KPMG P/S

Ledelsesberetning

Letter from the CEOResilience through changeAs we enter 2026, uncertainty continues to shape the global business landscape. Across industries, organizations are re-evaluating prior-ities and focusing on what truly matters. For me,this past year has reinforced the importance of staying grounded in trust, quality, and the rela-tionships we build. At KPMG, we remain com-mitted to helping our clients and communities navigate change with condence and clarity.Stronger together In response to these economic pressures, FY25(from 1 October 2024 to 30 September 2025) brought a tougher market environment, with a nancial performance slightly below expecta-tions. KPMG in Denmark had revenue of DKK 1.6 bn, remaining broadly stable compared to the previous year. Yet it was also a year of consolidation and investment, a year where we strengthened client relationships, rened our portfolio, and positioned us for renewed growth.Above all, it rea????rmed what makes KPMG unique: the professionalism, teamwork, and dedication of our people. Every day, I see colleagues going the extra mile for clients and for one another. That shared commitment gives me strong condence in our direction and in the opportunities ahead.Accelerating digital transformation Through our strategy Connected Towards ‘27, we have set a clear direction for the years ahead. We are accelerating our ambition to become the most AI-enabled rm in our indus-try. Our AI Enablement Program ensures that every employee is gaining the skills to use AI as a natural part of their daily work. Together with our expanded alliance with Microsoft, we are already seeing how technology can create smarter audits and projects, deeper insights andquality, and greater value for clients.Empowering people and leadershipTechnology alone is not enough. Our new Peo-ple Strategy, built on the principles of Leading, Teaming, Performing, and Learning, denes how we grow and support each other. These pillars guide our e????orts to strengthen teamwork, foster psychological safety and build a culture of continuous learning. To drive this forward, Camilla Kruse joined us as Head of People in October 2024, bringing valuable experience in talent development and organizational transfor-mation. Her leadership ensures that people and leadership development remain at the heart of our long-term success.Strengthening our Nordic clusteringOur Nordic clustering remains a key strategic priority. Together with our colleagues in Norway, Sweden, Finland, Iceland, and the Baltics, we are working more closely than ever, combining local insights with cross-border scale. This col-laboration gives our clients access to the best expertise across the region and strengthens ourshared culture. It also opens new opportunities for our people, helping us grow together as one Nordic KPMG.Listening, learning and evolvingListening to our people continues to be central to how we lead. Through Sounding Boards, Ask Me Anything sessions, and countless infor-mal conversations, we have created an open dialogue that helps us evolve together. I am constantly inspired by the ideas, honesty, and commitment that come through these discus-sions and by how quickly we turn feedback into action.Looking aheadAs we look toward FY26 and beyond, our focus remains clear: to stay true to our values, strengthen our core, and embrace the opportu-nities that change brings. On behalf of the Leadership Team, I want to thank every one at KPMG in Denmark for your dedication, professionalism, and collaboration throughout the year. Together, we are shaping the rm of the future, one that is connected, in-novative, and trusted. I would also like to extend my gratitude to our clients and stakeholders for your continued partnership, trust, and support. I look forward to a successful FY26 together, for better.Make the Di????erence. Together, for Better. Mads RaahedeFY25 has been a year that demanded significant focus and adaptability from our organization. Staying attuned to market realities and adjusting to the factors shap-ing our business has been essential. While financial growth in FY25 was more modest than we had hoped, I am very pleased with the strong foundation we have built to advance our business. We are well positioned to deliver strong results in FY26.Mads Raahede / CEO & Senior Partner, KPMG P/S680employees and partners1.6 DKK billion in combined revenue*80 %of employees believe KPMG is a great place to build a career 4.34/5client satisfaction score 42nationalities34average ageFinancial highlightsFinancial highlightsDKK’0002024/25 2023/24 2022/23 2021/22 2020/21KPMG in Denmark Revenue* 1,568,392 1,593,932 1,464,919 1,342,067 1,094,463Revenue KPMG P/S 930,310 1,028,236 939,287 897,045 735,513Operating prot / loss 3,874 3,772 806 10,509 4,604Prot/loss from nancial income and expenses 167 1,191 264 -961 -1,107Prot for the year 4,041 4,963 1,070 9,548 3,497Total assets 313,799 357,401 353,237 334,550 304,689Investments in property, plant and equipment 5,223 3,470 4,249 8,411 4,662Equity 85,121 78,081 87,555 77,829 55,544Cash ow from operating activities -59,399 57,363 21,140 -4,604 -76,086Cash ow from investing activities -6,380 -3,344 -6,926 -9,251 -7,424Cash ow from nancing activities 3,749 -10,687 6,406 