36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 36996862 2024-01-01 2024-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 36996862 2023-01-01 2023-12-31 cmn:ConsolidatedMember 36996862 2022-01-01 2022-12-31 cmn:ConsolidatedMember 36996862 2021-01-01 2021-12-31 cmn:ConsolidatedMember 36996862 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 36996862 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 36996862 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 36996862 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 36996862 2025-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 36996862 2024-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 36996862 2023-12-31 cmn:ConsolidatedMember 36996862 2022-12-31 cmn:ConsolidatedMember 36996862 2021-12-31 cmn:ConsolidatedMember 36996862 2024-01-01 2024-12-31 cmn:ConsolidatedMember 36996862 2021-01-01 2021-12-31 cmn:ConsolidatedMember 101 36996862 2022-01-01 2022-12-31 cmn:ConsolidatedMember 101 36996862 2023-01-01 2023-12-31 cmn:ConsolidatedMember 101 36996862 2024-01-01 2024-12-31 cmn:ConsolidatedMember 101 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 101 36996862 2025-01-01 2025-12-31 36996862 2024-01-01 2024-12-31 36996862 2025-12-31 cmn:ConsolidatedMember 36996862 2024-12-31 cmn:ConsolidatedMember 36996862 2025-12-31 36996862 2024-12-31 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 36996862 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 36996862 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 36996862 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 36996862 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36996862 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36996862 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 36996862 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 36996862 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36996862 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36996862 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 36996862 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36996862 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36996862 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36996862 2024-12-31 fsa:ContributedCapitalMember 36996862 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36996862 2024-12-31 fsa:RetainedEarningsMember 36996862 2025-01-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 36996862 2025-12-31 fsa:ContributedCapitalMember 36996862 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36996862 2025-12-31 fsa:RetainedEarningsMember 36996862 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 36996862 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Anne Marie Lie Norvig Management'sstatementThe Executive Board has today considered and adopted the Annual Report of Lie ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position on 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Anne Marie Lie Norvig CEO Independent Auditor’s Report To the Shareholder of Lie ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Lie ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial Statements 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. 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 opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Thomas Baunkjær Andersen Tobias Mads-Emil Christensen State Authorised Public Accountant State Authorised Public Accountant Lie ApS Blegdamsvej 124 2100 Copenhagen Ø 36996862 København PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup 68926000 56271000 76122000 106860000 130157000 5398000 -21915000 -15855000 26021000 85045000 Profit/loss of financial income and expenses Profit/loss of financial income and expenses Profit/loss of financial income and expenses Profit/loss of financial income and expenses Profit/loss of financial income and expenses -4858000 -4123000 -7260000 -11639000 -2808000 512000 22266000 -17979000 10817000 63782000 128300000 142419000 178144000 226536000 194196000 1958000 1702000 2860000 12205000 5469000 47877000 53534000 71627000 89854000 90777000 9548000 8145000 23611000 6422000 3286000 -2793000 -2728000 -8245000 -31148000 -11641000 -3500000 3180000 -1000000 -10450000 6674000 3255000 8597000 14416000 -35176000 -1681000 76 87 108 105 64 0.373 0.376 0.402 0.397 0.467 0.01 -0.356 -0.223 0.12 0.895 Return on asset Return on asset Return on asset Return on asset Return on asset 0.042 -0.154 -0.089 -0.115 0.438 The key ratios have been calculated as described in the Accounting Policies. FinancialHighlightsExplanationoffinancialratiosReturn on assets Profit/loss of ordinary primary operations x 100 / Total assets at year-end Solvency ratio Equity at year end x 100 / Total assets at year-end Return on equity Net profit for the year x 100 / Average equity Management'sreviewA stabilized position in a still challenging market The Group continues to operate in a market characterized by macroeconomic uncertainty and cautious consumer behavior. While market conditions have remained challenging, the business has stabilized compared to prior years, the Group has in 2025 delivered significantly improved financial performance. 2025 has been a year of stabilization. Following the challenging developments in 2023 and 2024, The Group has focused on improving its cost base to align better with sales expectations and strengthen operational discipline across the organization. Sales for the year ended close to expectations, reflecting a more balanced and predictable business performance. The financial result for 2025 represents a substantial improvement compared to 2024. Earnings were impacted by additional inventory write-downs related to identified system-related issues; however, excluding these effects, the underlying operations have developed in line with management’s expectations. Overall, the result marks a significant turnaround from the prior years and demonstrates the effectiveness of the measures implemented. Because of these developments, profits before tax have improved by DKK 27 million compared to the previous year. Gross profit for the year increased primarily driven by a more normalized discount level, as the Company did not undertake strategic clearance of aged inventory to the same extent as in the previous year. This development had a positive impact on margins and reflects improved inventory quality and stock management. In addition, lower logistics costs contributed positively to gross profit compared to last year. The improved margin development was, however, partly offset by an inventory system error recognized during the year. Cost prices were positively impacted by a lower USD exchange rate, while the same currency development led to increased financial costs, which negatively affected the financial result for the year. The past year and follow-up on development expectations from last year The income statement shows a profit of DKK 0.5 million, representing an improvement of DKK 22.8 million compared to 2024. The Group had expected to deliver a positive EBITDA in the range of DKK 10–20 million for 2025. The EBITDA for the year amounted to DKK 14.4 million, which is within the expected range and reflects a solid operational performance. The Company has thereby achieved a stable financial position and established a sound foundation for future development. As of December 31, 2025, the balance sheet remains positive with equity amounting to 47.9 million DKK. Overall, 2025 has shown a stable development and provided a solid foundation for 2026, which is expected to be an investment year. The Group continues to maintain a strong balance sheet, supporting the company’s financial stability and flexibility. The actions taken in recent years have strengthened the foundation of the business and improved resilience in a challenging market environment. Liquidity remains solid, supported by cash holdings and available credit facilities. The Company’s capital structure improved during the year, with the return on equity increasing from –35.6% in the prior year to +1.0% in the current year. Working capital development was positive, reflected in a reduction of approximately 8% in aged trade receivables. In addition, utilization of credit facilities decreased compared to prior year, while trade payables were reduced by 6.4 million DKK. Overall, these developments indicate improved financial flexibility and a strengthened balance sheet position. In the financial year 2025, a material error relating to prior years’ financial statements was identified. As a result, the Company has adjusted the comparative figures included in the Financial Statement for 2025 in order to ensure comparability and correct presentation. Reference is made to the accounting policies, where the nature and financial impact of the adjustments made to the comparative figures are described. Making thoughtful choices on behalf of the future LIEWOOD are dedicated to creating high-quality products for families and children. The Company believe in being thoughtful and making informed decisions when creating safe and long-lasting products for the consumer.Therefore, LIEWOOD are mindful in our choice of materials like organic cotton, recycled polyester and recycled plastic, as well as preferring mono materials for a large part of textile production, for easier recycling. The focus is continuously on sourcing better materials and experienced suppliers. To guarantee compliance with REACH and EU regulations, LIEWOOD has a Code of Conduct and Supplier Manual, ensuring our partners adhere to current requirements. Our commitment to better durability is supported by a strategic supply chain, partnering with trusted stakeholders to deliver high-quality, traceable products. Audits for the Global Organic Textile Standard (GOTS) and the Global Recycled Standard (GRS) are conducted annually. LIEWOOD’s dedicated Internal Compliance Team oversees product testing, ensuring alignment with safety standards across its operating markets. The Company continues to strengthen its quality control processes through systematic inspections prior to shipment and, for selected products, upon arrival at the warehouse. In addition, structured procedures are in place to handle after-sales claims efficiently, supporting responsive and reliable customer service. Continuous improvement & looking ahead In our ongoing pursuit to minimize fossil fuel use, the majority of our plastic products now incorporate recycled post-consumer plastic. From 2024, LIEWOOD transitioned key steel products to 80% recycled steel, reducing CO₂ emissions. The Company are persistently increasing the proportion of recycled content in our products, with the aim of building a brighter future for the next generation. Our value chain - which spans raw material sourcing, production, transport, and delivery - comprises