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stor virksomhed Revisionspåtegning true 2026-03-25 Henrik Danmark The Executive Board and Board of Directors have today considered and adopted the Annual Report of BKGCA900 A/S for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Charlottenlund 2026-03-25 Thomas Marstrand Manager Anders Schnettler Kristensen Thomas Marstrand Allan Sørrig Dodt Chairman Sune Lilbæk To the shareholders of BKGCA900 A/S Opinion 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 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of BKGCA900 A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 Financial Statements” section of our 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 Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 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 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. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, 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 Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than 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 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 Consolidated Financial Statements and the Parent Company 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. Trekantområdet 2026-03-25 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Henrik Forthoft Lind State Authorised Public Accountant mne34169 BKGCA900 A/S Jægersborg Alle 4, 5. Charlottenlund 43705849 Gentofte Herredsvej 32 Vejle Seen over a 3-year period, the development of the Group is described by the following financial highlights:Cash flows from:See the description under accounting policies. 113997000 54708000 5711000 -6474000 -2065000 294215000 5112000 5180000 1482000 138245000 27549000 -274965000 259458000 12042000 416 419 347 0.657 0.695 0.480 0.321 0.282 0.050 0.172 0.119 0.019 0.639 0.537 0.470 0.216 0.148 0.030 Key activitiesThe Group's main activity consists of design, development and production of wire solutions and connectors for the hearing aid industry as well as cables and sockets for the worldwide audio and security industries.Development in the yearThe income statement of the Group for 2025 shows a profit of DKK 38,873,062, and at 31 December 2025 the balance sheet of the Group shows an equity of DKK 199,207,359.The results and profit for the year are considered satisfactory and above expectations, which were in the range of MDKK 30-35.In 2025 the focus of the global supply chain has been relatively stable despite new tariffs from USA. The various markets of estron have developed positively. estron has had a focus on minimizing the cost of raw material as well as implementing production improvements to secure the customers a minimal impact from the inflation driven increase in cost.At the production site in Vietnam investments have continued in tools and production machinery. Due to the capacity expansion made in Vietnam in 2023 as well as investments in organization, processes and machinery, it has been possible to continue managing the growth within existing production facilities.Targets and expectations for the year aheadIn 2026, The Group expects a more stable development in activities compared to 2025.Market demand for the Group's products and solutions is expected to grow steadily in the years to come.As a consequence of the anticipated revenue, the profit in 2026 is expected to be in the range of MDKK 30-35.Special risks - operating risks and financial risksFinancial risksSince most of the Group's revenue and internal business are generated in foreign currencies, the Group is exposed to foreign exchange risks. The primary currencies used are EUR and USD which are well balanced.The Management have evaluated the risk to be low.Special risksIn Management's opinion, the Group has not assumed any special risks, besides ordinary business risks and loss of key customers.Market risksThe global trade patterns seems to be challenged, imposing uncertainty about trade agreements and derived development of inflation.Material assumptions and uncertaintiesThe global trade patterns seem to be challenged, imposing uncertainty about trade agreements and derived development of inflation.Immaterial key resourcesThe employees and know-how of The Group is important to continue delivering all products at the agreed high-quality level as well as supporting customers developing new and innovative solutions. Due to this, all core competencies in The Group are mapped at detailed level and groups of employees are constantly trained to ensure positive development and reduce risk of losing key competencies.The Group is audited according to ISO 9001 and has again received a very positive audit report. In addition, audits managed by customers have been carried out focusing not only on quality but also social responsibility and employee safety.All product development as well as management of patents is carried out in the Headquarter based in Denmark.In 2026 The Group will continue to develop a range of cores competencies in both Denmark and Vietnam. This to ensure reliability towards all direct commitments to customers as well as ensure a robust organization that can resist unforeseen changes.Business modelTogether with customers The Group is developing unique products tailored to the specific customer