11,987 -3,297Total cash ow -62,030 43,332 20,620 -1,868 -86,807Revenue growth** -10% 9% 5% 22% 7%Solvency** 27% 22% 25% 23% 18%Number of employees and partners 680 726 869 885 678Gender split (male/female) in % 58/42 60/40 60/40 62/38 63/37*KPMG P/S (Audit and Advisory) and KPMG Acor Tax Partnerselskab (Tax), the fully separate and individually independent legal entities, are referred to as “KPMG in Denmark”. KPMG Law Advokatrma P/S was forced to leave the KPMG network by the Supreme Court in March 2025 and are by that no longer included in "KPMG in Denmark". Comparative gures have been restated accordingly. **For denitions, see note 1, Accounting policies. Our ValuesOur values guide us in everything we do at KPMG. Courage: We think and act boldly.Integrity: We do what is right.Excellence: We never stop learning and improving.Together: We respect each other and nd strength in our di????erences.For Better: We do what matters.Our strategy: Connected Towards ‘27Our Connected Toward ‘27 strategy is deeply rooted in our Purpose, Inspire condence. Empower change, and maps out how we will achieve our goal to be the most connected and trusted professional services rm, as well as the most AI-enabled Big Four rm, in Denmark. Underpinned by high quality, operational excellence, and our Nordic clustering e????orts, our strategy centers on three key focus areas: Digital and Transformation, Inspired People and Client Centered – all enabled by AI. FOCUS AREADigital and TransformationTechnology and AI: Turning potential into performanceAI is no longer a future trend; it is a dening force of business today. According to KPMG’s Global CEO Outlook 2025, 71% of CEOs see AI as a top investment priority despite econom-ic uncertainty. We see the same momentum among our Danish clients, who are moving beyond pilots and proof-of-concepts toward scaling AI across their organizations to deliver measurable business value.Building an AI-enabled rm At KPMG, we are reimagining how Advisory and Audit create value. By combining human expertise with the power of AI, we are turning complex data into clear insights, enabling our professionals to work smarter, faster, and with greater condence.To achieve our ambition of becoming the most AI-enabled Big Four rm, we launched the AI Enablement Program, an initiative to equip all our professionals with the skills, tools, and mindset to use AI responsibly in their daily work. In FY25, partners and leaders completed tailored training and workshops, setting the tonefor a rm-wide rollout during FY26.From potential to performance As we continue to invest in technology and innovation, the role of AI has become central to how organizations operate and compete. The AIconversation has matured. Organizations are no longer asking if they should invest in AI, but how they can scale it and measure its e????ect. Two of our key methodologies support that transition:• Velocity: A global KPMG platform that integrates data, tools, and insights to help deliver projects faster and with high quality, supported by built-in security and compliance.• ValueCapture: Our structured framework that tracks adoption, business impact and employee experience, ensuring that investments in AI translate into measur-able value. During FY25, we applied ValueCapture in multiple client engagements, including in our collaboration with Nilsk, helping them roll out Microsoft Copilot across 12 business areas. The result was higher adoption rates, a 22% increase in productivity, and a stronger AI mindset across the organization.Transforming the audit with AI AI is now embedded across every stage of the audit. With tools such as the AI Transaction Scoring (AITS) Tool and KPMG Clara AI, our teams apply advanced analytics and machine learning to analyze full data populations, identify anomalies, and strengthen risk assessment. In FY25, we used AITS on one third of our audit clients, a major step toward our goal of applying the technology across all audits. This marks a signicant leap forward in how we deliver assurance, combining deeper data analysis with sharper insight to drive trust and transparency.Driving innovation through strategic partnerships Partnerships remain at the heart of how we innovate and deliver impact. In FY25, we further strengthened our alliances with key technol-ogy leaders, including Microsoft, Coupa, and Ivalua, combining deep industry knowledge with world-class digital platforms to help our clients accelerate transformation.Our collaboration with Microsoft continues to be a cornerstone of this approach. Since entering a multibillion-dollar commitment globally in 2023 to integrate Microsoft’s cloud and AI capabilities across our services and internal operations, the partnership has expanded signicantly. We have early access to cutting-edge genera-tive AI technology that enhances quality, insight, and e????ciency in every engagement.We have supported 57% of our advisory clientson their cloud, AI, and data journeys, a 20% increase compared to FY24, underscoring the tangible results of this alliance.This year also marked new milestones in how we bring innovation to market together. In March 2025, KPMG was a premium sponsorat the Microsoft AI Tour in Copenhagen, where we showcased our ValueCapture methodology and