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title: "MULTI-WING GROUP A/S — Financial report"
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# MULTI-WING GROUP A/S — Financial report

CVR 31184843

## Latest financial period

- 2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 838046000 • 361498000 • 48837000 • -25739000 • 796019000 • 8457000 • 562

## Financial history

- 2024 • 2024-01-01 • 2024-12-31 • consolidated\_group • DKK • 796629000 • 16142000 • -39041000 • 823129000 • 103517000 • 500

- 2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 2834000 • -18910000 • -32437000 • 8797000 • 606864000 • 51210000 • 6

- 2023 • 2023-01-01 • 2023-12-31 • consolidated\_group • DKK • 832904000 • 40375000 • 7024000 • 887961000 • 197060000 • 475

- 2023 • 2023-01-01 • 2023-12-31 • entity • DKK • 2203000 • 1820000 • 1920000 • 7024000 • 691367000 • 197059000 • 0

- 2022 • 2022-01-01 • 2022-12-31 • consolidated\_group • DKK • 456000000 • 91333000 • 59000000 • 467000000 • 177000000 • 372

- 2022 • 2022-01-01 • 2022-12-31 • entity • DKK • 2656000 • 1754000 • 1654000 • 65450000 • 548943000 • 257004000 • 0

- 2021 • 2021-01-01 • 2021-12-31 • consolidated\_group • DKK • 500000000 • 119746000 • 55000000 • 484000000 • 166000000 • 374

- 2021 • 2021-01-01 • 2021-12-31 • entity • DKK • 2312000 • -3871000 • -3971000 • 85724000 • 436728000 • 243088000 • 1

- 2020 • 2020-01-01 • 2020-12-31 • consolidated\_group • DKK • 456221000 • 249715000 • 98908000 • 58685000 • 450356000 • 176806000 • 372

- 2020 • 2020-01-01 • 2020-12-31 • entity • DKK • 1616000 • -3977000 • -4077000 • 57352000 • 346701000 • 172539000 • 1

- 2019 • 2019-01-01 • 2019-12-31 • consolidated\_group • DKK • 500041000 • 244635000 • 80517000 • 54362000 • 481070000 • 165811000 • 374

- 2019 • 2019-01-01 • 2019-12-31 • entity • DKK • 1901000 • -7574000 • -7674000 • 49095000 • 378822000 • 162079000 • 0

- 2018 • 2018-01-01 • 2018-12-31 • consolidated\_group • DKK • 395261000 • 183849000 • 73658000 • 53297000 • 294633000 • 169985000

- 2018 • 2018-01-01 • 2018-12-31 • entity • DKK • 2066000 • -3259000 • -3359000 • 48301000 • 184122000 • 150092000

- 2017 • 2017-01-01 • 2017-12-31 • consolidated\_group • DKK • 347704000 • 169349000 • 65024000 • 44270000 • 258023000 • 148467000

- 2017 • 2017-01-01 • 2017-12-31 • entity • DKK • 1888000 • 1178000 • 1078000 • 41828000 • 155208000 • 133127000

## Annual report highlights

- primary activities • Message from the CEO2025 marked a year of significant progress for Multi-Wing. A key milestone was the successful global implementation of a new ERP platform that now supports our work from production to customer relationships, providing a strong foundation for future growth. Together with strengthened organisational capabilities and continued optimisation of our operations, this has further reinforced our position as a global partner to customers who require reliable and high-performance air-moving solutions.

Demand remained particularly strong in the North American market, supported by continued investments in data center infrastructure and other cooling-intensive applications. As a response, we have made investments to increase our production capacity allowing us to follow the growing market in particular for Fan Solutions.

The increasing need for reliable and energy-efficient cooling solutions in data centers and other high-performance environments continues to drive demand for advanced fan technologies. Multi-Wing’s modular platform and engineering capabilities position us well to support these developments and to work closely with our customers in designing solutions adapted to evolving performance requirements. • entity

- development in activities and financial affairs • The past year and follow-up on development expectations from last yearThe expectations for 2025, as stated in the Annual Report for 2024, was revenue in the range of DKK 800m-1,000m and normalised EBITDA between DKK 150m-220m.

Both revenue and normalised EBITDA were within the guidance range communicated in the 2024 Annual Report. • entity

- expected development • Financial positionIn February 2026, the Group entered into new financing agreements providing additional committed credit facilities. The strengthened financing structure, driven by very strong demand growth and expectations of continued high activity in the coming years, supports continued investments in operations, development activities and growth.

