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The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of Group's and the Company's assets, liabilities and financial position at 30 June 2026 and of the results of Group's and the Company's operations as well as the consolidated cash flows of the Group for the fi­nan­ci­al year 1 July 2025  - 30 June 2026. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Herlev 2026-10-08 Christian Loumann Lemaré To the Shareholders of LOUMANN HOLDING ApS Konklusion We ha­ve au­di­ted the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments of LOUMANN HOLDING ApS for the fi­nan­ci­al year 1 July 2025 - 30 June 2026, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies for both the Group and the Parent Company, as well as consolidated statement of cash flows for the Group. The Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of the financial position of the Gro­up or the Com­pa­ny at 30 June 2026 and of the results of the Group and the Pa­rent Com­pa­ny's operations as well as the consolidated cash flows of the Group for the fi­nan­ci­al year 1 July 2025 - 30 June 2026 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Gro­up in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Gro­up's and the Pa­rent Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Gro­up or 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 the Pa­rent Com­pa­ny 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 the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Gro­up's and the Pa­rent Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Gro­up's and the Pa­rent Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Gro­up and the Pa­rent Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the  Group Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments does not cover 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 Com­pa­ny Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-10-08 BDO Statsautoriseret Revisionspartnerselskab 45719375 Nikolaj Leimand Den uafhængige revisors erklæring State Authorised Public Accountant mne47883 70557000 16903000 -680000 12961000 138444000 77939000 -10992000 -30348000 -5150000 -1532000 -1532000 -1177000 30.7 7.9 39.7 9.4 32.8 37.6 16.9 16.4 33.3 The ratios stated in the list of key figures and ratios have been calculated as follows:   Invested capital: NWC + intangible assets and property , plant and equipment (ex goodwill) – provisions – other operating liabilities, non-current Return on invested capital: Operating Profit/loss adjusted for goodwill amortisation x 100          Average invested capital Equity ratio:  Equity (ex. minorities), at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities The parent company's principal activities are the ownership of equity interests and related business operations. The groups primary acitivity is holding shares in Pack Tech. Pack Tech's business strategy focuses on development and sales of sustainable packaging solutions to our key target groups - Personal Care & Beauty, Pharma, Industry, among others. The Ocean Waste Plastic concept remains a key driver in the strategy offering our customers an opportunity to participate in the removal of plastic from ocean and rivers in Indonesia and to use the collected plastic in their packaging. Pack Tech continues to focus more on customized packaging rather than standard packaging enabling our customers to obtain their “own” design and the share of customized packaging increases on a yearly basis. Even though, acquisition opportunities are being considered on an ongoing basis, we believe that strong organic growth is a corner stone of our value creation. The profitable growth will keep creating strong value for the shareholders while removing plastic from ocean and rivers. Our ambition is to become the leading company in this field. Relentlessly, we will keep challenging the industry and ourselves to develop solutions to problems that couldn’t be solved yesterday. This is a driving force for our continued success.   Recognition and measurement uncertainty The group has received customer prepayments. In relation to one of these prepayments, a dispute arose in an earlier financial year with a customer regarding the fulfillment of certain obligations. According to the agreement, the customer is obligated to fulfill these obligations. No significant development has occurred in FY 2025/2026; however, depending on the future development it cannot be ruled out that the dispute may entail legal proceedings. Furthermore, management has recognized DKK 10,000,000 as other income, reflecting their updated estimate of the value of the outstanding obligations from the customer. Development in activities and financial and economic position The income statement of the group for 2025/26 shows a profit of DKK 13.022.349 and at 30 June 2026 the balance sheet of the Company shows equity of DKK 79.767.596. The development was supported by the addition of new customers and an increased share of wallet with existing customers. During the year, the Company continued to strengthen the foundation for future growth through a strong focus on improving the customer experience and further developing systems and processes around the core capabilities of the business. These initiatives are an important part of the Company's strategy and are intended to support scalability, operational efficiency and a consistently high level of service as the business continues to develop.    Profit/loss for the year compared to the expected development The financial performance for 2025/26 was within the expectations communicated in the previous annual report. In 2025/26, the group achieved a profit of DKK 13.022.349 compared to DKK 12.499.396 in 2024/25. The groups financial result for 2025/26 is considered satisfactory.    Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   Financial risk The group engages in extensive sales and purchasing activities in foreign currencies. As a result, it is exposed to risks arising from fluctuations in exchange rates. To manage currency risks, the Company uses derivative financial instruments. Risk management is carried out centrally by the Company based on market positions..      Future expectations Management expects the positive development to continue in the financial year 2026/27. In particular, Management expects a positive development in the Group’s financial results, supported by the generally positive development in customer relationships and market position. The Company expects further growth from the continued onboarding of new customers and from expanding its business with existing customers. The strategic initiatives implemented over recent years are increasingly contributing to the Group’s performance, and management expects this development to continue in the coming financial year.   78272730 67411788 0 0 17592978 15183061 0 0 40477864 39850846 48125 135429 20201888 12377881 -48125 -135429 0 0 8537100 11812543 2233078 5383218 443514 423766 -2028000 0 0 0 2747046 873194 0 50486 17659920 16887905 8932489 12050394 4637571 4388508 91448 49155 13022349 12499397 8841041 12001239 21872798 25193184 0 0 21872798 25193184 0 0 540900 1167984 0 0 1614032 549073 0 0 2154932 1717057 0 0 0 0 40556697 40320536 95713 95713 6923 6923 525039 513476 0 0 620752 609189 40563620 40327459 24648482 27519430 40563620 40327459 11915925 14914362 0 0 27913892 25756690 0 0 815997 1301182 0 0 40645814 41972234 0 0 33157132 33008874 0 0 0 0 7181305 4238403 5604869 2328957 2992917 2328957 362109 1116808 0 0 940692 0 0 0 871461 1506762 0 500527 0 0 12553872 6451427 1462467 1613459 0 0 42398730 39574860 22728094 13519314 39376138 51419766 6917183 18965384 122420682 132966860 29645277 32484698 147069164 160486290 70208897 72812157 125000 125000 125000 125000 0 0 17857016 22035847 556399 -976192 0 0 -721748 -490625 -1028675 -518381 56019663 48892977 39025973 25908685 1750000 5300000 1750000 5300000 22002431 21515178 0 0 79731745 74366338 57729314 52851151 3918519 2967362 4337057 3059593 3918519 2967362 4337057 3059593 288951 309225 0 0 37815139 46433147 0 0 15529071 12096568 10001 126056 0 0 5062970 4217165 411918 735554 3059593 0 0 2021718 0 0 63418900 83152590 8142526 16901413 67337419 86119952 12479583 19961006 147069164 160486290 70208897 72812157 Group DKKSha­re ca­pi­talOther  reservesRetained earningsProposed dividendMinority shareholdersTotal Equity at 1 July 2025125.000-1.466.81748.892.9775.300.00021.515.17874.366.338 -1.750.000 Proposed profit allocation, see note 7 7.126.6861.750.0004.145.66013.022.346 Transactions with ownersDividend paid -5.300.000-5.366.900-10.666.900Additions/disposals relating to equity by mergers and acquisitions 1.010.0001.010.000 Change fair value reservesValue adjustments in the year 1.301.468 698.4931.999.961 Equity at 30 June 2026125.000-165.34956.019.6631.750.00022.002.43179.731.745 Group DKKFair value reserve for hedge accountingFair value reserve for currency translation of foreign entitiesTotal Equity at 1 July 2025-976.192-490.625-1.466.817 Change fair value reservesValue adjustments in the year1.532.591-231.1231.301.468 Equity at 30 June 2026556.399-721.748-165.349 Parent Company DKKSha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the e­qui­ty met­hodFair value reserve for currency translation of foreign entitiesRetained earningsProposed dividendTotal Equity at 1 July 2025125.00022.035.847-518.38125.908.6855.300.00052.851.151 -1.750.000 Proposed profit allocation, jf. note 7 8.537.100 -1.446.0591.750.0008.841.041 Transactions with ownersDividend paid -5.300.000-5.300.000 Other legal bindingsOther adjustments to equity value 1.337.122 1.337.122 TransfersReceiv./decl. dividend -9.127.767 9.638.061 510.294Allowed equalization -4.925.286 4.925.286 0 Change fair value reservesValue adjustments in the year -510.294 -510.294 Equity at 30 June 2026125.00017.857.016-1.028.67539.025.9731.750.00057.729.314 125000 48892977 5300000 21515178 -1750000 7126686 4145660 -5300000 -5366900 1010000 698493 125000 56019663 1750000 22002431 -976192 -490625 1532591 -231123 556399 -721748 125000 22035847 -518381 25908685 5300000 -1750000 8537100 -1446059 -5300000 1337122 -9127767 9638061 -4925286 4925286 -510294 125000 17857016 -1028675 39025973 1750000 12499397 4081225 3985177 36823 0 960480 900920 -2747046 -873194 4637571 4388508 -2028000 0 1326420 -9317010 -2637877 -12399622 -17368062 55373486 870697 2021718 -1118018 60774485 0 -1531685 0 891250 -1415123 0 128250 0 -11563 0 50000 112567 -238436 -4739698 0 -29744229 -20274 -5221022 -10666900 -17914590 -10687174 -52879841 -12043628 3154946 51419766 48264820 39376138 51419766 1 | Information on significant uncertainties at recognition and measurement Management has recognized DKK 10,000,000 as other income, reflecting their estimate of the value of the outstanding deliverables from the customer for the financial year 2025/26. Group Parent Company 2025/262024/25 2025/262024/25 DKKDKK DKKDKK 2 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees4540 00 Wages and salaries 29.976.71329.834.022 00 Pensions 1.571.8521.733.246 00 Social security costs 255.211331.590 00 Other staff costs 709.641701.407 00 32.513.41732.600.265 00 Remuneration of Executive Board 9.820.8117.419.757 00 Remuneration of Board of Directors 300.00075.000 00 10.120.8117.494.757 00 45 40 0 0 29976713 29834022 0 0 1571852 1733246 0 0 255211 331590 0 0 709641 701407 0 0 32513417 32600265 0 0 9820811 7419757 0 0 300000 75000 0 0 3 | Income from investments in subsidiaries and associates Income from investments in subsidiaries 00 8.537.10011.812.543 00 8.537.10011.812.543 4 | Other financial income Interest revenue from group enterprises 00 435.113349.022 Other interest income 2.233.0785.383.218 8.40174.744 2.233.0785.383.218 443.514423.766 0 0 435113 349022 2233078 5383218 8401 74744 2233078 5383218 443514 423766 5 | Other financial expenses Interest expenses to group enterprises 00 047.236 Other interest expenses 2.747.046873.194 03.250 2.747.046873.194 050.486 0 0 0 47236 2747046 873194 0 3250 2747046 873194 0 50486 3918519 4905476 86973 49155 4475 804 4475 0 714577 -517772 0 0 7 | Proposed distribution of profit Proposed dividend for the year 1.750.0005.300.000 1.750.0005.300.000 Extraordinary dividend 012.550.000 012.550.000 Allocation to re­ser­ve for net re­va­lua­ti­on un­der the e­qui­ty met­hod 00 8.537.10011.820.072 Retained earnings 7.126.689-9.574.653 -1.446.059-17.668.833 Minority share of subsidiaries' profit 4.145.6604.224.050 00 13.022.34912.499.397 8.841.04112.001.239 1750000 5300000 1750000 5300000 0 12550000 0 12550000 0 0 8537100 11820072 7126689 -9574653 -1446059 -17668833 4145660 4224050 0 0 13022349 12499397 8841041 12001239 8 | Intangible assets Group DKKGoodwill Cost at 1 July 2025 31.917.469Cost at 30 June 2026 31.917.469 Amortisation at 1 July 2025 6.724.285Amortisation for the year 3.320.386Amortisation at 30 June 2026 10.044.671 Carrying amount at 30 June 202621.872.798 Group DKKGoodwill Cost at 1 July 2025 31.917.469Cost at 30 June 2026 31.917.469 Amortisation at 1 July 2025 6.724.285Amortisation for the year 3.320.386Amortisation at 30 June 2026 10.044.671 Carrying amount at 30 June 202621.872.798 31917469 31917469 6724285 3320386 10044671 21872798 9 | Property, plant and equipment Group DKKProduction plant and machineryOther plant, fixtures and equipment Cost at 1 July 2025 2.938.6861.006.619 Additions 01.415.123 Disposals 0-293.470 Cost at 30 June 2026 2.938.6862.128.272   Depreciation and impairment losses at 1 July 2025 1.770.702457.545 Reversal of depreciation of assets disposed of 0-118.397 Depreciation for the year 627.084175.092 Depreciation and impairment losses at 30 June 2026 2.397.786514.240 Carrying amount at 30 June 2026540.9001.614.032 2938686 1006619 0 1415123 0 293470 2938686 2128272 1770702 457545 0 118397 627084 175092 2397786 514240 540900 1614032 10 | Financial non-current assets Group DKKInvestments in subsidiariesInvestments in associatesRent deposit and other receivables Cost at 1 July 2025 095.713513.476 Additions 0011.563 Cost at 30 June 2026 095.713525.039   Carrying amount at 30 June 2026095.713525.039 Parent Company DKKInvestments in subsidiariesInvestments in associates Cost at 1 July 2025 22.699.6816.923 Cost at 30 June 2026 22.699.6816.923 Revaluation at 1 July 2025 17.620.8550 Dividend -9.638.0610 Profit/loss for the year 8.537.1000 Equity movements 1.337.1220 Revaluation at 30 June 2026 17.857.0160 Carrying amount at 30 June 202640.556.6976.923 Investments in subsidiaries (DKK) Name and domicileEquityProfit/loss for the yearOwnership Smurfwader Dialogues in Tokyo ApS, Hellerup 59.543.14413.762.67368 % SFTB Investments ApS, Hellerup 145.584-803.626100 % Investments in associates (DKK) Name and domicileEquityProfit for  the yearOwnership BC&P Holding ApS, Birkerød 20.000-312.78933,33-49,9 % 0 95713 513476 0 0 11563 0 95713 525039 0 95713 525039 22699681 6923 22699681 6923 17620855 0 -9638061 0 8537100 0 1337122 0 17857016 0 40556697 6923 11 | Deferred tax assets The deferred tax asset primarily relates to temporary differences arising from inventories and accrued expenses. Group Parent Company 20262025 20262025 DKKDKK DKKDKK Deferred tax assets, beginning of year 1.116.808710.809 00 Deferred tax of the year, income statement -714.577517.772 00 Other adjustments -40.122-111.773 00 Deferred tax assets 30 June362.1091.116.808 00 The recognition of the deferred tax asset is based on management's expectation of sufficient future taxable income to utilise the underlying temporary differences.  The recognition of the deferred tax asset is based on management's expectation of sufficient future taxable income to utilise the underlying temporary differences.  12 | Prepayments Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interests etc.  20262025 DKKDKK 13 | Sha­re ca­pi­talAllocation of Share capital: Share capital, 125.0000 unit in the denomination of 1,00 DKK125.000125.000 125.000125.000 0 0 15 | Derivative financial instruments Derivative financial instruments comprise foreign exchange forward contracts. During FY25/26, the Company entered into six foreign exchange contracts with a combined fair value of DKK 940,692. The contracts have a total purchase amount of USD 8.7 million, of which USD 2.7 million has been utilised as of the balance sheet date. The total contracted sales value amounts to DKK 38,418,708, corresponding to an average exchange rate of DKK 6.4 per USD.All six contracts expire in FY26/27. The derivative financial instruments are designated as cash flow hedges of forecast future cash flows.  17 | Charges and securities The following assets have been placed as security with mortgage credit institutes: Corporate mortgage with a nominal DKK 15,000,000 Mortgage in simple receivables / goods receivables, inventory and operating equipment / equipment. 18 | Related parties Transactions with related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 7 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. The Annual Report of LOUMANN HOLDING ApS for 2025/26 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, mellemstor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, mellemstor virksomhed true Consolidated Financial Statements The Consolidated Financial Statements include the Parent Company LOUMANN HOLDING ApS and the subsidiaries in which LOUMANN HOLDING ApS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence. Enter­prises in which the Group holds be­tween 20% and 50% of the voting rights and exer­cises signi­ficant, but not con­trol­ling influ­ence, are con­sidered asso­ciates. The following entities is included in the consolidation:  - PT Resea Project Indonesia - Ocean Waste Plastic Inc - Ocean Waste Plastic LLC - Ocean Waste Plastic gmbh - Ocean Waste Plastic Collection ApS  - Pack Tech A/S - Loumann Breck Skau Holding ApS - Smurfwader Dialogues in Tokyo ApS - SFTB Investments ApS - Ninbo Jinyuan Plastic Products Co., Ltd. - HC Investment ApS   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Newly acquired or established enterprises are recognised in the Consolidated Financial State­ments from the date of acquisition. Sold or wound-up enterprises are recognised in the Consolidated Income Statement up to the date of disposal. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.   The date of takeover is the date at which the Group gains actual control over the acquired enterprise.   Acquired enterprises are recognised in the Consolidated Financial Statements under the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date. The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation methods.    Positive differences (goodwill) between the acquisition value and fair value of acquired and identified assets and liabilities are recognised in intangible fixed assets as goodwill and amortised systematically in the Income Statement under an individual assessment of the useful life.   At acquisition of new companies, in which there are minority interests, the minority interests are recognised and measured at fair value, inclusive of goodwill on the share of the minority interests.   Equity interests in subsidiaries are set off by the proportional share of the subsidiaries’ fair value of net assets and liabilities at the date of takeover.   Investments in associates are measured in the Balance Sheet at the proportional share of the equity value of the enterprises, calculated under the accounting policies of the Parent Company and eliminating proportionally any unrealised inter­company gains and losses. The proportional share of the results of the associates is recognised in the Income Statement after elimination of the proportional share of internal gains and losses.   The Consolidated Financial Statements include the Parent Company LOUMANN HOLDING ApS and the subsidiaries in which LOUMANN HOLDING ApS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence. Enter­prises in which the Group holds be­tween 20% and 50% of the voting rights and exer­cises signi­ficant, but not con­trol­ling influ­ence, are con­sidered asso­ciates. The following entities is included in the consolidation:  - PT Resea Project Indonesia - Ocean Waste Plastic Inc - Ocean Waste Plastic LLC - Ocean Waste Plastic gmbh - Ocean Waste Plastic Collection ApS  - Pack Tech A/S - Loumann Breck Skau Holding ApS - Smurfwader Dialogues in Tokyo ApS - SFTB Investments ApS - Ninbo Jinyuan Plastic Products Co., Ltd. - HC Investment ApS   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Newly acquired or established enterprises are recognised in the Consolidated Financial State­ments from the date of acquisition. Sold or wound-up enterprises are recognised in the Consolidated Income Statement up to the date of disposal. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.   The date of takeover is the date at which the Group gains actual control over the acquired enterprise.   Acquired enterprises are recognised in the Consolidated Financial Statements under the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date. The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation methods.    Positive differences (goodwill) between the acquisition value and fair value of acquired and identified assets and liabilities are recognised in intangible fixed assets as goodwill and amortised systematically in the Income Statement under an individual assessment of the useful life.   At acquisition of new companies, in which there are minority interests, the minority interests are recognised and measured at fair value, inclusive of goodwill on the share of the minority interests.   Equity interests in subsidiaries are set off by the proportional share of the subsidiaries’ fair value of net assets and liabilities at the date of takeover.   Investments in associates are measured in the Balance Sheet at the proportional share of the equity value of the enterprises, calculated under the accounting policies of the Parent Company and eliminating proportionally any unrealised inter­company gains and losses. The proportional share of the results of the associates is recognised in the Income Statement after elimination of the proportional share of internal gains and losses.   Minority interests The accounting items of the subsidiaries are recognised in full in the Consolidated Financial Statements. The minority interests’ proportional share of the results and equity of the subsidiaries is stated as separate items in the allocation of profit/loss and equity, respectively.   Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Production costs Production costs comprise the costs of manufacture and procurement paid to achieve the net revenue for the year, including costs of raw materials and consumables, wages and salaries, energy, maintenance, leasing and depreciation of production plant, and adjusted for changes in inventory of finished goods and work in progress.   Distribution costs The costs paid for the distribution of goods sold during the year and for sales campaigns, etc. carried out during the year are recognised in distribution costs. The cost of sales personnel, advertising and exhibition costs and amortisation of distribution and sales related assets are also recognised in distribution costs. Common losses on bad debts are also recognised.   Administrative expenses Administrative expenses recognise costs incurred during the year regarding management and administration, inclusive of costs relating to the administrative staff, Executives, office premises, office expenses, etc., and related amortisation.   Income from investments in subsidiaries and associates The Income Statement of the Parent Company recognises the proportional share of the results of sub­si­dia­ri­es determined according to the Parent Company’s accounting policies and after full elimination of intercompany profits/losses and deduction of amortisation of goodwill. resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   Profits from sale are recognized, if the economic rights related to the sold sub­si­dia­ri­es are transferred. However, not before the profit is realised or regarded as realisable. Moreover, realised losses besides impairments are recognised when they are demonstrated.   Dividend from as­so­cia­tes is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Acquired goodwill is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected useful life which is estimated to 10-15 years. The period of amortisation is determined based on an assessment of the acquired Company’s position in the market and earnings profile, and the industry-specific conditions.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeProduction plant and machinery 5 years0 %Other plant, fixtures and equipment 3-5 years0 %Leasehold improvements 10 years0% Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Investments in sub­si­dia­ri­es are measured in the Balance Sheet at the proportional share of the enterprises’ carrying Equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses, and with addition of remaining additional values and goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement upon acquisition of the Equity interest. Where the negative goodwill is related to takeover of contingent liabilities, the negative goodwill is not recognised before the contingent liabilities are settled or cancelled.   Investments in as­so­cia­tes are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value.   Acquired enterprises are subject to the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date, which is the time for obtaining control. The purchase consideration consists of the fair value of the agreed consideration in the form of transferred assets and liabilities. If a part of the purchase consideration is contingent on future events or compliance with agreed terms, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent regulations of the contingent purchase consideration are recognised in the Income Statement.   The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation models. A discounted cash flow model is used to calculate the fair value of investment properties based on a discounted cash flow of future earnings. Operating equipment is recognised at fair value based on an assessor’s opinion, based on an overall assessment of the production equipment. The acquisition date is the date on which the Company gains actual control over the acquired entity.   Consolidated goodwill is amortised over the expected useful life, which is determined on the basis of Management’s experience within the individual lines of business. Consolidated goodwill is amortised on a straightline basis over the amortisation period, which is 10-15 years. The amortisation period is determined on the basis of an assessment of the acquired entity’s market position and earnings profile, and the industryspecific condition.   Received dividend is deducted in the carrying amount of the equity investment.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Profit and loss at disposal of investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Investments in sub­si­dia­ri­es with negative equity value are measured at DKK 0. Any receivables with these companies are written off, to the extent that the receivable is uncollectible from a specifically assessed indication of impairment. To the extent that the Parent Company has a legal or actual obligation to cover a negative balance which exceeds the receivable, the remainder is recognised under provisions for liabilities.   Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct and other indirect production costs include indirect mate­rials and payroll and maintenance and depreci­ation of the machines, factory buildings and equipment used in the production process, the cost of factory administration and management and capitalised development costs relating to the products.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Derivative financial instruments Change in the fair value of derivative financial instruments related to hedging of future cash flows are recognised in Equity to the extent, that the conditions for this purpose are fulfilled. The value adjustments are recognised in a fair value reserve for hedging for accounting purposes until the hedged transaction is realised or the hedging ceases is adjusted downward. Upon realisation the accumulated value of the hedging instrument together with the hedged transaction is recognised in the Income Statement, unless the hedging transaction results in recognition of a non-financial asset or a non-financial liability. In this case, the amount is transferred from Equity to the cost price or carrying amount of this asset or liability.   Cash Flow Statement   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.   The cash flow statement shows the cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible asset and property, plant and equipment as well as fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.   With reference to Section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.