The Annual General Meeting adopted the Annual Report on 25.03.2026
Chairman of the General Meeting
Name: Jean-Marc Lechêne
_________________________________
Tresu Investment Holding A/S
Venusvej 44
DK-6000 Kolding
Central Business Reg. No.: 37 55 37 27
Annual Report 2025
Tresu Investment Holding A/S
1
Contents
Entity details ....................................................................................................................................................... 2
Statement by Management on the Annual Report............................................................................................... 3
Independent auditor´s report ............................................................................................................................... 4
Management review .......................................................................................................................................... 10
Consolidated statement of comprehensive income ........................................................................................... 21
Consolidated balance sheet ............................................................................................................................... 22
Consolidated statement of changes in equity .................................................................................................... 24
Consolidated cash flow statement ..................................................................................................................... 25
Notes to consolidated financial statements ....................................................................................................... 26
Parent statement of comprehensive income ................................................................................................................... 73
Parent balance sheet .......................................................................................................................................... 74
Parent statement of changes in equity ............................................................................................................... 76
Parent cash flow statement ................................................................................................................................ 77
Notes to the parent financial statement ........................................................................................................................... 78
Tresu Investment Holding A/S
2
Entity details
Entity
Tresu Investment Holding A/S
Venusvej 44
DK-6000 Kolding
Denmark
Central Business Registration No.: 37 55 37 27
Registered in: Kolding
Financial period: 01.01.2025 - 31.12.2025
Phone: +45 76323500
Web site: www.tresu.com
Board of Directors
Jean-Marc Lechêne, chairman
Ola Harald Erici
Søren Dan Johansen
Stephan Plenz
Executive Board
Stephan Plenz
Entity auditors
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Central Business Registration No.: 33 77 12 31
Herredsvej 32
DK-7100 Vejle
Tresu Investment Holding A/S
3
Management’s Statement
The Board of Directors and Executive Board have today considered and adopted the Annual Report of Tresu
Investment Holding A/S for the financial year 1 January – 31 December 2025.
The Consolidated Financial Statements and the Parent Company 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. Management’s Review 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 and Parent Company operations and cash flows for 2025.
In our opinion, Management’s Review includes a true and 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.
In our opinion, the annual report of Tresu Investment Holding A/S for the financial year 1 January to 31
December 2025 with the file name tresu-2025-12-31-en.zip is prepared, in all material respects, in compliance
with the ESEF Regulation.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Kolding, 25.03.2026
Executive Board
Stephan Plenz
CEO
Board of Directors
Jean-Marc Lechêne Ola Harald Erici Søren Dan Johansen
Chairman
Stephan Plenz
Tresu Investment Holding A/S
4
Independent Auditor’s Reports
To the shareholders of Tresu Investment Holding A/S
Report on the audit of the Financial Statements
Our opinion
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a
true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2025 and of
the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January
to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of
Directors.
What we have audited
The Consolidated Financial Statements and Parent Company Financial Statements of Tresu Investment
Holding A/S for the financial year 1 January to 31 December 2025 comprise statement of comprehensive
income, balance sheet, statement of changes in equity, cash flow statement and notes, including material
accounting policy information for the Group as well as for the Parent Company. Collectively referred to as 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial
statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have
also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation
(EU) No 537/2014 were not provided.
Appointment
We were first appointed auditors of Tresu Investment Holding A/S on 23 July 2020 for the financial year 2020.
We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement
of 6 years including the financial year 2025.
Material Uncertainty Related to Going Concern
We draw attention to note 1 in the Consolidated Financial Statements as well as in the Parent Company
Financial Statements, where Management's basis for presenting the financial statements on the basis of going
concern are set forth. The conditions described in note 1 indicate that a material uncertainty exists that may
cast significant doubt on the Group and the parent’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
Tresu Investment Holding A/S
5
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial
Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we
have determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
Valuation of intangible assets
Brand with indefinite lifetime and other intangible
assets might be impaired due to for example
increased competition in markets, changes in global
economy and changes in the strategy of the Group.
Brand with indefinite life is tested annually for
impairment. Other intangibles are assessed for
impairment annually, and if indicators exist, an
impairment test is performed.
As a result of the impairment tests, an impairment
loss DKK 14 million have been recorded in 2025.
The impairment tests performed by Management
contain significant assumptions of revenue growth,
investments, profit margins and discount rates.
We focused on this area because the impairment test
and the impairment assessment of these assets are
complex and are dependent on subjective
judgements by Management.
We refer to notes 2 and 12 in the Consolidated
Financial Statements.
In assessing the impairment test performed by
Management, we obtained and evaluated
Management’s future cash flow forecasts, and the
underlying process by which they were prepared
including the mathematical accuracy of the cash
flow model and agreeing future revenue growth and
profit margin assumptions to the latest Board
approved budgets and financial forecasts.
We assessed whether the model applied by
Management comply with the requirements of IFRS
Accounting Standards.
We used our valuation specialist to assist us in
evaluating the appropriateness of key assumptions
in Management’s discount rates and the impairment
model used.
We challenged the reasonableness of Management’s
assumptions of revenue growth, investment and
profit margin included in the cash flow forecasts in
light of the historical accuracy of such forecasts, the
current operational results and expected market
development.
Finally, we assessed the adequacy of disclosures
provided by Management in the Financial
Statements.
Tresu Investment Holding A/S
6
Recognition and measurement of contract work in
progress
At 31 December 2025 the carrying value of contract
work in progress of the group amounts to a net assets
of DKK 0 million (31 December 2024 – net liability
of DKK 17 million) corresponding to a sales value
of contract work in progress of DKK 99 million (31
December 2024 – DKK 179 million).
In accordance with IFRS 15, revenue from contract
work is recognised over time based on the progress
towards complete satisfaction of the individual
performance obligations of the contract work
(percentage-of-completion method). The progress
(stage of completion) is determined and assessed by
the proportion of the contract costs incurred at the
balance sheet date compared to the total costs
including the estimated cost to complete the contract.
The preparation of reliable forecasts of the total
expected contract costs involves significant
accounting estimates.
We focused on the recognition and measurement of
contract work in progress as the application of the
percentage-of-completion is complex and requires
that Management make significant accounting
estimates.
We refer to note 16 in the Consolidated Financial
Statements.
We performed risk assessment procedures with the
purpose of achieving an understanding of it-systems,
business procedures and relevant controls regarding
the recognition and measurement of contract work in
progress. In respect of controls, we assessed whether
they were designed and implemented effectively to
address the risk of material misstatement.
We assessed the accounting policies applied and the
Group’s application and interpretation of relevant
reporting standards.
We obtained from Management an overview of the
Group’s contract work in progress at 31 December
2025 and contract work completed during the year.
Based on project risk and materiality we selected a
sample of contracts where we tested the underlying
data for calculating sales value of the contract work
in progress including change orders, original budget
and project reports. Special attention was given to
estimated costs to complete and risk provision per
contract.
For the selected contracts, we assessed and
challenged Management’s assumptions for
determining stage of completion including their
assessment of risk provisions and estimated profit
through interviews with CEO, CFO and project
managers responsible for the individual projects..
Tresu Investment Holding A/S
7
Statement on Management’s Review
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 in the audit, or otherwise appears to be materially misstated.
Moreover, we considered whether Management’s Review includes the disclosures required by 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 Statements 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 and parent company
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 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.
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless Management either intends to liquidate the Group or
the Parent Company or to cease operations, or has no realistic alternative but to do so.
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.
Tresu Investment Holding A/S
8
As part of an audit 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 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 or the Parent Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content 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.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Financial Statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter.
Report on other legal and regulatory requirements
Report on compliance with the ESEF Regulation
As part of our audit of the Financial Statements we performed procedures to express an opinion on whether the
annual report of Tresu Investment Holding A/S for the financial year 1 January to 31 December 2025 with the
filename tresu-2025-12-31-en.zip is prepared, in all material respects, in compliance with the Commission
Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which
includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of
the Consolidated Financial Statements including notes.
Tresu Investment Holding A/S
9
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This
responsibility includes:
● The preparing of the annual report in XHTML format;
● The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and
the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using
judgement where necessary;
● Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented
in human-readable format; and
● For such internal control as Management determines necessary to enable the preparation of an annual
report that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material
respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a
report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material departures from the requirements set out in the
ESEF Regulation, whether due to fraud or error. The procedures include:
● Testing whether the annual report is prepared in XHTML format;
● Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the
tagging process;
● Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including
notes;
● Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF
taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has
been identified;
● Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
● Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.
In our opinion, the annual report of Tresu Investment Holding A/S for the financial year 1 January to 31
December 2025 with the file name tresu-2025-12-31-en.zip is prepared, in all material respects, in compliance
with the ESEF Regulation.
Reporting obligations under section 7(2) of the Danish Executive Order on Approved Auditors’
Reports
Non-compliance with the Danish Bookkeeping Act
In our opinion, Tresu Investment Holding A/S has not fully complied with the requirements of the Danish
Bookkeeping Act as the accounting system does not support the generation of a standard file as defined by the
authorities (SAF-T). Management acknowledges that the company is not fully compliant, and initiatives have
been launched to ensure that the company becomes compliant in this area as well.
Management may incur liability on the basis of the non-compliance with the Danish Bookkeeping Act.
Vejle, 25 March 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR no 33 77 12 31
Lars Almskou Ohmeyer
Heidi Bonde
State Authorised Public Accountant
State Authorised Public Accountant
mne24817
mne42815
Tresu Investment Holding A/S
10
Management review
2025
2024
2023
2022
2021
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Key figures
Revenue
312.662
339.979
388.781
359.035
340.917
Gross profit/loss
28.042
(25.398)
(108.676)
(68.607)
23.193
Operating profit/loss
(45.522)
(106.147)
(188.939)
(155.229)
(51.988)
Net financials
(52.730)
(58.263)
(50.470)
(33.288)
12.302
Profit/loss for the year
(83.642)
(146.924)
(215.231)
(165.305)
(31.485)
Total assets
279.922
331.537
470.898
643.218
761.981
Investments in property, plant
and equipment
2.863
1.698
3.189
3.459
919
Equity
(576.618)
(490.742)
(344.765)
(147.930)
(11.947)
EBITDA
18.799
(3.196)
(7.047)
(17.518)
16.332
EBITDA excl. non-recurring items
18.799
804
(2.229)
(6.733)
20.281
31.593
Ratios
Gross margin (%)
9,0
(7,5)
(28,0)
(19,1)
6,8
Net margin (%)
(26,8)
(43,2)
(55,4)
(46,0)
(9,2)
Return on assets
(16,3)
(32,0)
(40,1)
(24,1)
(6,8)
Ratios Calculation formula
Gross margin (%) Gross profit x 100 The entity's operating gearing.
Revenue
Net margin (%) Profit/loss for the year x 100 The entity's operating profitability.
Revenue
Return on equity (%) Profit/loss for the year x 100 The entity's return on capital invested in the
Average equity entity by the owners.
Equity ratio (%) Equity x 100 The financial strength of the entity.
Total assets
Return of assets (%) Profit before financials x 100 Profit from invested capital
Total assets
Tresu Investment Holding A/S
11
Management review
Group chart as per 31 December 2025
Tresu
Investment
Holding A/S
100%
TRESU A/S
100%
100%
100%
100%
TRESU Royse, Inc.
TRESU Italia S.r.l.
TRESU Japan
Co. Ltd.
TRESU Vertriebs
GmbH
Tresu Investment Holding A/S
12
Management review
Primary activities
The Group develops, produces and sells custom made in-line flexo printing machines for the packaging
manufacturing industry and ancillary products for the digital, flexo and offset printing industry worldwide.
Development in activities
In 2025 we focused on strategic initiatives to strengthen our customer experience, reshape our portfolio, enable
sales and professionalize execution.
Through focus on standardization, scalability, cost efficiency and market driven innovations we are improving
our platform of our core business within custom made in-line flexo printing machines for the packaging
industry and ancillary products for the digital, flexo and offset printing industry worldwide. We have continued
our focus on our after-sales offering to have a strong leg besides the project business. People are in focus as
the key resource for our continued improvement on efficiency and performance.
The uncertainty in several of our markets continued and the slowdown in our Machines & units segment
continued in 2025 both in the packaging and in corrugated area. We do now see an increase in activity and
demand in the market and expect to return to growth in 2026.
Our continued focus and development on the Customer Care business did deliver the planned growth in
performance in 2025.
Financial developments in the fiscal year 2025
The result of the Group was impacted by the low market activities in our Ancillary segment and in our
Machines & Units segment. The reduction implemented on staff in 2025 did deliver the expected impact
alongside keeping the ability to innovate our portfolio and maintaining the ability to deliver on the expected
growth in demand.
Consolidated revenue for the financial year 2025 is DKK 312,7m (2024: DKK 340,0m).
Operating profit (EBIT) for the year 2025 was DKK -45,5m (2024: DKK -106,1m).
Average number of headcounts in the Group in 2025 was 165 FTE (2024: 179).
Cash flow from operating activities in 2025 amounted to DKK -18,3m (2024: DKK -8,2m) and net
investments in property, plant and equipment equaled DKK 2,9m (2024: DKK 1,7m).
At the end of 2025, total assets were DKK 279,9m (2024: 331,5m) and total equity amounted to
DKK -576,6m (2024: DKK -490,7m).
The group revenue of 2025 were original expected to grow 0-10% against 2024 but ended up in an 8%
decline due to lack of large orders in the Machines & Units segment. Due to increased margins as well as
cost savings in both production and administration, the adjusted EBITDA increased by DKK 18,0m against
2024 and ended within the latest guidance.
Tresu Investment Holding A/S
13
Management review
Capital resources and Liquidity
The Group has in 2025 realized a loss of DKK 83,6m and equity of the Company amounts to DKK -576,6m
on 31 December 2025.
On this basis, section 119 of the Companies Act regarding capital loss applies.
On 31 December 2025 cash deposit was DKK 2,6m and the undrawn credit facility was DKK 19,3m. The
credit facility in the bank of DKK 112,0m and the shareholder loan of DKK 78,5m expires November 2026.
At the time of approval of the 2025 annual report, no formal extension agreement has yet been reached but
based on preliminary dialogues with the shareholders, bondholders and the bank, it is expected that an
extension of the overdraft and loan facilities will be granted if needed.
The budget for 2026 shows sufficient liquidity available for continued operations, which is based, among other
things, on the above, as well as an increase in revenue, continued improvement on efficiency and project
execution. Predictions about the future are inherently uncertain especially given the uncertainty around
macroeconomics in 2026. It is Management’s view that the liquidity budget will be met, including signing
additional customer contracts, and the Financial Statements have therefore been prepared on a going concern
basis. We refer additionally to note 1 – Going concern.
