27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 6 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 2 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 27237010 2025-01-01 2025-12-31 27237010 2024-01-01 2024-12-31 27237010 2025-12-31 27237010 2024-12-31 27237010 2025-12-31 c:ConsolidatedMember 27237010 2024-12-31 c:ConsolidatedMember 27237010 2025-01-01 c:ConsolidatedMember 27237010 2024-01-01 c:ConsolidatedMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ManagementMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ManagementMember 27237010 2025-01-01 2025-12-31 e:ManagementMember 27237010 2024-01-01 2024-12-31 e:ManagementMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:BoardOfDirectorsMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:BoardOfDirectorsMember 27237010 2025-01-01 2025-12-31 e:BoardOfDirectorsMember 27237010 2024-01-01 2024-12-31 e:BoardOfDirectorsMember 27237010 2025-01-01 c:ConsolidatedMember e:CompletedDevelopmentProjectsMember 27237010 2025-01-01 e:CompletedDevelopmentProjectsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:CompletedDevelopmentProjectsMember 27237010 2025-01-01 2025-12-31 e:CompletedDevelopmentProjectsMember 27237010 2025-12-31 c:ConsolidatedMember e:CompletedDevelopmentProjectsMember 27237010 2025-12-31 e:CompletedDevelopmentProjectsMember 27237010 2025-01-01 c:ConsolidatedMember e:AcquiredIntangibleAssetsMember 27237010 2025-01-01 e:AcquiredIntangibleAssetsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:AcquiredIntangibleAssetsMember 27237010 2025-01-01 2025-12-31 e:AcquiredIntangibleAssetsMember 27237010 2025-12-31 c:ConsolidatedMember e:AcquiredIntangibleAssetsMember 27237010 2025-12-31 e:AcquiredIntangibleAssetsMember 27237010 2025-01-01 c:ConsolidatedMember e:GoodwillMember 27237010 2025-01-01 e:GoodwillMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:GoodwillMember 27237010 2025-01-01 2025-12-31 e:GoodwillMember 27237010 2025-12-31 c:ConsolidatedMember e:GoodwillMember 27237010 2025-12-31 e:GoodwillMember 27237010 2025-01-01 c:ConsolidatedMember e:LandAndBuildingsMember 27237010 2025-01-01 e:LandAndBuildingsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:LandAndBuildingsMember 27237010 2025-01-01 2025-12-31 e:LandAndBuildingsMember 27237010 2025-12-31 c:ConsolidatedMember e:LandAndBuildingsMember 27237010 2025-12-31 e:LandAndBuildingsMember 27237010 2025-01-01 c:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-01-01 e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-01-01 2025-12-31 e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-12-31 c:ConsolidatedMember e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-12-31 e:FixturesFittingsToolsAndEquipmentMember 27237010 2025-01-01 e:InvestmentsInGroupEnterprisesMember 27237010 2024-01-01 e:InvestmentsInGroupEnterprisesMember 27237010 2025-01-01 2025-12-31 e:InvestmentsInGroupEnterprisesMember 27237010 2024-01-01 2024-12-31 e:InvestmentsInGroupEnterprisesMember 27237010 2025-12-31 e:InvestmentsInGroupEnterprisesMember 27237010 2024-12-31 e:InvestmentsInGroupEnterprisesMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 1 27237010 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 2 27237010 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 2 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 3 27237010 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 3 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 4 27237010 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 4 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 5 27237010 2025-12-31 c:ConsolidatedMember e:SubsidiaryMember 5 27237010 2025-01-01 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2024-01-01 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2025-12-31 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2024-12-31 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ParticipatingInterestsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:OtherRelatedEntitiesMember 1 27237010 2025-12-31 c:ConsolidatedMember e:OtherRelatedEntitiesMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:OtherRelatedEntitiesMember 2 27237010 2025-12-31 c:ConsolidatedMember e:OtherRelatedEntitiesMember 2 27237010 2025-01-01 c:ConsolidatedMember e:ContributedCapitalMember 27237010 2024-01-01 c:ConsolidatedMember e:ContributedCapitalMember 27237010 2025-01-01 e:ContributedCapitalMember 27237010 2024-01-01 e:ContributedCapitalMember 27237010 2025-12-31 c:ConsolidatedMember e:ContributedCapitalMember 27237010 2024-12-31 c:ConsolidatedMember e:ContributedCapitalMember 27237010 2025-12-31 e:ContributedCapitalMember 27237010 2024-12-31 e:ContributedCapitalMember 27237010 2025-01-01 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2024-01-01 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2025-01-01 e:RevaluationReserveMember 27237010 2024-01-01 e:RevaluationReserveMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2025-01-01 2025-12-31 e:RevaluationReserveMember 27237010 