc-Kinney Møllers
Fond til almene Formaal, Copenhagen or
companies under their significant influence.
Parent Company, Notes
Svitzer Annual Report 2025
70
Financial StatementsManagement Review
Company
Country of
incorporation
Owned
share
(in %)
Subsidiaries
Adsteam Agency Pty. Ltd. Australia 100
Adsteam Agency (PNG) Ltd.* Papa New Guinea 100
Adsteam Marine Pty. Ltd. Australia 100
Em. Z. Svitzer A/S Denmark 100
Felixarc Marine Ltd. United Kingdom 100
P/F Svitzer Faroe Islands Faroe Islands 100
Port Towage Amsterdam B.V. Netherlands 100
Svitzer A/S Denmark 100
Svitzer Adria LLC Croatia 100
Svitzer Africa Pty. Ltd. South Africa 100
Svitzer Americas Company S.A. Panama 100
Svitzer Americas Terminal Towage, S.A. Panama 100
Svitzer Angola Lda Angola 60
Svitzer Angola Shipowners BVI Ltd. British Virgin Islands 60
Svitzer Arabia SPC Oman 100
Svitzer Argentina S.A.U. Argentina 100
Svitzer Asia Pte. Ltd. Singapore 100
Svitzer Australasia Group Limited Partnership Australia 100
Svitzer Australasia Holdings Pty. Ltd. Australia 100
Svitzer Australasia Services Pty. Ltd. Australia 100
Svitzer Australia Pty. Ltd. Australia 100
Svitzer Bahamas Ltd. Bahamas 100
Svitzer Bahrain WLL Bahrain 100
Svitzer Brasil Serviços Marítimos Ltda. Brazil 100
Svitzer Canada Ltd. Canada 100
Svitzer Contracting Pty Limited Australia 100
Svitzer Costa Rica S.A. Costa Rica 100
Svitzer Egypt LLC Egypt 86
SVITZER EuroMed B.V. Netherlands 100
SVITZER Europe Holding B.V. Netherlands 100
Svitzer Europe/Jordan Jordan 75
Svitzer Georgia LLC Georgia 100
Svitzer Growth Projects Pty Ltd Australia 100
Svitzer Hazira Pvt. Ltd. India 100
Company
Country of
incorporation
Owned
share
(in %)
Svitzer Hellas Maritime Company Greece 100
Svitzer Idku SAE Egypt 80
Svitzer India Pvt. Ltd. India 100
Svitzer Joint Ventures Pty. Ltd. Australia 100
Svitzer Liberia LLC Liberia 100
Svitzer Marine Ltd. United Kingdom 100
Svitzer Mexico S.A. de C.V. Mexico 100
Svitzer Middle East Ltd. British Virgin Islands 100
Svitzer Netherlands BV Netherlands 100
Svitzer Panama Inc. Panama 100
Svitzer Peru S.A. Peru 100
SVITZER PNG Limited Papa New Guinea 100
Svitzer Salvage Holding A/S Denmark 100
Svitzer Sohar LLC Oman 85
Svitzer Sur LLC Oman 70
Svitzer Sverige AB Sweden 100
Svitzer Tanger Med Morocco 70
Svitzer Terminals Australia Pty Limited Australia 100
Svitzer Terminals Limited United Kingdom 100
Svitzer Towage A/S Denmark 100
Svitzer Towage GmbH Germany 100
SvitzerWijsmuller Halul LLC* Qatar 100
Wijsmuller Groningen B.V. Netherlands 100
Joint Ventures
Adstan Tug Charters (Partnership) Australia 50
Batangas Bay Towage, Inc Philipines 40
Caribbean Tug & Barge S.A Panama 50
Caucedo Marine Service S.A. (St. Lucia branch) Saint Lucia 50
Caucedo Marine Service S.A. (St. Kitts) Saint Kitts and Nevis 50
Caucedo Marine Service, S.A. Panama 50
Caucedo Marine Service, S.A. (DR Branch) Dominican Republic 50
Caucedo Marine Service, S.A.
