Tax reporting

Further Tax Transparency FY24/25

Below, we present additional details regarding our use of tax incentives, cooperation with stakeholders, and tax in tax havens.

Tax incentives

We utilize an available local tax incentive when our business activity qualifies for this type of incentive and it complies with relevant legislation.

The use of tax incentives follows our tax principles “we recognize tax as a business cost in line with all other business costs” and “we do not accept aggressive tax planning”

In FY 24/25 companies in Lars Larsen Group have utilized the following tax incentives, which are primarily offered to encourage investments:

Cooperation with stakeholders

We believe in open, honest and continuous cooperation with our tax stakeholders, which benefits the long-term development of Lars Larsen Group.

The cooperation with stakeholders follows our tax principles “long-term value and growth” and “open and honest dialogue and cooperation with stakeholders”

Tax havens

We consider countries on the “EU’s list of non-cooperative tax jurisdictions – annex 1” as tax havens. Based on the latest updated list available at end of our financial year at 31 August 2025 (18 February 2025), we do not have companies in tax havens in Lars Larsen Group. In our role as an investor, we ensure that investments activities by our partners live up to the ever-developing best practices, such as the tax code of conduct established by a number of Danish pension funds, when investing in portfolio companies and not investing through intermediary holding companies incorporated or tax residents in tax havens.

The use of companies in tax havens follows our tax principles “we do not accept aggressive tax planning” and “our responsibility as a taxpayer extends to our investment activities”.