2024-01-01 2024-12-31 e:RevaluationReserveMember 27237010 2025-12-31 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2024-12-31 c:ConsolidatedMember e:RevaluationReserveMember 27237010 2025-12-31 e:RevaluationReserveMember 27237010 2024-12-31 e:RevaluationReserveMember 27237010 2025-01-01 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-01-01 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-01-01 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-01-01 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-01-01 2025-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-01-01 2024-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-12-31 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-12-31 c:ConsolidatedMember e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2024-12-31 e:ReserveForNetRevaluationAccordingToEquityMethodMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 27237010 2025-01-01 2025-12-31 e:ReserveForDevelopmentExpenditureMember 27237010 2024-01-01 2024-12-31 e:ReserveForDevelopmentExpenditureMember 27237010 2025-12-31 c:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 27237010 2024-12-31 c:ConsolidatedMember e:ReserveForDevelopmentExpenditureMember 27237010 2025-12-31 e:ReserveForDevelopmentExpenditureMember 27237010 2024-12-31 e:ReserveForDevelopmentExpenditureMember 27237010 2025-01-01 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-01-01 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-01-01 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-01-01 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-01-01 2025-12-31 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-01-01 2024-12-31 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-12-31 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-12-31 c:ConsolidatedMember e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-12-31 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2024-12-31 e:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 27237010 2025-01-01 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2024-01-01 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2025-01-01 e:RetainedEarningsMember 27237010 2024-01-01 e:RetainedEarningsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2025-01-01 2025-12-31 e:RetainedEarningsMember 27237010 2024-01-01 2024-12-31 e:RetainedEarningsMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember e:ProposedExtraordinaryDividendRecognisedInEquityMember 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember e:ProposedExtraordinaryDividendRecognisedInEquityMember 27237010 2025-01-01 2025-12-31 e:ProposedExtraordinaryDividendRecognisedInEquityMember 27237010 2024-01-01 2024-12-31 e:ProposedExtraordinaryDividendRecognisedInEquityMember 27237010 2025-12-31 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2024-12-31 c:ConsolidatedMember e:RetainedEarningsMember 27237010 2025-12-31 e:RetainedEarningsMember 27237010 2024-12-31 e:RetainedEarningsMember 27237010 2025-01-01 27237010 2024-01-01 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 2 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 3 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 1 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 2 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 3 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 4 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 5 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 24 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 24 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 24 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 24 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 24 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 25 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 25 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 25 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 25 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 25 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 26 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 26 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 26 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 26 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 26 27237010 2023-12-31 c:ConsolidatedMember 27237010 2022-12-31 c:ConsolidatedMember 27237010 2021-12-31 c:ConsolidatedMember 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 0 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 0 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 0 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 0 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 0 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 2 27237010 2024-01-01 2024-12-31 c:ConsolidatedMember 2 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 2 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 2 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 2 27237010 2025-01-01 2025-12-31 c:ConsolidatedMember 12 27237010 2024-01-01 2024-12-31 12 27237010 2023-01-01 2023-12-31 c:ConsolidatedMember 12 27237010 2022-01-01 2022-12-31 c:ConsolidatedMember 12 27237010 2021-01-01 2021-12-31 c:ConsolidatedMember 12 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 27237010 BPI A/S Lyngbyvej 403 2820 Gentofte 2003-07-01 Grant Thornton, Godkendt Revisionspartnerselskab Grant Thornton, Godkendt Revisionspartnerselskab 34209936 34209936 Jan Tønnesen Alice Gardalid statsautoriseret revisor statsautoriseret revisor mne9459 mne47829 Lautrupsgade Lautrupsgade 11 11 2100 2100 København Ø København Ø Danmark Danmark +45 33 110 220 +45 33 110 220 info@dk.gt.com info@dk.gt.com 2026-04-23 Jan Klarskov Henriksen Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-04-23 Gentofte 2026-04-23 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueAcid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 2231444697 1697088071 1818295741 1606477647 2266172 1165542 2809386 2132396 2064104434 1584436403 1694343800 1502038715 48109660 36755215 39023357 35765141 121496775 77061995 87737970 70806187 64723817 43133516 49465287 42296303 7713181 2189742 1880392 1193956 49059777 31738737 36392291 27315928 0 0 12910451 3699261 11759358 11881038 11759358 11881038 0 0 301508 848877 6064864 93435 1998126 5292 11406184 6604757 11798238 7272679 55477815 37108453 51563496 36477717 10442657 5362991 6528338 4732256 45035158 31745462 45035158 31745461 0 12500000 30014223 16491276 15020935 2754185 1877993 2021083 1641185 2021083 15288215 14064720 4079800 4533111 84453006 529207 0 0 101619214 16615010 5720985 6554194 38400000 37919969 0 37919969 3581960 1623715 2936081 1623715 41981960 39543684 2936081 39543684 0 0 149062678 26672036 12969814 14710456 12969814 14710456 12969814 14710456 162032492 41382492 156570988 70869150 170689558 87480370 86062976 78878623 73104211 64789439 10104134 4431573 10104134 4431573 96167110 83310196 83208345 69221012 268314884 234538083 232723803 230794942 3731306 55729 5342761 5356910 1856250 71250 1856250 71250 12166926 1772628 6982523 1693144 286069366 236437690 246905337 237916246 4394783 2519680 4394783 2519680 4394783 2519680 4394783 2519680 10587749 835362 1012341 72199 397219008 323102928 335520806 309729137 553789996 393972078 506210364 397209507 0 0 4500000 4500000 4500000 4500000 23144623 22531775 0 22531775 0 0 46162431 29295266 0 0 1059254 0 -12441 -365382 0 0 143797372 98762213 119707869 69101565 171429554 125428606 171429554 125428606 6167812 6008664 605484 6008664 25406720 0 25406720 0 0 0 0 1945805 31574532 6008664 26012204 7954469 15077595 9177102 0 9177165 11736737 0 11736737 0 26814332 9177102 11736737 9177165 982396 644608 0 644608 75963797 77076434 66590379 69246940 5307779 6377224 5307779 6372452 206051550 132699606 144998103 125948103 0 10912507 52469063 28710657 1369735 381662 0 0 6555986 4182411 6542430 4182411 27740335 21083254 21124115 19544096 323971578 253357706 297031869 254649267 350785910 262534808 308768606 263826432 553789996 393972078 506210364 397209507 45035158 31745462 13783599 3275842 4183257 -57716539 63002014 -22695235 6064864 93445 11406184 6604757 57660694 -29206547 6223113 1955582 51437581 -31162129 2790100 0 2993304 3261369 702617 422876 13500000 20000000 0 -2545535 -83954304 14615972 18853537 0 878518 586539 0 12500000 24294091 28410217 42269110 15323678 9752387 -1222479 835362 2057841 10587749 835362 10587749 835362 56206999 39319949 45409962 38482736 4592134 3395256 3542938 3395256 3924684 418311 512387 418311 64723817 43133516 49465287 42296303 6907617 2835918 5282415 2835918 450000 450000 450000 450000 7357617 3285918 5732415 3285918 86 56 59 53 238500 530039 1074711 1283248 11167684 6074718 10723527 5989431 11406184 6604757 11798238 7272679 2062547 2062547 988653 0 149881 149881 3201081 2212428 41464 41464 646214 0 635410 529779 1323088 571243 1877993 1641185 27240862 5439734 2790100 0 30030962 5439734 13176142 906623 1566605 453311 14742747 1359934 15288215 4079800 3665958 0 88376091 0 92042049 0 3136751 0 4452292 0 7589043 0 84453006 0 13121702 13121701 0 13121701 13121702 0 28876914 28876915 785702 785702 0 -29662617 29662616 0 4078647 4078647 305671 305670 0 4384317 4384318 0 38400000 0 8737384 0 5676406 5676406 8383191 0 2843423 2606616 927688 927688 15975332 7355334 4052691 4052691 7764929 0 0 683485 892675 0 316923 316923 12393372 4419253 3581960 2936081 19071998 19071998 111031572 0 130103570 19071998 14634810 8922269 0 -14649 352941 9494 18254867 5717696 33242618 14634810 8980577 8054968 5344414 925609 41481 0 0 -1945805 41481 1945805 149062678 26672036 Group enterprise A 100 0 0 Group enterprise B 100 0 0 Group enterprise C 100 0 0 Group enterprise D 100 0 0 Group enterprise E 100 0 0 50000 50000 50000 50000 14660456 22779418 11759358 11881038 -13500000 -20000000 12919814 14660456 12969814 14710456 Participating interest A 50 0 Participating interest B 50 0 0 4500000 4500000 4500000 4500000 4500000 4500000 4500000 4500000 22531775 20994603 22531775 20994603 0 -1970733 23144623 0 0 0 785702 1970733 -785702 0 172854 433561 172854 433561 0 0 23144623 22531775 0 22531775 0 0 29295266 28326154 0 0 30014222 20959618 0 0 352943 9494 0 0 -13500000 -20000000 0 0 46162431 29295266 0 0 1059254 0 0 0 1059254 0 -365382 -374876 0 0 352941 9494 0 0 -12441 -365382 0 0 98762213 79516768 69101565 50815722 -98762213 -79516768 0 0 98762213 79516768 15020935 10785843 45035159 19245445 0 0 0 -12500000 0 12500000 0 -12500000 0 0 0 0 13500000 20000000 0 0 22085369 0 143797372 98762213 119707869 69101565 6008664 5025263 6008664 5025263 159148 549840 159150 549840 0 433561 -5562330 433561 6167812 6008664 605484 6008664 426000 190334 74700 55000 222667 41275 7713181 2189742 -11759358 -11881038 -6064864 -93435 11406184 6604757 10442657 5362990 2045799 1092826 -8951584 -28415858 -31422838 -50069446 44557679 20768765 Today, the Board of Directors and the Executive Board have approved the annual report of BPI A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Ole Munksgaard Hansen Jens Jacob Madsen Henrik Jul de Laurent Madsen Jan Klarskov Henriksen Flemming Skouboe Henning Kruse Lorentzen Ole Munksgaard Hansen Dorthe Finderup Madsen We have audited the consolidated financial statements and the parent company financial statements of BPI A/S for the financial year 1 January to 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under 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 and the 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. Basis for OpinionWe 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” 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. 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company 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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 1512969000 1527552000 1310524000 68892000 65591000 64865000 26027000 24322000 25580000 6418000 5370000 3917000 3918000 2372000 25526000 23323000 22909000 86997000 64164000 55554000 46150000 40302000 79139000 61834000 53346000 43684000 36331000 73996000 55785000 46882000 39993000 34489000 319597000 286514000 270522000 41982000 39544000 37496000 37800000 41789000 104636000 104019000 111501000 27929000 26925000 34601000 2838000 3364000 889000 -29782000 -30606000 -34293000 9752000 -1222000 985000 -316000 1198000 48 49 49 5.4 4.5 4.6 4.3 4.9 2.2 1.9 1.7 1.6 2.0 122.6 127.5 121.6 129.1 140.0 31.0 31.8 32.7 36.3 41.2 24.0 25.4 24.5 21.6 23.1 6.7 8.9 8.4 9.5 9.5 Unusual circumstancesOne of the results of the global inflation was a large fluctuation in commodity prices affecting all commerce – also the BPI activities. In addition, the war in the Middle East presented challenges transporting goods through Suez Canal. The effect on BPI activities has been noticeable, but minor. The group's assets, liabilities, and financial position as of 31 December 2025 and the results of the group's activities and cash flow for 2025 are not affected by unusual circumstances. Development in activities and financial mattersThe consolidated income statement for the group shows a profit of DKK 45,035,158 against DKK 31,745,462 last year. EBITDA for the group, including EBITDA for associates on a 100% basis, amounts to DKK 86.9 million, where EBITDA after deduction of the minority shareholders' share of EBITDA is DKK 71.8 million. The group's balance sheet as of 31 December 2025 shows equity of DKK 171 million and a solvency ratio of 31%. We utilized about 43% of our credit line in Jyske Bank, and we remain in a very favorable situation in this area.  Significant events during the year In January 2025, we took over all activities of the Swedish food company Färskvaruhuset in Kungälv, Sweden. BPI wanted to strengthen its presence in the Swedish market. We have succeeded in doing so. The desired synergies between the two companies have been satisfactory in year 1, and we expect this to continue in the coming years. Färskvaruhuset has delivered an annual report that is satisfactory.  Foodservice  Our Foodservice division currently consists of branches in Scandinavia, Germany, Benelux, Spain, and France. In many ways, the Foodservice division embodies BPI’s DNA, when we started importing quality poultry, especially from Thailand, over 23 years ago. Now, 23 years later, with animal welfare and climate consistently on the global agenda, it has proven to be a good decision. When it comes to food quality, animal welfare and CO2 emissions, our regular selection is at the top of the preferences expressed by industrial customers, chain customers and especially catering customers, including restaurants and canteens. We repeatedly document our animal welfare efforts and aim not only to meet but also exceed the ECC requirements. We offer chicken with and without heart scheme.     Retail Retail in 2025 was characterized by customers remaining much more price conscious, which led large retail chains to trade down. This means that they have scaled down package sizes to offer lower unit prices. This trend was quite positive for BPI, as we can quickly adapt our product portfolio through our extensive global supplier network. This resulted in reasonable growth in our Danish, Swedish and EU-business. In 2026, we expect the trend from 2025 to continue and look forward to growth in all our categories Bulk department 2025 has been a year characterized of rising prices for both chicken and pork, where especially the best versions have experienced significant price increases throughout the year. Continued turmoil in global markets, fluctuating production levels, and strong demand have contributed to this development. Despite challenges with access to hard currency in several African countries, 2025 has shown that Africa remains a strong growth area for us – especially for chicken. Markets such as West Africa have had a particularly strong year, but challenges with payment flows and regulations in certain West African countries have continued to limit growth. In Asia, after a period of adjustment and rebuilding of customer relationships in the first and second quarters, we have seen a significant increase in trading activity in the fourth quarter. However, profitability has been very challenged in the region, primarily due to price-sensitive markets and increased competition from South America. We have managed to bring in many new markets in South East Asia. Despite these challenges, 2025 has been a strong year for BPI BULK. We have managed to maintain our core business while expanding our presence in key growth markets. With a solid foundation, strategic diversification, and a focus on risk management, we are well positioned to continue our growth in 2026. Milk powder The price of milk powder has been relatively high in 2025. However, at the end of the year we saw prices falling sharply. Prices stabilized at a reasonable level at the beginning of 2026. The biggest challenge is to constantly obtain the quantities that 3rd world countries, in particular, demand. We have a strong position in these markets with our brand Cow Pow, which is in high demand. In many markets Cow Pow is the leading brand.  For the past four years, as well as 15 years before the war in Ukraine began, we have continued to purchase milk powder from Ukraine. The goods are shipped out of Ukraine via Romania, where shipments to the Middle East and Far East are facilitated via the Black Sea. Despite the increased risks associated with the war, we have chosen to maintain this trade in order to support Ukrainian dairies. We continue to have a representative office in Kiev.  Development for the year relative to the expectationsIn the management review in the 2024 annual report, we expected growth in the group's revenue and profit in 2025. We grew by 25% in revenue and 47% in the group's profit after tax. The development in revenue and profit is satisfactory.   Expected developmentsWe expect that 2026 will bring continued growth for the group. We expect 2026 to have focus on existing business and to be very careful since the global situation is very unstable. The group stands solidly on many legs, and we see opportunities for progress in all parts of the group.  Subsequent eventsFrom the balance sheet date up to today, no events have occurred that affect the assessment of the annual report Corporate social responsibility report pursuant to section 99 a of the Danish Financial Statements ActBPI follows the UN's Ten Guiding Principles for the Global Compact, which form the basis of the company's Code of Conduct. Our Code of Conduct ensures that we live up to our internal responsibilities and also ensures that our suppliers live up to and follow the principles in our Code of Conduct. The Code of Conduct describes the company's values and approach to corporate social responsibility within the areas of environment/climate, human rights, social relations and animal welfare.  Environmental issues – including climate change We are continuously working to reduce our environmental and climate impact. This primarily concerns our own activities in transporting products to our customers and maintaining our own buildings. In dialogue with our customers and clients, we will aim to improve the performance of our supply chain by providing advice where relevant and possible, thereby reducing the risk to the environment.  PoliciesBPI works to source our products where they are produced in the most carbon-neutral way possible. For example, chicken from Asia and South America, which thrive in local temperatures and therefore do not need heated farm buildings like here in Scandinavia. In Scandinavia, large CO2 resources are required for local chicken production, as chicken production requires heating to 25 degrees Celsius inside the farm buildings and the fact that some of the feed is imported.  A significant part of the climate-damaging production that takes place in Scandinavia is exported to Asia, making the climate footprint of this production even greater.  It is a fact that we are closely following the government's climate targets for 2035 and will strive to meet these on all conceivable targets. It presents challenges for BPI to trade with poultry from Northern Europe. It is our goal to increase trade with Scandinavian partners. But unfortunately, animal welfare and climate goals do not go hand in hand. We want to supply public institutions, hospitals, municipalities, etc. Both two- and three hearted chickens are required. Going from 40 kilos to 30 kilos produced per square meter presents major challenges for the environment. Stables with chickens must be heated to 25 degrees Celsius. Despite the Northern European climate, the authorities and public opinion on the one hand will demand reductions in CO2 emissions, but on the other hand this must not be at the expense of animal welfare, which are partly incompatible requirements. The authorities are not taking a position on this dilemma. These are challenges that the industry will face in the coming years. We have to navigate this as our customers demand that we have a plan to reduce our environmental impact. At the same time, BPI is doing everything in their power to fight for better animal welfare, which certainly requires that individual animals have more space. We are continuously working to increase the fulfillment of these requirements.  Action takenBPI does not have a direct environmental impact from production or similar activities. However, we choose to trade with producers who demand better animal welfare without compromising on reducing CO2 emissions. With regard to transport, we try to get our suppliers to choose the shortest sailing routes and, to the extent possible, use shipping companies that use light fuel.  We continue to use new solar panels at HQ in Gentofte. This initiative has reduced our electricity consumption. We continue to work on reducing our environmental impact in every way possible and have initiated plans for continued reduction. Results Our environmental impact decreased ongoing from 2020 related to: Vessels have switched from heavy fuel to light fuel or fitted with cleaning machines. All our driving salespeople now drive electric cars.Continued use of public heating of our HQContinued use of environmentally friendly heat pumps at our HQ Installation of solar panels More electric and hybrid cars   Social issues and employee issuesPoliciesWe want to be an attractive and preferred workplace for both current and future employees. We will ensure equal opportunities and a diverse workforce through the way we hire. The health and safety of our employees is a prerequisite for how we do business, both within our own company and in the companies that we collaborate with. We constantly monitor that employee turnover does not increase. The risk of this increases if, for example, we are not aware of the working environment. Action takenIt is our ambition that all employees should retain the opportunity to advance on an equal footing within the organization, regardless of gender or ethnicity; We pursue this goal by formulating our job advertisements so that they are widely accessible. It has therefore been possible to hire competent employees with very different backgrounds. At BPI, we have employees of 19 different nationalities. The workplace assessment committee has held the planned meetings. We are also monitoring sick leave. ResultsThese efforts are an ongoing process, and we are getting closer to our goal of a more equal representation of both genders in leadership positions at BPI without compromising on qualifications. There have been no occupational accidents to date. Human rightsPoliciesIn support of human rights and living conditions in general in the countries where our suppliers are located, we will continue to engage in social projects that will improve and develop the local areas where we operate. In the medium and long term, compliance with human rights will increase our international opportunities and enable us to engage with most of the world's buyers and suppliers in the international food industry, who have a similar focus. We are aware that in the meantime we also have a responsibility to be constantly vigilant against the risk of contributing to human rights violations. Action takenWe will visit our suppliers again in 2026 on several occasions and declare that their respect for fundamental human rights is important to our collaboration and that this will also be important to BPI in 2026.  