42217506 2023-09-01 2024-08-31 42217506 2023-09-01 2024-08-31 ifrs-full:SeparateMember 42217506 2022-09-01 2023-08-31 ifrs-full:SeparateMember 42217506 2024-08-31 ifrs-full:SeparateMember 42217506 2023-08-31 ifrs-full:SeparateMember 42217506 2023-09-01 ifrs-full:SeparateMember 42217506 2022-09-01 ifrs-full:SeparateMember 42217506 2022-09-01 2023-08-31 42217506 2024-08-31 42217506 2023-08-31 42217506 2023-09-01 42217506 2022-09-01 42217506 2023-09-01 2024-08-31 0 42217506 2023-09-01 2024-08-31 0 42217506 2023-09-01 2024-08-31 1 42217506 2023-09-01 2024-08-31 2 42217506 2023-09-01 2024-08-31 3 42217506 2023-09-01 2024-08-31 4 42217506 2023-09-01 2024-08-31 5 42217506 2023-09-01 2024-08-31 0 42217506 2023-09-01 2024-08-31 1 iso4217:EUR xbrli:pure Regnskabsklasse C, stor virksomhed 417200000 308600000 108600000 24800000 35200000 40700000 0 -16400000 6700000 70000000 -71800000 9000000 -80800000 -84700000 3900000 -7900000 16400000 48400000 -12900000 43000000 7900000 -23900000 0 2600000 3100000 23200000 0 -28900000 5000000 103200000 56400000 5100000 46700000 -1400000 -6100000 -16300000 -10800000 -2400000 -24700000 -105500000 -106700000 1200000 Spring TopCo DK ApS Agern Allé 24 2970 Hørsholm 42217506 2023-09-01 2024-08-31 2025-02-24 Cecilie Dohn <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management commentary</td></tr><tr><td colspan="1">Spring Topco DK ApS (hereinafter “Oterra”, and together with its subsidiaries “Oterra Group”) is owned by the leading Nordic private equity firm EQT.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">EXECUTIVE SUMMARY</td></tr><tr><td colspan="1">The Oterra group hereby releases its Annual Report for 2023/24. The fiscal year 2023/24 marks another year of important advances in the development of Oterra. The 12 months have seen a solid improvement in financial performance that has highlighted the ability of the company to positively react to challenges in the market, and further development of the infrastructure and processes that will serve Oterra’s growth in the coming years. Oterra is built on the premise that ‘we make nature easy’. And the past year has shown how far we have come in fulfilling that promise to our customers. A strong focus on sales and sales excellence was repaid with an improved sales pipeline that has been built up on better leads and a closer connection to our customers. That connection has also been reinforced by a series of new product launches that have shown our leading position in the industry by innovative sourcing or new ways of production. Simply Brown, a clean label brown, was quickly followed by Jungle Blue, a safe and vibrant, sustainably sourced acid stable natural blue. In January, Oterra announced a pioneering partnership with VAXA Technologies in Iceland to produce pigments from microalgae via an innovative cultivation method that uses waste heat, natural CO2 emissions and 100% clean energy as inputs. A clear Go to Market strategy with these new products and existing elements in our product portfolio was supported by even better coordination across the various Oterra functions. This means that we were more focused on how we approached our customers and with a more efficient use of resources which also reduced costs. - One of the benefits of being an EQT company has been the ability to use its knowledge to better integrate the Oterra group companies. These elements are also paving the way for even better integration and efficiency in the coming years.</td></tr><tr><td colspan="1">We introduced the first building blocks of our Integrated Business Planning process linking our product portfolio, sales, production, finance and supply chain. Having an integrated business plan is vital for Oterra, with a 24-month horizon for getting the right crops to the market as exciting new products when our customers need them. Once again, a step towards making natural colors easy for our customers. One of the challenges in providing natural colorings is that nature itself is sometimes unwilling to cooperate. As such we had to work even harder and capitalize on our established Business Continuity Plans to manage raw materials and supplies to ensure that our customers were able to continue production. Poor annatto and carmine harvests because of droughts in the growing areas were two of the challenges that were tackled thanks to a continued diversification of sourcing in several regions, and the broad range of pigments offered by Oterra. A new leadership team is now in place thanks to the successful recruitment of a Chief Financial Officer, Chief Commercial Officer and Chief People and Culture Officer who joined at various points during the year, leading the strong One Oterra leadership network of experts already in place. We have now a solid foundation to build on and we finished the year ready to take the company forward together. At Oterra we believe that no one knows color like nature and so to preserve our business we also need to keep nature healthy and focus on sustainability both in the way we run - our business and in the products we deliver to the market. Highlights in the past year have been the validation of our ambitious greenhouse gas reduction targets by the Science Based Targets initiative and our decision to begin reporting under EcoVadis as a way to help our customers audit our sustainability performance more easily. The introduction of a biomass boiler at our Cossé site in France is a clear example of our commitment to accelerate decarbonization and has contributed to an impressive 22% reduction in our Scope 1 emissions compared with the previous year.</td></tr><tr><td colspan="1">With a solid platform for growth we are well prepared to capitalize on the trend towards products focusing on health and wellness - which is a strong driver of consumer demand. That, together with a growing responsibility towards sustainability among consumers and our customers, play to the strengths of what we can offer. As such, we believe that the move towards natural colors will continue to grow.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial Review</td></tr><tr><td colspan="1">In the financial year 2023/24, the Oterra Group continued delivering solid improvements in financial performance, while investing continuously in the people, processes and infrastructure that will serve Oterra's growth in the coming years. As anticipated, Oterra has reacted positively to challenges in the market and benefited from diversification of sourcing areas while launching a series of new products displaying innovative sourcing or new ways of production.