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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. Copenhagen Mikkel Bjergsø CEO Ditte Kristine Lassen-Kahlke Chair Mikkel Bjergsø Carsten Dalsgaard Frank Hilmer Borring Petersen To the shareholders of Bjergsø Holding ApS We have audited the consolidated financial statements and the parent financial statements of Bjergsø Holding 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 and the parent 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 of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.​​​​ Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Hans Tauby State Authorised Public Accountant mne44339 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresRevenue268,795265,726249,616247,087212,856Gross profit/loss108,698101,43196,71252,19349,639EBITDA28,58110,0652,058(50,475)(32,610)Operating profit/loss22,6771,950(6,692)(63,810)(64,826)Net financials(1,219)(9,116)(743)1,246(5,244)Profit/loss for the year22,15311,928(22,960)(106,494)(72,101)Profit for the year excl .​minority interests21,80611,073(23,363)(106,980)(69,372)Balance sheet total137,499124,28299,170117,639190,893Investments in property, plant and equipment5,0588,5336,2586,54014,970Equity50,02525,63656,96062,054139,984Equity excl. minority interests49,21025,78857,90362,936140,177Average number of ​employees165180209226239RatiosGross margin (%)40.4438.1738.7421.1223.32Net margin (%)8.244.49(9.20)(43.10)(33.87)Return on equity (%)58.1526.46(38.67)(105.34)(59.06)Equity ratio (%)35.7920.7558.3953.5073.43Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100​​RevenueNet margin (%) : Profit/loss for the year * 100 ​​RevenueReturn on equity (%) :Profit/loss for the year excl. minority interests * 100 ​​Average equity excl. minority interestsEquity ratio (%) :​Equity excl. minority interests * 100 ​​Balance sheet total Primary activitiesThe Group's activities comprise of the development, manufacturing and sale of high-quality craft beers under the "Mikkeller" and “WarPigs” brands but also through various partnerships such as “Ramen To Biiru” and “Selma”. ​​The Group operates both own bars and restaurants as well as partner/licensed establishments (referred to as retail activities). The production of beer takes place at the Group's own breweries and in cooperation with leading breweries primarily in Europe. Development in activities and financesIn 2025 the Group recorded a total revenue of DKK 268,795 thousand corresponding to an increase in revenue of 1% compared to 2024. The income statement for the period 01.01.25 - 31.12.25 shows a net profit of DKK 22,153 thousand and the balance sheet shows a total equity of DKK 50,025 thousand.​​The group has in 2025 continued its severe dedication to profitability. Consequences hereof can be traced in the realized EBITDA for the year of DKK 28,581 thousand compared to the EBITDA of DKK 10,065 thousand in 2024.​​The Group had set ambitious targets for the year, and is overall satisfied with its operational achievements. Profit/loss for the year in relation to expected developmentsThe achieved net profit for the year lands within the projected range of DKK 20,000 to DKK 25,000 thousand. Uncertainty relating to recognition and measurementThe Group's financial position at 31 December 2025 and the results of its operations for the financial year ending 31 December 2025 are not affected by any unusual matters. OutlookThe Groups’ outlook for 2026 is expected to be better than the previous year. ​​The Group has achieved sustainable growth in 2025, but has especially focused on margin improvements and profitability. Having a solid financial foundation, the group will direct its focus more towards revenue growth in the coming years. ​​The Group remains optimistic about its outlook for 2026. The projected range for net profits is expected to fall between DKK 30,000 thousand and DKK 35,000 thousand.​​With a resilient management team and a focus on growth, the Group is confident in its ability to realize its potential and achieve positive outcomes in 2026. Research and development activitiesThe Group maintains a pursuit of innovation, consistently evolving its concepts and products to uphold its position as a leading trendsetter in the market. In the upcoming year of 2026, the Group will persistently invest in​advancing both its existing and new concepts and products, firmly entrenching product innovation within its very DNA. ​​Of notable significance is the Group unwavering commitment to nonalcoholic craft beers, as it continues to allocate substantial resources towards product development and brand activation in this continuously thriving category. ​​By prioritizing this area, the Group strives to meet the evolving demands and preferences of consumers, ensuring​a compelling and captivating experience with its offerings . 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. 