GE HEALTHCARE DANMARK A/S — Financial report

CVR 26527791

Latest financial period

2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 565261000 • 126120000 • 22600 • 16999000 • 387672000 • 101821000 • 72000

Financial history

2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 339924000 • 104558000 • 138000 • 14921000 • 255284000 • 84822000 • 62000
2023 • 2023-01-01 • 2023-12-31 • entity • DKK • 407595000 • 94193000 • 15953000 • 16033000 • 254879000 • 69901000 • 62
2022 • 2022-01-01 • 2022-12-31 • entity • DKK • 339391000 • 82678000 • 13804000 • 11314000 • 302387000 • 53868000 • 58
2021 • 2021-01-01 • 2021-12-31 • entity • DKK • 378296000 • 89463000 • 14165000 • 10940000 • 268797000 • 107554000 • 53
2020 • 2020-01-01 • 2020-12-31 • entity • DKK • 385696000 • 97037000 • 18524000 • 13614000 • 308916000 • 71339000 • 60
2019 • 2019-01-01 • 2019-12-31 • entity • DKK • 392321000 • 94097000 • 12248000 • 7550000 • 278301000 • 57725000 • 65
2018 • 2018-01-01 • 2018-12-31 • entity • DKK • 362643000 • 91034000 • 7781000 • 5029000 • 307546000 • 50175000 • 56
2017 • 2017-01-01 • 2017-12-31 • entity • DKK • 324527000 • 110757000 • 32236000 • 21991000 • 264336000 • 91470000 • 53
2016 • 2016-01-01 • 2016-12-31 • entity • DKK • 350700000 • 43300000 • 30400000 • 334800000 • 69500000 • 52
2015 • 2015-01-01 • 2015-12-31 • entity • DKK • 274300000 • -300000 • -1600000 • 146800000 • 39100000 • 54
2014 • 2014-01-01 • 2014-12-31 • entity • DKK • 282000000 • 14500000 • 7300000 • 121500000 • 40800000 • 52

