GJ Annual report 2025

Page | 0 ANNUAL REPORT 2025

Glunz & Jensen Holding A/S; Selandia Park 1, 4100 Rings ted, Denmark

CVR 10239680

Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global Prepress industry. In addition to developing and producing processing equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse product portfolio includes inkjet imaging systems, lithographic processors, exposure units, wash out units (processors), dryers, light finishers, combi units, full-automatic platemaking (inline) systems, mounting tables, plate stackers & turners.

Our R&D, supply chain, production, testing, and technical training and testing facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology.

Glunz & Jensen has been operating in Prepress for more than 53 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji Film, Heidelberg, KBA, Kodak, Miraclon, and many more. We market our products and solutions globally through a well-established, comprehensive, and worldwide network of distributors and dealers. We have 93 employees in our facilities in Denmark, Slovakia and the USA end of 2025.

We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply chain.

The segment Prepress consists of two product areas described below:

Besides the main segment Prepress Glunz & Jensen reports and operates within the segment investment property, Selandia Park.

HEADLINES FOR 2025 3

GLUNZ & JENSEN HOLDING A/S LOCATIONS 4

FINANCIAL HIGHLIGHTS 5

BUSINESS AND FINANCIAL REVIEW 6

OPTIMIZATION OF THE VALUE CHAIN 7

OUTLOOK 8

BUSINESS MODEL 8

FINANCIAL STATEMENTS 9

RISK FACTORS 13

REPORTING ON MANAGEMENT 15

STATEMENT ON CORPORATE SOCIAL RESPONSIBILTY 19

SHAREHOLDER INFORMATION 22

BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT 24

GROUP COMPANIES 26

STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT 27

INDEPENDENT AUDITOR'S REPORT 28

• ‌Revenue in Glunz & Jensen Holding A/S came to DKK 143,6 million in 2025 vs. DKK 131,0 million in 2024. Revenue in Selandia Park came to DKK 11,7 million in 2025 vs. DKK 11,3 million in 2024. Revenue is in line with our expectations announced to the market on October 23rd, 2025, as revenue then was guided at approximately DKK 140 million.

• Gross profit totaled DKK 39,5 million (2024: DKK 34,4 million), and gross profit margin increased to 27,5% (2024: 26,3%).

• Profit before financial income and expenses, tax, depreciation, amortization, and impairment of assets, - EBITDA, was DKK 17,3 million (2024: DKK 9,5 million). EBITDA is in line with our expectations announced to the market on October 23rd, 2025, as it was then announced at approximately DKK 17 million. The outlook was without an adjustment on fair value on the investment properties which amounted to a negative adjustment of DKK 0,3 million.

• Profit for the year before tax totaled DKK 11,3 million (2024: DKK 3,3 million). This is in line with the expectations announced to the market on October 23rd, 2025, as profit for the year before tax was then expected at approximately DKK 11 million. The outlook was without an adjustment on fair value on the investment properties which amounted to a negative adjustment of DKK 0,3 million. Profit for the year before tax is considered satisfactory.

• Profit for the year totaled DKK 8,5 million (2024: DKK 2,8 million), equal to a profit in earnings per share (EPS) of DKK 4,7 in 2025 (2024: DKK 1,6 per share).

• Net cash flows from operating activities came at DKK 6,7 million (2024: DKK 6,6 million), net investments were DKK

  -7,4 million (2024: DKK -1,6 million), and cash flows from financing activities were DKK 0,5 million (2024: DKK -5,6 million). Free cash flows at year-end were DKK -0,7 million (2025: DKK 5,0 million).

• The Board of Directors recommends not to distribute dividends for 2025.

• Following the mandate received at the annual general meeting on April 9th, 2025, Glunz & Jensen Holding A/S has initiated the selling process of Selandia Park A/S, or the selling of assets (primarily the investment property) owned by Selandia Park A/S. See also company announcement no. 578. The Board of Directors and the Executive Management of Glunz & Jensen Holding A/S have no knowledge or assessment of the to-be actual selling price of Selandia Park. The Board of Directors and the Executive Management of Glunz & Jensen Holding A/S reserves the right to wait for the appropriate buyer of Selandia Park and reserves the right to wait for the optimal sales agreement which might be finalized in 12-18 months.

‌Glunz & Jensen Prepress currently maintains operational facilities in Presov, Slovakia; Inman, USA; and Ringsted, Denmark.

The investment properties owned by Selandia Park A/S are situated in Ringsted, Denmark.

The accounting period in 2022 is from April 1stto December 31sthence covering a 9-month period only. For definitions of financial ratios, see page 61.

1)The numbers presented in EUR are supplementary information. All numbers are translated from DKK to EUR using the official exchange rate on December 31st, 2025.

Strategy

Following the positive development in gross profit margins over the last couple of years, a short-term plan (referred to as the Plan 2026) was developed. This plan

• among others - included further operational consolidation, additional focus on purchase of parts and materials, additional focus on new markets, an updated go-to-market approach, new product launches, and organizational efficiencies.

  Glunz & Jensen has initialized its plan (Plan 2026) which focuses on increased efficiencies within the company. The plan targets an increase in efficiency by minimum 10% in 2026.

  Main events in 2025:

  • Following the mandate received at the annual general meeting on April 9th, 2025, Glunz & Jensen Holding A/S has initiated the selling process of Selandia Park A/S, or the selling of assets (primarily the investment property) owned by Selandia Park A/S. The Board of Directors and the Executive Management of Glunz & Jensen Holding A/S have no knowledge or assessment of the to-be actual selling price of Selandia Park. The Board of Directors and the Executive Management of Glunz & Jensen Holding A/S reserves the right to wait for the appropriate buyer of Selandia Park and reserves the right to wait for the optimal sales agreement which might be finalized in 12-18 months.

  • Inflation in Denmark came to 1,9% Y-O-Y in 2025, whereas it remained relatively higher in Slovakia at 3,9% Y-O-Y in 2025 (source: IMF).

  • Cost of capital decreased by approximately 1,5% PP on the short-term interest rates and came to approximately 5,0%

  • Our strong focus on improving the balance sheet/working capital was successful. Inventories were reduced from DKK 56,8 million in 2022 to DKK 38,6 million in 2025. This included an inventory write down of DKK 1,4 million in 2025 (2024: DKK 3,8 million).

  • Our investment property, Selandia Park, finalized upgrading of a building in 2025 on behalf of a tenant. The building was leased in 2025 on a longterm contract.

Offset market

Glunz & Jensen's sales to the Offset market decreased by 2,0% in 2025 compared to 2024. The market has seen

a slow decline over a long period due to changes in consumer behavior driving less need for commercial print as well as a shift from traditional to digital print production.

Flexo market

While competition in the Flexo market remained fierce in 2025, we saw sales increasing by 23,3% compared to calendar year 2024.

Glunz & Jensen estimates that the global market volume continues to grow at 1-3% annually and remains confident that we maintain momentum in this segment due to our professional network of partners as well as significant value offering.