numerous steps, each influencing people and the environment. LIEWOOD recognizes the importance of enhancing our understanding of these processes and are committed to improving transparency and accountability at every stage. Throughout 2025, the Company has worked to fully map our raw material suppliers and have increased the volume of products made with recycled and certified materials. Design processes continue to be refined, fostering greater creativity and efficiency. LIEWOOD are proud of the advancements made and remain aware that further progress is required. Employee Engagement and Integrity At LIEWOOD, our employees remain a key driver of the company’s long-term development and operational stability. Their competencies, experience and commitment are essential to maintaining a well-functioning organization and supporting the execution of the company’s strategy. LIEWOOD continues to prioritize a safe, healthy and inclusive working environment. The Working Committee remains an important forum for dialogue and initiatives related to workplace conditions. During the year, the company maintained a strong focus on employee well-being, supported by ongoing internal processes and follow-up activities. Responsible business conduct remains an integral part of LIEWOOD’s operations. The company is committed to respecting fundamental human rights throughout its activities, including across its global value chain. LIEWOOD supports the International Bill of Human Rights and the labor standards set out by the International Labor Organization (ILO), and its approach is guided by the UN Guiding Principles on Business and Human Rights. In addition, LIEWOOD maintains a zero-tolerance approach to corruption and bribery. Policies and internal controls are in place to support ethical behavior and integrity across the organization and in interactions with business partners. Financial Risks Productions and procurement take place outside of Denmark, and a considerable part of the revenue is earned outside Denmark and settled in currencies other than DKK. This exposes the Group to ongoing fluctuations in exchange rates which affect both earnings and cash flows. To mitigate these risks, the company carries out continuous hedging activities. While the USD had a positive impact on the annual result for 2024, this was not the case in 2025. The significant decline in the USD during 2025 resulted in a substantial negative impact on the annual result. The Group only hedges cash flows and does not engage in speculative transactions. Future Expectation - investing in growth while reinforcing financial resilience Looking ahead, the Group expects 2026 to be an investment year focused on strengthening the brand and supporting long term growth. Following a successful turnaround in 2025 - where the Company significantly improved its performance compared to 2024 and returned to profitability – the Group is now in a position to invest in future development and growth initiatives. In 2026, management will prioritize building brand awareness and driving growth across both existing and new markets and customer segments. Continued development of the core product range, strengthened collaboration with key customers, and further expansion of the direct-to-consumer channel remain central focus areas. As part of the Group’s continued strategic focus, a new CEO, Markus Kleber has been appointed in LIEWOOD A/S to build on the Group’s strong market understanding and further develop the commercial agenda. LIEWOOD continues to demonstrate its ability to innovate and shape consumer preferences across several key product categories, while strengthening its seasonal assortments and reinforcing its position through a combination of functionality, design, and brand relevance. Continued investments in brand activation and market initiatives are intended to increase brand awareness and support mid- to long-term growth. Management expects EBITDA for 2026 in the range of DKK 10–20 million. LIEWOOD’s strong market insight and innovation capabilities provide a solid foundation for profitable growth.Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2025 and the result for the financial year for 2025 have not been affected by any unusual events. Research and Development LIEWOOD does not carry out any research activities. Development activities during the year have been very limited and primarily relate to ongoing improvements and maintenance of internal IT systems, including the Company’s B2B portal and Webshops. These activities are focused on supporting daily operations and enhancing system functionality rather than developing new products or technologies. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. LIEWOOD is a modern lifestyle brand designing a universe of products made for children and loved by parents. Blending aesthetics, functionality, and sustainability, LIEWOOD creates timeless products across toys, interiors, nursery, mealtime, apparel, accessories, and footwear. Rooted in Nordic design traditions, each product is thoughtfully developed using durable materials and produced under responsible and ethical conditions. With a strong focus on quality and conscious living, LIEWOOD encourages families to make mindful choices through products designed to last, be cherished, and passed down. By combining thoughtful design with everyday practicality, LIEWOOD brings affordable luxury to modern childhood and supports families with well-designed solutions for every stage of growing up. 68925556 56271099 -34030 -247505 54567913 66778144 0 0 8959400 11407487 27914 64313 5398243 -21914532 -61944 -311818 0 0 116510 -16215263 112832 497824 223255 815175 4971202 4620681 0 16452 539873 -26037389 277821 -15728358 28289 -3771643 13648 114075 511584 -22265746 264173 -15842433 10280070 12832483 0 0 710719 845149 0 0 1182267 1671497 0 0 12173056 15349129 0 0 4923977 7389013 0 27914 248566 592536 0 0 5172543 7981549 0 27914 0 0 27820636 29598240 268672 450386 0 0 268672 450386 27820636 29598240 17614271 23781064 27820636 29626154 64838394 60871260 0 0 3833260 3771432 0 0 68671654 64642692 0 0 21660081 29539167 0 0 0 0 3124893 6516031 5255814 10664679 0 0 4709857 4152644 13430 11765 2260998 2408000 1492000 2408000 1059829 1352163 0 0 34946579 48116653 4630323 8935796 7067922 5878513 4714828 3897222 110686155 118637858 9345151 12833018 128300426 142418922 37165787 42459172 50000 50000 50000 50000 0 0 8242532 10020137 -239034 1378875 0 0 37185995 40698035 28704429 32056773 36996961 42126910 36996961 42126910 10880485 11406742 0 0 47877446 53533652 36996961 42126910 1468982 1411715 0 0 1468982 1411715 0 0 51545572 53611503 0 0 16474384 22884314 0 178750 0 0 137565 122254 0 315931 0 0 10934042 10661807 31261 31258 78953998 87473555 168826 332262 80422980 88885270 168826 332262 128300426 142418922 37165787 42459172 -1791211 53533652 -108099 -497145 3500000 -2921468 -642723 511585 47877446 -519451 11406742 -31349 -144182 0 -847226 -186390 247412 10880485 -1271760 42126910 -76750 -352963 3500000 -2074242 -456333 264173 36996961 -1271760 40698035 -76750 -352963 3500000 0 0 264173 37185995 0 1378875 0 0 0 -2074242 -456333 0 -239034 0 50000 0 0 0 0 0 0 50000 0 -1271760 0 -1271760 50000 10020137 32056773 42126910 0 -76764 7 -76758 0 -352970 0 -352970 0 0 3500000 3500000 0 -2074242 0 -2074242 0 -456333 0 -456333 0 116510 147663 264172 50000 8242532 28704429 36996961 511584 -22265746 13514234 10479818 549427 24146320 14575245 12360392 112832 497824 4971202 4620681 9716875 8237535 168928 92063 9547947 8145472 1016136 939358 1958184 1702428 103793 94461 285506 8249 -2792607 -2727998 Equity contribution Equity contribution 0 4930000 3500000 1750000 -3500000 3180000 3255340 8597474 -47732990 -56330464 -44477650 -47732990 GroupParentcompany2025 2024 2025 2024 DKK DKK DKK DKK 1. StaffExpensesWages and salaries 48,837,518 59,861,506 0 0 Pensions 5,130,437 6,088,571 0 0 Other social security expenses 166,072 305,668 0 0 Other staff expenses 433,886 522,399 0 0 54,567,913 66,778,144 00 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. LIEWOOD A/S has introduced a warrant program which has been developed as part of the company’s overall incentive strategy, with the aim of encouraging selected key individuals to actively contribute to the company’s long-term value creation. The program is structured as an equity-based scheme, under which participants, subject to certain conditions, are granted the right to acquire shares in the company. The warrants program for the Board of Directors, Executive Management, and key employees of LIEWOOD A/S provides the opportunity to acquire subscription rights to shares in the company. Shares may be subscribed at a price of DKK 100 per share, fixed at the time of agreement. Subscription of shares may take place until the latest of December 31, 2026. In case of an exit event such as sale of 50% or more of the company’s shares to a third party, the completion of a stock exchange listing, the liquidation of the company or fusion eg. can the member decide to acquire subscription rights of shares in the company in relation to an exit event. During the 2025 financial year, LIEWOOD A/S issued a total of 2,210 warrants to Board of Directors, Executives and key employees. LIEWOOD A/S has issued a total of 44,199 warrants as of 31 December 2025. As of 31 December 2025, the covered Board of Directors, Executives and key employees had acquired a total of 0 warrants. 76 87 1 1 GroupParentcompany2025 2024 2025 2024 DKK DKK DKK DKK 2. FinancialincomeInterest received from group enterprises 0 0 108,863 734,137 Other financial income 112,832497,824114,39281,038112,832 497,824 223,255 815,175 GroupParentcompany2025 2024 2025 2024 DKK DKK DKK DKK 3. IncometaxexpenseCurrent tax for the year -57,222 0 15,312 122,254Deferred tax for the year -557,212 -3,178,013 -1,664-8,179-614,434-3,178,01313,648 114,075 thus distributed: Income tax expense 28,289-3,771,64313,648114,075Tax on equity movements -642,723 593,630 0 0 -614,434-3,178,01313,648 114,075 5.IntangiblefixedassetsParent GroupcompanyCompleted development Acquired projects trademarks Goodwill Goodwill DKK DKK DKK DKK Cost at 1 January26,527,4721,198,4205,092,196 200,000 Additions for the year 1,016,1360 0 0 Cost at 31 December 27,543,6081,198,4205,092,196 200,000 Impairment losses and amortization at 1 January13,694,989353,271 3,420,699 200,000 Amortization for the year 3,568,549134,430489,230 0 Impairment losses and amortization at 31 December 17,263,538 487,7013,909,929200,000 Carrying amount at 31 December10,280,070 710,719 1,182,267 0LIEWOOD's development projects consist of development, improvement and upgrading of the Company’s Webshop for the B2B-segment, logistics and Enterprise Resource Planning system. The development, improvements and upgrading are completed on an ongoing basis and are ready for use upon completion. The software platforms form the basis of a large part of the Company’s existing business. The improvements and upgrading are expected to have lives of three years which are considered to reflect the useful lives. The projects are progressing according to plan through the use of the resources allocated by Management to the development. 