Annual Report 2024

Højmarksvej

Annual Report 2024

Legal overview

LEGO Fonden (the LEGO Foundation)

Højmarksvej 8, DK-7190 Billund

Business registration no.: 12 45 83 39

Auditors

Deloitte Statsautoriseret Revisionspartnerskab

Værkmestergade 2, 8000 Aarhus C

Denmark

Board of Directors

Thomas Kirk Kristiansen

Chair of the Board of Directors

Jørgen Vig Knudstorp

First Deputy Chair of the Board of Directors

Agnete Kirk Kristiansen

Second Deputy Chair of the Board of Directors

Executive management

Sidsel Marie Kristensen

CEO

Malou Aamund

Member of the Board of Directors

El Hadji Amadou Gueye Sy

Member of the Board of Directors

Hilary Pennington

Member of the Board of Directors

The LEGO Foundation is an independent Danish corporate foundation, providing support for children and their development along with support for general research and educational purposes. The LEGO Foundation Charter also emphasises the close relationship between the LEGO Foundation and the LEGO Group through the stipulation of the purpose to ensure and support the ongoing existence and development of the LEGO Group. The majority of grant funding contributes to champion the power of learning through play to help give children across the world the opportunity to develop the skills they need to thrive.

Koldingvej 2, Billund A/S is a 100%-owned subsidiary of the LEGO Foundation. Through Koldingvej 2, Billund A/S the LEGO Foundation has 25% ownership of the shares in the LEGO Group, contributing significantly to the financial base of the LEGO Foundation. The remaining 75% of the LEGO Group is owned through KIRKBI A/S by the Kirk Kristiansen family.

Koldingvej 2, Billund A/S manages the LEGO Foundation’s investment activities within the overall investment strategy authorised by the LEGO Foundation Board of Directors. Further, through Koldingvej 2, Billund A/S the LEGO Foundation owns 50% of the public-private corporation CoC Office A/S (CoC Playful Minds A/S), a company with the desire to develop Billund into the capital of children, play, learning and creativity. Koldingvej 2, Billund A/S also owns 94% of Nordvej Vest P/S, a company with the purpose of building and renting out collegial housing at Danmarks Teknisk Universitet (DTU) Lyngby. Koldingvej 2, Billund A/S prepares consolidated financial statements of its activities. LEGO Foundation Inc. is a self-governing institution, a US private foundation, established by the LEGO Foundation and reported within the financial statements of the LEGO Foundation.

Letter from the Chair & CEO

Thomas Kirk Kristiansen Chair, the LEGO Foundation

Sidsel Marie Kristensen CEO, the LEGO Foundation

Reflecting on the past year, one of the standout moments was the adoption of the United Nations resolution for an International Day of Play. With the world coming together to officially recognise the importance of play and by creating this moment, we’re raising global awareness and pushing for greater prioritisation of play in children’s lives. Together with the LEGO Group and partners, we are proud to have helped promote this agenda; ensuring that going forward, June 11th will manifest play as a fundamental right for all children. We hope this day becomes a highlight, not just of 2024, but for years to come for children all over the globe.

In 2024, the LEGO Foundation also helped shape digital play through the launch of a Design Toolbox for digital designers and game developers. Other highlights included the establishment of an acute humanitarian response mechanism in partnership with Save the Children and the Norwegian Refugee Council to ensure swift and effective action in crisis and conflict settings. The mechanism was activated in various countries including Mexico,

Vietnam, Lebanon, Palestine, Uganda and Somalia, targeting the support where it is needed most.

In 2024, the LEGO Foundation also launched our first grant in Greenland allowing children’s voices and perspectives to take centre stage, and in Denmark we joined forces with University College Copenhagen, the Novo Nordisk Foundation and TrygFonden to establish the Centre for Better Childhoods to help ensure the best start in life for all pre-school children.

Overall, the LEGO Foundation achieved a grant level of 1,545 billion DKK in 2024 (2023: 1,345) which brings the total distributed to partners worldwide since 2020 to 10 billion DKK. The grants awarded reflect our commitment to make a positive impact by supporting children to reach their full potential.

2024 also proved to be a year of learning for the LEGO Foundation, as we undertook a strategic review to ensure we have the right operating model, thematic focus and grant making process to help address some of the biggest obstacles to children’s well-being. In 2025, we continue building on our learnings from recent years to drive meaningful, lasting impact and enable our partners to make a positive difference for children – especially those most in need.

Across the world, millions of children face hardship and struggle to flourish, to play, to learn.

Fueled by the progress we have seen in children’s development and well-being in 2024 through our partnerships with co-funders and global organisations, we remain deeply committed to building a brighter, more inclusive future where every child, everywhere, can thrive and grow.

Thomas Kirk Kristiansen & Sidsel Marie Kristensen

Management’s review

The Kirk Kristiansen family has entrusted the LEGO Foundation with part-ownership of the LEGO Group and it is primarily through this ownership that we fund our activities. The LEGO Foundation has the child at the centre of everything we do and our focus is on driving impact for children through our partners. Today, millions of children around the world are not thriving and to address this, we work with ambitious partners to create impactful changes and improve the wellbeing of children in Denmark and globally.

The result for 2024 was a profit of DKK 4,500 million compared to DKK 3,926 million in 2023.

The profit was driven by strong performance in the LEGO Group where the 25% share of the result amounted to DKK 3,448 million (2023: DKK 3,277 million), a positive investment result in Koldingvej 2, Billund A/S of DKK 1,133 million (2023: DKK 929 million), and lower expenses in the LEGO Foundation of DKK 197 million (2023: DKK 304 million).

within the retail platforms, digitalisation and sustainability efforts as well as in expansion of production capacity with construction of new factories in Vietnam and in the U.S. Despite the historical high investments level, the LEGO Group increased the free cash flow to DKK 9.1 billion (2023: DKK 5.6 billion) after investments of DKK 9.0 billion (2023: DKK 8.5 billion).

GRANT COMMITMENTS

The LEGO Foundation has 25% ownership of the LEGO Group through its subsidiary Koldingvej 2, Billund A/S, and thereby receives 25% of the LEGO Group dividend distribution.

Financial performance

The financial result is mainly influenced by the performance of the LEGO Group and the financial return from the investment activities in Koldingvej 2, Billund A/S.

2024 was an exceptional year for the LEGO Group that delivered an excellent performance with growth in consumer sales of 12 %. This outperformed the toy industry and led to a significant increase in market share. Revenue for the year increased by 13 % to DKK 74 billion compared to DKK 66 billion in 2023. Operating profit was DKK 19 billion, 10 % higher than in 2023, driven by the higher top-line and increased productivity.

Significant investments continued to be made

Expenses related to the LEGO Foundation’s programmes and administration were reduced from DKK 304 million in 2023 to DKK 197 million in 2024, driven by fewer employees and a shift in the operating model where the LEGO Foundation relies more on creating impact through partners than being directly involved in programmatic activities on the ground.

Balance sheet

At the end of 2024, the LEGO Foundation’s assets totalled DKK 23,812 million compared with DKK 21,739 million in 2023, while the LEGO Foundation’s equity was DKK 20,310 million compared with DKK 17,488 million in 2023. The

1,545

1,345

3,181

2,792

equity ratio was 85% compared with 80% in 2023. The LEGO Foundation will in 2025 receive a dividend from its subsidiary Koldingvej 2, Billund A/S of DKK 1,100 million, as proposed in the Koldingvej 2, Billund A/S annual report for 2024.

Grants

In 2024, the LEGO Foundation committed new grants at a total value of DKK 1,545 million within four programmes:

• Projects supporting Children’s Learning and Development in non-crisis settings were granted DKK 590 million.

• Within the Children on the Move programme new grants amounting to DKK 342 million were awarded to bring learning through play to children in crisis and conflict settings.

• Grants totalling DKK 518 million were committed to bring quality learning through play to children by leveraging the wider ecosystem of the LEGO brand.

• A total of DKK 95 million was granted for projects supporting learning through play concepts and approaches for children with special educational needs and disabilities (SEND) under the Children’s Wellbeing programme.

In total, 138 single grants were approved compared to 62 in 2023, and the total amount of grant approvals came to DKK 1,545 million compared to DKK 1,345 million in 2023.

Knowledge resources

Due to the complexity of the social impact that the LEGO Foundation is looking to achieve, it requires people that possess a wide range of skills and competencies. Their motivation and commitment are critical for success, as is their ability to combine their talents to meet our collective objective.

At the end of the financial year 2024, the total number of employees in Billund (DK), Johannesburg (SA) and Kiev (UA) was 79 compared with 81 at the end of 2023.

Research and development activities

The LEGO Foundation maintains a network of partners working with research on children’s development and learning, including many of the most reputable universities in the world.

