38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 7 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 24 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 10 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 1 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 7 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 5 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 6 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 3 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 3 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 3 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 3 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 3 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 23 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 23 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 23 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 23 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 23 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 6 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 24 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 24 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 24 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 24 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 5 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 5 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 5 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 5 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 10 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 6 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 6 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 6 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 7 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 7 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 7 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 10 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 10 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 10 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 0 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 0 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 0 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 0 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 0 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 12 38389912 2024-01-01 2024-12-31 12 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 12 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 12 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 12 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 2 38389912 2025-01-01 2025-12-31 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 1 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 2 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 1 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 2 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 3 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 4 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 5 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 6 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 7 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 8 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember 9 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 38389912 2002-12-31 c:ConsolidatedMember 38389912 2001-12-31 c:ConsolidatedMember 38389912 2000-12-31 c:ConsolidatedMember 38389912 2024-01-01 2024-12-31 38389912 2025-12-31 c:ConsolidatedMember 38389912 2024-12-31 c:ConsolidatedMember 38389912 2025-12-31 38389912 2024-12-31 38389912 2024-01-01 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2024-01-01 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2024-01-01 c:ConsolidatedMember d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2024-01-01 c:ConsolidatedMember d:ReserveForCurrentValueOfHedgingMember 38389912 2024-01-01 c:ConsolidatedMember d:RetainedEarningsMember 38389912 2024-01-01 c:ConsolidatedMember d:MinorityInterestsMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:ReserveForCurrentValueOfHedgingMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:RetainedEarningsMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:MinorityInterestsMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2025-01-01 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2025-01-01 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-01-01 c:ConsolidatedMember d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-01-01 c:ConsolidatedMember d:ReserveForCurrentValueOfHedgingMember 38389912 2025-01-01 c:ConsolidatedMember d:RetainedEarningsMember 38389912 2025-01-01 c:ConsolidatedMember d:MinorityInterestsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:ReserveForCurrentValueOfHedgingMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:MinorityInterestsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2025-12-31 c:ConsolidatedMember d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-12-31 c:ConsolidatedMember d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-12-31 c:ConsolidatedMember d:ReserveForCurrentValueOfHedgingMember 38389912 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 38389912 2025-12-31 c:ConsolidatedMember