6.Property,plantandequipmentParent GroupcompanyOther fixtures Other fixtures and fittings, Leasehold and fittings, tools and improve- tools and equipment ments equipment DKK DKK DKK Cost at 1 January 26,151,901 2,868,93490,866Additions for the year 1,943,75114,4330 Cost at 31 December 28,095,652 2,883,36790,866 Impairment losses and depreciation at 1 January 18,762,888 2,276,39862,952 Depreciation for the year 4,408,787 358,403 27,914Impairment losses and depreciation at 31 December 23,171,6752,634,801 90,866 Carrying amount at 31 December 4,923,977 248,5660 Parentcompany2025 2024 DKK DKK 7. InvestmentsinsubsidiariesCost at 1 January19,578,104 7,508,104 Addition for the year 0 12,070,000 Cost at 31 December 19,578,104 19,578,104 Value adjustments at 1 January 10,020,137 25,070,119 Exchange adjustment 76,764 -39,988 Other changes -352,970 -289,063 Net profit/loss for the year 605,731 -15,726,042 Other equity movements, net -1,617,909 1,494,332 Amortization of goodwill -489,221 -489,221 Value adjustments at 31 December 8,242,532 10,020,137 Carrying amount at 31 December27,820,636 29,598,240 Positive differences arising on initial measurement of subsidiaries at net asset value 4,892,196 4,892,196 Remaining positive difference included in the above carrying amount at 1,182,2671,671,497Investments in subsidiaries are specified as follows: Place of registered Name office Ownership Liewood A/S Copenhagen 71%8.Other fixed asset investments GroupDeposits DKK Cost at 1 January 450,386Additions for the year 103,791 Disposals for the year -285,505 Cost at 31 December 268,672 Carrying amount at 31 December 268,672 GroupParentcompany2025 2024 2025 2024 DKK DKK DKK DKK 9.DeferredtaxassetDeferred tax asset at 1 January 4,152,644 974,632 11,765 3,586 Amounts recognized in the income statement for the year -85,510 3,771,643 1,665 8,179 Amounts recognized in equity for the year 642,723 -593,631 0 0 Deferredtaxassetat31December 4,709,857 4,152,644 13,430 11,765The deferred tax asset arises from tax losses carried forward from previous financial years for LIEWOOD A/S. Following a comprehensive restructuring process, LIEWOOD has implemented measures aimed at eliminating future losses. Based on the approved budgets and actual results realized subsequent to the balance sheet date, management has assessed the tax losses will be utilized within a period of 3 to 5 years. 10.PrepaymentsPrepayments under assets are made up of prepaid costs relating to rent, insurance premiums and subscriptions. Group2025 2024 DKK DKK 11.Cashflowstatement-AdjustmentsFinancial income -112,832 -497,824 Financial expenses 4,971,202 4,620,681 Depreciation, amortization and impairment losses, including losses and gains on sales 8,959,400 11,407,487 Tax on profit/loss for the year 28,287 -3,771,643 Other changes in equity -439,921 -1,222,563 Exchange rate adjustments 108,098 -56,320 13,514,234 10,479,818 12. Cashflowstatement-ChangeinworkingcapitalChange in inventories -4,028,96226,143,481Change in receivables 13,580,285-3,945,257Change in trade payables, etc. -6,080,428-750,226Fair value adjustments of hedging instruments -2,921,468 2,698,322 549,427 24,146,320 13. Long-term debtPayment due within 1 year is recognized in short-term debt. Other debt is recognized in long-term debt. The debt falls due to payment as specified below: Other payables After 5 years 1,468,982 1,411,715 Long-term part 1,468,982 1,411,715 Other short-term payables 10,934,042 10,661,807 12,403,02412,073,522 GroupParentcompany2025 2024 2025 2024 DKK DKK DKK DKK 14.Contingent assets, liabilities and other financial obligationsChargesandsecurityThe following assets have been placed as security with bankers: Inventories 68,671,654 64,642,692 0 0 Trade receivables 21,660,081 29,539,167 0 0 Other fixtures and fittings, tools and equipment 4,923,9777,389,0130 0 Leasehold improvements 248,566 592,536 0 0 Completed development projects and acquired trademarks 10,990,78913,677,6320 0 The security with bankers comprises a business mortgage registered to LIEWOOD A/S totaling t.DKK 60,000, providing security for bank loans in LIEWOOD A/S of t.DKK 51.546. RentalandleaseobligationsThe Group has entered operational leases. The leases have up to 30 months to maturity and total outstanding lease payments total t.DKK 341. The Group has entered a lease on premises. These contracts are non-cancellable until 1 June 2028. The annual rent amounts to t.DKK 11,243. The total outstanding lease payments are t.DKK 25.193. 