45445763 2025-03-03 2025-12-31 45445763 2025-03-03 2025-12-31 1 45445763 2025-03-03 2025-12-31 1 45445763 2025-03-03 2025-12-31 2 45445763 2025-03-03 2025-12-31 3 45445763 2025-03-03 2025-12-31 4 45445763 2025-03-03 2025-12-31 2 45445763 2025-03-03 2025-12-31 1 45445763 2025-12-31 45445763 2025-03-02 fsa:ContributedCapitalMember 45445763 2025-03-02 fsa:RetainedEarningsMember 45445763 2025-03-02 45445763 2025-03-03 2025-12-31 fsa:ContributedCapitalMember 45445763 2025-03-03 2025-12-31 fsa:RetainedEarningsMember 45445763 2025-12-31 fsa:ContributedCapitalMember 45445763 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure N&B Services A/S Rørdalsve 44 9220 Aalborg Øs 45445763 Statement by the Board of Directors and the Executive Board The Board of Directors and the Executive Board have today discussed and approved the annual report of N&B Services A/S for the financial year 3 March – 31 December 2025. The Annual Report has been prepared in accordance with the Danish Financial Statements Act (ÅRL), reporting class B, with the adoption of certain IFRS-based accounting policies for leases. In our opinion, the financial statements give a true and fair view of the Company’s assets, liabilities and financial position on 31 December 2025 and of the results of the Company’s operations for the financial year 2025. Further, in our opinion, the Management’s review gives a fair review of the development in the Company’s activities and financial matters, of the results for the year and of the Company’s financialposition. We recommend that the annual report be approved at the annual general meeting. Aalborg 2026-03-11 Søren Holm Christensen Chief Executive Officer Filippo Spinola di Giove Søren Holm Christense Chairman Henrik Jeppesen Kübra Bolay Özemre To the Shareholders of N&B Services 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 and cash flows for the financial year 1 January -31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of N&B Services A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equityand 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 areindependent 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. Statement on Management’s Review 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 ofassurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, indoing 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 ActWe did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial Statements 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 toenable 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 orto cease operations, or has no realistic alternative but to do so. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing theFinancial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, futureevents 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 atrue 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. Auditor’s responsibilities for the audit of the Financial Statements 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 opinionReasonable 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 itexists. 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 andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the override of internal control. Thyge Belter State Authorised Public Accountan Aarhus PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Henrik Trangeled Kristensen State Authorised Public Accountan mne23333 mne30222 45092000 45092000 44487000 605000 605000 108000 226000 487000 134000 353000 353000 353000 699000 699000 699000 2000 701000 18456000 18456000 18456000 19157000 1000000 4353000 5353000 326000 326000 383000 3430000 74000 136000 9455000 13478000 13804000 19157000 1000000 0 1000000 0 4000000 4000000 0 353000 353000 1000000 4353000 5353000 1Staff costsWages and salaries 25,914Pension contributions 2,755Other staff costs 14528,814 40 Financial income:Interest income, Group enterprises 108108 Financial expenses:Interest and other financial expenses -174Interest expenses, Group enterprises -13Realised exchange rate losses -33Unrealised exchange rate losses -6-226 3Tax on profit for the yearCurrent tax on the profit for the year -136Adjustment of deferred tax 2-134 5Property, plant and equipmentPlant andmachineryAdditions 1,013Cost at 31 December1,013Depreciation for the year 314Depreciation and impairment losses at 31 December314Carrying amount at 31 December699Hereof financial leased assets 699Depreciation, plant and machinery 314Interest on lease liabilities 24Short-term leases 0Total amounts recognised in the income statement338 6ReceivablesReceivables with maturity after one year amount to DKK 0.0m. 7 Non-current liabilitiesThe company has no non-current liabilities falling due later than 5 years after the end of the financial year. 8Contingent liabilitiesLease expenses recognised in the income statement are in accordance with IFRS16, reference is made to note 5.N&B Services A/S is taxed jointly with other Danish companies in the Aalborg Portland Holding Group. As a 100% owned subsidiary, the company is jointly and unlimited liable with the other companies in the joint taxation of Danish corporate taxes within the joint taxation group. Payable corporate taxes in the joint taxation group amounted to DKK 20.2 m at 31 December 2025. Any subsequent corrections of the taxable income subject to joint taxation could cause a higher liability of the company. 9Related party transactionsRelated parties with significant influence:Aalborg Portland Holding A/S, Rørdalsvej 44, 9220 Aalborg Øst, owns 100% of the shares in N&B Services A/S.Cementir España S.L., Calle General Yagüe, Num. 13, 28020 Madrid, SpainCementir Holding N.V., Zuidplein 36, 1077 XV Amsterdam, NetherlandsCaltagirone S.p.A., Via Barberini, 28, 00187 Rome, ItalyRelated parties within N&B Services A/S comprise the enterprises' Board of Directors and Management together with family related to these persons.Furthermore, related parties comprise enterprises in which the above-mentioned persons have significant interests.Transactions with Aalborg Portland Holding A/S: 2025DKK '000- Intra-group management and administration agreements and royalties 2,400- Revenue 31,695- Financial items, net 95- Financial receivables 18,456Transactions with other related parties:- Intra-Group management and administration agreements 312- Revenue 13,398- Trade payables 74 11Post-balance sheet eventsThere have been no post-balance sheet events material to this Annual Report which have not been recognised or mentioned. 12 Principal activities of the Company The objective of the Company is to conduct shared service activities and any other related activities asdecided by the Board of Directors. 