Overall, it is the assessment of the company's management and board of directors that the annual report for
2025 can be submitted under the going concern premise.
Further, it is noted that the equity is expected to be re-established with future earnings or with sale of TRESU
A/S
The management will continue to assess the capital base and the need for re-establishing the equity.
Tresu Investment Holding A/S
14
Management review
Objective and outlook
We continue to focus on innovation, efficiency improvement, cost out projects and employee development
enabling improved customers’ satisfaction and financial performance of the company. We still see potential
consolidation among our customers in the Liquid Packaging, Folding Carton and Lottery Tickets industry and
expect machine demand to be driven by both replacements as well as new installations.
Against this outlook the Group expects revenue growth in the area of 0-10% and EBITDA margin in the area
of 2-8% (adjusted for non-recurring items) as well as a positive cash flow from operating activities in 2026.
Internal control
Internal control systems are designed for reporting in accordance with IFRS Accounting Standards as adopted
by the EU and additional disclosure requirements for annual reports of listed companies. The system
contributes to TRESU’s financial statements, providing fair presentations without material misstatements.
Comprehensive monthly accounting data is reported from all group subsidiaries. Such data is then analyzed
and monitored at group, company and other operational levels.
Operating risks
We focus on a stable and committed supplier base and therefore TRESU has entered into long-term agreements
with relevant sub-suppliers for the delivery of essential components. In 2025 we insourced key elements to
secure know-how and cost efficiency.
Credit risk
The credit risks of the Group are primarily related to trade receivables and customer specific projects included
as part contract work in progress. The majority of the Group’s products and projects are delivered to well-
reputed, large international companies in the international packaging market. On large projects we always
demand an upfront downpayment to reduce the risk and cash exposure.
Credit risk is monitored on an ongoing basis, and we conduct an in-depth credit assessment of new customers
and ongoing assessment of existing customers. In recent years, no significant debtor losses have been recorded.
Currency risks
The consolidated financial statements are influenced by changes in exchange rates, as the result, and equity of
the subsidiaries are converted into Danish kroner at year-end based on the average and year-end rates.
The currency risk of the Group is primarily related to EUR and USD and mainly managed through matching
incoming and outgoing payment currencies, whereas active hedging e.g. instruments is only used to a limited
extent in line with the established policy. In connection with considerations about the future financing structure
of the Group, Management has examined various possibilities of covering risks connected with loan financing,
cash flow in foreign currency and related interest costs.
Interest rate risks
Since the interest-bearing net liabilities have a variable interest, changes in the interest rate level may have a
significant direct effect on the earnings. Hedging of interest rate risk is not carried out.
Tresu Investment Holding A/S
15
Management review
Intellectual capital resources
The competitive advantage of the Group is the development and production of leading technology printing
machines and associated products, which entails particularly high demands on the intellectual capital resources
both in the development and production divisions.
It is essential that the Group can recruit, develop and retain employees with a high level of education and the
right set of skills to maintain our high level of technical competence and innovation.
The Group has implemented a quality management system which documents the individual methods and
procedures to secure the critical business processes in relation to development, production and sales. The
system is maintained and updated as part of the ISO 9001:2015 certification.
Research and development activities
Development activities comprise continuous development of our technology, product portfolio and
development of new products with the ultimate objective of increasing our customers’ uptime and reducing
their cost of operations and/or climate footprint.
The Group’s total costs for R&D make up approx. 5% of the revenue. We have, as in previous years, invested
significantly in future technology in line with the requirements to support the strategy and not at least meet the
customers’ demand.
Corporate social responsibility (CSR)
Business model and approach to CSR
Being a global technology provider, TRESU are dedicated to offer a contribution to limiting the Group´s and
our customer’s environmental and climate footprint, fighting corruption as well as securing good conditions
for its employees. For business model see page 12 Primary activities.
Corporate responsibility policy
The Group is dedicated to being a responsible employer and a good corporate citizen. Our Code of Conduct
represents our core values and reflects our continued commitment to ethical business practice and regulatory
compliance.
We take a serious view of any suspicion of breach of the Group’s Code of Conduct, which all employees must
comply with, and in case of non-compliance with the Code of Conduct, we will act immediately.
Requirements, guidelines and daily practice for social responsibility and working environment conditions are
fully incorporated parts of the company’s management system which consists of:
• Certified quality management system DNV/ISO 9001:2015
• Certified environmental management system DNV/ISO 14001:2015
The basic idea of the management system is involvement of the employees and a high degree of
decentralization in decisions making. In this way we foster a high level of social capital, good working climate
and job satisfaction among the employees.
Tresu Investment Holding A/S
16
Management review
Anti-corruption and bribery
The Group is dedicated to upholding a high degree of business ethics. The Group operates out of Denmark and
adheres to laws and rules concerning corruption and bribery.
The Group’s main risks relate to employees’ interactions with customers and suppliers, where inappropriate
gifts or benefits could influence business decisions, as well as potential unethical practices among suppliers or
other business partners. The overall risk is considered limited but is managed through supplier monitoring and
a strict zero-tolerance policy supported by our Code of Conduct.
The Group´s expectations regarding anti-corruption and bribery are specified in our Employee handbook and
Code of Conduct, which all the employees of the Group must comply with. The Group is not aware of any
breaches regarding anti-corruption and bribery in 2025 and we do not expect any breaches in 2026 either.
Human rights
The Group endeavors to comply with applicable local and international legislation and to conduct its business
with strong dedication to human rights including ethical and responsible practices.
The main human rights risks relate to potential breaches in the supply chain, where suppliers may not fully
comply with labour or human rights standards. The overall risk is considered low and is managed through
supplier assessments and adherence to our Employee Handbook and Code of Conduct.
We have adopted policies on group level related to ethics and with respect to compliance with applicable laws
in each jurisdiction. These policies apply to each subsidiary in the Group. Accordingly, each subsidiary shall
comply with applicable laws, rules and regulations, including those that may relate to protection of human rights
in each jurisdiction where it operates.
The Group strives to continually improve our work environment. We aim to strengthen and implement a shared
corporate culture to help us treat all colleagues equally. The Group supports and respects the protection of the
UN’s Universal Declaration of Human Rights and the Core Conventions of the International Labor Organization
(ILO) and makes sure that the Group is not complicit in abuse of human rights. Use of child labor is prohibited.
The focus in 2026 will, as in 2025, be to conduct awareness campaigns internally and to ensure that our suppliers
conduct their business in compliance with our corporate standards.
The Group’s expectations regarding human rights are specified in our Employee handbook and Code of
Conduct, which all the employees of the Group must comply with. The Group is not aware of any breaches
regarding human rights in 2025 and does not expect any in 2026 either.
Social & Labor conditions
The employees of the Group are essential to maintain our high level of technical competence and innovation.
The Group prioritizes safety and health and wants to be regarded as a company with high standards in relation
to the physical and psychological working environment. Preventive measures and high ethical standards are
central themes in our Working Environment Policy.
The main risks relate to work environment issues, including potential physical or psychological strain, as well
as risks in the supply chain where suppliers may not fully meet labour or safety standards. These risks are
considered limited and are managed through continuous workplace assessments, a strong safety organization,
and supplier requirements aligned with our Code of Conduct.
Tresu Investment Holding A/S
17
Management review
Social & Labor conditions
This means that the Group complies with the rules of the authorities at any time, has several governance policies
and continuously implements improvements to the working environment. The Group has an active safety
organization and motivates the employees to be aware of the working environment and to understand the
importance of the efforts of each individual person. Further, it is required that suppliers are aware of the working
environment and continue to make the suppliers aware of our expectations to them to comply with our Code of
Conduct.
The Safety organization is active in supporting the physical and psychological working environment, and
reaches out to management and HR, when action and focus is needed both on an individual level as well as
related to departments or groups of employees.
The Group strives towards achieving broader gender representation by recruitment, considering the industry in
which the Group operates where basis for candidates is predominantly male. Both male and female employees
are encouraged to develop their competences and careers. In all cases the best qualified person will be employed
for the job.
In addition, a job satisfaction survey was done in 2025, with very satisfying results, improving most areas. Focus
for 2026 is to keep the good level of satisfaction.
Environment and climate
The Group strives to minimize the environmental and climate footprint. The primary risk is related to the
environmental impact, e.g. electricity consumption and raw material consumption in relation to production of
printing machines and ancillary products.
The environmental policy of the Group is to always act as an environmentally aware company at the ahead of
the expectations of customers and surroundings and to comply with the requirements of the authorities.
This means that the Group:
• complies with the requirements of DNV/EN ISO 14001:2015
• continuously implements and documents improvement to the environment
• continuously reduces the environmental footprint
• motivates the employees to be environmentally aware
• documents the environmental footprint of the products in an objective way
• involves the employees actively to carry out improvements to the environment
• requires that suppliers are environmentally aware
• can explain purchased equipment’s impact on the environment
• informs the public of the result of the environmental initiatives
The environmental policy is based on responsible environmental operations and is an integrated part of the
Group’s targets in terms of both manufacturing our equipment and customers using our equipment in their
production.
As such, we have adopted and committed to the Science Based Target initiative (SBTi) moving from
compliance- to real commitment to climate change and greenhouse gas (GHG) emissions.
Tresu Investment Holding A/S
18
Management review
Results achieved and expectations for future CSR activities
While during 2025 having addressed more immediate GHG reducing levers, biggest progress has been that of
further developing and committing to our long-term roadmap following the 2024 SBTi framework enrollment.
Planning for future commitment to significantly reduce total CO2 footprint, we now have full transparency for
two consecutive years, 2023 and 2024, mapping the Group footprint across the entire value chain. 2025
footprint calculations will be addressed and documented during Q1 2026.
Our indirect value chain emissions (scope 3) account for 98% of GHG emissions, and focus of our roadmap,
towards significant reduction, is therefore placed accordingly. Specifically, addressing two levers – up &
downstream basically unlocks potential accounting for 9/10 of scope 3 emissions: a) purchased goods (30%)
and b) customers’ use of sold products (63%). This implies that roadmap focus is centered around supply chain
operations, technological developments and product optimizations.
Coming from our 2023 baseline, we have officially committed to reduce scope 1, 2 & 3 emissions by stepwise
commitment towards net-zero:
• Short-term (2033)
• Scope 1 & 2: 54,6%
• Scope 3: 32,5%
• Long-tern (2050)
• Scope 1 & 3: 90,0%
The goal of the Group for 2025 was absenteeism of maximum 2,8%. In 2025 we have realized an increase in
absenteeism amounting to 4,2% versus 3,8% in 2024. Eliminated for long term illness (more than 10 days) the
illness rate in 2025 was 1,7% which is an acceptable level.
In 2026 the Group will have a continued focus on preventive measures and information. The goal of the Group
is still absenteeism of maximum 2,8% covering both short term and long-term absenteeism.
Tresu Investment Holding A/S
19
Management review
Statement of data ethics Policy
We did not establish a policy for data ethics in 2025. Over time it will become relevant for TRESU Group, but
until now we have not processed data or used algorithms for data analysis, and it is not an integrated part of the
TRESU Group’s business strategy and business activity. We will continue to follow the best practice within data
ethics, and we can confirm that despite no formal established data ethics policy still among others use awareness
campaigns, secure compliance with code of conduct and communicate the importance of protecting fundamental
rights for alle stakeholders.
We commit to complying with all applicable data and privacy laws and regulations. We expect employees to
prevent and mitigate all data and privacy risks and to inform, through our management system or grievance
mechanisms, of any breach of this expectation or doubts that our expectations are being met.
TRESU Investment Holding A/S wants to be a good corporate citizen. We support high-quality standards for
data protection and integrity.
Corporate governance
The Board of Directors and Executive Board of TRESU Group constantly seek to ensure that the management
structure and control systems of the group are appropriate.
On an ongoing basis, Management assesses whether this remains the case. The tasks and responsibilities of
Management are, among others, based on the Danish Companies Act, the Danish Financial Statements Act,
the Company’s Articles of Association and generally accepted practice for enterprises of the same size and
with the same international reach as TRESU Group. In this connection and because the Group’s principal
shareholder is Altor Fund IV, who is a member of Danish Venture Capital and Private Equity Association
(www.dvca.dk), the TRESU Group in all material respects and complies with the guidelines for responsible
ownership and corporate governance of DVCA.
Shareholder relations
On an ongoing basis, the Board of Directors assesses whether the Company’s capital structure is in accordance
with the Company’s and its stakeholders’ interests. The overall objective is to ensure a capital structure that
supports long-term, profitable growth.
The Company’s Articles of Association stipulate no limits of ownership or voting rights.
The Tresu Investment Holding A/S’s indirect principal shareholder is Altor Fund IV, who indirectly possesses
99,9% of the Company’s shares. Former key employees and board members hold a minority of 0,1% of the
Company’s shares. By the end of 2025 TRESU Investment Holding A/S owns none of its own shares.
Tresu Investment Holding A/S
20
Management review
Board of Directors
Jean-Marc Lechene
Elected by Altor Fund IV in 2020. Independent Director with Norican, Valorem (France) and Hydro Quebec.
Previously worked as COO for Vestas (2012-2019) and holds an MBA from Instead and Ingenieur Civil, Ecole
Nationale supérieure des Mines de Paris.
Ola Harald Erici
Elected by Altor Fund IV. Member of the Board of Directors since 2017. Chairman of the Boards of Modig
Group AB, Blingdale AB and Alogis AB. Member of the Boards of TRESU A/S and Dermalab Lund AB.
Søren Dan Johansen
Elected by Altor Fund IV. Joined Altor in 2011 and Member of the Boards of C Worldwide Holding A/S,
Hamlet Protein A/S, Multi-Wing Group A/S, Wrist Ship Supply A/S and TRESU A/S.
Previously worked at Kromann Reumert (1989-2011) and hold a MSc in Law from Copenhagen University.
Stephan Plenz
Elected by Altor Fund IV in 2021. Also, a member of the Board of Directors for Sennheiser, nominated by
Altana as observer since 2022 and independent consultant.
Over 30 years’ experience in the high-tech industry including more than 20 years in leading management
positions and from 2008 to 2020 Member of the Management Board (CTO) of Heidelberger Druckmaschinen
AG. He holds a degree in Mechanical Engineering.
Responsibilities of the Board of Directors
The Board of Directors have monitored the preparation of the financial reporting, the internal controls and the
audit of the financial statements.
The Board of Directors ensures that the Executive Board complies with the objectives, strategies and
procedures laid down by the Board of Directors. The reporting from the Executive Boards of the respective
companies takes place systematically, both at meetings and through written and verbal reporting on ongoing
basis.
