36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 36026642 2024-01-01 2024-12-31 cmn:ConsolidatedMember 36026642 2025-12-31 cmn:ConsolidatedMember 36026642 2024-12-31 cmn:ConsolidatedMember 36026642 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36026642 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36026642 2024-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36026642 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36026642 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36026642 2025-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 36026642 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 36026642 2023-12-31 cmn:ConsolidatedMember 36026642 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ShorttermDebtToBanksMember 36026642 2025-01-01 2025-12-31 36026642 2024-01-01 2024-12-31 36026642 2025-12-31 36026642 2024-12-31 36026642 2024-12-31 fsa:ContributedCapitalMember 36026642 2024-12-31 fsa:RetainedEarningsMember 36026642 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 36026642 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36026642 2025-01-01 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 36026642 2025-12-31 fsa:ContributedCapitalMember 36026642 2025-12-31 fsa:RetainedEarningsMember 36026642 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Annual report 2026-03-16 Kenneth Tjørnelunde Borup The Board of Directors and the Executive Board have today considered and approved the annual report of Lion Danmark I ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Frederikssund 2026-03-16 Kenneth Tjørnelunde Borup CEO Peter Korsholm Chairman Morten Strømsted Johanne Christiane Frazer Riegels Asbjørn Kaas Kastaniegaard To the shareholders of Lion Danmark I ApS We have audited the consolidated financial statements and the parent financial statements of Lion Danmark I ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. 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 financial statements" section of this auditor’s report. We are independent of the Group in accordance ​with the International Ethics Standards 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 the 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent 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 consolidated 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.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. Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent 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 commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Frederikssund 2026-03-16 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Eskild Nørregaard Jakobsen State Authorised Public Accountant mne11681 Christian Dahlstrøm State Authorised Public Accountant mne35660 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresRevenue1,116,7341,038,400985,634950,231926,984Gross profit/loss224,187194,425190,700175,476166,489EBITDA (adjusted)106,39483,20493,29083,04987,414Operating profit/loss76,98851,46859,54947,70552,332Net financials(10,332)(12,219)(6,667)(6,215)(4,970)Profit/loss for the year50,24728,85638,48830,66735,198Balance sheet total321,294341,150316,454337,122361,373Investments in property, plant and equipment1,6032,8321,6143,0382,617Equity53,24772,69643,862104,42373,756RatiosGross margin (%)20.0818.7219.3518.4717.96Net margin (%)4.502.783.903.233.80Return on equity (%)79.7949.5151.9134.4243.34Equity ratio (%)16.5721.3113.8630.9720.41Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. ​​EBITDA (adjusted): ​Operating profit excl. depreciation and amortization and other operating expensesGross margin (%) :​Gross profit/loss * 100​​RevenueNet margin (%) : Profit/loss for the year * 100 ​​RevenueReturn on equity (%) :Profit/loss for the year * 100 ​​​Average equityEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe Group provides office equipment, office technology, furniture and accessories via web sales throughout Denmark and Sweden. Development in activities and financesThe Group's revenue in 2025 amounts to DKK 1,117 million, which corresponds to an increase of 7.5% compared to the revenue in 2024, which is above expectations for 2025 communicated in the annual report 2024. ​ ​Earnings Before Interest, Taxes, Depreciation and Amortisation excl. other operating expenses (EBITDA adjusted) amounted to DKK 106,4 million compared to DKK 83,2 million in 2024, which is above expectations for 2025 communicated in the annual report 2024 due to among others higher efficiency and lower freight prices etc. ​ ​Result after tax amounted to DKK 50,2 million compared to DKK 28,9 million in 2024. ​​Changes in accounting policies​The comparative figures for the Parent Company have been restated following the change in accounting policies, which has been outlined in detail in the accounting policies. ​​For the Parent, the change in accounting policies has led to a decrease in "income from investments in group enterprises" in the income statement from DKK 29,767 thousand to DKK 0 in 2024, and an increase in "investments in group enterprises" in the balance sheet from DKK 67,741 thousand to DKK 110,040 thousand at the end of 2024. ​ ​The change in accounting policy has impacted the balance sheet total by DKK 42,299 thousand and equity at the beginning of the year by DKK 42,299 thousand, as specified in parent's statement of