requirements and eventually these are implemented into mass production. All development projects are anchored around the explicit core competences and capabilities that are unique to The Group and based on 30 years of experience. When developing these solutions together, the final design will be owned by the customer.In addition, The Group has developed several patented products that are being used in various configurations and market segments. In these cases, the customers are relying solely on the development capabilities of The Group, and the ownership remains within The Group.At the headquarter in Denmark all activities regarding sales, product development, purchasing and production planning are carried out with a close involvement of key employees in Vietnam. All corporate support activities like marketing, finance, quality and IT are placed in Denmark as well as a part of the production activities. All customer activities are managed from estron Denmark.The subsidiary, The Group Company in Vietnam, is operating as a standalone production facility delivering only to The Group Company in Denmark.Environment and ClimatePolicyThe Group's production constitutes a clean production process of small components. All The Group's production units observe all existing environmental and working environment requirements, and the Company constantly works on protecting the surrounding environment as well as its employees.Both in Denmark as well as in Vietnam The Group is compliant with all regulatory requirements and have dedicated processes implemented to ensure a continuous compliance. This is secured through internal reporting, annual employee engagement surveys and regular external audits by both authorities as well as external customers.Risk, actions and resultAs The Group is only using a small volume of raw materials the amount of scrap is correspondingly low. Despite the low volume, all waste is being handled by certified external partners who ensure the scrap is being recycled and reused to the extent possible. Therefore, the risk of negative impact on environment, climate and The Groups business is evaluated to be minor and no new action is needed.As a part of the annual risk evaluation The Groups management has also evaluated the business from being affected directly by climate changes like flooding, heavy rain, storm etc. Evaluation is that in both Denmark and Vietnam, The Group is located at places with only minimal risk. Therefor no mitigating actions are evaluated to be needed.In 2025 The Group initiated measuring CO2 emission from operational activities and established a baseline from 2024 and 2025. Based on the new baseline, management will in 2026 evaluate development possibilities to reduce CO2 emission.Labor conditionsPolicyThe Group is committed to providing a positive and healthy working environment where all employees are treated equally, feel a strong sense of belonging and where they can thrive, develop and utilize their full potential.Risks, actions and resultsEmployeesAs The Group is depending on deep knowledge in many areas, in order be recognized as a value creating partner to all key customers, it is crucial to The Group to retain key employees and thereby ensure a consistent organization that develops consistently.To address this, The Group is pleased to note great employee satisfaction which is measured and evaluated through an Engagement Survey in both Denmark and Vietnam. The results are being used actively within the respective teams and actions are agreed to retain and further develop the local working environment. The Group has a target of an engagement score above 75 and in 2025 this declined from 83 to 81, still significantly higher than the target.Attracting and retaining talented employees remains a top priority for the Group management. During 2025 intensive recruitment activities were carried out in Vietnam to increase production capacity for expected growth. The onboarding program in Vietnam includes a comprehensive introduction program and training for three months. In Denmark all employees are going through a defined introduction and training program to ensure an optimal onboarding as well as training in all company policies.In 2025 The Group have managed to recruit several new employees securing the right organisation and skills. The total number of employees in the Group has though decreased from 419 end 2024 to 416 end 2025.Moreover, employees develop their knowledge through internal and external courses, network, and relevant external seminars.In Denmark a Senior program for all employees above 60 years is implemented. The purpose of the senior policy at The Group is both to ensure that employees have a good and productive working life for as long as the individual wishes, and to ensure that the company benefits as much as possible from the many years of experience. End 2025 a senior program agreement has been made with two employee.Further the Employees social organization will in 2026 continue to carry out activities to develop the social relationships.Code of ConductPolicyAnchored at The Group Board of directors it is the policy that every employee in The Group is to act and behave in a manner that is compliant with all local regulations and what is just considered a respectful and decent behavior.Risks, actions and