Among other things, this reporting includes a description of the development in key markets, as well as the
Group’s operational and financial development. The Board of Directors holds meetings according to a fixed
plan, with at least five meetings a year and extraordinary meetings, if required.
Events after the balance sheet date
No events have occurred after the balance date to this date which will influence the evaluation of this annual
report.
Parent company’s primary activities
Tresu Investment Holding A/S activities comprise the ownership of 100% of the shares in TRESU A/S and
fully owned subsidiaries.
Tresu Investment Holding A/S
21
Consolidated statement of comprehensive income
1/1 - 31/12
1/1 - 31/12
2025
2024
Notes
DKK'000
DKK'000
Revenue
3
312.662
339.979
Production costs
4
(284.620)
(365.377)
Gross profit/loss
28.042
(25.398)
Distribution costs
(40.460)
(41.461)
Administrative costs
5
(34.872)
(40.282)
Other operating income
1.768
994
Operating profit/loss (EBIT)
6,7
(45.522)
(106.147)
Financial income
8
202
157
Financial expenses
9
(52.932)
(58.420)
Profit/loss before tax
(98.252)
(164.410)
Tax on profit/loss for the year
10
14.610
17.486
Loss for the year
(83.642)
(146.924)
Items that may be recycled subsequently to the income statement:
Exchange rate adjustments, foreign companies
(2.234)
947
Tax on other comprehensive income
0
0
Other comprehensive income, net of tax
(2.234)
947
Total comprehensive income/(loss)
(85.876)
(145.977)
Tresu Investment Holding A/S
22
Consolidated balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Goodwill
11
0
0
Development projects
11.374
24.561
Patents and licenses
45.811
61.450
Brand
22.900
22.900
Customer relationship
0
8.878
Intangible assets
7,12
80.085
117.789
Plant and machinery
7.113
15.098
Other fixtures and fittings, tools and equipment
1.696
2.228
Leasehold improvements
1.992
1.807
Lease assets
66.512
74.005
Property, plant and equipment
7,13
77.313
93.138
Deposits
10.232
10.248
Other non-current assets
10.232
10.248
Non-current assets
167.630
221.175
Inventories
14
55.312
52.560
Trade receivables
15
36.879
36.935
Contract work in progress
16
5.541
6.084
Tax receivables
4.083
2.320
Other receivables
3.404
4.369
4.583
Prepayments
4.507
2.522
Receivables
54.414
52.230
Cash
2.566
5.572
Current assets
112.292
110.362
Assets
279.922
331.537
Tresu Investment Holding A/S
23
Consolidated balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Contributed capital
17
2.925
2.925
Other reserves
1.103
3.337
Retained earnings
(580.646)
(497.004)
Equity
(576.618)
(490.742)
Provisions for deferred tax
18
7.781
17.568
Corporate bonds
19
521.049
485.765
Lease liability
59.756
66.964
Payable parent companies
0
71.340
Other payables
9.232
8.926
Non-current liabilities
597.818
650.563
Current portion of long-term lease liabilities
11.153
11.112
Bank debt
20
92.735
65.923
Payable parent companies
78.800
248
Contract work, liabilities
16
4.365
22.296
Other provisions
21
5.419
3.860
Prepayment customers
18.913
16.475
Trade payables
25.292
27.045
Income tax payable
192
368
Other payables
22
21.853
24.389
Current liabilities
258.722
171.716
Total liabilities
856.540
822.279
Equity and liabilities
279.922
331.537
Tresu Investment Holding A/S
24
Consolidated statement of changes in equity
Contri-
buted
Other
Retained
capital
Reserves
earnings
Total
DKK'000
DKK'000
DKK'000
DKK'000
Equity at 1 January 2025
2.925
3.337
(497.004)
(490.742)
Loss for the period
0
0
(83.642)
(83.642)
Other comprehensive income
0
(2.234)
0
(2.234)
Comprehensive income
0
(2.234)
(83.642)
(85.876)
Equity at 31 December 2025
2.925
1.103
(580.646)
(576.618)
Equity at 1 January 2024
2.925
2.390
(350.080)
(344.765)
Loss for the period
0
0
(146.924)
(146.924)
Other comprehensive income
0
947
0
947
Comprehensive income
0
947
(146.924)
(145.977)
Equity at 31 December 2024
2.925
3.337
(497.004)
(490.742)
Other reserves consist of exchange differences on translating foreign companies.
Tresu Investment Holding A/S
25
Consolidated cash flow statement
1/1 - 31/12
1/1 - 31/12
2025
2024
Notes
DKK'000
DKK'000
Operating profit/loss
(45.522)
(106.147)
Amortization, depreciation and impairment
64.321
102.951
Other provisions and payables
(10.839)
(9.012)
Working capital changes
25
(22.955)
(1.123)
Cash flows from ordinary operating activities
(14.995)
(13.331)
Financial income received
1
5
Financial expenses paid
(6.217)
(6.916)
Income taxes refunded/(paid)
2.879
12.010
Cash flow from operating activities
(18.332)
(8.232)
Acquisition etc. of intangible assets
(5.994)
(10.498)
Acquisition etc. of property, plant and equipment
(2.863)
(1.698)
Proceeds from disposal of financial fixed assets
0
(54)
Cash flow from investing activities
(8.857)
(12.250)
Change in the bank overdraft facility
26.812
24.997
Proceeds from (repayments of) related party borrowings
7.212
6.848
Leasing
(9.841)
(9.766)
Cash flows from financing activities
24.183
22.079
Increase/decrease in cash and cash equivalents
(3.006)
1.597
Cash and cash equivalents at 1 January
5.572
3.975
Cash and cash equivalents end of year
26
2.566
5.572
Cash and cash equivalents at year end are composed of:
Cash
2.566
5.572
Cash and cash equivalents end of year
2.566
5.572
Tresu Investment Holding A/S
26
Notes to consolidated financial statements
Overview notes
0. Accounting policies and material accounting policy information
1. Going concern
2. Use of estimates and judgement
3. Revenue and segmentation of operations
4. Production costs
5. Fees to auditors appointed at the Annual General Meeting
6. Staff costs
7. Amortization, depreciation and impairment
8. Financial income
9. Financial expenses
10. Income tax
11. Goodwill
12. Other intangible assets
13. Property, plant and equipment
14. Inventories
15. Trade receivables
16. Contract work in progress
17. Share capital
18. Deferred tax
19. Corporate bonds
20. Bank debt
21. Other provisions
22. Other payables
23. Contingent liabilities
24. Pledged assets etc.
25. Changes in working capital
26. Cash and cash equivalents
27. Financial risks
28. Related parties with controlling interest
29. Shareholder relations
30. Consolidation
31. Events after the balance sheet date
32. Adopting the annual report for publication
33. Accounting policies
Tresu Investment Holding A/S
27
Notes to consolidated financial statements
0.
Accounting policies and material accounting policy information
The Annual Report of Tresu Investment Holding A/S, a Danish company, and its subsidiary companies has
been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and additional Danish
requirements applicable to reporting class D, including the statutory order on adoption of IFRS issued pursuant
to the Danish Financial Statements Act.
The consolidated financial statements are presented for the period 1 January 2025 to 31 December 2025,
including its consolidated subsidiaries.
The consolidated financial statements are presented in Danish kroner, which is the Parent Company’s
functional currency.
The material accounting policy information adopted can be found in note 33.
Few comparative figures have been reclassified in order to present the figures correctly. This includes
‘adjustments prior years’ for intangible and tangible assets in note 12 and 13. It has no effect on the equity or
the fair view of the Annual Report.
Implementation of new standards, amendments, and interpretations
The Company has implemented the following amendments or new standards (IFRS) for financial year 2025:
The amendments came into effective for financial years beginning on or after 1 January 2025:
•
IAS 21, Foreign exchange rates: The amendment provide guidance on how to determine
whether a currency is exchangeable into another currency, and which spot rate to use when
it is not. Additionally, the amendment establishes the procedures to determine the exchange
rate when the currency is not exchangeable into another currency.
Tresu Investment Holding A/S has assessed the effect of the new standards, amendments, and interpretations.
Tresu Investment Holding A/S has concluded that all standards, amendments, and interpretations effective for
financial years beginning on or after 1 January 2025 are either not relevant to the Tresu Investment Holding
A/S or have no significant effect on the Financial Statements of the Tresu Investment Holding A/S.
Tresu Investment Holding A/S
28
Notes to consolidated financial statements
New standards, amendments, and interpretations adopted but not yet effective
The following new standards, amendments, and interpretations of relevance to the Tresu Investment Holding
A/S have been adopted by the IASB and adopted by the EU. The standards are not yet effective and will
therefore not be implemented in the Annual Reports until they take effect.
•
IFRS 7 and IFRS 9, Classification and measurement of financial instruments: The
amendment clarifies the requirements for the timing of derecognition of some financial asset
and financial liability. The amendment clarifies it is the date of settlement which determines
the derecognition of a financial asset or a financial liability, although financial liabilities
settled by electronic transfer under certain circumstance may be derecognized earlier.
Furthermore, the amendment contains an assessment of how to determine whether a payment
for financial assets satisfies the SPPI test, when the instrument is linked to the achievement
of sustainability targets.
The amendment will be effective for financial years beginning on or after 1 January 2026.
Early adoption of the amendment is permitted.
•
IFRS 7 and IFRS 9, Contracts referencing nature-dependent electricity: The amendments
introduces application guidance on when the ‘own use’ requirements have been complied
for contracts referring to nature-dependent electricity. The amendments also introduce
guidance for the application of hedge accounting for such contracts when the actual
production differs from the expected production. The amendments also introduce additional
disclosure requirements for entities using such contracts.
The amendment will be effective for financial years beginning on or after 1 January 2026.
Early adoption of the amendment is permitted.
•
Annual improvements volume 11, IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7: Minor
amendments and clarifications to IFRS 1 and IFRS 7, and guidance to implementation of
IFRS 7, IFRS 9, IFRS 10 and IAS 7 to clarify wording or correct minor unintended
consequences, oversights or conflicts between the listed standards.
The amendment will be effective for financial years beginning on or after 1 January 2026.
Early adoption of the amendment is permitted.
The IASB has issued the following new standards, amendments and new interpretations which could be
relevant to Tresu Investment Holding A/S, but which have not yet been adopted by the EU:
•
IFRS 18, Presentation and Disclosure in Financial Statements: This new standard replaces
IAS 1 and it implements set of new requirements for presentation and disclosures in the
financial statements. The new standard requires the income statement to be structured into
five categories, while also introducing two new subtotals. Furthermore, the new term
“Management Performance Measures (MPM)” is introduced, which must be disclosed in the
notes of the financial statements. The new requirements for presentation and disclosures are
applicable for all financial statements, including consolidated financial statements, separate
financial statements and interim financial statements.
The amendment will be effective for financial years beginning on or after 1 January 2027.
Early adoption of the amendment is permitted, when approved by the EU.
Tresu Investment Holding A/S
29
•
IFRS 19, Subsidiaries without Public Accountability: Disclosures: This new standard is
voluntary and allows subsidiaries which forms part of a group and do not have listed
instruments, in certain circumstance to prepare their financial statements with a reduced
number of disclosures. The subsidiaries will apply the recognition, measurement, and
presentation requirements from the other active IFRS accounting standards, but must apply
the reduced disclosure requirement as listed in IFRS 19. IFRS 19 is a voluntary standard for
eligible subsidiaries.
The amendment will be effective for financial years beginning on or after 1 January 2027.
Early adoption of the amendment is permitted, when approved by the EU.
•
IFRS 19, Subsidiaries without Public Accountability: Disclosures: The amendment
introduces reduced disclosure requirements for new and amended accounting standards,
issued in the period from the adoption of IFRS 19 in February 2021 and until May 2024.
IFRS 19 did when it was issued not contain reduced disclosure requirements for new and
amended accounting standards adopted after 28 February 2021. This amendment introduces
reduced disclosure requirements for subsidiaries which voluntarily applies IFRS 19.
The amendment will be effective for financial years beginning on or after 1 January 2027.
Early adoption of the amendment is permitted, when approved by the EU.
•
IAS 21, Foreign exchange rates: The amendment provides guidance for translating a
functional currency which is not a hyperinflation currency into a presentation currency
which is a hyperinflation currency. The amendment requires all amounts (including
comparatives) to be translated using the closing rate at the date of the most recent statement
of financial position. Furthermore, the amendment also includes an exception for entities
with a functional and presentation currency that is the currency of a hyperinflation currency
not to re-translate comparatives of foreign operation(s) with the functional currency of a non-
hyperinflationary economy.
The amendment will be effective for financial years beginning on or after 1 January 2027.
Early adoption of the amendment is permitted, when approved by the EU.
Tresu Investment Holding A/S expects to implement these new standards, amendments, and interpretations
when they take effect. The Group has assessed the effect of the new standards, amendments, and interpretations
and apart from IFRS 18, we have concluded that all standards, amendments and interpretations are either not
relevant to the Group or have no significant effect on the Financial Statements of the Group. Management is
currently assessing the detailed implications of applying IFRS 18 on the group’s consolidated financial
statements.
Tresu Investment Holding A/S
30
Notes to consolidated financial statements
1.
Going concern
The Group has in 2025 realized a loss of DKK 83,6m and equity of the Group amounts to DKK -576,6m on
31 December 2025.
The Group is financed by a bond-loan of DKK 521,0m on 31 December 2025 which expires January 2027. In
addition to this a shareholders loan of DKK 78,5m and an overdraft facility of DKK 112.0m which expires
November 2026. The bond-loan includes a roll-up of interest only being paid if the Group has a certain positive
liquidity. At the time of approval of the 2025 annual report, no formal extension agreement has yet been
reached but based on preliminary dialogues with the shareholders, bondholders and the bank, it is expected
that an extension of all existing loan facilities will be granted if needed.
The budget for 2026 shows that there is sufficient liquidity available for continued operations, which is based,
among other things, on the above, as well as a revenue growth in the area 0-10% derived from the current order
book and additional customer contracts.
Tresu is a project company, where changes compared to what is expected can happen quickly, and the liquidity
budget is subject to uncertainty, as it includes expected cash flow from recurring customers and additional
customer contracts not placed yet. In recent years, the group has not met the budgeted expectations, which,
combined with the fact that the Group and Company is generally in a liquidity-pressured situation. These
circumstances and the fact that no formal extension agreement of the loan facilities has yet been reached,
indicates that material uncertainty exists that may cast significant doubt on the Group’s and Company's ability
to continue as a going concern.
However, it is Management's view that the liquidity budget will be met, including additional customer
contracts being placed, and extension of the loan facilities will be granted if needed. Therefore, the Financial
Statements has therefore been prepared on a going concern basis.
