44517841 2025-01-01 2025-12-31 c:ConsolidatedMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember 1 44517841 2025-01-01 2025-12-31 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember 1 44517841 2023-01-01 2023-12-31 c:ConsolidatedMember 44517841 2022-01-01 2022-12-31 c:ConsolidatedMember 44517841 2023-12-31 c:ConsolidatedMember 44517841 2022-12-31 c:ConsolidatedMember 44517841 2024-01-01 2024-12-31 c:ConsolidatedMember 44517841 2024-01-01 2024-12-31 44517841 2025-12-31 c:ConsolidatedMember 44517841 2024-12-31 c:ConsolidatedMember 44517841 2025-12-31 44517841 2024-12-31 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:MinorityInterestsMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 44517841 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 44517841 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 44517841 2025-12-31 c:ConsolidatedMember d:MinorityInterestsMember 44517841 2025-01-01 2025-12-31 d:RetainedEarningsMember 44517841 2025-12-31 d:ContributedCapitalMember 44517841 2025-12-31 d:RetainedEarningsMember 44517841 2025-12-31 d:MinorityInterestsMember 44517841 2025-01-01 c:ConsolidatedMember 44517841 2024-01-01 c:ConsolidatedMember 44517841 2024-01-01 2024-12-31 c:ConsolidatedMember 1 44517841 2025-01-01 2025-12-31 1 44517841 2024-01-01 2024-12-31 1 44517841 2025-01-01 c:ConsolidatedMember d:GoodwillMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:GoodwillMember 44517841 2025-12-31 c:ConsolidatedMember d:GoodwillMember 44517841 2025-01-01 c:ConsolidatedMember d:LandAndBuildingsMember 44517841 2025-01-01 c:ConsolidatedMember d:PlantAndMachineryMember 44517841 2025-01-01 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 44517841 2025-01-01 c:ConsolidatedMember d:PrepaymentsForPropertyPlantAndEquipmentMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:PlantAndMachineryMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:PrepaymentsForPropertyPlantAndEquipmentMember 44517841 2025-12-31 c:ConsolidatedMember d:LandAndBuildingsMember 44517841 2025-12-31 c:ConsolidatedMember d:PlantAndMachineryMember 44517841 2025-12-31 c:ConsolidatedMember d:FixturesFittingsToolsAndEquipmentMember 44517841 2025-12-31 c:ConsolidatedMember d:PrepaymentsForPropertyPlantAndEquipmentMember 44517841 2025-01-01 d:InvestmentsInGroupEnterprisesMember 44517841 2025-12-31 d:InvestmentsInGroupEnterprisesMember 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 44517841 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 2 44517841 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 2 44517841 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 3 44517841 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 3 44517841 2025-12-31 c:ConsolidatedMember 1 44517841 2025-01-01 44517841 2024-01-01 44517841 2025-12-31 c:ConsolidatedMember d:LongtermDebtToOtherCreditInstitutionsMember 44517841 2024-12-31 c:ConsolidatedMember d:LongtermDebtToOtherCreditInstitutionsMember 44517841 2025-12-31 c:ConsolidatedMember d:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 44517841 2024-12-31 c:ConsolidatedMember d:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember iso4217:DKK xbrli:pure xbrli:shares 2150 Årsrapport Regnskabsklasse C, stor virksomhed Marnix Samuel Baron van der Feltz Revisionspåtegning 2026-06-30 Beierholm Langagervej 1 2024-12-31 9220 Aalborg Ø 2860 Opinion Danmark Basis for Opinion 2026-06-30 true 2024-01-01 2025-01-01 2025-12-31 44517841 32895468 Plast1 TopCo ApS 9 Alexandriagade 8 Nordhavn Nordhavn Beierholm Knud Højgaards Vej Søborg true I have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Plast1 TopCo ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In my opinion, the consolidated financial sta­te­ments and financial statements give a true and fair view of the group's and the parent's assets, lia­bilities and financial position as at 31.12.25 and of the results of the group’s and parent’s ac­ti­vities and of the group's cash flows for the financial year 01.01.25 - 31.12.25. I believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Marnix Samuel Baron van der Feltz To the shareholder of Plast1 TopCo ApS In our opinion the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments give a true and fair view of the group's and the com­pa­ny's finan­cial posi­tion at 31.12.25 and of the results of the group's and the com­pa­ny's ope­ra­tions and con­solidated cash flows for the finan­cial year 01.01.25 - 31.12.25 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 fi­nan­cial sta­te­ments” section of our report. We are independent of the group and the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the mana­ge­ment’s review.Our opinion on the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the con­so­li­da­ted fi­nan­cial sta­te­ments or pa­rent com­pa­ny fi­nan­cial sta­te­ments or our know­ledge obtained during the audit, or other­wise appears to be mate­rially misstated.Moreover, it is our responsibility to consider whether management’s review provides the infor­mation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management’s review is in accordance with the con­so­li­da­ted fi­nan­cial sta­te­ments and 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. Management is responsible for the pre­pa­ra­tion of con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the group's and the com­pa­ny's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the group and the company or to cease operations, or has no rea­listic alternative but to do so. Our objectives are to obtain reasonable as­surance about whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, including the disclosures, and whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 expressing an opinion on the consolidated 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. Soeborg, Copenhagen Lasse Rosenborg Petersen State Authorised Public Accountant mne42896 842269000 558404000 74029000 15554000 -9446000 -6819000 47886000 4632000 387905000 318935000 2903000 8238000 5565000 41219000 79825000 31940000 Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equityGross margin:Gross result x 100Revenue Primary activitiesThe group's activities consist of producing and selling plastic household goods, primarily to the FMCG segment and Discounted Retailers. The products are primarily sold in the central European market. Development in activities and financial affairsThe income statement for the period 01.01.25 - 31.12.25 shows a profit/loss of DKK -26,701,952 against DKK 57,748,679 for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 89,274,320. The profit expectations for 2025 was a positive result before tax in the range of DKK 80-90 mio. The expectations were not met due to one-off and strategic stock reorganization but are still considered to be very satisfactory.Activities, logistics and salesThe constellation under the Dutch private equity fund, Standard Investment and its involvement have in 2025 continued to ensure that the company is strongly anchored to continue to expand its operations and growth into the future. Logistics and production continued to be focus areas in 2025, and it is positive to conclude that the very high level of delivery and service from 2024 has been maintained in 2025. During 2025, the R&D department expanded and has continued its significant contribution to the business. In 2025, the company designed and introduced several new products, with a focus on sustainability, at a high technical level, using AI and 3D technology.This means that Plast1 has reached its goal and will also be able to meet customers' growth expectations in the future. Despite difficult market conditions and Geopolitical uncertainties in 2025, it is satisfying being able to maintain a strong position in the European FMCG market. OutlookThe company expects a positive profit before tax in the region of DKK 80-90 mio. for the coming year, higher than the financial year 2025. However, the uncertainties on the global market can influence the business environment. The management assesses that the structure and organization of the company is founded on a platform, further strengthening in 2025, making Plast stronger than many actors having a business model being unique in the segment. Financial risksPrice risksFluctuations in the plastic raw material market can have significant impact on production costs. The company continuously focuses on the day-to-day development in the prices of plastic raw materials, to incorporate price adjustments to the product prices when necessary.Foreign currency risksActivities abroad means that profit, cash flow and equity are affected by exchange rate and interest rate developments for a number of currencies. This currency is largely hedged by buying and selling in the same currency. Plast 1 has limited its sourcing of products in the Far East, reducing the need for USD trade. Subsequent eventsNo important events have occurred after the end of the financial year. Corporate social responsibilityEnvironmental mattersPlast1 continuously adapts the group to the greatest possible sustainability of all parameters. All new products are developed with a focus on production, based on recycled plastic. We work continuously to minimize packaging materials through, among other things, optimal packaging of the products, which ensures minimal need for transportation. In 2025, the company has intensified communication with the end-user through the upgrade of product brand information.Plast1 requires documentation of compliance with statutory safety and environmental regulations, applicable in the individual countries. Plast1 reserves the right to audit at any time. It is Plast1 's opinion that all the group's partners meet the above and thus contribute positively to the environment and climate. As a manufacturer, we acknowledge our responsibility to minimize our environmental footprint. Plast1 is committed to sustainability initiatives, including waste reduction, energy conservation, and promoting environmentally friendly practices throughout our supply chain.With a focus on maximizing the use of recyclable plastics in our products, utilizing solar energy and energy recycling, optimizing product packaging, and