resultsAs The Group is trading internationally with many global customers, it will impact The Group negatively in case a customer should be connected to unlawful or disrespectful behavior. To reduce this risk as much as possible, guidelines setting out expectation of acceptable ethical behavior have been defined and implemented through the Code of Conduct. All The Group employees have read these and are committed to following the below 15 guidelines.1. Enforce the corporate Code of Conduct2. Do not break any applicable laws or legal practices3. Do not be disloyal to The Group4. Do not waste or give away The Group funds5. Do not use The Group funds for personal benefit6. Do not give The Group confidential information away7. Protect The Group proprietary information8. Respect other entities/companies’ proprietary information9. Do not offer bribes10. Do not accept bribes11. Respect The Group customers and partners12. Do not do business with relatives or close friends13. Compete fairly and lawfully14. Do not use suppliers who use slave or child workers15. Respect the basic human rights of employeesKey suppliers to The Group are in addition committed to complying to the same guidelines. Despite the contractual agreement The Group carry-out physical on-site audit of the supplier’s compliance to this. In 2025 selected suppliers have been audited physically and there have been no reports or identification of any breach of compliance from any key suppliers.At management level a formal procedure for evaluating risk of bribery and corruption is established and reported annually. No risks have been identified with a severity requiring mitigating actions.Further a whistle blower process has been implemented at Group level in 2023 and there have been no reports from employees through this since establishment. Human rightPolicyThe Group is committed to making a positive impact on the local community and being compliant with all local regulations. All rules regulating the maximum number of working hours allowed per month are being followed and no child labor is allowed to use.Risks, actions and resultsThe risk to The Group is high in case any breach of regulation or Code of Conduct is identified, as this is unacceptable both to The Group management as well as The Group customers.Due to the risk and possible negative impact on The Group business, the human rights are governed through the stated Code of Conduct and controlled through internal processes. Further customers are allowed access to all The Group facilities to conduct their own audit of compliance with all local regulations as well as stated code of Conduct.Further all procedures and reports on compliance with local regulations and Code of Conduct is carried out annually and reported They inspect all documentation and based on this, they provide a detailed report to the customers of The Group who are asking for this.No breach of regulation or Code of Conduct has been identified in 2025.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsAs of 6 January 2025 all shares in the company ES Ejendomme ApS has been acquired.The financial position on 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any other unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibilityThe Group values ethical behavior and cooperates with suppliers and customers to ensure responsible business practices throughout the value chain. This is anchored around the Code of Conduct focused on responsible Social behavior as well as strong governance to ensure compliance to the values of The Group.In 2025 The Group has initiated the reporting of topics related to ESG in a newly established platform. Based on an established baseline for 2024 and 2025, clear objectives will be evaluated and decided as part of The Group strategic development during 2026.Further The Group will continue to positively develop all relevant areas within Social responsibilities as this is evaluated critical to motivate and retain employees and attract new resources. Statement on data ethicsThe Group Finance function is responsible for ensuring compliance with Regulation, commonly known as the General Data Protection Regulation (GDPR), regarding privacy. To fulfill this obligation, the company has appointed a Group Data Protection Officer (DPO) who oversees the assessment of business processes to ensure compliance with GDPR requirements. The DPO is also responsible for establishing guidelines on data protection obligations and serving as a point of contact between data subjects and the relevant supervisory authority.The data ethics policy should be a complement and a broader foundation than the regulatory framework that applies to the work on data in the GDPR context. The data ethics policy also includes implementing IT systems, new technologies and ethical evaluation. The Group processes data about employees, customers, consumers and other business partners. Data is always provided through a contractual relationship, explicit consent, or legal interest in processing this data. It is important for us to always state clearly what we use the data for and that under no circumstances is it used for purposes other than the information provided if the data is collected based on consent or a contract.The data ethics policy must ensure that there is an ongoing focus on areas where