Focused development activity

Glunz & Jensen's strategic focus in recent years has been to meet customer demands through the development of new and competitive products, both in Offset and in Flexo. We develop machines both for our own brand and act as a trusted development partner for some of the world's largest plate manufacturers.

In 2025, we further strengthened our product portfolio with the introduction of the Flex-Pose LED family, including the latest 520 format, positioned as a high-end alternative to tier-1 LED exposure solutions from Esko and XSYS. This was complemented by a continued focus on cost-efficient solutions for the lower end of the market, with additional product launches planned for 2026. LED exposure remains a strategic priority in all customer dialogues, driven by the expected phase-out of mercury-based light sources.

Selandia Park A/S

Selandia Park A/S' business objective is to invest in and operate a property portfolio. Rental income in Selandia Park A/S increased to DKK 11,7 million (2024: DKK 11,3 million), excluding rental income from Glunz & Jensen A/S. At the beginning of the year, approximately 11% of the property complex was vacant. All units were fully leased by the end of 2025.

The portfolio of rental contracts is currently set to expire from 2027 at the earliest and to 2033 at the latest. Selandia Park A/S contributed DKK 6,7 million to profit before tax (2024: DKK 4,5 million).

The fair value of the investment properties amounts to DKK 149,0 million by December 31st, 2025 (2024: DKK 144,7 million). The value was positively impacted by the building upgrades for the new tenant equal to DKK 4,6 million. The value was negatively impacted compared to 2024 due to negative fair value adjustment of DKK 0,3 million mainly caused by higher market expectations in 2025 on return on investments compared to 2024.

Glunz & Jensen's strategy is based on the following key themes:

1. Leading the market for Offset Prepress equipment

   Offset is one of Glunz & Jensen's cornerstone business areas with iCtP solutions and CtP processors as main products. These develop and prepare aluminum Offset plates for commercial printing applications such as newspapers, inserts, magazines, books, information, promotional material, packaging, and a variety of other printed medias.

   Our aim is to further retain our position as market leader on the global Offset market by consolidating our variety offering and through continuing to deliver cutting-edge quality products with low energy consumption and reduced environmental impact at competitive prices. Further we will increase our footprint in regions which are still showing notable progress for Offset products, mainly APAC and South America.

2. Developing a leading position in the Flexo market through customer satisfaction and the development and launch of cost-efficient products

   Glunz & Jensen is one of the largest providers of Flexo platemaking equipment globally. In addition, we act as a valued development and manufacturing partner for some of the largest plate manufacturers. The Flexo market -which mainly serves the labels and packaging industry -develops at an estimated annual growth rate of 1-3%, driven by underlying growth in packaging, changing demographics, and shares gained from other printing technologies. We expect to continue to gain market share and dominate this segment going forward.

3. Growing the after sale-market

   Glunz & Jensen's after sale-market business includes sales of spare parts, consumables for iCtP products, installation, repair, preventive maintenance of hardware and software. In addition to enhanced profitability, these activities strengthen our relationship with customers and provide valuable feedback and dialogue with the end-users.

   Our training center established in March 2024 has surpassed our expectations. Since its inauguration we have held a total of 9 training sessions that has certified service technicians from a total of 17 different countries. 9 training sessions are planned for in 2026.

4. Improving profitability

During the last years, a significant number of steps have been taken to further improve the profitability of Glunz & Jensen. These include reduction of product range (overlapping products), transfer of functions from Glunz & Jensen A/S, Denmark to Glunz & Jensen s.r.o., Slovakia and discontinuation of loss-making parts of our business and product portfolio plus a stringent focus on cost throughout the value chain. In addition, we have also made considerable strides to optimize our pricing strategy.

For the financial year 2026, Group revenue is expected to come in at approximately DKK 140 million, while operating profit (EBITDA) is expected at approximately DKK 18 million. Profit before tax is expected at approximately DKK 12 million. The outlook for EBITDA and profit before tax is before potential adjustments on fair value on the investment property.

Management underlines that the outlook for the financial year 2026 is associated with some uncertainty as the Company may be impacted by wars, import duty tariffs, inflation, challenges on the supply side of parts, demand for equipment, spare-parts, consumables and services, and other events.

The outlook for 2026 does not include potential costs related to selling process of Selandia Park nor does the outlook include possible gains or losses related to the sale of Selandia Park.

It is the Group's intention to use free cash flows to the greatest possible benefit of its shareholders. This includes investment in business development and technology as well as reduction of debt.

Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global Prepress industry. In addition to developing and producing processing equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse product portfolio includes inkjet imaging systems, exposure units, wash out units (processors), dryers, light finishers, full-automatic platemaking (inline) systems, mounting tables, plate stackers & turners.

Our R&D, supply chain, production, testing, and training facilities are in Presov, Slovakia, and our products are based on application know-how and own developed technology.

Glunz & Jensen has been operating in Prepress for more than 53 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji Film, Heidelberg, KBA, Kodak, MacDermid, Miraclon, and many more. We market our products and solutions globally through a well-established, comprehensive, and worldwide network of distributors and dealers. We have 93 employees in our facilities in Denmark, Slovakia, and the USA end of 2025.

We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply chain.

The Group Income statement

The Group's revenue totaled DKK 143,6 million in 2025 (2024: DKK 131,0 million).

Figure 1: Revenue (million DKK), financial years, note 2022 at only 9 months.

Figure 2: Revenue (million DKK) by product, financial years, note 2022 at only 9 months.

Selandia Park A/S' business objective is to invest in and operate a property portfolio. Rental income in Selandia Park A/S increased to DKK 11,7 million (2024: DKK 11,3 million), excluding rental income from Glunz & Jensen A/S. At the beginning of the year, approximately 11% of the property complex was vacant. All units were fully leased by the end of 2025.

The portfolio of rental contracts is currently set to expire between 2027 and 2033. Selandia Park A/S contributed DKK 6,7 million to profit before tax. The fair value of the investment properties amounts to DKK 149,0 million by December 31st, 2025 (2024: DKK 144,7 million). The value was positively impacted by the building upgrades

for the new tenant equal to DKK 4,6 million. The value was negatively impacted compared to 2024 due to a negative fair value adjustment of DKK 0,3 million mainly caused by higher market expectations in 2025 on return on investments compared to 2024.

Gross profit for 2025 totaled DKK 39,5 million (2024: DKK 34,4 million), corresponding to an increase in gross profit margin to 27,5% (2024: 26,3%).

Figure 3: Gross profit and gross profit margin for the financial years. Note 2022 is only 9 months.

Profit before interest, tax, and depreciation and amortization (EBITDA) totaled DKK 17,3 million, (2024: DKK 9,5 million) corresponding to an EBITDA margin of 12,0% (2024: 7,2%).

Figure 4: EBITDA/EBITDA margin, all shown in financial years. Note 2022 is only 9 months.

2025 EBITDA was negatively impacted by the adjustment on fair value on investment properties at DKK

-0,3 million (2024: DKK -1,8 million).

Inflation in Denmark came to 1,9% Y-O-Y in 2025 (2024: 2,0%), whereas it remained relatively high in Slovakia at 3,9% Y-O-Y in 2025 (2024: 5,1%).

