JENSEN-GROUP NV

The Dutch-language Annual Report is the official report. The English-language version is provided as a courtesy

to the shareholders. The JENSEN-GROUP has verified, and assumes full responsibility for, the matching of both

language versions.

In this report, the terms ‘JENSEN-GROUP’ and ‘Group’ refer to the JENSEN-GROUP NV and its consolidated

companies in general, whereas the terms ‘JENSEN-GROUP NV’ and ‘the Company’ refer to the holding company,

registered in Belgium. Business activities are conducted by operating, subsidiaries throughout the world. The

terms ‘we’, ‘our’, and ‘us’ are used to describe the Group.

Table of contents

STRATEGIC REPORT ................................................................................................................................................................... 2

Message to our Shareholders

............................................................................................................. 3

Consolidated key figures

.................................................................................................................... 6

Strategy of the JENSEN-GROUP

............................................................................................................ 9

SUSTAINABILITY REPORT ....................................................................................................................................................... 14

Sustainable business framework

....................................................................................................... 15

Sustainability statement

.................................................................................................................. 16

1. Double materiality outcome ................................................................................................ 18

2. Climate change – ESRS E1 ................................................................................................... 21

3. Pollution – ESRS E2 ............................................................................................................. 37

4. Water – ESRS E3 ................................................................................................................. 46

5. Resource use and circular economy – ESRS E5 .................................................................... 49

6. Own workforce – ESRS S1 ................................................................................................... 54

7. Consumers and end-users – ESRS S4 .................................................................................. 66

8. Business conduct – ESRS G1 ............................................................................................... 71

REPORT OF THE BOARD OF DIRECTORS ............................................................................................................................. 124

State of the business in 2025

......................................................................................................... 125

Outlook 2026

............................................................................................................................... 126

Appropriation of the result

............................................................................................................. 127

Corporate Governance Statement

.................................................................................................... 128

Risk management

......................................................................................................................... 158

Other information

......................................................................................................................... 165

INFORMATION FOR SHAREHOLDERS AND INVESTORS .................................................................................................... 171

Information for shareholders and investors

....................................................................................... 172

FINANCIAL STATEMENTS .................................................................................................................................................... 176

Consolidated statement of profit and loss

......................................................................................... 177

Consolidated statement of comprehensive income

............................................................................ 178

Consolidated statement of financial position – assets

......................................................................... 179

Consolidated statement of financial position – liabilities

..................................................................... 180

Consolidated statement of changes in equity

.................................................................................... 181

Consolidated cash flow statement

................................................................................................... 182

Notes to the consolidated financial statements

................................................................................. 183

SUMMARY STATUTORY FINANCIAL STATEMENTS JENSEN-GROUP NV

....................................................... 256

STRATEGIC REPORT

Creating the future in laundry automation

MISSION STATEMENT

The mission of the JENSEN-GROUP is to provide its customers worldwide with the best solutions in the heavy-

duty laundry industry.

The JENSEN-GROUP works for and with its customers to supply innovative and sustainable products and

services, ranging from single machines, systems, turnkey solutions and laundry process automation.

Laundries supplied by the JENSEN-GROUP aim to achieve the highest level of labor and energy efficiency in the

industry.

The JENSEN-GROUP continuously develops its people and invests in new talents.

By combining its global capabilities and local presence for its customers, the JENSEN-GROUP is able to create

profitable growth and responsible industry leadership.

STRATEGIC REPORT

Message to our Shareholders

The past two years mark a pivotal chapter in the history of JENSEN-GROUP. We have achieved record levels of

revenue and profitability, confirming that our business model is not only robust, but scalable. A series of

strategic initiatives are now converging, clearly demonstrating our ability to transform vision into sustainable

value creation.

Our journey began more than a decade ago with a fundamental conviction: that the laundry industry was

ready for a structural shift in automation and digitalization. That belief led to our early and decisive investments

in robotics and artificial intelligence, most notably through the acquisition of INWATEC. What began as a bold

strategic move has since helped redefine industry standards and accelerate innovation across the entire value

chain.

The COVID-19 pandemic in 2020 became a defining inflection point. While it tested our resilience, it also acted

as a powerful catalyst for profound transformation. In response, we accelerated investments that

fundamentally reshaped the Group and underpinned our strategy.

Alongside the rapid expansion of automation and digital solutions, we launched comprehensive core product

renewal programs, strengthening the quality, reliability and efficiency of our equipment. That clear focus

on operational excellence and sustainable performance is deeply embedded across the entire product

development process.

Over the past three years, we more than doubled our global production capacity and expanded our

manufacturing footprint across Denmark, Sweden, China, the USA, and Japan. This has created a global

industrial platform designed not only to meet today’s demand, but to support long-term growth.

Furthermore, we strengthened one of our most critical strategic assets: our service organization.

By expanding our teams with more than 140 additional service engineers, and by digitalizing and standardizing

service processes, we significantly increased recurring revenue and further leveraged our extensive installed

base. Service is no longer a support function—it is a core growth engine and a cornerstone of long-term

customer value creation.

To unlock even more value from aftermarket services and consumables, we reinforced our position through the

acquisition of Maxi-Press. Supported by continued organic growth and targeted bolt-on acquisitions, Maxi-Press

has since expanded its global presence and operational capabilities. This strengthens our overall service

ecosystem and reinforces our ability to support customers with speed, reliability, and consistency across the full

lifecycle. This evolution represents a decisive step in our transformation from a project-focused supplier to a

truly service-driven solutions partner, further cementing our business model and customer partnerships.

At the heart of our strategy lies an unwavering commitment to our customers, guided by the conviction that

proximity is essential to understanding real needs and delivering solutions that create lasting value.

From a geographical perspective, Europe remains a central pillar of our success. Demand across the continent

has been driven by sustained growth across all markets and sectors, supported by strong customer

investments in modern, automated laundry solutions. As the region where our company was founded more

than 65 years ago, Europe remains our core technology and development hub and a key driver of innovation

for the Group.

Our ‘Go East’ strategy has gained strong momentum through Inax, the joint venture with Miura in Japan, and

through the systematic expansion of our sales and service organizations across Asia and the Middle East.

By strengthening our proximity to customers—both geographically and culturally—we enhance our ability to

respond to local needs with global expertise and build long-term strategic partnerships.

In parallel, our ‘Go West’ strategy has proven to be very effective. Revenues in the Americas have reached

unprecedented levels, confirming the strategic importance and long-term potential of this region. This

momentum has been further reinforced by the recent acquisition of GA Braun, a highly respected supplier with

a strong brand and long-standing reputation in the North American market. The combination of our

technological leadership with GA Braun’s market presence creates a powerful platform for continued growth.

What truly differentiates JENSEN-GROUP is its deeply rooted and shared culture. The ‘JENSEN Spirit’ defines how

we think, act, and lead. The motivation and dedication of our people are visible every day—through intense

customer engagement, unwavering commitment, strong collaboration and broad-based leadership

development. In our pursuit of excellence, we continuously improve, learn, and move forward together.

Sustainability is increasingly embedded in our strategic agenda and daily operations. Through automation,

intelligent energy management, and data-driven solutions, our technologies enable customers to reduce

water, energy, and chemical consumption while improving productivity and safety. In parallel, we continue to

reduce our own environmental footprint through investments in modern, energy-efficient production facilities

and responsible supply chains.

Our ESG commitment also extends to people and governance. We invest in safe and inclusive workplaces,

continuous skills development, and strong ethical standards across the Group.

In addition, transparent governance, robust risk management, and close alignment between the Board and

Management provide a solid foundation for sustainable, long-term value creation.

Looking ahead, JENSEN-GROUP enters the coming years from a position of strength.

Our strategic priorities are clear: to lead the industry in automation, digital solutions, and intelligent systems; to

expand our global service capabilities; and to further strengthen our market position in all regions.

We see significant long-term potential in robotics, AI-driven solutions, and data-enabled services that enhance

productivity and sustainability at our customers, while our global manufacturing footprint provides a flexible

and resilient platform to adequately respond to local customer requirements in an increasingly complex world.

STRATEGIC REPORT

While remaining mindful of macroeconomic and geopolitical uncertainties, our diversified business model,

strong balance sheet, and committed workforce give us confidence. We will continue to invest with discipline,

innovate with purpose, and grow responsibly—always with a long-term perspective.

With a clear strategy, a strong culture and agile organization, and the trust of our customers and shareholders,

we are well positioned to shape the future of the laundry industry and to create sustainable value for years to

come.

Rudy Provoost Jesper Munch Jensen

Chairman of the Board of Directors Chief Executive Officer

Consolidated key figures

Financial year ended December 31

December 31

Variance

(in thousands of euros) 2025

2024

Revenue 540,776 453,166 19%

Operating profit (EBIT) 68,805 50,737 36%

EBITDA 81,738 63,046 30%

Net interest charges (+) / income (-) -727 -771 -6%

Share in result of associates and companies consolidated

under equity method

6,293 3,938 60%

Profit before taxes 74,648 52,498 42%

Result from assets held for sale -112 -108 4%

Profit for the period from continuing operations 59,167 39,433 50%

Result attributable to non-controlling interest 481 -1,737 -128%

Consolidated result attributable to equity holders 58,686 41,170 43%

Equity 303,743 282,560 7%

Net financial debt (+) / net cash (-) 9,675 -3,093 -413%

Working capital 214,668 180,636 19%

Non-current assets (NCA) 125,412 105,683 19%

Capital employed (CE) 340,079 286,320 19%

Market capitalization (high) 597,968 436,080 37%

Market capitalization (low) 401,145 307,260 31%

Market capitalization (average) 501,150 375,964 33%

Market capitalization (December 31) 541,462 409,735 32%

Enterprise value (December 31) (EV) 551,137 406,642 36%

RATIOS

EBIT / Revenue 12.72% 11.20% 14%

EBITDA / Revenue 15.11% 13.91% 9%

ROCE (EBIT / CE) 21.97% 19.97% 10%

ROE (Net profit / equity) 20.02% 15.12% 32%

Gearing (Net debt (+) net cash (-)/ equity) 3.19% - -

EBITDA interest coverage (if > 0) - - -

Net financial debt (+) or net cash (-)/ EBITDA 0.04 -0.31 -113%

Working capital / revenue 36.55% 36.70% 0%

EV/EBITDA (December 31) 5.86 5.47 7%

STRATEGIC REPORT

Key figures per share

Financial year ended December 31 December 31

Variance

(in euro) 2025 2024

EBITDA 8.72 6.61 32%

Consolidated result attributable to equity holders (=

earnings per share)

6.26 4.31 45%

Equity (= book value) 32.98 29.79 11%

Gross dividend* 1.00 0.75 33%

Number of shares outstanding (average) 9,372,539 9,542,241 -2%

Number of shares outstanding (year-end) 9,208,541 9,484,615 -3%

Share price (high) 63.80 45.70 40%

Share price (low) 42.80 32.20 33%

Share price (average) 53.47 39.40 36%

Share price (December 31) 58.80 43.20 36%

Price/earnings (high) 10.20 10.60 -4%

Price/earnings (low) 6.80 7.50 -9%

Price/earnings (average) 8.50 9.10 -7%

Price/earnings (December 31) 9.40 10.00 -6%

(*) Dividend distribution within the fiscal year, based on the result allocation of the previous year.

Definitions

 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) = operating profit (EBIT) +

depreciation and amortization expenses + impairment, write-downs and provisions

 Net interest charges = interest charges – interest income

 Net financial debt (+)/net cash (-) = borrowings (non-current and current) + government grant –

financial assets at amortized cost - financial assets at fair value through OCI - cash and cash equivalents

 Working capital = inventory + advance payments + current trade receivables + contract assets – trade

payables – contract liabilities

 Non-current assets = intangible assets + goodwill + property, plant and equipment

 Capital employed = working capital + non-current assets (see definitions above)

 Market capitalization = share price x number of shares outstanding

 Enterprise value = market capitalization (December 31) + net financial debt (+)/net cash (-) (see

definitions above)

 EBITDA interest coverage = EBITDA/net interest charges (see definitions above)

For ratios comparing figures from the consolidated statement of comprehensive income with figures from the

consolidated statement of financial position, the average figure from the consolidated statement of financial

position is used. The average is the opening balance + closing balance divided by two.

 ROCE (return on capital employed) = EBIT/average capital employed

 ROE (return on equity) = consolidated result attributable to equity holders / average equity

 Average net financial debt (+) or net cash (-)/EBITDA.

It’s a close-knit team, the culture is very good and we are part of an

international organization. That’s one of the best things working for JENSEN.

“

”

STRATEGIC REPORT

Strategy of the JENSEN-GROUP

JENSEN-GROUP Difference

From its beginnings in 1960, the structure and strategy of JENSEN-GROUP was built around the premise of

listening to our customers because we recognize that they know their businesses best. Providing our customers

with tailor-made solutions that are technically excellent and at the forefront of industry standards, while also

providing superior service throughout the customer life cycle are the cornerstones of our company. All JENSEN-

GROUP employees and staff throughout our world-wide organization are united around the principle of

prioritizing customers and ensuring customer satisfaction. It is our company culture - we call it the

JENSEN SPIRIT - and it is our biggest strength and what truly sets us apart.

As a result of its specialized industry knowledge, technical excellence and significant investments in product

development, the JENSEN-GROUP can develop, plan, manufacture, install and service anything from single

machines and processing lines to complete turnkey solutions. Partners include textile rental suppliers, industrial

laundries, and central laundries as well as on-premises laundries in hospitals, hotels, and on cruise ships. The

Group believes that its customers know their laundry business better than anyone and that with the help of the

JENSEN-GROUP's comprehensive laundry competence and experience, the right solution for their specific

requirements can be found.

JENSEN-GROUP Customer Base

JENSEN-GROUP develops, plans, manufactures, installs, and services the heavy-duty laundry machine industry

with single machines and processing lines, turn-key solutions, and process automation. JENSEN -GROUP

solutions cover all stages of sorting, washing, drying, and finishing of linen, garments, and mats.

Our customer base includes textile rental suppliers, industrial laundries, central laundries, and on-premise

laundries in hospitals, hotels, and on cruise ships.

We serve a diverse set of professional laundry environments:

 Healthcare laundries: a typical healthcare institution delivers a range of items to its laundry, including

surgical gowns and textiles, patient drapes, patient clothing, gowns for doctors and nurses, bed linen,

towels, and more. Healthcare linen demands exceptionally high standards and flexibility in the choice

of washing programs to ensure that textiles are clean and uncontaminated.

 Hospitality laundries: clean and perfectly folded linen is part of the overall experience of any visit to a

restaurant or a hotel. Hospitality laundries process a wide variety of textiles including bedsheets, fitted

sheets, duvet and pillow covers, mattress covers, tablecloths, napkins, placemats, aprons, and fluffy

items such as bathrobes and towels.

 Industrial laundries: both large corporations and small enterprises rely on textile care services for their

workwear. Professional workwear includes shirts, uniform jackets and trousers of every kind, overalls,

military uniforms, jackets and trousers with reflective stripes, safety vests, police and firefighters'

uniforms, as well as flame-resistant jackets or trousers. Professional garments ensure that their

wearers are recognized, respected and protected.

 Mat laundries: dirt control mats are a calling card for every business and guarantee an excellent first

impression. Shop owners and managers rely on them in all weather conditions, without which

buildings would require constant cleaning.

 Large, on-premises laundries: such as in the case of cruise ships, where thousands of passengers and

crew members live in a limited space for days or weeks. Sustainability and the health and well-being

of everyone aboard the ship are major concerns for cruise companies. As such, the standards with

regard to hygiene, energy efficiency, reliability and emissions in the cruise ship industry are unique.

Business Model

JENSEN-GROUP’s manufacturing platform is composed of ten manufacturing and engineering factories in five

countries on three continents. The distribution network spans five continents, consisting of 22 JENSEN-GROUP

Sales and Service Companies and a wider authorized local distributor network in more than 50 countries.

The Group’s local presence is a key competitive advantage and a critical success factor. “Think globally, act

locally” is a JENSEN-GROUP company motto that aptly describes one of the cornerstones of our business model.

Local sales and service teams who know their territory are better listeners and therefore better providers of

optimal solutions for keeping our customers a step ahead of their competition. Partnering with our customers

locally enable long-term customer relationships that are characterized by a high level of commitment and

responsibility.

Maintaining a physical presence worldwide keeps communication lines with our end-customers short and

actionable and guarantees high-quality customer service while reducing the company’s carbon footprint. This

aspect of the business model is highly scalable and provides a platform for continued geographical expansion.

Continuing input from all corners of the world keeps JENSEN-GROUP nimble and informed about our customers’

changing needs and the demands of our competitive environment. Pioneering product developments that are

not just responsive to changing market needs, but industry innovative is another added value upon which our

customers have come to rely.

Product development and automation lie at the heart of sustainable laundry solutions, as they help mitigate

the scarcity of natural and human resources by placing a greater focus on ecology and adequate working

conditions. Many JENSEN-GROUP developments that target natural resources and energy savings are grouped

under the CleanTech concept. Introduced in 2008, the Group continues to build upon this concept, which

considers the total cost of ownership and aims to continuously raise productivity while reducing the

environmental impact of equipment and processes. CleanTech supports customers in reaching their ESG

ambitions not just in reducing the use of natural resources but also in enhancing the ergonomic working

conditions of operators and extending the lifetime span of linen.

With a clear focus on future-ready technologies, the Group has made significant investments in upgrading and

expanding its product portfolio, with a strong focus on laundry robotics, AI, automation, advanced software

applications for its industry and more environmentally sustainable solutions. In January 2024, JENSEN-GROUP

appointed a Chief Innovation Officer, reflecting the strategic importance of technology and product leadership.

STRATEGIC REPORT

Product Development

JENSEN-GROUP’s key technologies span the entire laundry workflow, from sorting and washing to the internal

logistics of moving linen and textiles within the laundry. The process is completed by advanced feeders,

ironers, folders, and stackers, supported by software solutions that control and optimize the overall process. In

short, a wide range of technologies is applied to transform soiled linen and textiles into clean linen with a

consistently high-quality finish.

The integration of technology and software allows customers to monitor and track production in real time and

to use the acquired information to improve productivity based on relevant data. The investments in Inwatec

ApS for automation and AI are bringing the industry up to a new level and have prepared JENSEN-GROUP for

industry 4.0 and the Internet of Things. Process control and production monitoring software have become

crucial in offering the customer an all-in laundry operating solution.

The Group holds a broad portfolio of patents and patent applications covering specific features of its machinery,

which are primarily used to establish prior art. Patent protection is assessed on a case-by -case basis, with a

focus on larger markets. Across JENSEN-GROUP’s competence centers, product development teams

continuously evaluate opportunities to protect the Group’s innovative developments.

Given the wide range of technologies that cater to the needs of its customer base, JENSEN-GROUP does not

focus on fundamental research and development but seeks to make use of existing technologies and

incorporate them into its industry’s processes with a focus on energy and labor efficiency.

JENSEN-GROUP annually invests around 1.5-2% of its total sales in product development.

Aftermarket

Aftermarket services, spare parts, and lifecycle support are of increasing strategic importance to JENSEN-

GROUP. With a strong global service organization and a continuously expanding installed base, the Group is

well positioned to provide reliable maintenance, technical support, upgrades, and consumables throughout the

entire lifetime of its equipment. Continued investments in service capabilities, digital tools, and selected

acquisitions further strengthen the Group’s ability to deliver consistent performance, minimize downtime,

and support customers in optimizing their operations. Recurring revenues from service and spare parts

contribute to stability and reinforce long-term customer relationships.

Organization

The Executive Management Team (EMT) of the JENSEN-GROUP consists of a Chief Executive Officer, a Chief

Financial Officer, a Chief Operating Officer, a Chief Digital Officer, and a Chief Innovation Officer.

Manufacturing

The JENSEN-GROUP's manufacturing platform is composed of factories (PECs) in five countries on three

continents :

- Denmark: JENSEN Denmark in Rønne and Hasle, and Inwatec ApS in Odense

- Sweden: JENSEN Sweden in Borås

- Germany: JENSEN GmbH in Harsum, MAXI-PRESS in Eichenzell, and P-E in Bürstadt

- USA: JENSEN USA in Panama City, FL, and JENSEN Braun in Syracuse, NY

- China: JENSEN China in Xuzhou.

Sales and Service

The JENSEN-GROUP sells its products and services under the JENSEN, Inwatec, MAXI-PRESS, MAXI-PRESS Filterfab,

MAXI-PRESS DRM, and Braun names through wholly owned Sales and Service Centers (SSCs) and through

independent authorized distributors worldwide. In recent years, the relative share of sales via the Group's own

SSCs has increased. These SSCs operate in the most important, heavy-duty markets: Australia, Austria, the

Benelux, Brazil, China, Denmark, France, Germany, Italy, the Middle East, New Zealand, North America,

Norway, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the Gulf Countries in the Middle East.

Sales and Service Centers play a critical role in coordinating the increasing number of complex installation

projects involving several production companies simultaneously. Furthermore, an experienced distributor

network base exists in more than 50 countries. From October 2023 onwards, the Japanese market has been

served via Inax ltd, the JENSEN-GROUP's Joint Venture partner in Japan and one distributor.

STRATEGIC REPORT

The JENSEN-GROUP in the world

Plus, a worldwide network of distributors.

When you manage the job, you grow with the task. I like that. There are

constantly new challenges and issues to solve.

Carina

“

”

SUSTAINABILITY REPORT

1. Double materiality outcome

2. Climate Change

3. Pollution

4. Water

5. Resource use and circular economy

6. Own workforce

7. Consumers and end-users

8. Business conduct

Appendices

Appendix A: General and governance disclosures

Appendix B: Full list of JENSEN-GROUP IROs

Appendix C: GHG Accounting policy scope

Appendix D: Taxonomy

Appendix E: Limited assurance report of the statutory auditor on the consolidated sustainability

statement

SUSTAINABILITY REPORT

Sustainable business framework

The JENSEN-GROUP aims to offer the best solutions to customers worldwide and meet their expectations.

What is more, the goal of creating sustainable and innovative solutions is deeply embedded in the Group’s

DNA. Textile care services form the oldest circular economy in the world and its roots date back to the late 19

century. Extending the life of textiles is key but extending the lifetime of laundry equipment is equally

important.

Our aim is to honor and foster this legacy by developing a sustainability approach around the three aspects

that together are known as ESG:

Our products and services are designed to address both current and future challenges, such as climate change,

water scarcity, rising energy costs, labor shortages, and increasingly rigorous sustainability regulations. We

achieved this by placing an emphasis on energy and water efficiency, automation, and the development of

ergonomic products, thereby creating safer and more attractive working conditions and therefore contributing

toward sustainability and the wellbeing of our customers' employees. Furthermore, the progress we are

making in robotics and artificial intelligence, along with our high-quality aftermarket solutions, are extending

the lifespan of equipment and textiles.

This underlines our commitment to addressing not only the interests and needs of society but also the

environmental challenges of a complex world with a growing and aging population.

Saving energy and making responsible use of natural resources while mitigating climate risk and reducing

negative environmental effects are embedded in our way of doing business. At JENSEN-GROUP, we regard

developing innovative technologies and working with our customers and partners to make the industry more

sustainable as an opportunity. With our holistic CleanTech approach, we help our customers achieve their

environmental targets, as well as their social and economic goals. Automation and innovation play a crucial

role in that regard and serve as key ingredients for enhanced productivity, safety, and employee well-being.

Sustainability is one of the key strategic cornerstones of JENSEN-GROUP and is considered as a critical success

factor for long-term value creation. The company’s ESG roadmap and reporting framework substantiate the

common aim of the Board of Directors and Executive Management Team (EMT) to drive and measure progress

in a systematic way. While ESG has become a permanent item on the agenda of the monthly EMT meetings,

the global Head of Corporate Sustainability has been developing and implementing processes, procedures and

systems to ensure full compliance with the Corporate Sustainability Reporting Directive (CSRD) and the

European Sustainability Reporting Standards (ESRS). In that regard, we have been closely monitoring the

Omnibus proposal, which seeks to simplify and clarify certain reporting requirements under the CSRD and ESRS

framework.

For more information on how sustainability is integrated into our business model, please see the profile of the

JENSEN-GROUP described in the present report, as well as the section about material impacts, risks and

opportunities and how they interact with our strategy and our business model.

Sustainability statement

Reader’s guide

This sustainability statement has been prepared in accordance with the requirements of the European

Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG),

in accordance with the Corporate Sustainability Reporting Directive (CSRD). In line with the “Quick Fix” ESRS

Delegated Act adopted by the EU Commission in July 2025, we have maintained the current scope of our

disclosures without adding the additional phase-in requirements. Furthermore, in accordance with paragraph

75 in disclosure requirement 5.4 Relief for acquisitions and disposals of ESRS 1 of the Draft Simplified ESRS of

30 November 2025, the most recent acquisition including the assets of G.A. Braun are excluded from the 2025

reporting, as will most likely be permitted under the Draft Simplified ESRS currently pending publication.

The report is structured as follows:

• The first chapter “Double Materiality Outcome” gives an overview of material impacts, risks and

opportunities for JENSEN-GROUP.

• After that, we have reported on material disclosure requirements for each material ESRS standard: E1

Climate Change, E2 Pollution, E3 Water, E5 Resource Use and Circular Economy, S1 Own workforce, S4

Consumers and End-users, and G1 Business conduct.

• Each chapter and section includes a title in

italics

referring to the official name of the disclosure

requirement under the ESRS standards (e.g.,

SBM-3

ESRS2 IRO-1

, etc.).

Each of the material standards follows the same structure:

• First of all, we explain why the standard matters to our business by explaining the material Impacts, Risks,

and Opportunities (IROs).

• After that, we report on the policies, actions, and targets of the JENSEN-GROUP to manage those IROs.

• Finally, we report material metrics and other standard-specific disclosure requirements.

A series of appendices complete the report:

• General disclosure requirements (ESRS 2) are reported in Appendix A.

• Appendix B contains the full list of material IROs.

• The accounting policy for the reported Greenhouse Gas Emissions (Scope 1,2,3) is explained in Appendix C.

• Taxonomy disclosures can be found in Appendix D.

SUSTAINABILITY REPORT

The main abbreviations used throughout the report are:

• DMA – Double Materiality Assessment

• EFRAG – European Financial Reporting Advisory Group

• EMT – Executive Management Team

• ESG – Environmental, Social, and Governance

• ESRS – European Sustainability Reporting Standards

• GHG – Greenhouse Gas

• IROs – Impacts, Risks, and Opportunities

• SBTi – Science Based Targets initiative

• tCO

– tons of carbon dioxide (CO

) equivalent

• UoM – Unit of Measurement

1. Double materiality outcome

SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model(s)

Context

The illustration below shows how the activities of the JENSEN-GROUP interact within its value chain. It provides

contextual information that is needed in order to understand the material impacts and risks.

Following the completion of the Double Materiality Assessment (DMA) in 2024, our focus in 2025 shifted to

keeping it relevant and responsive to new developments. The DMA now plays a central role in how we

manage sustainability, guiding how we set priorities, monitor progress, and communicate transparently across

the Environmental, Social, and Governance (ESG) domains.

During 2025, we applied a structured due diligence process consistent with the latest EFRAG guidance.

Quarterly meetings were held with our consultants to review regulatory updates, stakeholder expectations, and

business developments that might create new impacts, risks, or opportunities. These reviews combined

insights from internal stakeholders, such as management, finance, and purchasing teams with external

research and input from industry associations and customers. Any potential updates to the DMA were

presented during quarterly ESG driver meetings with EMT, ensuring management oversight and validation.

This continuous approach helps ensure that JENSEN-GROUP’s DMA remains up-to-date, well-informed, and

closely aligned with both regulatory requirements and stakeholder expectations.

For the general description of the DMA conducted in 2024, please see Appendix A entitled “Double Materiality

Process”.

SUSTAINABILITY REPORT

In line with our ESG reporting guidelines, the DMA will be fully reviewed every three years by EMT and by the

stakeholders of the JENSEN-GROUP.

Outcome

We have identified our impacts on planet and people (impact materiality assessment), as well as the

sustainability-related risks and opportunities that we are exposed to (financial materiality assessment). The

outcome is aggregated for each chapter and all subtopics of the ESRS presented in the matrix below. The list of

material topics remains unchanged from 2024, as no new topics were identified as a result of the DMA due

diligence process described above. The topics are listed in no particular order.

Our strategic efforts to promote a more sustainable laundry industry are closely intertwined with the

environmental impacts, risks, and opportunities outlined in chapters E1, E2, E3, and E5 of the present

sustainability statement. Laundries are dependent on equipment made of carbon-intensive materials such as

steel and require significant amounts of natural resources such as water and energy to operate, which, in turn,

has indirect negative impacts on the climate and the environment. By developing environmentally friendly and

durable solutions, we can mitigate these ecological impacts.

Our activities also affect people, which is reflected in the impacts, risks, and opportunities that can be found in

chapters S1 and S4 of the sustainability statement. Our people and our customers form an essential part of our

achievements, which is why we are committed to providing them with safe and attractive working conditions

that will lead to their satisfaction and success.

As a listed company, we act in compliance with local laws and regulations. We are dedicated to responsible

leadership and consider integrity, honest business practices, and lawful conduct among our highest priorities.

The impacts and risks associated with these values are reflected in chapter G1 of the sustainability statement.

As no new topics were identified as a result of the DMA due diligence process in 2025, the IROs are the same

as in 2024. The full list of IROs per ESRS standard can be found in Appendix B. The relevant IROs are also

always explained at the beginning of each chapter.

SUSTAINABILITY REPORT

2. Climate change – ESRS E1

Our approach to curbing greenhouse gas emissions

Why climate change matters to our business

ESRS 2 SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business

model

JENSEN-GROUP acknowledges that using our equipment is energy-intensive and contributes toward climate

change. This highlights the necessity for comprehensive carbon footprint disclosure in order to meet legal and

customer expectations. Potential risks include increased raw material costs due to new carbon taxes, higher

transportation expenses linked to climate transition, and stricter energy regulations affecting our energy-

dependent machinery in key markets, whereas our CleanTech strategy provides us with an opportunity to offer

energy-efficient products that reduce emissions and energy costs for our customers.

The vast majority of emissions are released when our machines are in operation at our customers’ sites. Our

total greenhouse gas emissions amount to 6,772,109 tCO

e, of which 6,629,255 tCO

e are released in the use-

phase of the equipment. While we did not assess the resilience of our business with regard to these climate

risks in the detailed way required by the ESRS, we still formulated a response to climate-related transition risks

and opportunities in a climate scenario that is consistent with limiting global warming to 1.5 °C. We intend to

perform a comprehensive climate risk and resilience assessment in line with new ESRS requirements.

SUSTAINABILITY REPORT

ESRS 2 IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and

opportunities

The materiality of climate-related impacts, risks, and opportunities was assessed in 2024 according to the

process described in Appendix A “Double Materiality Process” and remains unchanged.

While climate transition was evaluated as a material topic, climate adaptation and related physical risks were

deemed immaterial, although our business resilience with regard to those climate risks was not assessed at

the level of detail required by the ESRS. We nonetheless conducted a high-level analysis and identified some

climate-related hazards in a high-intensity climate scenario in line with a temperature rise close to 4 °C.

According to the WWF risk management tool, two factories would indeed become increasingly affected by

extreme weather events caused by climate change, such as extreme heat and flooding. However, a look at the

response we can offer to mitigate physical risks clarifies why we assessed the topic as immaterial:

 Multi-plant operability enables us to mitigate the financial impact of regional weather events, while

maintaining operational continuity

 Increased insurance premiums following flooding will remain non-material as only two sites are

involved.

Compliance with specific building codes is strictly adhered to. Water stations throughout the plants,

breaks, and adequate air conditioning with low financial impact (only two sites involved) ensure

decent working conditions during heat waves.

How JENSEN-GROUP shapes its climate transition plan

CleanTech – our approach toward sustainable solutions

The CleanTech approach was developed back in 2008 and lies at the core of our product development. Guided

by the principle of maximizing output while minimizing input in laundry operations, our approach culminates

in:

 The application of innovative technologies

 Reduced consumption of natural resources and energy

 Enhanced performance and productivity across operations

 The prolonged durability of equipment and textiles

 The creation of a safer and more attractive workplace

This concept is brought to life by creating and enhancing smart product designs that incorporate advanced

features such as automation, robotics, and artificial intelligence. Our aim is to elevate the environmental, social,

and economic performance of our customers and to help them achieve their ESG objectives. By focusing on

optimizing energy consumption and extending the lifespan of CO

-intensive assets like machinery and textiles,

we make a proactive contribution to the climate change mitigation initiatives within our value chain.

Transition Plan including main reduction levers, actions, and targets

E1-1 Transition plan for climate change mitigation

At JENSEN-GROUP, sustainability is a core aspect of our culture, values, and business strategy, which

underscores our commitment to CleanTech and Environmental, Social, and Governance (ESG) initiatives. Our

comprehensive climate change mitigation approach allows us to align our core business activities with our

sustainability ambitions. By undertaking targeted actions and setting clear targets, we are committed to

reducing our environmental impact and leading the laundry industry by example.

Our transition plan forms an integral part of our business strategy and financial planning, thereby ensuring that

sustainability efforts drive operational excellence and innovation. This includes developing more efficient

products by applying our CleanTech approach and collaborating within the value chain to decarbonize our

operations and those of our customers.

The Executive Management Team and Board of Directors are actively involved in and have approved the

climate change transition plan in August 2024, which underlines the dedication to sustainability that is present

within our company’s senior management.

While JENSEN is not included in the EU Paris-aligned Benchmarks, our transition plan is supported by our 1.5 °C-

aligned climate mitigation targets, as outlined in section E1-4. The JENSEN-GROUP has committed to near-term

targets in 2024, pending validation from the Science Based Targets Initiative (SBTi). Near-term targets, set for a

ten-year period, include an interim milestone for 2030, which is recognized by the scientific community as a

critical point when it comes to limiting global warming to 1.5 °C above pre-industrial levels.

Specifically, we aim to reduce:

 Scope 1 and 2 emissions by 42% by 2030 and 58.8% by 2034, and

 Scope 3 emissions (use of sold products) by 25% by 2030 and 35% by 2034.

During the past year, we looked closely at what actions are needed to meet these goals. Reducing our Scope 1

and 2 emissions is feasible with the key levers identified and listed below. However, reducing Scope 3

emissions is much more difficult, as they come mainly from how our machines are used by customers and

make up about 99.9% of our total carbon footprint. This challenge is reinforced by our expected business

growth: even if each machine becomes more energy-efficient, the overall number of machines in use will

increase, leading to higher total emissions. This situation is reinforced by our strong focus on service and spare

parts. While extending the lifespan of our machines has a positive effect in terms of durability, it also means

more machines stay in use for longer, resulting in higher emissions.

Though current technologies for switching machines to electricity are currently available, they are not yet

technically feasible or financially attractive for most customers. Reaching our climate targets would also

depend on more laundries choosing to move from natural gas to renewable energy. Today, however, these

alternatives are not yet widely accessible, affordable, or practical for many operators, even with rising CO₂

taxes.

Steam-heated machines powered by renewable energy (“green steam”) offer a potential pathway to reduce

gas consumption, but they require significant investment and are currently less cost-effective than gas-based

systems due to low gas prices and high electricity costs, even when combined with solar installations.

SUSTAINABILITY REPORT

These investment decisions lie entirely with our customers, and such investments need to be economically

realistic for them.

The challenge is even bigger in the United States, our largest market outside the EU, where the overall trend

currently favors increased fossil fuel use. In all cases, developing more energy-efficient machines remains a

priority in order to make electrification viable for customers who want to adopt it and to offer economically

attractive solutions to all our customers.

Despite these barriers, it is important for us to set ambitious climate targets. They give us and our customers a

clear common direction and create a shared basis for collaboration. We are confident that technological and

market developments in the coming years will make the transition more viable, and we are taking a “leap of

faith” approach by committing to these targets now. As renewable energy becomes more accessible, our

steam-heated solutions can already support customers who want to reduce their emissions and operate in a

net-zero way.

To achieve our SBTi targets, we have identified the following key levers across our Scope 1, 2, and 3 emissions.

Electrification of our fleet (Scope 1 reduction leverage)

 Allocated resources: JENSEN-GROUP investments in purchase and leasing of electric and hybrid

cars, not yet reported as aligned CAPEX due to taxonomy criteria (for more details see section E1-3

below).

Renewable electricity (Scope 2 reduction leverage)

 Allocated resources: Current and future operational costs related to green energy from the grid as

well as future investments in infrastructure for renewable energy will form part of our long-term

planning. These investments have not yet been quantified.

Optimization of laundry operations (Scope 3 reduction leverage)

As 98% of our emissions are caused during the use-phase of JENSEN-GROUP products, we acknowledge the

potential long-term greenhouse gas impact associated with the emissions locked in over the lifecycle of our

products. These risks are linked to the energy dependency of our products (gas and steam) and depend largely

on the choices made by our customers and by governments with regard to energy sources (e.g. specific

contracts or general grid sources used) and infrastructure availability.

To address these risks, we are committed to reducing the carbon intensity of our product portfolio in alignment

with the objectives of the Paris Climate Agreement. We do not foresee any additional locked-in emissions that

would be likely to prevent the JENSEN-GROUP from achieving its targets.

Among other measures, our strategy to reduce greenhouse gas emissions related to the use-phase of our

products includes:

 Product innovation and aftermarket solutions: Innovation- and service-driven energy efficiency

will continue to support this reduction. Optimizing our customers’ laundry operations to minimize

water and energy consumption remains a key focus. In addition, we are further developing our

in-house expertise in emerging technologies and energy solutions and have hired an expert in

thermodynamics during the reporting period.

 Customer collaboration: Given that a significant share of our emissions occur in the laundries, we

actively engage with our customers to optimize energy use and reduce the environmental impact

of their operations, while collecting carbon data and refining our Scope 3 calculation model.

 Long-term focus on renewable energy solutions: Although operating our equipment using

renewable energy is theoretically possible, it is currently not technically or financially viable due

to the high energy demand of existing machines. This drives our continued monitoring of

renewable energy developments, improvements in equipment energy efficiency, and exploration

of innovative solutions. Our objective is to ensure that our equipment is ready for future low-

carbon technologies and can operate efficiently once these become more widely accessible,

enabling both customers and JENSEN-GROUP to achieve common climate targets together.

 Allocated resources: time, labor, and indirect costs. We are unable to quantify this information.

E1-2 – Policies

In alignment with our overarching transition plan targeting Scope 1 and Scope 2 emissions, we are committed

to the electrification of our vehicle fleet. Our car policy underscores this commitment by promoting the

purchase of electric vehicles and by financing EV charging stations at our sites.

We do not have any other climate-related policies at Group level.

E1-3 – Actions and resources

To achieve our climate mitigation targets, we are putting the following actions in place in our own operations

across the Group as a whole (Scopes 1 and 2) and in our downstream value chain (Scope 3), more specifically

at customer level in the use-phase of the equipment:

SUSTAINABILITY REPORT

Electrification of our fleet (Scope 1)

This transformation has already started with an increase in the number of hybrid and electric vehicles in our

fleet.

Active fleet December 31 December 31 December 31 December 31

2025 2024 2023 2022

Electric/hybrid cars of total fleet 22% 18% 15% 12%

By replacing all current internal combustion engine (ICE) vehicles and hybrid vehicles with fully electric cars,

we could save up to 1,077 tons of CO

within the next ten years. If we include the replacement of fossil-fueled

forklifts with electric ones, we could save 1,177 tons of CO

and reduce our Scope 1 by 44%.

Considering that for certain business activities such as customer service, vehicles must always be ready for use

and employees are dependent on the availability of charging stations, a more realistic and conservative saving

would be 810 tons of CO

2e,

because it excludes service vans. This would represent a 30% reduction on our

Scope 1 and means that about 72% of our fleet would be electric by 2034. This calculation is based on 2025

data and does not include organic growth simulation. We are expecting the target to improve, based on

advancements in infrastructure and technology that would enable us to include the entire fleet. Our

commitment is highlighted by our revised company car policy promoting the purchase of such vehicles. While

no further key actions were taken during the reporting period, we will continue to encourage the purchase of

electric cars and challenge the need for ICE vehicles. This can be done quite effectively since every investment

proposal for new vehicles needs approval from the CEO and CFO.

Allocated resources: Current investments and leasing for electric cars and EV charging stations form part of our

CAPEX disclosed on page 202 of the annual report. These expenses are not reported as aligned with CAPEX in

the taxonomy section, because they do not fulfill all taxonomy objectives and criteria. The acquisition of electric

vehicles is not an exceptional investment but forms part of our regular vehicle replacement cycle, with costs

comparable to those of conventional cars. Consequently, these expenditures are absorbed within our normal

CAPEX without requiring a dedicated budget. Treating EVs as part of normal CAPEX reflects our commitment to

embed low-carbon mobility into routine business operations.

Renewable electricity (Scope 2)

We plan to green our electricity supply by switching to zero-emission or renewably sourced electricity

wherever possible. Our Chinese factory and one of our latest joint-ventures, MAXI-PRESS are already equipped

with solar panels, covering 13% of the Group’s total energy consumption. Several other entities are already

benefiting from green energy from the grid. We plan to install solar panels at other sites and, in situations

where solar panels are not an option, we intend to purchase renewably sourced electricity from the grid within

the next ten years. In countries where electricity options are limited by the market or by the fact that we are

tenants, achieving this may not be feasible.

The transition toward net-zero and the achievement of our targets are therefore also dependent on external

factors beyond our control.

Based on the current market situation and the 2025 energy consumption figures, we could save 3,645 tons of

using this approach, which represents 58% reduction in our Scope 1 and 2 emissions.

We expect to exceed this target as the availability of renewable energy infrastructures is expected to increase

and the energy mix in grid supplies to become greener over the years.

During the reporting period, several entities advanced their transition to renewable energy. Our SSC in Italy

purchased Guarantees of Origin, while plans for solar panels are underway in our Belgian offices. In China, a

new installation of solar panels on an additional factory building is scheduled for 2026. Feasibility assessments

were also carried out and reviewed with the EMT to evaluate solar potential at our other production sites.

Further analysis in 2026 will determine which locations offer the highest value when it comes to achieving our

Scope 2 target. For our main production site in Denmark for example, located on the island of Bornholm,

securing access to CO₂-neutral electricity depends on the adoption of a political agreement related to the

“Bornholm Energy Ø” initiative. This agreement is necessary in order to expand the island’s renewable energy

infrastructure and to ensure the availability of a grid capable of supplying sufficient CO₂-neutral electricity to

industrial consumers. In practice, this means that our ability to source green electricity at this site relies on

external policy decisions and the future development of local energy systems.

Allocated resources: Current operational expenses for green energy are not significant and form part of our

OPEX, which is disclosed on page 219 of the annual report. The solar panel installation in China is implemented

under a third-party ownership model. The external vendor finances, installs, and operates the system, so

JENSEN-GROUP does not incur any CAPEX or OPEX and only consumes the renewable electricity produced on-

site. The planned investment in Belgium is considered non-material, as the site requires only a limited number

of solar panels.

Reduction and phase-out of operational fuel- and energy consumption (Scopes 1+2)

In view of the fact that we cannot eliminate gross Scope 1 and 2 emissions completely, it is important that we

continuously work to reduce our operational fuel and energy consumption. Based on lean management

principles, factories apply concentrated production planning with annual shutdowns to ensure that output is

maintained at a constant, high level. All transportation routes within the factory are kept as short as possible

and fossil-fueled forklifts are continuously being phased out and replaced with electric ones. Where possible,

gas welding has been replaced by laser welding, which improves operational efficiency and reduces fossil fuel

consumption.

All our factories that have not yet transitioned to LED lighting are currently in the process of doing so. The new

painting line installed in 2024 at our factory in Denmark enables the recovery and reuse of excess heat. With

the effective use of residual heat beginning late in the reporting period, we expect to report the first confirmed

energy savings in 2026. The system was also designed to allow future electrification once this becomes

economically feasible.

Initial estimates and analyses conducted during the reporting period indicate that operating the painting line

with electricity rather than gas would currently increase energy costs by approximately 75%.

SUSTAINABILITY REPORT

As a transitional solution, the use of biogas is being assessed, and feasibility investigations are underway.

These steps form part of our broader efforts to progress toward our near-term targets.

While the upgraded surface treatment of our painting line in China, completed in 2024, reduced natural gas

consumption compared with 2023, overall gas use increased again in 2025 due to higher production volumes.

For further details and a comparison of energy-related consumption figures, please see page 33 below.

There are no other defined key actions and targets for the future.

Allocated resources: Expenses related to the installation of energy efficiency measures can be found in the

Taxonomy section (Appendix D) of the present report. They are not reported as aligned CAPEX, because they

do not fulfill all taxonomy objectives and criteria. These investments form part of our CAPEX disclosed on page

202 of the annual report.

Reduction of emissions caused by use of the equipment (Scope 3)

About 98% of our emissions in this category take place downstream while our products are in use. To

effectively reduce these emissions, several reduction levers were identified.

 Customer collaboration on climate targets: While the use of our equipment is reported within our

own value chain emissions, these emissions occur at our customers’ sites and are directly linked

to how the machines are operated. Working closely with customers is therefore essential in order

to identify solutions that help reduce the emissions generated during equipment use. Supporting

customers in reducing these operational emissions contributes to reducing the Group’s largest

source of emissions. During the reporting period, we worked within ETSA and with key value

chain actors to develop a best-practice guide for heavy-duty laundries, with the aim of reducing

their main sources of emissions, namely energy use and textile purchases. This initiative reflects

our strong belief in the importance of collaboration to achieve shared climate goals, particularly

given the interconnected nature of emissions across the value chain. Our engagement in national

and international industry associations is essential, as well as our continuous dialogue with our

customers on a bilateral basis. Our day-to-day business relies on providing support and CleanTech

solutions that optimize laundry operations and reduce their energy consumption. We will continue

to foster these relationships and collaborations within the context of our respective carbon-

reduction plans.

Allocated resources: Indirect costs of time and labor.

 Energy efficiency measures: 1.5 - 2% of our turnover is invested in product development driven

by our CleanTech approach. We have always been dedicated to creating the most energy-efficient

solutions possible, in order to maximize results and minimize costs and energy consumption for

our customers. Energy efficiency measures also include a strategic focus on aftermarket solutions

that provide customers with regular maintenance checks and training in the most efficient use of

the equipment. We will continue to develop and push innovation and our service offerings in

order to reach our Scope 3 climate targets.

Allocated resources: 1.5 - 2% of our turnover invested in product development (PD), indirect costs

of time and labor.

 Renewable heating solutions: For our customers, a major source of emissions originates from the

heating process, which in most cases relies on fossil fuels. Improving the sustainability of this

process requires the development of renewable and more energy-efficient heating solutions. In

this context, gas-heated equipment continues to play a transitional role, as it is generally less

CO₂-intensive than other fossil alternatives and enables more efficient direct heating compared

with traditional steam systems. In parallel, we continue to work with our customers in order to

explore innovative technologies in product development and ensure that our equipment will be

ready for future low-carbon operations as these solutions become more widely available.

Heavy-duty industrial laundry equipment also has significantly higher and more complex energy

requirements than household or commercial machines, due to the large volumes processed and

the continuous operating conditions. As a result, the technologies and energy solutions typically

used in smaller-scale applications cannot be directly transferred to industrial laundries. This

complexity underscores the importance of developing tailored, renewable-energy-ready solutions

that can meet the sector’s operational and performance needs.

Allocated resources: 1.5 - 2% of our turnover invested in product development (PD).

 Improve the quality of Scope 3 data: Improving the quality of our Scope 3 emissions data is a

nuanced challenge that underscores the complex nature of calculating and understanding our

broader environmental impact. Given the intricate web of activities across our value chain, we

often face the need to make assumptions due to a lack of specific data.

Recognizing this, our commitment extends beyond mere compliance; it is about evolving our data

collection processes to minimize assumptions and enhance reliability of our figures over time. By

striving to achieve more accurate and verifiable data, we aim to refine our sustainability

strategies with greater precision, fostering a culture of continuous improvement and

transparency. This journey toward better data underscores our dedication to making informed

decisions that genuinely contribute to our sustainability goals.

In 2024, we developed our use-phase calculation model and subjected it to extensive internal,

external, and customer review. During the reporting period, the model has proven to be a robust

and audit-proof approach. We also scaled up our resources in this area to further strengthen our

capabilities and deepen our understanding of use-phase emissions. Building on this foundation,

we plan to automate the model in 2026 to enhance efficiency and scalability across the Group.

Allocated resources: Indirect costs of time and labor.

At this stage, quantifying the contributions made by our products to the achievement of the set reduction

targets during their use-phase is challenging, due to the diverse range of products sold and the varied ways in

which they are used by customers. Although our industrial laundry machines are designed and built using top-

specification components and adhere to strict manufacturing standards, the energy efficiency of the equipment

depends on how the end-user operates the machine. This includes the choice of process (often determined by

chemical suppliers), which significantly influences energy and utility efficiency.

Additionally, the type of textiles being laundered (such as linen, garments, dust mats, etc.) also affects overall

efficiency, as does the supporting infrastructure (such as the building and the energy supply).

SUSTAINABILITY REPORT

Energy consumption can therefore vary greatly from one laundry facility to another, depending on the mix of

textiles processed, the specific operating procedures followed, and the infrastructural setup. Moreover, since a

customer may process different types of textiles from one week to the next, energy consumption can

fluctuate, even though the same machine is being used. This variability, in addition to a different mix of

products sold every year on the basis of which we calculate the Scope 3 use-phase emissions, makes it difficult

to track and provide product-specific energy consumption data from which we could deduce a quantifiable GHG

emission savings figure.

E1-4 – Targets related to climate change mitigation

We committed ourselves to the internationally accepted near-term Science Based Targets Initiative (SBTi) in

2024 and our company is setting itself strict and scientifically based CO

reduction targets for the next ten

years. Through these objectives, we are dedicated to reducing our corporate carbon footprint in alignment with

the global warming targets of the Paris Climate Agreement. Our near-term climate targets have been

developed using the SBTi target-setting tool and simulate a climate scenario based upon global warming of

well under 2 degrees.

During the reporting period, we conducted further feasibility assessments and simulations to ensure the

robustness of our ambition and finalized the submission of our near-term targets to the SBTi. As part of this

process, we are restating our 2024 emissions after introducing a carbon footprint calculator with more recent

emission factors and reverifying our data.

We have changed our base-year from 2024 to 2025 with total emissions amounting to 6,772,109 tCO

including a market-based approach for Scope 2. This change was made following a significant improvement in

the quality of emissions data for Scope 3 “use of sold products” during the reporting period, providing a more

reliable baseline. The 2024 figures have been retained for comparison.

GHG emissions reduction trajectory based on

2025 values

TARGET

December 31

2034

2030

2025

2024 (restated)

Scope 1+2 in tons of CO

(market-based

approach)

2,598 3,657 6306 5,112

Reduction Scope 1+2 58.8% 42% -

Scope 3 “use of sold products” in tons of

Absolute

reduction not

quantifiable

Absolute

reduction not

quantifiable

6,629,255 4,015,883

Reduction Scope 3 “use of sold products” 35% 25% -

Monitoring performance in relation to Scopes 1 and 2 is carried out by reporting activity data related to energy

consumption and the energy mix on a quarterly basis. The Head of Corporate Sustainability can provide

performance updates to the EMT during the monthly ESG driver update meeting. This process facilitates

efficient and prompt decision-making, should any corrective actions be necessary. The manual method for

collecting and calculating Scope 3 data renders regular monitoring unfeasible. Instead, it will be calculated and

reviewed annually with the EMT, alongside internal experts and a select group of customers, focusing

specifically on reduction strategies during the use-phase of the equipment.

How JENSEN-GROUP addresses energy use by customers

Energy savings are of undeniable importance to our customers, which explains the high degree of materiality

of this topic. To increase the efficient use of primary energy and ensure that it is consumed more economically

is one of the main objectives of our CleanTech approach.

This also involves integrating water and energy recovery systems into machines. Optimizing the energy use of

our equipment and laundry processes lies at the core of our

business model and forms part of our climate transition

plan, as the amount of energy used by customers directly

impacts the quantity of greenhouse gas emissions released

into the atmosphere. Consequently, the levers, actions, and

resources to bring about a reduction that were identified for

Scope 3 above also apply to this topic. We recognize the

importance of setting targets aligned with our customers'

priority to reduce their operational energy consumption.

However, the energy performance in a laundry depends on

various factors beyond the design of each individual

machine.

This makes it challenging to quantify how JENSEN-GROUP is contributing toward better performance over time,

because the progress and evolution are significantly influenced by external factors not within its control.

Consequently, we are not yet ready to set specific targets or measure progress until we can establish a

calculation method that primarily looks at the contributions made by JENSEN, independent of other factors on

which we have no influence.

We intend to actively collaborate with our customers to develop energy reduction targets through our

participation in various working groups of national and international industry associations. This includes the

Sustainability Working Group of the European Textile Services Association (ETSA), co-chaired by the JENSEN-

GROUP and comprising numerous laundries. During the reporting period, we worked with this group to develop

industry-wide best-practice guidance for emission and energy reduction in heavy-duty laundries. This work

clearly demonstrated that energy performance is highly complex and that operating practices vary significantly

across companies, which reinforces the need for further investigation before defining a meaningful and

measurable target. We therefore continue to develop a calculation method that can reliably attribute energy

savings to JENSEN’s contribution, independent of external factors. We aim to finalize this methodology and set

a corresponding target by next year. As we are currently re-evaluating this data point and how to measure it,

a comparison with the previous reporting period is not possible.

SUSTAINABILITY REPORT

JENSEN-GROUP Greenhouse gas emissions

E1-5 – Energy consumption and mix (Scope 1+2)

UoM

December 31

2025

December 31

2024

Fuel consumption from coal and coal products MWh 0 0

Fuel consumption from crude oil and petroleum products* MWh 4490 4,159

Fuel consumption from natural gas MWh 4,646 3,329

Fuel consumption from other fossil sources MWh 2,647 1,690

Consumption of purchased or acquired electricity, heat, steam, or cooling

from fossil sources

MWh 6,008 6,179

Total fossil energy consumption MWh 17791 15,357

Percentage of fossil sources in total energy consumption % 73% 75%

Total energy consumption from nuclear sources MWh 1,103 843

Percentage of energy consumption from nuclear sources in total energy

consumption

% 5% 4%

Fuel consumption from renewable sources MWh 0 0

Consumption of purchased or acquired electricity, heat, steam, and cooling

from renewable sources

MWh 4,194 3,003

Consumption of purchased or acquired electricity, heat, steam, and cooling

from renewable sources on-site

MWh 1,318 1,173

Consumption of self-generated non-fuel renewable energy MWh 0 0

Total renewable energy consumption MWh 5,512 4,176

Share of renewable sources in total energy consumption % 23% 21%

Total energy consumption MWh 24405 20,376

Energy intensity from activities in high climate impact sectors (total energy

consumption per net revenue**)

MWh/1

KEUR

0.045 0.045

Accounting policy

All entities within the JENSEN-GROUP, including our factories as well as consolidated subsidiaries and joint

ventures, are included in the energy consumption calculation, with the exception of a limited number of

entities excluded for the reasons described in Appendix A “Basis for Preparation”.

* Fuel consumption includes an estimate of fuel used by company cars based on an average consumption in

L/100 km when driving 25,000 km per year. For company cars acquired or sold during the reporting period,

the distance traveled is estimated at a lower value if the car was acquired or sold in the first or last quarter of

the reporting period, respectively.

**The entire revenue of the Group is derived from the distribution of heavy-duty laundry equipment, which is

considered a high climate impact sector.

The activity data related to energy consumption (excluding fuel consumption for company cars) has been taken

from invoices and may, depending on the invoicing cycle of the supplier, be based on assumptions with regard

to the previous year’s consumption figures. The split between fossil fuel, renewable, and nuclear energy

sources, including purchased electricity and steam, mainly relies on information from suppliers. If no supplier

information was available, we used national or regional energy mixes publicly disclosed by local authorities, or

the ones available on the website of the International - U.S. Energy Information Administration (EIA).

With regard to our energy intensity datapoint calculation the revenue is disclosed in the financial statements,

on page 206 of the annual report.

E1-6 – Gross Scopes 1, 2, 3 and total greenhouse gas emissions

As a manufacturer of industrial laundry equipment, our greenhouse gas emissions are categorized and reported

in alignment with the Greenhouse Gas Protocol across Scope 1, Scope 2, and Scope 3 emissions. Considerable

growth, increase in production, and higher data quality between the end of last year and during the reporting

period have contributed to an increase in our greenhouse gas emissions compared with last year.

Scope 1: Direct Emissions

Scope 1 emissions include all direct emissions from sources that are owned or controlled by our company.

Most of these emissions are related to our manufacturing operations, and result from the combustion of natural

and propane gas used in the production process, as well as from the fuel consumed by our fleet.

Scope 2: Indirect Emissions from Energy Consumption

Scope 2 emissions are the indirect greenhouse gas emissions resulting from the consumption of purchased

energy and district heating. Our Scope 2 emissions primarily arise from the electricity we purchase to power

our manufacturing facilities, offices, and sales and service centers. 3% of the energy consumed was covered by

contractual instruments, of which 3% are bundled, meaning the actual grid energy is exclusively derived from

renewable sources. Less than 1% of the energy is unbundled, meaning very few Guarantees of Origin or

Renewable Energy Certificates were purchased to claim environmental benefits or offset emissions from non-

renewable grid electricity. These instruments form an integral part of our transition plan and ensure that an

increasing portion of our electricity derived from renewable sources is accounted for in our market-based Scope

2 calculations.

None of our Scope 1 and 2 emissions are covered by regulated emissions trading schemes (ETS). Regulated

emissions trading schemes apply to specific large or energy-intensive installations, and none of the Group’s

operations meet the criteria for inclusion.

Scope 3: Indirect Emissions Across the Value Chain

Scope 3 emissions represent the largest portion of our carbon footprint, as they encompass indirect emissions

throughout our value chain, both upstream and downstream. Our largest emissions occur in:

Use of Sold Products (98%): The most significant part of our Scope 3 emissions comes from the use of our

equipment by customers. The energy-intensive processes and the long product lifetime explain this figure.

Emissions in this category increased by approximately 65% between 2024 and 2025. This increase is primarily

attributable to increased sales and a higher share of energy-intensive equipment in the product mix sold in

2025 compared to 2024. In addition, improvements in data quality for production cycle parameters (number of

shifts, operating hours, and operating days) resulted in higher reported emissions compared to the previous

use of a standard assumption of 40 operating hours per week.

SUSTAINABILITY REPORT

In tons of CO

Share of

emissions in

2025 in %

Emissions in

2025 in tons

of CO

Emissions in

2024 in tons

of CO

(restated)

Direct emissions from stationary combustion sources 0 1,483 957

Direct emissions from mobile sources with combustion engine 0 1,177 968

Direct emissions from processes 0 0 0

Direct fugitive emissions 0 0 0

Total Scope 1 emissions 0 2660 1,925

Indirect emissions from electricity consumption (location-based) 0 2,130 2,255

Indirect emissions from electricity consumption (market-based) 0 3,608 3,060

Indirect emissions from steam, heat or cooling consumption

(location-based)

0 38 116

Indirect emissions from steam, heat or cooling consumption

(market-based*

0 38 116

Total Scope 2 emissions (location-based) 0 2,150 2,372

Total Scope 2 emissions (market-based) 0 3,645 3,187

Total Scope 1 & 2 emissions (location-based) 0 4,810 4,297

Total Scope 1 & 2 emissions (market-based) 0 6,306 5,121

Purchased goods or services 2 112,128 73,237

Capital goods 0 2,280 2423

Emissions related to fuels and energy (not included in Scope 1 and

Scope 2)

0 845 721

Upstream freight and distribution 0 4,958 4556

Waste generated 0 12 12

Business travels 0 11,203 10,018

Employees commuting 0 3,683 3566

Upstream leased assets 0 0 0

Other indirect emissions upstream 0 0 0

Scope 3 emissions Upstream 2 135,108 94532

Downstream freight and distribution 0 0 0

Processing of sold products 0 0 0

Use of sold products 98 6,629,255 4,015,883

End-of-life of sold products 0 56 67

Downstream leased assets 0 0 0

Franchises 0 0 0

Investments 0 1,384 1576

Other indirect emissions downstream 0 0

Scope 3 emissions Downstream 98 6,630,696 4,017,526

Total Scope 3 emissions 100 6,765,804 4,112,058

TOTAL EMISSIONS SCOPES 1, 2 and 3 (location-based) 6,770,614 4,116,355

TOTAL EMISSIONS SCOPES 1, 2 and 3 (market-based)

6,772,109

4,117,170

Greenhouse gas intensity per net revenue in tons of CO

e /KEUR*

(location-based)

12.53 9.08

Greenhouse gas intensity per net revenue in tons of CO

e /KEUR*

(market-based)

12.53 9.08

*Please see the net revenue disclosed in the financial statement on page 177.

Accounting policy

All entities within the JENSEN-GROUP, meaning our factories as well as consolidated and unconsolidated

subsidiaries and joint ventures, are included in the carbon footprint calculation in accordance with the GHG

Protocol and the operational control approach, with the exception of a limited number of entities excluded for

the reasons described in Appendix A, “Basis for Preparation”. The values for 2024 have been restated due to

methodological changes. These include the implementation of a new carbon calculation tool, which led to a re-

verification of the underlying data, as well as the application of updated emission factors and the operational

control approach.

The full accounting policy for scope 1, 2 and 3 emissions can be found in Appendix C.

Other climate-related disclosures

E1.GOV-3 Integration of sustainability-related performance in incentive schemes

Sustainability-related performance is not integrated in the incentive schemes of the JENSEN-GROUP

management or Board of Directors.

E1-7 – Greenhouse gas removals and greenhouse gas mitigation projects financed through carbon credit

We currently do not have any greenhouse gas removals and greenhouse gas mitigation projects financed

through carbon credit.

E1-8 – Internal carbon pricing

We currently do not have an internal carbon pricing system in place.

E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related

opportunities

We did not identify any financial effects caused by material risks and refer to the section above “Why climate

change matters to our business”.

SUSTAINABILITY REPORT

3. Pollution – ESRS E2

Our approach to managing pollution

Why pollution matters to our business

IRO-1 – Description of processes to identify and assess material pollution-related impacts, risks and

opportunities

The materiality of pollution-related impacts, risks, and opportunities was assessed in 2024 according to the

process described in Appendix A “Double Materiality Process” and remains unchanged.

The preventive measures introduced in 2024 to protect employees from air pollution remained in place

throughout the reporting period. Although welding activities increased in two of our factories, overall emissions

remained at a low level. This is because the additional activity was distributed across different buildings and

shifts, avoiding any concentration in one location or at any one time. In one of the plants, an upgraded

filtration system further reduced the already low pollution level by one third. As a result, no new

measurements were carried out during the reporting period. A material increase in welding activities would

trigger new tests, including a re-evaluation of the related negative impacts and the materiality of this topic.

It’s the perfect day for me if I solve a problem for a customer and he is

happy.

Jens

“

”

SUSTAINABILITY REPORT

How JENSEN-GROUP shapes and tracks its approach to pollution

We first present air pollution, followed by substances of concern, and then microplastics.

Air pollution

E2-1 – Policies

While there is no policy at Group level for air pollution, the legally required health and safety processes are in

place in our factories to protect employees from air pollution. In each plant, there is also a dedicated person in

charge of Health, Safety, and Environment.

E2-2 – Actions and resources

During the reporting period, the existing measures continued to be effective, and we complemented them by

upgrading the air filtration system in one of our main factories. As a result, pollution levels remained well

below the reporting threshold compared with our 2024 base year. The actions in place are critical for the

purpose of preserving air quality and safeguarding our employees’ health and the environment. Current key

actions include:

 Pollution control measures: Our production sites are equipped with air filtration systems that

undergo regular maintenance to ensure efficient operation. These systems capture and remove

pollutants from emissions before they can be released into the environment. In our factory

accommodating the most intensive welding activity, an alarm system is in place to alert

employees if the ventilation system fails. At our production sites in China, we replaced the

previous granular filter with a honeycomb activated carbon filter, resulting in a further reduction

in emissions. Honeycomb filters support smoother airflow, reduce pressure on ventilation

systems, and offer higher adsorption capacity. They can also be regenerated and reused, thereby

supporting both environmental performance and resource efficiency.

 Upgrade of industrial processes: Transitioning to less polluting technologies, such as shifting from

gas welding to laser welding stations in manufacturing, is significantly reducing the quantity of

harmful emissions. This not only helps to ensure cleaner air but also enhances operational

efficiency. Laser welding stations are installed in our factories in Denmark and Germany.

 Testing and monitoring: Some of our factories conduct monthly air pollution checks or commission

spot checks by local authorities to make sure that emission levels are within the legal standard.

This information helps the company assess the effectiveness of current pollution control measures

and make informed decisions regarding further improvements.

 Protecting health in the workplace: We provide protective workwear and masks for our welders

that minimize their exposure to pollutants, thereby ensuring a safer work environment.

 Correct disposal of pollutants: Proper pollutant disposal is ensured by carrying out filter

maintenance and having filters disposed of professionally by third-party services.

 Financial Planning and Management: We cover the costs associated with these mitigation efforts,

from the installation of cleaner technologies to insurance premiums that reflect environmental

risks. This is an integral part of managing air pollution.

Allocated resources: Current operational expenses encompass the disposal/treatment of polluted environment,

air pollution tests, maintenance of inside air pollution filters, protective workwear and masks for employees,

and insurance premiums. They are not significant and form part of our OPEX, which is disclosed on page 219 of

the annual report.

E2-3 – Targets

The JENSEN-GROUP operates strictly within the regulatory framework set by national and local authorities.

Emissions are managed according to the permitted loads per air pollutant established for each plant, thereby

ensuring compliance with all applicable environmental regulations.

Air pollution tests were conducted in 2024 by accredited third parties in accordance with their methodologies.

The releases were measured against locally permissible thresholds. Our goal is to stay below the threshold for

releases stipulated in Annex II to the E-PRTR Regulation and to maintain compliance with local regulations and

authorities. Should our operations expand and our welding activities increase, we will undertake additional

testing. However, independent of operational changes, tests will be conducted every three years as a

minimum. We are confident that this approach is adequate, given that our two factories with the highest

intensity of welding activities have robust systems in place: one undergoes monthly testing, while the other

benefits from consistent maintenance and an alert system. The JENSEN-GROUP has no voluntary targets beyond

compliance with local regulations and will continue to comply with the following annual air emission

thresholds.

*China Annual threshold set & unit Related legislation

Sulfur Dioxide (SO

)

200 mg/Nm³

Integrated emission standard of air

pollutants

大气污染物综合排放标准

DB32/4041-2021

Nitrogen Oxides (NOX)

100 mg/Nm³

Fine particulate matter (PM)

20 mg/Nm³

Non-methane volatile organic

compounds (NMVOC)

50 mg/Nm³

Emission Standards for Air

Pollutants from Industrial Coating

Processes

工业涂装工序大气污染物排放标准

DB32/4439-2022

Ammonia (NH

)

Not applicable to JENSEN China

Heavy Metal (HM): Aluminum (Al),

Iron (Fe), Dust particles

In China, legislation requires the monthly monitoring of air pollutants, including fine particulate matter and

NMVOC emissions, by the competent authorities. Emission levels are measured in kg per hour. To calculate the

total emissions and verify compliance with the applicable thresholds, the measured hourly value is multiplied

by eight operating hours per working day and by the total number of working days during the reporting period.

SUSTAINABILITY REPORT

Denmark Annual threshold set & unit Related legislation

Sulfur Dioxide (SO

)

Not applicable – compliance is

regulated by means of a

mandatory filtering system

imposed by Danish legislation

that removes 99% of pollutants

“Guidance of Air Pollution” and “List

of B-values” from the Danish

Environmental Agency

Nitrogen Oxides (NOX)

Non-methane volatile organic

compounds (NMVOC)

Fine particulate matter (PM)

Ammonia (NH

)

Heavy Metal (HM)

Al: 2.5 mg/second

Fe: 20 mg/second

Dust particles: 20 mg/second

Germany Annual threshold set & unit Related legislation

Sulfur Dioxide (SO

)

1.3 mg/m³

TRGS 900

Nitrogen Oxides (NO

)

0.95 mg/m³

TRGS 900

Non-methane volatile organic

compounds (NMVOC)

Consists of individual chemical

substances; we have not found

a limit value.

Fine particulate matter (PM) emissions

to air

A-dust fraction

E-dust fraction

1.25 mg/m³

10 mg/m³

TRGS 900

Ammonia (NH

)

14 mg/m³

TRGS 900

Heavy Metal (HM)

Consists of individual chemical

substances; we have not found

a limit value.

USA

Primary/

Secondary*

Average

Time

Level Form

Legislation

Sulfur Dioxide (SO

)

Primary 1 hour

75 parts

per billion

(ppb)

99th percentile

of 1-hour daily

maximum

concentrations,

averaged over 3

years

Clean Air

Act

Secondary 1 year 10 ppb

Annual mean,

averaged over 3

years

Nitrogen Dioxide (NO

)

Primary 1 hour 100 ppb

98th percentile

of 1-hour daily

maximum

concentrations,

averaged over 3

years

Secondary

1 year

53 ppb

Annual Mean

Fine

particulate

matter (PM)

2.5

Primary

1 year

9.0

micrograms

per cubic

meter of air

(μg/m

)

Annual mean,

averaged over 3

years

Secondary

1 year

15.0 μg/m

Primary

and

Secondary

24 hours 35 μg/m

98th percentile,

averaged over 3

years

Primary

and

Secondary

24 hours 150 μg/m

Not to be

exceeded more

than once per

year on average

over 3 years

Ammonia (NH

)

Not listed as one of the air pollutants under the Clean Air Act

Non-methane volatile organic

compounds (NMVOC)

Heavy Metal (HM)

* The Clean Air Act identifies two types of national ambient air quality standards. Primary standards provide

public health protection, including protecting the health of “sensitive” populations such as asthmatics, children,

and the elderly. Secondary standards provide public welfare protection, including protection against decreased

visibility and damage to animals, crops, vegetation, and buildings.

E2-4 – Air pollution – general

Calculations in 2024 and the reassessment in 2025 revealed that the emissions of air pollutants from the

applicable JENSEN-GROUP sites with welding activities do not exceed the threshold value per air pollutant

specified in Annex II to Regulation (EC) No 166/2006. Therefore, no emissions need to be disclosed. Only the

sites with significant welding activities (the origin of the air pollutants) have been measured and reassessed

(JECN, JEDE, JEDK, JEUS).

SUSTAINABILITY REPORT

Substances of Concern

E2-1 – Policies

During the reporting period, we strengthened our approach with regard to managing substances of concern by

updating our purchasing guidelines to include material compliance checks within supplier assessments.

Suppliers are now required to provide declarations on Substances of Concern and Substances of Very High

Concern. This has become a routine part of our purchasing process, and our Purchasing Managers

systematically request and track these declarations. We also maintain a central overview of all responses

received, enabling regular follow-up and continuous improvement in supplier compliance. The revised

guidelines represent an important step in strengthening our due diligence process and improving transparency,

with the aim of minimizing the procurement of substances of concern wherever feasible and identifying

alternatives that maintain product quality and safety.

E2-2 – Actions and resources

We distinguish between:

 Substances of Concern or Very High Concern used in the manufacturing process

 Substances of Concern or Very High Concern contained in purchased items

During the reporting period, our focus has been on strengthening the foundations of our reporting and due-

diligence processes to enable more comprehensive assessments in the coming years. We introduced an

aligned reporting methodology across our production sites for documenting substances of concern used in the

manufacturing process. In parallel and building on our reinforced due diligence process for purchased products,

we continued working on improving material compliance data collection. This work will ultimately be

embedded in our new ERP system, although the timeline remains dependent on the implementation schedule

of that system. No separate financial resources were allocated to these actions besides indirect costs of time

and labor.

E2-3 – Targets

Our target over the next two years is to put in place a data collection system that will give us the opportunity

to report the substances of concern in purchased items.

E2-5 – Pollution from substances of concern – general

Substances of concern used in manufacturing processes were identified and categorized based on the product

indication, classification and concentration available on the product’s safety data sheet. These substances

would be contained in products such as detergents, spray grease, coatings, glue or lubricants, and leave the

facilities as part of products.

Substances of Very High Concern used in manufacturing

process in kg

December

31, 2025

December

31, 2024

(restated)

Carcinogenicity categories 1 and 2

9042

5,930

Germ cell mutagenicity categories 1 and 2

Reproductive toxicity categories 1 and 2

Persistent, Bioaccumulative, Toxic (PBT) / very Persistent, very

Bioaccumulative (vPvB)

Endocrine disruption for human health

Endocrine disruption for the environment

Substances of Concern used in manufacturing process in kg

December

31, 2025

December

31, 2024

(restated)

Persistent, Mobile, Toxic (PMT) / very Persistent, very Mobile

(vPvM)

Respiratory sensitization category 1

106

Skin sensitization category 1

870

109

Chronic hazard to aquatic environment cat 1-4

1475

732

Hazardous to the ozone layer

Specific target organ toxicity single exposure categories 1 and 2

177

Specific target organ toxicity repeated exposure categories 1 and

254

547

Accounting Policy

The calculation of substances of concern and very high concern used in the manufacturing process is based on

purchased quantities of materials and concentration levels of said substances. For each material, the relevant

Safety Data Sheet is reviewed to identify the concentration of substances of concern by hazard class; these

concentrations are then multiplied by the corresponding purchased quantities, and the resulting amounts are

aggregated per hazard class across all materials used in manufacturing. For the purpose of this calculation, a

density of 1 is assumed for the articles, meaning that 1 L corresponds to 1 kg.

Variations between 2024 and 2025 (reporting period) are primarily attributable to a methodological change

implemented in 2025. In 2024, data for most production sites were based on assumed values derived from

real-time data from the Group’s main manufacturing site in Denmark. In 2025, all production sites reported

real-time data based on actual purchased articles used in the manufacturing process. As our reporting period

ends in November, we extrapolated the data for the month of December to reflect a full-year view (see

Appendix A “Basis for Preparation”). For consistency and comparability, the same extrapolation method was

applied to the previous year’s figures. While this extrapolation was omitted in certain non-material cases last

year, it has now been applied consistently across all relevant data as a conservative and transparent approach.

We are aware that some of the products and components that we purchase contain substances of concern,

however currently, we do not have a clear overview of where and in what quantities these are present.

We are currently working on an improved system to collect and manage this data reliably and intend to

disclose more details within the next two years.

SUSTAINABILITY REPORT

Microplastics

E2-1 – Policies

Microplastic pollution, which is increasingly gaining recognition as a significant environmental issue, is a

challenge that the JENSEN-GROUP is following closely, particularly as microplastics can shed from textiles during

washing. Although the microplastics involved originate from the linen laundered by customers rather than from

our manufacturing processes, the JENSEN-GROUP acknowledges the downstream environmental impact. In

collaboration with industry associations and key players in the laundry industry, efforts are underway to

explore solutions that will help to minimize the release of microplastics.

While no formal policies or targets have been established on this topic, the JENSEN-GROUP is committed to

investigating how its machinery can contribute to reducing the quantity of microplastics in wastewater, such as

by means of advanced filtration technologies and innovative machine design, and ongoing monitoring of

relevant legislation in this area.

By collaborating with the various actors within the sector, the JENSEN-GROUP is working toward responsible

practices that support industry-wide efforts to mitigate microplastic pollution.

E2-2 – Actions and resources

As an equipment supplier with a strong interest in new technologies that facilitate the life of our customers,

we are taking part in a European-based R&D project to develop a microplastics filter that is suitable for

industrial laundry operations. For many years, we have also been actively participating in environmental and

standardization working groups of the European Industry Association ETSA (European Textile Service

Association), as such contributing to the development of meaningful and robust standards and regulations

around this topic. Considering that microplastics are released from so many different sources, the cleaned and

filtered laundry water will become polluted again when mixed with the effluents from other sources in the

wastewater plant. The only way to efficiently clear and filter microplastics is at the end-of-line receiver, which

is the company treating the effluent water. We therefore believe that the best solution will be achieved

through the involvement of non-market partners such as the wastewater treatment plants.

During the reporting year, no specific actions dedicated to microplastics were undertaken. No financial

resources were therefore allocated.

E2-3 – Targets

While this is a material issue for our customers, our contribution has a minimal impact, as the real issue lies in

the textiles that release the microplastics. For that reason, we have set no targets, but we want to contribute

to a solution by means of the different involvements and actions described above.

E2-4 – Microplastic pollution – general

We do not generate microplastics during our operations nor do microplastics intentionally form part of the

products leaving our facilities, therefore this datapoint is not relevant in the case of the JENSEN-GROUP.

E2-6 – Anticipated financial effects from material pollution-related risks and opportunities

Anticipated financial effects from material risks and opportunities related to the water-efficiency of products

are not available and will be added at a later stage.

4. Water – ESRS E3

Our approach to managing water

Why water matters to our business

IRO-1 – Description of the process to identify and assess material water efficiency-related impacts, risks, and

opportunities

The materiality of water efficiency-related impacts, risks, and opportunities was assessed in 2024 according to

the process described in Appendix A, “Double Materiality Process” and remains unchanged.

While water consumption upstream and in our own operations is immaterial, the water consumption of

customers and their laundry activities is a salient topic, as confirmed by the high scores given by customers to

the water efficiency topic during the double materiality evaluation process. Our CleanTech approach is based on

a long-standing tradition and expertise in developing sustainable laundry solutions that prioritize water

conservation and efficiency. Through innovative technologies and processes, we aim to minimize water

consumption in industrial laundry operations, thereby contributing to sustainable water management. As water

is becoming increasingly scarcer and more expensive, finding new solutions to recover it or limit its use even

further remains one of our main priorities. With our sophisticated water recovery concept and intelligent

product features, the JENSEN tunnel washer can achieve impressive water savings, though these will vary,

depending on factors such as the individual production context and the washing process applied by the

customer.

SUSTAINABILITY REPORT

The added value I bring to the company, especially in technical matters

and during commissioning, is that customers receive support even during

unusual working hours, ensuring the machine can be operational on

schedule.

Maximilian

“

”

How JENSEN-GROUP shapes and tracks its approach regarding the water efficiency of its

products

E3-1 – Policies

The JENSEN-GROUP currently does not have a formal group policy to address the water efficiency of its

products, as water consumption within our own operations is immaterial. However, guided by our CleanTech

approach, which is central to our business strategy and values, we design our solutions with a strong focus on

maximizing water savings for our customers. This includes integrating water recovery systems into our

machines.

E3-2 – Actions and resources

We have not taken any specific action in the reporting period to minimize water consumption, as it is an

ongoing objective embedded in our business model. Our goal is to continuously optimize the efficiency of our

customers’ laundry operations with minimum input and maximum output. Our sales, service, and innovation

departments focus day in, day out on reducing expenses and on reducing the wastage of resources for the

benefit of our customers. The water efficiency of our products forms an integral part of this approach with

integrated water recovery and recycling features available in our equipment.

In terms of allocated resources, we invest about 1.5% to 2% of our total turnover in product development

annually and indirect costs are also incurred with regard to time and labor.

E3-3 – Targets

The importance of water savings to our customers is undeniable, which explains the high materiality of this

topic. Increasing the efficient use of water and ensuring that it is consumed more economically is one of the

main objectives of our CleanTech approach. Optimizing the water use of our equipment and laundry processes

lies at the core of our business model and is a daily focus of our product development.

We recognize the importance of setting targets aligned with customers' priority to reduce their operational

water consumption. However, we were unable to finalize the calculation method for a quantitative water-

reduction target during the reporting period. As disclosed in Chapter 2 on page 32 (“How JENSEN-GROUP

addresses the energy use by customers”) water use in industrial laundries is strongly influenced by external

operational factors, which vary widely and are outside our control, such as textile mix, loading patterns,

detergent use, process parameters, and the presence of third-party equipment,. These dependencies make it

difficult to isolate JENSEN’s contribution or track performance consistently over time. We will revisit target

setting once a reliable and industry-appropriate calculation method becomes feasible. Engaging with customers

through our active involvement in industry associations as well as through bilateral exchanges continues to be

essential to this work.

E3-5 – Anticipated financial effects from material water and marine resources-related risks and opportunities

Anticipated financial effects from material risks and opportunities related to the water-efficiency of products

are not available and will be added at a later stage.

SUSTAINABILITY REPORT

5. Resource use and circular economy – ESRS E5

Our approach to circularity

Why circular economy matters to our business

IRO-1 – Description of processes to identify and assess material resource use and circular economy-related

impacts, risks and opportunities

The materiality of resource use and circular economy-related impacts, risks, and opportunities was assessed in

2024 according to the process described in Appendix A, “Double Materiality Process” and remains unchanged.

Product lifecycle management is a material topic for the JENSEN-GROUP, primarily due to the durable design

and construction of our machines. Our extensive experience in the field and our ongoing dialog with customers

have consistently shown that our machines possess remarkable longevity. Customers expect a prolonged

lifespan from our equipment, viewing it as a substantial investment and source of upstream greenhouse gas

emissions. The superior quality of our equipment, coupled with our focus on automation, plays a crucial role in

minimizing human errors and subsequent damage, thereby ensuring longevity. This is further supported by our

comprehensive service offerings, which are specifically designed to extend the operational life of the

equipment. Additionally, the use of long-lasting materials when constructing our equipment reinforces our

commitment to durability, thereby aligning with our customers’ expectations and investment considerations.

SUSTAINABILITY REPORT

How JENSEN-GROUP shapes and tracks its approach to circular economy

E5-1 – Policies

The JENSEN-GROUP does not currently have a formal group policy addressing the circular economy. However,

circular principles are integrated into our resource inflow and outflow practices.

Our machines are primarily built using European steel. According to figures by Recycling Europe (EuRIC), EU

steel production typically uses 56% recycled scrap as input. It can therefore be assumed that a significant share

of the steel used in our products already comes from recovered materials. While resource inflow is not deemed

a material topic, sourcing steel from within the EU supports compliance with sustainability standards and helps

the JENSEN-GROUP avoid additional costs related to carbon taxes and mechanisms such as the Carbon Border

Adjustment Mechanism (CBAM).

With regard to resource outflow, we strive to maximize the value of our equipment for both our customers and

the planet, by extending the life cycle of our equipment – which, by industry standards, is estimated at 15

years – by providing comprehensive repair, refurbishment, and reuse services for its key components. These

practices aim to minimize our use of resources by extending the operational life of our machines while

reducing waste caused by machines that are out of order. We continuously investigate opportunities and offer

extensive services for the repair, refurbishment, and reuse of key components to prolong their lifetime. Beyond

lifetime extension, the design of our machines also supports material recovery at end of life. The machines

consist predominantly of steel and other widely recyclable metals, combined with standard electronic

components. Based on the material composition and current recycling practices in Europe, it is assumed that

the vast majority of materials used in our machines are recyclable using existing collection and treatment

infrastructures, thereby supporting circular resource use at the end of the product life cycle.

JENSEN aftermarket solutions provide customers with genuine, factory-approved aftermarket plans, services,

and solutions that ensure optimal performance in order to increase the service life and enhance the resale

value of the laundry machines. Through our dedicated customer service, we are contributing to a circular

economy by keeping products on the market as long as possible, so as to minimize waste and reducing the

extraction of virgin materials for the manufacturing of new equipment. Current solutions promoting circularity

are:

 Spare parts: For old and new machines, JENSEN spare parts maintain the value of the equipment and

its life cycle.

 Service agreements: consisting of preventive maintenance and regular service checks to maximize the

lifetime of the equipment by making adjustments, carrying out upgrades, or replacing components

when needed.

 Training: through our JENSEN Academy we also make sure that laundry managers and service

technicians are trained to make the best use of the equipment and extend its lifetime.

 Acquisitions: the most recent acquisitions by our partner MAXI-PRESS also demonstrate our

commitment to circularity. With three new additions in Australia, the United Kingdom, and Germany,

the JENSEN-GROUP and MAXI-PRESS are expanding their service and aftermarket capabilities.

E5-2 – Actions and resources

Our product development approach aims to continuously standardize and design simple machines with

modular components that are easy to replace or upgrade, thereby extending the overall product lifespan. As a

result of the acquisitions by MAXI-PRESS during the reporting period, we can further improve the repairability

and durability of the equipment by expanding our aftermarket solutions and offering spare parts compatible

with a wide range of machines, including those from other manufacturers. During the reporting period, we

expanded our digital offerings by deploying QR codes on our machines, giving customers instant access to

spare parts information, documentation, case handling, and our helpdesk. This improved accessibility helps to

ensure more regular servicing and repairs, and to extend the service-life of our equipment.

Allocated resources: Indirect costs of time and labor, investments in new acquisitions (see p.202, 219 of

financial report)

Together with the industry association ETSA, we engage in continuous discussions and respond to consultations

on topics such as the Waste Framework Directive, Eco-design for Sustainable Products Regulation (ESPR), and

Extended Producer Responsibility (EPR), with the aim of supporting the development of industry standards that

promote the circular economy.

Allocated resources: Dedicate time and staff to represent the company in industry working groups, contribute

insights and help shape policies related to the circular economy.

E5-3 – Targets

For the JENSEN-GROUP, extending the product life cycle is a material topic and reflects our commitment to

reducing resource outflow through durable design and sustainable practices. By expanding our service offerings

and keeping our machines operational over an extended life cycle, we contribute to the circular economy and

enhance the repairability of our equipment. General knowledge and longstanding business experience

demonstrate that regular product maintenance extends a product’s lifespan, while keeping energy

consumption at an ideal level, thereby reducing energy losses and the need to extract and process primary raw

materials. Research also highlights the fact that products which are properly maintained are less likely to be

disposed of prematurely. This reduces overall waste generation and supports more efficient use of resources

within a circular economy.

Last year we expressed our intention to set a strategic target related to recurring service contracts, recognizing

their role in extending product life cycles and reducing resource outflow. During this reporting period, we

identified the need to further refine our data, definitions, and measurement methods before establishing a

robust objective. For this reason, we do not set an absolute target this year. Our focus for the next reporting

period is to finalize the methodological groundwork so that we can introduce a well-founded and actionable

target thereafter.

SUSTAINABILITY REPORT

E5-5 – Resource outflows

Our commitment to circularity includes plans to track the rate of service agreements in order to obtain a better understanding of product durability and inform other

material topics such as energy use by customers and greenhouse gas emissions in the downstream value chain. The expected durability estimates indicated below assume

an intensity of use of one shift of 8 hours, 5 days/week. They were not validated by an external body other than the assurance provider.

Product categories Short description

Expected durability estimates (in

relation to industry averages)

Repairability & rating system used (if

applicable)

JENSEN Washer Extractors (JWE)

Simple and robust design for ease of repair

and maintenance coupled with high-quality

material for longevity

20 years

To be defined in relation to our service

target.

JENSEN Barrier Washers (JBW)

JENSEN Tumble Dryers (JTD)

High-quality materials for longevity and

lightweight construction for disassembly and

recyclability of components

15 years

Material Handling

Built for extended durability with repairable

or replaceable core components

20 years

Tunnel washers

Optimized for water recirculation and

component upgradability.

18 years

Extraction

Modern design for high maintainability and

premium-quality components for extended

longevity

12 years

Batch Driers

Easy access for servicing and the

replacement of parts.

15 years

Preparation

Premium quality of materials for high

recyclability

12 years

Feeders Large Piece

Designed for component recycling and quick

repairs

12 years

Ironers

Built for extended durability with repairable

or replaceable core components

15 years

Folders Large Piece & towels

High accessibility and simple and robust

design for ease of repair and maintenance

12 years

Feed & Fold Small Piece

Compact design for component recovery and

repair

12 years

Tunnel Finisher

High-quality materials for longevity and

accessibility for easy maintenance

15 years

Garment Folding

Easy access for servicing and for the

replacement of components

12 years

6. Own workforce – ESRS S1

Our approach toward our employees

Why our employees matter to our business

S1-SBM3 – Material impacts, risks and opportunities and their interaction with strategy and business model

The JENSEN-GROUP identifies health and safety as a critical, material topic due to its direct impact on employee

well-being and the potential financial and reputational risks it entails. Ensuring a safe working environment not

only reduces incidents and associated costs but also safeguards productivity and supports our reputation as a

responsible employer. Additionally,

training and skill development are material topics and are viewed as

positive impacts that help retain knowledgeable workers and mitigate the risk of expertise being lost. We

recognize an opportunity to attract younger workers by offering robust training programs that build relevant

skills for our industry. However, experienced employees retiring without an adequate prior transfer of

knowledge constitutes a strategic risk. To address this, we are implementing structured knowledge-sharing

initiatives to ensure that critical expertise is passed on effectively, thereby securing operational continuity and

enhancing resilience within our workforce.

By fostering a healthy and safe working environment, a sound company culture and opportunities for individual

growth, the JENSEN-GROUP can mitigate the negative impacts and risks. Furthermore, our climate-related

transition plan, especially our approach to reducing emissions from machines in use, offers a significant

opportunity to create jobs in areas such as innovation, energy management, and service.

SUSTAINABILITY REPORT

What I particularly value at JENSEN is the helpfulness and the team spirit.

I was not sure what to expect on my first day at work, but was very

warmly welcomed by all colleagues.

Maximilian

“

”

How JENSEN-GROUP shapes and tracks its approach toward employees

Health, safety, and well-being

S1-1 – Policies

As our people are the reason for our success, their well-being is essential to us. The JENSEN-GROUP wants its

people around the globe to work in safe and ergonomically sound environments. All employees are

encouraged to help build a secure workplace by applying safety measures in their day-to-day activities. Health

and safety are a priority at each JENSEN-GROUP location. Our operations are managed in compliance with local

health and safety requirements, including appropriate safety and accident prevention training where required.

This process and the application of local laws stand in lieu of a policy.

Every JENSEN-GROUP factory has a Health & Safety Manager, who is responsible for implementing Health &

Safety measures in their respective location, based upon local regulations and requirements. At JENSEN China

for example, an equipment operation safety management system analyzes the key safety points in the

production process. Quarterly work environment committees, consisting of local management and employee

representatives, are organized at different factories to discuss health & safety procedures and to review

accidents in the workplace. Several of our Sales and Service Centers also have health and safety management

systems in place. In fact, 74% of our entire workforce is covered by such a system. Compliance with local

health and safety laws and regulations is also part of the annual risk mapping exercise by the EMT.

S1-4 – Approach and actions

The JENSEN-GROUP has implemented comprehensive health and safety measures centered on employee well-

being and workplace integrity. A structured onboarding process introduces new hires to essential health and

safety protocols, supported by regular check-ins with employees to address ongoing needs and concerns. The

company prioritizes workplace hygiene standards, as a means of ensuring a safe and comfortable environment.

Regular meetings between Onboarding Managers from all entities facilitate the sharing of best practices and

align our health and safety strategies across locations. Flexible working conditions, including hybrid work

options where possible, are offered in order to enhance employee work-life balance. For on-site roles,

mandatory safety training is provided, alongside the use of personal protective equipment (PPE) as needed.

Workplace safety is continually reinforced by carrying out regular risk assessments and by applying the STOP

principle (Substitution, Technical solutions, Organizational measures, and Personnel measures), and preventive

actions form an integral part of our daily operations.

Leadership training programs emphasize a culture of safety and respect, supported by prevention mechanisms

such as a Whistleblowing Hotline and the “grandfather principle” for impartial decision-making. Office facilities

have been upgraded to meet the very latest safety standards, and all efforts are underpinned by the JENSEN

core values promoting a collaborative, respectful, and success-oriented work culture.

SUSTAINABILITY REPORT

By embedding these principles into our health and safety framework, we maintain a healthy, supportive, and

compliant workplace that is dedicated to our employees and customers.

Transitioning to a climate-neutral economy, while crucial for mitigating climate change, may also be

accompanied by certain potential negative health and safety impacts. In JENSEN’s case, the potential negative

impacts could cause poor indoor air quality as a result of enhanced insulation and energy efficiency measures

in our factories. Although these measures are effective in reducing energy consumption, they can, if not

managed correctly, compromise the quality of indoor air, potentially impacting upon respiratory health.

However, it is important to emphasize that by means of appropriate management and preventive strategies,

such as ensuring adequate ventilation, these negative impacts can be effectively mitigated and avoided.

Allocated resources: Current operational expenses encompass safety trainings, maintenance of inside air

pollution filters, protective workwear and masks for employees, and insurance premiums. They are not

significant and form part of our OPEX, which is disclosed on page 219 of the annual report.

S1-5 – Targets

By means of quarterly health and safety reporting, we can monitor progress and identify any issues, enabling

us to take necessary actions promptly. The Head of Corporate Sustainability reports any significant impacts or

risks identified in the data back to the Executive Management Team during their monthly meetings.

Our target is to minimize accidents and occupational illnesses, ensuring that our injury and work-related illness

rate remains

below 12 incidents per one million working hours. During the reporting period, the rate remained

below this target, reflecting the effectiveness of local health and safety management processes at our

production sites, which are closely monitored by local management and designated health and safety

responsible persons. It goes without saying that our target for work-related fatalities is and will remain

We care for the overall well-being of our employees as outlined by means of two additional strategic health

and well-being indicators that we have chosen to monitor and report on:

 Using the churn rate, we can track the rate of employees resigning, which gives us an idea of the

employee satisfaction level. The intention is to ensure that the JENSEN-GROUP continues to be an

attractive employer for new talented recruits and current employees. The churn rate is tracked

quarterly and calculated as the number of permanent employee resignations over the reporting period

divided by the total number of employees at the beginning of the reporting period. Our target is an

annual churn rate of

maximum 5%. Any temporary deviation from this target during the reporting year

is mainly due to significant organizational growth and higher employee mobility. Ongoing initiatives

focus on onboarding quality, talent and leadership development, as well as employee engagement

measures to support retention as the organization continues to grow.

 The number of sick days per employee is another way of measuring the well-being of our people and

obtaining a more accurate picture of the overall working climate. Our target is

fewer than 5 sick days

per employee per year. During the reporting period the average number of sick days per employee

remained below the target. This performance supports our objective to maintain employee well-being

as the organization continues to grow. This data point is reported quarterly and a regular reporting of

this data across all entities enables us to take proactive measures when figures start to rise

significantly. We can engage promptly with the General Manager of the local entity or the union

representatives to discuss and implement corrective actions aimed at reducing these numbers.

S1-14 – Health and safety metrics

TARGET

2026

December 31

2025

December 31

2024 (restated)

Number of fatalities in own workforce as result of work-

related injuries and work-related ill health

0 0 0

Number of fatalities as result of work-related injuries and

work-related ill health of other workers working on

undertaking’s sites

0 0 0

Number of recordable work-related accidents and ill health

for own workforce

- 46 47

Rate of recordable work-related accidents and ill health for

own workforce*

12 11.3 12.5

Number of workdays lost to work-related injuries and

fatalities from work-related accidents, work-related ill health

and fatalities from ill health related to employee

- 464 630

Percentage of people within own workforce who are covered

by a health and safety management system based on legal

requirements and (or) recognized standards or guideline

- 74% 73.4%

Sick days/employee** < 5 4 6

Percentage of permanent employees who resigned – churn

rate***

5% 7% 5.3%

Accounting policy

All entities within the JENSEN-GROUP, meaning our factories as well as consolidated subsidiaries and joint

ventures, are included, with the exception of a limited number of entities excluded for the reasons described in

Appendix A, “Basis for Preparation”. 2024 figures have been restated to ensure consistency with a

methodological change implemented in 2025. The updated methodology extrapolates data for the month of

December instead of replicating end-of-November values, providing a more accurate representation of annual

data.

As JENSEN-GROUP operates globally across multiple regions with differing labor market and regulatory

conditions, no single region-specific benchmarks have been used for setting health and safety targets. These

targets have therefore been defined at Group level, taking into account internal historical performance and

broadly observed industry practices across comparable industrial and service sectors.

* The injury rate is determined by dividing the total number of accidents by the cumulative regular working

hours for all employees, and then multiplying the result by one million hours worked. We estimate the number

of regular working hours per employee to be 1,760 (220 days at 8 hours a day).

SUSTAINABILITY REPORT

Accidents are defined as work-related incidents that must be reported to the relevant local authorities. For the

definition of work-related ill health, please see the guidance offered under ESRS S1.

** In contrast to cases involving work-related ill health, sick days can be work-related or non-work related.

They are calculated by dividing the total cumulative number of sick days for all employees divided by the total

number of employees at the end of the reporting period. We include employees who may have left during the

reporting period, but exclude holidays, weekends, long-term absences of over two months, and

paternity/maternity leave. Due to local regulations, sick days cannot be monitored at our site in the US.

*** The difference with employee turnover is that we consider the churn rate to be an indicator of employee

well-being. It only includes permanent employees who resigned, and it excludes all other reasons for leaving,

such as dismissals or retirements. This number is then divided by the total number of employees.

Training and skills development

S1-1 – Policies

For the JENSEN-GROUP, the continuous development of our people and attracting new and talented recruits are

mission-critical. Our people and their skills are essential in order to achieve our utmost priority: customer

satisfaction. To fulfill the Group’s mission and to sustain the JENSEN Spirit, great effort is made to attract and

retain talented people, while developing the skills of current and future leaders. The JENSEN-GROUP leadership

team promotes colleagues based on the right attitude, achievements, talent, and ambitions, regardless of

identifying characteristics, such as age or gender. Our objective is that all employees who need training

actually receive it.

Although the JENSEN-GROUP does not currently have a formal training and skill development policy, we

prioritize the continuous growth and development of our employees across all functions. This approach aligns

with our corporate culture as defined by the universal JENSEN Spirit and is tailored according to role-specific

requirements and individual needs. Technical teams receive advanced skills training related to equipment

maintenance and safety, while administrative and managerial staff take part in training on industry regulations,

digital tools, and leadership, among other topics. We embrace a flexible and supportive approach toward

employees who express an interest in pursuing further education to improve their skills. This includes offering

part-time work arrangements and, in some cases, providing financial assistance for their training.

Each year, employees are required to complete a set of core training sessions to keep up to date with regard

to best practices and compliance standards. Additionally, employees and managers can request further training

as needed, based on evolving job requirements or career development goals. For example, employees are

required to undergo frequent cybersecurity training sessions. The ultimate accountability for the execution of

these training programs rests with the EMT, which also oversees an escalation procedure for instances where

employees fail to complete the training. Furthermore, we maintain a structured approach to recruiting

apprentices at our factories in Europe, offering them the opportunity to secure permanent positions upon the

completion of their educational programs.

S1-4 – Approach and actions

The JENSEN-GROUP has adopted a comprehensive approach with regard to training and skill development,

fostering a balanced mix of practical experience and structured learning. In line with our belief that skill

enhancement is best achieved by making use of diverse methods, we emphasize learning by doing and

knowledge sharing, complemented by structured theoretical training. In recent years, the JENSEN-GROUP has

made significant investments in corporate, local, and individual training initiatives through the JENSEN

Academy, which provides training at all levels of the organization.

Our training programs include webinars, onboarding sessions, and specialized modules for new employees,

managers, and project managers, covering technical skills, function-specific knowledge, and leadership

development. Building on this foundation we extended our leadership training during the reporting period to

include all levels of responsibility, ensuring that managers and team leaders are equipped to lead with purpose

and translate our strategy and values into day-to-day practice.

To further support skill growth, experienced employees act as knowledge leaders, passing on valuable

expertise to junior staff by means of both structured training and on-the-job mentorship. This, in turn, ensures

an effective transfer of knowledge across generations and entities globally.

Given the Group’s international presence, we have offered digital training for office roles (such as sales,

marketing, management, and back-office) since 2010, and our hybrid training approach blends physical and

virtual formats, enhancing comfort, reducing travel expenses, and lowering greenhouse gas emissions.

Additionally, the JENSEN-GROUP serves as a training center for talented young people by providing

apprenticeships in our factories across multiple professions, preparing the next generation of skilled workers.

Through this well-rounded, global training structure, we equip employees to thrive within a dynamic business

environment, by supporting professional growth, collaboration, and continuity across the organization.

These efforts are embedded in our organization and will continue going forward.

Allocated resources: Indirect costs of time and labor. Current operational expenses encompass the financial

participation of the JENSEN-GROUP in employee training, which is not significant and forms part of our OPEX, as

disclosed on page 219 of the annual report.

S1-5 – Targets

Through training and skills development metrics, we can monitor progress and identify any issues, enabling us

to take necessary actions promptly. The Head of Corporate Sustainability reports any significant impacts or risks

identified in the data back to the Executive Management Team during their monthly meetings. By the end of

2026, we aim to ensure that there is at least one annual review/employee in all entities by implementing a

streamlined review process. This new approach is designed to make the evaluation process more efficient and

engaging. To achieve this, we plan to introduce a template that allows employees to voice their feedback

regarding their overall job satisfaction and articulate their professional development goals. This method aims to

foster a more interactive and fulfilling review experience.

The global leadership training sessions held during the reporting period have played an important part in

preparing employees with responsibilities for this next milestone.

SUSTAINABILITY REPORT

The decrease observed in the current reporting period is primarily due to an improvement in last year’s

calculation methodology. In 2024, multiple performance reviews may have been counted for the same

employee instead of counting the number of employees who received at least one review, which resulted in

an overstated value.

S1-13 – Training and skills development metrics

Number and rate of yearly performance reviews

TARGET

2026

December 31

2025

December 31

2024

Number of performance reviews 752 810

Rate in proportion of total workforce 100% 33% 38%

Accounting policy

The rate of performance reviews is calculated as the number of employees who had at least one review during

the reporting period divided by the total number of employees.

All entities within the JENSEN-GROUP, including our factories as well as consolidated subsidiaries and joint

ventures, are included, with the exception of a limited number of entities excluded for the reasons described in

Appendix A, “Basis for Preparation”.

Training hours

December 31

2025

December 31

2024 (restated)

Average training hours/employee 19 23

Accounting policy

All entities within the JENSEN-GROUP, meaning our factories as well as consolidated subsidiaries and joint

ventures, are included, with the exception of a limited number of entities excluded for the reasons described in

Appendix A, “Basis for Preparation”. 2024 training figures have been restated to ensure consistency with a

methodological change implemented in 2025. The updated methodology extrapolates data for the month of

December instead of replicating end-of-November values, providing a more accurate representation of annual

data.

This datapoint is calculated as the total number of training hours completed by employees divided by the total

number of employees. Unless an entry on a timesheet indicates otherwise, a one-day training session equals 8

hours of training. Training courses include:

Internal courses organized by JENSEN entities (e-learnings and on-site training): examples are leadership

training and training undertaken by new service technicians on a customer’s site, so that they can acquire as

much practical experience as possible and improve their technical skills in real-time situations under the

supervision of an experienced colleague.

External courses taken by employees (further education delivered by third parties, such as universities,

language schools, and so on) and those to which the company contributed by allocating free time and/or

financial resources.

As a responsible leader, investing in new talent and nurturing the future generation forms an integral part of

our mission statement and social contribution.

We therefore prioritize offering apprenticeships in our European factories, where young people split their time

between learning practical skills on the job and gaining theoretical knowledge in school.

These apprentices are fully integrated into our workforce and deliver quality work that contributes to our

success.

Apprenticeship

December 31

2025

December 31

2024

Number of apprentice school hours 40,684 30,365

Number of apprentices 77 87

Accounting policy

School hours are calculated using time-log systems that record when apprentices are absent from work for

educational purposes.

How JENSEN-GROUP engages with its employees

S1-2 – Processes for engaging with own workers and workers’ representatives about impacts

We are committed to a culture where everyone feels safe to voice important matters and has the freedom to

take the initiative and act decisively in the best interests of the company. The JENSEN-GROUP has created an

environment in which personal initiatives are highly appreciated, as we firmly believe that employees are best

placed to identify local needs in which the JENSEN-GROUP can make a difference. Our belief is that the JENSEN-

GROUP’s people live up to the value statement “We think globally and act locally”, which has resulted in a

wide range of initiatives and activities on a company-wide basis and on a local level. By giving people

responsibility for their actions and trusting them to do the right thing, we believe it will boost their self-

confidence, well-being, and performance.

Our flat organization and lean company structure encourages the expression of opinions and concerns by

fostering an open and inclusive environment in which all employees feel valued and empowered to share their

ideas and feedback without fear of retribution. If issues or concerns cannot be brought forward to an

employee’s immediate superior, they may be addressed at the level of the superior’s superior, in line with the

so-called grandfather principle. This works very well within our organization. Additionally, we offer a

Whistleblowing Hotline operated by an independent third-party enabling employees and stakeholders to raise

their concerns anonymously in their local language. At our European production sites, we furthermore maintain

active communication and collaboration with the labor unions representing the interests of our employees.

Our hands-on approach starts at the top with the strategic and operational engagement of the EMT. Each

quarter the team discusses current challenges and opportunities for improvement with each business region

represented by the Business Region Director. The JENSEN-GROUP aims to further strengthen its open culture

and to embed it throughout the Group. For this, a variety of communication channels and platforms to inform

employees about corporate targets, strategies and current developments are used. Jennet, the JENSEN-GROUP

intranet, provides information on a wide range of topics, including product information, Human Resources (HR)-

related content, and the Group’s Principles and Guidelines.

SUSTAINABILITY REPORT

While Jennet is a valuable tool for disseminating information within the Group, the use of internal social media,

such as a mobile app on employees’ smartphones, is also encouraged as a modern way of sharing news and

interacting.

The various departments then determine their own priorities using these general communication tools and

implement action plans to achieve them. These collaborative tools support the exchange of new ideas and

insights and ultimately provide benefits for the workforce and for the company’s organizational development.

S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns

Access to remedy is essential to ensure fairness, justice, and protection for individuals and communities. It

allows people to seek recourse and find a solution when they believe that their rights have been violated and

it promotes a more equitable and fairer workplace. The JENSEN-GROUP has established a clear and responsive

process for addressing negative impacts raised by any employee.

Employees are encouraged to report any workplace concerns, including health and safety issues, working

conditions, and management practices to their superior or local onboarding manager, and, if that is not

possible, to the superior’s superior in accordance with the grandfather principle.

Furthermore, the company actively engages with employee representatives and workers’ councils to discuss

significant concerns raised and to explore solutions collaboratively. Regular meetings with labor union

representatives also enable transparent communication and alignment on workplace improvements, creating a

structured forum for addressing employee issues collectively.

The EMT is informed of key concerns through the quarterly business reports, and also receives input from

employee representatives, which enables it to identify patterns and implement the necessary adjustments. By

integrating direct employee feedback with input from unions and councils, the company offers a structured and

proactive approach toward resolving negative impacts promptly, thereby fostering a safe and supportive

workplace.

However, if employees are concerned about the response or lack thereof or if they feel unable to talk to their

manager, they can use the Whistleblowing procedure. All new employees are informed about these options at

the start of their employment through our committed onboarding process. During the reporting period we

increased awareness even further by introducing training on the subject of our Code of Conduct and

Whistleblowing Hotline for all current employees. This training has become an integral part of our onboarding

process for new employees. As an organization, JENSEN takes all reported cases seriously and, once

investigated, seeks to ensure fair outcomes that consider the needs of all parties involved. Secure and

confidential records of reports and outcomes are also maintained. Claims are submitted directly to the

Chairman of the Audit and Risk Committee, rather than to individuals involved in daily operations.

The person receiving the complaint conducts an initial review and forwards the matter to relevant team

leaders or members of management for further investigation, depending on the nature and severity of the

issue. Throughout this process, confidentiality is maintained to protect the employee’s identity and prevent any

form of retaliation.

Characteristics of JENSEN-GROUP employees

S1-6 – Characteristics of JENSEN employees

Countries with more than 50 employees

(headcount)

December 31

2025

December 31

2024

Denmark 795 766

Germany 380 383

China 387 368

USA 233 190

Sweden 167 123

Other countries 337 298

Total

2,299

2,128

Number of employees (headcount)

December 31

2025

December 31

2024

Male 1,981 1,843

Female 318 285

Undeclared 0

Total

2,299

2,128

Total number of employees by contract type

(headcount)

December 31

2025

December 31

2024

Permanent 2,016 1,895

Temporary 267 231

Non-guaranteed hours 16 2

Total

2,299

2,128

Total number of FTEs

2,214

2,059

Number of employees by contract type and

region (headcount)

Permanent Temporary

Non-guaranteed

hours

2025

2024

2025

2024

2025

2024

2025

2024

Europe 1,569 1,501 1,417 1,387 137 113 14 1

Asia and Oceania 487 431 356 312 130 118 2 1

Americas (North America, Central America,

South America, Caribbean)

243 196 243 196 0 0 0 0

Total

2,299

2,128

2016

1,895

267

231

Number and rate of employee turnover (headcount)

December 31

2025

December 31

2024

Number of employees leaving 248 184

Turnover rate 10.8 % 8.6 %

SUSTAINABILITY REPORT

Accounting policy

The figures above exclude JENSEN Braun and the most recent MAXI-PRESS acquisitions for consistency, as these

entities are excluded throughout the sustainability statement. Further details are provided in Appendix A, “Basis

for preparation”. As a result, the total number of employees reported in the sustainability statement may differ

from employee figures presented elsewhere in the annual report, where these entities are included.

The classification of employee status (permanent, temporary and non-guaranteed hours) is aligned with the

definitions set out in ESRS. Furthermore, temporary employees include apprentices and interns, as they have a

limited-term contract and agency workers (“Leiharbeiter”) from our German production site.

The turnover rate is calculated by dividing the number of people who leave the company for various reasons

(dismissal, retirement, resignations, death during employment) by the total number of employees (headcount)

at the end of the reporting period.

FTEs are calculated based on the employment rate (e.g., 40% = 0.4 FTE) and reported as the total number of

FTEs at the end of the reporting period.

The total number of employees is included in the financial statement (Note 13) without any breakdown by

employee category or gender split.

7. Consumers and end-users – ESRS S4

Our approach to product quality and safety

Why product quality and safety matter to our business

ESRS2-SBM3 – Material impacts, risks and opportunities and their interaction with strategy and business model

The materiality of consumers and end-user-related impacts, risks, and opportunities was assessed in 2024 according to the process described in Appendix A “Double

Materiality Process” of the 2024 sustainability statement and remains unchanged.

SUSTAINABILITY REPORT

How JENSEN-GROUP ensures product quality and safety

S4-1 – Policies

The safety of customers’ operators and of anyone using the equipment is deemed to be as important as that of

JENSEN’s own employees. While we do not have a customer health and safety policy, all equipment complies,

to the best of the Group’s knowledge, with all European safety regulations (European Standards, ENs) and

other applicable local requirements. Driven by the JENSEN Spirit and our customer-centered values, we actually

go beyond regulations and policies. This commitment to our customers’ success is key to our own success.

Safety manuals and thorough training are provided when the equipment is installed at the customer site. Even

during the product development phase, the JENSEN-GROUP focuses on ergonomics and overall safety of its

equipment. The development teams also consider the noise emissions of equipment, given the stress that

noise pollution can cause to operators’ general health and well-being.

Ergonomic solutions have been integrated in all sorting, handling, and finishing processes. With this mindset,

our main priority is to reduce the number workplace accidents at our customers’ sites to an absolute minimum;

each occupational accident is considered one too many. Product safety is, and will therefore remain, a

cornerstone of the JENSEN-GROUP strategy.

The JENSEN-GROUP is committed to providing safe and healthy working conditions in laundries by deploying

intelligent solutions, and by making the industry more attractive in a context that is characterized by significant

labor shortages. Intelligent automated systems create decent employment conditions, enabling people to work

rather smarter than harder. With the solutions from JENSEN and its partner Inwatec, an item of clothing passes

through only three pairs of hands: firstly, in the sorting area when the bags of laundry end up on the conveyor

belt, secondly at the MetriQ loading station, and thirdly at the pack-out station. This is possible because all

interfaces are automated. With a fully automated soil sorting system, we can increase workplace safety and

attractiveness can be further increased as manual handling of soiled laundry is eliminated and employees can

work in more appealing areas of the laundry. When humans and machines work hand in hand, employees

benefit from reduced health risks, improved safety, and more fulfilling work.

S4-4 – Approach and actions

Our approach toward product development is centered on creating machines that prioritize safety and ease of

use while incorporating advanced automation and ergonomic design. This focus is intended to enhance the

working conditions of laundry operators by minimizing risks and improving safety. Essentially, our solutions

therefore serve as tools that safeguard the well-being of our customers and their employees, thereby having a

positive impact on their overall health and safety. This approach forms part of our continuous commitment to

offering the best and safest solutions to our customers.

Here are a few examples of how automated systems make working in a laundry safer and more attractive:

 Safe sorting: The THOR sorting robot quite literally enables laundries to fully delegate the handling of

soiled linen to machines, which protect staff from hazards caused by contamination or dangerous

objects. Taking this idea one step further, the new Dark Factory concept (patent application) makes it

possible to fully automate overnight sorting and storage, allowing production to continue without any

staff

presence.