</td></tr><tr><td colspan="1">Financial performance</td></tr><tr><td colspan="1">The financial result for 2023/24 reflects the continued transformational journey that Oterra is on, building a market leader with one of the widest product portfolios in the market, dedicated to natural colors and coloring foods. Throughout the year, focus has been on operational improvements and establishing the right technological infrastructure to support a scalable platform as well as stronger business processes around sales excellence and customer centricity. With more structured internal collaboration and efficient use of resources, the company continued reducing operational and administrative costs.</td></tr><tr><td colspan="1">The financial performance for the year delivered revenue of EUR 417.2 million, EBITDA before special items of EUR 50.6 million and a negative EBIT of EUR 7.9 after special item costs amounting to EUR 16.4 million. During the financial year 2023/24 the following key events impacted not only the results but also the development of the Oterra Group: Partnership with VAXA Technologies to produce pigments from microalgae ... Investment in a new, state of the art production site in the US Further strengthening the management team with key executive appointments Continued focus on establishment of right infrastructure and business processes ... Establishment of a clear Go to Market Strategy First building blocks of our Integrated Business Planning process</td></tr><tr><td colspan="1">Market challenges</td></tr><tr><td colspan="1">Continued macroeconomic and geopolitical instability influenced consumer trends while raw material harvests were impacted by drought in the growing areas. Throughout the year, Oterra proactively managed raw materials and supplies to ensure customers were able to continue production while improving inventory levels.</td></tr><tr><td colspan="1">Development of inflation rates have primarily impacted personnel cost. Increased interest rates affected borrowings and are mitigated through the Groups risk management.</td></tr><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Net revenue increased by 5.4% to EUR 417.2 million (2022/23: EUR 396.0 million) in line with last year's outlook, considered in line with expectations and all organic growth. The net revenue increase is driven out of most markets.</td></tr><tr><td colspan="1">Gross margin</td></tr><tr><td colspan="1">Gross profit increased by EUR 21.1 million to EUR 108.6 million (2022/23: EUR 87.5 million). This led to a gross margin of 26.0% (2022/23: 22.1%). The gross margin improvement is a result of higher operational effectiveness.</td></tr><tr><td colspan="1">Special items</td></tr><tr><td colspan="1">Oterra has invested into the business to build a robust foundation and readiness for expected near term market opportunities. In 2023/24 several investments have progressed, resulting in special item costs of EUR 16.4 million (2022/23: EUR 31.9 million). The special item costs have decreased over the year and compared to prior years with the completion of several projects as well as lower M&amp;A activity. The trend is expected to continue in 2024/25.</td></tr><tr><td colspan="1">EBITDA</td></tr><tr><td colspan="1">EBITDA before special items increased by 42.9% to EUR 50.6 million (2022/23: EUR 35.4 million), above last year's outlook, despite continued significant investments in infrastructure and business processes over the year. This results in an EBITDA margin before special items of 12.1% (2022/23: 9.0%) primarily driven by the revenue growth and continued focus on operational efficiency.</td></tr><tr><td colspan="1">EBIT</td></tr><tr><td colspan="1">The operating result significantly improved by EUR 76.5 million to a loss of EUR 8.5 million in 2023/24 (2022/23: EUR 85.0 million loss). This improvement is mainly driven by revenue growth, higher operational efficiency, a lower degree of non- recurring costs related to M&amp;A activities and no impairment losses compared to last year (2022/23: EUR 43.0 million).</td></tr><tr><td colspan="1">EBIT before special items</td></tr><tr><td colspan="1">The operating result before special items increased to a profit of EUR 7.9 million (2022/23: EUR 10.1 million loss), mainly driven by revenue growth and cost control.</td></tr><tr><td colspan="1">Net financials</td></tr><tr><td colspan="1">Reported net financials resulted in an expense of EUR 63.3 million (2022/23: EUR 50.8 million), in line with last year and continuously driven by higher interest levels and fluctuating currency exchange rates.</td></tr><tr><td colspan="1">Result for the year</td></tr><tr><td colspan="1">The financial year 2023/24 resulted in a loss of EUR 80.8 million (2022/23: EUR 126.0 million). Albeit a significant improvement to last year, Management does not consider the result satisfactory.</td></tr><tr><td colspan="1">Net working capital</td></tr><tr><td colspan="1">The Net Working Capital developed during the financial year from EUR 151.4 million to EUR 158.2 million driven almost equally across the underlying elements.</td></tr><tr><td colspan="1">Total assets</td></tr><tr><td colspan="1">At the balance date, Oterra´s total assets amount to EUR 1,230.7 million (2022/23: EUR 1,321.2 million). The decrease of 6.8% is mainly related to amortization of intangible assets as well as lower inventories.</td></tr><tr><td colspan="1">Equity</td></tr><tr><td colspan="1">The equity decreased by EUR 110.9 million in 2023/24 to EUR 255.0 million (2022/23: EUR 365.9 million). The decrease is primarily attributable to total comprehensive loss for the year 2023/2024 and adjustment of provision for acquisition of non-controlling interest, partially offset by the capital increase of EUR 5.0 million.</td></tr><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No material events have occurred subsequent to August 31, 2024 that have not already been included in the annual report and that would have a material effect on the assessment of the Group’s financial position.</td></tr><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">Oterra is well prepared to capitalize on the trend towards products focusing on health and wellness. Built on a solid platform for growth, stronger awareness of sustainability among customers and consumers, we see a stronger pipeline to convert to natural colors. The integration of business processes across product, sales and supply chain as well as the integration of the Oterra group companies, positions the Group for sustained success in the dynamic market landscape. Oterra remains focused on continuing its transformative journey, demonstrating adaptability and resilience in the face of industry dynamics. The strategic initiatives implemented lay the foundation for stronger future growth, and the Group is well- poised to navigate evolving market conditions. In conclusion, Oterra expects to continue delivering improving financial performance. Low double-digit growth is expected for the revenue and double-digit growth for EBITDA in 2024/25 in line with current year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="4">Sustainability</td></tr><tr><td colspan="4">This section constitutes Oterra’s statutory reporting on corporate responsibility and gender distribution in management and data ethics cf. §99a, §99b and §99d in the Danish FSA.