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Harboes Bryggeri
Remuneration Information • Jun 26, 2025
3439_10-k_2025-06-26_d9dd5cbb-5f8a-4c2b-a7ef-20cad93cedb6.pdf
Remuneration Information
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REMUNERATION REPORT
FINANCIAL YEAR 2024/25
REMUNERATION REPORT FOR THE BOARD OF DIRECTORS AND EXECUTIVE BOARD
This remuneration report provides an overview of the total remuneration received by each member of the Board of Directors and Executive Board of Harboes Bryggeri A/S during the 2024/25 financial year compared to last year. The Executive Board includes the members who are registered with the Danish Business Authority.
The remuneration of the Board of Directors and Executive Board for the past financial year has been awarded in accordance with the company's remuneration policy approved at the annual general meeting of 20 August 2021, which is available on Harboe's website:
The overall purpose of the remuneration policy is to attract, motivate and retain qualified members of the Board of Directors and the Executive Board, and to ensure an alignment of interests between the management and the company's shareholders. The remuneration policy must help to support Harboe's business strategy, long-term interests, sustainability and value creation by supporting Harboe's long-term and short-term goals.
Results for the year
Net revenue was mDKK 1,823 million, which represents an increase of mDKK 6. The results were positively impacted by increasing net revenue in Beverage for the danish market segment and in Ingredients for all three geographical market segments. The increase in net revenue is primarily due to a combination of increased sales of own brands in strategic growth markets, new product launches, as well as a positive product mix.
EBITDA was mDKK 142 in 2024/25, compared to mDKK 158 in 2023/24. The development ind the result is primarily driven by increased investements in sales- and marketing cost to support
growth in own brands, as well as increased costs for production and distibution. The EBITDA margin decreased to 7.8% compared to last years 8.7%.
Harboe's profit before tax was not at the level expected at the beginning of the financial year, but in line with the most recently announced expectations at mDKK 50-60. Beneath it there was good progress with the Group's strategic priorities and we expect for the coming financial year 2025/26 to continue delivering positive results and creating value for our shareholders.
REMUNERATION FOR THE BOARD OF DIRECTORS
Fixed annual fee
Members of the Board of Directors receive a fixed annual basic fee, which is approved at the general meeting.
The annual basic fee must be in accordance with market practice for comparable listed companies, taking into account the required competences, efforts and amount of work for Board members.
Members of the Board of Directors who also chair a Board committee received a fixed additional fee as remuneration for their committee work.
No members of the Board of Directors receive share-based incentive remuneration, other variable remuneration or pension contributions.
The following remuneration for the 2024/25 financial year was approved at the annual general meeting of 22 August 2024:
| Board of Directors |
Chair of the Audit Committee |
Chair of the Nomination and Remuneration Committee |
||
|---|---|---|---|---|
| Member | 300,000 | |||
| Chair | 600,000 | 60,000 | 60,000 |
FEES TO THE BOARD OF DIRECTORS
| Name | Position | Year | Board fee | Committee fee | Total fee |
|---|---|---|---|---|---|
| Martin Lavesen | Indtrådt 2024 | 2024/25 | 400.000 | 0 | 400.000 |
| Formand | 2023/24 | 0 | 0 | 0 | |
| Bernhard Griese | Udtrådt 2024 | 2024/25 | 200.000 | 0 | 200.000 |
| Formand | 2023/24 | 600.000 | 0 | 600.000 | |
| Medlem | 2024/25 | 300.000 | 60.000 | 360.000 | |
| Bettina Køhlert | Formand for nominerings- og vederlagsudvalget | 2023/24 | 300.000 | 60.000 | 360.000 |
| Ruth Schade | Medlem | 2024/25 | 300.000 | 60.000 | 360.000 |
| Formand for revisionsudvalget | 2023/24 | 300.000 | 60.000 | 360.000 | |
| Jakob Skovgaard | Udtrådt 2024 | 2024/25 | 100.000 | 0 | 100.000 |
| Medlem | 2023/24 | 300.000 | 0 | 300.000 | |
| Sabine Disse | 2024/25 | 300.000 | 0 | 300.000 | |
| Medlem | 2023/24 | 300.000 | 0 | 300.000 | |
| Constantijn Antoine Josef | 2024/25 | 300.000 | 0 | 300.000 | |
| Deelen | Medlem | 2023/24 | 300.000 | 0 | 300.000 |
| Jens Bjarne | Udtrådt 2023 | 2024/25 | 0 | 0 | 0 |
| Søndergaard Jensen | Medlem | 2023/24 | 100.000 | 0 | 100.000 |
| Louise Kjærgaard Pedersen | Indtrådt 2023 | 2024/25 | 300.000 | 0 | 300.000 |
| Medlem | 2023/24 | 200.000 | 0 | 200.000 | |
| Indtrådt 2023 | 2024/25 | 300.000 | 0 | 300.000 | |
| Jan Pietras | Medlem | 2023/24 | 200.000 | 0 | 200.000 |
| Simone Bagge Jensen | Indtrådt 2023 | 2024/25 | 300.000 | 0 | 300.000 |
| Medlem | 2023/24 | 200.000 | 0 | 200.000 | |
| 2024/25 | 2.800.000 | 120.000 | 2.920.000 | ||
| Total fees | 2023/24 | 2.800.000 | 120.000 | 2.920.000 |
REMUNERATION FOR THE EXECUTIVE BOARD
The remuneration of members of the Executive Board is determined annually. The remuneration and its components are approved by the Board of Directors based on the recommendations given by the Nomination and Remuneration Committee.
