Turf Tank ApS

Ledelsesberetning

Key activitiesThe Group's activity consists of the production, development, and sale of autonomous line marking robots for sports fields. Turf Tank is the company behind the world's first, most well-known, and market-leading autonomous line marking robot.Development in the yearThe income statement of the Group for 2025 shows a net loss of DKK -48.3 million, compared to the expected range of DKK -30 to -45 million. The deviation from expectations is primarily driven by unfavorable foreign exchange developments, particularly a significant weakening of USD against DKK during the year, which has negatively impacted the Group’s ETBIDA and more so financial expenses.EBITDA reached DKK 51.1 million, compared to the expected range of DKK 45 to 60 million, which is within the expected range and reflects continued strong operational performance.Despite the lower-than-expected net result, the Group continues to demonstrate solid underlying business performance, supported by strong demand, continued expansion in key markets, and improved operational execution.Capital resourcesThere remains sufficient access to credit facilities to support the Group’s daily operations and investments aligned with Turf Tank’s strategic objectives.A new long-term financing agreement was established in 2025 on significantly improved terms. Combined with the completed capital increase of DKK 167 million from the owners, which strengthened Turf Tank’s equity ratio, this provides a strong foundation for the future.Targets and expectations for the year aheadFor 2026, we expect continued growth driven by increasing demand and ongoing scaling of operations. EBITDA is expected to be in the range of DKK 65-85 million, with a projected net result between DKK -15 million and DKK +5 million.These expectations remain subject to macroeconomic uncertainty, including geopolitical instability and continued volatility in foreign exchange ratesResearch and developmentInnovation remains at the core of our business strategy, and we continue to invest significantly in research and development to maintain our competitive edge. Our R&D department is engaged in multiple disciplines to develop new products and enhance existing solutions.External environmentTurf Tank provides products that contribute positively to reducing our customers’ carbon footprint. This is achieved through a shift away from fossil fuels, lower paint consumption, and a circular business model aimed at maximizing utilization and extending the lifespan of our robots. We remain committed to optimizing our processes to further minimize our environmental impact.Intellectual capital resourcesEmployees remain Turf Tank’s most significant asset. We continue to focus on attracting and retaining top talent by offering attractive career opportunities and fostering an inspiring work environment. Knowledge sharing and innovation remain central pillars of our corporate culture.Branches abroadOur international presence is a critical component of our growth strategy. We have established operations in several key markets, which allow us to serve local customers more effectively and tailor our products and services to regional needs. These international branches continue to play a significant role in strengthening our market position and contributing to overall revenue.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.