</td></tr><tr><td colspan="4">Our Sustainability strategy</td></tr><tr><td colspan="4">Our sustainability strategy encompasses our entire value chain and reflects our values, ways of working and corporate culture.</td></tr><tr><td colspan="4">Our processes and definitions for material areas</td></tr><tr><td colspan="4">Our materiality assessment is reviewed annually to ensure ongoing alignment with our stakeholders' key concerns. It has enabled us to identify our most pertinent sustainability focus areas, and empower us to efficiently and transparently track our progress to ensure that we remain on track to achieve our sustainability objectives. The resulting structure serves as the cornerstone of our internal sustainability governance. For each of our focus areas, we have established a comprehensive framework that encompasses the following elements: 1. Clear rationale: We have developed a profound understanding of the significance of each topic to Oterra, recognizing its relevance and impact on our sustainability agenda. 2. Vision and priority initiatives: We have defined a clear vision for each topic, along with a set of priority initiatives that guide our actions and decisions. 3. Key performance indicators (KPIs): We have identified one or more KPIs specific to each topic, enabling us to effectively measure and monitor our progress over time. 4. Ownership and responsibility: Each topic has been assigned an owner who is responsible for driving the related work, ensuring accountability and successful implementation. 5. Senior leadership sponsorship: A member of our senior leadership team acts as a sponsor for each topic, providing guidance, support, and advocacy to foster its successful integration throughout the organization. 6. Ongoing goal setting: We maintain a dynamic and iterative process of goal setting, regularly reassessing targets and milestones to adapt to evolving circumstances and emerging opportunities.</td></tr><tr><td colspan="4">In 2024/25 we are carrying out a comprehensive double materiality assessment in preparation for reporting under the European Sustainability Reporting Standards (ESRS) as mandated by the EU Corporate Sustainability Reporting Directive (CSRD). Oterra will begin full ESRS reporting from 2025/26.</td></tr><tr><td colspan="4">Sustainable value chain from raw material to consumer</td></tr><tr><td colspan="4">Our natural colors are used in applications across a wide range of food, beverage, and pet products globally. By adding value across the entire supply chain, we seize the opportunity to actively contribute to the development of resilient agricultural systems and streamlined production processes. Through meticulous analysis of our value chain, we have taken a comprehensive approach within our sustainability strategy to address both opportunities and risks at every stage beginning from the sourcing of raw materials and extending all the way to the end consumer.</td></tr><tr><td colspan="4">Climate action journey</td></tr><tr><td colspan="4">As a company deriving its products from nature, climate action is high on Oterra’s agenda. In November 2023, our GHG reduction targets were validated by the Science Based Targets initiative (SBTi), the most recognized organization globally for developing methods and criteria for effective corporate climate action. Our targets of 42% reduction in Scopes 1 and 2 and 25% reduction in Scope 3 by 2030 are set on an absolute basis, which means reducing total impact even if the business is growing. The SBTi has classified Oterra’s scope 1 and 2 target ambition as being in line with a 1.5 degree trajectory, which is currently the most ambitious designation available through the SBTi process. Our Scope 3 target is aligned with the well below 2 degrees scenario. In 2023, we reduced our emissions across the three scopes - despite including additional sites resulting from acquisitions in our calculations. Our scope 1 emissions decreased by 22% from 12,311 tCO2e in 2022 to 9,585 tCO2e in 2023 as a result of the implementation of energy upgrades and conservation measures, particularly the commissioning of our new biomass boiler at our site in Cossé, France, which replaced a heavy fuel boiler.</td></tr><tr><td /><td>Scope 1</td><td>Scope 2</td><td>Scope 3</td></tr><tr><td>GHG Protocol definition</td><td>All direct emissions from owned or controlled source</td><td>Indirect emissions from the generation of purchased energy</td><td>All indirect emissions (not included in Scope 2) that occur in the value chain, including both upstream and downstream emissions</td></tr><tr><td>Oterra's impacts</td><td>Natural gas and fuel used in production and refrigerants</td><td>Purchased electricity and district heating</td><td>The growing and third-party processing of raw materials, transportation and distribution, packaging and business travel</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>2022 Baseline (Rebaselining ongoing)</td><td>12,311 tCO2e*</td><td>422 tCO2e* market based</td><td>238,808 tCO2e**</td></tr><tr><td>2023 result</td><td>9,585 tCO2e</td><td>340 tCO2e market based</td><td>160,812 tCO2e***</td></tr><tr><td>2030 target</td><td>42% absolute reduction</td><td>42% absolute reduction</td><td>25% absolute reduction</td></tr><tr><td colspan="4">* Currently being rebaselined due to acquisitions being incorporated into the 2022 baseline. ** Currently being rebaselined due to the discontinuation of the Quantis methodology, and acquisitions being incorporated into the 2022 baseline. *** The decrease in Scope 3 emissions is mainly attributable to change in calculation methodology. a</td></tr><tr><td colspan="4">Our Scope 2 emissions remain negligible as a result of sourcing 100% renewable - electricity a proud commitment that Oterra has upheld since the company was born in 2021. Our Scope 3 emissions also fell. However, the decrease was mainly caused by a change in calculation methodology. Because of this change in methodology, along with the incorporation of additional sites, we are in the process of rebaselining our 2022 emissions, results of which will be shared in future reporting. Oterra is further preparing to report under the new SBTi Forest, Land and Agriculture (‘FLAG’) requirements, which is the world's first standard that include land-based emissions