2.
Use of estimates and judgement
Management of the Company has made a number of estimates and assumptions related to the reporting of
assets and liabilities and the disclosure of contingent assets and liabilities in the preparation of these
consolidated financial statements in conformity with IFRS. Actual results could differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period or in the
period of the revision and future periods if the revision affects both current and future periods.
Tresu Investment Holding A/S
31
Notes to consolidated financial statements
2. Use of estimates and judgement
Intantible assets - impairment
During annual testing of intangible assets for impairment, or when an indication of impairment exists, an
assessment is made as to how those activities of the Group (cash-generating units) supports the value of the
intangible assets. Due to the nature of the business, estimates are made of cash flows for many years ahead,
which inherently results in some uncertainty.
Please see specification in note 12.
Contract work in progress
The method for estimating work in progress is based on total cost for calculation of percentage of completion
(POC). Contract work in progress is continuously assessed to see if the net realizable value is higher than cost
incurred.
The stage of completion on Contract work in progress is based on an estimate of cost to finish the asset. These
estimates might change as assets evolve, cf. note 33 accounting policies on revenue.
It may be necessary to change previous estimates due to changes in those circumstances on which the estimates
are based, or due to new information or subsequent events.
Lease of property
The Company’s property leases allow for extension at the discretion of the Company. The determination of
the lease term is significant to the calculation of lease liabilities and right-of-use assets, and consequently, due
to discounting, to depreciation and interest costs of the year. Management has assessed the probable lease term
for individual leases in relation to the Company’s strategic goals and current plans. If these goals and plans are
changed, the lease liabilities and right-of-use assets are revised. The matter is described in further detail in note
33.
Tresu Investment Holding A/S
32
Notes to consolidated financial statements
3.
Revenue and segmentation of operations
Management has analyzed segmentation of the operations through the strategic management, decision and
reporting structure used by Management. The analysis resulted in that two segments was identified.
Machines & Units Ancillary Group 2025 DKK'000 DKK'000 DKK'000 Revenue 190.994 121.668 312.662 Production costs (151.553) (89.916) (241.469) Distribution costs (20.462) (17.556) (38.018) Administrative costs (14.827) (12.721) (27.548) Other operating income 952 816 1.768 Allocated EBITDA 5.104 2.291 7.395 non-allocated costs 11.404 EBITDA 18.799 Amortization, depreciation and impairment (64.321) EBIT (45.522) Finacial net (52.730) Profit/loss before tax (98.252)
Machines & Units Ancillary Group 2024 DKK'000 DKK'000 DKK'000 Revenue 206.120 133.859 339.979 Production costs (189.082) (90.554) (279.636) Distribution costs (21.361) (17.658) (39.019) Administrative costs (18.043) (14.915) (32.958) Other operating income 544 450 994 Allocated EBITDA (21.822) 11.182 (10.640) non-allocated costs 7.444 EBITDA (3.196) Amortization, depreciation and impairment (102.951) EBIT (106.147) Finacial net (58.263) Profit/loss before tax (164.410)
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Notes to consolidated financial statements
3. Revenue and segmentation of operations
Revenue from sale of products and services split by type:
2025 2024 DKK'000 DKK'000 Machines & Units 190.994 206.120 Ancillary 121.668 133.859 Revenue 312.662 339.979
Revenue split by geography:
2025 2024 DKK'000 DKK'000 Denmark 2.747 2.734 Germany 37.473 46.033 Rest of Europe 63.350 70.225 USA 114.855 148.730 Rest of North and South America 33.175 19.725 Asia 37.238 31.399 Middle East and Africa 23.824 21.133 Revenue 312.662 339.979
Timing of revenue recognition:
2025 2024 DKK'000 DKK'000 Products and services transferred at a point in time 251.840 254.568 Products transferred over time 60.822 85.411 Revenue 312.662 339.979
The non-current assets for the total value of DKK 167,6m are per geographical area allocated in Denmark by
DKK 161,5m, Germany DKK 0,1m, Rest of Europe DKK 1,1m, USA DKK 4,6m and Asia DKK 0,3m.
The split by geography refers to the customers' place of residence.
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Notes to consolidated financial statements
4.Production costs 2025 2024 DKK'000 DKK'000 Materials consumption 129.090 168.779 Write-down of inventories 1.944 6.462 Other production costs 1.080 889 Staff costs 73.454 73.004 Depreciation, amortization and impairment 54.480 93.185 Research and development 3.673 5.439 Indirect production costs 20.899 17.619 Production costs 284.620 365.377
5.
Fees to auditors appointed at the Annual General Meeting
2025 2024 DKK'000 DKK'000 PricewaterhouseCoopers Statutory audit 1.506 1.215 Total fees to auditors appointed at the Annual General Meeting 1.506 1.215
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Notes to consolidated financial statements
6.
Staff costs
2025 2024 DKK'000 DKK'000 Board fees 1.050 1.260 Wages and salaries 107.189 108.789 Pensions 9.177 8.961 Other social security costs 2.391 2.530 Total staff costs 119.807 121.540 Staff costs are distributed as follows: Production 73.454 73.004 Sales and distribution 25.649 27.079 Administration 20.704 21.457 Total staff costs 119.807 121.540
Average number of employees
165
179
Remuneration of management
Other key management Board of Directors Executive board personnel 2025 2024 2025 2024 2025 2024 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Board fee 1.050 1.260 0 0 0 0 Salary and wages 0 0 6.332 9.078 6.325 6.445 Pension 0 0 122 170 629 628 1.050 1.260 6.454 9.248 6.954 7.073
Remuneration of the executive directors and key management personnel is based on a fixed salary, bonus and
non-monetary benefits such as company car, telephone etc. Executive directors and other key management
personnel are covered by the same pension agreement as other employees. The usual notification period applies
in the event of resignation of management. The total amount for key management amounts to 14.458 DKK’000
in 2025 (2024: 17.581 DKK’000).
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Notes to consolidated financial statements
7.
Amortization, depreciation and impairment
7.343
2025 2024 DKK'000 DKK'000 Amortization, intangible assets 30.159 40.027 Impairment losses, intangible assets 13.539 45.000 Depreciation, property, plant and equipment 4.322 8.158 Impairment losses, property, plant and equipment 6.460 0 Amortization, lease assets 9.841 9.766 Total amortization, depreciation and impairment 64.321 102.951
Amortization, depreciation and impairment are distributed as follows:
Production 54.480 93.185 Other operating expenses 9.841 9.766 Total amortization, depreciation and impairment 64.321 102.951
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37
Notes to consolidated financial statements
8.
Financial income
2025 2024 DKK'000 DKK'000 Gain on foreign exchange 197 131 Other financial income 5 26 Total financial income 202 157
9.
Financial expenses
2025 2024 DKK'000 DKK'000 Interest expenses 36.816 43.735 Bond price adjustment 1.768 1.767 Financial expenses from group enterprises 7.134 6.366 Loss on foreign exchange 2.619 919 Financial loss, impairment of intercompany receivables 34 0 Other financial expenses 2.673 3.485 Interest expenses regarding leasing liabilities 1.888 2.148 Total financial expenses 52.932 58.420
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38
Notes to consolidated financial statements
10.
Income tax
2025 2024 DKK'000 DKK'000 Current tax for the year (3.269) (1.058) Deferred tax for the year (10.528) (20.119) Adjustments tax from deferred tax previous years 741 0 Adjustments recognized for current tax from prior periods (1.554) 3.691 Corporation tax for the year (14.610) (17.486)
Income tax expense attributable to income before income taxes differed from the amounts computed by applying
the Danish income tax rate of 22%. For foreign entities the actual tax rate in the country concerned is used.
Tax on profit the year breaks down as follows: Calculated tax on profit for the year before tax 22,0% 22,0% Tax effect of: Adjustment prior year 0,8% (2,2%) Non-deductible expenses/non-taxable income (7,9%) (9,2%) Effective tax rate (%) 14,9% 10,6%
11.
Goodwill
2025 2024 DKK'000 DKK'000 Cost at the beginning of the year 249.000 249.000 Cost at the end of the year 249.000 249.000 Impairment losses at the beginning of the year (249.000) (249.000) Impairment losses for the year 0 0 Impairment losses at the end of the year (249.000) (249.000) Carrying amount at the end of the year 0 0
Goodwill has been fully written down in prior years.
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39
Notes to consolidated financial statements
12.
Other intangible assets
Patents Customer Development and relation- DKK'000 2025 projects licenses Brand ships Total Cost at beginning of the year 65.676 238.314 37.900 212.700 554.590 Additions during the year 5.134 860 0 0 5.994 Cost at the end of the year 70.810 239.174 37.900 212.700 560.584 Amortization and impairment at the beginning of the year (41.115) (176.864) (15.000) (203.822) (436.801) Impairment for the year (11.503) 0 0 (2.036) (13.539) Amortization for the year (6.818) (16.499) 0 (6.842) (30.159) Amortization and impairment losses at the end of the year (59.436) (193.363) (15.000) (212.700) (480.499) Carrying amount at the end of the year 11.374 45.811 22.900 0 80.085
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Notes to consolidated financial statements
12. Other intangible assets
Patents Customer Development and relation- DKK'000 2024 projects licenses Brand ships Total Cost at beginning of the year 52.299 220.688 37.900 212.700 523.587 Adjustment prior year 4.718 15.787 0 (445) 20.060 Additions during the year 8.659 1.839 0 0 10.498 Disposals during the year 0 0 0 445 445 Cost at the end of the year 65.676 238.314 37.900 212.700 554.590 Amortization and impairment at the beginning of the year (30.963) (118.081) 0 (185.286) (334.330) Adjustment prior year (4.718) (12.726) 0 445 (16.999) Impairment for the year 0 (30.000) (15.000) 0 (45.000) Amortization for the year (5.434) (16.057) 0 (18.536) (40.027) Reversal regarding disposals 0 0 0 (445) (445) Amortization and impairment losses at the end of the year (41.115) (176.864) (15.000) (203.822) (436.801) Carrying amount at the end of the year 24.561 61.450 22.900 8.878 117.789
Apart from brand, all other intangible assets are regarded having determinable useful lives over which the
assets are amortized; see accounting practices in note 33. Estimated useful life of Patents are on average 11
years. Estimated useful life of Customers Relations is between 4-10 years. Estimated useful life of
Development projects are between 3-12 years.
Patents and brands support both segments, and the underlying impairment testing and impairment loss are not
allocated to a specific segment but to the Group as a whole.
The Group's development projects relate to capitalization of costs in respect of continuous development of
products within both the Machines & Units segment and the Ancillary segment.
Management has tested the carrying amount of the above-mentioned intangibles using the assumptions listed
below. In the impairment test the discounted value of future estimated earnings are compared with the carrying
amount.
The key assumptions underlying the calculation of value in use are the determination of revenue, terminal
value growth rate, gross margin, CAPEX and discount rate.
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Notes to consolidated financial statements
Key assumptions from the impairment testing are as follows:
• Revenue growth from 2026 to 2030 of approximately 40% and 2% for the terminal period (2024:
Revenue growth for 2025 of 3% and 2% for the terminal period).
• Gross margin of 29,5% (2024: Gross margin of 30,0%).
• CAPEX at the same level as current depreciations.(2024: the same assumption).
• The discount rate is determined based on the Group's borrowing rate plus a risk premium that reflects
the risk involved in investing in shares and the risk involved in the activity performed. An after-tax
discount rate of 11,6% (11,3% in 2024) is used (equivalent to a before-tax discount rate of 14,9%
(14,5% in 2024) and is supported by equivalent external benchmarks.
As mentioned in the Management Review, an increase in activity and demand in the Machines & Units segment
for larger machines is expected after a period of slowdown and less demand, which also is reflected in the
outlook for 2026 and the above-mentioned assumptions, which does not indicate an impairment loss.
However, due to the current unstable macroeconomic and geopolitical environment, estimating future earnings
are associated with increased uncertainty. In addition, the Group has announced several downside adjustments
in prior years. Therefore, the Management has prepared alternative stress tests based on more prudent
expectations and furthermore reviewing the detailed fixed asset register for tangible and intangible assets. Due
to material uncertainty about future earnings related to some plant and machinery and development projects
within the Machine & Unit segment an impairment loss of total DKK 20,0m has been recognized. DKK 13,5m
related to development projects and DKK 6,5m related to plant and machinery.
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42
Notes to consolidated financial statements
13.
Property, plant and equipment
Other fixtures and fittings, Leasehold Plant and tools and improve- DKK'000 2025 machinery equipment ments Total Cost at beginning of the year 47.751 7.544 4.857 60.152 Exchange rate adjustments (27) (253) (8) (288) Additions during the year 1.964 86 481 2.531 Disposals during the year (1.722) 0 0 (1.722) Cost at the end of the year 47.966 7.377 5.330 60.673 Amortization at the beginning of the year (32.653) (5.316) (3.050) (41.019) Exchange rate adjustments 12 195 0 207 Impairment for the year (6.460) 0 0 (6.460) Amortization for the year (3.474) (560) (288) (4.322) Amortization reversed the year 1.722 0 0 1.722 Amortization and impairment losses at the end of the year (40.853) (5.681) (3.338) (49.872) Carrying amount at the end of the year 7.113 1.696 1.992 10.801
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43
Notes to consolidated financial statements
13. Property, plant and equipment
Other fixtures and fittings, Leasehold Plant and tools and improve- DKK'000 2024 machinery equipment ments Total Cost at beginning of the year 56.653 6.859 5.122 68.634 Adjustment prior year (4.900) 33 (343) (5.210) Exchange rate adjustments 11 127 0 138 Additions during the year 186 404 78 668 Disposals during the year (4.080) 0 0 (4.080) Transfer of assets (119) 121 0 2 Cost at the end of the year 47.751 7.544 4.857 60.152 Amortization at the beginning of the year (34.578) (1.487) (2.930) (38.995) Adjustment prior year 4.901 (3.094) 344 2.151 Exchange rate adjustments (5) (92) 0 (97) Amortization for the year (7.122) (572) (464) (8.158) Amortization reversed the year 4.080 0 0 4.080 Transfer of assets 71 (71) 0 0 Amortization and impairment losses at the end of the year (32.653) (5.316) (3.050) (41.019) Carrying amount at the end of the year 15.098 2.228 1.807 19.133
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44
Notes to consolidated financial statements
13.
Property, plant and equipment – lease assets
Other DKK'000 2025 Property Cars assets Total Cost at Jan 1, 2025 113.254 3.354 2.128 118.736 Foreign exchange rate adjustment (524) (19) (5) (548) Additions 0 332 0 332 Disposals 0 (123) (360) (483) Re-measurre / modification of lease assets 2.564 0 0 2.564 Cost at Dec 31, 2025 115.294 3.544 1.763 120.601 Amortization and impairment at Jan 1, 2025 (42.594) (1.355) (782) (44.731) Disposals 0 123 360 483 Amortization (8.476) (952) (413) (9.841) Amortization and impairment at Dec 31, 2025 (51.070) (2.184) (835) (54.089) Carrying amount at Dec 31, 2025 64.224 1.360 928 66.512
Other DKK'000 2024 Property Cars assets Total Cost at Jan 1, 2024 109.819 3.560 2.130 115.509 Foreign exchange rate adjustment 309 (16) (2) 291 Additions 0 1.030 0 1.030 Disposals 0 (1.220) 0 (1.220) Re-measurre / modification of lease assets 3.126 0 0 3.126 Cost at Dec 31, 2024 113.254 3.354 2.128 118.736 Amortization and impairment at Jan 1, 2024 (34.134) (1.706) (345) (36.185) Disposals 0 1.220 0 1.220 Amortization (8.460) (869) (437) (9.766) Amortization and impairment at Dec 31, 2024 (42.594) (1.355) (782) (44.731) Carrying amount at Dec 31, 2024 70.660 1.999 1.346 74.005
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45
Notes to consolidated financial statements
14.
Inventories
2025 2024 DKK'000 DKK'000 Raw materials 38.007 39.645 Work in progress 22.749 14.404 Finished goods 11.720 15.644 Write-down inventories (17.164) (17.133) Total inventories 55.312 52.560
Write-down of inventories for the year 2025 was DKK 1,9m (2024: DKK 6,5m).
15.
Trade receivables
2025 2024 DKK'000 DKK'000 Account receivable 43.408 38.720 Allowance for bad debts (6.529) (1.785) Accounts receivable 36.879 36.935 Impairment losses at 1 January 1.785 1.259 Impairment loss provisioned 4.969 688 Realized for the period (222) (32) Reversed (3) (130) Impairment losses on receivables* 6.529 1.785
2025 2024 Distributed by age DKK'000 DKK'000 Not overdue 29.145 20.862 0-30 days 6.021 5.101 31-60 days 1.135 2.400 61-90 days 540 252 Above 91 days 6.567 10.105 Accounts receivable 43.408 38.720
*Related to trade receivables overdue above 91 days.
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46
Notes to consolidated financial statements
15. Trade receivables
The Group has no significant risk related to a single customer or market, and historical losses has been very
limited.
Write-downs for bad and doubtful receivables are based on individual evaluations of the aging profiles, and a
% has been provisioned according to expected risk of the receivable.
After this analysis it is still the expectation that future losses will be very limited, and we have therefore kept
the method from prior years.
Please see note 27 for further information.
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47
Notes to consolidated financial statements
16.
Contract work in progress
2025 2024 DKK'000 DKK'000 Sales value of contract work in progress 99.145 179.075 Progress billings regarding contract work in progress (98.838) (196.288) 307 (17.213) Net value in the balance sheet: Contract work in progress 5.541 6.084 Other provisions (869) (1.001) Contract work, liabilities (4.365) (22.296) 307 (17.213)
Amounts relating to contract work in progress are balances due from customers that arise when the Group
carried out work at the balance sheet date. These agreements do not include a variable consideration. The
Group receives payment from customers in line with the agreed payments terms at placing the order, prior to
shipment of machines and a minor part after installation/commissioning acceptance. Any amount previously
recognized as a contract work in progress is reclassified to trade receivables at the point at which it is invoiced
to the customer. The Group expects that all performance obligations for ongoing projects will be met within a
period of 18 months. End of 2025 we still have 4 projects started before this actual year, which are not 100%
finalized, with total sales value of DKK 63,0m recognized prior to 2025.
17.
Share capital
The share capital consists of share with a nominal value of DKK 1 each. The shares have been paid in full.
The shares have not been divided into classes and no special rights have been attached to the share.
The share capital can be made up as follows:
2025 2024 DKK'000 DKK'000 Number of share 1 January 2.925 2.925 Number of shares 31 December 2.925 2.925
Tresu Investment Holding A/S
48
Notes to consolidated financial statements
18.
Deferred tax
2025 2024 DKK'000 DKK'000 Deferred tax liabilities 7.781 17.568 Total deferred taxes 7.781 17.568
Recognized Deferred Recognized Recognized in other Total tax 01.01 in profit equity comp.inc. 31.12 2025 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Intangible assets 19.939 (8.245) 0 0 11.694 Property, plant and equipment 3.486 (2.843) 0 0 643 Inventories 232 (97) 0 0 135 Receivables (106) (971) 0 0 (1.077) Profits, contract work in progress 1.951 2.559 0 0 4.510 Liabilities and other provisions (7.934) (190) 0 0 (8.124) Temporary differences 17.568 (9.787) 0 0 7.781
Recognized Deferred Recognized Recognized in other Total tax 01.01 in profit equity comp.inc. 31.12 2024 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Intangible assets 33.300 (13.361) 0 0 19.939 Property, plant and equipment 4.267 (781) 0 0 3.486 Inventories 232 0 0 0 232 Receivables (58) (48) 0 0 (106) Profits, contract work in progress 5.530 (3.579) 0 0 1.951 Liabilities and other provisions (5.584) (2.350) 0 0 (7.934) Temporary differences 37.687 (20.119) 0 0 17.568
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49
Notes to consolidated financial statements
19.
Corporate bonds
2025 2024 DKK'000 DKK'000 Corporate bonds 522.621 488.908 Corporate bonds fees, amortized (1.572) (3.143) 521.049 485.765 Corporate bonds in the balance sheet: Non-current liabilities 521.049 485.765 521.049 485.765
Interest Amortized Nominal Fair fixed or cost Value Value Currency Expires variabel DKK'000 DKK'000 DKK'000 Corporate bond, 3m Euribor + 500 bps EUR Jan. 2027 Variable 521.049 511.422 76.713 31 December 2025 521.049 511.422 76.713
Interest Amortized Nominal Fair fixed or cost Value Value Currency Expires variabel DKK'000 DKK'000 DKK'000 Corporate bond, 3m Euribor + 500 bps EUR Jan. 2027 Variable 485.765 479.489 71.923 31 December 2024 485.765 479.489 71.923
Since the issue in September 2017, the bonds have been adjusted with the exchange rate EUR/DKK at the end
of the year. Level 3 from the fair value hierarchy has been used.
In the second half of 2023, the Group obtained an extension of the repayment date on the bond loan from
January 2025 to January 2027.
The Group obtained an extension of the repayment date on the bond loan from January 2025 to January 2027.
Further, interest payments may be rolled up. No other changes to the terms were made. On this basis,
Management has assessed that the terms are not substantially different from the terms applying before the
amendment and that consequently, the bond liability is remeasured at the revised contractual cash flows
discounted at the original effective interest rate.
The fair value is measured using Level 3 inputs and is based on limited market evidence, including a single
trade observed in 2024. As the valuation of the fair value relies on significant judgement, the fair value
measurement is subject to estimation uncertainty.
Borrowings are subject to standard trade covenants as well as certain financial leverage ratio covenants.
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50
Notes to consolidated financial statements
20.
Bank debt
2025 2024 DKK'000 DKK'000 Overdraft facilities 92.735 65.923 Total bank debt 92.735 65.923 Debts to banks are recognized in the balance sheet: Current liabilities 92.735 65.923 92.735 65.923
Interest Amortized Nominal Fair fixed or cost Value Value Currency Expires variabel DKK'000 DKK'000 DKK'000 Overdraft facility DKK Nov. 2026 Variable 92.735 92.735 92.735 31 December 2025 92.735 92.735 92.735
Interest Amortized Nominal Fair fixed or cost Value Value Currency Expires variabel DKK'000 DKK'000 DKK'000 Overdraft facility DKK Nov. 2026 Variable 65.923 65.923 65.923 31 December 2024 65.923 65.923 65.923
The Group has unutilized drawings rights on overdraft facilities DKK 19,3m (2024: DKK 46,1m)
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51
Notes to consolidated financial statements
21.
Other provisions
2025 2024 DKK'000 DKK'000 Other provisions 1 January 3.860 4.805 Realized for the period (161) (286) Provisioned for the year 1.839 (25) Adjustment for the year 13 (14) Specific customer projects (132) (620) Other provisions 5.419 3.860 Provisions are recognized in the balance sheet: Current liabilities 5.419 3.860 5.419 3.860
Other provisions consist of warranties and loss making customer projects, and are primarily due within one
year.
22.
Other payables
2025 2024 DKK'000 DKK'000 Payable staff costs 10.112 8.034 Payable VAT 461 478 Other liabilities 11.280 15.877 Total other payables 21.853 24.389
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52
Notes to consolidated financial statements
23.
Contingent liabilities
The Group´s Danish companies are jointly and severally liable for tax on the Group´s jointly taxed income etc.
Total corporation tax payable is stated in the Annual Report of Nortre Administration ApS, which is the
management company in the joint taxation. The Group´s Danish companies are moreover jointly and severally
liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent
adjustments to corporation taxes and withholding taxes may imply that the Company will be liable for a higher
amount.
24.
Pledged assets etc.
There has been given a negative pledge in the Group´s assets.
25.
Changes in working capital
2025 2024 DKK'000 DKK'000 Increase/decrease in inventories (2.752) 27.279 Increase/decrease in receivables (421) 10.529 Increase/decrease in trade payables etc. (19.782) (38.931) (22.955) (1.123)
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53
Notes to consolidated financial statements
26.
Cash and cash equivalents
2025 2024 DKK'000 DKK'000 Cash and cash equivalents 2.566 5.572 2.566 5.572
The Group has unutilized drawings rights on overdraft facilities DKK 19,3m (2024: DKK 46,1m)
Non-cash changes Adjustment Accrued Exchange New leases/ 01.01 Cashflow of debt Interest rate adjust. Remeassure 31.12 2025 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Corporate bonds 485.765 0 3.318 31.361 605 0 521.049 Lease debts 78.076 (9.841) 2.889 0 (547) 332 70.909 Payable to group enterprises 71.340 0 0 7.134 0 0 78.474 Bank debt 65.923 26.812 0 0 0 0 92.735 701.104 16.971 6.207 38.495 58 332 763.167
Non-cash changes Adjustment Accrued Exchange New leases/ 01.01 Cashflow of debt Interest rate adjust. Remeassure 31.12 2024 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Corporate bonds 444.750 0 2.848 37.747 420 0 485.765 Lease debts 82.925 (9.766) 3.595 0 292 1.030 78.076 Payable to group enterprises 64.974 0 0 6.366 0 0 71.340 Bank debt 40.926 24.997 0 0 0 0 65.923 633.575 15.231 6.443 44.113 712 1.030 701.104
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54
Notes to consolidated financial statements
27.
Financial risks
Categories of financial instruments
2025 2024 DKK'000 DKK'000 Deposits 10.232 10.248 Trade receivables 36.879 36.935 Other short-term receivables 3.404 4.369 Cash 2.566 5.572 Financial assets at amortized cost 53.081 57.124 Corporate bonds 521.049 485.765 Lease liabilities 70.909 78.076 Non-current other payables 9.232 8.926 Bank debt 92.735 65.923 Payable to group company 78.800 71.588 Trade payables 25.292 27.045 Other payables 21.853 24.389 Financial liabilities measured at amortized cost 819.870 761.712
Policy for controlling financial risks
The Group, due to its operations, investments and financing, is exposed to market risks in the form of changes
in exchange rates and interest rates, as well as credit risk and liquidity risks. The Group manages the financial
risk centrally and coordinates the Group´s liquidity management, including capital procurement and placement
of surplus funds.
It is the Group´s policy not to make any speculation in financial risks.
The Group manages the financial risks through the use of three different tools for cash flow budgeting; a model
covering a rolling three-month period, a model that covers a period of one year, and a model covering a period
of three years.
Currency risks
The Group´s currency risks are primarily hedged by matching payments received and made in the same
currency. The difference between ingoing and outgoing payments denominated in the same currency is a
measure of currency risk.
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55
Notes to consolidated financial statements
27. Financial risks
Interest risks
Both corporate bonds and bank debt has a variable interest rate, and therefore the Group has a significant
interest rate risk. Other payables have a short repayment profile, and the Group only has a low interest rate risk
on those payables.
Liquidity risks
The Group aims to have adequate cash resources to continuously carry out transactions appropriately as regards
operations and investments. The Group´s cash reserve consists of cash and cash equivalents as well as undrawn
credit facilities. The Group´s liquidity is mainly based on operating profits and the difference between the time
of payment and the time of settlement.
Credit risks
The Group is not exposed to significant credit risks. Customers must pay in advance if they are considered to
have any increased risk in relation to other accounts receivables.
Credit risks on going contract work for the account of a third party is limited. Invoices on account are thus
agreed to follow minimum the cost of incurred on contract work, Furthermore, all contract customers must pay
a part of the total consideration at placing the order, which in itself reduces the credit risk substantially.
Currency risks
The Group has not entered into any derivatives financial instruments to hedge recognized financial assets and
liabilities. The Group´s currency exposure is specified below.
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56
Notes to consolidated financial statements
27. Financial risks
Cash and Recei- Bond Other Unsecured cash equiva. vables debt Liabilities net position 2025 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 EUR 403 21.509 (522.621) (7.908) (508.617) USD 661 14.008 0 (3.090) 11.579 JPY 982 421 0 (1.398) 5 2.046 35.938 (522.621) (12.396) (497.033)
Cash and Recei- Bond Other Unsecured cash equiva. vables debt Liabilities net position 2024 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 EUR 1.198 20.622 (488.908) (6.187) (473.275) USD 3.001 14.367 0 (2.399) 14.969 JPY 1.328 851 0 (1.036) 1.143 5.527 35.840 (488.908) (9.622) (457.163)
Sensitivity analysis regarding currency risks
The Group´s main currency exposure relates to debt in EUR. The following shows the net impact on equity
and profit for the year if the exchange rate of the currencies in question had been 1% lower at the end of the
year than the actual rate used. If the rate had been 1% higher priced than the actual exchange rate, then it would
have had a corresponding net negative impact on equity and profit for the year.
Tresu Investment Holding A/S
57
Notes to consolidated financial statements
27. Financial risks
2025 2024 Equity sensitivity to exchange rate fluctuations DKK'000 DKK'000 Impact if EUR-rate was 1% lower than actual rate 5.086 4.733 5.086 4.733
2025 2024 Sensitivity of the result to exchange rate fluctuations DKK'000 DKK'000 Impact if EUR-rate was 1% lower than actual rate 5.086 4.733 5.086 4.733
The Corporate bonds are issued in EUR and the principal amount is subject to exchange rate fluctuations
between the Company´s functional currency (DKK) and EUR. A 1% change in the EUR rate at 31
st
December
2025 would have affected comprehensive income and equity by approximately DKK 5,1m.
