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d:SubsidiaryMember 1 40620648 2025-12-31 d:SubsidiaryMember 1 40620648 2025-01-01 2025-12-31 d:SubsidiaryMember 2 40620648 2025-12-31 d:SubsidiaryMember 2 40620648 2025-01-01 2025-12-31 d:SubsidiaryMember 3 40620648 2025-12-31 d:SubsidiaryMember 3 40620648 2025-01-01 2025-12-31 d:SubsidiaryMember 4 40620648 2025-12-31 d:SubsidiaryMember 4 40620648 2025-01-01 2025-12-31 d:SubsidiaryMember 5 40620648 2025-12-31 d:SubsidiaryMember 5 40620648 2025-12-31 c:ConsolidatedMember 1 40620648 2024-12-31 c:ConsolidatedMember 1 40620648 2025-01-01 40620648 2024-01-01 40620648 2025-12-31 c:ConsolidatedMember d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure xbrli:shares (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) EBITDA-margin Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows EBITDA-margin EBITDA-margin EBITDA-margin EBITDA-margin Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 40620648 PP Holding 2019 ApS Tyborøn Allé 10B 2720 Vanløse 2019-06-28 København (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Dirch Passers Allé 36 Dirch Passers Allé 36 2000 Frederiksberg 2000 Frederiksberg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-07-09 Palle Pedersen Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-07-09 2026-07-09 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of PP Holding 2019 ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend that the annual report be approved at the annual general meeting. Vanløse Palle Pedersen To the shareholder of PP Holding 2019 ApS We have audited the consolidated financial statements and the parent company financial statements of PP Holding 2019 ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are 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 financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent Company financial statements" (hereinafter collectively referred to as "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 Group 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 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 as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the 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 financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. 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 the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the 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 also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 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 Parent 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.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 group 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. 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 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 Simon Blendstrup Jacob Thøgersen State Authorised Public Accountant mne44060 State Authorised Public Accountant mne49102 1127320000 -56645000 53022000 53997000 3094000 -8097000 -9189000 -7982000 -7061000 1016664000 16595000 22638000 23970000 634220000 24497000 -1473000 450000 -10868000 -14.9 -7.6 0.4 16.4 20.8 21.1 -4.8 3.6 4.8 -22.8 -12.0 0.3 14.3 15.7 17.0 -37.4 -21.5 -0.9 414 For terms and definitions, please see the accounting policies. The Group's main activities are the sale and marketing of perfumes and cosmetic products to the Nordic market. The Management's review is consistent with Sæther Nordic Group.The parent company's main activities are to operate an investment business, including owning equity interests in other companies, as well as other related activities as deemed appropriate by the management. The income statement for 2025 shows a loss of DKK 157,846 thousand against a loss of DKK 123,051 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 294,818 thousand. Development during the year is considered unsatisfactory, as the loss is higher than the expected loss of DKK 55,000-65,000 thousand. A loss was expected as the Group and the subsidiaries in Denmark, Sweden and Norway lost their distribution rights for a larger portfolio of brands from 1 July 2025. The actual loss was, however, higher than expected, which is primarily due to increased costs in connection with closing the agreement, which comprises higher severance costs and higher costs related to the handling of remaining stock. On top of that, we have seen a slowdown in the market for the existing portfolio in second half of 2025, which also impacts the result negatively and resulted in an impairment of intangible assets.Financial review parent companyThe parent company incurred a net profit after tax of DKK 4,323 thousand and is satisfactory. The Group's purchases are made essentially in EUR, while the Group's sales are essentially made in DKK, EUR, NOK and SEK. In addition, purchases are made to a lesser extent in USD.Currency risks are therefore related to SEK, NOK, USD and EUR. To mitigate the currency risk, foreign exchange exposures are hedged based on an ongoing assessment of exposure for the next 12 months and hedging is carried out through forward exchange transactions. Our currency policy targets to cover 80% of the calculated exposures with hedges.Investments in subsidiaries are long-term and related exchange rate risks are generally not hedged. The statutory CSR report