14049673 2025-01-01 2025-12-31 14049673 2025-01-01 2025-12-31 1 14049673 2025-01-01 2025-12-31 0 14049673 2025-01-01 2025-12-31 0 14049673 2025-01-01 2025-12-31 1 14049673 2025-01-01 2025-12-31 2 14049673 2025-01-01 2025-12-31 3 14049673 2025-01-01 2025-12-31 4 14049673 2025-01-01 2025-12-31 5 14049673 2025-01-01 2025-12-31 6 14049673 2025-01-01 2025-12-31 0 14049673 2024-01-01 2024-12-31 14049673 2025-12-31 14049673 2024-12-31 14049673 2024-01-01 fsa:ContributedCapitalMember 14049673 2024-01-01 fsa:RetainedEarningsMember 14049673 2024-01-01 fsa:ReserveForDevelopmentExpenditureMember 14049673 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 14049673 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 14049673 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 14049673 2025-12-31 fsa:ContributedCapitalMember 14049673 2025-12-31 fsa:RetainedEarningsMember 14049673 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 14049673 2025-01-01 14049673 2024-01-01 xbrli:pure iso4217:DKK true 14049673 SCAN GLOBAL LOGISTICS A/S Jernholmen 49 2650 Hvidovre Den uafhængige revisors erklæring Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse C, stor virksomhed 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 519 EY Godkendt Revisionspartnerselskab 30700228 SCAN GLOBAL LOGISTICS A/S Jernholmen 49Jernholmen 49 2650 Hvidovre 14049673 36 2026-06-26 Henrik H. K. Christensen The Board of Directors and the Executive Board have today considered and approved the Annual Report of SCAN GLOBAL LOGISTICS A/S for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of SCAN GLOBAL LOGISTICS A/S financial position as of 31 December 2025 as well as of the results of the Company's operations and the company's cash flows for the financial year 1 January 2025 - 31 December 2025. In our opinion, the Management commentary is also prepared in accordance with relevant laws and regulations and contains a fair review of the development of the company's business and financial matters, the result for the year and of the company's financial position, together with a description of the principal risks and uncertainties that the company is facing. We recommend that the Annual Report be adopted at the Annual General Meeting. Hvidovre 2026-06-26 Allan Dyrgaard Melgaard Managing Director Jørgen Agerbro Jessen Allan Dyrgaard Melgaard Thomas Thellufsen Nørgaard Chairman Member Member Mads Drejer Clara Nygaard Holst Ragnar Dalen Member Member Member Henrik H. K. Christensen Member To the shareholders of SCAN GLOBAL LOGISTICS A/S OpinionWe have audited the financial statements of SCAN GLOBAL LOGISTICS A/S for the financial year 1 January 2025 - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, statement of cash flow 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 financial position of the Company at 31 December 2025 and of the results of the Company's operations and cash flows for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe 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 responsibility for the Audit of the Financial Statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 as Management considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility 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 no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the agregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: *Identify and assess the risk of material misstatements 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 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 note 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 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 Statements Act. We did not identify any material misstatement of the Management's review. Copenhagen 2026-06-26 EY Godkendt Revisionspartnerselskab 30700228 Henrik Pedersen Rikke Buchholt State Authorised Public Accountant State Authorised Public Accountant mne35456 mne46359 SCAN GLOBAL LOGISTICS A/S 2650 Hvidovre www.scangl.com 14049673 Hvidovre 2025-01-01 2025-12-31 Dirch Passers Allé 36 2000 Frederiksberg The Company's principal activitiesThe principal activities of SCAN GLOBAL LOGISTICS A/S is conducting freight forwarding and logistics services, including transport and related services. Capital structureManagement considers that the company has adequate capital resources to continue its operating activities. The company reported a satisfactory financial performance in 2025 and expects a positive result for 2026Furthermore, the company forms an integral part of the SGL Group's liquidity planning and capital structure. On this basis, management has prepared the financial statements on a going concern basis. Development in the activities and the financial situation of the CompanyIn 2025, the company generated a profit from primary operations of mDKK 206.8 (2024: mDKK 244.5). The year was characterised by continued geopolitical tensions and challenging macroeconomic conditions, resulting in a volatile and unpridictable market environment. Despite a decline in revenue of mDKK 285.7, the gross margin increased slightly by approximately 2% points, primarily driven by moderately increasing air and ocean freight rates in the second half of the year.The company reported a profit for the year of mDKK 112.0 (2024: mDKK 456.6), of which the result from investments in subsidiaries amounted to mDKK 14.5 (2024: mDKK 327.0). Excluding income from investments in subsidiaries, profit for the year amounted to mDKK 97.5, compared to an expected range of up to mDKK 230.0 excluding results from investments in subsisiaries in the annual report for 2024. This is primarily caused by higher staff cost and restructuring costs than expected. The total assets of the company amounted to mDKK 5,352.6 (2024: mDKK 5,515.7), with equity of mDKK 2,411.2 (2024: mDKK 2,299.1). The decrease in profit compared to the prior year is primarily attributable to impairment losses on financial assets.Revenue decreased by 5.9% to mDKK 4,559.5 in 2025 (2024: mDKK 4,845.2), reflecting continued geopolitical disruptions, and weakening air freight demand, while ocean freight maintained a resilient activity level. The realised revenue does not fully meet the expectation of mDKK 4,600 - 4,700 for 2025, as the market was still characterised by macroeconomic challenges.The gross profit amounted to mDKK 829.9 (2024: mDKK 798.6), corresponding to a small increase of 3.9% compared to 2024 despite the decrease in