Interest rate risks
The Group has a significant degree of interest-bearing financial liabilities and as a consequence is exposed to
interest rate risks. In regard to the Group´s financial assets and financial liabilities, the following contractual
interest rate adjustment dates or maturity date can be specified, depending which date is the earlier, and how
much of the interest-bearing assets and liabilities are at a fixed-rate. Variable rate loans are deemed to have
interest rate adjustment dates that fall within one year.
2025 2024 Sensitivity to interest rate fluctuations DKK'000 DKK'000 Impact if interest rate was 1% higher than actual rate (5.226) (4.889) (5.226) (4.889)
2025 2024 Sensitivity to interest rate fluctuations DKK'000 DKK'000 Impact if interest rate was 1% lower than actual rate 5.226 4.889 5.226 4.889
Tresu Investment Holding A/S
58
Notes to consolidated financial statements
27. Financial risks
Liquidity risks
Due dates for financial liabilities are specified below, broken down by the time interval used in the Group´s
liquidity management. The specified amounts represent the amounts that fall due for payment, including
interest, etc.
Less than 6-12 1-5 After 6 months months years 5 years Total 2025 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Non-derivative financial liabilities Bank debt 0 97.604 0 0 97.604 Corporate bonds 0 0 550.768 0 550.768 Payable to group entreprises 327 85.667 0 0 85.994 Lease debts 5.649 5.649 41.383 24.900 77.581 Trade payables 25.292 0 0 0 25.292 Other payables 21.853 0 867 10.401 33.121 53.121 188.920 593.018 35.301 870.360
Less than 6-12 1-5 After 6 months months years 5 years Total 2024 DKK'000 DKK'000 DKK'000 DKK'000 DKK'000 Non-derivative financial liabilities Bank debt 0 0 74.625 0 74.625 Corporate bonds 0 0 560.713 0 560.713 Payable to group entreprises 248 0 85.013 0 85.261 Lease debts 5.628 5.629 41.281 33.919 86.457 Trade payables 27.045 0 0 0 27.045 Other payables 24.389 0 839 10.055 35.283 57.310 5.629 762.471 43.974 869.384
The financial impact from, and uncertainty created by the fact that the cash flow is subject to additional
contracts on big machines not placed yet means that the timing of a refinancing at par is difficult to assess. The
future calculation of interest for the bonds is done based on the EUR exchange rate end 2025 and the actual
interest rate for the bonds in Q4 2025.
Tresu Investment Holding A/S
59
Notes to consolidated financial statements
27. Financial risks
The Group liquidity reserve consists of liquid assets and unused credit facilities.
Management assesses the Group´s liquidity requirements on a regular basis.
2025 2024 DKK'000 DKK'000 The liquidity reserve comprises of as follows: Cash 2.566 5.572 Unused credit facility 19.265 46.077 21.831 51.649
Credit risks
The primary credit risk in the Group is related to trade receivables from the sale of goods and services and
contract work in progress. The Group´s most significant credit risks related to the Group´s largest customers.
Those customers are required to partly pay advance payments in order to reduce the credit risks.
The maximum credit risk related to trade receivables from the sale of goods and services and contract work in
progress corresponds to their carrying amount. Information about detained payments for completed work can
be found in note 16.
Default of loan agreement
The Group has not neglected or defaulted loan agreements, during the financial year or the comparative year.
Optimization of capital structure
The company´s management continuously assesses whether the Group´s capital structure is in line with the
interests of the company and its owners. The overall objective is to secure a capital structure that supports
long-term economic growth while maximizing returns to the Group´s stakeholders through an optimization of
the equity/debt ratio. The Group´s overall strategy is that the Group´s capital structure shall consist of debt
comprising financial liabilities in the form of corporate bonds, bank debt and financial leasing liabilities, cash
equivalents and equity.
Tresu Investment Holding A/S
60
Notes to consolidated financial statements
27. Financial risks
Financial gearing
The company´s board of directors reviews the Group´s capital structure twice a year in connection with the
presentation of half-yearly reports and annual reports. As part of this review, the board assesses the Group´s
capital costs and the risk associated with the individual types of capital. The financial gearing as per 31
st
December 2025 is below zero which also was the case per 31
st
December 2024. Based on the latest review of
the Group´s capital structure, the board expects the financial gearing in 2026 to remain at approximately the
same level as 2025.
At balance sheet date the financial gearing can be calculated accordingly:
2025 2024 DKK'000 DKK'000 Bank debt 92.735 65.923 Lease debts 70.909 78.076 Corporate bonds 521.049 485.765 Payable group company 78.800 71.588 Income tax payable. 192 368 Cash and cash equivalents (2.566) (5.572) Net interest-bearing debt 761.119 696.148 Equity (576.618) (490.742) Financial gearing - -
Tresu Investment Holding A/S
61
Notes to consolidated financial statements
28.
Related parties with controlling interest
The following parties have a controlling interest:
• Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner (99,9% ownership)
• Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder (100% ownership), parent
Other related parties include the company’s Board of Directors and Executive Board. There have been no
transactions in the financial year with members of the Board of Directors and Executive Board other than those
which appear from note 6.
Transactions with related parties
2025 2024 DKK'000 DKK'000 Remuneration etc. of key management personnel, cf. note 6 14.458 17.581 Payable parent companies, non-current liability 0 71.340 Payable parent companies, current liability 78.800 248 Management fee from group subsidiaries 9.073 10.304 Management fee to related party 148 438 Interest on interim account 627 461
Transactions with subsidiaries are eliminated in the consolidated financial statement in accordance with
accounting policies, note 33.
Tresu Investment Holding A/S
62
Notes to consolidated financial statements
29.
Shareholder relations
The Company has registered the following shareholders, owning more than 5% of the share capital:
a. Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner
b. Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder
30.
Consolidation
Name and registered office of the Parent preparing consolidated financial statement:
a. Tresu Group Holding A/S, CBR-no. 37752088, Venusvej 44, DK-6000 Kolding
31.
Events after the balance sheet date
No event after the balance date has happened that will affect the matter of this report.
32.
Adopting the annual report for publication
The board members have on the board meeting the 25.03.2026 approved present Annual Report for publication.
The Annual Report will be submitted to the shareholders for approval at the Annual General Meeting the
25.03.2026.
Tresu Investment Holding A/S
63
Notes to consolidated financial statements
33.
Accounting policies
The Annual Report of Tresu Investment Holding A/S and its subsidiary companies has been prepared in
accordance with IFRS Accounting Standards, as adopted by the EU, and additional Danish requirements
applicable to reporting class D enterprises.
The accounting policies applied to these Consolidated Financial Statements and Parent Financial Statements
are consistent with those applied last year.
The Consolidated and Parent Company Financial Statements for 2025 are presented in TDKK.
Consolidated financial statements
The consolidated financial statements comprise the Parent (Tresu Investment Holding A/S) and the group
subsidiaries that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly,
holding more than 50% of the voting rights or in any other way possible or actually exercising controlling
influence. See also Group chart under Management review, page 11.
Basis of consolidation
The consolidated financial statements are prepared on the basis of the annual report of the Parent and its
subsidiaries. The consolidated financial statements are prepared by combining uniform items. On
consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and
losses on transactions between the consolidated subsidiaries are eliminated. The financial statements used for
consolidation have been prepared applying the Group´s accounting policies.
Subsidiaries´ financial statement items are recognized in full in the consolidated financial statements.
Foreign currency translation
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the one on effect at the payment date, or the
rate at the balance sheet date are recognized in the income statement as financial income or financial expenses.
Property, plant and equipment, intangible assets, inventory and other non-monetary assets that have been
purchased in foreign currencies are translated using historical rates.
When recognising foreign subsidiaries and associates that are entities with a functional currency different from
the functional currency of the parent company, the income statements are translated at average exchange rates
for the month that do not significantly deviate from rates at the transaction date. Balance sheet items are
translated using the exchange rate at the balance sheet date. Exchange difference arising out of the translations
of foreign subsidiaries´ equity at the beginning of the year at the balance sheet date exchange rates as well as
out if the translation of income statements from average rates to the exchange rates at the balance sheet date
are recognized in other comprehensive income.
Tresu Investment Holding A/S
64
Notes to consolidated financial statements
33. Accounting policies
Tax on profit/loss for the year
Tax for the year, which consists of current tax and changes in deferred tax, is recognized in the income
statement by the portion attributable to the profit for the year and in other comprehensive income or recognized
directly in equity by the portion attributable to entries respectively in other comprehensive income or directly
in equity.
Current tax payable and tax receivables is recognized in the balance as calculated tax of the years´ taxable
income, regulated with paid tax on account, using rates enacted at the balance sheet date.
Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities
is measured using the balance sheet liability method. However, deferred tax is not recognized on temporary
differences relating to goodwill. Where alternative tax rules can be applied to determine the tax base, deferred
tax is measured based on management´s planned use if the asset or settlement of the liability. If specific
dividend plans exist for subsidiaries in countries levying withholding tax on distributions, deferred tax is
recognized on expected dividend payments. Deferred tax assets, including the tax base of tax loss carry
forward, are recognized under other non-current assets at the expected value of their utilization, either as a set-
off against tax on future income or as a set-off against deferred tax liabilities in same legal tax entity and
jurisdiction.
Deferred tax assets and tax liabilities are offset if the entity has a legally enforced right to offset current tax
liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realize the assets
and settle the liabilities simultaneously. Deferred tax assets are subject to annual impairment tests and reced
only to the extent that it is probable that the assets will be utilized. Adjustments are made to deferred tax
resulting from elimination of unrealized intra-group profits and losses.
Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at
the end of the reporting period and when the deferred tax is expected to crystallize as current tax. The change in
deferred tax as a result of changes in tax rates is recognized in the income statement. Changes to deferred tax
on items recognized in other comprehensive income are, however, recognized in other comprehensive income.
Segment information
The reporting on business segments follows the structure of TRESU’s internal management reporting to
internal stakeholders and the group Executive Board. The group Executive Board uses business segmentation
when allocating resources and following up on results. The internal reporting does not allocate assets or
liabilities to the segments.
Revenue
The Group recognized revenue from the following major sources:
• Sales of Machines and Units – mostly recognized as contract work in progress
• Sales of ancillary products
Revenue from sales of manufactured goods and goods for resale is recognized in the income statement when
delivery is made, and control is transferred to the buyer, and the consideration agreed is expected to received.
Control is generally deemed to be transferred upon delivery of the components in accordance with the agreed
delivery plan.
Tresu Investment Holding A/S
65
Notes to consolidated financial statements
33. Accounting policies
Revenue from ancillary products is generally recognized upon shipment of products, provided there are no
significant uncertainties regarding customer acceptance, persuasive evidence of an arrangement exists, the
sales prices are fixed and determinable, and it is probable that the sales are collectible. Amounts billed to
customers for shipping and handlings are included in net sales and are recorded upon shipment of goods to
customers. Costs of providing these services are included in costs of sales.
Customized solutions, with a high degree of customisation, are recognized over time as machines are
constructed based on the stage of completion of the individual contracts based on actual costs, as contract work
in progress. The cost to cost as the method to calculate the stage of completion is due to the fact that both
labour hours and materials are significant part of the costs. See also descriptions below regarding contract work
in progress. Where the profit from a contract work cannot be estimated reliably, revenue is only recognized
equalling the cost incurred to the extent that it is probable that the cost will be recovered. Revenue from sales
of services is recognized in the income statement over the term if agreement as the services are provided.
Revenue is recognized net of VAT, duties and sales discounts is measured at fair value if the consideration
fixed. Payment for the service contract can be paid in advance or over the service period´s execution.
Contract work in progress
Revenue from project work in progress relates to production of assets without an alternative use to the Group
and the Group has an enforceable right to payment for performance completed to date.
If the selling price of a project work in progress can be measured reliably, revenue and costs related to the
contract is recognized according to the stage of completion on balance sheet date.
If the selling price of a project work in progress cannot be made up reliably, revenue is recognized according
to costs, if these costs are likely to be regained.
Cost of sales work and contracting are recognized in the income statement as occurred.
Production costs
Production costs comprise expenses incurred to earn revenue for the financial period. Production costs
comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease as
well as amortization, depreciation and impairment losses relating to intangible assets and property, plant and
equipment included in the production process. In addition, the item includes ordinary write-down of
inventories.
Also, provisions for loss on contract work in progress are recognized under production costs.
Also, research and development costs include research costs, costs of development projects that do not meet
the criteria for recognition in the balance sheet.
Tresu Investment Holding A/S
66
Notes to consolidated financial statements
33. Accounting policies
Distribution costs
Distribution costs comprise costs incurred for sale and distribution of products, including wages and salaries
for sales staff, advertising costs, traveling and entertainment expenses, etc. as well as amortization,
depreciations and impairment losses relating to intangible assets and property, plant and equipment attached
to the distribution process.
Administrative costs
Administrative costs comprise costs incurred for administrative functions, including wages and salaries for
administrative staff and Management, stationary and office supplies as well as amortization, depreciation and
impairment losses relating to intangible assets and property, plant and equipment for administration of the
entity.
Other operating income
Other operating income comprises gain on sale of fixed assets.
Other operating expenses
Other operating expenses comprises loss on sale of fixed assets.
Financial income
Financial income comprises interest income, net capital gains on securities, payables and transactions in
foreign currencies, amortization of financial assets.
Financial expenses
Financial expenses comprise interest expenses, net capital losses on payables and transactions in foreign
currencies, amortization of financial liabilities.
Tresu Investment Holding A/S
67
Notes to consolidated financial statements
33. Accounting policies
Balance Sheet
Goodwill and other intangible assets
On initial recognition, goodwill is recognized at cost in the balance sheet as described under “Business
combinations”. Subsequently, goodwill is measured at cost any less accumulated impairment losses.
The carrying amount of goodwill is allocated to the Group´s cash-generating units at the time of acquisition.
Determination of cash-generating units complies with the management structure and management control of
the Group.
Goodwill is recognized as an asset and is tested for impairment annually, or on such other occasions that events
or changes in circumstances indicate that it might be impaired. On disposal of a subsidiary, the amount
attributable of unamortized goodwill that has not been subject to impairment is included in the determination
of the gain or loss on disposal.
