In 2025, we reached an EBITDA of DKK 501m supported by the Halmstad warehouse sale. In Q4, the EBITDA adjusted for non-recurring items followed the same development as in Q2 and Q3 2025. EBITDA remained pressured by uncertain market conditions and an unfavourable segment mix. We expect these challenges to persist well into 2026, with markets remaining unpredictable and difficult to navigate. CEO Jens Andersen says:“Despite a challenging market environment in 2025, we made decisive investments that strengthe ...