Figure 5: Profit before tax/profit before tax margin, all shown in financial years. Note 2022 is only 9 months.

Profit before tax totaled DKK 11,3 million, (2024: DKK 3,3 million) corresponding to a profit before tax margin of 7,9% (2024: 2,5%).

2025 profit before tax was negatively impacted by the fair value adjustment on investment properties at DKK -0,3 million (2024: DKK -1,8).

EBITDA and profit before tax are the key KPIs for the Board of Directors and management in assessing the progress made in the Plan 2026. The Group has made considerable improvements in procurement and has furthermore adjusted the sales prices and continued optimizing the organizational footprint and expects to achieve an EBITDA margin approximately at 13% and a profit before tax margin at approximately 8% in the financial year 2026.

The average number of employees was 100 in 2025 (2024: 107). The number of employees by the end of 2025 was 93 (2024: 105).

Operating profit for the financial year 2025 represents a profit of DKK 15,7 million against a profit of DKK 7,9 million in 2024.

The Group's net financial expenses in 2025 totaled DKK 4,4 million (2024: DKK 4,6 million).

Financial income in 2025 amounted to DKK 0,4 million against DKK 0,3 million in 2024. Financial expenses amounted to DKK 4,9 million against DKK 4,9 million in 2024.

The Group reported a profit before tax of DKK 11,3 million in 2025, against a profit of DKK 3,3 million in 2024.

The Group recognized tax of DKK 2,8 million in 2025 against a tax of DKK 0,5 million in 2024. Profit for the year after tax was DKK 8,5 million (2024: DKK 2,8 million), corresponding to earnings per share (EPS) of DKK 4,7 (2024: DKK 1,6).

In 2025 other comprehensive income amounted to DKK

-0,4 million of which all were related to exchange rate adjustments of investments in subsidiaries. In 2024 other comprehensive income amounted to DKK 0,4 million -also related to exchange rate adjustments of investments in subsidiaries.

Balance sheet

The Group's assets totaled DKK 226,2 million on December 31st, 2025, against DKK 212,1 million on December 31st, 2024.

Investment properties totaled DKK 149,0 million by the end of 2025 compared to DKK 144,7 million by the end of 2024.

Inventories increased from DKK 37,2 million in 2024 to DKK 38,6 million in 2025 as a result of an inventory buildup to execute on large orders during H1, 2026.

Trade receivables increased by DKK 6,7 million to DKK 21,6 million. The change is driven by a higher activity level in 2025 compared to 2024.

Equity came at DKK 112,5 million, corresponding to a solvency ratio of 49,7%, compared to 49,2% by the end of 2024. The Board of Directors recommends to the Annual General Meeting that no dividends should be distributed for the financial year 2025.

Long-term and short-term interest-bearing debt to credit institutions totaled DKK 72,0 million at the end of 2025 (2024: DKK 71,2 million), of which DKK 54,3 million (2024: DKK 57,5 million) are long-term liabilities and DKK 17,7 million (2024: DKK 13,7 million) are current liabilities. The increase on cash spending is driven by the building upgrades for a new tenant in Selandia Park A/S equal to DKK 4,6 million.

Cash flows and liquidity

Cash flows from operating activities were positive and amounted to DKK 6,7 million in 2025 (2024: DKK 6,6 million), driven by the positive effect of profit for the year, but also impacted by higher inventory and higher receivables in 2025 compared to 2024.

Cash flows from investment activities used DKK 7,3 million in 2025 (2024: use of DKK 1,6 million).

Free cash flows was negative by DKK 0,7 million in 2025 (2024: DKK 5,0 million).

At the end of the financial year 2025, the Group's total available credit facilities amounted to DKK 79,9 million compared to DKK 88,0 million at the end of 2024. DKK 72,0 million was utilized at the end of 2025 against DKK 71,2 million the year before. Liquidity reserves totaled DKK 7,9 million by December 31st, 2025 (2024: DKK 16,8 million).

Based on budgets, including expectations for cash flows and the development of the capital base, existing credit facilities, related contractual and expected maturities and conditions, the Board of Directors and the Executive Management consider the Group's liquidity and capital resources to be satisfactory.

The Group's available credit lines for 2026 were extended by Nordea on January 6th, 2026, to continue to March 2027 and the cooperation letter was signed by the Group on January 8th, 2026. The cooperation letter is subject to three covenants, which the Group must observe in order to maintain the financing. The financial covenants are related to the financial ratio "solvency", the agreed level of EBITDA% (EBITDA vs. revenue), and debt leverage (interest bearing debt vs. EBITDA). Please refer to note 26 regarding covenants.

.

Events after the balance sheet date

The Group's available credit lines for 2026 were extended by Nordea on January 6th, 2026, to continue to March 2027 and the cooperation letter was signed by the Company on January 8th, 2026.

No other events have occurred since December 31st, 2025, which are considered to have a significant impact on the Group's or the Parent Company's financial position.

The Parent Company

Income statement

The Parent Company's revenue, which consists of management fees to subsidiaries, totaled DKK 6,8 million in financial year 2025 (2024: DKK 6,2 million).

Profit after tax in subsidiaries totaled a profit of DKK 7,6 million in financial year 2025 (2024: a profit of DKK 2,0 million).

Regarding development in the subsidiaries please refer to the Group income statement information on page 9.

Financial income in 2025 amounted to DKK 0,8 million against DKK 1,1 million in 2024. The financial income relates to interest received from subsidiaries.

The Parent Company's profit after tax totaled a profit of DKK 8,5 million in 2025 against a profit of DKK 2,8 million in 2024.

Balance sheet

The Parent Company's total assets amounted to DKK 115,5 million on December 31st, 2025 (2024: DKK 106,8 million).

Most of the assets in the Parent Company refer to the subsidiaries as investments in subsidiaries amount to DKK 95,9 million (2024: DKK 88,7 million) and receivables from subsidiaries came to DKK 19,0 million as of December 31st, 2025 (2024: DKK 17,5 million).

Equity came at DKK 112,5 million, corresponding to a solvency ratio of 97,4%, compared to 97,8% the year before. The Board of Directors recommends to the Annual General Meeting that no dividends should be distributed for financial year 2025.

Cash flows and liquidity

Cash flows from operating activities amounted to DKK 0 million in 2025 (2024: DKK 0 million).

Free cash flows thus amounted to DKK 0 million in 2025 (2024: DKK 0 million).

Based on budgets, including expectations to the cash flow and the development of the capital base, existing credit facilities and related contractual and expected maturities and conditions, the Board of Directors and the Executive Management consider the Group's and thereby also the Parent Company's liquidity and capital resources to be satisfactory.

Events after the balance sheet date

No events have occurred since December 31st, 2025, which are considered to have a significant impact on the Parent Company's financial position.

Glunz & Jensen Holding's risk policies and procedures must efficiently and securely identify, control, and reduce the risks that may affect the Group's business base, development, and value creation. Several commercial and financial risk factors can have a significant impact on the Group's future financial position, activities, and results of operations. The Group's most important risk factors are outlined below.