(USVI Branch)
United States Minor
Outlying Islands 50
Company
Country of
incorporation
Owned
share
(in %)
Coastal Tug & Barge Pty. Ltd. Australia 50
Halifax Marine Towing General Partnership Canada 50
Halifax Marine Towing Limited Partnership Canada 50
Nakilat Svitzerwijsmuller Company W.L.L. Qatar 30
Point Tupper Towing General Partnership Canada 50
Point Tupper Towing Limited Partnership Canada 50
Port Lincoln Tugs Pty. Ltd. Australia 50
Shenzhen Dapeng Svitzer Towage Company Ltd. China 49
Svitzer Alireza Saudi Arabia Limited Saudi Arabia 50
SVITZER Barbados Ltd Barbados 50
Svitzer Caribbean Dominicana S.A.S Dominican Republic 50
Svitzer Caribbean Harbour Services, S.A. Panama 50
Associated companies
Cenertech Svitzer Marine Service
(Guangdong) Co. Ltd.** China 49
CNOOC Zhuhai Shipping Services Co. Ltd** China 29
Qingdao Port Svitzer Towage Co. Ltd China 45
* Refers to entities in liquidation.
** Refers to entiteis closed after balance sheet date.
Company Overview
Company Overview
Svitzer Annual Report 2025
71
Financial StatementsManagement Review
The Board of Directors and Executive
Management have today considered
and adopted the Annual Report of
Svitzer Group A/S for the financial year
1 January – 31 December 2025.
The Consolidated Financial Statements
have been prepared in accordance with IFRS
Accounting Standards as adopted by the
EU and further requirements in the Danish
Financial Statements Act, and the Parent
Company Financial Statements have been
prepared in accordance with the Danish
Financial Statements Act. Management’s
Report has been prepared in accordance with
the Danish Financial Statements Act.
In our opinion, the Consolidated Financial
Statements and the Parent Company
Financial Statements give a true and fair
view of the financial position at 31 December
2025 of the Group and the Parent Company
and of the results of the Group’s and the
Parent Company’s operations, and of the
consolidated cash flows for 2025.
Additionally, the sustainability statement,
which is part of Management's Review,
has been prepared, in all material aspects,
in accordance with paragraph 99b of the
Danish Financial Statements Act.
In our opinion, Management’s Report
includes a fair review of the development in
the operations and financial circumstances
of the Group and the Parent Company, of the
results for the year and of the financial position
of the Group and the Parent Company as well
as a description of the most significant risks
and elements of uncertainty, which the Group
and the Parent Company are facing.
We recommend that the Annual Report be
adopted at the Annual General Meeting.
Kasper Friis Nilaus
Chief Executive Officer
Morten H. Engelstoft
Chair
Christine Brennet (Morris)
Louise Løn
Executive Management
Board of Directors
Knud Lind Winkler
Chief Financial Officer
Robert M. Uggla
Vice Chair
Ghim Siew Ho
Copenhagen, 18 February 2026
Management’s Statement
Management’s Statement
Svitzer Annual Report 2025
72
Financial StatementsManagement Review
Independent Auditor’s Reports
To the shareholders of Svitzer Group A/S
Report on the audit of the
Financial Statements
Our opinion
In our opinion, the Consolidated Financial
Statements give a true and fair view of the
Group’s financial position at 31 December
2025 and of the results of the Group’s
operations and cash flows for the financial
year 1 January to 31 December 2025
in accordance with IFRS Accounting
Standards as adopted by the EU and
further requirements in the Danish Financial
Statements Act.
Moreover, in our opinion, the Parent Company
Financial Statements give a true and fair view
of the Parent Company’s financial position
at 31 December 2025 and of the results of
the Parent Company’s operations for the
financial year 1 January to 31 December 2025
in accordance with the Danish Financial
Statements Act.
