The Annual General Meeting adopted the Annual Report on 25.03.2026
Chairman of the General Meeting
Name: Jean-Marc Lechêne
_______________________________________
Tresu Group Holding A/S
Venusvej 44
DK-6000 Kolding
Central Business Reg. No.: 37 75 20 88
Annual Report 2025
Tresu Group Holding A/S
1
Contents
Entity details ....................................................................................................................................................... 2
Statement by Management on the Annual Report .............................................................................................. 3
Independent auditor´s report ............................................................................................................................... 4
Management review ............................................................................................................................................ 7
Consolidated statement of comprehensive income ........................................................................................... 13
Consolidated balance sheet ............................................................................................................................... 14
Consolidated statement of changes in equity .................................................................................................... 16
Consolidated cash flow statement ..................................................................................................................... 17
Notes to consolidated financial statements ....................................................................................................... 18
Parent statement of comprehensive income ...................................................................................................... 63
Parent balance sheet .......................................................................................................................................... 64
Parent statement of change in equity ................................................................................................................ 66
Parent cash flow statement ................................................................................................................................ 67
Notes to the parent financial statement ............................................................................................................. 68
Tresu Group Holding A/S
2
Entity details
Entity
Central Business Registration No.: 37 75 20 88
Registered in: Kold i ng
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
Central Business Registration No.: 33 77 12 31
Tresu Group Holding A/S
3
Executive Board
Board of Directors
Tresu Group Holding A/S
4
Tresu Group Holding A/S
5
Tresu Group Holding A/S
6
CVR No 33 77 12 31
mne24817
mne42815
Tresu Group Holding A/S
7
Management review
2025
2024
2023
2022 2021
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Key figures
Revenue
312.662
3
39
.
979
388
.
781
3
59
.
035
3
40
.
917
Gross profit/loss
28
.
042
(
25
.
398
)
(
10
8.
676
)
(68
.
607)
23
.
193
Operating profit/loss
(
4
5.68
7
)
(
1
06
.
423
)
(
189
.
020
)
(
155
.
414
)
(
52
.
045
)
Net financials
(52.697)
(
5
7
.
544
)
(
50
.
467
)
(33
.
275)
12
.
301
Profit/loss for the year
(
83
.
738
)
(
146
.
425
)
(
215
.
394
)
(
165
.
439
)
(31
.
530)
Total assets
280
.02
2
331
.
745
470
.
614
643
.
361
762
.
454
Investments in property, plant
and equipment
2.863
1
.
698
3.
189
3.459
919
Equity
(5
76
.
335
)
(
490
.
363
)
(
344
.
885
)
(
147
.
887
)
(
12
.
250
)
EBITDA
18
.
634
(
3
.
472
)
(
7
.
128
)
(17
.
703)
1
6
.
274
EBITDA excl. non
-
recurring items
18
.
634
528
(
2
.
310
)
(6
.
918)
20
.
233
Ratios
Gross margin (%)
9
,
0
(
7
,
5
)
(
28
,
0
)
(19
,
1)
6
,
8
Net margin (%)
(2
6
,
8
)
(
43
,
1
)
(
55
,
4
)
(
46
,
1
)
(
9
,
2
)
Return on assets
(16
,
3)
(
32
,
1
)
(
40
,2
)
(
24
,
2
)
(
6
,8)
Ratios
Calculation
formula
Gross margin (%) Gross profit x 100
Revenue
The entity's operating gearing.
Net margin (%) Profit/loss for the year x 100
Revenue
The entity's operating profitability.
Return of assets (%)
Profit before financials x 100
Total assets
Profit from invested capital
Tresu Group Holding A/S
8
Management review
Group chart as per 31 December 2025
TRESU
Group
Holding A/S
100%
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 Group Holding A/S
9
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. Taking above into account, the financial results for 2025 are below expectations.
Consolidated revenue for the financial year 2025 is DKK 312,7m (2024: DKK 340,0m).
Operating profit (EBIT) for the year 2025 was DKK -45,7m (2024: DKK -106,4m).
Average number of headcounts in the Group in 2025 was 165 FTE (2024: 179).
