Season’s Greeting from Niels Aage Kjær

We expected 2024 to be challenging, and that has proven to be true. The global economy has affected our business. Geopolitical tensions and persistent inflation have increased costs and disrupted supply chains. Changes in interest rates have affected our results and new legislation has affected our operations.

Despite these challenges, we have achieved a satisfactory annual result. Our positive development is due to our long-term strategy and massive investments in our operations, processes, products, and organisation.

In 2023, we made our largest acquisition to date, with the aim of strengthening our business, and in 2024, we have focused on ensuring a successful integration. Once again, this year, we have welcomed many new colleagues, as a result of our expanding business. I would like to take this opportunity to welcome everyone to AVK.

In June, we gathered for our global management conference, and it was a pleasure to gather both old and new colleagues from all over the world. At the conference, we had the opportunity to present our future strategy with a focus on innovation and collaboration.

This year, we have received several recognitions, including representing Denmark in the EY Entrepreneur of the Year World Final in Monaco, and we were also honoured with the DIRA Automation Award 2024, as a recognition of our long-term commitment to advanced automation. All employees can be very proud to have contributed to these accomplishments.

In connection with my 80th birthday last week, I would like to extend my heartfelt thanks to everyone who contributed with greetings, participation, and attention. I greatly appreciate your kind words and consideration. A great thank you for your contribution to WWF, which goes towards their important work in preserving nature.

In the coming year, we expect to face some of the same challenges as this year. We are prepared for the future, and we expect growth in all our primary business areas. We will continue to focus on optimising processes and reducing our environmental impact, which is why we expect further investments in automation in our production units. We will invest in our core business to meet the growing demand for our products and solutions.

Our core values of quality, innovation, reliability, sustainability, and customer service will serve as guiding principles for our continued development and investments in operations, processes, products, business areas and our people.

I would like to thank all employees for your commitment and effort. Thank you to our loyal customers and partners for your trust in us and for a very successful collaboration in 2024.

I wish you all a happy holiday season and a wonderful New Year. I look forward to our cooperation in the coming year.

Best regards,

Niels Aage Kjær, owner and Chairman of the Board of AVK Holding