reductions and removals. We are looking forward to continue showcasing our climate leadership in the years ahead. Some notes on our data</td></tr><tr><td colspan="4">• Our GHG emissions data is calculated on the calendar year which differs from Oterra’s financial year. • Our 2022 baseline includes our production sites in Avedøre (DK), Canossa (IT), Chiva (SP), Cossé (FR), Milwaukee (US), La Molina (PE), Valinhos (BR) as well as a site in Holbeach (UK) which has since been closed. Our 2023 calculations further include acquisitions F.I.S with one site in Missouri (US) and Akay with four sites in India. • Office locations with a minimum threshold of 15 staff are included in the data. Excluding smaller office locations which make up less than 5% of Oterra’s total emissions is allowed under SBTi guidance. • Our Scope 3 data has been calculated using a hybrid accounting method, using spend based, activity based as well as supplier specific data. We continue to incorporate activity-based and supplier-specific data where available, and thereby improve the granularity of our Scope 3 data each year.</td></tr><tr><td colspan="4">Scope 1 &amp; 2</td></tr><tr><td colspan="4">Energy upgrades &amp; conservation measures: By implementing the upgrades and conservation measures identified through comprehensive energy audits conducted at our production sites, we improve energy efficiency and reduce emissions. Continued sourcing of 100% renewable electricity: We are committed to utilizing electricity solely from renewable sources. By maintaining this commitment, we reduce our Scope 2 emissions while supporting the global transition to a clean energy future. In 2023/2024, we installed a new solar PV system on the roof of our production site in Italy, proudly adding to our sites that already produce renewable electricity on-site.</td></tr><tr><td colspan="4">Scope 3</td></tr><tr><td colspan="4">Increasing yield from field to end product: We work with suppliers as well as with our own processes to reduce color unit losses throughout the entire value chain, from the raw material to the end product. Our breeding initiatives: improve color content in the raw material, enabling us to use less material input to produce the same end product and hence reducing Scope 3 impacts. We invest in biotech solutions that reduce climate risks and impact. Engagement and collaboration with suppliers: We actively engage with our suppliers to explore opportunities to lower emissions associated with the cultivation and processing of our raw materials. This collaborative approach enables us to collectively work towards sustainable practices and emission reductions throughout the supply chain.</td></tr><tr><td colspan="4">Environment</td></tr><tr><td colspan="4">Energy</td></tr><tr><td colspan="4">As a manufacturer of natural products with several large production sites globally, energy is central to our corporate strategy due to its impact on our GHG emissions and our bottom line. Our main sources of energy are electricity and natural gas used in our production processes. We are proud to source 100% renewable electricity. By improving energy efficiency we further reduce energy intensity in production. We have carried out comprehensive on-site energy audits via a specialized third party at our main global production sites. These audits have resulted in a detailed understanding of our energy consumption, as well as a clear roadmap for upgrades and energy conservation measures that help improve our energy efficiency and lower our GHG emissions from energy. The energy conservation measures and upgrades have been ranked by priority, scheduled and structured into budgets. For 2023/24, our goal was to reduce energy intensity in production by 4% (measured in KwH per tonne of production of semi-finished and finished goods) for our company weighted average. While we fell short of our ambitious target, we are proud to have achieved a reduction of 2% as a result of these site-specific energy conservation measures.</td></tr><tr><td colspan="4">New biomass boiler at Cossé site</td></tr><tr><td colspan="4">In 2023/2024, we revealed our new state-of- the-art 3.5 MW biomass boiler at our Cossé-le-Vivien site in France, replacing a heavy fuel boiler and marking a significant step forward to reduce our Scope 1 emissions. The biomass boiler now covers more than 82% of the site’s steam requirements, in addition to a new gas steam boiler that provides backup support. It efficiently utilizes wood chip byproducts from woodland and agroforestry residue, sourced from within 150 km of the plant - manifesting our commitment to local, renewable energy and sustainable resource management in general.</td></tr><tr><td colspan="4">Renewable electricity</td></tr><tr><td colspan="4">Since Oterra became a standalone company in 2021, we are proud to have sourced 100% renewable electricity. In the beginning, this commitment was focused on our main production sites, while it now covers the entire company including acquisitions and larger office locations. Continuing to utilize renewable electricity forms an important part in our strategy for achieving our GHG emissions reduction targets by 2030. In 2023/2024, we installed a new solar PV system on the roof of our production site in Italy, proudly adding to our sites that already produce renewable electricity on-site.</td></tr><tr><td colspan="4">Water</td></tr><tr><td colspan="4">Water is an increasingly scarce and precious resource, and if not managed properly it can become a business risk since water is required both for the growing of our raw materials as well as during our processes in our factories. We track the factory water intensity in production (m3 of water used per tonne of semi-finished and finished goods produced) across all our sites and set site-specific targets for each year. Since each of our sites are different, site specific measures have been identified to conserve water and improve water efficiency. This includes implementing ultrafiltration systems for water recovery, optimizing our CIP (cleaning in place) processes as well as raising awareness to our teams on how individual behavior can help us conserve water. For 2023/24, we achieved our ambitious water efficiency targets for two thirds of the sites in scope, resulting in an overall improvement in water efficiency per ton of production for our company weighted average. For 2024/2025, we continue setting site-specific water efficiency targets and are including additional sites into the commit ment. While our immediate priority is to improve water efficiency in production in our own factories, we are also beginning to work on better understanding the environmental impacts associated with the growing of our raw materials, including water In 2022/2023 we conducted a contextual water risk assessment using the World Resource Institute’s Aqueduct Water Risk Atlas and have confirmed the results of this analysis are still valid. Five of our 12 sites are located in areas of high water stress, situated in Peru, India and Brazil. These findings are taken into account when developing the site-specific water conservation measures.