27355943 2025-01-01 2025-12-31 27355943 2025-01-01 2025-12-31 auditor_1 27355943 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 27355943 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 27355943 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 27355943 2025-01-01 2025-12-31 memberOfBoardIdentifier_3 27355943 2024-01-01 2024-12-31 27355943 2023-01-01 2023-12-31 27355943 2022-01-01 2022-12-31 27355943 2021-01-01 2021-12-31 27355943 2025-12-31 27355943 2024-12-31 27355943 2023-12-31 27355943 2022-12-31 27355943 2021-12-31 27355943 2024-12-31 fsa:ContributedCapitalMember 27355943 2024-12-31 fsa:RetainedEarningsMember 27355943 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 27355943 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 27355943 2025-12-31 fsa:ContributedCapitalMember 27355943 2025-12-31 fsa:RetainedEarningsMember 27355943 2025-01-01 27355943 2024-01-01 27355943 2024-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2025-01-01 2025-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2025-12-31 fsa:AcquiredIntangibleAssetsMember 27355943 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2024-12-31 fsa:LeaseholdImprovementsMember 27355943 2024-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 27355943 2025-01-01 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27355943 2025-12-31 fsa:LeaseholdImprovementsMember 27355943 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27355943 2025-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember 27355943 2024-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-06-02 27355943 2026-06-02 Reporting class C, large enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 true Annual report Tobias Vieth The Board of Directors and the Executive Board have today discussed and approved the annual report for ILLUM 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. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Copenhagen 2026-06-02 Jeanette Aaen CEO Sean Christopher Hill Chairman Vittorio Radice Jeanette Aaen Independent auditor's report To the shareholder of ILLUM A/S Opinion We have audited the financial statements of ILLUM A/S for the financial year 1 January - 31 December 2025, comprising income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the 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 Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen 2026-06-02 KPMG 25578198 Henrik Y. Jensen State Authorised Public Accountant mne35442 ILLUM A/S Østergade 52 DK-1100 København K 33 14 40 02 www.illum.dk 27355943 2003-09-24 Copenhagen 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 466930000 437235000 378608000 340799000 264528000 58841000 58354000 14595000 882000 -13902000 -59846000 -61334000 -93753000 -101206000 -114265000 393000 749000 491000 -7165000 -7625000 -46830000 -45478000 -74371000 -88339000 -99973000 506292000 475267000 415426000 406917000 450344000 10843000 16649000 14354000 15728000 7846000 -34257000 12573000 58051000 132422000 -217979000 -45207000 -49016000 -53158000 -92443000 -26127000 -13329000 -21809000 -26113000 -18342000 -9417000 120832000 97887000 77628000 74666000 64861000 62296000 27062000 -1643000 -36119000 29317000 1260 1330 390 30 -530 5170 5030 4500 5400 2690 -680 260 1400 3250 -4840 206000 208000 188000 177000 167000 The financial ratios have been calculated as follows:Gross marginGross profit/loss x 100 / RevenueCurrent ratioCurrent assets x 100 / Current liabilitiesSolvency ratioEquity at year end x 100 / Total equity and liabilities at year endFor the financial years 2021-2023, the Company's annual reports have been prepared in accordance with the provisions applying to reporting class C medium entities under the Danish Financial Statements Act, and therefore revenue has not been disclosed. Principal activities ILLUM A/S operates the department store ILLUM from the address Østergade 52, Copenhagen. The principal activities of the Company comprise retail sale of high-end luxury goods through one physical store and limited online sales. The Company offers a carefully curated assortment of premium products, primarily to private customers. The Company’s operations are centered around its physical retail presence, where customer experience is a key element, while online sales constitute a supplementary channel. Development in activities and financial position Loss for the year (including comparison with outlook previously announced) The Company's income statement for 2025 shows a loss of DKK 46,830 thousand as against a loss of DKK 45,478 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK -34,257 thousand as against DKK 12,573 thousand at 31 December 2024. The financial year was in line with forecast and planned strategy. Investments During 2025, ILLUM invested DKK 16,089 thousand in fixed assets compared to DKK 16,649 thousand in 2024. Investment was mainly made in technical equipment, customer facing activities and new shops. Capital resources The Company realized a loss of DKK 46,830 thousand in the financial year ending 31 December 2025. The Company's short-term liabilities at this date exceed its short-term assets by DKK 259,542 thousand and the Company has a negative equity at this date of DKK 34,257 thousand. However, the Company received a Letter of Support from its ultimate parent, stating that it will provide adequate financial support to enable the Company to meet all its financial obligations as they fall due. Also, the intercompany payables are not expected to be called within the next financial year. Based on this, Management assessed that it is appropriate to account on a going concern basis. Outlook The Company's budget for 2026 shows a continuing high level of activity. However, due to rebuilding in the department store Illum expects revenue for the coming financial year to be in the range of DKK 420-440 millions, which is a slight decrease compared to 2025. The net profit for the coming financial year is expected to be in line with 2025 and in the range of negative DKK 35-45 millions. ILLUM continues to have plans to open new branded shops as well as host more events in ILLUM. The Company will continue to focus on its core retail operations and maintaining its position within the high-end luxury segment. In addition, continued development of customer engagement initiatives, including in-store activities and events, is expected to support sales. The Company’s physical retail presence in ILLUM remains central to its operations, and management will monitor opportunities to further strengthen brand visibility and customer experience. The global geopolitical landscape in 2026 remains fragmented, characterized by ongoing trade tensions between major blocs (US-China-EU), US/Iran war impacting shipping routes, and a shift toward protectionist economic policies. For ILLUM, as a premier luxury destination, these factors will impact both revenue, margins, and operational costs. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2025. Statement on corporate social responsibility At ILLUM, we believe that being a premier destination for luxury and fashion in Copenhagen carries a profound responsibility. Sustainability and ethical business practices are an important part of our brand identity. As a retail company, the Company is aware that its activities may give rise to impacts particularly in relation to product sourcing, supplier relationships, employee conditions in store, and environmental aspects such as energy consumption, packaging, and waste handling. These matters are handled on an ongoing basis by management through established business procedures and operational controls. The Company primarily sources products from established and reputable suppliers within the EU and other regulated markets. All business partners are committing to comply with applicable legislation and generally accepted standards regarding labor rights, human rights, and our business ethics. Environmental considerations are primarily related to the operation of retail store, including energy consumption, use of materials, packaging, and waste management. The Company complies with applicable environmental regulations. The Company has assessed that, given its current structure and activities, the risks related to corporate social responsibility matters are limited and are adequately managed through compliance with legislation and ongoing management oversight. The Company does not currently report specific non-financial key performance indicators in this area. With regard to employee matters, the Company focuses on providing a safe and stable working environment in its retail operation. Employment conditions are governed by applicable legislation and, where relevant, collective agreements. Day-to-day management ensures that employees are treated fairly and that workplace conduct aligns with generally accepted standards. Given the nature, size and risk profile of our operations, the areas of environment and climate, labour conditions, human rights and anti-corruption are not currently supported by formalized policies. Nevertheless, sustainability remains an important consideration in our day-to-day operations, and we continuously work to act responsibly and in accordance with relevant legal requirements. Statement on data ethics As ILLUM embraces the opportunities of a digitalized retail landscape—including personalized shopping experiences—we recognize the critical importance of data ethics. This reflects the Company’s current size and the relatively limited complexity of its use of data, which primarily relates to ordinary business operations in a retail environment, including physical store and limited e-commerce activities. The Company processes data in connection with customer transactions, operation of point-of-sale systems, customer relationship management (CRM), newsletters and marketing activities, as well as administration of employee data. Customer data may be used for general marketing purposes, including newsletters and campaigns, based on consent where required. Data is handled in accordance with applicable legislation, including the General Data Protection Regulation (GDPR), and internal procedures are in place to ensure that personal data is processed securely and only for legitimate business purposes. Access to data is restricted to relevant employees, and external IT providers are selected based on reliability and compliance with applicable data protection requirements. Management continuously assesses the Company’s data practices and will consider the need to formalize a data ethics policy as the Company’s use of data evolves. Given the nature of the Company's current size and the relative limited complexity of its use of data, which primarily relates to ordinary business operations in a retail environment, including physical store and limited e-commerce activities, the company does not currently have a formalized policy for data ethics. 466930000 437235000 191887000 171884000 216202000 206997000 58841000 58354000 89660000 89687000 29027000 30001000 -59846000 -61334000 626000 913000 233000 164000 -59453000 -60585000 -12623000 -15107000 -46830000 -45478000 7515000 11741000 189000 325000 216408000 222498000 4690000 9936000 221287000 232759000 228802000 244500000 113562000 109033000 11134000 24531000 12623000 15107000 4986000 3897000 22176000 27486000 50919000 71021000 113009000 50713000 277490000 230767000 506292000 475267000 922896000 922896000 -957153000 -910323000 -34257000 12573000 3517000 3914000 79351000 122883000 440280000 319448000 7738000 7005000 9663000 9444000 537032000 458780000 540549000 462694000 506292000 475267000 922896000 -910323000 0 -46830000 922896000 -957153000 -46830000 -45478000 29027000 30001000 -13413000 -13394000 -29491000 -39785000 -60707000 -68656000 626000 913000 -233000 -164000 15107000 18891000 -45207000 -49016000 -2486000 -5160000 -10843000 -16649000 -13329000 -21809000 120832000 97887000 120832000 97887000 62296000 27062000 50713000 23651000 113009000 50713000 The annual report of ILLUM A/S for 2025 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Change of reporting classThe annual report of ILLUM A/S for 1 January - 31 December 2025 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act. The transition compared to the previous financial year from the provisions applying to reporting class C medium entities under the Danish Financial Statements Act has not resulted in changes to recognition and measurement.Omission of executive remuneration on management categoriesIn accordance with section 98b(3)(II) of the Danish Financial Statements Act, remuneration of the Executive Board has not been presented, as the Board of Directors did not receive any emoluments. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue ILLUM A/S' revenue consists of revenue from sales in ILLUM A/S' own stores, sale of services to concessions, commission from concession sales and rental income. Income from the sale of goods for resale, comprising direct sale of goods from ILLUM A/S' own stores, is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place. Revenue from concession agreements: When selling goods and services delivered by concessionaries, the Company does not assume significant rewards and risks related to the sale, and revenue is thus presented on a net basis and measured at the fair value of the distribution fee agreed upon. Income is recognised in revenue when rewards and risks are transferred from the concessionary to a third party whereby the Company qualifies for the right to commission. Revenue from the sale of services to concessions is recognised as the services are provided. Cost of sales Costs of goods for resale comprise costs incurred in generating the revenue for the year from ILLUM A/S' own stores. Other external costs Other external costs comprise costs of distribution, sales and advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities are deducted from staff costs. Tax on loss for the year The Parent Company is comprised by the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Software Licences (software) are measured at cost less accumulated amortisation and impairment losses. Licences (software) are amortised on a straight-line basis over the period of contract, however, not exceeding 5 years. Property, plant and equipmentFixtures and fittings, tools and equipment as well as leasehold improvements are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures and fittings, tools and equipment1-15 yearsLeasehold improve­ments1-30 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases The Company has no leases that transfer substantially all risks and rewards incident to ownership to the Company (finance leases). All the Company's leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contingent liabilities, etc. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments recognised under current assets comprise prepayments of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. LiabilitiesFinancial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.Other liabilities are measured at amortised cost. Deferred income Deferred income recognised under liabilities comprises advance invoicing regarding income in subsequent years. The cash flow statement shows the Company's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Company'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 Company's share of profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisitions and disposals of intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in size or composition of the Company's contributed capital and costs in this respect as well as raising of loans, installments on interest-bearing debt and distribution of dividends to owners. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. Segment information is provided on business segments. The segment information is in line with the Company's accounting policies, risks and internal financial management. The Company realized a loss of DKK 46,830 thousand in the financial year ending 31 December 2025. The Company's short-term liabilities at this date exceed its short-term assets by DKK 259,542 thousand and the Company has a negative equity at this date of DKK 34,257 thousand. However, the Company received a Letter of Support from its ultimate parent, stating that it will provide adequate financial support to enable the Company to meet all its financial obligations as they fall due. Also, the intercompany payables are not expected to be called within the next financial year. Based on this, Management assessed that it is appropriate to account on a going concern basis. DKK'00020252024 Store sales305,961277,471 Concession and consignments137,094135,960 Rental income18,98617,772 Other4,8896,032466,930437,235 Revenue comprises of sales and services delivered in Denmark. 348000 258000 217000 196000 41000 29000 90000 33000 80910000 81269000 7426000 7148000 1324000 1270000 206 208 Remuneration to the Executive Board has not been disclosed in accordance with section 98b (3) of the Danish Financial Statements Act. 6712000 5453000 22315000 24548000 -12623000 -15107000 At 31 December 2025, the Company has an unrecognized deferred tax asset amounting to DKK 67,346 thousand, which is not expected to be utilized in the foreseeable future and has therefore been written down to DKK 0. -46830000 -45478000 33224000 2486000 35710000 -21483000 -6712000 -28195000 7515000 4544000 466947000 9936000 37000 10806000 0 0 5246000 -5246000 4581000 482999000 4690000 -4219000 -244449000 0 -173000 -22142000 0 -4392000 -266591000 0 189000 216408000 4690000 Prepayments3,3854,409 Concessions18,79123,077 Contributed capital consists of:922,896,211 shares of a nominal value of DKK 1 each. 3517000 3914000 Deposits from concessions are repaid upon termination of the contract. Deferred income of DKK 9,663 thousand (2024: DKK 9,444 thousand) comprise payments received (giftcards/ Illum Key Point) from customers that cannot be recognised until the subsequent financial year. -626000 -913000 233000 164000 -12623000 -15107000 357000 -1343000 -754000 3805000 -4529000 -25354000 17664000 -3114000 -42626000 -11317000 Contingent liabilities, including guarantee commitments The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties. Other commitments, including lease obligations Total future lease payments: DKK'00031/12 202531/12 2024Within 1 year 137,976 137,414Between 1 and 5 years 716,441 706,531After 5 years 2,193,905 2,328,4363,048,3223,172,381 ILLUM A/S is part of the consolidated financial statements of CRC Luxembourg S.á.r.l., 43, Avenue J. F. Kennedy 1855 Luxembourg, and the consolidated financial statements of Harng Central Department Store Limited, No. 306, Silom Road, Suriyawongse Sub-district, Bang Rak District Bangkok 10500, Thailand, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of CRC Luxembourg S.á.r.l. and the consolidated financial statements of Harng Central Department Store Limited can be obtained by contacting the companies at the above addresses. Related party transactions DKK'00020252024 Management fee to group entities -2,127 -967 Rental fee to group entites -137,885 -137,414 Joint taxation -12,623 -15,107 Intercompany balance to group entities is disclosed in the balance sheet.