268794738 265725745 2621860 717311 91236874 97700671 71481633 67311694 108698091 101430691 79717163 91248078 5903962 8114754 400091 117683 22676875 1950176 269384 3193274 725445 3507233 1944119 1501396 21727585 7149287 -424943 -5230965 22152528 12380252 0 -451880 22152528 11928372 2674961 2991631 0 0 683488 0 3358449 2991631 10853940 12304862 14007262 13065630 24861202 25370492 779727 510343 7008905 6322743 9910735 10201785 17699367 17034871 45919018 45396994 16511784 17732957 433082 0 16944866 17732957 10112734 8732827 0 616675 2317627 1943470 5320829 4706108 17751190 15999080 56883759 43788505 91579815 77520542 0 1364028 137498833 124281564 143648 143648 -3008046 -4623189 27073984 30267834 25000000 0 49209586 25788293 814974 -151931 50024560 25636362 2294623 3166485 54415636 59571573 56710259 62738058 5373153 4200000 8340 0 14273348 13700547 0 2159719 8494573 12384858 2614600 3274145 30764014 35719269 87474273 98457327 0 187875 137498833 124281564 143648 -4623189 30267834 0 25788293 0 -1615143 0 0 -1615143 0 -3193850 25000000 21806150 143648 -3008046 27073984 25000000 49209586 -151931 25636362 -620527 -2235670 346378 22152528 814974 50024560 Operating profit/loss from discontinued operations 0 -75133 5903962 8114754 -5674714 -4415830 Change in deferred income -3982784 63771573 Disposal of discontinued operations 1176153 0 359379 0 20458871 69345540 3065742 310410 1944460 1501396 1443726 3424507 0 -64219 20136427 64665828 1166820 0 5058335 8398972 1441033 488547 0 2917180 616675 0 Change in short term bank debt 8340 -459995 -7041173 -6430334 -13095254 -58235494 0 -193615 0 40000000 0 9526 0 -39796859 13095254 18438635 43788505 25349870 56883759 43788505 1 Staff costs2025​DKK2024​DKKWages and salaries75,840,83886,458,836Pension costs1,895,4572,370,138Other social security costs1,980,8682,419,10479,717,16391,248,078Average number of full-time employees165180Special incentive programmesThe Company has issued warrants. As of 31 December 2025, participants have subscribed to a number of warrants, entitling the holders to collectively buy 4,078,419 warrants with a nominal value of DKK 40,784.19 in the ​Group, at a price agreed in advance and on the terms set out in Appendices 1 to 11 of the Articles of Association of the Company. ​ ​As of 31 December 2025, management participants have collectively subscribed to 925,885 warrants with a nominal value of DKK 92,588.50.Remuneration of management​Under the exemption rule section 98b of the Danish Financial Statements act, remuneration to Management is not disclosed. 165 180 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets800,002628,655Depreciation on property, plant and equipment5,103,9607,331,099Impairment losses on property, plant and equipment0155,0005,903,9628,114,754 3 Other financial income2025​DKK2024​DKKOther interest income342,136572,207Exchange rate adjustments(341)2,853,749Other financial income383,65081,277725,4453,507,233 4 Other financial expenses2025​DKK2024​DKKOther interest expenses812,7351,501,396Exchange rate adjustments1,131,38401,944,1191,501,396 5 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax(226,145)5,159,797Change in deferred tax291,050(10,062,609)Adjustment concerning previous years(489,848)(328,153)(424,943)(5,230,965) 6 Discontinued operations2025​DKK2024​DKKOther operating income02,331,911Other external expenses0(2,210,541)Staff cost0(598,100)Other financial income024,850Profit/loss for the period0(451,880)Post-tax profit/loss from discontinued operations0(451,880)Deposits0415,767Other receivables059,493Cash0888,768Assets related to discontinued operations01,364,028Other payables0187,875Liabilities related to discontinued operations0187,875The discontinued operations pertain to the subsidiary, Stella Polly Inc., which is currently undergoing planned divestment. As part of this process, the Group has ceased its brewery and retail activities in the US. 7 Proposed distribution of profit/loss2025​DKK2024​DKKExtraordinary dividend distributed in the financial year25,000,0000Retained earnings(3,193,850)11,073,077Minority interests' share of profit/loss346,378855,29522,152,52811,928,372 25000000 0 -3193850 11073077 346378 855295 22152528 11928372 8 Intangible assetsAcquired intangible assets​DKKGoodwill​DKKDevelopment projects in progress​DKKCost beginning of year6,145,97028,068,6210Additions483,3320683,488Cost end of year6,629,30228,068,621683,488Amortisation and impairment losses beginning of year(3,154,339)(28,068,621)0Amortisation for the year(800,002)00Amortisation and impairment losses end of year(3,954,341)(28,068,621)0Carrying amount end of year2,674,9610683,488 9 Development projectsDevelopment projects in progress comprise costs incurred in connection with the development of the Group's franchise concepts. 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKCost beginning of year38,078,56553,698,739Exchange rate adjustments206,346(608,564)Additions1,581,6603,476,675Disposals(382,011)(1,687,058)Cost end of year39,484,56054,879,792Depreciation and impairment losses beginning of year(25,773,703)(40,633,109)Exchange rate adjustments34,147220,546Depreciation for the year(3,002,115)(2,101,845)Reversal regarding disposals111,0511,641,878Depreciation and impairment losses end of year(28,630,620)(40,872,530)Carrying amount end of year10,853,94014,007,262 11 Financial assetsInvestments in associates​DKKDeposits​DKKDeferred tax​DKKCost beginning of year576,3386,322,74310,201,785Additions01,441,0330Disposals0(754,871)(291,050)Cost end of year576,3387,008,9059,910,735Exchange rate adjustments43,23900Share of profit/loss for the year226,14500Revaluations end of year269,38400Impairment losses beginning of year(65,995)00Impairment losses end of year(65,995)00Carrying amount end of year779,7277,008,9059,910,735 AssociatesRegistered inOwnership ​​​%Open Faced ApSCopenhagen, Denmark49.00 12 Deferred tax ​​Changes during the year2025​DKKBeginning of year10,201,785Recognised in the income statement(291,050)End of year9,910,735​Deferred tax assetsDeferred tax relates to differences between book values and tax values of fixed assets and tax losses carried​forward. ​​Management has chosen not to recognize the full value of the deferred tax asset. 