Intangible assets other than goodwill are valued at cost less accumulated amortization and any impairment
losses. Brands have been assigned an indefinite useful life. “TRESU" brand has been in existence since 1981
and given the strength of the brand, it is likely to continue in the future. Capitalized development costs are
amortized on a straight-line basis over a 3-12 useful life. Customer relationships, patens and other intangibles
are amortized on a straight-line basis over a 3-14-year useful life. Costs for acquired assets represent the
purchase price acquisition.
Intangible assets with indefinite useful lives are not depreciated but are annually tested for impairments. If the
carrying amount of the assets exceeds the recoverable value, it will be written down to lower value, see the
section below regarding impairment.
Development projects on clearly defined and identifiable products and process, for which the technical rate of
utilization, adequate resources and potential future market or development opportunity in the enterprise can be
established, and where the intention is to manufacture, market or apply the product or process in question, are
recognized as intangible assets. Other development costs are recognized as costs in the income statement as
incurred.
The cost of development projects comprises costs such as salaries and amortization that are directly and
indirectly attributable to the development projects.
Indirect production costs in the form of indirect attributable staff costs and amortization of intangible assets
and depreciation on property, plant and equipment used in the development process are recognized in costs
based on time spent on each project.
Profit and losses from sales of other intangible assets are calculated as the difference between selling price less
selling costs and the carrying amount at the time of the sale. Profits or losses are recognized in the income
statement under other operating income/-expenses.
Estimated useful lives and residual values are reassessed annually.
Tresu Investment Holding A/S
68
Notes to consolidated financial statements
33. Accounting policies
Property, plant and equipment
Land and buildings are measured at costs less accumulated and impairment losses. Land is not depreciated.
Plan and machinery as well as other fixtures, tools and equipment are measured at cost less accumulated
depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition, and preparation costs of the
assets until the time when it is ready to be put into operation. For company-manufactures assets, costs comprise
direct and indirect costs of materials, components, sub suppliers and labor costs.
For assets held under leases, cost is the lower of the asset´s fair value and present value of future lease
payments.
The basis of depreciation is cost less estimated residual value after end of useful life. Straight-line depreciation
is made on the basis of the following estimated useful lives of the assets:
Buildings 33 years
Plant and machinery 3-20 years
Other fixtures and fittings, tools and equipment 3-20 years
Leasehold improvements 3-20 years
Estimated useful lives and residual values are reassessed annually.
Property, plant and equipment are written down to the lower of recoverable amount and carrying amount.
Profits and losses from the sale of property, plant and equipment are calculated as the difference between
selling price less selling costs and carrying amount at the time of sale. Profit or losses are recognized in the
income statement under the operating income/-expenses.
Impairment of intangible and tangible assets
The carrying amount of both intangible and tangible assets and items of property, plant and equipment are
reviewed annually for indicators of impairment in addition to that reflected through amortization and
depreciation. However, goodwill and intangible assets with indefinite useful lives are tested annually.
If any such indication exist, impairment tests are made of each assets and group of assets, respectively. Write-
down is made to the lower of recoverable amount and carrying amount.
The recoverable amount is the higher of net selling price and value in use. Value in use is the present value of
the estimated net income from using the assets or the group of assets.
Tresu Investment Holding A/S
69
Notes to consolidated financial statements
33. Accounting policies
Leases
Leased assets and lease liabilities are recognized in the balance sheet when the leased asset under a lease
entered into regarding a specific identifiable asset is made available to the Group in the lease term, and when
the Group obtains the right to substantially all economic benefits from the use of the identified asset and the
right to control the use of the identified asset.
On initial recognition, lease liabilities are measured at the present value of the future lease payments discounted
by an incremental borrowing rate. The following lease payments are recognized as part of the lease liabilities:
• Fixed payments
• Variable payments that change concurrently with changes to an index and an interest rate based on
said index or interest rate
• Exercise price of call options that it is reasonably certain that management will exercise
• Payments subject to an extension option that it is reasonably certain that the Group will exercise
• Penalty related to a termination option unless it is reasonably certain that the Group will not exercise
the option.
The lease liabilities are measured at amortized cost according to the effective interest method. The lease
liabilities are recalculated when the underlying contractual cash flows change due to changes in an index or an
interest rate if the Group’s estimate of a residual value guarantee changes or if the Group changes its assessment
of whether call options, extension options or termination option can reasonably be expected to be exercised.
On initial recognition, the leased asset is measured at cost, corresponding to the value of the lease liabilities
adjusted for prepaid lease payments plus directly related costs and estimated costs for demolition, repairs or
the like and less discounts or other types of incentive payments received from the lessor.
Subsequently, the asset is measured at cost less accumulated depreciations and impairment losses. The leased
asset is depreciated over the shorter of the lease term and the useful life of the leased asset. Depreciations
changes are recognized on a straight-line bass in the income statement.
The leased asset is adjusted for changes to the lease liabilities due to changes to the term of the lease or changes
to the cash flows of the lease concurrently with changes to an index or an interest rate.
Leased assets are depreciated on a straight-line basis over the expected lease term, which is:
Property 10-15 years
Cars 3-5 years
Other assets 3-5 years
The Group presents the leased asset and the lease liabilities separately in the balance sheet.
The Group has chosen not to recognize leased assets of a low value and short-term leases in the balance sheet.
Instead related payments are recognized on a straight-line basis in the income statement.
The related lease liability is disclosed in the current and non-current other liabilities in the financial statement.
Tresu Investment Holding A/S
70
Notes to consolidated financial statements
33. Accounting policies
Inventories
Inventories are measured at the lower of the cost using the FIFO method and net realizable value. Costs consists
of purchase price. Cost of manufactured goods and work in progress consists of costs of raw materials,
consumables, direct labor costs and indirect productions costs.
Indirect production costs comprise indirect materials and labor costs, costs of maintenance, of depreciations
on and impairment losses relating to machinery, factory buildings and equipment applied for the manufacturing
process as well as costs of factory administration and management. Financing costs are not included.
The net realizable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.
Receivables
Receivables are measured at amortized cost, usually equaling nominal value less write-downs for bad and
doubtful debts.
Contract work in progress
Contract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of cost. The cost elements in projects are internal and external hours as well as the
purchase of materials from subcontractors, and it is estimated that the total costs best reflect the progress of
the projects. For some projects where the consumption of resources cannot be applied as a basis, the ratio
between completed and total sub activities of the individual projects has been applied.
If the selling price of a contract work in progress cannot be made up reliably, it is measured at the lower of
cost incurred and net realizable value.
Each contract work in progress is recognized in the balance sheet under receivables or liabilities other than
provisions, depending on whether the net value, calculated as the selling price less prepayment received, is
positive or negative.
Cost of sales work and of securing contracts as well as financing costs are recognized in the income statement
as incurred.
Prepayments
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
costs.
Tresu Investment Holding A/S
71
Notes to consolidated financial statements
33. Accounting policies
Other provisions
Other provisions comprise anticipated cost of non-recourse guarantee commitments, loss on contract work in
progress, decided and published restructurings, etc.
Other provisions are recognized and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance
sheet date are measured at their discounted value.
Once it is likely that total costs will exceed total income from a contract in progress, provision is made for the
total loss estimated to result from the relevant contract.
Tresu Investment Holding A/S
72
Notes to consolidated financial statements
33. Accounting policies
Liabilities
Corporate bonds and bank debt are recognized at the time of borrowing at fair value less transaction costs
incurred, equivalent to the proceeds received. Subsequently, corporate bonds and bank debt are recognized at
amortized cost equal to the capitalized value using the effective interest method to the effect that the difference
between the proceeds and nominal amount is recognized in the statement of comprehensive income over the
term of the loan.
If corporate bonds are redeemed, this is done at fair value and any gain or loss is recognized through the income
statement.
Other liabilities including debt to suppliers as well as other payables are measured at amortized cost which
usually correspond to nominal value.
Lease liabilities
Lease liabilities relating to assets held under leases are recognized in the balance sheet as liabilities other than
provisions, and at the time of inception of the lease, measured at the present value of future lease payments.
Subsequent to initial recognition, lease liabilities are measured at amortized costs.
The difference between present value and nominal amount of the lease payment is recognized in the income
statement as financial expense over term of the leases.
Contract liabilities
Prepayments received from customers comprise amounts from customers prior to recognition of revenue, cf.
section on contract work in progress.
Prepayments received from customers
Prepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.
Cash flow statement
The cash flow statement shows cash flows from operating, investing and financing activities as well as cash
and cash equivalents at the beginning and the end of the financial year.
The cash flow from acquisition and disposal of entities comprises the cash consideration paid/received net of
cash and cash equivalents acquired /disposed of with the entities.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
subsidiaries, activities and fixed asset investment as well as purchase, development, improvement and sale etc.
of intangible assets and property, plant equipment, including acquisition of assets held under leases.
Cash flow from financing activities comprise changes in the size or composition of the contributed capital and
related costs as well as the raising of loans, inception of lease debt, instalments on interest-bearing debt, and
purchase of treasury shares and payment of dividend.
Tresu Investment Holding A/S
73
Notes to consolidated financial statements
33. Accounting policies
Cash flows in other currencies than basic currency is translated at average exchange rates for the months that
do not significantly deviate from the rates at the transactions date. In the latter case is used the actual exchange
rate for a specific date.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
Tax exempt contribution
Tax exempt contribution consist of cash and debt conversion. Cash is recognized at nominal value and debt
conversions are recognized at fair value.
Tresu Investment Holding A/S
74
Parent statement of comprehensive income
1/1 - 31/12
1/1 - 31/12
2025
2024
Notes
DKK'000
DKK'000
Management fee
9.073
10.304
Administration costs
3,4
(9.024)
(12.110)
Operating profit/loss
49
(1.806)
Profit/loss in group subsidaries
(1.691)
(101.517)
Financial income
5
0
2
Financial expense
6
(35.916)
(41.970)
Profit/loss before tax
(37.558)
(145.291)
Tax on profit/loss for the year
7
3.454
(702)
Profit for the year
(34.104)
(145.993)
Total comprehensive income
(34.104)
(145.993)
Tresu Investment Holding A/S
75
Parent balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Investments in group subsidiary
8, 9
0
1.691
Financial assets
0
1.691
Deferred tax asset
11
6.667
6.673
Other non-current assets
6.667
6.673
Non-current assets
6.667
8.364
Tax receivable
2.241
0
Prepayments
56
309
Receivables
2.297
309
Cash
521
41
Current assets
2.818
350
Assets
9.485
8.714
Tresu Investment Holding A/S
76
Parent balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Contributed capital
10
2.925
2.925
Retained earnings
(527.771)
(493.667)
Equity
(524.846)
(490.742)
Corporate bonds
12
521.049
485.765
Non-current liabilities
521.049
485.765
Income tax payable
0
199
Trade payables
129
491
Payables group companies
12.400
11.600
Other payables
13
753
1.401
Current liabilities
13.282
13.691
Total liabilities
534.331
499.456
Equity and liabilities
9.485
8.714
Tresu Investment Holding A/S
77
Parent statement of changes in equity
Contri-
buted
Retained
capital
earnings
Total
DKK'000
DKK'000
DKK'000
Equity at 1 January 2025
2.925
(493.667)
(490.742)
Profit for the period
0
(34.104)
(34.104)
Equity at 31 December 2025
2.925
(527.771)
(524.846)
Equity at 1 January 2024
2.925
(347.674)
(344.749)
Profit for the period
0
(145.993)
(145.993)
Equity at 31 December 2024
2.925
(493.667)
(490.742)
Tresu Investment Holding A/S
78
Parent cash flow statement
1/1 - 31/12
2025
1/1 - 31/12
2024
Notes
DKK'000
DKK'000
Operating profit/loss
49
(1.806)
Working capital changes
16
(1.388)
(6.168)
Cash flows from ordinary operating activities
(1.339)
(7.974)
Financial income received
0
2
Financial expenses paid
(1)
(1)
Income taxes refunded/(paid)
1.020
(3.001)
Cash flow from operating activities
(320)
(10.974)
Group receivables / payables
800
10.652
7.489
Cash flows from financing activities
800
10.652
Increase/decrease in cash and cash equivalents
480
(322)
Cash and cash equivalents at 1 January
41
363
Cash and cash equivalents end of year
521
41
Cash and cash equivalents at year end are composed of:
Cash
521
41
Cash and cash equivalents end of year
17
521
41
Tresu Investment Holding A/S
79
Notes to the parent financial statement
Overview notes
0. Accounting policies and material accounting policy information
1. Going concern
2. Use of estimates and judgement
3. Fees to auditors appointed at the Annual General Meeting
4. Staff costs
5. Financial income
6. Financial expenses
7. Income tax
8. Investments in group subsidiaries
9. Subsidiaries
10. Share capital
11. Deferred tax
12. Corporate bonds
13. Liabilities
14. Contingent liabilities
15. Pledge assets
16. Change in working capital
17. Cash and cash equivalents
18. Financial risks
19. Related parties with controlling interests
20. Shareholder relations
21. Consolidation
22. Events after the balance sheet date
23. Adopting the annual report for publication
Tresu Investment Holding A/S
80
Notes to parent financial statement
0.
Accounting policies and material accounting policy information
The Annual Report of Tresu Investment Holding A/S, a Danish company, has been prepared in accordance
with IFRS Accounting Standards, as adopted by the EU, and additional Danish requirements applicable to
reporting class D enterprises, including the statutory order on adoption of IFRS issued pursuant to the Danish
Financial Statements Act.
The Parent Company basically uses the same accounting policies as the Group. The cases where the Parent
Company´s accounting policies differ from the Group are described below. For detailed description of the
parent company´s use accounting policies are referred to note 33 of the consolidated financial statements.
Instances where the parent company´s accounting policies differ from the Group
Investment in group subsidiaries are measured at cost. If the acquisition cost exceeds the investments
recoverable value, an impairment loss is recognized.
1.
Going concern
The Group has in 2025 realized a loss of DKK 83,6m and equity of the Group amounts to DKK -576,6m on
31 December 2025.
The Group is financed by a bond-loan of DKK 521,0m on 31 December 2025 which expires January 2027. In
addition to this a shareholders loan of DKK 78,5m and an overdraft facility of DKK 112.0m which expires
November 2026. The bond-loan includes a roll-up of interest only being paid if the Group has a certain positive
liquidity. At the time of approval of the 2025 annual report, no formal extension agreement has yet been
reached but based on preliminary dialogues with the shareholders, bondholders and the bank, it is expected
that an extension of all existing loan facilities will be granted if needed.
The budget for 2026 shows that there is sufficient liquidity available for continued operations, which is based,
among other things, on the above, as well as a revenue growth in the area 0-10% derived from the current order
book and additional customer contracts.