</td></tr><tr><td colspan="4">Waste</td></tr><tr><td colspan="4">At Oterra, we take a holistic approach to waste management. We track all waste generated at our main production sites with a view to reducing waste generation and increasing recycling. We work with specialized partners to ensure proper disposal of the waste we produce, including hazardous waste. All this helps us lower costs and environmental impact, while improving operational efficiency.</td></tr><tr><td colspan="4">Byproducts utilization</td></tr><tr><td colspan="4">The extraction and manufacturing of our natural colors creates byproducts in the form of biomass. We as Oterra see our byproducts not as waste but as opportunities to . create value for our business and our partners. Our biomass byproducts are used by us or our partners as compost, animal feed, or biogas generation, or is sold on to other industries that benefit from our byproducts in their processes. We have undertaken careful analysis of all our byproducts and their uses, with the view to create increased value for the business while improving circularity. This has helped us identify the top priorities for the coming years where we believe we can create even more value for us, our partners and the planet by optimizing the utilization of our byproducts.</td></tr><tr><td colspan="4">Human rights</td></tr><tr><td colspan="4">At Oterra, we respect human rights as defined in the International Bill of Human Rights and the International Labour Organization Declaration on Fundamental Principles and Rights at Work, and we expect our suppliers, business partners and other established business relationships to do the same. We respect the Ethical Trading Initiative Base Code and the core conventions of the International Labor Organization (ILO). Our work with human rights is an integral part of our continuous support to the UN Global Compact. We source from a wide range of suppliers globally and as such, there is a risk related to the possible employment of suppliers who do not comply with internationally recognized standards and conventions. Oterra’s Whistleblower Portal enables all employees of Oterra, as well as customers, suppliers, business partners and other stakeholders, to report any concerns. In order to do business with Oterra, suppliers need to acknowledge our Supplier Guiding Principles, which entail a set of social and environmental requirements, including respect for human rights and a zero-tolerance policy for bribery and corruption. For suppliers identified as operating in high risk environments, we carry out regular audits at our suppliers' sites. In 2024/25, we are carrying out actions to further strengthen our human rights risk assessment procedures. Third-party audits on social and environmental matters are further performed at Oterra’s production sites with regular intervals. These audits are called SMETA (Sedex Member Ethical Trade Audits) and are managed through Sedex, which is one of the world’s largest collaborative platforms for sharing social and environmental data with customers to which Oterra maintains active participation. In 2023/24, we have not detected any human rights violations in our supply chain.</td></tr><tr><td colspan="4">Data ethics</td></tr><tr><td colspan="4">The digital environment is evolving and continuously revealing new and innovative ways of improving the operations of our company. However, with all the possibilities of a digital transformation come responsibilities and an important focus on data ethics. Oterra is committed to the protection of privacy and to securing transparent and ethical data processing. Oterra encounters different types of data. Internally, it is mainly processing of data about our employees and job applicants. Data about our employees and job applicants include regular personal data, such as names, addresses and phone numbers. In the daily operations, Oterra further processes certain special categories of personal data, for example health information and information about union memberships. Oterra also processes large amounts of data that is not personally identifiable e.g., aggregated data, technical data, statistical data, industrial data, or similar. Such data is used to improve performance and reliability of our products and increase the productivity for the benefit of our customers. Oterra only uses machine learning, artificial intelligence, or algorithms to a limited extent, and always strives to ensure that the systems are designed and utilized with the idea that the use of AI needs to respect the rights and dignity of people and that the results are not discriminatory or biased. Our AI systems are deployed with an appropriate level of human control and oversight, based on the assessed risk to individuals. Further, privacy and security is considered as part of the design of any AI system by implementing adequate measures to mitigate risks to the privacy, security, and safety of individuals. Oterra has implemented a Data Ethics Policy that has been prepared in accordance with §99d of the Danish Financial Statements Act. The purpose of the policy is to formally state Oterra’s data ethics principles and describe the overall ways we process data, making it clear to our customers, suppliers, employees, visitors to our website, and other stakeholders, that we are dedicated to protecting their data. Our policy can be found here: https://wvw.oterra.com/dataethicspolicy. Oterra is committed to the protection of privacy and to securing transparent and ethical data processing.</td></tr><tr><td colspan="4">Anti-bribery and corruption</td></tr><tr><td colspan="4">As a global company operating across diverse geographical contexts with varying business integrity risks, it is essential that we uphold a high standard of compliance in all activities, including product sales, material sourcing, and collaboration with external partners. We have adopted a Global Code of Conduct and Guidelines for gifts, hospitality, and entertainment to ensure that our employees know and act in accordance with our zero-tolerance position on corruption and bribery. Both are available for all employees in various languages. In 2023/24, we conducted awareness training on our Code of Conduct and Whistleblower Policy for all white-collar employees, as well as certain blue-collar employees. Of those included in the training scope, 94% have completed the courses. In the coming financial year, we aim to strengthen our onboarding process by ensuring that all white-collar employees are trained in our Code of Conduct as part of their introduction to the company. Oterra wants to promote a culture based on open dialogue. Oterra’s Whistleblower Portal enables all employees of Oterra, as well as customers, suppliers, business partners and other stakeholders, to report any illegal/unethical misconduct or serious/sensitive concerns. The Whistleblower Policy, which can be found at the Whistleblower Portal, is available in multiple languages and sets out the possibilities for employees, business partners and other stakeholders to raise serious and sensitive concerns for us to reinforce and support our commitment to ensure legal and ethical behavior throughout our operations. The Whistleblower Portal is used to report serious violations or misconduct, or suspicions hereof, that may influence Oterra or the life or health of individuals, including violations, suspicions, and concerns. During 2023/24, we received 11 reports through the Whistleblower Portal, all of which were thoroughly investigated by the Compliance Team. The investigations showed no serious violations of our Code of Conduct, including our position on corruption and bribery.</td></tr><tr><td colspan="4">Memberships and commitments</td></tr><tr><td colspan="4">By actively engaging in these initiatives and memberships, we demonstrate our commitment to sustainability, transparency, and responsible business practices. We strive to make a positive impact not only within our own operations but also across the industries in which we operate.</td></tr><tr><td colspan="4">The UN Global Compact asks companies to embrace, support and enact a set of core values in the areas of human rights, labor, environment, and anti-corruption. Oterra proudly stands as a signatory to the UN Global Compact, demonstrating our unwavering commitment to upholding its principles and advancing sustainable practices. The Science Based Targets initiative (SBTi) is the most recognized organization globally for developing methods and criteria for effective corporate climate action. By aligning our emission reduction goals with climate science, we can make a meaningful impact in combating climate change. Sedex is an organization focused on driving responsible and ethical business practices throughout global supply chains. Our sites regularly undergo Sedex Member Ethical Trade Audits (SMETA), which provide a comprehensive third-party assessment of our operations, ensuring adherence to social and ethical standards. Oterra reports under EcoVadis a globally recognized assessment platform that rates - businesses’ sustainability performance based on four key categories: environmental impact, labor and human rights standards, ethics, and procurement practices. Reporting under EcoVadis helps us in creating robust year-on-year roadmaps for continuous improvements of our sustainability policies, processes and governance.</td></tr><tr><td colspan="4">Diversity and inclusion</td></tr><tr><td colspan="4">Oterra is committed to building a diverse workforce and has more than 45 nationalities contributing with unique skills, experiences, and perspectives. Embracing diversity and inclusion is central to our success, as we aim to create a culture where everyone feels a sense of belonging, attract top talent, and ensure equal opportunities for all.</td></tr><tr><td colspan="4">Our ambition</td></tr><tr><td colspan="4">We believe that diverse representation across experience, nationality, culture, - international background, and gender - drives innovation and growth. By 2025/26, we aim for at least 35% representation of both men and women within our Oterra Leadership Team (OLT) and Oterra Leadership Network (OLN). At the Board of Directors level, we are committed to a target of 40% representation of both genders among appointed members.</td></tr><tr><td colspan="4">Cultivating a diverse talent pipeline</td></tr><tr><td colspan="4">Oterra hires on merit, focusing on the skills and competencies required for each role. We ensure a fair evaluation process that respects all candidates, regardless of gender, race, religion, age, disability, sexual orientation, political orientation, or cultural background. Our recruitment, terms of employment, promotion and termination of employment are practiced on the same criteria as described above. When recruiting for senior leadership positions, it is a requirement that both female and male candidates with relevant skills and competencies are presented, no matter whether recruited internally or externally. Any non-compliance with this requirement must be explained and justified.</td></tr><tr><td colspan="4">Ensuring equal opportunity</td></tr><tr><td colspan="4">At Oterra, we prioritize fostering a culture of continuous learning, encouraging curiosity, and driving innovation. We view every challenge as an opportunity for growth and development. Recognizing that our employees are our greatest asset, we are dedicated to creating an inclusive environment that offers equal opportunities for both personal and professional advancement. Our global People Review process ensures fair and consistent evaluations of employee performance across all functions and regions. This process not only measures goal achievements but also considers the behaviors and approach each employee demonstrates in reaching their annual objectives.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="7">Gender distribution in leadership</td></tr><tr><td colspan="7">This report section fulfills statutory requirements (FSA §99b). As Spring TopCo DK ApS has less than 50 employees the information provided below for other managerial positions is provided for the group as a whole. While Oterra embraces diversity in many dimensions, gender balance remains a key focus. The Board of Directors elected on the general assembly consists of six members, whereas the underrepresented gender is 17%. The target figure is 40% in 2025/26. Within the four externally appointed professional members (non-EQT), the underrepresented gender is 25%.