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2025-12-31 fsa:LongtermTradePayablesMember 19201112 2024-12-31 fsa:LongtermTradePayablesMember 19201112 2025-12-31 cmn:ConsolidatedMember fsa:LongtermPayablesToGroupEnterprisesMember 19201112 2024-12-31 cmn:ConsolidatedMember fsa:LongtermPayablesToGroupEnterprisesMember 19201112 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 19201112 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember iso4217:DKK pure xbrli:pure 2024-01-01 2024-12-31 2026-06-30 19201112 2026-06-30 Reporting class C, large enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 KPMG 25578198 true Annual report Peter Christian Kierkegaard The Board of Directors and the Executive Board have today discussed and approved the annual report for BPW FINANS 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 consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Group's and the Parent Company's operations and consolidated 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 Group's and the Parent Company's activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial position. We recommend that the annual report be approved at the annual general meeting. Kolding 2026-06-30 Thorsten Winterberg Director Tobias Wiedeking Chairman Markus Manfred Schell Peter Christian Kierkegaard Thorsten Winterberg Independent auditor's report To the shareholder of BPW FINANS A/S Qualified Opinion We have audited the consolidated financial statements and the parent company financial statements of BPW FINANS A/S for the financial year 1 January - 31 December 2025, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, except for the possible effect of the matter described in the Basis for qualified opinion section of our report, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Qualified Opinion We have not been able to obtain sufficient appropriate audit evidence regarding the valuation of a intercompany receivable amounting to DKK 91,3 million. Management did not recognise any impairment on these receivables as of 31 December 2025 and did not provide appropriate documentation to substantiate their net realisable value as of the balance sheet date. Consequently, we have been unable to determine whether a write-down of these receivables was necessary at the balance sheet date and whether changes to the income statement, total assets and equity were necessary.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 qualified opinion. Management's responsibility for the consolidated financial statements and the parent company financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statementsOur objectives are to obtain reasonable assurance as to 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 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 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 judgement and maintain professional scepticism throughout the audit. We alsoidentify 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 Parent Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the 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 Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the 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 the Management's reviewManagement is responsible for the Management's review.Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company 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 consolidated financial statements or 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 the Management's review provides the information required under the Danish Financial Statements Act.As disclosed in the “Basis for qualified opinion” section, we have qualified our opinion due to lack of audit evidence regarding the valuation of an intercompany receivable. We are therefore unable to determine whether changes to the income statement, total assets and equity were necessary and any effect this might have on the Financial Highlights in the Management's review.Apart from this and based on the work we have performed, we conclude that the Management's review is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen 2026-06-30 KPMG 25578198 Klaus Rytz Michael Lund Siegumfeldt State Authorised Public Accountant State Authorised Public Accountant mne33205 mne28662 BPW FINANS A/S Vranderupvej 2 DK-6000 Kolding 19201112 1955-06-14 Kolding 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 2636143000 2541518000 2743789000 2873128000 2516124000 474415000 432015000 441822000 439601000 351908000 59487000 36316000 66181000 64058000 22584000 -8458000 -4073000 -11096000 -12375000 -4309000 31955000 11408000 56313000 39283000 10437000 2129914000 1936887000 2069931000 2168142000 1950278000 22516000 20721000 31672000 30090000 43260000 848860000 828868000 803323000 732945000 707201000 164726000 10282000 53377000 -46672000 -123286000 -42565000 76768000 32719000 -154999000 -265702000 -106545000 -78289000 -137316000 190398000 375467000 15616000 8761000 -51220000 -10873000 -13521000 1800 1700 1610 1530 1400 230 140 240 220 90 770 450 780 750 280 380 140 730 550 160 3990 4280 3880 3380 3630 787000 778000 801000 785000 778000 The financial ratios have been calculated as follows:Gross marginGross profit/loss x 100 / RevenueOperating marginProfit/loss before financial income and expenses x 100 / RevenueReturn on invested capitalProfit/loss before financial income and expenses