We have audited the Consolidated Financial
Statements and the Parent Company
Financial Statements of Svitzer Group A/S
for the financial year 1 January - 31 December
2025, which comprise income statement,
balance sheet, statement of changes
in equity and notes, including material
accounting policy information, for both the
Group and the Parent Company, as well as
statement of comprehensive income and
cash flow statement for the Group (“the
financial statements”).
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (ISAs)
and the additional requirements applicable
in Denmark. Our responsibilities under those
standards and requirements are further
described in the “Auditor’s Responsibilities
for the Audit of the Financial Statements”
section of our report. We are independent
of the Group in accordance with the
International Ethics Standards Board for
Accountants’ International Code of Ethics for
Professional Accountants (IESBA Code) and
the additional ethical requirements applicable
in Denmark, and we have fulfilled our other
ethical responsibilities in accordance with
these requirements and the IESBA Code.
We believe that the audit evidence we have
obtained is sufficient and appropriate to
provide a basis for our opinion
Statement on Management Report
Management is responsible for
Management’s Review.
Our opinion on the Financial Statements does
not cover Management’s Review, and we do
not express any form of assurance conclusion
thereon.
In connection with our audit of the Financial
Statements, our responsibility is to read
Management’s Review and, in doing so,
consider whether Management’s Review
is materially inconsistent with the Financial
Statements or our knowledge obtained
during the audit, or otherwise appears to be
materially misstated.
Moreover, it is our responsibility to consider
whether Management’s Review provides
the information required under the Danish
Financial Statements Act.
Based on the work we have performed,
in our view, Management’s Review is in
accordance with the Consolidated Financial
Statements and the Parent Company
Financial Statements and has been prepared
in accordance with the requirements of the
Danish Financial Statement Act. We did
not identify any material misstatement in
Management’s Review.
Management’s responsibilities for the
Financial Statements
Management is responsible for the preparation
of consolidated financial statements that
give a true and fair view in accordance with
IFRS Accounting Standards as adopted
by the EU and further requirements in the
Danish Financial Statements Act and for
the preparation of parent company financial
statements that give a true and fair view
in accordance with the Danish Financial
Statements Act, and for such internal control
as Management determines is necessary to
enable the preparation of financial statements
that are free from material misstatement,
whether due to fraud or error.
Independent Auditor’s Reports
Svitzer Annual Report 2025
73
Financial StatementsManagement Review
In preparing the Financial Statements,
Management is responsible for assessing the
Group’s and the Parent Company’s ability
to continue as a going concern, disclosing,
as applicable, matters related to going
concern and using the going concern basis
of accounting 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.
Auditor’s responsibilities for the audit of
the Financial Statements
Our objectives are to obtain reasonable
assurance about whether the Financial
Statements as a whole are free from material
misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee
that an audit conducted in accordance
with ISAs and the additional requirements
applicable in Denmark will always detect
a material misstatement when it exists.
Misstatements can arise from fraud or error
and are considered material if, individually
or in the aggregate, they could reasonably
be expected to influence the economic
decisions of users taken on the basis of these
Financial Statements.
As part of an audit conducted in accordance
with ISAs and the additional requirements
applicable in Denmark, we exercise
professional judgement and maintain
professional scepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the Financial Statements,
whether due to fraud or error, design and
perform audit procedures responsive to
those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting
a material misstatement resulting from
fraud is higher than for one resulting from
error as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal
control relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness
of the Group’s and the Parent Company’s
internal control.
• Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates and
related disclosures made by Management.
• Conclude on the appropriateness of
Management’s use of the going concern
basis of accounting in preparing the Financial
Statements and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that may
cast significant doubt on the Group’s and the
Parent Company’s ability to continue as a
going concern. If we conclude that a material
uncertainty exists, we are required to draw
attention in our auditor’s report to the related
disclosures in the Financial Statements or, if
such disclosures are inadequate, to modify
our opinion. Our conclusions are based on
the audit evidence obtained up to the date of
our auditor’s report. However, future events
or conditions may cause the Group and the
Parent Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure
and contents of the Financial Statements,
including the disclosures, and whether
the Financial Statements represent the
underlying transactions and events in a
manner that gives a true and fair view.
• Plan and perform the group audit to
obtain sufficient appropriate audit evidence
regarding the financial information of the
entities or business units within the group
as a basis for forming an opinion on the
Consolidated Financial Statements. We are
responsible for the direction, supervision
and review of the audit work performed for
purposes of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and significant audit findings, including any
significant deficiencies in internal control that
we identify during our audit.
Hellerup, 18 February 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Søren Ørjan Jensen
State Authorised Public Accountant
mne33226
Philip Kjær
State Authorised Public Accountant
mne47826
Independent Auditor’s Reports
Svitzer Annual Report 2025
74
Financial StatementsManagement Review
Technical terms, abbreviations and definitions of key
figures and financial ratios.
A
Adjusted EBITDA: Earnings Before Interest, Taxes,
Depreciation and Amortisation excluding material
nonrecurring income and costs that are not considered
part of regular business operations such as separation
and listing costs related to the demerger from
A.P. Møller - Maersk A/S, delisting costs, etc.
Adjusted EBITDA margin: Adjusted EBITDA divided
by Revenue.
Aim for 8: Svitzer's global program to reduce the vessel
speed to maximum 8 knots (nautical miles per hour)to
optimise mobilisation speeds to maximise efficiency and
reduce fuel consumption.
C
CAPEX or Gross CAPEX: CAPEX or Gross capital
expenditure refers to cash payments for intangible
assets and property, plant and equipment, excluding
acquisitions and divestments.
Change in Net Working Capital: The movement
between the opening and closing balances in a period
for inventory, trade receivables, other receivables, trade
payables, other payables and any gains/losses with
respect to working capital adjusted for non-cash and
cash movement within the period.
Constant exchange rates: Exchange rates for the
same period in the prior year.
CO
2
intensity reduction: The reduction percentage
of carbon intensity (gCO
2
e/kWh) that Svitzer A/S has
realised compared to baseline year 2020 (129.62).
E
EBIT: Earnings Before Interest and Taxes.
EBITDA: Earnings Before Interest, Taxes, Depreciation
and Amortisation.
EBITDA Margin: EBITDA divided by Revenue.
F
Free cash flow: Cash flow from operating activities,
purchase-sale of intangible assets and property, plant
and equipment, dividends received, repayments of lease
liabilities, financial payments and financial expenses paid
on lease liabilities.
FTE or average number of employees: The number
of all equivalent full time employees (both onshore
and offshore) employed by the Svitzer Group and its
subsidiaries for a relevant financial period.
G
Gross profit: The sum of revenue, less variable costs
and loss on debtors.
Growth CAPEX: CAPEX predominantly related to
growth.
H
Harbour Towage: A towage service by tugboats to
vessel owners or operators at various ports and harbours.
HVO: Hydrotreated vegetable oil.
HMS: Harmonised Management System governs
marine operations in Svitzer, including support function
activities found relevant to ensure that specified quality
requirements are met.
I
Invested capital: Segment operating assets less
segment operating liabilities, including investments and
deferred taxes related to the operation calculated basis
the trailing twelve months.
L
Leverage ratio: Leverage ratio is calculated as net
interest-bearing debt excluding loans receivables,
deposits and transaction fees on the borrowings divided
by adjusted EBITDA.
LTM: Last 12 months trailing.
N
Net interest-bearing debt: Equals interest-bearing
debt, including lease liabilities less cash and bank
balances as well as other interest bearing assets.
NOPAT: Net operating profit after taxes.
R
Return on equity after tax: Calculated as the profit
for the year divided by the average equity as at end of
current year and prior year.
Return on invested capital after tax (LTM) (ROIC):
Profit before financial items for the year (EBIT) less tax
on EBIT divided by the average invested capital, last
12 months.
Revenue Growth: Increase in revenue over a financial
period.
