26092183 2024-09-01 2025-08-31 26092183 2024-09-01 2025-08-31 1 26092183 2024-09-01 2025-08-31 1 26092183 2024-09-01 2025-08-31 2 26092183 2024-09-01 2025-08-31 3 26092183 2024-09-01 2025-08-31 4 26092183 2024-09-01 2025-08-31 1 26092183 2024-09-01 2025-08-31 2 26092183 2023-09-01 2024-08-31 26092183 2022-09-01 2023-08-31 26092183 2021-09-01 2022-08-31 26092183 2020-09-01 2021-08-31 26092183 2020-09-01 2021-08-31 1 26092183 2021-09-01 2022-08-31 1 26092183 2022-09-01 2023-08-31 1 26092183 2023-09-01 2024-08-31 1 26092183 2024-09-01 2025-08-31 1 26092183 2025-08-31 26092183 2024-08-31 26092183 2023-08-31 26092183 2022-08-31 26092183 2021-08-31 26092183 2023-08-31 cmn:OtherRenderingOfReportedValueMember fsa:ContributedCapitalMember 26092183 2023-08-31 cmn:OtherRenderingOfReportedValueMember fsa:RetainedEarningsMember 26092183 2023-08-31 cmn:OtherRenderingOfReportedValueMember fsa:ProposedDividendRecognisedInEquityMember 26092183 2023-08-31 cmn:OtherRenderingOfReportedValueMember 26092183 2023-09-01 2024-08-31 fsa:ContributedCapitalMember 26092183 2023-09-01 2024-08-31 fsa:RetainedEarningsMember 26092183 2023-09-01 2024-08-31 fsa:ProposedDividendRecognisedInEquityMember 26092183 2024-08-31 fsa:ContributedCapitalMember 26092183 2024-08-31 fsa:RetainedEarningsMember 26092183 2024-08-31 fsa:ProposedDividendRecognisedInEquityMember 26092183 2024-09-01 2025-08-31 fsa:ContributedCapitalMember 26092183 2024-09-01 2025-08-31 fsa:RetainedEarningsMember 26092183 2024-09-01 2025-08-31 fsa:ProposedDividendRecognisedInEquityMember 26092183 2025-08-31 fsa:ContributedCapitalMember 26092183 2025-08-31 fsa:RetainedEarningsMember 26092183 2025-08-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Julia Lagerqvist Statement by Management The Board of Directors and the Executive Board have today discussed and approved the annual report of Dustin A/S for the financial year 1 September 2024 – 31 August 2025.The annual report has been presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 August 2025 and the results of the Company's operations for the financial year 1 September 2024 – 31 August 2025.Furthermore, in our opinion, the Managament's review includes a true and fair account of the matters adressed in the review.We recommend that the annual report be approved at the annual general meeting. Aarhus Michael Haagen Petersen Chief Executive Officer Julia Lagerqvist Karin Fernström Chairman Sabina Kuhlberg Michael Haagen Petersen Independent Auditor's Report To the Shareholders of Dustin A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 August 2025, and of the results of the Company’s operations for the financial year 1 September 2024 - 31 August 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Dustin A/S for the financial year 1 September 2024 - 31 August 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). 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 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. 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, in our view, 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 in Management’s Review. 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 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. Auditor's responsibilities for the audit of the Financial Statements 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 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 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. Aarhus PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Henrik Berring Rasmussen State Authorised Public Accountant State Authorised Public Accountant Jeppe Smed Sørensen Dustin A/S Åhave Parkvej 27 8260 Viby 26092183 Aarhus 70 13 70 40 70 13 70 50 Jens Chr. Skous Vej 1 8000 Aarhus Nordea Bank Danmark A/S PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 1141963000 1221584000 1476501000 2486397000 2007968000 94116000 160056000 129524000 191872000 141844000 1009000 -34088000 4366000 56857000 37024000 Profit/loss from net financials Profit/loss from net financials Profit/loss from net financials Profit/loss from net financials Profit/loss from net financials -4271000 -8244000 -5076000 5260000 16356000 -2851000 -48210000 -2267000 47789000 45559000 351132000 372718000 457263000 806933000 658630000 352000 825000 1230000 1749000 4024000 102328000 105179000 153390000 182657000 144671000 0.21 -8.21 0.69 7.83 5.94 29.14 28.22 33.55 22.64 21.97 -2.58 -37.29 -1.35 29.20 34.54 125 135 147 158 136 Management's ReviewDevelopments in activities and financial mattersThe Company's income statement for 2024/25 shows a loss of DKK 2 851 thousand, and the balance sheet at 31 August 2025 shows an equity of DKK 102 328 thousand. In 2024/25 the Company had an decrease in revenue of 7 percent, resulting in the Company did not manage to reach the target of revenue growth of 20-25%. The organization did not reach sales expectations due to changes to the geopolitical situation in Europe, generally downsized and delayed business investments and the unexpected possibility of the soft transition from Windows10 to Windows11. Development in smaller business areas overperformed expectations and the business’ foundation and potential remains.Due to the general economic uncertainty, the Company was not able to achieve the target from last year of increase around 10-15 MDKK for EBITA. RisksDustin’s risks are due to greater economic uncertainty with a lower general demand. Moreover we’ve seen large Corporate and Public institutions consolidating their purchasing departments and decisions, leaving more IT-resellers outside agreements. Russia’s war of aggression against Ukraine and hybrid warfare against the EU both cause increased volatility in the energy and finance markets, but also creates a lot of opportunities in both the Corporate and Public sector.Expected developmentThe Company, like the Group’s target, is to achieve an increase in annual organic EBITA growth. For the company Dustin A/S the expected EBITA increase is 15 MDKK from last year. This organic growth is related to growth in net sales for the relevant period. In addition to this, Dustin intends to expand development of the sales of our own products and services. For the company of Dustin A/S revenue is expected to increase with 20-25% from LY.Dustin expects to increase the EBITA margin over time, and to achieve an EBITA margin of between 5 and 6 percent in the long term. For the next year Dustin expects to be in line with 2021/22, EBITA 84 689 thousand DKK. Subsequent eventsNo subsequent events have occurred during the financial year.Knowledge resourcesFor us, the work begins with our employees, since they are our most important resource. We endeavour to offer an open workplace with an inclusive work environment for everyone.During the year, we conduct routine performance evaluations with our employees to ensure good conditions for well-being, performance and learning.Our ability to attract, retain, develop, and engage the right employees is crucial for reaching our goals. If we do not have access to the relevant talent at the right time, or we don’t have the ability to develop them our ability to deliver on our strategy and our goals will be limited. We continuously develop our processes on how to attract, recruit, develop and engage our people. We regularly collect employee feedback from recurring employee surveys reviewed by each team. This is a source for improvements to drive people engagement. Main activitiesDustin A/S main activity is sale of standard IT and accessories to companies, public institutions and the private 1141963000 1221584000 972403000 994863000 0 116000 75444000 66781000 94116000 160056000 88904000 98355000 4037000 95789000 167000 0 1009000 -34088000 0 0 1109000 862000 5380000 9106000 -3262000 -42331000 -411000 5879000 -2851000 -48210000 0 2395000 0 305000 525000 0 525000 2700000 2131000 2793000 103000 474000 2235000 3268000 177795000 177795000 2498000 2498000 180293000 180293000 183053000 186261000 2712000 2567000 2712000 2567000 151677000 165282000 2035000 1169000 290000 0 3874000 1825000 7492000 15615000 165367000 183890000 168079000 186457000 351132000 372718000 40250000 40250000 62077000 64929000 102328000 105179000 0 266000 9465000 9465000 9465000 9731000 160756000 102701000 56083000 122141000 0 0 4579000 14756000 17921000 18209000 239340000 257808000 248805000 267539000 351132000 372718000 40250000 113139000 0 153389000 0 0 0 0 0 -48210000 0 -48210000 40250000 64929000 0 105179000 40250000 64929000 0 105179000 0 -2851000 0 -2851000 40250000 62077000 0 102328000 Note 1 Accounting policiesThe annual report of Dustin A/S for 2024/25 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to large reporting class C entities. Presentation currency The financial statements have been presented in Danish kroner (DKK thousands).Intra-group business combinationsThe 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 considered 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. Performance share programmeThe programme means that at each reporting date, the expected number of shares allotted is estimated based on the probability that the performance targets will be met. The costs are calculated on the basis of the number of shares that Dustin expects to need to settle at the end of the vesting period and is booked as salary expense and liability to the parent company Dustin Group AB. When allotment of shares is made, social security contributions shall be paid for the value of the employee's benefit. This value is based on fair value at each recognition date and is recognised as a provision for social security contributions.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated to the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated to the exchange rates at the balance sheet date. The difference is recognised in the income statement as financial income or financial expenses.Income statementRevenueThe Company has chosen IFRS 15 as interpretation for revenue recognition. Dustin is in the business of sale of standard IT and accessories to companies, public institutions and the private sector. Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which Dustin expects to be entitled in exchange for those goods or services. Dustin has generally concluded that it is the principal in its revenue arrangements, except for certain licenses, because it typically controls the goods or services before transferring them to the customer.Dustin considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, customer loyalty points).Sales of licenses Dustin is the reseller of licenses and does not sell its own licenses to customers. Depending on the type of software license sold, Dustin has identified certain customer contracts in which Dustin is the principal in some licensing agreements but acts as agent in others. When Dustin is the principal, the performance obligation is considered to be fulfilled at the point in time that control of the license is passed to the customer, which is typically upon delivery. When Dustin acts as agent, the performance obligation consists of Dustin mediating the sale between the supplier and the customer and receiving a commission. The income is recognised when the obligation to mediate the sale has been met, which is typically when the license is delivered to the customer.Cost of goods and services soldCost of sales includes costs relating to the goods used in generating revenue for the year.Other operating incomeOther operating income comprises items secondary to the Company's activities, including gains on disposal of intangible assets and property, plant and equipment.Other operating expensesOther operating expenses include expenses secondary to the Company's activities, including Funded Heads accrued. Other external expensesOther external costs include costs relating to the Company's primary activity incurred during the year, including costs of distribution, sales, advertising, administration, premises, bad debts, services on operating leases, etc.Staff costStaff costs include salaries and wages, including holiday pay allowances and pensions, as well as other social security costs, etc. to the Company's employees. Compensation received from public authorities has been deducted from staff costs.Amortization of intangible assets Goodwill and customer contracts are amortized on a straight-line basis over 7 years and ERP platform over 5 years. See further description under intangible assets.Depreciation of tangible assetsDepreciation includes depreciation of property, plant and equipment.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives of the assets are as follows:Leasehold improvements 3 - 5 yearsFixtures and fittings other tool and equipment 3 - 7 yearsProfit from investments in subsidiariesThe item includes dividend received from subsidiaries and associates in so far as the dividend does not exceed the accumulated earnings in the subsidiary or the associate in the period of ownership.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year. The items comprise interest income and expenses, including group entities and associates, dividends declared from other securities and equity investments, financial expenses in connection with finance leases, realized and unrealized gains and losses on other securities and equity investments, transactions denominated in foreign currency, amortization of financial assets and liabilities.TaxTax on profit/loss for the year includes current tax on the year's expected taxable income and the year's adjustment of deferred tax. The tax for the year is recognized in the income statement at the portion which is attributable to profit/loss for the year and in equity at the portion which is attributable to transactions recognized in equity.Balance sheetIntangible assetsGoodwill, customer contracts and ERP platform are amortized over the estimated economic life, which is determined on the basis of Management's experience within the individual business areas. Goodwill, customer contracts and ERP platform are amortized on a straight-line basis over the amortization period. The amortization period is determined on the basis of the nature of the acquired Company, earnings, market position, industry stability and dependence on key employees.Tangible assetsTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. LeasesThe Company has chosen IAS 17 as interpretation for classification and recognition of leases.On initial recognition, leases for assets that transfer substantially all the risks and rewards incident to ownership to the Company (finance leases) are measured in the balance sheet at the lower of fair value and the present value of future lease payments. In calculating the present value, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently accounted for as the Company's other assets.The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease.Leases that do not transfer substantially all the risks and rewards incident to ownership to the entity are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies. InvestmentsInvestments in subsidiaries are measured at cost. Dividends received that exceed the accumulated earnings in the subsidiary during the ownership period are treated as a reduction in the cost price.Other receivables relate to receivables that fall due later than 1 year from the balance sheet date. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is tested annually for evidence of impairment other than the decrease in value reflected by amortisation and depreciation.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 carrying amount and the 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.InventoryInventories are measured at cost in accordance with the weighted average 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 determined as the selling price less costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.Goods for resale are measured at cost, comprising purchase price plus delivery costs and other costs directly related with the purchase.ReceivablesReceivables are measured at amortized cost. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Write-down for bad and doubtful debts is made when there is objective evidence that a receivable has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Prepayments Prepayments comprise costs incurred concerning subsequent financial years.Cash and cash equivalentsCash and cash equivalents comprise cash and cash equivalents and short-term securities that can be readily converted into cash and for which there are only insignificant risks of changes in value. Given the nature of the Group´s cash pool arrangement, cash pool balances are not considered cash, but are recognised under Receivables from or payables to group entities.Proposed dividendProposed dividend is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate line item in equity.Corporation taxCurrent 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. However, deferred tax is not recognised on temporary differences relating to non-deductible goodwill and on office premises and other items where temporary differences arise at the acquisition date 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 in the respective countries 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 and jurisdiction. Deferred incomeDeferred income comprise payments received concerning subsequent financial years.Other liabilitiesThe Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities. Other liabilities are measured at net realisable value.Segment informationInformation is disclosed by activities and geographical markets. Segment information is based on the Company's accounting policies, risks and management control. Omission from presenting a cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flow is included in the consolidated cash flow statement for the higher-ranking parent company Dustin Group AB. true In accordance with section 112(1) of Danish Financial Statements Act, the Company has not prepared consolidated financial statements. Note 2 Segment informationBreakdown of net sales by business segmentDKK’000 2024/25 2023/24Hardware 1 024 882 1 145 542Software & services 117 081 76 042Total 1 141 963 1 221 584Breakdown of revenue by geographical segmentDKK’000 2024/25 2023/24Scandinavia 1 053 288 1 035 553Rest of the world 88 675 186 031Total 1 141 963 1 221 584 Note 3 Staff costsDKK’000 2024/25 2023/24Wages and salaries 80 980 90 055Pension 7 300 7 202Social security contribution 624 1 098Total 88 904 98 355 125 135 Note 4 Financial expensesDKK’000 2024/25 2023/24Interest cost to group enterprises -2 963 -7 599Other interest expenses -2 417 -1 506Total -5 380 -9 106 Remuneration to the Company’s Management is not disclosed with reference to section § 98b (3) (ii) of the Danish financial statements Act. Note 5 Tax on profit/lossDKK’000 2024/25 2023/24Current tax -145 -7 405Changes in deferred tax during the year 556 1 541Adjustment of tax regarding previous years 0 -15Total 411 -5 879 Note 6 Intangible assetsCustomer DKK’000 Goodwillcontract ERP platformTotalOpening cost at 1 September 2024 153 028 24 824 0 178 426Additions during the year - - 574 -Closing cost at 31 August 2025 153 028 24 824 574 178 426Opening amortization at 1 September 2024 -150 633 -24 518 0 -175 152Amortization for the year -2 395 -305 -49 -2 749Closing amortization at 31 August 2025 -153 028 -24 824 -49 -177 900Carrying amount at 31 August 2025 0 0 525 525The investment horizon for Goodwill and Customer contract and, thus, the economic life has been set at 7 years taking into consideration that the entity's current products are at significant risk of still keener competition, including future digital developments.For ERP Platform, the economic life has been set at 5 years reflecting the expected technological development pace and replacement cycle. Note 7 Tangible assetsProperty, Leasehold plant and improve-DKK’000equipmentmentsTotalOpening cost at 1 September 2024 13 709 2 940 16 649Additions during the year 352 0 352Closing cost at 31 August 2025 14 061 2 940 17 001Opening depreciation at 1 September 2024 -10 916 -2 466 -13 382Depreciation for the year -1 014 -371 -1 385Depreciation at 31 August 2025 -11 930 -2 837 -14 767Carrying amount at 31 August 2025 2 131 103 2 235 Note 8 InvestmentsOther Shares in financial DKK’000subsidiaries assetsTotalOpening cost at 1 September 2024 291 295 2 498 293 793Write-down of shares 0 0 0Closing cost at 31 August 2025 291 295 2 498 293 793Value adjustments at 1 September 2024 -113 500 0 -113 500Write-down of shares 0 0 0Value adjustments at 31 August 2025 -113 500 0 -113 500Carrying amount at 31 August 2025 177 795 2 498 180 293Information about subsidiariesShare held in Equity at 31 Profit at 31 DKK’000 Registered office%August 2025August 2025Inventio.IT A/S Brøndby, Denmark 100 -4 532 463 Note 9 PrepaymentsPrepayments under receivables, DKK 7 492 thousand (2023/24: DKK 15 615 thousand), consist of costs relating to the next accounting period. Note 10 Share capital2024/25Number of shares 789 217Nominal value 51 Note 11 Non-current liabilites deferred taxDKK’000 2024/25 2023/24Opening balance at 1 September 266 1 822Adjustments regarding previous years 0 -15Adjustments for the year -556 -1 541Closing balance at 31 August -290 266Deferred tax regards:Tangible assets -290 -328Intangible assets 0 594Total -290 266 Note 12 Non-current liabilites other payables Total debt at Outstanding 31 August Repayment Long-term debt after 5 DKK’0002025next yearportionyearsOther payables 9 465 0 0 9 465 Note 13 Payables to group companiesThe Dustin Group has a cash pool arrangement agreement with Nordea, where Dustin AB is the account holder and Dustin A/S is the sub-account holder.The agreed terms of the cash pool arrangement give Nordea the right to settle withdrawals and deposits with each other, whereby only the net balance of the total cash pool accounts constitutes Dustin' balance with Nordea. The accounts related to Dustin A/S in the cash pool arrangement, which are included under payables to group companies is on 31 August 2025 a debt of DKK 32 061 thousand. Note 14 Deferred incomeDeferred income under liabilities, DKK 4 579 thousand (2023/24: DKK 14 756 thousand), comprise accrual of income that relates to subsequent years. Note 15 Contractual obligations and contingencies, etc.Operating lease commitmentsDKK’000 2024/25 2023/24Rental and lease obligations 19 815 12 661Rental and lease obligations relates to rent on DKK 14 998 thousand due within 1-48 months and lease of cars and inventory on DKK 4 817 thousand due within 1-36 months. Note 16 CollateralDustin A/S has not issued any mortgages or other security in assets at 31 August 2025.As management company, Dustin A/S is jointly taxed with other Danish group entities. Dustin A/S is jointly and severally liable with other jointly taxed group entities for payment of income taxes and withholding taxes in the group of jointly taxed entities. Note 17 Related partiesDustin A/S' related parties include the following:Related parties Registered office Basis for controlAxel Johnson Holding AB Stockholm, Sweden Ultimate capital holdingsDustin Group AB Stockholm, Sweden Capital holdingsInventio.IT A/S Viby, Denmark Dominent influenceInformation on consolidated financial statementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Requisition of the parent company’s Parent companyRegistered officeconsolidated financial statementsDustin Group AB Stockholm, Sweden https://www.dustingroup.com/en/reportsAxel Johnson Holding AB Stockholm, Swedenhttps://axeljohnson-app.vercel.app/en/financial-informationRelated party transactionsDustin A/S had the following transactions between related parties:DKK’000 2024/25 2023/24Sales of goods to group entities 56 746 46 487Purchase of goods to group entities 478 950 518 790Purchase of services from group entities 55 870 46 468Interest cost from group entities 3 067 7 599Receivables from group entities 2 035 1 169Payables to group entities 56 083 122 141 Note 18 Auditor's remuneration and expensesAudit fees are not disclosed with reference to section 96(3) of the Danish Financial Statements Act. The fee is specified in the consolidated financial statements of Dustin AB. -2851000 -48210000 -2851000 -48210000 Note 20 Events after the balance sheet dateNo further events have occurred after the financial year end, which could significantly affect the Company's financial position. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-09-01 2025-08-31 2023-09-01 2024-08-31 2025-12-08 Reporting class C, large enterprise 2001-06-06 www.dustin.dk info@dustin.dk www.dustingroup.com/en/reports www.dustingroup.com/en/reports 2025-12-08 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-12-08 mne34157 33771231 mne40041 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jens Chr. Skous Vej 1 8000 Aarhus