thereby minimizing transportation, we continuously contribute to reducing our environmental impact. We are constantly working to improve packaging and transportation, with specific emphasis on reducing CO2 emissions. Through close dialogue with our customers, we develop products using new materials that can drive changes in consumer behavior. Plastic1 contributes to CO2 emissions in connection with the production of plastic products, however, production takes place in Europe and therefore within EU standards for emissions of CO2. For further information see: https://www.plast1.eu/Plast1 is subject to food safety control under the Danish Veterinary and Food Administration, which ensures that Plastic 1 complies with applicable rules and legislation in the area. Food reports for Plast1 are publicly available on https://www.findsmiley.dk/97702.We currently do not have specific quantitative data or ESG key metrics relating to our sustainability efforts, apart from data on workplace incidents. Going forward, we aim to establish robust data systems for the collection and analysis of sustainability data in accordance with the VSME standard. Our objective is to facilitate the consistent and efficient sharing of material sustainability data with our stakeholders and to support both customers and suppliers in meeting their reporting requirements by providing relevant information.Social and employee mattersPlast1 assesses that risks in relation to food safety may arise if our raw materials used in connection with the production of our products can cause illness and injury to consumers. It can also have a significant detrimental impact on the company's reputation. By complying with the EU's food safety requirements and applicable rules on testing of products used in connection with food, we believe that we ensure the best possible food safety and thus contribute positively to the maintenance of the same.Plast1 is subject to food safety control under the Danish Veterinary and Food Administration, which ensures that Plastic 1 complies with applicable rules and legislation in the area. Food reports for Plast1 are publicly available on https://www.findsmiley.dk/97702. Plast1 focuses on the well-being of our employees, which contributes to the group's success. Employee engagement and satisfaction: We recognize that our employees are our most valued asset, and fostering a culture of engagement and satisfaction is paramount to our success. Training and development: We are open to providing our employees with opportunities for education and advancement. We empower our workforce to develop new skills and excel in their roles. We expect that our accommodation to be accommodated to employee wishes has a significant part in the group's positive development. Open communication channels: A basic open communication is a fundamental value at Plast1. We encourage employees to voice their opinions, ideas, and concerns through an open-door policy with management. We expect implemented communicative openness to contribute positively and proactively to the group's development. Diversity and Inclusion: Plast1 is dedicated to promoting a diverse and inclusive workplace where all employees feel valued and respected. We embrace diversity in all its forms. Plast1 conducts statutory workplace assessments nationally and internationally, and through this we ensure that we continuously maintain an inclusive working environment. Plast1 takes a positive stance towards promoting positive social and employee relations. By prioritizing employee engagement, well-being, and professional development, and actively contributing to the betterment of society. We are committed to ensuring the health and safety of our employees is paramount. We will maintain secure and healthy workplaces by identifying and mitigating environmental risks, managing workplace hazards (both actual and potential), and complying with relevant occupational health and safety regulations. Plast1 has a 0% accident record.Respect for human rights Plast1 wants to be a transparent and trustworthy partner that acts reliably with a high level of integrity. Plast1 has a continuous focus on optimizing our efforts in relation to the group's ethical, social, and environmental responsibility. Plast1 has zero tolerance for child labor, which applies to all partners. Plast1 complies with all applicable legal requirements, nationally and internationally, in relation to human rights. It is the management's assessment that our CSR policy contributes positively to the employees' well-being and working conditions. Plast1 strives to use only European partners, which enhance the ability to control the directives and guidelines that ensure zero tolerance. No cases of human rights violations were detected during the year. Anti-corruption and bribery mattersPlast1 distances itself from and supports the fight against corruption and money laundering. Plast1 has assessed that a risk of corruption may only be related to the use of gifts to influence the customer or employee's decision. Therefore, Plast1 assesses that it is sufficient