44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44037440 2024-01-01 2024-12-31 cmn:ConsolidatedMember 44037440 2025-12-31 cmn:ConsolidatedMember 44037440 2024-12-31 cmn:ConsolidatedMember 44037440 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44037440 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 44037440 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 44037440 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 44037440 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44037440 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 44037440 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForCurrentValueOfHedgingMember 44037440 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44037440 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44037440 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 44037440 2023-12-31 cmn:ConsolidatedMember 44037440 2025-01-01 2025-12-31 44037440 2024-01-01 2024-12-31 44037440 2025-12-31 44037440 2024-12-31 44037440 2024-12-31 fsa:ContributedCapitalMember 44037440 2024-12-31 fsa:RetainedEarningsMember 44037440 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44037440 2025-12-31 fsa:ContributedCapitalMember 44037440 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-02-27 Anders Mørk Mølgaard The Board of Directors and the Executive Board have today considered and approved the annual report of Colonel Holding ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Kolding 2026-02-27 David Skjødt Jón Björnsson Peter Sextus Rasmussen Kim Hyldahl William Kjems Hyldahl Nielsen To the shareholders of Colonel Holding ApS We have audited the consolidated financial statements and the parent financial statements of Colonel Holding ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 financial statements" section of this auditor’s report. We are independent of the Group in accordance with the International Ethics Standards Board of ​Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 Entity’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 consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business​activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance 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 commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Kolding 2026-02-27 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Morten Gade Steinmetz State Authorised Public Accountant mne34145 Morten Almtoft Lund State Authorised Public Accountant mne41365 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'000Key figuresRevenue634,041596,392295,530Gross profit/loss161,939145,82157,854EBITDA116,036108,21538,136Operating profit/loss70,99659,758(64,658)Net financials(18,411)(20,892)(7,074)Profit/loss for the year36,21924,462(64,847)Balance sheet total631,231647,932623,557Investments in property, plant and equipment18,55517,6734,224Equity220,658185,287157,797RatiosGross margin (%)25.5424.4519.58Net margin (%)5.714.10(21.94)Equity ratio (%)34.9628.6025.31Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100​​RevenueNet margin (%) : Profit/loss for the year * 100 ​​RevenueEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe group's primary activity consists in developing, manufacturing, sale and distribution of fashion clothing. Development in activities and financesThe net revenue is kDKK 634,041 Our expectations were 625m – 635m, so revenue ends at a level consistent with our expectations. Profit before tax is kDKK 52.585. Profit after tax amounted to kDKK 36.352. ​​The management is satisfied with both the revenue and the profit. Profit/loss for the year in relation to expected developmentsThe market situation in 2025 can best be described as being characterized by significant diversity and uncertainty. In some segments, there have been positive signals while challenges persist in several other countries and segments. In this market environment, the management is satisfied to be able to deliver growth of 5,7%. ​​Strategic initiatives and operational efficiencies have contributed to maintaining a stable performance throughout the entire P/L. EBITDA for 2025 ends at a record high level and EBT is within the expected outcome. The company hedges its USD exposure through forward contracts, which in 2025 resulted in net financial losses of kDKK 2.600. Consequently, EBT falls in the middle of our expectations rather than at the upper end. OutlookLooking ahead to 2026, management is highly attentive to the uncertainties affecting the macroeconomic and political landscape in Europe, and thus consumer confidence and behavior. However, there are also positive factors to consider, notably from Germany and Nordic countries. Management therefore continues to see growth​opportunities and expects its strong brands to drive market share and further strengthen customer relationships.​ ​Revenue is expected to fall within the range of 660m – 670m. The EBTIDA is expected to fall within the range of 118m – 126m. The EBT is expected to fall within the range of 71m – 79m. Statutory report on corporate social responsibilityMOS MOSH takes our responsibility as a company seriously. Our main business activities consist of designing, selling, and distributing fashion clothing. Our products are being produced in Europe and Asia at 29 suppliers, and our products are being sold at more than 2.400 retailers, mainly in Europe. Sustainability is an integrated part of how we do business. ​​We strive to make a positive impact on society and the environment. We are aware that it will take time before this can be accomplished but until then, we can at least strive to continuously reduce the negative effects derived​from our activities. We are devoted to embedding sustainability and social responsibility practices across our entire supply chain. ​​This commitment is formalized in our approved Sustainability and Environmental Policy, which defines clear objectives, governance responsibilities, and continuous improvement measures related to environmental matters​throughout our value chain. MOS MOSH publish a separate ESG report providing a more detailed account of these matters. ​We recognize the significance of understanding and addressing the challenges our industry faces, striving to be a catalyst for change. Our CSR reporting in this Statutory report will center around the three core areas environmental considerations, social impact including internal employees and human rights, and good governance practices including anti-corruption, and we will address them in this order. ​​Environmental considerations​​MOS MOSH acknowledges the environmental and climate-related risk within our industry, with one of the most significant challenges being our carbon emissions and the waste generated. Textile production has the biggest impact on climate when it comes to the sourcing of materials, manufacturing, and transportation. ​​At MOS MOSH, we are committed to reducing our climate footprint. We are mapping our scope 1 and scope 2 emissions by using “Klimakompasset” a tool made by Erhvervsstyrelsen. ​​“Klimakompasset” applies predefined and regularly updated emission factors from recognised national and international databases (e.g. energy statistics and DEFRA-based factors). Companies input activity data such as fuel consumption, electricity usage, district heating, transport distances, or purchased goods, and the tool automatically converts this data into CO₂e emissions using documented calculation methodologies. This structure in the ”Klimakompasset” supports auditability, as underlying activity data can be traced back to invoices,​utility statements, fuel receipts, supplier data, or financial records, while the emission calculations themselves follow a standardised and externally defined methodology. ​​Here is our result for 2024: ​​• scope 1 emissions 61,04t CO2e ​• scope 2 emissions 22,75t CO2e ​​In comparison to the 2023 emissions, we have successfully reduced our total scope 1 and 2 emissions by 14,26t CO2e. The reduction corresponds to 15 %. We have seen a significant reduction in our Scope 1 emissions but an increase in scope 2. The main cause of the changes is the company car policy. The gradual transition from fossil-fuel cars has resulted in a significant decrease in Scope 1 emissions and a corresponding increase in Scope 2 emissions, where electricity consumption is accounted for. Studies from Green NCAP indicate a reduction of 25-40 % going from a fossil fuel driven car to an electric driven car in same category but numbers are without the emission that originates from production. ​​Our scope 2 emissions come from heating and electricity at our office facilities, here we strive to buy from renewable sources. We will continue with this policy and will be looking for ways to further reduce or offset our emissions. ​​We remain committed to annually track our CO2 emissions. While our assessment of scope 3 emissions has yet to be mapped and measured, we recognize that this area is where our biggest impact regarding carbon emissions is. Measuring our scope 3 emissions present a challenging and intricate task as we navigate through our supply chain, and we must simply state that it is an impossible task for us at the present time. We were hoping to be able to map and measure our Scop 3 emissions by end of 2025 but that has not been achieved. Our efforts in this area are described in our ESG report for 2024. ​​Despite the challenges in measuring the scope 3 emission and thereby also the results, MOS MOSH is committed to reducing our scope 3 emissions. ​​MOS MOSH is aware of the significant environmental impact of our activities and acknowledges the environmental challenges and risks we face, particularly concerning the choice of materials. Extraction processes are often intensive and resource-consuming, posing a substantial risk of overexploitation and environmental degradation. It is therefore natural for us to focus on reducing the environmental impact deriving from our products. ​​The choice of materials is a significant factor not only in relation to product quality, but also in supporting circular processes and reducing our environmental footprint. Over