</td></tr><tr><td>Gender distribution at top management levels</td><td>Unit</td><td /><td>2022/</td><td>23</td><td>2023/</td><td>24</td></tr><tr><td>Total number of members</td><td>Number</td><td /><td>6</td><td /><td>6</td></tr><tr><td>of which are externally appointed</td><td>Number</td><td /><td>4</td><td /><td>4</td></tr><tr><td>Underrepresented gender in full BoD</td><td>%</td><td /><td>33</td><td /><td>17</td></tr><tr><td>Target</td><td>%</td><td /><td>40</td><td /><td>40</td></tr><tr><td>Year for fulfilment of target</td><td>Year</td><td>2025/</td><td>26</td><td>2025/</td><td>26</td></tr><tr><td colspan="7">The other managerial positions consist of level 1 and level 2. Level 1 is the Oterra Leadership Team (OLT) and consists of our Chief Executive Officer, Chief Financial Officer, Chief Commercial Officer, Chief Operations Officer (currently vacant), Chief Innovation Officer, Chief Product &amp; Strategy Officer and Chief People &amp; Culture Officer. Level 2 is our senior leadership, referred to as Oterra Leadership Network (OLN), and is comprised of leaders within the company who report directly to an OLT member (Level 1) and hold a significant leadership role in the company. The other managerial positions consist of 68 members, whereas the underrepresented gender is 30%. The target figure is 35% in 2025/26. We are committed to fostering an inclusive workplace culture that ensures equal opportunities for both genders. We strive to achieve gender balance across all levels of management, with a goal to increase the representation of the underrepresented gender. In the financial year, we have discussed and confirmed the policy for gender diversity on the board and the other managerial positions (Level 1 and 2). In the current financial year, we have also made efforts to identify potential candidates for the top management body and OLT (and level 1 in other managerial positions), and actively sought qualified individuals, including those from the underrepresented gender, to increase diversity. Despite these efforts, the most relevant candidates for the board and OLT (and level 1 in other managerial positions) were from the overrepresented gender, which is why we have not achieved our target. As for the Level 2 and below (all leaders in Oterra), we have also made efforts to find diverse candidates, including those from the underrepresented gender. Despite these initiatives, there was a limited number of applications or a limited number of suitable candidates from the underrepresented gender for the level 2 positions, which is why we have not achieved our target; however we have seen a slight increase in number of underrepresented gender in the total Oterra leader population, which aligns with our plan to build a more diverse leadership pipeline. The OLT is our key leadership and consists of our Chief Executive Officer, Chief Financial Officer, Chief Commercial Officer, Chief Operations Officer (currently vacant), Chief Innovation Officer, Chief Product &amp; Strategy Officer and Chief People &amp; Culture Officer. Our senior leadership, referred to as Oterra Leadership Network (OLN), is primarily comprised of leaders within the company who report directly to an OLT member and hold a significant leadership role in the company. A 'leader' includes all employees with personnel responsibility.</td></tr><tr><td colspan="7">Health and Safety</td></tr><tr><td colspan="7">Oterra is committed to ensuring that our activities are carried out guaranteeing the health and safety of our workers, contractors and subcontractors. As such, we are committed to driving towards an incident free work environment. This year has been the start of Oterra´s new company-wide safety journey which is focused on building a</td></tr><tr><td colspan="7">systematic and structured approach to risk management with a focus on safety culture. Overall safety performance has improved from last year and new KPIs have been introduced to better align our focus.</td></tr><tr><td colspan="7">EHS principles</td></tr><tr><td colspan="7">As part of our safety journey, we have launched our environment, health and safety (EHS) principles. The EHS principles are eight systems that will govern key aspects of our business and set up both the operational and managerial standards to which we will adhere. Our goal with this system is to standardize our EHS approach at every site, covering everything from site infrastructure to how our workers are prepared to do their roles. Each of the principles is built up of a master standard with several auxiliary procedures and tools that help clarify and implement the standard. Rollout has started this year with the implementation of isolation management and full implementation is expected to be completed by the end of 2025/26.</td></tr><tr><td colspan="7">Risk management health &amp; safety</td></tr><tr><td colspan="7">We have rebuilt our approach to risk management at our sites focusing on involving and listening to the frontline, gathering valuable operational intelligence and combining this with the technical expertise of our EHS specialists to build a holistic view of our plants. This has been a year-long effort to map all our major hazards at our sites and to evaluate the level of control we have over each hazard to create an effective ranking which allows us to prioritize and ensure awareness from the shop floor all the way to upper management of the top five major hazards at each site. Based on the work we have done in identifying our major hazards, the main risks that Oterra controls with securing a safe work environment for our employees and contractors is our management of the chemicals we utilize and handling the mobile equipment on our sites. Knowing our major hazards, they will undergo several levels of checks each year to ensure consistent and effective control at our sites. This level of verification will be included in the responsibilities of all leaders in the organization so that the interdependent safety culture is further imbedded into how Oterra works.</td></tr><tr><td colspan="7">Safety performance</td></tr><tr><td colspan="7">Overall safety performance has shown a consistent improvement over the year in comparison to prior years. Overall lost time incident (LTI) numbers have slightly decreased and are consistent, however this is only half the picture as over the years, the growth of the organization has been significant and is not reflected in these numbers. When looking at the LTIR (LTI Rate) a clearer picture can be seen of Oterra´s safety performance throughout the years. We have had a significant decrease in the rate of LTIs as our workforce doubled in the last four years.