45874559 2025-09-03 2026-04-30 2 45874559 2025-09-03 2026-04-30 3 45874559 2025-09-03 2026-04-30 45874559 2025-09-03 2026-04-30 1 45874559 2026-04-30 45874559 2025-09-03 45874559 2025-09-03 2026-04-30 d:LandAndBuildingsMember 45874559 2026-04-30 d:LandAndBuildingsMember 45874559 2025-09-03 2026-04-30 d:FixturesFittingsToolsAndEquipmentMember 45874559 2026-04-30 d:FixturesFittingsToolsAndEquipmentMember 45874559 2025-09-03 2026-04-30 d:OtherReceivablesMember 45874559 2026-04-30 d:OtherReceivablesMember 45874559 2025-09-03 d:ContributedCapitalMember 45874559 2025-09-03 2026-04-30 d:ContributedCapitalMember 45874559 2026-04-30 d:ContributedCapitalMember 45874559 2025-09-03 2026-04-30 d:SharePremiumMember 45874559 2025-09-03 2026-04-30 d:RetainedEarningsMember 45874559 2026-04-30 d:RetainedEarningsMember 45874559 2025-09-03 2026-04-30 1 45874559 2025-09-03 2026-04-30 1 45874559 2025-09-03 2026-04-30 2 45874559 2025-09-03 2026-04-30 3 45874559 2025-09-03 2026-04-30 0 45874559 2025-09-03 2026-04-30 1 iso4217:DKK xbrli:pure Årsrapport 29442789 Redmark, Godkendt Revisionspartnerselskab Tronholmen, 5 8960, Randers SØ 2025-09-03 2026-04-30 45874559 Vibocold Group A/S Holstebrovej 101 8800 Viborg 2025-09-03 Redmark, Godkendt Revisionspartnerselskab 29442789 Mads Anker Jensen statsautoriseret revisor mne45819 Tronholmen 5 8960 Randers SØ Danmark 89125000 randers@redmark.dk 2026-08-12 Lars Jørgensen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Randers 2026-08-12 Viborg 2026-08-12 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 20535956 19618663 429805 487488 79930 485591 81827 24790 57037 57037 29926785 3251509 33178294 1389927 1389927 34568221 30311278 5821292 36132570 48553913 379241 1452954 50386108 461868 86980546 121548767 0 5000000 36057037 41057037 24790 24790 67055090 67055090 245059 6359510 6807281 13411850 80466940 121548767 57037 860256 -73106828 -72189535 79930 485591 -72595196 -72595196 33608099 1761735 371808 -34998026 -67055090 30000000 10000000 107055090 -538132 1000000 461868 461868 16473682 2748029 396952 19618663 49 255090 230501 485591 30183700 30183700 256915 256915 29926785 3424399 3424399 172890 172890 3251509 1761735 371808 1389927 1389927 1000000 4000000 5000000 26000000 26000000 57037 26000000 10000000 36057037 24790 24790 429805 -79930 485591 24790 -36132570 -50386108 13411850 Today, the Board of Directors and the Managing Director have approved the annual report of Vibocold Group A/S for the financial year 3 September 2025 - 30 April 2026. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 April 2026 and of the results of the Company's operations and cash flows for the financial year 3 September 2025 – 30 April 2026. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Lars Jørgensen Michael Grundtvig Lars Karlsmose Sophia Jasmin Grundtvig We have audited the financial statements of Vibocold Group A/S for the financial year 3 September 2025 - 30 April 2026, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity, statement of cash flows and notes, for the Company. The financial statements are prepared under 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 30 April 2026, and of the results of the Company's operations and cash flows for the financial year 3 September 2025 - 30 April 2026 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the 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. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 Management’s Review. Our opinion on the financial statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. -406000 33608000 -538000 648.5 33.8 0.3 Description of key activities of the companyThe Company's principal activities consist of the sale, installation, and servicing of refrigeration, freezing, and temperature-control equipment and products. Uncertainties connected with recognition or measurementNo uncertainties connected with recognition or measurement have occurred during the financial year. Unusual circumstancesNo unusual circumstances have occurred during the financial year. Development in activities and financial mattersThe gross profit for the year totals DKK 20.536 thousand. Profit from ordinary activities after tax totals DKK 57 thousand. Management considers the net profit for the year satisfactory. The financial year is the Company's first financial year. The Company was incorporated through a cash contribution at an issue price of 100. During the financial year, the share capital was increased by a nominal amount of DKK 4,000 through a debt-to-equity conversion at an issue price of 750. Furthermore, the Company received a group contribution of DKK 10 million during the financial year. The Company has in major areas continued the business activities of the former Vibocold A/S, as well as initiating a number of new activities.  The first year of operation has thus been a successfully completed consolidation year, which has formed a solid base for the continued development of the product range, services offered and customer relations. In addition, there have been no significant individual events during the financial year that would require disclosure in the Management's Review. Development for the year relative to the expectationsThis is the Company's first financial year. Consequently, no expectations regarding future development were stated in a previous annual report, and therefore there are no expectations to follow up on. Expected developmentsThe Company expects increased activity for the  financial year 2026/27. The company expect a positive result ranging from 0-3 MDKK. Events occurring after the end of the financial yearNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 1.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 10.Provisions for deferred taxDeferred tax relating to the net profit or loss for the year24.790 24.790 12.Charges and securityThe Company has not provided any security or pledged any assets as at 30 April 2026. 13.Contractual obligations and contingencies, etc.The Company has entered into operational lease agreements with a remaining term of maximum 48 months and a total commitment DKK 3,697 TDKK. Joint taxationWith NSG Invest ApS as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 14.Related partiesControlling interest NSG Invest ApS, Ryvangs Allé 24, 8240 RisskovMajority shareholder TransactionsTransactions with related parties have been carried out on an arm's lenght basis. Accordingly, no further disclosures are required. Consolidated financial statementsNone of the company's parent companies present consolidated financial statements. The annual report for Vibocold Group A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The annual report is presented in DKK. The annual report comprises the first financial year and hence comparative figures are not available. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, debt and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueBuildings40years0-50 %Other fixtures and fittings, tools and equipment1,5-10years0-20 % Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Other receivablesFinancial lease assets are recognised in the balance sheet at the contract value agreed in the lease agreement, taking into consideration what is deemed to be the fair market value of the individual asset. Installments are calculated using the annuity method, taking into account the economic useful life of each asset, such that the contract value, less any estimated residual value, is amortised over the lease term. The interest rate is determined based on a market lending rate including a risk premium, and the residual value is based on a conservative assessment of the expected sales value of each asset at the expiry of the lease contract. The Company's lease contracts and related items are subject to ongoing review in order to identify any potential risks and losses. Losses identified through this process are recognised in the income statement under "Loss allowance on receivables", either as directly realised losses or as provisions for expected losses. Amounts provided for are removed from the allowance account and used for write-offs when the loss is considered to be realised. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank.  Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Vibocold Group A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the year, respectively. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the company's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the company's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are associated with an insignificant risk of value change.