its measurable impact for clients. The collaboration continued in April, when we co-hosted our rst joint event, Not Just AnotherAI Conference, which brought together over 140 business leaders and technology experts toshare real-world AI experiences. Feedback was overwhelmingly positive: Every surveyed par-ticipant recommended attending future KPMG events of this caliber.CLIENT CASENilfisk accelerates their AI journey with CopilotThe challenge: Securing structure and governanceAs AI tools became more accessible, Nilsk saw increasing interest from employees eager to leverage AI in their daily work. However, this enthusiasm came with challenges – many users had questions and turned to IT for guid-ance. To ensure a structured and governed approach, Nilsk selected Copilot, Microsoft’s GenAI chatbot, as their AI tool of choice. Their goal was clear: to provide employees with a quality-assured and user-friendly solution that delivers reliable results.The solution: A well-structured program for implementationTo successfully roll out Copilot across the orga-nization, Nilsk recognized the need for externalexpertise. After evaluating potential partners, they chose KPMG due to our approach, hands-on experience with implementing Copilot, and our ability to measure AI’s impact on the organi-zation with our ValueCapture o????ering.Some of the key elements of the implementa-tion included:• 2-3 training sessions per week to guide employees.• ValueCapture workshops to track user expe-rience and adoption.• Follow-up tools to ensure continuous en-gagement and optimization.By the end of the project, Nilsk had identied 192 unique use cases for Copilot across 12 business areas, including marketing, HR, legal, operations, and R&D.The result: Increased productivity and AI adoptionThe implementation of Copilot led to high adop-tion rates and more engaged employees who reported that they saved hours every week with the new AI-powered workows.Through questionnaires and observations, Nilsk recorded:• A 22% increase in productivity across the organization.• A 21% improvement in quality of work.The marketing and product management teams were among the most engaged, forming AI-driven communities and reporting a 35% boost in productivity and quality.Beyond e????ciency gains, the initiative has also fostered a stronger AI mindset across Nilsk. Employees began exploring new ways AI could drive value, with the marketing team alone identifying 14 innovative AI use cases for data analysis and content creation.By implementing Copilot, Nilsk has taken a major step in its AI transformation journey, ensuring that employees feel more engaged and equipping them with the right tools to work smarter and more e????ciently.To roll out the initiative we felt quite early that we would need external help to make the change management and bring the right knowledge. We searched for a partner that had tried it before, and with KPMG, we saw that it was a well-structured program. 2 or 3 sessions every week, followed up by ValueCapture sessions and other tools to follow up with the user.Marcus Faber Kappendrup /AI Architect, NilskFOCUS AREAInspired People At KPMG, our people are the driving force behind the quality, innovation, and trust we deliver to clients every day. We believe that when talented people are given the oppor-tunity to lead, learn, and grow, they create lasting impact for our clients, for our rm, and for society.A vibrant People strategy boosting culture and teamsFY25 marked the launch of our renewed People Strategy, reecting how the world of work is changing and what today’s professionals value most. Built on KPMG’s shared values Courage, Excellence, Integrity, Together, and For Better, the strategy focuses on developing the leaders, skills, and culture needed for the future.Our four guiding pillars - Leading, Teaming, Performing, and Learning - are at the core of our strategy and guide how we attract, develop, and retain exceptional people, and how we bring their best ideas and energy to our clients.Our approach centers on four pillars that shape the KPMG experience:LeadingWe lead with dedication and inclusionTeaming We work in strong teams that thrive and support each otherPerformingWe perform through a culture of safety, togetherness and ambitionLearningWe learn while we work, and we stay curiousDeveloping excellence that benets clientsWe believe that professional growth and quality go hand-in-hand. Each year, our people invest signi-cantly in learning and development, strengthening their technical expertise, leadership capabilities, and digital skills. Many of these programs are co-created with industry experts and designed to ensure that our professionals can deliver insight and assurance that truly make a di????erence. Our focus on excellence also extends to recogni-tion and advancement. In FY25, we celebrated the promotion of 102 colleagues across all levels and welcomed a group of seven new State Authorized Accountants, marking important milestones in their public professional journey.Launching the Female Sponsorship ProgramDiverse teams bring broader perspectives and stron-ger solutions. This year, we launched the Female Sponsorship Program, matching ten high-potential female professionals with senior leaders to acceler-ate