13 Accounting policies General The Annual Report 2025 of N&B Services A/S is prepared in accordance with the Danish Financial Statements Act, reporting class B, with the adoption of some IFRS standards. The Financial Statements for 2025 are presented in TDKK. Recognition and measurement Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, which includes a constant effective interest rate over the term. Amortised cost is calculated as original cost less depreciation and allowance / deduction of accumulated depreciation of the difference between cost and the nominal amount. Hereby exchange rate gains and losses are allocated according to the life of the asset or liability. Income is recognised in the income statement when earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date. Income statement The annual report is classified by function. Revenue Revenue relates solely to the provision of administrative and support services to group companies. The Company applies IFRS 15 Revenue from Contracts with Customers in the recognition and measurement of revenue from service contracts. Revenue is recognised as the services are rendered. Revenue is measured at the agreed consideration excluding taxes and net of any discounts. Administrative expenses Administrative costs comprise the costs of the year for management and administration of the company, including costs for administrative staff and management, offices, office expenses and depreciation. Financial income and expenses Financial income and expenses comprise interest, exchange rate gains and losses on securities, debt and transactions in foreign currency and depreciation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Income tax Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. N&B Services A/S is jointly taxed with the parent company Aalborg Portland Holding A/S and all Danish enterprises. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income. Balance sheet Property, plant and equipment Property, plant 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 the asset is ready for use. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made based on the following estimated useful lives of the assets:  Leasehold improvements, up to 5 years.Newly acquired assets are depreciated from the time they are available for use. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount Lease assets and lease liabilities N&B Services A/S leases vehicles. The Company applies IFRS 16 Leases in the recognition and measurement of all lease arrangements. At the commencement date of a lease, the Company recognises a right-of-use asset and a corresponding lease liability. The lease liability is initially measured at the present value of future lease payments that are unpaid at the commencement date. Lease payments include fixed payments, variable payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees and the exercise price of purchase and extension options when it is reasonably certain that such options will be exercised. Lease payments are discounted using the interest rate implicit in the lease or, if this cannot be readily determined, the Company’s incremental borrowing rate. The lease liability is subsequently measured at amortised cost and remeasured if lease payments change due to changes in an index or a rate, if the lease term changes due to the exercise of options, or if the terms of the contract are modified. Corresponding adjustments are made to the right-of-use asset, or recognised in the income statement if the asset’s carrying amount is zero. The right-of-use asset is initially measured at cost, comprising the amount of the initial lease liability, any initial direct costs, prepaid lease payments and estimated dismantling costs that the Company is obliged to incur. The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. Lease contracts that include non-lease components, such as service elements, are separated from the lease component where practicable. Where separation is not possible, the combined amount is treated as a single lease component. Short-term leases (with a lease term of 12 months or less) and leases of low-value assets are not recognised on the balance sheet. Impairment of assets The carrying amounts of property, plant and equipment are tested annually for impairment, other than what is reflected through normal amortisation and depreciation. Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount. The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Receivables Receivables are measured at amortised cost, usually equaling nominal value less write-downs for bad and doubtful debts. Trade receivables Trade receivables are recognised when the services have been delivered and are measured at amortised cost. Receivables do not include significant financing components, as payment terms are short and customary within the group. Equity Equity comprises share capital and share premium. Share capital is recognised at nominal value, and share premium represents amounts paid by shareholders in excess of the nominal value. Share premium is recognised directly in equity upon the issue of shares. As this is the Company’s first financial year, no retained earnings or prior period results are included. No dividends have been declared for the year. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amounts for financial reporting purposes and the tax bases, except for temporary differences relating to non-tax-deductible goodwill. Deferred tax is measured using the tax rates enacted at the balance sheet date expected to apply when the temporary differences reverse. Deferred tax assets, including tax loss carry-forwards, are recognised to the extent that it is probable that they can be utilised against future taxable income or offset against deferred tax liabilities within the same tax jurisdiction. Financial liabilities Financial liabilities consist of payables related to leased assets as well as other operating payables. Lease-related payables are measured at amortised cost and recognised when the obligation arises. Trade payables are recognised when the Company receives goods or services from suppliers. Trade payables are measured at amortised cost, which typically corresponds to the nominal value due to their short-term maturity. Other payables comprise VAT payables, payroll-related liabilities (including wages, holiday pay, social security contributions and employee withholding taxes), accrued expenses and other short-term operating liabilities. Other payables are recognised when the obligation arises and are measured at amortised cost, normally corresponding to the nominal value because of their short-term nature. true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-03-03 2025-12-31 Reporting class B 25578198 KPMG DK - Self Service UNKNOWN UNKNOWN UNKNOWN UNKNOWN Opinion Basis for Opinion 2026-03-11 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab