NOVENCO HAK ApS

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Novenco HAK ApS is a holding company who directly or indirectly owns companies that are global suppliers with their own development, production and sale of ventilation products and systems for marine and offshore purposes.Development during the yearThe result for 2025 shows a profit after tax of MDKK 12.9 compared to a profit after tax on MDKK 29.7 in 2024. The equity by December 31st 2025 amounts to MDKK 30.5. The result is in top of line with previously communicated expectations.FinancingThe owner of Novenco HAK ApS has mediated the Group with overdraft facilities to support the activities. Further the owner has issued a support letter, reference note 2.InvestmentsMost of the CAPEX investments in 2025 relate to the establishment and commissioning of Novenco’s second factory in China, which will be dedicated to the production of the company’s own fans.RisksGeneral risksThe general risks are connected to global economic developments, as the Group operates worldwide. The ongoing war in Ukraine and the conflicts in the Middle East have affected the Group’s activities during the year and will likely continue to influence operations in 2026. This includes fluctuations in energy prices, raw material prices, and transportation costs. The Group also sees new opportunities within the navy and offshore sectors and within renewable energy, which have already shown positive development in 2025.Financial risksCurrency risksThe Group manages its currency risk by, wherever possible, making purchases in the same currency as the underlying contract. Despite these efforts, the Group remains exposed to foreign exchange fluctuations, including translation effects from foreign subsidiaries and changes in DKK/USD or NOK/EUR exchange rates.Interest related risksThere are no recognised interest-related risks.Liquidity riskThe Group manages liquidity risk through continuous cash flow forecasting and by maintaining adequate credit facilities, including bank guarantees and letters of credit used in connection with international projects. The Group assesses its liquidity risk to be low due to strong operating cash flows and no external financing.Credit risksIt is the Group’s policy to secure payment from external customers either through letters of credit, bank guarantees or continuous credit assessments.