Cash flow from operating activities in 2025 amounted to DKK -18,4m (2024: DKK -7,7m) 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 280,0m (2024: DKK 331,7m) and total equity amounted to DKK
-576,3m (2024: DKK -490,4m).
Tresu Group Holding A/S
10
Management review
Capital resources and Liquidity
The Group has in 2025 realized a loss of DKK 83,7m and equity of the Company amounts to DKK -576,3m
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.
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.
Tresu Group Holding A/S
11
Management review
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
of 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.
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.
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.
Tresu Group Holding A/S
12
Management review
Environment and climate
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.
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.
Tresu Group Holding A/S
13
Consolidated statement of comprehensive income
1/1 - 31/12 1/1 - 31/12
2025 2024
Notes DKK'000 DKK'000
Revenue
3
Production costs
4
Gross profit/loss
Distribution costs
Administrative costs
5
Other operating income
Operating profit/loss (EBIT)
6,
7
Financial income
8
Financial expenses
9
Profit/loss before tax
Tax on profit/loss for the year
1
0
Loss for the year
Items that may be recycled subsequently to the income statement:
Exchange rate adjustments, foreign companies
Tax on other comprehensive income
Other comprehensive income, net of tax
Total comprehensive income
(365.377 )
(25.398 )
(41.461 )
(40.558 )
(106.423 )
(57.703 )
(163.967 )
(146.425 )
(145.478 )
(284.620 )
(40.460 )
(35.037 )
(45.687 )
(52.899 )
(98.384 )
(83.738 )
(2.234 )
(2.234 )
(85.972 )
Tresu Group Holding A/S
14
Consolidated balance sheet
31.12.2025 31.12.2024
Notes DKK'000 DKK'000
Goodwill
1
1
D
evelopment projects
Patents and licenses
Brand
Customer relationship
Intangible assets
7
,1
2
Plant and machinery
Other fixtures and fittings, tools and equipment
Leasehold improvements
Lease assets
Property, plant and equipment
7
,
1
3
Deposits
Other non
-current assets
Non
-current assets
Inventories
1
4
Trade receivables
1
5
Contract work in progress
1
6
Tax receivables
Other receivables
Prepayments
Receivables
Cash
Current assets
Assets
Tresu Group Holding A/S
15
Consolidated balance sheet
31.12.2025 31.12.2024
Notes DKK'000 DKK'000
Contributed capital
1
7
Other reserves
Retained earnings
Equity
Provisions for deferred tax
18
Corporate bonds
19
Lease
liability
Payable
parent
companies
Other payables
Non
-current liabilities
Current portion of long
-
term lease liabilities
Bank debt
2
0
Payable
parent companies
Contract work, liabilities
1
6
Other provisions
21
Prepayment customers
Trade payables
Income tax payable
Other payables
2
2
Current liabilities
Total liabilities
Equity and liabilities
(659.370 )
(490.363 )
(743.108 )
(576.335 )
Tresu Group Holding A/S
16
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 202
5
Loss
for the period
Other comprehensive income
Comprehensive income
Capital increase
Equity at 31 December 202
5
Equity at 1 January 202
4
Loss
for the period
Other comprehensive income
Comprehensive income
Capital increase
Equity at 31 December 202
4
Other reserves consist of exchange differences on translating foreign companies.