</td></tr><tr><td colspan="7">Sustainability governance</td></tr><tr><td colspan="7">Responsibility for sustainability lies with the highest corporate governance entity, our Board of Directors. Christoffer Lorenzen, non-executive board member, is our board member responsible for sustainability. This means that Christoffer ensures that sustainability progress is regularly reviewed and discussed at board meetings, and is kept up to date on pertinent sustainability matters. The Oterra Leadership Team (OLT) has executive responsibility and decision-making authority over sustainability matters. We have a dedicated Head of Global Sustainability who drives Oterra’s sustainability agenda with a direct reporting line to the CEO, and regularly reviews progress with the full OLT. Each identified sustainability focus area has an owner and a senior leadership team sponsor, and where appropriate, we have formed working groups to drive progress with specific sets of internal and/ or external stakeholders. The Sustainability Accelerator Network is where our focus area owners come together to review and enable progress on Oterra’s key sustainability KPIs, by taking a holistic view on their interdependence. The members of this group also serve as sustainability ambassadors in their respective locations and departments.</td></tr><tr><td colspan="7">Stakeholders</td></tr><tr><td colspan="7">We engage regularly and actively with our stakeholders so that we make balanced decisions and ensure the continuing success of Oterra. To the right is a summary of our key stakeholders, what their sustainability concerns are and how we engage with them. A key stakeholder is defined as a stakeholder impacted by Oterra that has an interest in how we run our business and holds an important role in our company's success.</td></tr><tr><td colspan="7">Risk management</td></tr><tr><td colspan="7">The Board of Directors holds the primary responsibility of aligning the Group's risk exposure with its desired risk profile. The board conducts thorough evaluations to ensure the implementation of appropriate awareness and management processes throughout the organization. The Group CFO assumes the day-to-day responsibility of managing the risk process, while also keeping the board informed about significant developments in the key risk areas. The Group CFO conducts ongoing assessments of our insurance coverage to ensure it remains sufficient for mitigating day-to-day concerns. Our risk management practices are built upon continuous monitoring, allowing us to identify relevant risks promptly. Through our enterprise risk management practice, we aim to proactively identify, monitor, assess, and mitigate risks at the earliest stage possible, effectively managing both the likelihood and potential impact.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement of the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and the Board of Directors have today considered and adopted the Annual Report of Spring TopCo DK ApS for the financial year ended August 31, 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position at August 31, 2024 of the Group and the Parent Company and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year September 1, 2023 - August 31, 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of their results of operations for the year, and of the financial position of the Group and the Parent Company, as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Hørsholm 2025-02-24 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Spring TopCo DK ApS</td></tr><tr><td colspan="1">Report on the audit of the consolidated financial statements and the parent company financial statements</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Spring TopCo DK ApS for the financial year 1 September 2023 31 August - 2024, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 August 2024 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year September 1, 2023 August 31, 2024 in - accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards</td></tr><tr><td colspan="1">Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on our procedures, we conclude that the Management's review 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 misstatement of the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for such internal control as Management determines is 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, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and 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 the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.</td></tr><tr><td colspan="1">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 for 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 Group's and the Parent Company's internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ► Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company'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 Group and the Parent Company to cease to continue as a going concern. ► Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2025-02-24 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1326.0, by EasyX Aps. www.easyx.eu 2022-09-01 2023-08-31 Revisionspåtegning Grundlag for konklusion Konklusion 802 0 87000 0 -348000 444000 27748000 -27739000 0 -27739000 87000 348000 -372000 6327000 5520000 -105593000 5000000 100068000 105068000 -16000 4995000 -70000 -70000 -27809000 0 54000 50000000 -23000 341000 16389000 -66125000 0 -66125000 54000 23000 273000 -5254000 -5058000 -158594000 138666000 27467000 166133000 -16000 2481000 -1001000 -1001000 -67126000 760077000 0 760077000 4788000 0 7463000 12251000 772328000 206000 3806000 463312000 467324000 300536000 300536000 4265000 203000 4468000 305004000 772328000 7463000 655399000 0 655399000 9808000 21000 2484000 12313000 667712000 204000 -1122000 491051000 490133000 173454000 173454000 4105000 20000 4125000 177579000 667712000 2484000 2484000 19000 396000000 308500000 87500000 26300000 29200000 42100000 43000000 -31900000 5600000 56400000 -135800000 -9800000 -126000000 -130900000 4900000 10100000 31900000 49600000 2600000 28000000 10100000 -27900000 131400000 0 3800000 36900000 0 -172100000 138500000 122800000 29100000 3100000 229100000 -2500000 29100000 -38200000 -600000 -100000 -38700000 -164700000 -165100000 400000 366800000 407700000 154900000 18000000 6700000 954100000 114100000 88100000 5100000 22800000 7800000 38700000 276600000 1230700000 200000 -2000000 -39500000 296000000 300000 255000000 1000000 77300000 731300000 20900000 43700000 1000000 875200000 20200000 3000000 44000000 2900000 30400000 100500000 975700000 1230700000 38700000 402000000 432800000 152600000 24500000 17100000 1029000000 127200000 89000000 7000000 19000000 3800000 46200000 292200000 1321200000 200000 6400000 -25900000 384800000 400000 365900000 1600000 93700000 634500000 17700000 33300000 600000 781400000 49000000 6900000 64900000 4800000 48300000 173900000 955300000 1321200000 46200000 46200000 19600000 Martin Sonntag CEO Cornelis de Jong Chair Nils Philipp Ketter Vice Chair Christoffer Erik Mathies Lorenzen Xiangwei Gong Thijs William Bakker Vesa Veikko Koskinen EY Godkendt Revisionspartnerselskab 30700228 Jens Thordahl Nøhr State Authorised Public Accountant mne32212 Mads Vinding State Authorised Public Accountant mne42792 30700228 EY Godkendt Revisionspartnerselskab