XCSE:GJ ESEF Report
GLUNZ & JENSEN HOLDING A/S (XCSE:GJ)
ESEF Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
To Nasdaq OMX Copenhagen A/S
Company announcement no. 592
August 19
th
, 2026
Glunz & Jensen
Glunz & Jensen is a supplier of innovative, high-quality plate making equipment and solutions for the global prepress industry. In addition to developing and producing processing
equipment for Offset and Flexo printing technologies, we also offer premier customer support as well as a full range of spare parts, wear parts and consumable products. Our diverse
product portfolio includes inkjet imaging systems, lithographic processors, exposure units, wash out units (processors), dryers, light finishers, combi units, full-automatic platemaking
(inline) systems, mounting tables, plate stackers & turners.
Our R&D, supply chain, production, testing, and technical training and testing facilities are in Presov, Slovakia, and our products are based on application know-how and own developed
technology.
Glunz & Jensen has been operating in prepress for more than 53 years. We have long-standing relations with major industry leading companies such as Asahi, DuPont, ECO3, Fuji
Film, Heidelberg, KBA, Kodak, Miraclon, and many more. We market our products and solutions globally through a well-established, comprehensive, and worldwide network of
distributors and dealers. We have approximately 93 employees in our facilities in Denmark, Slovakia and the USA.
We are on the path to be the most innovative high-end equipment and services provider, delivering outstanding value for money in our product areas, and thereby growing our market
share with our global partners. We are also set to strengthen our earnings through improved trade profitability and optimized manufacturing including within procurement and supply
chain.
The shares of Glunz & Jensen Holding A/S are listed at NASDAQ OMX Copenhagen A/S.
Page 1 of 14
Phone: +45 5768 8181, CVR-no. 102396 80
www.glunz-jensen.com
INTERIM REPORT JANUARY 1
ST
, 2026 – JUNE 30
TH
, 2026 (H1 2026)
The H1 2026 report for the fiscal year was reviewed and approved at the Board of Directors meeting.
Highlights
• Overall, the H1, 2026 came out weaker than expected and below the performance of H1, 2025. The
topline and in part the bottom-line were negatively impacted by customers delaying pickup of
equipment equal to postponed revenue of DKK 7,6 million. The postponement to H2, 2026 lowered
the EBITDA and Profit before tax in H1, 2026 by DKK 2,3 million and increased inventories by 30
th
June.
• The revenue for H1 2026 amounted to DKK 67,0 million (H1 2025: DKK 74,5 million).
• The gross profit amounted to DKK 18,2 million in H1 2026 (H1 2025: DKK 19,6 million), the gross profit
margin was 27,2% (H1 2025: 26,3%).
• EBITDA for the period was DKK 8,4 million (H1 2025: DKK 9,5 million).
• Profit before tax for the period H1 2026 was DKK 5,6 million (H1 2025: DKK 6,3 million), corresponding
to a result per share (EPS) at DKK 2,4 (H1 2025: DKK 2,7).
Glunz & Jensen continuously monitors its financial performance and will communicate an updated 2026
outlook (guidance) in the event of any material deviations from the already communicated outlook dated
February 23
rd
, 2026. At present, the 2026 outlook is unchanged.
Pursuant to the mandate granted at the Annual General Meeting on April 9
th
, 2025, regarding a potential sale
of Selandia Park A/S or its assets, primarily the investment property, Glunz & Jensen Holding A/S has
appointed a new commercial real estate broker with effect from August 1
st
, 2026. The change has been made
to increase the likelihood of a successful transaction. The sales process is, however, still expected to take
approximately 12-18 months, depending on market conditions and buyer interest. Glunz & Jensen Holding A/S
will keep the market informed of any material developments.
