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Report: Sagsnummer X26-CP-75-LE

Report overview

Organization name	HARTMANN PACKAGING A/S
CVR number	63049611
Sagsnummer	X26-CP-75-LE
Period	2025-01-01 - 2025-12-31
Length (pages)	N/A
Length (words)	INVALID (that's INVALID the length of the Odyssey!)
Length (characters)	INVALID
Sustainability info

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Documents

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Extra info

Assets

Type	Time	Amount	Unit
Revenue

Type	Start date	End date	Amount	Unit
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   <mrv:ManagementsReview contextRef="ctx1" id="fact1000" xml:lang="en">Hartmann Â  at a glance Â  Hartmann is the worldâs leading Â  manufacturer of moulded-fibre egg Â  packaging and a market-leading Â  manufacturer of fruit packaging in Â  Argentina and India. Â  The group is also the worldâs largest Â  manufacturer of technology for the production Â  of moulded-fibre packaging. Founded in Â  1917, Hartmannâs market position builds on its Â  strong technology know-how and extensive Â  experience of moulded-fibre production Â  dating back to 1936. Â  Number of employees Â  3,296 4,145Â 602 Â Hartmann Packaging A/S Â  â Annual Report 2025 Â  Revenue (DKKm) Â  Profit before tax (DKKm) Â  Business model Â  Resources Â  Core business Â  Customers Â  Pulp Â  Expertise Â  Farmers Â  We continually enhance our expertise on Â  We help egg and fruit farmers grow sales and Â  Consumer Â  Moulding Â  packaging production, consumer trends, Â  earnings through reliable delivery, superior Â  and the marketing of eggs and fruit. Â  product protection and efficiency improvements. Â  Moulded-fibre Â  packaging made from Â  Employees Â  recycled materials Â  Packing business Â  Each year, our more than 3.000 highly Â  We supply packing businesses with retail Â  skilled and experienced employees Â  and transport packaging and through Â  manufacture billions of products. Â  Delivery Â  Drying Â  close cooperation ensure that our products Â  contribute to an excellent packing process. Â  Technology Â  Retail Â  Our deep technology knowhow Â  Based on our knowledge of consumer Â  Print/label Â  After- Â  builds on decades of experience and Â  preference, we assist an increasing number Â  pressing Â  position us to setting the standard for Â  of retail chains with the marketing of eggs Â  moulded-fibre production. Â  and the choice of packaging. Â  Value creation Â  Customers Â  Environment Â  Employees Â  Community Â  We carry a customised portfolio of high quality Â  We make moulded-fibre packaging from Â  We create jobs in our local communities and Â  Our sustainability-focused products, innovation, Â  packaging products offering timely delivery, more Â  recycled paper offering a packaging solution Â  provide our employees with attractive working Â  job creation, employee development, and tax Â  sustainable packaging with protective qualities. Â  that does not rely on oil-based plastic. Â  conditions and development opportunities. Â  contributions support economic growth and help Â  strengthen the communities in which we operate. Â  Strengths Â  Expertise Â  Platform Â  Hartmann has built unique expertise in the marketing Â  Our experienced sales organisation has built solid Â  of eggs and the production of moulded-fibre pack- Â  market positions that are supported by a well- Â  aging since 1936. Our insights into consumer pref- Â  established production network which is continually Â  erences and behaviour are based on continuous Â  optimised and expanded with a view to improving Â  consumer research providing a strong and data- Â  efficiency, ensuring flexibility in production, and Â  based foundation for customersâ choice of products. Â  driving continued growth. Â  Products Â  Technology Â  Our versatile product portfolio enables us to Â  Thanks to our proven technological skills, we are Â  customise the product range to specific demand Â  uniquely positioned to continually expand, opti- Â  patterns among customers and consumers across Â  mise, and automate our production facilities and to Â  the groupâs diverse markets. We cover all customer Â  develop new cost- and energy-saving technologies, Â  requirements and can provide both premium and Â  processes, and production methods. Â  standard products. Â  1936 Â  Hartmann has built a unique expertise on Â  the marketing of eggs and production of Â  moulded-fibre packaging since 1936. Â  Trends Â  Sustainability Â  Demographics Â  Consumer behaviour Â  Increasing demand for sustainable Â  Global population growth means Â  Eggs are considered a less expensive and Â  packaging is correlated with the growing Â  increased demand for food, while growing Â  natural source of protein and a natural part Â  awareness of consumers, retailers, and Â  prosperity and urbanisation further Â  of the varied and healthy diet prioritised Â  policy- and opinion makers about the Â  supports consumption of packed products. Â  by an increasing number of consumers. Â  adverse impact of single-use plastic Â  Hartmannâs markets are expected to witness Â  This development drives increased egg Â  packaging on the environment, animal life Â  varying degrees of these developments, Â  consumption and shifts demand between Â  and humans. The disposal of plastics is a Â  leading to growing use of moulded-fibre Â  different types of eggs. Â  growing challenge, and waste products Â  packaging and increased demand for Â  from crude oil-based plastic materials are Â  premium products. Â  accumulating in oceans, drinking water and Â  on land. Â  Letter from management Â  Solid Performance Â  in a Volatile Market Â  Environment Â  Hartmann delivered a solid performance in an unusually volatile Â  market environment, delivering revenue of 4,145 mDKK and profit Â  before tax of 602 mDKK, exceeding our expectations. Performance Â  was driven by strong operational execution, pricing discipline and Â  strategic investments. Demand for moulded-fibre packaging remained Â  supported by structural tailwinds, including plastic substitution, Â  the expansion of cage-free egg production and growing retailer Â  commitments to sustainable packaging. Â  The year began with avian flu outbreaks across Â  both Europe and North America, leading to Â  tight egg availability in key markets. In North Â  America, egg prices surged dramatically, Â  which curtailed promotional activity and ulti- Â  mately reduced egg consumption, as both Â  retailers and consumers adjusted to elevated Â  cost levels. A prolonged period of trade uncer- Â  tainty also began in the first quarter, driven by Â  an increasingly unpredictable political envi- Â  ronment. While the robustness of the USMCA Â  agreement continued to provide an important Â  degree of protection for North American cross- Â  border trade, uncertainty remains regarding Â  potential tariff measures. Â  Henrik Marinus Pedersen Â  Chairman Â  Torben Rosenkrantz-Theil Â  CEO Â  Despite this backdrop, performance in Europe Â  remained robust, with continued commer- Â  cial momentum throughout most of the year. Â  In North America, the prolonged impacts of Â  avian flu continued to distort supply, pricing Â  and demand; however, a strong product mix, Â  pricing actions and solid operational execution Â  supported earnings. In South America, market Â  conditions remained mixed, with Argentina Â  demonstrating resilience as macroeconomic Â  conditions improved, while intense competition Â  and excess capacity in Brazil led to reduced Â  capacity utilisation across our plants. Our pres- Â  ence in Asia remains under development, with Â  significant long-term potential. Â  Our ESG efforts were accelerated in 2025. Hart- Â  mann nearly doubled technology resources Â  to improve energy efficiency and reduce our Â  climate footprint. At the same time, manage- Â  ment addressed an unacceptable rise in Â  workplace accidents through intensified focus Â  on mitigating actions, safety training of new Â  employees and knowledge sharing across the Â  organisation. Human-rights governance was Â  further strengthened through an independent Â  review of contract labor conditions in India. Â  Looking ahead to 2026, we expect continued Â  political and market volatility, including Â  potential revisions to the USMCA agreement, Â  ongoing fluctuations in raw material prices, Â  and a challenging macroeconomic environ- Â  ment. At the same time, Hartmannâs robust Â  business model and geographically diversi- Â  fied production footprint provide resilience. Â  Volume growth is expected to continue, driven Â  by ongoing plastic substitution, increased Â  demand for eggs and the effects of our signifi- Â  cant strategic investments. Â  We will maintain a high investment level Â  throughout 2026 to further support future Â  growth and competitiveness. Assuming no Â  material deterioration in the global operating Â  environment, we expect satisfactory financial Â  performance in 2026, with revenue growth Â  around 5% and profit before tax broadly in line Â  with 2025 levels. Â  Strategy Â  Global population growth, increased sustain- Â  ability awareness and consequent positive Â  shifts in consumer behaviour grow demand for Â  moulded-fibre packaging for eggs and fruit. Â  Capitalising on these trends as well as oper- Â  ating its factories in an efficient manner, Hart- Â  mann aims to: Â  â¢ Implement marketing initiatives to increase Â  the share of premium products and help Â  drive the conversion from oil-based plastic Â  packaging to more sustainable moulded- Â  fibre packaging solutions Â  â¢ Continuously develop recyclable and bio- Â  degradable products Â  â¢ Expand production capacity to meet growing Â  market demand and drive volume growth Â  across markets Â  â¢ Enhance utilisation of the groupâs total Â  production capacity Â  â¢ Improve efficiency through further automa- Â  tion and continuous development of produc- Â  tion network and technologies Â  â¢ Explore for potential acquisition opportunities Â  in both existing and new markets Â  Hartmann turns fibre based recycled waste into Â  valuable products. Our core business focuses on Â  recycling and circularity with a strong commit- Â  ment to environmental-, social- and governance Â  responsibility. As a global company, Hartmann Â  is dedicated to protecting the planet, respecting Â  people, and staying true to core values: Being Â  accurate, responsible, and transparent. Â  Our key strengths â expertise, strong platform, Â  diverse product range and proprietary Â  technology â underpin our strategy to solidify Â  Hartmannâs positions as the worldâs leading Â  moulded-fibre manufacturer of egg packaging, Â  the leading manufacturer of fruit packaging Â  in selected markets and the preferred supplier Â  of machinery and technology to produce Â  moulded-fibre packaging. Â  Markets and Â  products Â  Hartmann operates in diverse markets with varying product Â  offerings continuously adapted to regional needs. The Â  product portfolio comprises retail and transport packaging Â  for eggs and fruit packaging. In selected markets, Hartmann Â  also sells machinery and technology to manufacturers of Â  moulded-fibre packaging. Â  Retail packaging for eggs is our main Â  product category. The segmentation into Â  premium and standard products varies Â  from market to market depending on Â  factors such as the maturity of the retail Â  trade, the penetration of moulded-fibre Â  packaging, and the focus on sustainability. Â  For sales of packaging, our main markets Â  are Europe, North and South America and Â  Asia while Hartmann Technology sells Â  machinery and technology for manu- Â  facturing moulded-fibre packaging in Â  selected global markets. Â  Demand for egg and fruit packaging Â  steadily increases and is â over time â Â  relatively resilient to economic fluctua- Â  tions. However, exchange rate fluctuations Â  particularly affect South American fruit Â  exports and, hence, sales of fruit pack- Â  aging. Under normal market conditions, Â  demand for egg and fruit packaging is Â  seasonal. Hartmannâs primary markets are Â  highly competitive and served by a few Â  large and several medium-sized players. Â  Europe Â  Hartmann is the leading manufacturer of Â  egg packaging in the relatively mature and Â  competitive European market. Â  Growth varies across borders but is generally Â  driven by increased demand for retail pack- Â  aging on the back of continued penetration and Â  professionalisation of the retail trade combined Â  with the transition towards moulded-fibre Â  packaging in more markets. Â  North America Â  In North America, Hartmann is the leading Â  manufacturer of moulded-fibre packaging in Â  the market for egg packaging, which is growing Â  on the back of an increasing consumption of Â  eggs. Â  Furthermore, moulded-fibre egg packaging Â  growth is driven by conversion from foam and Â  plastic packaging. Sales of cage-free and Â  free-range eggs are growing at the expense Â  of battery-cage eggs, entailing an increased Â  number of differentiated products with demand Â  for premium packaging. Â  South America Â  Hartmann holds a market-leading position in Â  the egg packaging market in Brazil and Argen- Â  tina, as well as a leading position in Argentina's Â  fruit packaging market. Â  Demand for egg packaging in these markets Â  is growing due to growing population, urban- Â  isation, and the resulting shifts in consumer Â  behaviour. Â  Hartmannâs sales of fruit packaging are largely Â  driven by fruit exports. Â  Asia Â  The egg packaging market in Asia is currently Â  fragmented and commodity-driven, with Â  numerous local players. However, the market Â  is expected to see strong growth over the next Â  decade, driven by favorable demographics, Â  increased egg production, urbanisation and the Â  resulting shifts in consumer behavior. Â  With factories in India, Malaysia and China the Â  geographical footprint strategically positions Â  Hartmann to capitalize on the emerging market Â  opportunities in the region over the coming Â  decade. Â </mrv:ManagementsReview>
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   <mrv:EntitysObjectivesAndPolitiesForFinancialRiskManagement contextRef="ctx1" id="fact3726" xml:lang="en">Risk management Â  Hartmann is exposed to several risks. They are monitored and actively addressed on Â  an ongoing basis to identify and prioritise key risk areas, to determine Â  how to manage them and to optimise the risk-return balance. Â  Organisation Â  The overall responsibility for Hartmannâs risk Â  management lies with the board of directors, Â  which regularly reviews the risk assessment and Â  management principles and monitors processes Â  and developments in key risk exposures. Â  The group management team is responsible Â  for the day-to-day identification and manage- Â  ment of risks and continuously developing Â  and adjusting risk management principles, Â  processes, and activities. Â  Local business and production unit managers Â  provide the group management team with Â  monthly reports on risk developments and Â  assessments through a centrally anchored, Â  operational focused risk team headed by the Â  groupâs risk manager. The risk management Â  team works continuously to ensure knowledge Â  sharing between factories, compliance with Â  adopted standards and risk mitigation. Â  Operational Risk Management Â  - Initiatives in 2025 Â  Throughout 2025, Hartmann continued to Â  strengthen its risk management activities Â  across the Group with a focus on operational Â  resilience and reduced physical risk exposure. Â  During the year, efforts were directed towards Â  further developing and embedding the existing Â  risk management framework introduced in Â  previous years, ensuring a consistent approach Â  to identifying, assessing, and prioritising risks Â  across sites. Collaboration with the Groupâs Â  new insurance partner, and its risk engineering Â  expertise supported more detailed site assess- Â  ments and clearer prioritisation of mitigation Â  initiatives. Â  Fire risk prevention and loss mitigation Â  remained key focus areas. Selected improve- Â  ments to fire detection systems were imple- Â  mented, alongside ongoing optimisation and Â  maintenance of existing fire protection meas- Â  ures, supporting early detection and reducing Â  potential loss severity. Â  Hartmann also enhanced its understanding Â  of exposure to natural catastrophes through Â  refined catastrophe mapping, supporting site- Â  level risk awareness, long-term planning, and Â  investment decisions. In parallel, increased Â  focus on business interruption risks strength- Â  ened the identification of critical assets and Â  operational dependencies, supporting opera- Â  tional continuity. Â  Overall, the initiatives undertaken in 2025 Â  increased risk transparency and reinforced Â  a proactive and systematic approach to Â  managing physical and operational risks Â  across Hartmann. Â  Risk assessment Â  In Hartmannâs assessment, key risks in the period Â  ahead are related to factory fires, continued Â  disease outbreaks among laying hens, polit- Â  ical uncertainty and impact from potential Â  trade tariffs, and volatile raw material prices as Â  consequence of the continued macroeconomic Â  uncertainty and geopolitical instability. These Â  risks and mitigating efforts are described in Â  more detail on the next page. Â  Other identified risks include fluctuations in Â  demand for eggs and fruit, shifts in sales across Â  product categories, the groupâs ability to attract Â  and retain skilled employees, as well as IT secu- Â  rity and interruption. To this should be added Â  financial risks, which are described in detail in Â  Note 21, and sustainability risks described in the Â  Thornico sustainability report. Â  Risk management process Â  Hartmann continuously identifies risks Â  affecting the group's commercial activities, Â  operations, and financial performance. Iden- Â  tified risks are analysed at local and central Â  level with a view to sharing knowledge across Â  the organisation and assessing potential Â  impacts and risk probabilities. Â  On this basis, key risks are determined and Â  prioritised so that mitigation measures may be Â  initiated, where relevant, and risks be moni- Â  tored on an ongoing basis. Developments in Â  Hartmannâs overall risk exposure, the assess- Â  ment of key risks and mitigating measures Â  implemented are reported on an ongoing Â  basis to the group management team, which Â  involve and keep the board of directors Â  informed. Â </mrv:EntitysObjectivesAndPolitiesForFinancialRiskManagement>
   <mrv:EntitysExposureToPriceRiskCreditRiskLiquidityRiskAndCashFlowRisk contextRef="ctx1" id="fact1178" xml:lang="en">Fire Â  Raw materials Â  Disease outbreaks among hens Â  Politics and macroeconomics Â  Environment Â  Description Â  The production of egg and fruit Â  Fluctuations in procurement prices of recycled paper and energy Â  Egg packaging sales are exposed Â  While the consumption of eggs and Â  Violations of environmental legisla- Â  packaging is based on paper- Â  (electricity and natural gas) may have a significant impact on the Â  to changes in demand for eggs, Â  fruit historically has been resilient Â  tion, rules or thresholds in connec- Â  based moulded-fibre dried at high Â  groupâs financial results. Potential adjustments of selling prices with Â  which in turn may be influenced Â  to slowdowns in economic growth, Â  tion with, for instance odor and Â  temperatures, and Hartmannâs Â  a view to mitigating increases in raw material prices must take into Â  by disease outbreaks among Â  political and macroeconomic Â  noise, wastewater discharge, CO2 Â single most significant risk is the Â  account the competitive situation and will be implemented at a Â  laying hens and consumer fears of Â  uncertainties may cause significant Â  emissions, waste disposal or inad- Â  total loss of a factory from fire. Â  certain time lag. Â  resulting health hazards. Moreover, Â  shifts in Hartmannâs sales across Â  vertent chemical spills may lead to Â  Re-establishing the facilities would Â  the outbreak of diseases such as Â  product categories. Moreover, trade Â  business interruption, fines or other Â  be very time consuming, costly and Â  Inadequate supplies of raw materials for Hartmannâs production Â  avian flu will typically entail fluctu- Â  barriers including potential trade Â  sanctions and harm Hartmannâs Â  involve the risk of both business Â  may cause business interruption, impede satisfactory deliveries to Â  ations in the population of laying Â  tariffs, and significant currency fluc- Â  reputation and internal and external Â  interruption and loss of market Â  customers and force the group to purchase raw materials on less Â  hens and volatility in egg supply Â  tuations may affect the competitive Â  stakeholder relationships. Â  share as the reliability of supply is Â  attractive terms. Â  and prices. Â  strength of some factories and the Â  crucial to Hartmannâs customers. Â  groupâs financial results. Â  Mitigating Â  Hartmann continuously monitors Â  Hartmann may seek to make up increases in purchase prices Â  The geographical scope of Hart- Â  Hartmann monitors its markets Â  Hartmann monitors environmental Â  action Â  and reviews fire conditions at its Â  by adjusting selling prices. In addition, Hartmann works actively Â  mannâs production with factories Â  carefully in order to be able to Â  risks at local and central level with Â  factories and invests in physical Â  to introduce more paper grades and enhance the efficiency of Â  located in Europe, North and South Â  reduce negative trends by, for Â  a view to preventing, mitigating or Â  separation of equipment, high-effi- Â  production at individual factories and optimise distribution to the Â  America, Israel, India, China and Â  instance, changing the allocation Â  minimising the group's environ- Â  ciency sprinkler and alarm systems, Â  groupâs customers in an effort to reduce its exposure to fluctuations Â  Malaysia helps to mitigate the total Â  of the group's production between Â  mental impact. Hartmann contin- Â  adequate water supply and other Â  in the prices of recycled paper and energy. These measures include Â  negative impact of local or regional Â  factories and adjusting the product Â  ually invests in new production Â  fire protection equipment. The Â  efforts to reduce the volume of energy consumed during the manu- Â  disease outbreaks on the group's Â  offering in the markets concerned. Â  technology, optimisation of existing Â  internal risk management team Â  facturing process, reduce waste in production and optimise alloca- Â  financial performance. At the same Â  In particular, Hartmann monitors Â  equipment and processes and Â  conducts regular factory visits and Â  tion between the groupâs factories, considering customer demand Â  time, thanks to its versatile product Â  closely the political and macroe- Â  systematic waste reduction. With a Â  organises visits by external experts. Â  and locations. To further manage short-term volatility in electricity Â  portfolio and adaptability, Hart- Â  conomic developments in North Â  view to ensuring a structured and Â  In addition, Hartmann has taken Â  and gas prices, Hartmann may enter into energy hedging contracts Â  mann is able to vary its product Â  America, Argentina, Israel, and Â  efficient approach to environmen- Â  out all risk insurance policies for all Â  covering a portion of its expected future consumption. These Â  offering according to shifts in Â  Russia. Â  tally sound and energy-efficient Â  production facilities covering fire Â  contracts are used to stabilise production costs when commercially Â  demand patterns occurring during Â  production, a number of Hartmannâs Â  damage, consequential loss and Â  favourable terms are available. Â  and in the wake of such disease Â  Any negative trade barrier impacts Â  production facilities are certified Â  other incidents. Â  outbreaks. Â  are to a certain extend mitigated by Â  to the ISO 14001 (environmental Â  Hartmann has contracted with several suppliers of recycled paper, Â  Hartmannâs geographical diversifi- Â  management) and ISO 50001 Â  In addition to strengthening the Â  energy and other raw materials with a view to mitigating the risk of Â  cation and sales to local markets. Â  (energy management) standards. Â  groupâs supply capacity, the Â  non-delivery. Recycled paper systems and supply vary considerably Â  spreading of production across 17 Â  across the groupâs markets, and long-term fixed-price agreements Â  factories also helps to reduce the Â  for recycled paper are generally not obtainable. Hartmann has Â  total impact in case of a factory fire Â  the option of signing fixed-price agreements, typically for six or 12 Â  in some regions. Â  months, for a part of the groupâs energy consumption with energy Â  suppliers in areas with well-functioning markets. The group regularly Â  analyses whether entering into such agreements is attractive and Â  explores possibilities for using alternative types of raw materials. Â </mrv:EntitysExposureToPriceRiskCreditRiskLiquidityRiskAndCashFlowRisk>
   <mrv:SustainabilityReport contextRef="ctx1" id="fact1335" xml:lang="en">Sustainability Â  highlights Â  Share of recycled paper Â  CO2e emissions scope 1-3 Â Injury rate, LTI-FR Â  97% 9% 111% Â  2024: 97% Â  from 2024 Â  from 2024 Â  CO2e emission distribution 2025 Â Science-based targets Â  Read more in Â  Thornico Company Â  Karma Report 2025 Â  Hartmann's near-term scope 1, 2 and 3 Â  carbon emission reduction targets are Â  validated by the Science Based Target Â  Scope 2 Â  initiative. Â  13% Â  Scope 3 Â  of total CO2e Â From a 2021 base, we aim for: Â  51% Â  â¢ Scopes 1 and 2: Absolute reduction of Â  50% by 2030 Â  of total CO2e Â â¢ Scope 3: 50% relative reduction of Â  Scope 1 Â  carbon emission intensity per kilogram Â  36% Â  dry matter by 2030 Â  of total CO2e Â Achievement of these targets requires a Â  technology leap. Â  Scope 1: Direct emissions from gas for heating. Â  Scope 2: Indirect emissions from externally produced electricty. Â  Scope 3: Indirect up- and downstream emissions. Â  Sustainability Â  2025 has been a year of continued transition in our sustainability journey to set the standard for more sustainable egg packaging. Â  While the fundamental assessments remain important, our focus has increasingly been on translating priorities into practical Â  execution. Progress has required patience, technical clarification, and careful prioritisation. Our direction is clear, and our Â  commitment to responsible and disciplined development remains unchanged. Â  Adapting to evolving requirements Â  As part of the Thornico Group, Hartmann Â  shares the Thornico Groupâs values of Â  Company Karma and work proactively Â  together with the Thornico Group to prepare Â  for reporting under the EU Corporate Sustain- Â  ability Reporting Directive (CSRD) and the Â  European Sustainability Reporting Standards Â  (ESRS), which will apply from the financial year Â  2027. During the year, we revisited our value Â  chain and updated our double materiality Â  assessment. The reassessment confirmed our Â  existing priorities, which remain unchanged Â  in substance but have been consolidated into Â  the following key ESG focus areas: Â  Fighting climate change Â  Investing in people Â  Safeguarding resources Â  Hartmann Packaging A/S Â  â Annual Report 2025 Â  Reduction of energy and CO2 Â Fighting climate change and reducing CO2 Â emissions is high on the agenda in Hartmann. Â  During 2025, our focus has gradually expanded Â  from assessment toward stronger execu- Â  tion. Our growing energy team have placed Â  increased emphasis on defining solutions that Â  allow us to translate these insights into tangible Â  operational improvements. This has required Â  extensive testing and disciplined technology Â  clarification, a process that remains ongoing. Â  An important insight this year has been that Â  certain critical technologies remain immature, Â  supported by a limited and not yet fully robust Â  supplier base, as well as public utility infrastruc- Â  ture that are lagging in necessary expansion. Â  These structural conditions have constrained Â  implementation speed and are expected to Â  continue influencing execution pace. In addi- Â  tion, many of the available solutions are capi- Â  tal-intensive, with return profiles that remain Â  somewhat uncertain, requiring prudent invest- Â  ment decisions. Â  Strengthening the credibility of our data and Â  decision-making processes has been a central Â  priority. We have advanced a dedicated CO2 Â calculation project to improve transpar- Â  ency, consistency, and reliability across ESG Â  and operational metrics to support stronger Â  governance through better systems and clearer Â  accountability. The prioritised initiatives from Â  last yearâs materiality assessment are now Â  progressing into structured implementation, Â  including further embedding ESG in procure- Â  ment processes. Â  GHG emission Â  GHG emissions increased across all three scopes Â  compared to the previous year. The rise in Scope Â  1 and Scope 2 emissions is driven by higher Â  production volumes. The increase in Scope 3 is Â  mainly attributable to increased investments Â  in machinery and equipment, as well as higher Â  production volumes and sales of machinery Â  within our Technology business, contributing to Â  higher emissions from the use of sold products. Â  Water usage Â  Building on the strengthened water stewardship Â  focus introduced in 2024, we have continued Â  to operationalise this work in 2025. We have Â  identified an even stronger link between Â  disciplined water management, resource Â  efficiency, product quality, and operational Â  performance - reinforcing that environmental Â  responsibility and commercial results are Â  closely connected. Â  Commitments Â  We are committed to the Â  UN Global Compact and Â  company relevant UN SDGâs Â  Reporting requirements Â  Our sustainability activities and progress are Â  presented in the THORNICO Group Sustain- Â  ability Report named The Company Karma Â  Report. It also constitutes the groupâs statu- Â  tory reports on corporate social responsibility, Â  pursuant to section 99a of the Danish Finan- Â  cial Statements Act. While this annual report Â  merely provides a summary of selected Â  activities in 2025, the full THORNICO Group Â  Sustainability Report is available at Â  thornico.com/home/company-karma/ Â  sustainable-growth/ Â  Health and Safety Â  Hartmann remains committed to reaching Â  zero work-related (category 1) accidents. But Â  this year our safety performance has moved Â  in the wrong direction, with an increase in the Â  recorded lost time incidents frequency to 10.1 Â  in 2025 from 4.8 in 2024. The higher share of Â  incidents is partly related to new employees Â  and partly related to cases occurring at the Â  workplace but not directly work-related. Â  Regardless, we take our responsibility seriously Â  and have intensified onboarding, supervision, Â  and preventive measures to strengthen safety Â  across all sites. Â  Contract Workers Â  Our double materiality assessment identified a Â  potential high-risk impact relating to contract Â  workers in India. To better understand this Â  risk, we have previously visited the facility and Â  engaged with local management to assess Â  working conditions and potential challenges. Â  During the reporting year, we conducted Â  a focused review of working conditions for Â  contract workers in collaboration with external Â  experts. The review identified certain gaps, Â  which have resulted in concrete mitigating Â  actions and strengthened local oversight. Â  Based on the insights gained, we are currently Â  assessing whether similar initiatives should Â  be implemented in our other facilities located Â  in countries which we consider as high-risk Â  countries. Â </mrv:SustainabilityReport>
   <mrv:CorporateGovernanceReport contextRef="ctx1" id="fact1518" xml:lang="en">Governance structure Â  Hartmannâs corporate governance comprises management, Â  policies as well as risk management and audits. Â  Ownership Â  Hartmannâs share capital is fully owned by Â  Thornico Food and Food Technology A/S a Â  company within the Thornico Group. Â  Management structure Â  Hartmann operates a two-tier management Â  structure comprising the board of directors and Â  executive management, leading the group Â  management team. Â  Board of Directors Â  Hartmannâs board of directors is responsible for Â  the overall management of the company and Â  resolves matters relating to Hartmannâs strategic Â  development, financial forecasts, risk factors, ac- Â  quisitions, and divestments as well as major de- Â  velopment and investment projects. Â  The board of directors consists of five members, Â  three elected by the shareholder and two by Â  the employees in the parent company. Board Â  members elected by the shareholder are elected Â  for one year and eligible for re-election. Board Â  members elected by the employees are elected Â  for terms of four years in accordance with the Â  provisions of the Danish Companies Act. Â  During 2025 there were no changes to the Â  composition of the board of directors. Â  Executive and Group Management Â  The board of directors appoints the exec- Â  utive management, who is responsible for Â  the companyâs day-to-day management, Â  including the development of the companyâs Â  operations, results of operations and internal Â  development. The executive and his group Â  management team is responsible for imple- Â  menting Hartmannâs strategy and the overall Â  resolutions approved by the board of directors. Â  Data ethics Â  The group's statutory report on data ethics Â  pursuant to section 99d of the Danish Financial Â  Statements Act may be found at https://hart- Â mann-packaging.com/media/bvrjhe5j/statuto- Â  ry-data-ethics-policy-statement-2026.pdf Â </mrv:CorporateGovernanceReport>
   <mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs contextRef="ctx1" id="fact1566" xml:lang="en">Revenue and earnings Â  Revenue Â  In 2025, revenue increased to DKK 4,145 million from Â  DKK 3,810 million in 2024, exceeding the expectations Â  outlined in the 2024 annual report of around DKK Â  4.0 billion. The revenue growth was primarily driven Â  by continued volume growth in the Group's core Â  markets in Europe and North America, supported Â  by an improved product mix and modestly higher Â  selling prices. Â  In South America, market conditions were mixed, Â  and particularly in Brazil, intensified competition led Â  to lower volumes and continued pressure on selling Â  prices. Â  In addition, revenue benefited from the full-year Â  effect of the companies acquired during 2024, which Â  in the prior year contributed only from the acquisi- Â  tion date of 30 June 2024. Â  The overall positive developments were partly offset Â  by adverse currency effects, primarily related to the Â  weakening of the US dollar. Â  Operating profit Â  Operating profit for 2025 increased to DKK 666 million Â  from DKK 570 million in 2024, resulting in a profit Â  margin of 16.1% compared to 15.0% in 2024. Â  The increase was mainly attributable to higher Â  revenue, improved operational efficiency, a favour- Â  able product mix in core markets and ongoing cost Â  discipline. Â  Operating profit in 2025 was negatively impacted Â  by impairments in Russia of DKK 11 million, as well as Â  provisions for legal claims of DKK 14 million (refer to Â  Notes 6 and 20). In comparison, operating profit in 2024 Â  was negatively impacted by impairments of assets in Â  China and Russia of DKK 31 million (see Note 6). Â  Financial income and expenses Â  Net financial expenses for the year were DKK 64 Â  million, compared to DKK 28 million in 2024. The Â  increase was primarily driven by adverse foreign Â  exchange developments, reflecting higher foreign Â  exchange losses compared to the prior year. This was Â  partly offset by lower net interest expenses, mainly Â  due to a lower average level of interest-bearing Â  debt during the year, while net interest expenses in Â  2024 also benefited from a one-off interest income Â  related to settlement of a transfer pricing case. Â  Profit for the year Â  Profit before tax increased to DKK 602 million from Â  DKK 542 million in 2024, exceeding our expecta- Â  tions as outlined in the 2024 annual report of a Â  profit before tax comparable to the 2024 level. The Â  increase primarily reflects the improved operating Â  performance, partly offset by higher net financial Â  expenses. Tax expense for the year amounted to DKK Â  154 million, corresponding to an effective tax rate of Â  26%, compared to 23% in 2024. Â  Consequently, profit for the year increased to DKK Â  448 million from DKK 417 million in 2024. Â  Parent company Â  In 2025, the parent company realised revenue of Â  DKK 2,229 million, compared to DKK 2,066 million Â  in 2024, and an operating profit of DKK 292 million, Â  compared to DKK 207 million in 2024. Â  Profit for the year amounted to DKK 201 million in Â  2025, compared to DKK 203 million in 2024. The Â  improvement in operating profit was offset by lower Â  dividend income from subsidiaries and a higher tax Â  expense. Â  Cash flows Â  Investments and cash flows Â  In 2025, operating activities generated a net cash Â  inflow of DKK 720 million compared to DKK 637 Â  million in 2024. The increase was primarily driven by Â  the higher operating profit. Income tax payments Â  were higher than in the prior year, reflecting the Â  timing of tax payments and the higher increased Â  taxable income in 2025 compared to 2024. The cash Â  outflow related to changes in working capital was Â  lower than in 2024, mainly due to higher prepay- Â  ments received from customers. Â  Cash flows from investing activities resulted in a Â  net outflow of DKK 422 million compared to DKK 501 Â  million in 2024. The cash outflow mainly reflected Â  continued investments in tangible assets, primarily Â  in Europe and North America, to enhance capacity Â  and operational efficiency. Investing activities in Â  2025 also included a cash inflow from the repay- Â  ment of a loan granted to the Groupâs parent Â  company in 2024. Â  Free cash flow (combined operating and investing Â  activities) amounted to a net inflow of DKK 298 Â  million compared to DKK 136 million in 2024. The free Â  cash flow was primarily used to reduce the Groupâs Â  net interest-bearing debt and to pay dividends. Â  Financing activities therefore resulted in a net cash Â  outflow of DKK 275 million compared to a net outflow Â  of DKK 125 million in 2024. Â  Statement of financial position and equity Â  Funding Â  As of 31 December 2025, the Groupâs net inter- Â  est-bearing debt was DKK 357 million (2024: DKK 515 Â  million). Financial resources, including cash and Â  undrawn facilities (loans and overdrafts), amounted Â  to DKK 657 million (2024: DKK 591 million), a level Â  deemed adequate to support the Groupâs planned Â  investments. The Groupâs loans are governed by Â  standard financial covenants (see Note 21). Â  Assets Â  Total assets increased to DKK 3,316 million as of 31 Â  December 2025 (2024: DKK 3,157 million), reflecting Â  investments in plant and machinery and working Â  capital. Â  ROIC Â  ROIC improved to 30.3% in 2025, compared to 27.9% Â  in 2024. Â  Equity Â  Equity at 31 December 2025 was DKK 1,902 million Â  (2024: DKK 1,673 million), resulting in an equity ratio Â  of 57% (2024: 53%). The financial gearing ratio was Â  reduced to 19% in 2025 from 31% in 2024. A dividend Â  of DKK 200 million is proposed for the year (2024: DKK Â  107 million). Â  Profit for the year Â  448 Â  417 Â  191 Â  (30) Â  74 Â  Cash flows Â </mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs>
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   <fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx10" id="fact4824" xml:lang="en">Acquisition of subsidiaries and other investments, net of cash acquired</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
   <fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx9" id="fact4823" xml:lang="en">Acquisition of subsidiaries and other investments, net of cash acquired</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities>
   <fsa:CashFlowFromOrdinaryOperatingActivities contextRef="ctx1" decimals="-5" id="fact4954" unitRef="vDKK">719700000</fsa:CashFlowFromOrdinaryOperatingActivities>
   <fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx1" decimals="-5" id="fact4955" unitRef="vDKK">700000</fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
   <fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" decimals="-5" id="fact4956" unitRef="vDKK">521500000</fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx1" decimals="-5" id="fact4957" unitRef="vDKK">0</fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx9" decimals="-5" id="fact5034" unitRef="vDKK">0</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
   <fsa:Loans contextRef="ctx1" decimals="-5" id="fact4958" unitRef="vDKK">-100000000</fsa:Loans>
   <fsa:CashFlowFromOrdinaryOperatingActivities contextRef="ctx2" decimals="-5" id="fact4988" unitRef="vDKK">637200000</fsa:CashFlowFromOrdinaryOperatingActivities>
   <fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities contextRef="ctx2" decimals="-5" id="fact4989" unitRef="vDKK">4900000</fsa:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities>
   <fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx2" decimals="-5" id="fact4990" unitRef="vDKK">417100000</fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="ctx2" decimals="-5" id="fact4991" unitRef="vDKK">200000</fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities>
   <fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="ctx10" decimals="-5" id="fact5035" unitRef="vDKK">20400000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities>
   <fsa:Loans contextRef="ctx2" decimals="-5" id="fact4992" unitRef="vDKK">100000000</fsa:Loans>
