Financial Outlook 2026

• Revenue growth measured in local currencies is expected to be in the range of -5% to 0% 

• EBIT before special items is expected to be in the range of DKK 50 - 100 million

Key assumptions for the financial outlook for 2026

• The year began with unusually severe winter weather, which significantly reduced sales across all markets and is expected to negatively impact EBIT before special items around DKK 70 million compared to last year. We only expect a limited recovery of the lost volumes during the remainder of the year.
• In the remainder of the year the markets in the UK and Poland continue to perform at the same level as in 2025.
• Expected benefits of DKK 40 million from German restructuring initiated in 2025.
• CAPEX for 2026 is expected to be DKK 100 – 120 million. Free cash flow expected to be positive including cash flow from asset sales.
• The outlook assumes no major changes to macroeconomic or geopolitical conditions, and FX assumptions are based on February 2026 actuals combined with forward rates for the next ten months.
  

The forward-looking statements on page 2 in the interim financial report for the first nine months of 2025 (Company Announcement No. 588/2025) also apply to this information.