Investments

In 2024, the LEGO Foundation decided to reduce its receivable from subsidiaries by transferring securities comprising prior years unpaid dividends from Koldingvej 2, Billund A/S to the LEGO

Foundation. At the same time the investment strategy was adjusted so the investment portfolios of the LEGO Foundation and its fully owned subsidiary Koldingvej 2, Billund A/S are seen and managed as a combined portfolio to secure the optimal asset allocation and risk profile.

gender composition.

Report on distribution policy

The LEGO Foundation reports each individual grant committed during the financial year in its list of grantees and summarises the total commitments during the year in the main categories as defined in the distribution policy.

Responsibility

The LEGO Foundation has standards and policies in place to ensure corporate responsibility in its own daily operations as well as when working with partners. Our policies include, among others, a Child Safeguarding Policy, a Data Ethics Policy and an Anti-harassment Policy.

The list of grantees for 2024 and the accompanying report on distribution policy is available in Appendix 2.

Report on Distribution Policy

The Sustainability Report available in Appendix 1 describes how the LEGO Foundation works within the areas of human rights, labour standards, the environment, anti-corruption and data ethics.

Data Ethics Policy

Report on Foundation Governance

The LEGO Foundation governance and leadership are managed with respect for good governance in corporate foundations. A report on Foundation Governance is available in Appendix 3.

Report on Foundation Governance

Gender representation

The Board of Directors has adopted a general policy recognising the value of a diversified organisation and striving for a balance between genders. The Board of Directors and the LEGO Foundation’s leadership team have a balanced

Risks

The LEGO Foundation’s financial risks primarily relate to development within the global toy markets where the LEGO Group operates, and to developments in the financial markets impacting the investment activities in the LEGO Foundation and Koldingvej 2, Billund A/S.

The LEGO Foundation has adopted a comprehensive set of standards and procedures to mitigate risks related to its grant activities, including due diligence processes and randomly selected onsite external audits.

Events after the reporting date

No other events have occurred after the balance sheet date that would have a significant influence on the annual report for 2024.

Expectations for 2025

The overall financial result for the LEGO Foundation in 2025 is expected to be on par with 2024.

Expectations for the LEGO Foundation’s financial performance are subject to uncertainties, which to a large extent are beyond the LEGO Foundation’s control.

The LEGO Group expects to match the

exceptional performance in 2024 in terms of nominal revenue and net profit. It aims to perform ahead of the global toy industry through an innovative portfolio for builders of all ages, while further increasing spending on strategic initiatives such as sustainability, retail and digital technology.

The LEGO Foundation, in collaboration with Koldingvej 2, Billund A/S, pursues a long-term investment strategy. The performance of these investments over a one-year period is significantly influenced by fluctuations in the financial markets. Given the risk profiles, a normalised return on financial investments is anticipated to be in the range of 3 to 4%.

The LEGO Foundation’s grant commitments and costs for 2025 are expected to be around the same level as in 2024.

Financial highlights

(DKK million)

Income statement

Result from subsidiaries

Result of financial items, net

Result before tax

Result for the year

Balance sheet at 31 December

Total assets

Committed grants

Equity

Available capital

Grant commitments and operating expenses

Grant commitments during the year

Expenses related to programmes

Expenses related to administration

Grant commitments and operating expenses during the year

Employees

Number of employees at the end of the year

Financial ratios

Definitions

Available capital:

Equity - restricted capital (basic capital and reserve from the use of the equity method).

Administration cost share:

Expenses related to administration (in percent) of grant commitments and expenses during the year.

Board of Directors

Born: 1979 I Gender: Male

Education: Degree in marketing

Year elected: 2013 (chair since 2016)

Thomas Kirk

Kristiansen Chair of the Board

Re-elected: Yes

Term expires: 2025

Short bio: Shareholder of KIRKBI A/S and representing the fourth generation of the LEGO® owner family.

Special competences: Family- owned companies and board work.

Other board positions: Chair of the Board of LEGO A/S, KIRKBI A/S and Koldingvej 2, Billund A/S. Board member in two fully-owned subsidiary of KIRKBI A/S. Executive manager of Kirk og Kirk Holding ApS and management roles in four subsidiaries.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: Yes (shares in KIRKBI A/S, which owns 75% of LEGO A/S).

Appointed by authorities: No

Independent member: No 2024 board remuneration: DKK 0

First Deputy Chair of the Board

Second Deputy Chair of the Board

Born: 1968 I Gender: Male

Education: Master’s degree in economics and PhD from the University of Aarhus

Year elected: 2008

Re-elected: Yes

Term expires: 2026

Short bio: Former Executive Chair of the LEGO Brand Group (201723) and CEO of the LEGO Group (2004-2016). Currently serves as chair of the board of directors of BrainPOP (KIRKBI Education), and board member of IMD Executive Education, and Starbucks Coffee. Venture Firm Partner and Executive Advisor for Innovation Endeavours.

Special competences: Business development, sales, marketing, production and board work.

Other board positions: Chairman of BrainPOP Group Inc. and board member of IMD Executive Education and Starbucks Coffee Company.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: No

Appointed by authorities: No

Independent member: No

2024 board remuneration: DKK 0

Born: 1983 I Gender: Female Education: Bachelor’s degree in psychology

Year elected: 2023

Re-elected: No

Term expires: 2025

Short bio: Shareholder of KIRKBI A/S and representing the fourth generation of the LEGO owner family. Founder of Center for ADHD S/I in Aarhus, Denmark.

Special competences: Family- owned companies and board work.

Other board positions: Deputy Chair of the Board of KIRKBI A/S. Board member in one fully-owned subsidiary of KIRKBI A/S. Member of the Advisory Board of Ruca. Executive Manager of KIRK83 Holding ApS.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: Yes (shares in KIRKBI A/S, which owns 75% of LEGO A/S).

Appointed by authorities: No

Independent member: No

2024 board remuneration: DKK 0

Born: 1969 I Gender: Female

Education: MSc in economics and business administration from Copenhagen Business School

Year elected: 2021

Re-elected: Yes

Term expires: 2026

Short bio: Former managing director of Google Denmark and member of Parliament in Denmark.

Special competences: International management, technology leadership and environment, social and governance.

Malou Aamund Independent member of the Board

Other board positions: Board member of KIRKBI A/S, MATAS A/S, and Skall Studio Aps.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: No

Appointed by authorities: No

Independent member: Yes

2024 board remuneration: DKK 350,000

Born: 1958 I Gender: Male

Education: Bachelor’s degree in arts and human sciences from University of Dakar; diploma in diplomacy and management of international organisations from Diplomatic Academy of Vienna; diploma in education and pedagogy from Ecole Normale Superieure, Dakar

Year elected: 2022

Re-elected: Yes

Term expires: 2025

Short bio: Chancellor of Liverpool School of Tropical Medicine, Chair of Institut Pasteur de Dakar, and Chair of Kofi Annan Foundation Board. Previously served as the secretary-general of the International Federation of Red Cross and Red Crescent Societies and former Director at UNICEF, UNAIDS, UNDP and the Global Fund.

El Hadji Amadou Gueye Sy Independent member of the Board

Special competences: Experience in education and leadership roles in the humanitarian, health, environment and development sectors.

Other board positions: Chair of Africa Child Policy Forum. Governor of Wellcome Trust. Board member of Interpeace and the Power of Nutrition. Member of WHO independent Oversight and Advisory Committee for Health Emergencies.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: No

Appointed by authorities: No

Independent member: Yes

2024 board remuneration: DKK 350,000

Born: 1955 I Gender: Female

Education: Master’s degree in theological studies from the Episcopal Divinity School and a graduate degree in social anthropology from Yale, Oxford University

Year elected: 2024

Re-elected: No

Term expires: 2026

Short bio: Former Executive Vice President of the Ford Foundation, leading the Education, Creativity and Free Expression division 20132017 and global programmes 2018-2024. Co-founded Jobs for the Future and previously served at the Bill & Melinda Gates Foundation.

Special competences: Youth development, education, human rights, development, gender equity, and board governance.

Other board positions: Board of Directors: Co-Impact; Bard College; Search for Common Ground; Giving Tuesday.

Owns shares, options, warrants or similar in the LEGO Foundation’s subsidiary or associates: No

Appointed by authorities: No

Independent member: Yes

2024 board renumerations: DKK

29,000

Hilary Pennington Independent member of the Board

Management’s statement

The Board of Directors and executive management have today considered and adopted the Annual Report of the LEGO Foundation for the financial year 1 January to 31 December 2024. The Annual Report has been prepared in accordance with the provisions of the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the LEGO Foundation’s financial position on 31 December 2024, and of the LEGO Foundation’s activities and cash flows for the financial year 1 January to 31 December 2024.