to follow the Danish rules and laws in the area. Our internal rules and controls also ensure that illegal transactions will not occur. No cases of anti-corruption and bribery have been detected during the year. Business modelPlast1 operates as a leading manufacturer of quality plastic household items for Danish and European retail companies. Plast1 uses subsidized production facilities in Poland. Our business model is lean and cost-effective, maximizing value for stakeholders. All employees in Plast1 Danmark are subject to Danish employment conditions. Key Components of the Business Model: 1. Subsidized production in Poland:Plast1 uses subsidized production facilities located in Poland, where operating costs are comparatively lower than in other European countries. 2. Cost-effectiveness and competitive pricing:By leveraging subsidized production in Poland, Plast1 achieves cost savings in the manufacturing processes. This cost-effectiveness enables us to offer competitive prices for our products without compromising on quality.3. Strategic Location and access to markets:Poland's central location in Europe provides logistical advantages, including proximity to key markets in Western and Eastern Europe. Plast1 is strategically leveraging this geographical advantage to streamline distribution channels and efficiency when serving customers across the continent. 4. Focus on quality and innovation:Our production facilities in Poland adhere to strict quality control measures and employ state-of-the-art technology to ensure the production of durable, functional, and aesthetically plastic household items. 5. Customization and flexibility:Plast1 caters to the different needs and preferences of its customers. Our production facilities in Poland are equipped with flexible manufacturing processes, allowing for rapid production adaptation, and quick response to market movements. 6. Green transition:Plast1 prioritizes green transition throughout the production process, including the use of recyclable materials, waste reduction initiatives, and energy-efficient manufacturing techniques. By aligning with EU directives, we contribute to a greener future while maintaining operational excellence. 7. Strategic partnerships and collaborations:Plast1 uses strategic partnerships with suppliers, distributors, and retailers. Collaboration with industry stakeholders enables us to develop the business, access new market opportunities and stay updated on changing consumer trends. Plast1 's business model as a manufacturer of plastic household goods, based on subsidized production in Poland, exemplifies a synergy of cost-effectiveness, quality assurance and market response. By leveraging favorable operating conditions, embracing innovation, and prioritizing sustainability, we continue to position ourselves as a market leader in the industry and deliver value to customers, shareholders, and society at large. Data ethicsThe group's activities and business model do not include data processing to an extent where the management deems it necessary to establish a policy for the area. The company does not process data nor does it use algorithms for data analysis, and this is thus not an integral part of the company's strategy and business model. 751996038 874412069 0 0 124881 282828 0 0 544427803 629787730 0 0 87760837 110215934 287131 516225 119932279 134691233 -287131 -516225 25239775 27379137 0 0 20601764 17008763 0 0 5952 7892 0 0 74084788 90295441 -287131 -516225 0 0 0 83033490 7265500 3679908 6879811 2615971 78778106 0 78778106 0 10538006 14909871 1588 17074 -7965824 79065478 -72187014 85116162 18736128 21316799 1463200 447188 -26701952 57748679 -73650214 84668974 119681701 84345817 0 0 119681701 84345817 0 0 8381075 8613929 0 0 43283221 38751757 0 0 422177 546390 0 0 7869104 7854085 0 0 59955577 55766161 0 0 0 0 28688823 28688823 0 0 28688823 28688823 179637278 140111978 28688823 28688823 11306815 11796252 0 0 11306815 11796252 0 0 157488165 151350316 0 0 12729343 84628160 12729343 84628160 197373 1864226 0 0 1358341 1568090 0 0 171773222 239410792 12729343 84628160 11389465 56615644 323073 825163 194469502 307822688 13052416 85453323 374106780 447934666 41741239 114142146 40000 40000 40000 40000 70500524 91382418 39617583 113267797 70540524 91422418 39657583 113307797 18733796 24185091 0 0 89274320 115607509 39657583 113307797 6033112 3697078 0 0 6033112 3697078 0 0 102634359 124557042 0 0 102634359 124557042 0 0 23726000 49695253 0 0 2994995 2605770 0 0 121276423 119450497 171680 387161 0 202404 461635 0 15749192 18128274 1450341 447188 12418379 13990839 0 0 176164989 204073037 2083656 834349 278799348 328630079 2083656 834349 374106780 447934666 41741239 114142146 Figures in DKKContributed capitalRetained earningsEquity attributable to owners of the parentNon-controlling interestsTotal equityGroup:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.2540,00091,382,41891,422,41824,185,091115,607,509Sale of non-controlling interests000368,763368,763Net profit/loss for the year0-20,881,894-20,881,894-5,820,058-26,701,952Balance as at 31.12.2540,00070,500,52470,540,52418,733,79689,274,320Parent:Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.2540,000113,267,797113,307,7970113,307,797Net profit/loss for the year0-73,650,214-73,650,2140-73,650,214Balance as at 31.12.2540,00039,617,58339,657,583039,657,583 368763 -20881894 -5820058 40000 70500524 18733796 -73650214 40000 39617583 0 121521411 49498491 489437 7520267 -11140536 -8805151 1825928 2186664 -1774865 3139338 84219423 111288288 7265500 3679908 -10524086 -14909871 -18779176 -18689216 62181661 81369109 -49584280 0 -10772111 -16092015 82499 0 368763 0 0 -84628160 -59905129 -100720175 0 -21966510 389225 2446695 -21922683 49402258 0 -9460424 -25969253 -26094647 -47502711 -5672628 -45226179 -25023694 56615644 81639338 11389465 56615644 11389465 56615644 1.Special itemsSpecial items are income and expenses that are special due to their size and nature. The following special items were recorded in the financial year:GroupParentSpecial items:Recognised in the income statement in:2025 DKK2024 DKK2025 DKK2024 DKKImpairment losses of receivables from group entreprises (normal)Impairment losses on financial assets-78,778,1060-78,778,1060Total-78,778,1060-78,778,1060During the financial year, the Group recognised an impairment loss of DKK -78.8 million relating to receivables from group enterprises. The impairment was recognised following a reassessment of the expected recoverability of the receivable, reflecting group enterprises market conditions. The recoverable amount was determined based on management's revised cash flow projections and the estimated ability of the borrower to service and repay the loan. As a result, the carrying amount of the loan receivable was impaired to nil. The company has identified only one reportable operating segment based on internal management reporting, and therefore no segment information is presented. 23592526 25796204 0 0 769136 740933 0 0 624348 595169 0 0 253765 246831 0 0 18 18 0 0 6777604 2568048 6777604 2568048 108324 1063918 0 0 379572 47942 102207 47923 0 0 1588 0 10137916 13574917 0 931 386077 269137 0 16143 93 47 0 0 13920 1065770 0 0 243000 233750 50000 50000 57500 57500 7500 7500 646263 481550 16625 30000 -5820058 29462722 0 0 -20881894 28285957 -73650214 84668974 117691838 49584280 167276118 -33346021 -14248396 -47594417 119681701 9.Property, plant and equipmentFigures in DKKLand and buildingsPlant and machineryOther fixtures and fittings, tools and equipmentPrepayments for property, plant and equipmentGroup:Cost as at 01.01.259,315,27448,270,3901,170,9887,854,085Additions during the year25,3752,559,497318,1357,869,104Disposals during the year00-404,7020Transfers during the year to/from other items07,854,0850-7,854,085Cost as at 31.12.259,340,64958,683,9721,084,4217,869,104Depreciation and impairment losses as at 01.01.25-701,345-9,518,633-624,5980Impairment losses during the year0-156,68200Depreciation during the year-258,229-5,725,436-381,6430Reversal of depreciation of and impairment losses on disposed assets00343,9970Depreciation and impairment losses as at 31.12.25-959,574-15,400,751-662,2440Carrying amount as at 31.12.258,381,07543,283,221422,1777,869,104 9315274 48270390 1170988 7854085 25375 2559497 318135 7869104 -404702 7854085 -7854085 9340649 58683972 1084421 7869104 -701345 -9518633 -624598 0 -156682 -258229 -5725436 -381643 343997 -959574 -15400751 -662244 0 8381075 43283221 422177 7869104 10.Equity invest­ments in group enter­pri­sesFigures in DKKEquity invest­ments in group enter­pri­sesParent:Cost as at 01.01.2528,688,823Cost as at 31.12.2528,688,823Carrying amount as at 31.12.2528,688,823Name and registered office:Ownership interestSubsidiaries:Plast1 Holding ApS, Hørsholm79%Plast 1 A/S, Hørsholm79%Plast 1 GmbH, Tyskland79% 28688823 28688823 28688823 Plast1 Holding ApS Hørsholm 79 Plast 1 A/S Hørsholm 79 Plast 1 GmbH Tyskland 79 GroupParent31.12.2531.12.2431.12.2531.12.24DKKDKKDKKDKK11.ReceivablesReceivables which fall due for payment more than 1 year after the end of the financial year12,729,34384,628,16012,729,34384,628,160Receivables falling due for payment more than one year after the end of the financial year are included in the line item receivables from group enterprises. Share capital 40000 40000 14.Deferred taxDeferred tax as at 01.01.253,697,0782,995,92800Deferred tax recognised in the income statement2,336,034701,15000Deferred tax as at 31.12.256,033,1123,697,07800 3697078 2995928 0 0 2336034 701150 0 0 -23726000 3704000 126360359 148283042 0 0 25969253 16.Contingent liabilitiesThe group has no contingent liabilities as at 31.12.25.Parent:Other contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 17.Other commitmentsGroup:Lease commitmentsThe group has concluded lease agreements with terms to maturity of 3-11 months and total lease payments of DKK 328k. Other commitmentsThe group has entered into a binding agreement for the purchase of raw materials that will not be delivered until the next financial year. The agreement concerns the purchase of raw materials for DKK 69.235k.The group has entered into a tradereceivablescreditinsurance agreement as well as other general insurance policies. The agreement runs from 01.01.26 and can be terminated at 12 months’ notice. The commitment amounts to DKK 726k for one year, which equals the notice period.Parent:The company has no other commitments as at 31.12.25. 