Commercial risk

Glunz & Jensen's revenue is affected by both global economic developments and changes in industry-specific conditions. The macroeconomic cycles generally affect Glunz & Jensen's customers' probability of investment and may reduce revenue and earnings.

Glunz & Jensen's order lead time are 4-16 weeks, which is considered to be market-conform. As revenue expectations beyond this period are based on non-binding estimates from the Group's largest customers or based on expectations from management of Glunz & Jensen, deviations from the expected revenue may occur.

Glunz & Jensen markets a large part of its production to a number of major customers with whom the Company has a long-term customer relationship. The four largest customers represent approximately 49% of total revenue. One customer account for more than 20% of the Group's revenue.

New technologies and product development

Glunz & Jensen's products are based on many years of development for the Offset and Flexo printing. Insight into the industry's process needs and production technologies is crucial to the Company's ability to maintain customer loyalty. Some items in Glunz & Jensen's products are patented, but most of the Company's sales are based on products that do not involve patented technology.

Glunz & Jensen's goal is to be among the first to offer products tailored to new technologies within the Company's two product areas. This places great demands on continual product development, enabling the Group to market products at competitive prices in a timely manner, which will also match customer needs. Lack of success in this area can affect revenue and results of operations negatively.

Glunz & Jensen's most important Offset activity is the development and sales of CtP developers. The continued use of CtP processors is conditional on the development of Offset printing plates. Several large plate manufacturers have developed printing plates that do not require development. The process-free CtP technology has gained ground and may affect the demand for CtP processors negatively.

Glunz & Jensen's strategy in the Flexo area is the continued development of technology for solvent-based, and thermal-based Prepress solutions, an area in which the Group is currently leading the market. Automation and adaptation to latest technologies are important requirements to ensure continued positive development of the Flexo area.

Competition and market conditions

Prices in Offset and Flexo equipment are under pressure. This is largely due to vendor competition in Flexo offering similar technologies but also in Offset owing to yet cheaper supplies products (plates) coming into markets from China along with low-cost processing equipment. These products offer "good enough" quality for a short life span.

Production and supplier risks

Maintaining high reliability of delivery and high quality is important to maintain existing customer relationships. To strengthen competitiveness, Glunz & Jensen has established its main production in Slovakia. If the factory in Slovakia is impacted by production problems or accidents, such as fire, this may affect delivery capacity and thus reduce the Group's earnings.

The Russia-Ukraine conflict has highlighted the need to consider geopolitical instability when choosing suppliers. Glunz & Jensen has strengthened its purchasing organization to counter potential supply risks. However, ongoing world-wide supply shortage may affect cost prices and the planned in-flow of parts (incl. microchips) to Glunz & Jensen.

Risk related to property market

The risk associated with the investment properties is primarily determined by the uncertainty of the value of the properties involved. As such, a property market recession could materially adversely affect the value of the properties. Further the ability to secure that all properties are rented out will impact future cash flows of Glunz & Jensen and thereby the value of the investment properties.

Insurance risk

It is the Group's policy to hedge risks that may threaten the Group's financial position. In addition to statutory insurance, insurance against product liability and operating losses has thus been taken out. Properties, plant, and inventories are insured at replacement value at all risk levels.

Cyber risks

The continuously evolving threat of cyber security, data leakage and data security are a key area of focus. A major cyberattack could result in an extended period of down time resulting in delays to customers and additional costs for the organization. Glunz & Jensen is focused on IT Security and awareness. In 2025, increased cyber awareness training and further IT security measures across the organization have been introduced helping to mitigate this risk.

Worldwide economic uncertainty

Glunz & Jensen Holding A/S is selling it equipment, spare-parts, consumables and services worldwide. The Company is currently not able to estimate or to conclude how the imposing of trade tariffs will affect the demand in 2026 or beyond - and/or how the profitability of Glunz & Jensen will be affected accordingly.

Since 2022 it became evident that inflation has been on the rise. Prices on manufacturing parts, electricity, gas, and financing cost - and general expectations on salaries were higher than seen for more than a decade. Sourcing from Eastern Europe provides a more competitive market price for Glunz & Jensen even though inflation from these countries is at 2,6% in Poland to 3,9% in Slovakia in 2025 according to Eurostat. Glunz & Jensen is focused on managing the challenges associated with the uncertainty. The worldwide economic uncertainty -including the possibility of various countries introducing significantly higher custom fees - affects the profitability on Glunz & Jensen and the outlook is uncertain.

Other risks

There is an ongoing consolidation in the graphic industry. Glunz & Jensen has no active participation in the industry consolidation; this trend will benefit Glunz & Jensen.

For financial risks, please refer to note 26.

This statement of reporting on management is part of the Management's review, see section 107b of the Danish Financial Statements Act, covering the financial year January 1st - December 31st, 2025. The statement consists of three elements:

• Corporate Governance

• The composition of the governing bodies and their functions

• Main elements of the Company's internal control and risk management system

  Corporate Governance

  Glunz & Jensen emphasizes the pursuit of good corporate governance and continuous optimization of the Group's Management. The overall framework for the management of Glunz & Jensen is based on the Company's Articles of Association, values, and policies as well as current Danish and international legislation and "Rules for Issuers of Shares " on NASDAQ OMX Copenhagen A/S, to ensure that the Group pursues its obligations to all shareholders, customers, employees, and other stakeholders, as well as to support long-term value creation.

  Glunz & Jensen is governed by the Corporate Governance Committee's recommendations of December 2020.

  The recommendations are available at:

  https ://c orporategovernance.dk

  In accordance with the recommendations, we explain on Glunz & Jensen's website how the Company complies with the recommendations:

  https ://g lunz-jens en.com/inves tors /corporate-governance

  The Group has decided to deviate from the recommendations due to the size of the Company and thus arranged differently in the following areas:

• The company publishes half-yearly reports at NASDAQ OMX and on the company´s website. The company publishes Q1 and Q3 announcements commenting on the development in the company.

• Glunz & Jensen has implemented 3 of the 4 recommended Board committees. The 4th Board committee (nomination committee) has not yet been set up due to the size of the Company and the size of the Board.

• Glunz & Jensen has no share-based incentive schemes for the Executive Management as the Board of Directors finds the current remuneration sufficient.

Interaction with shareholders and other stakeholders

Glunz & Jensen's Management continually seeks to have a dialogue with shareholders and other stakeholders. The company strives for a high degree of openness and effective dissemination of information.

The dialogue with and information to shareholders and stakeholders take place through the publication of interim reports and other communications from the Company, as well as meetings with investors, analysts, and the press and at the Company's general meeting. Interim reports and other announcements are available on Glunz & Jensen's website immediately after publication.

The company's Articles of Association contain no limits on ownership or voting rights. If an offer is made to acquire the Company's shares, the Board of Directors will - in accordance with Danish law - openly consider and convey the offer to the shareholders, accompanied by the Board of Director's comments.

The Glunz & Jensen Group has not entered into significant agreements that are affected, changed, or expired in the event of a change of control of the Company.

There are no agreements with the Executive Management or employees regarding retention or compensation in case of resignation or dismissal or termination of a post as a result of the acquisition of the Glunz & Jensen Group

The general meeting is Glunz & Jensen's supreme decision-making body, and the Board of Directors emphasizes that shareholders should be given adequate information about the business to be transacted at the general meeting. Notice of general meetings is published on the website and sent electronically to all registered shareholders, who have registered their e-mail address at least three weeks prior to the event.

All shareholders are entitled to attend and vote at the Annual General Meeting. Shareholders can also provide a power of attorney to the Board - on an item-by-item case on the agenda. The general meeting gives shareholders the opportunity to ask questions to the Board of Directors and the Executive Management. The shareholders can submit proposals that must be discussed at the general meeting. The Articles of Association contain no special rules regarding amendments to the Company's Articles of Association. Thus, only the provisions of the Danish Companies Act apply in this area.

Composition of the governing bodies and their function

According to the Articles of Association, the Board of Directors consists of three to six members elected by the general meeting. Each year, all the members are elected by the general meeting. Resigned members are eligible for re-election. The Board of Directors elects a Chairman and a Deputy Chairman from among its own number.

The current Board of Directors consisted of four members at the end of the financial year 2025. Due to the size of Glunz & Jensen, it is not required for Glunz & Jensen to have employee representatives.

In connection with the election of new Board members, a careful assessment of required knowledge and professional experience is made to ensure that the Board possesses the necessary competencies. Information about the individual Board members can be found on page 24.

In accordance with the Danish Companies Act, the Board of Directors represents Glunz & Jensen's overall management and defines the Group's goals and strategies as well as approves the overall budgets and action plans. In addition, the Board of Directors in general supervises the Group and checks that it is managed properly and in accordance with Danish law and the Articles of Association. The general guidelines for the Board's work are laid down in the rules of procedure, reviewed at least once a year and adapted to Glunz & Jensen's needs. The rules of procedure include procedures for Management's reporting, the Board's working method and a description of the Chairman's tasks and responsibilities.

The Board of Directors is notified on an ongoing basis of the Group's performance. This takes place systematically at meetings as well as in written and oral reports. The Board receives a monthly report, which includes information on financial performance, and the most important activities and transactions are presented by the Management to the Board at monthly review meetings.

At least five ordinary Board meetings must be held annually with a fixed plan for the agenda of the meetings. In addition, the Board meets whenever necessary. In financial year 2025, five board meetings were held.

The three Board committees (Product, Audit, and Remuneration) have conducted the following formal number of meetings in 2025; Product committee twelve meetings, Audit committee nine meetings and Remuneration committee two meetings.

In connection with the strategy review, the Board of Directors and the Executive Management perform a comprehensive risk assessment for the Group to identify which issues - internal as external - may affect the Group's business base and development.

The risk assessment focuses primarily on the identification of business risks, and for selected risks, action plans are identified to reduce and handle such risks. Glunz & Jensen has decided to manage general risks by taking out relevant insurance, such as "all-risk" on buildings and movables, transport insurance etc. As a main rule, financial risks are the result of commercial activities, and the Group does not actively speculate in financial risks.

The Board of Directors establishes policies and frameworks for the Group's key risks and ensures effective management of these risks. Reporting on significant risks is included in the ongoing reporting to the Board of Directors.

For a more detailed description of Glunz & Jensen's risks, see the section "Risk factors".

The Executive Management is appointed by the Board of Directors. The Executive Management is responsible for the day-to-day operations of the Group and, in accordance with guidelines and written instructions developed by the Board of Directors, prepares action plans and budgets that support the Company's strategy and reports on ongoing performance developments, risks and other essential information to the Board. The Board of Director's delegation of responsibilities to the Executive Management is outlined in the Board's rules of procedure.

A formalized evaluation of the work of the Board of Directors and the Executive Management is in place. The Chairman of the Board of Directors regularly reviews the work of the Executive Management and individual Board members, the cooperation of the Board of Directors, the Board of Directors' working methods and the cooperation between the Board of Directors, and the Executive Management. Based on these assessments, the Board of Directors' and the Executive Management's work is adjusted on a regular basis.

Glunz & Jensen seeks to ensure that members of the Board of Directors and the Executive Management are remunerated at a competitive and reasonable level, helping to ensure that Glunz & Jensen can attract and retain competent individuals.

Members of the Board of Directors receive a fixed, annual fee, and the total remuneration to the Board of Directors is approved by the Annual General Meeting in connection with the approval of the annual report. In financial year 2025, directors' fees which covered a 12-month period amounted to DKK 825.000, including DKK

300.000 to the Chairman, DKK 150.000 to the Vice-Chairman and DKK 100.000 to the other members. Members of the Board of Directors are not subject to bonus schemes.

The remuneration of the Executive Management is determined by the Board of Directors. In 2025, members of the Executive Management received a basic salary, including usual benefits such as company car and telephone, and are also eligible for a bonus scheme. The Executive Management consisted of CEO Henrik Blegvad Funk and COO Robert Popik. The total 12-month period remuneration paid to the Executive Management amounted to DKK 4,8 million in 2025.

The Remuneration report 2025 is available at:

https ://g lunz-jens en.com/inves tors /corporate-governance

Glunz & Jensen continually seeks to establish incentive programs that support its shareholders value creation.

The incentive programs for the Executive Management and the management team includes a bonus scheme. Results for 2025 brought about provisions of DKK 1,2 million related to the bonus schemes.

The main elements of the Company's internal control and risk management system

The Board of Directors and the Executive Management have overall responsibility for the Group's risk management and internal control in connection with the financial reporting process, e.g., responsibility for ensuring compliance with relevant legislation and other regulations in relation to the financial reporting.

The Group's internal control and risk management systems should improve the probability of reporting without significant errors, omissions, and irregularities and, moreover, should ensure that the financial

statements are presented in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.

The Group's internal control and risk management systems in connection with the financial reporting include:

The Board of Directors is responsible for identifying the Group's most significant risks and the adequacy of internal controls in connection with the presentation of the financial statements. The Executive Management is responsible for the operational organization and daily execution of an effective control environment, e.g., for ensuring compliance with relevant legislation in connection with the presentation of the financial statements. The Executive Management reports to the Board of Directors on all relevant matters and assessments.

The operational management includes an appropriate organizational structure, written procedures for essential processes, accounting instructions for subsidiaries, authorization and certification rules, segregation of duties, consolidation procedures, check and documentation lists and IT security. The Executive Management regularly assesses the adequacy of the control environment, including the adequacy of resources and competencies. Glunz & Jensen prepared for a migration to a new ERP system during 2025 which was implemented in Q1, 2026.

The Board of Directors and the Executive Management continually consider risks that are of importance to the Group's financial reporting, based on a concrete assessment of the significance and probability of each individual risk. The risk assessment focuses on significant financial items and involves an assessment of the immediate risk associated with each item and the critical processes that form the individual financial statements.

Risk assessments and risk management are included as part of the Group's strategy plan.