(490.363 )
(83.738 )
(2.234 )
(85.972 )
(576.335 )
(344.885 )
(146.425 )
(145.478 )
(490.363 )
(659.370 )
(83.738 )
(83.738 )
(743.108 )
(512.945 )
(146.425 )
(146.425 )
(659.370 )
(2.234 )
(2.234 )
Tresu Group Holding A/S
17
Consolidated cash flow statement
1/1 - 31/12 1/1 - 31/12
2025 2024
Notes DKK'000 DKK'000
Operating profit/loss
Amortization
,
depreciation
and impairment
Other provisions
and payables
Working capital changes
2
5
Cash flows from ordinary operating activities
Financial income received
Financial expenses paid
Income taxes refunded/(paid)
Cash flow from operating activities
Acquisition etc. of intangible assets
Acquisition etc. of property, plant and equipment
Proceeds from disposal of financial fixed assets
Cash flow from investing activities
Change in the bank overdraft facility
Proceeds from (repayments of) related party borrowings
Leasing
Cash flows from financing activities
Increase/decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents end of year
2
6
Cash and cash equivalents at year end are composed of:
Cash
Cash and cash equivalents end of year
(106.423 )
(9.012 )
(364 )
(12.848 )
(6.917 )
(7.748 )
(10.498 )
(1.698 )
(54 )
(12.250 )
(9.766 )
(45.687 )
(10.839 )
(22.933 )
(15.138 )
(6.218 )
(18.415 )
(5.994 )
(2.863 )
(8.857 )
(9.841 )
(3.089 )
Tresu Group Holding A/S
18
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. Events after the balance sheet date
31. Adopting the annual report for publication
32. Accounting policies
Tresu Group Holding A/S
19
Notes to consolidated financial statements
0. Accounting policies and material accounting policy information
The Annual Report of Tresu Group 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 C, 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 32.
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 Group Holding A/S has assessed the effect of the new standards, amendments, and interpretations. Tresu
Gropu 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 Group Holding A/S or have no
significant effect on the Financial Statements of the Tresu Group Holding A/S.
Tresu Group Holding A/S
20
Notes to consolidated financial statements
New standards, interpretations and amendments adopted by the Group
The following new standards, amendments, and interpretations of relevance to the Tresu Group 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 Group 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 Group Holding A/S
21
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 Group 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 Group Holding A/S
22
Notes to consolidated financial statements
1.
Going concern
The Group has in 2025 realized a loss of DKK 83,7m and equity of the Group amounts to DKK -576,3m 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 recognized 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 Group Holding A/S
23
Notes to consolidated financial statements
2. Use of estimates and judgement
Intangible 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 32 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
32.
Tresu Group Holding A/S
24
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 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
N
on
-
allocated costs
11.2
39
EBITDA 18.634
Amortization, depreciation and impairment
(
6
4.32
1
)
EBIT (45.687)
Finacial net
(52.697)
Profit/loss before tax (98.384)
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)
N
on
-
allocated costs
7
.
168
EBITDA (3.472)
Amortization, depreciation and impairment
(
102
.
951
)
EBIT (106.423)
Finacial net
(5
7
.
544
)
Profit/loss before tax (163.967)
Tresu Group Holding A/S
25
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 and Units
190.994
2
06
.
120
Ancillary
121.668
13
3
.
859
Revenue
312.662
339.979
Revenue split by geography:
2025 2024
DKK'000 DKK'000
Denmark
2.747
2.
734
Germany
37.473
4
6
.
033
Rest of Europe
63.350
70
.
225
USA
114.855
1
48
.
730
Rest of North & South America
33.175
19
.
725
Asia
37.238
31
.
399
Middle East
and
Africa
23.824
21
.
133
R
evenue 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
2
54
.
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.
Tresu Group Holding A/S
26
Notes to consolidated financial statements
4.
Production costs
2025 2024
DKK'000 DKK'000
Materials consumption
129.0
90
1
68.779
Write
-
down of inventories
1.944
6
.
462
Other production costs
1.080
889
Staff costs
73.454
73.004
Depreciation, amortization and impairment
5
4.48
0
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
1.604
1.397
Total fees to auditors appointed at the Annual General Meeting
1.604
1.397
Tresu Group Holding A/S
27
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
108.7
89
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
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
.
44
5
Pension
0
0
1
22
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).
Tresu Group Holding A/S
28
Notes to consolidated financial statements
7.
Amortization, depreciation and impairment
2025
2024
DKK'000
DKK'000
Amortization, intangible assets
30.1
59
40
.
027
Impairment losses, intangible assets
13.539
4
5
.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
5
4.48
0
93
.
185
Other operating expenses
9.84
1
9.
766
Total amortization, depreciation and impairment
64.321
102.951
Tresu Group Holding A/S
29
Notes to consolidated financial statements
8.
Financial income
2025
2024
DKK'000
DKK'000
Gain on foreign exchange
197
1
31
Other financial income
5
28
Total financial income
202
159
9.
Financial expenses
2025
2024
DKK'000
DKK'000
Interest expenses
3
6.816
4
3
.