x 100 / Average invested capitalInvested capitalOperational intangible assets and property, plant and equipment as well as net working capitalReturn on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end The Group's Principal activities The Group's main activities include the production and marketing of components, spare parts and body accessories for semi-trailers and trucks. In addition, the sale of industrial components to selected industrial segments. The Group's products are primarily sold on the European market. Development in activities and financial position Profit for the year (including comparison with outlook previously announced) The income statement of the Group for 2025 shows a profit of TDKK 31.956, and on 31 December 2025 the balance sheet of the Group shows positive equity of TDKK 849.193. It is the view of the management that all important statements for judging the financial position and the result of the year appear from the annual report and this statement. In the fiscal year, the Group realized a Net Profit of TDKK 31.956 against a net profit in 2024 of TDKK 11,408. The equity then amounts to TDKK 849.193 corresponding to a solidity of 39.9%. Research and development activities Investments in product and market development will continue in 2026. 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 The parent Company BPW Finans A/S acts as an administratively shared service center for the parent Company and the 3 Danish subsidiaries as well as a subsidiary in Germany. Thus, the activity of the parent Company consists exclusively of administrative services and financial services provided by the parent Company's 15 employees. All deliveries from the parent Company are delivered in close cooperation between management and employees. The activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, social and employee relations, respect for human rights, as well as anti-corruption and bribery, and therefore the parent company has not developed written policies in these areas. BPW Finans A/S also acts as the parent company of several foreign subsidiaries that are not subject to reporting under sections 99a of the Danish Financial Statements Act. None of the 3 Danish subsidiaries that operate the development, production, and trade of components for the transport industry and related industries are separately reporting obligations under ÅRL §99a.Climate targets and environmental matters The activities in question do not have a significant use of resources and thus do not have significant negative effects on the environment. As a result of this organizing, management considers that there are no particular risks in the areas of environment and climate, and therefore the parent company has not developed written policies in these areas.Human rights The parent Company has a relatively low number of employees and because of this management considers that there are no particular risks in the areas of social and employee relations and respect for human rights, and therefore the parent Company has not developed written policies in these areas.Anti-Corruption The activities in question lays within areas with low or no bribery and corruption. As a result of this organizing, management considers that there are no particular risks in the areas of anti-corruption and bribery, and therefore the parent company has not developed written policies in these area. Statement on data ethics Based on the nature of its activities, the Group primarily processes data in connection with its operational and financial functions and does not engage in activities involving extensive use of advanced data analytics, profiling, or artificial intelligence. Consequently, the Group has not established a separate data ethics policy at this point in time. The Group continuously monitors developments in this area and will reassess the need for a formal policy should its activities or risk profile change. 2636143000 2541518000 25578000 16359000 61051000 49981000 0 0 1965766000 1906038000 0 0 257013000 253446000 14527000 3784000 474415000 432015000 11051000 12575000 390680000 371150000 15899000 14113000 24248000 24549000 329000 882000 59487000 36316000 -5177000 -2420000 0 0 31420000 7300000 23497000 32324000 52875000 45318000 0 544000 0 0 31955000 35853000 45906000 37016000 51029000 32243000 33212000 13182000 19074000 20835000 1257000 1774000 31955000 11408000 31955000 11408000 2254000 2843000 77000 244000 19121000 446000 0 0 21375000 3289000 77000 244000 128673000 128731000 14364000 14511000 35922000 40617000 0 0 28316000 27575000 82000 53000 2776000 1106000 0 0 195687000 198029000 14446000 14564000 0 0 817396000 788203000 17472000 17472000 17472000 17471000 822000 372000 0 0 551570000 464323000 537270000 596609000 8230000 6130000 5714000 6130000 939000 914000 0 0 579033000 489211000 1377852000 1408413000 796095000 690529000 1392375000 1423221000 36026000 44320000 0 0 52760000 41416000 0 0 491065000 484783000 0 0 579851000 570519000 0 0 522964000 500825000 0 124000 119383000 71183000 202526000 120235000 0 14000 2516000 14000 0 0 271000 1858000 9539000 11793000 0 0 20604000 22689000 1708000 420000 10322000 13795000 569000 853000 682812000 620299000 207590000 123504000 71156000 55540000 13147000 17147000 1333819000 1246358000 220737000 140651000 2129914000 1936887000 1613112000 1563872000 179114000 179114000 179114000 179114000 0 