Tresu is a project company, where changes compared to what is expected can happen quickly, and the liquidity
budget is subject to uncertainty, as it includes expected cash flow from recurring customers and additional
customer contracts not placed yet. In recent years, the group has not met the budgeted expectations, which,
combined with the fact that the Group and Company is generally in a liquidity-pressured situation. These
circumstances and the fact that no formal extension agreement of the loan facilities has yet been reached,
indicates that material uncertainty exists that may cast significant doubt on the Group’s and Company's ability
to continue as a going concern.
However, it is Management's view that the liquidity budget will be met, including additional customer contracts
being placed, and extension of the loan facilities will be granted if needed. Therefore, the Financial Statements
has therefore been prepared on a going concern basis.
2.
Use of estimates and judgement
Recoverable amounts for capital participation in subsidiaries
On indication that the book value (cost) of investments in subsidiaries has fallen, any impairment requirement
is determined based on the specification of the capital value of the subsidiary in question, cf. the section on
intantible assets - impairment in the Consolidated financial statement note 2 and the section on impairment of
intangible and tangible assets in note 33 of the Consolidated financial statements.
If dividends are distributed for more than the subsidiary´s total income during the period in which dividends
are to be distributed, this is considered an indication of impairment loss. If an impairment of goodwill is
recognized in the consolidated financial statements which can be attributed to a subsidiary, this is also
considered as an indication of impairment loss.
Tresu Investment Holding A/S
81
Notes to parent financial statement
2. Use of estimates and judgement
Other significant estimates and judgement
For a description of other significant estimates and judgements refer to note 2 of the consolidated
financial statement.
3. Fees to auditors appointed at the Annual General Meeting
2025
2024
DKK'000
DKK'000
Statutory audit
533
667
Total fees to auditors appointed at the Annual General Meeting
533
667
4.
Staff costs
2025
2024
DKK'000
DKK'000
Board fees
1.050
1.260
Wages and salaries
6.455
9.078
Pensions
151
170
Other social security costs
9
17
Total staff costs
7.665
10.525
Average number of employees
2
2
Staff costs are recognized in administration costs.
Remuneration of management
Board of Directors
Executive Board
2025
2024
2025
2024
DKK'000
DKK'000
DKK'000
DKK'000
Board fees
1050
1.260
0
0
Wages and salaries to the Executive Board
0
0
6.332
9.078
Pensions
0
0
122
170
Allocated to Tresu A/S
(998)
(1.197)
(6.131)
(8.786)
52
63
323
462
Tresu Investment Holding A/S
82
Notes to parent financial statement
5.
Financial income
2025
2024
DKK'000
DKK'000
Interest income
0
2
Total financial income
0
2
6.
Financial expenses
2025
2024
DKK'000
DKK'000
Interest expense
31.338
37.738
Interest expenses group companies
627
461
Bond price adjustment
1.768
1.767
Loss on foreign exchange
611
432
Other financial expenses
1.572
1.572
Total financial expenses
35.916
41.970
Interest expense consist primarily of interest for the bond loan.
Tresu Investment Holding A/S
83
Notes to parent financial statement
7.
Income tax
2025
2024
DKK'000
DKK'000
Current tax for the year
(2.241)
199
Deferred tax for the year
(592)
(1.519)
Adjustments recognized for deferred tax from prior periods
598
0
Adjustments recognized for current tax from prior periods
(1.219)
2.022
Corporation tax for the year
(3.454)
702
Income tax expense attributable to income before income taxes differed from the amounts computed applying
the Danish income tax rate of 22,0%.
Tax on profit the year breaks down as follows:
Calculated tax on profit for the year before tax
22,0%
22,0%
Tax effect of:
Adjustment prior year
1,7%
(1,4%)
Non-deductible expenses/non-taxable income
(14,5%)
(21,1%)
Effective tax rate
9,2%
(0,5%)
8.
Investments in group subsidiaries
2025
2024
DKK'000
DKK'000
Cost at the beginning of the year
1.054.619
1.054.619
Cost at the end of the year
1.054.619
1.054.619
Impairment at the beginning of the year
(1.052.928)
(951.411)
Impairment for the year
1.691
(101.517)
Impairment end of the year
(1.054.619)
(1.052.928)
Carrying amount end of year
0
1.691
An impairment loss has been recognized in 2025 as the acquisition cost exceeds the investments recoverable
value. The basis of the impairment test has been executed in line with steps outlined in note 12 to group
financial statements and with respect of the net debt level in the group subsidiaries.
Tresu Investment Holding A/S
84
Notes to parent financial statement
9.
Subsidiaries
Interest
Interest
and share
and share
of voting
of voting
Corporate
rights, %
rights, %
Registered in
form
2025
2024
TRESU A/S
Kolding, Denmark
A/S
100,0
100,0
TRESU Italia S.r.l.
Varese, Italy
S.r.l
100,0
100,0
TRESU Royse Inc.
Dallas, USA
Inc.
100,0
100,0
TRESU Japan Co. Ltd.
Osaka, Japan
Ltd.
100,0
100,0
TRESU Vertriebs GmbH
Celle, Germany
GmbH
100,0
100,0
10.
Share capital
The share capital consists of shares with a nominal value of DKK 1 each. The shares have been paid in full.
The shares have not been divided into classes and no special rights have been attached to the shares.
The share capital can be made up as follows:
2025
2024
DKK'000
DKK'000
Number of shares 1
st
January
2.925
2.925
Number of shares 31
st
December
2.925
2.925
Tresu Investment Holding A/S
85
Notes to parent financial statement
11.
Deferred tax
2025
2024
DKK'000
DKK'000
Deferred tax assets
6.667
6.673
Total deferred tax
6.667
6.673
The deferred tax assets relate to the difference between the tax rules and accounting rule for amortized bond
fees, and we expect to utilize the tax asset in 2027 as it links to the expiration of the bonds as well.
Recognized
Deferred
Recognized
Recognized
in other
Total
tax 01.01
in profit
equity
comp.inc.
31.12
2025
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Liabilities and other provisions
(6.673)
6
0
0
(6.667)
Temporary differences
(6.673)
6
0
0
(6.667)
Recognized
Deferred
Recognized
Recognized
in other
Total
tax 01.01
in profit
equity
comp.inc.
31.12
2024
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Liabilities and other provisions
(5.154)
(1.519)
0
0
(6.673)
Temporary differences
(5.154)
(1.519)
0
0
(6.673)
Tresu Investment Holding A/S
86
Notes to parent financial statement
12.
Corporate bonds
2025
2024
DKK'000
DKK'000
Corporate bonds
522.621
488.908
Corporate bonds fees, amortized
(1.572)
(3.143)
521.049
485.765
Corporate bonds in the balance sheet:
Non-current liabilities
521.049
485.765
521.049
485.765
Interest
Amortized
Nominal
Fair
fixed or
cost
Value
Value
Currency
Expires
variabel
DKK'000
DKK'000
DKK'000
Corporate bond, 3m
Euribor + 500 bps
EUR
Jan. 2027
Variable
521.049
511.422
76.713
31
st
December 2025
521.049
511.422
76.713
Interest
Amortized
Nominal
Fair
fixed or
cost
Value
Value
Currency
Expires
variabel
DKK'000
DKK'000
DKK'000
Corporate bond, 3m
Euribor + 500 bps
EUR
Jan. 2027
Variable
485.765
479.489
71.923
31
st
December 2024
485.765
479.489
71.923
Since the issue in September 2017, the bonds have been adjusted with the exchange rate EUR/DKK at the end
of the year. Level 3 from the fair value hierarchy has been used. Further information in consolidation note 19.
Borrowings are subject to standard trade covenants as well as certain financial leverage ratio covenants.
Tresu Investment Holding A/S
87
Notes to parent financial statement
13.
Liabilities
2025
2024
DKK'000
DKK'000
Payable staff costs
102
119
Other liabilities
651
1.282
753
1.401
14.
Contingent liabilities
The Group´s Danish companies are jointly and severally liable for tax on the Group´s jointly taxed income etc.
Total corporation tax payable is stated in the Annual Report of Nortre Administration ApS, which is the
management company in the joint taxation. The Group´s Danish companies are moreover jointly and severally
liable for Danish withholding taxes in the form of dividend tax, royalty tax and tax on interest. Any subsequent
adjustments to corporation taxes and withholding taxes may imply that the Company will be liable for a higher
amount. Tresu Investment Holding has provided a self-debtor's guarantee in Nykredit Bank A/S for Tresu A/S.
15.
Pledged assets etc.
There has been given a negative pledge in the entity´s assets.
16.
Changes in working capital
2025
2024
DKK'000
DKK'000
Increase/decrease in receivables
253
23
Increase/decrease in trade payables etc.
(1.641)
(6.191)
(1.388)
(6.168)
Tresu Investment Holding A/S
88
Notes to parent financial statement
17.
Cash and cash equivalents from financing activities
2025
2024
DKK'000
DKK'000
Cash and cash equivalents
521
41
521
41
18.
Financial risks
2025
2024
Categories of financial instruments
DKK'000
DKK'000
Cash
521
41
521
41
Corporate bonds
521.049
485.765
Trade payables
129
491
Payables to group companies
12.400
11.600
3.770
Other payables
753
1.401
Financial liabilities measured at amortized cost
534.331
499.257
Practice for controlling financial risks
Reference is made to note 27 of the consolidated financial statement for a description of the practice for
controlling financial risks.
It is Parent´s policy not to make any speculation in financial risks.
Tresu Investment Holding A/S
89
Notes to parent financial statement
18. Financial risks
Currency risks
The Parent has not entered into any derivative financial instruments to hedge recognized financial assets and
liabilities. The Parent´s currency exposure is specified below:
Unsecured
Cash and
Recei-
Bond
Other
Net
cash equval.
vables
debt
Liabilities
position
2025
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
EUR
3
0
(522.621)
0
(522.618)
31
st
December 2025
3
0
(522.621)
0
(522.618)
Unsecured
Cash and
Recei-
Bond
Other
Net
cash equval.
vables
debt
Liabilities
position
2024
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
EUR
5
0
(488.908)
0
(488.903)
31
st
December 2024
5
0
(488.908)
0
(488.903)
Sensitivity analysis regarding currency risks
2025
2024
Equity sensitivity to exchange rate fluctuations
DKK'000
DKK'000
Impact if EUR-rate was 1% lower than actual rate
5.226
4.889
5.226
4.889
2025
2024
Sensitivity of the result to exchange rate fluctuations
DKK'000
DKK'000
Impact if EUR-rate was 1% lower than actual rate
5.226
4.889
5.226
4.889
The Corporate bonds are issued in EUR and the principal amount is subject to exchange rate fluctuations
between the Company´s functional currency (DKK) and EUR. A 1% change in the EUR rate at 31
st
December
2025 would have affected comprehensive income and equity by approximately DKK 5,2m. The sensitivity
analysis shows the difference between the 31
st
December 2025 fair value calculated for the Group´s assets and
liabilities denominated in EUR.
Tresu Investment Holding A/S
90
Notes to parent financial statement
18. Financial risks
Interest rate risks
Both corporate bonds and bank debt has a variable interest rate, and therefore the company has a significant
interest rate risk. Other payables have a short repayment profile, and the company only has a low interest rate
risk.
The Parent has a significant degree of interest-bearing financial liabilities and as a consequence is exposed to
interest rate risks. In regard to the Group´s financial assets and financial liabilities, the following contractual
interest rate adjustment dates or maturity dates can be specified, depending which date is the earlier, and how
much of the interest-bearing assets and liabilities are at a fixed-rate. Variable rate loans are deemed to have
interest rate adjustment dates that fall within one year.
2025
2024
Sensitivity to interest rate fluctuations
DKK'000
DKK'000
Impact if interest rate was 1% higher than actual rate
(5.226)
(4.889)
(5.226)
(4.889)
2025
2024
Sensitivity to interest rate fluctuations
DKK'000
DKK'000
Impact if interest rate was 1% lower than actual rate
5.226
4.889
5.226
4.889
Tresu Investment Holding A/S
91
Notes to parent financial statement
18. Financial risks
Liquidity risks
Due dates for financial liabilities are specified below, broken down by the time intervals used in the Group´s
liquidity management. The specified amounts represent the amounts that fall due for payment, including
interest, etc.
Less than 6
6-12
1-2
After
months
months
years
2 years
Total
2025
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Non-derivative financial liabilities:
Corporate bonds
0
0
550.768
0
550.768
Group payables
12.400
0
0
0
12.400
Other payables
753
0
0
0
753
13.153
0
550.768
0
563.921
Less than 6
6-12
1-2
After
months
months
years
2 years
Total
2024
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Non-derivative financial liabilities:
Corporate bonds
0
0
560.713
0
560.713
Group payables
11.600
0
0
0
11.600
Other payables
1.401
0
0
0
1.401
13.001
0
560.713
0
573.714
The Parent liquidity reserve consists of cash.
Management assesses the Parent liquidity requirements on a regular basis.
2025
2024
DKK'000
DKK'000
The liquidity reserve is compressed as follows:
Cash
521
41
521
41
Tresu Investment Holding A/S
92
Notes to parent financial statement
18. Financial risks
Credit risks
The Group is not exposed to significant credit risks.
Default of loan agreements
The Group has not neglected or defaulted loan agreements during the financial year or the comparative year.
Optimization of capital structure
Capital structure is managed for the Group as a whole, and there is no policy for the parent company, cf. note
27 in the consolidated financial statement.
19.
Related parties with controlling interests
The following parties have a controlling interest:
• Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner (99,9% ownership)
• Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder (100% ownership), parent
Other related parties include the company’s Board of Directors and Executive Board. There have been no
transactions in the financial year with members of the Board of Directors and Executive Board other than those
which appear from note 4.
2025
2024
Transactions with related parties
DKK'000
DKK'000
Remuneration etc. of key people cf. note 4
7.513
10.525
Management fee from group subsidiaries
9.073
10.304
Management fee to related party
148
438
Interest on interim account
627
461
20.
Shareholder relations
The company has registered the following shareholders, owning more than 5% of the share capital:
• Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner
• Tresu Group Holding A/S, CBR-no. 37752088, Kolding, shareholder, parent
Tresu Investment Holding A/S
93
Notes to parent financial statement
21.
Consolidation
Name and registered office of the Parent preparing consolidated financial statements:
• Tresu Group Holding A/S, CBR-no. 37752088, Venusvej 44, DK-6000 Kolding
22.
Events after the balance sheet date
No event after the balance date has happened that will affect the matter of this report.
23.
Adopting the annual report for publication
The board members have on the board meeting on the 25.03.2026 approved present Annual Report for
publication. The Annual Report will be submitted to the shareholders for approval at the Annual General
Meeting on 25.03.2026.
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