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d:SubsidiaryMember 2 45293874 2024-12-23 2025-12-31 d:SubsidiaryMember 3 45293874 2025-12-31 d:SubsidiaryMember 3 45293874 2024-12-23 2025-12-31 d:SubsidiaryMember 4 45293874 2025-12-31 d:SubsidiaryMember 4 45293874 2025-12-31 c:ConsolidatedMember 1 45293874 2025-12-31 c:ConsolidatedMember d:LongtermLeaseCommitmentsMember 45293874 2025-12-31 c:ConsolidatedMember d:NoncurrentContractLiabilitiesMember 45293874 2025-12-31 c:ConsolidatedMember d:OtherLongtermPayablesMember 45293874 2025-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK xbrli:pure xbrli:shares Profit before interest and tax (EBIT) 1170000 (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before tax Profit before tax Profit before tax Profit before tax Profit before tax Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows Current ratio Current ratio Current ratio Current ratio Current ratio 0 -1170000 1170000 -1170000 0 0 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Værkmestergade 25 Postboks 330, 8100 Aarhus C 2024-12-23 2025-12-31 45293874 Baso Group ApS Tabletvej  1 7100 Vejle 2024-12-23 Vejle  (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Værkmestergade  25 Værkmestergade  25 8100 Aarhus C 8100 Aarhus C Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-04-09 Bjarne Poulsen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion 2026-04-09 2026-04-09 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Baso Group ApS for the financial year as of the establishment of the Company 23 December 2024 - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year as of the establishment of the Company 23 December 2024 - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Vejle Bjarne Poulsen Kenneth Sandfeld Hansen Chairman Ole Kastrup Bridal Martin Helmuth Nielsen Peter Bartram Esben Jaedicke Christiansen To the shareholders of Baso Group ApS We have audited the consolidated financial statements and the parent company financial statements of Baso Group ApS for the financial year as of the establishment of the Company 23 December 2024 - 31 December 2025,  which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year as of the establishment of the company 23 December 2024 - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the group audit to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units within the group as a basis for for­ming an opin­ion on the group fi­nan­cial state­ments 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. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. Aarhus Tom B. Lassen Tobias Oppermann State Authorised Public Accountant mne24820 State Authorised Public Accountant mne46362 8004000 -735000 7269000 134000 39102000 0.9 183.8 61.4 1.8 The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expensesReturn on assets Profit/loss from operating activities x 100Average assetsCurrent ratio Current assets x 100Current liabilitiesEquity ratio Equity excl. non-controlling interests, year-end x 100Total equity and liabilities, year-endReturn on equity Profit/loss for the year after tax excl. non-controlling interests x 100Average equity excl. non-controlling interests The Company operates as a holding company with investments in and management of several high-technology companies that provide turnkey solutions within machine building, metal processing and industrial system deliveries.The Group conducts activities from six specialized production facilities in Denmark and utilizes an established network of subcontractors in Denmark and internationally.The activities include, among other things, CNC machining, sheet metal processing, tool manufacturing, welding, hydraulic solutions as well as repair, maintenance and assembly of industrial components.The Group delivers services throughout the entire value chain, from development and engineering to production and subsequent service. In the financial year 2024/25, the Group realized a profit of DKK 4,626 thousand. Equity amounted to DKK 181,933 thousand as of 31 December 2025.The result for the year is considered satisfactory by Management considering market conditions and the Group’s level of activity.The Group was established in the financial year through the acquisition of four subsidiaries during the year. The financial year 2024/25 is the Group’s first financial year. The Group is exposed to ordinary business and financial risks, including market, credit and liquidity risks.It is Management’s assessment that the Group’s exposure to changes in interest rates and exchange rates is not significant.Credit risks are mitigated through ongoing credit assessments of significant customers and the use of credit insurance were deemed appropriate. The Group works systematically to reduce its environmental impact as part of its overall business strategy.Using the Group’s ERP system, it is possible to measure the environmental impact related to individual products, thereby supporting documentation for customers and other stakeholders. In January 2026, a capital increase of DKK 9,821 thousand was completed through conversion of debt into equity.No other events have occurred after the end of the financial year that materially affect the Group’s or the Company’s financial position. Based on prepared budgets, the Group expects an increase in the activities and to realize a profit before tax in the range of DKK 18,000 - 20,000 thousand in the coming financial year 2026.The increase in activity and profit is primarily based to the acquired subsidiaries being recognized for a full financial year in 2026. 