including data ethics is published on the Company’s website:https://www.saethernordic.com/ Reference is made to Sæther Nordic Group since no activity in the parent company why Sæther Nordic Group CSR report cover this group as well. The two Danish operating companies will re-locate to two new facilities during the second quarter of 2026. This means that the Danish companies will move from their current office in Farum into two new locations. One will be our new head office in Copenhagen, and one will be our new operations center in Espergærde. In particular, the new operation center is expected to bring cost synergies and less emissions from transportation over the coming years, relative to net sales as we will be moving from three warehouse locations into one.No events materially affecting the Group's and the Company's financial position have occurred after the financial year end. The Group and the subsidiaries in Norway and Sweden have obtained the distribution rights for a large portfolio from 1. January 2026, which is expected to contribute positively to the result for 2026. Further to this, a significant share of the costs in connection with losing a larger portfolio of brands from 1 July 2025 are non-recurring and therefore one-off costs in 2025.The Group expects a net sale a little below or in line with 2025 with a result between DKK -35.000 and DKK -45.000 thousand with a negative cash flow between DKK -15.000 and DKK -25.000 thousand due to planned investments as part of the relocation. 1174113000 1492301000 0 0 671346000 808036000 0 0 0 792000 0 0 309680000 375399000 187000 267000 193087000 309658000 -187000 -267000 249732000 256636000 0 0 118183000 167150000 0 0 -174828000 -114128000 -187000 -267000 0 0 4135000 2100000 2158000 1842000 436000 687000 10255000 11031000 6000 0 -182925000 -123317000 4378000 2520000 -25079000 -266000 55000 92000 -157846000 -123051000 4323000 2428000 114463000 89363000 -123051000 226085000 261443000 0 0 0 67915000 0 0 226085000 329358000 0 0 42776000 41604000 0 0 1584000 2067000 0 0 5909000 3163000 0 0 50269000 46834000 0 0 0 0 17546000 17546000 6238000 6294000 0 0 6238000 6294000 17546000 17546000 282592000 382486000 17546000 17546000 226724000 314341000 0 0 226724000 314341000 0 0 73769000 158810000 0 0 5371000 4398000 109000 164000 7239000 1235000 0 0 8312000 14782000 0 0 11395000 7602000 0 0 106086000 186827000 109000 164000 12788000 10413000 12788000 10413000 4649000 5618000 211000 3181000 350247000 517199000 13108000 13758000 632839000 899685000 30654000 31304000 40000 40000 40000 40000 -3321000 -4813000 0 0 -5683000 3111000 0 0 99672000 139766000 30521000 28198000 0 3000000 0 3000000 204110000 334727000 0 0 294818000 475831000 30561000 31238000 29220000 56031000 0 0 7515000 11560000 0 0 36735000 67591000 0 0 10407000 10042000 0 0 10407000 10042000 0 0 0 155000 0 0 98857000 94462000 0 0 144709000 187628000 93000 61000 0 1515000 0 5000 43749000 62016000 0 0 3564000 445000 0 0 290879000 346221000 93000 66000 301286000 356263000 93000 66000 632839000 899685000 30654000 31304000 40000 -4813000 3111000 139766000 3000000 334727000 0 0 -45383000 2000000 -114463000 0 -1492000 0 0 0 0 0 0 5289000 0 -5289000 -11275000 0 0 -2481000 0 0 0 3000000 10865000 0 2000000 40000 -3321000 -5683000 99672000 0 90708000 204110000 40000 29770000 0 -1572000 4000000 0 1000000 40000 28198000 3000000 2323000 2000000 0 3000000 0 2000000 40000 30521000 0 -157846000 -123051000 97985000 179278000 105129000 17598000 45268000 73825000 2158000 1416000 9449000 11031000 7743000 12323000 30234000 51887000 1749000 5250000 16595000 22638000 1949000 10000000 56000 -86000 -20237000 -37974000 15865000 6361000 4395000 32898000 0 40000000 -11470000 -13463000 -1473000 450000 5618000 5168000 504000 0 4649000 5618000 The annual report of PP Holding 2019 ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as its cash flows are reflected in the consolidated cash flow statement. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). ControlThe consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.Goodwill relating to the non-controlling interests' share of the acquiree is recognised. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.The date of acquisition is the date when the group actually obtains control of the acquiree.The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date.Receivables, payables and other monetary items denominated in foreign currencies are translated into Danish kroner at the exchange rate at the balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income statement as financial income/expenses. Foreign group entitiesForeign subsidiaries are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign subsidiaries to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity.Exchange adjustments of balances with separate foreign enitites that are considered to constitute an addition to or a deduction from the total investment in the separate foreign entitiy are taken directly to equity.On the sale of an separate foreign entity, the accumulated exchange adjustment is re-classified from equity to the income statement together with the gain or the loss. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet.Fair value adjustments of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement along with changes in the fair value of the hedged asset or liability.Fair value adjustments of derivative financial instruments designated and qualifying as hedging of future assets or liabilities are recognised as separate items in the balance sheet and in the hedging reserve under equity. If the forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the forecast transaction results in income or expenses, amounts previously recognised in equity are transferred to the income statement in the period in which the hedged item affects the income statement. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliable and is expected to be received. Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of VAT and other indirect taxes charged on behalf of third parties. Other operating income and operating expenses comprise items of a secondary nature relative to the Company's core activities, including sale of services to affiliates and gains or losses on the sale of non-current assets. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Acquired intangible assets 5-10 years Goodwill 10 years Fixtures and fittings, other plant and equipment 3-5 yearsLeasehold improvements 10 years The residual value is determined at the time of acquisition and is reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In case of changes in the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Residual values are assessed to be DKK 0.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The item includes dividends from investments in group entities and associates. Dividend distributions that either exceed the profit for the year or where the carrying amount of the investments exceeds the consolidated carrying amounts of the group entity's net assets will indicate impairment for which reason an impairment test will have to be conducted. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income 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, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 10 years.Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects.Other intangible assets are measured at cost less accumulated amortisation and impairment losses. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments under operating leases are recognised in the income statement over the term of the lease. Investments in group entities and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. The carrying amount of intangible assets, property, plant and equipment and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable 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. 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. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Cash comprise cash. Translation reserveThe translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in subsidiaries in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead.Hedging reserveThe hedging reserve comprises the cumulative net change in the fair value of hedging transactions that qualify for recognition as a cash flow hedge and where the hedged transaction has not yet been realised. The reserve is dissolved when the hedged transaction is realised, if the hedged cash flows are no longer expected to be realised or if the hedging relationship is no longer effective. The reserve does not represent a limitation under company law and may therefore be negative.Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions comprise anticipated expenses relating to return commitments related to the sale of goods. Provisions are recognised when the Company has a legal or constructive obligation as a result of a past event at the balance sheet date and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. 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 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. Deferred tax assets 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction 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. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.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 paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The allocation of revenue to geographical markets is disclosed. The segmentation is in accordance with the Company's internal financial management. The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/lossProfit/loss before net financials +/- Other operating income and other operating expensesOperating marginOperating profit/loss (EBIT) x 100RevenueGross marginGross profit/loss x 100RevenueEBITDA-marginEarnings before interest, taxes and amortisations (EBITDA) x 100RevenueReturn on assetsProfit/loss from operating activities x 100Average assetsEquity ratioEquity excl. non-controlling interests x 100Total AssetsReturn on equityProfit/loss for the year after tax excl. non-controlling interests x 100Average equity excl. non-controlling interests Management is responsible for ensuring that the Company’s capital resources are sound at any time and that sufficient liquidity is available to meet the Groups current and future liabilities as they fall due.The Group have extended the current credit facility with the bank until 2027 and furthermore received a loan from the non-controlling owners of 20 mDKK to Sæther Nordic and a loan from Parent company of 10 mDKK to Sæther Nordic to insure sufficient liquidity to support the operations of the Group. Based on the above, Management is of the opinion that the Company has sufficient capital resources for the coming year, and accordingly, presents the annual report on a going concern basis. The two Danish operating companies will re-locate to two new facilities during the second quarter of 2026. This means that the Danish companies will move from their current office in Farum into two new locations. One will be our new head office in Copenhagen, and one will be our new operations center in Espergærde. In particular, the new operation center is expected to bring cost synergies and less emissions from transportation over the coming years, relative to net sales as we will be moving from three warehouse locations into one. No events materially affecting the Group's and the Company's financial position have occurred after the financial year end. Breakdown of revenue by geographical segment: Revenue, Denmark475,726555,63500Revenue, Sweden455,298632,15600Revenue, Norway164,241254,35000Revenue, Other countries78,84850,16000 1,174,113 1,492,301 0 0 Segment information is provided for revenue at business segments. Segment information is not provided by business area, as the main area represents more than 95 % of the total activity. 1701000 2081000 1127000 1190000 138000 120000 436000 771000 200429000 200856000 0 0 20619000 20098000 0 0 22916000 26034000 0 0 5768000 9648000 0 0 249732000 256636000 0 0 390 413 0 0 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to the group Management is not disclosed. By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to the group Management is not disclosed. 40993000 51937000 1671000 0 64029000 101744000 0 0 13161000 13469000 -1671000 0 118183000 167150000 0 0 0 0 0 104000 808000 150000 0 0 1350000 1692000 436000 583000 0 7635000 0 5000 -25079000 -7901000 55000 87000 0 3000000 0 3000000 2000000 1000000 2000000 1000000 -45383000 -37688000 2323000 -1572000 -114463000 -89363000 0 0 316240000 205343000 1749000 0 0 205343000 317989000 0 54797000 137428000 4334000 59695000 32773000 8220000 0 205343000 91904000 0 226085000 0 123371000 10291000 3163000 13770000 79000 2746000 32418000 0 0 104723000 10370000 5909000 81767000 8224000 0 12598000 562000 -32418000 0 0 61947000 8786000 0 42776000 1584000 5909000 6294000 -56000 6238000 6238000 Sæther Nordic A/S Aktieselskab Danmark 27.57 E. Sæther A/S Aktieselskab Danmark 27.57 E. Saether AB Kapitalselskab Danmark 27.57 Saether OY Kapitalselskab Finland 27.57 E. Sæther AS Aktieselskab Norge 27.57 17546000 17546000 17546000 Sæther Nordic A/S Danmark 27.57 110609 -62658 E. Sæther A/S Danmark 27.57 42976 3291 E. Saether AB Sverige 27.57 15468 -10748 Saether OY Finland 27.57 13665 151 E. Sæther AS Norge 27.57 23280 -1831 Prepayments include accrual of expenses relating to subsequent financial years, including rent, licence fees and other prepaid expenses. 40000 40000 40000 51633000 55955000 -164000 -250000 23849000 51633000 At 31 December 2025, the Group had recognised a tax asset totalling DKK 5.371 thousand. The tax asset consists primarily of non-utilised tax deductions in the form of timing differences and tax loss. Based on the 2026 budget and future expectations, management has assessed it likely that future taxable profit will be available in which tax assets can be utilized. 10407000 0 10407000 9440000 Other provisions comprise provisions for return commitments related ot the sale of goods. Return provisions relate to aniticpated return expenses in accordance with agreements with customers. The obligation is expected to be settled over the return period, which is maximum one year. Deferred income consists of prepaid marketing contributions that will not be recognised as income until the subsequent financial year once the recognition criteria are satisfied. Other rent and lease liabilities: GroupParent company DKK'0002025202420252024 Rent and lease liabilities307,736314,34600 Group Rent and lease liabilities include a rent obligation totalling DKK 280,070 thousand (2024: DKK 302,629 thousand) in interminable rent agreements with remaining contract terms of 1-14 years. Furthermore, the Group has liabilities under operating leases for cars and IT equipment totalling DKK 27,666 thousand (2024: DKK 11,717 thousand) with remaining contract terms of 1-4 years. As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes the income years 2023 and forward. A company charge of DKK 180 million, secured on Group trade receivables (DKK 158,810 thousand) and inventories (DKK 314,341 thousand), has been provided as security for E. Sæther A/S' and Sæther Nordic A/S' debt to Nordea A bank guarantee has been provided for rent liabilities totalling DKK 24,916 thousand. The parent Company has not provided any security or other collateral in assets at 31/12 2025. Parties exercising control Related partyDomicileBasis for control Palle PedersenTyborøn Allé 10B, 2720 VanløseParticipating interest Related party transactions DKK'00020252024Parent Company Interests from group entities0104Paid dividend5,0001,000Recieved dividend from group enterprises4,1352,100 Receivables from and payables to group entities are specified in the balance sheet. 118183000 167150000 0 238000 -4045000 4717000 0 1274000 -2158000 -1842000 -10255000 -11031000 -25079000 -266000 829000 0 -86788000 16020000 83700000 6025000 65359000 -27593000