14. Contingent assets, liabilities and other financial obligations (continued) OthercontingentliabilitiesLIEWOOD A/S has issued a letter of financial support to the subsidiaries Liewood DE GmbH and Liewood UK Limited to cover negative equity balances. The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Lie ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Mutual beneficial agreements LIEWOOD A/S has entered into distribution agreements with several suppliers. These agreements include various purchase-related commitments. Under certain agreements, the company is subject to specific purchase obligations linked to minimum purchase volumes or supply arrangements. Other distribution agreements do not impose any contractual purchase obligations on the Company. Overall, the Group’s obligations under these arrangements vary by supplier and may include commitments related to purchase or other operational requirements. Where no such contractual obligation exist, purchases are made based on operational needs and market conditions. On 31 December 2025 the Group's commitments related to Mutual beneficial agreements were t.DKK 29,761. At 31 December 2025, the Parent Company had not entered into any material mutually beneficial agreements giving rise to contractual delivery obligations in future periods, apart from the contingent liabilities already disclosed. 15. Financial instrumentsLIEWOOD A/S has entered into agreements relating to derivative financial instruments in the form of foreign currency options. The purpose of these instruments is to hedge the Group’s exposure to foreign exchange risk. Group2025 2024 DKK DKK Liabilities 431,628 2,489,839 Fair value changes recognized in equity 2,698,322 -2,921,468 Parentcompany2025 2024 DKK DKK 16.Related partiesTransactions108,863 734,137 Financial income for related parties 3,124,893 6,516,031 Trade Receivables to related parties 17. SubsequenteventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 18. AccountingpoliciesThe Annual Report of Lie ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in DKK. Material errors relating to prior years A material error relating to previous years has been identified and adjusted in the annual report for 2025. Management has become aware that the accrual of revenue for the financial years 2024 and 2023 have been defective. The Group's comparative figures for 2024 have been adjusted accordingly, whereby the company's Gross profit has decreased by DKK 1,428k and tax on the year's profit has increased by DKK 286k. The value of the company's inventories has increased by DKK 1,835k, receivables have decreased by DKK 4,079k and deferred tax (asset) has increased by DKK 452k. The year's profit for 2024 and the Group equity at 1 January 2025 has thus been reduced by DKK 1,142k. The Group’s equity at 1 January 2024 has been reduced by DKK 649k, inventories have increased by DKK 666k, receivables have been reduced by DKK 1,482k, and deferred tax (asset) has increased by DKK 167k. The Parent's comparative figures for 2024 have been adjusted accordingly, whereby loss from investments in subsidiaries has increased by DKK 811k. The Parent’s equity at 1 January 2024 has been reduced by DKK 461k, provisions relating to investments in group enterprises have decreased by 1.272k. Adjustment of comparative figures Certain reclassifications have been made in the balance sheet for the Parent Company and the Group. Comparative and key figures have been adjusted accordingly, the reclassifications have not had an effect on the Group's or the parent company's results or equity. RecognitionandmeasurementRevenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognized in the income statement. Assets are recognized 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 recognized 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. BasisofconsolidationThe Consolidated Financial Statements comprise the Parent Company, Lie ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realized and unrealized profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. MinorityinterestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognized based on a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries. LeasesLeases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognized in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group. The remaining lease obligation is capitalized and recognized 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 recognized in the income statement on a straight-line basis over the lease term. TranslationpoliciesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognized directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognized directly in equity. DerivativefinancialinstrumentsDerivative financial instruments are initially recognized in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognized in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. HedgeaccountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk. Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognized in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognized in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognized in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognized. The amount is recognized in the same item as the hedged transaction. Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognized directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognized in the income statement. IncomestatementRevenueRevenue from the sale of goods is recognized when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably, and it is probable that the economic benefits relating to the sale will flow to the Group. Revenue is measured at the consideration received and is recognized exclusive of VAT and net of discounts relating to sales. CostofgoodssoldCost of goods sold comprise the purchase price etc. for goods sold in the year. OtherexternalexpensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profit/loss With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, cost of goods sold and other external expenses. StaffexpensesStaff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. WarrantsEstablished warrant program are categorized as equity-based programs and based on this, it has been chosen not to recognize the value of granted warrants. Amortization,depreciationandimpairmentlossesAmortization, depreciation and impairment losses comprise amortization, depreciation and impairment of intangible assets and property, plant and equipment. IncomefrominvestmentsinsubsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. FinancialincomeandexpensesFinancial income and expenses comprise interest, realized and unrealized exchange adjustments as well as extra payments and repayment under the on-account taxation scheme. Taxonprofit/lossfortheyearTax 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 recognized in the income statement, whereas the tax attributable to equity transactions is recognized directly in equity. The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Balance sheet IntangiblefixedassetsGoodwill Goodwill is amortized on a straight-line basis over the estimated useful life of 10 years, determined based on Management’s experience with the individual business areas. Development projects Costs of development projects comprise salaries, amortization and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognized as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognized as expenses in the income statement as incurred. Capitalized development costs are measured at cost less accumulated amortization and impairment losses or at a lower recoverable amount. An amount corresponding to the recognized development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognized in financial years beginning on or after 1 January 2016. The reserve is reduced by amortization of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalized development costs are amortized on a straight-line basis over the period of the expected economic benefit from the development work. The amortization period is 3-7 years. Other intangible fixed assets Rights are measured at cost less accumulated amortization and less any accumulated impairment losses or at a lower value in use. Rights are amortized over the period of the agreements, which is 10 years. Property,plantandequipmentProperty, 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: Other fixtures and fittings, tools and equipment 3-8 years Leasehold improvements 3-8 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. ImpairmentoffixedassetsThe 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 amortization and depreciation. If so, the asset is written down to its lower recoverable amount. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Goodwill and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. InvestmentsinsubsidiariesInvestments in subsidiaries are recognized and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealized intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method “under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognized at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognized in provisions. OtherfixedassetinvestmentsOther fixed asset investments consist of deposits. InventoriesInventories are measured at the lower cost under the FIFO method and net realizable value. The net realizable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realizable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of finished goods and goods for resale equals landed cost. ReceivablesReceivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. Equity Dividend Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item.DeferredtaxassetsandliabilitiesDeferred tax is recognized in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognized 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 based on 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 crystallize as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured based on 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 realized, 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. CurrenttaxreceivablesandliabilitiesCurrent tax receivables and liabilities are recognized in the balance sheet at the amount calculated based on 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. FinancialliabilitiesLoans, such as loans from credit institutions, are recognized initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortized cost; the difference between the proceeds and the nominal value is recognized as an interest expense in the income statement over the loan period. Other debts are measured at amortized cost, substantially corresponding to nominal value. CashFlowStatementThe cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortization and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents Cash and cash equivalents comprise” Cash at bank and in hand” and” Overdraft facilities”. The cash flow statement cannot be immediately derived from the published financial records. true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-23 Reporting class C, medium-size enterprise 2026-04-23 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-04-23 mne35483 33771231 mne52164 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK 3500000 1750000 3500000 1750000 0 0 605731 -15726043 247412 -6611388 0 0 -3235828 -17404358 -3841558 -1866390 511584 -22265746 264173 -15842433