Financial Outlook 2025

• Revenue growth measured in local currencies is expected to be around 4% 

• EBIT before special items is expected to be in the range of DKK 100 - 150 million

Key assumptions for the financial outlook for 2025

• Modest volume growth primarily coming from the UK and stable development in Poland (unchanged).
• The outlook does not assume any market improvements in Germany (unchanged).
• Price increases will not cover cost inflation driven by the German market situation.

Other assumptions

• CAPEX of around DKK 180 million.
• Special items of around DKK 80-100 million in Q3 and Q4 2025 which will be paid in cash during 2025 and 2026.
• Assets impairment related to the German market of around DKK 600 million will be treated as special items.