We believe the management’s commentary includes a fair review of the development in the LEGO Foundation’s activities and finances, the result for the year and the financial position of the foundation, as well as a review of the most significant risks and elements of uncertainty facing the LEGO Foundation.

Billund, 27 May 2025

Executive management

Sidsel Marie Kristensen CEO Board of Directors

Thomas Kirk Kristiansen Chair of the Board

Jørgen Vig Knudstorp First Deputy Chair of the Board

Agnete Kirk Kristiansen Second Deputy Chair of the Board

Malou Aamund Member of the Board

El Hadji Amadou Gueye Sy Member of the Board

Hilary Pennington Member of the Board

Independent auditor’s report

To the Board of Directors and executive management of the LEGO Foundation

Opinion

We have audited the financial statements of the LEGO Foundation for the financial year 1 January 2024 to 31 December 2024, which comprise an income statement, balance sheet, statement of changes in equity, cash flow statement and notes presented on pages 16 to 21, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the LEGO Foundation’s financial position at 31 December 2024 and of its operations and cash flows for the financial year 1 January to 31 December 2024 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and

additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are described further in the section titled “The auditor’s responsibility for the audit of the financial statements”. We are independent of the LEGO Foundation in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibility of the

Board of Directors and executive management for the financial statements

The Board of Directors and executive management are responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial

Statements Act and for such internal control

as the Board of Directors and executive management consider necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and executive management are responsible for assessing the LEGO Foundation’s ability to continue as a going concern; for disclosing, as applicable, matters related to the going concern; and using the going concern basis of accounting in preparing the financial statements unless the Board of Directors and executive management either intends to liquidate the LEGO Foundation or to cease operations or has no realistic alternative but to do so.

The auditor’s responsibility for the audit of the

financial statements

Our objectives are to obtain reasonable assurance about whether the financial

statements as a whole are free from material misstatement, whether due to fraud or error, or to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform audit procedures responsive to those

risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the LEGO Foundation’s internal control

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and executive management

• conclude on whether the appropriateness of the Board of Directors and executive management’s use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LEGO Foundation’s ability to continue as

a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the LEGO Foundation to cease to continue as a going concern

• evaluate the overall presentation, structure, and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view

• plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and

significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the management’s commentary

The Board of Directors and executive management are responsible for the management’s commentary. Our opinion on the financial statements does not cover the management’s commentary, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the management’s commentary and, in doing so, consider whether the management’s commentary is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management’s commentary provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the management’s commentary is in accordance with the financial statements

and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatements in the management’s commentary.

Aarhus, 27 May 2025

Deloitte

Statsautoriseret Revisionspartnerselskab Business registration no. 33 96 35 56

Thomas Rosquist Andersen

State-authorised public accountant Identification no. mne31482

Marie Louise Vester Sørensen

State-authorised public accountant Identification no. mne47319

Accounting policies

The LEGO Foundation Annual Report for 2024 has been prepared in accordance with the provisions of the Danish Act on Commercial Foundations and presented in accordance with the provisions of the Danish Financial Statements Act pertaining to reporting on class C large enterprises.

The accounting policies for the financial statements remain unchanged from last year.

Consolidated financial statements

In accordance with the Danish Financial Statements Act section 111(3) no consolidated statements have been prepared.

Translation of foreign currency

Transactions in foreign currencies are translated into Danish kroner using the foreign exchange rates applicable on the transaction date. Monetary assets and liabilities in foreign currencies are translated into Danish kroner using the foreign exchange rates applicable on the balance sheet date. Realised and unrealised foreign exchange gains and losses are recognised in the income

statement under financial income and expenses, except exchange gains and losses related to grant commitments.

Income statement

Investments in subsidiaries

Income from investments in subsidiaries consists of the proportional share of profit after tax and any adjustment of internal profit/loss and deduction of amortisation of goodwill on consolidation.

Financial income and expenses

Financial income and expenses are recognised in the income statement with the amounts related to the financial year. Financial income and expenses include interest income and interest expenses, realised and unrealised capital gains and losses on securities, payables, and transactions in foreign currencies.

Expenses

Expenses relate to programmes and administration and consist of operating expenses and employee expenses.

Operating expenses include expenses related to facilities, project costs, administration etc.

Employee expenses include wages, salaries and pensions as well as other social security contributions made to the LEGO Foundation’s employees.

The income statement presents “expenses related to programmes” and “expenses related to administration” to give a fair and true view of the LEGO Foundation’s activities. The clarification has no impact on the result for the year or the equity at the beginning or the end of the year.

Tax

The LEGO Foundation has opted to use section 3(4) of the Danish Corporation Tax Act. Under these rules, the taxable income of Koldingvej 2, Billund A/S is considered to have been earned by the LEGO Foundation if the taxable income is distributed as dividends to the LEGO Foundation. Since the LEGO Foundation’s taxable income is regularly offset against grants for the year and provisions for future grants, no current or deferred tax is recognised.

Balance sheet

Investments in subsidiaries

Investments in subsidiaries are measured according to the equity method based on the proportionally owned share of the subsidiaries’ equity plus any consolidated goodwill and less intra-group gains and negative goodwill.

Securities etc

Securities etc consist of bonds and deposits.

Securities are measured at fair value at the balance sheet date.

Receivables

Other receivables are measured at amortised cost, which usually corresponds to nominal value. The value is reduced by provisions for expected losses.

Cash

Cash comprises cash at bank and in hand.

Liabilities

Liabilities are measured at amortised cost, which usually corresponds to nominal value.

Committed grants

Committed grants in the year by the LEGO Foundation are shown as an equity adjustment in the financial statements. Grants are considered equity movements and are recognised as a liability at the time when the grant has been approved by the Board of Directors. Committed grants not yet disbursed are recognised in non-current or current liabilities, respectively, including those grants that are conditional upon fulfillment of certain conditions.

Reserve for future grants

In accordance with the Danish Act for Commercial Foundations, a provision for grants has been set up for the Board of Directors to be able to approve and distribute grants during the financial year. The provision does not have to be used but is continuously reduced with distributed grants. Every year at the Annual Meeting the Board of Directors will re-evaluate the size of the provision.

Derivative financial instruments

On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently remeasured at market value at the end of the reporting period. Derivative financial instruments are recognised in other receivables or other payables.

Changes in the market value of derivative financial instruments that secure future assets or liabilities are recognised directly in the translation reserve in equity.

Cash flow statement

The cash flow statement shows the LEGO Foundation’s cash flows from operating, investing, and financing activities for the year, the year’s changes in cash and cash equivalents as well as the LEGO Foundation’s cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities

Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non-cash operating items, and changes in working capital.

Cash flows from investing activities

Cash flows from investing activities comprise dividends received less dividends that have not yet been paid.

Cash flows from financing activities

Cash flows from financing activities comprise payments of committed grants adjusted for exchange rate adjustments.

1 JANUARY - 31 DECEMBER Income statement

(DKK thousand)

Net result from subsidiaries

Financial income

Financial expenses

Total net income

Expenses related to programmes

Employee expenses

Operating expenses

Total expenses related to programmes

Expenses related to administration

Employee expenses

Operating expenses

Total expenses related to administration

expenses

from the use of the equity method

for future grants

Statement of changes in equity

(DKK thousand)

Basic capital

Balance at 1 January

Basic capital at 31 December

Reserve from the use of the equity method

Balance at 1 January

Result from subsidiaries

Other comprehensive income/(expenses)

Dividend

Reserve from the use of the equity method at 31 December

Reserve for future grants

Balance at 1 January

Extraordinary reserved during the year

Distribution of result

Commitments during the year

Financial adjustments*

Reserve for future grants at 31 December

Retained earnings

Balance at 1 January

Extraordinary reserved during the year

Distribution of result

Dividend received

Retained earnings at 31 December

Total equity

*

Cash flow statement

(DKK thousand)

Result for the year

Result from subsidiaries

Changes in receivables

Changes in payables

Cash flows from operating activities

Changes in receivables from subsidiaries

Dividend received

Investment in securities etc, net Cash flows from investment activities

Note 1

Employee expenses

(DKK thousand)

Employee expenses related to programmes

Employee expenses related to administration

Total employee expenses

Which can be split into:

Wages and salaries

Pension costs

Other staff and social security expenses

Total employee expenses

Remuneration for executive management*

Remuneration for Board of Directors

Average number of employees

Number of employees at 31 December

Which can be split into:

Thomas Kirk Kristiansen

Jørgen Vig Knudtorp

Agnete Kirk Kristiansen

Malou Aamund

El Hadji Amadou Gueye Sy

Mabel van Oranje

Hilary Pennington

Total remuneration Board of Directors

Note 2

Operating expenses

(DKK thousand)

Operating expenses related to programmes

Operating expenses related to administration

Total operating expenses

Note 3

Auditor’s fees

(DKK thousand)

Statutory audit of the financial statements

Other assistance

Total auditor’s fees

Note 4

Distribution of result

(DKK thousand)

Reserve for future grants Reserve from the use of the equity method

Note 5 Investments in subsidaries Note 6 Committed grants

(DKK thousand)

Cost

Cost at 1 January

Cost at 31 December

Value adjustment

Value adjustment at 1 January

Share of result for the year

Dividend distributed

Other comprehensive income/(expenses)

Value adjustment at 31 December

Carrying amount at 31 December Information about subsidiaries:

Koldingvej 2, Billund A/S

(DKK thousand)

Committed grants at 1 January

Commitments during the year

Grant payments during the year

Currency adjustments

Committed grants at 31 December

Committed grants, due within one year (current liabilities)

Committed grants, due after one year (non-current liabilities)

Committed grants, due after 5 years (non-current liabilities)

Note 7 Contingent liabilities and other obligations

Note 9

Related party transactions

The LEGO Foundation has lease and rent obligations of DKK 14 million (2023: DKK 13.7 million).