   <fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx12" id="fact4826" xml:lang="en">Repayment of loans from affiliated companies</fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
   <fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx11" id="fact4825" xml:lang="en">Repayment of loans from affiliated companies</fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities>
   <fsa:CashFlowsFromUsedInInvestingActivities contextRef="ctx1" decimals="-5" id="fact4959" unitRef="vDKK">-422200000</fsa:CashFlowsFromUsedInInvestingActivities>
   <fsa:CashFlowsFromUsedInInvestingActivities contextRef="ctx2" decimals="-5" id="fact4993" unitRef="vDKK">-501400000</fsa:CashFlowsFromUsedInInvestingActivities>
   <fsa:RaisingOfDebtToCreditInstitutions contextRef="ctx1" decimals="-5" id="fact4960" unitRef="vDKK">77200000</fsa:RaisingOfDebtToCreditInstitutions>
   <fsa:RaisingOfDebtToCreditInstitutions contextRef="ctx2" decimals="-5" id="fact4994" unitRef="vDKK">50000000</fsa:RaisingOfDebtToCreditInstitutions>
   <fsa:RepaymentOfDebtToCreditInstitutions contextRef="ctx2" decimals="-5" id="fact4995" unitRef="vDKK">147000000</fsa:RepaymentOfDebtToCreditInstitutions>
   <fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx12" decimals="-5" id="fact5037" unitRef="vDKK">-28400000</fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
   <fsa:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx2" decimals="-5" id="fact4996" unitRef="vDKK">0</fsa:DividendsPaidClassifiedAsFinancingActivities>
   <fsa:RepaymentOfDebtToCreditInstitutions contextRef="ctx1" decimals="-5" id="fact4961" unitRef="vDKK">223500000</fsa:RepaymentOfDebtToCreditInstitutions>
   <fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="ctx11" decimals="-5" id="fact5036" unitRef="vDKK">-23600000</fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities>
   <fsa:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx1" decimals="-5" id="fact4962" unitRef="vDKK">105000000</fsa:DividendsPaidClassifiedAsFinancingActivities>
   <fsa:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" decimals="-5" id="fact4963" unitRef="vDKK">-274900000</fsa:CashFlowsFromUsedInFinancingActivities>
   <fsa:CashFlowsFromUsedInFinancingActivities contextRef="ctx2" decimals="-5" id="fact4997" unitRef="vDKK">-125400000</fsa:CashFlowsFromUsedInFinancingActivities>
   <fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="ctx1" decimals="-5" id="fact4964" unitRef="vDKK">22600000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
   <fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="ctx2" decimals="-5" id="fact4998" unitRef="vDKK">10400000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents>
   <fsa:AcquiredIntangibleAssets contextRef="ctx15" decimals="-5" id="fact5046" unitRef="vDKK">17800000</fsa:AcquiredIntangibleAssets>
   <fsa:IntangibleAssets contextRef="ctx15" decimals="-5" id="fact5047" unitRef="vDKK">17800000</fsa:IntangibleAssets>
   <fsa:LandAndBuildings contextRef="ctx15" decimals="-5" id="fact5048" unitRef="vDKK">389000000</fsa:LandAndBuildings>
   <fsa:PlantAndMachinery contextRef="ctx15" decimals="-5" id="fact5049" unitRef="vDKK">1193700000</fsa:PlantAndMachinery>
   <fsa:FixturesFittingsToolsAndEquipment contextRef="ctx15" decimals="-5" id="fact5050" unitRef="vDKK">37200000</fsa:FixturesFittingsToolsAndEquipment>
   <fsa:PropertyPlantAndEquipmentInProgress contextRef="ctx15" decimals="-5" id="fact5051" unitRef="vDKK">287200000</fsa:PropertyPlantAndEquipmentInProgress>
   <fsa:PropertyPlantAndEquipment contextRef="ctx15" decimals="-5" id="fact5052" unitRef="vDKK">1907100000</fsa:PropertyPlantAndEquipment>
   <fsa:PropertyPlantAndEquipment contextRef="ctx16" decimals="-5" id="fact5101" unitRef="vDKK">1656000000</fsa:PropertyPlantAndEquipment>
   <fsa:LongtermInvestmentsInGroupEnterprises contextRef="ctx15" decimals="0" id="fact5053" unitRef="vDKK">0</fsa:LongtermInvestmentsInGroupEnterprises>
   <fsa:LongtermReceivablesFromGroupEnterprises contextRef="ctx15" decimals="0" id="fact5054" unitRef="vDKK">0</fsa:LongtermReceivablesFromGroupEnterprises>
   <fsa:NoncurrentDeferredTaxAssets contextRef="ctx15" decimals="-5" id="fact5055" unitRef="vDKK">51800000</fsa:NoncurrentDeferredTaxAssets>
   <fsa:AcquiredIntangibleAssets contextRef="ctx16" decimals="-5" id="fact5095" unitRef="vDKK">31700000</fsa:AcquiredIntangibleAssets>
   <fsa:IntangibleAssets contextRef="ctx16" decimals="-5" id="fact5096" unitRef="vDKK">31700000</fsa:IntangibleAssets>
   <fsa:LandAndBuildings contextRef="ctx16" decimals="-5" id="fact5097" unitRef="vDKK">372900000</fsa:LandAndBuildings>
   <fsa:PlantAndMachinery contextRef="ctx16" decimals="-5" id="fact5098" unitRef="vDKK">1072000000</fsa:PlantAndMachinery>
   <fsa:FixturesFittingsToolsAndEquipment contextRef="ctx16" decimals="-5" id="fact5099" unitRef="vDKK">36800000</fsa:FixturesFittingsToolsAndEquipment>
   <fsa:AcquiredIntangibleAssets contextRef="ctx17" decimals="-5" id="fact5138" unitRef="vDKK">16700000</fsa:AcquiredIntangibleAssets>
   <fsa:IntangibleAssets contextRef="ctx17" decimals="-5" id="fact5139" unitRef="vDKK">16700000</fsa:IntangibleAssets>
   <fsa:LandAndBuildings contextRef="ctx17" decimals="-5" id="fact5140" unitRef="vDKK">48200000</fsa:LandAndBuildings>
   <fsa:PlantAndMachinery contextRef="ctx17" decimals="-5" id="fact5141" unitRef="vDKK">175300000</fsa:PlantAndMachinery>
   <fsa:FixturesFittingsToolsAndEquipment contextRef="ctx17" decimals="-5" id="fact5142" unitRef="vDKK">7900000</fsa:FixturesFittingsToolsAndEquipment>
   <fsa:PropertyPlantAndEquipmentInProgress contextRef="ctx17" decimals="-5" id="fact5143" unitRef="vDKK">97300000</fsa:PropertyPlantAndEquipmentInProgress>
   <fsa:PropertyPlantAndEquipment contextRef="ctx17" decimals="-5" id="fact5144" unitRef="vDKK">328700000</fsa:PropertyPlantAndEquipment>
   <fsa:LongtermInvestmentsInGroupEnterprises contextRef="ctx17" decimals="-5" id="fact5145" unitRef="vDKK">1064600000</fsa:LongtermInvestmentsInGroupEnterprises>
   <fsa:LongtermReceivablesFromGroupEnterprises contextRef="ctx17" decimals="-5" id="fact5146" unitRef="vDKK">28800000</fsa:LongtermReceivablesFromGroupEnterprises>
   <fsa:NoncurrentDeferredTaxAssets contextRef="ctx17" decimals="-5" id="fact5147" unitRef="vDKK">0</fsa:NoncurrentDeferredTaxAssets>
   <fsa:AcquiredIntangibleAssets contextRef="ctx18" decimals="-5" id="fact5182" unitRef="vDKK">30000000</fsa:AcquiredIntangibleAssets>
   <fsa:IntangibleAssets contextRef="ctx18" decimals="-5" id="fact5183" unitRef="vDKK">30000000</fsa:IntangibleAssets>
   <fsa:LandAndBuildings contextRef="ctx18" decimals="-5" id="fact5184" unitRef="vDKK">46000000</fsa:LandAndBuildings>
   <fsa:PlantAndMachinery contextRef="ctx18" decimals="-5" id="fact5185" unitRef="vDKK">185200000</fsa:PlantAndMachinery>
   <fsa:FixturesFittingsToolsAndEquipment contextRef="ctx18" decimals="-5" id="fact5186" unitRef="vDKK">8400000</fsa:FixturesFittingsToolsAndEquipment>
   <fsa:ContributedCapital contextRef="ctx15" decimals="-5" id="fact5066" unitRef="vDKK">138300000</fsa:ContributedCapital>
   <fsa:ReserveForCurrentValueOfHedging contextRef="ctx15" decimals="-5" id="fact5067" unitRef="vDKK">-21400000</fsa:ReserveForCurrentValueOfHedging>
   <fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains contextRef="ctx15" decimals="-5" id="fact5068" unitRef="vDKK">-588200000</fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains>
   <fsa:RetainedEarnings contextRef="ctx15" decimals="-5" id="fact5069" unitRef="vDKK">2173500000</fsa:RetainedEarnings>
   <fsa:ProposedDividendRecognisedInEquity contextRef="ctx15" decimals="-5" id="fact5070" unitRef="vDKK">200000000</fsa:ProposedDividendRecognisedInEquity>
   <fsa:ContributedCapital contextRef="ctx16" decimals="-5" id="fact5115" unitRef="vDKK">140300000</fsa:ContributedCapital>
   <fsa:ReserveForCurrentValueOfHedging contextRef="ctx16" decimals="-5" id="fact5116" unitRef="vDKK">-4500000</fsa:ReserveForCurrentValueOfHedging>
   <fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains contextRef="ctx16" decimals="-5" id="fact5117" unitRef="vDKK">-491500000</fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains>
   <fsa:RetainedEarnings contextRef="ctx16" decimals="-5" id="fact5118" unitRef="vDKK">1921900000</fsa:RetainedEarnings>
   <fsa:ProposedDividendRecognisedInEquity contextRef="ctx16" decimals="-5" id="fact5119" unitRef="vDKK">106500000</fsa:ProposedDividendRecognisedInEquity>
   <fsa:ContributedCapital contextRef="ctx17" decimals="-5" id="fact5159" unitRef="vDKK">138300000</fsa:ContributedCapital>
   <fsa:ReserveForCurrentValueOfHedging contextRef="ctx17" decimals="-5" id="fact5160" unitRef="vDKK">-11700000</fsa:ReserveForCurrentValueOfHedging>
   <fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains contextRef="ctx17" decimals="0" id="fact5161" unitRef="vDKK">0</fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains>
   <fsa:RetainedEarnings contextRef="ctx17" decimals="-5" id="fact5162" unitRef="vDKK">758800000</fsa:RetainedEarnings>
   <fsa:ProposedDividendRecognisedInEquity contextRef="ctx17" decimals="-5" id="fact5163" unitRef="vDKK">200000000</fsa:ProposedDividendRecognisedInEquity>
   <fsa:ContributedCapital contextRef="ctx18" decimals="-5" id="fact5203" unitRef="vDKK">140300000</fsa:ContributedCapital>
   <fsa:ReserveForCurrentValueOfHedging contextRef="ctx18" decimals="-5" id="fact5204" unitRef="vDKK">-1600000</fsa:ReserveForCurrentValueOfHedging>
   <fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains contextRef="ctx18" decimals="0" id="fact5205" unitRef="vDKK">0</fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGains>
   <fsa:RetainedEarnings contextRef="ctx18" decimals="-5" id="fact5206" unitRef="vDKK">754300000</fsa:RetainedEarnings>
   <fsa:ProposedDividendRecognisedInEquity contextRef="ctx18" decimals="-5" id="fact5207" unitRef="vDKK">106500000</fsa:ProposedDividendRecognisedInEquity>
   <fsa:Equity contextRef="ctx18" decimals="-5" id="fact5208" unitRef="vDKK">999500000</fsa:Equity>
   <fsa:PropertyPlantAndEquipmentInProgress contextRef="ctx16" decimals="-5" id="fact5100" unitRef="vDKK">174300000</fsa:PropertyPlantAndEquipmentInProgress>
   <fsa:PropertyPlantAndEquipmentInProgress contextRef="ctx18" decimals="-5" id="fact5187" unitRef="vDKK">30400000</fsa:PropertyPlantAndEquipmentInProgress>
   <fsa:Equity contextRef="ctx15" decimals="-5" id="fact5071" unitRef="vDKK">1902200000</fsa:Equity>
   <fsa:PropertyPlantAndEquipment contextRef="ctx18" decimals="-5" id="fact5188" unitRef="vDKK">270000000</fsa:PropertyPlantAndEquipment>
   <fsa:LongtermInvestmentsInGroupEnterprises contextRef="ctx18" decimals="-5" id="fact5189" unitRef="vDKK">741400000</fsa:LongtermInvestmentsInGroupEnterprises>
   <fsa:LongtermReceivablesFromGroupEnterprises contextRef="ctx18" decimals="-5" id="fact5190" unitRef="vDKK">449100000</fsa:LongtermReceivablesFromGroupEnterprises>
   <fsa:NoncurrentDeferredTaxAssets contextRef="ctx18" decimals="-5" id="fact5191" unitRef="vDKK">0</fsa:NoncurrentDeferredTaxAssets>
   <fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm contextRef="ctx15" decimals="-5" id="fact5072" unitRef="vDKK">8400000</fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm>
   <fsa:DeferredTaxLiabilitiesLongterm contextRef="ctx15" decimals="-5" id="fact5073" unitRef="vDKK">72300000</fsa:DeferredTaxLiabilitiesLongterm>
   <fsa:OtherProvisionsLiabilitiesLongterm contextRef="ctx15" decimals="-5" id="fact5074" unitRef="vDKK">13700000</fsa:OtherProvisionsLiabilitiesLongterm>
   <fsa:LongtermDebtToOtherCreditInstitutions contextRef="ctx15" decimals="-5" id="fact5075" unitRef="vDKK">525000000</fsa:LongtermDebtToOtherCreditInstitutions>
   <fsa:LongtermPayablesToGroupEnterprises contextRef="ctx15" decimals="0" id="fact5076" unitRef="vDKK">0</fsa:LongtermPayablesToGroupEnterprises>
   <fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm contextRef="ctx16" decimals="-5" id="fact5121" unitRef="vDKK">10200000</fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm>
   <fsa:DeferredTaxLiabilitiesLongterm contextRef="ctx16" decimals="-5" id="fact5122" unitRef="vDKK">60700000</fsa:DeferredTaxLiabilitiesLongterm>
   <fsa:LongtermPayablesToGroupEnterprises contextRef="ctx17" decimals="-5" id="fact5169" unitRef="vDKK">0</fsa:LongtermPayablesToGroupEnterprises>
   <fsa:LongtermDebtToOtherCreditInstitutions contextRef="ctx16" decimals="-5" id="fact5124" unitRef="vDKK">670300000</fsa:LongtermDebtToOtherCreditInstitutions>
   <fsa:LongtermPayablesToGroupEnterprises contextRef="ctx16" decimals="0" id="fact5125" unitRef="vDKK">0</fsa:LongtermPayablesToGroupEnterprises>
   <fsa:OtherProvisionsLiabilitiesLongterm contextRef="ctx16" decimals="-5" id="fact5123" unitRef="vDKK">0</fsa:OtherProvisionsLiabilitiesLongterm>
   <fsa:DeferredTaxLiabilitiesLongterm contextRef="ctx17" decimals="-5" id="fact5166" unitRef="vDKK">13000000</fsa:DeferredTaxLiabilitiesLongterm>
   <fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm contextRef="ctx17" decimals="-5" id="fact5165" unitRef="vDKK">0</fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm>
   <fsa:LongtermDebtToOtherCreditInstitutions contextRef="ctx17" decimals="-5" id="fact5168" unitRef="vDKK">525000000</fsa:LongtermDebtToOtherCreditInstitutions>
   <fsa:OtherProvisionsLiabilitiesLongterm contextRef="ctx17" decimals="-5" id="fact5167" unitRef="vDKK">0</fsa:OtherProvisionsLiabilitiesLongterm>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="ctx17" decimals="-5" id="fact5170" unitRef="vDKK">0</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm>
   <fsa:OtherProvisionsLiabilitiesLongterm contextRef="ctx18" decimals="-5" id="fact5211" unitRef="vDKK">0</fsa:OtherProvisionsLiabilitiesLongterm>
   <fsa:DeferredTaxLiabilitiesLongterm contextRef="ctx18" decimals="-5" id="fact5210" unitRef="vDKK">14300000</fsa:DeferredTaxLiabilitiesLongterm>
   <fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm contextRef="ctx18" decimals="-5" id="fact5209" unitRef="vDKK">0</fsa:PensionsAndSimilarLiabilitiesLiabilitiesLongterm>
   <fsa:LongtermDebtToOtherCreditInstitutions contextRef="ctx18" decimals="-5" id="fact5212" unitRef="vDKK">670300000</fsa:LongtermDebtToOtherCreditInstitutions>
   <fsa:LongtermPayablesToGroupEnterprises contextRef="ctx18" decimals="-5" id="fact5213" unitRef="vDKK">39400000</fsa:LongtermPayablesToGroupEnterprises>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="ctx18" decimals="-5" id="fact5214" unitRef="vDKK">0</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm>
   <fsa:LongtermInvestmentsInGroupEnterprises contextRef="ctx16" decimals="0" id="fact5102" unitRef="vDKK">0</fsa:LongtermInvestmentsInGroupEnterprises>
   <fsa:LongtermReceivablesFromGroupEnterprises contextRef="ctx16" decimals="0" id="fact5103" unitRef="vDKK">0</fsa:LongtermReceivablesFromGroupEnterprises>
   <fsa:NoncurrentDeferredTaxAssets contextRef="ctx16" decimals="-5" id="fact5104" unitRef="vDKK">57200000</fsa:NoncurrentDeferredTaxAssets>
   <fsa:NoncurrentAssets contextRef="ctx15" decimals="-5" id="fact5056" unitRef="vDKK">1976700000</fsa:NoncurrentAssets>
   <fsa:NoncurrentAssets contextRef="ctx16" decimals="-5" id="fact5105" unitRef="vDKK">1744900000</fsa:NoncurrentAssets>
   <fsa:NoncurrentAssets contextRef="ctx17" decimals="-5" id="fact5148" unitRef="vDKK">1438800000</fsa:NoncurrentAssets>
   <fsa:NoncurrentAssets contextRef="ctx18" decimals="-5" id="fact5192" unitRef="vDKK">1490500000</fsa:NoncurrentAssets>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="ctx15" decimals="-5" id="fact5077" unitRef="vDKK">1800000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="ctx16" decimals="-5" id="fact5126" unitRef="vDKK">1900000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm>
   <fsa:Inventories contextRef="ctx15" decimals="-5" id="fact5057" unitRef="vDKK">442600000</fsa:Inventories>
   <fsa:ShorttermTradeReceivables contextRef="ctx15" decimals="-5" id="fact5058" unitRef="vDKK">501700000</fsa:ShorttermTradeReceivables>
   <fsa:ShorttermReceivablesFromGroupEnterprises contextRef="ctx15" decimals="-5" id="fact5059" unitRef="vDKK">0</fsa:ShorttermReceivablesFromGroupEnterprises>
   <fsa:Inventories contextRef="ctx16" decimals="-5" id="fact5106" unitRef="vDKK">389000000</fsa:Inventories>
   <fsa:ShorttermTradeReceivables contextRef="ctx16" decimals="-5" id="fact5107" unitRef="vDKK">527100000</fsa:ShorttermTradeReceivables>
   <fsa:ShorttermReceivablesFromGroupEnterprises contextRef="ctx16" decimals="-5" id="fact5108" unitRef="vDKK">102800000</fsa:ShorttermReceivablesFromGroupEnterprises>
   <fsa:ShorttermReceivablesFromOwnersOtherCompanies contextRef="ctx16" decimals="0" id="fact5109" unitRef="vDKK">0</fsa:ShorttermReceivablesFromOwnersOtherCompanies>
   <fsa:Inventories contextRef="ctx17" decimals="-5" id="fact5149" unitRef="vDKK">182900000</fsa:Inventories>
   <fsa:ShorttermTradeReceivables contextRef="ctx17" decimals="-5" id="fact5150" unitRef="vDKK">254400000</fsa:ShorttermTradeReceivables>
   <fsa:ShorttermReceivablesFromGroupEnterprises contextRef="ctx17" decimals="-5" id="fact5151" unitRef="vDKK">0</fsa:ShorttermReceivablesFromGroupEnterprises>
   <fsa:Inventories contextRef="ctx18" decimals="-5" id="fact5193" unitRef="vDKK">148200000</fsa:Inventories>
   <fsa:ShorttermTradeReceivables contextRef="ctx18" decimals="-5" id="fact5194" unitRef="vDKK">278600000</fsa:ShorttermTradeReceivables>
   <fsa:ShorttermReceivablesFromGroupEnterprises contextRef="ctx18" decimals="-5" id="fact5195" unitRef="vDKK">102800000</fsa:ShorttermReceivablesFromGroupEnterprises>
   <fsa:ShorttermReceivablesFromOwnersOtherCompanies contextRef="ctx18" decimals="-5" id="fact5196" unitRef="vDKK">135000000</fsa:ShorttermReceivablesFromOwnersOtherCompanies>
   <fsa:ShorttermTaxReceivables contextRef="ctx18" decimals="-5" id="fact5197" unitRef="vDKK">0</fsa:ShorttermTaxReceivables>
   <fsa:LongtermLiabilitiesOtherThanProvisions contextRef="ctx15" decimals="-5" id="fact5078" unitRef="vDKK">621100000</fsa:LongtermLiabilitiesOtherThanProvisions>
   <fsa:LongtermLiabilitiesOtherThanProvisions contextRef="ctx16" decimals="-5" id="fact5127" unitRef="vDKK">743100000</fsa:LongtermLiabilitiesOtherThanProvisions>
   <fsa:LongtermLiabilitiesOtherThanProvisions contextRef="ctx17" decimals="-5" id="fact5171" unitRef="vDKK">538000000</fsa:LongtermLiabilitiesOtherThanProvisions>
   <fsa:LongtermLiabilitiesOtherThanProvisions contextRef="ctx18" decimals="-5" id="fact5215" unitRef="vDKK">724000000</fsa:LongtermLiabilitiesOtherThanProvisions>
   <fsa:ShorttermDebtToBanks contextRef="ctx15" decimals="-5" id="fact5079" unitRef="vDKK">68800000</fsa:ShorttermDebtToBanks>
   <fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx15" decimals="-5" id="fact5080" unitRef="vDKK">56600000</fsa:ShorttermPrepaymentsReceivedFromCustomers>
   <fsa:ShorttermTradePayables contextRef="ctx15" decimals="-5" id="fact5081" unitRef="vDKK">322400000</fsa:ShorttermTradePayables>
   <fsa:ShorttermPayablesToGroupEnterprises contextRef="ctx15" decimals="0" id="fact5082" unitRef="vDKK">0</fsa:ShorttermPayablesToGroupEnterprises>
   <fsa:ShorttermPayablesToAssociates contextRef="ctx15" decimals="-5" id="fact5083" unitRef="vDKK">0</fsa:ShorttermPayablesToAssociates>
   <fsa:ShorttermTaxPayables contextRef="ctx15" decimals="-5" id="fact5084" unitRef="vDKK">51000000</fsa:ShorttermTaxPayables>
   <fsa:OtherProvisionsLiabilitiesShortterm contextRef="ctx15" decimals="-5" id="fact5085" unitRef="vDKK">1100000</fsa:OtherProvisionsLiabilitiesShortterm>
   <fsa:ShorttermDebtToBanks contextRef="ctx16" decimals="-5" id="fact5128" unitRef="vDKK">70200000</fsa:ShorttermDebtToBanks>
   <fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx16" decimals="-5" id="fact5129" unitRef="vDKK">8300000</fsa:ShorttermPrepaymentsReceivedFromCustomers>
   <fsa:ShorttermTradePayables contextRef="ctx16" decimals="-5" id="fact5130" unitRef="vDKK">330200000</fsa:ShorttermTradePayables>
   <fsa:ShorttermPayablesToGroupEnterprises contextRef="ctx16" decimals="0" id="fact5131" unitRef="vDKK">0</fsa:ShorttermPayablesToGroupEnterprises>
   <fsa:ShorttermPayablesToAssociates contextRef="ctx16" decimals="-5" id="fact5132" unitRef="vDKK">24300000</fsa:ShorttermPayablesToAssociates>
   <fsa:ShorttermTaxPayables contextRef="ctx16" decimals="-5" id="fact5133" unitRef="vDKK">43200000</fsa:ShorttermTaxPayables>
   <fsa:OtherProvisionsLiabilitiesShortterm contextRef="ctx16" decimals="-5" id="fact5134" unitRef="vDKK">400000</fsa:OtherProvisionsLiabilitiesShortterm>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="ctx16" decimals="-5" id="fact5135" unitRef="vDKK">264800000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
   <fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx16" decimals="-5" id="fact5136" unitRef="vDKK">741400000</fsa:ShorttermLiabilitiesOtherThanProvisions>
   <fsa:ShorttermDebtToBanks contextRef="ctx17" decimals="-5" id="fact5172" unitRef="vDKK">68800000</fsa:ShorttermDebtToBanks>
   <fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx17" decimals="-5" id="fact5173" unitRef="vDKK">29400000</fsa:ShorttermPrepaymentsReceivedFromCustomers>
   <fsa:ShorttermTradePayables contextRef="ctx17" decimals="-5" id="fact5174" unitRef="vDKK">107700000</fsa:ShorttermTradePayables>
   <fsa:ShorttermPayablesToGroupEnterprises contextRef="ctx17" decimals="-5" id="fact5175" unitRef="vDKK">126600000</fsa:ShorttermPayablesToGroupEnterprises>
   <fsa:ShorttermPayablesToAssociates contextRef="ctx17" decimals="-5" id="fact5176" unitRef="vDKK">0</fsa:ShorttermPayablesToAssociates>
   <fsa:ShorttermTaxPayables contextRef="ctx17" decimals="-5" id="fact5177" unitRef="vDKK">32200000</fsa:ShorttermTaxPayables>
   <fsa:OtherProvisionsLiabilitiesShortterm contextRef="ctx17" decimals="-5" id="fact5178" unitRef="vDKK">300000</fsa:OtherProvisionsLiabilitiesShortterm>
   <fsa:ShorttermDebtToBanks contextRef="ctx18" decimals="-5" id="fact5216" unitRef="vDKK">63400000</fsa:ShorttermDebtToBanks>
   <fsa:ShorttermPrepaymentsReceivedFromCustomers contextRef="ctx18" decimals="-5" id="fact5217" unitRef="vDKK">2700000</fsa:ShorttermPrepaymentsReceivedFromCustomers>
   <fsa:ShorttermTradePayables contextRef="ctx18" decimals="-5" id="fact5218" unitRef="vDKK">80800000</fsa:ShorttermTradePayables>
   <fsa:ShorttermPayablesToGroupEnterprises contextRef="ctx18" decimals="-5" id="fact5219" unitRef="vDKK">212900000</fsa:ShorttermPayablesToGroupEnterprises>
   <fsa:ShorttermPayablesToAssociates contextRef="ctx18" decimals="-5" id="fact5220" unitRef="vDKK">0</fsa:ShorttermPayablesToAssociates>
   <fsa:ShorttermTaxPayables contextRef="ctx18" decimals="-5" id="fact5221" unitRef="vDKK">15300000</fsa:ShorttermTaxPayables>
   <fsa:OtherProvisionsLiabilitiesShortterm contextRef="ctx18" decimals="-5" id="fact5222" unitRef="vDKK">300000</fsa:OtherProvisionsLiabilitiesShortterm>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="ctx18" decimals="-5" id="fact5223" unitRef="vDKK">143400000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
   <fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx18" decimals="-5" id="fact5224" unitRef="vDKK">518800000</fsa:ShorttermLiabilitiesOtherThanProvisions>
   <fsa:ShorttermReceivablesFromOwnersOtherCompanies contextRef="ctx15" decimals="0" id="fact5060" unitRef="vDKK">0</fsa:ShorttermReceivablesFromOwnersOtherCompanies>
   <fsa:ShorttermReceivablesFromOwnersOtherCompanies contextRef="ctx17" decimals="-5" id="fact5152" unitRef="vDKK">175100000</fsa:ShorttermReceivablesFromOwnersOtherCompanies>
   <fsa:ShorttermTaxReceivables contextRef="ctx17" decimals="-5" id="fact5153" unitRef="vDKK">0</fsa:ShorttermTaxReceivables>
   <fsa:ShorttermTaxReceivables contextRef="ctx15" decimals="-5" id="fact5061" unitRef="vDKK">7100000</fsa:ShorttermTaxReceivables>
   <fsa:ShorttermTaxReceivables contextRef="ctx16" decimals="-5" id="fact5110" unitRef="vDKK">700000</fsa:ShorttermTaxReceivables>
   <fsa:OtherShorttermReceivables contextRef="ctx15" decimals="-5" id="fact5062" unitRef="vDKK">103200000</fsa:OtherShorttermReceivables>
   <fsa:DeferredIncomeAssets contextRef="ctx15" decimals="-5" id="fact5063" unitRef="vDKK">33800000</fsa:DeferredIncomeAssets>
   <fsa:CashAndCashEquivalents contextRef="ctx15" decimals="-5" id="fact5044" unitRef="vDKK">250700000</fsa:CashAndCashEquivalents>
   <fsa:CurrentAssets contextRef="ctx15" decimals="-5" id="fact5064" unitRef="vDKK">1339100000</fsa:CurrentAssets>
   <fsa:OtherShorttermReceivables contextRef="ctx16" decimals="-5" id="fact5111" unitRef="vDKK">94300000</fsa:OtherShorttermReceivables>
   <fsa:DeferredIncomeAssets contextRef="ctx16" decimals="-5" id="fact5112" unitRef="vDKK">48100000</fsa:DeferredIncomeAssets>
   <fsa:CashAndCashEquivalents contextRef="ctx16" decimals="-5" id="fact5093" unitRef="vDKK">250300000</fsa:CashAndCashEquivalents>
   <fsa:CurrentAssets contextRef="ctx16" decimals="-5" id="fact5113" unitRef="vDKK">1412300000</fsa:CurrentAssets>
   <fsa:OtherShorttermReceivables contextRef="ctx17" decimals="-5" id="fact5154" unitRef="vDKK">56500000</fsa:OtherShorttermReceivables>
   <fsa:DeferredIncomeAssets contextRef="ctx17" decimals="-5" id="fact5155" unitRef="vDKK">12900000</fsa:DeferredIncomeAssets>
   <fsa:CashAndCashEquivalents contextRef="ctx17" decimals="-5" id="fact5156" unitRef="vDKK">21200000</fsa:CashAndCashEquivalents>
   <fsa:OtherShorttermReceivables contextRef="ctx18" decimals="-5" id="fact5198" unitRef="vDKK">51700000</fsa:OtherShorttermReceivables>
   <fsa:DeferredIncomeAssets contextRef="ctx18" decimals="-5" id="fact5199" unitRef="vDKK">12600000</fsa:DeferredIncomeAssets>
   <fsa:CashAndCashEquivalents contextRef="ctx18" decimals="-5" id="fact5200" unitRef="vDKK">22900000</fsa:CashAndCashEquivalents>
   <fsa:CurrentAssets contextRef="ctx18" decimals="-5" id="fact5201" unitRef="vDKK">751800000</fsa:CurrentAssets>
   <fsa:CurrentAssets contextRef="ctx17" decimals="-5" id="fact5157" unitRef="vDKK">703000000</fsa:CurrentAssets>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="ctx15" decimals="-5" id="fact5086" unitRef="vDKK">292600000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
   <fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx15" decimals="-5" id="fact5087" unitRef="vDKK">792500000</fsa:ShorttermLiabilitiesOtherThanProvisions>
   <fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="ctx17" decimals="-5" id="fact5179" unitRef="vDKK">153400000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm>
   <fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="ctx17" decimals="-5" id="fact5180" unitRef="vDKK">518400000</fsa:ShorttermLiabilitiesOtherThanProvisions>
   <fsa:Assets contextRef="ctx15" decimals="-5" id="fact5065" unitRef="vDKK">3315800000</fsa:Assets>
   <fsa:Assets contextRef="ctx16" decimals="-5" id="fact5114" unitRef="vDKK">3157200000</fsa:Assets>
   <fsa:Assets contextRef="ctx17" decimals="-5" id="fact5158" unitRef="vDKK">2141800000</fsa:Assets>
   <fsa:Assets contextRef="ctx18" decimals="-5" id="fact5202" unitRef="vDKK">2242300000</fsa:Assets>
   <fsa:LiabilitiesAndEquity contextRef="ctx15" decimals="-5" id="fact5088" unitRef="vDKK">3315800000</fsa:LiabilitiesAndEquity>
   <fsa:LiabilitiesAndEquity contextRef="ctx16" decimals="-5" id="fact5137" unitRef="vDKK">3157200000</fsa:LiabilitiesAndEquity>
   <fsa:LiabilitiesAndEquity contextRef="ctx17" decimals="-5" id="fact5181" unitRef="vDKK">2141800000</fsa:LiabilitiesAndEquity>
   <fsa:LiabilitiesAndEquity contextRef="ctx18" decimals="-5" id="fact5225" unitRef="vDKK">2242300000</fsa:LiabilitiesAndEquity>
   <fsa:StatementOfChangesInEquity contextRef="ctx1" id="fact2181" xml:lang="en">Statement of changes in equity Â  Group Â  2025 Â  Share Â  Hedging Â  Translation Â  Retained Â  Proposed Â  Total Â  DKKm Â  capital Â  reserve Â  reserve Â  earnings Â  dividend Â  equity Â  Equity at 1 January Â  140.3 Â  (4,5) Â  (491.5) Â  1,921.9 Â  106.5 Â  1,672.7 Â  Paid dividends Â  - - - 1.5 Â  (106.5) Â  (105.0) Â  Profit for the year Â  - - - 247.5 Â  200.0 Â  447.5 Â  Capital decrease Â  (2.0) Â  - - 2.0 Â  - 0.0 Â  Actuarial gains/(losses) on defined benefit plans Â  - - - 0.8 Â  - 0.8 Â  Tax on defined benefit plans Â  - - - (0.2) Â  - (0.2) Â  Foreign exchange adjustments on translation of foreign subsidiaries Â  - - (93.0) Â  - - (93.0) Â  Foreign exchange adjustments of equity-like loans to subsidaries Â  - - (4.8) Â  - - (4.8) Â  Tax on equity-like loans to subsidiaries Â  - - 1.1 Â  - - 1.1 Â  Value adjustment of hedging instruments: Â  - - - - - - Value adjustments of hedging instruments Â  - (21.5) Â  - - - (21.5) Â  Tax on hedging instruments Â  - 4.6 Â  - - - 4.6 Â  Changes in equity in the year Â  (2.0) Â  (16.9) Â  (96.7) Â  251.6 Â  93.5 Â  229.5 Â  Equity at 31 December Â  138.3 Â  (21.4) Â  (588.2) Â  2,173.5 Â  200.0 Â  1,902.2 Â  Statement of changes in equity Â </fsa:StatementOfChangesInEquity>
   <fsa:StatementOfChangesInEquity contextRef="ctx3" id="fact3834" xml:lang="en">Statement of changes in equity Â  Parent company Â  2025 Â  Share Â  Hedging Â  Retained Â  Proposed Â  Total Â  DKKm Â  capital Â  reserve Â  earnings Â  dividend Â  equity Â  Equity at 1 January Â  140.3 Â  (1.6) Â  754.3 Â  106.5 Â  999.5 Â  Paid dividend Â  - - 1.5 Â  (106.5) Â  (105.0) Â  Profit for the year Â  - - 1.0 Â  200.0 Â  201.0 Â  Capital decrease Â  (2.0) Â  - 2.0 Â  - 0.0 Â  Value adjustment of hedging instruments Â  - (13.0) Â  - - (13.0) Â  Tax on hedging instruments Â  - 2.9 Â  - - 2.9 Â  Changes in equity in the year Â  (2.0) Â  (10.1) Â  4.5 Â  93.5 Â  85.9 Â  Equity at 31 December Â  138.3 Â  (11.7) Â  758.8 Â  200.0 Â  1085.4 Â </fsa:StatementOfChangesInEquity>
   <fsa:DisclosureOfAccountingPolicies contextRef="ctx1" id="fact2296" xml:lang="en">Material accounting policies Â  Basis of preparation Â  The consolidated financial statements and the Â  parent company financial statements for the Â  year ended 31 December 2025 of the group and Â  Hartmann Packaging A/S, respectively, have been Â  prepared in accordance with the provisions of the Â  Danish Financial Statements Act (ÃRL) applying to Â  entities of reporting class C for large companies. Â  Hartmann Packaging A/S has its registered office Â  in Denmark. Â  The consolidated financial statements and the Â  parent company financial statements are presented Â  in Danish kroner (million DKK), The consolidated Â  financial statements and the parent company Â  financial statements are prepared on the basis of Â  the historical cost convention, with the exception of Â  derivative financial instruments, which are meas- Â  ured at fair value. The accounting policies have Â  been applied consistently in the financial year and Â  for the comparative figures. Â </fsa:DisclosureOfAccountingPolicies>
   <fsa:InformationOnConsolidations contextRef="ctx1" id="fact2317" xml:lang="en">Consolidated financial statements Â  The consolidated financial statements comprise Â  the parent company, Hartmann Packaging A/S, and Â  entities in which the parent company directly or Â  indirectly holds the majority of voting rights or which Â  the parent company in some other way controls Â  (subsidiaries). Entities in which the group holds Â  between 20% and 50% of the voting rights and over Â  which it exercises significant influence, but which it Â  does not control, are considered associates. Â  The consolidated financial statements are prepared Â  on the basis of the financial statements of the Â  parent company and the subsidiaries by combining Â  like items. The financial statements used for the Â  annual report of the group have been prepared in Â  accordance with the group's accounting policies. On Â  consolidation, intra-group income and expenses, Â  shareholdings, dividends, balances, and realised Â  and unrealised gains and losses on intra-group Â  transactions are eliminated. Â  Business Combination between external parties Â  Business combinations between external parties Â  are accounted for using the acquisition method. Â  Identifiable assets and liabilities and contingent Â  liabilities assumed are measured at fair value at the Â  date of acquisition by applying relevant valuation Â  methods. Goodwill is recognised at the excess of Â  purchase price and the fair value of any previously Â  held equity interest over the fair value of net iden- Â  tifiable assets acquired and liabilities and contin- Â  gent liabilities assumed. Transaction costs incurred Â  in connection with the business combination are Â  expensed as incurred. Subsidiaries acquired during Â  the year are included in the consolidated financial Â  statements from the acquisition date, which is the Â  date control is obtained. Â  Notes Â  Group internal business combinations Â  (Book Value Method) Â  For business combinations involving companies Â  under the controlling influence of the same parent Â  company (common control), the book value method Â  is applied. Under this method, assets and liabilities Â  acquired are recognised at their carrying amounts Â  as reflected in the consolidated financial state- Â  ments of the transferring entity, and no goodwill or Â  fair value adjustments are recognised. Any differ- Â  ence between the consideration transferred and the Â  carrying value of the net assets acquired is adjusted Â  directly in equity, through retained earnings without Â  impacting the statement of profit or loss. The book Â  value method is applied as of the acquisition date, Â  and prior period figures are not restated. Â </fsa:InformationOnConsolidations>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems contextRef="ctx1" id="fact2421" xml:lang="en">Statement of profit or loss Â  The accounting policies applied to the items in the Â  statement of profit or loss are described in the respec- Â  tive notes to the statement of profit or loss, except as Â  stated below. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems>
   <fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement contextRef="ctx1" id="fact2450" xml:lang="en">Statement of cash flows Â  The statement of cash flows shows the groupâs cash Â  flows from operating, investing and financing activi- Â  ties for the year, the yearâs changes in cash and cash Â  equivalents and the groupâs opening and closing Â  cash and cash equivalents. Cash flow in currencies Â  other than the functional currency are translated at Â  the average exchange rates for the month, unless Â  these differ significantly from the rates at the trans- Â  action date, in which case the exchange rate at the Â  transaction date is applied. Â  Cash flows from operating activities Â  Cash flows from operating activities are deter- Â  mined using the indirect method as operating profit Â  adjusted for changes in working capital, interest and Â  tax paid and received and non-cash items such as Â  depreciation, amortisation and impairment losses Â  and provisions. Â  Cash flows from investing activities Â  Cash flows from investing activities comprise cash Â  flows from acquisition and disposal of intangible Â  assets and property, plant and equipment, fixed Â  asset investments and acquisition and disposal of Â  subsidiaries. Â </fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts contextRef="ctx1" id="fact2426" xml:lang="en">Selling and distribution costs Â  Selling and distribution costs comprise the costs of Â  freight, sales staff, advertising, exhibitions, depreciation Â  and amortisation of sales equipment and credit losses. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts>
   <fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies contextRef="ctx1" id="fact2370" xml:lang="en">Foreign currency translation Â  Danish kroner (DKK) is used as the presentation Â  currency. All other currencies are considered foreign Â  currencies. Â  Transactions denominated in foreign currency are Â  translated into the DKK at the exchange rate at the Â  transaction date. Gains and losses arising from Â  development in exchange rates from the transaction Â  date to the date of payment are recognised in the Â  statement of profit or loss under financial income Â  and financial expenses, respectively. Receivables, Â  payables and other monetary items denominated in Â  foreign currency are translated into the DKK at the Â  exchange rate at the balance sheet date. Gains and Â  losses are recognised in the statement of profit or Â  loss under financial income and financial expenses, Â  respectively. Â  Fixed assets acquired in foreign currencies are Â  measured at the transaction date rates. Â  Translation of Group Companies Â  On recognition of foreign subsidiaries with curren- Â  cies other than DKK, statement of profit or loss Â  items are translated at the foreign exchange rate Â  at the transaction date. The rate at the transac- Â  tion date is calculated as the average rate of the Â  relevant month, in so far these do not deviate Â  materially from the actual exchange rates at the Â  transaction date. Statement of financial position Â  items of foreign subsidiaries are translated at the Â  foreign exchange rate at the balance sheet date. Â  All translation differences are recognised in the Â  statement of profit or loss, except foreign exchange Â  differences arising from translation of opening Â  equity and from translation of statement of profit Â  or loss items to the exchange rate at the balance Â  sheet date, that are recognised directly in equity Â  under the translation reserve. Â  Foreign exchange adjustments of a loan to (or Â  borrowings from) subsidiaries which are neither Â  planned nor likely to be settled in the foreseeable Â  future, and which are therefore considered to form Â  part of the net investment in the subsidiary, are in Â  the consolidated financial statements also recog- Â  nised directly in equity under the translation reserve. Â  On full or partial divestment of a foreign entity, the Â  part of the accumulated foreign exchange adjust- Â  ment that is recognised in equity and is attributable Â  to that entity is recognised in profit or loss for the Â  year together with any gains or losses from the Â  divestment. Â </fsa:DescriptionOfMethodsOfTranslationOfForeignCurrencies>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses contextRef="ctx1" id="fact2430" xml:lang="en">Administrative expenses Â  Administrative expenses comprise the expenses of the Â  administrative staff, management, office premises, Â  consultancy assistance, IT costs and depreciation, Â  amortisation and impairments of related fixed assets Â  as well as goodwill and intangible assets. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncomeAndExpenses contextRef="ctx1" id="fact2436" xml:lang="en">Other operating income and expenses Â  Other operating income and expenses comprise Â  items of a secondary nature to the core activities of Â  the Group, including gains and losses on the sale of Â  intangible assets and property, plant and equipment Â  and certain government grants. Government grants Â  are recognised in other operating income at fair value Â  where there is a reasonable assurance that the grant Â  will be received and the Group will comply with all Â  attached conditions. Grants received for the acquisi- Â  tion of property, plant and equipment are recognised Â  as deferred income, which is recognised in the state- Â  ment of profit or loss under other operating income on Â  a systematic basis over the useful life of the asset. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncomeAndExpenses>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents contextRef="ctx1" id="fact2474" xml:lang="en">Cash flows from financing activities Â  Cash flows from financing activities comprise the Â  raising and repayment of loans as well as dividend Â  payments to shareholder. Â  Cash and cash equivalents Â  Cash and cash equivalents comprise cash and Â  overdraft facilities that are payable on demand and Â  form an integral part of the groupâs ongoing cash Â  management. Â  Statement of financial position Â  The accounting policies applied to the items in the Â  statement of financial position are described in the Â  respective notes to the statement of financial posi- Â  tion, except as stated below. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="ctx1" id="fact2564" xml:lang="en">Financial liabilities Â  Financial liabilities comprise payables to credit insti- Â  tutions, trade payables, payables to subsidiaries and Â  associates and other payables. Debt to credit insti- Â  tutions is recognised at the date of borrowing at fair Â  value corresponding to the net proceeds received Â  less transaction costs paid. Subsequently, payables Â  to credit institutions are measured at amortised cost, Â  corresponding to the capitalised value using the effec- Â  tive interest rate. Accordingly, the difference between Â  the proceeds and the nominal value (capital loss) is Â  recognised in profit or loss over the term of the loan. Â  Other liabilities are measured at amortised cost. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets contextRef="ctx1" id="fact2543" xml:lang="en">Prepayments Â  Prepayments include expenses related to insurance, Â  rent, licences etc. paid in respect of subsequent Â  financial years. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables contextRef="ctx1" id="fact2488" xml:lang="en">Trade receivables Â  Trade receivables are measured at the lower of Â  amortised cost and net realisable value, which Â  usually corresponds to nominal value less provision Â  for bad debts. Â  Provisions for bad debts are determined on the basis Â  of an individual assessment of each receivable and, Â  in respect of trade receivables, a general provision is Â  also made based on the companyâs experience from Â  prior years and recognised in the statement of profit Â  or loss under selling and distribution costs. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity contextRef="ctx1" id="fact2547" xml:lang="en">Equity Â  Dividend Â  The amount proposed in dividends for the year Â  is stated as a separate item in equity. Proposed Â  dividend is recognised as a liability at the time of Â  approval at the annual general meeting. Â  Translation reserve Â  The translation reserve in the consolidated financial Â  statements includes accumulated foreign exchange Â  differences on the translation of the financial state- Â  ments of foreign subsidiaries to the presentation Â  currency of the group. Â  Hedging reserve Â  The hedging reserve contains the accumulated net Â  change in fair value of hedging transactions that Â  qualify as hedging of future cash flows and for which Â  the hedged transaction has not yet been realised. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity>
   <fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="ctx1" id="fact2526" xml:lang="en">Income tax Â  Current tax payable and receivable are recognised Â  in the statement of financial position based on tax Â  computed on taxable income for the year, adjusted Â  for prior years taxable income and for tax paid on Â  account. Joint taxation contributions payable and Â  receivable are recognised as income tax in the Â  statement of financial position. Â  Management periodically evaluates positions taken Â  in tax returns with respect to situations in which Â  applicable tax regulation is subject to interpretation Â  and considers whether it is probable that a taxation Â  authority will accept an uncertain tax treatment. Â  Hartmann measures its tax balances either based Â  on "the most likely amount" or "the expected value"- Â  method, depending on which provides a better Â  prediction of the resolution of the uncertainty. Â </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses>
   <fsa:DescriptionOfMethodsOfLeases contextRef="ctx1" id="fact2499" xml:lang="en">Leases Â  The Group has chosen IAS 17 Leases as the interpre- Â  tive guideline for the classification and recognition Â  of lease contracts. Lease contracts relating to assets Â  where the company assumes all significant risks Â  and rewards associated with ownership (finance Â  leases) are measured upon initial recognition in Â  the statement of financial position at the lower Â  of fair value and the present value of future lease Â  payments. When calculating the present value, the Â  internal interest rate of the lease contract or the Â  alternative borrowing rate is used as the discount Â  factor. Financially leased assets are subsequently Â  treated as other assets of the company. Â  The lease obligation is recognised in the statement Â  of financial position as a liability, and the interest Â  component of the lease payment is recognised in the Â  statement of profit or loss over the contract's term. Â  Lease contracts where the company does not Â  assume all significant risks and rewards associated Â  with ownership are classified as operating leases. Â  Payments related to operating leases and other Â  rental contracts are recognised in the statement of Â  profit or loss over the contract's term. The company's Â  total obligations related to operating lease and rental Â  contracts are disclosed in note 19 under contingent Â  liabilities. Â </fsa:DescriptionOfMethodsOfLeases>
   <fsa:OtherDisclosures contextRef="ctx3" id="fact3896" xml:lang="en">Note 02 Â  Key accounting estimates and Â  judgments Â  In applying the groupâs and the parent compa- Â  nyâs accounting policies, management is required Â  to make judgments, estimates and assumptions Â  concerning the carrying amount of assets and Â  liabilities that cannot be immediately inferred from Â  other sources. Â  The judgments, estimates and assumptions made Â  are based on historical experience and other rele- Â  vant factors which management considers reason- Â  able under the circumstances, but which are inher- Â  ently uncertain and unpredictable and could result Â  in adjustments to the carrying amount of assets and Â  liabilites in future periods. Estimates and underlying Â  assumptions are assessed on an ongoing basis. Â  The Groupâs accounting estimates and judge- Â  ments, which Management considers significant Â  to the preparation of the consolidated and parent Â  company financial statements are described below: Â  Provision for legal claim in Brazil Â  The Group is involved in ongoing tax disputes with the Â  Brazilian tax authorities concerning the application Â  of industrial products tax (IPI) in respect of certain Â  historical sales by the Groupâs Brazilian operations. Â  The outcome of these disputes depends on future Â  administrative and judicial decisions and is subject Â  to uncertainty. Â  Management continues to be of the view that the Â  claims are not justified. In prior years, based on judi- Â  cial practice and statements from external legal Â  advisers, management assessed that no provision Â  was required and the matters were disclosed as Â  contingent liabilities. Â  During 2025, management reassessed this judge- Â  ment following developments in the administrative Â  proceedings, including registration of liens over Â  certain assets in connection with the existing cases, Â  and updated external legal advice. The updated Â  assessment indicates that the outcome of the cases Â  is subject to significant uncertainty and that no single Â  outcome can be identified as clearly predominant at Â  the reporting date. Â  Based on this reassessment, management Â  concluded that the criteria for recognising a provi- Â  sion are met, and has recognised a provision, meas- Â  ured using a probability-weighted expected value Â  approach. Due to the inherent uncertainty associ- Â  ated with the cases, the final outcome may differ Â  materially from the estimate recognised. Reference is Â  made to Note 20 for further information. Â  Climate-related matters Â  Management has assessed the qualitative and Â  quantitative impact of climate-related matters Â  when determining estimates and assumptions. Â  It is managementâs assessment that the effect Â  of climate-related matters does not significantly Â  impact estimates and assumptions. Â </fsa:OtherDisclosures>
   <fsa:DisclosureOfRevenue contextRef="ctx1" id="fact2577" xml:lang="en">Note 03 Â  Revenue Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Moulded-fibre packaging Â  4,009.1 Â  3,713.7 Â  1,926.1 Â  1,729.2 Â  Machinery and technology Â  54.4 Â  47.1 Â  303.1 Â  336.3 Â  Recycled paper Â  81.5 Â  49.5 Â  0.0 Â  0.0 Â  Revenue Â  4,145.0 Â  3,810.3 Â  2,229.2 2,065.5 Â  Geographical distribution for the group Â  North and Â  Rest of Â  South Â  Rest of Â  Total Â  DKKm Â  Denmark Â  Europe Â  America Â  world Â  group Â  2025 Â  150.9 Â  2,094.0 Â  1,727.1 Â  173.0 Â  4,145.0 Â  2024 Â  77.5 Â  1,919.8 Â  1,700.1 Â  112.9 Â  3,810.3 Â  External revenue is allocated to the geographical areas based on the geographical location of the customer. Â  Rest of Europe includes Israel and Russia. Â  </fsa:DisclosureOfRevenue>
   <fsa:DisclosureOfRevenue contextRef="ctx3" id="fact3955" xml:lang="en">Note 03 Â  Revenue Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Moulded-fibre packaging Â  4,009.1 Â  3,713.7 Â  1,926.1 Â  1,729.2 Â  Machinery and technology Â  54.4 Â  47.1 Â  303.1 Â  336.3 Â  Recycled paper Â  81.5 Â  49.5 Â  0.0 Â  0.0 Â  Revenue Â  4,145.0 Â  3,810.3 Â  2,229.2 2,065.5 Â  Geographical distribution for the group Â  North and Â  Rest of Â  South Â  Rest of Â  Total Â  DKKm Â  Denmark Â  Europe Â  America Â  world Â  group Â  2025 Â  150.9 Â  2,094.0 Â  1,727.1 Â  173.0 Â  4,145.0 Â  2024 Â  77.5 Â  1,919.8 Â  1,700.1 Â  112.9 Â  3,810.3 Â  External revenue is allocated to the geographical areas based on the geographical location of the customer. Â  Rest of Europe includes Israel and Russia. Â  Note 03 Â  Revenue â continued Â Accounting policies Â  Revenue Â  The group and the parent company recognise Â  revenue from the following categories: Â  â¢ Sales of moulded-fibre packaging to egg and fruit Â  producers, packing businesses and retail chains. Â  â¢ Sales of machinery and technology to manufac- Â  turers of moulded-fibre packaging. Â  â¢ Sales of recycled paper. Â  The Group has chosen IFRS 15 Revenue from contract Â  with customers as the interpretive guideline for the Â  classification and recognition of revenue. Â  Revenue from sales of moulded-fibre packaging, Â  recycled paper and from machinery and technology Â  is recognised at a point in time when the goods Â  have been delivered in accordance with the agreed Â  terms of delivery and control of the goods has been Â  transferred to the customer. Â  Revenue from contracts with customers is meas- Â  ured at an amount that reflects the consideration Â  to which the Group expects to be entitled to in Â  exchange for those goods and services (transaction Â  price), which normally comprises the price speci- Â  fied in the contract, net of discounts and customer Â  bonuses. The Group offers various discounts, Â  including rebates, bonuses, volume discounts and Â  payments to customers depending on the nature Â  of the customer and business. These discounts are Â  considered variable consideration. Bonuses and Â  discounts payable to a customer are accrued for as Â  the related performance obligations are satisfied Â  and revenue is recognised. Â  Historical experience is used to estimate and Â  provide for the discounts, using the expected value Â  method. Â </fsa:DisclosureOfRevenue>
   <fsa:DisclosureOfCostOfProduction contextRef="ctx1" id="fact2631" xml:lang="en">Note 04 Â  Production costs Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Cost of goods sold excl. wages and salaries Â  1,462.2 Â  1,362.7 Â  1,188.4 Â  1,122.4 Â  Inventory write-downs Â  8.5 Â  7.0 Â  1.3 Â  1.5 Â  Staff costs Â  755.6 Â  687.6 Â  251.7 Â  227.4 Â  Depreciation, amortisations and impairments Â  190.0 Â  177.0 Â  36.6 Â  31.3 Â  Other production costs Â  382.0 Â  339.8 Â  93.8 Â  86.1 Â  Production costs Â  2,798.3 Â  2,574.1 Â  1,571.8 Â  1,468.7 Â  Accounting policies Â  Production costs Â  Production costs comprise direct and indirect costs, including depreciation, amortisation and impairments Â  and wages and salaries, incurred in generating the revenue for the year. Production costs also comprise Â  development costs not qualifying for capitalisation. Â </fsa:DisclosureOfCostOfProduction>
   <fsa:DisclosureOfCostOfProduction contextRef="ctx3" id="fact4050" xml:lang="en">Note 04 Â  Production costs Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Cost of goods sold excl. wages and salaries Â  1,462.2 Â  1,362.7 Â  1,188.4 Â  1,122.4 Â  Inventory write-downs Â  8.5 Â  7.0 Â  1.3 Â  1.5 Â  Staff costs Â  755.6 Â  687.6 Â  251.7 Â  227.4 Â  Depreciation, amortisations and impairments Â  190.0 Â  177.0 Â  36.6 Â  31.3 Â  Other production costs Â  382.0 Â  339.8 Â  93.8 Â  86.1 Â  Production costs Â  2,798.3 Â  2,574.1 Â  1,571.8 Â  1,468.7 Â  Accounting policies Â  Production costs Â  Production costs comprise direct and indirect costs, including depreciation, amortisation and impairments Â  and wages and salaries, incurred in generating the revenue for the year. Production costs also comprise Â  development costs not qualifying for capitalisation. Â </fsa:DisclosureOfCostOfProduction>
   <fsa:DisclosureOfEmployeeBenefitsExpense contextRef="ctx1" id="fact2675" xml:lang="en">Note 05 Â  Staff costs Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Wages, salaries and remuneration Â  791.8 Â  718.5 Â  274.4 Â  265.2 Â  Pension costs, defined benefit plans Â  6.7 Â  6.1 Â  - - Pension costs, defined contribution plans Â  63.0 Â  57.0 Â  29.2 Â  26.6 Â  Other social security costs Â  77.3 Â  68.2 Â  4.0 Â  4.0 Â  Staff costs Â  938.8 Â  849.8 Â  307.6 Â  295.8 Â  Number of employees Â  Average number of full-time equivalents Â  3,296 3,064 490 474 Accounting policies Â  Staff costs Â  Staff costs include wages and salaries, pensions, social security contributions, annual leave and sick leave, Â  bonuses and non-monetary benefits. Employee costs are recognised in the financial year in which the associ- Â  ated services are rendered. Costs for long-term employee benefits provided by the group are recognised in the Â  period in which they are earned. Â  Remuneration of the board of directors Â  The remuneration paid to the members of the board of directors is a fixed fee approved by the shareholder at Â  the annual general meeting. No remuneration was paid to the board of directors in 2025. Â  Remuneration of the executive board Â  The remuneration paid to the executive board (registered with the Danish Business Authority) is based on a Â  fixed salary, defined contribution pension, bonus and other benefits in the form of company car and tele- Â  phone. Bonuses are individual and performance-related. The remuneration for the executive board includes a Â  one-year cash bonus programme. The one-year bonus programme is based on financial targets and cannot Â  exceed 50% of the individualâs base salary before pension. Â  Hartmann may terminate the executive employment agreement of Hartmannâs executive board at 12 monthsâ Â  notice. In the event of a change of ownership of a controlling interest in the company, the notice of termination Â  will be extended to 18 months effective from the date of transfer of control. The extended notice will apply for a Â  period of 18 months after the transfer. Â  Remuneration Â  Information on remuneration to the board of directors and executive board for 2025 is omitted in accordance Â  with section 98 b(3)(2) of ÃRL. Â  Salary Â  Other Â  DKKm Â  and fees Â  Bonus Â  Pension Â  benefits Â  Total Â  2024 Â  Board of directors and executive board Â  5.5 Â  2.5 Â  0.5 Â  0.3 Â  8.8 Â  5.5 Â  2.5 Â  0.5 Â  0.3 Â  8.8 Â </fsa:DisclosureOfEmployeeBenefitsExpense>
   <fsa:DisclosureOfEmployeeBenefitsExpense contextRef="ctx3" id="fact4094" xml:lang="en">Note 05 Â  Staff costs Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Wages, salaries and remuneration Â  791.8 Â  718.5 Â  274.4 Â  265.2 Â  Pension costs, defined benefit plans Â  6.7 Â  6.1 Â  - - Pension costs, defined contribution plans Â  63.0 Â  57.0 Â  29.2 Â  26.6 Â  Other social security costs Â  77.3 Â  68.2 Â  4.0 Â  4.0 Â  Staff costs Â  938.8 Â  849.8 Â  307.6 Â  295.8 Â  Number of employees Â  Average number of full-time equivalents Â  3,296 3,064 490 474 Accounting policies Â  Staff costs Â  Staff costs include wages and salaries, pensions, social security contributions, annual leave and sick leave, Â  bonuses and non-monetary benefits. Employee costs are recognised in the financial year in which the associ- Â  ated services are rendered. Costs for long-term employee benefits provided by the group are recognised in the Â  period in which they are earned. Â  Remuneration of the board of directors Â  The remuneration paid to the members of the board of directors is a fixed fee approved by the shareholder at Â  the annual general meeting. No remuneration was paid to the board of directors in 2025. Â  Remuneration of the executive board Â  The remuneration paid to the executive board (registered with the Danish Business Authority) is based on a Â  fixed salary, defined contribution pension, bonus and other benefits in the form of company car and tele- Â  phone. Bonuses are individual and performance-related. The remuneration for the executive board includes a Â  one-year cash bonus programme. The one-year bonus programme is based on financial targets and cannot Â  exceed 50% of the individualâs base salary before pension. Â  Hartmann may terminate the executive employment agreement of Hartmannâs executive board at 12 monthsâ Â  notice. In the event of a change of ownership of a controlling interest in the company, the notice of termination Â  will be extended to 18 months effective from the date of transfer of control. The extended notice will apply for a Â  period of 18 months after the transfer. Â  Remuneration Â  Information on remuneration to the board of directors and executive board for 2025 is omitted in accordance Â  with section 98 b(3)(2) of ÃRL. Â  Salary Â  Other Â  DKKm Â  and fees Â  Bonus Â  Pension Â  benefits Â  Total Â  2024 Â  Board of directors and executive board Â  5.5 Â  2.5 Â  0.5 Â  0.3 Â  8.8 Â  5.5 Â  2.5 Â  0.5 Â  0.3 Â  8.8 Â </fsa:DisclosureOfEmployeeBenefitsExpense>
   <fsa:AverageNumberOfEmployees contextRef="ctx1" decimals="0" id="fact4966" unitRef="pure">3296</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx2" decimals="0" id="fact5000" unitRef="pure">3064</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx3" decimals="0" id="fact5016" unitRef="pure">490</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx4" decimals="0" id="fact5029" unitRef="pure">474</fsa:AverageNumberOfEmployees>
   <fsa:DisclosureOfSpecialItems contextRef="ctx1" id="fact2757" xml:lang="en">Note 06 Â  Special items Â  Special items comprise significant non-recurring income and expenses of a special nature relative to the Â  Groupâs earnings-generating activities, such as the costs of extensive restructuring of processes and funda- Â  mental structural changes. Other significant amounts of a non-recurring nature are also included under this Â  item, including impairment of intangible assets and property, plant and equipment, insurance coverage or Â  provisions for legal claims related to significant events, and gains and losses on the divestment of activities. Â  Due to the significant impact on the statement of profit or loss, these non-recurring items of special nature are Â  disclosed separately in this note. The special items are presented in the statement of profit or loss within the Â  functions, shown in the table below: Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Impariment of assets Russia Â  (10.7) Â  (12.7) Â  0.0 Â  0.0 Â  Impairment of assets China Â  0.0 Â  (17.8) Â  0.0 Â  0.0 Â  Provisions for legal claims Â  (13.7) Â  0.0 Â  0.0 Â  0.0 Â  Special items Â  (24.4) Â  (30.5) Â  0.0 Â  0.0 Â  Special items are presented in the following items in Â  the statement of profit or loss: Â  Production costs Â  (10.7) Â  (30.5) Â  0.0 Â  0.0 Â  Administrative expenses Â  (13.7) Â  0.0 Â  0.0 Â  0.0 Â  (24.4) Â  (30.5) Â  0.0 Â  0.0 Â  Special items in 2025 include an impairment of the net assets of the Russian operations by DKK 11 million, to a Â  net carrying amount of DKK 0 as of 31 December 2025. In April 2022, Hartmann announced its strategic decision Â  to exit Russia and initiated a full divestment of its Russian business in response to Russia's invasion of Ukraine. Â  This impairment reflects ongoing political and regulatory uncertainties, prolonged divestment challenges, and Â  the potential risk of complete loss of control over the assets. Â  Aditionally, special items in 2025 include provisions for legal claims of DKK 14 million. Refer to Note 20 for further Â  details. Â  Special items in 2024 included an impairment of non-current assets in China of DKK 18 million. Â  Additionally, special items in 2024 included an impairment of the net assets of the Russian operations by DKK 13 Â  million, to a net carrying amount of DKK 0 as of 31 December 2024. Â  Notes Â  Notes Â </fsa:DisclosureOfSpecialItems>
   <fsa:DisclosureOfSpecialItems contextRef="ctx3" id="fact4176" xml:lang="en">Note 06 Â  Special items Â  Special items comprise significant non-recurring income and expenses of a special nature relative to the Â  Groupâs earnings-generating activities, such as the costs of extensive restructuring of processes and funda- Â  mental structural changes. Other significant amounts of a non-recurring nature are also included under this Â  item, including impairment of intangible assets and property, plant and equipment, insurance coverage or Â  provisions for legal claims related to significant events, and gains and losses on the divestment of activities. Â  Due to the significant impact on the statement of profit or loss, these non-recurring items of special nature are Â  disclosed separately in this note. The special items are presented in the statement of profit or loss within the Â  functions, shown in the table below: Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Impariment of assets Russia Â  (10.7) Â  (12.7) Â  0.0 Â  0.0 Â  Impairment of assets China Â  0.0 Â  (17.8) Â  0.0 Â  0.0 Â  Provisions for legal claims Â  (13.7) Â  0.0 Â  0.0 Â  0.0 Â  Special items Â  (24.4) Â  (30.5) Â  0.0 Â  0.0 Â  Special items are presented in the following items in Â  the statement of profit or loss: Â  Production costs Â  (10.7) Â  (30.5) Â  0.0 Â  0.0 Â  Administrative expenses Â  (13.7) Â  0.0 Â  0.0 Â  0.0 Â  (24.4) Â  (30.5) Â  0.0 Â  0.0 Â  Special items in 2025 include an impairment of the net assets of the Russian operations by DKK 11 million, to a Â  net carrying amount of DKK 0 as of 31 December 2025. In April 2022, Hartmann announced its strategic decision Â  to exit Russia and initiated a full divestment of its Russian business in response to Russia's invasion of Ukraine. Â  This impairment reflects ongoing political and regulatory uncertainties, prolonged divestment challenges, and Â  the potential risk of complete loss of control over the assets. Â  Aditionally, special items in 2025 include provisions for legal claims of DKK 14 million. Refer to Note 20 for further Â  details. Â  Special items in 2024 included an impairment of non-current assets in China of DKK 18 million. Â  Additionally, special items in 2024 included an impairment of the net assets of the Russian operations by DKK 13 Â  million, to a net carrying amount of DKK 0 as of 31 December 2024. Â  Notes Â  Notes Â </fsa:DisclosureOfSpecialItems>
   <fsa:DisclosureOfOtherFinanceIncome contextRef="ctx1" id="fact1688" xml:lang="en">Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Interest income from subsidiaries Â  - - 16.7 Â  51.5 Â  Interest income, cash and cash equivalents etc. Â  4.9 Â  14.5 Â  1.5 Â  9.6 Â  Interest income from affiliated companies Â  2.2 Â  2.8 Â  2.2 Â  2.8 Â  Other interest income Â  6.3 Â  12.4 Â  0.4 Â  7.5 Â  Dividend from subsidiaries Â  - - 24.4 Â  113.0 Â  Reversal of write-down of non-current receivables from subsidiaries Â  - - 34.7 Â  152.5 Â  Foreign exchange gains Â  13.7 Â  27.0 Â  2.6 Â  8.7 Â  Derivative financial instruments Â  0.4 Â  0.5 Â  0.4 Â  0.5 Â  Financial income Â  27.5 Â  57.2 Â  82.9 Â  346.1 Â  Interest expenses to subsidiaries Â  - - 5.3 Â  0.5 Â  Interest expenses, credit institutions Â  25.0 Â  48.7 Â  24.2 Â  45.9 Â  Interest expenses to affiliated companies Â  0.8 Â  1.4 Â  0.0 Â  0.0 Â  Net interest on defined benefit plans; see note 17 Â  0.4 Â  0.8 Â  - - Other financial expenses Â  12.4 Â  6.6 Â  3.7 Â  0.8 Â  Impairment of investments in subsidiaries Â  - - 22.5 Â  162.0 Â  Write-down of non-current and current receivables from subsidiaries Â  - - 31.8 Â  77.4 Â  Foreign exchange losses Â  52.9 Â  26.6 Â  14.7 Â  32.6 Â  Derivative financial instruments Â  0.0 Â  1.5 Â  12.5 Â  1.5 Â  Financial expenses Â  91.5 Â  85.6 Â  114.7 Â  320.7 Â  Financial income and (expenses) Â  (64.0) Â  (28.4) Â  (31.8) Â  25.4 Â  Accounting policies Â  Financial income and expenses Â  Financial income and expenses comprise interest, realised and unrealised foreign exchange adjustments, Â  amortisation and surcharges and allowances under the tax prepayment scheme. Also included are realised Â  and unrealised gains and losses relating to derivative financial instruments not qualifying as effective hedges. Â </fsa:DisclosureOfOtherFinanceIncome>
   <fsa:DisclosureOfTaxExpenses contextRef="ctx1" id="fact1800" xml:lang="en">NTaotxe o08n profit for tGroup Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Tax on profit for the year has been calculated as follows: Â  Current tax Â  139.7 Â  124.5 Â  60.2 Â  42.5 Â  Change in deferred tax Â  15.2 Â  (5.3) Â  (0.9) Â  1.1 Â  Change in deferred tax relating to prior years Â  (0.2) Â  19.3 Â  0.0 Â  (2.3) Â  Tax relating to prior years Â  (0.3) Â  (13.8) Â  0.0 Â  (11.6) Â  Tax on profit for the year Â  154.4 Â  124.7 Â  59.3 Â  29.7 Â  In 2024, change in deferred tax and tax relating to prior years primarily relates to the settlement of a transfer pricing Â  case. Â  Accounting policies Â  Tax on profit for the year Â  The groupâs Danish entities are jointly taxed with its sole shareholder, Thornico Holding A/S, and its Danish Â  subsidiaries. The current Danish income tax liability is allocated among the jointly taxed entities in proportion to Â  their taxable income (full allocation subject to reimbursement in respect of tax losses). Â  Tax for the year, comprising current income tax for the year, joint taxation contributions for the year and Â  changes in deferred tax for the year, including such changes as follow from changes in the tax rate, is recog- Â  nised in profit/loss for the year or in equity, depending on where the tax relates to. Â </fsa:DisclosureOfTaxExpenses>
   <fsa:DisclosureOfCashAndCashEquivalents contextRef="ctx1" id="fact2822" xml:lang="en">Note 09 Â  Cash flows Â  Group Â  DKKm Â  2025 Â  2024 Â  Inventories Â  (63.2) Â  (43.5) Â  Receivables Â  (6.7) Â  (16.3) Â  Pension obligations Â  (1.6) Â  (2.1) Â  Prepayments from customers Â  48.5 Â  (11.8) Â  Trade payables Â  (15.6) Â  9.0 Â  Other payables etc. Â  13.7 Â  12.5 Â  Change in working capital etc. Â  (24.9) Â  (52.2) Â  Credit institutions at 1 January Â  670.3 Â  765.8 Â  Raising of debt with credit Institutions Â  77.2 Â  50.0 Â  Repayment of debt to credit institutions Â  (223.5) Â  (147.0) Â  Foreign exchange adjustments Â  0.3 Â  1.4 Â  Other non-cash items Â  0.7 Â  0.9 Â  Credit institutions at 31 December Â  525.0 Â  670.3 Â </fsa:DisclosureOfCashAndCashEquivalents>
   <fsa:DisclosureOfIntangibleAssets contextRef="ctx1" id="fact2867" xml:lang="en">Note 10 Â  Intangible assets Â  Group Â  DKKm Â  Goodwill Â  Other Â  Total Â  Cost at 1 January 2025 Â  132.6 Â  123.6 Â  256.2 Â  Foreign exchange adjustment Â  (0.3) Â  (0.1) Â  (0.4) Â  Additions Â  0.0 Â  0.7 Â  0.7 Â  Cost at 31 December 2025 Â  132.3 Â  124.2 Â  256.5 Â  Amortisation and impairment at 1 January 2025 Â  132.6 Â  91.9 Â  224.5 Â  Foreign exchange adjustments Â  (0.3) Â  0.0 Â  (0.3) Â  Amortisation Â  0.0 Â  14.5 Â  14.5 Â  Amortisation and impairment at 31 December 2025 Â  132.3 Â  106.4 Â  238.7 Â  Carrying amount at 31 December 2025 Â  0.0 Â  17.8 Â  17.8 Â  Development costs of DKK 20.5 million for both the group and the parent company (2024: DKK 21.9 million) are Â  included in the statement of profit and loss. Â </fsa:DisclosureOfIntangibleAssets>
   <fsa:DisclosureOfIntangibleAssets contextRef="ctx3" id="fact4241" xml:lang="en">Note 10 Â  Intangible assets â continued Â  Parent company Â  DKKm Â  Goodwill Â  Other Â  Total Â  Cost at 1 January 2025 Â  10.7 Â  74.2 Â  84.5 Â  Additions Â  0.0 Â  0.5 Â  0.5 Â  Cost at 31 December 2025 Â  10.7 Â  74.7 Â  85.4 Â  Amortisation and impairment at 1 January 2025 Â  10.7 Â  44.2 Â  54.9 Â  Amortisation Â  0.0 Â  13.8 Â  13.8 Â  Amortisation and impairment at 31 December 2025 Â  10.7 Â  58.0 Â  68.7 Â  Carrying amount at 31 December 2025 Â  0.0 Â  16.7 Â  16.7 Â  Accounting policies Â  Goodwill Â  On initial recognition goodwill is recognised in the statement of financial position at cost and allocated to Â  groups of CGUs at which goodwill is monitored. Goodwill is subsequently measured at cost less accumulated Â  amortisations and impairments. Goodwill is amortised using the straight-line method over its expected useful Â  life, that is based on managementâs assessment of the market position and long-term earnings profile of the Â  individual businesses to which goodwill relates. The amortisation period for goodwill is ten years. Â  Other intangible assets Â  Other intangible assets are software, customer relations and trademarks. Software is measured at cost less Â  accumulated amortisation. Software is amortised using the straight-line method over its expected useful life, Â  which is 3-5 years. Customer relations acquired in connection with business combinations are measured at Â  cost less accumulated amortisation. Customer relations are amortised using the straight-line method over the Â  expected useful life, which is ten years. Â  Trademarks acquired in connection with business combinations are measured at cost less accumulated Â  amortisation. Trademarks are amortised using the straight-line method over the expected useful life, which is Â  ten years. Â  Impairment of intangible assets Â  Intangible assets are written down in accordance with the accounting policies governing impairment of prop- Â  erty, plant and equipment set out in note 11. No indicators of impairment were identified during the year. Â </fsa:DisclosureOfIntangibleAssets>
   <fsa:DisclosureOfPropertyPlantAndEquipment contextRef="ctx1" id="fact2912" xml:lang="en">Note 11 Â  Property, plant and equipment Â  Other Â  fixtures Â  and fittings, Plant under Â  Land and Â  Plant and Â  tools and Â  construc- Â  DKKm Â  buildings machinery equipment Â  tion Â  Total Â  Group Â  Cost at 1 January 2025 Â  793.5 Â  2,815.3 Â  84.0 Â  189.1 Â  3,881.9 Â  Foreign exchange adjustment Â  (18.5) Â  (58.4) Â  (3.7) Â  (27.0) Â  (107.6) Â  Transfer Â  47.2 Â  320.5 Â  9.0 Â  (376.7) Â  0.0 Â  Additions Â  2.6 Â  13.3 Â  3.8 Â  501.8 Â  521.5 Â  Disposals Â  0.0 Â  (4.1) Â  (0.9) Â  0.0 Â  (5.0) Â  Cost at 31 December 2025 Â  824.8 Â  3,086.6 Â  92.2 Â  287.2 Â  4,290.8 Â  Depreciation and impairment Â  at 1 January 2025 Â  420.6 Â  1,743.3 Â  47.2 Â  14.8 Â  2,225.9 Â  Foreign exchange adjustment Â  (8.6) Â  (22.4) Â  (1.3) Â  0.0 Â  (32.3) Â  Transfer Â  0.0 Â  14.8 Â  0.0 Â  (14.8) Â  0.0 Â  Depreciation Â  23.8 Â  155.6 Â  9.9 Â  0.0 Â  189.3 Â  Impairment Â  0.0 Â  5.1 Â  0.1 Â  0.0 Â  5.2 Â  Disposals Â  0.0 Â  (3.5) Â  (0.9) Â  0.0 Â  (4.4) Â  Depreciation and impairment Â  at 31 December 2025 Â  435.8 Â  1,892.9 Â  55.0 Â  0.0 Â  2,383.7 Â  Carrying amount at 31 December 2025 Â  389.0 Â  1,193.7 Â  37.2 Â  287.2 Â  1,907.1 Â  Other Â  fixtures Â  and fittings, Plant under Â  Land and Â  Plant and Â  tools and Â  construc- Â  DKKm Â  buildings machinery equipment Â  tion Â  Total Â </fsa:DisclosureOfPropertyPlantAndEquipment>
   <fsa:DisclosureOfPropertyPlantAndEquipment contextRef="ctx3" id="fact4295" xml:lang="en">Note 11 Â  Property, plant and equipment Â  Other Â  fixtures Â  and fittings, Plant under Â  Land and Â  Plant and Â  tools and Â  construc- Â  DKKm Â  buildings machinery equipment Â  tion Â  Total Â  Parent company Â  Cost at 1 January 2025 Â  157.4 Â  656.9 Â  21.7 Â  30.4 Â  866.4 Â  Transfer Â  2.6 Â  24.7 Â  1.7 Â  (29.0) Â  0.0 Â  Additions Â  2.6 Â  0.0 Â  0.0 Â  95.9 Â  98.5 Â  Disposals Â  0.0 Â  (0.4) Â  0.0 Â  0.0 Â  (0.4) Â  Cost at 31 December 2025 Â  162.6 Â  681.2 Â  23.4 Â  97.3 Â  964.5 Â  Depreciation and impairment Â  at 1 January 2025 Â  111.4 Â  471.7 Â  13.3 Â  0.0 Â  596.4 Â  Depreciation Â  3.0 Â  34.2 Â  2.2 Â  0.0 Â  39.4 Â  Disposals Â  0.0 Â  0.0 Â  0.0 Â  0.0 Â  0.0 Â  Depreciation and impairment Â  at 31 December 2025 Â  114.4 Â  505.9 Â  15.5 Â  0.0 Â  635.8 Â  Carrying amount at 31 December 2025 Â  48.2 Â  175.3 Â  7.9 Â  97.3 Â  328.7 Â  Note 11 Â  Property, plant and equipment â continued Â  Accounting policies Â  Property, plant and equipment Â  Property, plant and equipment is measured at cost less accumulated depreciation and impairment. Cost Â  comprises the purchase price and any costs directly attributable to the acquisition until the asset is available Â  for use. The cost of self-constructed assets comprises costs related to wages and salaries, materials, compo- Â  nents and sub-suppliers. Where individual components of an item of property, plant and equipment have Â  different useful lives, they are accounted for as separate items and depreciated separately. Â  Spare parts that meet the definition of property, plant and equipment are capitalised and accounted for Â  accordingly. If spare parts do not meet the recognition criteria they are carried in inventory or recognised in Â  the statement of profit or loss as and when incurred. Subsequent costs, e.g. for the replacement of compo- Â  nents of property, plant and equipment, are recognised in the carrying amount of the asset when it is likely that Â  the expenditure of the replacement involves future financial benefits to the group. The carrying amount of the Â  replaced components is no longer recognised in the statement of financial position but is transferred to the Â  statement of profit or loss for the year. All other costs related to general repair and maintenance are recognised Â  in the statement of profit or loss as and when incurred. Â  Items of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives: Â  â¢ Buildings and building components, 10-25 years Â  â¢ Plant and machinery, 5-25 years Â  â¢ Fixtures and operating equipment, 5-10 years Â  â¢ IT equipment including basic programs, 3-5 years Â  Land is not depreciated. The depreciation basis is determined taking into account the residual value of the Â  asset and any impairment losses. The residual value is determined at the date of acquisition and is reassessed Â  annually. If the residual value exceeds the carrying amount of the asset, depreciation will cease. If the depre- Â  ciation period or the residual value is changed, the effect on depreciation going forward is recognised as a Â  change in accounting estimates. Â  Depreciation is recognised in the statement of profit or loss as production costs, selling and distribution costs Â  and administrative expenses, respectively. Â  Gains or losses on the disposal of property, plant and equipment are stated as the difference between the Â  selling price less costs to sell and the carrying amount at the date of disposal. Gains or losses are recognised in Â  the statement of profit or loss in other operating income or in other operating expenses. Â  Impairment of property, plant and equipment Â  Items of property, plant and equipment are reviewed on an annual basis to determine whether there is any indi- Â  cation of impairment other than that expressed by amortisation and depreciation. When there is an indication Â  that an asset may be impaired, the recoverable amount of that asset is determined. The recoverable amount is Â  the higher of the assetâs net selling price and the net present value of expected future net cash flows. An impair- Â  ment loss is recognised when the carrying amount of an asset or its cash-generating unit exceeds the recover- Â  able amount of the asset or its cash-generating unit. Impairment losses are recognised in profit or loss. Â  Impairment losses on property, plant and equipment are reversed to the extent that changes have occurred in Â  the assumptions and estimates on the basis of which the impairment loss was recognised. Impairment losses Â  are reversed only to the extent that the new carrying amount of the asset does not exceed the carrying amount Â  it would have had net of depreciation if the impairment loss had not been recognised. Â  No indicators of impairment were identified during the year, except for the write-down related to the Russian Â  assets. Refer to note 6. Â </fsa:DisclosureOfPropertyPlantAndEquipment>
   <fsa:DisclosureOfInvestments contextRef="ctx3" id="fact4421" xml:lang="en">Note 12 Â  Investments in subsidiaries Â  DKKm Â  Parent company Â  Cost at 1 January 2025 Â  1.352.0 Â  Additions Â  382.4 Â  Disposals Â  -36.7 Â  Cost at 31 December 2025 Â  1,697.7 Â  Impairment at 1 January 2025 Â  610.6 Â  Impairment losses in the year Â  22.5 Â  Impairment at 31 December 2025 Â  633.1 Â  Carrying amount at 31 December 2025 Â  1,064.6 Â  Additions comprises capital increases trough debt to equity conversions as part of capital restructurings while Â  disposals comprise a capital decrease in Hartmann Canada Inc. Â  Impairment losses during the year primarily relate to the write-downs of certain Asian subsidiaries following Â  debt-to-equity conversions, with a corresponding reversal of equivalent write-downs of receivables from these Â  subsidiaries recognised under Financial income (refer to Note 7). Â  Accounting policies Â  Investments in subsidiaries in the parent company financial statements Â  Investments in subsidiaries are measured at cost. Where the recoverable amount is lower than cost, the invest- Â  ments are written down to this lower value. In connection with reversal of impairment losses, the carrying Â  amount is revalued at the recoverable amount, which cannot exceed cost. Â  Dividend from investments in subsidiaries in the parent company financial statements Â  Dividend from investments in subsidiaries is recognised in the parent company statement of profit or loss for Â  the financial year in which it is declared. Â  Note 12 Â  Investments in subsidiaries â continued Â  Registered Â  Ownership Â  Name Â  office Â  interest Â  Danfiber A/S Â  Denmark Â  100% Â  Hartmann (UK) Ltd. Â  England Â  100% Â  Hartmann Canada Inc. Â  Canada Â  100% Â  Hartmann d.o.o. Â  Serbia Â  100% Â  Hartmann East Asia ApS Â  Denmark Â  100% Â  Hartmann Finance A/S Â  Denmark Â  100% Â  Hartmann France S.a.r.l. Â  France Â  100% Â  Hartmann India Ltd. Â  India Â  100% Â  Hartmann Italiana S.r.l. Â  Italy Â  100% Â  Hartmann Packaging China Co., Ltd (subsidiary of Hartmann East Asia ApS) Â  China Â  100% Â  Hartmann Packaing (M) Sdn. Bhd. Â  Malaysia Â  100% Â  Hartmann Papirna AmbalaÅ¾a d.o.o. Â  Croatia Â  100% Â  Hartmann PÃ³lska Sp. z o.o. Â  Poland Â  100% Â  Hartmann US Inc. Â  USA Â  100% Â  Hartmann Verpackung AG Â  Switzerland Â  100% Â  Hartmann Verpackung GmbH Â  Germany Â  100% Â  Hartmann-Hungary Kft. Â  Hungary Â  100% Â  Hartmann-Mai Ltd. Â  Israel Â  100% Â  JSC Hartmann-Rus (subsidiary of OOO ECU-Holding) Â  Russia Â  100% Â  Molarsa Chile SPA (subsidiary of Moldeados Argentinos SA) Â  Chile Â  100% Â  Moldeados Argentinos SA (subsidiary of Projects A/S) Â  Argentina Â  100% Â  OOO ECU-Holding Â  Russia Â  100% Â  Projects A/S Â  Denmark Â  100% Â  Sanovo Greenpack Argentina SRL (subsidiary of Projects A/S) Â  Argentina Â  100% Â  Sanovo Greenpack Embalagens Do Brasil Ltda (subsidiary of Projects A/S) Â  Brazil Â  100% Â  Accounting policies Â  Impairment of investments in subsidiaries in the parent company financial statements Â  Investments in subsidiaries are reviewed for impairment once a year. If there are indications that an investment Â  may be impaired, the recoverable amount of that investment is computed as the net present value of expected Â  future net cash flows. An impairment loss is recognised if the carrying amount is higher than the recoverable Â  amount. Impairment losses are recognised in statement of profit or loss. Impairment losses are reversed only to Â  the extent that changes have occurred in the assumptions and estimates on the basis of which the impairment Â  loss was recognised and only to the extent that the revalued carrying amount does not exceed cost. Â </fsa:DisclosureOfInvestments>
   <fsa:DisclosureOfReceivables contextRef="ctx3" id="fact4544" xml:lang="en">Note 13 Â  Receivables from subsidiaries (non-current) Â  Parent Â  DKKm Â  company Â  Carrying amount at 1 January 2025 Â  449.0 Â  Foreign exchange adjustments Â  (12.7) Â  Additions Â  48.9 Â  Disposals Â  (482.1) Â  Impairments Â  (9.0) Â  Reversal of impairments Â  34.7 Â  Carrying amount at 31 December 2025 Â  28.8 Â  Disposals during the year primarily relate to intercompany loans to subsidiaries that have been converted into Â  equity as part of capital restructurings. Â  Reversal of impairment losses relates to intercompany loans to subsidiaries in Asia that were converted to Â  equity. Â  Accounting policies Â  Receivables from subsidiaries in the parent company financial statements Â  Receivables from subsidiaries are measured at the lower of amortised cost and net realisable value, which Â  usually corresponds to nominal value less provisions for bad debt. Where a receivable is considered to be Â  impaired, an impairment loss covering the total estimated bad debt is recognised. Â </fsa:DisclosureOfReceivables>
   <fsa:DisclosureOfDeferredTaxAssetsAndLiabilities contextRef="ctx1" id="fact3025" xml:lang="en">Note 14 Â  Deferred tax Â  DKKm Â  Total Â  Group Â  Carrying amount at 1 January 2025 Â  (3.5) Â  Foreign exchange adjustment Â  (2.7) Â  Adjustment relating to prior years Â  0.2 Â  Recognised in profit for the year, net Â  (15.2) Â  Recognised in equity, net Â  0.7 Â  Carrying amount at 31 December 2025 Â  (20.5) Â </fsa:DisclosureOfDeferredTaxAssetsAndLiabilities>
   <fsa:DisclosureOfDeferredTaxAssetsAndLiabilities contextRef="ctx3" id="fact4572" xml:lang="en">Note 14 Â  Deferred tax Â  DKKm Â  Total Â  Parent company Â  Carrying amount at 1 January 2025 Â  (14.3) Â  Recognised in profit for the year, net Â  0.9 Â  Recognised in equity, net Â  0.4 Â  Carrying amount at 31 December 2025 Â  (13.0) Â  Note 14 Â  Deferred tax â continued Â  Accounting estimates and judgements Â  Deferred tax assets Â  In the measurement of deferred tax assets, it is assessed whether, on the basis of financial forecasts and Â  operating plans, future earnings will allow for and render probable the utilisation of the temporary differences Â  between tax bases and carrying amounts. Tax loss carry-forwards are recognised based on utilisation within Â  five years. Recognised tax loss carry-forwards amount to DKK 28 million as of 31 December 2025 (2024: DKK 20 Â  million) and are attributable to Hartmann US Inc. Unrecognised tax losses amount to DKK 50 million as of 31 Â  December 2025 (2024: DKK 44 million) and relate to the subsidiaries in Brazil, India, China and Malaysia. Out of Â  unrecognised tax loss DKK 0 million expires within 5 years and DKK 15 million within 5-10 years. The remaining tax Â  loss carry-forwards do not expire. Â  Accounting policies Â  Deferred tax Â  Deferred tax is measured using the balance sheet liability method on all temporary differences between the Â  carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on tempo- Â  rary differences relating to goodwill which is not deductible for tax purposes and office buildings and other Â  items where temporary differences â other than business acquisitions â arise at the date of acquisition without Â  affecting either the profit or loss for the year or the taxable income. Where alternative tax rules can be applied Â  to determine the tax base, deferred tax is measured on the basis of planned use of the asset as decided by Â  management, or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss Â  carry-forwards, are recognised under other non-current assets at the expected value of their utilisation, either Â  as a set-off against tax on future earnings or as a set-off against deferred tax liabilities within the same legal Â  tax entity and jurisdiction. Adjustment is made to deferred tax relating to eliminations made of unrealised intra- Â  group gains and losses. Deferred tax is measured according to the tax rules and at the tax rates applicable in Â  the respective countries at the balance sheet date when the deferred tax is expected to materialise as current Â  tax. Â  Hartmann has applied the exception to not recognise and disclose information about deferred tax in the OECD/ Â  EU Pillar Two Model Rules and their local implementation. No Pillar Two tax was paid during 2025. Â  Impairment of deferred tax assets Â  Deferred tax assets are reviewed for impairment annually and are written down if it is deemed likely that the Â  deferred tax asset cannot be utilised against tax on future income or set off against deferred tax liabilities in the Â  same legal tax entity and jurisdiction. This assessment takes into account the type and nature of the recog- Â  nised deferred tax asset, and the estimated time frame for the set-off of the asset. Â </fsa:DisclosureOfDeferredTaxAssetsAndLiabilities>
   <fsa:DisclosureOfInventories contextRef="ctx1" id="fact3042" xml:lang="en">Note 15 Â  Inventories Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Raw materials and consumables Â  284.5 Â  241.1 Â  92.0 Â  66.6 Â  Work in progress Â  16.2 Â  14.1 Â  25.3 Â  18.2 Â  Finished goods and goods for resale Â  141.9 Â  133.8 Â  65.6 Â  63.4 Â  Inventories Â  442.6 Â  389.0 Â  182.9 Â  148.2 Â  Work in progress for the parent company includes plant under construction for use in subsidiaries, which in the con- Â  solidated financial statements has been reclassified as assets under contruction, property, plant and equipment. Â  The group has not pledged inventories as security for debt items to any third party. Â  Accounting policies Â  Inventories Â  Inventories are measured at cost using the FIFO method. Â  Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus Â  delivery costs. Â  Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, Â  direct labour costs and production overheads. Production overheads comprise indirect materials and labour Â  costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and Â  factory administration and management costs. Â  Where the net realisable value is lower than cost, inventories are written down to such lower value. The net Â  realisable value of inventories is determined as the selling price less costs of completion and costs necessary Â  to make the sale and is determined taking into account marketability, obsolescence and developments in the Â  expected selling price. Â </fsa:DisclosureOfInventories>
   <fsa:DisclosureOfInventories contextRef="ctx3" id="fact4619" xml:lang="en">Note 15 Â  Inventories Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Raw materials and consumables Â  284.5 Â  241.1 Â  92.0 Â  66.6 Â  Work in progress Â  16.2 Â  14.1 Â  25.3 Â  18.2 Â  Finished goods and goods for resale Â  141.9 Â  133.8 Â  65.6 Â  63.4 Â  Inventories Â  442.6 Â  389.0 Â  182.9 Â  148.2 Â  Work in progress for the parent company includes plant under construction for use in subsidiaries, which in the con- Â  solidated financial statements has been reclassified as assets under contruction, property, plant and equipment. Â  The group has not pledged inventories as security for debt items to any third party. Â  Accounting policies Â  Inventories Â  Inventories are measured at cost using the FIFO method. Â  Goods for resale, raw materials and consumables are measured at cost, comprising the purchase price plus Â  delivery costs. Â  Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, Â  direct labour costs and production overheads. Production overheads comprise indirect materials and labour Â  costs as well as maintenance and depreciation of production machinery, factory buildings and equipment and Â  factory administration and management costs. Â  Where the net realisable value is lower than cost, inventories are written down to such lower value. The net Â  realisable value of inventories is determined as the selling price less costs of completion and costs necessary Â  to make the sale and is determined taking into account marketability, obsolescence and developments in the Â  expected selling price. Â </fsa:DisclosureOfInventories>
   <fsa:DisclosureOfContributedCapital contextRef="ctx3" id="fact4664" xml:lang="en">Note 16 Â  Share capital Â  DKKm Â  Parent company Â  Share capital at 1 January 2025 Â  140.3 Â  Share capital reduction (cancellation of own treasury shares) Â  (2.0) Â  Share capital at 31 December 2025 Â  138.3 Â  Shares of DKK 20 each Â  6,915,090 Â  No shares confer special rights. Â  Proposed appropriation of net profit Â  The Board of Directors proposes that the profit for the year of DKK 201 million be appropriated as follows: divi- Â  dend of DKK 200 million is distributed, after which a positive amount of DKK 1 million is transferred to retained Â  earnings. Â  Dividend paid Â  A dividend of DKK 107 million was paid in the financial year ended 31 December 2025 (2024: no dividend paid). Â </fsa:DisclosureOfContributedCapital>
   <fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities contextRef="ctx1" id="fact3087" xml:lang="en">Note 17 Â  Pension obligations Â  Defined contribution plans Â  Hartmann offers pension plans to certain groups of employees. These pension plans are generally defined Â  contribution plans. Under these pension plans, Hartmann recognises regular payments of premiums (e.g. a Â  fixed amount or a fixed percentage of the salary) to independent insurers who are responsible for the pension Â  obligations. Â  Under defined contribution plans, the group carries no risk in relation to future development in interest rates, Â  inflation, mortality or disability. Once the contributions under defined contribution plans have been paid, Hart- Â  mann has no further pension obligations towards existing or former employees. Â  Defined benefit plans Â  Under defined benefit plans, Hartmann has an obligation to pay a specific benefit (e.g. retirement pension in Â  the form of a fixed proportion of the exit salary). Under these plans, Hartmann carries the risk in relation to future Â  development in interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation Â  is based results in a change in the actuarial present value. Â  In the event of changes in the assumptions used in the calculation of defined benefit plans for existing and Â  former employees, actuarial gains and losses are recognised directly in equity. Â  The total pension obligation relate to two funded plans in the subsidiary Hartmann Canada Inc. and one Â  unfunded plan in the subsidiary Hartmann Verpackung GmbH. Â  The weighted average duration of the obligations is 11-16 years in Canada and 15 years in Germany. Â  Group Â  DKKm Â  2025 Â  2024 Â  Recognition of defined benefit plans in the statement of financial position: Â  Present value of liability with plan assets Â  127.8 Â  131,1 Â  Market value of plan assets Â  (193.6) Â  (185.3) Â  Net obligation of plans with plan assets Â  (65.8) Â  (54.2) Â  Present value of plans without plan assets Â  17.8 Â  19.9 Â  Assets not recognised due to asset cap Â  56.4 Â  44,5 Â  Recognised net obligation Â  8.4 Â  10.2 Â  The majority of pensions fall due more than one year after the balance sheet date. Â  Hartmann expects to contribute DKK 15.0 million to pension plans in 2026 (2024: DKK 14.4 million relating to 2025). Â  Note 17 Â  Pension obligations â continued Â  % 2025 Â  2024 Â  Composition of plan assets: Â  Shares and investment funds Â  73.2 Â  84.1 Â  Bonds and other securities Â  26.8 Â  15.9 Â  100.0 Â  100.0 Â  Plan assets are measured at fair value based on prices quoted in an active market. No plan assets have any Â  relation to group entities. Â  The primary assumption applied in the calculation of pension obligations is the discount rate. The sensitivity Â  analysis below indicates the development of the pension obligation on a change in the discount rate by 1 Â  percentage point up or down. Â  2025 Â  2024 Â  DKKm Â  +1% point -1% point +1% point Â  -1% point Â  Pension obligation sensitivity to Â  changes in the discount rate: Â  â Germany Â  (1.1) Â  1.2 Â  (1.4) Â  1.5 Â  â Canada, wage earners Â  (8.5) Â  11.4 Â  (9.5) Â  12.7 Â  â Canada, salaried employees Â  (4.6) Â  5.8 Â  (4.6) Â  5.9 Â  Group Â  % 2025 Â  2024 Â  Defined benefit plans have been calculated based on Â  the following actuarial assumptions: Â  Discount rate Â  â Germany Â  4.1 Â  3.2 Â  â Canada, wage earners Â  5.0 Â  4.7 Â  â Canada, salaried employees Â  4.9 Â  4.7 Â  Expected pay rise Â  â Germany Â  - - â Canada, wage earners Â  - - â Canada, salaried employees Â  3.0 Â  3.0 Â </fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities>
   <fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities contextRef="ctx3" id="fact4683" xml:lang="en">Note 17 Â  Pension obligations â continued Â  Accounting policies Â  Pension obligations Â  Payments relating to defined contribution plans, under which the group regularly pays fixed contributions Â  into an independent pension fund, are recognised in profit or loss in the period in which they are earned, and Â  outstanding payments are recognised in the statement of financial position under other payables. Â  For defined benefit plans, annual actuarial calculations are made of the present value of future benefits Â  payable under the pension plan. The present value is calculated based on assumptions about future devel- Â  opments in variables such as salary levels and interest, inflation and mortality rates. The present value is only Â  calculated for benefits earned by the employees through their employment with the group to date. The actu- Â  arial calculation of present value less the fair value of any plan assets is recognised in the statement of finan- Â  cial position as pension obligations. The pension costs for the year, based on actuarial estimates and financial Â  forecasts at the beginning of the year, are recognised in the statement of profit or loss. The difference between Â  the forecast development in pension assets and liabilities and the realised values is called actuarial gains or Â  losses and is recognised directly in equity in the period in which they arise. If a pension plan constitutes a net Â  asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or Â  it leads to a reduction of future contributions to the plan. Â </fsa:DisclosureOfProvisionsForPensionsAndSimilarLiabilities>
   <fsa:InformationOnAuditorsFees contextRef="ctx1" id="fact3201" xml:lang="en">Note 18 NFeotees18to shareholder-appointed auditor Â Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Fees to shareholder-appointed auditor Â  Statutory audit Â  3.8 Â  3.8 Â  2.1 Â  2.2 Â  Other assurance engagements Â  0.0 Â  0.1 Â  0.0 Â  0.1 Â  Tax advisory services Â  0.4 Â  0.8 Â  0.4 Â  0.8 Â  Other non-audit services Â  1.1 Â  0.3 Â  1.0 Â  0.2 Â  Fees to shareholder-appointed auditor Â  5.3 Â  5.0 Â  3.5 Â  3.3 Â </fsa:InformationOnAuditorsFees>
   <fsa:InformationOnAuditorsFees contextRef="ctx3" id="fact4701" xml:lang="en">Note 18 Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Fees to shareholder-appointed auditor Â  Statutory audit Â  3.8 Â  3.8 Â  2.1 Â  2.2 Â  Other assurance engagements Â  0.0 Â  0.1 Â  0.0 Â  0.1 Â  Tax advisory services Â  0.4 Â  0.8 Â  0.4 Â  0.8 Â  Other non-audit services Â  1.1 Â  0.3 Â  1.0 Â  0.2 Â  Fees to shareholder-appointed auditor Â  5.3 Â  5.0 Â  3.5 Â  3.3 Â </fsa:InformationOnAuditorsFees>
   <fsa:DisclosureOfCollateralsAndAssetsPledgesAsSecurity contextRef="ctx1" id="fact3246" xml:lang="en">Note 19 Â  Collateral, contract obligations and liens Â  Rental and lease obligations Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Due in: Â  In 1 year or less Â  11.6 Â  10.3 Â  1.0 Â  0.9 Â  In 1-5 years Â  33.1 Â  38.1 Â  3.1 Â  2.8 Â  After 5 years Â  5.3 Â  17.6 Â  2.4 Â  0.4 Â  50.0 Â  66.0 Â  6.5 Â  4.1 Â  Guarantees Â  Hartmann Packaging A/S has provided a parent company guarantee to Hartmann (UK) Ltd. (CRN 00734190) to Â  allow the subsidiary to claim exemption from audit under section 479A of the British Companies Act 2006. At 31 Â  December 2025, the amount owed to creditors of Hartmann (UK) Ltd. was DKK 0.1 million (2024: DKK 0.1 million). Â  Contractual commitments Â  The Group has as of the balance sheet date contractual commitments of DKK 64 million related to investments Â  in capacity expansions (2024: DKK 51 million), that becomes due within 1 year. In addition, the Group has entered Â  into customary contractual arrangements as part of its regular operating activities. These include lease agree- Â  ments, supply contracts, service agreements, and agreements related to committed sales volumes. None of Â  these obligations represent significant non-cancellable commitments, nor are they expected to have a mate- Â  rial impact on the Groupâs liquidity. Â  Liens Â  In connection with the ongoing IPI tax dispute in Brazil, property, plant and equipment of the Groupâs Brazilian Â  subsidiary with a carrying amount of DKK 6 million at 31 December 2025 are subject to liens imposed by the Â  public authorities as security for the tax claim. Reference is made to Note 20. Â </fsa:DisclosureOfCollateralsAndAssetsPledgesAsSecurity>
   <fsa:DisclosureOfCollateralsAndAssetsPledgesAsSecurity contextRef="ctx3" id="fact4735" xml:lang="en">Note 19 Â  Collateral, contract obligations and liens Â  Rental and lease obligations Â  Group Â  Parent company Â  DKKm Â  2025 Â  2024 Â  2025 Â  2024 Â  Due in: Â  In 1 year or less Â  11.6 Â  10.3 Â  1.0 Â  0.9 Â  In 1-5 years Â  33.1 Â  38.1 Â  3.1 Â  2.8 Â  After 5 years Â  5.3 Â  17.6 Â  2.4 Â  0.4 Â  50.0 Â  66.0 Â  6.5 Â  4.1 Â  Guarantees Â  Hartmann Packaging A/S has provided a parent company guarantee to Hartmann (UK) Ltd. (CRN 00734190) to Â  allow the subsidiary to claim exemption from audit under section 479A of the British Companies Act 2006. At 31 Â  December 2025, the amount owed to creditors of Hartmann (UK) Ltd. was DKK 0.1 million (2024: DKK 0.1 million). Â  Contractual commitments Â  The Group has as of the balance sheet date contractual commitments of DKK 64 million related to investments Â  in capacity expansions (2024: DKK 51 million), that becomes due within 1 year. In addition, the Group has entered Â  into customary contractual arrangements as part of its regular operating activities. These include lease agree- Â  ments, supply contracts, service agreements, and agreements related to committed sales volumes. None of Â  these obligations represent significant non-cancellable commitments, nor are they expected to have a mate- Â  rial impact on the Groupâs liquidity. Â  Liens Â  In connection with the ongoing IPI tax dispute in Brazil, property, plant and equipment of the Groupâs Brazilian Â  subsidiary with a carrying amount of DKK 6 million at 31 December 2025 are subject to liens imposed by the Â  public authorities as security for the tax claim. Reference is made to Note 20. Â </fsa:DisclosureOfCollateralsAndAssetsPledgesAsSecurity>
   <fsa:DisclosureOfContingentLiabilities contextRef="ctx3" id="fact4780" xml:lang="en">Note 20 Â  Provisions and contingent liabilities Â  IPI tax disputes in Brazil Â  The Group is involved in ongoing tax disputes with the Brazilian tax authorities concerning the application of Â  industrial products tax (IPI) on certain historical sales by the Groupâs Brazilian operations. IPI is an indirect tax Â  levied on the sale of certain industrialised products in Brazil. Â  The Brazilian tax authorities raised claims concerning non-payment of IPI relating to sales in 2015 and 2016 at Â  selected sites. In 2025, a separate inspection at another Brazilian site resulted in a significantly smaller claim Â  relating to a later period. Â  As at 31 December 2025, the total amount claimed by the tax authorities amounts to approximately BRL 84 Â  million, corresponding to DKK 98 million including penalties and calculated accrued interest up until December Â  2025. The amounts claimed are based on formal tax assessment notices issued by the authorities and repre- Â  sent the maximum gross exposure. Â  Based on judicial practice and statements from external legal advisers, management is of the view that the Â  claims are not justified and continues to dispute them. However, the disputes are subject to a complex adminis- Â  trative and judicial process, and the final outcome is uncertain. Â  During 2025, management reassessed the cases following developments in the administrative proceedings Â  and updated external legal advice. The reassessment indicates that multiple materially different outcomes Â  remain possible and that no single outcome can be identified as clearly predominant at the reporting date. Â  As a result, the Group recognised a limited provision in respect of the disputes (2024: no provision), including Â  estimated legal and advisory costs. The provision reflects managementâs best estimate of the expected Â  economic outflow, measured using a probability-weighted expected value approach. Â  Due to the inherent uncertainty associated with the disputes, the final outcome may differ materially from the Â  estimate recognised. A lengthy process is expected before the cases will be finally settled. Â  Pending lawsuits Â  The group is party to a few other lawsuits and disputes. Management believes that these lawsuits and disputes Â  will not significantly affect the financial position of the group or the parent company. Â  Provisions for legal claims Â  In total, provisions amounting to DKK 14 million have been recognised in the statement of financial position in Â  respect of legal claims (2024: nil). Â  Joint taxation Â  Hartmann Packaging A/S and its Danish subsidiaries are taxed jointly with Thornico Holding A/S, which is the Â  management company. Â  The company and its Danish subsidiaries thus have secondary liability with respect to income taxes etc. and Â  any obligations to withhold taxes on interest, royalties and dividends applying to the jointly taxed entities. Such Â  secondary liability is, however, capped at an amount equal to the portion of the share capital in the company Â  held directly or indirectly by the ultimate parent company. Â  The total tax obligation of the jointly taxed entities is disclosed in the financial statements of the management Â  company. Â </fsa:DisclosureOfContingentLiabilities>