The Group's control activities are organized taking into account the overall objective of reducing the risk of material misstatements, deficiencies or irregularities to an acceptable and low level, so that the consolidated financial statements and the financial statements are correct. Control activities are performed at management and operational level, and checks are performed manually and systematically.

Control activities include the following essential elements:

• The Board of Directors reviews and approves the budget presented by the Executive Management for the coming year. The budget includes operations, balance sheet, liquidity, and investments.

• The Board receives monthly income, balance and liquidity accounts with budget follow-up, key figures, and comments on significant developments and/or deviations. The reporting also includes an update from area managers regarding actual sales (customers and products), order status, expectations as to the future, product development, competitors etc. Subsidiaries submit monthly accounts with comments on developments. The reporting is used as a basis in the group reporting to the Board of Directors.

• In connection with the year-end, a reporting package is prepared for the subsidiaries with a view to meeting disclosure requirements, including disclosure requirements under IFRS.

• The Parent Company's finance department is responsible for managing the monitoring and controlling of financial reports from subsidiaries, with active participation of local financial controllers. Regular visits are made to subsidiaries. Management in subsidiaries liaises with the external auditor. The Executive Management is informed of matters identified during the audit of subsidiaries.

• Before the financial statements are presented, the Board of Directors and the Executive Management discuss critical accounting practices and estimates as well as other matters of major importance to the presentation of the financial statements.

The Board of Directors and the Executive Management annually assess the adequacy of the Group's risk management and control systems in the context of the year-end process, including how the Group is protected against fraud and accounting irregularities. The assessment is based on a goal of efficiency and accountability, and focus is thus primarily on significant matters.

The external auditor is elected annually by the Annual General Meeting. Prior to the election, the Board of Directors assesses the auditor's independence and competences etc. An audit tender process is performed when required by law or more frequently if the Board of Directors decides it to be appropriate.

The scope for the auditor's work - including fee, audit-related tasks, and non-audit related tasks - are stipulated in an agreement.

Members of the Board of Directors receive the external auditor's report concerning the auditor's review of the annual report. The Board of Directors reviews the auditor's report and the annual report at a meeting with the external auditor, and the auditor's observations and significant findings arising from the audit are discussed. In addition, the significant accounting policies and audit assessments are reviewed. The audit committee and the auditor also conduct an annual meeting to approve the audit plan for and the scope for the annual report.

Social responsibility (CSR)

A statutory CSR statement, according to section 99a of the Danish Financial Statements Act, is part of the Management's review. We adopt social co-responsibility in the local areas where the Group is located. The Group wishes to promote a working culture throughout the organization that ensures a sensible and appropriate balance between financial, social, and environmental development. In this regard, it is crucial for the CSR work that Glunz & Jensen's production strategy and value chain management is based to a large extent on an outsourcing model. Virtually all manufacturing of parts takes place with a large number of subcontractors, after which Glunz & Jensen is responsible for product assembly and distribution. Subcontractors are selected at the starting point of our ISO 9001 procedures. This ensures that subcontractors meet our requirements.

In this section, the Glunz & Jensen Group provides a report on intended social responsibility, our policies, actions taken as well as results achieved in 2025. We have performed a risk assessment and have not identified risks within the areas of climate, environment, social and anti-corruption.

Glunz & Jensen strives to operate its business in a responsible manner and wants to comply with the legislation in all the countries where operations are conducted. Furthermore, compliance with Human Rights and consideration for the environment are considerable focus areas for the Group.

Glunz & Jensen's work with corporate social responsibility is based on value creation and risk management.

Glunz & Jensen has chosen to focus its work on social responsibility within four areas: environment, anti-corruption, human rights, and equality.

As part of the Prepress industry, Glunz & Jensen places an ongoing fundamental focus on reducing the use of chemical products and helping reduce the number of production processes that are environmentally harmful and energy intensive.

The Group wishes - to the extent possible and if it is financially sound - to help increase the number of young people who get a business-related education.

The Group supports the staff associations and company sports associations, which aim to strengthen collegial cohesion through the organization of various activities that support employee well-being, social relations, and exercise.

The Group has several initiatives which include economic support for charitable purposes that naturally belong to CSR. Thus, the Group assumes social responsibility in some areas and works to comply with the ethical business practices expressed by CSR activities.

The policies below have been approved by the Board of Directors.

For a description of Glunz & Jensen's business model please see pages 6 to 8 in the annual report.

Climate and environment Policy

Glunz & Jensen seeks to reduce its impact on the climate and environment by reducing energy consumption year by year. The Group is a know-how and engineering company with production of key components. The production mainly consists of assembling and testing and does not include energy-demanding or polluting processes. All surface treatment processes are outsourced to sub-suppliers. A part of Glunz & Jensen 's supplier and customer "Code of Conduct" addresses impact on the climate and environment. See under Human Rights for more information about the supplier and customer "Code of Conduct".

Glunz & Jensen actively seeks to reduce its energy consumption by, for example, installing LED lighting in its facilities. Glunz & Jensen also installed (Photovoltaic) solar roof panels in 2024 and in 2025 at its production facilities in Slovakia and plan to increase the capacity during 2026.

In 2025, Glunz & Jensen continued a project to outline how Glunz & Jensen as a company can become independent of gas as the long-term as the supply security of electricity appears to higher than that of gas.

Actions

Glunz & Jensen will seek to maintain the kWh 2026 consumption in line with the 2025 consumption even though the Company continues to substitute gas heating with electrically driven heat pumps.

Key performance indicators

Consumed kWh in the production facility in Slovakia.

Result for 2025 compared to goal for 2025

Glunz & Jensen realized 1,1% lower consumption of kWh in 2025 compared to the goal of 210.000 kWh. However, the consumption was 2,7% higher than in 2024. The installation of (Photovoltaic) solar roof panels in Slovakia during 2024 and 2025 has supplied Glunz & Jensen with sustainable kWh. Glunz & jensen plans to add additional (Photovoltaic) solar roof panels in 2026. We continue to create awareness and as well as general focus on optimization of consumption in the production.

Results & goals (kWh)

Code of Conduct review during physical staff meetings.

4. In 2025, Glunz & Jensen has maintained the whistleblower scheme to also be available to external parties. Furthermore, the whistleblower scheme is part of the Glunz & Jensen Employee Code of Conduct.

Results & goals (Anti-corruption and Employee Code of Conduct)

Goal for

Result for

Goal for

Result for

2026 2025 2025 2024

208.000 207.586 210.000 201.967

Measured by: difference in actual consumption according to electricity meter reading by January 1st, 2025 and December 31st, 2025.

Anti-corruption and bribery Policy

Glunz & Jensen seeks to avoid corruption and bribery by creating a framework that secures that the employees at Glunz & Jensen can abide to laws and regulations, and that there will never exist any doubt with regards to the impartiality of the Glunz & Jensen employees.

Actions

1. Glunz & Jensen enforces a gift policy.

2. Glunz & Jensen has introduced a whistleblower scheme to give employees the opportunity to report on corruption, bribery and other matters while being anonymous.

3. Glunz & Jensen communicates its "Code of Conduct" at visible locations that describes the way Glunz & Jensen expects all its employees to act in accordance with laws and regulations. The "Code of Conduct" also describes usage of the whistleblower scheme.