68250190 -176133 49694252 492093 10531741 0 19978 0 8004219 -668226 0 4084358 203123 35828 938591 12281 7268751 3439679 2642807 274819 4625944 3164860 -1461084 373851 0 112495771 0 112869622 0 42397672 0 1654220 0 741511 0 44793403 0 0 186164240 0 483704 4717799 0 4717799 186647944 162380824 186647944 8430241 0 9737153 0 10965014 0 2416 0 29134824 0 44916065 0 3063520 0 0 2625000 2278436 1811994 820971 0 51078992 4436994 250000 0 39101895 345480 119565711 4782474 281946535 191430418 400000 400000 0 0 0 1381099 152714818 151333719 20000000 20000000 8818460 0 181933278 173114818 2429654 0 2429654 0 12906305 0 5000000 5000000 14613350 0 32519655 5000000 9302515 1000000 7726946 0 19812533 32086 2003598 2003598 2360536 0 2350702 274819 21507118 10005097 65063948 13315600 97583603 18315600 281946535 191430418 40000 0 0 0 360000 65622538 0 0 -16835140 20000000 1461084 -65622538 65622538 0 0 0 7357376 103927420 400000 0 152714818 20000000 173114818 8818460 40000 0 0 360000 65622538 0 1381099 -18216239 20000000 -65622538 65622538 103927420 400000 0 1381099 151333719 20000000 4625944 11206755 7069264 22901963 203123 713041 -270553 22662598 100000 134241 242828 4233148 148393088 -152617649 -40000 -65982538 103927420 2003598 3181761 993809 -1278960 169056946 39101895 0 39101895 The annual report of Baso Group ApS for 2024/25 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. Reporting currencyThe financial statements are presented in Danish kroner (DKK). ControlThe consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.Goodwill relating to the non-controlling interests' share of the acquiree is recognised. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.The date of acquisition is the date when the group actually obtains control of the acquiree.The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and  property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Acquired intangible assets 5 years Goodwill 15 years Plant and machinery 4-10 yearsFixtures and fittings, other plant and equipment 4-10 yearsLeasehold improvements 4-10 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares.The proportionate share of the individual group entities' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, e.g. from group entities and associates, declared dividends from other securities and investments, financial expenses relating to finance leases, realised and unrealised capital gains and losses relating to other securities and investments, exchange gains and losses and amortisation of financial assets and liabilities. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Goodwill is amortized over the estimated economic useful life and is determined based on management's experience with strategically acquired companies that have a strong market position and a long earnings profile. The amortization period is 15 years.Other intangible assets include other acquired intangible rights, including software licences.Other intangible assets are measured at cost less accumulated amortisation and impairment losses.Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to the ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of the future lease payments. In calculating the net present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for in the same way as the Company's other assets.The capitalised residual lease liability is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Deposits, investmentsDeposits consist of paid deposits in connection with entering into rental agreements on rentedproperties.   Deposits are measured at amortised cost. Deposits consist of paid deposits in connection with entering into rental agreements on rentedproperties.   Deposits are measured at amortised cost. Equity investments in group entities are measured according to the equity method. Equity investments in joint ventures are also measured according to the equity method in the consolidated financial statements.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment.Gains and losses on disposal of group entities and associates are made up as the difference between the sales price and the carrying amount of net assets at the date of disposal including non-amortised goodwill and anticipated costs of disposal. Gains or losses are recognised in the income statement as financial income or financial expenses. The carrying amount of intangible assets,  property, plant and equipment and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct labour and indirect production overheads.Indirect production overheads include the indirect cost of material and labour as well as maintenance and depreciation of production machinery, buildings and equipment and expenses relating to plant administration and management. Borrowing costs are not recognised in the cost. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract.Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only tominor risks of change in value. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. In the month of January 2026, a capital increase of DKK 9,821,475 DKK has been made by debt-to-equity conversion.    No other events materially affecting the Group's and the Company's financial position have occurred subsequent to the financial year end. 43889458 447643 4925022 44450 879772 0 49694252 492093 190 1 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to the group Management is not disclosed. By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed. 0 26978 203123 8850 9623 9623 928968 2658 2151927 274819 490880 0 20000000 1381099 -18216239 1741036 7144155 0 114026250 1741036 121170405 1281048 3190356 86137 5484278 1367185 8674634 373851 112495771 The parent company's investment in group entities is considered to be of strategic importance to the group. Taking into account of the group's expected plans for increasing activities and increasing earnings, the amortization period is 15 years. 131730670 20072504 3796265 0 134241 0 197614 85000 0 131533056 20121745 3796265 84810590 17929575 2915030 4344559 557972 139724 19765 20022 0 89135384 18467525 3054754 42397672 1654220 741511 23858966 Note17provides more details on security for loans, etc. as regards property, plant and equipment. 0 484651 4233148 4717799 0 4717799 182544367 2722478 182544367 2722478 6727605 -5346506 -2238774 2238774 -2238774 186164240 483704 At the first recognition of shares in subsidiaries, goodwill amounts to DKK 113,926 thousand.    The carrying amount of subsidiaries consists of a share of the subsidiaries’ net asset value of DKK 77,584 thousand and a share of excess values with a carrying amount of DKK 108,580 thousand. The parent company's investment in group entities is considered to be of strategic importance to the group. Taking into account of the group's expected plans for increasing activities and increasingearnings, the amortization period is 15 years. Armiga A/S Thisted 80.00 Jymika A/S Hedensted 80.00 Trier Industries A/S Viborg 100.00 ECM Industries A/S Vejle 100.00 747485 0 Prepayments consist of prepaid expenses related to rent, insurance premiums, subscriptions, etc. 400000 A 400000 2429654 0 16531772 3625467 12906305 2217392 6000000 1000000 5000000 0 19290398 4677048 14613350 4985165 6000000 1000000 5000000 0 Other contingent liabilities Group The Group has, as part of its normal course of business, entered into customary executory contracts. Other rent and lease liabilities: GroupParent company DKK2024/252024/25 Rent and lease liabilities43,460,7250 Group Rent and lease liabilities include a rent obligation totalling DKK 43,316 thousands in interminable rentagreements with remaining contract terms of 36-96 months. Furthermore, the Company has liabilities under operating leases, totalling DKK 145 thousands, with remaining contract terms of 2-42 months. The Company is jointly taxed with its parent, BAGGER-SØRENSEN & CO. A/S, which acts as management company, and other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes income years from 2025 and withholding taxes in the group of jointly taxed entities. As security for the groups debt to financial institutions amounting to DKK 7,727 thousand as of 31 december 2025, a floating charge has been provided with a nominal value of DKK 28,500 thousand in the company’s assets, which have a carrying amount of DKK 96,110 thousand as of 31 December 2025. As security for the groups debt to financial institutions amounting to DKK 7,648 thousand as of 31 december 2025, a Owner’s mortgage deed has been provided with a nominal value of DKK 4,000 thousand in the company’s assets, which have a carrying amount of DKK 10,285 thousand as of 31 December 2025. Furthermore, the Group have provided work guarantees for DKK 4,622 thousand. The parent Company has not provided any security or other collateral in assets as of 31 December 2025. Significant influence Related partyDomicileBasis for significant influence Bagger-Sørensen Equity A/SVejleMajority shareholder Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements BAGGER-SØRENSEN & CO. A/SVejleAt the Danish BusinessAuthority Transactions with related parties The Parent company has carried out the following related party transactions in the financial year: Related partyAmountDescription of transaction DKK Bagger-Sørensen Equity A/S2,003,599Debt Bagger-Sørensen Equity A/S65,982,538Capital increase Bagger-Sørensen Equity A/S103,927,420Contribution Bagger-Sørensen Equity A/S9,623Interest expense Information about remuneration to Management Information about remuneration to Management appears from note 3, "Staff costs". 10531737 -203123 -938591 2151927 490880 -2703257 -224398 14246916 7402050 39101895