revenue. Despite the increase in gross margin, there is continued pressure on earnings and freight rates worldwide in a volatile world market. The company services a diverse customer base across industries such as humanitarian aid, pharmaceutical healthcare and complex industrial projects, including wind power, which partially mitigated the impact of volatile global freight markets.Depreciation and amortisation amounted to mDKK 58.4 in 20025 (2024: mDKK 57.4). The company continued to increase investments in IT infrastructure to support operational efficiency and future growth.Net financial expenses amounted to mDKK 28.3 (2024: mDKK 41.8). The development is mainly attributable to unrealised capital losses. Outlook and financial priorities for 2026Management expects a positive development in the company's activities in the coming years.Due to continued geopolitical tensions, macroeconomic uncertainty and volatility in the transport industry, only modest growth is expected in 2026, and margin pressure is expected to persist despite continued high activity levels.Based on current knowledge, freight rates are expected to remain broadly in line with 2025 levels. The company expects to leverage the strength of its entrepreneurial spirit and business model to maintain activity levels in the coming year. The challenges in the Middle East and the war in Ukraine are still expected to affect both capacity and freight rates in 2026.For 2026, the total revenue for SCAN GLOBAL LOGISTICS A/S is expected to be in the range of mDKK 4,900 - 5,100, and the year's result after tax is expected to be in the range of mDKK 190 - 210, excluding the result from investments in affiliated companies. Research and development activitiesThe company does not conduct research activities. The development costs incurred in 2025 primarily relate to internally developed IT systems supporting operational processes.A substantial portion of the IT system under development is expected to be finalised during the period 2026-2028 and implemented progressively. Material changes in the company's operations and financial mattersIn 2025 SCAN GLOBAL LOGISTICS A/S continued the strategic acquisition strategy, with the aim of increasing the global presence in markets where these activities provide a perfect starting point to expand our presence within important services including retail, pharmaceutical healthcare and emergency relief.In 2025 the following significant acquisitions were made: - ITN Logistics Group (Canada). Sustainability report cf. the Danish Financial Statements Act §99a.SCAN GLOBAL LOGISTICS A/S is a subsidiary of the SGL Group. The statutory statement on corporate sustainability responsibility pursuant to section 99a of the Danish Financial Statements Act is included in the annual report of SGL Group ApS, CVR No 43639951, for 2025 and is available at www.scangl.com/media/1nwh2bph/sgl-group-aps-annual-report-2025.pdf. The sustainability report has been prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Statement of policy for data ethics, cf. the Danish Financial Statements Act §99d.Within the SGL-Group data ethics extends compliance with data protection legislation, as data is recognised as a key business asset. Daily operations are governed by a comprehensive security policy based on the Groups core values of 'Respect' and 'Integrity'.We have high standards in relation to where we collect data and how we use this data: - We set high standards for ourselves in collecting data from our assets and other sources. - We place high demands on our business partners from whom we receive data. - We refrain from extensive data collection that can be characterised as data-driven surveillance.The Group's data ethics policy prepared in accordance with section 99d of the Danish Financial Statements Act, is available at www.scangl.com/media/l3xpdk4t/sgl-data-ethics-policy-november-2025-v4.pdf. 20252024202320222021Income statement:Revenue4,559,5194,845,2204,235,8147,468,1844,686,945Gross profit829,917798,634768,470721,618507,901Operating profit206,803244,549319,836268,940190,941Financial income87,288104,952101,166107,27132,973Financial expenses-115,635-146,755-52,715-141,734-88,357Result for the year112,028456,621686,097229,07982,145Balance sheet:Investment in non-current assets2,02430,9823,3464,9810Fixed assets3,509,2163,550,9962,215,1281,804,9841,491,683Current assets1,843,4131,964,6751,916,1041,762,2572,874,317Total assets5,352,6295,515,6714,131,2323,576,1854,366,000Total equity2,411,1702,299,1421,842,5211,156,426931,021Long-term liabilities20,06518,76918,53018,15118,026Short-term liabilities2,481,2582,462,0212,142,9662,310,1793,356,862Key figures in %:Profit margin (%)55844Gross profit (%)1817181011Liquidity ratio7480897686Solvency ratio (%)4542453221Return on equity (ROE) (%)522462213Employees:Avg. number of full-time employees519481465428344For definitions of key ratios, see Accounting Policies The annual report of SCAN GLOBAL LOGISTICS A/S for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act for large entities in Accounting Class C. Business combinationsThe book value method is applied to business combinations such as acquisition and disposal of entities, mergers which are neither vertical nor downstream mergers, demergers which are not vertical demergers and transfer of entities involving entities controlled by the parent company, provided that the combination is considered completed at the acquisition date without any restatement of comparative figures. Differences between the consideration agreed and the carrying amount of the acquiree are recognised directly in equity. Expenses incurred in connection with the business combination are recognised in the income statement in the year in which they are incurred.For vertical mergers, demergers and downstream mergers the group method is applied for the combination of the entities. Thereby, the entities are combined at the value recognised in the consolidated financial statements or which would have been recognised in the consolidated financial statements for the parent company included in the merger or demerger. The group method is applied as if the entities had been combined (or spun off) from the date when the parent company acquired the equity interests in the entities included in the merger or demerger, and therefor, the comparative figures are restated. Any differences between the value of the net assets taken over and the carrying