the past years, MOS MOSH has intensified efforts to increase the content of more sustainable fibres in our products. With each collection, we strive to increase the number of styles containing better and more sustainable fibres. ​​As a natural consequence, we are using an increasing number of certified fibres. These certifications serve multiple purposes. Firstly, they help guarantee a reduced environmental impact throughout our processes. Secondly, some certifications uphold social responsibility standards by securing ethical labour practices, fair wages, appropriate working hours, and safe working conditions at factories. Furthermore, certain certifications focus on animal welfare, ensuring animals involved in our supply chain are treated humanely and with respect. Certifications also make it easier for consumers to make informed purchasing decisions. ​​In 2025, we used fibres with the following certifications: GOTS (Global Organic Textile Standard), GCS (Good Cashmere Standard), GRS (Global Recycled Standard), Lenzing EcoVero, Tencel Lyocell, OCS (Organic Content Standard), RDS (Responsible Down Standard), RWS (Responsible Wool Standard), LWG (Leather Working Group), RMS (Responsible Mohair Standard), and RAS (Responsible Alpaca Standard). ​​In 2025, 33% of the styles designed by MOS MOSH carried one of the above-mentioned certifications. This represents a decrease from 2024, when 49% of styles were certified. The decline is due to our decision to no longer rely on BCI as part of our certification programme, as stated in our 2024 Annual Report. The most widely used certification is Lenzing, followed by OCS, GRS and RWS. ​​Durability and longevity are core principles in our approach, as we believe they are crucial to sustainability. Our designs are created to stand the test of time, reducing the need for constant replacements. To further our commitment, we have launched Re-Loved — a dedicated platform allowing customers to sell their pre-loved MOS​MOSH pieces, giving them a second life and contributing to waste reduction. In 2026, MOS MOSH will further strengthen eco-design initiatives, including recycling, repair, and enhanced product longevity, while continuing to develop the Re-Loved platform. ​​Social impact​​The love for what we do and the respect for the people involved with MOS MOSH are fundamental to our identity.​All individuals involved in our activities must be treated with respect and decency, and no one should experience suppression of their basic human rights. ​​Our collaboration with suppliers is characterised by long-term relationships with carefully selected partners who are familiar with our values and expectations. MOS MOSH does not own manufacturing facilities and therefore depends on external producers to maintain working conditions that meet our standards. ​​In 2023, we joined Amfori BSCI. The BSCI initiative aims to improve social standards through a shared Code of Conduct and monitoring system for global supply chains. Amfori BSCI conducts audits, assessments, and capacity-building programmes to support improvements in working conditions. In 2025, all MOS MOSH suppliers are members of Amfori BSCI or a similar organisation. ​​Before joining Amfori BSCI, MOS MOSH had its own Code of Conduct. Upon joining, we adopted the Amfori BSCI Code of Conduct, while maintaining our own Chemical Policy and Animal Welfare Policy, which all suppliers are required to sign. ​​At the end of 2025, 100% of our suppliers had signed our Code of Conduct, compared to 76% in 2024. It remains a goal for 2026 that all suppliers sign both the Amfori BSCI Code of Conduct and our policies on chemicals and animal welfare. ​​MOS MOSH acknowledges the challenges and potential risks related to ensuring human rights and proper social conditions throughout our supply chain, particularly as a significant part of it is located in countries defined as high-risk. Therefore, there is a risk that basic rights and working conditions may be violated in our supply chain. The broad support among our suppliers for adhering to the BSCI initiatives is a crucial step in ensuring respect for human rights and to mitigate these risks. ​​In the next reporting period, MOS MOSH will continue to strengthen its human rights due diligence processes in alignment with the UN Guiding Principles on Business and Human Rights. This includes further integration of risk assessments into supplier evaluations, continued monitoring through Amfori BSCI or equivalent audit frameworks, and enhanced dialogue with suppliers located in higher-risk countries. We will also continue to focus​on capacity-building and awareness among key business partners and ensure that our grievance mechanisms remain accessible and effective. Human rights considerations will be further integrated into our ESG governance structure to ensure systematic follow-up and documentation. ​ ​MOS MOSH relies on principles of fairness, respect, and transparency in all interactions. MOS MOSH recognises that employee-related risks may include harassment, discrimination, bullying, stress-related work conditions, insufficient awareness of internal policies, and potential misconduct, including bribery or conflicts of interest. These risks are managed through clear policies outlined in our Employee Handbook, regular management communication, defined governance procedures, and our whistleblower arrangement. ​The anonymous whistleblower system, introduced in 2022 and integrated into our APV App solution in 2024, enables employees to report serious concerns confidentially. The APV (Workplace Assessment) process supports the identification and mitigation of workplace well-being risks. There were no reported cases through the whistleblower system in 2025. ​ ​Good governance​​MOS MOSH relies on principles about fairness, respect and transparency when interacting with people. MOS MOSH is aware that there will be a risk of corruption involved in all business where individuals or organisations can gain advantages from it. ​ ​MOS MOSH maintains a strict policy concerning gifts and entertainment. We emphasise that neither giving nor receiving personal gifts in business relationships is acceptable, and corporate entertainment must remain modest and entirely professional. Our objective is to conduct our business 100% free of bribery and nepotism. To​our knowledge, there were no breaches of policy or instances of attempted bribery in 2025. ​​In the next reporting period, MOS MOSH will continue to strengthen awareness of internal policies related to employee conduct and anti-corruption through ongoing communication and management oversight. Corruption risk considerations will remain integrated into governance discussions and supplier risk assessments, ensuring continued prevention, documentation, and systematic follow-up. The systematic follow-up is carried out, among other things, through internal margin monitoring of supplier and customer collaborations. ​​In general, we see systematic, transparent and robust reporting practices as important to informed decision-making and to reduce risk om misstatements and compliance breaches. ​​To further support transparent decision-making, MOS MOSH actively involves employees guided by the principle that “the best argument wins.” ​​The cross-organisational Data Team, established in 2022, and the ESG Team, established in 2023, continue to play​a key role in strengthening governance structures, documentation processes, and the integration of ESG-related risks into business decision-making. Statutory report on data ethics policyThis report describes how we have conducted our data activities in accordance with our policy for data ethics. ​Our data activities include collection, storage, use, sharing and deletion of data. This is aimed at all our stakeholders, including our management, employees, customers, suppliers, authorities, and the community. ​We have collected and stored data for the following purposes: ​​• Product management ​• Supplier management, including booking and payment of invoices. ​• Sales and order management, including booking of receivables. ​• Delivery of goods and services. ​• Web shop activities. ​• Organizing employees including payout of salaries. ​• Recruitment, including the handling of incoming applications. ​​We have complied with our principles of data ethics, policies, and standards, as well as the applicable laws, standards and regulations for data protection, data security and data quality in all our data activities. ​​We have not harmed, discriminated against, manipulated, or exploited anyone with our data activities, and we have handled our data in an ethically responsible way. We have identified and mitigated the potential risk associated with our data activities such as legal, economical, operational, reputational, and social risk. We have implemented appropriate controls for our data activities such as data governance, data auditing and regular meetings in our Master Data Team. ​​We have also adhered to the applicable laws, regulations and standards for data protection and data security in our data storage. We have applied with accounting laws which regulate our ERP data storage. We have ensured that our data storage is necessary, relevant, and proportional to our purposes. ​​We have in 2024 initiated process to obtain the D-Mærke certification, which we expected to achieve in 2025. The confirmation that MOS MOSH achieved the certification came in January 2026. It is a very important step towards organizing our use of data in a safe, transparent and responsible way. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this ​​annual report. 