Annual report highlights

primary activities • As in prior years, the principal activities consist of sale of medical equipment and related services. The majority of the equipment sold has been produced by other companies in the GE Healthcare Group, primarily in France and USA. The products are primarily sold in Denmark. • entity
management review • The Company realized a profit of DKK 17 million against a profit of 14.9 million in 2024. Revenue increased significantly by DKK 225 million, rising from DKK 340 million in 2024to DKK 565 million, which contributed to the overall increase in profit. In the Diagnostic Imaging segment, the level of public procurement for major imaging equipment in new greenfield hospital projects was lower than anticipated, primarily due to delays and postponements in planned infrastructure investments. Despite these market constraints, our organization delivered solid performance in a declining market. We saw particularly strong momentum in MR, where our portfolio and commercial execution enabled us to increase share in a strategically important modality. Our Surgery business continued to demonstrate robust performance and sustained its leading position in the market. This was largely supported by the national framework agreement for mobile C‑arms, which contributed to stable demand and reaffirmed our organization’s role as a preferred partner for high-quality surgical imaging solutions. Ultrasound had a very strong year in the public sector with a double digit growth materialized in all segments with Womens Healthcare & Cardio Vascular as main drivers. Very strong focus on customer education/training and further development of remote offerings are giving us advantages compared to competition. Private market is very quiet due to public hospitals having focus on keeping everything inhouse. The Patient Care Solutions (PCS) segment continued in 2025 to strengthen its organization, achieving significant success within the Maternal & Infant Care and Cardiology areas, delivering results significantly above target. PCS has been committed to providing innovative products that address the evolving needs of healthcare providers and patients. Through strong partnerships and close collaboration, we continued to enhance patient outcomes and ensure that we remain at the forefront in these critical care areas. Service in 2025, Service performance aligned closely with expectations. Market activity remained stable, and the demand for advanced diagnostics and treatment solutions continued to rise, contributing to increasing technical complexity in service delivery. As of 1 January 2025, GE Healthcare Danmark A/S acquired certain commercial activities from group company BK Medical ApS through a transfer of assets and liabilities related to direct sales and indirect sales organisation. The total consideration amounted to DKK 45,799 thousand, determined at fair market value and on arm’s length terms. The forecasted revenue is expected to increase slightly. Our expected range is around 400-450 million DKK. The expected result is between 15-20 million DKK. For 2026, in the Diagnostic Imaging segment we anticipate significant growth in both market and share. This expansion is expected to be supported by the introduction of new innovative products, which will enhance diagnostic capabilities and strengthen clinical value for healthcare providers. A key driver of market demand will be the procurement of imaging equipment for new greenfield hospitals, as several major construction and modernization projects advance toward implementation. In addition, we expect sustained interest in upgrade and lifecycle‑extension solutions, as hospitals continue to maintain and optimize their existing imaging equipment ahead of transitioning into new facilities in the coming years. In the Surgery segment, the national framework agreement for mobile C‑arms will remain an important foundation for stable performance. This agreement positions us well to maintain our leading role in the surgical imaging market and continue supporting hospitals with reliable, high‑quality solutions. For the Ultrasound segment in 2026 all work will be put into new Public National Framework Agreement ('the Framework") that will be published in March. Contracts will be signed in June and first deliveries are planned for October. Agreements will run for 4 years and cover around 90% of Danish ultrasound market. Our goal is to win more sub-agreements than in the ongoing the Framework. Market share must be protected, but annual revenue is expected to decrease compared to 2025, as this was extraordinary. Usually a year with framework generates fewer deals. Looking ahead to 2026 for the PCS segment, we anticipate the introduction of additional innovative products designed to address emerging market needs, with particular focus on Anesthesia and Monitoring. PCS remains committed to strengthening our partnerships with customers, distributors, and caregivers to ensure continued collaboration and shared success. Our focus will remain on delivering innovative solutions that meet the critical needs of patients and healthcare professionals. With more new product launches planned for 2026 and the addition of talented new team members in the Nordic organisation, we are well-positioned to provide strong support and deliver valuable solutions to the growing Danish healthcare market, continue driving sustained growth and success in the years ahead. Service expects 2026 to be broadly in line with 2025. Renewed market momentum and growing demand for advanced diagnostics will increase service complexity and require continued competency development. Demand for service contracts and uptime‑driven solutions is also expected to rise, positioning Service as a more strategic partner. The focus in 2026 will be on skills development, efficient resource planning, and stronger cross‑functional collaboration. Not least, the company has received orders for larger scanners for customers, which we have not sold to for a number of years. There is demand in the market for GE Healthcare's equipment and IT solutions and a continuing trend towards regional consolidations and enterprise IT solutions in the healthcare sector. Research agreements in and around the interconnection of equipment and artificial intelligence have seen decisive progress in the last few years. Competition is very severe in the