d:ProposedDividendRecognisedInEquityMember 38389912 2025-12-31 c:ConsolidatedMember d:MinorityInterestsMember 38389912 2024-01-01 d:ContributedCapitalMember 38389912 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2024-01-01 d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2024-01-01 d:ReserveForCurrentValueOfHedgingMember 38389912 2024-01-01 d:RetainedEarningsMember 38389912 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2024-01-01 2024-12-31 d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2024-01-01 2024-12-31 d:ReserveForCurrentValueOfHedgingMember 38389912 2024-01-01 2024-12-31 d:RetainedEarningsMember 38389912 2024-01-01 2024-12-31 d:ContributedCapitalMember 38389912 2025-01-01 d:ContributedCapitalMember 38389912 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-01-01 d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-01-01 d:ReserveForCurrentValueOfHedgingMember 38389912 2025-01-01 d:RetainedEarningsMember 38389912 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-01-01 2025-12-31 d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-01-01 2025-12-31 d:ReserveForCurrentValueOfHedgingMember 38389912 2025-01-01 2025-12-31 d:RetainedEarningsMember 38389912 2025-01-01 2025-12-31 d:ContributedCapitalMember 38389912 2025-12-31 d:ContributedCapitalMember 38389912 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38389912 2025-12-31 d:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38389912 2025-12-31 d:ReserveForCurrentValueOfHedgingMember 38389912 2025-12-31 d:RetainedEarningsMember 38389912 2025-01-01 c:ConsolidatedMember 38389912 2024-01-01 c:ConsolidatedMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember 1 38389912 2025-01-01 2025-12-31 1 38389912 2024-01-01 2024-12-31 1 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:ManagementMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:ManagementMember 38389912 2025-01-01 2025-12-31 d:ManagementMember 38389912 2024-01-01 2024-12-31 d:ManagementMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:BoardOfDirectorsMember 38389912 2024-01-01 2024-12-31 c:ConsolidatedMember d:BoardOfDirectorsMember 38389912 2025-01-01 2025-12-31 d:BoardOfDirectorsMember 38389912 2024-01-01 2024-12-31 d:BoardOfDirectorsMember 38389912 2025-01-01 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 38389912 2025-01-01 c:ConsolidatedMember d:GoodwillMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:GoodwillMember 38389912 2025-12-31 c:ConsolidatedMember d:AcquiredIntangibleAssetsMember 38389912 2025-12-31 c:ConsolidatedMember d:GoodwillMember 38389912 2025-01-01 d:AcquiredIntangibleAssetsMember 38389912 2025-01-01 2025-12-31 d:AcquiredIntangibleAssetsMember 38389912 2025-12-31 d:AcquiredIntangibleAssetsMember 38389912 2025-01-01 c:ConsolidatedMember d:LandAndBuildingsMember 38389912 2025-01-01 c:ConsolidatedMember d:PlantAndMachineryMember 38389912 2025-01-01 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-01-01 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:PlantAndMachineryMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 38389912 2025-12-31 c:ConsolidatedMember d:PlantAndMachineryMember 38389912 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-12-31 c:ConsolidatedMember d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-01-01 d:LandAndBuildingsMember 38389912 2025-01-01 d:PlantAndMachineryMember 38389912 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-01-01 d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-01-01 2025-12-31 d:LandAndBuildingsMember 38389912 2025-01-01 2025-12-31 d:PlantAndMachineryMember 38389912 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-01-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-12-31 d:LandAndBuildingsMember 38389912 2025-12-31 d:PlantAndMachineryMember 38389912 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38389912 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 38389912 2025-01-01 c:ConsolidatedMember d:InvestmentsInAssociatesMember 38389912 2025-01-01 c:ConsolidatedMember d:OtherInvestmentsMember 38389912 2025-01-01 c:ConsolidatedMember d:OtherReceivablesMember 38389912 2025-12-31 c:ConsolidatedMember d:InvestmentsInAssociatesMember 38389912 2025-12-31 c:ConsolidatedMember d:OtherInvestmentsMember 38389912 2025-12-31 c:ConsolidatedMember d:OtherReceivablesMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:InvestmentsInAssociatesMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:OtherInvestmentsMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:OtherReceivablesMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:AssociateMember 1 38389912 2025-12-31 c:ConsolidatedMember d:AssociateMember 1 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:AssociateMember 2 38389912 2025-12-31 c:ConsolidatedMember d:AssociateMember 2 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:AssociateMember 3 38389912 2025-12-31 c:ConsolidatedMember d:AssociateMember 3 38389912 2025-01-01 d:InvestmentsInGroupEnterprisesMember 38389912 2025-01-01 d:InvestmentsInAssociatesMember 38389912 2025-01-01 d:OtherInvestmentsMember 38389912 2025-01-01 d:OtherReceivablesMember 38389912 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38389912 2025-12-31 d:InvestmentsInAssociatesMember 38389912 2025-12-31 d:OtherInvestmentsMember 38389912 2025-12-31 d:OtherReceivablesMember 38389912 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38389912 2025-01-01 2025-12-31 d:InvestmentsInAssociatesMember 38389912 2025-01-01 2025-12-31 d:OtherInvestmentsMember 38389912 2025-01-01 2025-12-31 d:OtherReceivablesMember 38389912 2025-12-31 d:CompletedDevelopmentProjectsMember 38389912 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 38389912 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 1 38389912 2025-12-31 d:SubsidiaryMember 1 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 2 38389912 2025-12-31 d:SubsidiaryMember 2 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 3 38389912 2025-12-31 d:SubsidiaryMember 3 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 4 38389912 2025-12-31 d:SubsidiaryMember 4 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 5 38389912 2025-12-31 d:SubsidiaryMember 5 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 6 38389912 2025-12-31 d:SubsidiaryMember 6 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 7 38389912 2025-12-31 d:SubsidiaryMember 7 38389912 2025-01-01 2025-12-31 d:SubsidiaryMember 8 38389912 2025-12-31 d:SubsidiaryMember 8 38389912 2025-01-01 2025-12-31 d:AssociateMember 1 38389912 2025-12-31 d:AssociateMember 1 38389912 2025-01-01 2025-12-31 d:AssociateMember 2 38389912 2025-12-31 d:AssociateMember 2 38389912 2025-01-01 2025-12-31 d:AssociateMember 3 38389912 2025-12-31 d:AssociateMember 3 38389912 2025-12-31 c:ConsolidatedMember 1 38389912 2024-12-31 c:ConsolidatedMember 1 38389912 2002-01-01 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2001-01-01 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2000-01-01 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2002-01-01 2002-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2001-01-01 2001-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2000-01-01 2000-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2024-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2002-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2001-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2000-12-31 c:ConsolidatedMember d:ContributedCapitalMember 38389912 2025-01-01 38389912 2024-01-01 38389912 2025-12-31 c:ConsolidatedMember d:LongtermLeaseCommitmentsMember iso4217:DKK xbrli:pure xbrli:shares Share capital Profit/loss before tax Current liabilities other than provisions (venstre underskriver) (venstre underskriver) (venstre underskriver) Share capital Fixed assets (venstre underskriver) (venstre underskriver) Non-fixed assets Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Profit before interest and tax before special items (note 3) Non-fixed assets Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Fixed assets Fixed assets Fixed assets Fixed assets Current liabilities other than provisions Non-fixed assets Non-fixed assets Non-fixed assets Share capital Share capital Share capital Current liabilities other than provisions Current liabilities other than provisions Current liabilities other than provisions Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows Solvency ratio Solvency ratio Solvency ratio Solvency ratio Solvency ratio Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38389912 A. Espersen A/S Amager Strandvej 403 2770 Kastrup 1945-02-23 Kastrup +45 5690 6000 www.espersen.com (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Værkmestergade 25 Værkmestergade 25 8100 Aarhus C 8100 Aarhus C Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-06-22 Lene Ørum Lauridsen Regnskabsklasse C, stor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-04-14 2026-04-14 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of A. Espersen A/S for the financial year 1 January - 31 December 2025. The annual report is 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 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 our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Kastrup Tino Bendix CEO Martin Busk Andersen CFO Flemming Nyenstad Enevoldsen Chairman Peter Kjær Ulrich Witt Morten Holm Jensen Christopher Thomas Bettina Simone Fürstenberg René Kofod Preben Vagn Finne Belinda Florentine Bergmann To the shareholders of A. Espersen A/S We have audited the consolidated financial statements and the parent company financial statements of A. Espersen A/S 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" (herinafter 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. Aarhus Morten Friis Tobias Oppermann State Authorised Public Accountant mne32732 State Authorised Public Accountant mne46362 3465000000 3236000000 2708000000 -195000000 -57000000 70000000 -92000000 35000000 -143000000 -36000000 74000000 -81000000 56000000 -55000000 -46000000 -42000000 -16000000 -37000000 -250000000 -103000000 28000000 -107000000 1000000 28000000 -81000000 8000000 427000000 463000000 460000000 418000000 432000000 1073000000 1322000000 1294000000 1423000000 1041000000 1754000000 1841000000 1473000000 52000000 50000000 66000000 53000000 54000000 42000000 42000000 42000000 39000000 39000000 598000000 285000000 353000000 1255000000 1269000000 1135000000 1555000000 1116000000 280000000 -353000000 12000000 -32000000 -43000000 -61000000 -236000000 382000000 49000000 -14000000 14000000 12000000 -14000000 0 -69.1 -19.7 6.3 0.0 0.0 16.5 28.4 34.1 15.5 24.0 3339 3284 3150 Espersen is a global supplier of frozen and chilled fish and seafood products for the retail and foodservice markets, supplying international customer groups like Asda, Tesco, Nomad and McDonald’s as well as other international and large retail chains, foodservice chains, and B2B customers, with whom Espersen has a long-lasting business relationship. Espersen's own brand Rahbek, is sold in Denmark and the Nordic countries. Espersen operates manufacturing plants in Denmark, Poland and Vietnam. The main raw material for Espersen products is frozen fish sourced globally. Espersen’s core markets remained turbulent in 2025. The market for fish and seafood products continues to be negatively impacted by the global macroeconomic situation, with conflicts in both Europe and the Middle East. Also, the reduced availability due to lower quotas on the main fish species of Espersen, Atlantic Cod from the Barents Sea, has accelerated purchase price increases during the year.To adapt to the new market conditions, the production footprint of Espersen was adjusted in 2025. Two Consumer manufacturing plants in Koszalin, Poland, were combined to improve efficiency and reduce costs. Also, to adjust capacity in Espersen’s Primary production to the lower demand, the manufacturing plant in Klaipeda was divested, and the business was transferred to the plant in Koszalin, Poland. Finally, the Consumer production in Grimsby, UK, acquired in the fall of 2023, was closed due to a shortage in demand and poor margins. In addition to the production footprint initiatives, the fixed cost structure of the company has been slimmed during the year.Espersen realised a revenue of DKK 3.263m for 2025, or a decline of DKK -41m (1.2%) compared to 2024. The revenue development was negatively impacted by discontinuing production in both Lithuania and the UK, and by a generally lower demand for the fish filleting business.The Rahbek puff pastry concept has been on a growth journey since the relaunch in 2023 and has grown in volume by +20% in 2025 compared to 2024. Along with the volume growth, brand awareness has grown substantially. Rahbek was thus in 2025 the strongest brand within the frozen fish category in Denmark.The operating profit-margin before interest, tax and special items (EBIT) was expected within an interval of -3.0% and 0.0%. The realised EBIT came out at DKK -195m or an operating profit-margin of -6.0%. The special items include DKK -52m relating to winding up acitivities in UK and Lithuanua. Excluding special items the operation result would be DKK -144m or and operating profit-margin of -4.4%. The poor performance was partly due to restructuring activities and partly due to a weak performance on the ongoing business. On the latter, the continued rapid increase in fish prices had a substantial negative impact on both sales volumes and margins.The operating result for the financial year 2025 is unsatisfactory.The Group’s solvency decreased to 16.5% on 31 December 2025 compared to 28.4% at the end of 2024. The decrease is mainly due to a lower equity caused by the poor result of 2025. The net working capital was reduced during 2025. In particularly the inventory was brought down to a lower level. The global macroeconomic situation is expected to remain challenging in 2026. A substantial part of the company’s business depends on the supply and pricing of the Atlantic Cod from the Barents Sea. Quotas have been reduced in recent years to a record low level measured since 1950, and we do not anticipate quota increases in the near future. The lower supply has led to a substantial increase in the purchase prices of Atlantic Cod from the Barents Sea, which we expect will continue in 2026.The continued adaptation of the production setup and the optimisation of the internal cost base enable Espersen to remain efficient in a demanding market environment with an improved balance between capacity, demand and margin. Various contingency and efficiency initiatives are in place to ensure a continued healthy balance between demand and capacity.Several of these initiatives are expected to have a positive financial impact in 2026 and support cost reductions. Espersen have increased the use of fresh fish in the primary production instead of relying solely on frozen raw materials. Fresh fish is commercially attractive compared to frozen alternatives and improves operational flexibility. In addition, the Group continues to execute its “sourcing closer to home” strategy, delivering financial benefits, reduced transportation time, and increased supply chain agility.For the Consumer business, the 2026 focus will be on stabilisation and disciplined execution following the restructuring of the production footprint. While demand remains affected by high raw material prices, particularly for Atlantic Cod, we see opportunities to strengthen collaboration with key customers through closer commercial alignment, portfolio optimisation and pricing discipline.The primary external financing agreement was renewed in early 2026. Espersen will maintain sufficient liquidity to continue operations and execute its strategic initiatives.Expected developmentWith current knowledge, we estimate 2026 revenue in the range of DKK 2,500m – 3,200m and an operating margin before special items within an interval of -2.5% and 0.5%. Particular risks:General risk:Espersen's main exposure is the dependence on raw material procurement. Espersen depends on the good development of whitefish stocks, especially Atlantic Cod, and is working both locally and globally to ensure sustainable fishing. A further risk could be an environmental disaster and its consequences for global fishing.Currency and financial risks:A considerable part of Espersen's purchases and sales are performed in foreign currencies, and fluctuations in the rates of exchange may have a short-term effect on the Group's results; in the long-term, these fluctuations are, however, included in the market. A defined policy is in place to mitigate significant short-term impacts of changes in exchange rates. Hedging of currency risks is mainly achieved using foreign exchange forwards. Espersen is predominantly financed through the parent company, INSEPA A/S.Credit risk:The credit risks of the Company primarily relate to trade receivables. As a rule, an international credit insurance institution insures most of the trade receivables to minimise credit risks.Intellectual capital:Espersen's main activities are processed on standard production equipment, and the high seniority of the employees is a contributing factor to higher yields and profits.Environmental issues:It is important for Espersen to act in an ethically correct way, to support and work for sustainable fishing and to have a good image towards our business partners and in the local communities. In 2025, 99% of our fish and seafood is sourced with a third-party certification scheme such as MSC, ASC or Global G.A.P.Espersen’s fish and seafood products rely on natural resources. Safeguarding the environment is key to protecting our business and ensuring food for the future. Continuous dialogue and collaboration with NGOs, scientists, and research institutions. The sustainability department is responsible, with support from other departments when needed. Espersen's sustainability report constitutes our compliance with the Danish statutory disclosure on corporate social responsibility 99a, see the Danish Financial Statements Act.The report includes matters of:Environmental mattersClimate ImpactsSocial responsibility and Human ResourcesRespect for Human RightsAnti-Corruption and Bribery.Access our sustainability report here:http://www.espersen.com/commitment/sustainability-reports The Group has not expressed a specific Data Ethics policy, as the subject has been found sufficiently covered by the Group's general corporate culture, Code of conduct and privacy policy. The Group have initiated various actions regarding awareness, training, and updates around file storage and access. Our primary focus has been on raising employee awareness around protection against potential data leaks, GDPR, and other IT security topics.This has been achieved through training sessions, both virtual and as part of global onboarding sessions. Other initiatives have addressed data “clean-up”.Espersen has continued to focus on cybersecurity with training for all employees. Also, Espersen has been prepared for the EU NIS2 directive, which was in place on 1 July 2025. Required NIS2 training has been conducted at board and management level.Regarding GDPR, Espersen has continued providing external GDPR courses for relevant personnel in 2025. The focus within the data area will continue into 2026. No significant events have occurred after the year-end closing. 3263359000 3303945000 3432095000 3066170000 16491000 23964000 6258000 7912000 2497613000 2335797000 3070899000 2631625000 417096000 464419000 406634000 412706000 365141000 527693000 -39180000 29751000 470570000 498890000 81997000 89903000 72166000 57597000 6363000 5770000 0 13288000 0 4621000 17667000 14816000 105000 5881000 -195262000 -56898000 -127645000 -76424000 0 0 -76207000 -28532000 1404000 -620000 1404000 -620000 32505000 28335000 7362000 25185000 89000000 73764000 65748000 50022000 -250353000 -102947000 -260834000 -130413000 6251000 5691000 -3839000 -21342000 -256604000 -108638000 -256995000 -109071000 -390000 0 -108638000 33353000 38016000 32460000 34691000 16348000 18009000 0 0 49701000 56025000 32460000 34691000 150197000 179792000 2761000 4090000 144263000 165245000 901000 1346000 18884000 17002000 3710000 1464000 50026000 32378000 2187000 3288000 363370000 394417000 9559000 10188000 0 0 711223000 782761000 11405000 10605000 11405000 10605000 1953000 1953000 1953000 1953000 78000 78000 78000 78000 13436000 12636000 724659000 795397000 426507000 463078000 766678000 840276000 357692000 431837000 123658000 110795000 328763000 428538000 171404000 141723000 686455000 860375000 295062000 252518000 259436000 302771000 216387000 221917000 0 0 74542000 171772000 22739000 27467000 11691000 14295000 16117000 9937000 7353000 9437000 31109000 34343000 6746000 17088000 11378000 27636000 10079000 6078000 340779000 402154000 326798000 440587000 45998000 59237000 11257000 4629000 1073232000 1321766000 633117000 697734000 1499739000 1784844000 1399795000 1538010000 41500000 41500000 41500000 41500000 7222000 6422000 169369000 240107000 14178000 9491000 -14327000 -14346000 -4850000 9735000 -4850000 9735000 180600000 438318000 46958000 228470000 2526000 2132000 0 0 241176000 507598000 238650000 505466000 111000 756000 0 0 111000 756000 0 0 3109000 7032000 0 0 3109000 7032000 0 0 3175000 5021000 0 0 12681000 3455000 0 0 220429000 255361000 113930000 68108000 835276000 877399000 1007674000 947614000 66030000 7752000 18249000 71000 0 9606000 0 0 104479000 96689000 21292000 16751000 13273000 14175000 0 0 1255343000 1269458000 1161145000 1032544000 1258452000 1276490000 1161145000 1032544000 1499739000 1784844000 1399795000 1538010000 41500000 7611000 -1570000 3976000 545036000 1697000 -620000 0 0 -108018000 435000 0 262000 -12220000 0 0 0 993000 -1159000 5759000 0 0 -1300000 1300000 41500000 6422000 9491000 9735000 438318000 2132000 1404000 0 0 -258398000 390000 0 -76000 -4688000 0 -4000 0 0 -1000 -14585000 0 0 -680000 680000 41500000 7222000 14178000 -4850000 180600000 238650000 2526000 41500000 257535000 -13547000 3976000 307089000 -29152000 0 0 -79919000 0 -9200000 -360000 0 0 3824000 -1159000 5759000 0 -1300000 1300000 41500000 240107000 -14346000 9735000 228470000 -74803000 0 0 -182192000 0 -4745000 19000 0 0 0 0 -14585000 0 -680000 680000 41500000 169369000 -14327000 -4850000 46958000 -256604000 -108638000 144865000 134942000 257087000 -60454000 145348000 -34150000 58823000 43542000 26315000 21281000 60210000 -98973000 1605000 4777000 343000 986000 52468000 50144000 15294000 52000 680000 1300000 -6922000 9316000 -44678000 -43267000 9226000 174301000 37997000 17887000 -28771000 156414000 -13239000 14174000 59237000 45063000 45998000 59237000 The annual report of A. Espersen A/S 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. 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.Significant influenceEntities over whose financial and operating policy decisions the group exercises significant influence are classified as associates. Significant influence is assumed to exist if the Parent Company directly or indirectly holds or controls 20% or more of the voting power of the investee, but does not control the investee.The existence of potential voting rights which may presently be exercised or be converted into additional voting rights in considered when assessing if significant influence exists.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders.Investments in associates and joint ventures are recognised in the consolidated financial statements using the equity method.The group's activities in joint operations are recognised on a line-by-line basis. 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. Intra-group business combinationsThe book value method is applied to business combinations such as acquisition and disposal of investments, mergers, demergers, contributions 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 time of acquisition without any restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquiree are recognised directly in equity. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entitiesForeign group entities and associates 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 group entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity.On recognition of foreign group entities which are integral entities, monetary items are translated at closing rates. Non monetary items are translated at the exchange rate at the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date. However, items derived from non monetary items are translated at historical exchange rates for the non monetary item. 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. The Company has chosen IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Changes in inventories of finished goods and work in progress comprise reduction or increase of inventories due to due to cost of raw materials and consumables as well as staff costs, but does not include changes in inventories of raw materials or prepayments for goods. Raw materials and consumables include expenses relating to raw materials and consumables 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 administration, bad debts, fixed costs and 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. Impairment losses in respect of non-fixed assets exceeding usual impairment losses comprise impairment losses on inventories and trade receivables, which are considered unusual compared to those considered normal write-downs for obsolescence or normal write-downs for bad debts. 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 income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. In associates, only proportional elimination of profit and loss is carried out, taking into account ownership shares.The proportionate share of the individual group entities' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. 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. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Goodwill: 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 between 5 and 20 years. The amortisation period is fixed based on the expected repayment horizon, longest for strategically acquired business enterprises with strong market positions and long-term earnings.Software: Sofware is measured at cost and amortized over the expected useful live and adjusted for impairment losses. Usefuld vary between 3-15 years.Development projects in progress: Development projects in progress include expenses, salaries, and amortization, which can be directly attributed to development projects.Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. 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. Equity investments in group entities and associates are measured according to the equity method. Equity investments in joint ventures are also measured according to the equity method in the consolidated financial statements.On initial recognition, equity investments in group entities and associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities and associates measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Securities which the Company intends to hold to maturity are measured at amortised cost, using the effective interest rate method at the date of acquisition. Value adjustments are recognised in the income statement under "Net financials".Securities and investments consisting of 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. The carrying amount of intangible assets, property, plant and equipment, investments in group entities and associates 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.The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs. 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.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.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. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.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 group entities and associates 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.The 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. 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. 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. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Lease liabilitiesLease liabilities are measured at the net present value of the remaining lease payments including any guaranteed residual value based on the interest rate implicit in the lease. 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 activities and geographical markets is disclosed where these activities and markets differ significantly in the organisation of sales of goods and services. No significant events have occured after the balance sheet date. Breakdown of revenue by geographical segment: Fish products - domestic market252,13993,278252,13993,278Fish products - export markets3,011,2203,210,6673,179,9562,972,892 3,263,359 3,303,945 3,432,095 3,066,170 2581000 2810000 1662000 1964000 1581000 1441000 836000 763000 716000 220000 635000 68000 284000 1149000 191000 1133000 353015000 376525000 73375000 79829000 54155000 58425000 7320000 8542000 63400000 63940000 1302000 1532000 470570000 498890000 81997000 89903000 2735 3218 112 121 5358000 17576000 5358000 17576000 132000 129000 132000 129000 5490000 17705000 5490000 17705000 Part of the remuneration to the group's Executive Board is paid by the parent Company. 0 0 3734000 2604000 216000 734000 190000 403000 909000 0 0 2235000 26615000 18600000 3438000 14240000 4765000 9001000 0 5703000 46685000 31683000 46684000 31726000 3074000 14429000 2190000 13153000 2267000 750000 3045000 0 21806000 0 4465000 0 15168000 26902000 9364000 5143000 1315000 13332000 -7353000 -9437000 4308000 -11452000 2604000 -11905000 628000 3811000 910000 0 -74803000 -29152000 -182192000 -79919000 51763000 37634000 1605000 0 343000 0 53025000 37634000 13747000 19625000 1387000 0 4808000 1661000 -19000 0 251000 0 19672000 21286000 33353000 16348000 43839000 1605000 93000 45351000 9148000 3762000 -19000 12891000 32460000 392595000 601440000 43540000 32378000 0 0 562000 51906000 42264000 62594000 131000 1612000 2397000 28239000 2010000 -32646000 352728000 567085000 45981000 50026000 212803000 436195000 26538000 0 -32915000 0 0 0 22643000 41240000 4338000 0 0 -54565000 -3779000 0 0 48000 0 0 202531000 422822000 27097000 0 150197000 144263000 18884000 50026000 0 Note23provides more details on security for loans, etc. as regards property, plant and equipment. 14607000 5394000 3642000 3288000 0 0 0 3594000 0 48000 0 1602000 0 0 3093000 -3093000 14607000 5346000 6735000 2187000 0 0 0 0 0 0 10517000 4048000 2178000 0 1329000 445000 847000 0 0 48000 0 0 11846000 4445000 3025000 0 2761000 901000 3710000 2187000 4183000 69000 21000 4183000 69000 21000 6422000 1884000 57000 76000 0 0 680000 1404000 7222000 1884000 57000 11405000 1953000 78000 Out of the group's total other receivables, other receivables totalling t.DKK 78 fall due for payment after more than 2-5 years after the balance sheet date. Scanfish Norway AS Norway 49.00 Sweryb International AB Sweden 50.00 EsPan Sp. z.o.o. Poland 50.00 549076000 4183000 69000 21000 549076000 4183000 69000 21000 233685000 6422000 1884000 57000 4669000 76000 0 0 0 680000 -76207000 1404000 7222000 1884000 57000 711223000 11405000 1953000 78000 Out of the parent's total other receivables, other receivables totalling t.DKK 78 fall due for payment after more than 2-5 years after the balance sheet date. Espersen Poland Sp z o o. Poland 100.00 UAB Espersen Lietvua Lietvua 100.00 Espersen UK Limited UK 100.00 Espersen Asia Ltd. Hong Kong 100.00 Espersen France SAS France 80.00 Espersen Limited UK 100.00 Espersen Sweden AB Sweden 100.00 Espersen Germany GmbH Germany 100.00 Scanfish Norway AS Norway 49.00 Sweryb International AB Sweden 50.00 EsPan Sp. z.o.o. Poland 50.00 At 31 December 2025, the Group recognised a deferred tax asset of t.DKK 22,739 (2024: t.DKK 27,467). The tax asset include tax losses carry forward of t.DKK 196,220 (2024: t.DKK 87,293). Management expect that the Group in the nearest future will generate possible taxable income against which the tax losses carry forward can be utilised. Out of the group's total receivables, trade receivables totalling t.DKK 0 and other receivables totalling t.DKK 0 fall due for payment after more than one year after the balance sheet date. Out of the group's total receivables, trade receivables totalling t.DKK 0 and other receivables totalling t.DKK 0 fall due for payment after more than one year after the balance sheet date. Prepayments consists of various minor prepayments, mainly rent, license and insurance. The INSEPA group has entered into an agreement on a cash pool arrangement with Jyske Bank A/S, where INSEPA A/S is the group account owner and A. Espersen A/S is sub-account holder together with the group's other enterprises. The agreed conditions in the cash pool arrangement gives Jyske Bank A/S the right to be able to settle withdrawals and deposits between the companies in the INSEPA group, whereby only the net balance of the total cash pool accounts constitutes INSEPA A/S' balance with the bank. A. Espersen A/S' accounts in the cash pool arrangement, which are recognized under payables to group enterprises, amounts to t.DKK 410,574. at 31 December 2025 (31 December 2024: t.DKK 460,882.) 1000 A 41500000 41500000 41500000 39000000 39000000 39000000 0 2500000 0 0 41500000 41500000 39000000 39000000 -26711000 -26129000 -14295000 -4940000 At 31 December 2025, the Group recognised a deferred tax asset of t.DKK 22,739 (2024: t.DKK -27,467). The tax asset include tax losses carry forward of t.DKK 196,220 (2024: t.DKK 87,293). Based on the Group's budget, Management expect that the Group in the nearest future will generate possible taxable income against which the tax losses carry forward can be utilised. 6284000 3175000 3109000 0 Rent and lease liabilities vis-à-vis the parent company and its other group entities: GroupParent company DKK'0002025202420252024 Rent and lease liabilities38,24044,11124,97726,926 Group The Group has, as part of its normal business course og business, entered into customary executory contracts. The Company is jointly taxed with its parent, INSEPA A/S, which acts as management company, and other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes and withholding taxes in the group of jointly taxed entities. As security for the Group's debt to banks, the Group has provided bank guarantee for excise duty of t.DKK 5,500 as of 31 December 2025 (2024: t.DKK 5,500). As security for the Group's debt to banks, the Group has provided bank guarantee for lease deposit as of t.DKK 1,560 as of 31 December 2025 (2024: t.DKK 1,554). As security for the company's debt to banks, the company has provided bank guarantee for excise duty of t.DKK 5,500 as of 31 December 2025 (2024: t.DKK 5,500). As security for the company's debt to banks, the entity has provided bank guarantee for lease deposit as of t.DKK 1,560 as of 31 December 2025 (2024: t.DKK 1,554). The company is dependent upon financing from the parent company (INSEPA A/S) who is the Principal in the agreements with the Group's main bank. The company is unlimited and jointly liable for any obligations INSEPA A/S has with its main bank. As security for the Company's debt to bank, the Company has provided security or other collateral in its assets for a total amount of DKK 150 million. The total carrying amount of these assets is DKK 521 million and consists of trade receivables, inventory and operating equipment. Parties exercising control Related partyDomicileBasis for control INSEPA A/SDenmarkParticipating interest Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements INSEPA A/SDenmarkwww.cvr.dk Related party transactions DKK'00020252024Group Payables to parent company836,130877,399Sale of services to parent90278 Parent Company Sale of goods to group enterprises874,253817,296Purchase of goods from group enterprises2,156,7711,965,211Sale of services to group enterprises28,50428,973Purchase of services from group enterprises53,3733,249Receivables from group enterprises74,542171,772Payables to group enterprises1,007,674947,614TP Adjustment126,68331,726Capital debt0-119,397Dividend paid from group enterprises6801,298 Interest income3,7342,604Interest expense46,68431,683Remuneration to members of management5,49017,705 Remuneration to members of the Executive Board and the Board of Directors of the Parent Company is disclosed on note 6. 72166000 57597000 -5780000 0 1404000 -620000 -32473000 -38165000 -90540000 -83594000 1315000 6273000 4935000 -582000 4006000 25605000 -173920000 104317000 52934000 97149000 -30233000 53286000 45998000 59237000