29511098 2025-01-01 2025-12-31 29511098 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 29511098 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 29511098 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 29511098 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 29511098 2025-01-01 2025-12-31 1 29511098 2024-01-01 2024-12-31 29511098 2025-12-31 29511098 2024-12-31 29511098 2025-01-01 fsa:ContributedCapitalMember 29511098 2025-01-01 fsa:RetainedEarningsMember 29511098 2025-01-01 29511098 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 29511098 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29511098 2025-12-31 fsa:ContributedCapitalMember 29511098 2025-12-31 fsa:RetainedEarningsMember 29511098 2025-01-01 fsa:AcquiredOtherSimilarRightsMember 29511098 2025-01-01 fsa:GoodwillMember 29511098 2025-01-01 fsa:DevelopmentProjectsInProgressMember 29511098 2025-01-01 fsa:AcquiredLicencesMember 29511098 2025-01-01 2025-12-31 fsa:AcquiredOtherSimilarRightsMember 29511098 2025-01-01 2025-12-31 fsa:GoodwillMember 29511098 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressMember 29511098 2025-01-01 2025-12-31 fsa:AcquiredLicencesMember 29511098 2025-12-31 fsa:AcquiredOtherSimilarRightsMember 29511098 2025-12-31 fsa:GoodwillMember 29511098 2025-12-31 fsa:DevelopmentProjectsInProgressMember 29511098 2025-12-31 fsa:AcquiredLicencesMember 29511098 2025-01-01 fsa:LandAndBuildingsMember 29511098 2025-01-01 fsa:PlantAndMachineryMember 29511098 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 29511098 2025-01-01 fsa:PlanesMember 29511098 2025-01-01 fsa:PropertyPlantAndEquipmentInProgressMember 29511098 2025-01-01 2025-12-31 fsa:LandAndBuildingsMember 29511098 2025-01-01 2025-12-31 fsa:PlantAndMachineryMember 29511098 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29511098 2025-01-01 2025-12-31 fsa:PlanesMember 29511098 2025-01-01 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 29511098 2025-12-31 fsa:LandAndBuildingsMember 29511098 2025-12-31 fsa:PlantAndMachineryMember 29511098 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29511098 2025-12-31 fsa:PlanesMember 29511098 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 29511098 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29511098 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29511098 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29511098 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 29511098 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 29511098 2025-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember 29511098 2024-12-31 fsa:ShorttermPayablesToGroupEnterprisesMember 29511098 2025-12-31 fsa:OtherLongtermPayablesMember 29511098 2024-12-31 fsa:OtherLongtermPayablesMember 29511098 2025-12-31 fsa:OtherShorttermPayablesMember 29511098 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 Regnskabsklasse B Revisionspåtegning true 2026-04-16 Claes Peter Stridsberg The Executive Board and Board of Directors have today considered and adopted the Annual Report of Ramudden Danmark 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 give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations 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. Roskilde 2026-04-16 Per Breinholt Claes Peter Stridsberg Anna-Stina Jonsson Per Breinholt Chairman To the shareholders of Ramudden Danmark A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Ramudden Danmark 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 (”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 Company 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 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 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 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 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 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 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 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.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. Hellerup 2026-04-16 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Kaare von Cappeln State Authorised Public Accountant mne11629 Ramudden Danmark A/S Navervej 24 4000 Roskilde 29511098 Roskilde Strandvejen 44 2900 Hellerup Key activitiesThe Company's principal activity consists of sale and rental of materials for the road industry in Denmark as well as the execution of barrier and marking contracts in connection with road and railway work.Development in the yearThe income statement of the Company for 2025 shows a loss of DKK 868,975, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 987,590.The company has in 2025 invested around DKK 14 million in traffic equipment.Expected outlookThe management expects growth in revenue in 2026 compared to 2025 without significant increases in cost. Result before tax is expected to increase to DKK 2-5 million. The expectations are based on the current order situation as well as the current picture of the company’s market.The anticipated result before tax as stated in the Annual Report for 2024 was not achieved due to higher financing cost than expected. This was a result of the decision to continue investments in traffic equipment to enable further growth in revenue.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 39382353 29286537 28456519 28998457 7346541 5843512 3579293 -5555432 41326 50839 4489594 3789795 -868975 -9294388 0 467587 -868975 -9761975 -868975 -9761975 2147667 2450867 8589958 9802658 79708 458374 627419 0 11444752 12711899 646777 935892 39653696 31508241 630019 1039764 2744598 2885366 161061 0 43836151 36369263 1051611 1023746 1051611 1023746 56332514 50104908 116074 250000 116074 250000 10729398 12903914 1271625 5658467 1345228 908455 2400000 2400000 15746251 21870836 15862325 22120836 72194839 72225744 1100000 1100000 -112413 756562 987587 1856562 61100000 61100000 748246 721548 61848246 61821548 3365153 2532262 3554312 704795 2436974 5307039 2567 3538 9359006 8547634 71207252 70369182 72194839 72225744 1100000 756562 1856562 0 -868975 -868975 1100000 -112413 987587 The Company has received a commitment to support the operations of the Company until the day of the annual general meeting in 2027 when the annual report for the year ended 2026 will be approved. The commitment is irrevocably and unconditionally. On this basis, Management assesses that the capital resources are sufficient, and the Annual Report is therefore presented under the assumption of going concern. Special items07,528,00007,528,000The profit before tax for the year 2024 has been negatively impacted by DKK 7.5 million regarding special items. The impact is comprised of, redundancy costs regarding employees of DKK -4.1 million, restructuring costs of -0.7 million, losses relating to development projects of DKK -1.4 and extraordinaire payroll cost of DKK -1.3 million. The special items are included in "Gross profit" with DKK -2.1 million and "staff expenses" with DKK -5.4 million. 25623053 26578788 2579098 2210589 254368 209080 28456519 28998457 44 41 16698 31247 11490 10179 13138 9413 41326 50839 4373298 3660781 28 30031 116268 98983 4489594 3789795 0 1414817 0 -947230 0 467587 3032000 12127000 458374 0 0 0 281775 660441 0 0 -660441 0 3032000 12127000 79708 660441 581133 2324342 0 0 303200 1212700 0 33022 884333 3537042 0 33022 2147667 8589958 79708 627419 1473227 53923851 4803060 5634203 0 49999 13264691 0 957891 161061 0 1513014 0 876603 0 1523226 65675528 4803060 5715491 161061 537335 22415610 3763296 2748837 0 339114 4461419 409745 587341 0 0 855197 0 365285 0 876449 26021832 4173041 2970893 0 646777 39653696 630019 2744598 161061 1023746 27865 1051611 1051611 Deferred tax asset at 1 January2,400,0003,792,967Adjustment to prior year021,850Amounts recognised in the income statement for the year0-1,414,817Deferred tax asset at 31 December2,400,0002,400,000Based on the expected increase in profit in the years to come, Ramudden Danmark A/S has chosen to recognize a tax asset worth DKK 2.4 million. The tax asset is recognized to the extent that it is expected to be able to utilize the tax assets in the next 5 years. The recognition of the tax asset are associated with uncertainty, since it based on the Company's ability to generate profit going forward. 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:Payables to group enterprises64,654,31261,804,795Other payables3,185,2206,028,587 0 0 61100000 61100000 61100000 61100000 3554312 704795 688360 721548 59886 0 748246 721548 2436974 5307039 Rental and lease obligationsLease and rent obligations, period of non-terminability 12 months4,200,2964,632,169Lease and rent obligations, period of 2-5 years5,481,9898,157,470Other contingent liabilitiesThe 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 is disclosed in the Annual Report of Ramudden Denmark BidCo ApS, which is the management company of the joint taxation purposes.Other financial obligationsThe Company has entered into an agreement for purchasing leased cars at the end of lease agreements. The financial obligation for the purchases is DKK 1.664.800 within 5 years. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Ramudden Global ABStockholm, Sweden The consolidated financial statements of Ramudden Global AB can be obtained by contacting the Company at the address above.Controlling interestRamudden BidCo Denmark ApS (main shareholder)Navervej 244000 Roskilde, Denmark The Annual Report of Ramudden Danmark A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The 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. Leases in terms of which the Company 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 Company.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. Gains and losses 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.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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. 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 Company.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 revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. 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 Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. 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 Ramudden Denmark BidCo ApS. 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 assetsGoodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 10 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 10 year.Development costs and costs relating to rights developed by the Company 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. 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:Leasehold improvements and buildings5-15 years Plant and machinery7-15 years Other fixtures and fittings, tools and equipment3-5 years Depreciation period and residual value are reassessed annually.Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of the disposal. Gains and losses are recognised in the income statement as other income or other costs, respectively. 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. Other fixed asset investments consist of deposit. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. 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 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.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.