Management assesses that the Group’s capital resources are adequate to support the planned activities. • entity

- recognition measurement uncertainty • Our businessMulti-Wing develops, produces and supplies industrial axial impellers and fans, including motors, components and spare parts, primarily for powertrain cooling and HVAC/R applications. The Group’s products are integrated into systems manufactured by OEMs across industries such as off-highway machinery, chillers, agriculture and industrial ventilation.

The company originated as a specialist in modular impellers. Over time, Multi-Wing has evolved into a global manufacturer of complete Fan Solutions, supported by key technological acquisitions, with in-house engineering capabilities covering aerodynamics, blade design, motors and electronics. The engineering capabilities are supported by dedicated testing facilities, including wind tunnels and performance laboratories, enabling validation of airflow, efficiency and acoustic performance. The Group’s modular platform enables the configuration of fan systems tailored to the specific performance requirements of each application, allowing the Group to work closely with customers to develop solutions adapted to their specific technical and operational needs.

The Group’s business model combines internal engineering and product development with a flexible and scalable production structure. Core components are designed in-house to ensure technical performance and quality standards, while manufacturing of some components is outsourced to selected suppliers. Customisation, final assembly and quality assurance are carried out at regional hubs located close to customers, supporting a customer-centric approach where solutions are configured and adapted in close dialogue with customers.

This setup enables efficient global sourcing while maintaining proximity to customers and supporting local market requirements. The Group operates globally through production sites, sales offices and distribution partners. • entity

- unusual matters • 2025 performanceRevenue for 2025 amounted to DKK 838m \(2024: DKK 797m\), corresponding to a growth of 5%. Growth was realised across both Fan Solutions and Impellers and reflects solid customer activity and improved order intake throughout the year, however offset by currency headwinds and global macroeconomic uncertainty.

Normalised EBITDA increased to DKK 160m \(2024: DKK 147m\). Strong growth in the Fan Solutions segment, combined with operational discipline, price discipline and product mix improvements, contributed to this development despite global macroeconomic uncertainty.

The Group reports a net loss of DKK 26m \(2024: net loss of DKK 40m\). The result primarily reflects transformation-related costs, depreciation and amortisation from prior strategic investments aimed at supporting future growth and expanding production capacity as well as net interest costs and FX translation losses. • entity

- subsequent events • Technology and innovationEngineering and product development remain central to Multi-Wing’s competitive position.

A significant part of the Group’s development projects relates to new fan technologies. Increasing focus on energy efficiency and performance, particularly in the U.S. and EU markets, continues to drive demand for high-efficiency solutions meeting evolving regulatory and customer performance requirements. During the year we launched several data-center specific Fan Solutions, addressing the rapidly growing need for reliable, high-performance cooling in this segment.

Capitalised development costs amounted to DKK 26m in 2025 \(2024: DKK 29m\). Where the recognition criteria are met, development costs are capitalised as intangible assets. The carrying amount reflects management’s assessment of the projects’ future commercial potential.

The Group’s key knowledge resources consist of its engineering expertise, proprietary modular product platform and accumulated application know-how. These resources are embedded in engineering teams, documented development processes and product designs and are considered essential to maintaining technological competitiveness and long-term earnings capacity. • entity

- subsequent events • No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. • entity

- contingent liabilities • Charges and security The following assets have been placed as security with credit institutes:The parent company, Multi-Wing Group A/S:

As security for credit institute engagements:

• A first pledge is given on any outstanding amounts with Multi-Wing International A/S

• A surety \(primary liability\) provided to Multi-Wing International A/S for any outstanding amounts

• A first ranking pledge of its shares

• Assignment of Material Intra-Group LoansAt Group level:

As security for credit institute engagements:

•Letter of indemnity, floating company charge of TDKK 10,000 are given in group entities IP rights, operating equipment, stocks, and receivables

• A first pledge is given from Multi-Wing International A/S on any outstanding amounts with Multi-Wing Group A/SOther contingent liabilities not recognised in balance sheetThe company and its Danish subsidiaries are jointly taxed with the Danish companies of Nortre Administration ApS. The total amount of corporation tax payable is disclosed in the Annual Report of Nortre Administration ApS, which is the management company of the joint taxation purposes. 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.Other commitmentsThe Group is party to supply agreements that include committed minimum purchase volumes. Under these agreements, the Group is obliged to place minimum orders with selected suppliers over the contractual periods. The commitments are considered to be within the ordinary course of business and are not expected to have an adverse impact on the Group’s liquidity or overall financial position. • entity