   <fsa:DescriptionOfRiskBenefitsAndFinancialImpactOfArrangementsNotRecognisedInBalanceSheet contextRef="ctx1" id="fact1854" xml:lang="en">The Group is exposed to financial risks arising from its operating, investing and financing activities. These risks include Â  market risks (foreign exchange risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The objec- Â  tive of the Groupâs financial risk management is to reduce the impact of such risks on earnings, cash flows and finan- Â  cial position, while maintaining sufficient financial flexibility to support the Groupâs strategic objectives. Â  Financial risk management is governed by policies approved by the Board of Directors and is executed centrally Â  by Group Finance. The Group uses derivative financial instruments selectively to hedge certain financial risks. Â  The Group does not enter into derivative transactions for speculative purposes. Â  Note 21 describes the Groupâs exposure to financial risks and the principles applied in managing these risks, Â  while Note 23 â Financial instruments provides quantitative information on the derivative financial instruments Â  used and their financial impact. Â  Foreign exchange risk Â  The Group is exposed to foreign exchange risk arising from both translation and transaction exposures. Â  Translation risk Â  Translation risk arises when earnings and net assets of foreign subsidiaries, as well as intra-group loans, are Â  translated into the Groupâs presentation currency, DKK. Translation differences relating to earnings and net Â  assets of foreign subsidiaries are recognised directly in equity and are not hedged, as they do not affect the Â  Groupâs underlying cash flows. Translation risk related to intra-group loans may be hedged where such expo- Â  sures are assessed to have a potential material impact on the consolidated financial statements. Â  Transaction risk Â  Transaction risk arises from cross-border transactions resulting in contractual cash flows denominated in Â  foreign currencies. The Groupâs most significant transaction risk relates to the USD/CAD exchange rate. This Â  exposure primarily reflects that a significant portion of sales in the North American business is invoiced in USD, Â  while a substantial share of production costs is incurred in CAD. Â  In addition to USD and CAD, the Group is exposed to transaction risks in CHF, EUR, GBP, HUF and PLN. Â In accordance with the Groupâs treasury policy, the Group seeks to reduce the impact of exchange rate fluctu- Â  ations on earnings and financial position through the use of forward exchange contracts. For selected curren- Â  cies, hedging is typically undertaken for periods of nine to twelve months, when reasonably priced hedging Â  instruments are available. Transaction risk relating to the EUR is not hedged. Â  In addition, a portion of the Groupâs borrowings are denominated in USD and provides a natural hedge against Â  USD-denominated operating income. Â  Interest rate risk Â  Interest rate risk arises primarily from the Groupâs interest-bearing borrowings, which are subject to variable interest Â  rates. Changes in market interest rates may therefore affect the Groupâs financial expenses and cash flows. Â  The Group continuously monitors its interest rate exposure and assesses whether it is appropriate to mitigate Â  fluctuations through the use of interest rate derivatives. Interest rate risk management is aligned with the Â  maturity profile of the underlying borrowings and the Groupâs overall financing strategy. Â  The Groupâs long-term borrowings are denominated in EUR and USD. To limit exposure to rising interest rates, the Â  Group has entered into an interest rate cap with a strike 2.5% covering EUR 60 million of its variable-rate borrow- Â  ings. The interest rate cap expires in September 2027. Interest rate hedging is applied selectively and currently Â  relates only to the EUR-denominated debt. The remaining borrowings are not subject to interest rate hedging Â  and are therefore exposed to changes in market interest rates. Â  Commodity (energy) price risk Â  The Group is exposed to commodity price risks, including price risks related to electricity and natural gas, as Â  energy constitutes a significant input factor in the Groupâs production processes. Fluctuations in energy prices Â  may therefore affect production costs and operating margins. Â  Energy price risk is managed through a combination of operational and financial measures, and the Group Â  may, where considered appropriate, enter into energy hedging contracts to reduce short-medium term Â  volatility in energy costs, typically covering a portion of expected future consumption within a 12â36 month Â  horizon, depending on market conditions and operational planning horizons. Â  Further information on energy hedging activities is provided in Note 23 â Financial instruments. Â  Liquidity risk Â  Liquidity risk is the risk that the Group may not be able to meet its financial obligations as they fall due. Liquidity Â  risk arises primarily from fluctuations in operating cash flows, working capital requirements and the timing of Â  investments and financing activities. Â  Liquidity risk is managed by maintaining adequate cash reserves and committed credit facilities, supported by Â  continuous monitoring of liquidity forecasts. The objective of liquidity risk management is to ensure sufficient Â  liquidity to meet both short-term obligations and planned investments, while maintaining financial flexibility. Â  The Groupâs long-term financing primarily comprises a committed credit facility of DKK 900 million maturing in Â  December 2027, with options to expand the credit facility by an additional DKK 950 million for funding of expansions Â  of production capacity or acquisitions, subject to approval by the Groupâs lenders. The interest margin on the facility Â  is floating and is fixed each quarter based on the Groupâs earnings. The credit facility is subject to customary cove- Â  nant requirements, including a leverage ratio. The Group complied with all covenant requirements during the year. Â  Short-term liquidity is managed primarily through the transfer of excess liquidity between Group entities and Â  through cash pooling arrangements within Europe. While subsidiary financing requirements are primarily Â  covered by the parent company, local financing solutions may be used where required by local conditions. Â  Total liquidity available to the group (DKKm) Â  2025 Â  2024 Â  Undrawn credit facilities with banks at 31 December Â  406 Â  341 Â  Cash at 31 December Â  251 Â  250 Â  Liquidity available at 31 December Â  657 Â  591 Â  Management considers the Groupâs liquidity position to be sufficient to support ongoing operations and Â  planned activities. Â  An overview of contractual maturities of financial liabilities is provided in Note 22 â Financial liabilities. Â  Credit risk Â  Credit risk is the risk of financial loss if a counterparty fails to meet its contractual obligations. The Groupâs Â  credit risk primarily relates to trade receivables and cash deposits with financial institutions and, for the parent Â  company, also loans to and receivables from subsidiaries. Credit risk primarily arises from sales to customers Â  across multiple geographic markets. Â  Credit risk relating to trade receivables is managed through a combination of credit assessments, defined credit Â  limits, ongoing monitoring of customer payment behaviour and, where considered cost-effective, credit insurance. Â  The parent company does not insure loans to and receivables from subsidiaries or Thornico Group companies. Â  The carrying amount of financial assets recognised in the balance sheet represents the Groupâs maximum Â  exposure to credit risk. Â  Surplus liquidity is placed only with financial institutions with satisfactory credit ratings from one or more Â  recognised credit rating agencies. Â  Capital structure Â  It is the groupâs objective to maintain a level of flexibility sufficient to carry out and fulfil its strategic objectives Â  while at the same time continuing to ensure high profitability and delivering competitive returns to its share- Â  holder. The group also strives to secure financial stability for the purpose of reducing financing costs. Â  Dividend distributions will always take into account current growth plans and liquidity needs. Â </fsa:DescriptionOfRiskBenefitsAndFinancialImpactOfArrangementsNotRecognisedInBalanceSheet>
   <fsa:DisclosureOfLiabilitiesOtherThanProvisions contextRef="ctx1" id="fact1956" xml:lang="en">Maturities of financial debt Â  In 1 year Â  In Â  After Â  DKKm Â  or less Â  1-5 years Â  5 years Â  Group Â  Credit institutions Â  0.0 Â  525.0 Â  0.0 Â  Overdraft facilities Â  68.8 Â  0.0 Â  0.0 Â  68.8 Â  525.0 Â  0.0 Â  Parent company Â  Credit institutions Â  0.0 Â  525.0 Â  0.0 Â  Overdraft facilities Â  68.8 Â  0.0 Â  0.0 Â  68.8 Â  525.0 Â  0.0 Â </fsa:DisclosureOfLiabilitiesOtherThanProvisions>
   <fsa:DisclosureOfScopeAndNatureOfDerivativeFinancialInstruments contextRef="ctx1" id="fact1988" xml:lang="en">Use of derivative financial instruments Â  The Group uses derivative financial instruments as part of its financial risk management activities to hedge Â  exposures arising from foreign exchange risk, interest rate risk and energy price risk, in line with the risk Â  management principles described in Note 21 â Financial risks. Â  Derivative financial instruments consist of forward exchange contracts, an interest rate cap and energy Â  contracts relating to electricity and natural gas. Derivatives are entered into for hedging purposes only and not Â  for speculative activities. Â  Hedging activities Â  The Group applies cash flow hedge accounting to qualifying hedging relationships where the hedged items Â  are highly probable forecast transactions. These include forecast foreign currency cash flows, forecast interest Â  payments and forecast energy consumption. The timing of derivative contracts broadly reflects the timing of the Â  underlying exposures they are intended to hedge. Â  Fair value of derivative financial instruments Â  Group Â  Parent company Â  2025 Â  2025 Â  Average Â  Notional Â  Notional Â  DKKm Â  hedging rate Â  amount Â  Fair value Â  amount Â  Fair value Â  Forward contracts Â  CHF/DKK Â  8.09 Â  36.1 Â  0.1 Â  36.1 Â  0.1 Â  EUR/HUF Â  395.87 Â  38.3 Â  0.8 Â  38.3 Â  0.8 Â  USD/CAD Â  1.39 Â  44.0 Â  0.8 Â  0.0 Â  0.0 Â  118.4 Â  1.7 Â  74.4 Â  0.9 Â  Interest cap, EUR Â  2.5% Â  448.1 Â  (4.4) Â  448.1 Â  (4.4) Â  Gas swap Â  248.2 DKK/MW Â  170.6 Â  (22.7) Â  168.5 Â  (22.5) Â  Electricity swap Â  614.5 DKK/MWh Â  27.5 Â  (1.6) Â  27.5 Â  (1.6) Â  764.6 Â  (26.9) Â  718.5 Â  (27.6) Â  Expected maturity Â  In 1 year or less Â  (11.7) Â  (12.1) Â  In 1 - 5 years Â  (15.2) Â  (15.2) Â  (26.9) Â  (27.6) Â  Hedging reserve Â  During the year, the hedging reserve changed by negative DKK 22 million (2024: positive DKK 9 million) before Â  tax, reflecting primarily changes in the fair value of effective hedging instruments especially related to gas swap Â  contracts. Amounts recognised in the hedging reserve are expected to be reclassified to the income statement as Â  the hedged transactions occur. Â  No material hedge ineffectiveness was recognised during the year. Â  Hartmann Packaging A/S Â  â Annual Report 2025 Â  Accounting policies Â  Derivative financial instruments Â  Derivative financial instruments are initially recognised at cost and subsequently measured at fair value. Â  The fair value of derivative financial instruments is recognised in other receivables (positive value) and other Â  payables (negative value). Â  Changes in the fair value of derivative financial instruments designated as cash flow hedges are recognised in Â  equity under the hedging reserve to the extent that the hedge is effective. Accumulated gains or losses recog- Â  nised in equity are reclassified to the income statement when the hedged transaction affects profit or loss to Â  the same line item as the hedged item. Any ineffective portion is recognised in financial income and expenses. Â  Hedge accounting is applied to reduce volatility in profit or loss arising from effective hedging of forecast Â  transactions. Â  Derivative financial instruments that do not qualify for hedge accounting are recognised at fair value through Â  profit or loss. Â  The fair value of derivative financial instruments is determined using generally accepted valuation techniques Â  based on observable market data. All derivative financial instruments are classified as level 2 in the fair value Â  hierarchy. Â  2025 Â  Interest rate risk non-current assets and Â  liabilities Â  Nominal Â  Carrying Â  Interest Â  Interest Â  DKKm Â  value Â  amount Â  rate Â  rate risk Â  Group Â  Credit institutions, floating rate Â  76.9 Â  76.9 Â  4.9% Â  Cash flow Â  Credit institutions, floating rate with cap Â  448.1 Â  448.1 Â  3.4% Â  Cash flow Â  Parent company Â  Credit institutions, floating rate Â  76.9 Â  76.9 Â  4.9% Â  Cash flow Â  Credit institutions, floating rate with cap Â  448.1 Â  448.1 Â  3.4% Â  Cash flow Â  Receivables from subsidiaries Â  Fixed rate Â  60.2 Â  17.9 Â  5.00%-15.00% Â  Fair value Â  Floating rate Â  10.9 Â  10.9 Â  3.61%-5.87% Â  Cash flow Â </fsa:DisclosureOfScopeAndNatureOfDerivativeFinancialInstruments>
   <fsa:DisclosureOfRelatedParties contextRef="ctx1" id="fact2138" xml:lang="en">Note 24 Â  Related parties Â  Thornico Holding A/S, Havnegade 36, 5000 Odense C, Denmark is the ultimate majority owner. Hartmann Pack- Â  aging A/S is included in the consolidated financial statements of Thornico Holding A/S. Related parties consist Â  of other companies controlled by Hartmannâs ultimate majority owner, Thornico Holding A/S, that are not Â  controlled by Hartmann Packaging A/S. Â  Subsidiaries consist of companies in which Hartmann Packaging A/S has a controlling interest, see note 12. Â  Transactions with subsidiaries have been eliminated in the consolidated financial statements in accordance Â  with the groupâs accounting policies. Â  The companyâs related parties also comprise members of the board of directors and executive board as well as Â  their family members. Â  All related-party transactions were carried out at arm's length. Â </fsa:DisclosureOfRelatedParties>
   <fsa:DisclosureOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="ctx1" id="fact2150" xml:lang="en">NEvoeten2t5s after the balance sheet date Â In April 2025, the Group entered into a share purchase agreement to acquire 100% of the shares in the Roma- Â  nian moulded-fibre producer Dentas Romania S.R.L. including an adjacent land plot for a total consideration Â  of approximately DKK 130 million, subject to regulatory approval from the Romanian Competition Council and Â  other customary closing conditions. As at 31 December 2025, the required approval had not been obtained and Â  the transaction had therefore not been completed. Accordingly, no assets or liabilities have been recognised. Â  Both the timing and final closing of the transaction remain uncertain. Â  Apart from the matter described above, no events have occurred after the balance sheet date that are of Â  significance to the consolidated financial statements or the parent company financial statements. Â </fsa:DisclosureOfSignificantEventsOccurringAfterEndOfReportingPeriod>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact3291" xml:lang="en">Management statement Â  The board of directors and the executive board Â  today considered and approved the annual Â  report of Hartmann Packaging A/S for the finan- Â  cial year ended 31 December 2025. Â  The annual report has been prepared in Â  accordance with the Danish Financial State- Â  ments Act. Â  In our opinion, the consolidated financial state- Â  ments and the parent company financial state- Â  ments give a true and fair view of the financial Â  position of the Group and the Parent Company Â  at 31 December 2025 and of the results of the Â  Group's and the Parent Company's operations Â  as well as the consolidated cash flows for the Â  financial year 1 January â 31 December 2025 inaccordance with the Danish Financial State- Â  ments Act. Â  We are of the opinion that the management Â  report includes a fair review of the development Â  and performance of the groupâs and the parent Â  companyâs business and financial position, the Â  results for the year, cash flows and financial Â  position as well as a description of the principal Â  risks and uncertainties that the group and the Â  parent company face. Â  The annual report is recommended for Â  approval by the annual general meeting. Â </sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact3323" xml:lang="en">Gentofte</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact3324">2026-05-29</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx19" id="fact4827" xml:lang="en">Torben Rosenkrantz-Theil</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx20" id="fact4829" xml:lang="en">Kenneth Kongsgaard Kristensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <gsd:ReportingPeriodEndDate contextRef="ctx1" id="fact2172">2025-12-31</gsd:ReportingPeriodEndDate>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx19" id="fact4828" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx20" id="fact4830" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx21" id="fact4831" xml:lang="en">Henrik Marinus Pedersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx21" id="fact4832" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx22" id="fact4833" xml:lang="en">Michael Strange Midskov</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx23" id="fact4834" xml:lang="en">Marianne Schelde</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx24" id="fact4835" xml:lang="en">Vice</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx24" id="fact4836" xml:lang="en">chairman</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx25" id="fact4837" xml:lang="en">Klaus Bysted Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx26" id="fact4838" xml:lang="en">Palle Skade Andersen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact3325" xml:lang="en">Independent auditorâs report Â  To the shareholders Â  of Hartmann Packaging A/S Â </arr:IndependentAuditorsReportsAudit>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact3351" xml:lang="en">Basis for opinion Â  We conducted our audit in accordance with Â  International Standards on Auditing (ISAs) and Â  additional requirements applicable in Denmark. Â  Our responsibilities under those standards Â  and requirements are further described in the Â  "Auditor's responsibilities for the audit of the Â  consolidated financial statements and the Â  parent company financial statements" (here- Â  inafter collectively referred to as "the financial Â  statements") section of our report. We believe Â  that the audit evidence we have obtained is Â  sufficient and appropriate to provide a basis for Â  our opinion. Â  Independence Â  We are independent of the Group in accord- Â  ance with the International Ethics Standards Â  Board for Accountants' International Code of Â  Ethics for Professional Accountants (IESBA Code) Â  and the additional ethical requirements appli- Â  cable in Denmark, and we have fulfilled our Â  other ethical responsibilities in accordance with Â  these requirements and the IESBA Code. Â </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact3328" xml:lang="en">Opinion Â  We have audited the consolidated financial Â  statements and the parent company financial Â  statements of Hartmann Packaging A/S for the Â  financial year 1 January â 31 December 2025, Â  which comprise income statement, balance Â  sheet, statement of changes in equity and Â  notes, including accounting policies, for the Â  Group and the Parent Company, and a consol- Â  idated cash flow statement. The consolidated Â  financial statements and the parent company Â  financial statements are prepared in accord- Â  ance with the Danish Financial Statements Act. Â  In our opinion, the consolidated financial state- Â  ments and the parent company financial state- Â  ments give a true and fair view of the financial Â  position of the Group and the Parent Company Â  at 31 December 2025 and of the results of the Â  Group's and the Parent Company's operations Â  as well as the consolidated cash flows for the Â  financial year 1 January â 31 December 2025 in Â  accordance with the Danish Financial State- Â  ments Act. Â </arr:OpinionOnAuditedFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact3395" xml:lang="en">Auditor's responsibilities for the Â  audit of the financial statements Â  Our objectives are to obtain reasonable assur- Â  ance as to whether the financial statements as Â  a whole are free from material misstatement, Â  whether due to fraud or error, and to issue Â  an auditor's report that includes our opinion. Â  Reasonable assurance is a high level of assur- Â  ance, but is not a guarantee that an audit Â  conducted in accordance with ISAs and addi- Â  tional requirements applicable in Denmark will Â  always detect a material misstatement when Â  it exists. Misstatements can arise from fraud or Â  error and are considered material if, individually Â  or in the aggregate, they could reasonably be Â  expected to influence the economic decisions Â  of users taken on the basis of the financial Â  statements. Â  As part of an audit conducted in accordance Â  with ISAs and additional requirements appli- Â  cable in Denmark, we exercise professional Â  judgement and maintain professional scepti- Â  cism throughout the audit. We also: Â  â¢ Identify and assess the risks of material Â  misstatement of the financial statements, Â  whether due to fraud or error, design and Â  perform audit procedures responsive to Â  those risks and obtain audit evidence that is Â  sufficient and appropriate to provide a basis Â  for our opinion. The risk of not detecting a Â  material misstatement resulting from fraud Â  is higher than for one resulting from error, as Â  fraud may involve collusion, forgery, inten- Â  tional omissions, misrepresentations or the Â  override of internal control. Â  an understanding of internal control Â  relevant to the audit in order to design audit Â  procedures that are appropriate in the Â  circumstances, but not for the purpose of Â  expressing an opinion on the effectiveness Â  of the Group's and the Parent Company's Â  internal control. Â  â¢ Evaluate the appropriateness of accounting Â  policies used and the reasonableness of Â  accounting estimates and related disclosures Â  made by Management. Â  â¢ Conclude on the appropriateness of Â  Management's use of the going concern Â  basis of accounting in preparing the financial Â  statements and, based on the audit evidence Â  obtained, whether a material uncertainty Â  exists related to events or conditions that Â  may cast significant doubt on the Group's Â  and the Parent Company's ability to continue Â  as a going concern. If we conclude that a Â  material uncertainty exists, we are required Â  to draw attention in our auditor's report to Â  the related disclosures in the financial state- Â  ments or, if such disclosures are inadequate, Â  to modify our opinion. Our conclusions are Â  based on the audit evidence obtained up Â  to the date of our auditor's report. However, Â  future events or conditions may cause the Â  Group and the Parent Company to cease to Â  continue as a going concern. Â  â¢ Evaluate the overall presentation, structu