For further information please contact:
CEO Henrik Blegvad Funk: phone +45 21 39 05 32
Chairman of the board Flemming Nyenstad Enevoldsen: phone +45 40 43 13 03
Company announcement for H1 2026
Page 2 of 14
FINANCIAL HIGHLIGHTS
In millions, except per share data
2026
H1
2025
H1
2025
Year
Income statement
Revenue
67,0
74,5
143,6
Gross profit
18,2
19,6
39,5
Operating profit
7,6
8,7
15,7
Net financials
(2,0)
(2,4)
(4,4)
Profit before tax
5,6
6,3
11,3
Profit for the half year
4,3
4,8
8,5
Profit before financial income and expenses, tax, depreciation, amortization, and
impairment of assets (EBITDA)
8,4
9,5
17,3
Balance sheet
Assets
Intangible assets
0,5
0,7
0,7
Other non-current assets
160,8
157,6
160,3
Current assets
69,5
62,6
65,2
Total assets
230,8
220,9
226,2
Liabilities
Share capital
117,0
108,8
112,5
Non-current liabilities
71,2
72,9
71,6
Current liabilities
42,6
39,2
42,1
Total Equity and liabilities
230,8
220,9
226,2
Cash flows
Cash flows from operating activities
3,6
5,1
6,7
Cash flows from investing activities
1
(1,2)
(3,5)
(7,4)
Free cash flow
2,4
1,6
(0,7)
Cash flows from financing activities
(2,2)
(1,1)
0,5
Change in cash and cash equivalents for the year
0,2
0,5
(0,2)
Financial ratios in %
Operating margin
11,4
11,7
10,9
EBITDA margin
12,6
12,7
12,0
Return on assets
3,2
3,8
7,2
Return on equity (ROE)
4,0
4,6
7,8
Equity ratio
50,7
49,2
49,7
Other information
Credit institutions net interest-bearing debt
69,2
69,2
71,6
Interest coverage
3,7
4,1
4,1
Earnings per share (EPS)
2,4
2,7
4,7
Diluted earnings per share (EPS-D)
2,4
2,7
4,7
Cash flow per share (CFPS)
2,0
2,8
3,7
Book value per share (BVPS)
64,2
59,7
61,7
Share price (KI)
85
64
80
Average number of shares outstanding (in thousands)
1.821
1.821
1.821
Dividend per share
0,0
0,0
0,0
Average number of employees
96
100
For definitions of financial ratios please refer to Glunz & Jensen's annual report for 2025 page 61.
Company announcement for H1 2026
Page 3 of 14
THE DEVELOPMENT IN H1 2026
Compared to H1 2025 the period of H1 2026 showed a
decrease in revenue to DKK 67,0 million (H1 2025: DKK
74,5 million) equal to a decrease of 10,0%.
Commercial efforts are ongoing, including strengthening
the organization, price adjustments, and production cost
reductions.
See note 3 (geographical distribution) for revenue figures
for the different regions.
Gross profit
Gross profit is at DKK 18,2 million in H1 2026 (H1 2025:
DKK 19,6 million). There is a continuous focus on
securing parts and components at competitive prices.
The gross profit margin improved to 27,2% in H1 2026
(H1 2025: 26,3%).
Development in EBITDA
Earnings before financial income and expenses, tax,
depreciation, and amortization EBITDA was at DKK 8,4
million in H1 2026 (H1 2025: DKK 9,5 million).
Operating profit (EBIT) was DKK 7,6 million in H1 2026
(H1 2025: DKK 8,7 million).
The net financial items represent a cost of DKK 2,0
million in H1 2026 (H1 2025: DKK 2,4 million). The
decrease is mainly caused by USD exchange rate
income.
In H1 2026 tax for the period was calculated to a cost of
DKK 1,3 million (H1 2025: cost of DKK 1,5 million).
The profit for the period in H1 2026 was DKK 4,3 million
compared to DKK 4,8 million in H1 2025.
Balance sheet
The balance sheet for the group amounted to DKK 230,8
million by the end of June 2026 compared to DKK 226,2
million by the end of the last financial year on December
31
st
, 2025.
Inventories amounted to DKK 44,9 million on June 30
th
,
2026 (H1 2025: DKK 37,6 million). Trade receivables
were DKK 18,4 million on June 30
th
, 2026 (H1 2025: DKK
18,4 million).
Trade payables were DKK 11,7 million on June 30
th
,
2026 (2025: DKK 13,3 million).