medical devices industry, and prices remain under pressure each year. The decrease in prices is partly compensated for by the introduction of new technology, which drives higher end user value. As the net interest-bearing debt is not significant, moderate changes to the interest rate level will not have any essential direct effect on earnings. Thus, interest rate positions to hedge interest rate risks are not taken. As almost all equipment is purchased abroad, profit, cash flows and equity are affected by the development in exchange rates and interest rates for several currencies, primarily EUR and USD. It is the Company's policy not to hedge commercial currency risks. The primary credit risks relate to sales to private hospitals and clinics. All new private customers undergo a credit assessment upon entering a new sales agreement. The majority of the companys customers are in the public sector, and the credit risk is considered low. The Company's business foundation includes supplying high-tech and reliable equipment to public and private and hospitals, as well as to a lesser extent to other segments such as research institutes and veterinarians. This places particularly great demands on the employees' knowledge and the quality of the business processes. The company must therefore recruit and retain employees with a high level of education in medical systems. It is our goal that the company has the latest knowledge and a quick adaptability. As a goal for this, employee composition and employee turnover are important indicators. The employee share with a high level of education is more than 52% (target / acceptable level is 50%). Staff turnover of employees with extensive professional qualifications was well below 5% during the year (objective/acceptable level is 10%). During 2025 the relevant positions have again been filled. We have observed increasing lead times among sub suppliers and overall a turbulent logistics. Therefore GEHC have both globally and locally put processes in place to ensure diligent monitoring of deliveries, communication to customers in order to live up to our commitments and maintain customer satisfaction. • entity
management review • The Company realized a profit of DKK 17 million against a profit of 14.9 million in 2024. Revenue increased significantly by DKK 225 million, rising from DKK 340 million in 2024to DKK 565 million, which contributed to the overall increase in profit.In the Diagnostic Imaging segment, the level of public procurement for major imaging equipment in new greenfield hospital projects was lower than anticipated, primarily due to delays and postponements in planned infrastructure investments. Despite these market constraints, our organization delivered solid performance in a declining market. We saw particularly strong momentum in MR, where our portfolio and commercial execution enabled us to increase share in a strategically important modality. Our Surgery business continued to demonstrate robust performance and sustained its leading position in the market. This was largely supported by the national framework agreement for mobile C‑arms, which contributed to stable demand and reaffirmed our organization’s role as a preferred partner for high-quality surgical imaging solutions.Ultrasound had a very strong year in the public sector with a double digit growth materialized in all segments with Womens Healthcare & Cardio Vascular as main drivers.Very strong focus on customer education/training and further development of remote offerings are giving us advantages compared to competition.Private market is very quiet due to public hospitals having focus on keeping everything inhouse.The Patient Care Solutions (PCS) segment continued in 2025 to strengthen its organization, achieving significant success within the Maternal & Infant Care and Cardiology areas, delivering results significantly above target.PCS has been committed to providing innovative products that address the evolving needs of healthcare providers and patients. Through strong partnerships and close collaboration, we continued to enhance patient outcomes and ensure that we remain at the forefront in these critical care areas.Service in 2025, Service performance aligned closely with expectations. Market activity remained stable, and the demand for advanced diagnostics and treatment solutions continued to rise, contributing to increasing technical complexity in service delivery.As of 1 January 2025, GE Healthcare Danmark A/S acquired certain commercial activities from group company BK Medical ApS through a transfer of assets and liabilities related to direct sales and indirect sales organisation. The total consideration amounted to DKK 45,799 thousand, determined at fair market value and on arm’s length terms. The forecasted revenue is expected to increase slightly. Our expected range is around 400-450 million DKK. The expected result is between 15-20 million DKK. For 2026, in the Diagnostic Imaging segment we anticipate significant growth in both market and share. This expansion is expected to be supported by the introduction of new innovative products, which will enhance diagnostic capabilities and strengthen clinical value for healthcare providers. A key driver of market demand will be the procurement of imaging equipment for new greenfield hospitals, as several major construction and modernization projects advance toward implementation. In addition, we expect sustained interest in upgrade and lifecycle‑extension solutions, as hospitals continue to maintain and optimize their existing imaging equipment ahead of transitioning into new facilities in the coming years. In the Surgery segment, the national framework agreement for mobile C‑arms will remain an important foundation for stable performance. This agreement positions us well to maintain our leading role in the surgical imaging market and continue supporting hospitals with reliable, high‑quality solutions. For the Ultrasound segment in 2026 all work will be put into new Public National Framework Agreement ('the Framework") that will be published in March. Contracts will be signed in June and first deliveries are planned for October. Agreements will run for 4 years and cover around 90% of Danish ultrasound market. Our goal is to win more sub-agreements than in the ongoing the Framework. Market share must be protected, but annual revenue is expected to decrease compared to 2025, as this was extraordinary. Usually a year with framework generates fewer deals. Looking ahead to 2026 for the PCS segment, we anticipate the introduction of additional innovative products designed to address emerging market needs, with particular focus on Anesthesia and Monitoring. PCS remains committed to strengthening our partnerships with customers, distributors, and caregivers to ensure continued collaboration and shared success. Our focus will remain on delivering innovative solutions that meet the critical needs of patients and healthcare professionals. With more new product launches planned for 2026 and the addition of talented new team members in the Nordic organisation, we are well-positioned to provide strong support and deliver valuable solutions to the growing Danish healthcare market, continue driving sustained growth and success in the years ahead. Service expects 2026 to be broadly in line with 2025. Renewed market momentum and growing demand for advanced diagnostics will increase service complexity and require continued competency development. Demand for service contracts and uptime‑driven solutions is also expected to rise, positioning Service as a more strategic partner. The focus in 2026 will be on skills development, efficient resource planning, and stronger cross‑functional collaboration.Not least, the company has received orders for larger scanners for customers, which we have not sold to for a number of years. There is demand in the market for GE Healthcare's equipment and IT solutions and a continuing trend towards regional consolidations and enterprise IT solutions in the healthcare sector. Research agreements in and around the interconnection of equipment and artificial intelligence have seen decisive progress in the last few years. Competition is very severe in the medical devices industry, and prices remain under pressure each year. The decrease in prices is partly compensated for by the introduction of new technology, which drives higher end user value. As the net interest-bearing debt is not significant, moderate changes to the interest rate level will not have any essential direct effect on earnings. Thus, interest rate positions to hedge interest rate risks are not taken. As almost all equipment is purchased abroad, profit, cash flows and equity are affected by the development in exchange rates and interest rates for several currencies, primarily EUR and USD. It is the Company's policy not to hedge commercial currency risks. The primary credit risks relate to sales to private hospitals and clinics. All new private customers undergo a credit assessment upon entering a new sales agreement.The majority of the companys customers are in the public sector, and the credit risk is considered low. The Company's business foundation includes supplying high-tech and reliable equipment to public and private and hospitals, as well as to a lesser extent to other segments such as research institutes and veterinarians. This places particularly great demands on the employees' knowledge and the quality of the business processes. The company must therefore recruit and retain employees with a high level of education in medical systems. It is our goal that the company has the latest knowledge and a quick adaptability. As a goal for this, employee composition and employee turnover are important indicators. The employee share with a high level of education is more than 52% (target / acceptable level is 50%). Staff turnover of employees with extensive professional qualifications was well below 5% during the year (objective/acceptable level is 10%). During 2025 the relevant positions have again been filled. We have observed increasing lead times among sub suppliers and overall a turbulent logistics. Therefore GEHC have both globally and locally put processes in place to ensure diligent monitoring of deliveries, communication to customers in order to live up to our commitments and maintain customer satisfaction. • entity
contingent liabilities • The Company has entered into operating leases regarding cars. The remaining terms of the leases are 24-36 months, and the total residual lease payment amounts to DKK 3,414 thousand (2024: DKK 2,554 thousand). Office facilities at Brøndby Allé are leased from DADES A/S at an annual lease payment of DKK 894 thousand (2024: DKK 849 thousand). The contract was renewed in 2020, after which the lease was non‑cancellable by the tenant until 30 November 2024. Thereafter, the agreement became cancellable by the Company with 12 months’ notice. The contract was terminated in December 2024, and the 12‑month notice period ran until December 2025. From 2026, the Company has entered into a new non‑cancellable lease agreement, covering a three‑year period, up until 31 December 2028. As this agreement commences after the balance sheet date, no obligations related to the new contract are recognized in the financial statements for the 2025 financial year. The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. GE Healthcare Danmark A/S is the administration company of the joint taxation. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Pillar II The Company, as the subsidiary of GE HealthCare Technologies Inc., is within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules (“Pillar Two”). The Pillar Two legislation was enacted in Denmark in December 2023, the jurisdiction in which the Company is incorporated. Upon enactment, the Pillar Two taxation regime (specifically the qualifying domestic minimum top-up tax (“QDMTT”)) came into effect on 1 January 2024. The Company has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the Amendments to IAS 12 issued in 2023. The result of the analysis indicated that the Company will qualify for applying the transitional Country-by-Country Reporting (CbCR) safe harbor in 2025 and avoid any incremental tax under the Pillar Two taxation regime, specifically the QDMTT. The Company’s ultimate parent entity is domiciled in the United States. Although the United States has not adopted its respective Pillar Two legislation as of 31 December 2025, no incremental top up tax is expected to arise under any applicable undertaxed profit rule (UTPR) at the level of the intermediary parent. • entity
mortgages collateral • The Company's bank has provided collateral towards third parties in the amount of DKK 1.2 million (2024: DKK 1.2 million). • entity