735
Bond price adjustment
1.768
1.
767
Financial expenses from group enterprises
7.134
6.366
Loss on foreign exchange
2.619
919
Other financial expenses
2.674
2.768
Interest regarding leasing liabilities
1.888
2.1
48
Total financial expenses
52.899
57.703
Tresu Group Holding A/S
30
Notes to consolidated financial statements
10.
Income tax
2025
2024
DKK'000
DKK'000
Current tax for the year
(3.305)
(1.
118
)
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)
3.695
Corporation tax for the year
(14.646)
(17.542)
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.
Tresu Group Holding A/S
31
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
(6.81
8
)
(16.499)
0
(6.842)
(30.1
59
)
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
Patents
Customer
Development
and
relation-
DKK'000
2024
projects
licenses
Brand
ships
Total
Cost at beginning of the year
5
2
.
299
220.688
37.900
212.700
52
3
.
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
)
(
11
8.
081
)
0
(1
85
.
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
Tresu Group Holding A/S
32
Notes to consolidated financial statements
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.
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.
Tresu Group Holding A/S
33
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
(6.4
6
0)
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
Tresu Group Holding A/S
34
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
(3
4
.
578
)
(
1.487
)
(2.
930
)
(3
8
.
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
A
mortization 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
Tresu Group Holding A/S
35
Notes to consolidated financial statements
13. Property, plant and equipment – lease assets
Other
DKK'000 202
5
Property
Cars
assets
Total
Cost at Jan 1, 202
5
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, 202
5
115.294
3.544
1.763
120.601
Amortization
and impairment at Jan 1, 202
5
(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, 202
5
(51.070)
(2.184)
(835)
(54.089)
Carrying amount at Dec 31, 202
5
64.224
1.360
928
66.512
Other
DKK'000 202
4
Property
Cars
assets
Total
Cost at Jan 1, 202
4
1
09
.
819
3.
560
2.
130
115.
5
09
Foreign exchange rate adjustment
309
(1
6
)
(
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, 202
4
113.254
3.354
2.128
118.736
Amortization
and impairment at Jan 1, 202
4
(
34
.
134
)
(1.7
06
)
(
345
)
(
36
.
185
)
Disposals
0
1.
220
0
1
.
220
Amortization
(8.
460
)
(
869
)
(
437
)
(9.
766
)
Amortization
and impairment
at Dec 31, 202
4
(42.594)
(1.355)
(782)
(44.731)
Carrying amount at Dec 31, 202
4
70.660
1.999
1.346
74.005
Tresu Group Holding A/S
36
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)
(
13
0
)
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.
Tresu Group Holding A/S
37
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.
Tresu Group Holding A/S
38
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
165.670
1
65
.
670
Number of shares 31 December
165.670
165.670
Tresu Group Holding A/S
39
Notes to consolidated financial statements
18.
Deferred tax
2025
2024
DKK'000
DKK'000
Deferred tax liabilities
7
.
78
1
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
202
5
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Intangible assets
19.939
(
8
.2
45
)
0
0
1
1
.
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
202
4
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
(
5
8)
(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
Tresu Group Holding A/S
40
Notes to consolidated financial statements
19.
Corporate bonds
2025
2024
DKK'000
DKK'000
Corporate bonds
522.621
4
8
8
.
9
08
Corporate bonds fees, amortized
(1.572)
(
3
.
143
)
521.049
485.765
Corporate bonds in the balance sheet:
Non
-
current liabilities
521.049
4
85
.
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. 202
7
Variable
521.049
511.422
76.713
31 December 202
5
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. 202
7
Variable
4
85
.
765
4
79
.
489
71
.
923
31 December 202
4
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.
Tresu Group Holding A/S
41
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
liabilitie
s
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.
202
6
Variable
92.735
92.735
92.735
31 December 202
5
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.
202
6
Variable
65
.
9
23
65
.
9
23
65
.
9
23
31 December 202
4
65.923
65.923
65.923
The Group has unutilized drawings rights on overdraft facilities DKK 19,3m (2024: DKK 46,1m)
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
.8
60
5.419
3.860
Other provisions consist of warranties and loss making customer projects, and are primarily due within one
year.