T
Terminal Towage: A towage service by tugboats
dedicated to a specific terminal.
Tug Jobs (Harbour Towage) (‘000): The number of
harbour towage tug jobs performed by the Svitzer Group
in a relevant financial period.
V
Vessels: Svitzer’s (incl. joint ventures and associated
companies) total fleet of vessels covering tugboats, work
boats, and other vessels (such as barges, crew boats and
pontoons).
Definition of terms
Definition of Terms
Svitzer Annual Report 2025
75
Financial StatementsManagement Review
Svitzer Group A/S
Sundkrogsgade 17
2100 Copenhagen Ø
Denmark
+45 39 19 39 19
info@svitzer.com
www.svitzer.com
CVR number: 44 79 14 47
Business established on 3 March 1833 by
Emil Zeuthen Svitzer
Registered in the municipality
of Copenhagen
Designations
The Svitzer Group,
Svitzer, the Company,
and Svitzer Group A/S
consolidated with its subsidiaries
and associated companies
are used interchangeably.
Published by Svitzer Group A/S
Design and layout by
e-Types A/S
Svitzer Annual Report 2025
76
Financial StatementsManagement Review
Svitzer Group A/S
Sundkrogsgade 17
2100 Copenhagen Ø
Denmark
+45 39 19 39 19
Company registration number: 44 79 14 47
svitzer.com
info@svitzer.com
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-312026-02-18Jacob Ulrik6488DDN3LEB9H3531440Reporting class C, large enterprisewww.svitzer.cominfo@svitzer.com2026-02-18529900VSWLQF0O3GA946Strandvejen 442900 HellerupOpinionBasis for Opinion2026-02-18mne3322633771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskabmne4782633771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab6488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember6488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember16488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember26488DDN3LEB9H35314402025-01-012025-12-316488DDN3LEB9H35314402024-01-012024-12-316488DDN3LEB9H35314402025-12-316488DDN3LEB9H35314402024-12-316488DDN3LEB9H35314402023-12-316488DDN3LEB9H35314402023-12-31ifrs-full:IssuedCapitalMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:IssuedCapitalMember6488DDN3LEB9H35314402024-12-31ifrs-full:IssuedCapitalMember6488DDN3LEB9H35314402023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember6488DDN3LEB9H35314402024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember6488DDN3LEB9H35314402023-12-31ifrs-full:ReserveOfCashFlowHedgesMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember6488DDN3LEB9H35314402024-12-31ifrs-full:ReserveOfCashFlowHedgesMember6488DDN3LEB9H35314402023-12-31ifrs-full:RetainedEarningsMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:RetainedEarningsMember6488DDN3LEB9H35314402024-12-31ifrs-full:RetainedEarningsMember6488DDN3LEB9H35314402023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember6488DDN3LEB9H35314402024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember6488DDN3LEB9H35314402023-12-31ifrs-full:NoncontrollingInterestsMember6488DDN3LEB9H35314402024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember6488DDN3LEB9H35314402024-12-31ifrs-full:NoncontrollingInterestsMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:IssuedCapitalMember6488DDN3LEB9H35314402025-12-31ifrs-full:IssuedCapitalMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember6488DDN3LEB9H35314402025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:ReserveOfCashFlowHedgesMember6488DDN3LEB9H35314402025-12-31ifrs-full:ReserveOfCashFlowHedgesMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:RetainedEarningsMember6488DDN3LEB9H35314402025-12-31ifrs-full:RetainedEarningsMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember6488DDN3LEB9H35314402025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember6488DDN3LEB9H35314402025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember6488DDN3LEB9H35314402025-12-31ifrs-full:NoncontrollingInterestsMember6488DDN3LEB9H35314402024-01-012024-12-31cmn:ConsolidatedMember6488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember16488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember26488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember16488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember26488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember36488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember46488DDN3LEB9H35314402025-01-012025-12-31cmn:ConsolidatedMember5iso4217:DKKxbrli:pure