THRIGE HOLDING A/S

Management's ReviewBusiness activitiesThrige Holding A/S is fully owned by Thomas B. Thriges Fond, a commercial foundation established in 1933 by manufacturer Thomas B. Thrige. The Group operational activities are maintained through the majority-owned subsidiary Terma A/S. Further, Thrige Holding A/S owns all shares in Thrige-Titan A/S which is a dormant company. Terma A/S is Denmark's largest company within the defense industry with activities in the defense, security, and space sectors, with locations in Aarhus, Grenaa, and Søborg, Denmark, and subsidiaries in the U.S, the Netherlands, Germany, UK, Austria, Romania, Czech Republic, Indonesia, Singapore, France, India, Ukraine and UAE, and re-presentation office in Belgium. The Group operational activities are maintained through the majority-owned subsidiary Terma A/S. Terma is an international privately held company within the Aerospace, Defense, and Security industry, owned by the Thomas B. Thrige Foundation and ATP. Terma develops, produces, and sustains missioncritical technology for defense and security customers worldwide. Terma operate through a number of Business Areas - Surveillance & Mission Systems, Critical Infrastructure Protection, Self- Protection Systems, Aerostructures, Space, Cyber & Quantum, and Terma Support & Services. In 2025/26, Terma expanded capacity, sharpened software-defined roadmaps, and advanced end-to-end offerings in counter-UAS andprotection of critical infrastructure, while continuing to deliver dependable capability across our broader portfolio. Surveillance & Mission Systems (SMS) SMS delivers advanced radars and command-and-control (C2) on scalable platforms with high reuse, ensuring strong price/performance. Critical Infrastructure Protection (CIP) In 2025, CIP was established as a standalone Business Area focused on the protection of critical infrastructure assets such as offshore wind parks, energy grids, airports, seaports, borders, and military installations. The portfolio combines advanced command-and-control capabilities, multi-sensor data fusion, effectors, and lifecycle services. Self-Protection Systems (SPS) SPS provides mission equipment solutions that help aircrews complete the mission and return home safely. AerostructuresAerostructures is a key contributor to the global F-35 program, supplying more than 80 missioncritical components across all aircraft variants. SpaceThe Space Business Area designs and delivers advanced electronics, software, and support services for satellites, control centres, and test systems. Cyber & QuantumThis Business Area designs cyber resilience into Terma systems from the start and prepares customers for the transition to quantum-safe security. The portfolio spans secure-by-design software, hardened interfaces, continuous monitoring, and managed lifecycle services that preserve availability across radar, C2, and mission systems. Terma Support & Services (TSS) TSS ensures high availability and lifecycle support for Terma solutions across civil and defense applications. With scalable maintenance offerings and the Terma Lifecare portfolio, TSS enables all Business Areas to deliver from unitlevel service to country-wide solutions.