Total contingent liabilities and obligations for 2024 amount to DKK 7.1 million (2023: DKK 20 million) of which DKK 1 million are obligations to related parties. (2023: DKK 1 million). The Foundation’s rental and professional service obligations have decreased due to change in operating model principles.

The LEGO Foundation’s related parties comprise the Board of Directors and the executive management of the LEGO Foundation. Related parties also comprise subsidiaries, associates, Boards of Directors and executive management in these companies.

There were no transactions in the financial year with the Board of Directors or the executive management besides remuneration: see note 1.

Transactions with subsidiaries and associates include the following:

Note 8

Financial instruments

Three forward exchange transactions are entered into to hedge the currency risk on grant commitments at a total of USD 97 million, equivalent to DKK 668 million. Other receivables include a positive fair value of derivative financial instruments amounting to DKK 25 million. Fair value adjustments are recognised directly in equity. The term of the forward exchange transactions is three months.

(DKK thousand)

Grant payments

Purchase of goods and services

Total related party transactions

Receivables and liabilities related to subsidiaries and associates are specified in the balance sheet.

Transactions with related parties have been conducted at arm’s length.

Appendix 1

Sustainability Report 2024

This report is an integrated part of the LEGO Foundation’s Annual Report for 2024 setting out the annual reporting pursuant to the requirements of section 99a and 99d of the Danish Financial Statements Act on social responsibility and data ethics.

The role we play in the world

The LEGO Foundation is an independent Danish corporate foundation. Social responsibility is an integral part of our operations.

We have three main objectives:

• to secure and support the continued existence and development of the companies within the LEGO Group

• to support research and educational objectives and activities benefitting children

• to carry out business activities through investments.

We have adopted several social responsibility policies covering:

Our policies refer to international standards and agreements and we are committed to the UN Convention on the Rights of the Child and the Sustainable Development Goals (SDGs).

As a co-owner of the LEGO Group, the LEGO Foundation shares the vision to become a global force for learning through play and the mission to inspire and develop the builders of tomorrow with the other LEGO entities.

In 2024, our work contributes particularly to two Sustainable Development Goals:

SDG4 Quality education

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.

Learning through play helps children develop essential skills like creativity, critical thinking, and teamwork, which are vital for their future success. By integrating play into homes and classrooms, we can better prepare children for tomorrow. We actively support and fund projects that promote learning through play, aiming to make education more accessible and inclusive. Through this approach, we work towards ensuring quality education and lifelong learning, aligning with Sustainable Development Goal 4.

SDG17 Partnerships

Strengthen the means of implemention and revitalise the Global Partnership for Sustainable Development.

Through our partnerships with organisations from a variety of sectors, we aim to contribute to improving the situation for children across the world by offering opportunities to experience the benefits of learning through play to better cope and grow. We work closely with our partners through funding, co-design of programmes, training, toolkits and play activities that tackle specific challenges in education and child development.

Child safeguarding

The LEGO Foundation has a zero-tolerance policy for child abuse in any form, and everyone working for, or affiliated with, the LEGO Foundation must always treat children decently and respectfully. Our Child Safeguarding Policy aims at taking all necessary actions to support child safeguarding. The policy is our commitment to safeguard children from fundamental abuse of their rights or dignity. We do not tolerate any infringements of our principles, policies or international standards concerning children’s rights. Further, the LEGO Foundation applies a code of conduct that is primarily based on the Universal Declaration of Human Rights.

Impact assessment and vetting frameworks

The LEGO Foundation operates in various countries and cultures where human rights, including children’s rights, might not be protected to the standards stated in our principles and policies. Only potential partners meeting the high standards of the LEGO Foundation are considered for funding. Before we engage with a potential partner, the LEGO Foundation conducts a thorough vetting of the partner and proposed project.

Release of subsequent funding is subject to both demonstrated progress of the project and continued compliance with the principles and policies of the LEGO Foundation and contractual obligations. Progress and compliance are confirmed through the partner’s reporting and possible on-ground follow-up conducted by LEGO Foundation colleagues. The LEGO Foundation

can initiate external audits of partners. The LEGO Foundation carries out two to three external audits per year performed by an independent auditing company.

1

Due diligence is conducted on partners, assessing legal status, governance, risk, financial management, programme, capacity, and policies on safeguarding, diversity, equity, and inclusion.

2

3

After due diligence, the potential partner submits an application addressing any recommendations.

The proposed project and location undergo a risk assessment covering health and safety, human rights, corruption, and the political environment.

4

After vetting, a legal contract is signed to mitigate risk, incorporating the LEGO Foundation code of conduct and Child Safeguarding Policy, with an obligation to report any breaches.

Child Safeguarding Policy

Code of Conduct

Actions and results

External audits in 2024:

• Three external audits conducted in 2024.

• The LEGO Foundation reviews procedures and implements changes based on audit findings.

Target for 2025

Compliance with LEGO Foundation code of conduct and Child Safeguarding Policy and incidents and notifications in 2024:

• Partners are required to ensure compliance with LEGO Foundation’s code of conduct and Child Safeguarding Policy.

• In 2024, the LEGO Foundation received one notification about an incident in projects funded by the LEGO Foundation that potentially could conflict with the LEGO Foundation code of conduct or Child Safeguarding Policy. This is fewer notifications than in previous years (three in 2023 and nine in 2022).

The LEGO Foundation recognises partners’ reporting on allegations of policy breaches as proof that the mechanism works and that our partners trust the foundation, which in turn makes it possible to act in the interest of the children impacted by the projects funded by the LEGO Foundation. Therefore, while aiming to prevent any new incidents in 2025 through our vetting and partner onboarding processes, no target is set for notifications on incidents of violations of our Child Safeguarding Policy and code of conduct by anyone working for, or affiliated with, the LEGO Foundation.

Response to allegations:

Ongoing monitoring and improvement:

• The LEGO Foundation takes action to ensure that the allegations are investigated.

• Partners are required to mitigate substantiated issues and prevent future incidents.

• For the notification received in 2024, adequate actions were taken by the partners in response.

• The LEGO Foundation monitors continuously to ensure partners improve working environments and partners educate staff to maintain compliance and safeguard policies.

Instead, the LEGO Foundation has a target of initiating a minimum of two to three external audits per year to be performed by an independent auditing company, either on site or as desktop audits.

Anti-bribery and corruption and avoiding conflicts of interest

The LEGO Foundation is committed to preventing bribery and corruption, and has implemented an Anti-bribery and Anticorruption Policy to uphold this.

Anti-bribery and Corruption Policy

Impact assessment

The Anti-bribery and Anti-corruption Policy applies to all LEGO Foundation employees, subsidiaries, representative offices, and third parties, regardless of location. It offers guidance on recognising and addressing bribery and corruption and outlines the responsibilities of all parties in adhering to the policy.

Action and results

Employees and third parties are required to report any breaches or suspicions to a manager or via the anonymous whistleblower line.

In 2024, we received reports of four alleged incidents of bribery or corruption involving our partners or projects, and two theft-related allegations. When receiving notifications with allegations of such incidents, the LEGO Foundation takes action to ensure that the allegations are thoroughly investigated, and appropriate actions are taken.

Target for 2025

We aim to continue our swift, diligent and decisive handling of any allegations received.

Though we are satisfied with our current policies on the matter, we will continuously monitor and evaluate the adequacy of our policies, audits and other measures taken.

The LEGO Foundation is committed to preventing conflicts of interest, and has implemented an Avoiding Conflict of Interest Policy to uphold this.

Impact assessment

Avoiding Conflict of Interest Policy

The LEGO Foundation is committed to upholding the highest ethical standards for its employees and third parties acting on our behalf, ensuring efficient use of resources to achieve the organisation’s objectives and preventing decisions from being influenced by self-interest.