10197000 0 0 0 0 401607000 382414000 0 -596000 0 -596000 669746000 640153000 268139000 267936000 848860000 828868000 848860000 828868000 21662000 23373000 0 0 3573000 4357000 634000 1554000 10361000 13640000 0 0 35596000 41370000 634000 1554000 0 0 1375000 0 505682000 355029000 455917000 399775000 505682000 355029000 1453000 2638000 0 0 0 12000 0 0 64379000 68394000 0 504000 534256000 500778000 297483000 331044000 3032000 35311000 0 0 133973000 104487000 8822000 2127000 2683000 0 21000 0 739776000 711620000 1245458000 1066649000 763618000 733450000 2129914000 1936887000 1613112000 1563872000 179114000 10197000 -596000 640153000 0 -10197000 0 -2362000 0 0 0 31955000 0 0 596000 0 179114000 0 0 669746000 179114000 382414000 -596000 267936000 0 -12227000 0 -332000 0 31420000 0 535000 0 0 596000 0 179114000 401607000 0 268139000 31955000 11408000 24248000 24549000 421000 39142000 148839000 -84883000 205463000 -9784000 23497000 32324000 -31955000 -35853000 -32279000 23595000 164726000 10282000 -19984000 -1489000 -22516000 -20722000 -450000 -5189000 385000 0 0 104168000 -42565000 76768000 -1185000 -17569000 -105360000 -60720000 -106545000 -78289000 15616000 8761000 55540000 46779000 71156000 55540000 The annual report of BPW FINANS 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 consolidated financial statements and the parent company financial statements are consistent with those of last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in DKK'000.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the items other external costs and staff costs but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Consolidated financial statements The consolidated financial statements comprise the Parent Company, BPW FINANS A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in some other way exercises control over. Entities in which the Group holds 20% or more of the votes and exercises significant influence but not control are considered associates. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends and realised and unrealised gains and losses on intra-group transactions are eliminated. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. 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. Upon recognition of foreign subsidiaries and participating interests (including associates) which are independent entities, the income statements are translated into Danish kroner at average exchange rates for the month, and balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of the total investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments taken out for the purpose of hedging investments in foreign subsidiaries are recognised directly in equity. Upon recognition of foreign subsidiaries which are integrated entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates at the date of acquisition or the date of subsequent revaluations of the asset. Income statement items are translated at the exchange rates at the transaction date, whereas items derived from non-monetary items are translated at historical exchange rates for the non-monetary item. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments On initial recognition, derivative financial instruments are recognised at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are recognised as other receivables and other payables, respectively. Changes in the fair value of derivative financial instruments designated as or qualifying for recognition as a fair value hedge of a recognised asset or liability are recognised in the income statement together with changes in the fair value of the hedged asset or liability. Revenue Income from the sale of goods, is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Group, including gains on the disposal of intangible assets and property, plant and equipment. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Income from equity investments in subsidiaries and participating interests (including associates) The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. Dividends from associates are recognised as income in the income statement when adopted at the General Meeting of the associate. However, dividends relating to earnings in the associate before it was acquired by the Parent Company are set off against the cost of the associate. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year 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. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible assets Patents, licences and trademarks Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period, however, not exceeding 20 years. Goodwill Goodwill is amortised on a straight-line basis over the estimated useful life, which is assessed at 10 year. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment 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.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:Buildings25-50 yearsPlant and machinery3-10 yearsFixtures and fittings, tools and equipment3-10 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. 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. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are accounted for as 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 contractual obligations and contingencies, etc. Financial assets Investments in subsidiaries are measured under the equity method and investments in participating interests (including associates) are measured at cost at the proportionate share of the entities' net asset value calculated in accordance with the Parent Company's accounting policies plus or minus unrealised intra-group gains or losses and plus or minus the residual value of positive and negative goodwill calculated in accordance with the acquisition method. Equity investments in subsidiaries with negative net asset values are measured at DKK 0, and any receivables from these entities are written down to the extent that the receivables are deemed irrecoverable. To the extent that the Parent Company has a legal or constructive obligation to cover a negative balance exceeding the receivable, the residual amount is recognised as provisions. Deposits are recognised at amortised cost. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other receivables and deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) 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. 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. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries as well as indirect production costs. Indirect production overheads comprise indirect materials and wages and salaries as well as the maintenance of depreciation of production machinery, buildings and equipment as well as factory administration and management. Borrowing costs are not included in cost. 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.Balances in the Group's cash pool arrangement are not considered cash and cash equivalents due to the nature of the arrangement but are recognised under receivables from group entities. 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 measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that 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 comprise prepayment 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. Provisions Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. Warranties comprise obligations to make good any defects within the warranty period of 1-5 years. Provisions are recognised based on the Company's experience with warranties. Provisions expected to be maintained for more than one year from the balance sheet date are discounted at a rate reflecting risk and the due date for payment. Upon acquisition of entities, provisions for restructuring of the acquiring entity are recognised in the acquisition price and thereby in goodwill or group goodwill to the extent that the provisions are adopted and announced no later than at the date of acquisition. Provisions for pensions and similar obligations: The pension obligations of Danish companies are covered by insurance. Certain foreign companies are also covered by insurance. Foreign companies that are not or are only partly covered by insurance (defined benefit plans) recognize the actuarial liability at present value at the balance sheet date. Liabilities other than provisionsFinancial 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.Balances in the Group's cash pool arrangement are not considered payables to credit institutions due to the nature of the arrangement but are recognised under payables to group entities. Deferred income Deferred income comprises payments received regarding income in subsequent years. The cash flow statement shows the Group'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 Group's cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and divestment of entities is shown separately in cash flows from investing activities. Cash flows relating to acquired entities are recognised in the cash flow statement from the date of acquisition, and cash flows relating to divested entities are recognised up to the date of divestment. Cash flows from operating activities Cash flows from operating activities are calculated as the 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 entities and activities, 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 Group's contributed capital and costs in this respect as well as raising of loans, instalments on interest-bearing debt and distribution of dividends to owners. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Information on geographical segments based on the Group´s risks and returns and its internal financial reporting system. The Group has not disclosed the distribution of revenue by business segments, as the business segments do not differ from each other. Geographical - secondary segmentGroup DKK'000 EU countries Other European countries Other countries Total2025 Revenue 1,625,356 1,000,639 10,152 2,636,147 The distribution of net revenue by business area does not differ significantly from each other, as the groups net revenue consists solely of production and marketing of components, spare parts and body accessories for semi-trailers and trucks and associated services. 