BPI is a member of Sedex, which helps us increase our actions regarding human rights in line with labor standards, health and safety, environment, and business ethics. BPI has supported the NGO "Save the Children" to help raise living standards and respect for human rights in the countries where we operate, such as in the Middle East and Asia. In 2025, BPI also supported the Children's Cancer Foundation in Denmark, the Danish animal welfare NGO, the Red Cross, the TV-based "Danmarks indsamlingen" (Denmark’s fundraising) and the Danish research unit "Kræftens Bekæmpelse" (Cancer control). ResultsDuring discussions with our suppliers, we feel that they are moving in a positive direction regarding human rights, but this is not an area where BPI can monitor progress using KPIs. Anti-corruption and briberyPoliciesBPI has zero tolerance for all forms of corruption, facilitation payments, and anti-competitive behavior. We continually assess the risk of violating local laws in the countries where we operate, in the same way that we assess the risk of violating our own standards. Action taken We have reviewed all agreements to identify whether agreements and transactions may be exposed to the risk of bribery and corruption.  ResultsThe above review of agreements did not result in the discovery of any agreements or transactions that were found to be covered by concepts such as bribery or corruption. Report on the company’s policy on data ethics according to the Danish Financial Statements Act, Section 99dThe company's activities and business model do not include data processing to an extent where management finds it necessary to establish a policy. The company does not process data, nor does it use algorithms for data analysis, and therefore this is not an integral part of the company's strategy and business model. The annual report for BPI A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. RevenueThe enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expensesOther external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables and etc.  Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Results from investments in group enterprises and participating interestAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual entities are recognised in the income statement of the parent as a proportional share of the entities' post-tax profit or loss. After full elimination of intercompany profit or loss less amortised of consolidated goodwill, the equity investment in the individual participating interests are recognised in the income statement of both the group and the parent as a proportional share of the participating interest' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs comprise salaries, wages, and amortisation directly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 3-5 years. Acquired patents and licences are measured at the lower cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 20 years. GoodwillAcquired goodwill is measured at cost with deduction of accumulated amortisation. Goodwill is amortised over the estimated useful life, which is determined on the basis of management’s experience in the individual business areas. Goodwill is amortised on a straightline basis over the amortisation period, which is set to 20 years. The amortisation period is determined on the basis of an expected pay-back period, being the longer for strategical acquirees with a strong market position and an expected longterm earnings profile. Property, plant, and equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The fair value has been determined based on an external valuation using management’s estimates, market data for comparable properties and a market-based return requirement The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeBuildings50yearsOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprises and participating interestInvestments in group enterprises and participating interest are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises and participating interest are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. In relation to material assets and liabilities recognised in group enterprises and participating interest but are not represented in the parent, the following accounting policies have been applied. Investments in group enterprises and participating interest with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises and participating interest  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises and participating interest. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to norminal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade recieveables, a general provision is also made based on the Group's experience from previous years.   Financial instruments and equity investmentsFinancial instruments and equity investments recognised under current assets consist of listed shares and bonds which are measured at fair value on the reporting date.  Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityRevaluation reserveRevaluations of property less deferred tax are recognised under the revaluation reserve. The reserve is reduced when the value of revalued property is reduced due to depreciation. The reduction represents the difference between depreciation based on the revalued carrying amount of the property and depreciation based on the original cost of the property. The reserve is partly or totally dissolved on the sale of the property and reduced as a result of impairment loss on property. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Reserve for foreign currency translationThe reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable Reserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Reserve for foreign currency translationThe reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. DividendDividend expected to be distributed for the year is recognised as a separate item under equity.  Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, BPI A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. ProvisionsProvisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Liabilities other than provisionsLoans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively. Cash flows from operating activitiesCash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the group's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records.   GroupParent 31/12 202531/12 202431/12 202531/12 2024 16.Provisions for deferred taxProvisions for deferred tax 1 January 20256.008.6645.025.2636.008.6645.025.263Deferred tax relating to the net profit or loss for the year159.148549.840159.150549.840Deferred tax recognised directly in equity0433.561-5.562.330433.561 6.167.8126.008.664605.4846.008.664 Deferred tax has been provided at 22% corresponding to the current tax rate. 20.Disclosures on fair value Group and parent  Listed shares Fair value at 31 December 20254.394.783 Unrealised change in fair value of the year recognised in the statement of financial activity1.825.913 21.Charges and securityAs collateral for mortgage loans, DKK 16 million, security has been granted on land and buildings representing a carrying amount of DKK 38,4 million at 31 December 2025. BPI has pledged the share capital in its subsidiary Färskvaruhuset i Göteborg AB with a nominal value of t.DKK 1,000  as security for all present and future balances with Jyske Bank A/S. BPI has granted a floating charge of a nominel amount of DKK 48,1 million for bank debt to Jyske Bank A/S. On the balance sheet date, BPI's debt to Jyske Bank A/S amounts to DKK 78,3 million. The following assets have been placed as security:  DKK in thousands Inventories83.208 Trade receivables232.724 Intangible assets 5.721 Other fixtures, fittings, tools and equipment 2.936 Total security provided for affiliated undertakings amounts to DKK 13,3 million. The security relates to the parent company’s guarantees for the bank facilities of its subsidiaries and is specified as follows:  BPI A/S has provided a surety (primary liability) in respect of the parent company MCM International A/S bank facility. On the balance sheet date, MCM International A/S' debt to Jyske Bank A/S amounts to DKK 4 million.  BPI A/S has provided a surety (primary liability) in respect of the group company BPI GmbH's bank facility. On the balance sheet date, BPI GmbH's debt to Jyske Bank A/S amounts to DKK 2,4 million.  BPI A/S has provided a surety (primary liability) in respect of the group company BPI Norway's bank facility. On the balance sheet date, BPI Norway's debt to Jyske Bank A/S amounts to DKK 6,9 million.  22.Contractual obligations and contingencies, etc.Lease liabilities:BPI A/S has assumed lease obligations, which at the balance sheet date amounted to DKK 1 million in the period of non-terminability.  Other contractual obligations:The company has entered into rent agreements. On 31 December 2025, the total of other contractual obligations amounts up to DKK 15,6 million with a remaining contract periode of up to 10 years. As of the balance sheet date, BPI Group has entered into binding agreements for the purchase of goods totaling DKK 31,4 million. These agreements are expected to be fulfilled in the following financial year and have not been recognized in the balance sheet. Recourse guarantee commitments:When applying for import licenses from the EU authorities in a limited number of EU countries, insurance companies, on behalf on BPI, guarantee to fullfill the company's obligations in applying for the above import licenses. Insurance companies have guaranteed in total DKK 61,3 million.  Joint taxationWith FMH ApS, company reg. no 10141427 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 23.Related partiesControlling interest MCM International A/S, Lyngbyvej 403, 2820 GentofteMajority shareholder Ole Munksgaard Hansen, Gl Strandvej 294, 3959 HumlebækUltimative majority shareholder TransactionsThe company has chosen only to disclose transactions which have not been made on an arm’s length basis inaccordance with the Danish Financial Statements Act, Section 98c(7).  Transactions during the year with the board of directors, the executive board, senior officers, significantshareholders, group enterprises, or other related parties are made on market conditions. Consolidated financial statementsThe company is included in the Group Annual Report of the Parent Company of the largest and smallest group.   Name: FMH ApS, company reg. no. 10141427, Gl Strandvej 294, 3050 Humlebæk