18.Charges and securityGroup:The group has issued mortgage deeds registered to the mortgagor in the total amount of DKK 7.441k secured upon land and buildings with a carrying amount of DKK 5,644k.For the security of debt to credit institutions of DKK 80.834k the company has provided a company charge of DKK 136.975k. As at 31.12.25, the com­pa­ny charge comprises the following as­sets with the following carrying amounts:Other plant, fixtures and fittings, tools and equipment, DKK 43,705kInventories, DKK 11,307kTrade receivables, DKK 157,488kParent:The company has not provided any security over assets. 19.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length. 20601764 17008763 -7265500 -3679908 10538006 14909871 18736128 21316799 154701 -57034 The annual report is presen­ted in accordance with the provisions of the Danish Financial Statements Act for large groups and enterprises in re­port­ing class C. Material errorThe company has identified a material classification error in the financial statements for 2024. The classification in the cash flow statement of intercompany transactions have been corrected with DKK 84.628.160 from cash flows from operating activities to cash flows from investing activities due to the nature of the transactions. The correction has no effect on net result, equity or balance sheet total.Comparative figures for 2024 have been restated in the cash flow statement. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the ac­count­ing policies of the group.The consolidated financial statements con­solidate the financial statements of the parent and its subsidiaries by adding to­gether items of a uniform nature, elimi­nating intercompany income and ex­penditure, equity investments, inter­company balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. Non-controlling interestsThe financial items of the subsidiaries are recog­nised in full in the consolidated finan­cial state­ments. The non-controlling interests’ proportion­ate share of the subsidiaries’ equity is classified as a part of consolidated equity. The subsidiar­ies’ results are distributed proportionately to non-controlling interests and the parent’s equity interest.Purchase and sale of non-controlling interests in a subsidiary which do not result in changes in control of the subsidiary are treated in the consolidated financial statements as equity transactions, and the difference between the consideration and the carrying amount is allocated to the parent’s equity interest. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 10 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.Land is not depreciated.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Income from equity investments in group en­tre­prisesDividends from equity investments measured at cost are recognised as income in the financial year in which the dividend is declared.Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Impairment losses on financial assetsImpairment losses on financial assets comprise impairment of investments at a lower recoverable amount and write-downs of financial current assets at a lower net realisable value. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. The parent is the ad­min­is­tra­tion company for the joint taxation and thus settles all income tax payments with the tax authorities.In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsGoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Prepayments for property, plant and equipmentPrepayments for property, plant and equipment comprise prepayments to suppliers.Gains and losses on the disposal of property, plant and equipmentGains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are measured at cost less any impairment losses in the balance sheet of the parent. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments in the balance sheet of the parent, while transaction costs are recognised in the income statement in the consolidated financial statements. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in sub­si­di­ar­ies exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank account. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities com­prise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities com­prise payments in connection with the ac­quisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of in­tangible assets and property, plant and equipment.Cash flows from financing activities com­prise changes in the parent’s share capital and as­so­ci­a­ted costs and finan­cing from and di­vidends paid to sharehold­ers as well as the ar­ran­ge­ment and repay­ment of long-term pay­ables. Cash and cash equivalents at the beginning and end of the year comprise cash. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared for the parent as the parent is included in the consolidated cash flow statement.