Action and results

The Avoiding Conflicts of Interest Policy, provides guidance on identifying and addressing potential and actual conflicts of interest within the LEGO Foundation. Employees are expected to interact with colleagues, the organisation, LEGO entities, and external organisations with objectivity and honesty.

In 2024, we have continued to increase focus on possible conflicts of interest throughout the organisation in order to identify them and initiate the necessary mitigating actions.

Target for 2025

We will continue in 2025 to ensure focus on possible conflicts of interest to avoid any such conflicts.

Gender, diversity and inclusion and anti-harassment

Like all Danish Corporate Foundations, we work to make society stronger – in Denmark and around the world. To do so, we are entirely dependent on employees who conduct their responsibilities with integrity, diligence and sensitivity when engaging with global partners that work with children, often within vulnerable or challenging contexts. Internally, our focus is on maintaining a rewarding, inclusive and fulfilling working environment that supports ongoing personal development, health and safety. We remain committed to building a shared sense of direction and an environment of trust and openness, with a focus in 2025 on establishing even clearer roles and accountability throughout the organisation.

Our Diversity and Inclusion Policy ensures fair recruitment, development, and leadership, fostering an inclusive culture where everyone feels valued and can collaborate effectively. We believe diversity enhances our impact in creating strong partnerships and driving change for children worldwide.

Our Gender Policy aims for balanced gender representation on the Board of Directors, leadership team, and in people management roles, with specific targets set.

The Anti-harassment Policy guarantees a work environment free from bias, harassment, and discrimination.

We also maintain an Environment, Health and Safety (EHS) organisation to ensure a safe, healthy workplace, meeting regulatory requirements and continuously improving conditions for LEGO Foundation employees.

Diversity and Inclusion Policy

Balanced gender representation

Impact assessment

In 2023, the Board of Directors adopted a Gender Policy confirming our ambition to maintain a balanced gender composition in the Board of Directors and other management levels.

Action and results

At the end of 2024, the LEGO Foundation Board of Directors comprised three women and three men and thus met the requirements for balanced gender representation.

By the end of 2024, our gender distribution among the LEGO Foundation’s people leaders is considered balanced with 50 % women and 50 % men.

Target for 2025

The LEGO Foundation aims to maintain the gender balance across the leadership levels.

Recruitment Policy

Health and security:

A new recruitment policy was implemented during 2024 with clear processes and actions to ensure equity and inclusive attraction and recruitment of a diverse pool of candidates.

EHS: Workplace assessment

We have identified the physical and mental health and safety of our employees as people risks. Some employees work on projects in regions with security challenges, which entail safety risks.

A workplace assessment (‘Arbejdspladsvurdering’) was carried out in 2024. While the assessment showed satisfactory results on an overall level, an action plan has been developed to address areas where the LEGO Foundation will focus attention and activities to improve.

In addition to gender diversity, we promote and monitor diversity in teams more broadly. At the end of 2024, we had 23 different nationalities among our staff with 50 % of colleagues coming from other countries than Denmark and a varied representation across ages.

• No serious incidents occurred.

• Travel security training was completed by all colleagues who are required to travel.

• First aid training was conducted for employees.

• EHS governance was improved by reshaping processes and procedures and enhancing organisational communication.

• Availability for the organisation and for individual employees in relation to both physical and mental health was prioritised.

• The physical office space was assessed and adjusted to improve the office environment.

• Ergonomic training was offered for all staff.

The LEGO Foundation aims to continue improving our DEI efforts by implementing bias detection tools to further support our efforts to address bias in recruitment processes.

We aim to have no serious incidents in 2025 and all relevant new employees should complete security training.

In the fourth quarter of 2025, we will conduct a new survey assessing the LEGO Foundation’s workplace environment.

Environmental impact

The LEGO Foundation strives to have a positive impact on the planet. However, our travel activities and operations leave a footprint that we continuously strive to reduce.

Impact assessment

The LEGO Foundation’s main environmental impact comes from employee travel. To address this, the LEGO Foundation has adopted a Travel Policy aimed at ensuring efficient travel and approving only necessary trips to minimise travel-related emissions.

Action and results

In 2024, we relaunched our Travel Policy and saw a significant decline in air travel, leading to a substantial reduction in emissions. The LEGO Foundation now receives more detailed data on its travel-related carbon footprint to track emissions and set future targets. Our 2024 carbon footprint totalled 270 tonnes CO2e, with 257 tonnes from flights and 13 tonnes from hotels and car rentals.

Target for 2025

The LEGO Foundation will continue to reduce emissions from on-ground visits with improved travel data, will track emissions and explore initiatives to further lower our carbon footprint.

The LEGO Foundation’s subsidiary Koldingvej 2, Billund A/S manages our investment portfolio with an active environmental, social, and governance (ESG) approach. The portfolio is monitored for ESG controversies, and we engage with companies and managers in the event of breaches of UN Global Compact principles.

The investment strategy was adjusted in 2024, so the investment portfolios are seen and managed as a combined portfolio for both Koldingvej 2, Billund A/S and the LEGO Foundation. The adjusted investment strategy strengthens the focus on responsible investments and ESG.

The LEGO Foundation will continue to focus on responsible financial investments, ensuring they align with the mission to support sustainable and impactful long-term value creation.

Whistleblower

The LEGO Foundation has established a whistleblower line to ensure the necessary reporting lines are in place for employees, partners and others to report breaches in a safe and anonymous manner where the standard communication channels are not sufficient. Reports are received by an internal Whistleblower Committee. All members of the Whistleblower Committee are subject to a special duty of confidentiality.

Reporting Unethical Behaviour

Impact assessment

Unethical behaviour or accusations of unethical behaviour by the LEGO Foundation, its employees or partner organisations can potentially damage the reputation and the work of the LEGO Foundation and its partners.

Concerns that can be reported via the whistleblower line include:

• financial fraud (such as bribery, corruption, money laundering, theft, fraud, forgery)

• irregularities in accounting and auditing

• workplace misconduct or harassment (such as violence, assault, sexual harassment, discrimination)

• serious business ethics breaches, including violations of laws or the LEGO Foundation policies

• threats to the environment, health, or safety

• human rights violations, child safeguarding issues, or data protection failures.

Action and results

The LEGO Foundation whistleblower line was activated during 2024. The reports were screened by the Whistleblower Committee to assess whether the reports fell within the scope of issues that can be reported. When this was the case, appropriate actions were taken.

Target for 2025

The LEGO Foundation recognises the activation of the whistleblower line as evidence that the system works and that individuals trust the organisation to take appropriate action for the benefit of those working on LEGO Foundationfunded projects for children. Therefore, while aiming to prevent any new incidents, no target is set for activation of the whistleblower line. Instead, the LEGO Foundation measures success by handling each individual case by applying appropriate actions.

Data ethics

The LEGO Foundation’s Data Ethics Policy outlines our principles for ethical data handling, ensuring lawful processing and human evaluation in all decisions. The leadership team governs data ethics, and concerns are addressed directly to the leadership team or via the whistleblower line.

Impact assessment

The LEGO Foundation prioritises transparency, with an approval process for data use and new technology.

Action and results

Data Ethics Policy

The LEGO Foundation only works with partners and businesses that uphold similar ethical standards for data handling. Employees receive compliance training, and the policy is part of the induction process.

Target for 2025

The LEGO Foundation aims to maintain a high standard for data ethics, ensuring that all new employees and partners receive appropriate training in data handling.

List of Grantees Appendix 2

This report is an integrated part of the LEGO Foundation’s Annual Report for 2024, listing each individual approved grant for the financial period 1 January to 31 December 2024 and summarised in categories as per definitions set out in the LEGO Foundation Distribution Policy: see section 80 of the Danish Act on Commercial Foundation and section 77b of the Danish Financial Statements Act.

Report on Distribution Policy

The LEGO Foundation charter stipulates that the foundation will provide support for children and their development along with support for general research and educational purposes. It also emphasises the close relationship between the LEGO Foundation and the LEGO Group through the stipulation of the purpose to ensure and support the ongoing existence and development of the LEGO Group.

The aim is to build a future where learning through play empowers children to become creative, engaged, lifelong learners who thrive in a constantly changing world.

The LEGO Foundation grant commitments for 2024 can be summarised as follows:

(DKK thousand)

Children’s Learning and Development

Children on the Move

Children’s Wellbeing

LEGO Ecosystem

1,545,186

Children’s Learning and Development

Supporting learning through play-centred work for children without SEND and in noncrisis contexts.