there may be a debate on the processing of data in relation to fundamental values and ethics.Use of dataThe Group’s Privacy policy is based on the information stored and processed. The policy applies to customer data, employee data and data about business partners, suppliers and distributors.Principles of data Privacy policyData ethics has a basic premise that all data must be processed in a responsible manner. It is important that all stakeholders have confidence in our data management and that the data ethics mindset is incorporated at all levels of the organization working with data.We, the Organization, will ensure that the risk of unintended consequences is minimized, for example, by publishing, misuse or tampering with appropriate safeguards. We only initiate cooperation with third parties, who we trust, and handle the personal data that the data processor makes an initial assessment of the supplier before a data processing agreement is drawn up.TransparencyIn relation to employee data, all processes are described, and we work with need-to-know access. We only use data for the purpose for which it was obtained. Employees, consumers, customers or other stakeholders may at any time request information, update, or deletion of the data we process if we do not have a factual purpose for the storage of data. In addition, integrity, security, and decency in all relations are keywords for The Group and no information is being sold or disclosed unless we are obliged to do so.Deleting dataThe Group continuously works to delete personal data and other data that is no longer relevant. We always comply with our group guidelines in relation to personal data including anonymization and deletion of data. 166933458 126264632 0 0 9530 158962 0 0 47588270 29946278 0 0 9678975 8708895 114939 55077 109675743 87768421 -114939 -55077 41512177 38392302 0 0 14645142 13731618 0 0 53518424 35644501 -114939 -55077 0 0 41594169 26181604 6687791 3319681 592392 451410 7215482 7810960 3871523 5662320 52990733 31153222 38200099 20915617 14117671 9079088 -672963 -1158517 38873062 22074134 38873062 22074134 778741 591110 0 0 56407400 59707400 0 0 148459139 157144439 0 0 790590 2703343 0 0 206435870 220146292 0 0 3222426 0 0 0 10119144 4925362 0 0 81126 37504 0 0 3635372 5935441 0 0 17058068 10898307 0 0 0 0 273532707 264073515 438637 450575 0 0 438637 450575 273532707 264073515 223932575 231495174 273532707 264073515 28157016 18999865 0 0 5076396 3487035 0 0 1181330 5738483 0 0 34414742 28225383 0 0 29485373 21959428 0 0 0 0 0 2778217 2847519 1744448 0 0 0 0 10672963 1158517 3310824 3171157 0 0 35643716 26875033 10672963 3936734 17883463 11855964 0 0 87941921 66956380 10672963 3936734 311874496 298451554 284205670 268010249 820363 820363 820363 820363 616660 2108608 0 0 15023 0 15023 0 197755313 157390303 198371973 159498911 199207359 160319274 199207359 160319274 13295121 13682563 0 0 13295121 13682563 0 0 23590799 49198003 23590799 49198003 34173022 33166305 32818403 31860019 57763821 82364308 56409202 81058022 27532089 27450151 27476068 26607953 145484 0 0 0 5384493 6408800 75000 25000 0 0 1038041 0 4550305 5400599 0 0 3995824 2825859 0 0 41608195 42085409 28589109 26632953 99372016 124449717 84998311 107690975 311874496 298451554 284205670 268010249 820363 2108608 0 157390303 160319274 0 0 15023 0 15023 0 -1491948 0 1491948 0 0 0 0 38873062 38873062 820363 616660 15023 197755313 199207359 820363 0 159498911 160319274 0 15023 0 15023 0 0 38873062 38873062 820363 15023 198371973 199207359 38873062 22074134 31206684 28027985 -14666900 -8811839 55412846 41290280 6687791 3319681 7215482 7810960 54885155 36799001 15355407 6384760 39529748 30414241 827851 2329974 8611507 5330567 0 18279 2285658 0 1830000 0 -8983700 -7678820 25525266 23897333 1006717 976224 -24518549 -22921109 6027499 -185688 11855964 12041652 17883463 11855964 Cash and cash equivalents are specified as follows:Exchange adjustments1,190,1800 17883463 11855964 17883463 11855964 Geographical segmentsDenmark2,511,9722,977,28200Europe14,626,4564,139,73000Rest of the world149,795,030119,147,62000166,933,458126,264,63200Business segmentsMicro components for audio166,933,458126,264,63200166,933,458126,264,63200 38133178 35139383 0 0 3046668 2912569 0 0 332331 340350 0 0 41512177 38392302 0 0 416 419 0 0 No wages have been paid to management in the parent company. Share of profits52,853,46937,440,904Amortisation of goodwill-11,259,300-11,259,30041,594,16926,181,604 0 0 592392 451410 249118 219898 0 0 6438673 3099783 0 0 6687791 3319681 592392 451410 14376724 8260831 -672963 -1158517 -259053 776304 0 0 0 1126777 0 0 0 -1084824 0 0 14117671 9079088 -672963 -1158517 38873062 22074134 4815103 66000000 173047627 2703343 454953 0 0 372905 0 0 0 2218012 0 0 0 -67646 5270056 66000000 173047627 790590 4223994 6292600 15903188 0 267321 3300000 8685300 0 4491315 9592600 24588488 0 778741 56407400 148459139 790590 7 years20 years20 years Development projects concern the development of new versions of the company's existing components for production. The projects are expected to be completed in 2026. The projects are progressing as planned using the resources that management has allocated for development. It is expected that the components will be sold to the company's existing customers. Prior to the initiation of the projects, the company has ensured that the projects meet the needs of the customers. 