career progression and strengthen representa-tion in leadership roles. Inspired by best practices from our global network, the program supports participants through structured mentoring and active engagement in client work and business develop-ment.We also continued our collaboration with the Above & Beyond Group, participating in the Diversity Coun-cil and contributing to the Fast-Track Development Program for emerging female leaders across indus-tries. These partnerships reect our commitment to building inclusive workplaces that mirror the diversity of the clients and communities we serve.When excellence reaches new horizons: Rune’s secondment in Australia“Stepping into new environments, whether with clients or across continents, has taught me that growth comes from embracing change, building trust, and always staying curious.”Rune joined KPMG with a clear ambition to gain international experience, and the rm’s Global Mobility program o????ered a practical path to make that ambition a reality. His motivation was reinforced by KPMG’s diverse, multinational workforce and by partners who had completed secondments themselves, demon-strating the career and capability benets of working abroad.He rst expressed interest in a secondment in 2020, but the pan-demic put plans on hold. Ultimately, several factors enabled the move. The strength of KPMG’s global network and the exibility of the Koach system allowed Rune to shape his client portfolio to build an internationally relevant prole. Exposure to KPMG’s var-ied client base provided transferable experience across sectors and borders. Equally important was KPMG’s culture: Sending talent abroad is valued as highly as hosting secondees, creating an environment where mobility is encouraged and facilitated.During his two-year secondment with KPMG in Australia in Perth, Rune will focus on auditing large, complex organizations. The assignment is designed to deepen his technical audit capabilities and provide insight into what drives success in another KPMG rm – from culture and methodology to learning, proposals and leadership. It will also enable him to expand both his internal and external networks. On a personal level, living in a di????erent coun-try and engaging with new cultures will broaden his perspective. The aim is to bring these insights back to Denmark, strengthen-ing cross-border collaboration and enhancing client service with experience gained in another market. Preparing the next generationThe next generation of professionals will shapethe future of our rm and our clients’ success. In FY25, 23 new talents joined the Advisory Challenger Academy, while 28 trainees began their journey in Audit through our two-year part-time study program. These initiatives give young professionals early exposure to real client work, collaboration, and responsibility, ensuring they grow into skilled advisors and auditors from the start.Our e????orts to create an inspiring, supportive, and forward-looking workplace continue to be recognized externally. In 2025, KPMG ranked 12th on the Young Professionals Attraction Index, making us the only Big Four rm amongDenmarks’ top 20 companies. This achievement reects our culture and the opportunities we o????er.Looking aheadAs we look toward FY26, our focus remains on empowering our people to reach their full potential and deliver impact that matters. By continuing to invest in leadership, learning, and inclusion, we are building a workplace where people thrive, and where their success translates into stronger outcomes for our clients and society. Inspiring confidence with the Trainee program and Challenger Academy– Meet Thea Bjerkelo and Malte Emil AageAt KPMG, developing young professionals is anessential part of who we are. Through initiativessuch as the KPMG Trainee Program and the Challenger Academy, we create opportunities for growth, learning, and collaboration, ensuringthat our people are equipped to make the di????erence from day one.For Malte, Junior Assistant in Audit, KPMG represents a place of continuous learning and discovery. Malte's interest in auditing began in high school, when he attended a KPMG-led class that introduced him to the profession. Witha natural talent for mathematics and an interest in economics, the decision to pursue this careercame easily.Today, just a short time into his professional journey, Malte is contributing to key client en-gagements and gaining rst-hand experience, guided by colleagues who mentor and inspire him. Beyond technical skills, he values the culture of openness that makes it easy to share ideas and learn from experienced professionals.