4. Maintain whistleblower scheme to also be available for external parties.

Key performance indicators

1. No reported violations of anti-corruption laws and regulations, and Glunz & Jensen's Employee Code of Conduct.

2. Employees to attend to the review of the Glunz & Jensen's Employee "Code of Conduct".

Results for 2025 compared to goals for 2025

1. Glunz & Jensen established its gift policy in 2023.

2. Glunz & Jensen has received no reported violations of anti-corruption laws and regulations, and Glunz & Jensen's Employee Code of Conduct in 2025.

3. 96% of Glunz & Jensen employees have attended to the Glunz & Jensen Employee

For 2026 we plan to continue with our work regarding anti-corruption.

No reported violations of anti-corruption laws and regulations measured by: no breaches entered into the whistleblower system.

Human rights Policy

To Glunz & Jensen, respect of human rights is about the company's own employees' conditions and securing those suppliers and sub-suppliers deliver services to the Group in a way that considers their employees' rights including safety and health.

Actions

Glunz & Jensen has formulated a supplier and customer "Code of Conduct" that specifies principles Glunz & Jensen expects our suppliers and customers to follow. This ensures that suppliers and customers produce and deliver their services to the Group in a way that considers the environment and the employees' rights.

Key performance indicators

The part of our main suppliers and customers that have acknowledged the receival of our supplier and customer "Code of Conduct".

Result for 2025 compared to goal for 2025

1. We distributed the Code of Conduct to top-70 suppliers and requested them to confirm - in writing - that they have received and read the code of conduct. 74% confirmed this.

2. We distributed the Code of conduct to our top-15 customers and request them to confirm - in writing - that they have received and read the Code of Conduct. 73% confirmed this.

Results & goals (Customer & supplier: Code of Conduct)

The Company will continue to communicate to the suppliers and subcontractors to raise awareness on the Company's zero tolerance for corruption.

Actions

Glunz & Jensen has developed an Employee "Code of Conduct" that describes the way Glunz & Jensen expects all its employees to act in accordance with our policies. The employee "Code of Conduct" also describes usage of the whistleblower scheme. Every year all Glunz & Jensen employees must carry through the Employee "Code of Conduct" review. The review provides the management with insight on how to secure diversity in the organization and on management level.

We have at no time experienced human rights violations

in connection with our business and we have assessed that the risk is very limited. We adhere to Danish, Slovakian, and European regulations, and we only work with trusted partners, who are equally dedicated to human rights and the rule of law.

Glunz & Jensen's own employees also work under conditions that are equal to those provided by a collective agreement, as a minimum.

For 2026 we plan to continue with our work regarding human rights.

Diversity

2. Enhance the awareness in the Glunz & Jensen management team on the benefits of diversity. This could be in a workshop with this specific purpose.

Key performance indicators

1. All employees to be included in the Glunz & Jensen's Employee "Code of Conduct" review.

Results for 2025 compared to goals for 2025

1. 96% of Glunz & Jensen employees have participated in the Glunz & Jensen Employee Code of Conduct review.

Results & goals (Code of Conduct review)

At Glunz & Jensen we believe that a diverse and tolerant organization makes the company stronger, increases the competitiveness and creates a good and innovative working environment. We want to develop and benefit from the total potential of all employees and that all employees can develop their full potential in balance between working life and private life. Therefore, no discrimination based on gender, religion, ethnicity, sexual orientation, etc. is tolerated in Glunz & Jensen. When recruiting members to the Glunz & Jensen management team, we are convinced that diversity will add value to the company. The members of the board and the executive management team are unchanged compared to 2024.

To make sure all employees and management in Glunz & Jensen comply with Glunz & Jensen's policies of tolerance and inclusion, we have established an Employee "Code of Conduct" that describes the way Glunz & Jensen expects all its employees to act in accordance with our policies.

The policies of Glunz & Jensen are available in full at Glunz-Jensen.com under the investor relations folder.

Data ethics

The processing of personal data is not a critical part of and neither closely linked to the companies' business activities. As a B2B company with no transactions with private customers, the company only processes personal data in respect of customers and suppliers to a very limited extent - and only for customer/supplier administration purposes. The processing of personal data mainly relates to the internal activities involving employees' personal data for HR administration purposes.

In accordance with the regulations, we communicate on our data ethical policies on Glunz & Jensen's website:

https ://g lunz-jens en.com/inves tors /corporate-governance

‌Share information

Glunz & Jensen Holding's shares are listed on NASDAQ Copenhagen A/S and are traded under ISIN code DK0010249309.

By December 31st, 2025, the share price was DKK 80,00 against DKK 74,50 by December 31st, 2024. Total market capitalization came at DKK 143,9 million on December 31st, 2025.

In 2025 a total of 52.455 (2024: 62.307) shares were traded at a total market value of DKK 3,7 million (2024 DKK 4,3 million).

Share capital and voting rights

The share capital in Glunz & Jensen amounted to nominally DKK 36,4 million on December 31st, 2025. Divided into 1.821.309 shares at a nominal value of DKK 20,00. The shares, which are negotiable instruments without restrictions on marketability, are issued to the holder and entitle the holder to cast one vote per share at general meetings.

Glunz & Jensen did not have any treasury shares at the end of the financial year 2025 or 2024.

Ownership

At the end of the financial l year, Glunz & Jensen had 398 (2024: 434) registered shareholders holding 98,58% (2024: 99,57%) of the share capital. Glunz & Jensen wishes to provide the best possible way of providing its shareholders with information about the Group so that all shareholders are encouraged to list their shares in the Company's register of shareholders.

Change of control

The Glunz & Jensen Group has not entered into agreements with finance companies, customers, suppliers, employees, or others which will be affected or changed, or which will expire if the control in the Parent Company changes.

Decisions by the Board of Directors and proposals for the general meeting

Dividends

Glunz & Jensen wants to create the greatest possible value for the shareholders. Based on the Company's financial standing and investment and liquidity requirements, the Board of Directors therefore assesses whether the excess liquidity, after any investments in organic or acquisitive growth measures that can increase the long-term return on the invested capital, must be used to distribute dividends or repurchase of treasury shares.

The Board of Directors proposes to the Annual General Meeting that no dividends should be distributed for the financial year 2025 and the Company's profit for the year will be transferred to next year.

Share price development in the past 3 years.

Investor relations

Glunz & Jensen emphasizes to continually providing timely, accurate and relevant information about the Group, including its strategy, results of operations and expectations. Through ongoing reporting, the Group seeks to provide all stakeholders with easy access to information, and emphasis is placed on maintaining an active dialogue with its stakeholders.

Communication with investors, analysts, the press, and other stakeholders takes place through ongoing public announcements, including interim reports and individual meetings. Notices are available on the Company's website.