Part 1 of 2 IN TOTAL: 590,400

37 educational institutions in Ukraine (Ukraine)

Providing furniture to 37 school shelter sites in the Kremenchuk region of Ukraine

Education Outcomes Fund (United States)

Strengthening early learning programmes in South Africa through an outcomes fund model

Danish Royal Theatre (Denmark)

Creating engaging and playful learning experiences in an immersive theatre universe by fostering an understanding of play as a essential element in the performing arts

University College Copenhagen (Denmark)

Establishing the research centre, Centre for Better Childhood. Co-funded together with Novo Nordisk Foundation and TrygFonden

The Center for the Advancement of Infrastructural Imagination (Netherlands)

Creating a podcast series launched online including three learning and education-focused bonus episodes along with access to research materials on Playful AI

Learning Economy Foundation (United States)

Donating the SuperSkills app and technology to Learning Economy Foundation, to advance its mission for teaching, measuring, and validating skills and play-based learning

Dansk Boldspil-Union (Denmark)

Establishing the foundation for the programme “The Clubhouse for all of Denmark (“Hele Danmarks Klubhus”) based on Playful Performance Together

The Heartlines Centre NPC (South Africa)

Promoting active, positive male caregiver engagement in children’s development

Jakes Gerwel Fellowship (South Africa)

Integrating learning through play into the Professional Teacher Induction Programme

Organisation for Economic Co-operation and Development (OECD) (France)

Schools+ Network meeting event in Billund

Youth Impact (South Africa)

Teaching at the Right Level: a play-based, targeted, remedial programme for South Africa

Ilifa Labantwana Foundation (RF) (South Africa)

Top-up grant to extend support for and build the full functionality of the early childhood administration and reporting system eCares

Monash University Australia (Australia)

Understanding long term child outcome impacts and extending a tested effective parenting model to disadvantaged ethnic minority communities.

savED (Ukraine)

Arranging of shelters in kindergartens of the Mykolaiv region

Kyiv Kindergarten No. 655 (Ukraine)

Recovering and refurbishing the preschool educational institution # 655 in Kyiv, Ukraine

Erhvervsstyrelsen (Danish Business Authority) (Denmark)

Pledge for the rebuilding of the Children’s Creative and Sports Centre in Borodyanka

Landsorganisationen for kvinde krisecentre (Denmark)

Strenthgening parent and child attachment in women’s crisis centre.

DataDrive2030 (South Africa)

Enhancing early childhood development through data-driven approaches.

The DG Murray Trust (South Africa)

Supporting new mothers in vulnerable communities with a programme of support for their babies to thrive

Care for Education (South Africa)

Supporting the strategic expansion of their programmes and operations beyond South Africa

Coding Pirates Denmark (Denmark)

Strengthening the FIRST LEGO League in-school integration models to promote thriving and well-being of Danish children

25 In-service Teacher Training Institutions (Ukraine)

social emotional learning programme 130,000 public primary and early middle school teachers in Ukraine

MIO - Meeqqat Pisinnaatitaaffinut Sullissivik - The National Advocacy Center for Children’s Rights (Greenland)

Providing a comprehensive mapping of Greenlandic children’s perspectives on their lives

VVOB (Belgium)

Strengthening theory and practice of learning through play among preservice education students in North and South Vietnam

Monash University Australia (Australia)

Adapting the Conceptual PlayWorld  approach to strengthen preservice teacher education in Central Vietnam

Children’s Learning and Development

African Child Policy Forum (Netherlands)

Promoting disability-inclusive early childhood education in selected African countries.

Hope Worldwide (South Africa)

Leveraging the learnings and systems from our first grant to deepen the impact of the caregiver learning through play intervention.

Massachusetts Institute of Technology (MIT) (United States)

Designing and researching technologies and experiences that enable more children to develop as creative learners

Scratch Foundation (United States)

Supporing 25 million children with learning through digital play

Dansk Boldspil-Union (DBU) (Denmark)

Supporting the power of play with the performance of football to build better childhoods

Care for Education (South Africa)

Strategic plan and activities for learning through play globally

E3 (South Africa)

Sustaining and systematising playful project-based learning

University of Cambridge (United Kingdom)

Research in play in education, development and learning

Save the Children (Denmark)

Sustaining the scaled playful parenting intervention in Bhutan

VSO International (United Kingdom)

Play-based learning experiences for children aged 3 to 6 across Rwanda

University College Copenhagen (Denmark)

Adding a measurement, evaluation, and learning components of the grant “Paths to Playful Learning”

Digital Promise (United States)

AI K12 Deeper Learning Summit 2025

Right to Play (Canada)

Consolidating and sustaining learning through play-based and technology-enabled teacher professional development in Rwanda

University College Copenhagen (Denmark)

Reversal of previous grant not disbursed

Boston College (United States)

Reversal of previous grant not disbursed

Fundacion Televisa (Mexico)

Reversal of previous grant not disbursed

Harvard University (United States)

Reversal of previous grant not disbursed

World Economic Forum (Switzerland)

Reversal of previous grant not disbursed

CoC Playful Minds (Denmark)

Reversal of previous grant not disbursed

Children on the Move

Bringing learning through play to children in humanitarian and crisis settings. IN TOTAL: 341,551

Sesame Workshop (United States)

Extending the Play to Learn project, enhancing early childhood development in crises

Norwegian Refugee Council (Norway)

The LEGO Foundation Acute Humanitarian Response Mechanism 2024-26

Save the Children Denmark (Denmark)

The LEGO Foundation Acute Humanitarian Response Mechanism 2024-26

New York University (United States)

A longitudinal prenatal and early years cohorts study with Rohingya and host communities in Cox’s Bazar, Bangladesh

RTI International (United States)

Rebuilding learning and resilience for crisis-affected children in Ethiopia through play-based education

War Child Alliance (Netherlands)

Scaling TeamUp through a network of organisations to enhance psychosocial support for conflict-affected children

Right to Play (Canada)

Supporting refugee and host community children’s psychosocial well-being through play as they transition from pre-primary to primary education in Uganda

Amna Refugee Healing Network CIO (United Kingdom)

Expanding Baytna, a trauma-informed, play-based programme for refugee families, in Lebanon

Amref Health Africa (Kenya)

Integrating play opportunities into health services to enhance the mental health and well-being of refugee and host community children aged 0 to 3 in Kenya

The Global Fund for Children (United States)

Empowering community-based organisations to enhance child well-being through play in Kenya and Uganda

Innovations for Poverty Action (United States)

Supporting learning, evidence, and community building across the Thriving through Play initiative

Teach for Kenya (Kenya)

Kenyan childhood educators trained in play-based learning for holistic development

Common Goal GmbH (Germany)

Establishing the foundations for sports and learning through play: Access to safe and playful spaces in Kenya, Mexico, and South Africa

Human Practice Foundation (Denmark)

Transforming education at the Pardamat and Nterere primary schools in Kenya

BRAC (United States)

Reversal of previous grant not disbursed

Plan International (Danmark)

Reversal of previous grant not disbursed

War Child Holland (Netherlands)

Reversal of previous grant not disbursed

VVOB (Belgium)

Reversal of previous grant not disbursed

BRAC (United States)

Reversal of previous grant not disbursed

Children’s Wellbeing

M&M Braille Consulting (France)

Supporting training of practitioners and producing playful resources for teaching visually impaired and blind children

Invest in Play Limited (United Kingdom)

Funding evidence-based parent and teacher programme supporting neurodivergent children

UNICEF (Switzerland)

Promoting literacy and inclusion of children who are visually impaired or blind through the playful LEGO Braille Bricks approach in Kenya

University College Copenhagen (Denmark)

Supporting the Playful Belonging programme to facilitate all children, including those with special needs, to thrive and feel included at school

Perkins School for the Blind (United States)

Promoting literacy and inclusion of children who are visually impaired or blind through the playful LEGO Braille Bricks approach in Mexico and Vietnam

The LEGO Group (Denmark) Reversal of previous grant not disbursed

University of Edinburgh (Scotland) Reversal of previous grant not disbursed

LEGO Ecosystem

Leveraging the power of the LEGO® brand and the channels of the LEGO Group to reach children with quality learning through play.