changes in equity ​for 2025. ​ ​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year. Profit/loss for the year in relation to expected developmentsWith ongoing challenging market conditions, the profit of the year is considered very satisfactory. OutlookThe Group performance is among other things affected by the general macroeconomic conditions incl. development in private, public and B2B consumption, which makes expectations for 2026 for development in revenue and net result after tax difficult. ​ ​The Group is not able to quantify expectations for 2026 substantiated by specific percentage on development in revenue and net result after tax at this time, however the Group expects for 2026 a slight increase in revenue and​net result after tax. Statutory report on corporate social responsibilityThe Group has an ongoing focus on its CSR policy including clear visions on environmental and climate protection​and human rights. The Group has identified the following risks as the most relevant based on our business model:​​Human rights: ​Risk of not providing equal opportunity disregarding sex, gender and religion towards employees and business partners. If the risk materializes, this could impact our reputation and our ability to attract and retain employees. The leaders and managers follow a management codex, which specifies that all employees must be treated equally by treating them differently. They must also understand their employees, maintain a good dialogue, and take the lead towards the desired behavior of inclusion and good cooperation.​​Human rights matters: ​Our policy is to treat customers, suppliers, employees and all other business partners professionally, with respect​and with a high level of ethical standards. This means also that we accept no disrespect for rules, laws and agreements here under also corruption, and that potential breaks will not be accepted. We have implemented strong business controls and standards, which should also serve to prevent any misconduct. We have not experienced any incidents of misconduct in 2025. We will keep paying high attention to the Human rights area in 2026 as well.​ ​The Group pays great attention to creating a strong and motivating company culture. We believe that strong culture and strong leadership are the foundation for securing continued growth in our company. In this perspective, we work with various objectives, which support employee growth and development and, at the same​time, create a fun and interesting workplace. We believe that the continuous efforts in 2025 in this area have resulted in the Group maintaining its position as an attractive workplace.​​Social/employee: ​Risk of not behaving in an ethical manner in general across the entire organization, risk of not putting enough effort into engaging with the local community, and risk of not providing proper work conditions for the employees of the company. If the risk materializes, this could impact our ability to attract and retain employees. Great focus was placed on employees’ well-being in 2025. One survey covering employee well-being was carried out, and improvements were made based on the results. During the year, several social events were held, where the focus was on joy and cooperation. Lomax is proud to employ many local employees, and to sponsor local charities.​​Social/employee matters: ​The Group also works very focused with social- and employee matters. Specific objectives have been defined in a number of relevant areas. It is our company policy to secure diversity in aspects such as gender, education, and work experience. As part of the yearly strategy planning, the constitution of the board- and management layers are discussed. This aspect is also an integrated part of both the recruitment processes and the daily work. We believe in equal opportunity disregarding sex, gender and religion etc., and integrate this belief in all aspects of our daily business. We will keep paying high attention to Social/Employee matters in 2026 as well.​​Environment: ​Risk of not having sufficient green alternatives in product assortment, and risk of not improving ​satisfactory on carbon footprint on the company premises including warehouse facilities. If the risk materializes, this may impact the local environment. Lomax has produced a climate report for each year since 2020 and focuses on lowering the greenhouse gas emissions connected to the company´s operations. We have entered dialogue with our suppliers about products that affect the climate and environment to a lesser degree, and we push our customers to buy these products. ​​Going forward, Lomax strives to provide our customers with better, more durable products which have a lower effect on the environment and climate. We work with our freight forwarders to maximize the efficiency of deliveries, in a more sustainable way. All in all, our goal is to secure a collaboration with our suppliers to promote a more sustainable everyday life throughout our value chain.