63642010 2025-01-01 2025-12-31 63642010 2025-01-01 2025-12-31 5 63642010 2024-01-01 2024-12-31 6 63642010 2023-01-01 2023-12-31 7 63642010 2022-01-01 2022-12-31 8 63642010 2021-01-01 2021-12-31 9 63642010 2025-01-01 2025-12-31 0 63642010 2025-01-01 2025-12-31 0 63642010 2025-01-01 2025-12-31 1 63642010 2025-01-01 2025-12-31 2 63642010 2025-01-01 2025-12-31 3 63642010 2025-01-01 2025-12-31 1 63642010 2025-01-01 2025-12-31 0 63642010 2024-01-01 2024-12-31 63642010 2023-01-01 2023-12-31 63642010 2022-01-01 2022-12-31 63642010 2021-01-01 2021-12-31 63642010 2021-01-01 2021-12-31 4 63642010 2022-01-01 2022-12-31 3 63642010 2023-01-01 2023-12-31 2 63642010 2024-01-01 2024-12-31 1 63642010 2025-01-01 2025-12-31 0 63642010 2025-12-31 63642010 2024-12-31 63642010 2023-12-31 63642010 2022-12-31 63642010 2021-12-31 xbrli:pure iso4217:DKK 2025-01-01 Regnskabsklasse C, mellemstor virksomhed Annual report 21625744 CSC (Danmark) ApS Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1535.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 0.0778 0.1626 0.1264 -0.04 0.066 63642010 2026-05-29 Sonny Lyngsø Management's Statement The Executive and Supervisory Boards have today considered and adopted the Annual Report of Papyro-Tex A/S for the   financial year 1 January - 31 December 2025. 2025-12-31 The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the   Company and of the results of the Company's operations for 2025.   In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Herlev 2026-05-29 Lene Becher Jensen Sonny Lyngsø Chairman Peter Graham Watt Elisabeth Palm Pedersen Lene Becher Jensen Independent Auditor’s Report Independent Auditor's Report To the Shareholder of Papyro-Tex A/S Opinion   We have audited the financial statements of Papyro-Tex A/S for the financial year 01.01.2025 – 31.12.2025, which  comprise the income statement, balance sheet, statement of changes in equity, and notes, including a summary of   significant 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 financial position of the Company at 31.12.2025   and of the results of its operations for the financial year 01.01.2025 – 31.12.2025 in accordance with the Danish Financial  Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent   of the Entity 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 responsibilities for the financial statements   Management is responsible for the preparation of financial statements that give a true and fair view in accordance with   the Danish Financial Statements Act, and for such internal control as Management determines is necessary 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 Entity’s ability to continue as a going   concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of   accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease   operations or has no realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from   material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.   Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with   ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.   Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could   reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we   exercise professional judgement and maintain professional skepticism throughout the audit. We also:   • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,   design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and   appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from   fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,   misrepresentations, or the override of internal control.   • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are   appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’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 Entity’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 Entity to cease to continue as a going concern.   • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the   notes, 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 management commentary   Management is responsible for the management commentary.   Our opinion on the financial statements does not cover the management commentary, 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 commentary and,   in doing so, consider whether the management commentary is materially inconsistent with the financial statements or   our knowledge obtained in the audit or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the management commentary provides the information required   by relevant law and regulations.   Based on the work we have performed, we conclude that the management commentary is in accordance with the   financial statements and has been prepared in accordance with the requirements in the relevant law and regulations.   We did not identify any material misstatement of the management commentary.   Copenhagen 2026-05-29 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Henrik Wolff Mikkelsen Leon Thomas Ravn Fagerlind State Authorised Public Accountant mne33747 State Authorised Public Accountant mne49914 Papyro-Tex A/S Skinderskovvej 32 - 36 DK-2730 Herlev 63642010 Herlev Sonny Lyngsø Lene Becher Jensen Peter Graham Watt Elisabeth Palm Pedersen Lene Becher Jensen Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 DK-0900 København C Financial Highlights   Seen over a five-year period, the development of the Company is described by the following financial highlights:   2025   2024   2023   2022   2021   TDKK   TDKK   TDKK   TDKK   8008000 6020000 -734000 403000 83433000 15252000 -975000 52185000 14027000 -2468000 9076000 65571000 -6084000 -1190000 60736000 9317000 -187000 11160000 -5594000 7260000 Balance sheet total Balance sheet total Balance sheet total Balance sheet total Balance sheet total 77355000 75121000 93823000 74718000 110992000 63330000 150414000 54077000 140653000 59495000 0 4 0 1089000 43 6652000 64 4216000 61 43 Return on assets Return on assets Return on assets Return on assets Return on assets 97.11 0.54 79.64 16.17 57.06 15.46 36 -10.3 42.3 13 Management's Review Main activity   Papyro-Tex A/S manufactures Barrier Film for the medical industry.   Development in the year   The income statement of the Company for 2025 shows a profit of TDKK 403, and at 31 December 2025 the balance sheet   of the Company shows equity of TDKK 75.121.   