2867000 1016000 2291000 617000 162000 270000 262000 0 152000 129000 320275000 305264000 15181000 12897000 22051000 21889000 580000 1149000 48354000 43997000 138000 67000 787 778 22 18 Staff costs of the Group and the Parent Company include remuneration of the Parent Company's Executive Board and the Board of Directors, DKK 4,716 thousand (2024: DKK 4,051 thousand). In accordance with section 98B(3) of the Danish Financial Statements Aet, remuneration of the Executive Board and the Board of Directors is not disclosed in separate categories. -21788000 -31343000 -31695000 -43086000 -243000 0 -243000 -246000 -1466000 -981000 -20937000 -650000 0 0 0 -1336000 21470000 34369000 24177000 36426000 10485000 1484000 21729000 590000 16901000 10818000 2177000 1445000 2173000 10017000 -920000 -31000 0 0 0 360000 0 0 31420000 7298000 31955000 11408000 535000 4110000 43889000 37269000 -46000 -934000 1248000 18736000 0 -6998000 45091000 48073000 -41046000 -36823000 32000 0 0 949000 -1823000 -76000 0 6998000 -42837000 -28952000 2254000 19121000 10334000 -8297000 2037000 -10090000 -167000 8297000 -1960000 77000 265533000 226145000 144071000 1288000 -2395000 -1586000 -1079000 0 5769000 6415000 7556000 2776000 0 0 1246000 -1246000 0 -1319000 -1050000 -42000 268907000 229655000 150744000 2776000 -136802000 -185528000 -116496000 -182000 747000 1216000 972000 0 -4179000 -10571000 -7599000 0 0 1150000 877000 0 0 0 -182000 182000 -140234000 -193733000 -122428000 0 128673000 35922000 28316000 2776000 51501000 115000 0 45000 0 -40000 51501000 120000 -36990000 -62000 -147000 -16000 0 40000 -37137000 -38000 14364000 82000 25834000 372000 0 450000 25834000 822000 -8362000 0 -8362000 0 17472000 822000 405789000 25834000 10000000 0 415789000 25834000 382414000 -8362000 -12227000 0 31420000 0 401607000 -8362000 817396000 17472000 Ermax A/S Kolding, Denmark 100000 HBN-Teknik A/S Ringsted, Denmark 100000 Besko A/S Aarhus, Denmark 100000 Hesterberg & Söhne GmbH & Co. KG Ennepetal, Germany 100000 Hestal Umformung GmbH Ennepetal, Germany 100000 BPW Ltd. Leicester, UK 100000 Transpec Ltd. Dublin, Ireland 100000 BPW Polska Sp.Z.o.o. Lomianki, Poland 100000 BPW Benelux N.V. Herstal, Belgium 100000 EMS-FP&S Limited (subsidiary of BPW Limited) Norwich, UK 100000 Besko Nutzfahrzeugteile GmbH (subsidiary of Besko A/S) Büdelsdorf, Germany 100000 TVP Benelux B.V. (subsidiary of BPW Benelux N.V.) Veghel, Netherlands 100000 Marpeto Polska Sp. Z.o.o. (subsidiary of BPW Polska Sp.Z.o.o.) Lomianki, Poland 100000 BPW Financial Services ApS Kolding, Denmark 100000 Hendrickson Austria GmbH Judenburg, Austria 50000 464323000 6130000 914000 372000 152875000 2100000 25000 0 -65628000 0 0 -372000 551570000 8230000 939000 0 551570000 8230000 939000 0 596609000 6130000 -59339000 -416000 537270000 5714000 537270000 5714000 Deferred tax at 1 January 11,79320,037 Deferred tax adjustment for the year in the income statement -2,956-8,244 Net effect of mergers and acquisitions 9090 Exchange rate adjustment -2070 The recognised tax asset comprises tax loss carry-forwards expected to be utilised within the next two to four years. In connection with the assessment of the utilisation of the tax asset, special emphasis has been placed on the Group having implemented efficiency measures which are expected to have an effect in the coming years. Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Balance at 1 January23,3730 Used during the year-4,0420 Reversed during the year-8110 Provisions for the year3,1420 Balance at 31 December 202521,6620 The provisions are expected to mature as follows: within 1 year DKK'000 2.818, between 1 and 5 years DKK'000 391 and more than 5 years DKK'000 18.453. The provisions are expected to mature as follows: within 1 year DKK'000 2.818, between 1 and 5 years DKK'000 391 and more than 5 years DKK'000 18.453. 4357000 4357000 1554000 1585000 -784000 0 -920000 -31000 GroupParent CompanyDKK'0002025202420252024 Other provisions at 1 January 13,640000 Used during the year -1,914000 Reversed during the year -2,636000 Provisions for the year 1,27113,64000 Other provisions at 31 December 10,361 13,640 0 0 The provisions are expected to be activated as follows: 1-5 years 10,361 13,640 0 0 Other provisions at 31 December 10,361 13,640 0 0 64379000 68394000 0 504000 0 0 1375000 0 534256000 500778000 297483000 331044000 505682000 228246000 455917000 272992000 0 126783000 0 126783000 Deferred income of DKK 2,683 thousand in Group comprise payments received from customers that cannot be recognised until the subsequent financial year. -23497000 -32324000 31955000 35853000 1470000 20835000 -9507000 14778000 -9332000 19229000 -69486000 12562000 227657000 -116224000 0 -450000 Contingent liabilities, including guarantee commitments The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The Company has pledged an unlimited guarantee for the bank loans of the subsidiaries: Ermax A/S, Besko Nutzfahrzeugteile GmbH, HBN-Teknik A/S and Besko A/S. At 31 December 2025, the subsidiaries' bank loans amounted to DKK 2,799 thousand. Other commitments, including lease obligations GroupParent CompanyDKK'00031/12 202531/12 202431/12 202531/12 2024Future lease and rent commitments until expiration 151,813 155,284 0 0 Owner mortgage deeds nom. DKK'000 7,800 with a mortgage on the property Bragesvej 16, Ringsted, lies within the Company. BPW FINANS A/S' related parties comprise the following: Controlling interest: BPW Bergische Achsen, Wiehl, Germany - Ultimate parent Other related parties: Tobias Wiedeking - Board member Peter Christian Kierkegaard - Board member Markus Manfred Schell - Board member Thorsten Winterberg - Board member BPW FINANS A/S is part of the consolidated financial statements of BPW Bergische Achsen, Ohlerhammer, 51674 Wiehl, Germany, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of BPW Bergische Achsen can be obtained by contacting the Company at the above address. Related party transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.