​​Environment matters: ​The overall strategy is year by year to take various actions, which will have positive effects on climate and environment in general. A good example of which is the fact that we, throughout the company, have decreased the production of waste significantly, and almost 80% of which ends up being recycled. Another example is the change in packaging materials used towards 100% recycled materials, and recyclable materials. ​In 2025 and forward we intend to continue close dialogue with our suppliers and customers to promote green products even further. ​​Anti-corruption: ​Risk of not being compliant with anti-corruption rules when having transactions with partners in various countries. If the risk materializes, this could impact our reputation and lead to criticism from stakeholders. ​ ​Transactions with external partners abroad consist of purchases from suppliers. The most significant risks are assessed to be associated with suppliers abroad. The company's purchasing department is subject to special guidelines which aim to reduce inappropriate behavior in connection with purchases from external suppliers abroad. ​ ​The Group takes the CSR policy very seriously and has clear ambitions and strategy for the efforts within. The concrete efforts and strategy of the Group are explained in detail below. ​​Anti-corruption matters: ​The Group pay high attention to securing high ethical standards across the entire organization. This also implies a​strong focus on always dealing at arms lengths principles and staying within the boundaries of laws and regulations in all countries which we have transactions within. In areas such as bribes, fraud and money laundering there is a zero-acceptance policy within the Group. The entire organization is aware the company´s policy in this area. We have designed our business procedures to support the overall strategy in the above-mentioned areas. The Group evaluates the results of the efforts on an on-going basis. During 2025, Lomax Partnership Policy has been sent to the company’s suppliers. The policy sets demand for labor rights, human rights, the environment and anti-corruption in accordance with the UN’s Global Compact 10 principles. During 2025 we have not experienced any incidents of corruption. We will continue our focus on implementing various improvements year by year, and evaluation of results will continuously be made during strategy/management meetings.​​CSR-report: ​The Group has decided to increase the focus on CSR even further. Therefore, a detailed CSR-report was made in 2025 for the year 2024. The report was based on the VSME standards for Small & Medium Sized businesses. The report was published as a thorough review of all the ESG data monitored by the company on the company homepage. Statutory report on data ethics policy ​Introduction ​Integrity and transparency are two key factors at Lomax A/S. We strive to comply with all requirements, ​including section 99d of the Danish Financial Statements Act governing data ethics. However, our attention is focused on the fact that legislation does not necessarily always follow technological developments. As a company,​we have a responsibility to act ethically in data collection and data use, both in our customers’ and own interests. The data ethics policy aims to account for the data collection and data use of Lomax A/S. The data ethics policy is supplemented by Lomax's personal data policy, which is available on Lomax.dk and to all Lomax employees. ​​Data overview ​Lomax uses private customer and business customer information to manage marketing, invoicing, tendering, etc,​including names, addresses and email addresses. Lomax also uses staff information of a more personal nature for recruitment, payment of salaries, wages, and similar payments. Lomax collects data directly from customers, business partners and staff. It is important to point out that Lomax does not own the stored customer data.​​Data storage ​Data is stored on servers in EU or in countries with an agreement with the EU. Some personal data are handled by a third party (data processor) who keeps and processes personal data on behalf of Lomax A/S following this data ethics policy and the applicable data protection legislation. Data is stored for active customer relations as long as necessary to provide the best service. If the customer relationship is interrupted, data is kept for up to five years, depending on the nature of the data. For example, email addresses used for marketing are deleted or automatically retained based on customer behavior. ​ ​Customers can request insight into stored personal data or to have their personal data deleted at any time. According to other legislation (the Danish Bookkeeping Act and the Danish Anti-Money Laundering Act), all transactional data, including contact and company information, is kept for five years. ​​Use of data ​• For logging on to the website. By default, e-mails are used for logging in. Other information, like CVR number or phone number can be used to search for addresses etc. ​• For personalizing customer experience in emails and on the website through personalized recommendations ​based on purchase history. ​• For improving www.lomax.dk and marketing material from Lomax A/S. ​• For serving customers better when contacting customer service. ​• For managing competitions, customer surveys, etc. ​• For being able to handle customer orders as quickly as possible. ​• For delivering goods. ​• For gathering product and Trustpilot reviews. ​• For following-up on inquiries. ​• For general marketing. ​• For recruitment and employment. ​ ​Lomax does not purchase or resell customer data or any other data to third parties. ​​​​​Data processing ​Lomax A/S collects only the personal data necessary to provide a service or deliver a product, market services and products, or process queries. ​​Lomax A/S does not purchase personal data from third parties. ​ ​Lomax A/S uses Billwerk for handling online payment card transactions and does not store details about payment​cards. However, by invoice payment, invoicing and banking details are kept following applicable laws in this area, including the Danish Anti-Money Laundering Act and the Danish Bookkeeping Act. ​ ​The Lomax website is continuously penetration tested and scanned for security breaches and weaknesses to exclude potential data Leaks as quickly as possible and thereby make our website as secure as possible. ​ ​Lomax is very serious about Cybersecurity. Lomax is therefore having incident handling routines ready in case of security breaches or data leaks. Lomax is thereby ensuring that the data protection act is being followed. ​ ​These handling routines include identifying the extent of the damage, notifying affected customers and users, notifying the Danish Data Protection Agency, and actions trying to contain the extent of the damage. ​ ​If Lomax identifies a data leak from Lomax A/S or its external partners, all affected, including the customers, will be informed within 72 hours. If you suspect that data has been leaked from Lomax A/S, you can always contact Lomax for further clarification. ​​New technologies ​In connection with the purchase and implementation of new technologies, the head of IT Development at Lomax will be involved at all times to ensure that IT security is as good as possible and complies with other Lomax codes of practice. Similarly, the GDPR Advisory board will be involved, when implementing new systems containing personal data, to ensure data compliance.​ ​Responsibility and follow-up ​This policy applies to all executives and employees at Lomax. Executives have a special responsibility to lead the way as a good example and ensure that all employees know and comply with the policy. In situations requiring extraordinary focus on data ethics, the head of IT Development and the GDPR Advisory board at Lomax will be available. Lomax prioritizes employees to be well-informed about data ethics, data security, and proper handling of personal data. Lomax is running awareness campaigns for newly hired personnel and refreshers for others.​ ​2025 results ​In 2025, we continued our internal focus on educating and informing employees about current rules and processes. Employees are also informed on an ongoing basis when there is a need to adjust behavior and processes. ​ ​In 2025, we have had no data breaches, and therefore no reportings to the Danish Data Protection Agency. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. 1116734403 1038399676 -6457268 -5130761 3874975 3376697 671831138 628048861 231048849 224433138 224186659 194425135 117792228 111221342 23278910 23028145 6127493 8707968 76988028 51467680 434019 273836 10766253 12492721 66655794 39248795 16409031 10392626 50246763 28856169 33463906 30496663 103444 162556 60246300 67371370 658584 0 94472234 98030589 31251785 31949006 1935282 2107998 2392997 3002575 35580064 37059579 130052298 135090168 96201550 107734830 6260009 8671693 102461559 116406523 60913136 68549324 21331122 14701776 3828937 3580753 86073195 86831853 2707198 2821347 191241952 206059723 321294250 341149891 100740 100740 53145899 72595614 53246639 72696354 7715550 9482358 7715550 9482358 21790877 98005255 21790877 98005255 98845731 41697347 90153486 78256645 10988179 3929741 38553788 37082191 238541184 160965924 260332061 258971179 321294250 341149891 100740 72595614 0 72696354 0 66145000 66145000 0 5631 0 5631 -4545958 0 -4545958 -1000111 0 -1000111 -15898237 66145000 50246763 100740 53145899 0 53246639 23278910 23028145 28043182 -35898847 128310120 38596978 434019 273836 10766253 12492721 11117401 13939744 106860485 12438349 16725066 13115232 1602727 2780078 110000 0 -18217793 -15895310 -88642692 3456961 -17317727 4721769 1748267 1697347 66145000 0 Other entries on equity -3545847 0 -88756841 3024422 -114149 -432539 2821347 3253886 2707198 2821347 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. 2 RevenueRevenue distributed into activities and geographic markets are omitted in the financial statements since the Group has it's primary revenue in Denmark in according to the Danish Financial Statements Act, section 96. 3 Fees to the auditor appointed by the Annual General Meeting2025​DKK2024​DKKStatutory audit services372,120354,400Tax services193,300184,100Other services77,39680,237642,816618,737 4 Staff costs2025​DKK2024​DKKWages and salaries109,209,648103,639,658Pension costs6,938,8356,061,962Other social security costs1,643,7451,519,722117,792,228111,221,342Average number of full-time employees205207Special incentive programmesThe Group has implemented a warrant incentive programme for the Management team. Warrants entitle the Management team to buy one share in the Company per warrant at a pre-agreed price. The Group has incurred costs related to the partial settlement of the warrant incentive programme issued to the management team, which have been recognised as other entries in equity.Pursuant to the Danish Financial Statements Act section 98 B (3 no 2), remuneration of the Company’s ​ Management has not been disclosed. 