amount of the discontinuing equity interests are recognised directly in equity in the continuing company. Expenses incurred in connection with the business combination are recognised in the income statement in the year in which they are incurred. Foreign Currency TranslationTransactions in foreign currencies are translated at the exchange rate at the day of the transaction. Exchange rate differences arising between the transaction date and the settlement date are recognised in the income statement as financial income or expenses.Receivables, payables and other monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate on the balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income statement under financial items.Non-current assets aquired in foreign currencies are measured at the exchange rate on the date of the transaction. Income statementSpecial itemsSpecial items are recognised to present items that, due to their nature or magnitude, are not considered part of the company's primary business activities and a separation of these costs provides a more accurate picture of the company's activity. Special items may include costs for acquisitions, restructuring and fundamental structural adjustments as well as any impairment losses and reversals thereof. Special items also include other significant amounts of a one-time nature that, in the opinion of management, are not part of the compamy's primary operations and are not expected to be recurring. RevenueThe company has chosen IFRS 15 as the interpretation for revenue recognition.This means that the company applies a 5-step model for revenue recognition. According to this model, the contract with the customer is identified (step 1). Next, the identifiable performance obligations within the contract are determined (step 2). Then, the total transaction price is established (step 3), and this is allocated to the identified performance obligations (step 4). Finally, revenue is recognised as the identified performance obligations are fulfilled (step 5). Revenue recognition occours either at a specific point in time or over time as control is transferred to the customer.Revenue from the sales of freight forwarding services is recognised in accordance with the over-time recognition principle following the satisfaction of various milestones as the performance obligation is fulfilled towards the costumer. Most freight forwarding services and related services are characterised by short delivery times, expect for ocean services, which usally take longer due to the nature of the transport service. Revenue comprises freight forwarding services, contract logistics and other related services delivered in the year.Revenue from services delivered is measured at fair value net VAT, all types of discounts/rebates granted, and net of other indirect taxes charged on behalf of third parties. Work performed for own account and capitalised as assetsWork performed for own account and capitalised as assets comprises staff costs and other internal costs incurred during the financial year and recognised as part of the cost of internally developed intangible fixed assets. Other operating incomeOther operating income comprises items of a secondary nature in relation to the Company's core activities, primarily recharging of centralised costs to other group entities. Cost of operationDirect costs comprise costs incurred to generate the revenue for the year. The costs includes the settlement with shipping companies, airlines and haulage contractors ect., as well as other direct costs. Other external expensesOther external expenses comprise expenses for advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs comprises wages and salaries including compensated absence and pension to the company's employees, as well as other social security contributions etc. Staff costs are recognised in the year the company's employees performed the related work. Depreciation and impairment of tangible and intangible assetsThe depreciable amount is determined with due consideration of the residual value of the asset after the end of its useful life and is reduced by any impairment losses. Useful lives and residual value are determined at the date of acquisition and reviewed annually. Depreciation ceases when the residual value exceeds the carrying amount of the asset.Changes in useful lives or residual value are recognised prospectively as a change in accounting estimates.The cost of assets includes the purchase price and costs directly attributable to bringing the asset to the condition necessary for it to be capable of operating as intended. Indirect production cost and borrowing costs are not recognised in the cost price. The cost of a composite asset is allocated to its individual components, that are depriciated separately if their useful lives differ.Depreciation and impairment loses are attributed to intangible and tangible fixed assets.Goodwill and customer relationships are amortised on a straight-line basis over their estimated useful economic lives. The useful lives are determined based on an assessment of, among other things, the nature of the acquired business, earnings, market position, industry stability and dependence on key employees.The estimated useful lives of intangible and tangible fixed assets are as follows:Useful lifeResidual valueSoftware3-5 years0 DKKAcquired trademarks3 years0 DKKGoodwill10 years0 DKKOther fixtures and fittings, tools and equipment3-10 years0 DKKLeasehold improvements2-10 years0 DKKGains or losses on disposal of intangible and tangible fixed assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal, and is recognised in the income statement under depreciation. Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items comprise interest income and expenses, bank fees, realised and unrealised exchange gains and losses on debt and transactions in foreign currencies, as well as allowances under the advance-payment of tax scheme.Income from investments in affiliated companiesDividends from investments in affiliated companies, measured at cost, are recognised as income in the income statement in the financial year in which the dividend is declared. Income tax for the yearTax for the year comprises current tax and changes in deferred tax for the year including adjustments to previous years. The tax for the year is recognised in the income statement unless the tax relates directly to items included in other comprehensive income or equity.The company is subject to the Danish rules on compulsory joint taxation of the parent company and its Danish subsidiariesThe Danish corporate tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income. Companies with tax losses receive joint taxation contributions from companies that have been able to use the current loss (full distribution). Balance sheet Intangible assetsDevelopment costs include external consultancy costs and salaries directly attributable to the company's development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunity in the company can be demonstrated, and where the intention is to manufacture, market or use the project, are recognised as intangible assets if the cost can be measured reliably and there is sufficient certainty that future earnings will cover production, selling and administrative costs and the development costs.Other development costs are recognised in the income statement as incurred. Development costs recognised in the balance sheet are measured at cost less accumulated depreciation and impairment losses.After completion of the development project, development costs are amortised on a straight-line basis over the estimated useful life.GoodwillGoodwill arising from a business combination is recognised and is stated as the difference between the consideration paid and the fair value of the identified net assets. Subsequently, goodwill is measured at cost less accumulated depreciation and impairment losses or recoverable amount, if lower. Goodwill is amortised on a straight-line basis over the expected useful life.When determining the useful life, management draws on its experience in the business area. Management believes that the useful life of goodwill is 10 years, as it is assessed that strategically acquired companies have a strong market position and a long-term earnings profile.SoftwareSoftware that has been purchased or developed for internal use is measured at cost less accumulated depreciation and impairment losses or recoverable amount, if lower. The cost is calculated as external costs, staff costs, amortisation and depreciation directly and indirectly attributable to the development of the software. After commissioning, software is amortised on a straight-line basis over the estimated useful life. The amortisation period is 3 years. Software is measured at cost less accumulated depreciation and impairment losses. The carrying amount is amortised over its useful life.Other intangible assetsOther intangible assets, including acquired rights etc., are measured at cost at initial recognition and subsequently at cost less accumulated amortisation and impairment losses or at recoverable amount, if lower. Property, plant and equipmentTangible assets are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated by taking into consideration the asset's residual value at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In the case of changes in the depreciation period or residual value, the effect on depreciation is recognised prospectively in accounting estimates.Cost includes the purchase price and costs directly related to the acquisition until the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct staff costs and indirect production costs.The cost of a composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual components differ. Investments in subsidiariesInvestments in subsidiaries are measured at cost. The cost price includes the purchase consideration calculated at fair value plus direct purchase costs. If there is an indication of impairment, an impairment test is performed. If the carrying amount exceeds the recoverable amount, it is written down to this lower value.Dividend distributions that either exceed the profit for the year, or where the carrying amount of investments exceeds the consolidated carrying amounts of the net assets of the affiliated company, the associated company or the ownership interest, respectively, will be an indicator of impairment and require an impairment test to be performed.Investments in associatesInvestments in associates are measuerd using the equity method.On initial recognition, investments are measured at cost. Subsequently, the investments are measured at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses.The company's share of the result of the associate is recognised in the income statement under financial income and expenses.Impairment of fixed assetsThe carrying amount of fixed assets is assessed annually for indications of impairment in addition to that expressed by depreciation.If there are indications of impairment, an impairment test is performed on each individual asset or cash-generating unit.An impairment loss is recognised if the recoverable amount is lower than the carrying amount.The recoverable amount is the higher of the net selling price and the value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or asset group and the expected cash flows from the sale of the asset or asset group at the end of its useful life.Previously recognised impairment losses are reversed when the reason for the impairment loss no longer exists. Impairment losses on goodwill are not reversed. DepositsDeposits are measured at amortised cost. ReceivablesThe company has chosen IAS 39 Financial Instruments: Recognition and Measurement as the interpretation for impairment of financial receivables.Receivables are measured at amortised cost.Impairment is provided to cover losses where there is an objective indication that a receivable or a portfolio of receivables is impaired. If there is an objective indication that an individual receivable is impaired, impairment is provided at the individual level.Receivables for which there is no objective indication of impairment at the individual level are assessed at the portfolio level for objective indication of impairment. The objective indicators used for portfolios are determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of receivables and the present value of expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as the discount rate. Contract assets and liabilitiesContract work in progress is measured at the selling price of the work performed. The selling price is measured with reference to the stage of completion at the reporting date and total expected income from the work in progress.Where it is difficult to determine a reliable selling price, the selling price is measured at the lower of costs incurred and the net realisable value.Work in progress is recognised in the balance sheet under receivables or payables depending on the net value of the selling price less invoicing on account.Advertising from promotional costs and costs of negotiating contracts are expensed incurred.Contract assets and deferred income include accrued revenue and accrued expenses from freight forwarding services, contract logistics and other related services in progress as of 31 December. Contract assets are recorded for unbilled work in progress, and amounts received for services that are not yet completed are presented as deferred income. PrepaymentsAccrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as cash in transit. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association.Reserve for development costDevelopment cost reserve includes recognised development costs adjusted for deferred tax. The reserve is not available for the payment of dividends or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. DividendsProposed dividends are recognised as a liability when approved by the Annual General Meeting. Dividends expected to be paid for the year are shown as a separate item in equity. ProvisionsProvisions comprise expected costs for contingent consideration (earn-out) and unprofitable contracts as well as cost for pending cases/disputes with subcontractors. Provisions are recognised when an event occuring on or before the reporting date gives the company a legal or constructive obligation, and it is considered probable that setting the obligation will require the company to sacrifice future ecomonic benefits.Provisions are measured based on Management's best estimate of the expected costs to settle the obligation and are discounted when the impact of discounting is material. Contingent consideration dependent on future events or the performance of contractual obligations (earn-out) are recognised at fair value based on expected total future payments . Freezing obligation, which includes frozen holiday funds, is measured at net realisable value including indexation. Index adjustments are recognised in the income statement as interest expenses.Other provisions are measured at net realisable value. Current and deferred taxCurrent tax payable and receivables is recognised in the balance sheet at the estimated tax charge regarding the taxable income for the year, adjusted for tax on prior year's taxable income and for tax paid on account.Deferred tax is measured using the balance sheet liability method on temporary differences between the carrying amount and tax base of assets and liabilities at the reporting date.However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductable for tax purposes and other items where temporary differences arise at the date of acquisition without effecting either profit/loss for the year or taxable income. In cases where the calculation of the tax base can be made according to different taxation rules, deferred tax is measured based on the management's planned use of the asset or settlement of the liability.Deferred tax assets, including the value of tax loss carryforwards, are recognised at the value at which they are expected to be utilised, either by offsetting against tax on future earnings or by offsetting against deferred tax liabilities within the same legal tax entity and jurisdictionDeferred tax is measured based on the tax rules and tax rates that will apply under the legislation on the balance sheet date when the deferred tax is expected to be recognised as current tax. LiabilitiesThe company has chosen IAS 39 Financial Instruments: Recognition and Measurement as interpretation guidance for the recognition and measurement of debt obligations.Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Other liabilities, which include trade payables and other payables, are measured at net realisable value.Lease commitmentsThe company has chosen IAS 17 as the interpretation for the classification and recognition of leases.All lease agreements, in which the company does not have all significant benefits and risks associated with ownership, are classified as operating leases. Payments in connection with operating leases and other rental agreements are recognised in the income statement over the term of the contract. The company's total liability regarding operating leases and rental agreements is disclosed under contingent items etc.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Cash Flow StatementThe cash flow statement shows the company's cash flows for the year broken down by operating, investing and financing activities, changes in cash for the year, and the company's cash at the beginning and end of the year. The cash flow statement is prepared and presented in accordance with the requirements of the Danish Financial Statements Act. Cash flow from the operating activity is determined as the net profit for the year adjusted for changes in working capital, non-cash income statement items such as depreciation, amortisation, impairment, provisions, interest payments related to operations, and paid corporate tax. Interest received is classified as cash flow from operating activities. Cash flow from investing activities includes cash flows from acquisitions and disposals of companies and activities, and from acquisitions and disposals of intangible, tangible and financial fixed assets. Cash flow from financing activities includes cash flows from raising and repaying long-term liabilities and payments to and from the owners.Changes in inter-company bank balances are classified as cash flows from financing activities, as these changes are considered a significant part of the company's external financing.Transactions with no liquidity effect, such as entering into financial leasing agreements, are not included in the cash flow statement. Cash and cash equivalents comprise cash at the bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at the bank and in hand and involve only an insignificant risk of value changes. Methods of determining financial ratios that are included in the Management's ReviewKey figures and financial ratios are calculated as follows:Profit margin=Profit from ordinary operating activities X 100RevenueGross Profit (%)=Gross result X 100RevenueReturn on equity (%)=Profit/loss for the yearAvg. equityLiquidity ratio=Total current assets X 100Short-term liabilitiesSolvency ratio (%)=Equity X 100Liabilities and equity 4559519000 4845220000 -72299000 -52226000 266265000 235347000 3822020000 4105960000 246146000 228199000 829917000 798634000 564729000 496700000 58385000 57385000 206803000 244549000 814009000 512907000 -1511000 0 87288000 104952000 799494000 185866000 115635000 146755000 191460000 529787000 79432000 73166000 112028000 456621000 -112028000 -456621000 57380000 49891000 856000 1036000 6414000 8553000 256530000 144969000 321180000 204449000 30158000 45303000 11451000 13617000 41609000 58920000 3126414000 3250830000 17908000 19419000 1535000 8407000 570000 8971000 3146427000 3287627000 3509216000 3550996000 630106000 666751000 52753000 74643000 1025363000 1142768000 66164000 18853000 60923000 36263000 1835309000 1939278000 8104000 25397000 1843413000 1964675000 5352629000 5515671000 1902000 1902000 244851000 151725000 2164417000 2145515000 2411170000 2299142000 440136000 735739000 440136000 735739000 20065000 18769000 20065000 18769000 717953000 347381000 24418000 5918000 9119000 751000 451895000 509086000 1151360000 1482244000 67150000 64449000 59363000 52192000 2481258000 2462021000 2501323000 2480790000 5352629000 5515671000 1902000 2145515000 151725000 0 -93126000 93126000 0 112028000 0 1902000 2164417000 244851000 112028000 456621000 176098000 -126777000 -321307000 -394579000 -33181000 -64735000 85226000 103840000 -97225000 -91377000 -45180000 -52272000 -69859000 -94032000 -115039000 -146304000 -155781000 -124068000 -2024000 -30982000 -237552000 -782497000 814009000 514805000 8401000 -24000 427053000 -422766000 -702196000 -133837000 370572000 347381000 -331624000 213544000 -19610000 -355526000 25397000 381480000 2317000 -557000 8104000 25397000 1. Capital structureIt is the management's assessment that the company has sufficient capital resources, as the company is part of the Scan Global Logistics Group's liquidity resources. 20252024tDKKtDKK2. Segment informationRevenue from air, ocean and rail4,522,4294,800,801Revenue from road37,09044,4194,559,5194,845,2204. Depreciation and impairment of tangible and intangible assetsIntangible assets37,67242,538Tangible assets20,71314,84758,38557,3855. Other finance incomeOther finance income1,15713,441Other finance income from group enterprises86,13191,51187,288104,9526. Impairment of financial assetsImpairment of financial assests include impairment of cost of investments and impaiment of intercompany receivables considered as investments7. Finance expensesFinance expenses arising from group enterprises19,52752,204Other finance expenses96,10894,551115,635146,75520252024tDKKtDKK8. Income tax for the yearCurrent tax67,15054,377Change in deferred tax6,8728,602Regulering af skat vedr. tidligere år-8,8276,52765,19569,506Withholding tax14,2373,66079,43273,16620252024tDKKtDKK20. Deferred tax assetsDeferred tax asset, 1 january8,40717,009Adjustment for the year-6,872-8,6021,5358,40721. DepositDeposit 1 January8,9718,947Increase for the year1148Decrease for the year-8,412-245708,971Deposits are mainly related to the company's leases.22. Related partiesSCAN GLOBAL LOGISTICS A/S´s related parties include the following:Related party controlling interest:SGL Group ApS, Jernholmen 49, 2650 Hvidovre, parent company, CVR no. 43639951.Skill Luxembourg Holdings S.á.r.l., Luxembourg, ultimate parent company.SCAN GLOBAL LOGISTICS A/S is included in the consolidated financial statements of SGL Group ApS, Hvidovre, which is the smallest group of which the company is part. The consolidated financial statement can be requested at www.scangl.com/media/1nwh2bph/sgl-group-aps-annual-report-2025.pdf. SCAN GLOBAL LOGISTICS A/S is included in the consolidated financial statements of SGL Holding I ApS, which is the largest Danish group of which the company is a part. These consolidated financial statements can be requested by contacting the company.Related party transactions:SCAN GLOBAL LOGISTICS A/S has had the following transactions with related parties:20252024tDKKtDKKPurchase of services from related parties1,150,7161,167,077Sales of services to related parties549,982447,549Interest income from related parties86,13191,511Interest expense to related parties19,52752,204Capital contribution to subsidiary20,00001,826,3561,758,341Long-term receivables from related parties19,0440Short-term receivables from related parties1,006,3191,142,768Payables to related parties1,151,3601,482,2442,176,7232,625,012In 2024, capital contributions of DKK 10,000 were made in the associated company Anpartsselskabet af 4.1.2024, and DKK19,409,000 in the associated company K/S af 4.1.2024 II.20252024tDKKtDKK23. PrepaymentsPrepaid software licenses and leases42,23022,975Amortised borrowing costs5,4268,311Other prepaid expenses13,2674,97760,92336,2630-1 year (short-term)58,45630,885> 1 year (long-term)2,4675,37860,92336,26324. Contributed capitalThe share capital consists of 1,901,650 shares with a nominal value of DKK 1. No shares are granted special rights.25. Other provisionsOther provisions, 1 January735,739127,215Utilised for the year-340,008-62,490Provision for the year44,405671,014440,136735,739Maturity date for other provisions is expected to be as follows:0-1 year (short-term)304,837335,9781 year (long-term)135,299399,761440,136735,73927. Significant events occurring after the end of the financial yearNo events of significant importance to the company's financial position have occurred after the end of the financial year20252024tDKKtDKK30. Special itemsGreenfield costs9,6412,305Restructuring costs25,7058,095M&A costs63,85962,463Value adjustments Earn-Out obligations0-150Other costs020699,20572,919Special items are included in the income statement as below:Other external expenses19,67736,792Staff costs73,41536,277Cost of operation6,1130Other finance income0-15099,20572,91931. Cash Flow Statement - adjustments of non-cash itemsFinance income-87,288-104,952Finance Expenses115,635146,755Depreciation and impairment of tangible and intangible assets58,38557,385Income from investments in group enterprises and associates-13,004-327,041Change in deferred tax6,8728,602Current tax and adjustments to prior years72,56064,564Change in other provisions34,06319,292Other adjustments-11,1258,618176,098-126,77732. Cash Flow Statement - adjustment in working capitalChange in receivables-11,047-213,310Change in intercompany balances61,277-65,856Change in trade payables and other payables-371,537-115,413-321,307-394,579 3. Staff costsWages and salaries400,939362,039Pensions29,01826,041Social security contributions1,1261,047Intercompany salaries and staff costs103,01678,152Other employee expense30,63029,421564,729496,700Average number of full-time employees519481Remuneration to the company's management is not disclosed with reference to the Danish Annual Accounts Act §98b, section 3.2. No remuneration is paid to the board of directors in their capacity as board members. 519 481 9. Proposed distribution of resultRetained earnings112,028456,621112,028456,621 10. Completed development projectsCost at the beginning of the year134,851125,651Disposal during the year0-45,485Transfers during the year42,51854,685Cost at the end of the year177,369134,851Depreciation and amortisation at the beginning of the year-84,960-90,253Amortisation for the year-35,029-40,192Reversal of impairment losses and amortisation of disposed assets045,485Impairment losses and amortisation at the end of the year-119,989-84,960Carrying amount at the end of the year57,38049,89111. TrademarksCost at the beginning of the year1,2430Addition during the year3241,243Cost at the end of the year1,5671,243Depreciation and amortisation at the beginning of the year-2070Amortisation for the year-504-207Impairment losses and amortisation at the end of the year-711-207Carrying amount at the end of the year8561,03620252024tDKKtDKK12. GoodwillCost at the beginning of the year21,38721,387Cost at the end of the year21,38721,387Depreciation and amortisation at the beginning of the year-12,834-10,695Amortisation for the year-2,139-2,139Impairment losses and amortisation at the end of the year-14,973-12,834Carrying amount at the end of the year6,4148,55313. Development projects in progressCost at the beginning of the year144,96981,299Addition during the year155,457122,825Transfers during the year-43,896-59,155Cost at the end of the year256,530144,969Carrying amount at the end of the year256,530144,969Development projects in progress primarily include the development of IT software that will positively support SCAN GLOBAL LOGISTICS A/S' business in the future. The costs for this mainly consists of external consultancy hours and direct salaries.The carrying amount as of 31 December 2025 is tDKK 256,530. The majority of the systems are expected to be completed in 2027, and will partly be put into use in the coming years.In 2025, management assessed indications of impairment of the carrying amount of development projects in progress without this giving rise to impairment. 20252024tDKKtDKK14. Fixtures, fittings, tools and equipmentCost at the beginning of the year65,79735,166Addition during the year1,79330,631Transfers during the year3500Cost at the end of the year67,94065,797Depreciation and amortisation at the beginning of the year-20,494-8,686Amortisation for the year-17,288-11,808Impairment losses and amortisation at the end of the year-37,782-20,494Carrying amount at the end of the year30,15845,30315. Leasehold improvementsCost at the beginning of the year24,34119,520Addition during the year231351Disposal during the year-4,5100Transfers during the year1,0284,470Cost at the end of the year21,09024,341Depreciation and amortisation at the beginning of the year-10,724-7,685Amortisation for the year-3,425-3,039Reversal of impairment losses and amortisation of disposed assets4,5100Impairment losses and amortisation at the end of the year-9,639-10,724Carrying amount at the end of the year11,45113,617 16. Investments in subsidiariesCost at the beginning of the year3,492,7492,079,521Addition during the year303,4181,413,228Disposal during the year-1400Cost at the end of the year3,796,0273,492,749Impairment losses and amortisation at the beginning of the year-241,919-56,053Impairment losses for the year-427,694-185,866Impairment losses and amortisation at the end of the year-669,613-241,919Carrying amount at the end of the year3,126,4143,250,83017. Information on investments in subsidiariesInvestments in subsidiaries are specified as below in DKK thousands:Group enterprisesNameRegistered officeShare held %EquityProfitSGL Road ApSDenmark100.0028,113-9Scan Global Logistics ABSweden100.0037,767-2,754SGL Road ABSweden100.0026,072-4,071Trust Forwarding Sweden ABSweden100.000-36Scan Global Logistics GmbHGermany100.0040,666-4,577SGL Fulfillment & Distribution A/SDenmark100.001,954-18,509Sp/f Scan Global Logistics Faroe I.Faroe Islands100.0044-14Scan Global Logistics Greenland ApSGreenland100.0049-11Scan Global Logistics Iceland ehf.Iceland100.0076-7Scan Global Logistics SA (PTY) Ltd.South Africa75.00-37,152-20,630Scan Global Logistics N.V.Belgium100.008,603-817Scan Global Logistics B.V.Netherlands100.002,550-2,347Scan Global Logistics Spain S.LSpain100.0083,11931,856Contenosa, S.A.USpain100.0016,2044,328Naypemar Barcelona, S.L.USpain100.0028,2686,895SGL Express Holding ABSweden100.008,9536,783- SGL Express ABSweden100.004,897-237- Scan Global Logistics (IN) Private LimitedIndia100.00-10,827-14,319Scan Global Logistics ASNorway100.004,0132,831Trust Forwarding Norway ASNorway100.0010,0011,428Scan Global Logistics (Finland) OyFinland100.002,630-7,150Scan Global Logistics SASFrance100.007,9262,275Scan Global Logistics Sp. z o.oPoland100.008,3797,955Scan Global Logistics Hungary Kft.Hungary100.00-6,995-6,774Scan Global Logistics s.r.o.Czech Republic100.00-16,231-3,662Scan Global Logistics K.K.Japan100.0031,7184,058Sea-Air Logistics (HK) Ltd.Hong Kong100.005,670-6,433- SAL Logistics (SG) Pte Ltd.Singapore100.0000Scan Global Logistics (Shanghai) co. LtdChina100.0092,761455,604- Global Logistics (Wuxi) Co. Ltd.China100.005,225368- Scan Global Logistics (Shanghai) co., Ltd. - NingboChina100.0017,42217,617- Scan Global Logistics (Shanghai) co., Ltd. - ShenzhenChina100.0045,91546,595- Scan Global Logistics (Shanghai) co., Ltd. - QingdaoChina100.0010,23910,361- Scan Global Logistics (Shanghai) co., Ltd. - XiamenChina100.0012,65612,819- Scan Global Logistics (Shanghai) co., Ltd. - TianjinChina100.009,0339,115- Scan Global Logistics (Shanghai) co., Ltd. - BeijingChina100.004,2644,281- Scan Global Logistics (Shanghai) co., Ltd. - DalianChina100.002,4212,458- Scan Global Logistics (Shanghai) co., Ltd. - GuangzhouChina100.008,7358,799Scan Global Logistics Ltd. - HKGHong Kong100.00135,28530,430- Scan Global Logistics (Shanghai) LtdChina100.0020,346-189- Scan Global Logistics Ltd. (Hong Kong)Hong Kong100.00-115,358-11,847- Scan Global Logistics