“I’m energized by KPMG’s culture, which is builton collaboration and a truly at hierarchy. We are a part of a global network where I get to work with colleagues from dierent countries. That makes every day exciting and motivates me to grow professionally while always putting the client rst.”Thea, Associate in Deal Advisory, joined the KPMG Challenger Academy to build a strong foundation for her consulting career. “The Acad-emy ensures the best possible start, creates a sense of belonging, and establishes a strong network across service lines,” she explains. Through team-based exercises facilitated in the Academy’s three modules, Thea gained valuable insights into collaboration and adaptability, strengthening her project management and problem-solving skills.Balancing intensive learning with client responsibilities taught Thea prioritization and exibility—skills she now applies in her work. Looking ahead, she aims to continue to be a trusted advisor in Deal Advisory, focusing on cross-bor-der transactions and strategic growth projects. According to Thea, “KPMG oers a unique learning platform and a community of ambitious professionals, opening doors to long-term career opportunities.”Both talents share the ambition to take owner-ship of their development and to contribute to a workplace where curiosity and collaboration drive excellence. Whether they are delivering audits, providing assurance, or supporting cli-ents on larger transactions, their journeys reect how we empower the next generation to lead with condence and create real impact.FOCUS AREAClient-centered relationships in a changing worldAs technology reshapes how we work, one thing remains constant: our focus on peo-ple, relationships, and trust. At KPMG, being client-centered is more than a principle; it is the foundation of our strategy and the way we create lasting value. Professional services are, by nature, relationship driven. In a world of rapid change, success depends not only on delivering excellence today, but on evolving together with our clients.As a part of our renewed strategy Connected Towards ‘27, we have sharpened our o????erings to reect the evolving needs of our clients and society. One of these steps has been to part ways with our Enterprise Service Management team in Advisory. Another step has been to rene our client portfolio amongst our audit clients. Supporting Denmark’s largest organiza-tions in navigating a new reality Drawing on years of sector-driven experi-ence, we continue to establish ourselves as a trusted advisor with deep capabilities across nancial services, life sciences, cyber, the public sector, shipping, family-owned busi-nesses, and the mid-market. Our approach is intentionally client-centered: We combine sec-tor-specic insight with a clear understanding of Denmark’s regulatory landscape and mac-roeconomic dynamics to deliver solutions that are practical, forward-looking, and tailored to each organisation’s ambitions. By aligning our expertise with the evolving needs of these diverse industries, we help clients navigate complexity, strengthen competitiveness, and capture opportunities in a changing Danish economy.Building insight through collaboration andtrustBeing client-centered means more than strong delivery, it’s about listening, understanding, and acting on what matters most. Through compre-hensive client satisfaction feedback surveys, wecontinuously gather insights to rene how we collaborate and enhance the value we provide. Our goal is simple: to ensure that every interac-tion adds perspective and builds trust. Strong relationships are at the core of this approach. We help our people build authentic connections at every level, from early-career professionals developing their condence to experienced partners serving as trusted advi-sors. Our target Nordic delivery model reinforces this commitment, ensuring consistent quality and seamless coordination for clients who operate across borders.Turning relationships into measurable resultsOur client satisfaction remains a key measure of success. In FY25, we achieved an average client satisfaction score of 4.34 out of 5 across Audit and Advisory, exceeding our target of 4.0. Clients continue to rate us highly on attentive-ness and the relevance of our solutions, with an average of 4.28 out of 5 for client focus across all functions, a reection of our ongoing e????orts to deliver impact that matters.Looking ahead In a world where technology is advancing faster than ever, the human connection remains our greatest di????erentiator. Listening rst, acting with integrity, and collaborating with purpose are what turn innovation into real impact, for our clients, our people, and society.Selected client satisfaction scores (out of 5):Satisfaction in general4.34Team4.34Communication and cooperation4.27Our focus on you 4.28Competent clients lift project valueMeet Jakob Leander – Microsoft AI Lead, AdvisoryJakob has more than 20 years of experience working with IT strategy, innovation, and AI. He recently started his career at KPMG with the goal of accelerating AI adoption together with our clients and drive our client-centric agenda. The relationship dynamics between clients and professional services rms has evolved for the better. According to Jakob, “our client relations have changed from project delivery to partner-ships. In the past, we would receive a Request for Proposal, agree on scope and pricing, and get started. Today, projects are less about trans-actions and more about building relationships - working together to solve challenges and adapt to changes as the project evolves.” These partnerships are key in creating long-term relations and in bringing value to our clients by respectfully challenging their perspective and answering their needs.Not only do the dynamics evolve, so does the scope of IT projects, which has changed drasti-cally, especially with the rise of AI. According to Jakob, clients are more mature and competent, as they understand both the possibilities and limitations of new technology and the impact they have on their organizations. Conversations are no longer limited to the IT department; they now include the C-suite, which allows solutions to be co-created, together. This element is central to our client-centric strategy, as we aim to be the most trusted advisor to our clients. AI represents the dominant trend reshaping client needs, as its successful adoption and im-plementation are major factors in their decision to work with us, in addition to securing a strong bottom line. According to Jakob, many organiza-tions recognize the transformative potential but struggle with its implementation due to legacy systems and data architecture. “At KPMG, we help clients transform their business in four areas: process, people, tech-nology, and data. It takes a more holistic view on the project to manage all four areas, which is where we can make the biggest dierence. We are helping them navigate the shift to become AI-driven, advising on everything from transforming call centers to implementing the “Frontier Firm” model - teams where AI agents work alongside human employees, with humans handling exceptions while AI manages routine work.”No matter if we work on enabling AI for our clients or assist them in other areas, “our top priority remains in helping clients achieve measurable business outcomes. We want to be the trusted advisors who guide them through technology-enabled change, look-ing beyond the technology to the broader implications for their organization”, Jakob concludes. Jakob Leander /Director, AdvisoryFinancial reviewDevelopment in activities and nancial position In FY25, KPMG P/S generated revenue of DKK 930 million, compared with DKK 1,028 million in FY24. The year marked a strategic transition, during which we streamlined our Advisory busi-ness, divested our ESM business, and exited a portion of smaller audit clients. Performance was further a????ected by several large engage-ments winding down, together with continued headwinds in the M&A market. As a result, revenue decreased by 9.5%, falling below our FY25 outlook.Cash ow from operating activities was ad-versely a????ected by timing of billing and delayed collections on accounts receivable. At year end, our total assets amounted to DKK 314 million, compared to DKK 357 million last year, mainly driven by a reduced cash balance.As KPMG is an equity partner-owned compa-ny, performance-based remuneration to equity partners is recognized within Sta???? costs.Financing and capital reserves At the close of FY25, equity increased to DKK 85 million, up from DKK 78 million in the prior year. This development was primarily driven by a cash capital contribution from new equity partners and retained earnings. The total equity gure includes DKK 18 million in unpaid contri- buted capital. When including this unpaid cap-ital, our solidity ratio was 27% of total assets, compared with 22% last year.Financial outlook We expect to grow in the year ahead, driven by a sharpened focus on our core audit and advisory services. We will further advance our people strategy to attract, develop, and retain exceptional talent, while continuing to invest in technology solutions that enhance quality and enable new ways of working.We also acknowledge that FY26 may be inu-enced by continued geopolitical uncertainty and market volatility, which could a????ect client con-dence and investment timing. In this context, we expect revenue growth in the range of 0-5% for FY26 and anticipate a net result in the range of DKK 2-6 million. Operational riskWhile market dynamics will continue to shape the environment we operate in, our most critical operational risk is our ability to sustain a strong position across our service o????erings and the industries we serve. This requires us to stay deeply connected to our clients, maintain a cul-ture grounded in trust and quality, and continu-ously evolving alongside our clients’ needs. Our ability to attract, develop, and retain exceptional talent remains the cornerstone of our long-term success.Financial risk Our approach to nancial risk management is centralized and designed to ensure ongoing oversight and timely mitigation of nancial exposures. We do not engage in speculative nancial activities. Credit risk arises primarily from work in progress and trade receivables; however, this risk is moderated by our broad and diversied client portfolio across multiple sectors.We have limited exposure to market risks, including uctuations in exchange rates and interest levels. The current economic envi-ronment does not indicate an elevated overall credit risk. No single client represents a material credit exposure. While we experience minor foreign currency risk - primarily related to USD and EUR - most of our revenue is denominated in DKK, which reduces the impact of currency volatility.Events after the balance sheet date No events materially a????ecting the assessment of the annual report have occurred after the balance sheet date.Leadership team at KPMG P/SMads Raahede / CEO and Senior PartnerOlaf Buske / Head of AuditChristian Max Hansen /Head of AdvisoryMartin Povelsen /COOCamilla Kruse /Head of People