Financial key figures

Group financial highlights for the latest 5 year period

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DKKm	2021*	2022*	2023*	2024**	2025
INCOME STATEMENT
Revenue	17,581	21,849	24,106	15,740	14,612
Gross profit	4,180	5,076	6,087	5,006	5,110
EBITDA	1,401	1,300	1,761	1,890	2,571
EBITA	1,030	943	1,438	1,636	2,337
EBIT	668	619	1,200	1,434	2,054
Financial items, net	(81)	(67)	(146)	(218)	(83)
EBT	587	552	1,054	1,216	1,971
Profit/loss for the year, continuing activities	374	351	672	801	714
Profit/loss for the year, discontinued activities	(17)	1	(181)	229	(706)
Profit/loss for the year	357	352	491	1,030	8

ORDERS
Order intake, continuing activities	19,233	24,644	21,376	15,333	15,045
Order backlog, continuing activities	16,592	23,541	17,593	11,358	10,893

EARNING RATIOS
Gross margin¹	23.8%	23.2%	25.3%	31.8%	35.0%
EBITDA margin	8.0%	5.9%	7.3%	12.0%	17.6%
EBITA margin	5.9%	4.3%	6.0%	10.4%	16.0%
EBIT margin	3.8%	2.8%	5.0%	9.1%	14.1%
EBT margin	3.3%	2.5%	4.4%	7.7%	13.5%

CASH FLOW
CFFO	1,449	968	623	640	996
Acquisitions of property, plant and equipment	(116)	(88)	(176)	(384)	(392)
CFFI	(273)	(2,310)	(257)	(508)	(517)
Free cash flow	1,176	(1,342)	366	132	479
Free cash flow adjusted for acquisitions and disposals of enterprises and activities	1,185	777	201	7	640

BALANCE SHEET
Net working capital	1,058	1,893	1,382	2,107	2,406
Net interest-bearing debt (NIBD)	889	(726)	(639)	(847)	(2,014)
Total assets	23,053	29,845	27,011	(26,935)	22,088
CAPEX	397	424	604	831	738
Equity	10,368	10,787	10,828	11,781	9,500
Dividend to shareholders, proposed	173	173	231	461	231

FINANCIAL RATIOS
Book-to-bill	109.4%	112.8%	88.7%	97.4%	103.0%
Order backlog / Revenue	94.4%	107.7%	73.0%	72.2%	74.5%
Return on equity	3.9%	3.3%	4.5%	9.1%	0.1%
Equity ratio	45.0%	36.1%	40.1%	43.7%	43.0%
ROCE, average	7.2%	5.9%	8.2%	9.2%	12.9%
Net working capital ratio, end	6.0%	7.8%	5.7%	10.4%	16.5%
NIBD/EBITDA	(0.6)	0.6	0.4%	0.4x	0.8x
Capital employed, average	14,384	15,888	17,552	17,867	18,047
Number of employees	10,117	10,977	9,377	5,745	5,494

SHARE RATIOS
Cash flow per share, diluted	27.8	17.0	10.9	11.2	17.6
Earnings per share (EPS), diluted	6.9	6.5	8.7	17.7	0.0
Dividend yield	1.2	1.2	1.4	2.2	0.9
Dividend per share, proposed	3	3	4	8	4
Share price	244.3	251.7	287.2	356.0	445.00
Number of shares (1,000), end	57,650	57,650	57,650	57,650	57,650
Market capitalisation, end	14,084	14,511	16,557	20,523	25,654

SUSTAINABILITY KEY FIGURES
Spend with suppliers with science-based targets**	4.9%	7.7%	12.6%	22.5%	25.0%
Safety, Total recordable incident rate (TRIR)**	1.9	1.5	2.7	2.3	2.3
Scope 1 & 2 greenhouse gas emissions (tCO₂e) market-based	34,737	39,079*	38,022	29,847	27,221
Scope 3: Economic intensity \| Use of sold products	10,348	5,461	5,430	2,985	3,455
Water withdrawal (m³)	201,997	178,064	167,610	156,022	139,007
EU taxonomy - aligned revenue		1.4%	6.2%	9.9%	19.6%
Women managers	14.3%	14.3%	16.3%	15.7%	16.0%

* 2021, 2022 and 2023 figures have not been restated. More information can be found in note 7.2.
** 2024 has been restated for the continuing activities including Non-Core-Activities.

Key figures in the Annual Report 2025

Throughout the report, we present financial measures that are not defined according to IFRS. We refer to note 7.6 Alternative performance measures, and note 7.10 Definition of terms, for further information. Further, due to divestment of the Cement and Air Pollution Control businesses together with the separation of continuing and discontinued activities, there have been impacts on the calculation of these in this report.

The figures and ratios in both sections are based on continuing activities unless otherwise specifically stated in the text for each line item.

In the consolidated cash flow statement, cash flow from discontinued activities is included in the cash flow from operating, investing, and financing activities, combined with the cash flow from continuing activities.

Balance sheet

As at year end 2025, all line items in this section reflect the continuing activities only. Comparatives are not restated.

Financial ratios

For financial ratios where the numerator or denominator is derived from the income statement, as well as the capital employed ratio, figures relating to continuing activities only are used in both the current and comparative reporting periods. Specifically, financial ratios that include equity are based on income statement and balance sheet figures comprising both continuing and discontinued
activities.

Share ratios

Share ratios are based on consolidated group figures, including both continuing and discontinued activities.

Sustainability performance figures

Sustainability performance figures are based on consolidated group figures, including both continuing and discontinued activities.