7764720 29889463 1188308 5935441 0 318763 80 0 0 3808681 64066 1238760 0 2674996 0 0 0 3606475 0 -3538829 7764720 34948386 1252454 3635372 4264720 24964101 1150804 0 0 -266123 -79 0 277574 2806260 20603 0 0 2674996 0 0 4542294 24829242 1171328 0 3222426 10119144 81126 3635372 40 years3-5 years4-5 years 273500000 273500000 2850000 0 276350000 273500000 -9426485 -5108089 15023 1166940 52853469 36273964 35000000 30500000 11259300 11259300 -2817293 -9426485 273532707 264073515 Positive differences arising on initial measurement of subsidiaries at net asset value225,186,000225,186,000Negative differences arising on initial measurement of subsidiaries at net asset value192,456,912203,716,212Investments in subsidiaries are specified as follows:500,000125,000 Estron A/S Them 1.00 ES Ejendomme ApS Them 1.00 450575 450575 0 -11938 -11938 438637 Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax liabilities at 1 January13,682,56314,717,08300Deferred tax related to Acquired other similar rights-726,000-726,00000Business acquisition597,611000Amounts recognised in the income statement for the year-259,053-308,52000Deferred tax liabilities at 31 December13,295,12113,682,56300 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Credit institutions51,122,88876,648,15451,066,86775,805,956Other payables38,168,84635,992,16432,818,40331,860,019 0 0 0 0 23590799 49198003 23590799 49198003 23590799 49198003 23590799 49198003 25625000 25625000 25625000 25625000 1907089 1825151 1851068 982953 0 0 0 0 34173022 33166305 32818403 31860019 34173022 33166305 32818403 31860019 3995824 2825859 0 0 6687791 3319681 7215482 7810960 15371142 14457618 14117671 9079088 31206684 28027985 -6189359 1114839 -8768683 -12637713 -291142 -2711035 -14666900 -8811839 Charges and securityThe following assets have been placed as security with bankers:Shares in Estron A/S with a carrying amount of00270,770,782264,073,515Company charge provided as security for balance with a credit institution with a charge on ordinary claims relating to trade receivables, inventories, intellectual property rights as well as operating fixtures and equipment and machinery and equipment1,000,0001,000,00000 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year47,03947,56500Between 1 and 5 years97,071126,96300144,110174,52800The Group has entered into tenancy agreements with a period of notice of up to 6 months. Theobligation amounts to DKK 806,210 (2024: DKK 920,738)Guarantee obligationsThe Group entity BKGCA900 A/S has guaranteed Estron A/S's debt to credit institutions.Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable by the Group amounts to DKK 3,489,664. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group’s liability.Other financial obligationsThe group has agreements regarding the purchase of goods and operating equipment amounting to TDKK 11.937. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Erhvervsinvest V K/SCharlottenlund PwCOther auditors 187000 182000 100000 100000 18500 0 305500 282000 12000 14000 12000 14000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of BKGCA900 A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, BKGCA900 A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Segment information on revenueInformation on business segments and geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with the Danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 20 years, determined on the basis of Management’s experience with the individual business areas. The depreciation period relates to a strategically acquired company with a strong market position and long earnings profile. Goodwill is amortized over the estimated useful life of the investment in the subsidiary based on the business case determined at the time of purchase.*Customer related assets*Customer related assets is amortised on a straight-line basis over the estimated useful life, determined on the basis of Management’s experience with the industry. The depreciation period is 20 years as it relates to management's assessment retention of customers in the industry. Customer related assets is amortized over the estimated useful life, based on the business case determined at the time of purchase.Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3-7 year. Other intangible fixed assetsPatents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Patents are amortised over the remaining patent period, and licences are amortised over the license period; however not exceeding 7 years.Development costs and costs relating to rights developed by the Group are recognised in the income statement as costs in the year of acquisition. Property, plant and equipment 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. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers.Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Production buildings40 years Plant and machinery3-5 years Leasehold improvements4-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories 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 expected selling price.The cost of goods for resale, raw materials and consumables equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as 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.Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity