29802068 2025-01-01 2025-12-31 29802068 2025-01-01 2025-12-31 0 29802068 2025-01-01 2025-12-31 0 29802068 2025-01-01 2025-12-31 1 29802068 2025-01-01 2025-12-31 2 29802068 2025-01-01 2025-12-31 0 29802068 2021-01-01 2021-12-31 4 29802068 2022-01-01 2022-12-31 3 29802068 2023-01-01 2023-12-31 2 29802068 2024-01-01 2024-12-31 1 29802068 2025-01-01 2025-12-31 0 29802068 2021-01-01 2021-12-31 9 29802068 2022-01-01 2022-12-31 8 29802068 2023-01-01 2023-12-31 7 29802068 2024-01-01 2024-12-31 6 29802068 2025-01-01 2025-12-31 5 29802068 2025-01-01 2025-12-31 10 29802068 2024-01-01 2024-12-31 29802068 2024-01-01 2024-12-31 11 29802068 2023-01-01 2023-12-31 29802068 2023-01-01 2023-12-31 12 29802068 2022-01-01 2022-12-31 29802068 2022-01-01 2022-12-31 13 29802068 2021-01-01 2021-12-31 29802068 2021-01-01 2021-12-31 14 29802068 2021-01-01 2021-12-31 19 29802068 2022-01-01 2022-12-31 18 29802068 2023-01-01 2023-12-31 17 29802068 2024-01-01 2024-12-31 16 29802068 2025-01-01 2025-12-31 15 29802068 2021-01-01 2021-12-31 24 29802068 2022-01-01 2022-12-31 23 29802068 2023-01-01 2023-12-31 22 29802068 2024-01-01 2024-12-31 21 29802068 2025-01-01 2025-12-31 20 29802068 2025-12-31 29802068 2024-12-31 29802068 2023-12-31 29802068 2022-12-31 29802068 2021-12-31 29802068 2024-12-31 fsa:ContributedCapitalMember 29802068 2024-12-31 fsa:RetainedEarningsMember 29802068 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 29802068 2024-12-31 29802068 2025-12-31 fsa:ContributedCapitalMember 29802068 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Regnskabsklasse B 2025-01-01 true Annual report 30700228 EY godkendt partnerselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1540.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 2026-07-01 Jan Simonsen Icopal ApS Kystvejen 56 9400 Nørresundby, Denmark 29802068 Nørresundby Statement by the Board of Directors and the Executive Board Today, the Board of Directors and the Executive Board have discussed and approved the annual   report of Icopal ApS for the financial year 1 January - 31 December 2025. 2025-12-31 The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position 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.   Further, in our opinion, the Management's review gives a fair review of the matters discussed in   the Management's review.   We recommend that the annual report be approved at the annual general meeting. Nørresundby 2026-07-01 Klavs Eske Hansen CEO Klavs Eske Hansen Chairman Jørgen N. Øster Per V. Knutsson Independent auditor's report To the shareholder of Icopal ApS Opinion   We have audited the financial statements of Icopal ApS for the financial year 1 January –   31 December 2025, which comprise accounting policies, income statement, balance sheet,   statement of changes in equity and notes. 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 for the financial   year 1 January – 31 December 2025 in accordance with the Danish Financial Statements Act.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and the   additional requirements applicable in Denmark. Our responsibilities under those standards and   requirements are further described in the "Auditor's responsibilities for the audit of the financial   statements" section of our report. We believe that the audit evidence we have obtained is sufficient   and appropiate to provide a basis for our opinion.   Independence   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.   Management's responsibilities for the financial statements   Management is responsible for the preparation of financial statements that give a true and fair view   in accordance with the Danish Financial Statements Act and for such internal control as Manage-   ment determines is necessary to enable the preparation of financial statements that are free from   material misstatement, whether due to fraud or error.   In preparing the financial statements, Management is responsible for assessing the Company's   ability to continue as a going concern, disclosing, as applicable, matters related to going concern   and using the going concern basis of accounting in preparing the financial statements unless   Management either intends to liquidate the Company or to cease operations, or has no realistic   alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance as to whether the financial statements as a   whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's   report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a   guarantee that an audit conducted in accordance with ISAs and additional requirements applicable   in Denmark will always detect a material misstatement when it exists. Misstatements can arise from   fraud or error and are considered material if, individually or in the aggregate, they could reasonably   be expected to influence the economic decisions of users taken on the basis of 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 skepticism throughout the   audit. We also:   ► Identify and assess the risks of material misstatement of the financial statements, whether due  to fraud or error, design and perform audit procedures responsive to those risks and obtain   audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of   not detecting a material misstatement resulting from fraud is higher than for one resulting from   error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the   override of internal control.   Page 3   ► Obtain an understanding of internal control relevant to the audit in order to design audit procedu-res 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 accoun-  ting estimates and related disclosures made by Management.   ► Conclude on the appropriateness of Management's use of the going concern basis of accoun-  ting 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 conclu-   sion is 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 transac-   tions and events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned   scope and timing of the audit and significant audit findings, including any significant deficiencies in   internal control that we identify during our audit.   Statement on the Management's review   Management 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 Manage-   ment's review and, in doing so, consider whether the Management's review is materially incon-   sistent 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 accor-   dance 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.   Aalborg 2026-07-01 EY Godkendt Revisionspartnerselskab 30700228 Hans B. Vistisen State Authorised Public Accountant mne23254 MANAGEMENT'S REVIEW Key figures Profit before financial items Profit before financial items Profit before financial items Profit before financial items Profit before financial items -294000 -304000 1062000 -1455000 -521000 impairment of financial assets impairment of financial assets impairment of financial assets impairment of financial assets impairment of financial assets -284893000 -63779000 6246000 436105000 -84858000 6297000 29000000 -111116000 13087000 -465105000 -69544000 10338000 194104000 -43119000 10141000 Tax for the year Tax for the year Tax for the year Tax for the year Tax for the year Profit for the year Profit for the year Profit for the year Profit for the year Profit for the year -342720000 357240000 1124538000 -525766000 160876000 Equity Equity Equity Equity Equity 2622176000 2899508000 2470204000 2431235000 2900983000 1380279000 1610999000 1253759000 129221000 656383000 0 1 1 2 3 Financial ratios The Financial ratios stated under "Financial highlights" have been calculated as follow: Terms and definition: Equity x 100 Equity ratio = Total assets Profit for the year x 100 Return on equity = Average equity 52.6 55.6 24.9 50.8 5.3 22.6 27.9 -22.9 162.6 -133.9 MANAGEMENT'S REVIEW MAIN ACTIVITY   The Company's main activity are to own shares and other interests in and provide loans for other   businesses and all activities, which by the board of directors are deemed relevant in this connec-   tion.   DEVELOPMENT IN THE YEAR   The profit for the year was tDKK -342.720.   Due to the development in the historical and expected future financial performance and the per-   formed sensitivity test, Management has concluded that there is an impairment on investments in   subsidiaries with tDKK 284.893, please also refer to note 8.   The company's equity amounted to tDKK 1.380.279 as of 31 December 2025.   FINANCING AND LIQUIDITY RESOURCES   The parent company BMI Group Holdings UK Ltd. has made a capital contribution of tDKK 112.000   in April 2025.   Furthermore, the parent company has provided a letter of support to the company, stating that the   parent company will provide and procure the company in the normal course of business has   adequate financial support and that the parent company has the ability to provide that support,   either in the form of a contribution, of a loan, or another form of support, to ensure the business   continuity of the company until 12 months from the date of the approval of the financial statements   for 2025 of the company.   Based on the above, management assesses that the company has sufficient liquidity and financing   to carry out planned activities and operations in 2026, and the annual report for 2025 has been   prepared on the assumption of going concern.   SPECIAL RISKS   The company is exposed to the development in floating interest rates on interest bearing debt.   The company is not thought to be exposed to any unusual risks other than those generally affec-   ting the roofing industry through its investments.   RECOGNITION AND MEASUREMENT UNCERTAINTIES   As part of the group's ongoing strategic development it continuously reviews the markets in which it   operates and how it deploys its assets and resources to generate sustainable returns. As part of   this process, the group also considers its legal and operating structures to identify group-wide   synergistic efficiencies.   SUBSEQUENT EVENTS   No events have occured after the balance sheet date which could affect the assessment of the   company's financial position as at 31 December 2025.   Accounting Policies Accounting Policies (continued) Accounting Policies (continued) Accounting Policies (continued) The annual report of Icopal ApS for 2025 has been prepared in accordance with the provisions in   the Danish Financial Statements Act applying to reporting class B entities and elective choice of   certain provisions applying to reporting class C entities.   The annual report is prepared in DKK (thousands) Consolidated financial statements   With reference to Section 112 of the Danish Financial Statements Act, there are no consolidated   financial statements because Icopal ApS is part of the consolidated financial statements for BMI   Group Holdings (USA) LLC. The consolidated financial statements can be obtained from BMI   Group Holdings (USA) LLC, 1 Campus Drive Parsippany, NJ 07054, USA or cvr.dk.   Intra-group Business combinations   The book value method is applied to business combinations such as acquisition and disposal of   equity investments, mergers, demergers, additions of assets and share conversions, etc., in which   entities controlled by the Parent Company are involved, provided that the combination is consi-   dered completed at the acquisition date without any restatement of comparative figures.   Differences between the agreed consideration and the carrying amount of the acquiree are   recognised directly in equity.   For vertical and downstream intra-group mergers the group method is applied for the combination   of the entities. Thereby, the entities are combined at the revaluation value recognised in the con-   solidated financial statements or which would have been recognised in the consolidated financial   statements for the parent company included in the merger. The group method is applied as if the   entities had been combined from the date when the parent company acquired the equity invest-   ments in the entities included in the merger, and therefore, the comparative figures were restated.   Cash-flow statement   Pursuant to section 86(4) of the Danish Financial Statements Act, the company has not prepared a   cash flow statement as this is included in the annual report of the BMI Group Holdings (USA) LLC,   which can be obtained from BMI Groups Holdings (USA) LLC, 1 Campus Drive Parsippany, NJ   07054, USA or cvr.dk.   Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the ex-   change 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.   Income statement Administration expenses   Administration expenses include expenses incurred during the year for management and admini-   stration of the company, including costs of administrative staff, office space and office expenses.   Other operating income and other operating expenses   Other operating income and other operating expenses comprises items secondary to the Com-   pany's activities, including management fee.   Financial income and expenses   Financial income and expenses are recognised in the income statement at the amounts relating   to the financial year. Financial income and expenses comprise interest income and expenses,   declared dividends from investments in subsidiaries, realised and unrealised gains and losses on   transactions denominated in foreign currencies as well as surcharges and refunds under the on-   account tax scheme, etc.   Tax for the year   The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish   group entities.   On payment of joint taxation contributions, the Danish corporation tax charge is allocated between   the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint   taxation contributions from entities that have been able to use the tax losses to reduce their own   taxable income.   Tax for the year comprises current income tax, joint taxation contribution and changes in deferred   tax for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the   year is recognised in the income statement, and the tax expense relating to amounts recognised   directly in equity is recognised directly in equity.   Investments in subsidiaries and participating interests   Investments in subsidiaries are measured at cost.   Where costs exceeds the recoverable amount, writedown is made to this lower value.   Dividends received that exceed the accumulated earnings in the group entity during the period of   ownership are treated as a reduction in the cost of acquisition.   Impairment of fixed assets   The carrying amount of investments in subsidiaries and participating interests is tested annually for   indication of impairment other than the decrease in value reflected by amortisation/depreciation   made.   Impairment tests are conducted on individual assets or cash-generating units when there is   indication of impairment. Write-down is made to the lower of the recoverable amount and carrying   amount.   The recoverable amount is the higher of the net selling price of an asset and its 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 the group of assets and the expected net cash flows from the disposal of the asset or the   group of assets after the end of the useful life.   Previously recognised impairment losses are reversed when the reason for recognition no longer   exists. Impairment losses on goodwill are not reversed.   Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial recei-   vables.   Receivables are measured in the balance sheet at amortised cost.   An impairment loss is recognised if there is objective evidence that a receivable is impaired.   Cash and cash equivalents   Cash and cash equivalents include cash and cash equivalents that can be converted into cash   without hindrance and for which there are negligible risks of changes in value.   The Company's cash pool is recognised in "Receivables from Group entities" or "Payables to   Group entities" as a result of the terms of the cash pool arrangement.   The event is a physical cash pooling where the Group physically transfers excess cash out of the   individual bank accounts to the cash pool master account on a daily basis.   Equity Dividends   Ordinary dividends which management proposes distributed for the financial year is shown as a   separate item under equity.   Extraordinary dividends decided during the year are paid immediately after the decision and are   reflected in the profit allocation.   Corporate tax and deferred tax   Current tax payables and receivables are recognised in the balance sheet as tax computed on the   taxable income for the year, adjusted for tax on taxable income in previous years and 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 base of assets and liabilities.   Where alternative tax rules can be applied to determine the tax base, deferred tax is measured   based on Management's intended use of the asset or settlement of the liability, respectively.   Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the   expected value of their utilisation; 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 and jurisdiction.   Deferred tax is measured according to 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.   Joint taxation contributions payable or receivable are recognised in the balance sheet as joint   taxation contribution receivable or payable.   Liabilities   The Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities.   Financial liabilities are recognised at the date of borrowing at the proceeds received less trans-   action costs paid. On subsequent recognition, financial liabilities are measured at amortised cost,   corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference   between the proceeds and the nominal value is recognised in the income statement over the term   of the loan.   Other liabilities are measured at net realisable value.   294000 0 5212000 4908000 -294000 0 -304000 436105000 0 284893000 236000 0 64015000 84858000 -348966000 350943000 -6246000 -6297000 -342720000 357240000 1543246000 1042000000 2585246000 1712834000 1157305000 2870139000 2585246000 2870139000 18765000 587000 24033000 782000 14977000 2601000 36930000 1638000 2916000 29369000 36930000 29369000 2622176000 2899508000 200000000 200000000 1180279000 1410999000 1380279000 1610999000 1200000000 1200000000 1200000000 1200000000 29358000 11793000 746000 79087000 8322000 1100000 41897000 88509000 1241897000 2622176000 1288509000 2899508000 200000000 1410999000 112000000 1610999000 112000000 -342720000 -342720000 200000000 1180279000 1380279000 Notes to the financial statements   DKK'000   Note 1 - SPECIAL ITEMS   Special items comprise significant income and expenses of a special nature relative to the Compa-   ny's operating activities. Special items may comprise expenses incurred for extensive structurering   of processes and basic structural adjustments as well as any related disposal gains and losses, that   have a material impact over time. Special items also comprise significant one-off items that in   Management's opinion, do not form part of the company's primary operating activities and that are   deemed not to be recurring.   As mentioned in Management's review, profit/loss for the year is affected by reversal of impairment   on investments in subsidiaries. As Management does not consider this matter part of the operating   activities, it also has been included in this note.   Special items for the year are specified below, including the line items in which they are recognised   in the income statement.   Income   2025   2024   Reversal of impairment on investments in subsidiaries   0 436.105   TOTAL   0 436.105   Expenses   Impairment on investments in subsidiaries   -284.893   0 TOTAL   -284.893   0 Special items are recognised in the below line items:   Reversal of impairment on investments in subsidiaries   0 436.105   Impairment on investments in subsidiaries   -284.893   0 Net profit/loss from special items   -284.893   436.105   Note 2 - FINANCING AND LIQUIDITY RESOURCES   The parent company BMI Group Holdings UK Ltd. has made a capital contribution of tDKK 112.000   in April 2025.   Furthermore, the parent company has provided a letter of support to the company, stating that the   parent company will provide and procure the company in the normal course of business has   adequate financial support and that the parent company has the ability to provide that support,   either in the form of a contribution, of a loan, or another form of support, to ensure the business   continuity of the company until 12 months from the date of the approval of the financial statements   for 2025 of the company.   Based on the above, management assesses that the company has sufficient liquidity and financing   to carry out planned activities and operations in 2026, and the annual report for 2025 has been   prepared on the assumption of going concern.   Notes to the financial statements   NOTE 3 - PROPOSED DISTRIBUTION OF PROFIT/LOSS -342720000 357240000 -342720000 357240000 NOTE 4 - ADMINSTRATION EXPENSES   Wages and salaries   0 1.274   Pensions   0 86   Other social security costs   0 2 TOTAL   0 1.362   Staff Costs are recognised in the income statements under:   Administration expenses   0 1.362   TOTAL   0 1.362   Average number of employees   0 1 Remuneration to the executive board *   0 0 Fees to the members of the supervisory board **   0 0 * The company’s current executive board does not receive separate remuneration relating to this position.   ** The company’s current supervisory board do not receive separate remuneration relating to their positions.   0 1 NOTE 5 - FINANCIAL INCOME   2025   2024   141000 95000 0 0 236000 0 NOTE 6 - FINANCIAL EXPENSES 63955000 82520000 2302000 27000 13000 1000 46000 9000 64015000 84858000 NOTE 7 - TAX ON PROFIT FOR THE YEAR -6173000 195000 -6173000 261000 -268000 -385000 -6246000 -6297000 DKK'000   NOTE 8 - FINANCIAL ASSETS   Capital   Partici-   interest in   pating   subsidiaries   interest   Total   Cost price at 1 January   1.712.834   1.157.305   2.870.139   Transfer   0 0 0 Cost price at 31 December   1.712.834   1.157.305   2.870.139   Value adjustments at 1 January   0 0 0 Value adjustments   -169.588   -115.305   -284.893   Value adjustment at 31 December   -169.588   -115.305   -284.893   Book value at 31 December 2025   1.543.246   1.042.000   2.585.246   Capital interests:   Share   Share   Profit for   Name   Location   holding   capital   Equity   the year   BMI Flachdachsysteme GmbH Germany  100%   381   228.747   29.653   BMI Deutschland GmbH   Germany   21,8%   62.107   1.629.540   -227.267   BMI Group Danmark ApS   Denmark   100%   185.001   248.882   -54.365   BMI Produktion Danmark ApS   Denmark   100%   125   34.377   -6.009   The impairment test of investments in the subsidiaries and participating interest is based on a stand-   alone impairment test of each subsidiary. These impairment tests are based on the expected future   cash flows in the indivi-dual subsidiaries, generated by the expected results that Management has   set, in accordance with the current available market data and knowledge.   The main assumptions for the impairment test are sales growth, margin, discount rate and future   growth expectations and can be summarised as follows.   Growth rates in the budget period year 1 to year 5 are based on the current business plan. The dis-   count rate used (WACC) is 7,44% - 7,46% after tax, the annual growth in the terminal period is 2%.   Due to the development in the historical and expected future financial performance and the perfor-   med sensitivity test, Management has concluded that there is impairments on investments in subsi-   diaries with tdkk 284.893.   The estimates made are based on assumptions that management considers reasonable, but which   are naturally subject to uncertainty. Such assumptions may be incomplete or inaccurate, and unex-   pected events or incidents may occur. Furthermore, the underlying businesses of individual subsi-   diaries are exposed to risks and uncertainties that may cause realised results to deviate from esti-   mates.   Notes to the financial statements   DKK'000   NOTE 9 - DEFERRED TAX   2025   2024   Deferred tax at 1 January   782   1.043   Adjustment of the deferred charge for the year   -195   -261   Deferred tax at 31 December   587   782   The deferred tax charge relates to:   Tangible assets   587   782   TOTAL   587   782   NOTE 10 - NON-CURRENT LIABILITIES   Total debt   Short-term   Long-term Debt after 5  31/12 2025   part   part   years   Loans from Group entities   1.200.000   0 1.200.000   0 1.200.000   0 1.200.000   0 NOTE 11 - LOANS FROM GROUP ENTITIES   Icopal ApS participates in a cash pool arrangement with BMI Group.   BMI Group Operations S.a.r.l. is the cash pool master and Icopal ApS is the sub-account holder   together with the Group's other affiliated companies.   Icopal ApS' accounts in the cash pool scheme, which are included under "loans from Group   entities", constitute t.kr. 24.999 as of December 31, 2025 (2024: t.kr. 74.312).   The arrangement is a physical cash pooling where the Group physically sweeps excess cash out of   the individual bank accounts into the cash pool master account on a daily basis.   NOTE 12 - CONTINGENT LIABILITIES AND OTHER FINANCIAL COMMITMENTS   The company is jointly taxed with other Danish BMI Group entities and is jointly and severally liable   for Danish company and withholding taxes.   Certain guarantees were issued in connection with previous disposals of entities and business   activities. Other than those recognised in the balance sheet or disclosed in the financial statements,   these guarantees will not have a material effect on the company’s financial position.   The company has issued guarantees in favor of suppliers and subsidiaries of tDKK 101.025 as of   December 31, 2025 (2024: tDKK 120.886).   Notes to the financial statements   DKK'000   NOTE 13 - RELATED PARTIES   Controlling interest   Basis   BMI Group Holdings UK Limited, Reading, UK   UK parent company (100%)   Icopal ApS is part of the consolidated financial statements for BMI Group Holdings (USA) LLC.   and Standard Industries Inc.   The consolidated financial statements for BMI Group Holdings (USA) LLC can be obtained from   the company's address: 1 Campus Drive Parsippany, NJ 07054, USA or www.cvr.dk.   The consolidated financial statements for Standard Industries Inc. is not public available.   Related parties transactions   2025   Interest received from Group entities   141   Interest expenses to Group entities   63.955   Joint taxation contribution receivable   18.765   Non-current Loans from Group entities   1.200.000   Current Loans from Group entities   29.358   Joint taxation contribution payable   11.793