American Academy of Pediatrics (United States)

Super-charging the demand for Prescription for Play in the US

Organisation for Economic Co-operation and Development (OECD) (Denmark)

Developing an approach for measuring and monitoring children’s well-being in the digital age

China Population Welfare Foundation (China)

Prescription for Play China: from pilot to national effort

Ole Kirk’s Fond (Denmark)

Ole Kirk’s Fond 2025

UNICEF (Denmark)

Celebrating International Day of Play by providing children in 6 countries with the chance to actively participate in play and increasing awareness of the significance of this day

International School of Billund (Denmark)

Enabling the International School of Billund to increase its student body and remain a lighthouse of learning through play

Association of Science and Technology Centers (United States)

Quality learning through play experiences at American museums – and the evidence to show the impact

Weitzman Institute (United States)

Prrscription for Play: continued effort to make play a standard part of health care visits in the US

ChangeX (Global)

Scaling and creating localised community engagement opportunities to increase access to learning through play

Targeted Partner Coalition (United Kingdom)

Building a holistic approach to enhance learning through play with children in the LEGO Group’s local community in London

UNICEF (Denmark)

Celebrating the International Day of Play 2025-2026: advancing children’s right to play

FIRST (United States)

Supporting the Ukrainian FIRST LEGO League operator

Institute of Imagination (United Kingdom)

Local Community Engagement: supporting a collective Power of Play Tower Hamlets Partnership in London

Save the Children UK (United Kingdom)

Local Community Engagement: supporting a collective Power of Play Tower Hamlets Partnership in London

The Board of Trustees of the Victoria and Albert Museum (United Kingdom)

Local Community Engagement: supporting a collective Power of Play Tower Hamlets Partnership in London

Save the Children Denmark (Denmark)

Local Community Engagement: developing a learning through play module in Save the Children Denmark’s new digital learning management system

Skool (Hungary)

Local Community Enngagement: empowering children through technology

Amigos for Children Foundation (Hungary)

Local Coimmunity Engagement: supporting hospitalised children across Eastern Hungary

Heroes of Responsible Dining Foundation (Felelős Gasztrohős Alapítvány) (Hungary)

Local Community Engagement: Raising public awareness about the environmental effects of food consumption

Association for Inclusion (Hungary)

Local Community Engagement: building an inclusive approach for child education and protection experts in the area of the LEGO Group factory in Nyíregyháza

Fondazione Carolina Onlus (Italy)

Local Community Engagement: working with children and teenagers with mental well-being challenges

People in Need (Czech Republic)

Local Community Engagement: addressing the lack of children’s access to quality play and learning

SOS-Kinderdorf (Austria)

Local Community Engagement: contributing to extending the playground at an SOS village in Altmünster, Austria where children who have lost, or are at the risk of losing parental care, can live and develop until they are 18

Ambition Inspire Achieve (United Kingdom)

Local Community Engagement: supporting inclusive learning through play opportunities for underserved children and young people in the London Borough of Newham

Children for a better World (Germany)

Local Community Engagement: supporting a playful solution for overcoming childhood poverty in Germany

FUNDHOS (Spain)

Local Community Engagement: fostering inclusive learning for underpriviledged children through play-based education

LEGO Ecosystem

Partner — List 3/7

Mezinárodní vězeňské společenství, z.s. (Czech Republic)

Local Community Engagement: Supporting children of imprisoned parents and children of parents released from prison

Associazione di Promozione Sociale (Italy)

Local Community Engagement: free-of-charge access to play for children from vulnerable communities and children with special educational needs in rural and remote regions

Horizons National Student Enrichment Program Inc (United States)

Local Community Engagement: reimagining the building blocks of girls’ education

IWRD Foundation (Poland)

Local Community Engagement: through online applications and events, “Transform Play for Neurodiversity” project seeks to enhance access to specialised learning and play

Via Educación (Mexico)

Local Community Engagement: transforming the educational landscape by addressing challenges and barriers children face in accessing inclusive, quality learning through play

Children’s Museum Singapore (Singapore)

Local Community Engagement: promoting inclusivity by ensuring equal access to learning through play experiences for children of all abilities and backgrounds

The Opentree Foundation (India)

Local Community Engagement: supporting the underserved children from government and low-income private schools in Maharashtra to build essential life skills

Centrum LOCIKA (Czech Republic)

Local Community Engagement: supporting vulnerable children affected by violence through learning through play

Camp Courant Inc. (United States)

Local Community Engagement: addressing barriers to learning through play for low-income children aged 5 to 12 in Hartford

Kindness Collective (New Zealand)

Local Community Engagement: enhancing learning through play experiences and supporting underserved communities, particularly children from low socio-economic backgrounds

Yayasan SOS Desa Taruna Indonesia (Indonesia)

Local Community Engagement: supporting the growth and development of vulnerable children using learning through play approaches

Partner — List 4/7

Deadly Science (Australia)

Local Community Engagement: creating STEM equity for the young indigenous population of Australia (Aboriginal and Torres Strait Islander), particularly in regional and remote communities

Naděje pro děti úplňku, z.s. / Children of the Full Moon (Czech Republic)

Local Community Engagement: addressing challenges faced by children wit autism and their siblings through learning through play

Björn Schulz Stiftung (Germany)

Local Community Engagement: providing comprehensive and compassionate care for children with life-limiting illnesses and supporting their siblings and parents

ICTI Care Foundation Asia (China)

Local Community Engagement: supporting the development and well-being of children of frontline workers through learning through play activities and equipping parents with positive and playful parenting skills

Danish Red Cross (Denmark)

Local Community Engagement: enhancing the quality of children’s learning experiences through volunteer-led, learning through play activities, thereby improving the educational support offered across various Røde Kors Danmark programmes

Centre for Promotion of Quality of Life (Vietnam)

Local Community Engagement: enhancing access to learning through play for children in formal education settings and local communities across Vietnam

Room to Read (United States)

Local Community Engagement: bringing quality education to children living in marginalised communities

Save the Children Indonesia (Indonesia)

Local Community Engagement: amplifying children’s voices on sustainability across 11 provinces in Indonesia

Perkins India (India)

Local Community Engagement: improving the capacities of educators and integrating learning through play in 24 schools across 6 regions in India to enhance the overall well-being and lifelong learning opportunities for these children

Børneulykkesfonden (Denmark)

Local Community Engagement: bringing learning through play to children with a low socio-economic status in Denmark

LEGO Ecosystem

Families First Parenting Programmes (United States)

Local Community Engagement: addressing systemic inequities that affect early childhood development by promoting positive parenting practices

Jumpstart for Young Children (United States)

Local Community Engagement: addressing systemic inequities in access to high-quality early care and education for children in underserved communities

Music Will, Inc. (United States)

Local Community Engagement: regional programme support and curriculum development

The Brotherhood Sister Sol (United States)

Local Community Engagement: fostering creativity, problemsolving skills, and emotional resilience among youth in both the after school and summer programmes

Town of Enfield, Family Resource Center (United States)

Local Community Engagement: supporting initiatives for children and families to thrive in the Town of Enfield

Boys & Girls Clubs of Hartford (United States)

Local Community Engagement: providing inclusive, quality learning through play opportunities for young people in Hartford

Springfield Day Nursery dba Square One (United States)

Local Community Engagement: early education and care at centre-based locations in Springfield

The Village for Families & Children Inc. (United States)

Local Community Engagement: building a community of strong, healthy families who protect and nurture children

YMCA of Metropolitan Hartford, Inc. (United States)

Local Community Engagement: building Educated Leaders for Life (BELL) Power Scholars Academy in Greater Hartford, targeting youth from low socio-economic status families to address disparities in summer learning access

Dein München GmbH (Germany)

Local Community Engagement: will support 5 primary Dein München projects

Die Arche Kinderstiftung Christliches Kinderund Jugendwerk (Germany)

Local Community Engagement: funding dance room, sound studio and summer camps

Connecticut Network for Children and Youth (United States)

Local Community Engagement: expanding learning through play experiences in Connecticut’s schools, early childhood programmes, and communities

Dost Education (India)

Local Community Engagement: embodying play at all levels

National Council of Social Service (Singapore)

Local Community Engagement: integrating learning through play into programmes that improve parent-child interactions, enhance educational curricula, and create inclusive environments for children from lower-income families

Associazione di Promozione Sociale (Italy)

Local Community Engagement: free-of-charge access to quality play to children from vulnerable low-wealth communities and children with special educational needs in rural and remote regions of Italy

Ludere Nusantara Gemilang (Indonesia)

Local Community Engagement: empowering educators in Jakarta with playful learning through training and mentorship

Society for All, z.s. (Czech Republic)

Local Community Engagement: integrating LEGO Braille Bricks to support visually impaired children

Saigon Children’s Charity CIO (Vietnam)

Local Community Engagement: LEGO Club designed for children under 10 years old with autism spectrum disorders or communication difficulties

Right to Play (Canada)

Local Community Engagement: promoting indigenous children’s well-being through inclusive play and community engagement

Blue Dragon Children’s Foundation (Vietnam)

Local Community Engagement: enhancing holistic development and well-being of children rescued from homelessness

Polish Association of the Blind (Poland)

Local Community Engagement: improving learning for visually impaired children with LEGO Braille Bricks

Fondo Unido (Mexico)

Local Community Engagement: creating inclusive playrooms to support vulnerable children’s development

Science Museum of Virginia Foundation (United States)