13 PrepaymentsPrepayments comprise of prepaid insurance policies, software subscriptions, and rent. 14 Contributed capitalNumberPar value​DKKNominal ​​value​DKKRecorded par ​value​DKKA-Shares6,975,7820.0169,75869,758D-Shares1,795,8670.0117,95917,959E-shares47,3620.01474474F-Shares2,490,6200.0124,90624,906G-Shares182,2110.011,8221,822H-Shares2,872,9600.0128,72928,72914,364,802143,648143,648Each share has a par value of 0.01 DKK and represents one voting right. 15 Deferred incomeDeferred income (non-current) pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled. 16 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKOther payables002,294,6230Deferred income5,373,1534,200,00054,415,63630,063,1225,373,1534,200,00056,710,25930,063,122Other payables pertain to frozen holiday pay resulting from the implementation of the new Danish Holiday law. Payments of the frozen holiday pay is not expected within 12 months from the balance date and it therefore remains uncertain when these will be paid. 17 Deferred incomeDeferred income (current) comprises revenue related to ticket sales for events taking place after the balance sheet date. 18 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories788,091914,859Increase/decrease in receivables(1,613,914)2,917,772Increase/decrease in trade payables etc.(4,848,891)(8,248,461)(5,674,714)(4,415,830) 19 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 75,345,81239,256,475 20 Contingent liabilitiesThe Group may incur tax obligations in certain countries outside Denmark. 21 Assets charged and collateralThe company has provided guarantees in respect of landlord, which amounts to DKK 4,704 thousand. 22 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. 23 SubsidiariesRegistered inOwnership ​​​%Craft Brewery Holding ApSCopenhagen, Denmark100.00Mikkeller ApSCopenhagen, Denmark100.00StellaPolly Craft Beer ApSCopenhagen, Denmark100.00Stella Polly Inc.San Diego, USA100.00Mikkeller US Holding Inc.Delaware, USA100.00​Craft Beer Bar Holding ApSCopenhagen, Denmark100.00Ramen Copenhagen ApSCopenhagen, Denmark75.29Mikkeller DK Bars ApSCopenhagen, Denmark100.00Mikkeller Roller Coaster ApSCopenhagen, Denmark100.00Noodle Masters ApSCopenhagen, Denmark 100.00Kødbyen Brygpub ApSCopenhagen, Denmark100.00Mikkeller Bar KoreaSeoul, South Korea51.00Sp/f Mikkeller TorshavnTorshavn, Faroe​Islands51.00Mikkeller Beer (Shanghai) Co., Ltd.Shanghai, China84.00Mikkeller Japan KKTokyo, Japan70.00Mikkeller Beer KKTokyo, Japan70.00Danish Craft Beer Spain S.LMadrid, Spain75.00Mikkeller Craft Beer Germany GmbHBerlin, Germany90.00TheGoodOlDays LimitedLondon, United​Kingdom80.00You are a funny man ASOslo, Norway100.00Mikkeller Bar Paris SASParis, France100.00Mikkeller Taipei LtdTaipei, Taiwan51.00Despite several reminders, Management has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December 2025.​​Consequently, Management has assessed that it is not possible to recognise the companies in the consolidated financial statements of 2025 with reference to the Danish Financial Statements Act, S 114. At 31 December 2025, the companies' total equity amounted to DKK 0. 8132175 4763178 735886 170384 1568653 1704544 7299408 3229018 3850493 3116483 18237 0 0 303 3430678 112232 17857098 20888046 730907 2958468 1167313 110238 171792 -1670 20679578 23850178 -1126572 12777101 21806150 11073077 421869 0 683488 0 1105357 0 106206155 13028379 0 93075254 472957 500000 106679112 106603633 107784469 106603633 0 132446 335638 0 717392 324619 508655 0 1561685 457065 2718611 1225990 4280296 1683055 112064765 108286688 143648 143648 -3008046 -4623189 27073984 30267834 25000000 0 49209586 25788293 486678 329676 54415636 59571573 54902314 59901249 5373153 4200000 1742291 603744 680871 6997169 0 2159719 0 8132608 156550 503906 7952865 22597146 62855179 82498395 112064765 108286688 143648 -4623189 30267834 0 25788293 0 -1615143 0 0 -1615143 0 -3193850 25000000 21806150 143648 -3008046 27073984 25000000 49209586 1 Staff costs2025​DKK2024​DKKWages and salaries3,511,6692,809,045Pension costs327,600303,603Other social security costs11,2243,8353,850,4933,116,483Average number of full-time employees22Special incentive programmesThe Company has issued warrants. As of 31 December 2025, participants have subscribed to a number of warrants, entitling the holders to collectively buy 4,078,419 warrants with a nominal value of DKK 40,784.19 in the​Group, at a price agreed in advance and on the terms set out in Appendices 1 to 11 of the Articles of Association of the Company. ​​As of 31 December 2025, management participants have collectively subscribed to 925,885 warrants with a nominal value of DKK 92,588.50.Remuneration of management​Under the exemption rule section 98b of the Danish Financial Statements act, remuneration to Management is not disclosed. 