Tresu Group Holding A/S
42
Notes to consolidated financial statements
22.
Other payables
2025
2024
DKK'000
DKK'000
Payable staff costs
10.112
8
.
034
Payable VAT
461
478
Other liabilities
11.323
1
5
.
943
Total other payables
21.896
24.455
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
(42
1
)
10
.
529
Increase/decrease in trade payables etc.
(19.760)
(3
8
.
172
)
(22.933)
(364)
Tresu Group Holding A/S
43
Notes to consolidated financial statements
26.
Cash and cash equivalents
2025
2024
DKK'000
DKK'000
Cash and cash equivalents
2.630
5
.
719
2.630
5.719
The Group has unutilized drawings rights on overdraft facilities DKK 19,3m (2024: DKK 46,1m)
Non-cash changes
01.01
Cashflow
Adjustment
of debt
Accrued
Interest
Exchange
rate adjust.
New leases/
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
01.01
Cashflow
Adjustment
of debt
Accrued
Interest
Exchange
rate adjust.
New leases/
Remeassure
31.12
2024
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
Corporate
bonds
4
44
.
750
0
2.848
37
.
747
420
0
4
85
.
765
Lease debts
8
2
.
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
2
4
.
997
0
0
0
0
65
.
923
633.575
15.231
6.443
44.113
712
1.030
701.104
Tresu Group Holding A/S
44
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
3.40
4
4
.
369
Cash
2.630
5
.
719
Financial assets at amortized cost
53.145
57.271
Corporate bonds
521.049
4
85
.
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
78.552
71
.
340
Trade payables
25.314
27
.
056
Other payables
21
.896
2
4
.
45
5
Financial liabilities measured at amortized cost
819.687
761.541
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.
Tresu Group Holding A/S
45
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.
Tresu Group Holding A/S
46
Notes to consolidated financial statements
27. Financial risks
Cash and
Recei-
Bond
Other
Unsecured
cash equiva.
vables
debt
liabilities
net position
202
5
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
202
4
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
EUR
1.
198
20
.
622
(4
88
.
908
)
(
6
.
187
)
(
473
.
275
)
USD
3
.
001
1
4
.
367
0
(
2
.
399
)
1
4
.
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 Group Holding A/S
47
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 Group Holding A/S
48
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
202
5
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 enterprises
79
85.667
0
0
85.7
46
Lease debt
5.649
5.649
41.383
24.900
77.581
Trade payables
25.314
0
0
0
25.314
Other payables
21.896
0
867
10.401
33.164
52.938
188.920
593.018
35.301
870.177
Less than
6-12
1-5
After
6 months
months
years
5 years
Total
202
4
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
5
60
.
713
0
5
60
.
713
Payable
to group enterprises
0
0
85.
013
0
85.
013
Lease
debts
5.
628
5.
629
4
1
.
281
33
.
919
86
.
457
Trade payables
27
.
056
0
0
0
27
.
056
Other payables
2
4
.
455
0
839
10
.
055
3
5
.
349
57.139
5.629
762.471
43.974
869.213
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 Group Holding A/S
49
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
2.630
5
.
719
Unused credit facility
19.265
46
.
077
21.895
51.796
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 Group Holding A/S
50
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
.
92
3
Lease debts
70.909
78
.
076
Corporate bonds
521.049
4
85
.
765
Payable group company
78.552
71
.
340
Income tax payable
192
368
Cash and cash equivalents
(2.630)
(
5
.
719
)
Net interest
-bearing debt
760.807
695.753
Equity
(576.335)
(490.363)
Financial gearing
-
-
Tresu Group Holding A/S
51
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)
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
1
7
.
581
Payable parent companies, non
-
current liability
0
71
.
340
Payable parent companies, current liability
78.800
0
Management fee to related party
118
498
Interest on
payable to
group
enterprises
, non
-
current liabilities
7.133
6.366
Transactions with subsidiaries are eliminated in the consolidated financial statement in accordance with
accounting policies, note 32.
Tresu Group Holding A/S
52
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
30.
Events after the balance sheet date
No event after the balance date has happened that will affect the matter of this report.
31.
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 on the 25.03.2026.
Tresu Group Holding A/S
53
Notes to consolidated financial statements
32.
Accounting policies
The Annual Report of Tresu Group 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
medium-sized enterprises of reporting class C.
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 Group 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 Group Holding A/S
54
Notes to consolidated financial statements
32. 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 be received.
Control is generally deemed to be transferred upon delivery of the components in accordance with the agreed
delivery plan.
Tresu Group Holding A/S
55
Notes to consolidated financial statements
32. 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 Group Holding A/S
56
Notes to consolidated financial statements
32. 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 Group Holding A/S
57
Notes to consolidated financial statements
32. 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 Group Holding A/S
58
Notes to consolidated financial statements
32. 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 Group Holding A/S
59
Notes to consolidated financial statements
32. 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 Group Holding A/S
60
Notes to consolidated financial statements
32. 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 Group Holding A/S
61
Notes to consolidated financial statements
32. 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.
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.
Tresu Group Holding A/S
62
Notes to consolidated financial statements
32. Accounting policies
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.
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 Group Holding A/S
63
Parent statement of comprehensive income
1/1 - 31/12
1/1 - 31/12
2025
2024
Notes
DKK'000
DKK'000
Administration costs
3,4
(165)
(
276
)
Operating profit/loss
(165)
(276)
Financial income
5
0
2
Financial expenses
6
(1)
(249)
Profit/loss before tax
(166)
(523)
Tax on profit/loss for the year
7
36
56
Loss for the year
(130)
(467)
Total comprehensive income
(130)
(467)
Tresu Group Holding A/S
64
Parent balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Investments in group subsidiary
8
,
9
0
0
Financial assets
0
0
Non-current assets
0
0
Income tax receivable
36
61
Receivables
36
61
Cash
64
146
Current assets
100
207
Assets
100
207
Tresu Group Holding A/S
65
Parent balance sheet
31.12.2025
31.12.2024
Notes
DKK'000
DKK'000
Contributed capital
10
165.670
1
65
.
670
Retained earnings
(166.387)
(
16
6
.
257
)
Equity
(717)
(587)
Trade p
ayable
s
22
11
Payable group company
752
718
Other payables
43
65
Current liabilities
817
794
Total liabilities
817
794
Equity and liabilities
100
207
Tresu Group Holding A/S
66
Parent statement of change in equity
Contri-
buted
Retained
capital
earnings
Total
DKK'000
DKK'000
DKK'000
Equity at 1 January 2025
165.670
(166.257)
(587)
Loss
for the period
0
(130)
(130)
Equity at 31 December 2025
165.670
(166.387)
(717)
Contri-
buted
Retained
capital
earnings
Total
DKK'000
DKK'000
DKK'000
Equity at 1 January 2024
1
65
.
670
(
165
.
790
)
(120)
Loss
for the period
0
(
467
)
(
467
)
Equity at 31 December 2024
165.670
(166.257)
(587)
Tresu Group Holding A/S
67
Parent cash flow statement for the year 2025
1/1 - 31/12
1/1 - 31/12
2025
2024
Notes
DKK'000
DKK'000
Operating profit/loss
(165)
(
276
)
Working capital changes
1
3
23
276
Cash flows from ordinary operating activities
(142)
0
Financial income received
0
2
Financial expenses paid
(1)
(1)
Income taxes refunded/(paid)
61
0
Cash flow from operating activities
(82)
1
Increase/decrease in cash and cash equivalents
(82)
1
Cash and cash equivalents at 1 January
146
14
5
Cash and cash equivalents end of year
1
4
64
146
Cash and cash equivalents at year end are composed of:
Cash
64
14
6
Cash and cash equivalents end of year
64
146
Tresu Group Holding A/S
68
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 subsidiaries
9. Subsidiaries
10. Share capital
11. Contingent liabilities
12. Pledge assets etc.
13. Change in working capital
14. Cash and cash equivalents
15. Financial risks
16. Related parties with controlling interests
17. Shareholder relations
18. Events after the balance sheet date
19. Adopting the annual report for publication
Tresu Group Holding A/S
69
Notes to parent financial statement
0. Accounting policies and material accounting policy information
The Annual Report of Tresu Group 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 medium C 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 32 of the consolidated financial statements.