Ltd. - (HKG) - TaiwanTaiwan100.0012,6536,511Scan Global Logistics Company LimitedThailand100.0010,657616Scan Global Logistics PTY LTDAustralia100.00-131,363-3,245- SGL Australia PTY LTDAustralia100.00163,98019,083Scan Global Logistics (Philippines) Inc.Philippines100.005,805-6,566SGL Manila (Shared Service Center) Inc.Philippines98.604,112-1,847Scan Global Logistics Chile S.AChile100.003,3882,360Scan Global Logistics Peru S.A.C.Peru100.005,479-366Scan Global Logistics (Vietnam) Ltd.Vietnam75.0038,66211,702Scan Global Logistics (Singapore) Pte Ltd.Singapore100.006,4721,765PT SCAN GLOBAL INDONESIAIndonesia67.00-62,804-49,170Scan Global Logistics S.A.Mali55.0012,723-1,234- Scan Global Logistics SARLBenin100.0015698- Scan Global Logistics SARLIvory Coast100.00647166- Scan Global Logistics SARLSenegal100.002,1441,030- Scan Global Logistics Togo SARLUTogo100.00194260SCAN GLOBAL INTERNATIONAL (CAMBODIA) CO., LTDCambodia100.0031,94110,138Scan Global Logistics Co. Ltd.Myanmar100.00-1,3441,024Scan Global Logistics NZ LimitedNew Zealand100.0018,1821,222Scan Global Logistics LLCDubai100.005,87415Scan Global Logistics AD LLCAbu Dhabi100.00-2,828-1,875Scan Global Logistics Deutschland GmbHGermany100.00587-2,391Scan Global Automotive Special Logistics GmbHGermany100.0032,097-1,832- Scan Global Logistics Automative Testing Services GmbHGermany100.003930- Scan Global Logistics Consulting GmbHGermany100.001872Horizon International Holdings LimitedUnited Kingdom100.006,52632,891- Scan Global Logistics UK Ltd.United Kingdom100.0046,32718,388- Horizon International Cargo BVNetherlands100.005,871627- Horizon International Cargo Ltd. (Japan)Japan100.007,171-98- Scan Global Logistics LimitedIreland100.00-4541,495Scan Global Logistics Colombo (PVT) LtdSri Lanka40.00-10,549-5,908Scan Global Logistics SDN. BHD.Malaysia100.0013,2217,808Scan Global Logistics GmbHAustria100.002,409-198Scan Global Logistics Sárl.Switzerland100.003,744-5,074SGL Kenya LimitedKenya100.00-7,672-11,828Scan Global Logistics Korea Co., LtdSouth Korea100.0014,312379Scan Global Logistics Lao Sole Company LimitedLaos100.00-278964FLS - Freight & Logistics Solutions, Unipessoal, LdaPortugal100.004,7511,037Scan Global Logistics S.R.LRomania100.00-12,872-2,037Foppiani Shipping & Logistics S.r.l.Italy100.00141,97966,622- Foppiani Japan Co. Ltd.Japan100.006,641-361- Foppiani Shipping & Logistics Hong Kong Co. Ltd.Hong Kong100.005,276457-- Foppiani Shipping & Logistics CO Ltd.China100.0010,598-862-- Foppiani SGP PTE LtdSingapore100.000948Scan Global Logistics do Barsil LtdaBrazil100.00-20,67475,378Scan Global Logistics S.A.Argentina95.00-598-1,947SGL Holding Bangladesh LimitedBangladesh40.004,2722,945Scan Global Logistics Colombia S.A.S.Colombia100.00-3,538-2,827Belglobe Adisa S De RL de C.V.Mexico100.002,215-226Scan Global Logistics ServicesSaudi Arabia100.00-27,553-18,881Scan Global Logistics s.r.o.Slovakia100.00-4432,123Scan Global Logistics LLCUkraine100.00140-351Scan Global Lojístík Ve Tícaret Limited SirketiTurkiye100.001,780-3,330Scan Global Logistics Ltd.Egypt49.00-3,222-3,277Scan Global Logistics Holding Canada LTD.Canada100.000-13,639- ITN Logistics Services Inc.Canada100.009,6113,630- ITN International Corp.Canada100.0016,3446,409- ITN Transborder Services Inc.Canada100.008,0803,321- Heart Logistics Inc.Canada100.008,7593,884- Heart Transportation U.S. Inc.United States100.005,301753- Integral Transportation Networks Corp.Canada100.00-90,146-11,598-- ABC Consolidators International Inc.Canada100.002,4631,477SGL Tanzania LtdTanzania100.001,6170- Scan Global Logistics Tanzania LimitedTanzania100.00-5,803-7,648839,011691,375Profit for the year and equity for subsidiaries are based on the 2025 reporting.20252024tDKKtDKK18. Investments in associatesCost at the beginning of the year19,4190Addition during the year019,419Cost at the end of the year19,41919,419Adjustments for the year-1,5110Fair value adjustments at the end of the year-1,5110Carrying amount at the end of the year17,90819,41919. Information on investments in associatesAssociatesNameRegistered officeShare held in %EquityProfitAnpartsselskabet af 4.1.2024, CVR-nr. 44709414Denmark25.0031-8K/S af 4.1.2024 IIDenmark25.0072,821-2,95472,852-2,962Profit for the year and equity for associates are based on the reporting as of July 31 2025. 26. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsDKKDKKDKKFrozen holiday funds0020,0650020,065 28. Contingent liabilities and other financial obligationsThe company is jointly taxed with the group's other Danish entities and with the company's parent company SGL Holding I, which is an administration company, and is jointly and severally liable with other jointly taxed companies for the payment of corporate tax.Other financial obligations:Rent and leasing obligations include rent obligations totalling mDKK 244.5 (mDKK 265.2 in 2024). Remaining term < 1 year: mDKK 26.8. Remaining term 1-5 years: mDKK 100.7. Remaining term after 5 years: mDKK 117.0. Furthermore, obligations include operational leasing contracts on cars etc. totaling mDKK 25.0 (mDKK 20.2 in 2024). Remaining term < 1 year: mDKK 10.8. Remaining term 1-5 years: mDKK 14.2.The company is a party in a few pending legal disputes. Management believes that the outcome of these legal disputes will not have a material impact on the company's financial position beyond the receivables and liabilities recognised in the balance sheet as of December 31 2025.In addition, the company has entered into ordinary, mutually binding agreements in the normal course of business. 29. Collaterals and securitiesThe company's shares are pledged for the benefit of the bondholders in SGL Group ApS.As security for the parent company's debt to the bondholders, a pledge or other security has been provided in the company's assets for a total value of mDKK 213.3 (2024: mDKK 213.3).The company is jointly and severally liable with other companies in the group for credit facilities in Jyske Bank.Bank guarantees:Bank guarantees of mDKK73.4 (2024: mDKK 70.7) have been issued to the company's business partners.Parent company guarantees:Parent company guarantees of mDKK 68.5 (2024: mDKK 55.8n) have been provided to the business partners of subsidiaries.Mortgages:The company´s tangible fixed assets are pledged for mDKK 11.5 towards the company's balance with Jyske Bank.Joint and several guarantees:Joint and severalguarantees have been issued in respect of subsidiaries liabilities to Jyske Bank