2 2 2 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets18,237018,2370 3 Other financial income2025​DKK2024​DKKFinancial income from group enterprises731,8982,869,724Other interest income0105,980Exchange rate adjustments(991)(17,236)730,9072,958,468 4 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax013,277,101Change in deferred tax27,043(500,000)Adjustment concerning previous years(644,960)0Refund in joint taxation arrangement(508,655)0(1,126,572)12,777,101 5 Proposed distribution of profit and loss2025​DKK2024​DKKExtraordinary dividend distributed in the financial year25,000,0000Retained earnings(3,193,850)11,073,07721,806,15011,073,077 25000000 0 -3193850 11073077 21806150 11073077 6 Intangible assetsAcquired intangible assets​DKKDevelopment projects in progress​DKKAdditions440,106683,488Cost end of year440,106683,488Amortisation for the year(18,237)0Amortisation and impairment losses end of year(18,237)0Carrying amount end of year421,869683,488 7 Development projectsDevelopment projects in progress comprise costs incurred in connection with the development of the Group's franchise concepts. 8 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKDeferred tax​DKKCost beginning of year29,061,105313,689,238500,000Additions294,000,00000Disposals0(313,689,238)(27,043)Cost end of year323,061,1050472,957Impairment losses beginning of year(16,032,726)(220,613,984)0Exchange rate adjustments1,615,14300Share of profit/loss for the year17,857,09800Reversal of impairment losses(220,613,986)220,613,9840Other adjustments319,52100Impairment losses end of year(216,854,950)00Carrying amount end of year106,206,1550472,957A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Despite several reminders, Management of Craft Beer Bar Holding ApS has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December 2025.​​Consequently, Management has assessed that it is not possible to recognise the companies in the consolidated financial statements of 2025 with reference to the Danish Financial Statements Act, S 114. At 31 December 2025, the companies total equity amounted to DKK 0. 9 Deferred tax ​​​Changes during the year2025​DKKBeginning of year500,000Recognised in the income statement(27,043)End of year472,957​Deferred tax assetsManagement expects to utilise the deferred tax asset within 3-5 years based on cost optimization initiatives which are expected to lead to positive earnings in the coming years. 10 Deferred incomeDeferred income pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled. 11 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKOther payables00486,6780Deferred income5,373,1534,200,00054,415,63630,063,1225,373,1534,200,00054,902,31430,063,122Other payables pertain to frozen holiday pay resulting from the implementation of the new Danish Holiday law. Payments of the frozen holiday pay is not expected within 12 months from the balance date and it therefore remains uncertain when these will be paid. 12 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.​​The Entity has issued a letter of support to the subsidiaries by which the Parent is irrevocably obligated to ​support the subsidiary in fulfilling its obligations until 31 December 2026. 13 Assets charged and collateralThe Entity has provided a guarantee whereby the guarantor assumes primary liability for group enterprises ​and joint ventures' payables to credit institutions. The guarantee is unlimited. 14 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. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last 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’ proportionate share of profit or loss is presented as a separate item in Management’s proposal for distribution of profit or loss, and their share of subsidiaries’ net assets is presented as a separate item in group equity. ​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value.​​Despite several reminders, Management has not received accounting records for the recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December 2025. ​​Consequently, Management has assessed that it is not possible to recognise the companies in the consolidated financial statements of 2025 with reference to the Danish Financial Statements Act, S 114. At 31 December 2025, the companies' total equity amounted to DKK 0. Discontinued operationsDiscontinued operations are material business areas or geographical areas planned, or decided, to be disposed ​of, discontinued or abandoned and which may be separated from the Entity’s other operations. ​​ ​​Results from discontinued operations are presented in the income statement as a separate item consisting ​​of profit/loss after tax of the relevant operation and any gains or losses from fair value adjustments or sale ​​of the assets and liabilities related to the operation. ​​ ​​Assets relating to the discontinued operations are presented separately in the balance sheet as assets related ​​to discontinued operations. Liabilities related to the discontinued operations are presented separately in the ​​balance sheet as liabilities related to discontinued operations. ​​ ​​The comparative figures in the income statement and the balance sheet are not restated. 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. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. ​​When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly ​in equity. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. ​Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration ​fixed. Revenue also pertains to a license agreement from which income is recognised over time as performance obligations are fulfilled. 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 goods consumed in the financial year measured at cost, adjusted for ordinary inventory ​writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables ​recognised in current assets. Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc ​for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, 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 Entity’s primary ​activities, including loss from the sale of intangible assets and property, plant and equipment. 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.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss ​after elimination of internal profits or losses. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc. Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme 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. GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. ​Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful lives are reassessed annually. The amortisation periods used are 10 years. Goodwill is written down to the lower of recoverable amount and carrying amount. ​​No residual value is used in the calculation of amortisations.Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets. ​​Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​over their remaining duration, and licences are amortised over the term of the agreement.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 that are directly attributable to the development projects. ​​ Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Acquired rights 3-10 years ​​Estimated useful lives and residual values are reassessed annually. No residual value is used in the calculation ​of amortisations. Property, plant and equipmentPlant and machinery as well as leasehold improvements, other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of ​the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-10 yearsLeasehold improvements3-5 yearsEstimated useful lives and residual values are reassessed annually. No residual value is used in the calculation ​of amortisations. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Investments in group enterprisesIn the parent financial statements, investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity value plus unamortised goodwill and plus or minus unrealised intra-group profits and losses. ​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. ​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. ​​Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. ​Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful lives are reassessed annually. The amortisation periods used are 10 years. ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Investments in associatesInvestments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity values plus unamortised goodwill and ​plus or minus unrealised pro rata intra-group profits and losses. ​​ ​​Associates with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment.​If the Parent has a legal or constructive obligation to cover the liabilities of the relevant associate, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the​costs necessary to settle the obligations at the balance sheet date. ​​ ​​Upon distribution of profit or loss, net revaluation of investments in associates is transferred to Reserve for net ​revaluation according to the equity method under equity. ​​ ​​Investments in associates are written down to the lower of recoverable amount and carrying amount.​recoverable amount and carrying amount.Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. 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. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax losses carried forward, 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. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost of raw materials, manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. 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 receivable or payable is recognised in the balance sheet, stated as tax calculated 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. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​​the financial year is disclosed as a separate item in equity. Extraordinary 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. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled. 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 and divestment 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, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm ​bank loans. 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 and divestment 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, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm ​bank loans. true Grundlag for konklusion Konklusion 2026-03-23 2026-03-23 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Bjergsø Holding ApS 34696349 København S 2300 6 Weidekampsgade København København V 1717 32 Skelbækgade