634041164 596391565 2497388 730058 416878223 407681896 57078092 43610714 643590 8220 161938647 145820793 46125735 37432267 44817350 48630277 70995562 59758249 751239 3385972 19161786 24277975 52585015 38866246 16365887 14404128 36219128 24462118 78161709 88691235 76101845 86305444 153226775 173771143 307490329 348767822 28562149 0 3220578 3130177 1575633 1288261 0 13873929 33358360 18292367 1050 1050 1245680 1023678 1246730 1024728 342095419 368084917 133799291 124549790 16674043 17799766 150473334 142349556 38990507 41336601 5590245 4299050 2112230 4284682 2734311 1774456 49427293 51694789 89234870 85802419 289135497 279846764 631230916 647931681 2240000 2240000 132 3246 2179624 3024840 216237834 180018706 220657590 185286792 33498893 38029149 33498893 38029149 0 74562500 198460786 189010272 198460786 263572772 74562500 50000000 13256763 12633504 3122951 2236043 80679061 89869453 1574000 1574000 17979 826554 5400393 3903414 178613647 161042968 377074433 424615740 631230916 647931681 2240000 3246 3024840 180018706 185286792 0 3114 0 3114 -1083610 0 -1083610 0 -238394 0 -238394 0 0 36219128 36219128 2240000 132 2179624 216237834 220657590 44817350 48630277 -14715203 -11930164 -53923 -1754 101043786 96456608 751239 3385972 19161786 24277975 19532266 25052855 63100973 50511750 18555041 17672896 0 35000 342038 6844 -18897079 -17644740 -44203894 -32867010 9450514 27510272 50000000 50000000 Change in credit facility 623259 -866496 -845216 3024840 -40771443 -20331384 3432451 12535626 85802419 73266793 89234870 85802419 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this ​annual report. 2 Revenue2025​DKK2024​DKKDACH area254,093,942246,152,466Scandinavia area215,917,993194,226,957Benelux area52,023,10750,941,656Other countries112,006,122105,070,486Total revenue by geographical market634,041,164596,391,565The Group only have one activity from sale of clothes. 3 Fees to the auditor appointed by the Annual General Meeting2025​DKK2024​DKKStatutory audit services234,113202,950Tax services311,178114,600Other services164,314484,425709,605801,975 4 Staff costs2025​DKK2024​DKKWages and salaries40,992,65732,870,265Pension costs4,480,1124,007,551Other social security costs652,966554,45146,125,73537,432,267Average number of full-time employees7760Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKTotal amount for management categories1,988,4561,939,0001,988,4561,939,000 77 60 Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKTotal amount for management categories1,988,4561,939,0001,988,4561,939,000 1988456 1939000 5 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets41,277,49346,243,217Depreciation on property, plant and equipment3,539,8572,387,06044,817,35048,630,277 6 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax20,896,16418,927,802Change in deferred tax(4,530,266)(4,581,005)Adjustment concerning previous years(11)57,33116,365,88714,404,128 7 Proposed distribution of profit/loss2025​DKK2024​DKKRetained earnings36,219,12824,462,11836,219,12824,462,118 36219128 24462118 36219128 24462118 8 Intangible assetsAcquired intangible assets​DKKAcquired trademarks ​DKKGoodwill​DKKCost beginning of year166,889,117102,035,993227,692,832Cost end of year166,889,117102,035,993227,692,832Amortisation and impairment losses beginning of year(78,197,882)(15,730,549)(53,921,689)Amortisation for the year(10,529,526)(10,203,599)(20,544,368)Amortisation and impairment losses end of year(88,727,408)(25,934,148)(74,466,057)Carrying amount end of year78,161,70976,101,845153,226,775 9 Property, plant and equipmentLand and buildings​DKKOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKPrepayments for property, plant and equipment​DKKCost beginning of year011,665,3805,528,00513,873,929Transfers13,873,92900(13,873,929)Additions14,688,2202,296,6281,570,1930Disposals0(3,910,365)(4,286,468)0Cost end of year28,562,14910,051,6432,811,7300Depreciation and impairment losses beginning of year0(8,535,203)(4,239,744)0Depreciation for the year0(2,213,620)(1,326,237)0Reversal regarding disposals03,917,7584,329,8840Depreciation and impairment losses end of​year0(6,831,065)(1,236,097)0Carrying amount end of year28,562,1493,220,5781,575,6330 10 Financial assetsOther investments​DKKDeposits​DKKCost beginning of year1,0501,023,678Additions0342,038Disposals0(120,036)Cost end of year1,0501,245,680Carrying amount end of year1,0501,245,680 11 Inventories 12 Other receivables2025​DKK2024​DKKDerivative financial instruments2,794,3903,878,000Other receivables2,795,855404,2765,590,2454,282,276Deriative financial instruments include the fair value of foreign exchange forward transactions of kDKK 2,794. ​ ​The foreign exchange forward transactions have been entered to secure the company’s purchases of goods against ​​unexpected exchange rate adjustment. The foreign exchange forward transactions secure the exchange rate of 1,500 kUSD until 27-01-2026, 2,500 kUSD until 02-03-2026, 2,000 kUSD until 15-05-2026, 1,500 kUSD until 29-06-2026 and 2,500 kUSD until 01-07-2026. The total amounts to 10,000 kUSD ​ ​The financial instruments are entered with the company's bank. 13 PrepaymentsPrepayments relate to various prepaid items, including trade fair cost and travel expense. 14 Deferred tax2025​DKK2024​DKKIntangible assets33,059,79437,559,028Property, plant and equipment319,384350,406Fixed asset investments23,46523,465Liabilities other than provisions96,25096,250Deferred tax33,498,89338,029,149​ ​​Changes during the year2025​DKK2024​DKKBeginning of year38,029,14942,610,154Recognised in the income statement(4,530,256)(4,581,005)End of year33,498,89338,029,149 15 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKBank loans74,562,50050,000,00000Other payables00198,460,786175,000,00074,562,50050,000,000198,460,786175,000,000 16 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories(8,123,778)(26,184,670)Increase/decrease in receivables215,080(12,349,937)Increase/decrease in trade payables etc.(6,806,505)26,604,443(14,715,203)(11,930,164) 17 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 21,734,8393,629,206Besides the above rental or lease commitments, the Group has, as of the balance sheet date, entered into the following significant unrecognised commitments to be settled after the balance sheet date:Other unrecognised commitments2025​DKKPurchase order commitments56,492,295 18 Assets charged and collateralThe Group's bank has a company mortgage on DKK 8.000 k nominal. The mortgage are secured by inventories and trade receivables. Carrying amount of mortgaged assets are DKK 188,195 k.​​Investment in group enterprises are pledged as collateral for bank debt in parent company with a book value as at 31 December 2025 of DKK 75,000k. The carrying amount of securities pledged as collateral amounts to DKK 195,676 k at 31 December 2025. 19 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 20 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%MM & TEN A/SKoldingA/S100.00Mos Mosh A/SKoldingA/S100.00Mos Mosh UK Ltd.LondonLtd100.00Kate Acquisition ApSKoldingApS100.00Mos Mosh Retail GmbHHamburgGmbH100.00Colonel Ejendomme ApSKoldingApS100.00Mos Mosh Retail NL B.V.AmsterdamB.V.100.00 1188000 1242000 204211 94038 983789 1147962 1906901 1835331 -923112 -687369 48543114 42882622 14695 302983 14567623 23217306 33067074 19280930 -3319150 -5264460 36386224 24545390 484714771 485669973 484714771 485669973 484714771 485669973 1529145 3635686 96250 96250 1398084 0 2112230 4284682 6245788 1358834 11381497 9375452 3842326 13842317 15223823 23217769 499938594 508887742 2240000 2240000 220035144 184497238 222275144 186737238 0 74562500 198460786 189010272 198460786 263572772 74562500 50000000 1475 1427 4034061 7975003 0 391823 288868 0 315760 209479 79202664 58577732 277663450 322150504 499938594 508887742 2240000 184497238 186737238 -848318 -848318 36386224 36386224 2240000 220035144 222275144 1 Staff costs2025​DKK2024​DKKWages and salaries1,728,9181,663,522Pension costs172,131166,345Other social security costs5,8525,4641,906,9011,835,331Average number of full-time employees11 1 1 2 Other financial expenses2025​DKK2024​DKKOther interest expenses14,567,62323,217,30614,567,62323,217,306 3 Tax on profit/loss for the year2025​DKK2024​DKKAdjustment concerning previous years0(12,767)Refund in joint taxation arrangement(3,319,150)(5,251,693)(3,319,150)(5,264,460) 4 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings36,386,22424,545,39036,386,22424,545,390 36386224 24545390 36386224 24545390 5 Financial assetsInvestments in group enterprises​DKKCost beginning of year559,170,000Additions16,350,000Cost end of year575,520,000Revaluations beginning of year(73,500,027)Adjustments on equity(848,318)Amortisation of goodwill(36,677,406)Share of profit/loss for the year85,289,502Dividend(65,000,000)Other adjustments(68,980)Revaluations end of year(90,805,229)Carrying amount end of year484,714,771A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 6 Deferred tax2025​DKK2024​DKKLiabilities other than provisions96,25096,250Deferred tax96,25096,250​ ​​Changes during the year2025​DKK2024​DKKBeginning of year96,25096,250End of year96,25096,250​Deferred tax assetsDeferred tax consists of differences between accounting and tax values. 7 Non-current liabilities other than provisionsDue within 12 ​months​2025​DKKDue within 12 ​​months​2024​DKKDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKBank loans74,562,50050,000,00000Other payables00198,460,786198,460,78674,562,50050,000,000198,460,786198,460,786 8 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 9 Assets charged and collateralA first pledge is given on any outstanding amounts in Sydbank. Surety is provided to Mos Mosh A/S.​​A first pledge is given on any outstanding amounts in Sydbank. Surety is provided to Colonel Ejendomme ApS.​​A first pledge is given on any outstanding amounts in Sydbank. Surety is provided to Kate Acquisition ApS.​​Investment in group enterprises are pledged as collateral for bank debt with a book value as at 31 December 2025 of 75,000k. The carrying amount of securities pledged as collateral amounts to 195,676k at 31 December 2025. 10 Transactions with related partiesThe annual report discloses only transactions with related parties that have not been conducted on arms length terms. No such transactions have been carried out during the financial year. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​​governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​ ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​​value of the liability can be measured reliably. ​​ ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​​recognition is effected as described below for each financial statement item. ​​ ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​​measurement. ​​ ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. ​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised under intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales ​discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds . Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory ​writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​​receivables recognised in current assets. Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair ​​and maintenance costs, property tax and electricity, water and heating, which are not charged directly from ​​the lessee. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the ​basis of the residual values and useful lives of the individual assets and impairment testing as well as gains ​and losses from the sale of intangible assets as well as property, plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ ​profit/loss after full elimination of internal profits or losses. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital gains on securities, payables and transactions ​in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment ​Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of ​financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​​income statement by the portion attributable to the profit for the year and recognised directly in equity by the ​portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). GoodwillGoodwill is the positive difference between cost and value in use of assets and liabilities taken over as part ​of the acquisition. Goodwill is amortised straight-line over its estimated useful life which is fixed based on ​the experience gained by Management for each business area. Useful life is determined based on an assessment ​of whether the enterprises are strategically acquired enterprises with a strong market position and a ​long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary ​nature that cannot be separated and recognised as separate assets. Useful lives are reassessed on an annual basis. The amortisation periods used are 0 to 10 years. ​​Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​over their remaining duration, and licences are amortised over the term of the agreement, but over no ​more than 20 years.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment and leasehold improvements are ​measured at cost less accumulated depreciation and impairment losses. ​​ ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line ​depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings10-50 yearsOther fixtures and fittings, tools and equipment2-5 yearsLeasehold improvements2-5 years​​Estimated useful lives and residual values are reassessed annually. ​​ Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means ​that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unamortised ​goodwill and plus or minus unrealised intra-group profits or losses. ​​Goodwill is calculated as the difference between cost of the investments and fair value of the pro rata share ​of assets and liabilities acquired. Goodwill is amortised straigth-line over its estimated useful life, which is ​fixed based on the experience gained by Management for each business area. Useful life is determined based ​on an assessment of whether the enterprises are strategically acquired enterprises with a strong market ​position and a long-term earnings profile and whether the amount of goodwill includes intangible resources ​of a temporary nature that cannot be separated and recognised as separate assets. ​Useful lives are reassessed annually. The amortisation periods used are 7 years. ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Other investmentsOther investments comprise unlisted equity instruments measured at cost. Unlisted equity instruments are ​written down to any lower net realisable value. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and tax-based value of ​assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each ​asset.​​ ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​​goods agreed or completion of the service agreed. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes and taxes paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment, including acquisition of assets held under finance ​​leases. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing ​​debt, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less short- ​term bank loans. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes and taxes paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment, including acquisition of assets held under finance ​​leases. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, inception of finance leases, repayments of interest-bearing ​​debt, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less short- ​term bank loans. true Grundlag for konklusion Konklusion Revisionspåtegning Regnskabsklasse C, stor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Colonel Holding ApS 44037440 Kolding 6000 4 Egtved Allé Kolding Kolding 6000 3 Nørregyde