Net interest-bearing debt amounted to DKK 70,0 million
on June 30
th
, 2026, of which DKK 0,1 million referred to
IFRS 16 lease liabilities. On June 30
th
, 2025, net interest-
bearing debt amounted to DKK 70,6 million of which DKK
0,3 million referred to lease liabilities.
The equity increased in the period from DKK 112,5
million to DKK 117,0 million mainly due to the positive
result for the first half year.
On June 30
th
, 2026, the equity ratio was 50,7% which is
1%-point higher than the equity ratio December 31
st
,
2025, of 49,7%.
As in previous years, the activities in the Group have not
significantly been affected by seasonal fluctuations.
Cash flow
The net cash flow from operating activities came at DKK
3,6 million in H1 2026 (H1 2025: DKK 5,1 million), net
cash flow from investing activities were DKK -1,2 million
(H1 2025: DKK -3,5 million) and the free cash flow was
positive by DKK 2,4 million compared to a positive free
cash flow of DKK 1,6 million in H1 2025.
Covenants
The main bank has linked the credit lines to 3 financial
covenants based on solvency, EBITDA/revenue, and
debt leverage compared to EBITDA in Glunz & Jensen
Holding A/S. As of June 30
th
, 2026, all covenants were
calculated and confirmed to be in compliance.
Events after the balance sheet date
No significant events, which are deemed to have a
significant impact on the Group’s financial position, have
occurred since June 30
th
, 2026.
Outlook for 2026
As outlined in the 2025 annual report, the Glunz &
Jensen expect revenue in fiscal year 2026 to reach
approximately DKK 140 million, while operating profit
(EBITDA) around DKK 18 million and profit before tax of
approximately DKK 12 million. The outlook for the
EBITDA and the profit before tax is before any potential
fair value adjustment the investment property.
The outlook for 2026 does not include potential costs
related to selling process of Selandia Park nor does the
outlook include possible gains or losses related to the
sale of Selandia Park.
Glunz & Jensen continuously monitors its financial
performance and will update the market in the event of
any material deviations from the current outlook.
The Group’ intends to allocate free cash flow to maximize
shareholder value, including investments in business
development and technology as well as debt reduction.
Company announcement for H1 2026
Page 4 of 14
Forward-looking statements
The forward-looking statements in this announcement
reflect the Company’s current expectations regarding
future events and financial performance. Such
statements are inherently subject to uncertainty, and
actual results may differ materially from those expressed
or implied. Key risk factors include developments in the
general economy and financial markets, changes in
legislation and regulation, fluctuations in product
demand, competitive conditions, and the availability and
pricing of raw materials.
Management emphasizes that the outlook for the
financial year 2026 remains subject to uncertainty. The
Company may be affected by geopolitical developments,
including wars, import tariffs, inflation, supply chain
challenges, demand for equipment, spare parts,
consumables and services, as well as other unforeseen
events. For further information, reference is made to the
risk section on page 13 of Glunz & Jensen’s Annual
Report 2025.
- - - o o O o o - - -
Glunz & Jensen’s Annual Report 2026 covering the
period January 1st, 2026 – December 31st, 2026, is
expected to be announced on April 14th, 2027.
Company announcement for H1 2026
Page 5 of 14
, 2026
Executive Management
Board of Directors
Company announcement for H1 2026
Page 6 of 14
INCOME STATEMENT
(DKK millions)
Note
2026
H1
2025
H1
2025
Year
Revenue
3
Production costs
(48,8 )
(54,9 )
(104,1 )
Gross margin
Other operating income
Sales and distribution costs
(6,4 )
(6,1 )
(12,6 )
Development costs
(0,5 )
(0,7 )
(1,0 )
Administrative expenses
(3,9 )
(4,1 )
(9,9 )
Fair value gains on investment property
(0,3 )
-
Operating profit
Financial income
Financial expenses
(2,3 )
(2,5 )
(4,8 )
Profit before tax
Income taxes
(1,3 )
(1,5 )
(2,8 )
Profit for the year
Attributable to:
Equity holders of Glunz & Jensen Holding A/S
Total
Earnings per share
Basic earnings per share (DKK)
Diluted earnings per share (DKK)
STATEMENT OF COMPREHENSIVE INCOME
(DKK ’000)
Note
2026
H1
2025
H1
2025
Year
Profit for the year
Other comprehensive income:
Items that may be reclassified to the income statement:
Exchange rate adjustments of investments in subsidiaries
(0,4 )
(0,5 )
Total other comprehensive income
(0,4 )
(0,5 )
Total comprehensive income
Attributable to:
,1
,1
6,0
Equity holders of Glunz & Jensen Holding A/S
Total
Company announcement for H1 2026
Page 7 of 14
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2026
30
th
Jun.
2025
31
st
Dec.
2025
ASSETS
Non-current assets
Intangible assets
Completed development project
Development projects in progress
Property, plant, and equipment
Property, plant, and equipment
Leased assets
Investment properties
5
Other non-current assets
Deferred tax
Other receivables
Total non-current assets
Current assets
Inventories
Trade receivables
Other receivables
Income tax
Prepayments
Cash
Total current assets
TOTAL ASSETS
Company announcement for H1 2026
Page 8 of 14
BALANCE SHEET
(DKK millions)
Note
30
th
Jun.
2026
30
th
Jun.
2025
31
st
Dec.
2025
LIABILITIES
Equity
6
Share capital
Other reserves
Revaluation reserve
Retained earnings
Total equity
Non-current liabilities
Deferred tax
Provisions
Credit institutions
Other payables
Prepayments from customers
Lease liabilities
Total non-current liabilities
Current liabilities
Credit institutions
Trade payables
Lease liabilities
Provisions
Prepayments from customers
Income tax
Other payables
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Company announcement for H1 2026
Page 9 of 14
STATEMENT OF CASH FLOW
(DKK millions)
Note
2026
H1
2025
H1
2025
Year
Operating activities
Profit for the year
Adjustment for non-cash items etc.:
Amortization, depreciation, and impairment losses
Gain and loss on sale of non-current assets
(0,2 )
Fair value gain on investment properties
Other non-cash items, net
Provisions
(0,4 )
Financial income
(0,3 )
(0,1 )
(0,4 )
Financial expenses
Tax on operating profit
Cash flow from operating activities before changes in working
capital
Changes in working capital:
Changes in inventories
(6,1 )
(0,8 )
(1,7 )
Changes in receivables
(4,2 )
(7,6 )
Changes in trade and other payables
Changes in working capital
(1,3 )
(2,3 )
(6,5 )
Financial income received
Financial expenses paid
(2,3 )
(2,5 )
(4,8 )
Income taxes paid
(0,9 )
(0,2 )
Net cash flow from operating activities
Acquisition of intangible assets
(0,2 )
(0,4 )
Acquisition of items of property, plant, and equipment
4
(1,5 )
(0,7 )
(2,4 )
Acquisition of investment property
5
(2,6 )
(4,6 )
Sale of items of property, plant, and equipment
4
Net cash flow from investing activities
(1,2 )
(3,5 )
(7,4 )
Free cash flow
(0,7 )
Change in net interest-bearing debt
(2,1 )
(0,9 )
Repayment of lease liabilities
(0,1 )
(0,2 )
(0,3 )
Net cash flow from financing activities
(2,2 )
(1,1 )
Net cash flow generated from operations
(0,2 )
Cash and cash equivalents at the beginning of the year
Exchange gains/(losses) rate on cash and cash equivalents
(0,1 )
Cash and cash equivalents at the end of the year
Company announcement for H1 2026
Page 10 of 14
STATEMENT OF CHANGES IN EQUITY
(DKK millions)
Share
capital
Retained
earnings
Revaluation
reserve
Translation
reserve
Total
Equity December 31
st
, 2024
Changes in equity in H1 2025
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
(0,4 )
(0,4 )
Total other comprehensive income
(0,4 )
(0,4 )
Total comprehensive income for the year
(0,4 )
Equity June 30
th
, 2025
Equity December 31
st
, 2025
Changes in equity in H1 2026
Profit for the year
Other comprehensive income:
Exchange rate adjustments of investments in
subsidiaries
Total other comprehensive income
Total comprehensive income for the year
Equity June 30
th
, 2026
Company announcement for H1 2026
Page 11 of 14
NOTES
Note 1 Accounting policies
The interim report of the Group for the period January 1
st
, 2026 – June 30
th
, 2026, is presented in accordance with IAS 34”
Presentation of financial statements” as approved by the EU and additional Danish disclosure requirements regarding
interim reporting by listed companies.
The accounting policies applied in the interim report are consistent with the accounting policies applied in the annual report
2025. The accounting policies are described in note 30 on page 56 to which reference is made.
Note 2 Significant accounting estimates and judgements
When preparing the interim report in accordance with the Group’s accounting policies, it is necessary that Management
makes estimates and lays down assumptions that affect the recognized assets, liabilities, revenues, and expenses.
Management bases its estimates on historical experience and other assumptions considering relevant at the time in
question. These estimates and assumption form the basis of the recognized carrying amounts of assets and liabilities and
the derived effect on the income statement. The actual results may deviate over time. Reference is made to note 1,
significant accounting estimates and judgements on page 37 in the annual report 2025 for further details.
Note 3 Segment information
The Glunz & Jensen Group consists of two reportable segments: the prepress market and the Selandia Park properties.
(DKK millions)
January 1
st
, 2026 – June 30
th
, 2026
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
61,0
6,0
67,0
-
67,0
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
61,0
6,1
67,1
(0,1)
67,0
Cost of goods sold
33,9
-
33,9
-
33,9
Fair value adjustments on investment properties
-
-
-
-
-
Amortization, intangible assets
0,2
-
0,2
-
0,2
Depreciation of property, plant, and equipment
0,5
-
0,5
-
0,5
Depreciation of leased assets
0,1
-
0,1
-
0,1
Operating profit
2,1
5,5
7,6
-
7,6
Financial income
0,3
0,1
0,4
(0,1)
0,3
Financial expenses
(0,8)
(1,6)
(2,4)
0,1
(2,3)
Segment profit before tax
1,6
4,0
5,6
-
5,6
Inventories
44,9
-
44,9
-
44,9
Segment assets
78,1
152,7
230,8
-
230,8
Capital expenditure
1,5
0,0
1,5
-
1,5
Credit institutions
14,0
55,9
69,9
69,9
Segment liabilities
33,2
80,6
113,8
-
113,8
Company announcement for H1 2026
Page 12 of 14
(DKK millions)
January 1
st
, 2025 – June 30
th
, 2025
Prepress
market
Selandia
Park
Total
segments
Eliminations
Consolidated
External revenue
68,8
5,7
74,5
-
74,5
Inter-segment
-
0,1
0,1
(0,1)
-
Total revenue
68,8
5,8
74,6
(0,1)
74,5
Cost of goods sold
39,7
-
39,7
-
39,7
Fair value adjustments on investment properties
-
-
-
-
-
Amortization, intangible assets
0,1
-
0,1
-
0,1
Depreciation of property, plant, and equipment
0,5
-
0,5
-
0,5
Depreciation of leased assets
0,2
-
0,2
-
0,2
Operating profit/(loss)
3,7
5,0
8,7
-
8,7
Financial income
0,1
0,1
0,2
(0,1)
0,1
Financial expenses
(0,7)
(1,9)
(2,6)
0,1
(2,5)
Segment profit/(loss) before tax
3,1
3,2
6,3
-
6,3
Inventories
37,6
-
37,6
-
37,6
Segment assets
69,6
151,3
220,9
-
220,9
Capital expenditure
1,0
2,5
3,5
-
3,5
Credit institutions
11,3
59,0
70,3
70,3
Segment liabilities
27,1
85,0
112,1
-
112,1
Sales and purchases between the segments are made on terms equivalent to those that prevail in arm’s length
transactions.
For further information regarding the investment properties in Selandia Park please refer to page 46 in the Annual report
2025.
Geographical distribution
(DKK millions)
2026
H1
2025
H1
2025
Year
EMEA (Europe, Middle East, Africa)
44,6
50,4
94,1
Americas
15,2
12,5
29,2
Asia and the Pacific
7,2
11,6
20,3
Total
67,0
74,5
143,6
Selandia Park is included in EMEA.
Glunz & Jensen have generated more that 10% of total revenue in the following countries: Germany accounted for DKK
17,1 million (2025 H1; DKK 16,4 million) and USA accounted for DKK 10,8 million (2025 H1: DKK 10,6 million). Further
9,1% of the Group’s revenue relates to Denmark (2025 H1: 7,8%).
In H1 2026 two major customers generated revenue of more than 10% of total revenue. Customer A accounted for DKK
16,9 million and customer B accounted for DKK 10,6 million. (2025 H1: Customer A accounted for DKK 17,3 million and
customer B accounted for DKK 8,2 million). All major customers relate to the prepress market.
Company announcement for H1 2026
Page 13 of 14
Note 4 Acquisition and sale of tangible assets
In H1 2026 the Group acquired tangible assets for DKK 1,5 million (H1 2025: DKK 0,7 million). The acquisition in 2026
primarily relates to IT (H1 2025: warehouse improvement in Slovakia and IT).
In H1 2026 the Group sold tangible assets for DKK 0,2 million. (H1 2025: DKK 0).
Note 5 Investment properties
(DKK millions)
2026
H1
2025
H1
2025
Year
Total cost on January 1
st
123,8
119,2
119,2
Addition
-
2,5
4,6
Total cost on June 30
th
/December 31
st
123,8
121,7
123,8
Total fair value adjustment on January 1
st
25,2
25,5
25,5
Fair value adjustment recognized in profit and loss
-
-
(0,3)
Total fair value adjustment on June 30
th
/December 31
st
25,2
25,5
25,2
Carrying amount on June 30
th
/December 31
st
149,0
147,2
149,0
Pursuant to the mandate granted at the Annual General Meeting on April 9
th
, 2025, regarding a potential sale of Selandia
Park A/S or its assets, primarily the investment property, Glunz & Jensen Holding A/S has appointed a new commercial
real estate broker with effect from August 1
st
, 2026. The change has been made to increase the likelihood of a successful
transaction. The sales process is, however, still expected to take approximately 12-18 months, depending on market
conditions and buyer interest. Glunz & Jensen Holding A/S will keep the market informed of any material developments.
100% of the investment properties were leased to tenants on June 30th, 2026 (2025: 100%). Own use of the properties
represented 2% on June 30th, 2026 (2025: 2%). All lease agreements have expiration dates from 2027 at the earliest to
2033 at the latest. (2025; all lease agreements have expiration dates from 2026 at the earliest to 2033 at the latest).
In connection with the lease of a previously vacant property, the Group in 2025 initiated a refurbishment of the premises
to accommodate the new tenant. As a result, an addition to investment property of DKK 2,5 million was recognised in H1
2025. (H1 2026: DKK 0).
Fair value adjustments for the investment property are performed annually; accordingly, no revaluation has been
recognised in the interim financial statements. For further details, reference is made to note 14, Investment properties on
page 46 of the annual report 2025.
Company announcement for H1 2026
Page 14 of 14
Note 6 Share capital and treasury shares
As of June 30
th
, 2026, and on June 30
th
, 2025, the share capital consists of 1.821.309 shares representing a nominal value
of DKK 20 each. No shares carry any special rights.
By June 30
th
, 2026, and by June 30
th
, 2025, Glunz & Jensen Holding A/S held no treasury shares.
During the last five years there have been no movements in the share capital.
Note 7 Related parties
Companies with a controlling interest in the Group consist of Heliograph Holding GmbH, owned by MRB Holding GmbH,
which is the immediate majority owner, and MRB Holding GmbH, which is the ultimate majority owner.
The Group’s related parties also comprise the members of the board of directors and the executive board as well as these
persons’ family members. Apart from contracts of employment, no transactions were entered into between the Group and
the Executive Management.
Note 8 Events after the balance sheet date
No events have occurred since June 30
th
, 2026, which are considered to have a significant impact on the Group's or the
Parent Company’s financial position.