Shareholders, analysts, investors, and other interested parties who have questions regarding Glunz & Jensen should contact:

Address: Selandia Park 1 DK-4100 Ringsted

Phone: +45 5768 8181

E-mail: gj@glunz-jensen.com

Phone: +45 2139 0532

E-mail: hbf@glunz-jensen.com

Phone: +45 4043 1303

E-mail: f.n.enevoldsen@gmail.com

Annual general meeting

The Company's Annual General Meeting will be held on Wednesday, April 15th, 2026, at 15:00 at the following address: Scandic CPH Strandpark, Amager Strandvej 401, 2770 Kastrup, Denmark.

Shareholders on March 17th, 2025

Ownership interest (%)

Heliograph Holding GmbH, Konrad-Zuse-Bogen 18, 82152 Krailling, Germany 50,10

Strategic Investments A/S 20,48

Klaus Zwisler 10,27

Notified according to the section 38 of the Danish Securities Trading Act 80,85 All other shareholders 19,15

Share-related key figures and financial ratios

‌Board of Directors

CEO & Non-Executive Director.

Chairman of the Board of Directors of Glunz & Jensen Holding A/S.

Member of the Board of Directors of Glunz & Jensen Holding A/S since 2017. Re-elected in 2025 and is up for re-election in 2026.

Chairman of the remuneration committee and the audit committee.

Regarded as independent.

Chairman of the Board of Directors in:

Insepa A/S, A. Espersen A/S, Business Esbjerg, ST Plast A/S, Suztain A/S, ABL Food A/S, Esbjerg Forenede Boldklubber Elitefodbold A/S, Glunz & Jensen A/S and Selandia Park A/S.

Vice-chairman in Head Energy AS (Norway).

Member of the Board of Directors in GreenGenius A/S, Skov Industri A/S, and Esbjerg Konference & Event A/S. CEO at Skov Industri A/S, and Enevoldsen Invest ApS.

Competences: Many years of international experience as CEO within production and energy with expertise in generating profit and leadership skills. More than 10 years of experience in sales management roles of equipment for the graphic arts industry - including Glunz & Jensen products.

CEO & Non-Executive Director.

Member of the Board of Directors of Glunz & Jensen Holding A/S since 2020. Re-elected in 2025 and is up for re-election in 2026.

Member of the product committee and the remuneration committee.

Not regarded as independent. Shareholder in MRB Holding GmbH.

CEO and shareholder in MRGrund GmbH.

Member of the Board in Global Rotogravure Association (G.R.A.) e.V.

Competences: Many years of CEO experience with strategy and management with particular emphasis on international BTB sales and marketing.

CEO at Daetwyler Graphics AG.

Member of the Board of Directors of Glunz & Jensen Holding A/S since 2017. Re-elected in 2025 and is up for re-election in 2026.

Chairman of the product committee. Not regarded as independent.

Board of Management in Heliograph Holding GmbH.

Competences: Many years of experience as CEO within process and Prepress technology with formation of new companies, restructuring and acquisitions.

Sales Director, Offset solutions

Member of the Board of Directors of Glunz & Jensen Holding A/S since June 2021, serving as an employee representative until 2025. Elected at the annual general meeting in 2025 and is up for re-election in 2026.

Member of the product committee. Regarded as independent.

Competences: More than 35 years of experience in the graphic arts industry, including 19 years in various positions within Glunz & Jensen.

Executive Management

CEO of Glunz & Jensen Holding A/S since January 1st, 2023.

CFO of Glunz & Jensen Holding A/S during April 1st, 2016 - December 31st, 2022.

Executive manager of Glunz & Jensen Holding A/S since February 1st, 2023.

Group COO and general manager of the subsidiary Glunz & Jensen s.r.o. since April 1st, 2020.

All board members participated in all board meetings during 2025. Board of Directors and Executive Management;

Ownership interest in Glunz & Jensen Holding A/S

Selandia Park 1

4100 Ringsted

Denmark

Phone: +45 5768 8181

gj@glunz-jensen.com https://www.glunz-jensen.com

Kosicka 50, P.O. Box 116

080 01 Presov Slovakia

Phone: +421 51 756 3811

skpr@glunz-jensen.com

Selandia Park 1

4100 Ringsted

Denmark

Phone: +45 5768 8181

gj@glunz-jensen.com https://www.glunz-jensen.com

2185 Highway 292

Inman, SC 29349 USA

Phone: +1 864 568 4638

gj-americas@glunz-jensen.com

.

Selandia Park 1

4100 Ringsted Denmark

Phone: +45 5768 8181

gj@glunz-jensen.com https://www.glunz-jensen.com

Legal structure - all legal units are fully owned:

The Board of Directors and the Executive Management have today date discussed and approved the annual report for 2025 for Glunz & Jensen Holding A/S.

The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statement Act.

In our opinion, the consolidated financial statements and the financial statements give a true and fair view of the Group's and the Company's financial position on December 31st, 2025, and of the results of the Group's and the Company's operations and cash flows for the financial year January 1st, 2025 - December 31st, 2025.

In our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial position as well as a description of the major risks and uncertainties faced by the Group and the Company.

We recommend that the annual report be approved at the general meeting. Copenhagen, March 17th, 2026

Henrik Blegvad Funk Robert Popik

CEO COO

Flemming Nyenstad Enevoldsen Rolf Pfiffner

Chairman Vice Chairman

Maximilian Rid Thomas Haase

‌To the shareholders of Glunz & Jensen Holding A/S

Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements

Opinion

In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at December 31st, 2025 and of the results of the Group's and Parent Company's operations and cash flows for the financial year January 1st, 2025 - December 31st, 2025 in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.

Our opinion is consistent with our reporting to the Board or Directors and the Audit Committee.

Audited financial s tatements

Glunz & Jensen Holding A/S' consolidated financial statements and parent company financial statements for the financial year January 1st - December 31st, 2025, comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes, including summary of significant accounting policies, for the Group as well as for the Parent Company (the financial statements). The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark.

Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit services, as referred to in Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in conducting the audit.

We were appointed auditors of Glunz & Jensen Holding A/S for the first time on June 30th, 2021, for the financial year 2021/22. We have been re-appointed by resolutions passed by the annual general meeting for a total uninterrupted engagement period of 5 years up to and including the financial year ending December 31st, 2025.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the 2025 financial year. These matters were addressed in the context of our audit of the financial statements as a whole, and in the forming of our opinion thereon. We do not provide a separate opinion on these matters.

• Valuation of investment property

  For the purpose of our audit, the procedures we carried out included the following:

  • The audit procedures we performed consist, among other things, of an assessment of the applied valuation method used in the determination of fair value performed by Management. We have assessed whether the method used by Management has been applied consistently. We have tested the key assumptions used in the determination of fair value performed by Management by comparing the capitalization rate used to available industry data for similar investment properties. In addition, we have assessed the data used by Management in determination of future cash flows and agreed expected rental income and operating expenditure to underlying tenant contracts, budget and historical property expenditure.

  • We also assessed the appropriateness of the disclosures and sensitivities made relating to investment properties compared to applicable financial reporting standards.

Statement on the Management's review

Management is responsible for the Management's review.

Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations.

Based on the work we have performed; we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with relevant law and regulations. We did not identify any material misstatement of the Management's review.

Management's responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.