Instances where the parent company´s accounting policies differ from the Group
Investments 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 83,7m and equity of the Group amounts to DKK -576,3m 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 32 of the Consolidated financial statements.
Tresu Group Holding A/S
70
Notes to parent financial statement
2. Use of estimates and judgement
Recoverable amounts for capital participation in subsidiaries
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.
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
98
182
Total fees to auditors appointed at the Annual General Meeting
98
182
4. Staff costs
2025
2024
DKK'000
DKK'000
Average number of employees
0
0
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
Financial loss, impairment of inter
company receivables
1
249
Total financial expenses
1
249
Tresu Group Holding A/S
71
Notes to parent financial statement
7. Income tax
2025
2024
DKK'000
DKK'000
Current tax for the year
36
60
Adjustments recognized for
current
tax from prior periods
0
(4)
Corporation tax for the year
36
56
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 years
0,0
%
0,
8
%
Non
-
deductible expenses
(0,3%)
(
12
,
1
%)
Effective tax rate
21,7%
10,7%
8. Investments in subsidiaries
Investments in subsidaries have been fully written down in prior years.
2025
2024
DKK'000
DKK'000
Cost at the beginning of the year
578.319
5
7
8
.
319
Cost at the end of the year
578.319
578.319
Impairment at the beginning of the year
(578.319)
(
5
78
.
319
)
Impairment end of the year
(578.319)
(578.319)
Carrying amount end of year
0
0
Tresu Group Holding A/S
72
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 Investment Holding A/S
Kolding, Denmark
A/S
100,0
100,0
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
165.670
1
65
.
670
Number of shares 31
st
December
165.670
165.670
Tresu Group Holding A/S
73
Notes to parent financial statement
11. 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.
12. Pledged assets etc.
There has been given a negative pledge in the Group´s assets.
13. Changes in working capital
2025
2024
DKK'000
DKK'000
Increase/decrease in trade payables etc.
23
276
23
276
14. Cash and cash equivalents
2025
2024
DKK'000
DKK'000
Cash and cash equivalents
64
14
6
64
146
Tresu Group Holding A/S
74
Notes to parent financial statement
15. Financial risks
2025
2024
Categories of financial instruments
DKK'000
DKK'000
Cash
64
14
6
64
146
Trade
payables
22
11
Payable group company
752
718
Other payables
43
65
Financial liabilities measured at amortized cost
817
794
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.
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.
Interest rate adjustment date or maturity date
Less than
6-12
1-5
After
Average
6 months
months
years
5 years
Total
duration,
2025
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
year
Cash
64
0
0
0
64
0
64
0
0
0
64
Interest rate adjustment date or maturity date
Less than
6-12
1-5
After
Average
6 months
months
years
5 years
Total
duration,
2024
DKK'000
DKK'000
DKK'000
DKK'000
DKK'000
year
Cash
14
6
0
0
0
14
6
0
146
0
0
0
146
Tresu Group Holding A/S
75
Notes to parent financial statement
15. 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
6-12
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:
Group payables
752
0
0
0
752
Trade payables
22
0
0
0
22
Other payables
43
0
0
0
43
817
0
0
0
817
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:
Group payables
718
0
0
0
718
Trade payables
11
0
0
0
11
Other payables
65
0
0
0
65
794
0
0
0
794
The Group´s liquidity reserve consists of cash.
Management assesses the Group´s liquidity requirements on a regular basis.
2025
2024
DKK'000
DKK'000
The liquidity reserve is compressed as follows:
Cash
64
14
6
64
146
Credit risks
The parent company 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.
Tresu Group Holding A/S
76
Notes to parent financial statement
16. Related parties with controlling interests
The following parties have a controlling interest:
Altor Fund IV Holding AB, Stockholm, shareholder, ultimate owner
2025
2024
Transactions with related parties
DKK'000
DKK'000
Payable group company
752
718
Management fee to related party
0
60
17. 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
18. Events after the balance sheet date
No event after the balance date has happened that will affect the matter of this report.
19. 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.