GRUNDFOS FOUNDATION GOVERNANCE A word from the leadership 2025 was marked by geopolitical turmoil, but the Foundation maintained its commitment to sustainability. The Board ensured transparency and strategic alignment, while the Secretariat strengthened research, innovative and sustainable water solutions and inclusion and adapted the corporate structure. Year 2025 was characterised by continued geopolitical uncertainty, especially due to the ongoing war in Ukraine, increased tensions in the Middle East and a more fragmented international cooperation. Global uncertainty is expected to continue in the coming years. Economically, there is still global growth, but at a slower pace than previously. Inflation is declining, but trade barriers and political decisions continue to create uncertainty – especially for export- oriented companies. The green transition and technological innovation remain in focus but are challenged by global conditions. Overall, 2026 demands great adaptability and resilience from both Grundfos and society. The work of the Foundation In 2025, the Board has fulfilled the Foundation’s role as owner, philanthropist and investor with great care and responsibility. Four regular board meetings have been held, as well as several meetings in the donation, asset management and nomination committees. The Board has focused on aligning the Foundation's strategic priorities and making sure decisions are clear and support long-term results. In 2025, the Grundfos Foundation has had an increased focus on creating coherence between its three main areas: research, water and inclusion. The Foundation has supported projects that combine technological innovation with social purposes. Collaboration with Grundfos and other partners has been central, and the Foundation has prioritised transparency and long-term impact in its philanthropic efforts. Results and capital management Despite a challenging global market characterised by uncertainty and change, Grundfos has once again delivered strong results in 2025. The company has maintained high customer loyalty and strong employee engagement, which has contributed to solid financial results and continued growth. The Foundation’s asset management has ensured a reasonable level of dividends and returns on shares and bonds. The Foundation’s assets have grown, and several new activities and opportunities have created the need for a more flexible corporate structure. This has led to the establishment of PDJF A/S, a holding company that can handle the increased level of activity and support the Foundation's long-term strategies. Good foundation governance Good governance is important for the Foundation and all its public and private stakeholders. Internally, good governance is a tool for ensuring competence, diversity, cooperation and healthy decision-making processes. Other organisations with whom the Foundation collaborates must have confidence that our work is in accordance with applicable laws, rules and recommendations. Find our annual governance report here: pdjf.dk/en/governance 65
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