205 207 The Group has implemented a warrant incentive programme for the Management team. Warrants entitle the Management team to buy one share in the Company per warrant at a pre-agreed price. The Group has incurred costs related to the partial settlement of the warrant incentive programme issued to the management team, which have been recognised as other entries in equity. 5 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets20,283,42119,811,487Depreciation on property, plant and equipment2,995,4893,216,65823,278,91023,028,145 6 Other operating expensesOther operating expenses consist of other external costs related to other Group Enterprises and cost of non-recurring nature. 7 Other financial income2025​DKK2024​DKKOther financial income434,019273,836434,019273,836 8 Other financial expenses2025​DKK2024​DKKOther interest expenses282,984681,326Other financial expenses10,483,26911,811,39510,766,25312,492,721 9 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax18,175,83910,147,557Change in deferred tax(1,766,808)245,06916,409,03110,392,626 10 Proposed distribution of profit/loss2025​DKK2024​DKKExtraordinary dividend distributed in the financial year66,145,0000Retained earnings(15,898,237)28,856,16950,246,76328,856,169 66145000 0 -15898237 28856169 50246763 28856169 11 Intangible assetsCompleted development projects​DKKAcquired trademarks ​DKKGoodwill​DKKDevelopment projects in progress​DKKCost beginning of year127,677,229413,782142,209,6050Additions16,066,48200658,584Cost end of year143,743,711413,782142,209,605658,584Amortisation and impairment losses beginning of year(97,180,566)(251,226)(74,838,235)0Amortisation for the year(13,099,239)(59,112)(7,125,070)0Amortisation and impairment losses end of year(110,279,805)(310,338)(81,963,305)0Carrying amount end of year33,463,906103,44460,246,300658,584 12 Development projectsLomax's development projects relate to homepage and ERP-systems. The projects contribute to improving processes in the Company and are therefore capitalized. 13 Property, plant and equipmentLand and buildings​DKKOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKCost beginning of year35,435,11132,765,06711,865,447Additions01,182,187420,540Disposals0(306,187)0Cost end of year35,435,11133,641,06712,285,987Depreciation and impairment losses beginning of year(3,486,105)(30,657,069)(8,862,872)Depreciation for the year(697,221)(1,268,150)(1,030,118)Reversal regarding disposals0219,4340Depreciation and impairment losses end of year(4,183,326)(31,705,785)(9,892,990)Carrying amount end of year31,251,7851,935,2822,392,997 14 PrepaymentsDeferred income consists of invoices where the risk has not been transferred to the customer. 15 Deferred tax​ ​​Changes during the year2025​DKK2024​DKKBeginning of year9,482,3589,237,289Recognised in the income statement(1,766,808)245,069End of year7,715,5509,482,358Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions. 16 Non-current liabilities other than provisionsBank loans due after five years amount to DKK 1,796 thousand as at December 2025.​The Group has pledged the Group's intangible assets, tangible assets, inventory, and receivables as security for the loan agreement. 17 Bank loansThe Group entered into a new credit and loan agreement with the Group’s bank in 2025, which entails new terms,​a new repayment period and new operating line of credit. As of 31 December 2025, the Group a has available line​of credit of DKK 60,227 thousand with the Group’s bank. 18 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories11,533,280(20,019,263)Increase/decrease in receivables3,170,342(13,271,184)Increase/decrease in trade payables etc.13,357,176(2,970,126)Other changes(17,616)361,72628,043,182(35,898,847) 19 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 867,101752,705 20 Assets charged and collateralThe Company has pledged the Company’s intangible assets, tangible assets, investments in group enterprises, inventory, and receivables as security for the bank loan agreement for a total amount of 120,637 thousand. ​Furthermore, the Company has issued a Negative Pledged in favor of the bank loan agreement. 21 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year.​ 22 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Lion Danmark 2019 ApSFrederikssundApS100.00Lomax A/SFrederikssundA/S100.00Lomax Sweden ABHelsingborgAB100.00 75361 61800 -75361 -61800 61226 183270 -136587 -245070 66145000 0 298301 717586 65710112 -962656 -33419 -51628 65743531 -911028 110040000 110040000 110040000 110040000 110040000 110040000 4076637 13529081 18091679 11444944 22168316 24974025 275 556023 22168591 25530048 132208591 135570048 100740 100740 114493076 114894545 114593816 114995285 5794177 15444137 10621300 3512722 1159305 1577908 39993 39996 17614775 20574763 17614775 20574763 132208591 135570048 100740 72595614 0 72696354 42298931 0 42298931 0 66145000 66145000 -401469 66145000 65743531 100740 114493076 0 114593816 The share capital consists of 100,740 shares of a nominal value of DKK 1. No shares carry any special rights . ​​ 1 Other operating expensesOther operating expenses consist of other external costs of a non-recurring nature. 