 Ergonomic separation of clothing: The Viking separator separates individual pieces from the larger

batch in a high-speed and automated process. It can handle even the heaviest batches without

employees needing to strain themselves.

 Flexible loading: The MetriQ loading station features various innovations to offer the ideal combination

of ergonomics and efficiency. Different functions such as the flexible feeding height and the “buttons

to the front” function ease the burden of day-to-day work. The quiet design is also easier on the ears

and the in-built lighting reduces eye strain.

 Decentralized feed concept: The decentralized feeding concept of the Jenrail 2000 Automatic makes

large-piece ironer lines safer. The relevant employees work from a distance, which prevents accidents

and creates a more pleasant working environment.

 Lower ambient temperature: New technologies and improved insulation reduce radiant heat waste.

This improves the energy footprint and also lowers the operating temperature by several degrees,

thereby improving the working environment.

 Fully automated towel handling: The BLIZZ towel feeding robot enables hands-free sorting, feeding,

folding, and stacking of towels. This automation minimizes the need for human intervention and

reduces physical strain caused by repetitive tasks, thereby significantly enhancing the health and

safety of laundry operators.

 GREIT Stack Storage System: The GREIT Stack Storage System serves as a buffer between folding

machines and the logistics area. It provides automatic interim storage of flatwork, reduces manual

handling during stack processing, and facilitates order picking by means of ergonomically optimized

removal heights.

 Intuitive operation with the new HMI: The new iJOS HMI enhances user-friendliness and efficiency. The

intuitive touchscreen design displays operating data in real time. With user-friendly navigation and a

customizable interface, operators can quickly access relevant information and make adjustments,

resulting in higher productivity and fewer errors.

Our product offer includes robotics from Inwatec, further strengthening this approach. If soiled linen is sorted

automatically by a robot, operators are no longer exposed to the risk of getting hurt or even infected by

forgotten objects in the textiles (tweezers, scalpels, scissors, pens, and even larger objects). Inwatec’s

automated soil-sorting system, consisting of an X-ray machine and a machine learning system, minimizes the

need for human interaction for quality control and surveillance purposes. Robots pick up the items of laundry

from conveyor belts and transport them to the X-ray scanner, which detects unwanted objects.

SUSTAINABILITY REPORT

At the same time, an RFID chip reader registers the garment and determines further sorting within the system.

All these tasks can now be performed by fewer operators who are only required to empty the pockets of the

rejected garments. The ambition is to make robots intelligent and efficient enough to relieve human workers of

the need to perform strenuous tasks.

No other key actions were taken during the reporting year.

Allocated resources: Approximately 1.5% to 2% of our turnover is invested in product development, with a

focus on automated solutions, and safe and user-friendly product features as well as indirect labor costs.

S4-5 – Targets

The biggest risks can be found on the soil side of the laundry due to unhygienic working conditions and

potential accidents caused by foreign objects left in garments sent for washing. This reflects consistent

feedback from customers and laundry personnel and was confirmed through direct on-site engagement at

laundry facilities.

Our automated soil sorting systems offer the perfect solution to minimize this risk and proactively address

potential future regulations that could restrict work in these areas of the laundry for safety reasons.

For the current reporting period, no measurable targets are defined due to the sensitive nature of the

information which could pose some strategic risks. Nevertheless, consumer safety remains a cornerstone of our

strategy, with a continued focus on increasing automation in laundries to minimize health and safety risks for

operators.

How JENSEN-GROUP engages with its customers

S4-2 – Processes for engaging with consumers and end-users about impacts

As outlined in various sections of the present statement, we are in constant dialog with customers, the JENSEN-

GROUP’s CEO being the most senior person in charge of customer engagement. When it comes to product

quality and safety, our local presence means that we can intervene quickly in the event of interruptions or

potential safety risks. This also includes remote support through our helpdesk hotline. Furthermore, we offer

our customers a preventive service check package consisting of regular maintenance checks throughout the

year, during which each JENSEN machine is inspected by an experienced technician, allowing potential risks to

be identified quickly. During the reporting period, we further enhanced the customer experience by deploying

QR codes on our machines, a digital development that simplifies and accelerates access to technical support,

documentation, and service information.

S4-3 – Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

We foster strong customer relationships built on open and honest communication, encouraging customers to

contact their local sales and service contact directly if any issue arises. Contact information for each country is

readily accessible on our website, and every customer is assigned a primary contact person at the start of each

project. We address issues proactively and strive to find the best solutions to remediate negative impacts.

These are core values that are deeply embedded in our DNA. In the event of operational accidents resulting in

incapacity for work or fatalities, the incidents concerned are promptly reported to the EMT by the Business

Region Director. This information is gathered from local entities under the Director’s supervision and debriefed

thoroughly in the quarterly business reports. The causes are analyzed extensively, and measures are

implemented to prevent future incidents. This happens in dialogue with the customers and legal advisors.

Thanks to a sound insurance system, financial remediation is available where applicable. The Whistleblowing

Hotline is another remediation tool available to our customers that protects them from any form of retaliation,

as explained in our Ethical Business Policy Statement disclosed on our website. These processes ensure a

smooth flow of information and foster an environment in which all customers are well-supported by a

trustworthy business partner.

Taken together, these processes help us better understand what our customers need in practice and reinforce

their trust that concerns will be taken seriously and addressed in a timely and appropriate manner.

The amazing thing about my job is that there aren’t days I don’t like. And

I have been doing it for over 20 years. From the time I started until now,

with all the technology that has come in, it has been a good development

and an incredible exciting industry and job.

Tore

“

”

It’s fun being at work when you have good colleagues around you! When

the task is completed and a specific problem has been solved, you get a

sort of rush of happiness. And that’s really nice.

Eirik

“

”

SUSTAINABILITY REPORT

8. Business conduct – ESRS G1

Our approach to governance

Why governance matters to our business

IRO-1 – Description of processes to identify and assess material impacts, risks and opportunities

The materiality of business conduct-related impacts, risks, and opportunities was assessed in 2024 according to the process described in Appendix A, “Double Materiality

Process” of the 2024 sustainability statement and remains unchanged.

Business conduct and corporate culture

Business ethics

G1-1 – Business ethics policies

The JENSEN-GROUP includes integrity, honest business practices and lawful conduct among its highest priorities.

No business requirement can justify an illegal, unethical, or unprofessional act. In addition, the JENSEN-GROUP

has developed several control mechanisms to prevent unethical behavior at all levels, namely:

 an Ethical Business Policy Statement (the Group Code of Conduct for staff) to be signed by all

employees, complemented by mandatory virtual training for all new employees;

 a Suppliers Code of Conduct to adhere to, in which suppliers declare that disciplinary actions will be

taken in cases of unethical behavior, such as corruption or bribery that undermines fair trade

(available on the Company website);

 a Corporate Governance Charter defining the role and responsibilities of the Board of Directors

(available on the Company website);

 a Policy to Prevent Insider Trading signed by all employees with access to sensitive information

(internal document);

 a Whistleblowing Hotline, open to all employees and other stakeholders of the JENSEN-GROUP for

reporting purposes, that poses no risks of retaliation and is operated by an independent trusted third

party (accessible through the Company website);

 an additional anti-corruption and bribery policy in China, encouraged by the Chinese government in an

effort to fight corruption.

 a global trade compliance policy concerning our responsibility to respect all trade and customs laws,

including export and import controls, sanctions, embargoes, and anti-terrorism rules.

These rules and procedures enable all employees and anyone acting on behalf of the JENSEN-GROUP to report

any suspected or actual violation of rightful business practices.

JENSEN-GROUP Whistleblowing Hotline

Our secure Whistleblowing Hotline will acknowledge receipt within seven days of receiving a report of

unethical conduct. The Whistleblowing Hotline will inform the Chair of the Audit and Risk Committee of the

JENSEN-GROUP. All reports made using the Whistleblowing Procedure will be discussed during the next Audit

and Risk Committee meeting. The Audit and Risk Committee will decide on the next steps, based on the results

of the investigation, and may decide either to conduct further investigations or to make recommendations to

the Board of Directors for process improvements or corrective actions.

The reporting person who disclosed the information will receive feedback about how the disclosure has been

dealt with, whether any corrective action or process improvement has been recommended, and whether any

further steps will be taken.

SUSTAINABILITY REPORT

No details related to specific individuals will be raised, and the feedback may be of a general nature, taking

into account the interest of the JENSEN-GROUP to keep this information confidential and the rights of any third

parties unaffected and untouched. The report will be disclosed only to the employees who have a “need to

know” for the purpose of the investigation.

All employees involved in the Whistleblowing Procedure are required to maintain strict secrecy about the

content of any report made in accordance with this procedure.

Any disclosure of reports or results of investigations will be authorized either by the Chair of the Audit and Risk

Committee or by the Board of Directors. No reports of unethical behavior were made via our Whistleblowing

Hotline in 2025.

The information about the number of Whistleblowing Reports is communicated to the Head of Corporate

Sustainability once a year by the Chair of the Audit and Risk Committee.

JENSEN-GROUP Code of Conduct

The JENSEN-GROUP has built, and continues to build, its success and growth on key values best summarized as

the JENSEN Spirit: respect for others, exemplary behavior, integrity, and responsibility. These key values are

part of a larger framework that is also recognized and applied by the JENSEN-GROUP, and which consists of the

United Nations (UN) Universal Declaration on Human Rights, the UN Convention on the Rights of the Child, the

European Convention on Human Rights, and the Fundamental Conventions of the International Labor

Organization (ILO). In view of the above, the JENSEN-GROUP is committed to being an ethical and responsible

company, to limit environmental impacts, and to promote the highest standards of integrity. This approach is

fully reflected in the JENSEN-GROUP Ethical Business Policy Statement, which serves as the Group’s Code of

Conduct for staff. Among other things, it condemns any form of child labor or discrimination and promotes

adequate working conditions and freedom of association. Any violation of the Ethical Business Policy Statement

has the potential to cause operational disruption, damage to reputation, and financial losses. Appropriate

disciplinary actions will be imposed against any JENSEN stakeholder that fails to respect the Ethical Business

Policy Statement. In 2022, the JENSEN-GROUP made a commitment to require all its current and future

employees to sign the Ethical Business Policy Statement. No specific financial resources were allocated to the

achievement of this objective. The figures below were calculated based on the quarterly internal reporting of

the number of employees who signed the Ethical Business Policy Statement divided by the total number of

employees.

During the reporting period, we decided to prioritize the internal understanding of the Ethical Business Policy

Statement by developing and launching mandatory training for all current and new employees in local

languages. This delayed the extension of the signature requirement to non-consolidated joint ventures.

With the training now in place, we will be able to move forward with the signature process for these key

business partners.

Signature of Ethical Business Policy Statement

TARGET 2026

December 31

2025

December 31

2024

Percentage of JENSEN employees incl. employees of

consolidated joint-ventures who signed the policy

100% 94% 94%

Percentage of employees from non-consolidated joint

ventures who signed the policy

100% - -

The signature rate is similar to last year mainly due to timing differences and late-year changes in our

employee base. The numerator, representing the number of employees who signed the policy, is based on

data collected at the end of November, while the denominator, representing the total number of employees, is

updated at year-end. As a result, the two figures are not fully aligned. New hires who joined towards year-end

may also not have completed the signing process yet. These factors combined explain the decrease in the

signature rate. Further details about the data reporting process can be found in Appendix A, “Basis for

preparation”.

Since 2022, we also have a Suppliers’ Code of Conduct, which outlines the standards regarding business

integrity and ethics, labor and social standards, the environment, general principles of business, and related

management systems that the Group expects its suppliers to comply with. To increase social and

environmental responsibility, the Suppliers’ Code of Conduct may require suppliers to go beyond compliance

with locally applicable laws and regulations.

The JENSEN-GROUP is committed to only working with strategic PEC suppliers that have a Code of Conduct.

These suppliers represent approximately 80% of the JENSEN-GROUP’s turnover. Currently 98% of our most

integrated suppliers (“A-Suppliers”) fulfill the Code of Conduct criterion. We plan to reach our target by

interacting with our suppliers on a regular basis and by investigating alternative suppliers in case they refuse to

sign our Code of Conduct and do not have one of their own. To strengthen this commitment, we increased the

importance of this requirement by integrating the need for a Code of Conduct into our purchasing guidelines

during the reporting period. We also intend to include our distributors in the coming years. No specific financial

resources have been allocated to the achievement of these objectives.

The Purchasing Managers of our production sites update the list of A-suppliers extracted from their ERP system

at the beginning of each year and make sure that during the course of the year each A-supplier fulfills the

criteria in the Code of Conduct. The rate below was calculated based on the quarterly internal reporting of the

number of A-suppliers with a Code of Conduct relative to the total number of active A-suppliers.

TARGET 2026

December 31,

2025

December 31,

2024

A-Suppliers 100% 98% 98%

TARGET 2027

December 31

2025

December 31

2024

JENSEN Distributors 100% - -

Any significant concerns or breaches of compliance by a strategic supplier (e.g., a legal claim due to child

labor) are reported to the Executive Management Team, at the latest in the quarterly business reports or via

the Whistleblowing Hotline.

SUSTAINABILITY REPORT

The Code of Conduct states that a supplier in breach of this Code of Conduct will be liable to the JENSEN-GROUP

for any consequential damage to the JENSEN-GROUP’s reputation, image or interests, as well as for any

regulatory or criminal consequences related to such non-compliance.

Whatever the quality and competitiveness of the goods and/or services of a supplier, the JENSEN-GROUP may,

in cases of such non-compliance, terminate its business relationship with such supplier with immediate effect

and/or exclude them from further business engagements.

Corporate culture

Our corporate culture and our clearly defined set of values are integral to our daily business interactions and

have been emphasized throughout the various sections of this sustainability statement. With a limited number

of policies, our core values form the foundation of our engagement with our stakeholders.

Those values, which have been part of the JENSEN-GROUP since its inception, are built on past and present

experiences as well as future ambitions.

The “JENSEN Spirit”, embodied by our core values, shapes our company’s culture and ensures consistency in

behavior across our diverse, global community. These values unite us as a team and reaffirm what the JENSEN-

GROUP stands for worldwide. They draw upon our heritage and inspire our future aspirations.

By applying these core values in our daily business interactions, we are living the JENSEN Spirit and are

ensuring that we consistently do the right things in all our endeavors. An important expression of this approach

is our support, through donations, for local and international NGOs, such as “Médecins Sans Frontières”, as well

as our participation in Clean-Up Days and social events that raise funds, volunteer time, or provide goods for

meaningful causes. We refer to these initiatives collectively as “Good Deeds by JENSEN”.

Corruption and bribery

G1-3 – Prevention and detection of corruption and bribery

The JENSEN-GROUP strives to maintain an open culture throughout the organization and is driven by its JENSEN

core values. This approach is formalized in the sense that the Group’s Code of Conduct outlines the

responsibilities of both individuals and the organization for upholding correct practices. These contribute toward

the welfare of and respect for all stakeholders. Under the ‘we think globally, and act locally’ approach,

considerable authority is passed on to local management. This makes it necessary to ensure that several rules

are respected. At the JENSEN-GROUP, these are summarized in the ‘Principles and Guidelines’, which can be

found on the JENSEN intranet.

To mitigate the risks of bribery and corruption, all employees are required to sign our Ethical Business Policy

Statement, which outlines the necessary provisions and policies for proper conduct.

In our organization, certain functions are at an increased risk of experiencing corruption and bribery due to their

involvement in critical financial transactions, their interactions with external stakeholders, and their sensitivity

to regulatory and ethical compliance. These high-risk functions include Sales Managers, Purchasing, Engineering

and Product Development, and employees in a management position at local or Group level. During the

reporting period, we developed and launched a virtual training program for all employees that includes

explanations and practical exercises on how to identify and appropriately respond to attempts of corruption

and bribery. The rollout took longer than expected because the training was developed internally with a

broader scope and translated into local languages to ensure strong alignment with our Ethical Business Policy

Statement and our values. Our aim was for the program to become part of our culture rather than merely a

compliance exercise, which required additional time. As a result, not all employees have completed the

training yet. Additionally, we made sure that our Code of Conduct includes provisions on this topic. No specific

financial resources have been allocated to the achievement of this objective.

The rate below was calculated based on the quarterly internal reporting of the total number of employees in a

function-at-risk divided by the total number of employees in functions-at-risk who have completed the

training.

Rate of functions-at-risk covered by anti-

corruption and bribery training

TARGET 2026

December 31

2025

December 31

2024

Number of employees in a function-at-risk - 356 318

Percentage of employees in a function-at-risk

covered by training

100% 60% 3%

Potential cases of corruption and bribery may be identified through the Group’s whistleblowing hotline and

through regular management oversight processes. These include escalation of relevant issues in quarterly

management meetings and periodic confirmations by the financial managers that they are not aware of any

fraud within the Group.

SUSTAINABILITY REPORT

G1-4 – Incidents of corruption and bribery

Breaches of the Group’s anti-corruption and anti-bribery procedures and standards are investigated promptly in

accordance with established internal processes and, where substantiated, result in appropriate disciplinary

measures and corrective actions.

There have been no convictions or fines for violation of anti-corruption and anti-bribery laws for this reporting

period.

Other governance-related disclosures

GOV-1 – Role of administrative, supervisory and management bodies

Please see Appendix A, “Governance”.

Appendix A: General and governance disclosures (ESRS2)

Basis for Preparation (BP)

BP-1: General basis for preparation of the sustainability statement

This sustainability statement has been prepared in accordance with the requirements of the European

Sustainability Reporting Standards (ESRS) issued by the European Financial Reporting Advisory Group (EFRAG).

The scope of consolidation in this statement is consistent with that used in the preparation of our financial

statements and encompasses the same entities. It therefore includes the consolidated joint ventures Inwatec,

as well as MAXI-PRESS and its acquisitions, with the exception of certain assets acquired late in the reporting

year. Assets acquired late in the reporting year, including G.A. Braun, are excluded from the scope due to the

unavailability of reliable and complete sustainability data for the limited period following acquisition.

Developing assumptions for such a limited time period would not have improved the quality or completeness

of the consolidated data. We have therefore applied the disclosure relief provided by the new (to be

published) ESRS 1 standard, which allows acquisitions completed during the reporting period to be excluded

from reporting, as will most likely be permitted under the Draft Simplified ESRS currently pending publication.

Except for the calculation of greenhouse gas emissions, the non-consolidated joint ventures TOLON, Inax,

Primafolder, and Ole Almeborg A/S have not been considered part of operations in this statement. The

proportionate share of Scope 1 and Scope 2 emissions of these partners is included in the Group’s Scope 3

Investment category in line with the operational approach.

The accounting policies have been applied consistently throughout the financial year and when providing

comparative figures. The emission factors used for the calculation of GHG emissions are listed in Appendix C.

As a manufacturer of heavy-duty laundry equipment, the JENSEN-GROUP relies on collaborations across the

value chain, from suppliers providing steel and components to customers using the machines for their laundry

business activities. The sustainability statement covers both upstream and downstream activities in our value

chain, thereby ensuring that all significant environmental, social, and governance (ESG) impacts throughout our

operations and our supply chain are addressed. The disclosure of information on upstream and downstream

activities is therefore required to enable an understanding of the environmental and social impacts, risks, and

opportunities associated with the Group’s business. More information about how impacts, risks, and

opportunities interact with our own operations and value chain can be found in Chapter 1, “Double Materiality

Outcome”.

SUSTAINABILITY REPORT

BP-2 – Disclosures in relation to specific circumstances

Medium-term or long-term time horizons other than the ones defined in ESRS 1

For the purpose of this sustainability statement, we aligned our reporting with the time horizon defined by the

ESRS: short-term refers to less than two years, medium-term equates to two to five years and long-term to

over five years.

We deviate from this definition when assessing climate risks, as the repercussions with regard to climate

change, and its most severe impacts, typically become noticeable over longer periods of time. In this context,

short-term means up to 2030, medium-term means between 2030 and 2050, and long-term means beyond

2050. These definitions are in line with the time horizons defined by the European Union for the

implementation of its Green Deal agenda.

Value chain estimation and assumptions

We use assessments and estimates for the reporting of some data points, for which direct data are unavailable,

such as the Scope 3 emissions. The preparation of these metrics was based on the Greenhouse Gas Protocol

and the most widely used databases, such as Eco Invent, AIB, IEA, and the UK Department for Environment,

Food, and Rural Affairs (DEFRA). Steps were taken to ensure that these metrics reflect the most accurate

picture of our carbon performance. More information on the assessments made and calculation method

applied for each Scope 3 category can be found in Appendix C. We regularly reassess our use of estimates and

judgments, based on experience, the development of ESG reporting, and the improvement of data quality.

Changes in estimates are applied to the period in which the estimate in question is revised. Additionally, when

calculating quantitative data, we exercise judgment, which involves applying critical thinking to assess the

quality of the data and interpreting it. If the calculation method has changed in comparison to the previous

reporting periods, we will explain how those changes affect comparative data. For further information about

the key estimates, judgments, and assumptions applied, please refer to the pages containing quantitative ESG

data tables.

When making adjustments to figures, we follow the financial statements. In the case of adjustments to ESG

data, we assess whether restating the numbers is necessary and we clearly indicate where data have been

restated.

For organizational reasons, the annual reporting is closed at the end of November, meaning the metrics in this

report are based on activity data collected from January through November, with extrapolated figures for

December, to ensure a comprehensive dataset for the entire year.

Only the following disclosures take into account activity data from the full year:

 Fuel consumption of company cars (based on an estimate of the number of driven kilometers

annually)

 Revenue-linked datapoints (e.g., GHG emissions per net revenue, Taxonomy)

 Calculation of Scope 3 GHG emissions

 Characteristics of JENSEN-GROUP employees (Chapter 6)

The sustainability statement was subject to limited assurance by an independent third-party audit company.

Please see the auditor’s limited assurance report on page 119.

Changes in the way that sustainability information is prepared or presented

In line with the EU’s “Quick Fix” ESRS Delegated Act, we have maintained the current scope of our disclosures,

without adding the additional phase-in requirements for companies with more than 750 employees. This

means that we have excluded disclosure requirements covered by the phase-in provisions, including

anticipated financial effects from material risks and quantified resources allocated to action plans.

Governance (GOV)

GOV-1 – Role of the administrative, management and supervisory bodies

Please refer to the other sections of this annual report referenced in the ESRS-2 table under this Appendix

(“Disclosure requirements and incorporation by reference”).

GOV-2 – Information provided to and sustainability matters addressed by the undertaking’s administrative,

management and supervisory bodies

Please refer to the other sections of this annual report referenced in the ESRS-2 table under this Appendix

(“Disclosure requirements and incorporation by reference”).

GOV-3 – Integration of sustainability-related performance in incentive schemes

Currently, the JENSEN-GROUP does not have any sustainability-related performance incentive schemes in place

for members of the Board of Directors or management. This disclosure is therefore not applicable for this

reporting period.

GOV-4 – Statement on due diligence

The table below lists the locations within our sustainability statement where we provide information about our

due diligence process, including how we apply the main aspects and steps of that process.

SUSTAINABILITY REPORT

CORE ELEMENTS OF DUE DILIGENCE

Sections

of the Sustainability statement

Page

Embedding due diligence in

governance, strategy and business

model

Governance

Chapter 8 - Business conduct

and corporate culture, p72

Engaging with affected

stakeholders in all key steps of

due diligence

General

Appendix A – Strategy, p81

Identifying and assessing adverse

impacts

Not available Not available

Taking actions to address those

adverse impacts

Governance

Chapter 8 - Business conduct

and corporate culture, p72

Tracking the effectiveness of these

efforts and communicating

Governance

Chapter 8 - Business conduct

and corporate culture, p72

GOV-5 – Risk management and internal controls over sustainability reporting

Please refer to the other sections of this annual report referenced in the tables under this Appendix,

“Disclosure requirements covered by the sustainability statement”.

Strategy (SBM)

SBM-1 – Strategy, business model and value chain

Please refer to the other sections of this annual report referenced in the tables under this Appendix, “Disclosure

requirements and incorporation by reference”.

SBM-2 – Interests and views of stakeholders

The JENSEN-GROUP adopts a stakeholder-centric approach that is dedicated to fostering strong, mutually

beneficial relationships with all its stakeholders and to ensuring that every interaction and decision is aligned

with the overarching goal of customer satisfaction and success.

We have developed a deep understanding of the views and interests of our key stakeholders and how these

align with our strategy and business model. Stakeholder concerns related to climate change, energy and water

efficiency, the safety and repairability of products, and business ethics are regularly reviewed, and drive and

support our strategic decisions, as these issues are covered by our strategic drivers and quarterly business

reports. The Executive Management Team and Board of Directors receive quarterly updates on strategic drivers

and regional business activities and decide on the next steps to be taken. Any stakeholder concerns would be

raised in these meetings by the individual Heads of Strategic Drivers and Regional Business Directors, who

work closely with the relevant teams and units to identify and solve these concerns. Our engagement process

ensures that stakeholder views are not only heard but also actively integrated into how we operate and

innovate to drive sustainable growth.

The outcomes of stakeholder engagement form an integral part of our strategy and decision-making processes.

Specifically, the feedback received during engagement with stakeholders is used to refine our sustainability

priorities and drive corporate transparency and reporting. This ensures that stakeholder insights directly

influence how we manage our impacts, risks, and opportunities.

Customers

Customers are at the forefront of the JENSEN-GROUP’s business strategy. The company’s operations and values

are designed around delivering exceptional results and support to customers, based on an understanding that

their success is inherently linked to the company’s own success. This customer-centric focus is reflected in the

personalized solutions and services that the company offers, which are specifically designed to meet the

unique requirements of every customer. By creating strong partnerships with customers who understand the

laundry business better than anyone else, the Group fosters long-term relationships by means of constant

dialog and local presence. The purpose of our engagement is to develop a deep understanding of our

customers’ needs, build trust, provide sustainable solutions, and enable customers to achieve their targets.

On a practical level, JENSEN-GROUP has the following tools and practices:

 Quarterly business reports

 Local presence

 Involvement in the materiality assessment

 Customer surveys

 Cross-functional meetings with sustainability, operations, R&D, finance, purchase, service

 Customer training, support, and guidance

 Collaborations and dialogue via industry associations

Employees

Employees play an integral role in delivering the high standards of service that the JENSEN-GROUP promises. By

investing in the professional growth and well-being of its workforce, the Group ensures that its employees are

motivated, skilled, and aligned with the company’s mission. Regular training programs, open communication

channels, and a supportive work environment are key elements of this approach, which involves fostering a

culture in which employees are dedicated to the success of the customers they serve.

At the same time, we are reinforcing a sustainable mindset across the organization and providing platforms for

active engagement. Initiatives such as Good Deeds by JENSEN and the ESG Influencer Crew aim to bring our

ESG commitment to life, encouraging employees to contribute to and shape our sustainability journey. With

local teams around the world, a shared set of values and a Code of Conduct help guide our behavior in a

consistent way across an increasingly diverse array of people, cultures and organizations.

On a practical level, the JENSEN-GROUP has the following tools and practices:

 JENSEN-GROUP Code of Conduct

 An engaging onboarding process

 An Employee Handbook

SUSTAINABILITY REPORT

 Regular O3 (one-to-one) meetings

 A Whistleblowing procedure

 Employee communication through internal social media channel and regular Teams meetings

 Involvement in the materiality assessment and ESG reporting

 Training and knowledge sharing

 JENSEN Spirit employee evaluation

 Good deeds by JENSEN

 ESG Influencer Crew

Partners

The JENSEN-GROUP’s relationships with suppliers and business partners are based on collaboration and shared

values. Currently, 98% of our most strategic suppliers are bound by a Code of Conduct. We also have a network

of strong partners that share our passion for innovative solutions and our vision to increase performance in

heavy-duty laundries. Some of these business partners are joint ventures, in which a substantial proportion of

shares is held by the JENSEN-GROUP and which are actively involved in various operational and reporting

aspects of the business. We believe that by working together, we can achieve even more, while enabling our

customers to achieve greater success.

On a practical level, the JENSEN-GROUP has the following tools and practices:

 JENSEN-GROUP Code of Conduct

 A Whistleblowing procedure

 Involvement in the materiality assessment and ESG reporting

 Training and knowledge sharing

 Industry collaborations

Industry associations

National and international industry associations are essential platforms for sharing knowledge and insights with

customers, for recognizing their needs, and staying up to date with regulations that may impact our industry.

Our commitment to sustainability is demonstrated by our active involvement in numerous sustainability-

focused working groups of national and international industry associations and by our participation in public

consultations via those channels.

We also encourage the efforts of these associations to engage with policymakers, advocating for regulations

and policies that will underpin improvements for the industry as a whole. By contributing to the development

of industry standards on sustainability, we endeavor to establish clearly defined guidelines that will drive

consistent and impactful practices across the sector.

On a practical level, the JENSEN-GROUP has the following tools and practices:

 Participation in working groups of industry associations

 Meetings and presentations

 Joint initiatives and programs

 Inputs into strategic approaches

Investors and financial institutions

Engaging with investors and banks is crucial as a means of building trust, ensuring transparency, and reflecting

on business strategies based on their expectations. Through regular communication, we can gain a better

understanding of their priorities, especially with regard to sustainability and other ESG issues. This engagement

attracts responsible investors and fosters stable and long-term relationships with financial institutions. It also

enhances corporate credibility and supports sustainable growth.

On a practical level, JENSEN-GROUP has the following tools and practices:

 Replies to investor calls, emails, and questionnaires

 Periodic investor updates and press releases

 Presentations at the annual shareholders’ meeting

Local communities and authorities

Engaging with local communities and authorities is essential as a means of fostering strong relationships,

building trust, and ensuring that business activities align with local needs and expectations. Our commitment to

maintaining a worldwide distribution network means that the JENSEN-GROUP is uniquely positioned to ensure

compliance with local regulations, address community concerns, and contribute to social and economic

development. Additionally, such involvement helps mitigate risks and identify stakeholder concerns, while at

the same time creating shared value and helping to generate long-term success in the regions where we

operate.

On a practical level, the JENSEN-GROUP has the following tools and practices:

 Worldwide distribution network

 Local presence and ownership

 Presence and active participation in national and international industry associations

SUSTAINABILITY REPORT

Double materiality process (IRO-1)

IRO-1 – Description of process to identify and assess material impacts, risks and, opportunities

During the reporting period, we applied a structured due diligence process consistent with the latest EFRAG

guidance to verify and further substantiate our assessment done in 2024. For more information, please refer to

Chapter 1 “Double Materiality Outcome”.

The detailed double materiality assessment conducted in 2024 covered both impact and financial materiality,

in alignment with the criteria set out in ESRS 1, Section 3.2 on Material Matters and Materiality of Information.

While impact materiality considers the positive or negative impact of a company on people and the

environment, financial materiality looks at how sustainability matters generate risks and opportunities for the

development, financing, and financial performance of the company.

The starting point of this double materiality assessment was a single impact materiality analysis carried out in

summer 2022 which was the result of an internal assessment by the Executive Management Team (inside-out

perspective) and of an extensive stakeholder survey of customers, employees, and suppliers (outside-in

perspective). This analysis was then in expanded at the start of 2024 in order to be ESRS compliant.

The material topics to be evaluated in the three ESG pillars (Environmental, Social, Governance) were selected

from internationally recognized frameworks and peer reviews and were based on the Group’s business

activities.

Methodologies and assumptions

Scoping

Definition of ESG topics

We developed an ESG topic list based on the ESRS sub-topics (and sub-sub-topics) and correlated each

subtopic with the activities of the JENSEN-GROUP. To establish this list, we reviewed internal documents

(e.g., the previous single materiality assessment, and the JENSEN principles and guidelines), official

publications (e.g., the JENSEN-GROUP annual report, peer reports), and standards (e.g., SASB). After an

internal review, the ESG topics that bore no relation to the activities of the JENSEN-GROUP were excluded

from this full list, resulting in a list of 22 subtopics.

Integration of single materiality assessment results

We wanted to consider the valuable results of the extensive single impact materiality assessment carried

out in 2022 in the double materiality assessment. To do so, the topics based on the Global Reporting

Initiative (GRI) principles assessed at the time had to be aligned with the ESRS topics and the reporting

threshold had to be widened from single (impact) to double (impact and financial) materiality.

Predefinition of impacts, risks, and opportunities

In our impact assessment, we considered both positive and negative impacts as well as actual and

potential impacts related to sustainability matters over the short, medium and long term. In our financial

assessment, we assessed potential sustainability-related risks and opportunities that could trigger a

negative or positive financial impact on our business over the course of the same time horizons.

The actual and potential impacts, risks, and opportunities were predefined and developed, based on

internal data, benchmark reviews, and sector-specific tools and literature. We used tools such as the WWF

Risk Filter Tool, the findings of our company carbon footprint calculation, the feedback from stakeholder

questionnaires, and publications from the European Textile Service Association, and conducted internal

interviews.

Materiality assessment of impacts, risks, and opportunities

Any impacts, risks, and opportunities assessed as significant, that is, which scored 3 or above on a scale from 1

to 5, are material. For impacts, a score of 4 and 5 means “significant and irreversible impact on a global scale”.

For risks or opportunities, the scoring is linked to the yearly recurring EBIT effect.

A score of 3 or above, in other words, a yearly recurring EBIT effect of EUR 5 million or above, means that the

topic is material. A sustainability matter is “material” when it meets the criteria defined for impact materiality

or financial materiality or both.

Impacts

We conducted a double materiality assessment workshop with the Executive Management Team, during

which the participants provided scores for (negative and positive) impacts within our own operations and

the value chain according to the developed scoring methodology. For the topics already assessed in the

single materiality assessment and made compliant with the ESRS subtopics, the Executive Management

Team reviewed the scores assigned in 2022. In the case of the topics not assessed in 2022, the

participants gave entirely new scores. As per the ESRS guidance, actual

impacts were assessed based on

severity. Three parameters were used to guide the evaluation of severity: scale, scope, and remediation.

When scoring severity, we assessed how grave, widespread, and remediable the impact was on people or

on the environment. To assess the severity of potential impacts, an additional parameter of ‘likelihood’

was taken into consideration.

Risks and opportunities

During the internal workshop, the risks and opportunities (short, medium, and long-term) were exposed

and discussed for each ESRS shortlisted subtopic, taking into consideration their magnitude and likelihood

of occurrence. After each risk and opportunity had been discussed individually, each member of the

Executive Management Team assigned a score in accordance with the developed scoring methodology.

When scoring

risks and opportunities, we assessed the potential magnitude of financial effects based on a

yearly recurring EBIT effect. The magnitude scale was modelled on the risk map that we use for assessing

business risks.

Calibration of material impacts, risks, and opportunities

All workshop input was transferred to a tool in order to aggregate scores and calculate the “degree of

materiality” using materiality ranges defined for scoring the identified impacts (impact scale) and risks or

opportunities (financial scale).

Workshop participants were consulted again for the purpose of validating the preliminary results. Further

calibration and adjustments across topics took place and were documented after consulting various

stakeholders. This led to our initial double materiality assessment.

SUSTAINABILITY REPORT

Stakeholder engagement

For our double materiality assessment, we engaged internal subject-matter experts from both the business

entities and Group functions, as well as a selection of external stakeholders. The ESRS principles on double

materiality and assessment requirements are extensive. Considering, however, the broad stakeholder survey

performed on the 2022 single materiality assessment, we decided to limit the number and groups of

stakeholders involved in the double materiality assessment.

The internal stakeholders consisted of the Executive Management Team and a few subject-matter experts. As

far as external stakeholders were concerned, a number of customers and financial stakeholders were selected.

In addition, our continuous engagement in international and national industry associations has formed a firm

foundation helping us in assessing the impacts and risks that are most material to us.

Impacts

Considering the extensive stakeholder involvement in the single materiality assessment, only a selection

of internal and external stakeholders were consulted on the impact of JENSEN’s activities and products on

people and the environment. Internal experts evaluated the topics in which they had most technical

expertise and some of our main customers assessed our impact on their activities by completing a

questionnaire.

Risks and opportunities

By asking them to complete a questionnaire, a selection of customers were asked about their expectations

of the JENSEN-GROUP with regard to ESG topics and about which procurement criteria they took into

consideration when selecting a supplier. This provided us with information regarding the potential financial

materiality of certain sustainability matters. External financial stakeholders were also consulted by means

of a questionnaire, in which we asked them to provide feedback on our initial double materiality

assessment results with regard to material, ESG-related risks, and the opportunities we had identified.

Final results

The final double materiality assessment was presented to and approved by the Executive Management Team

and Board of Directors. Within our double materiality assessment process, we actively incorporated feedback

from external stakeholders, in order to ensure a comprehensive understanding of our material topics.

Whenever external stakeholder feedback contradicted the material topics (IROs) we had initially identified, a

discussion was held within the Executive Management Team. During those discussions, relevant IROs were

reassessed or complemented in order to take the stakeholders’ perspectives into account. The feedback

received were carefully considered, and in cases where the initial score was not reassessed, justification was

provided to explain the decision. This process ensures that our materiality assessment is both transparent and

reflective of stakeholder concerns and remains aligned with our strategic priorities. The materiality threshold

determined yielded a final list of 13 material topics that were assessed as ‘significant’ or above in terms of

financial, impact, or double materiality.

Disclosure requirements covered by the sustainability statement (IRO-2)

IRO-2 – Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement

Disclosure requirements and incorporation by reference

The following tables list all of the ESRS disclosure requirements in ESRS 2 and the seven topical standards that

are material to the JENSEN-GROUP, and which have guided the preparation of our sustainability statements. We

have omitted all the disclosure requirements in the topical standards E4, S2, and S3, as these are situated

below our materiality thresholds. The tables can be used as a means of finding our way to information related

to a specific disclosure requirement in the sustainability statements. The tables also show where we have

placed information related to a specific disclosure requirement that lies outside of the sustainability statement

and has been incorporated by reference to other sections of this annual report. In cases where we do not yet

have any information concerning a disclosure requirement, no reference is made.

The following abbreviations are used to define the sections of the annual report referred to:

SUS

Sustainability Statement

Strategic Report

RBoD

Report Board of Directors

Financial Statements

SUSTAINABILITY REPORT

Disclosure requirement

Section AR

Page

Additional information

ESRS-2

General disclosures

BP-1

General basis for preparation of the sustainability statement

SUS

Appendix A - Basis for preparation

BP-2

Disclosures in relation to specific circumstances

SUS

Appendix A - Basis for preparation

GOV-1 Role of the administrative, management and supervisory bodies RBoD

128-157,

131,

138,

143,

148,

Corporate Governance Statement:

- Risk management and internal control

- Composition of the Board

- Committees established by the Board of Directors

- Sustainability related topics addressed by supervisory

bodies and management

GOV-2

Information provided to and sustainability matters addressed by the

undertaking’s administrative, management and supervisory bodies

RBoD

128-157

131,

148

Corporate Governance Statement:

- Risk management and internal controls

- Sustainability related topics addressed by supervisory

bodies and management

GOV-3

Integration of sustainability-related performance in incentive schemes

SUS

Appendix A - Governance

GOV-4

Statement on due diligence

SUS

Appendix A - Governance

GOV-5 Risk management and internal controls over sustainability reporting RBoD

128-157,

131,

148

Corporate Governance Statement:

- Risk management and internal controls

- Sustainability related topics addressed by supervisory

bodies and management

SBM-1 Strategy, business model and value chain (products, markets, customers)

SUS

RBoD

15,

128-157,

Sustainable business framework

Message to our Shareholders

Strategy of the JENSEN-GROUP

Corporate Governance Statement

Strategy, business model and value chain (headcount by countries) SUS

Own workforce - ESRS S1: Characteristics of JENSEN-

GROUP employees

Strategy, business model and value chain (breakdown of revenue)

177

Consolidated key figures

Consolidated statement of profit and loss

SBM-2

Interests and views of stakeholders – general

SUS

Appendix A - Strategy

SBM-3

Material impacts, risks and opportunities and their interaction

with strategy and business model

SUS

100

Double Materiality Outcome

Appendix B

IRO-1

Description of the process to identify and assess material impacts, risks

and opportunities

SUS 85 Appendix A - Double materiality process

IRO-2

Disclosure requirements in ESRS covered by the undertaking’s

sustainability statement

SUS 88-96

Disclosure requirement

Section/report

Page

Additional information

ESRS E1

Climate Change

ESRS-2,

GOV-3

Integration of sustainability-related performance in incentive schemes SUS 36, 80

Other climate-related disclosures

Appendix A – Governance

ESRS-2,

SBM-3

Material impacts, risks and opportunities and their interaction

with strategy and business model

SUS 21 Why climate change matters to our business

ESRS-2,

IRO-1

Description of the process to identify and assess material climate

change-related impacts, risks, and opportunities

and opportunities

SUS 21

Why climate change matters to our business

Appendix A - Double materiality process,

E1-1 Transition plan for climate change mitigation SUS 23, 32

How JENSEN-GROUP shapes its climate transition

plan

How JENSEN-GROUP addresses the energy use by

customers

E1-2 Policies related to climate change mitigation SUS 23

How JENSEN-GROUP shapes its climate transition

plan

E1-3 Actions and resources in relation to climate change policies SUS 23, 32

How JENSEN-GROUP shapes its climate transition

plan

How JENSEN-GROUP addresses the energy use by

customers

SUSTAINABILITY REPORT

E1-4 Targets related to climate change mitigation SUS 23, 32

How JENSEN-GROUP shapes its climate transition

plan

How JENSEN-GROUP addresses the energy use by

customers

E1-5

Energy consumption and mix

SUS

JENSEN-GROUP greenhouse gas emissions

E1-6

Gross Scopes 1, 2, 3 and total greenhouse gas emissions

SUS

JENSEN-GROUP greenhouse gas emissions

E1-7

Greenhouse gas removals and greenhouse gas mitigation projects

financed through carbon

credit

SUS 36 Other climate-related disclosures

E1-8

Internal carbon pricing

SUS

Other climate-related disclosures

E1-9

Anticipated financial effects from material physical and transition risks

and potential climate-related opportunities

SUS 36 Other climate-related disclosures

Disclosure requirement

Section/report

Page

Additional information

ESRS E2

Pollution

ESRS-2,

IRO-1

Description of the process to identify and assess material pollution-

related impacts, risks, and opportunities

and opportunities

SUS

Why pollution matters to our business

Appendix A - Double materiality process

E2-1 Policies related to pollution - 39

How JENSEN-GROUP shapes and tracks its

approach to pollution

E2-2 Actions and resources related to pollution SUS 39

How JENSEN-GROUP shapes and tracks its

approach to pollution

E2-3 Targets related to pollution SUS 40

How JENSEN-GROUP shapes and tracks its

approach to pollution

E2-4 Pollution of air, water and soil – general SUS 42

How JENSEN-GROUP shapes and tracks its

approach to pollution

E2-5 Substances of concern and substances of very high concern SUS 43

How JENSEN-GROUP shapes and tracks its

approach to pollution

E2-6

Anticipated financial effects from material pollution-related risks and

opportunities

SUS 45

How JENSEN-GROUP shapes and tracks its

approach to pollution

Disclosure requirement

Section/report

Page

Additional information

ESRS E3

Water

ESRS-2,

IRO-1

Description of the process to identify and assess material water and

marine resources-related impacts, risks, and opportunities

and opportunities

SUS

Why water matters to our business

Appendix A - Double materiality process

E3-1 Policies related to water and marine resources SUS 48

How JENSEN-GROUP shapes and tracks its

approach to product water efficiency

E3-2 Actions and resources related to water and marine resources SUS 48

How JENSEN-GROUP shapes and tracks its

approach to product water efficiency

E3-3 Targets related to water and marine resources SUS 48

How JENSEN-GROUP shapes and tracks its

approach to product water efficiency

SUSTAINABILITY REPORT

E3-4 Water consumption - - Not material

E3-5

Anticipated financial effects from material water and marine

resources-related risks and opportunities

SUS 48

How JENSEN-GROUP shapes and tracks its

approach to product water efficiency

Disclosure requirement

Section/report

Page

Additional information

ESRS E5

Resource use and circular economy

ESRS-2,

IRO-1

Description of the process to identify and assess material resource use

and circular economy-related impacts, risks, and opportunities

and opportunities

SUS

Why circular economy matters to our business

Appendix A - Double materiality process

E5-1 Policies related to resource use and circular economy SUS 51

How JENSEN-GROUP shapes and tracks its

approach to circular economy

E5-2 Actions and resources related to resource use and circular economy SUS 52

How JENSEN-GROUP shapes and tracks its

approach to circular economy

E5-3 Targets related to resource use and circular economy SUS 52

How JENSEN-GROUP shapes and tracks its

approach to circular economy

E5-4

Resource inflows

Not material

E5-5 Resource outflows SUS 53

How JENSEN-GROUP shapes and tracks its

approach to circular economy

E5-6

Anticipated financial effects from material resource use and circular

economy-related risks and opportunities

SUS 53

How JENSEN-GROUP shapes and tracks its

approach to circular economy

Disclosure requirement

Section/report

Page

Additional information

ESRS S1

Own workforce

ESRS-2,

SBM-2

Interests and views of stakeholders SUS 81

Appendix A

- Strategy

ESRS-2,

SBM-3

Material impacts, risks and opportunities and their interaction

with strategy and business model

SUS 54

Why our employees matter to our business

S1-1 Policies related to own workforce SUS 56

How JENSEN-GROUP shapes and tracks its

approach to employees

S1-2

Processes for engaging with own workers and workers’ representatives

about impacts

SUS

62,

81,

How JENSEN-GROUP engages with its

employees

Appendix A: Strategy

S1-3

Processes to remediate negative impacts and channels for own workers

to raise concerns

SUS

How JENSEN-GROUP engages with Its

employees

Business conduct

- ESRS G1: Business conduct

and corporate culture

S1-4

Taking action on material impacts on own workforce, and approaches to

mitigating material risks and pursuing material opportunities related to

own workforce, and effectiveness of those actions

SUS 56

How JENSEN

-GROUP shapes and tracks its

approach to employees

S1-5

Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

SUS 57

How JENSEN-GROUP shapes and tracks its

approach to employees

S1-6

Characteristics of the undertaking’s employees

SUS

Characteristics of JENSEN-GROUP employees

S1-7

Characteristics of non-employee workers in the undertaking’s own

workforce

- -

Not material

S1-8

Collective bargaining coverage and social dialogue

Not material

S1-9

Diversity metrics

Not material

S1-10

Adequate wages

Not material

S1-11

Social protection

Not material

S1-12

Persons with disabilities

Not material

S1-13 Training and skills development metrics SUS 61

How JENSEN-GROUP shapes and tracks its

approach to employees

S1-14 Health and safety metrics SUS 58

How JENSEN-GROUP shapes and tracks its

approach to employees

SUSTAINABILITY REPORT

S1-15

Work-life balance metrics

Not material

S1-16

Compensation metrics (pay gap and total compensation)

Not material

S1-17

Incidents, complaints and severe human rights impacts

Not material

Disclosure requirement

Section/report

Page

Additional information

ESRS S4

Consumers and end-users

ESRS-2,

SBM-3

Material impacts, risks and opportunities and their interaction

with strategy and business model

SUS

Double materiality outcome

Why product quality and safety matters to

our business

Appendix A - Strategy

S4-1 Policies related to consumers and end-users SUS 67

How JENSEN-GROUP ensures product quality

and safety

S4-2 Processes for engaging with consumers and end-users about impacts FR, SUS

How JENSEN-GROUP engages with its

customers

Appendix A: Strategy

S4-3

Processes to remediate negative impacts and channels for consumers

and end-users to raise concerns

SUS

How JENSEN-GROUP engages with its

customers

Business conduct - ESRS G1: Business

conduct and corporate culture

S4-4

Taking action on material impacts on consumers and end-users, and

approaches to mitigating material risks and pursuing material

opportunities related to consumers and end-users, and effectiveness of

those actions

SUS 67

How JENSEN-GROUP ensures product quality

and safety

S4-5

Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

(consumers and end-users)

SUS 69

How JENSEN-GROUP ensures product quality

and safety

Disclosure requirement

Section/report

Page

Additional information

ESRS G1

Business conduct

ESRS-2,

GOV-1

The role of the administrative, supervisory and management bodies

RBoD

SUS

128-157,

131,

138,

143,

148,

Corporate Governance Statement:

- Risk management and internal control

- Composition of the Board

- Committees established by the Board of

Directors

- Sustainability related topics addressed by

supervisory bodies and management

Appendix A - Governance

ESRS-2,

IRO-1

Description of the process to identify and assess material Business

conduct related impacts, risks, and opportunities

and opportunities

SUS 85 Appendix A - Double materiality process

G1-1 Business conduct policies and corporate culture SUS 72 Business conduct and corporate culture

G1-2 Management of relationships with suppliers - - Not material

G1-3

Prevention and detection of corruption and bribery

SUS

Business conduct and corporate culture

G1-4 Incidents of corruption or bribery SUS 76 Business conduct and corporate culture

G1-5

Political influence and lobbying activities

Not material

G1-6

Payment practices

Not material

SUSTAINABILITY REPORT

Datapoints derived from other EU legislation

In preparing this sustainability statement, we have ensured compliance with relevant EU legislation. A list of data points derived from other EU legislation, along with their

location in this sustainability statement, can be found in the table below. The linked EU legislation can be found in Appendix B of the ESRS2 standard. These data points

provide essential context with regard to the disclosures presented here. In preparing this sustainability statement, we followed a structured process to identify and disclose

material information regarding the impacts, risks, and opportunities relevant to our business, as explained in the section “Double materiality process” of Appendix A above.

Phase-in provisions applied through the Quick-Fix Delegated Act are clearly indicated in the table below.

Applicable standard

Disclosure requirement and related datapoint

Reference to annual report section

ESRS 2

ESRS 2 GOV-1: Board gender diversity - paragraph 21 (d)

“Composition of the Board”, p.139

ESRS 2 GOV-1: Percentage of board members who are independent - paragraph 21 (e)

“Composition of the Board”, p.140

ESRS 2 GOV-4: Statement on due diligence - paragraph 30

SUS, p80

ESRS 2 SBM-1: Involvement in activities related to fossil fuel - paragraph 40 (d) i

Not applicable

ESRS 2 SBM-1: Involvement in activities related to chemical

production - paragraph 40 (d) ii

Not applicable

ESRS 2 SBM-1: Involvement in activities related to controversial weapons - paragraph 40 (d) iii

Not applicable

ESRS 2 SBM-1: Involvement in activities related to cultivation and production of tobacco - paragraph 40 (d) iv

Not applicable

E1 Climate Change

ESRS E1-1: Transition plan to reach climate neutrality by 2050 - paragraph 14

Not applicable

ESRS E1-1: Undertakings excluded from Paris-aligned Benchmarks - paragraph 16 (g)

Not applicable

ESRS E1-4: Greenhouse gas emission reduction targets - paragraph 34

SUS, p31

ESRS E1-5: Energy consumption from fossil sources disaggregated

by sources (only high climate impact sectors) - paragraph 38

SUS, p33

ESRS E1-5: Energy consumption and mix - paragraph 37

SUS, p33

ESRS E1-5: Energy intensity associated with activities in high climate

impact sectors - paragraphs 40 to 43

SUS, p33

ESRS E1-6: Gross Scope 1, 2, 3 and Total greenhouse gas emissions - paragraph 44

SUS, p35

ESRS E1-6: Gross greenhouse gas emissions intensity - paragraphs 53 to 55

SUS, p35

ESRS E1-7: Greenhouse gas removals and carbon credits - paragraph 56

Not applicable

ESRS E1-9: – Anticipated financial effects from material physical and transition risks and potential climate-related

opportunities- paragraphs 64 to 70

Application of phase-in provision

E2 Pollution

ESRS E2-4: Amount of each pollutant listed in Annex II of the E-

PRTR Regulation emitted to air, water and soil - paragraph 28

SUS, p42

E3 Water and marine

resources

ESRS E3-1: Water and marine resources policy - paragraph 9

Not applicable

ESRS E3-1: Dedicated policy (for site located in high stress area) - paragraph 13

Not applicable

ESRS E3-1: Sustainable oceans and seas - paragraph 14

Not material

ESRS E3-4: Total water recycled and reused - paragraph 28 (c)

Not applicable

ESRS E3-4: Total water consumption in m3 per net revenue on own operations - paragraph 29

Not applicable

ESRS E3-5: Anticipated financial effects from material water and marine resources-related risks and opportunities-

paragraphs 30-33

Application of phase-in

E4 Biodiversity

ESRS 2- IRO 1 - E4: List of sites where activities affect biodiversity sensitive areas - paragraph 16 (a) i

Application of phase-in provision

ESRS 2- IRO 1 - E4: material negative impacts identified on land degradation, desertification and soil sealing -

paragraph 16 (b)

Application of phase-in provision

ESRS 2- IRO 1 - E4: Operations affecting threatened species - paragraph 16 (c)

Application of phase-in provision

ESRS E4-2: Sustainable land / agriculture practices or policies - paragraph 24 (b)

Not material

ESRS E4-2: Sustainable oceans / seas practices or policies - paragraph 24 (c)

Not material

ESRS E4-2: Policies to address deforestation - paragraph 24 (d)

Not material

E5 Circular Economy

ESRS E5-5: Non-recycled waste - paragraph 37 (d)

Not material

ESRS E5-5: Hazardous waste and radioactive waste - paragraph 39

Not material

ESRS E5-6: Anticipated financial effects from material water and marine resources-related risks and opportunities-

paragraphs 41-43

Application of phase-in provision

S1 Own workforce

ESRS 2- SBM3 - S1: Risk of incidents of forced labor - paragraph 14 (f)

SUS, p54

ESRS 2- SBM3 - S1: Risk of incidents of child labor - paragraph 14 (g)

SUS, p54

ESRS S1-1: Human rights policy commitments - paragraph 20

SUS, p56

ESRS S1-1: Due diligence policies on issues addressed by the fundamental International Labor Organization

Conventions 1 to 8 - paragraph 21

SUS, p56

ESRS S1-1: Processes and measures for preventing trafficking in human beings - paragraph 22

SUS, p56

ESRS S1-1: Workplace accident prevention policy or management system - paragraph 23

SUS, p56

ESRS S1-3: Grievance/complaints handling mechanisms - paragraph 32 (c)

Not material

ESRS S1-7_01: Number of non-employees in own workforce- paragraph 55 (a)

Application of phase-in provision

ESRS S1-7_02: Number of non-employees in own workforce – self-employed people- paragraph 55 (a)

Application of phase-in provision

ESRS S1-7_03: Number of non-employees in own workforce – people provided by undertakings primarily

engaged in employment activities- paragraph 55 (a)

Application of phase-in provision

ESRS S1-13: Number of training hours per employee and by gender- paragraph 81

For gender split: application of phase-in

provision

ESRS S1-14: Number of fatalities and number and rate of work-related

accidents - paragraph 88 (b) and (c)

SUS, p58

ESRS S1-14: Number of days lost to injuries, accidents, fatalities or illness -paragraph 88 (e)

SUS, p58

ESRS S1-16: Unadjusted gender pay gap - paragraph 97 (a)

Not material

ESRS S1-16: Excessive CEO pay ratio - paragraph 97 (b)

Not material

ESRS S1-17: Incidents of discrimination - paragraph 103 (a)

Not material

ESRS S1-17: Non-respect of UNGPs on Business and Human Rights and

OECD - paragraph 104 (a)

Not material

S2 Workers in the

value chain

ESRS 2 SBM-2: Interests and views of stakeholders - paragraph 43

Application of phase-in provision

ESRS 2- SBM3 – S2: Significant risk of child labor or forced labor

in the value chain - paragraph 11 (b)

Not material

ESRS S2-1: Human rights policy commitments - paragraph 17

Not material

ESRS S2-1: Policies related to value chain workers - paragraph 18

Not material

ESRS S2-1: Non-respect of UNGPs on Business and Human Rights

principles and OECD guidelines - paragraph 19

Not material

ESRS S2-1: Due diligence policies on issues addressed by the fundamental

International Labor Organization Conventions 1 to 8 - paragraph 19

Not material

ESRS S2-4: Human rights issues and incidents connected to its upstream and downstream value chain - paragraph

Not material

S3 Affected

communities

ESRS 2 SBM-2: Interests and views of stakeholders - paragraph 43

Application of phase-in provision

ESRS S3-1: Human rights policy commitments - paragraph 16

Not material

ESRS S3-1: Non-respect of UNGPs on Business and Human Rights, ILO

principles and/or OECD guidelines - paragraph 17

Not material

SUSTAINABILITY REPORT

ESRS S3-4: Human rights issues and incidents - paragraph 36

Not material

S4 Consumers and

end users

ESRS S4-1: Policies related to consumers and end-users

paragraph 16

SUS, p67

ESRS S4-1: Non-respect of UNGPs on Business and Human Rights and

OECD guidelines - paragraph 17

SUS, p67

ESRS S4-4: Human rights issues and incidents - paragraph 35

SUS, p67

G1 Business conduct

ESRS G1-1: United Nations Convention against Corruption - paragraph 10 (b)

SUS, p72

ESRS G1-1: Protection of whistleblowers - paragraph 10 (d)

SUS, p72

ESRS G1-4: Fines for violation of anti-corruption and anti-bribery laws - paragraph 24 (a)

SUS, p76

ESRS G1-4: Standards of anti- corruption and anti- bribery - paragraph 24 (b)

SUS, p76

Appendix B: Full list of JENSEN-GROUP IROs

The following tables list the sustainability-related impacts, risks, and opportunities we have identified and

assessed as material, following our double materiality assessment process that was carried out in 2024. Seven

out of the ten ESRS topics are material to the JENSEN-GROUP. Each topic is presented in the following tables, in

which we specify the sub-topics to which our material impacts, risks, and opportunities relate, e.g., energy use

by customers, product quality & safety, and corporate culture.

In the tables, we also indicate whether the impacts, risks, and opportunities are in our own operations (OO),

our upstream value chain (UVC), or in our downstream value chain (DVC). We also demonstrate whether our

impacts are positive or negative, or potential or actual, as well as the expected time horizons of the material

impacts. All the impacts, risks, and opportunities identified were assessed in accordance with our business

model, mission statement, strategy, and core values. They also include material sector-specific disclosures

marked with an asterisk (*) in the tables below. The short descriptions below provide a more detailed insight

into how the impacts, risks, and opportunities interrelate with our business model.

For the climate change

chapter E1, we include our response to climate-related transition risks.

We have not identified any current financial effects of our material financial risks. Our annual revenue, on the

other hand, is directly linked to non-quantifiable material opportunities detected in our downstream value

chain topics, such as energy use by customers, the water efficiency of products or product quality and safety.

More information on how we respond to the effects of our impacts and risks is included in the topical sections

under “Environment”, “Social”, and “Governance” below.

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E1: Climate change

E2: Pollution

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E3: Water

E5: Resource use and circular economy

S1: Own workforce

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S4: Consumers & end-users

G1: Business conduct

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Appendix C: GHG accounting policy Scope 1,2, and 3

 Scope 1 emissions are calculated in the form of energy consumption data multiplied by appropriate

emission factors. In the case of emissions caused by company cars, we took the average consumption

in L/100 km multiplied by an average distance of 25,000 km/year and then multiplied that by the

category-specific emission factor. Company cars acquired or sold during the reporting period are

included in the form of a lower estimate of the distance traveled if they were sold or acquired in the

first, or last quarter of the reporting period, respectively.

 Scope 2 emissions are reported according to two methods:

The location-based method

: the emissions are calculated as the power volumes

purchased multiplied by the country-specific emission factors for each entity. This method

reflects the mix of energy sources (such as coal, natural gas, and renewables) that is

used to supply the electricity in the country where it is consumed.

The market-based method

: the emissions are calculated as the power volumes

purchased multiplied by the supplier-specific emission factor, taking into account green

power purchases like Renewable Energy Certificates (RECs) or Guarantees of Origin. It

reflects choices made by the consumer to purchase cleaner or greener electricity options,

regardless of the local grid mix. When supplier emission-factors were missing we applied

the location-based emission factor. For district heating, we applied the supplier-emission

factor to the location-based approach. As the supplier is the only local option, it is

therefore equivalent to a location-based factor. It cannot be ruled out that supplier

emission factors include emissions from biogenic sources (biomass, pellets, etc.) that are

normally reported separately, out of scope, because the emissions form part of the

natural carbon cycle and are not the result of fossil fuel emissions.

 Scope 3 is subdivided into 15 subcategories. The significant assumptions and uncertainties are to be

found in two categories, namely “Purchased goods and services” and “Use of sold products”. For the

category “

Purchased goods and services”, the non-core emission sources are estimated using

monetary emission factors (EEIO method), correlating emissions with the money spent instead of

physical quantities (called hereafter “categorized spend data”). This constitutes a source of uncertainty.

Emission factors for the core categories come from EcoInvent, which are not supplier-specific

emissions, and are therefore also accompanied by a degree of uncertainty. For the category “

Use of

sold products”, GHG emissions are calculated using a theoretical model, which required us to estimate

the energy consumption, intensity, and longevity of our equipment at our customers’ sites and the

energy sources used (grid/grey electricity, natural gas, district heating or fuel, etc.). Further

assumptions and estimates for each category are described in the calculation methods applied for

each category below. We are unable to provide a quantifiable uncertainty rate for Scope 3 emissions

as a whole.

1. Purchased goods and services:

 Principal materials: categorized weight information (specific or assumed) and distance

based on country of origin multiplied by the relevant emission factors.

 Other materials and services: categorized spend data multiplied by the relevant emission

factors.

 The majority of our products and services are procured through our production sites, and

minor purchases made by the Sales and Service Centers have not been considered.

2. Capital goods: emissions were calculated by multiplying the categorized spend data by relevant

emission factors specific to the spend-category.

3. Fuel- and energy-related activities not included in Scope 1 or Scope 2 considers upstream

emissions and Transmission and Distribution (T&D) losses of energy and fuel purchases. These

emissions were calculated based on generic data from recognized databases and put into

proportion in relation to our Scope 1 and 2 emissions.

4. Upstream freight and distribution relies on a mix of company-specific data (third party

transportation to customers) and spend-based data (transportation between tier supplier and

own operations, including intercompany transportation). The company-specific data also

includes volumes, shipment origin and destination and is combined with relevant emission

factors for transport.

5. Waste generated relies on actual waste figures for main metals multiplied by relevant emission

factors.

6. Business travel: emissions were calculated by multiplying the categorized spend data by

relevant spend-category-specific emission factors.

7. Employee commuting: emissions are calculated based on assumptions of the distance traveled

and the mode of transportation used, assuming everyone travels by car and there is no home

office.

8. Use of sold products: emissions are calculated based on the number of machines produced. The

single machines were then regrouped under main machine categories (e.g., dryers, ironers,

tunnel washers) to provide consistent definitions of the data parameters per machine category

needed for the calculation. The data parameters consist of consumption and weight figures

retrieved from technical datasheets and assumptions regarding the assumed lifetime of the

machines. For each machine category, we calculated the consumption of the main emission

source (gas, electricity, steam) throughout the lifetime of a machine.

The figures obtained were then multiplied by the appropriate emission factors. Electricity

emission factors are country-specific and determined by the customer’s location.

In the case of the other main energy sources – gas, compressed air, and steam – we used an

overall emission factor. The steam emission factor assumes that the steam is generated by

various energy sources, which is most representative of the different customer realities.

Conveyors and INWATEC are excluded from the count because they are highly customized, and

the product descriptions lack sufficient details to make viable assumptions.

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Third-party machines purchased by JENSEN for resale are also excluded, as they represent only

a very small number of items (approximately 10 items) compared to the overall JENSEN product

portfolio and are considered immaterial.

9. End-of-life of sold products: calculation is based on company specific data (number and weight

of manufactured products) and assumptions (the proportion of different materials within

products) multiplied by the relevant emission factors.

10. Investments: this category includes Scope 1 and 2 emissions from non-consolidated joint

ventures, calculated proportionately based on the JENSEN-GROUP’s equity share in each entity.

Scope 1 and 2 emissions were calculated using actual consumption data, applying the same

assumptions and methodologies described above.

Scope 3 emissions from non-consolidated joint ventures are generally excluded, as they are

considered immaterial, representing less than 1% of the Group’s total Scope 3 emissions.

The other Scope 3 categories are not relevant to the JENSEN-GROUP.

Our calculations rely on emission factor databases, assumptions, and data collected internally from our

invoices, ERP system, sales database, technical data sheets, and profit and loss statement (P&L). We distinguish

between primary data, activity-based data, and financial data. Primary data refers to directly measured or

observed data reported by a company, rather than assumptions or derivations from secondary sources like

databases. The percentage of emissions calculated using primary data is limited to category 3.3 “Emissions

related to fuels and energy” and corresponds to 0% of total Scope 3 emissions. Activity-based data refers to

quantitative information (excl. financial data and assumptions) directly linked to the company’s business

activities, such as information on weight and energy consumption. 9% of our Scope 3 emissions are calculated

by using activity-based data.

Source of emission factors

The emission factors (“EF”) used were based on different reliable sources, to ensure accuracy and consistency

with international standards:

Scope

Emission source

Source

Comments

Scope 1

Fuels excl. acetylene

GOV.uk (latest available version)

Acetylene

Srivastava, J. V., Srivastava, H. V., &

Khan, M. S. (2016). Acetylene Gas as

an Alternative Fuel for Spark Ignition

Engine. International Journal for

Scientific Research & Development,

4(4), 145-148. ISSN (online): 2321-

0613.

Scope 2

Electricity location-based

– EU countries

National EF

AIB (latest available version)

Electricity location-based

– non-EU countries

Country average mix

IEA (latest available version)

Electricity market-based

Supplier-specific EF

If not available, location-

based EF from AIB or IEA

JENSEN Denmark: Central

heating location-

/market-based

Supplier declaration 2024 (Rønne

Bornholms Varme A/S)

Market-based EF is equal

to location-based EF

because the supplier

owns the entire “grid”,

thus the supplier-specific

rate is the same as the

entire grid system rate.

Consequently, the LB and

MB calculations are

identical.

JENSEN Sweden Central

heating location-

/market-based

Supplier declaration 2023 (Borås

Energi & Miljö AB)

INWATEC Central heating

location-/market-based

Supplier declaration 2023 (Fjernvarme

FYN)

Scope 3

All categories

EcoInvent, AIB, IEA, Exiobase, UK.gov

(latest available versions)

We refer to the

accounting policy section

above for the details of

the calculation methods

per category.

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Appendix D: Taxonomy

In 2020, the European Union created an action plan to finance sustainable growth, which was aimed at

redirecting capital flows to sustainable economic activities. This is part of the efforts to reach the objectives of

the European Green Deal and make Europe climate-neutral by 2050. In 2021, the European Commission

introduced the EU Taxonomy, which is a classification system that defines which activities are environmentally

sustainable.

As part of the measures to simplify the EU Taxonomy reporting, the European Commission adopted a new

Commission Delegated Regulation (EU) 2026/73 in July 2025. This amending Regulation simplifies the

application of the EU Taxonomy by introducing a

10% materiality threshold for KPIs, simplified Reporting

Templates, streamlined DNSH Criteria, etc. Under the transitional provisions of this Regulation, undertakings are

granted a choice for the 2025 financial year to either report under the previous framework or adopt the new

simplified methodology. For the reporting period 2025, the JENSEN-GROUP has elected to maintain its reporting

in accordance with the existing legal framework and has not adopted the simplified version.

In their annual reports companies covered by the EU Taxonomy disclosure obligation have to report the extent

to which their activities are covered by the EU Taxonomy (Taxonomy-eligibility) and, if they have eligible

activities, must comply with the criteria set in the Taxonomy delegated acts (Taxonomy-alignment). The

disclosures below relate to the financial year 2025.

Eligibility

After carefully comparing the company’s activities against the EU Taxonomy framework, the JENSEN-GROUP did

not identify any economic activities currently covered by the EU Taxonomy. None of the activities covered by

the EU Taxonomy framework relate to the business of a manufacturer and assembler of industrial laundry

equipment such as the JENSEN-GROUP, as was discovered by a carrying out a detailed assessment of the

activities identified as being hypothetically close to the business of the JENSEN-GROUP in the manufacturing

sector (Delegated Regulation 2021/2139, Annex I: climate change mitigation activities 3.6; Delegated

Regulation 2023/2486, Annex II: circular economy activities 1.2) and service sector (Delegated Regulation

2023/2486, Annex II: circular economy activities 5.1-5.2; 5.5). A detailed explanation and argumentation is

provided below:

 Manufacturing of electrical and electronic equipment (activity 1.2 of the Delegated Regulation

2023/2486, Annex II): the JENSEN-GROUP business model fits neither the description of the activity

nor the NACE codes mentioned therein. While the EU Draft Commission Notice released in November

2024 clarified the eligibility criteria for electrical and electronic equipment, it was determined that

JENSEN machines do not qualify, because they are mainly driven by steam and gas rather than

electricity.

 Repair, refurbishment and remanufacturing (activity 5.1 of Delegated Regulation 2023/2486, Annex

II): the JENSEN-GROUP has no refurbishment and remanufacturing activities, nor is the company’s

economic activity related to the repairing of products manufactured by economic activities classified

under the NACE codes mentioned in the activity description.

 Sale of spare parts (activity 5.2 of Delegated Regulation 2023/2486, Annex II): the economic activity

of the JENSEN-GROUP is not related to spare parts used in products manufactured by economic

activities classified under the NACE codes mentioned in the activity description.

 Product-as-a-service and other circular use- and result-oriented service models (activity 5.5 of

Delegated Regulation 2023/2486, Annex II): the economic activity of the JENSEN-GROUP is not related

to services offered for products manufactured by economic activities classified under the NACE codes

mentioned in the activity description.

 Manufacturing of other low carbon technologies (activity 3.6 of Delegated Regulation 2021/2139,

Annex I): While the JENSEN-GROUP is considered the leader in the industry when it comes to energy

and resource savings, its main activity is not aimed at the reduction of GHG emissions.

In the light of the arguments above, JENSEN-GROUP concludes that it has no eligible activities under the EU

Taxonomy framework. As a consequence, no criteria are available within the EU Taxonomy framework to

assess the alignment that is essential in order to be able to report on aligned revenue, CAPEX and OPEX related

to the economic activities of JENSEN-GROUP.

The reasoning above is based on the current legislation and can be re-evaluated if the legislation is modified.

Although the activities of the JENSEN-GROUP are not eligible under the EU Taxonomy framework, considerable

efforts are undertaken to improve the sustainability of the activities and the Group reports on a significant

number of datapoints as shown in the present sustainability statement.

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Revenue

As demonstrated above, there are no revenue-generating activities listed in the Taxonomy that can be

associated to the activities of the JENSEN-GROUP. For calculation of Revenue denominator, new acquisitions

(BRAUN, MP05, MP06) were considered to maintain consistency with financial statements.

CAPEX

While the economic activities of the JENSEN-GROUP are not eligible, it has identified some CapEx related to the

purchase of output from Taxonomy-aligned economic activities and individual measures enabling the target

activities to become low-carbon or to lead to greenhouse gas reductions, as well as other economic activities

listed in the delegated acts adopted pursuant to Article 10(3), Article 11(3), Article 12(2), Article 13(2), Article

14(2) and Article 15(2) of Regulation (EU) 2020/852.

The CapEx KPI is calculated in line with section 1.1.2 of Annex I to the Delegated Act 2021/2178. The

Taxonomy-eligible and aligned capital expenditures (numerator) are divided by the total FY2024 CapEx as

defined in section 1.1.2.1 of Annex I to the Delegated Act (denominator). In accordance with the delegated act,

internal controls were put in place to prevent double counting such as ERP extracts. For the calculation of

CAPEX numerator, new acquisitions (BRAUN, MP05, MP06) were not considered due to the limited time and

data available to perform a robust eligibility and alignment assessment following these acquisitions. For

calculation of denominator, same approach was used as Revenue KPI.

The investments included in the numerator are eligible but are not considered aligned because there is no

confirmation that they qualify as substantially contributing to at least one of the six environmental objectives

of the EU Taxonomy framework. The activities identified as eligible are:

 Transport by motorbikes, passenger cars and light commercial vehicles (activity 6.5 of the Delegated

Act 2021/2139, Annex I),

 Freight transport services by road (activity 6.6 of the Delegated Act 2021/2139, Annex I),

 Renovation of existing buildings (activity 7.2 of the Delegated Act 2021/2139, Annex I; activity 3.2 of

the Delegated Act 2023/2486, Annex II),

 Installation, maintenance, and repair of energy efficiency equipment (activity 7.3 of the Delegated Act

2021/2139, Annex I),

 Installation, maintenance, and repair of charging stations for electric vehicles in buildings (and parking

spaces attached to buildings) (activity 7.4 of the Delegated Act 2021/2139, Annex I),

 Construction of new buildings (activity 7.1 of the Delegated Act 2021/2139, Annex I)

 Acquisition and ownership of buildings (activity 7.7 of the Delegated Act 2021/2139, Annex I)

 Manufacture of electrical and electronic equipment (activity 1.2 of the Delegated Act 2023/2486,

Annex II).

The denominator equals the total Capex of the JENSEN-GROUP as disclosed on page 202 of the annual report.

OPEX

The OpEx KPI is calculated in line with section 1.1.3 of Annex I to the Delegated Act 2021/2178. The

Taxonomy-eligible and aligned operating expenditures (numerator), are divided by the total FY2024 OpEx

(denominator).

As defined under Annex I, 1.1.3.1 to the Delegated Act 2021/2178, the denominator covers direct non-

capitalized costs that relate to research and development, building renovation measures, short-term leases, as

well as maintenance and repair, and any other direct expenditures relating to day-to-day servicing of assets of

property, plant & equipment (PPE) by the company or third party to whom activities are outsourced that are

necessary to ensure the continued and effective functioning of such assets. Similar to the approach used for

CAPEX, new acquisitions were included for calculation of OPEX denominator.

For the JENSEN-GROUP, the total value of the denominator equals 7,334 thousand euros and includes costs

related to research and development not accounted for in CAPEX, short-term leases, as well as maintenance

and repair costs not included in overheads.

Given the fact that the economic activities of the JENSEN-GROUP are not eligible, the numerator relates only to

the purchase of output from Taxonomy-aligned economic activities and to individual measures enabling the

target activities to become low-carbon or to lead to greenhouse gas reductions. This numerator is equal to zero

because the operational expenditures meeting these criteria are not material for the JENSEN-GROUP.

Furthermore, the OpEx related to activities eligible for the EU Taxonomy (the denominator) represents less than

1% of the Group’s total revenue.

JENSEN-GROUP

December 31

2025

Eligible economic

activities (%)

Non-eligible economic

activities (%)

(In thousands of euros)

Revenue 540776 0 100

Capex 11169 31 69

Opex

7334

100

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Appendix E: Limited assurance report of the statutory auditor on the consolidated

sustainability statement of JENSEN-GROUP NV

To the general shareholders’ meeting

In the framework of our legal limited assurance engagement on the consolidated sustainability statement of

JENSEN-GROUP NV and its subsidiaries (“the group”), we hereby submit our report on this mission.

We have been appointed by the board of directors (“bestuursorgaan” / organe d’administration”), in

accordance with the engagement letter dated 3 July 2025, related to the performance of a limited assurance

engagement on the consolidated sustainability statement of the group, included in the Sustainability report

that is part of the Annual Report as at 31 December 2025 and for the financial year then ended (the

consolidated “sustainability statement”).

Our mandate will expire on the date of the general meeting deliberating on the financial statements for the

financial year ended 31 December 2025. We have performed our limited assurance engagement on the

consolidated sustainability statement of the group during two consecutive years.

Limited assurance conclusion

We have performed a limited assurance engagement on the consolidated sustainability statement of the

group.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our

attention that causes us to believe that the consolidated sustainability statement of the group, in all material

respects:

 has not been prepared in accordance with the requirements stipulated in article 3:32/2 of the Code of

Companies and Associations, including accordance with the applicable European Sustainability Reporting

Standards (ESRS);

 has not been prepared in accordance with the process carried out by the group to identify the information

reported in the consolidated sustainability statement (the “process”) as set out in the note “Appendix A:

general and governance disclosures“;

 does not comply with the requirements of Article 8 of EU Regulation 2020/852 (the “Taxonomy

Regulation”) regarding the disclosures in “Appendix D: Taxonomy” of the consolidated sustainability

statement.

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance

Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical

financial information (“ISAE 3000 (Revised)”), as applicable in Belgium.

Our responsibilities under this standard are described in more detail in the section of our report

"Responsibilities of the independent auditor relating to the limited assurance engagement on the consolidated

sustainability statement”.

We have complied with all ethical requirements relevant to limited assurance engagements on the

consolidated sustainability statement in Belgium, including those regarding independence.

We apply the International Standard on Quality Management 1 (ISQM 1), which requires us to design,

implement and operate a system of quality management including policies or procedures regarding

compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

We have obtained from the board of directors and the group’s officials all explanations and information

required for our limited assurance engagement.

We believe that the evidence we have obtained in the framework of our limited assurance engagement is

sufficient and appropriate to provide a basis for our conclusion.

Emphasis of Matter

Without prejudice to the above mentioned conclusion, we draw your attention to the section ‘Sustainability

statement – Reader’s guide’ part of the sustainability statement which describes the principles applied to the

G.A. Braun acquisition.

Responsibilities of the board of directors relating to the preparation of the consolidated sustainability statement

The board of directors is responsible for designing and implementing a process and for disclosing this process

in the note “Appendix A: general and governance disclosures” of the consolidated sustainability statement. This

responsibility includes:

 understanding the context in which the group’s activities and business relationships take place and

developing an understanding of its affected stakeholders;

 the identification of the actual and potential impacts (both negative and positive) related to sustainability

matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the

group’s financial position, financial performance, cash flows, access to finance or cost of capital over the

short-, medium-, or long-term;

 the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability

matters by selecting and applying appropriate thresholds; and

 making assumptions and estimates that are reasonable in the circumstances.

The board of directors is also responsible for the preparation of the consolidated sustainability statement, which

includes the information established by the process,

 in accordance with the requirements set out in article 3:32/2 of the Code of Companies and Associations,

including the applicable European Sustainability Reporting Standards (ESRS);

 in compliance with the requirements of Article 8 of the Taxonomy Regulation regarding the disclosure of

the information included in “Appendix D: Taxonomy” of the consolidated sustainability statement.

This responsibility comprises:

 designing, implementing and maintaining such internal control that the board of directors deems

necessary for the preparation of the consolidated sustainability statement that is free from material

misstatement, whether due to fraud or error; and

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 the selection and application of appropriate sustainability reporting methods and making assumptions and

estimates that are reasonable in the circumstances.

The board of directors is responsible for overseeing the group’s sustainability reporting process.

Inherent limitations in preparing the sustainability statement

In reporting forward-looking information in accordance with ESRS, the board of directors is required to prepare

the forward-looking information on the basis of disclosed assumptions about events that may occur in the

future and possible future actions by the group. Actual outcomes are likely to be different since anticipated

events frequently do not occur as expected and deviations may be of material importance.

Responsibilities of the statutory auditor relating to the limited assurance engagement on the consolidated

sustainability statement

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether

the consolidated sustainability statement is free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or

error and are considered material if, individually or in the aggregate, they could reasonably be expected to

influence decisions of users taken based on the consolidated sustainability statement.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), as applicable in Belgium,

we apply professional judgement and maintain professional scepticism throughout the engagement. The work

performed in an engagement aiming to obtain a limited level of assurance, for which we refer to the section

“Summary of the work performed” is less in scope than in an engagement aiming to obtain a reasonable level

of assurance. Therefore, we do not express an opinion with a reasonable level of assurance as part of this

engagement.

Since the forward-looking information in the consolidated sustainability statement and the assumptions on

which it is based, relate to the future, they may be affected by events that may occur in the future and/or by

potential actions of the group. The actual outcomes are likely to be different from the assumptions made, as

the anticipated events often do not occur as expected, and the deviation from them could be material.

Therefore, our conclusion does not provide any assurance that the reported actual outcomes will correspond

with those included in the forward-looking information in the consolidated sustainability statement.

Our responsibilities in respect of the consolidated sustainability statement, in relation to the process, include:

 obtaining an understanding of the process, but not for the purpose of providing a conclusion on the

effectiveness of the process, including the outcome of the process; and

 designing and performing procedures to evaluate whether the process is consistent with the group’s

description of its process, as disclosed in “Appendix A: general and governance disclosures”.

Our other responsibilities in respect of the consolidated sustainability statement include:

 acquiring an understanding of the group’s control environment, the relevant processes, and information

systems for preparing the consolidated sustainability statement, but without assessing the design of

specific control activities, obtaining supporting information about their implementation, or testing the

effective operation of the established internal control measures;

 identifying where material misstatements are likely to arise in the consolidated sustainability statement,

whether due to fraud or error; and

 designing and performing procedures responsive to where material misstatements are likely to arise in the

consolidated sustainability statement. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about the consolidated

sustainability statement. The procedures in a limited assurance engagement vary in nature and timing and are

less in extent than procedures performed for a reasonable assurance engagement. Consequently, the level of

assurance obtained in a limited assurance engagement is substantially lower than the assurance that would

have been obtained had a reasonable assurance engagement been performed.

The nature, timing and extent of the procedures selected depend on professional judgement, including the

identification of areas where material misstatements are likely to arise in the consolidated sustainability

statement, whether due to fraud or error.

In conducting our limited assurance engagement, with respect to the process, we:

 obtained an understanding of the process by:

- performing inquiries to understand the sources of the information used by management (e.g.,

stakeholder engagement, business plans and strategy documents); and

- reviewing the group’s internal documentation of its process; and

- evaluated whether the assurance evidence obtained from our procedures with respect to the process

implemented by the group was consistent with the description of the process set out in the note

“Appendix A: general and governance disclosures”.

In conducting our limited assurance engagement, with respect to the consolidated sustainability statement, we

have:

 obtained an understanding of the group’s reporting processes relevant to the preparation of its

consolidated sustainability statement by obtaining an understanding of the group’s control environment,

processes and information system relevant to the preparation of the consolidated sustainability statement

but not with the purpose of providing a conclusion on the effectiveness of the group’s internal control;

 evaluated whether the information identified by the process is included in the consolidated sustainability

statement;

 evaluated whether the structure and the presentation of the consolidated sustainability statement has

been prepared in accordance with the ESRS;

 performed inquires with relevant personnel and analytical procedures on selected information in the

consolidated sustainability statement;

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 performed substantive assurance procedures on selected information in the consolidated sustainability

statement;

 compared disclosures in the consolidated sustainability statement with the corresponding disclosures in

the financial statements and Annual Report;

 obtained evidence on the methods and assumptions for developing estimates and forward-looking

information as described in the section “Responsibilities of the statutory auditor related to the limited

assurance engagement on the consolidated sustainability statement”;

 obtained an understanding of the group’s process to identify taxonomy-eligible and taxonomy-aligned

economic activities and the corresponding disclosures in the consolidated sustainability statement;

Statement related to independence

Our audit firm and our network have not performed any engagements which are incompatible with the limited

assurance engagement, and our audit firm has remained independent of the group throughout the course of

our mandate.

Signed at Ghent.

The statutory auditor

__________________________________________________

Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL

Represented by Charlotte Vanrobaeys

JENSEN is a fantastic company, and I chose to work for JENSEN because it’s a

company whose core values and culture align with my own core values.

Anders

“

”

REPORT OF THE BOARD OF DIRECTORS

 State of the business in 2025

 Outlook 2026

 Results and proposal for appropriation of results

 Corporate Governance Statement

 Risk management

 Other financial information

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State of the business in 2025

In 2025, JENSEN-GROUP once more reached new record levels in both revenue and profitability. With a strong

order book at the start of 2025 and a robust order intake throughout 2025, our revenue soared to a new high

of 540.8 million euros, which represents a 19.3% increase compared to the previous year. The 2025 total order

intake hit a new milestone of 531.4 million euros, marking a 2.7% increase compared to 2024 and thus creates

a solid foundation for 2026.

Our continued financial growth confirms that our business model is both resilient and scalable. A series of

strategic initiatives are now converging, clearly demonstrating our ability to turn vision into sustainable value

creation.

Our ‘Go West’ strategy has successfully increased revenues to unprecedented levels in the Americas, which

highlights the strategic significance of the region. This growth is further supported by acquiring GA Braun, a

respected North American supplier, thereby enhancing the company’s technological leadership and market

presence. The ‘Go East’ strategy is advancing through Inax, the joint venture with Miura in Japan, and by

expanding our sales and service organizations in Asia and the Middle East. During the past three years, we

more than doubled our global production capacity and expanded our manufacturing across Denmark, Sweden,

China, the USA, and Japan, thereby establishing a strong foundation for long-term growth. In 2025, the

company reinforced its aftermarket position, with MAXI-PRESS expanding its presence in Australia and New

Zealand through the acquisition of Filterfab.

Our EBIT for 2025 rose to 68.8 million euros from 50.7 million euros in 2024, which represents a strong growth

of 35.6%.

The contribution to JENSEN-GROUP’s earnings from Tolon and Inax increased to 6.3 million euros from 3.9

million euros, despite the negative impact of 1.2 million euros resulting from hyperinflation attributed to

Tolon’s Turkish operations.

Net financial charges came down from 2.2 million euros to 0.5 million euros. This decrease is primarily due to

favorable currency results.

Due to higher pre-tax profits, the Group’s tax charges increased from 13.0 million euros to 15.4 million euros,

despite a lower effective tax rate.

The above developments led to a rise in net profit from 41.2 million euros in 2024 to 58.7 million euros as at

December 31, 2025.

Reflecting the increase in operating activities, our working capital increased from 180.6 million euros to 214.7

million euros by the end of 2025.

The Group is reporting a net financial debt position of 9.7 million euros, which includes 11.1 million euros in

leasing debt, compared to a net cash position of 3.1 million euros at the end of 2024. This increase in net debt

is largely attributable to the acquisition of GA Braun in December 2025. Our borrowing agreements remain

favorable, with no financial covenants attached.

Outlook 2026

After achieving strong results in 2025, the Group enters 2026 with a healthy order book and project

pipeline. The Group’s aim for 2026 is to hold firm to its strategic course and stay relentlessly focused on its

customers operational excellence and agility in execution, while investing in sustainable innovation and

pursuing growth opportunities in order to solidify its market position and profitability.

Risk factors continue to revolve around the unpredictability of the global geopolitical and economic dynamics,

and in particular, the potential impact of the conflict in the Middle East and the potentially negative financial

effect of trade tariffs, as well as the possible adverse impact on customer demand and investment behaviour.

Other risk factors to be considered are exchange rate volatility, changes in energy and transportation costs, and

competitive pressure in general.

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ppropriation of the result

The JENSEN-GROUP NV reported in its statutory accounts a net profit of 12.6 million euro.

The Board of Directors proposes to appropriate this result as follows:

In euro

31 December 2025

Profit (loss) brought forward

48,430,158

Profit (loss) for the period available for appropriation

12,633,213

Profit to be appropriated

61,063,371

Distribution of profit (dividend)

13,812,812

Appropriation to capital and reserves

15,465,509

Appropriation to retained earnings

31,848,025

This brings the total

amount of retained earnings to 31.8 million euro.

Dividend proposal

The Board of Directors proposes to the Annual Shareholders' Meeting to approve a dividend of��1.50��euro per

share. The dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will

amount to��13,812,812��euro, based on the number of shares outstanding as at December 31, 2025. No

dividend will be distributed to the treasury shares.

Corporate Governance Statement

JENSEN-GROUP NV has adopted the 2020 Code on Corporate Governance, which is available on

www.corporategovernancecommittee.be, as its reference code. The Company has implemented the evolving

Code since 2004, while consistently reviewing the major requirements and evolution of the Code and regularly

evaluating the Company's degree of compliance. The factual applications of the 2020 Code are reported in this

Statement and on page 138 of this Annual Report with respect to gender diversification within the Board of

Directors.

The Company has adapted its Corporate Governance Charter in accordance with the 2020 Code, and the Board

of Directors has thereby adopted and published the following revised documents.

 Charter of the Board of Directors, including standards of independence and requirements for Directors;

 Charter of the Nomination and Remuneration Committee;

 Charter of the Audit and Risk Committee;

 Remuneration Policy;

 Communication Policy;

 Role and Responsibilities of the Chairperson of the Board of Directors; and

 Role and Responsibilities of the Executive Management Team.

The Corporate Governance Charter can be found on the Company website https://www.jensen-group.com

under the heading 'Investor Relations/Corporate Governance' and is regularly reviewed and evaluated by the

Board of Directors. The Corporate Governance Charter forms part of the day-to-day proceedings of the

Company’s Board of Directors and Board Committees and has been and remains to the best of the Company’s

knowledge and belief, compliant with the 2020 Code except for certain recommendations as mentioned in the

paragraphs below.

In accordance with the 'comply or explain' principle, the Company may deviate from the 2020 Code, provided

that it duly explains the reasons for such deviation. These reasons may be related to the Company’s profile,

organization and/or size. First, the Company departs from Recommendation 4.14 of the 2020 Code by not

employing internal audit staff and instead outsourcing the internal audit function to external parties. The Audit

and Risk Committee of the Board of Directors has concluded that establishing an in-house internal audit

function would not be effective, for the following reasons:

 The JENSEN-GROUP consists of multiple smaller entities with limited turnover that are closely monitored

by local management teams;

 Each entity operates under its own legislation and in the local language, which would hinder efficient

internal audits;

 The management teams are further monitored by the JENSEN-GROUP headquarters through quarterly

operational and financial reviews and by means of regular visits by management to the Company's

headquarters;

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REPORT OF THE BOARD OF DIRECTORS

 All subsidiaries are aware of the JENSEN-GROUP policies and procedures, and the Group's relative size

continues to allow for regular communication and face-to-face meetings with all local management

teams;

 For consolidation purposes, most of the JENSEN-GROUP companies are audited by the same accounting

firm and significant risk factors are consistently reviewed within the external audit scopes of the

different subsidiaries.

For these reasons, the Audit and Risk Committee establishes internal audit priorities both through consultation

with the external auditor and based on a risk analysis. Additionally, the Audit and Risk Committee maintains its

collaboration with an independent external audit firm for specific internal audit projects. This approach is

considered more effective than an in-house internal audit function, as the Audit and Risk Committee can

outsource internal audit activities to a competent, locally based internal audit service provider.

Secondly, the Company deviates from Recommendations 3.11 and 9.1 of the 2020 Code in that it has no

formal arrangement for, and therefore does not regularly assess, the interaction between the non-executive

Directors or between the non-executive Directors and the Executive Management. This deviation is explained

by the fact that in practice, the CEO and CFO always attend the Board and Board Committee meetings, while

the non-executive Directors can meet the executive managers as they wish by visiting locations or by

requesting a separate meeting to discuss specific topics. In addition, the non-executive Directors meet in

person at least once a year and meet with the members of the Executive Management Team and other

executives on the occasion of the Board's annual Strategy Workshop.

Thirdly, the terms and conditions of the contracts of the CEO and the other executives are, in accordance with

Recommendation 7.12 of the 2020 Code, approved by the Board of Directors, based on the advice of the

Nomination and Remuneration Committee. The Company deviates from Recommendation 7.12, however, in

that it presently does not have the right under these contracts or any other agreements or systems to recover

variable remuneration (i.e. "claw back") which currently ranges from 30% to 70% of the annual base salary,

depending on the level of the position. This deviation is explained by the fact that the Company applies a

Remuneration Policy of setting performance targets and paying out variable compensation in line with

achievement levels on an annual basis, and based on certified, audited and publicly disclosed financial results.

Fourthly, within the JENSEN-GROUP, neither the non-executive nor the executive Board members receive any

remuneration in the form of the JENSEN-GROUP NV shares. This is a deviation from Recommendations 7.6 and

7.9 of the 2020 Code, which is explained by the fact that the Company has had a long-standing practice of

setting its remuneration policy based on an alignment of annual objectives and actions with the long-term

value creation for its shareholders and other stakeholders.

The Board of Directors and the Nomination and Remuneration Committee have consistently applied this policy

over the past fifteen years, while achieving desirable results, as evidenced by the Company’s performance

record during that period.

Accordingly, and further to the advice of the Nomination and Remuneration Committee, The Board of Directors

concluded, that granting shares in the JENSEN-GROUP NV shares would be unnecessary with this policy and

therefore decided not to provide remuneration in that form.

Fifth, the Annual Shareholders Meeting on May 20, 2025 re-elected TTP bv, represented by Mr. Erik

Vanderhaegen, as non-executive independent director while acknowledging compliance with all, except one,

of the formal independence criteria set forth in Article 3.5 of the 2020 Code, to wit, the criterion that a director

may not have served for a total term of more than twelve years as a non-executive director.

The Board of Directors has concluded, further to the advice of the Nomination and Remuneration Committee,

that this does not affect the independence of Mr. Erik Vanderhaegen (and TTP bv), who in the past has always

demonstrated an independent and critical mind when serving as a director and who has confirmed that he has

no significant business relationship with the Company, the executive management or its major shareholders

that could jeopardize his independence.

The information found in the Corporate Governance Charter is provided on an 'as is' basis and is intended solely

for clarification purposes. The recommendations and policies set out in the Corporate Governance Charter are

complementary to, and are not intended to amend or interpret, any law, regulation, or the Company’s

Certificate of Incorporation or Bylaws. By adopting the revised documents included in the Corporate

Governance Charter, the Company does not assume any contractual or unilateral obligations. These documents

are instead intended as guidelines for day-to-day operations only. The competences and tasks attributed to the

Board of Directors should therefore be regarded as enabling clauses rather than mandatory rules, or compelling

lines of conduct.

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REPORT OF THE BOARD OF DIRECTORS

Risk management and internal control

In accordance with the relevant provisions of the 2019 Companies and Associations Code, the JENSEN-GROUP

has adopted and implemented a risk management and internal control process.

The following description of this process is based on the Integrated Internal Control Framework and the

Enterprise Risk Management Framework as published by the Committee of Sponsoring Organizations of the

Treadway Commission (COSO).

The Board of Directors has delegated the tasks of implementing a risk management process and internal

control system to the Executive Management Team and expects to receive reports on both topics from the

Executive Management Team at regular intervals. The Board of Directors of the Company supervises the proper

functioning of the risk management and internal control process via the Audit and Risk Committee.

Risk management

The JENSEN-GROUP's Executive Management Team has developed a risk map describing the Group's strategic,

operational, financial and legal risks.

Reviewed annually, this map outlines and evaluates the likelihood of the different risks occurring, their

potential impact on the Group’s results, and the measures implemented to mitigate risk exposure. The

Executive Management Team submits the conclusions of this risk assessment to the Audit and Risk Committee

in the form of a risk map. Subsequently, it is presented to the Board of Directors, which discusses significant

risks and changes in risk exposure with management on an 'as-needed' basis, and at least once a year.

On a quarterly basis, The Executive Management Team discloses a selection of risk areas identified during the

quarterly review process by the reporting entities. The Executive Management Team then re-examines these

risks, formulates mitigation approaches, and with regard to areas of continuing material risk exposure to the

Group, considers various options of transferring the risks to third parties.

The Executive Management Team also performs an annual assessment of material impacts, risks, and

opportunities relating to ESRS topics and presents the results to the Board of Directors.

Internal control

Definition

Internal control takes the form of a rigorously structured process, that is established and enforced by the Board

of Directors, management, and all participating staff members. Its purpose is to offer a reasonable level of

assurance concerning the attainment of objectives in critical areas: a) the pursuit of strategic, high-level goals

that are both aligned with and supportive of our mission; b) the operational effectiveness and efficiency; c) the

reliability of financial reporting and sustainability disclosures; and d) conformity with applicable laws and

regulations. This systemic approach demonstrates our unwavering dedication to achieving operational

superiority, ensuring the integrity of our financial reporting, and maintaining full compliance with legal

standards, all of which are fundamental to advancing the organization's strategic objectives and mission.

Control environment

The Board of Directors has endorsed, and the Executive Management Team has implemented

“The JENSEN-GROUP Ethical Business Policy Statement”. This document articulates the mission and ethical

principles guiding the JENSEN-GROUP, outlines the organization’s standards of conduct, and specifies

permissible interactions with third parties, especially in scenarios not explicitly addressed by the legal

frameworks. The enactment and adherence to the Ethical Business Policy Statement are obligatory across all

entities within the Group, its tenets forming an integral part of the curriculum in every training program

conducted. To affirm their commitment, all employees are required to comply with that policy. The Ethical

Business Policy Statement undergoes periodic reviews to ensure its relevance and accessibility. The latest

version is available on the Company's website at www.jensen-group.com, under the 'Investor

Relations/Corporate Governance' section.

Furthermore, and in line with its commitment to transparency and accountability, the JENSEN-GROUP has

instituted a whistleblowing mechanism that is accessible to all stakeholders. This procedure is detailed on the

Company’s website at www.jensen-group.com, under the 'Investor Relations/Corporate Governance' section,

'The JENSEN-GROUP Whistleblowing Procedure'. The organization acknowledges the recent transposition of the

EU’s “Whistleblower Directive” (Directive (EU) 2019/1937) into Belgian law by means of the Law of 28

November 2022. This law focuses on safeguarding individuals who expose violations of Union or national law

within the private sector. In response, the JENSEN-GROUP has been proactively updating its Whistleblowing

Procedure to align with the new legislated requirements regarding internal reporting channels with private

entities, underscoring the Group's dedication to ethical business practices and legal compliance.

In 2022, the JENSEN-GROUP commenced the roll-out of a comprehensive 'Suppliers' Code of Conduct'.

This document outlines the standards expected of the Group's suppliers in key areas such as business integrity

and ethics, labor and social standards, environmental stewardship, general business principles, and the

requisite management systems. The objective of this initiative is to elevate social and environmental

responsibility among the Group's suppliers, often necessitating standards that exceed the requirements of

locally applicable laws and regulations.

"The JENSEN-GROUP Global Trade Compliance Policy". The Group operates globally, promotes international

stability, and prevents misuse of its potential dual-use products and solutions. The JENSEN-GROUP and its

employees are committed to adhering to applicable trade compliance and customs laws and regulations,

including those relating to export and import controls, economic sanctions, embargoes and anti-terrorism

measures. The JENSEN-GROUP expects its business partners to do the same. These internal policies, processes

and controls are designed to support transaction screening, ensure compliance, and mitigate risk.

This proactive approach underscores the JENSEN-GROUP's commitment to fostering a sustainable and ethically

responsible supply chain and reflects our dedication to corporate social responsibility and environmental

stewardship on a global scale.

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Control activities and monitoring

The JENSEN-GROUP's approach toward internal control monitoring is characterized by continuous vigilance.

Ongoing oversight by management ensures that the internal control mechanisms across the Group are both

effective and responsive.

This proactive monitoring enables detailed comparisons between the performance of individual entities, rolling

forecasts and historical performance, allowing for the early detection of discrepancies that may indicate control

weaknesses. Timely corrective actions are taken to address any such weaknesses, reflecting the Group's

commitment to operational integrity.

At the heart of the JENSEN-GROUP's operational structure is a network of entities, each overseen by dedicated

local management teams. These teams are crucial for ensuring that each entity aligns with the Group's

strategic objectives and operational standards. The

Executive Management Team further reinforces this

alignment by means of rigorous quarterly reviews, that evaluate entities regarding operational performance,

financial robustness, and ESG compliance. This comprehensive review process underscores the Group's

dedication to excellence in all aspects of its operations.

Complementing these reviews, the Controlling and Reporting function of the JENSEN-GROUP undertakes its own

independent assessments of each entity on a quarterly basis. This dual-layered oversight mechanism is

designed to ensure a consistent level of strategic coherence, operational efficiency and accountability

throughout the Group.

The responsibility for implementing the Procedures and Guidelines of the JENSEN-GROUP rests with the local

management teams. This critical task ensures that each entity not only adheres to the Group's strategic

directives but also upholds the high standards of conduct and operational performance expected by the

JENSEN-GROUP. By adopting this structured and disciplined approach towards management and oversight, the

JENSEN-GROUP fosters a culture of excellence, accountability, and ethical conduct across all its operations.

Following thorough discussions with the Audit and Risk Committee, the JENSEN-GROUP's management

established a comprehensive framework of

key controls for financial reporting which came into effect in 2009

and was extended to include

sustainability reporting in 2023. These controls are designed to provide

reasonable assurance as to the reliability of both financial and sustainability reporting, as well as the

statements released to external stakeholders. Local management teams are responsible for the

implementation of these controls, which are subject to regular reassessment and adjustments as deemed

necessary. In addition, compliance with these key controls at local level is periodically verified, ensuring a

consistent and robust approach toward governance across the entire Group.

Internal audit

The Audit and Risk Committee of the Company’s Board of Directors has determined that maintaining an internal

audit function in-house does not represent the most effective and efficient approach toward conducting audit

activities within the organization. Consequently, after thorough consultation with the external auditor and a

comprehensive risk analysis, the Committee has formulated an internal audit plan. This plan involves engaging

independent external firm to conduct specific internal audit projects, thereby leveraging specialized and/or

local expertise tailored to the Group's needs. We refer to the arguments disclosed at the first page of the

Corporate Governance Statement why there is no internal audit function in the Group.

For the execution of internal audit activities, the Audit and Risk Committee opts to outsource these tasks to a

competent, locally based audit service provider. This strategic decision allows for a high level of auditing

expertise and local knowledge, ensuring that the audits are both thorough and relevant to the specific

operational contexts of the JENSEN-GROUP's entities.

In 2025, the internal audit focused on the operational alignment of systems as part of preparations for the

forthcoming global migration.

Additionally, the Audit and Risk Committee maintains and diligently follows up on the significant findings from

prior internal audit reports. Regular reviews of these findings are conducted to assess progress in addressing

the issues identified, and to fulfill a commitment to resolve these matters fully. This iterative review process

ensures that audit findings are not only acknowledged but also acted upon effectively, thereby reinforcing the

Group's dedication to continuous improvement and sound risk management.

Conformity with reporting requirements

The JENSEN-GROUP ensures adherence to the standards of financial reporting by incorporating all relevant IFRS

(

International Financial Reporting Standards) principles, guidelines, and interpretations into its comprehensive

accounting manual. This manual is a cornerstone of the Group's 'Procedures and Guidelines' and is meticulously

updated to reflect any changes or advancements in accounting standards, thereby ensuring transparency,

accuracy, and consistency in financial reporting across the Group.

In parallel, the JENSEN-GROUP is committed to comprehensive and transparent Environmental, Social, and

Governance (ESG) reporting. To this end, all pertinent, quantitative disclosure requirements set forth by the

ESRS are embedded in the ESG reporting manual, which is another core pillar of the JENSEN-GROUP's

Procedures and Guidelines.

The JENSEN-GROUP has taken deliberate steps to ensure that its comprehensive collection of Procedures and

Guidelines is readily

accessible to all members of local management and staff via the organization's intranet.

This accessibility supports a cohesive and informed workforce, aligned with the Group's operational standards

and ethical commitments.

In further support of rigorous oversight and transparency, the JENSEN-GROUP undertakes additional reporting

activities as required by its management and/or the Audit and Risk Committee. These reports, when relevant,

are meticulously incorporated into the accounting manual.

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The

Financial Managers within the JENSEN-GROUP convene at stipulated intervals, during which they receive

updates on the latest developments in International Financial Reporting Standards (IFRS). This practice ensures

that all financial reporting remains aligned with the most up-to-date standards and reflects the most recent

accounting principles and guidelines.

Likewise, employees tasked with Environmental, Social, and Governance (ESG) reporting duties are kept

abreast of the evolving ESRS requirements, with training sessions organized as required to facilitate their

accurate application.

In a strategic move towards standardization and efficiency, the JENSEN-GROUP is in the process of transitioning

all its entities to a unified

Enterprise Resource Planning (ERP) system according to a defined schedule. The

purpose of this initiative is to ensure that all companies within the Group utilize identical software solutions for

the reporting of financial and ESG data, thereby streamlining the consolidation process.

For consolidation purposes, most of the JENSEN-GROUP companies are audited or reviewed by the same audit

firm, ensuring that key risk factors are consistently assessed across external audits of the different subsidiaries.

The external auditor reports to the Audit and Risk Committee on the findings of such audits or reviews and on

any significant issues, twice a year. Relevant findings by the Internal Audit and/or the Statutory Auditor are

reported to both the Audit and Risk Committee and to the management concerned. Periodic follow-up is

performed to ensure that corrective action has been taken.

Operational reviews

The operational performance of the JENSEN-GROUP is closely scrutinized by the EMT during the quarterly

Business Board and Financial Reviews. These sessions are comprehensive and not only encompass operational

metrics but also an in-depth financial review. This financial examination is particularly focused on identifying

significant adjustments within the income statement and working capital items, with a keen eye on any

deviations from the established budgets or forecasts. By combining both operational and financial perspectives,

these reviews enable the EMT team to maintain a holistic view of the organization's performance. This

approach facilitates timely identification of areas requiring adjustment or enhancement, ensuring that the

JENSEN-GROUP remains aligned with its strategic objectives and financial goals. By means of this rigorous

monitoring process, the EMT team plays a key role in driving continuous improvement and safeguarding the

financial stability of the organization.

Financial reviews

To safeguard the precision and reliability of its reported data, the JENSEN-GROUP's Controlling and Reporting

function undertakes a rigorous review every quarter. This review meticulously examines the financial accuracy

of all data prepared for consolidation, ensuring it is in line with the budget or rolling forecasts.

Additionally, it assesses any variances from the budget, forecast, or previous year's figures, and analyzes the

reasons behind these deviations.

Following this comprehensive evaluation, the JENSEN-GROUP's EMT is tasked with conducting a thorough

follow-up.

A key performance metric for the JENSEN-GROUP is the Return on Capital Employed (ROCE), which serves as a

pivotal benchmark in monitoring and guiding the business towards achieving optimal financial efficiency and

profitability.

In a significant step towards enhancing the transparency and precision of its financial forecasting, the JENSEN-

GROUP introduced

monthly closings for the first time in October 2023.

This initiative marked a pivotal enhancement of the Group's financial management practices and allows for

more frequent and detailed monitoring of its financial performance. This change facilitates better decision-

making by providing timely and accurate financial information throughout the year.

To ensure thorough analysis and oversight, all pertinent financial information is presented to the Audit and Risk

Committee, as well as the Board of Directors of the JENSEN-GROUP. Before any financial information is

disclosed externally, including in press releases and other financial communications, a meticulous review and

control process is undertaken, which is made up of several critical stages:

 JENSEN-GROUP Headquarters Review: Initially, the financial information undergoes a detailed review at

headquarters level by means of a close collaboration between CFO and the Group's Controlling and

Reporting function. This stage ensures that all data is accurate, complete, and consistent with the

Group's financial realities and reporting standards.

 Audit and Risk Committee Review: Subsequently, the Audit and Risk Committee conducts its own

examination of the financial information. This review focuses on assessing the integrity of the financial

data, on compliance with applicable accounting standards, and on the overall risk implications for the

JENSEN-GROUP.

 Approval by the Board of Directors: Finally, the financial information requires the approval of the Board

of Directors. This ultimate step confirms that the information meets all requisite standards of disclosure

and is aligned with the Group's strategy, governance principles, and stakeholder expectations.

ESG reviews

ESG reviews within the JENSEN-GROUP are conducted on a quarterly basis, with a particular emphasis on

scrutinizing the ESG data and its supporting documentation for accuracy and quality. The process for verifying

ESG reporting is rigorous and multi-layered, ensuring the integrity and reliability of the data presented.

The initial verification stage occurs at the local entity level, where the personnel responsible for ESG reporting

carry out the task under the direct oversight of the General Manager.

This step ensures that the data collated is accurate and well-documented at the source.

Following this, the JENSEN-GROUP employs a "two pairs of eyes principle" in order to provide a secondary level

of review at the Group level. This principle is applied once the ESG data is submitted via the designated

reporting tool, facilitating an additional layer of scrutiny to confirm the validity of the data.

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REPORT OF THE BOARD OF DIRECTORS

Once the data has been verified, local entities are directed to amend any inaccuracies identified, in preparation

for the limited assurance process conducted by an external auditor. This process is strategically synchronized

with the financial audit cycle, enhancing the cohesion and efficiency of the audit activities. The external auditor

is responsible for both financial and ESG auditing, provides a report to the Audit and Risk Committee. This

report, which is delivered annually, encompasses the findings from the review and highlights any significant

issues that were encountered.

Information and communication

The JENSEN-GROUP Controls provide management with transparent and reliable information in a form and

timeframe that enables management to carry out its responsibilities effectively.

Every year, the JENSEN-GROUP prepares a financial reporting calendar in consultation with the Board of

Directors and the Executive Management Team. This calendar is designed to allow relevant, complete, and

timely reporting to external stakeholders.

Condensed consolidated half-year information is reported each August, and the full Annual Report is published

in the month of March of the following year. In addition, the JENSEN-GROUP publishes quarterly trading

updates. Prior to any external reporting, all press releases and other financial information are subjected to

appropriate checks at JENSEN-GROUP headquarters, to a review by the Audit and Risk Committee and to

approval by the Board of Directors.

Composition of the Board of Directors

The members of the Board of Directors are appointed by a simple majority vote of the shareholders during the

Annual Shareholders' Meeting.

The Bylaws of the Company allow for appointment by co-optation, which is considered a transitional

arrangement whereby the Director-elect completes the mandate of the outgoing Director as opposed to taking

on a new mandate. For this reason, the transition period is not considered a mandate for the purpose of the

independence rule review, in which the Company looks at the total years of service on the Board of Directors.

The Bylaws further require the Board of Directors to have no fewer than three, but no more than eleven

members. Board members are elected for terms of office no longer than four years. Furthermore, Belgian law

requires that at least one third of the Board of Directors be female. JENSEN-GROUP NV is in full compliance with

this law.

The Bylaws are supplemented by the Charter of the Board of Directors, which outlines and details the Board's

role and responsibilities. This Charter is revised from time to time and includes the following major chapters:

 'Functioning of the Board', which addresses: Directors' responsibilities; the number of Board and Board

Committee meetings; the responsibilities of the Company Secretary; setting the agenda of Board meetings;

Director compensation, orientation, and training; CEO evaluation; management succession; the access of

Directors to officers and employees; and the use of independent advisors.

 'Board Structure', which addresses the size of the Board; the selection of Directors; the required

qualifications including the independence criteria; resignation from the Board; and term limits.

 'Committees of the Board', which addresses: the establishment of the Audit and Risk Committee and of

the Nomination and Remuneration Committee.

 'Other Board practice', which addresses: Directors' roles and responsibilities; the terms of reference of the

Board Chairperson and of the Executive Management Team; interaction with institutional investors,

analysts, media, customers, and members of the public at large; limitation of liability; policy to prevent

insider trading and market abuse; conflict of interest policy and code of conduct; and the evaluation of

Board performance.

For more details, please consult the Company website: www.jensen-group.com, under the heading 'Investor

Relations/Corporate Governance'.

As it has consistently done in the past, the Company selects its Board members in a manner that allows for a

balance in the profiles of the different Directors. The Company hereby seeks to ensure a balance between

executive and non-executive Directors, Directors representing shareholders and independent Directors, and in

respect of Directors' professional backgrounds, experience, and gender. The percentage of independent Board

members is equal to 57%. The Board's gender diversity ratio is 2:7.

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REPORT OF THE BOARD OF DIRECTORS

The administrative, management and supervisory bodies of the JENSEN-GROUP consist of the Board of

Directors, its Committees, and the Executive Management Team. The combined composition of these bodies is

summarized below.

Body / Role

Number of members

Total members 11

Female 2 (18%)

Male 9 (82%)

Non-executive directors (Board and Committees) 6

Executive directors (Executive Management Team) 5

Executive directors also serving on the Board 1

Employee or worker representatives* None

Collaboration with union representatives in a few local entities

The majority of the members of the Board of Directors are not related to the Company's controlling

shareholders.

The governance structure is as follows:

The composition of the Board and the attendance records and remuneration packages of the individual

Directors are as follows:

Name

Function

Indep

Term

Expiry

Attendance

Board

meetings

Committee

Attendance

committees

Remune-

ration

YquitY bv 1 Chairman V 2028 100% NRC 100%

125,

000

represented by

Mr. Rudy Provoost

SWID AG 2 Director

2029 100%

represented by

Mr. Jesper Munch

Jensen

TTP bv 1 Director V 2029 100% ARC 100%

71,

500

represented by

Mr. Erik Vanderhaegen

NRC 100%

Mr. Jobst Wagner 1 Director V 2027 100% ARC 75%

62,500

NRC 100%

Cross Culture Research

LLC 3

Director

2026 100%

40,

000

represented by Mrs.

Anne Munch Jensen

Acacia I bv 1

Director

V 2027 100% ARC 100%

53,

500

represented by Mrs.

Els Verbraecken

Mr. Daisuke Miyauchi 1 Director 2027 100%

40,

000

Total remuneration Board

of Directors

392,

500

: Non-executive Director

: Executive Director, CEO, representing the

reference shareholder

: Non-executive Director, representing the

reference shareholder

ARC: Audit and Risk

committee

NRC: Nomination and

Remuneration Committee

YquitY bv, represented by Mr. Rudy Provoost. Mr. Provoost hold a Master in Psychology from the University of

Ghent, Master in Management from Vlerick Business School, and an Executive Master in Change from INSEAD.

He has held senior leadership positions at Rexel in France, where he served as CEO and Chairman of the Board

of Directors, and at Royal Philips in The Netherlands, where he was a member of the Executive Board and

successively CEO of Philips Consumer Electronics and CEO of Philips Lighting. Currently Mr. Provoost is Chairman

of Voka (Flemish Network of Enterprises and Chambers of Commerce), Vice-Chairman of Vlerick Business

School as well as a member of the Board of Directors of Pollet Group. Mr. Provoost has been Chairman of the

Board of JENSEN-GROUP NV since May 19, 2020.

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REPORT OF THE BOARD OF DIRECTORS

SWID AG, represented by Mr. Jesper Munch Jensen. Mr. Jensen is the CEO of the JENSEN-GROUP.

TTP bv, represented by Mr. Erik Vanderhaegen. Mr. Vanderhaegen is the former CFO of the JENSEN-GROUP. He is

currently CFO of BioFirst Group. Previously, he was a certified auditor, Corporate Tax, Audit and M&A Manager

at Bekaert NV, M&A Manager at Greenyard and Managing Director of NIBC bank in Belgium.

Mr. Jobst Wagner. Mr. Wagner is Vice Chairman and co-owner of the globally active Rehau Industrial Group.

He holds several other positions such as Chairman and co-owner of Four W. Holding and is the Founder and

Chairman of LARIX Foundation.

Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen. Mrs. Jensen hold a Cum Laude BA in

Communication, in cross-cultural communication from the Annenberg School of Communication, University of

Pennsylvania, and hold a Master of Arts degree in French from Bryn Mawr College. Mrs. Jensen started her

career as an analyst at Hay Management Consultants, before heading up her own Arts Management company.

She later developed extensive training and education experience in the creation of cross-cultural curricula,

using design thinking and project-based learning approaches.

Acacia I bv, represented by Mrs. Els Verbraecken. Mrs. Verbraecken obtained her degree in Commercial

Engineering at the Catholic University of Leuven. At Credendo, the Belgian export credit agency, she focused on

political and commercial risk analysis and management. She started at DEME in 2001 managing worldwide

project risks and setting up financial plans and financing structures for many global projects. Subsequently she

was CFO of the DEME Group from April 2013 till May 2024. As from June 2024 she decided to commit herself to

her mandates as an independent director.

Mr. Daisuke Miyauchi, Non-executive Director. Mr. Daisuke Miyauchi has been the representative Director and

Chairperson of the board of Miura Co., Ltd. since April 2016.

Werner Vanderhaeghe bv represented by Werner Vanderhaeghe, Esq. Mr. Vanderhaeghe, a Senior Counsel at

the law firm Kadrant Law in Brussels, Belgium, is the Company Secretary and acts as General Counsel of the

JENSEN-GROUP. Before that, Mr. Vanderhaeghe was a partner at the international law firm White and Case LLP

(Brussels), and Senior Counsel at the international law firm Morgan, Lewis and Bockius LLP (Frankfurt and

Brussels). In addition, Mr. Vanderhaeghe held General Counsel positions at the Bekaert Group and the Agfa-

Gevaert Group.

From left to right:

Mr. Daisuke Miyauchi, Mr. Jobst Wagner, Ms. Els Verbraecken, Mr. Rudy Provoost, Mr. Jesper Munch Jensen,

Ms. Anne Munch Jensen, Mr. Erik Vanderhaegen, and Mr. Werner Vanderhaeghe.

The Board of Directors held five meetings in 2025. The topics of discussion at these meetings included:

 the JENSEN-GROUP's overall strategy, strategic plans, risk assessment, organization, rolling forecasts and

budget;

 economic and market developments;

 the JENSEN-GROUP's financial structure, financial performance, and external reporting;

 the JENSEN-GROUP's press releases;

 convening of the Annual Shareholders' Meeting;

 Long Term Incentive Plan initiative;

 investment and M&A projects;

 shareholder value creation and shareholder return;

 corporate governance and compliance;

 self-evaluation of the Board;

 re-appointment of Directors.

Depending on the items on the agenda, members of the JENSEN-GROUP's Executive Management Team were

invited to the meetings of the Board and of the Board Committees.

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REPORT OF THE BOARD OF DIRECTORS

Evaluation of the Board of Directors

From time to time, the Board of Directors and the Board Committees conduct a self-evaluation exercise to

determine the extent to which they are functioning effectively. This exercise includes the completion of a self-

evaluation questionnaire, by all Board and Board Committee members, after which the Group General Counsel

or an external party summarizes the results, trends, and comments from the individual replies.

The summaries focus on the contribution of the Board of Directors and the Board Committees to the Company

and specifically on areas in which the Board or the Executive Management believes that the Board or its

Committees could improve. The results, trends and comments are then discussed within the Board of Directors,

after which action points are derived and implemented.

In addition, informal individual assessments of the Board members are made on an ongoing basis during Board

meetings. In 2024, the Board of Directors conducted a self-evaluation exercise, the results of which were

discussed during the Board meeting of March 2024. On that occasion the Board rated its overall performance at

the 'No improvement needed' level, indicating firm agreement with the principal components of effective

governance that the Board members were asked to consider and thus assessing the Board's overall

performance as good and effective.

Committees established by the Board of Directors

Nomination and Remuneration Committee

The Nomination and Remuneration Committee consists of YquitY bv, represented by Mr. Rudy Provoost, acting

as Chairman of the Committee, Mr. Jobst Wagner, and TTP bv, represented by Mr. Erik Vanderhaegen.

The three members of the Committee qualify as independent Directors. All members of the Committee have

HR management and remuneration policy experience.

The Nomination and Remuneration Committee met twice in the course of 2025. Both meetings were attended

in part by the CEO. The topics of discussion at these meetings included:

 discussion and approval of the remuneration report and the remuneration policy;

 the Long-Term Incentive Plan initiative;

 the remuneration of and the bonuses for the Executive Management Team of the JENSEN-GROUP;

 the self-evaluation of the Committee;

 the composition of the Board of Directors;

 the re-election of members of the Board;

 the Leadership Development Program;

 HR in view of the strategic process;

 corporate governance and compliance.

In 2024, the Nomination and Remuneration Committee conducted a self-evaluation exercise, the results of

which were discussed during the Nomination and Remuneration Committee meeting of March 2024.

On that occasion the Committee hereby rated its overall performance at the 'No improvement needed' level,

indicating firm agreement with the principal components of effective governance that the Committee

members were asked to consider and thus assessing the Committee's overall performance as good and

effective.

The Nomination and Remuneration Committee uses its Charter as its terms of reference. The Charter can be

found on the Company website https://www.jensen-group.com under the heading 'Investor

Relations/Corporate Governance' and covers:

 authority;

 objectives;

 composition;

 the role of the Chairperson;

 responsibilities;

 meetings;

 attendance;

 non-consensus;

 objectivity;

 access to members of management;

 reporting and appraisal;

 the remuneration report;

 performance evaluation.

Audit and Risk Committee

The Audit and Risk Committee consists of TTP bv, represented by Mr. Erik Vanderhaegen, acting as Chairman of

the Committee, of Mr. Jobst Wagner and of Acacia I bv, represented by Ms. Els Verbraecken.

The three members of the Committee qualify as independent Directors. All members of the Committee possess

expertise in the activities of the Company, and the majority have accounting and audit experience.

The Audit and Risk Committee met four times in the course of 2025. Two meetings were held in the presence

of the external auditor Deloitte Bedrijfsrevisoren BV, represented by Ms. Charlotte Vanrobaeys.

The topics of discussion at these meetings included:

 Risk Management and Internal Control System;

 summary management letters external auditor;

 internal audit;

 consolidated financial results;

 findings of the external auditor on the financial statements as at December 31, 2024;

 findings of the review procedures on the condensed financial statements as at June 30, 2025;

 audit plan of external auditor;

 financial statements including non-financial information, condensed financial statements and ESEF;

 the JENSEN-GROUP's financial structure;

 press releases including trading update;

 shareholder value creation and shareholder return;

 cash management;

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REPORT OF THE BOARD OF DIRECTORS

 tax audit and transfer pricing;

 local finance organizations assessments;

 insurance;

 corporate governance and compliance;

 self-evaluation of the Committee;

 non-audit fees;

 investment and M&A projects including Purchase Price Allocation;

 digitalization process;

 export control and compliance;

 mandate of external auditor.

In 2024, the Audit and Risk Committee conducted a self-evaluation exercise, the results of which were

discussed during the Audit and Risk Committee meeting of March 2024. On that occasion the Committee

hereby rated its overall performance at the 'No improvement needed' level, indicating firm agreement with

the principal components of effective governance that the Committee members were asked to consider and

thus assessing the Committee's overall performance as good and effective.

The Audit and Risk Committee uses its Charter as its terms of reference. The Charter can be found on the

Company website https://www.jensen-group.com under the heading 'Investor Relations/Corporate

Governance' and covers:

 roles and responsibilities;

 the number of meetings;

 the composition of the Audit and Risk Committee;

 the role of the Chairperson;

 the presence of the external auditor;

 performance evaluation.

Senior management attends each Audit and Risk Committee meeting in part, the remainder of the meeting

being reserved for an executive session with the external auditor for the Committee members only.

Conflicts of interest within the Board of Directors

As required under the 2019 Companies and Associations Code, the members of the Board of Directors are

expected to give the Board Chairperson prior notice of agenda items in respect of which they have a direct or

an indirect conflict of interest with the Company, either of a financial or other nature, and to refrain from

participating in the discussion and voting on those items. The Board of Directors and the Board Chairperson

constantly monitor potential conflicts of interest that do not fall within the definition as set forth by the 2019

Companies and Associations Code. The review of potential conflicts of interest is therefore a standard item on

the agenda of each meeting of the Board of Directors.

In the course of 2025, several potential conflicts of interest arose at the meetings of the Board of Directors

related to (i) the re-appointment of a Board members, (ii) the dividend proposal, (iii) the remuneration report

including the increases in the base salaries and the bonus targets for 2025 for the members of the executive

management (and the CEO), and (iv) the discussion on the share buy-back program. In the context of the latter

discussion, Article 7.97 of the 2019 Companies and Associations Code, including the review of a

recommendation by a committee of independent directors, was applied to the decision to further implement

the share buy-back program and mandate. As reported above, the relevant extracts from the minutes of said

meetings of the Board of Directors are set forth in Annex I and enclosed as an exhibit to this Annual Report.

In case of doubt, written confirmation of the reasons for the absence of a conflict of interest as more broadly

defined is sought from the Director or the senior executive involved.

Policy to Prevent Insider Trading

JENSEN-GROUP NV has had a longstanding policy on insider trading and the prevention of improper conduct or

the appearance of such behavior. Following the introduction of new EU legislation and applicable regulations

on market abuse, the Board of Directors revised its guidelines on the subject as set forth in a 'Protocol to

Prevent Market Abuse'.

The purpose of this Protocol is, inter alia, to inform:

 Any person who possesses inside information (either as a shareholder, Director, member of the

Executive Management Team, employee, service provider or any other person by virtue of their

position, duties, or employment) of: (i) their legal and regulatory duties regarding the prevention of

insider dealing, tipping and the unlawful disclosure of inside information; and of (ii) the applicable

sanctions;

 Any person who has been identified as a Reference Shareholder, Key Manager, Person with

Management Responsibility or Key Employee of the Company, of the fact that they and, by extension,

their spouses, children of age living at home and advisors, may under no circumstances trade the

Company's securities during a closed period, i.e.:

 The period of 60 calendar days immediately preceding the announcement of the Company's

annual results and extending through and including 48 hours following such announcement;

 The period of 30 calendar days immediately preceding the announcement of the Company's

half-year results and extending through and including 48 hours following such announcement;

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REPORT OF THE BOARD OF DIRECTORS

 The period of 30 calendar days immediately preceding the announcement of the Company's

quarterly trading updates and extending through and including 48 hours following such

announcement.

 Any person who has been identified as a Reference Shareholder, Key Manager, Person with

Management Responsibility or Key Employee of the Company, of the fact that they and, by extension,

their spouses, children of age living at home and advisors, must notify the Compliance Officer of the

Company and the Belgian Regulator (i.e., the Financial Services and Market Authority or “FSMA”) of

every transaction in the Company's securities if and when the total amount of transactions has reached

or exceeds the threshold of 5,000 euros within a given calendar year.

The Group requires a signed statement from all those concerned, acknowledging that they have read the

Protocol to Prevent Market Abuse, that they understand its content and that they agree to comply with its

provisions.

Notwithstanding the above, all trading in the Company's shares requires prior authorization from the

Compliance Officer. In addition, all Directors and members of the Executive Management Team are required

to inform the Compliance Officer on a quarterly basis of any trading activity or to confirm any non-trading in

the Company's shares. Mrs. Scarlet Janssens is the Compliance Officer of the JENSEN-GROUP NV.

As at December 31, 2025, the members of the Board of Directors and the Executive Management Team

jointly held 34,386 shares. Mrs. Anne Munch Jensen, and Mr. Jesper Munch Jensen indirectly own shares in

the JENSEN-GROUP NV, as detailed in Note 8 – Equity below. No warrants are outstanding.

The Policy to Prevent Insider Trading and the relevant provisions of the Protocol to Prevent Market Abuse are

included in the Charter of the Board of Directors. The Charter can be found on the Company website

https://www.jensen-group.com under the heading 'Investor Relations/Corporate Governance'.

Sustainability related topics addressed by supervisory bodies and management

Sustainability has been part of the JENSEN-GROUP's DNA for many years. To increase the impact of the

Group's measures, ESG has been added as a strategic business driver. In 2023, this resulted in the

appointment of a Head of Corporate Sustainability reporting directly to the Executive Management Team. By

creating this new position, the Group has taken the necessary steps to ensure that business practices,

products and services are environmentally friendly and comply with legal as well as ESG requirements and

regulations. By doing this, the Board of Directors has reaffirmed its commitment to ensuring responsible and

sustainable leadership. The experience of the Board of Directors spans key sectors, products, and geographic

locations relevant to our operations, ensuring informed guidance and decision making across our global

footprint and regarding sustainability risks and opportunities. JENSEN-GROUP has been reporting according to

the ESRS since 2024.

The responsibilities for overseeing impacts, risks, and opportunities related to sustainability are clearly

defined. The management's role in governance processes is crucial, with oversight responsibilities of

sustainability risks and opportunities delegated to the Executive Management Team, which reports directly

to the Board of Directors through established reporting lines. Dedicated procedures and controls are in place

for monitoring sustainability risks and are integrated with our internal functions for effective management

and oversight. The Executive Management Team holds quarterly meetings with the Head of Corporate

Sustainability to discuss sustainability priorities and targets. The Board of Directors and its Committees

receive a quarterly ESG update from the Executive Management Team on the topics discussed and decided

with the Head of Corporate Sustainability. These updates include the implementation of due diligence

processes, the results and effectiveness of the policies and actions implemented, as well as key metrics and

progress towards the targets set to address these matters. This reporting ensures that our governance

bodies remain well-informed and equipped to make decisions that align with our sustainability objectives.

When overseeing the Company's strategy, major transactions, and risk management processes, the Board of

Directors actively considers the sustainability impacts, risks, and opportunities identified. The integration of

these factors into strategic decision-making is embedded in the governance structure, ESG being one of six

strategic drivers led by the Head of Corporate Sustainability. This approach showcases the central role

sustainability plays in all relevant decisions.

To ensure that the Group has the necessary expertise to address sustainability matters, the administrative

management and supervisory bodies regularly evaluate the available skills and seek to develop further

expertise by means of training or by involving external experts. This ensures that the Board of Directors can

effectively oversee the material sustainability impacts, risks, and opportunities that the Group is facing.

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REPORT OF THE BOARD OF DIRECTORS

The sustainability-related expertise is closely aligned with the material risks and opportunities identified in

the Group's business, allowing management to set informed targets and closely monitor progress toward

achieving them. The Group has established the same governance for financial and sustainability reporting.

The Audit & Risk Committee monitors the financial and sustainability reporting process, including a review of

the risk assessment, of internal controls, and of their operational effectiveness. The JENSEN-GROUP is

committed to ensuring the accuracy of its financial and sustainability reporting. Financial reporting is audited

by an independent audit firm that is also in charge of verifying the sustainability data for limited assurance.

The following material impacts, risks, and opportunities (IROs) have been addressed by the Group's

administrative, management, and supervisory bodies during the reporting period:

 Environmental IROs: deeper analysis of actions to reduce Scope 2 and 3 use-phase emissions and

development of service and aftermarket offerings for improved equipment durability and repairability.

More stringent checks for harmful substances were introduced as part of the updated ESG criteria in

the purchasing guidelines;

 Social and governance IROs: tracking of ethical business practices reinforced through the roll-out of

Code of Conduct training for all employees and the introduction of enhanced supplier purchasing

guidelines to underscore the importance of suppliers with a Code of Conduct. Launch of the ESG

Influencer initiative to embed sustainability more deeply within the company's culture.

In the due diligence process of the double materiality assessment, no new material topics or targets were

identified, and the attention of the Executive Management Team was directed toward consolidating and

deepening the implementation of existing sustainability priorities across the Group. The Board of Directors and

its Committees were kept informed about the outcome of the double materiality assessment and the

material topics requiring disclosure under the ESRS.

For more information on sustainability topics, please refer to the sustainability statement that forms part of

the present Annual Report.

Executive Management

The Board of Directors of JENSEN-GROUP NV chose to consolidate its existing single-tier structure as referred to

in Article 7:85 et seq. of the 2019 Code of Companies and Associations with the powers of day-to-day

management held by the Executive Management Team, as opposed to supervision and control by the Board of

Directors, clearly defined and aligned.

During the course of 2009, an Executive Management Team was appointed, consisting of the Chief Executive

Officer (CEO), the Chief Financial Officer (CFO), the Chief Operating Officer (COO) and the Chief Digital Officer

(CDO). From January 1, 2024 onwards, the Group appointed a Chief Innovation Officer (CIO). The CEO chairs the

Executive Management Team meetings.

The Executive Management Team is responsible for:

 The execution of the overall JENSEN-GROUP strategy that is developed by the Board of Directors;

 The introduction and implementation of an internal control framework and risk management processes

that are in line with the nature, organization, and size of the JENSEN-GROUP;

 The implementation and deployment of the Ethical Business Policy Statement and the Suppliers' Code of

Conduct;

 The preparation of the financial and sustainability statements and disclosures;

 The report of the CEO and CFO to the Board of Directors with regard to the financial situation and the

sustainable activities of the JENSEN-GROUP;

 The presentation, at regular intervals, to the Board of Directors of all information necessary for the

Board to carry out its duties; and

 The evaluation of the manufacturing footprint.

The Executive Management Team meets at least every quarter and consists of:

 Mr. Jesper Munch Jensen, CEO;

 Mr. Doga Cagdas, CFO;

 Mr. Fabian Lutz, CDO;

 Mr. Martin Rauch, COO;

 Mr. Mads Andresen, CIO.

From left to right: Mr. Mads Andresen, Mr. Doga Cagdas, Mr. Jesper Munch Jensen, Mr. Martin Rauch and Mr. Fabian Lutz.

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REPORT OF THE BOARD OF DIRECTORS

Mr. Jesper Munch Jensen, permanent representative of SWID AG, started his career at Swiss Bank Corporation

and worked as a stockbroker on the Swiss Stock Exchange (1984-1987). After obtaining an MBA degree from

Lausanne Business School, he joined the JENSEN-GROUP as an Assistant General Manager of JENSEN Holding

(1991). Mr. Jensen became CEO of the JENSEN-GROUP in 1996.

Mr. Doga Cagdas holds a Bachelor's degree in Economics from Koc University, Istanbul, and an Executive MBA

from the TRIUM Global Executive MBA program, a collaboration among NYU Stern, LSE, and HEC Paris. He began

his career at Arthur Andersen as a financial auditor before joining General Electric's Financial Management

Program in Paris. Over seven years with GE, he held various finance positions across France, Germany, and

Belgium.

In 2008, Doga transitioned to WABCO Holdings in Belgium, where he held several leadership roles including

Sourcing & Purchasing Finance Leader, Business Unit and Division Finance Leader, Global VP of FP&A, and

Global Commercial Finance VP. He also led WABCO's Mergers and Acquisitions Department, overseeing various

acquisitions and divestitures. In 2019, Doga joined Schreder as Global CFO, where he led the company's digital

transformation project. He later served as Global CFO at AGP Glass before assuming his current role at JENSEN-

GROUP.

Mr. Mads Andresen holds a Bachelor of Science in Software Engineering from the University of Southern

Denmark in Odense. After finishing his studies in 2001, he founded a few mobile robotics and

software development companies. From 2003 onwards, Mads worked for three years at B&R Industrial

Automation (a member of the ABB Group) as a software application developer, writing software for machines

and robots in various industries. This was followed by three years working as a software developer at a small

family-owned Danish company manufacturing machines for industrial laundries. In 2009, Mr. Andresen co-

founded Inwatec ApS, a JENSEN-GROUP partner company since 2018. He was appointed to the position of Chief

Innovation Officer in 2024.

Mr. Fabian Lutz holds graduate degrees in Project Management and Telematics/Information as well as a

certificate of advanced studies in Business Intelligence from the Bern University of Applied Sciences. After

completing his practical training as federally qualified Mechanical and Automation Engineer at Landis and Gyr

(now Siemens) in Zug, Switzerland, Mr. Lutz joined the JENSEN-GROUP in 1999 as IT manager for its Swiss

operations. Mr. Lutz was appointed Head of ICT for the JENSEN-GROUP in 2008. Since January 2020, he has

served as CIO of the JENSEN-GROUP and was appointed Chief Digital Officer in 2021.

Mr. Martin Rauch holds a Bachelor of Science degree in Electrical Engineering. After completing his studies in

1989, he joined JENSEN AG Burgdorf and held various positions in technical and commercial areas. Mr. Rauch

became General Manager of JENSEN AG Burgdorf in 2003 and Managing Director of JENSEN SWEDEN AB

following the formation of the Garment Technology Business Unit in 2006. Mr. Rauch joined the Executive

Management Team in 2009 and held various functions. He was appointed to the position of Chief Operating

Officer in 2021.

Remuneration Report

Remuneration Policy

The remuneration policy of the Company is intended to attract and retain the best qualified and talented

directors, executives and employees required to support the long-term development and growth of the

JENSEN-GROUP. By offering a competitive compensation package, the Company seeks to stimulate individual

performance and to align the individual interests of its directors, executives, and employees with those of the

shareholders and other stakeholders.

The market conformity of the compensation packages of the Board of Directors and the Executive Management

Team is periodically reviewed by the Nomination and Remuneration Committee with the support of external,

independent advisors.

The shareholders approved the remuneration policy at the Annual Shareholders' Meeting held on May 21,

2024.

The remuneration policy can be found on the Company website: https://www.jensen-group.com under the

heading 'Investor Relations/Remuneration Policy'.

Remuneration of the Board of Directors

The remuneration of the non-executive Directors is based on their responsibilities and their specific tasks within

the Board of Directors. Except for the Board Chairman, the fees for the non-executive Directors consist of a

fixed remuneration of 22,000 euros per year, and an attendance fee of 3,000 euros per Board meeting, or

1,000 euros if the meeting is held by telephone. Members of Board Committees receive a fixed fee of 7,500

euros per year and an attendance fee of 1,500 euros per meeting. The Chair of a Committee receives an

additional fixed fee of 15,000 euros per year. The Board Chairman in turn receives a fixed fee of 125,000 euros

per year, which is deemed to correspond to the actual services to be rendered. Directors do not receive any

variable compensation, and the CEO does not receive any compensation as a member of the Board.

The shareholders approved the remuneration policy at the Annual Shareholders Meeting held on May 21, 2024.

At the Annual Shareholders Meeting held on May 20, 2025, the shareholders approved the remuneration

report by a large majority. No changes to the remuneration report were therefore required.

The attendance fees as outlined on page 140 of this Annual Report are construed to contribute to the long-

term commitment to the Group.

In 2025, the total fees paid to Board members and members of the Board Committees amounted to 392,500

euros.

Mr. Jobst Wagner owns 18,220 shares. SWID AG, represented by Mr. Jesper M. Jensen, owns 15,000 shares.

Mrs. Anne Munch Jensen and Mr. Jesper Munch Jensen each own 2,333 shares and indirectly own shares in the

JENSEN-GROUP NV, as detailed in Note 8 – Equity below.

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REPORT OF THE BOARD OF DIRECTORS

No warrants are outstanding and there are no stock option plans for the non-executive Board members. No

Director can receive any fee in the context of a public take-over bid nor are there any agreements or

arrangements that will change or cease to apply in the event of a public takeover bid.

Remuneration of the Executive Management Team

At the Annual Shareholders Meeting held on 20 May 2025, the shareholders approved the 2024 remuneration

report, of which the remuneration paid to the Executive Management Team forms an integral part, by a large

majority.

The Nomination and Remuneration Committee prepares all recommendations relating to the appointment and

the remuneration of the Executive Management Team based on proposals by the CEO. The Committee

discusses the remuneration policy, the pay levels, and the individual performance evaluations of members of

the Executive Management Team in detail.

In doing so, the Committee assesses whether remuneration levels are in line with prevailing market conditions

and periodically benchmarks the market conformity of compensation packages with the support of external,

independent advisors. At its meeting on 4 November 2025, The Nomination and Remuneration Committee

reviewed the remuneration of the Executive Management Team and recommended certain increases to ensure

continued market alignment. Readers are referred to the relevant sections of this Annual Report for a detailed

description of the operating results of the different divisions of the JENSEN-GROUP, and, consequently of the

remuneration of the Executive Management Team.

The external auditor reviews whether the remuneration paid to the Executive Management Team is consistent

with the amounts proposed by the Nomination and Remuneration Committee and approved by the Board of

Directors.

The remuneration of the Executive Management Team consists of a base salary, an annual short term incentive

plan and a multi-year long term incentive plan. The short term incentive plan, bonus payments, is paid in cash

or allocated to pension plan contributions, depending on the manager's country of residence. In addition,

executive managers may receive life insurance, other customary insurances, and benefits. Appointments to the

Board of Directors of certain subsidiaries can also be remunerated. Executive managers are provided with all

resources necessary to perform their duties.

Where pension plans are customary, the Executive Management Team participates in such.

As set forth in the above section on Remuneration of the Board of Directors, the CEO does not receive any

compensation as a member of the Company's Board of Directors.

Total gross salaries paid to the Executive Management Team, including the CEO, during the course of 2025

amounted to 3,194,485 euros. As required by the 2019 Companies and Associations Code, the salaries of the

members of the Executive Management Team are disclosed on an individual basis. The total amount is made

up as follows:

2025 2025 2025 2025 2025

In euros

CEO CFO CDO COO CIO

Basic remuneration

224.305

392.694

241.177

Invoiced services

864.190 420.000

One-year variable remuneration

529.980

72.450**

73.630

233.162

49.441

Fixed expenses

5.122

12.805

Fringe benefits

8.247

6.339

19.877

Pension plan

7.742

14.030

19.294

Total

1.394.170 492.450

319.046

659.030

329.789

Proportion fixed and variable: Fixed

62% 85% 77% 65% 85%

Proportion fixed and variable: Variable

38% 15% 23% 35% 15%

** CFO is EMT member as per October 1, 2024

2024 2024 2024 2024 2024 2024

In euros

CEO CFO

CFO -

elect

CDO COO CIO*

Basic remuneration

386,311

220,659

386,311

188,742

Invoiced services

848,853 105,000

One-year variable remuneration

353,577

223,557

72,433

212,471

Fixed expenses

12,597

5,039

12,597

Fringe benefits

7,369

7,558

6,236

21.276

Pension plan

13,650

7,597

13,750

15,099

Total

1,202,430 643,484

105,000 313,286

631,365

225,117

Proportion fixed and variable: Fixed

71% 65% 100% 77% 66% 100%

Proportion fixed and variable: Variable

29% 35% 0% 23% 34% 0%

* CIO is EMT member as per January 1, 2024 hence the bonus related to 2023 is not disclosed.

The basic remuneration includes the salaries of the members of the Executive Management Team and

represents their total fixed compensation before local taxes and obligatory pension contributions. The basic

remuneration includes the remuneration received for appointments to the Board of Directors of certain

subsidiaries.

The CEO and CFO invoice their services respectively via SWID AG and via DBA Consulting BV, separate

companies owned by the CEO and CFO. The amounts disclosed above consist of the amounts, totaling

1,284,190 euros (848,853 euros in 2024), that the Companies invoiced to JENSEN-GROUP NV. Invoiced services

include basic remuneration, fixed expenses, fringe benefits and pension plans.

The variable compensation part of the remuneration of the Executive Management Team members is targeted

at 30% to 50% of the annual base salary. In the case of the CEO, the variable compensation is targeted at up

to 70% of the annual base salary. No variable compensation is paid below a minimum performance threshold

of 85% while in case of overperformance, variable compensation is capped at 130%.

The variable

remuneration of the CEO and the Executive Management Team is based on performance against the following

objectives:

 Individual, qualitative objectives for 30% to 50% of the total target amount.

Qualitative objectives focus on important projects and actions to be realized during the year.

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REPORT OF THE BOARD OF DIRECTORS

 Quantitative objectives for 50% to 70% of the total, divided between:

 the financial results against the JENSEN-GROUP targets in terms of profitability, capital

employed, specific elements of capital employed and/or cash flow;

 the financial results against the target of the unit for which the individual manager is

accountable.

The JENSEN-GROUP targets are defined by the Board of Directors following review and discussion in the

Nomination and Remuneration Committee. The targets are defined as part of the annual budget review

process, in which the budget is evaluated in the context of the strategic plan.

Depending on the applicable legislation and on the manager's preferences, the variable remuneration is paid

out in cash, into the managers' pension plan, or in the form of other benefits.

The variable compensation paid out in cash to the individual members of the Executive Management Team in

2025, based on the performances of 2024, amounted to 958,663 euros. For 2025, the JENSEN-GROUP targets

were set based on the operating profit and revenue, and the performance criteria were applied on an

individual basis as required by art. 3:6 of the 2019 Companies and Associations Code. More details about the

weightings and the performance measured are listed below:

(In thousands of euros) Weight

Performance

measured

Corresponding remuneration

Criteria Revenue

10%-20% On and below target 40,550

Criteria EBIT

50%-100% Above and below target 675,787

Personal targets

30% - 50% On target 242,325

The KPIs as outlined above are determined to support the Group’s long-term performance.

In March 2025, the Board of Directors approved a Long-Term Incentive Plan (LTIP) for the Executive

Management Team, the Jensen Management Team and various selected General Managers. The LTIP is

designed to align the interests of the executive management members with the strategic objectives of JENSEN-

GROUP and to reward them for their contribution in the implementation and realization of the strategic plan.

Upon successful achievement of the strategic plan targets within the predetermined timeframe, as determined

by the Board of Directors, the eligible members will receive a compensation.

As at December 31, 2025, a provision of 3.2 million euros has been recognized in this respect.

The LTIP provides for a cash bonus equal to one (1) year base salary and payable in two installments:

 50% after the first year upon achieving the 60/600 Strategic Plan Targets;

 50% after maintaining and delivering the 60/600 Plan Targets for a second consecutive year.

The 60/600 Strategic Plan Targets include revenue and profit goals, operational efficiency metrics and certain

other KPIs essential for the long-term growth of the JENSEN-GROUP. In the event of partial achievement in any

of the two years, the corresponding 50% of the cash bonus will not be paid.

Fixed expenses relate primarily to representation allowances.

The fringe benefits include the value of the company cars and of the related car insurance premiums.

The pension plan is the contribution of the employer to a pension plan above contributions required by law.

Three managers participate in a defined benefit plan.

No warrants are outstanding, and there are currently no stock option plans.

The agreements with respect to the termination of senior managers vary from country to country, subject to

the locally applicable legislation. Legal regulations apply in countries where a legal framework exists, while a

severance payment of up to, but not exceeding, two years' salary is granted in the case of countries where

there is no legal framework.

Mr. Jesper Munch Jensen has a severance pay arrangement of 18 months, which is deemed in line with current

market practice based on periodic reviews of the market conformity of the compensation packages of the

Executive Management Team by the Nomination and Remuneration Committee.

There was no termination of a senior manager in 2025. The CFO, Mr. Markus Schalch, decided to retire from his

position on February 28, 2025.

There are no change-of-control clauses included in the management contracts, and no manager can receive

any fee or benefit, whether directly or indirectly, in the context of a public take-over bid.

Two managers have a two-year non-compete clause that can be exercised at the request of the Company. No

special compensation is given in the event of voluntary departure.

No loans have been granted to members of the Executive Management Team. No unusual transactions or

conflicts of interest have occurred.

The Executive Management Team holds a total of 18,833 shares in the following manner:

 SWID AG, represented by Mr. Jesper M. Jensen, owns 15,000 shares. Mr. Jesper Munch Jensen owns

2,333 shares and indirectly owns shares in the JENSEN-GROUP NV, as detailed in Note 8 – Equity below;

 Mr. Martin Rauch owns 1,500 shares.

Clawback clause

There are no specific agreements or systems that give the Company the right to claw back paid variable

compensation once paid. As reported in the Statement of Corporate Governance above, the Company currently

departs from Recommendation 7.12 of the 2020 Code. This departure is explained by the fact that the

Company applies a Remuneration Policy of setting performance targets and paying out variable compensation

in line with achievement levels on an annual basis and based on certified, audited and publicly disclosed

financial results.

There are no deviations from the Remuneration Policy to report.

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REPORT OF THE BOARD OF DIRECTORS

The annual changes regarding remuneration, of the performance of the Company and the average

remuneration of employees (excluding the Board of Directors and the Executive Management Team) over the

last five years, are as follows:

(In thousands of euros) 2025 2024 2023 2022 2021

Total remuneration excluding BoD and

EMT

150,313

129,182 117,191 98,667 81,209

Average number of employees

2,264 1,945 1,693 1,400 1,306

Avg remun. on an average FTE basis of

the employees (excl. BoD and EMT)

67 67 69 71 62

Revenue 540,776 453,166 400,121 341,638 259,717

EBIT

68,805

50,737 40,744 22,413 21,329

Working Capital

214,668

180,636 151,960 127,894 90,686

The ratio between the renumeration of the least-paid employee and that of the highest-paid executive,

expressed on a full-time equivalent basis, within the JENSEN-GROUP is 1%, with the caveat that the basis for

calculating this ratio is global and encompasses a wide range of countries, functions, and roles. Overall, the

Company has embedded the Social Corporate Responsibility principles into its business model.

The shareholders approved the remuneration report at the Annual Shareholders' Meeting held on May 20,

2025.

It’s a very down-to-earth workplace. You have access to help when you

need it and support, simply put.

Johan

“

”

Risk management

Risks related to the JENSEN-GROUP's financial situation.

Net profit depends on reaching a certain level of sales to absorb overhead costs

Any major drop in activity has an immediate effect on operating profits. The JENSEN-GROUP's manufacturing

platform is composed of ten factories in five countries on three continents:

 Denmark: JENSEN Denmark in Rønne and Hasle, and Inwatec ApS in Odense

 Sweden: JENSEN Sweden in Borås

 Germany: JENSEN GmbH in Harsum, MAXI-PRESS in Eichenzell, and P-E in Bürstadt

 USA: JENSEN USA in Panama City, FL, and JENSEN Braun in Syracuse, NY

 China: JENSEN China in Xuzhou.

Each production and engineering center (PEC) specializes in a specific area of the laundry operation

(washroom, finishing technology, material handling) or in a specific type of linen (flatwork, garment, or special

applications such as mats, continuous roller towels or wipers).

The JENSEN-GROUP has its own distribution channels (SSC Sales and Service Centers or Sales Support) in the

most important markets: Australia, Austria, the Benelux, Brazil, China, Denmark, France, Germany, Italy, the

Middle East, New Zealand, North America, Norway, Singapore, Spain, Sweden, Switzerland, and the United

Kingdom and the Gulf Countries in the Middle East.

From October 2023 onwards, the Japanese market is being served via Inax ltd, the JENSEN-GROUP's Joint

Venture in Japan and one distributor.

Each SSC is staffed to deliver turnkey projects and systems, as well as single-machine sales and after-sales

services.

Alongside the SSCs, the JENSEN-GROUP has sales representatives in: the Czech Republic and Poland.

Furthermore, the JENSEN-GROUP has an experienced distributor network in more than 50 countries.

The heavy-duty laundry market is heavily reliant upon technical knowledge. Within each PEC and SSC, the

JENSEN-GROUP maintains the supporting functions required to administer the legal entity. In order to absorb

these overheads, a sufficient level of activity and production volume is required. Activity levels, however can

be influenced by factors beyond the Group's control. As the Group’s products are investment goods, the

international investment climate in healthcare, hospitality (hotels and restaurants), and industrial textile care

can significantly influence overall market demand and sales opportunities. The impact of a sudden decline in

revenue cannot be fully offset by a decrease in overheads and infrastructure costs, and may therefore have an

adverse impact on the Group's activity level, operating result, and financial situation. Given the strong reliance

on technical expertise within the sales back-office and support functions, short-term restructuring of these

functions is challenging in the event of a significant decline in activity. Any restructuring measures are further

constrained by local regulations, which may result in significant costs, as evidenced during the financial crisis

and the COVID-19 pandemic.

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REPORT OF THE BOARD OF DIRECTORS

The economic, political and currency risks of selling products in foreign countries

Sales of equipment and projects to international customers represent a major part of the Group's net revenues.

Demand for the JENSEN-GROUP products may be affected by economic and political conditions in each of the

countries in which the products are sold, and by certain other risks of doing business abroad, including currency

fluctuations. Exchange rate fluctuations between the major currencies used in the Group's operations are

hedged as much as possible, these being the AUD, CHF, CNY, DKK, EUR, GBP, JPY, NOK, NZD, SEK, SGD, and USD.

Interest rate fluctuations could have an adverse effect on revenues and financial results

The JENSEN-GROUP is exposed to market risk associated with adverse movements in interest rates. A general

increase in interest rates might have a negative impact on the overall investment climate and on the

investment capacity of the customers and as a result, the Group's business revenues, profits and financial

situation could be adversely affected.

With a view to the direct financial impact of interest rate fluctuations on the Group's borrowings, the Group

maintains long-term interest rate hedges and loans with fixed interest rates to limit this risk.

The use of debt could adversely affect the Group's financial health if applicable covenants are not compiled

with

Because of the strength of its balance sheet, the JENSEN-GROUP prefers to avoid as much as possible

borrowing agreements holding firm commitments on covenants.

The Group's major financial institution

partners are Nordea, KBC and Nykredit. The Group’s borrowing agreements currently do not include covenants.

The insolvency of any bank could have a negative effect on the JENSEN-GROUP's cash position

The insolvency of one of its financial institution partners could have a significant impact on the cash position of

the JENSEN-GROUP. The Group spreads its cash position across different banks and different investments to

mitigate the risk of any bank becoming insolvent.

To service its debt, the JENSEN-GROUP will require a certain amount of cash flow, which depends on many

factors beyond the Group's control

The ability to make scheduled payments of principal and interest on debt, to fund the JENSEN-GROUP's planned

capital expenditures and research and development efforts, as well as its expansion capacity, will depend on

the Group's ability to generate cash, on future operational and financial results and on the development of the

major financial institutions it works with. These institutions, to a certain extent, are subject to the risk factors

mentioned above.

Risks related to the JENSEN-GROUP's business activities and industry

The JENSEN-GROUP's main customers are becoming larger as a result of ongoing consolidation and increasing

internationalization.

An significant part of the business consists of delivering solutions and machines to the textile rental industry.

Continued consolidation and internationalization within this sector are leading to a growing share of the

business becoming dependent on relationships with these larger customer groups.

Price fluctuations or shortages of raw materials, supply chain disruption and the possible loss of suppliers could

adversely affect operations

The JENSEN-GROUP purchases a wide range of components and raw materials including black iron, stainless

steel, aluminum, and electronic components. The prices and availability of these inputs are subject to

fluctuations in duties, market conditions affecting supply and demand, and shortages. Given the competitive

market of heavy-duty laundry machinery, there can be no assurance that increases or decreases in raw

material and other costs will quickly be reflected in higher sales or lower purchase prices. Nor can there be any

assurance that the loss of suppliers or components would not have a material adverse effect on the JENSEN-

GROUP's business, operating results and financial situation. Currently, the Group does not undertake any

commodity hedging.

The JENSEN-GROUP operates in a competitive market

Within the worldwide heavy-duty laundry machinery market, the JENSEN-GROUP encounters several

competitors, both small and large. It cannot be excluded that significant new competitors or increased

competition from existing competitors will not have an adverse effect on business, operating results and/or

the Group's financial situation. The heavy-duty laundry machinery market is a technical investment goods

market in which technical support is very important to the customer, and in which local presence therefore

forms an important factor.

In addition, the Group may face competition from companies outside of the United States or Europe, which

have lower costs of production (including labor or raw materials). Such companies may pass on these lower

production costs as price decreases to customers, as a result of which the Group's revenues and profits could

be adversely affected.

Vendor financing

In certain cases, customers may face difficulties in securing financing to invest in expansion or equipment

renewal. Under specific conditions, the JENSEN-GROUP offers financing solutions to customers to facilitate such

investments.

This results in exposure for the Group in terms of having to recover machinery over the lifetime of the

financing contract. This exposure is managed by aligning the take-back prices as closely as possible with fair

second-hand market values. In addition, the total amount of vendor financing granted is closely monitored and

capped by management.

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REPORT OF THE BOARD OF DIRECTORS

Geopolitical risks

The JENSEN-GROUP operates worldwide, with important production sites in China, the USA, Europe, and Japan,

among others.

Considering recent geopolitical developments around the world, changes to import duties regimes and trade

restrictions are possible.

Moreover, armed conflicts and geopolitical tensions between nations, states or other parties have occurred

recently. Such events can have humanitarian consequences and may result in travel restrictions and economic

disruptions, significantly affecting the hospitality sector, ongoing projects, or insurance coverage. The Group

mitigates these risks by maintaining back-up plans for its production activities.

Policy choices can affect the healthcare sector

The JENSEN-GROUP sells to industrial laundries which amongst other things, handle linen for the healthcare

sector. Policy choices at country level can affect the standards of hygiene or the financial capacity of hospitals.

Such choices include regulations that may change the standard of circular re-used linen as well as disposable

linen. These may affect sales at specific points in time and increase the costs of product development to find

solutions that enable the most stringent hygiene requirements to be met.

The JENSEN-GROUP may incur product liability expenses

The JENSEN-GROUP is exposed to potential product liability risks arising from the sale of its products, particularly

in the washroom and the finishing areas, and work accidents linked to them. In addition to direct expenditure

for damages, settlements and defense costs, there is a possibility of adverse publicity because of product

liability claims. The Group's insurance policies may not fully cover its potential liabilities, and this may

materially and adversely affect its business, operating results and financial situation.

The JENSEN-GROUP is subject to risks of future legal proceedings

At any given time, the JENSEN-GROUP is a defendant in various legal proceedings and litigation arising in the

ordinary course of business. The costs and potential economic consequences of any legal proceedings are

difficult to quantify and may be high, particularly in the case of product liability. Although insurance coverage is

maintained, there is no guarantee that this coverage will be adequate to fully protect against all material

expenses related to potential future claims for personal injury or property damage or that such coverage will

remain available in the future at economically acceptable terms, or at all.

A significant judgment not in our favor, the loss of a significant permit or other approval, or the imposition of a

significant fine or penalty could have an adverse effect on the Group's business, financial situation and

prospects/reputation.

Environmental, social and governance risks

The JENSEN-GROUP is dependent on personnel

The JENSEN-GROUP is dependent on the continued services and performance of the senior management team

and of employees in all areas.

The employment contracts of members of the senior management team and of key employees are for

indefinite periods of time. The Group is confronted with challenges when it comes to recruiting sufficient

qualified employees and replacing key employees. This could have a material adverse effect on the Group's

business, its operational performance and financial situation due to those employees' experience and

knowledge of business and customer relationships.

The nature of the business exposes the JENSEN-GROUP to potential liability for environmental claims and to the

adverse effects of new and more stringent environmental, health and safety requirements

The JENSEN-GROUP is subject to comprehensive and frequently changing federal, state, and local,

environmental, health and safety laws and regulations, including CSRD compliance, laws and regulations

governing emissions of air pollutants, discharges of waste and storm water and the disposal of hazardous

wastes. The environmental liabilities that may result from future legislation or regulations, the effect of which

could be retroactive, cannot be predicted. The enactment of more stringent laws or stricter interpretation of

existing laws could require additional expenditures, some of which could have an adverse effect on the Group's

business, its operating results and its financial situation.

Although it applies best practices on all its sites, the JENSEN-GROUP may be subject to liability for

environmental contamination (including historical contamination caused by other parties) at the sites that it

owns or operates. As a result, the Group may be involved in administrative and judicial inquiries and

proceedings related to environmental matters. There can be no assurance that the Group will not be involved

in such proceedings in the future, while it cannot be ascertained that the existing insurance or additional

insurance will provide adequate cover against potential liability resulting from any such administrative and

judicial inquiries and proceedings. The aggregate amount of future clean-up costs and other environmental

liabilities could have a material adverse effect on the Group's business, its operating results and financial

situation.

For several years, the JENSEN-GROUP has implemented and adhered to an environmental remediation plan

relating to its former Cissell manufacturing facility in the United States. A third-party indemnity arrangement is

in place for the remediation plan, with Cissell as the legal beneficiary. The most recent annual sampling tests,

performed by a third-party environmental engineering company, together with an exhaustive review every

five years, are in line with expectations. Considering the data collected in the 2023 exhaustive review, an

endpoint of 2028 appears likely, at which time the next exhaustive review is scheduled. Notwithstanding these

results, there is no guarantee that significant additional civil liability or other costs will not be incurred in the

future with respect to the Cissell facility or other facilities.

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REPORT OF THE BOARD OF DIRECTORS

The JENSEN-GROUP's operations are also subject to various hazards incidental to the manufacturing,

transportation and functioning of heavy-duty laundry equipment. These hazards can cause personal injury and

damage to, and destruction of property and equipment.

There is no guarantee that, as a result of past or future operations, no injury claims will be submitted by

employees or third parties. Furthermore, the Group is also exposed to present and future claims relating to the

safety of workers, compensation for workers and other matters. There is no guarantee as to the actual amount

of these liabilities or the timing of them. Regulatory developments that require changes in operating practices

or affect the demand for and cost of providing its products and services could have an adverse effect on the

business. Additionally, the occurrence of significant operational problems, including those mentioned above,

may have a negative impact on the Group's operating results and financial situation.

The JENSEN-GROUP operates in several locations and is subject to natural hazards

The JENSEN-GROUP operates in 22 countries and is therefore exposed to natural hazards such as earthquakes,

windstorms, or floods. For example, the production site in Panama City, Florida, USA, is exposed to a hurricane

risk, which materialized in 2018 when Hurricane Michael struck the region. Insurance cover is taken out

whenever possible and affordable, while compliance with specific building codes is strictly adhered to. A

decrease in the insurance cover available in certain areas has been observed during the past years. All entities

exposed to natural hazards have disaster recovery plans. Any severe natural disaster could affect the Group's

business, operating results and financial situation.

A pandemic or terrorist attack

As experienced during the COVID-19 pandemic, a pandemic or a terrorist attack will have a direct impact on

the JENSEN-GROUP's customers serving the hospitality sector (travel and tourism, including cruise ships) and

the healthcare sector, as authorities can make decisions affecting both sectors that result in reduced business

and therefore also affect investment possibilities and outlook. Any severe pandemic or terrorist attack could

affect the Group's business, operating results and financial situation.

Violation of the Ethical Business Policy Statement and Supplier Code of Conduct

Any violation of the JENSEN-GROUP Ethical Business Policy Statement or Supplier Code of Conduct might cause

operational disruption, damage to reputation, and financial losses. The Group's Ethical Business Policy

Statement and Supplier Code of Conduct are available on the Company website (https://www.jensen-

group.com) under 'Corporate Governance' and include details regarding proper conduct and provisions

concerning the way in which bribery and corruption are prevented. To mitigate the risk, all employees have

been requested to sign the Ethical Business Policy Statement.

Internal control risk

ICT risk

The JENSEN-GROUP operates with several information and communication technologies (ICT). Furthermore, the

Group has employees located around the world, working on, and connecting to different networks. For its

worldwide operation, the Group uses several tools, devices and software in its ICT and machine operating

environment. Digital technologies, devices and media bear manifest risks and opportunities. Machinery is

increasingly interconnected and prepared for IoT (Internet of Things). As a result, the Group is exposed to cyber

risks. Failures in ICT security, systems access or machine operating environments could result in operational

disruptions, reputational damage, and financial losses. The Group mitigates these risks by closely following the

latest technological developments. In addition, the Group carefully selects its software and ICT suppliers.

Cybersecurity, GDPR compliance, and other relevant standards are strictly applied in this selection process.

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REPORT OF THE BOARD OF DIRECTORS

Other information

Investments and capital expenditures

Capital expenditures in 2025 amounted to 11.2 million euro, focused on further enhancing our infrastructure to

meet future market demands and expansion of our footprint. This included strategic investments in the

expansion of our facilities in China (1.1 million euro), Denmark (1.3 million euro) and the acquisition of Braun

added 14.3 million euro to the fixed assets, complemented by smaller acquisitions of assets and operations in

Germany, UK, Australia and New Zealand.

The renewal of several rental agreements increases the right-of-use assets by 5.7 million euro.

In 2024 the expenditures amounted to 10.8 million euro, marked by a substantial expansion in China of a large

new workshop next to our current facilities (3.4 million euros), classified as right-of-use asset. This strategic

investment positions JENSEN China for enhanced future growth. In Denmark, 2.6 million was allocated for

investments in higher production capacities. Furthermore, the acquisition of MAXI-PRESS added 6.2 million

euros to the fixed assets.

The renewal of several rental agreements increased the right-of-use assets by 3.2 million euros

Research and Development

The JENSEN-GROUP does not perform fundamental research but undertakes continuous product development.

These expenses in respect of continued operations amounted to 8.3 million euros in 2025 (7.5 million euros in

2024). Until the end of 2020, the Group did not capitalize development expenses but expensed them as

incurred. The depreciation period is evaluated continually, and the asset is reviewed annually for impairment.

Human resources

The number of employees at year-end has developed as follows:

December 31 December 31

2025

2024

Total number of employees (FTE)

2,469 2,059

Use of financial instruments

The JENSEN-GROUP uses derivative financial instruments to reduce its exposure to adverse fluctuations in

interest rates and foreign exchange rates. It is the Group's policy not to hold derivative instruments for

speculative and trading purposes.

As at December 31, 2025, currency-brought-forward hedges existed to a value of 8.5 million euros and

currency-sold-forward hedges existed in an amount of 12.4 million euros. The Group also had Interest Rate

Swaps (IRS) outstanding in amounts of 24.0 million DKK that are set to mature in 2029 and 2039 and at a fixed

rate of 2.99% and 0.4350%.

Litigations

Provisions have been set up in respect of all claims that, based on prudent judgment, are reasonably

accounted for. The JENSEN-GROUP keeps track of all potential litigations and pending legal cases at Group level.

Most of these claims are covered by insurance. Based on the legal advice taken, management is not expecting

these claims to have a significant impact on the Group's financial position or profitability. Where management

considers that a probable liability will arise, the potential effect of the claim has been estimated, and a

provision has been made.

Issued capital

As at December 31, 2025, the issued share capital of the Company was 38,280,396.08 euros, represented by

9,631,408 ordinary shares without nominal value. As at December 31, 2025, the Company holds 422,867

treasury shares compared to 146,793 as at December 31, 2024.

There are no preference shares.

Pursuant to Article 74, §6 of the Law of April 1, 2007 on Takeover Bids, JENSEN INVEST A/S disclosed to both

the FSMA and JENSEN-GROUP NV that, as at September 1, 2007, it held in concert more than 30% of the shares

with voting rights in the JENSEN-GROUP NV.

Further details of the shareholders' notification are disclosed in Note 8 on Equity below.

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REPORT OF THE BOARD OF DIRECTORS

Shareholding structure

The following are the major shareholders of the Company:

JENSEN INVEST A/S: 44.2%

Miura Co. Ltd: 20.0%

JENSEN-GROUP NV*: 4.4%

Free float: 31.4%

* Share buy-back program

The voting rights are described in Note 8 on Equity below.

Share buy-back program

The Bylaws of the Company allow for the purchase of own shares. At its meeting per March 10, 2022, the

Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own

shares. During the extraordinary shareholders' meeting of May 16, 2023, the shareholders voted on the

cancellation of the 113,873 treasury shares after the Board suspended the program in view of a recent

acquisition. Later in the year, the Board decided to re-launch the program. As of December 31, 2025, 422,867

shares have been bought back at an average price of 48.87 euros, for a total amount of 20.7 million euro.

The

buy-back program expires on May 18, 2026.

Relationship among shareholders

There is no specific shareholders' agreement between the reference shareholders listed above. As indicated in

the prospectus related to the listing and trading on the regulated market of Euronext Brussels of 1,926,282

new shares dated June 29, 2023, the points listed below have been agreed between MIURA Co., Ltd. and the

Company in the Contribution Agreement dated March 9, 2023:

 The Company and MIURA have agreed that for as long as the Joint-Venture Agreement remains in force,

MIURA shall have the right to nominate one director of the Company, who must also be a director of

Inax.

 Subject to certain conditions and not earlier than the first general shareholders' meeting of the

Company to be held after April 3, 2025, if so requested by JENSEN-INVEST A/S, MIURA agreed to vote in

favor of the introduction of loyalty shares in the Company in accordance with Article 7:53 of the 2019

Companies and Associations Code, with immediate effect for all eligible shares which have been held

for a period of at least two years prior to the date of such extraordinary shareholders' meeting.

 In addition to the statutory preferential subscription rights of the shareholders pursuant to Articles 7:191

and 7:193 of the 2019 Companies and Associations Code, the Contribution Agreement provides for an

additional conventional preferential subscription right for MIURA. If the Company were to issue equity

securities of any kind which could lead to a dilution of the voting rights of MIURA as a result of which

the statutory preferential subscription rights pursuant would not apply (such as in the event of a capital

increase through a contribution in kind), the Company will offer MIURA the opportunity to subscribe to a

number of shares as is necessary to ensure that MIURA holds 20% of the voting rights of the Company

following such issuance of equity securities. Such conventional preferential subscription right for MIURA

shall remain in effect for as long as MIURA holds at least 20% of the voting rights of the Company and

for as long as the Joint-Venture Agreement between the Company and MIURA remains in effect.

Conflict of interest

Under the 2019 Companies and Associations Code, the members of the Board of Directors are required to give

the Chairperson prior notice of any agenda items in respect of which they have, either directly or indirectly and

whether of a financial or other nature, a conflict of interest with the Company, and to refrain from participating

in the discussions of, and voting on, those agenda items. Conflict of interest is therefore a standard item on the

agenda of each Board of Directors meeting. In the course of 2025, potential conflicts of interest were notified

at the meetings of the Board of Directors by SWID AG, represented by Mr. Jesper Munch Jensen, by Cross

Culture Research LLC, represented by Mrs. Anne Munch Jensen, by Messrs. Jobst Wagner, by Daisuke Miyauchi,

and by TTP bv, represented by Mr. Erik Vanderhaegen, with regard to the re-appointment of a Board member,

the dividend proposal, the remuneration report, and the discussion on the share buy-back program. The

relevant extracts from the minutes of said meetings of the Board of Directors which were held on March 6,

2025, and on August 7, 2025, respectively, are set forth in Annex I and enclosed as an exhibit to this Annual

Report.

Statutory Auditor

The Statutory Auditor is Deloitte Bedrijfsrevisoren BV, represented by Mrs. Charlotte Vanrobaeys.

The Statutory Auditor and its network received worldwide fees of 705,331 euro (excl. VAT) for auditing the

statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP, inclusive of

the sustainability report. Apart from its mandate, the Statutory Auditor and its network did not receive any

additional fee during 2025. The Company has appointed a single firm for the audit of the consolidated financial

statements.

169

REPORT OF THE BOARD OF DIRECTORS

Policy with respect to appropriation of the result

Based on the result of the past year and on the current financial situation, the Board of Directors will propose

an appropriate dividend.

Significant post-balance sheet events

On February 27, 2026, the JENSEN-GROUP NV acquired the shares of OY VESTEK AB, the former distributor in

Finland. With this acquisition, JENSEN will also enlarge its activities in the consumables via MAXI-PRESS. The

impact on the consolidated revenue and profitability is not material.

Wetteren, March 5, 2026

YquitY bv SWID AG

Represented by Mr. R. Provoost Represented by Mr. J.M. Jensen

Chairman Director

Statement of responsible persons

We hereby certify, that to the best of our knowledge, the consolidated financial statements, as at December

31, 2025, prepared in accordance with International Financial Reporting Standards, as adopted by the European

Union, and with the legal requirements applicable in Belgium, give a true and fair view of the assets, liabilities,

financial position and profit or loss of the Company and the entities included in the consolidation taken as a

whole. We also certify that the management report includes a fair review of the development and

performance of the business, and the position of the Company and the entities included in the consolidation

taken as a whole, together with a description of the principal risks and uncertainties that they face.

Jesper M. Jensen Doga Cagdas

Chief Executive Officer Chief Financial Officer

You spend more time here than at home, so it’s important to feel

comfortable here at JENSEN.

Ya-Hui

“

”

171

INFORMATION FOR SHAREHOLDERS AND INVESTORS

 Share price evolution

 Investor relations

 Changes in ownership structure

 Shareholders' calendar

Information for shareholders and investors

The shares in JENSEN-GROUP NV have been quoted on the Euronext Stock Exchange under the ticker JEN (Reuters:

JEN.BR Bloomberg JEN.BB) since June 1997. The ISIN code is BE0003858751. The quote of the JENSEN-GROUP NV

shares can be found online on the following websites:

 Euronext: https://live.euronext.com/en/product/equities/BE0003858751-XBRU

Share price evolution

Shares in JENSEN-GROUP NV traded at 43.2 euros at the end of 2024 and at 58.8 euros at the end of 2025, with an

average daily trading volume of 4,321 shares as compared to 2,240 in 2024.

173

INFORMATION FOR SHAREHOLDERS AND INVESTORS

Investor relations

The JENSEN-GROUP NV ensures direct communication with its shareholders and investors in the following way:

- By organizing two analysts' conference calls per year, following the publication of the half-year and the full-

year results;

- By providing quarterly trading updates;

- By disclosing any material changes in the Company’s financial position and earnings;

- By distributing press releases to professional and private investors and posting them on the Company

website;

- By publishing the voting results and minutes of the Shareholders' Meetings on the Company website;

- By providing all communication, including the Company website, in both English and Dutch;

- By providing information on shareholdings and the financial calendar on the Company website;

- By participating in small-cap investor events upon request; and

- By holding conferences calls with analysts and existing or potential shareholders upon request.

Changes in ownership structure

Throughout the course of 2025, the JENSEN-GROUP NV received the following notification:

- a notification from Lazard Frères Gestion SAS, stating that it crossed the minimum threshold of 5% downwards

due to the acquisition or disposal of voting securities or voting rights; and

The ownership structure of JENSEN-GROUP NV as per December 31, 2025, stands as set out below:

(*) Share buy-back program

Shareholders' calendar

 May 18, 2026: Trading update Q1 2026;

 May 19, 2026: 10 a.m. Annual Shareholders' Meeting;

 August 6, 2026: Half-year results 2026 (Analysts' Meeting);

 November 4, 2026: Trading update Q3; and

 March 2027: Full-year results 2026 (Analysts' Meeting).

The Investor Relations Manager is also available to meet individual shareholders, analysts, specialized journalists,

and institutional investors to share with them the JENSEN-GROUP's short and long-term potential. Presentations,

meetings, and site visits are organized upon request.

Shareholders wishing to convert registered shares into dematerialized shares can contact the Investor Relations

Manager.

The JENSEN-GROUP's Annual Report, press releases and other information are available on the Company website:

www.jensen-group.com.

44,2%

4,4%

20,0%

31,4%

JENSEN Invest A/S

JENSEN-GROUP NV *

Miura Co Ltd

Free float

175

INFORMATION FOR SHAREHOLDERS AND INVESTORS

Shareholders and investors who want to receive the JENSEN-GROUP's Annual Report, the financial statements of

JENSEN-GROUP NV, press releases or other information regarding JENSEN-GROUP can also contact the Investor

Relations Manager:

JENSEN-GROUP NV

Scarlet Janssens

Neerhonderd 33,

BE 9230 Wetteren, Belgium.

E-mail: investor@jensen-group.com

FINANCIAL STATEMENTS

 Consolidated statement of profit and loss

 Consolidated statement of comprehensive income

 Consolidated statement of financial position – assets

 Consolidated statement of financial position – liabilities

 Consolidated statement of changes in equity

 Consolidated cash flow statement

 Notes to the consolidated financial statements

o Note 1: Summary of significant accounting policies

o Note 2: Scope of consolidation

o Note 3: Segment reporting

o Note 4: Non-current assets

o Note 5: Deferred taxes

o Note 6: Contract assets and liabilities

o Note 7: Trade and other receivables

o Note 8: Equity

o Note 9: Financial debt

o Note 10: Employee benefit obligations

o Note 11: Provisions for liabilities and charges

o Note 12: Trade and other payables

o Note 13: Operating expenses

o Note 14: Other operating result

o Note 15: Financial income and financial charges

o Note 16: Income tax expense

o Note 17: Earnings per share

o Note 18: Statement of cash flows

o Note 19: Commitments and contingencies

o Note 20: Financial instruments – market and other risks

o Note 21: Asset held for sale

o Note 22: Related party transactions

o Note 23: Acquisitions

o Note 24: Non-audit fees

o Note 25: Events after the balance sheet date

o Note 26: Legal structure

o Note 27: Consolidation scope as of December 31, 2025

Statutory auditors report on the consolidated financial statements

Summary statutory financial statements JENSEN-GROUP NV

177

ONSOLIDATED FINANCIAL STATEMENT

Consolidated statement of profit and loss

(in thousands of euro) Notes

December 31

2025

December 31

2024

Revenue 6 540,776 453,166

Raw material expenses -239,944 -202,886

Services and other goods -69,091 -56,145

Employee benefit expenses -153,508 -132,302

Depreciation and amortization expense -11,723 -8,888

Impairments, write-downs, and provisions -1,210 -3,421

Total expenses 13 -475,476 -403,642

Other operating income 14 4,441 1,406

Other operating expenses 14 -936 -193

Operating profit (EBIT) 68,805 50,737

Interest income 1,682 2,577

Other financial income 3,234 1,749

Financial income 15 4,916 4,326

Interest charges -955 -1,806

Other financial charges -4,411 -4,697

Financial charges 15 -5,366 -6,503

Share in result of associates and companies accounted for

using the equity method

22 6,293 3,938

Profit before tax 74,648 52,498

Income tax expense 16 -15,369 -12,957

Profit / (loss) for the period from assets held for sale 21 -112 -108

Profit for the period from continuing operations 59,167 39,433

Profit / (loss) for the period from discontinued operations

Consolidated profit for the year 59,167 39,433

Result attributable to non-controlling interests 22 481 -1,737

Result attributable to equity holders 58,686 41,170

Basic and diluted earnings per share (in euro) 17 6.26 4.31

Weighted average number of shares 9,372,539 9,542,241

Consolidated statement of comprehensive income

(in thousands of euro)

December 31

2025

December 31

2024

Consolidated profit for the year

59,167 39,433

Items that may be subsequently reclassified to profit or loss

Financial instruments

565 -123

Currency translation differences related to associates and

companies accounted for using the equity method

-4,604 -1,046

Currency translation differences - other

-9,472 -2,323

Items that will not be reclassified to profit or loss

Remeasurements gains/(losses) on defined benefit plans

1,283 348

Tax on OCI

-471 -56

Other comprehensive income for the year

-12,699 -3,200

Total comprehensive income for the year

46,468 36,233

Total comprehensive income attributable to:

Non-controlling interests 430 -1,737

Equity holders of the company 46,038 37,970

179

CONSOLIDATED FINANCIAL STATEMENT

Consolidated statement of financial position – assets

(in thousands of euro)

Notes

December 31

2025

2024

Total Non-Current Assets

211,887 185,431

Goodwill 4, 23 51,028 47,771

Intangible assets 4, 23 7,628 4,614

Property, plant and equipment 4 66,756 53,299

Land and buildings

33,277 24,174

Machinery and equipment

8,632 7,033

Furniture and vehicles

5,536 5,311

Right of use assets

19,305 16,547

Other tangible fixed assets

6 8

Assets under construction and advance payments

0 226

Companies accounted for under equity method 22 44,173 47,538

Financial assets at amortized cost 20 4,554 4,869

Financial assets at fair value through OCI 20 24,736 13,396

Trade and other long-term receivables 7 7,170 8,707

Trade receivables

2,167 4,641

Other amounts receivable

4,769 3,872

Derivative financial instruments 20 233 193

Deferred tax assets 5 5,842 5,238

Total Current Assets

312,369 330,955

Inventory

98,038 72,245

Raw materials and consumables

55,644 49,061

Work-in-progress & finished goods 25,406 4,798

Goods purchased for resale

16,988 18,386

Advance payments on purchases

2,263 2,026

Contract assets 6 57,126 68,046

Trade and other receivables 7 125,883 133,863

Trade receivables

116,115 123,555

Other amounts receivable

9,697 10,187

Derivative financial instruments 20 70 121

Financial assets at fair value through OCI 20 0 11,838

Cash and cash equivalents 18 28,633 42,455

Assets held for sale 21 426 481

TOTAL ASSETS

524,256 516,386

Consolidated statement of financial position – liabilities

(in thousands of euro)

Notes

December 31 December 31

2025 2024

Equity 8 303,743 282,560

Share capital

38,050 38,050

Share premium 67,590 67,590

Treasury shares -20,666 -5,264

Other reserves

-24,259 -11,609

Retained earnings 242,656 193,851

Non-controlling interests 22 372 -58

Non-Current Liabilities 59,546 42,292

Government grants 34 35

Borrowings 9 36,358 22,318

Deferred tax liabilities 5 4,366 3,211

Employee benefit obligations 10 9,479 10,058

Other payables 12 9,309 6,670

Derivative financial instruments 20 0 0

Current Liabilities 160,967 191,534

Borrowings 9 31,206 47,108

Provisions for other liabilities and charges 11 12,824 9,861

Trade payables 12 34,007 30,485

Contract liabilities 6 24,868 54,751

Remuneration and social security 12 21,119 16,605

Accrued expenses and other payables 12 18,656 19,846

Derivative financial instruments 12/20 79 611

Current income tax liabilities 18,208 12,267

TOTAL EQUITY AND LIABILITIES

524,256

516,386

181

CONSOLIDATED FINANCIAL STATEMENT

Consolidated statement of changes in equity

Prior year

(In thousands of euro)

CAPITAL

PREMIUM

TREASURY

TRANSLATION

DIFFERENCES

HEDGING

RESERVES

FINANCIAL

INSTRUMENTS

REMEASUREMENT

GAINS/(LOSSES)

ON DEFINED

BENEFIT PLANS

TOTAL

OTHER

RESERVES

RETAINED

EARNINGS

TOTAL

ATTRIBUTABLE

TO THE EQUITY

HOLDERS

NON-

CONTROLLING

INTEREST

TOTAL

EQUITY

December 31 2023 38,050 67,590 -499 -3,263 315 -535 -4,927 -8,410 163,515 260,246 1,896 262,142

Result of the period 0 0 0 0 0 0 0 0 41,170 41,170 -1,737 39,433

Other comprehensive income/(loss) for the year,

net of tax

0 0 0 -3,369 -285 193 261 -3,200 0 -3,200 0 -3,200

Total comprehensive income 0 0 0 -3,369 -285 193 261 -3,200 41,170 37,970 -1,737 36,233

Acquisition / (cancellations) of treasury shares 0 0 -4,765 0 0 0 0 0 0 -4,765 0 -4,765

Dividend paid out 0 0 0 0 0 0 0 0 -7,134 -7,134 -217 -7,351

Forward purchase of the NCI of MAXI-PRESS 0 0 0 0 0 0 0 0 -3,700 -3,700 0 -3,700

December 31 2024 38,050 67,590 -5,264 -6,632 31 -342 -4,666 -11,609 193,851 282,616 -58 282,560

Current year

(In thousands of euro)

CAPITAL

PREMIUM

TREASURY

TRANSLATION

DIFFERENCES

HEDGING

RESERVES

FINANCIAL

INSTRUMENTS

REMEASUREMENT

GAINS/(LOSSES)

ON DEFINED

BENEFIT PLANS

TOTAL

OTHER

RESERVES

RETAINED

EARNINGS

TOTAL

ATTRIBUTABLE

TO THE

EQUITY

HOLDERS

NON-

CONTROLLING

INTEREST

TOTAL

EQUITY

December 31 2024 38,050 67,590 -5,264 -6,632 31 -342 -4,666 -11,609 193,851 282,616 -58 282,560

Result of the period 0 0 0 0 0 0 0 0 58,686 58,686 481 59,167

Other comprehensive income/(loss) for the year,

net of tax

0 0 0 -14,025 152 272 953 -12,648 0 -12,648 -51 -12,699

Total comprehensive income 0 0 0 -14,025 152 272 953 -12,648 58,686 46,038 430 46,468

Acquisition / (cancellations) of treasury shares 0 0 -15,402 0 0 0 0 0 0 -15,402 0 -15,402

Dividend paid out 0 0 0 0 0 0 0 0 -9,484 -9,484 0 -9,484

Hyperinflation 0 0 0 0 0 0 0 0 -395 -395 0 -395

December 31 2025 38,050 67,590 -20,666 -20,657 182 -70 -3,713 -24,259 242,656 303,371 372 303,743

Consolidated cash flow statement

(in thousands of euro) Notes

December 31

2025

December 31

2024

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated result attributable to equity holders

58,686 41,170

Result attributable to non-controlling interests 22 481 -1,737

Adjusted for

- Current and deferred tax 16 15,369 12,957

- Interest and other financial income and expenses 15 450 2,177

- Depreciation and amortization expenses 13 11,722 8,888

- Write down on trade receivables 13 -918 2,144

- Write down on inventory 13 18 811

- Write down on contract assets 6, 13 0 455

- Changes in provisions 13 2,110 13

- Gain/loss on the sale of tangible fixed assets

5 15

- Other non-cash expenses / income 13 -2,831 0

- Companies accounted for using equity method 22 -6,293 -3,938

Interest received 15 1,682 2,577

Changes in working capital

-5,737 -16,560

Decrease / increase (-) in advance payments on purchases

93 92

Decrease / increase (-) in inventory

-3,743 -1,942

Decrease / increase (-) in contract assets (before netting)

-68,079 -29,290

Decrease / increase (-) in long- and short-term accounts receivable

13,709 -21,370

Increase / decrease (-) in trade and other payables

7,140 6,140

Increase / decrease (-) in contract liabilities (before netting)

45,143 29,809

Corporate income tax paid

-12,533 -18,354

Net cash generated / (used) by operating activities - total

62,210 30,619

CASH FLOW FROM INVESTING ACTIVITIES

Purchases of intangible and tangible fixed assets 4 -7,105 -11,758

Sales of intangible and tangible fixed assets 4 126 180

Consideration paid for business combinations (net of cash acquired) 23 -39,643 -31,725

Sale of subsidiaries and participations (net of cash acquired)

0 -142

Proceeds (+) from sale of financial instruments

19,624 7,038

Purchases (-) of financial instruments -19,090 -5,830

Dividend received (+) 2,612 877

Net cash generated / (used) by investing activities

-43,475 -41,360

Net cash flow before financing activities

18,735 -10,741

CASH FLOW FROM FINANCING ACTIVITIES

Acquisition (-) of treasury shares 8 -15,402 -4,765

Dividend paid (-) 8 -9,484 -7,351

Proceeds from government grants

-5 578

Proceeds (+) from new borrowings 9 46,783 24,532

Repayment (-) of borrowings 9 -38,799 -6,312

Payments of lease liabilities 9 -3,884 -2,291

Interest paid 15 -955 -1,806

Other financial income 15 256 235

Other financial charges 15 -631 -861

Net cash generated / (used) by financing activities

-22,121 1,958

Net increase / (decrease) in cash and cash equivalents

-3,385 -8,783

Cash, cash equivalent and bank overdrafts at the beginning of the year 18 33,842 41,455

Exchange gains / (losses) on cash and bank overdrafts

-1,825 1,169

Cash, cash equivalent and bank overdrafts at the end of the year 18 28,633 33,842

183

CONSOLIDATED FINANCIAL STATEMENT

Notes to the consolidated financial statements

Note 1: Summary of significant accounting policies

Basis of preparation

The JENSEN-GROUP (hereafter “the Group”) is one of the major suppliers to the heavy-duty laundry industry.

The Group markets its products and services under the JENSEN, Inwatec, MAXI-PRESS and Braun brands. The Group

can develop, plan, manufacture, install and service anything from single machines to processing lines involving

complete turnkey solutions and process automation. The JENSEN-GROUP's solutions cover all stages of the laundry

process from sorting, washing, drying to finishing of linen, garments and mats. The Group's equipment combines

automation and high quality, while ensuring low energy, water and chemicals consumption, basically guaranteeing

higher output with less input. Partners include textile rental suppliers, industrial laundries, and central laundries as

well as on-premises laundries in hospitals, hotels and cruise ships. The JENSEN-GROUP has operations in 22

countries and distributes its products in more than 50 countries. Worldwide, the JENSEN-GROUP employs 2,469

people.

JENSEN-GROUP NV (hereafter “the Company”) is incorporated in Belgium. Its registered office is at Neerhonderd 33,

9230 Wetteren, Belgium.

The JENSEN-GROUP shares are quoted on the Euronext Stock Exchange (ticker: JEN).

The Board of Directors approved the present consolidated financial statements for publication on March 5, 2026.

These consolidated financial statements are for the 12 months ending December 31, 2025 and are prepared in

accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

These consolidated financial statements have been prepared under the historical cost convention, with financial

assets and financial liabilities (including derivative instruments), assets held for sale and defined benefit plans

stated at fair value through profit or loss or OCI or at amortized cost.

These consolidated financial statements are prepared on an accrual basis and on the assumption that the Group is

a going concern and will continue to be in operation for the foreseeable future.

The preparation of the financial statements requires management to make estimates and assumptions that affect

the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent assets and liabilities

at the date of the financial statements. The areas involving a higher degree of judgment or complexity, or where

assumptions and estimates are significant to the consolidated financial statements, are disclosed in the accounting

policies.

Standards and interpretations applicable for the annual period beginning on or after 1 January 2025:

 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January

2025:

 IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on

or after 1 January 2027, but not yet endorsed in the EU)

 IFRS 19 Subsidiaries without Public Accountability – Disclosures (applicable for annual periods beginning

on or after 1 January 2027, but not yet endorsed in the EU)

 Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable

for annual periods beginning on or after 1 January 2026)

 Annual Improvements – Volume 11 (applicable for annual periods beginning on or after 1 January 2026)

 Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity (applicable for

annual periods beginning on or after 1 January 2026)

 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a

Hyperinflationary Presentation Currency (applicable for annual periods beginning on or after 1 January

2027, but not yet endorsed in the EU)

None of these IFRS standards have a material impact on the Group's financials in 2025.

IFRS18

The new accounting standard, IFRS 18 Presentation and Disclosure in Financial Statements replaces IAS 1

Presentation of Financial Statements and is effective for annual reporting periods beginning on or after 1 January

2027. Earlier application is permitted, but the Group has chosen not to adopt the standard on its effective date.

The standard introduces new requirements for the presentation of the statement of profit or loss, including

specified totals and subtotals as well as the classification of income and expenses into three defined categories:

operating, investing, and financing. It also mandates disclosure of newly defined management-defined

performance measures (MPMs) and requires enhanced disclosure of these. Amendments have been made to IAS 7

Statement of cash flows and several other standards.

The entity is currently assessing the full impact of IFRS 18 on its financial statements, which includes changes to

the classification of certain income and expenses, the insertion of new subtotals and reclassifications in the cash

flow statement. A reliable estimate of the impact has not yet been determined.

185

CONSOLIDATED FINANCIAL STATEMENT

The main accounting policies defined by the Group are as follows:

Consolidation Methods

The consolidated financial statements are presented in euro and rounded to the nearest thousand.

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an

entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has

the ability to affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-

consolidated from the date on which control ceases.

The group accounts for business combinations using the acquisition method. The consideration transferred for the

acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of

the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of

any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and

liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at

the acquisition date. The group recognizes any non-controlling interest in any acquired company on an acquisition-

by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized

amounts of the acquiree’s identifiable net assets.

Acquisition-related costs are expensed as incurred.

Intercompany transactions, balances and unrealized gains and losses on transactions between group companies

are eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the

group’s accounting policies.

Investments in associates and joint ventures are accounted for under the equity method set out in IAS28, subject

to certain exceptions. Under the equity method, the investment is initially recognized at cost, and the carrying

amount is increased or decreased to recognize the investors’ share in the profit or loss of the investee after the

date of acquisition. Associates are those investments where the investor has significant influence. A joint venture

is a joint arrangement where the investor has joint control but does not have direct rights to assets or obligation

for liabilities. For entities where the Group holds 20% or more of the voting power of another entity, either directly

or indirectly, the Group is presumed to have significant influence over that entity. The presumption of significant

influence from a 20% or more investment can be rebutted where the Group can demonstrate that it has or does

not have significant influence. Likewise, significant influence could be demonstrated for an investment of less than

20%. The existence of a substantial or majority ownership by another entity does not necessarily preclude the

Group from having significant influence.

Use of estimates & key judgements

The preparation of the financial statements involves the use of estimates and assumptions, which may have an

impact on the reported values of assets and liabilities at the end of the period as well as on certain items of

income and expense for the period. There are no major sources of estimation uncertainty at the Group. Estimates

are based on economic data, which are likely to vary over time, and are subject to a degree of uncertainty. These

mainly relate to contracts in progress (percentage of completion method), pension liabilities, provisions for other

liabilities and charges. We refer to the notes for more information.

There are no key judgements in the preparation of the financial statements.

Translation of Foreign Currency - Transactions

The conversion of assets, liabilities and commitments which are denominated in foreign currencies is based on the

following guidelines:

- monetary assets and liabilities are translated at closing rates;

- transactions in foreign currencies are converted at the foreign exchange rate prevailing at the date of the

transaction;

- foreign exchange gains and losses resulting from the settlement of such transactions and from the

translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies

are recognized in the income statement, except when deferred in other comprehensive income as

qualifying cash flow hedges and qualifying net investment hedges;

- non-monetary assets and liabilities are translated at the foreign exchange rate prevailing at the date of the

transaction.

Translation of Foreign currency - Operations

The results and financial positions of all the Group entities that have a functional currency different from the

presentation currency are translated into the presentation currency as follows:

- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that

balance sheet;

- income and expenses for each income statement are translated at average exchange rates (unless this

average is not a reasonable approximation of the cumulative effect of the rates prevailing on the

transaction dates, in which case income and expenses are translated at the rates of the dates of the

transactions); and

- all resulting translation differences are recognized as a separate component of equity, via other

comprehensive income (‘OCI’).

Initial Recognition

Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations

and of borrowings are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that

were recorded in equity are recognized in the income statement as part of the gain or loss on sale.

187

CONSOLIDATED FINANCIAL STATEMENT

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities

of the foreign entity and translated at the closing rate.

Revenue Recognition - projects

The JENSEN-GROUP has developed a five-step model for recognizing revenue from contracts with customers:

- Step 1. Identifying the customer contracts

A contract creates enforceable rights and obligations. The contract may be written, oral or implied by

customary business practice. A contract contains a promise (or promises) to transfer goods or services to a

customer.

When identifying the customer contracts, first the customer should be determined and then it should be

assessed whether a contract exists. JENSEN-GROUP defines a “customer” and a “contract” as follows:

- Customer: a party that has contracted to obtain goods or services that are an output of ordinary

activities in exchange for consideration;

- Contract: an agreement between two or more parties that creates enforceable rights and obligations.

o Contracts shall be combined when they are entered into at or near the same time and are

negotiated as a package, payment of one depends on the other, or goods/services promised

are a single performance obligation.

o A contract modification or change order is accounted for as a separate contract or as a

continuation of the original contract prospectively or with cumulative catch-up, depending on

facts and circumstances.

- Step 2. Identifying performance obligations

Performance obligations are the unit of account for the purposes of applying the revenue standard and

therefore determine when and how revenue is recognized. A performance obligation is a promise to provide a

distinct good or service or a series of distinct goods or services, including those a customer can resell or

provide to its customers.

The Group has identified

one performance obligation

within its contracts: the installation of an operational or a

commissioned heavy-duty laundry system. Revenue related to this performance obligation is recognized over

time as both the JENSEN-GROUP does not create an asset with an alternative use (not practically possible to

direct or transfer the constructed asset in its completed state to another customer as the installations are

typically designed around the specific needs and requirements of the customer) and the contracts provides the

JENSEN-GROUP an enforceable right to payment for performance completed to date. This enforceable right to

payment represents an amount that at least compensates JENSEN for performance completed to date if the

contract is terminated by the customer or another party for reasons other than JENSEN's failure to perform as

promised.

- Step 3. Determining the transaction price

The transaction price in a contract reflects the amount of consideration to which the Group expects to be

entitled from a customer in exchange for goods or services transferred to that customer.

- Step 4. Allocating the transaction price

The transaction price is allocated to the performance obligation in the contract based on relative standalone

selling prices of the goods or services being provided to the customer.

- Step 5. Recognizing revenue

Revenue is recognized when (or as) the performance obligations are satisfied, i.e. when control over the

products to be delivered or services to be performed under the contract transfers to the customer.

The JENSEN-GROUP recognizes

revenue over time

by measuring the progress toward complete satisfaction of

the performance obligation. The JENSEN-GROUP uses the input method (costs incurred up to the balance sheet

date as compared to the total estimated costs to incur to complete the project) recognizing the revenue based

on the Group’s effort to satisfy the performance obligation. Any costs linked to uninstalled materials or costs

incurred that relate to future activities are excluded from measuring progress towards satisfying a

performance obligation.

- When the outcome of a construction contract cannot be estimated reliably, contract revenue is

recognized only to the extent of contract costs incurred that are likely to be recoverable.

- When the outcome of a construction contract can be estimated reliably and it is probable that the

contract will be profitable, contract revenue is recognized over the period of the contract, according to

the cost incurred. When it is probable that total contract costs will exceed total contract revenue, the

total expected loss is recognized as an expense immediately.

The JENSEN-GROUP presents a contract as a contract asset, excluding any amounts already received by means of

progress billings, if the Group has performed by transferring goods or services to a customer before the customer

pays consideration or before payment is due. A contract asset is an entity’s right to consideration in exchange for

goods or services that the entity has transferred to a customer.

The JENSEN-GROUP presents a contract as a contract liability when the payment is made or the payment is due

(whichever is earlier), if the customer has paid a consideration before the Group transfers a good or service to the

customer. A contract liability is an entity’s obligation to transfer goods or services to a customer for which the

entity has received consideration (or an amount of consideration is due) from the customer.

The timing of invoicing and the payment terms are discussed case by case. The billing schedule and the typical

timing of the payment does not materially differentiate from the pattern of revenue recognition.

There are no important variable considerations for projects.

The process whereby an order is produced, installed, commissioned and handed over normally lasts a year or less.

189

CONSOLIDATED FINANCIAL STATEMENT

Revenue Recognition - other

- Royalties and rentals are recognized as income when it is probable that the economic benefits associated with

the transaction can be sufficiently measured and will flow to the Group. The income is recognized on an

accrual basis in accordance with the substance of the relevant agreement.

- Spare parts revenue is recognized at a point in time, typically upon transfer of control to the customer.

Other income and other expenses relate primarily to income received from the insurance company, support from

authorities, deductible tax charges, restructuring measures or other income or expenses arising from events or

transactions that are clearly distinct from the ordinary business activities of the Group.

Goodwill

On the acquisition of a new subsidiary or participation, the difference between the acquisition price and the

Group’s share of the identifiable assets, liabilities and contingent liabilities of the consolidated subsidiary or

participation, after adjustments to reflect fair value, is recorded in the consolidated balance sheet under assets as

goodwill. Goodwill is not amortized but tested for impairment annually, or more frequently, if events or changes in

circumstances indicate a possible impairment. Gains and losses on the disposal of an entity include the carrying

amount of goodwill relating to the entity sold. Goodwill is allocated to a cash-generating unit for the purpose of

impairment testing.

Intangible assets

Research and development expenses

Research costs are charged to the income statement in the year in which they are incurred.

Until the end of 2020, JENSEN-GROUP did not capitalize development expenses but expensed them as incurred.

These expenses consist primarly of product enhancements. For specific projects (like Inwatec), development

expenses are only capitalized if they are likely to yield future economic benefits.

Capitalized development expenses are amortized on a straight-line basis over the estimated useful life, which is

normally to be considered no longer than 10 years. The amortization period is evaluated continually, and the asset

is reviewed annually for impairment.

Concessions, patents, licenses, know-how and other similar rights etc.

Investments in licenses, trademarks, etc. are capitalized from 50,000 euro upwards and amortized over 5 to 10

years. Investments in licenses, trademarks below 50,000 euro are deemed immaterial and are expensed as

incurred.

Property, plant and equipment

Property, plant and equipment are recorded at their acquisition value or construction cost less accumulated

depreciation and impairment losses and increased, where appropriate, by ancillary costs.

The Group has broken down the cost of property, plant and equipment into major components. Those major

components which are replaced at regular intervals, are depreciated over their useful lives.

Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives from the month of

acquisition onwards. If necessary, tangible fixed assets are considered as a combination of various units with

separate useful lives.

The annual depreciation rates are as follows:

Annual Depreciation rates: Buildings 3.33% 30y Infrastructure 10% - 20% 5y - 10y Roof 10% 10y Installations, plant and machinery 10% - 33% 3y - 10y Office equipment and furnishings 10% - 20% 5y - 10y Computer 20% - 33% 3y - 5y Vehicles 20% - 33% 3y - 5y

Leases where the Group is acting as a lessee – Right of use assets

The Group recognizes on the balance sheet nearly all leases reflecting the right to use an asset over the lease term

as well as the associated lease liability for payments required to be made by the lessee to the lessor over the

lease term.

The Group recognizes right-of-use assets at the commencement date of the lease (i.e. the date the underlying

asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and

impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes

the amount of lease liabilities recognized, initial direct costs incurred and lease payments made at or before the

commencement date less any lease incentives received.

Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the

recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life

and the lease term. Right-of-use assets are subject to impairment.

Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of

lease payments to be made over the lease term. The lease payments include fixed payments (including in-

substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index

or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the

exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for

terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease

payments that do not depend on an index or a rate are recognized as expense in the period in which the event or

condition that triggers the payment occurs.

The Group presents interest paid on its lease liabilities as financing activities in the cashflow statement. Variable

payments as well as amounts paid for short-term and low-value leases are presented in the ‘operating activities’

line.

191

CONSOLIDATED FINANCIAL STATEMENT

In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease

commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement

date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease

payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a

change in the lease term, a change in the in-substance fixed lease payments or a change in the intention to

purchase the underlying asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term leases of machinery and

equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do

not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of

office equipment that are considered of low value (i.e. below 5,000 euro). Lease payments on short-term leases

and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.

Significant judgement in determining the lease term of contracts with renewal options

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered

by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to

terminate the lease, if it is reasonably certain not to be exercised.

The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That

is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the

commencement date, the Group reassesses the lease term if there is a significant event or change in

circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew

(e.g. a change in business strategy).

Impairment of assets

Assets other than inventories, deferred tax assets, employee benefits and derivative financial instruments and

assets arising from construction contracts are reviewed for impairment whenever events or changes in

circumstances indicate that their carrying amount may not be recoverable.

Whenever the carrying amount of an asset exceeds its recoverable amount (being the higher of its fair value less

cost to sell and its value in use), an impairment loss is recognized in the profit and loss statement. The value in use

is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from

its disposal at the end of its useful life.

Recoverable amounts are estimated for individual assets or, if this is not possible, for the cash-generating unit to

which the assets belong.

Reversals of impairment losses recognized are recorded in income up to the initial amount of the impairment loss.

Goodwill is tested for impairment at least once a year. Impairment on goodwill can never be reversed at a later

date.

Inventories and contracts in progress

Inventories are valued at the lower of cost or net realizable value. Depending on the different ERP systems, cost is

determined by the first-in, first-out (FIFO) method or by the weighted average method. For produced inventories,

cost means the full cost including all direct and indirect production costs required to bring the inventory items to

the stage of completion at the balance sheet date.

Net realizable value is the estimated selling price in the ordinary course of business, less the costs of completion

and variable selling expenses.

Provisions for liabilities and charges

A provision is recognized in the balance sheet when the Group has a present obligation (legal or constructive) as a

result of a past event, and when it is probable that an outflow of resources embodying economic benefits will be

required to settle the obligation and a reasonable estimate can be made of the amount of the obligation.

The amount of the provision is the best estimate of the expenditure required to settle the present value of the

obligation at the balance sheet date. The provisions are discounted when the impact of the time value of money is

material.

Provisions for repurchase commitments are recorded when JENSEN-GROUP sells equipment to a customer who

enters into a leasing contract with a leasing company and where the leasing company imposes a repurchase

clause on JENSEN-GROUP. In case of customer default, the leasing company can request JENSEN-GROUP to take

back the machine in certain situations. Based on historical data an appropriate percentage of the outstanding

receivable is recorded and reversed a rato of the repayment by the customer.

Employee benefits

Some of the Group’s employees are eligible for retirement benefits under defined contribution and defined benefit

plans.

The provision for employee benefit obligations is based on the calculation of an external, independent actuary. The

calculation is based on the projected unit credit method.

- Defined contribution plans: contributions to defined contribution plans are recognized as an expense in the

income statement as incurred.

- Defined benefit plans: for defined benefit plans, the amount recorded in the balance sheet is determined

as the present value of the future benefit obligation less the fair value of any plan assets. All past service

costs are recognized in P&L.

Actuarial gains and losses are recognized in the period in which they occur in other comprehensive income and are

not reclassified to profit or loss in subsequent periods.

Deferred taxes

Deferred taxes are recognized in full, using the liability method, on temporary differences arising between the

value of assets and liabilities for tax purposes and their carrying amounts in the consolidated financial statements.

However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction

other than a business combination that at the time of the transaction affects neither accounting nor taxable profit

or loss.

Deferred taxes are determined using tax rates (and laws) that have been enacted or substantially enacted at the

balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax

liability is settled.

Deferred tax assets are recognized to the extent that it is probable that within a reasonable time frame taxable

profits will be available against which the temporary differences and/or historical tax losses can be utilized.

193

CONSOLIDATED FINANCIAL STATEMENT

Deferred taxes are provided on temporary differences arising on investments in subsidiaries and associates, except

where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the

temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets

against current tax liabilities and when the deferred tax assets and liabilities relate to income tax levied by the

same taxation authority on either the same taxable entity or different taxable entities when a tax consolidation

exists.

Current taxes

The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement,

except to the extent that it relates to items recognized in other comprehensive income or directly in equity.

The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance

sheet date in the countries where the company and its subsidiaries operate and generate taxable income.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax

regulation is subject to interpretation. It establishes accruals where appropriate based on amounts expected to be

paid to the tax authorities.

Accrued charges and deferred income

Accrued charges are costs that have been charged against income but not yet disbursed at balance sheet date.

Deferred income is revenue that will be recognized in future periods.

Financial instruments

Financial instruments are recorded at trade date at their fair value except for short-term trade receivables

recognized at their transaction amount. The fair value of the financial instruments is determined by using valuation

techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions

existing at each balance sheet date.

Accounts and notes receivable

Trade receivables are recognized initially at their transaction amount (nominal value) and subsequently measured

at amortized cost using the effective interest method, less provision for impairment.

The JENSEN-GROUP applies the lifetime expected credit loss model. For specific cases, significant financial

difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, default or

delinquency in payments as well as forward-looking information such as economic forecasts, regulatory

environment, GDP, employment, politics or other external market indicators are taken into consideration to

determine a specific impairment. The amount of the provision is the difference between the asset’s carrying

amount and the present value of estimated future cash flows, discounted at the effective interest rate. This policy

of credit risk management is applied throughout the JENSEN-GROUP by the individual entities based on the local

historical data and forward-looking information. The simplified approach is applied.

Cash and cash equivalent

Cash and cash equivalent includes cash in hand, deposits held at call with banks and bank overdrafts.

Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Payables (after one year and within one year)

Trade payables are carried at nominal value at the balance sheet date.

Derivative financial instruments

The Group uses derivative financial instruments to reduce the exposure to adverse fluctuations in interest rates and

foreign exchange rates. It is the Group’s policy not to hold derivative financial instruments for speculative or

trading purposes.

Derivative financial instruments are recognized initially at fair value. Subsequently, after initial recognition,

derivative financial instruments are stated at fair value. Recognition of any resulting gain or loss depends on the

nature of the item being hedged. Derivative financial instruments that do not qualify for hedge accounting are

measured at fair value, with changes in fair value recognized in profit or loss.

Cash flow hedges

Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized

asset or liability, a firm commitment or a highly probable forecasted transaction, the effective part of any gain or

loss on the derivative financial instrument is recognized directly in other comprehensive income. When the firm

commitment or forecasted transaction results in the recognition of an asset or liability, the cumulative gain or loss

is removed from other comprehensive income and included in the initial measurement of the acquisition cost or

other carrying amount of the asset or liability.

Otherwise, the cumulative gain or loss is removed from other comprehensive income and recognized in the

income statement at the same time as the hedged transaction.

The ineffective part of any gain or loss is recognized in the income statement immediately. Any gain or loss arising

from changes in the time value of the derivative financial instrument is excluded from the measurement of hedge

effectiveness and is recognized in the income statement immediately.

When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to

occur, the cumulative gain or loss at that point remains in other comprehensive income and is recognized in

accordance with the above policy when the transaction occurs. If the hedged transaction is no longer probable, the

cumulative unrealized gain or loss recognized in other comprehensive income is recognized in the income

statement immediately.

Financial assets at amortized cost

All movements in financial assets at amortized cost are accounted for at trade date. Financial assets at amortized

cost are carried at purchase price.

Financial assets at fair value through OCI (Other comprehensive income)

Financial assets at fair value through OCI are carried at fair value. All movements in financial assets at fair value

through OCI are accounted for at trade date. Unrealized gains and losses from changes in the fair value of such

assets are recognized in equity as financial assets at fair value through OCI. When the assets are sold or impaired,

the accumulated fair value adjustments are also included in the OCI. Financial assets are derecognized when the

rights to receive cash flows from the investments have expired or have been transferred and the Group has

transferred substantially all risks and rewards of ownership.

195

CONSOLIDATED FINANCIAL STATEMENT

Government Grants

Government grants received by JENSEN-GROUP are recognized in profit or loss as other income on a systematic

basis over the periods in which the entities recognize the expenses for the related costs for which the grants are

intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred

income or deducting it from the carrying amount of the asset. The income of the government grants is only

recognized if there is reasonable assurance that the entities will comply with the conditions attached to it and the

grant will be received. As long as not all the conditions are met, the government grant received is presented as a

debt.

Borrowings

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently

stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value

is recognized in the income statement, as interest charges, over the period of the borrowings using the effective

interest method.

Non-current assets (or disposal groups) held for sale

Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of carrying

amount and fair value less costs to sell if their carrying amount is recovered principally through a sale transaction

rather than through a continuing use.

Non-controlling forward purchase

The forward purchase is accounted for as a liability on the balance sheet. At initial recognition the debit recognized

in equity is presented as a deduction of NCI, the difference is reflected in equity. The subsequent measurement of

the liability at fair value is accounted for via the income statement.

Consolidated statement of cash flows

The consolidated cash flow statement reports the cash flow during the period classified by analyzing the cash flow

from operating, investing and financing activities.

Business combination

On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at

fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

Segment reporting

The Group is operating in a single business segment: Heavy-Duty Laundry.

Closing date and length of accounting period

All accounting periods presented represent 12 months of operations starting on January 1 of each year.

Change in valuation rules

There are no changes in the accounting policies compared with the accounting policies used in the preparation of

the consolidated financial statements as per December 31, 2024.

In 2022, all the conditions for considering Türkiye as a hyperinflationary economy by IFRS standards were fulfilled

and consequently, the IAS 29 standard on financial reporting in hyperinflationary economies became applicable.

Consequently, the Group applies hyperinflation accounting to its Turkish subsidiaries as from January 1st, 2022. The

IAS 29 standard requires the restatement of the non-monetary elements of the assets and liabilities of the country

in hyperinflation as well as its income statement to reflect the evolution of the general purchasing power of its

functional currency, resulting in a profit or a loss on the net monetary position which is recorded in profit of the

year. In addition, the financial statements of this country are translated at the closing rate for the related period.

The impact of the application of IAS 29 for Türkiye are described in Note 22.

197

CONSOLIDATED FINANCIAL STATEMENT

Note 2: Scope of consolidation

The parent Company, JENSEN-GROUP NV, and all the subsidiaries it controls are included in the consolidation.

Changes in scope during 2025

On September 29, 2025, MAXI-PRESS Australia signed the purchase of the operations of Filterfab Pty Ltd in

Australia by means of an asset deal, and MAXI-PRESS Germany acquired 100% of the shares of Filterfab NZ Limited

in New Zealand. Both acquisitions are included in the consolidation scope from October 1, 2025 onwards. For more

information see Note 23.

On December 1, 2025, JENSEN North America, a subsidiary of JENSEN-GROUP NV, acquired the business assets of

G.A. Braun, Inc. ("Braun"), via an asset deal. These assets are included in a newly founded entity JENSEN-Braun LLC

and fully consolidated from December 1

onwards. For more information see Note 23.

Other changes

These transactions listed below occurred in October 2025 and do not have a material impact on the consolidated

financial statements of the JENSEN-GROUP:

- MAXI-PRESS UK completed the acquisition of the assets of DRM Industrial Fabrics,

- MAXI-PRESS Germany acquired the service division of Wenzel & Kurz,

- Gotli Labs AG sold their operations to GL Laundry Performance Software BV (‘Gotli NL’), owned by Veins

holding BV, the minority shareholder of Gotli Labs AG,

- JENSEN Industrial Group bought the remaining 49% shares of Gotli Labs AG.

Note 3: Segment reporting

The total laundry industry can be split up into Consumer, Commercial and Heavy-Duty laundry. The JENSEN-GROUP

entities serve end-customers only in the Heavy-Duty laundry segment. Most of these laundries range from large

on premises laundries to large international textile rental groups. Basically, all JENSEN-GROUP customers follow the

same processes. The JENSEN-GROUP sells its products and services under the JENSEN, Inwatec, MAXI-PRESS and

Braun brand names through own sales and service companies and independent distributors worldwide.

Operating segments refer to the distinct areas of a company's operations that are analyzed regularly by the chief

operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance.

The JENSEN-GROUP's segment reporting aligns with the organization and reporting structure of its internal financial

information, as reviewed by the Chief Executive Officer (CEO), the Executive Management Team (EMT), and the

Board of Directors.

Group's management, encompassing the CEO, the EMT, and the Board of Directors, oversees the heavy-duty

laundry business as a unified entity, guided by the strategic "60/600" plan.

The evaluation of the company's performance, along with decisions regarding the allocation of resources, are

based on the comprehensive review of the Profit and Loss Statement. This statement's progress and performance

are scrutinized ten times annually, with more in-depth reporting and analysis conducted on a quarterly basis.

Trading updates are issued in May and November, with a condensed set of financial figures released at the mid-

year mark and a complete set provided at the end of the fiscal year.

The primary metric for assessing profitability within the Profit and Loss Statement, as utilized by the EMT, which is

viewed as the CODM at JENSEN GROUP, is consolidated operating profit (EBIT).

Despite the analysis of revenues and certain direct costs by the Group Controlling department, the CODM does

not utilize a more detailed split out of the consolidated Profit and Loss Statement for business or operational

management. Performance evaluation or resource allocation decisions are decided on a consolidated basis.

Consequently, JENSEN-GROUP has identified that it operates as a single operating segment.

The following table presents revenue based on the Group’s geographical areas.

The basis for attributing revenues is based on the location of the customer:

Asia and Europe America December 31 Australia (in thousands of euro) 2025 2024 2025 2024 2025 2024 2025 2024 Revenue from external customers 315,557 265,933 144,616 114,630 80,603 72,603 540,776 453,166

Secondly, if revenues from external customers attributed to an individual foreign country are material, those

revenues shall be disclosed separately according to the standard, cfr disclosure of Germany and USA.

The Group identifies 10% of the total consolidated revenue as material. Belgium is disclosed as the country of

domicile of the Group Parent company.

The basis for the external revenues and non-currents assets disclosed is the legal entity in that area (before any

consolidation entries). Attributable to (in thousands of euro) Belgium Germany USA Denmark China Revenue from external customers 11,757 73,271 132,873 Non-current assets* 1,395 7,475 22,121 38,599 11,758

Lastly, the Group notes there are no major customers, or group of customers controlled by the same owner that

represents more than 10% of the consolidated revenue and are required for disclosure per year-end December 31,

2025.

* Non-current assets included in the above table are limited to the local goodwill, intangibles, PP&E and long-term

trade & other receivables.

199

CONSOLIDATED FINANCIAL STATEMENT

Note 4: Non-current assets

Goodwill

December 31, December 31, (in thousands of euro) 2025 2024 ACQUISITION COST At the end of the preceding year 49,767 24,820 Translation differences -50 8 Additions 3,306 24,939 Disposals 0 0 Transfers 0 0 Total acquisition cost 53,024 49,767 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 1,996 1,995 Translation differences -1 1 Depreciation 0 0 Disposals 0 0 Transfers 0 0 Total depreciations and amounts written down 1,995 1,996 Net carrying amount at the end of the year 51,028 47,771

The goodwill arises mainly from the historical acquisitions of JENSEN Australia, JENSEN Austria, JENSEN Benelux,

JENSEN France, JENSEN Italia, JENSEN Norway, JENSEN Spain, JENSEN Sverige (Sweden), JENSEN Switzerland,

Inwatec and MAXI-PRESS (2024).

The goodwill of the JENSEN-GROUP has grown by 3.3 million euro, with 2.7 million euro attributed to our significant

acquisitions in 2025 of

Filterfab in Australia, New Zealand, and Braun. For further details, please refer to note 23.

The remainder of the goodwill results from smaller acquisitions made in Germany and the UK in October 2025.

The JENSEN-GROUP identifies the cash flow-generating units (CGU) as being the Group. JENSEN-GROUP assists the

heavy-duty laundry industry worldwide by designing and supplying sustainable single machines as well as systems

and integrated solutions. The success of JENSEN-GROUP results from combining the global skills with the local

presence. The non-current assets of the plants are managed together, and the cash flows generated by the usage

of these plants come from one group of local, regional or global customers that are approached with the same

deliverable, being the optimization of the heavy-duty laundry activity. Therefore, the non-current assets of the

plants are allocated to one CGU for impairment testing purposes.

Goodwill is subject to an annual impairment test, close to year-end, via a number of critical judgments, estimates

and assumptions. Based on the comparison of the 'value in use' (derived using discounted free cash flow

approach) and the carrying amount (book value of capital employed) of the CGU (the Group), the recoverable

amount is calculated. JENSEN-GROUP believes that its estimates are reasonable; they are based on the past

experience, external sources of information (such as long-term growth rate and discount rate) and reflect the best

estimates by management.

The main judgments, assumptions and estimates for the cash-generating unit are:

- The first year of the model is based on management’s best estimate of the free cash flow outlook for the

coming year; for the second, third, fourth and fifth years of the model, cash flows are based on our LT plan

which includes key estimates such as the implied growth rate on sales and the EBIT margin;

- Cash flows beyond the first five years are extrapolated, usually with a growth rate of 0% (vs. 0% PY) of

free cash flows;

- Projections are discounted at the weighted average cost of capital (WACC), which lies between 9% and

10%;

This calculated enterprise value is compared to the book value.

Although JENSEN-GROUP believes that its judgments, assumptions and estimates are appropriate, actual results

may differ from these estimates under different assumptions or conditions. The Group believes any reasonable

changes in these estimates will not result in an impairment loss to be recognized given the recoverable amount.

Intangible Fixed Assets

Licenses, Know-how and trade name Other December 31 2025 Product TOTAL and customer intangibles (in thousands of euro) Development relationships ACQUISITION COST At the end of the preceding year 7,397 2,379 0 9,766 Translation differences -11 -115 0 -126 Acquisition through business combination 0 3,194 0 3,194 Change in scope 0 0 0 0 Additions 908 0 0 908 Disposals 0 -1 0 -1 Transfers 0 0 0 0 Total acquisition cost 8,294 5,457 0 13,751 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 3,402 1,760 0 5,162 Translation differences -4 0 0 -4 Acquisition through business combination 0 0 0 0 Change in scope 0 0 0 0 Depreciation 725 241 0 965 Disposals 0 0 0 0 Transfers 0 0 0 0 Total depreciations and amounts written down 4,123 2,001 0 6,124 Net carrying amount December 31, 2025 4,171 3,456 0 7,628

Development expenses are only capitalized if they are likely to yield future economic benefits for specific

projects (e.g. Inwatec). The capitalized development expenses are amortized on a straight-line basis over the

estimated useful life, which is normally to be considered no longer than 10 years. The amortization period is

evaluated continually, and the asset is reviewed annually for impairment.

201

CONSOLIDATED FINANCIAL STATEMENT

Development costs of 8.3 million euro (7.5 million euro in 2024) were expensed during the year. These costs

are accounted for in the lines ‘services and other goods’, ‘employee benefit expense’ and ‘depreciation and

amortization expense'.

Licenses relate to the capitalization of the license costs of the ERP system and of other IT tools.

Customer relationships and trade names valued during recent acquisitions are amounting to 3.2 million euro, for

more information see Note 23.

Know-how and Other December 31 2024 Product Licenses TOTAL intangibles (in thousands of euro) Development ACQUISITION COST At the end of the preceding year 6,546 2,512 1,440 10,498 Translation differences -5 -1 0 -6 Acquisition through business combination 0 190 0 190 Change in scope 0 0 -1,440 -1,440 Additions 856 21 0 877 Disposals 0 -343 0 -343 Transfers 0 0 0 0 Total acquisition cost 7,397 2,379 0 9,766 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 2,808 1,833 24 4,665 Translation differences -17 21 -30 -26 Acquisition through business combination 0 66 0 66 Change in scope 0 0 -96 -96 Depreciation 612 182 102 896 Disposals 0 -343 0 -343 Transfers 0 0 0 0 Total depreciations and amounts written down 3,402 1,760 0 5,162 Net carrying amount December 31, 2024 3,994 619 0 4,614

The other intangibles at the end of 2023 were related to the acquisition of Ole Almeborg in October 2023.

As per September 2024 the entity is no longer included in the consolidation scope of the JENSEN-GROUP.

Property plant and equipment

December 31 2025 Right of Right of Machinery Furniture Assets Land and use use Other and and under TOTAL Buildings assets - assets – tangibles equipment vehicles constr. (in thousands of euro) Building Other ACQUISITION COST At the end of the preceding year 49,224 36,496 16,823 16,749 4,574 99 226 124,192 Translation differences -1,252 -1,385 -378 -889 -34 0 1 -3,936 Acquisition through business combination 17,322 10,347 3,040 433 0 0 0 31,143 Change in scope 0 0 0 0 0 0 0 0 Additions 1,652 2,173 1,668 1,206 4,446 51 -26 11,170 Disposals 0 -84 -1,525 -716 -112 0 0 -2,438 Transfers 199 -183 -269 138 318 -3 -201 0 Total acquisition cost 67,146 47,362 19,360 16,922 9,192 147 0 160,130 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 25,050 29,462 11,512 3,216 1,559 91 0 70,892 Translation differences -364 -1,029 -291 -72 -12 0 0 -1,769 Acquisition through business combination 5,356 8,127 2,240 0 0 0 0 15,723 Change in scope 0 0 0 0 0 0 0 0 Depreciation 3,526 2,041 1,850 1,943 1,327 50 0 10,739 Disposals 0 -70 -1,433 -423 -289 0 0 -2,214 Transfers 299 198 -55 -37 -405 0 0 0 Total depreciations and amounts written 33,868 38,730 13,823 4,628 2,181 141 0 93,371 down Net carrying amount December 31, 33,277 8,632 5,536 12,294 7,011 6 0 66,756 2025

In 2025, the net carrying amount of tangible fixed assets increased by 13.5 million euro. When factoring out the

depreciation charges of 10.7 million euro, tangible fixed assets experienced an overall increase of 24.2 million

euro.

The capital expenditures made during this period focused on the further enhancement of our infrastructure to meet

future market demands and the expansion of our footprint. This included strategic investments in the expansion of

our facilities in China (1.1 million euro) and Denmark (1.3 million euro). The acquisition of Braun added 14.3

million euro to the fixed assets, complemented by smaller acquisitions of assets and operations in Germany, UK,

Australia and New Zealand. Other investment in machinery, equipment and vehicles amount to 3.1 million euro.

The renewal of several rental agreements increases the right-of-use assets by 5.7 million euro.

The net book value of the property, plant and equipment pledged as security for liabilities amounts to 19.0 million

euro (12.0 million euro at December 2024).

The buildings classified as right-of-use asset mainly exist out of the buildings in China and Denmark. There is no

material income from subleasing the assets per end of December 2025.

More information about the relating lease liabilities can be found in Note 9.

There are no material restrictions nor covenants imposed by the above leases.

There are no committed leases not yet recognized in the above table per end of December 31, 2025.

The IFRS16 calculations are annually updated with the indexation, to reflect the current status of the liability.

There are no other items expected to influence the future cash outflows.

203

CONSOLIDATED FINANCIAL STATEMENT

December 31 2024 Right of Right of Machinery Furniture Assets Land and use use Other and and under TOTAL Buildings assets - assets – tangibles equipment vehicles constr. (in thousands of euro) Building Other ACQUISITION COST At the end of the preceding year 44,684 30,974 14,448 11,340 2,766 0 881 105,095 Translation differences 251 446 62 321 -2 0 20 1,099 Acquisition through business combination 2,458 2,741 392 1,883 714 70 0 8,258 Change in scope 0 -130 0 0 -112 0 0 -242 Additions 1,982 1,972 3,110 4,769 1,883 33 304 14,054 Disposals -151 -882 -1,190 -1,563 -279 -4 0 -4,070 Transfers 0 1,375 0 0 -396 0 -979 0 Total acquisition cost 49,224 36,496 16,822 16,749 4,574 99 226 124,192 DEPRECIATIONS AND AMOUNTS WRITTEN DOWN At the end of the preceding year 22,611 26,839 10,720 2,549 1,151 0 0 63,871 Translation differences 64 392 13 -17 -1 0 0 450 Acquisition through business combination 22 1,751 258 0 0 77 0 2,108 Change in scope 0 -63 0 0 -112 0 0 -175 Depreciation 2,504 1,417 1,539 1,688 866 18 0 8,033 Disposals -151 -874 -1,017 -1,005 -344 -4 0 -3,395 Transfers 0 0 0 0 0 0 0 0 Total depreciations and amounts written 25,050 29,463 11,511 3,216 1,561 91 0 70,892 down Net carrying amount December 31, 24,174 7,033 5,311 13,533 3,013 8 226 53,299 2024

In 2024, the net carrying amount of tangible fixed assets increased by 12.1 million euro. When factoring out the

depreciation charges of 8.0 million euro, tangible fixed assets experienced an overall increase of 20.1 million euro.

The capital expenditures made during this period focused on further enhancing our infrastructure to meet future

market demands. This included strategic investments in the expansion of our facilities in China (3.4 million euro),

classified as right-of-use asset, and Denmark (2.6 million euro). Other investment of machinery, equipment and

vehicles amount to 4.5 million euro. Furthermore, the acquisition of MAXI-PRESS added 6.2 million euro to the

fixed assets, including 2.6 million right-of-use asset. The renewal of several rental agreements increases the right-

of-use assets by 3.2 million euro.

The buildings classified as right-of-use asset mainly exist out of the buildings in China and Denmark.

Note 5: Deferred Taxes

Deferred tax assets and liabilities are attributable to the following items, their movement since last year is

summarized hereby:

Through December Acquis-Through Exchange December (in thousands of euro) profit DTA DTL 31 2024 itions OCI differences 31 2025 or loss Inventories 912 -718 78 273 2,042 -1,769 Fixed assets -3,062 -2,449 1,406 -4,105 -657 -3,448 Provisions 4,620 156 -355 4,422 3,261 1,161 Tax losses 88 57 145 79 66 Deferred taxes on other differences 775 -473 -91 -296 -84 -1 -83 between tax and local books Currency result in permanent financing -1,002 1,006 4 4 0 Financial instruments -305 1,176 -51 821 1,113 -293 Total deferred tax assets (net) 2,027 -3,166 3,407 -496 -296 1,476 5,842 -4,366

Through December Acquis-Through Exchange December (in thousands of euro) profit DTA DTL 31 2023 itions OCI differences 31 2024 or loss Inventories 1,122 102 -312 0 0 912 1,061 -149 Fixed assets -2,945 -695 578 0 0 -3,062 -1,028 -2,034 Provisions 3,677 -37 1,067 -87 0 4,620 4,376 244 Tax losses 101 0 -13 0 0 88 88 0 Deferred taxes on other differences 247 5 141 -64 446 775 877 -102 between tax and local books Currency result in permanent financing -951 0 -51 -1,002 0 -1,002 Financial instruments -45 0 -355 95 0 -305 -136 -169 Total deferred tax assets (net) 1,207 -625 1,055 -56 447 2,027 5,238 -3,211

Overall, the deferred tax assets have slightly increased compared to prior year due to the timing differences

between the accounting and the tax books, especially on inventories, provisions, and financial instruments.

The deferred tax assets originate mainly from JENSEN USA (2.2 million euro), JENSEN Italy (1.1 million euro) and

JENSEN Australia (0.7 million euro).

Deferred tax assets have been recorded because management and the Board are convinced that, in accordance

with the Group’s valuation rules, the assets can be realized within a reasonable time frame. The Group is prudent

in recognizing deferred tax assets on tax losses carried forward.

205

CONSOLIDATED FINANCIAL STATEMENT

Note 6: Contract assets and contract liabilities

December 31 December 31 (in thousands of euro) 2025 2024 Revenue 540,776 453,166 Contract assets 57,126 68,046 Contract liabilities 24,868 54,751

The above contract assets represent the Group’s right to consideration in exchange for goods or services that it has

transferred to a customer. Amounts could, however, not already be invoiced as the right to consideration is not yet

unconditional because additional obligations remain to be delivered to the customer. Construction contracts are

valued based on the percentage of completion method. On December 31, 2025 contract assets included 35.4

million euro of

accrued profit, 16.3% on the gross values (23.5 million euro, 15.1%, at December 31, 2024). Both

contract assets and contract liabilities are significantly lower at year-end compared to the prior year. Several

projects that were still open at the end of 2024 reached completion during 2025, leading to the settlement of the

related balances. By contrast, many of the projects open at the end of 2025 had not yet progressed to the next

billing stage, resulting in a lower contract liability position.

(in thousands of euro) YTD Q4 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Orders intake 531,408 177,188 95,534 121,181 137,505 Revenue 540,776 142,786 134,856 135,601 127,533

The contract revenue is related to construction contracts for customers. The orders procured over the course of

2025 are again record breaking for the Group and underscore our continued growth and local market presence.

Regarding the Group’s outstanding performance obligations as at year-end:

- As at December 31, 2025, we have 5.6 million euro of outstanding performance obligations, not yet

satisfied, resulting from current contracts that will be performed after 2026 (19.4 million euro at

December 31, 2024). These performance obligations are mainly related to

shipyards and public hospitals.

- There are no performance obligations that last longer than 12 months between the start of the production

and handover. For cruise yards, the installation of the laundry takes less than 12 months.

There can, however, be a gap up to 24 months between the installation of the laundry and the final

completion of the vessel. For this period, the JENSEN-GROUP provides performance bonds.

The reconciliation of the net movements on contract assets and liabilities is as follows:

(in thousands of euro) Contract assets Contract liabilities December 31 2024 68,046 54,751 Revenue recognized that was included in the contract liability balance at the 0 -17,279 beginning of the period Increase / decrease (-) due to cash received, excluding amounts recognized as 0 -14,474 revenue during the period Transfer from contract assets recognized at the beginning of the period to -32,273 0 receivables Increases as a result of changes in the measure of progress 23,451 0 Translation differences -2,097 -2,580 Acquisition through business combination 4,450 December 31 2025 57,126 24,868

Note 7: Trade and other receivables

December 31 December 31 (in thousands of euro) 2025 2024 Trade receivables 122,392 133,032 Provision for doubtful debtors -4,109 -4,835 Tax e s 3,535 4,359 Other amounts receivable 7,838 5,387 Deferred charges and accrued income 3,094 4,313 Derivative financial instruments 304 314 Total trade and other receivables 133,053 142,569 Trade receivables 2,167 4,641 Other amount receivable 4,769 3,872 Derivative financial instruments 233 193 Non-current portion 7,170 8,706 Current portion 125,883 133,863

Non-current portion

The non-current portion of the trade receivables decreased by 2.5 million euro due to payments of the project

financing given in the previous period. The Group is actively engaged in assisting customers by providing financing

solutions, which include the implementation of stringent repayment schedules (1.7 million euro) and repurchase

commitments with financial institutions (0.5 million euro).

In the other amounts receivable (non-current portion)

cash guarantees for an amount of 0.9 million euro are

included, stable compared to previous year, a loan to our partner Tolon of 2.5 million euro and other receivables of

1.3 million euro.

Current portion

In the fourth quarter, revenue reached 142.8 million euro, representing a 21% increase compared to the final

quarter of 2024. Despite this growth,

trade receivables ST decrease by 8.2 million euros. This decline is mainly

attributed to a decrease in Days Sales Outstanding (DSO) from 91 days to 83 days.

207

CONSOLIDATED FINANCIAL STATEMENT

Note 8: Equity

Issued capital

As at December 31, 2025, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2

million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares.

All shares are fully paid. As per December 31, 2025, the Company holds 422,867 treasury shares.

Detailed information on the capital statement as per December 31, 2025 and 2024 is set out below.

Amounts Capital statement (position as at December 31, 2025) Number of shares (in thousands of euro) A. Capital 1. Issued capital At the end of the previous year 38,050 Changes during the year 0 At the end of this year 38,050 2. Capital representation 2.1 Shares without nominal value 38,050 9,631,408 2.2 Registered or bearer shares Registered 6,231,724Dematerialized 3,399,684B. Own shares held by the company or one of its subsidiaries 20,667422,867C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription right 0 0 D. Authorized capital not issued 38,280

The following notifications have been received of holdings in the company's share capital:

JENSEN Invest A/S, JF Tenura ApS, SWID AG, Mr. Jesper M. Jensen, The Jørn M. Jensen and Lise M. Jensen Family

Trust, Mrs. Anne M. Jensen and Mrs. Karine Munk Finser

JENSEN INVEST A/S, Ejnar Jensen Vej 1, 3700 Rønne, Denmark

Number of Total shares%shares- Number of shares 4,260,781 9,631,408 44.24% - Voting rights 4,260,781 9,208,541 46.27%

Following the ongoing share buyback program implemented by JENSEN-GROUP, JENSEN Invest A/S, the (de facto)

controlling entity of JENSEN-GROUP, crossed the 45% threshold upwards on March 8, 2024. The chain of control is

as follows: JENSEN Invest A/S holds 44.24 % of the shares in JENSEN-GROUP NV. JF Tenura Aps holds 100% of the

shares In JENSEN Invest A/S. SWID AG, represented by Mr. Jesper M. Jensen holds 51% of the share capital and

99% of the voting rights in JF Tenura Aps. The Jørn Munch Jensen and Lise Munch Jensen Family Trust, of which Mrs.

Anne Munch Jensen and Mrs. Karine Munk Finser are the ultimate beneficial owners, holds the other 49% of the

shares in JF Tenura Aps.

Miura Co Ltd

7 Horie, Matsuyama, Ehime, 799-2696 Japan

Number of Total shares % shares - Number of shares 1,926,282 9,631,408 20.00% - Voting rights 1,926,282 9,208,541 20.92%

The chain of control is as follows: Miura Co. Ltd. holds 20% of the shares in JENSEN-GROUP NV.

As at December 31, 2024, the issued share capital was 38.3 million euro (before deducting the issuance cost of 0.2

million euro), represented by 9,631,408 ordinary shares without nominal value. There were no preference shares.

All shares are fully paid. As per December 31, 2024, the Company holds 146,793 treasury shares.

Amounts Capital statement (position as at December 31, 2024) Number of shares (in thousands of euro) A. Capital 1. Issued capital - At the end of the previous year 38,050 - Changes during the year 0- At the end of this year 38,050 2. Capital representation 2.1 Shares without nominal value 38,050 9,631,408 2.2 Registered or bearer shares - Registered 6,30,339 - dematerialized 3,401,069B. Own shares held by - the company or one of its subsidiaries 5,264146,793C. Commitments to issue shares 1. As a result of the exercise of conversion rights 0 0 2. As a result of the exercise of subscription rights 0 0 D. Authorized capital not issued 38,280

Each share has one vote. The voting rights are in line with the Companies’ and Associations’ Code. The bylaws do

not include other regulations with respect to voting rights.

The regulations with respect to transfer of shares are in line with the Companies’ and Associations’ Code.

The bylaws do not include other regulations with respect to transfer of shares.

Share premium

The share premium results from (i) the merger of LSG, which then took the name of JENSEN-GROUP NV (5.8 million

euro), (ii) capital increase in 2023 through contribution in kind (37.9 million euro) and (iii) capital increase in 2023

through contribution in cash (23.9 million euro).

The closing balance of the share premium is 67.6 million euro.

209

CONSOLIDATED FINANCIAL STATEMENT

Treasury shares

The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10, 2022,

the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of its own

shares.

During the extraordinary shareholders’ meeting of May 16, 2023, the shareholders voted on the cancellation of the

113,873 treasury shares after the Board suspended the program in view of a recent acquisition. Later in the year

2023, the Board decided to re-launch the program and as of December 31, 2025, 422,867 shares have been

bought back at an average price of 48.87 euro for a total amount of 20.7 million euro. The buy-back program

expires on May 18, 2026.

Currency translation differences

In this annual report the consolidated financial statements are expressed in thousands of euro. All balance sheet

captions of foreign companies are translated into euro, which is the Group’s functional and presentation currency,

using closing rates at the end of the accounting year, except for capital and reserves, which are translated at

historical rates. The income statement is translated at average rates for the year. The resulting translation

difference, arising from the translation of capital and reserves and the income statement, is shown in a separate

category of other comprehensive income under the caption ‘Currency translation differences’.

The currency translation differences decreased by 14.0 million euro, mainly following the weaker USD, JPY and TRY.

The exchange rates used for the translation were as follows:

Currency Average rate Closing rate 2025 2024 2025 2024 AED 4.1489 3.9730 4.3105 3.8252 AUD 1.7513 1.6399 1.7581 1.6772 BRL 6.3056 5.8268 6.4362 6.4253 CAD 1.5782 1.0000 1.6088 1.0000 CHF 0.9371 0.9526 0.9314 0.9412 CNY 8.1149 7.7863 8.2264 7.5833 DKK 7.4632 7.4588 7.4688 7.4578 EUR 1.0000 1.0000 1.0000 1.0000 GBP 0.8566 0.8466 0.8726 0.8292 JPY 168.9475 163.8175 184.0943 163.0600 NOK 11.7165 11.6268 11.8427 11.7950 NZD 1.9416 1.7879 2.0380 1.8532 SEK 11.0644 11.4309 10.8213 11.4590 SGD 1.4752 1.4457 1.5105 1.4164 TRY 44.7628 35.5653 50.4796 36.7372 USD 1.1293 1.0821 1.1750 1.0389

Hedging reserves

The Group designates foreign exchange contracts and interest rate swaps as ‘cash flow hedges’ of its foreign

currency and interest exposure. Any change in fair value of the hedging instrument and the hedged item

(attributable to the hedged risk), as of inception of the hedge, is deferred other comprehensive income ('OCI') if

the hedge is deemed effective (Note 20).

At year-end, an amount of 0.18 million euro was deferred in other comprehensive income.

Gains and losses recognized in the hedging reserve in other comprehensive income ('OCI'):

- on forward foreign exchange contracts as of December 31, 2025, will be released to the income statement at

various dates between one and six months.

- on interest rate swap contracts as of December 31, 2025, will be continuously released to the income

statement until the repayment of the bank borrowings.

Remeasurement gains and losses on defined benefit plans

JENSEN-GROUP has defined benefit plans for which all actuarial gains and losses are recognized directly in OCI, see

Note 10. The accumulated loss per December 31, 2025, amounts to 3.7 million euro.

Dividend

The Board proposes to the Annual Shareholders’ meeting to approve a dividend of 1.50 euro per share. The

dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount

13,812,811.50 euro, based on the number of shares outstanding as at December 31, 2025. No dividend will be

distributed to the treasury shares.

In respect of 2024, the Board proposed, and the Shareholders approved, a dividend payment of 1.00 euro per

share. The dividend proposal was based on the net result of the Company at year-end.

Capital risk management

JENSEN-GROUP’s objectives when managing capital are to safeguard the Group’s ability to continue as a going

concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal

structure to minimize the cost of capital.

211

CONSOLIDATED FINANCIAL STATEMENT

Note 9: Financial debt

The non-current and current borrowings can be summarized as follows:

Reclass December Acquis. or Decembe(in thousands of euro) Proceeds Repayments LT/ ST or CTA 31 2024 exit conso. r 31 2025 transfer LT loans with credit institutions 13,078 0 21,147 -3,325 -2,215 -397 28,289 LT loans other 2,205 -2,205 0 0 0 0 0 LT factoring 1,595 0 0 0 -1,264 0 331 Subtotal 16,878 -2,205 21,147 -3,325 -3,479 -397 28,620 Lease liabilities – LT 5,440 41 5,752 -1,322 -2,135 -38 7,738 Total non-current borrowings 22,318 36,358

Reclass December Acquis. or Decembe(in thousands of euro) Proceeds Repayments LT/ ST or CTA 31 2024 exit conso. r 31 2025 transfer Current portion of LT borrowings 13,393 0 0 -13,286 2,215 -42 2,280 Credit institutions ST 20,005 0 24,800 -19,991 0 -31 24,783 Overdrafts 8,613 1 0 -8,045 1 -569 0 Payments received (factoring) 2,197 0 836 -2,197 31 -131 736 Subtotal 44,208 1 25,636 -43,519 2,247 -773 27,800 Lease liabilities - ST 2,900 392 526 -2,563 2,199 -47 3,407 Total current borrowings 47,108 31,206 Total borrowings 69,426 67,564

Total borrowings decreased from 69.4 million euro at December 31, 2024 to 67.6 million euro at December 31,

2025. The decrease was mainly driven by substantial repayments on both long-term and short-term credit facilities,

which outweighed the new proceeds received during the year. In addition, limited reclassifications between

long-term and short-term debt and minor currency translation effects contributed to the overall movement,

resulting in a net reduction of 1.9 million euro.

The repayments for lease liabilities consider interest expense on lease liabilities for an amount of 0.3 million euro.

More information about the relating right-of-use assets can be found in Note 4.

The Group factored trade receivables in a total amount of 1.1 million euro (0.3 million euro long-term and 0.7

million euro short-term). As control is not substantially transferred to the third party, the factoring arrangement

does not result in the de-recognition of any amount from the balance sheet.

Considering the total borrowings (67.6 million euro), financial assets (29.3 million euro) and cash and cash

equivalents (28.6 million euro), the Group is reporting

a net debt position of 9.7 million euro at the end of

December 2025, compared to a net cash position of 3.0 million euro per end of December 2024. Major cash outs

relate to the acquisition of the business of GA Braun, Inc, the acquisition of the business of Filterfab Pty Ltd, and the

acquisition of the shares of Filterfab NZ Limited, the dividend pay-out, the capital expenditures and the acquisition

of treasury shares. These are compensated by a higher EBITDA. The Group has sufficient available credit facilities to

fulfill the financing of its needs.

The following table gives the maturities of the non-current debt:

December 31 December 31 (in thousands of euro) 2025 2024 Between 1 and 2 years 15,999 8,785 Between 2 and 5 years 15,839 5,884 > 5 years 4,519 7,650 Total non-current borrowings 36,358 22,318

The exposure of the Group’s borrowings to interest rate changes and the contractual re-pricing dates before and

after the effect of the

interest rate swaps ('IRS') at balance sheet date are as follows:

Less than 1 Between 1 Between 2 (in thousands of euro) > 5 years TOTAL year and 2 years and 5 years Credit institutions (incl. overdraft) 27,063 11,590 12,180 4,519 55,352 Payments received (factoring) 736 331 0 0 1,067 Lease liabilities 3,407 4,078 3,659 0 11,145 Total 31,206 15,999 15,839 4,519 67,564 IRS covered 0 508 1,525 1,180 3,214 Total non-covered 31,206 15,491 14,314 3,339 64,350

Management believes that the carrying value of the loans at fixed rate approximates to the fair value.

For details on the IRS, we refer to Note 20, Financial Instruments - market and other risks.

The carrying amounts of the Group’s borrowings are denominated in the following currencies:

December 31 December 31 (in thousands of euro) 2025 2024 EUR 13,803 19,267 DKK 31,379 27,015 CNY 11,238 14,804 Total 56,420 61,086 Lease liabilities 11,145 8,340 Total borrowings 67,564 69,426

There are no bank covenants in place.

Debt covered by guarantees

December 31 December 31 (in thousands of euro) 2025 2024 Mortgages 17,417 7,009 Letter of Intent 0 12,893 Total 17,417 19,902

The carrying value of the property, plant and equipment pledged as security for liabilities amounts to 19.0 million

euro.

213

CONSOLIDATED FINANCIAL STATEMENT

Note 10: Employee benefit obligations

December 31 December 31 (in thousands of euro) 2025 2024 Provisions for defined benefit plan 8,390 9,730 Provision for other long-term benefits 1,087 0 Provisions for other employee benefits 1 328 Total employee benefit obligations 9,479 10,058

Benefit plan

JENSEN GmbH, JENSEN France, JENSEN Italia and JENSEN AG Burgdorf maintain defined retirement benefit plans.

JENSEN GmbH, JENSEN Australia and Maxi-Press Australia also maintain other long-term benefits for their

employees. These plans generally provide benefits that are related to an employee’s remuneration and years of

service.

- The liabilities for the JENSEN-GROUP in respect of the defined benefit schemes are calculated by

independent actuaries, taking into consideration projected final salaries and using assumptions such as

discount rate, mortality, turnover, salary evolution, inflation.

- The weighted average duration of the defined benefit obligation at year-end 2025 is 12.80 years (2024:

13.90).

The provision for other employee benefits relates to defined contribution plans in Austria and Germany.

At December 31, 2025, the total net liability amounted to 9.5 million euro. The net liability decreased because of

changes in the assumptions and because of experience effects. Overall, the change in the discount rate resulted in

a gain of 1 million euro. Experience gains of 0.4 million euro are linked to a gain of 0.2 million euro due to a full

valuation performed in Switzerland and reflects mainly the changes in population, current salary and credit

increases, and a gain of 0.1 million euro due to new valuations in Australia which is included in this year’s

disclosures for the first time.

For the post-employment and other long-term employee benefits , the net cost for 2025 was 0.6 million euro

(2024: 0.5 million euro)

December 31 December 31 (in thousands of euro) 2025 2024 Current service cost 350 211 Interest cost 404 398 Interest income on plan assets -90 -103 Immediate recognition of (gains)/losses arising over the period -121 0 Administrative expenses and taxes 22 22 Pension expenses 565 528

The change in net liability recognized during 2025 and 2024 is set out in the table below:

December 31 December 31 (in thousands of euro) 2025 2024 Net defined benefit liability (asset) at the beginning of year 9,730 10,394 Defined benefit cost included in P&L 565 528 Employer contribution or benefits paid by employer -765 -762 Total remeasurements included in OCI -1,283 -393 Net transfer in 1,219 0 Effect of changes in foreign exchange rates 11 -37 Net defined benefit liability (asset) as of end of year 9,478 9,730

For Switzerland, the amount of the contributions is based on the currently valid pension plan in conjunction with

the pension fund regulations of the foundation. Half of the savings contributions are financed by the employer and

half by the employee. The risk contributions are paid by the employee at a rate of 1% from the age of 18 to 24

and 1.5% from the age of 25. The employer's contribution corresponds to the difference between the total of all

contributions and the sum of the contributions of all employees. In case of underfunding, recovery measures are

taken like making additional contributions.

The changes in defined benefit obligations and plan assets can be summarized as follows:

December 31 December 31 (in thousands of euro) 2025 2024 Defined benefit obligation at end of prior year 17,857 18,165 Current service costs 350 211 Interest expense 404 398 Benefits paid -3,509 -737 Participants' contribution 213 250 Effect of changes in demographic assumptions -220 8 Effect of changes in financial assumptions -1,013 -28 Effect of experience adjustments -372 -254 Effect of changes in business combinations 1,219 0 Effect of changes in foreign exchange rates 80 -156 Defined benefit obligation at end of year 15,009 17,857

JENSEN-GROUP is affiliated with a collective foundation who is responsible for asset management and the

reconciliation of assets and liabilities. The plan assets are invested in accordance with the currently valid

investment regulations of this foundation. The investment strategy and liability structure are aligned on a

regular basis.

December 31 December 31 (in thousands of euro) 2025 2024 Fair value of plan assets at end of prior year 8,127 7,771 Contributions 978 1,012 Return on plan assets -201 119 Interest income on plan assets 90 103 Benefits paid -3,509 -737 Administrative expenses -22 -22 Effect of changes in foreign exchange rates 69 -119 Fair value of plan assets at end of year 5,532 8,127

215

CONSOLIDATED FINANCIAL STATEMENT

December 31 December 31 (in thousands of euro) 2025 2024 Defined benefit obligation - wholly unfunded 7,697 8,413 Defined benefit obligation - (partially) funded 7,312 9,444 Fair value of plan assets 5,532 8,127 Net defined benefit liability (asset) 9,478 9,730

The major assumptions made in calculating the provisions can be summarized as follows:

Expected rates of salary Discount rate Rate of price inflation increase 2025 2024 2025 2024 2025 2024 Australia 5.40% N/A 2.40% N/A 3.00% N/A Switzerland 1.30% 1.10% 0.90% 1.10% 1.40% 1.60% France 4.05% 3.45% N/A N/A 3.00% 3.00% Germany 4.15% 3.50% 2.00% 2.25% 3.00% 3.00% Italy 3.80% 3.40% 2.00% 2.00% N/A N/A

For the Eurozone and Switzerland, discount rates increased over 2025 as a result of increasing yields on

international bonds. With regards to the inflation rate in the Eurozone, we calculated with a price inflation of

2.00%, applying the inflation curve to the cashflows for these plans. In France, inflation has no impact on the

benefit. The expected salary increase rates didn't change since last year for the Eurozone but decreased for

Switzerland by 20 basis points.

Through its post-employment benefits and other long-term employee benefit , the Group is exposed to a number

of risks, the most significant of which are detailed below:

- Asset volatility: Investment instruments other than bonds, are expected to outperform (corporate) bonds in

the long term but create volatility and risk in the short term. The allocation of the plan assets is monitored to

ensure this is appropriate in respect of the lifetime of the plan.

- Changes in bond yields: The plan liabilities are calculated using a discount rate set with reference to corporate

bond yields. The rate used to discount post-employment benefit obligations is determined by reference to

market yields at the end of the reporting period on high quality corporate bonds, as required by IAS 19.83.

A decrease in corporate bond yields will increase the plans’ liabilities. For funded schemes, this will be

partially offset by an increase in the fair value of the plan’s assets.

The sensitivity of the defined benefit obligation to changes in the assumptions is:

Change in (in thousands of euro) assumption Discount rate -25bp 482 +25bp -455 Weighted avg duration (in years) -25bp 13 +25bp 12

The above sensitivity analyses are based on a change in assumption while holding all other assumptions constant.

In practice, this is unlikely to occur and changes in some of the assumptions may be correlated.

The percentage of plan assets by asset allocation is as follows per end of December 31, 2025 (2024):

- Equity securities: 8.95% (5.79%)

- Debt securities: 42.94% (46.36%)

- Real estate: 24.29% (24.55%)

- Derivatives: 10.71% (9.68%)

- Cash: 1.81% (0.40%)

- Other: 11.31% (13.23%)

The

contributions expected to be paid to the plan and to direct payments during the annual period beginning after

the reporting period is estimated at 1 million euro.

The pension plan in Belgium that is legally structured as a defined contributions plan. The cost of this plan for

JENSEN-GROUP NV amounted to 0.1 million euro for accounting year 2025 (2024: 0.1 million euro).

Because of the Belgian legislation applicable to 2

pillar pension plans (so-called "Vandenbroucke Law"), all

Belgian Defined Contribution plans have to be considered under IFRS as Defined Benefit plans. The Vandenbroucke

Law states that in the context of defined contribution plans, the employer must guarantee a minimum of 2.50%

annual return on contributions as of 2016, and a minimum of 3.75% on contributions made before 2016.

Because of this minimum guaranteed return for Defined Contributions plans in Belgium, the employer is exposed to

a financial risk (there is a legal obligation to pay further contributions if the fund does not hold sufficient assets to

pay all employee benefits relating to employee service in the current and prior periods). These plans should

therefore be classified and accounted for as Defined Benefit plans under IAS 19.

In the past the Company did not apply the Defined Benefit accounting for these plans because higher discount

rates were applicable and the return on plan assets provided by insurance companies was sufficient to cover the

minimum guaranteed return. As a result of the continuously low interest rates offered by the European financial

markets, employers in Belgium effectively assumed a higher financial risk related to the pension plans with a

minimum fixed guaranteed return than in the past, requiring them to measure the potential impact of Defined

Benefit accounting for these plans.

An external party was asked to estimate the potential additional liabilities, and concluded that no potential

additional liabilities exist as at December 31, 2025.

217

CONSOLIDATED FINANCIAL STATEMENT

Note 11: Provisions for other liabilities and charges

December 31 December 31 (in thousands of euro) 2025 2024 Provisions for warranties 11,395 8,686 Provisions for repurchase commitments 410 354 Other provisions 1,019 820 Provisions for other liabilities and charges 12,824 9,861

Changes in provisions can be analyzed as follows: Write-December December (in thousands of euro) Acquisition Additions Utilization backs or FX 31 2024 31 2025 reversals Provisions for warranties 8,686 944 7,416 -4,857 -590 -205 11,395 Provisions for repurchase commitments 354 0 -157 -1 214 0 410 Other provisions 820 0 662 -8 -418 -38 1,019 Total provisions 9,861 944 7,921 -4,866 -793 -243 12,824

Warranty provision: A provision is recorded for expected warranty claims on products sold during the year.

Assumptions used to calculate the provision for warranty claims are based on current sales levels and current

information on warranty calls under the standard warranty period (on average between 18 and 24 months) for the

main products. The

warranty provision at the end of 2025 corresponds proportionately with the increase in our

operational activities throughout the year. It is noteworthy that despite the expansion in activities, the warranty

provision as a percentage of our revenues has remained constant at 2%. This stability underscores our

commitment to quality and customer service excellence, even amidst significant operational growth.

Repurchase commitments: A provision for repurchase commitments is recorded when JENSEN-GROUP sells

equipment for which the customer enters into a leasing contract with a leasing company and this party requests a

repurchase clause. In case of customer default, the leasing company can request JENSEN-GROUP to take back the

machine. This creates exposure for the Group in terms of having to take back machinery over the lifetime of the

financing contract. The value of the machinery could already be below the remaining financial liability, therefore a

provision is provided for.

Other provisions: are set up for legal claims that, based on prudent judgment, are reasonably accounted for. Most

of these claims are covered by insurance. Based on legal advice taken, management does not expect these claims

to significantly impact the Group’s financial position or profitability.

Note 12: Trade and other payables

December 31 December 31 (in thousands of euro) 2025 2024 Trade payables 34,007 30,485 Remuneration and social security 21,119 16,605 Other payables 12,791 13,025 Accrued expenses and deferred income 15,174 13,491 Derivative financial instruments 79 611 Total trade and other payables 83,170 74,217 Other payables 9,309 6,670 Non-current portion 9,309 6,670

The trade payables, on average, correspond to the final month of outstanding purchases. As of the end of

December, outstanding payables have risen by 12% compared to the previous period, a change entirely

attributable to the higher activity of the Group. The expansion of our workforce from 2,059 to 2,469 employees at

year-end, alongside inflation and varying economic conditions in several countries, has led to a 16% increase in

employee remuneration as reflected in the profit and loss statement. Consequently, the payable amount increases

compared to December 2024.

The non-current portion of other payables mainly consist of the forward purchase (6.9 million euro) on the non-

controlling interest of MAXI-PRESS, an increase by 1.5 million euro in 2025 due to the updated fair value

assessment.

The accrued expenses are mainly related to the occurred expenses for construction contracts which are allocated to

the relevant accounting year. Furthermore, also non-operating expenses to be accounted for in the year 2025 are

included in this accrual. The

deferred income amounts to 4.4 million euro (3.0 million euro in 2024).

These factors collectively contribute to the increased outstanding payables recorded at year-end (+ 8.9 million

euro). This increase reflects our strategic investments and growth.

219

CONSOLIDATED FINANCIAL STATEMENT

Note 13: Operating expenses

December 31 December 31 Variance (in thousands of euro) 2025 2024 % Raw material expenses -239,944 -202,886 18% Services and other goods -69,091 -56,145 23% Employee benefit expenses -153,508 -132,302 16% Depreciation and amortization expense -11,723 -8,888 32% Impairment, write-off and provisions -1,210 -3,421 -65% Total expenses -475,476 -403,642 18%

Raw material expenses, which are detailed across various subcomponents mentioned below, have experienced an

18% increase compared to the previous year. This rise is mainly volume driven and related to the higher activity

level

The main components are:

- Raw materials & consumables

- Trade machinery

- Packaging

- Freight

- Spare parts & services

- Subcontracting

The growth in our operational activities, including orders and revenue, is notably high. Over the past three years,

we more than doubled our global production capacity and expanded our manufacturing footprint across Denmark,

Sweden, China, the USA, and Japan. This has created a global industrial platform designed not only to meet today’s

demand, but to support long-term growth.

Services and other goods amount to 69.1 million euro and their evolution (+ 12.9 million euro) is in line with

the growth of the Group.

The main components exist of:

- Marketing

- Utility & office services

- IT

- Maintenance and repair

- Travel

- Research

The expansion of our workforce from 2,059 to 2,469 at year-end, coupled with inflation and varying economic

conditions in multiple countries, has resulted an increase in

employee benefit expenses by 16% compared to

December 31, 2024. A long-term incentive plan (‘LTIP’) has been implemented for our key management. The LTIP

is designed to align the interests of the executive management members with the strategic objectives of JENSEN-

GROUP and to reward them for their contribution in the implementation and realization of the strategic plan.

Upon successful achievement of the strategic plan targets within the predetermined timeframe, as determined by

the Board of Directors, the eligible members will receive a compensation.

As at December 31, 2025, a provision of 3.2 million euro has been recognized in this respect.

Depreciation and amortization expenses amount to 11.7 million euro in 2025, these expenses are further detailed

per asset class in Note 4 and 5.

Impairment, write-off and provisions are summarized via the below table:

December 31 December 31 (in thousands of euro) Variance 2025 2024 Write down on trade receivables -918 2,144 -3,062 Write down on contract assets 0 455 -455 Write down on inventory 18 811 -793 Change in provision of employee benefit expense -100 -228 128 Change in provisions 2,210 241 1,969 Impairment, write-off and provisions 1,210 3,421 -2,211

For the roll forward of the provision for doubtful debtors from December 31, 2024 to December 31, 2025 see Note

20.

The change in provisions is summarized in Note 11, mainly representing the movement of the warranty provision.

Note 14: Other operating result

December 31 December 31 (in thousands of euro) Variance 2025 2024 Other operating income 4,441 1,406 3,035 Other operating expenses -936 -193 -743 Total 3,505 1,213 2,292

In 2025, the other operating income includes a gain of 2.8 million euro arising from the waiver of the contribution

of Veins into Gotli.

In 2024, other operating income mainly consisted of commissions.

221

CONSOLIDATED FINANCIAL STATEMENT

Note 15: Financial income and financial charges

December 31 December 31 Variance (in thousands of euro) 2025 2024 Financial income 4,916 4,326 590 Interest income 1,682 2,577 -895 Other financial income 256 235 21 Currency gains 2,978 1,513 1,465 Financial cost -5,366 -6,503 1,137 Interest charges -955 -1,806 851 Other financial charges -2,922 -1,672 -1,249 Currency losses -1,489 -3,024 1,535 Total net finance cost -450 -2,177 1,727

Interest income is primarily derived from returns on financial assets and on cash and cash equivalents. The net

interest income remains stable.

Other financial charges increase by 1.2 million euro compared to the previous period because of the revaluation of

the forward purchase on the non-controlling interest in MAXI-PRESS (15%) at fair value.

The revaluation of balance sheet positions and hedging contracts based on the closing rate results in a currency

gain or loss. The classification of these currency outcomes as either operating or financial results is contingent upon

the specific nature of the currency effect. Currency result increased especially based on the euro cash position of

entities reporting in USD, CNY and SGD.

Note 16: Income tax expense

Income tax expenses can be analyzed as follows:

December 31 December 31 (in thousands of euro) Variance 2025 2024 Current taxes -18,776 -14,012 -4,764 Deferred taxes 3,407 1,055 2,352 Total income tax expense -15,369 -12,957 -2,412

Total income tax expenses increase by 2.4 million euro, attributable to an enhanced result before taxes.

The movement of the

deferred taxes balance sheet positions is further split by their nature in Note 5.

Relationship between tax expense and accounting profit as per December 31, 2025 and December 31, 2024 is

summarized in the below reconciliation table:

Reconciliation of effective tax rate

December 31 December 31 (in thousands of euro) 2025 2024 Accounting profit before taxes 74,648 52,498 Share in result of associates and companies accounted for using 6,293 3,938 the equity method Tax basis 68,355 48,560 Theoretical tax rate 25.81% 24.50% Income tax calculated at the weighted average of the 17,642 11,897 theoretical tax rate of the different entities Disallowed expenses 597 211 Prior year tax adjustments -973 120 Tax losses for which no DTA is recognized 18 616 Utilization of recognized DTA -1,484 0 Impact of tax consolidation -560 0 Other 129 113 Actual tax expenses 15,369 12,957 Effective tax rate 22.48% 26.68%

The effective tax rate of 22.48% is lower than the theoretical tax rate of 25.81% of the different entities and

mainly due to the utilization of DTA.

During 2025, three tax audits have been launched and closed. The Group has accounted for the necessary

provisions based on the best estimate of the expected outcome of potential future tax audits.

223

CONSOLIDATED FINANCIAL STATEMENT

Note 17: Earnings per share

Basic earnings per share are calculated by dividing the Group share in the profit for the year of 58.7 million euro

(41.2 million euro in 2024) by the weighted average number of ordinary shares outstanding during the years

ended December 31, 2025, and 2024.

December 31 December 31 Variance % 2025 2024 Basic earnings per share (in euro) 6.26 4.31 45% Weighted avg shares outstanding 9,372,539 9,542,241

The earnings per share (EPS) experienced an increase by 1.95 euro per share, or 45% compared to previous

period.

Diluted earnings per share equal basic earnings per share, as the Group has no instruments outstanding that could

result in the issuance of additional ordinary shares.

Note 18: Statement of cash flows

Cash, cash equivalents and bank overdrafts include the following for the purpose of the cash flow statement:

December 31 December 31 (in thousands of euro) Variance 2025 2024 Cash and cash equivalent 28,633 42,455 -13,822 Overdraft -0 -8,613 8,613 Net cash and cash equivalents 28,633 33,842 -5,210 CASH FLOW FROM OPERATING ACTIVITIES 62,210 30,619 CASH FLOW FROM INVESTING ACTIVITIES -43,475 -41,360 CASH FLOW FROM FINANCING ACTIVITIES -22,121 1,958 Net increase / (decrease) in cash and cash equivalents -3,385 -8,783 Exchange gains / (losses) on cash and bank overdrafts -1,825 1,169

The operating activities in 2025 have benefited from improved yearly results compared to the year 2024. This

positive impact was slightly counterbalanced by an increase in working capital, which resulted in a cash outflow of

5.7 million euro. Contract assets increased by an amount of 68.1 million euro, reflecting the impressive order book

records the Group continues to achieve. On the other hand, the contract liabilities increase by 45.1 million euro as

well.

The cash out flow for corporate income taxes in 2025 amounts to 12.5 million euro compared to 18.4 million euro

last year. The decrease is mainly explained by timing differences of the payments performed. The acquisition of the

G.A. Braun activities in the USA and the acquisitions by MAXI-PRESS in Australia, New-Zealand, Germany and the UK

have significantly impacted the

investing activities by 39.6 million euro (net of acquired cash). Additionally,

strategic investments in expanding production facilities in China and Denmark, along with regular investments in

property, plant, and equipment, resulted in additional outflow of 7.1 million euro. These investments enhance our

manufacturing footprint and align with our strategic goals of capacity expansion and diversification of our product

offerings. There was a minor offset in the investing activities by the receipt of a 2.6 million euro dividend from Inax

related to the 2024 results and the positive impact of the proceeds from and purchase of financial instruments

amounting to 0.5 million euro.

The distribution of dividends to shareholders, based on the financial results of 2024, amounts to 9.5 million euro.

Additionally

, financing activities were further impacted by the share buyback program, through which the Group

repurchased shares totaling 15.4 million euro. The proceeds from and repayments of borrowings are mainly

impacted by the replacement of the 20 million euro roll-over loan of by a roll-over loan of 24 million euro, used

for the acquisition of the Braun activities.

225

CONSOLIDATED FINANCIAL STATEMENT

Note 19: Commitments and contingencies

JENSEN-GROUP has given the following commitments:

December 31 December 31 (in thousands of euro) Variance 2025 2024 Letters of intent 0 12,893 -12,893 Bank guarantees 16,370 9,277 7,093 Mortgages 17,417 7,009 10,408 Collateral 24,800 20,006 4,794 Repurchase commitments 1,961 3,368 1,407

The loans that were covered by a letter of intent were paid back in the course of 2025. The bank guarantees

increased because of the higher activities. The re-financing of the loans that were initially covered by a letter of

intent requested a mortgage guarantee. The collateral of 24.8 million euro is related to the M&A activities, where

the Group financed via a roll-over loan of 24.8 million euro guaranteed by a collateral on the financial assets at fair

value through OCI, DKK bonds, as disclosed in Note 20.

Management does not expect these contingencies to significantly impact the Group’s financial position or

profitability.

Note 20: Financial instruments – Market and other risks

The table below gives an overview of the Group’s financial instruments. The carrying amounts are close to the fair

value.

(in thousands of euro) December 31 2025 December 31 2024 Carrying Fair value Carrying Fair value amount amount amount amount FINANCIAL ASSETS Financial assets at amortized cost 4,554 4,126 4,869 4,433 Financial assets at fair value through OCI 24,736 24,736 25,234 25,234 Other LT receivables 0 0 1,455 1,351 Trade receivables 118,283 118,283 128,197 128,197 Derivative financial instruments - FX contracts 70 70 121 121 Derivative financial instruments -IRS 233 233 193 193 Cash and cash equivalent 28,633 28,633 42,455 42,455 Total 176,510 176,081 202,524 201,984 FINANCIAL LIABILITIES Financial debts 55,352 55,140 57,294 56,793 Financial debts - factoring 1,067 1,067 3,792 3,792 NCI forward 6,910 6,910 5,400 5,400 Trade payables 34,007 34,007 30,485 30,485 Derivative financial instruments - FX contracts 79 79 611 611 Derivative financial instruments -IRS 0 0 0 0 Total 97,411 97,203 97,582 97,081

Financial assets

To mitigate the risk associated with holding cash, the Group allocated a portion of its cash reserves to financial

assets, primarily investment in bonds. These investments are classified as

financial assets at amortized cost.

This classification is based on the assets being held within a business model that is focused on the collection of

contractual cash flows, and the contractual terms of these assets generate cash flows that are exclusively

payments of principal and interest. This approach diversifies the Group's investment portfolio while remaining

aligned with its risk management strategy.

Additionally, a portion of the Group's cash reserves has been invested in bonds that are classified as financial assets

at fair value through Other Comprehensive Income (OCI). These particular DKK bonds, issued by Nykredit Realkredit

AS and Realkredit Denmark have a maturity in respectively 2026, 2028 and 2031. They are expected to generate

stable coupons over the period and are not held for the purpose of trading. Instead, the Group has made an

irrevocable election at the point of initial recognition to categorize these bonds in this manner. This decision is

based on the Group's assessment that such classification aligns more closely with its investment strategy and

provides a more relevant reflection of the financial assets' value and the Group's financial position.

227

CONSOLIDATED FINANCIAL STATEMENT

Other current & non-current assets

Trade receivables are evaluated by the Group considering various factors including prevailing interest rates,

specific country risk factors, the individual creditworthiness of the customer, and the risk characteristics of the

financed project.

This comprehensive assessment forms the basis for the determination of allowances to account for expected

losses on these receivables.

As of December 31, 2025, it is our belief that the carrying amounts of such receivables, after accounting for

allowances, closely align with their calculated fair values.

Forward purchase of the NCI

In line with our commitment to acquire the remaining 15% interest, in MAXI-PRESS group, a non-controlling

interest (‘NCI’) forward purchase is accounted for as a financial liability on the balance sheet of the JENSEN-GROUP.

This valuation is determined by calculating the present value of the anticipated payments for the forthcoming

three instalments. The methodology employed for this calculation considers the cost of debt over a three-year

term, in conjunction with the applicable credit spread. The JENSEN-GROUP reassesses the fair value on a semi-

annual basis. The fair value is measured under a level 3 fair value measurement, reflecting the use of significant

unobservable inputs, as no observable market data is available and the fair value therefore depends on internally

developed assumptions.

The main judgements, assumptions and estimates considered for the fair value calculation are:

- Each 5% tranche of equity stake is based upon the weighted result of three consecutive years, assessed on a

cash/debt-free basis.

- Projections are based upon the budget of the MAXI-PRESS Group, incorporating key assumptions such as the

implied growth rate (0%) and inflation (2%).

JENSEN-GROUP asserts that its estimates are sound, grounded in the historical performance records of the MAXI-

PRESS Group, and supplemented by external data sources, such as cost of debt metrics. These estimates represent

management’s best judgment, and it is acknowledged that actual outcomes may deviate due to varying

assumptions or conditions. Nonetheless, the Group believes that reasonably possible variations in these estimates

would not have a material impact on the results for 2025.

Derivative financial instruments

The Group engages in derivative financial transactions with financial institutions, employing derivatives that are

valued through valuation techniques which utilize inputs observable in the market. These derivatives primarily

consist of

interest rate swaps and foreign exchange forward contracts. The valuation techniques most commonly

applied are forward pricing and swap models, which rely on present value calculations. These models make use of

a range of inputs, including foreign exchange spot and forward rates, as well as interest rate curves.

Derivative financial instruments within our portfolio are valued by an independent financial institution, utilizing

prevailing interest and currency rates from liquid markets. These instruments are measured at fair value, classified

under the level 2 category. This classification indicates that the valuation techniques employed involve inputs other

than quoted prices that are directly or indirectly observable for the assets or liabilities.

Methods and assumptions to estimate the fair values deviating from the carrying amount:

- The financial assets at amortised cost: the fair value is based on the valuation by an independent

financial institution, utilizing prevailing interest and currency rates from liquid markets. These

instruments are classified under the level 2 category.

- Long-term receivables within the Group are primarily associated with the financing provided to

customers. The fair value of these long-term receivables is determined by discounting anticipated

future cash flows to their present value, utilizing the effective interest rates presently applicable to

receivables with comparable terms, credit risk profiles, and remaining maturities.

- Trade receivables, cash and cash equivalent and trade payables approximate to their carrying amounts

due to the short-term maturities of these instruments.

- The fair value of the financial debts is determined by discounting future cash flows to their present

value, utilizing the effective interest rates presently applicable for debts with comparable terms, credit

risk profiles, and remaining maturities.

In the normal course of business, the JENSEN-GROUP is exposed to foreign currency, interest rate and credit risk.

The Group analyzes each of these risks independently and implements measures to manage their economic

impact on the JENSEN-GROUP's performance.

Reconciliation of assets and liabilities

December 31 December 31 (in thousands of euro) 2025 2024 Non-current assets 233 193 Current assets 70 121 Non-current liabilities 0 0 Current liabilities -79 -611 Total 225 -296 Forward exchange contracts: fair value -9 -489 Interest rate swaps: fair value 233 193 Total 224 -296

229

CONSOLIDATED FINANCIAL STATEMENT

Foreign currency risk

JENSEN-GROUP is exposed to currency risks on borrowings, investments, as well as actual and forecasted sales and

purchases, whenever these financial transactions are denominated in a currency different from the functional

currency of the subsidiary involved. The primary currencies that pose a risk include the US Dollar, Swiss Franc,

Swedish Krona, Danish Krone, British Pound, Chinese Yuan, Australian Dollar, and New Zealand Dollar. This

exposure reflects the global nature of our operations and the diverse currency environments in which we operate.

The main derivative financial instruments utilized by the Group to mitigate foreign currency risk are forward

exchange contracts. Consistent with the Group’s policy, these derivative instruments are not held for speculative or

trading purpose.

In addressing currency-related risks, JENSEN-GROUP adheres to a clearly defined policy that includes:

- Implementing hedges on all firm commitments in foreign currencies on a rolling 12-month basis to ensure

consistent and proactive management of currency exposure.

- Any deviations from this established policy receive prior approval from the Audit and Risk Committee, thereby

ensuring oversight and adherence to the company's risk management framework.

Consequently, these hedges are classified as cash flow hedges. They are systematically contracted as part of our

standard operating procedures, independent of any anticipatory views on foreign currency fluctuations. The primary

objective of this approach is to secure the profit margin at the moment a project contract is signed with a

customer.

All foreign exchange contracts within JENSEN-GROUP are centralized and managed by the Group's treasury

department, with the contracting process being strictly based on the inputs received from the various subsidiaries.

This centralized approach ensures consistent and efficient management of foreign exchange risks across the Group,

enabling effective oversight and optimization of the Group’s overall foreign exchange exposure.

The currency risks resulting from translations of the financial statements of non-euro-based companies are not

hedged (Note 8).

The following table offers insights into the Group's net positions in foreign currencies as of December 31, 2025, and

December 31, 2024, related to both firm commitments and anticipated transactions. A negative exposure indicates

the company's intent to sell foreign currencies in exchange for euro, whereas a positive exposure signifies a plan to

purchase foreign currencies while selling euro. These open positions are a direct consequence of implementing

JENSEN-GROUP's comprehensive risk management policies.

Production within the JENSEN-GROUP is generated across various global locations, each operating in their respective

local currencies to align with regional economic environments:

- European subsidiaries engage in their operations utilizing the Euro, Danish Krone, and Swedish Krona as their

currencies of transaction.

- In the USA, production activities are conducted in USD.

- In China, the operational currency for production activities is CNY.

This geographical and financial diversification is consistent with the global footprint of JENSEN-GROUP’s production

activities and supports its structured approach to managing foreign exchange risk.

2025 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -12,847 9,000 -3,847 EUR/GBP -352 1,800 1,448 EUR/AUD -3,150 1,000 -2,150 EUR/SEK 5,296 -4,000 1,296 EUR/NZD -783 630 -153 EUR/CNY 5,641 -3,000 2,641 EUR/CHF 340 -1,489 -1,149 TOTAL -5,854 3,941 -1,914

2024 (in thousands of euro) Total exposure Total derivatives Open position EUR/USD -11,361 11,000 -361 EUR/GBP -1,647 1,500 -147 EUR/AUD -5,809 2,165 -3,644 EUR/SEK 5,225 -3,500 1,725 EUR/NZD -18 380 362 EUR/CHF 2,315 -538 1,777 TOTAL -11,295 11,007 -287

231

CONSOLIDATED FINANCIAL STATEMENT

Sensitivity analysis for 2025

(in thousands of Change in Impact net Impact on equity 1euro) currency profitUSD -13.31% -2,318 -1,743 13.31% 5,628 2,278 GBP -5.93% -31 -310 5.93% 36 350 AUD -8.42% -410 -432 8.42% 1,079 511 NZD -11.46% -164 -50 11.46% 193 63 CNY -10.84% 1,022 -1,770 10.84% -2,430 2,201 SEK -5.50% 822 -555 5.50% -383 620 CHF -2.79% 47 -288 2.79% -22 304 DKK -0.14% 108 -228 0.14% -72 229 NOK -2.75% -16 -22 2.75% 19 23 CAD -9.31% 94 0 9.31% -182 0 SGD -7.83% -347 7.83% 406 JPY -15.44% -3,339 15.44% 4,559 BRL -7.84% -26 7.84% 31 AED -13.37% -30 13.37% 39 TRY -35.75% -1,466 35.75% 3,098

: The estimation is based on the standard deviation of daily volatilities of the foreign exchange rates during the past 360 days

at December 31, 2025 and using a 95% confidence interval.

These calculations represent a purely theoretical exercise and do not consider the potential gain or loss in sales

that may arise from the relative weakening or strengthening of currencies. This approach focuses solely on the

mathematical aspect of currency fluctuations without accounting for the practical impact on sales performance and

market dynamics.

As of December 31, 2025, the Group maintained a portfolio of foreign exchange contracts. It is noteworthy that the

balances due within the upcoming 12 months are equivalent to their recorded carrying balances, given that the

impact of discounting these balances is deemed insignificant. This indicates a close alignment between the

nominal and recorded values of these contracts, reflecting the Group’s efficient management of its foreign

exchange exposure within the short-term horizon.

2025

Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 1,570,831 0.87 7/5/2026 9 EUR/AUD 1,806,382 1.81 20/1/2026 -27 EUR/USD 10,620,911 1.18 17/2/2026 -35 EUR/NZD 1,241,249 1.97 25/1/2026 25 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 43,569,811 10.89 30/1/2026 28 EUR/CHF 1,400,000 0.94 4/2/2026 10 EUR/CNY 24,631,035 8.21 6/2/2026 -18

2024

Average Fair value Currency Sell Maturity exchange rate thousands of euro EUR/GBP 1,245,955 0.83 16/1/2025 -2 EUR/AUD 3,532,734 1.63 3/4/2025 88 EUR/USD 12,076,407 1.10 25/2/2025 -605 EUR/NZD 684,434 1.80 17/4/2025 11 Average Fair value Currency Buy Maturity exchange rate thousands of euro EUR/SEK 40,300,993 11.51 3/2/2025 22 EUR/CHF 500,000 0.93 27/2/2025 -3

Consistent with prior year, all foreign exchange contracts held by the Group as of the end of 2025 have been

designated and effectively serve as

cash flow hedges. The variations in their fair value over the course of 2025,

totaling 0.001 million euro after taxes (-0.1 million in 2024), have been deferred in equity.

It is important to note that no ineffectiveness in these hedges has been recorded, indicating a precise alignment

between the hedging strategies employed and their intended financial outcomes.

233

CONSOLIDATED FINANCIAL STATEMENT

Interest rate risk

The Group employs derivative financial instruments as a strategic measure to mitigate the risk of adverse

fluctuations in interest rates. It is a strict policy of the Group that derivative instruments are not held for speculative

or trading purposes, ensuring that their use is firmly aligned with risk management objectives.

Financing activities within JENSEN-GROUP are centralized in the Treasury department. This structure supports

compliance with the Group’s hedging policy through the use of

interest rate swaps (IRS). It enables consistent

oversight and effective management of the Group’s hedging activities and interest rate risk exposures.

In relation to interest-bearing financial liabilities, the table below gives an overview or their effective interest rates

as at balance sheet date, alongside the maturity periods or the intervals at which these liabilities are due for

rollover. It is important to note that for balances maturing within the next 12 months, their due amounts are

equivalent to their carrying balances, as the effect of any discounting is considered negligible.

2025

Effective Carrying > 1 month > 3 months (in thousands of euro) < 1 month 1-5 years > 5 years interest rate amount < 3 months < 12 months FLOATING RATE CNY 2.18% -4.71% 10,819 0 0 0 10,819 0 Total floating 10,819 0 0 0 10,819 0 FIXED RATE EUR 2.00% -3.57% 13,148 156 312 1,403 11,277 0 10.44% -2.99% 31,385 33 24,848 311 1,674 4,519 DKKTotal fixed 44,533 189 25,160 1,714 12,951 4,519 FACTORING 1,067 61 123 552 331 0 EUR Total 56,420 251 25,282 2,266 24,101 4,519

2024

Effective Carrying > 1 month > 3 months (in thousands of euro) < 1 month 1-5 years > 5 years interest rate amount < 3 months < 12 months FLOATING RATE CNY 3.25%- 4.80% 12,893 8,610 158 475 3,650 0 Total floating 12,893 8,610 158 475 3,650 0 FIXED RATE EUR 1.32%- 2.28% 17,383 191 382 11,717 2,632 2,462 DKK1 0.44% -2.99% 27,019 20,039 78 362 1,947 4,593 Total fixed 44,402 20,230 460 12,079 4,579 7,055 FACTORING EUR 3,792 183 366 1,648 1,000 595 Total 61,087 29,023 984 14,201 9,229 7,650

1: Includes both loans at fixed rates and loans at floating rate covered by IRS.

The following table sets out the conditions of the interest rate swaps:

2025

Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 12,336,401 0.44% 12/30/2039 262 DKK 11,665,647 2.99% 3/31/2029 -29 TOTAL in EUR 3,213,634 233

2024

Fair value Curr SWAP amount Fixed interest Maturity thousands of euro DKK 13,206,509 0.44% 12/30/2039 241 12,162,025 2.99% 3/31/2029 -47 TOTAL in EUR 3,401,611 193

Consistent with prior year, the interest rate swaps held by the company are designated and effective as cash flow

hedges. The floating leg of the interest rate swaps are Cibor 3months interest rates. Throughout 2025, the

variations in their fair value, which amounted to 0.2 million euro after taxes (0.2 million euro in 2024), have been

deferred in equity. This accounting treatment reflects the company's strategy to manage interest rate exposure

and aligns with hedge accounting principles. Significantly, no ineffectiveness in these hedging activities has been

recorded, indicating a precise match between the hedging instruments used and the underlying exposure.

As disclosed in the above table, 10.8 million euro of the Group’s interest-bearing financial liabilities bear a variable

interest rate. This amount does not include the 3.2 million euro loan that is covered by an interest rate swap.

The Group estimates that the reasonably possible change of the market interest rates applicable to its floating rate

debt is as follows:

(in thousands of euro) Carrying amount Effective interest rate Possible rates at December 31, 2025 CNY 10,819 2.18% -4.71% 2.12% - 4.83% Total in EUR 10,819

Considering the reasonably possible fluctuation in the market interest rate as described and applying this to our

floating rate debt as of December 31, 2025—while keeping all other variables constant—it is estimated that the

profit for 2025 could have been 0.3 million euro lower or higher. This projection underscores the sensitivity of our

financial performance to changes in interest rates, highlighting the potential impact on our profitability due to

variations in the cost of our floating rate debt. This analysis is crucial for understanding the financial risks associated

with interest rate movements and for assessing our risk management strategies.

235

CONSOLIDATED FINANCIAL STATEMENT

Credit risk

Credit risk represents the risk that a party involved in a financial instrument will fail to fulfil its obligation, leading

to a financial loss for the other party.

In managing credit risk, our policy leverages historical data concerning overdue trade receivables. In addition to

this retrospective analysis, as articulated in our valuation policies, we incorporate forward-looking information to

gain a comprehensive view of potential credit risks.

Aligned with the Group's credit policy, customers undertaking projects are mandated to either make an advance

payment or provide a form of guarantee, such as Letters of Credit (L/C) or bank guarantees. This requirement is

part of our due diligence process, where we assess the creditworthiness of both new customers and existing

customers whose purchasing volumes increase. This comprehensive approach ensures that we effectively manage

and mitigate credit risk, safeguarding the Group's financial health and stability.

Consolidated ageing schedule of the trade receivables ST

2025

> 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue Outstanding trade receivables 81,625 14,726 3,642 6,546 13,685 120,224 Collateral held as security 0 Net exposure 81,625 14,726 3,642 6,546 13,685 120,224 Provisions accounted for -4,109 Total 116,115

2024

> 60 days < > 90 days < > 120 days (in thousands of euro) Current < 60 days 90 days 120 days Total overdue overdue overdue Outstanding trade receivables 92,312 15,721 5,191 4,614 10,552 128,390 Collateral held as security 0 Net exposure 92,312 15,721 5,191 4,614 10,552 128,390 Provisions accounted for -4,835 Total 123,555

Balances that are due within the upcoming 12 months are recorded at their carrying balances, as the effect of

discounting these amounts is deemed to be not significant.

Trade debtors and other receivables are presented in the balance sheet at their amortized cost, which typically

equates to the original invoiced amount, adjusted for an allowance for expected credit losses.

Given the project-based nature of our operations and the notable concentration of accounts receivable/contract

assets related to individually significant projects within the Group, allowances for

both incurred and future

expected losses are determined on an individual project basis.

This approach, however, incorporates aggregated historical data regarding past experiences with similar clients.

This method ensures a balanced and informed assessment of credit risk, reflecting both specific project risks and

broader trends observed with similar engagements.

In the application of IFRS 9, the JENSEN-GROUP exercises significant judgement in determining the realizable value

of trade receivables. The Group adopts the simplified approach prescribed by IFRS 9 for measuring expected credit

losses, which mandates a lifetime expected loss allowance for all trade receivables. In calculating the lifetime

expected credit losses, the JENSEN-GROUP considers factors such as the likelihood of default and the exposure at

the time of default. This evaluation includes an estimation of potential recoveries through credit insurance and the

effectiveness of other forms of collateral.

The historical credit loss experience with individual customers is regularly reviewed and updated as necessary to

account for any disparities between current and expected economic conditions compared to those experienced

historically.

Beyond the provisions for expected credit losses (ECL) derived from historical data and future projections, the

Group also acknowledges exposures that are managed on an

individual basis. These are recognized separately to

the extent that they are not addressed by the ECL model, ensuring a comprehensive approach to managing and

mitigating credit risk in line with the requirements of IFRS 9.

The roll forward of the provision for doubtful debtors is set out below:

(in thousands of euro)

Provision for doubtful debtors at the end of 2024 4,835 Additions 1,073 Utilizations & reversals -2,154 Exchange difference 355 Provision for doubtful debtors at the end of 20254,109

Due to a decrease in the outstanding balances of accounts receivable, the provision for potential credit losses saw

a net decrease of 0.7 million euro. This adjustment reflects a nuanced approach to managing the credit risk

associated with receivables, balancing the positive impact of recovered funds against the necessity to account for

increased exposure due to outstanding balances. The impact of the movement of the provision on the result

amounts to an income of 1 million euro.

As per end of December 31, 2025, there are no customers with a concentration of more than 10% of the total

outstanding receivables.

The JENSEN-GROUP's major financial institution partners are Nordea, KBC and Nykredit.

Their bank credit ratings as provided by S&P as per December 31, 2025 are:

- Nordea: AA-

- KBC: A+

- Nykredit: A+

237

CONSOLIDATED FINANCIAL STATEMENT

Liquidity risk

Liquidity risk refers to the risk that an entity will encounter difficulties in meeting its financial obligations as they

come due because of an inability to liquidate assets or obtain adequate funding in a timely manner.

The Group manages liquidity risk by maintaining sufficient cash balances and committed credit facilities. Liquidity

positions are monitored on an ongoing basis through analysis of forecasted and actual cash flows and by managing

the maturity structure of financial assets and liabilities (Note 9). The objective is to ensure that the Group can meet

its obligations when due.

The Group primarily generates cash inflows from its operating activities. Where necessary, additional funding may

be obtained through financing activities, including capital increases. This approach supports the Group’s liquidity

position and its ability to fund operations and investments.

Note 21: Assets held for sale

The results classified as a loss from assets held for sale amounting to 0.4 million euro, pertain to the former Cissell

building in Kentucky, associated with the previous CLD activities. Additionally, the costs related to this building,

totaling 0.1 million euro, are accounted for within the results from assets held for sale.

Note 22: Related party transactions

Shareholder structure

The shareholders of the Company as per December 2025 are:

(*) Share buy back program

Transparency notifications

During 2025, JENSEN-GROUP NV received following notification:

- a notification from Lazard Frères Gestion SAS, stating that it crossed the minimum threshold of 5% downwards

due to the acquisition or disposal of voting securities or voting rights.

Key management compensation

December 31 December 31 In thousands of euro 2025 2024 Fees paid to Board members 393 365 Gross salaries paid to senior managers 3,194 3,121 Basic remuneration 858 1,182 Invoiced services 1,284 954 One-year variable remuneration 959 862 Fixed expenses 18 30 Fringe benefits 34 42 Pension plan 41 50

For more details on the remuneration of senior management, we refer to the Remuneration Report included in the

Report of the Board of Directors.

44,2%

4,4%

20,0%

31,4%

JENSEN Invest A/S

JENSEN-GROUP NV *

Miura Co Ltd

Free float

239

CONSOLIDATED FINANCIAL STATEMENT

Companies accounted for using the equity method

December 31 December 31 In thousands of euro 2025 2024 Companies accounted for using the equity method 44,173 47,538

The companies that are accounted for using the equity method, represent the valuation of the participations in

Tolon, Inax Corporation (recognized from April 3, 2023, onwards), PrimaFolder (May 30, 2024) and Ole Almeborg

(from September 1, 2024 onwards). This accounting approach reflects the Group's investment strategy and its

relationship with these entities. Under the equity method, the Group recognizes its share of the profits or losses of

these investee companies in its financial statements, adjusting the carrying amount of the investments

accordingly.

Roll-over of the companies accounted for using the equity method

December 31 December 31 In thousands of euro 2025 2024 Companies accounted for using the equity method at the end 47,538 49,764 of the year Dividend distribution Inax (49%) -2,612 0 Change in scope of Ole Almeborg (50%) 0 613 Acquisition of PrimaFolder (33%) 0 412 Share in the result 7,532 4,562 Hyperinflation impact on the share in the result -1,239 -624 Hyperinflation correction – direct equity -395 0 Translation differences -6,651 -7,189 Companies accounted for using the equity method at the end 44,173 47,538 of the year

Tolon

On January 29, 2016, JENSEN-GROUP acquired an equity stake of 30% in TOLON GLOBAL MAKINA Sanyi Ve Tikaret

Sirketi A.S., Turkiye and agreed to acquire in total an additional 19% of the shares over the coming three years.

In 2017, the JENSEN-GROUP increased its shareholding by 6.33% to 36.33%, in 2018 by another 6.33% to 42.66%

and finally in 2019 by 6.34% to 49%.

As the JENSEN-GROUP holds less than 50% of TOLON, this participation is consolidated by the equity method.

Net income per end of December 2025 (excluding hyperinflation) amounts to 1.4 million euro, compared to 2.5

million euro per end of December 2024 (excluding hyperinflation).

Hyperinflation

The Group applies IAS29 (Financial Reporting in Hyperinflationary Economies) for the consolidation of its Turkish

subsidiaries. For the application of this standard, and to restate the income statements and non-monetary assets

and liabilities at December 31, 2024, we used the producer price index (PPI) "PPI.ITUR" as from January 2005,

published by the Turkish Statistical Institute (Turkstat): PPI as per 31.12.2025 is 4,783.04 (PPI as per 31.12.2024 is

3,746.52).

The impact on the share in the result for the year 2025 of the revaluation was a cost of 1.2 million euro.

In previous year, the impact of the application of IAS 29 for the financial year ended December 31, 2024,

resulted in a loss of 0.6 million euro in the Group's income statements.

December 31 December 31 (in thousands of euro) 2025 2024 Revenue 35,386 33,796 Operating profit (EBIT) 2,125 3,679 Consolidated profit for the year -1,079 1,272 Non-current assets 9,814 12,823 Current assets 7,149 13,206 Equity 4,342 9,232 Non-current liabilities 5,203 2,655 Current liabilities 7,418 14,143 Net asset - % 2,127 4,524 Goodwill 268 352 Companies accounted for using the equity method at the end of the year 2,395 4,876

Inax

On April 3, 2023, JENSEN-GROUP acquired 49% of the shares of Inax Corporation (“Inax”), a Japanese wholly owned

subsidiary of MIURA via the issuance of shares of JENSEN-GROUP NV.

As the JENSEN-GROUP holds less than 50%, this participation is consolidated by the equity method.

December 31 December 31 (in thousands of euro) 2025 2024 Revenue 141,217 122,798 Operating profit (EBIT) 18,348 9,149 Consolidated profit for the year 13,808 6,907 Non-current assets 40,204 45,628 Current assets 59,537 67,844 Equity 50,677 48,589 Non-current liabilities 12,134 13,619 Current liabilities 36,930 51,264 Net asset - % 24,832 23,809 Goodwill 15,879 17,925 Companies accounted for using the equity method at the end of the year 40,711 41,734

241

CONSOLIDATED FINANCIAL STATEMENT

Ole Almeborg

On October 15, 2023, JENSEN Denmark A/S, a Danish subsidiary of the JENSEN-GROUP, acquired Ole Almeborg A/S.

This participation was consolidated under the full consolidation method as from October 15, 2023.

As per May 17, 2024, JENSEN Denmark entered into a share sale and purchase agreement with Logitrans A/S. As a

result, per end of August 2024, the JENSEN-GROUP holds 50% of Ole Almeborg, so this participation is consolidated

by the equity method from September 1, 2024 onwards.

The company accounted for using the equity method is valued at 0.6 million euro at the end of the year.

Non-controlling interests

In 2016, the JENSEN-GROUP and Veins Holding BV have joined forces to form a new company, Gotli Labs AG.

As the JENSEN-GROUP has de jure control over Gotli Labs AG (over 50% of the shares), this participation is fully

consolidated. Contractually, JENSEN-GROUP is entitled to 40% of the results, with the other 60% shown in the

income statement as “income attributable to non-controlling interest”. In October 2025, the operations of Gotli

Labs AG are sold to Gotli NL and JENSEN-GROUP acquired the remaining 49% of the shares, as such per end of

December 2025 there is no more non-controlling interest of Gotli.

On January 2, 2018, JENSEN-GROUP acquired an equity stake of 30% in Inwatec ApS (Denmark), with the option to

increase its shareholding between 2020 and 2023. On March 26, 2021, the JENSEN-GROUP increased its

shareholding in Inwatec ApS from 30% to 70%. As the JENSEN-GROUP holds 70%, the participation is consolidated

by the full consolidation method as from March 26, 2021. Before that date, the participation was consolidated by

the equity method.

On July 23, 2024, JENSEN-GROUP acquired 85% of the shares of MAXI-PRESS Holding GmbH, Germany and its

subsidiaries. As the JENSEN-GROUP holds 85%, the participation is consolidated by the full consolidation method.

December 31 December 31 In thousands of euro 2025 2024 Result attributable to non-controlling interest 481 -1,737 Equity part of NCI 372 -58

The result attributable to non-controlling interest amounts to 0.5 million euro compared to a loss of 1.7 million

euro in the previous period. The loss last year was mainly due to a reduction in the order intake for Inwatec, a

company that manufactures exclusively based on customer orders, rather than for inventory. In the second half of

the year, management concentrated efforts on boosting the order book for Inwatec. Limited personnel reductions

to maintain growth capacity were implemented. By the end of December 2024, these initiatives were successful,

resulting in an order book that provides a solid foundation for 2025 and beyond.

The Group is not aware of any restrictions to transfer funds in the form of cash and dividends, nor any

commitments or contingent liabilities related to the interest in the joint ventures and associates.

For the legal structure, we refer to Note 26.

Note 23: Acquisitions

BRAUN

On December 1, 2025, JENSEN North America, a subsidiary of JENSEN-GROUP NV, acquired the business of G.A.

Braun, Inc. ("Braun"). Founded in 1946 and expanding into manufacturing in Syracuse, New York, Braun is a

respected supplier with a well-established brand in the laundry equipment market in North America.

The acquisition of Braun reflects JENSEN-GROUP’s unwavering commitment to the North American market and its

long-term strategy to strengthen local operations and manufacturing capabilities. A newly founded company will

be known as JENSEN-Braun LLC with JENSEN acquiring the assets of Braun and its affiliate.

The table below gives an overview of the acquisition-date fair value, after IFRS conversion, of the total

consideration transferred and the remaining amount of goodwill recognized as part of the investment:

December 1 December 1 (in thousands of EUR) 2025 2025 Before PPA PPA adjustments After PPA Intangible assets (excl. goodwill) 0 1,831 1,831 Property, plant & equipment 11,477 2,868 14,345 Inventory 20,049 2,757 22,806 Trade & other receivables 4,913 0 4,913 Cash 0 0 0 Trade & other payables -8,721 0 -8,721 Deferred taxes 0 -2,065 -2,065 NET ASSETS ACQUIRED 27,717 5,391 33,108 Consideration paid 33,190 Goodwill 82

Consideration

The acquisition of the assets of Braun has been executed at a purchase price of 33.2 million euro on a cash-/debt-

free basis.

Fair value

estimations of the purchase price allocation

- The fair value of the trade name of Braun is determined via the relief from royalty method under the income

approach and is amortised over a period of thirteen years.

- The fair value of the customer relationships is determined via the multiple-period excess earnings method

under the income approach and is amortised over a period of four years.

- The property, plant and equipment are revalued by the trending method of the cost approach as well as the

percent of cost method of the market approach, where applicable. Their useful life is within the JENSEN-GROUP

policies.

- The inventory is revalued via the comparative sales method and the bottom-up method, comparing the

expected selling price minus cost of disposal, cost to complete and a reasonable profit allowance for future

efforts with the book value. The step-up of this fair value assessment is consumed consistent with the

inventory rotation rate.

243

CONSOLIDATED FINANCIAL STATEMENT

Goodwill

The acquisition of Braun has resulted in the recognition of goodwill totaling 0.1 million euro. Due to the asset-

intensive nature of the business and the fair value assessment of the tangible assets acquired, the goodwill

remains minimal. The net assets acquired closely correspond to the purchase price paid, effectively reflecting the

expected future economic benefits stemming from the acquisition.

Transaction expenses

Total transaction expenses for the acquisition amount to 1.2 million euro in 2025.

Pro-forma income statement Braun

December 31 2025 December 31 2025 December 31 2025 (in thousands of euro) (first 11 months) (last month)(12 months) Revenue 48,329 3,670 51,999 Operating profit (EBIT) 2,149 -631 1,518 Profit for the year 1,816 -696 1,120

Braun is contributing 3.7 million euro of revenue and 0.7 million of loss for the year for JENSEN-GROUP.

If the acquisition would have taken place on 1 January 2025, contribution to revenue and net profit would have

amounted to 52.0 million and 1.1 million euro respectively.

The operating profit for December is significantly affected by purchase price allocation amortization and related

consumption expenses, totaling 0.4 million euro.

FILTERFAB

On September 29, 2025, MAXI-PRESS, a subsidiary of the JENSEN-GROUP, signed the purchase of the operations of

Filterfab Pty Ltd in Australia, and the shares of Filterfab NZ Limited in New Zealand. Both companies are active in

the consumables business for heavy-duty laundry operations.

The table below gives an overview of the acquisition-date fair value, after IFRS conversion, of the total

consideration transferred and the remaining amount of goodwill recognized as part of the investment:

September 29 September 29 (in thousands of EUR) 2025 2025 Before PPA PPA adjustments After PPA Net assets acquired 2,131 1,289 3,421 Consideration paid 5,986 Goodwill 2,566

The acquisition of Filterfab has been executed at a purchase price of 6.0 million euro on a cash-/debt-free basis.

The transaction will impact the consolidated revenue and profitability of the JENSEN-GROUP with less than 5%.

245

CONSOLIDATED FINANCIAL STATEMENT

Note 24: Non-audit fees

The Statutory Auditor is Deloitte BV, represented by Mrs. Charlotte Vanrobaeys.

The Statutory Auditor and its network received worldwide fees of 705,331 euro (excl. VAT) for auditing the

statutory accounts of the various legal entities and the consolidated accounts of the JENSEN-GROUP, inclusive of the

sustainability report. Apart from its mandate, the Statutory Auditor and its network did not receive any additional

fee during 2025. The Company has appointed a single firm for the audit of the consolidated financial statements.

Note 25: Events after the balance sheet date

On February 27, 2026, the JENSEN-GROUP NV acquired the shares of OY VESTEK AB, the former JENSEN distributor in

Finland. With this acquisition, JENSEN will also enlarge its activities in the consumables via MAXI-PRESS. The impact

on the consolidated revenue and profitability is not material.

Note 26: Legal structure

247

CONSOLIDATED FINANCIAL STATEMENT

Note 27: Consolidation scope as at December 31, 2025

Consolidated companies Registered office Participation percentage Belgium JENSEN-GROUP NV Neerhonderd 33 Parent Company 9230 Wetteren TOLON Europe BV Neerhonderd 33 49% 9230 Wetteren Australia JENSEN Laundry Systems Australia Unit 16, 38-46 South Street 100% Pty Ltd Rydalmere NSW 2116 Orboc Pty Ltd 3/14 Hinkler Court 85% 4500 Brendale- QLD MAXI-PRESS Australia Pty Ltd 3/14 Hinkler Court 85% 4500 Brendale- QLD Austria JENSEN Austria Holding GmbH Reinhartsdorfgasse 9 100% 2324 Schwechat-Rannersdorf JENSEN ÖSTERREICH GmbH Reinhartsdorfgasse 9 100% 2324 Schwechat-Rannersdorf Brazil JENSEN-GROUP BRASIL COMERCIO E Rua Aparecida José Nunes de 100% SERVICOS DE EQUIPAMENTOS DE Campos 19 LAVANDERIA LTDA CEP 18087-089, Jardim do Paço, Sorocaba-SP Canada JENSEN INDUSTRIAL GROUP CANADA 20 Wellington Street East, 100% INC (new)Suite 500, Toronto, Ontario, M5E1C5 China JENSEN Industrial Laundry Phoenix Avenue, 100% Technology (Xuzhou) Co., Ltd Xuzhou Clean Technology Zone 221121 Xuzhou, Jiangsu Province, P.R. China

Denmark JENSEN Industrial Group A/S Industrivej 2 100% 3700 Rønne JENSEN Denmark A/S Industrivej 2 100% 3700 Rønne Ole Almeborg A/S Svalhøjvej 15 50% 3790 Hasle Inwatec ApS Hvidkærvej 30 70% 5250 Odense SV France JENSEN France SAS 2 “Village d’entreprises” 100% ZA de la Couronne des Près Avenue de la Mauldre 78680 Epône Germany JENSEN GmbH Jörn-Jensen-Straβe 1 100% 31177 Harsum JENSEN Components GmbH Jörn-Jensen-Straβe 1 100% 31177 Harsum MAXI-PRESS Holding GmbH Zum Lingeshof 1 c 85% 36124 Eichenzell-Welkers MAXI-PRESS Elastomertechnik GmbH Zum Lingeshof 1 c 85% 36124 Eichenzell-Welkers ELASTOPRESS Polytex GmbH Im Weilerlen 12 85% 74321 Bietigheim-Bissingen SPE Polymertechnik GmbH Zum Mühlengraben 6 85% 68642 Bûrstadt Italy JENSEN Italia s.r.l. Strada Provinciale Novedratese 46 100% 22060 Novedrate Prima Folder s.r.l. Via Agostino Depretis 9 33% 48123 Ravenna Japan JENSEN Japan Co., Ltd. 5-1-11, Osaki, Shinagawa-ku, 100% Tokyo, 141-0032 Inax Corporation 5-1-11, Osaki, Shinagawa-ku, 49% Tokyo, 141-0032

249

CONSOLIDATED FINANCIAL STATEMENT

New Zealand JENSEN New Zealand Ltd C/- MinterEllisonRuddWatts 100% Level 22, PwC Tower 15 Customs Street Auckland Central, 1010 Filterfab NZ Ltd (new)Baker Tilly Staples Rodway 85% Christchurch Limited, Level 2, 329 Durham Street, Christchurch Central, 8013 Norway JENSEN NORGE AS Østensjøveien 36 100% 0667 Oslo Singapore JENSEN Asia PTE Ltd. No. 6 Jalan Kilang #02-01 100% Dadlani Industrial House Singapore 159406 Spain JENSEN Spain S.L. Calle Energia 34 100% Poligono Famades ES-08940 Cornella de Llobregat (Barcelona) Sweden JENSEN Sweden AB Företagsgatan 68 100% 504 94 Borås Switzerland JENSEN Burgdorf AG Buchmattstrasse 8 100% 3400 Burgdorf JENSEN Holding AG Buchmattstrasse 8 100% 3400 Burgdorf GOTLI Holding AG Industriestrasse 51 100% 6312 Steinhausen GOTLI Labs AG Industriestrasse 51 100% 6312 Steinhausen Turkey TOLON GLOBAL MAKINA Sanayi Ve 10007 SOK. NO:9 AOSB ÇİĞLİ49% Ticaret A.S. İzmir

TOLON EXPORT MAKİNE TİCARET A.S. 10007 SOK. NO:9 AOSB ÇİĞLİ49% İzmir United Arab Emirates JENSEN Industrial Laundry Systems Unit No: 204 Fortune Tower Plot 100% ME DMCC No: JLT-PH1-C1A Jumeirah Lakes Towers Dubai JENSEN ME Laundry Equipment Warehouse-P1 / Block J Plot 100% Trading LLC SOC (new) Number 176-0 Saih Shuaib 2, Dubai Industrial City Dubai United Kingdom JENSEN UK Ltd Unit 5, Network 11 100% Thorpe Way Industrial Estate Banbury, Oxfordshire OX16 4XS Maxi-Press DRM Ltd (new)Albert Street, Oldham, Lancashire 83% OL8 3QL United States of America JENSEN NORTH AMERICA INC 160 Mine Lake Ct Ste 200, 100% Raleigh, NC 27615 JENSEN USA INC Aberdeen loop 99 100% Panama City, FL 32405 JENSEN Braun LLC (new)Aberdeen loop 99 100% Panama City, FL 32405 831 South 1st Street INC 831 South 1st Street 100% Louisville, KY 40203 Tolon US Aberdeen loop 99 49% Panama City, FL 32405 MAXI-PRESS ELASTOMERIC INC 80 Turnpike Drive Suite #4 85% 6762 Middlebury - CT We refer to Note 2 for changes in the consolidation scope during the year.

We work a lot with sustainability and quality. We want our customers to

have systems that last. And work well over a longer period.

Maria

“

”

I love many different parts of the job. My favourite is coming up with new

solutions.

Zayd

“

”

251

AUDITORS REPORT

FREE TRANSLATION

Statutory auditor’s report to the shareholders’ meeting of JENSEN-GROUP NV for

the year ended 31 December 2025 - Consolidated financial statements

In the context of the statutory audit of the consolidated financial statements of JENSEN-GROUP NV (“the company”)

and its subsidiaries (jointly “the group”), we hereby submit our statutory audit report. This report includes our

report on the consolidated financial statements and the other legal and regulatory requirements. These parts

should be considered as integral to the report.

We were appointed in our capacity as statutory auditor by the shareholders’ meeting of 16 May 2023, in

accordance with the proposal of the board of directors (“bestuursorgaan” / “organe d’administration”) issued upon

recommendation of the audit committee. Our mandate will expire on the date of the shareholders’ meeting

deliberating on the financial statements for the year ending 31 December 2025. We have performed the statutory

audit of the consolidated financial statements of JENSEN-GROUP NV for 3 consecutive periods.

Report on the consolidated financial statements

Unqualified opinion

We have audited the consolidated financial statements of the group, which comprise the consolidated statement of

financial position as at 31 December 2025, the consolidated statement of profit and loss, the consolidated

statement of comprehensive income, the consolidated statement of changes in equity and the consolidated

statement of cash flow for the year then ended, as well as the summary of significant accounting policies and

other explanatory notes. The consolidated statement of financial position shows total assets of 524 256 (000) EUR

and the consolidated statement of profit and loss shows a profit for the year then ended of 59 167 (000) EUR.

In our opinion, the consolidated financial statements give a true and fair view of the group’s net equity and

financial position as of 31 December 2025 and of its consolidated results and its consolidated cash flow for the

year then ended, in accordance with the IFRS Accounting Standards as adopted by the European Union and with

the legal and regulatory requirements applicable in Belgium.

Basis for the unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In

addition, we have applied the International Standards on Auditing approved by the IAASB applicable to the current

financial year, but not yet approved at national level. Our responsibilities under those standards are further

described in the “Responsibilities of the statutory auditor for the audit of the consolidated financial statements”

section of our report. We have complied with all ethical requirements relevant to the statutory audit of

consolidated financial statements in Belgium, including those regarding independence.

We have obtained from the board of directors and the company’s officials the explanations and information

necessary for performing our audit.

We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of

the consolidated financial statements of the current period. These matters were addressed in the context of our

audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not

provide a separate opinion on these matters.

Key audit matter: recognition of revenue for customer contracts commissioned by third parties

Description of the key audit matter:

We focused on the revenue recognition for customer contracts commissioned by third parties, which are still

ongoing at year-end, because JENSEN-GROUP NV substantially generates its revenue from projects which qualify as

construction contracts under IFRS. The group recognizes the margin over the duration of the customer contracts. The

recognition of revenue and the estimation of the outcome of customer contracts in progress, commissioned by

third parties, with fixed prices is complex and requires significant management's estimates, particularly regarding

the estimation of incurred costs and costs associated with contract completion. For these reasons, we identified the

revenue from customer contracts, which are ongoing at year-end, commissioned by third parties as a key audit

matter.

We refer to Note 1 and 6 of the annual report: Note 1 outlines the main valuation rules, including those regarding

the recognition of revenue for project revenue, while Note 6 provides more details on contract assets. As of 31

December 2025, cumulative profits totaling 35,4 million EUR have been recorded in the gross balance of the

customer contract assets.

Our audit approach regarding the key audit matter:

In assessing the revenue recognition from customer contracts commissioned by third parties, we evaluated both

the design and operational effectiveness of controls and performed substantive testing procedures. We examined

the controls implemented by the group for recording contract-related costs and revenue, along with assessing the

determination of project completion stage. As part of our audit procedures, we ensured that the group complies

with the appropriate valuation rules regarding revenue recognition. Our audit procedures further involved

evaluating management's significant estimates by reviewing project documentation and engaging in discussions

with financial and technical staff within the group regarding the progress of ongoing projects. Additionally, we

examined manual revenue entries for any unusual or irregular matters. Based on our testing procedures, we did

not identify any material deviations.

Responsibilities of the board of directors for the preparation of the consolidated financial statements

The board of directors is responsible for the preparation and fair presentation of the consolidated financial

statements in accordance with the IFRS Accounting Standards as adopted by the European Union and with the legal

and regulatory requirements applicable in Belgium and for such internal control as the board of directors

determines is necessary to enable the preparation of consolidated financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the board of directors is responsible for assessing the group’s

ability to continue as a going concern, disclosing, as applicable, matters to be considered for going concern and

using the going concern basis of accounting unless the board of directors either intends to liquidate the group or to

cease operations, or has no other realistic alternative but to do so.

Responsibilities of the statutory auditor for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence the economic decisions of users taken on the basis of these consolidated financial

statements.

253

AUDITORS REPORT

During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable

to the audit of consolidated financial statements in Belgium. The scope of the audit does not comprise any

assurance regarding the future viability of the company nor regarding the efficiency or effectiveness demonstrated

by the board of directors in the way that the company’s business has been conducted or will be conducted

As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism

throughout the audit. We also:

 identify and assess the risks of material misstatement of the consolidated financial statements, whether due

to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that

is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from an error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

group’s internal control;

 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the board of directors;

 conclude on the appropriateness of the use of the going concern basis of accounting by the board of directors

and, based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the

related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify

our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory auditor’s

report. However, future events or conditions may cause the group to cease to continue as a going concern;

 evaluate the overall presentation, structure and content of the consolidated financial statements, and whether

the consolidated financial statements represent the underlying transactions and events in a manner that

achieves fair presentation.

 obtain sufficient appropriate audit evidence regarding the financial information of the entities and business

activities within the group to express an opinion on the consolidated financial statements. We are responsible

for the direction, supervision and performance of the group audit. We remain solely responsible for our audit

opinion.

We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify

during our audit.

We also provide the audit committee with a statement that we have complied with relevant ethical requirements

regarding independence, and we communicate with them about all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated to the audit committee, we determine those matters that were of most

significance in the audit of the consolidated financial statements of the current period and are therefore the key

audit matters. We describe these matters in our report unless law or regulation precludes any public disclosure

about the matter.

Other legal and regulatory requirements

Responsibilities of the board of directors

The board of directors is responsible for the preparation and the content of the directors’ report on the

consolidated financial statements, including the sustainability statement and other matters disclosed in the annual

report on the consolidated financial statements.

Responsibilities of the statutory auditor

As part of our mandate and in accordance with the Belgian standard complementary to the International Standards

on Auditing (ISA) as applicable in Belgium, our responsibility is to verify, in all material respects, the director’s

report on the consolidated financial statements, and other matters disclosed in the annual report on the

consolidated financial statements, as well as to report on these matters.

Aspects regarding the directors’ report on the consolidated financial statements and other information disclosed in

the annual report on the consolidated financial statements

The annual report contains the sustainability statement which is the subject of our separate limited assurance

report on the sustainability statement. This section does not pertain to the assurance on the consolidated

sustainability statement included in the annual report. For this part of the annual report on the consolidated

financial statements, we refer to our report on the matter.

In our opinion, after performing the specific procedures on the directors’ report on the consolidated financial

statements, this report is consistent with the consolidated financial statements for that same year and has been

established in accordance with the requirements of article 3:32 of the Code of companies and associations.

In the context of our statutory audit of the consolidated financial statements we are also responsible to consider, in

particular based on information that we became aware of during the audit, if the directors’ report on the

consolidated financial statements is free of material misstatement, either by information that is incorrectly stated

or otherwise misleading. In the context of the procedures performed, we are not aware of such material

misstatement.

Statements regarding independence

Our audit firm and our network have not performed any prohibited services and our audit firm has remained

independent from the group during the performance of our mandate.

Single European Electronic Format (ESEF)

In accordance with the draft standard on the audit of the compliance of the financial statements with the Single

European Electronic Format ("ESEF"), we have also performed the audit of the compliance of the ESEF format and

of the tagging with the technical regulatory standards as defined by the European Delegated Regulation No.

2019/815 of 17 December 2018 ("Delegated Regulation").

The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the

consolidated financial statements in the form of an electronic file in ESEF format (“digital consolidated financial

statements”) included in the annual financial report.

Our responsibility is to obtain sufficient and appropriate evidence to conclude that the format and the tagging of

the digital consolidated financial statements comply, in all material respects, with the ESEF requirements as

stipulated by the Delegated Regulation.

255

AUDITORS REPORT

Based on our work, in our opinion, the format and the tagging of information of the digital consolidated financial

statements included in the annual financial report of JENSEN-GROUP NV as of 31 December 2025 are, in all

material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated Regulation.

Other statements

This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation

(EU) No 537/2014.

Signed at Ghent.

The statutory auditor

__________________________________________________

Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL

Represented by Charlotte Vanrobaeys

SUMMARY STATUTORY FINANCIAL STATEMENTS JENSEN-GROUP NV

Summary balance sheet of JENSEN-GROUP NV

Financial year ended 31 December 31 December

(in thousands of euro) 2025 2024

Fixed assets

181,768

176,039

Intangible fixed assets

592

766

Tangible fixed assets

273

360

Financial fixed assets

180,903

174,913

Current assets

31,200

13,656

Stocks and contracts in progress

2,035

1,463

Amounts receivable within one year

8,052

5,922

Own shares

20,667

5,264

Cash at bank and on hand

238

958

Deferred charges and accrued income

208

TOTAL ASSETS

212,968

189,695

Financial year ended 31 December 31 December

(in thousands of euro) 2025 2024

Capital and reserves

162,150

163,329

Capital

38,280

Share premium account

67,590

Treasury shares

20,667

5,264

Reserves

3,828

3,329

Accumulated profits

31,785

48,866

Provisions and deferred taxes

400

672

Provisions for liabilities and charges

400

672

Long-term debts

10,000

Financial debt LT

10,000

Short-term debts

40,418

25,695

Financial debt ST

18,789

10,000

Amounts payable within one year

21,497

15,461

Accrued charges and deferred income

132

234

TOTAL LIABILITIES

212,968

189,695

257

STATUTORY FINANCIAL STATEMENT

Summary income statement of JENSEN-GROUP NV

Financial year ended 31 December 31 December

(in thousands of euro) 2025 2024

Operating income 29,679

30,048

Turnover 29,468

30,845

Finished goods and contracts in progress: increase

(decrease)

-1,946

-2,348

Other operating income 2,157

1,550

Operating charges -29,237

-30,085

Raw materials, consumables and goods for resale -8,359

-16,909

Services and other goods -17,344

-9,869

Remuneration, social security and pensions -3,089

-2,732

Depreciation -299

-209

Write-downs -252

Provisions for liabilities and charges 272

-229

Other operating charges -166

-160

Operating profit 442

-38

Financial result 12,419

8,831

Financial income 12,875

9,173

Financial charges -456

-342

Result for the year before taxes 12,861

8,793

Income taxes -228

-65

Result for the year 12,633

8,729

Appropriation result JENSEN-GROUP NV

Financial year ended 31 December 31 December

(in thousands of euro) 2025 2024

Profit to be appropriated 61,063

63,116

Profit (loss) for the period available for appropriation 12,633

8,729

Profit (loss) brought forward 48,430

54,387

Appropriations to capital and reserves 15,465

5,201

to legal reserves 63

436

to reserves for own shares 15,402

4,765

Result to be carried forward -31,785

-48,430

Profit to be carried forward 31,785

48,430

Distribution of profit -13,813

-9,485

Dividends -13,813

-9,485

2025

2024

(in euro)

(12 months)

Current profit per share after taxes

(1)

1.35 0.91

Number of shares outstanding (average) 9,372,539 9,542,241

Number of shares outstanding (yearend) 9,208,541 9,484,615

(1)

The current profit after tax is the same as the net profit excluding extraordinary gains and losses (both adjusted for taxes).

Statutory financial statements of JENSEN-GROUP NV

In accordance with article of the Belgian Companies’ and Associations’ Code, a summary version of the

statutory financial statements of JENSEN-GROUP NV is presented. These have been prepared in accordance with

Belgian Accounting Standards. The management report and statutory financial statements of JENSEN-GROUP NV

and the report of the Statutory Auditor thereon are filed with the appropriate authorities and are also available

at the Company’s registered offices.

The Statutory Auditor has issued an unqualified opinion on the statutory financial statements of JENSEN-GROUP

NV.

JENSEN-GROUP NV has both a holding function and a commercial function as the sales and service company for

the Benelux area.

The Bylaws (art. 11) allow the Board of Directors to buy back own shares. At its meeting held on March 10,

2022, the Board of Directors decided to implement a program to buy back a maximum of 781,900 or 10% of

its own shares. During the extraordinary shareholders’ meeting of May 16, 2023, the shareholders voted on

the cancellation of the 113,873 treasury shares after the Board suspended the program in view of a recent

acquisition. Later in the year, the Board decided to re-launch the program and as of December 31, 2025,

422,867 shares have been bought back at an average price of 48.87 euro for a total amount of 20.7 million

euro. The buy-back mandate expires on May 18, 2026.

The Board proposes to the Annual Shareholders’ meeting to approve a dividend of 1.50 euro per share. The

dividend proposal is based on the net result of the Company at year-end. The dividend pay-out will amount

13,812,811.50 euro, based on the number of shares outstanding as at December 31, 2025. No dividend will be

distributed to treasury shares.

The full version of the statutory financial statements of JENSEN-GROUP NV is available on the Company website

www.JENSEN-GROUP.com.

259

STATUTORY FINANCIAL STATEMENT

Valuation rules

The valuation rules are in accordance with the Royal Decree of April 29, 2019.

Financial fixed assets

Since JENSEN-GROUP NV has a holding function, we emphasize that, in accordance with our valuation rules and

accounting legislation in Belgium, financial fixed assets are valued at their initial acquisition price or paid-in

capital. Write-offs on the financial fixed assets are taken when they are deemed to be of a permanent nature.

If it appears that write-offs taken previously are no longer needed, they are reversed. Financial fixed assets are

never valued above acquisition price or paid-in capital.

Intangible fixed assets

The intangible fixed assets consist of goodwill that arises from the acquisitions of the distribution activity in the

Benelux. For statutory purposes, goodwill is amortized over a period of five years.

The issuance cost of the capital increase are amortized over a period of five years.

Tangible fixed assets

Tangible fixed assets are recorded at their acquisition value or construction cost, increased, where appropriate,

by ancillary costs. Tangible fixed assets are depreciated on a straight-line basis over their estimated useful life

from the month of acquisition onwards.

On tangible fixed assets, the depreciation rules are:

Caption

Rate

Infrastructure

10% - 20%

Installations, machinery and equipment

20%

Office equipment and furniture

20%

Vehicles

20%

Inventories and contracts in progress

Inventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out

(FIFO) method. For produced inventories, cost means the full cost including all direct and indirect production

costs required to bring the inventory items to the stage of completion at the balance sheet date. Net realizable

value is the estimated selling price in the ordinary course of business, less the costs of completion and variable

selling expenses.

The Company uses the ‘percentage of completion method’ to determine the appropriate amount to recognize

in a given period. The stage of completion is measured by reference to the contract costs incurred up to the

balance sheet date as a percentage of total estimated costs for each contract. Costs incurred in the year in

connection with future activity on a contract are excluded from contract costs in determining the stage of

completion. They are presented as inventories, prepayments or other assets, depending on their nature.

Amounts receivable

Trade amounts receivable and other amounts receivable are carried at nominal value. Allowances are made to

amounts receivable where uncertainty exists as to the receipt or payment dates of the whole or a part of the

balance. Supplementary write-offs are also recorded where the realizable value at the balance sheet date is

lower than the carrying value.

Investments and cash at bank and in hand

Deposits with financial institutions are carried at nominal value. Write-downs are applied where the realizable

value at the balance sheet date is lower than the historical cost.

Provisions for liabilities and charges

Provisions for liabilities and charges are assessed on an individual basis to address the risks and future costs

which they are intended to cover. They are maintained only to the extent that they are required following an

updated assessment of the liabilities and charges for which they were created.

Amounts payable (after one year and within one year)

Amounts payable are carried at nominal value at the balance sheet date. The only elements which are

recorded in the accrued charges and deferred income accounts are charges payable at the balance sheet date

in respect of past or prior years.

Financial instruments

The Company uses derivative financial instruments to reduce its exposure to adverse fluctuations in interest

rates and foreign exchange rates. It is the Company’s policy not to hold derivative instruments for speculative

or trading purposes.

Derivative financial instruments are recognized initially at cost, their premium is amortized pro rata temporis.

At year-end, the financial instruments are measured at market value using the mark-to-market mechanism.

The unrealized losses are recognized in the income statement whereas the unrealized gains are deferred.

The hedged balance sheet positions (outstanding receivables and payables) are recorded at the hedging rate.

Treasury shares

The treasury shares are accounted for at the lower of cost or market value at the balance sheet date.

261

STATUTORY FINANCIAL STATEMENT

General information

1. Identification

 Name: JENSEN-GROUP NV

 Registered office: Neerhonderd 33, 9230 Wetteren.

 The Company was incorporated on April 23, 1990 and exists for an unlimited period of time.

 The Company has the legal form of a “naamloze vennootschap/société anonyme” and operates under

Belgian Company Law.

 The statutory purpose of the Company consists in the following, both in Belgium and abroad, on its own

behalf or in the name of third parties, for its own account or for the account of third parties:

 Any and all operations related directly or indirectly or connected with the engineering,

production, purchase and sale, distribution, import, export and representation of laundry

machines and systems and the manufacture thereof;

 Providing technical, commercial, financial and other services for affiliated businesses, including

commercial and industrial activities in support;

 Obtaining an interest, in any manner, in any and all businesses that pursue the same, a similar

or related purpose or that are likely to further its own business or facilitate the sale of its

products or services, also cooperating or merging with these businesses and, in general,

investing, subscribing, purchasing, selling and negotiating financial instruments issued by

Belgian or foreign businesses;

 Managing investments and participations in Belgian or foreign businesses, including the

standing of sureties, guaranteeing bills, making payments in advance, loans, personal or

material sureties for the benefit of these businesses and acting as their proxy holder or

representative;

 Acting in the capacity of director, providing advice, management and other services for the

benefit of the management and other services for the benefit of other Belgian or foreign

businesses, by virtue of contractual relations or statutory appointment and in the capacity of

external consultant or governing body of any such business.

The Company may undertake both in Belgium and abroad, any and all industrial, trade, financial, bonds and

stocks and real property transactions that are likely to extend or further its business directly or indirectly or that

are related therewith. It may acquire any and all movable and real property items, even if these are related

neither directly nor indirectly to the Purpose of the Company.

It may obtain, in any manner, an interest in any and all associations, ventures, businesses or companies that

pursue the same, a similar or related purpose or that are likely to further its business or facilitate the sale of its

products or services, and it may cooperate or merge therewith.

 The Company is registered in the Commercial Register of Ghent, section Dendermonde and is subject to

VAT under the number BE 0440.449.284

 The Bylaws of the Company can be consulted at the registered office of the Company and on the

Company website www.jensen-group.com. The annual accounts are filed with the National Bank of

Belgium. Financial reports of the Company are published in the financial press and are also available on

the Company website www.jensen-group.com. Other documents that are publicly available and that are

mentioned in the reference document can be consulted at the registered office of the Company or on

the Company website www.jensen-group.com. The Annual Report of the Company is sent to any

shareholder who wish to receive it.

2. Share Capital

 The registered share capital amounts to 38,280,396 euro and is represented by 9,631,408 shares

without nominal value. There are no shares that do not represent the share capital. All shares are

ordinary shares; there are no preference shares. The shares are dematerialized or registered shares,

depending on the shareholder’s preference. The dematerialized shares have been issued either by way

of an increase of capital or by exchanging existing registered or bearer shares for dematerialized shares.

Each shareholder may request the exchange of his/her shares either into registered shares or into

dematerialized shares. At least two directors will sign a share certificate. Signature stamps may replace

the signatures.

 Evolution of the share capital:

Date

Share capital

Currency

Number of shares

24/05/2002

42,714,560

euro

8,264,842

20/05/2008

42,714,560

euro

8,252,604

13/01/2009

42,714,560

euro

8,039,842

30/11/2011

42,714,560

euro

8,002,968

04/10/2012

30,710,108

euro

8,002,968

15/05/2016

30,710,108

euro

7,818,999

3/04/2023

38,280,396

euro

9,745,281

16/05/2023

38,280,396

euro

9,631,408

263

ANNEX

Annex I

Conflict of Interest notices - Excerpts from the minutes of the meetings of the Board of

Directors held on March 6, 2025 and August 7, 2025

On March 6, 2025, at 11.45 a.m., the Board of Directors (hereinafter: “the Board”) of JENSEN-GROUP NV

(hereinafter: “the Company”) holds a meeting via videoconference by means of which all participants can see

and hear one another.

The following Directors are present:

• YquitY bv, represented by Mr. Rudy Provoost

• SWID AG, represented by Mr. Jesper Munch Jensen

• TTP bv, represented by Mr. Erik Vanderhaegen

• Mr. Jobst Wagner

• Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen

• Acacia I bv, represented by Mrs. Els Verbraecken

• Mr. Daisuke Miyauchi (in part).

The following invitees are attending:

• Werner Vanderhaeghe bv, represented by Mr. Werner Vanderhaeghe, Esq. – Company

Secretary

• Mr. Doga Cardas – Chief Financial Officer.

• Mr. Mads Andresen – Chief Innovation Officer

• Messrs. Alexi Vangerven and Jens Bosmans – BDO Advisory (in part)

• Nadiya Nychay, Esq. – Jones Day (in part)

Mr. Provoost presides as Chair. Mr. Vanderhaeghe acts as Secretary. The Chair points out that notice

of the meeting was given by email of February 28, 2025, that all Directors are present, and that the

meeting is validly constituted. The Chair then proposes that the meeting consider the following items of

business.

1. Conflict of interest

The Chair informs the members of the Board that by letters dated March 3, 2025, and addressed to

the Chair with a copy sent to the Company’s statutory auditor, (i) SWID AG, Cross Culture Research LLC and

Messrs. Jobst Wagner and Daisuke Miyauchi gave notice of a conflict of interest in relation to items 5 and 11 (d)

on the agenda referred to as “Proposal for Dividend” and “Valuation Jensen shares – Share buy-back”

respectively, (ii) that SWID AG also gave notice, by similar letter dated March 3, 2025, of a conflict of interest in

relation to item 4 “Review and approval of proposal Remuneration Report - Proposal re-election Executive

Director” and (iii) that TTP bv gave notice, by similar letter dated March 3, 2025, of a conflict of interest in

relation to item 4 on the agenda referred to as “Proposal re-election Non-Executive Director”.

After the mentioned letters are handed over to the Secretary for filing with the Board’s records, Mrs.

Anne Jensen, and Messrs. Jesper Jensen, Jobst Wagner, Daisuke Miyauchi, and Erik Vanderhaegen confirm that

they will abstain from the deliberation and the vote relative to the items on the agenda in relation to which a

conflict of interest was notified. All other members of the Board then confirm that they have no conflict of

interest in relation to any of the items on the agenda.

Following a brief review of the items on the agenda and of the various documents relative to

these items that were sent to the members of the Board, the Chair moves for a decision on the items that

require approval of the Board and after discussion, the Board proceeds as follows.

(...)

• Report of the Nomination and Remuneration Committee

(...)

At this point during the meeting, the Board engages in a discussion on the Remuneration Report as

approved and submitted by the Nomination and Remuneration Committee, and with the guidance from

Counsel on its role in this respect, the Board adopts the following resolution:

“Upon a motion duly made, the Board of Directors resolves unanimously but with SWID AG as

represented by Mr. Jesper Munch Jensen abstaining from the deliberation and vote, to approve the

Remuneration Report as submitted by the Nomination and Remuneration Committee at this meeting;

resolves further to sub-delegate to the Chairman of the Board of Directors the power to report in this

respect and to submit same on behalf of the Board to the shareholders at the forthcoming Annual Meeting

to be held on May 20, 2025; resolves further unanimously to approve (i) the increases in the base salaries

and the bonus targets for 2025 for the members of the Executive Management Team and (ii) the bonus

targets for 2025 for the Chief Executive Officer”

The Chair then refers to his report earlier in the present meeting on the proceedings of the

Nomination and Remuneration Committee and that Committee’s proposal for the re-election of an

Executive and a Non-Executive Director. The Chair recalls for the record that the mandates of SWID AG,

which is represented by Mr. Jensen, and TTP bv, which is represented by Mr. Vanderhaegen, as a Director

will expire at the Annual Shareholders’ Meeting, that both Directors have expressed an intention to seek re-

election and that the Nomination and Remuneration Committee has made a proposal for their re-election.

The Chair confirms in this regard that under current law, TTP bv can be given the qualification of

independent. Following a brief discussion of the Nomination and Remuneration Committee’s assessment of

the credentials and track record of SWID AG and TTP bv on the Board and the Board Committees and that

Committee’s reasoned opinion regarding the independence of TTP bv and its representative Mr.

Vanderhaegen, the Chair moves for a decision and the Board adopts the following resolution:

265

ANNEX

“Upon a motion duly made, the Board of Directors resolves unanimously, with SWID AG, as

represented by Mr. Jesper Munch Jensen, abstaining from the deliberation and vote, to propose SWID AG, as

represented by Mr. Jesper Munch Jensen, for re-election by the shareholders to the Board of Directors for a

term of 4 years and with the qualification as executive Director; resolves further to submit such proposal for

approval by the shareholders at its Annual Meeting to be held on May 20, 2025.”

“Upon a motion duly made, the Board of Directors resolves unanimously, with TTP bv, as

represented by Mr. Erik Vanderhaegen, abstaining from the deliberation and vote, to propose TTP bv, as

represented by Mr. Erik Vanderhaegen, for re-election by the shareholders to the Board of Directors for a

term of 4 years and with the qualification as non-executive, independent Director; resolves further to

submit such proposal for approval by the shareholders at its Annual Meeting to be held on May 20, 2025.”

(...)

Presentation and approval Financial Statements 2024 JENSEN-GROUP NV and Consolidated Accounts

2024 JENSEN-GROUP – Preparation and approval of Report to Shareholders – Preparation and

approval of Corporate Governance Statement – Proposal for dividend

The Chair reviews with the Board the draft financial statements of the Company and the

consolidated accounts of JENSEN-GROUP for the year ended as of December 31, 2024, the proposal for the

Report to the Shareholders on the Company’s and the JENSEN-GROUP’s activities in the course of 2024, and

the proposal for the payment of a dividend.

The Chair further reviews with the Board the draft Corporate Governance Statement and thereby notes, with

the Board’s concurrence, that the members of the Board are in receipt of the Company Secretary Report on

Compliance as required by the 2020 Corporate Governance Code. Copies of the draft financial statements,

the consolidated accounts, the Report to the Shareholders, the draft Corporate Governance Statement, and

the Company Secretary Report on Compliance dated March 6, 2025, are hereby annexed to these minutes

as Appendix 1. The Chair then recalls for the Board the discussion in the Audit and Risk Committee, as

reported earlier in the present meeting, on the proposed dividend payout in view of,

inter alia

, the cash

position of the Company. At the Chair’s suggestion, the Board resolves to adopt the following resolution:

“Upon a motion duly made, the Board of Directors resolves unanimously to approve the financial

statements of JENSEN-GROUP NV for the year ended as at December 31, 2024 and the proposal for the

Report to the Shareholders on the Company’s activities and the Corporate Governance Statement, as

presented at this meeting and as annexed to the minutes of this meeting; resolves further that the

Chairman and the Managing Director are authorized to amend such financial statements, Report and

Statement if and when such amendments are necessary and provided such amendments are not material;

resolves further that the Chairman and the Managing Director are authorized and directed to finalize and

formally file the Company’s financial statements.”

“Upon a motion duly made, the Board of Directors resolves unanimously to approve the

consolidated accounts of JENSEN-GROUP for the year ended as at December 31, 2024 including the

explanatory notes, as presented at this meeting and as annexed to the minutes of this meeting; resolves

further that the Chairman and the Managing Director are authorized and directed to finalize such

consolidated accounts and to amend such notes if and when such amendments are necessary and provided

such amendments are not material.”

“Upon a motion duly made, the Board of Directors resolves unanimously, but with SWID AG as

represented by Mr. Jesper Munch Jensen, Cross Culture Research LLC as represented by Mrs. Anne Munch

Jensen, and Messrs. Jobst Wagner and Daisuke Miyauchi abstaining from the deliberation and vote, to

approve the proposal for the payment of a dividend to the Company’s shareholders in the amount of 1.00

Euro per share, payable as of May 31, 2025.”

(...)

Valuation Jensen Shares – Share buy-back.

The Chair recalls for the Board its intention to revisit the terms and conditions of the share buy-back

program at its present meeting and its request to management to arrange for a for a third-party valuation

report. At his invitation, Messrs. Alexi Vangerven and Jens Bosmans of BDO Advisory then join the meeting

and outline for the Board BDO’s valuation of the Company in connection with the share buy-back program

that the Board approved on March 9, 2022, then suspended by decision at its meeting on March 29, 2023,

but reinstated by decision at its meeting on August 10, 2023. The Valuation Report by BDO dated February 21,

2025, and the report on the subject by an

ad hoc

committee of independent directors dated March 6, 2025,

were sent to the members of the Board with the notice of the meeting. With respect to the parameters of

the share buy-back program, the Board reviews

in extenso

the outcome of the valuation by BDO Advisory and

the financial impact on JENSEN-GROUP and its bank covenants, as well as the timing, the maximum number

of shares, and the terms and conditions going forward. After thorough discussion, the Board decides to

increase the upper price limit to 55 Euros as suggested by management. Messrs. Vangerven and Bosmans

are then excused and leave the meeting whereupon the Chair moves to adopt the following resolution:

“Upon a motion duly made, the Board of Directors resolves unanimously but with SWID A.G.,

represented by Mr. Jesper Munch Jensen, Cross Culture Research LLC, represented by Mrs. Anne Munch

Jensen, and Messrs. Jobst Wagner and Daisuke Miyauchi abstaining from the discussion and the vote to

approve the further implementation of the buy-back mandate own shares dated March 20, 2022 and to

appoint an investment bank to whom the buy-back mandate will be granted, thereby respecting the price

parameters and conditions as set forth in Article 11 of the Company’s by-laws and discussed at the

meeting.”

(...)

There being no further business to discuss, the meeting adjourns at 3. 30 p.m

On August 7, 2025 at 11.30 a.m., the Board of Directors of JENSEN-GROUP NV (hereinafter the “Company”)

holds a meeting via videoconference by means of which all participants can see and hear one another.

267

ANNEX

The following directors are present:

• YquitY bv, represented by Mr. Rudy Provoost

• SWID AG, represented by Mr. Jesper Munch Jensen

• TTP bv, represented by Mr. Erik Vanderhaegen

• Mr. Jobst Wagner

• Cross Culture Research LLc, represented by Mrs. Anne Munch Jensen

• Acacia I bv, represented by Mrs. Els Verbraecken

• Mr. Daisuke Miyauchi.

The following invitees are attending:

• Werner Vanderhaeghe bv, represented by Werner Vanderhaeghe, Esq.

• Mr. Doga Cagdas

• Mrs. Scarlet Janssens (in part)

• Ms. Stefanie Roscam (in part).

Mr. Rudy Provoost presides as Chair. Mr. Werner Vanderhaeghe acts as Secretary. The Chair further

points out that notice of the meeting was given by email of August 1, 2025, that all directors are present

and that the meeting is validly constituted. The Chair then suggests that the meeting considers the

following items of business.

1. Conflict of interest

The Chair informs the members of the Board that by a letter dated August 4, 2025, and addressed

to the Chair with a copy sent to the Company’s statutory auditor, SWID AG, Cross Culture Research LLc and

Messrs. Jobst Wagner and Daisuke Miyauchi gave notice of a conflict of interest in relation to item 7 “Share

buy-back program” on the agenda.

The Chair requests the Company Secretary to file the letters with the Board’s records and notes

that Messrs. Jesper Jensen, Jobst Wagner and Daisuke Miyauchi and Mrs. Anne Jensen have confirmed that

they will abstain from the discussion and the vote relative to the conflicted item. All other members of the

Board, present or represented, then confirm that they have no conflict of interest in relation to any of the

items on the agenda.

Following a brief review of the items on the agenda by the Chair and of the various documents

relative to these items that were sent to the members of the Board, the Chair then moves for a decision on

the items of the agenda that require approval of the Board of Directors and after discussion, the Board

resolves as follows.

(...)

Share buy-back programme

Mr. Cagdas recalls for the Board the decision to start this program in March 2022, followed by a

temporary suspension in connection with the Inax transaction in March 2023 and a relaunch in August 2023.

Mr. Cagdas further recalls for the Board that the buy-back mandate to the investment bank was most recently

renewed at its meeting in March of this year, that at such meeting the upper price limit was set at 55 euros on

the basis of a Valuation Report by BDO dated February 21, 2025 and a report by an

hoc committee of

independent directors dated March 6, 2025 and that the 55 euros upper price limit was reached on July 3,

2025. The Chair then submits that management has requested to put this item on the agenda of the present

meeting for a status update and has suggested 65 euros as a new upper price limit.

During the ensuing discussion, the Board revisits

in extenso

the outcome of the valuation by BDO Advisory and

the financial impact on JENSEN-GROUP and its bank covenants, as well as the timing, the maximum number of

shares, and the terms and conditions going forward. After thorough discussion the Board decides to increase

the upper price limit to 65 Euros as suggested by management, and the Chair moves to adopt the following

resolution:

“Upon a motion duly made, the Board of Directors resolves unanimously but with SWID A.G.,

represented by Mr. Jesper Munch Jensen, Cross Culture Research LLC, represented by Mrs. Anne Munch Jensen,

and Messrs. Jobst Wagner and Daisuke Miyauchi abstaining from the discussion and the vote, to revisit the price

parameters and conditions of the buy-back mandate as set forth in Article 11 of the Company’s by-laws and

discussed at the meeting.”

(...)

There being no further business to discuss, the meeting was adjourned at 3.10 p.m.

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JENSEN-GROUP N.V. | Neerhonderd 33 | 9230 Wetteren | Belgium

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