Members of the Executive Board are entitled to an annual remuneration in accordance with the remuneration policy.
The total remuneration may consist of the following fixed and variable remuneration components:
Fixed remuneration components
- Fixed basic salary incl. defined pension contribution
- Other work-related benefits such as company car, computer, telephone, internet.
Variable remuneration components
- Short-term incentive programme consisting of an annual cash bonus
- Termination and severance compensation
The composition of the remuneration of each individual member of the Executive Board is determined with a view to attracting and retaining competent key employees, while ensuring that the Executive Board has an incentive to create additional value to the benefit of Harboe's shareholders.
The Executive Board's short-term incentive schemes are directly linked to the financial objectives that support Harboe's strategy and aim to ensure an alignment of interests between the individual directors and Harboe's short-term objectives.
The ordinary notice period on the part of Harboe may not exceed 24 months. In the event that control of the company changes, the notice period can be extended by six months. A member of the Executive Board may resign from their position with an ordinary notice period of at least six months.
The Executive Board also receives the usual work-related benefits in the form of a company car, computer and telephone.
Short-term incentives
The short-term incentive bonus for the Executive Board is determined at the discretion of the Board of Directors.
In the 2024/25 financial year, a total cash bonus was paid to the Executive Board corresponding to DKK 2.44 million related to the 2023/24 financial year.
This corresponds to 39% of the fixed base salary incl. pension and is thus in line with the approved remuneration policy.
The bonus is awarded according to the individual director's personal performance and developments in the company's operating results.
Total remuneration to the Executive Board
| Fixed remuneration components Variable remuneration components |
Total remuneration | ||||||
|---|---|---|---|---|---|---|---|
| Name | Position | Year | Fixed base salary incl. pension | Other benefits | Cash bonus | Other compensation | |
| Søren Malling | CEO | 2024/25 | 2.179.696 | 122.094 | 732.232 | 0 | 3.034.022 |
| 2023/24 | 2.108.426 | 107.120 | 813.637 | 0 | 3.029.183 | ||
| Simon Andersson | CFO | 2024/25 | 2.048.296 | 186.508 | 732.232 | 0 | 2.967.036 |
| 2023/24 | 1.964.315 | 204.210 | 813.637 | 0 | 2.982.162 | ||
| Martin Schade | CCO | 2024/25 | 2.179.696 | 117.847 | 732.232 | 0 | 3.029.775 |
| 2023/24 | 2.108.426 | 148.962 | 813.637 | 0 | 3.071.025 | ||
| 2024/25 | 6.407.688 | 426.449 | 2.196.696 | 0 | 9.030.833 | ||
| Total | 2023/24 | 6.181.167 | 460.292 | 2.440.911 | 0 | 9.082.370 |
OVERVIEW AND COMPARISON OF REMUNERATION
| DKK | 2024/25 | Changes | 2023/24 |
|---|---|---|---|
| Executive Board | |||
| Søren Malling | 3,034,021 | 0% | 3,029,183 |
| Simon Andersson | 2,967,035 | -1% | 2,982,162 |
| Martin Schade | 3,029,774 | -1% | 3,071,025 |
| Board of Directors | |||
| Martin Lavesen | 400,000 | - | 0 |
| Bernhard Griese | 200,000 | -67% | 600,000 |
| Bettina Køhlert | 360,000 | 0% | 360,000 |
| Ruth Schade | 360,000 | 0% | 360,000 |
| Jakob Skovgaard | 100,000 | -67% | 300,000 |
| Sabine Disse | 300,000 | 0% | 300,000 |
| Constantijn Antoine Josef Deelen | 300,000 | 0% | 300,000 |
| Jens Bjarne Søndergaard Jensen | 0 | - | 100,000 |
| Louise Kjærgaard Pedersen | 300,000 | 50% | 200,000 |
| Jan Pietras | 300,000 | 50% | 200,000 |
| Simone Bagge Jensen | 300,000 | 50% | 200,000 |
| Financial results | |||
| EBITDA (tDKK) | 142,439 | -10% | 158,015 |
| Profit before tax (tDKK) | 56,146 | -17% | 67,872 |
| Average remuneration of employees in the Group | 566,192 | 7% | 528,060 |
Harboes Bryggeri A/S Spegerborgvej 34 DK-4230 Skælskør Tel. +45 58 16 88 88 CRN (CVR): 43 91 05 15 [email protected] harboe.com Investor Relations Simon Andersson Tel. +45 58 16 88 88 [email protected] harboes.gcs-web.com Text: Guidance Design and layout: By Milo
Published: 26 June 2025