2 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises12,46135,673Other interest expenses282,984681,326Other financial expenses2,856587298,301717,586 3 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax0(51,628)Refund in joint taxation arrangement(33,419)0(33,419)(51,628) 4 Proposed distribution of profit and loss2025​DKK2024​DKKExtraordinary dividend distributed in the financial year66,145,0000Retained earnings(401,469)(911,028)65,743,531(911,028) 66145000 0 -401469 -911028 65743531 -911028 5 Financial assetsInvestments in group enterprises​DKKCost beginning of year110,040,000Cost end of year110,040,000Revaluations beginning of year(42,298,931)Changes in accounting policies42,298,931Revaluations end of year0Carrying amount end of year110,040,000A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 6 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​remuneration.20252024Average number of full-time employees00 0 0 7 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the ​joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc ​for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties ​and dividend for these entities. 8 Assets charged and collateralThe Company has pledged the Company’s investments in group enterprises, and receivables as security for the bank loan agreement for a total amount of 120,637 thousand. ​​Furthermore, the Company has issued a Negative Pledged in favor of the bank loan agreement. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​​governing reporting class C enterprises (large). Changes in accounting policiesThe Parent company have changed their accounting policies with regard to Investments in group enterprises.​​ During the financial year, the Group changed its accounting policies in the parent company's financial statements​regarding the recognition of Investments in group enterprises. Investments in group enterprises are now measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. Dividends received is recognised as income. Previously, Investments in group enterprises were recognised using the equity method. The change in accounting policy is made because management assesses that it will be more relevant to present the direct return on the investment in Investments in group enterprises in the form of dividends received. ​​​ The comparative figures have been restated following the change in accounting policies. For the Parent, the change in accounting policies has led to a decrease in "income from investments in group enterprises" in the income statement from DKK 29,767 thousand to DKK 0 in 2024 and an increase in "investments in group enterprises" in the balance sheet from DKK 67,741 thousand to DKK 110,040 thousand at end of 2024.​​The change in accounting policy has impacted the balance sheet total by DKK 42,299 thousand and equity at the beginning of the year by DKK 42,299 thousand, specified in parent statement of changes in equity ​for 2025.​​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year.Profits or losses from divestment of equity investmentsProfits or losses from divestment or winding-up of subsidiaries are calculated as the difference between ​selling price or settlement price and the carrying amount of the net assets at the time of divestment or ​winding-up, inclusive of non-amortised goodwill and estimated divestment or winding-up expenses. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​ ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​​value of the liability can be measured reliably. ​​ ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​​recognition is effected as described below for each financial statement item. ​​ ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​​measurement. ​​ ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence, are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value. Business combinationsNewly acquired or newly established enterprises are recognised in the consolidated financial statements from ​the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in ​the consolidated income statement up to the time of their divestment or winding-up. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have ​not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. ​Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment ​date, or the rate at the balance sheet date are recognised in the income statement as financial income or ​financial expenses. RevenueRevenue from sales of goods is recognised in the income statement when delivery and transfer of risk has ​been made and when it can be measured reliably. Revenue is recognised exclusive of VAT and net of discounts ​relating to sales. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities. Cost of salesCost of sales comprises cost of goods, freight, inventory write-downs, taxes and other delivery costs. Other external expensesOther external expenses include expenses relating to indirect production costs and expenses for premises, ​sales and distribution as well as office expenses, etc. Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc ​for Group staff. ​Settlement of warrant incentive program issued to management team is expensed directly through equity. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year, calculated on the ​basis of the residual values and useful lives of the individual assets and impairment testing as well as gains ​and losses from the sale of intangible assets as well as property, plant and equipment. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Group’s ​primary activities. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ ​profit/loss after full elimination of internal profits or losses. Other financial incomeOther financial income comprises interest income on receivables from group enterprises, foreign currency ​transactions, amortisation of financial assets etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, foreign currency transactions, amortisation of financial liabilities etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by ​the portion attributable to entries directly in equity. The Parent is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full​allocation with a refund concerning tax losses). GoodwillGoodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained ​by Management for each business area. The amortisation period ranges from 5 - 20 years for strategically ​acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation ​period is considered to give a better reflection of the benefit from the relevant resources. ​Goodwill is written down to the lower of recoverable amount and carrying amount. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progresss which relate to the development of the Entity’s new homepage and new external storage setup.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​​can be established, and where the intention is to manufacture, market or apply the product or process in ​question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​​as the development projects are amortised and written down. ​​​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​​indirectly attributable to the development projects. ​​​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​​which are determined based on a specific assessment of each development project. If the useful life cannot ​​be estimated reliably, it is fixed at 10 years.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentTangible assets are measured at cost less accumulated depreciation and less any accumulated impairment ​losses.​ ​Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when ​the asset is ready for use.​ ​Depreciation is based on cost less the expected residual value based on the useful lives of the assets.​ ​The depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are:Useful life Buildings50 yearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements5 yearsAssets with a cost less than DKK 13,500 are expensed in the year of the acquisition.​ ​​ Profit or loss from sale of property, plant and equipment is measured as the difference between the actual ​sales price less sales cost and the booked value. Profit or loss from sale of property, plant and equipment is ​recognised in the income statement under depreciation, amortisation and impairment losses. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable​amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method. Whenever cost exceeds net realisable ​value, cost is adjusted to the net realisable value. ​​ ​​The cost of goods for resale includes cost and other delivery expenses.​The net realisable value of inventories is calculated as the amount expected to be generated by sale in the ​process of normal operations with deduction of selling expenses and costs of completion. The net realisable ​value is determined allowing for marketability, obsolescence and development in the expected sales price. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. DividendExtraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​​proposal for distribution of profit/loss. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based ​value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each ​asset.​ ​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the ​term of the lease. Other financial liabilitiesFixed-interest loans, such as mortgage loans and loans from credit institutions, are recognised initially at the ​proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised ​cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the ​income statement over the loan period.​ ​Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. ​Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value ​of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made ​over the term of the loan at the date of raising the loan. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as cash ​and cash equivalents at the beginning and the end of the financial year.​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases.​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs as well as the raising of loans, and instalments on interest-bearing debt. Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm bank debt. The cash flow statement shows cash flows from operating, investing and financing activities as well as cash ​and cash equivalents at the beginning and the end of the financial year.​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance leases.​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs as well as the raising of loans, and instalments on interest-bearing debt. Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm bank debt. Grundlag for konklusion Konklusion Revisionspåtegning Regnskabsklasse C, stor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Lion Danmark I ApS 36026642 København S 2300 6 Weidekampsgade Frederikssund Frederikssund 3600 37 Elsenbakken