Following a strategic decision, the Company closed the site in Herlev in December 2024 and stopped associated   production activity.   In 2025, Papyro-Tex A/S´s sale and profit was above the expected level due to sale of raw materials and equipment.   The Company has been subject to an ongoing tax audit regarding transfer pricing for the years 2014 and 2015. A   concluding ruling was received in May 2025. The result for the year 2025 was negative affected by the ruling by TDKK   4,355.   In 2025, no investments were made in production equipment, buildings, regulatory environmental improvements and   energy savings.   Targets and expectations for the year ahead   Production ceased in 2024 and the land and building have been put up for sale in 2025. The Company is expected to be   liquidated when the site has been sold. See note 1 for further description.   A negative result of 1-2 million DKK is expected going forward until the company is liquidated.   Subsequent events   No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.   8008000 83433000 1931000 57000 33059000 35122000 6020000 15252000 696000 1430000 127000 1102000 5286000 4883000 403000 14277000 3117000 11160000 0 0 0 0 5016000 5016000 6871000 11887000 11443000 57599000 45000 3031000 73564000 3600000 102000 28000 2270000 0 71385000 4959000 80297000 0 1011000 1639000 81936000 93823000 77355000 77355000 20000000 55121000 20000000 54718000 75121000 74718000 377000 0 1857000 153000 10397000 8555000 2234000 2234000 19105000 19105000 93823000 77355000 Statement of Changes in Equity   Share   Retained   Total   capital   earnings   TDKK   TDKK   TDKK   20.000   54.718   74.718   Equity at 1 January 2025   Net profit/loss for the year   0 403   403   20.000   55.121   75.121   Equity at 31 December 2025   Notes to the Financial Statements   1.   Judgements regarding going concern   The land and building have been put up for sale in 2025. It is expected that the sale will be complex and will take place over a   longer period. The Company will be liquidated after the site has been sold.   2.   Staff expenses   2025   2024   TDKK   TDKK   Wages and salaries   1.345   29.237   Pensions   471   3.376   Other social security expenses   114   446   1.931   33.059   Average number of employees   4 43 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements   Act.   ConvaTec PLC has implemented different share-based compensation programs which include the Company’s Executive Board,  other key management persons and other eligible employees. Share-based compensation programs are granted on a yearly basis   over a fixed period. Share-based compensation programs entitle the Executive Board, other key management persons and other   eligible employees to buy shares in the ConvaTec PLC per agreement at a pre-agreed price.   4 43 3.   Depreciation of property, plant and equipment   2025   2024   TDKK   TDKK   57   Depreciation of property, plant and equipment   6.479   Impairment losses   0 28.643   57   35.122   4.   Financial income   2025   2024   TDKK   TDKK   Other financial income   661   50   Exchange gains   34   77   696   127   5.   Financial expenses   2025   2024   TDKK   TDKK   Interest paid to group enterprises   -968   1.034   Other financial expenses   1.407   14   Exchange loss   991   54   1.430   1.102   Notes to the Financial Statements   6.   Tax on profit/loss for the year   2025   2024   TDKK   TDKK   Current tax for the year   -2.270   10.397   Deferred tax for the year   3.555   -7.293   Tax concerning previous years   3.598   12   Tax (expense)/income for the year   4.883   3.116   7.   Property, plant and equipment   Production   Other fixtures   Land and buildings   equipment, tools   and fittings, tools   and machinery   and equipment   TDKK   TDKK   TDKK   Cost at 1 January 2025   34.887   141.393   2.234   Transfers for the year   -34.887   0 0 Cost at 31 December 2025   0 141.393   2.234   Depreciation at 1 January 2025   29.870   141.393   2.234   Depreciation for the year   57   0 0 Reversal of depreciation on transferred assets   -29.928   0 0 Depreciation at 31 December 2025   0 141.393   2.234   Carrying amount at 31 December 2025   0 0 0 Land and buildings are reclassified as assets held for sale.   8.   Other receivables   2025   2024   TDKK   TDKK   Cost at 1 January   6.871   6.871   Deduction for the year   -6.871   0 Cost at 31 December   0 6.871   The Company was subject to an ongoing tax audit regarding transfer pricing for the years 2014 and 2015. A ruling was received in   May 2025. The outcome of this has resulted in a positive change in the company's tax base for the income years 2014-2015 by a   total of DKK 5.405 TDKK.   9.   Equity   The share capital consists of 20,000 shares of a nominal value of TDKK 1. No shares carry any special rights.   There have been no changes in the share capital during the last 5 years.   of profit/loss   2025   2024   TDKK   TDKK   403000 11160000 11.   Provision for deferred tax   2025   2024   TDKK   TDKK   Provision for deferred tax at 1 January   -3.600   3.686   Amounts recognised in the income statement for the year   3.555   -7.286   Deferred tax asset at 31 December   -45   -3.600   Property, plant and equipment   380   -2.921   Inventories   0 -1   Share based payment   0 -36   Accountig provisions   -425   -642   -45   -3.600   Deferred tax has been provided at 22% corresponding to the current tax rate.   12. Contingent assets, liabilities and other financial obligations   Other contingent liabilities   The Company is party to a national Danish joint taxation scheme with ConvaTec Denmark Holdings ApS as the administration   company. Consequently, the Company is jointly liable for corporation taxes for the jointly taxed companies and for any obligations to   withhold tax at source on interest, royalties and dividends for the jointly taxed companies.   13. Related parties   Controlling interest   Basis   ConvaTec Denmark Holdings ApS   Immediate parent  ConvaTec Holdings U.K. Limited   Intermediate parent   ConvaTec Group Holdings Limited   Intermediate parent   ConvaTec Group PLC   Ultimate parent   Transactions   Trade with related parties, including trade with the parent company, is based on market terms.   Consolidated Financial Statements   The Company is included in the Group Annual Report of the Ultimate Parent:   Name   Place of registered office   ConvaTec Group PLC   UK   The Group Annual Report of ConvaTec Group PLC may be obtained at the following address:   Notes to the Financial Statements   Policies   The Annual Report of Papyro-Tex A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial   Statements Act applying to medium sized enterprises of reporting class C.   The accounting policies applied remain unchanged from last year.   The Financial Statements for 2025 are presented in TDKK.   Cash flow statement With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated   financial statements of ConvaTec Group PLC, the Company has not prepared a cash flow statement.   Recognition and measurement   Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities   measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are   recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due   to changed accounting estimates of amounts that have previously been recognised in the income statement.   Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the   Company, and the value of the asset can be measured reliably.   Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the   value of the liability can be measured reliably.   Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item   below.   Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report   which confirm or invalidate affairs and conditions existing at the balance sheet date.   Translation policies   Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due   to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and   expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value   adjustments are recognised directly in equity.   Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are   translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date   and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income   statement.   Fixed assets acquired in foreign currencies are measured at the transaction date rates.   Income Statement Revenue   Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the   customer, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the   Company.   Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.   Expenses for raw materials and consumables   Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the   year.   Other external expenses   Other external expenses comprise expenses for premises, sales and distribution as well as corporate expenses, etc.   Gross profit/loss   With reference to section 32 of the Danish Financial Statements Act, revenue has not been disclosed in the Annual Report.   Staff expenses   Staff expenses comprise wages and salaries as well as payroll expenses.   Depreciation   Depreciation comprises depreciation of property, plant and equipment.   Financial income and expenses   Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.   Tax on profit/loss for the year   Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the loss for the   year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.   The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion   to their taxable incomes.   Balance Sheet Property, plant and equipment   Land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less   accumulated depreciation and impairment losses. Land is not depreciated.   Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time   when it is ready to be put for use. For self-manufactured assets, cost comprises direct and indirect costs of materials, components,   sub suppliers and labour costs. Interest expenses are not included in the cost.   The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the   basis of the following estimated useful lives of the assets:   Buildings   25 years   Plant and machinery   5 - 10 years   Other fixtures and fittings, tools and equipment   4 years   Depreciation period and residual value are reassessed annually.   Asset held for sale   Assets held for sale are assets that are no longer in use and have been put up for sale. The assets are measured at the lower of   carrying amount at the date of reclassification and net realisable value, and no amortisation or depreciation is made.   Impairment of fixed assets   The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication   of impairment other than that expressed by depreciation.   If so, the asset is written down to its lower recoverable amount.   Inventories   Inventories are measured at the lower of cost under the FIFO method and net realisable value.   The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process   of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability,   obsolescence and development in expected selling price.   The cost of goods for resale, raw materials and consumables equals landed cost.   The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of   indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and   depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory   administration and management.   Receivables   Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal   value less provisions for bad debts.   Deferred tax assets and liabilities   Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax   bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset   and settlement of the liability, respectively.   Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future   earnings or by set-off against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet   date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are   recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.   Current tax receivables and liabilities   Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for   tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme   are recognised in the income statement in financial income and expenses   Financial debts   Debts are measured at amortised cost, substantially corresponding to nominal value.   Financial Highlights   Explanation of financial ratios   Return on assets   Profit/loss before financials x 100   ─────────────────   Total assets   Solvency ratio   Equity at year end x 100   ──────────────   Total assets at year end   Return on equity   Net profit/loss for the year x 100   ────────────────   Average equity