Local Community Engagement: developing accessible science workshops designed to engage visually impaired children and adults through interactive, hands-on learning experiences

Children’s Museum of Richmond (United States)

Local Community Engagement: expanding access of learning through play experiences to children

LEGO Ecosystem

Partner — List 7/7

Museo de Arte Contemporáneo de Monterrey (Mexico)

Local Community Engagement: providing art-based educational experiences for children in Nuevo León

Boston Children’s Museum (United States)

Local Community Engagement: reaching underserved children and families with learning through play in Massachusetts

Museum of Science (United States)

Local Community Engagement: expanding play-based learning at Museum of Science for children’s development

Centro de Estudios para Invidentes, A.C. (Mexico)

Local Community Engagement: creating an inclusive educational environment for children with visual impairments

Association for Inclusion / Egyesület az Inklúzióért (Hungary)

Local Community Engagement: fostering inclusive education environment for visually impaired children

Fundación Mexicana de Apoyo Infantil (Mexico)

Local Community Engagement: raining proposals that are specifically designed for early childhood and pre-school educators

Boys & Girls Clubs of Metro Richmond (United States)

Local Community Engagement: expanding access to learning through play experiences for children in Virginia

James River Association (United States)

Local Community Engagement: fostering environmental literacy for Richmond students through hands-on, playful learning experiences

SOAR 365 (United States)

Local Community Engagement: expanding SOAR365’s pediatric therapy programme to provide in-home, play-based therapies for children with special needs

Young Men’s Christian Association of Greater Richmond (United States)

Local Community Engagement: creating accessible playbased learning opportunities for underpriviledged children at YMCA camps and programmes

New Profit, Inc. (United States)

Reversal of previous grant not disbursed

The LEGO Group (Denmark)

Reversal of previous grant not disbursed

Grant (DKK thousand)

Report on Foundation Governance

This report is an integrated part of the LEGO Foundation’s Annual Report for 2024 for the accounting period 1 January 2024 to 31 December 2024. It sets out the statutory report on foundation governance: see section 77a of the Danish Financial Statements Act.

Recommendations on foundation governance

The LEGO Foundation is covered by the Recommendations on Foundation Governance, which are available on the website of the Committee on Foundation Governance www.godfondsledelse.dk.

Recommendation

1.

Transparency and communication

1.1

It is recommended that the Board of Directors adopts principles for external communication that address the need for transparency and stakeholders’ needs and possibilities to obtain relevant up-to-date information about the circumstances of the foundation.

T he LEGO F oundation complies

The LEGO Foundation complies.

Recommendation

T he LEGO F oundation complies

2. Tasks and responsibilities of the Board of Directors

2.1 Overall tasks and responsibilities

2.1.1

It is recommended that, in order to secure the activities of the commercial foundation in accordance with the purposes and interests of the foundation, the Board of Directors should, at least once a year, take a position on the overall strategy and distribution policy of the foundation on the basis of the articles of association.

The LEGO Foundation complies.

2.1.2

It is recommended that the Board of Directors regularly addresses whether the foundation’s asset management is in line with the purpose of the foundation and its long- and short-term needs.

The LEGO Foundation complies.

Recommendation

T he LEGO F oundation complies

2.2 Chairman and vice-chairman of the Board of Directors

2.2.1

It is recommended that the chairman of the Board of Directors organises, convenes and chairs meetings of the Board of Directors in order to ensure effective board work and to establish the best conditions for the work of the board members, individually and collectively.

2.2.2

It is recommended that if the Board of Directors, in exceptional cases, asks the chairman of the Board of Directors to perform special activities for the commercial foundation which extend beyond the duties of chairman, a board resolution to that effect be passed to ensure that the Board of Directors maintains its independent, general management and control function. Appropriate allocation of responsibilities should be ensured between the chairman, the vice-chairman, the other members of the board of directors and the executive board, if any.

The LEGO Foundation complies.

The LEGO Foundation complies.

Recommendation

T he LEGO F oundation complies

2.3 Composition and organisation of the Board of Directors

2.3.1

It is recommended that the Board of Directors regularly, and at least every second year, assesses and stipulates the competences that the Board of Directors needs to possess in order to best perform the tasks incumbent upon the Board of Directors.

The LEGO Foundation complies.

2.3.2

It is recommended that, with due respect of any right in the articles of association to make appointments, the Board of Directors approves a structured, thorough and transparent process for selection and nomination of candidates for the Board of Directors.

The LEGO Foundation complies.

Recommendation

2.3.3

It is recommended that members of the Board of Directors are appointed on the basis of their personal qualities and competences, taking into account the collective competences of the board, and when composing and nominating new members of the board the need for introducing new talent is weighed against the need for continuity and the need for diversity in relation to commercial and grants experience, age and gender.

2.3.4

It is recommended that in the management commentary in the Annual Report and on the commercial foundation’s website, if any, there is an account of the composition of the Board of Directors, including its diversity, and that the following information is provided on each board member:

• the name and position of the member

• the age and gender of the member

• date of original appointment to the board, whether the member has been re-elected, and expiry of the current election period

• any special competences possessed by the member

• other managerial positions held by the member, including positions on executive boards, boards of directors and supervisory boards and board committees in Danish and foreign foundations, enterprises and institutions, as well as other demanding organisation tasks

• whether the member owns shares, options, warrants and similar in the

T he LEGO F oundation complies

The LEGO Foundation complies.

The LEGO Foundation complies.

foundation’s subsidiaries and/or associated companies

• whether the member has been appointed by authorities/providers of grants

• whether the member is considered independent.

2.3.5

It is recommended that the majority of the members of the Board of Directors of the commercial foundation are not also members of the Board of Directors or executive board of the foundation’s subsidiary(ies), unless it is a fully owned actual holding company.

2.4 Independence

2.4.1

It is recommended that an appropriate proportion of the Board of Directors be independent.

If the Board of Directors (excluding employee representatives) is composed of:

• up to four members, at least one member should be independent

• between five and eight members, at least two members should be independent

• 9 to 11 members, at least three members should be independent, and so on.

The LEGO Foundation complies.

The LEGO Foundation complies.

To be considered independent, this person may not, for example:

• be or within the past three years have been member of the executive board, or senior employee in the foundation, or an essential subsidiary or associated company to the foundation

• within the past five years have received larger emoluments, including distributions or other benefits from the foundation/group or a subsidiary or associated company to the foundation in other capacity than as member of the board of directors or executive board of the foundation

• within the past year have had a significant business relationship (e.g. personal or indirectly as partner or employee, shareholder, customer, supplier or member of the executive management of companies with corresponding connection) with the foundation/group or a subsidiary or associated company to the foundation

• be or within the past three years have been employed or partner at the external auditor

• have been a member of the Board of Directors or executive board of the foundation for more than 12 years

• be a close relative of, or in some other way be especially close to, persons who are not considered independent

• be the founder or a significant donor if the purpose of the foundation is to grant support to this person’s family or others who are especially close to this person

• be a member of the management of an organisation, another foundation or similar, which receives or repeatedly within the past five years has received significant donations from the foundation.

Recommendation

2.5 Appointment period

2.5.1

It is recommended that members of the Board of Directors be appointed for a minimum period of two years and a maximum period of four years.

T he LEGO F oundation complies

2.5.2

It is recommended that an age limit for members of the Board of Directors be set, which is published in the management commentary or on the foundation’s website.

The LEGO Foundation complies.

The LEGO Foundation complies.

Recommendation

T he LEGO F oundation complies

2.6 Evaluation of the performance of the Board of Directors and executive board

2.6.1

It is recommended that the Board of Directors establishes an evaluation procedure in which the Board of Directors, the chairman and the contributions and performance of individual members are evaluated annually, and the result is discussed by the Board of Directors.

The LEGO Foundation complies.

2.6.2

It is recommended that once a year the Board of Directors evaluates the work and performance of the executive board and/or the administrator (where relevant) in accordance with predefined clear criteria.

The LEGO Foundation complies.

Recommendation

3. Remuneration of management

3.1.1

It is recommended that the members of the Board of Directors of commercial foundations be remunerated with a fixed remuneration and that members of an executive board, if any, be remunerated with a fixed remuneration, possibly combined with a bonus which should not be dependent upon accounting results. The remuneration should reflect the work and responsibilities consequential to the position.

T he LEGO F oundation complies

The LEGO Foundation complies.

3.1.2

It is recommended that the financial statements provide information about the full remuneration received by each member of the Board of Directors and any executive board from the commercial foundation and from the foundation’s subsidiaries and associated companies. Furthermore there should be information on any other remuneration which members of the Board of Directors and any executive board have received for performing other work or tasks for the foundation, the foundation’s subsidiaries or associated companies, except for the remuneration of employee representatives as employees.

The LEGO Foundation complies.