BPI A/S

Development in activities and financial mattersThe consolidated income statement for the group shows a profit of DKK 45,035,158 against DKK 31,745,462 last year. EBITDA for the group, including EBITDA for associates on a 100% basis, amounts to DKK 86.9 million, where EBITDA after deduction of the minority shareholders' share of EBITDA is DKK 71.8 million. The group's balance sheet as of 31 December 2025 shows equity of DKK 171 million and a solvency ratio of 31%. We utilized about 43% of our credit line in Jyske Bank, and we remain in a very favorable situation in this area.

Significant events during the year…

Development for the year relative to the expectationsIn the management review in the 2024 annual report, we expected growth in the group's revenue and profit in 2025. We grew by 25% in revenue and 47% in the group's profit after tax. The development in revenue and profit is satisfactory.

Expected developmentsWe expect that 2026 will bring continued growth for the group. We expect 2026 to have focus on existing business and to be very careful since the global situation is very unstable. The group stands solidly on many legs, and we see opportunities for progress in all parts of the group.

Unusual circumstancesOne of the results of the global inflation was a large fluctuation in commodity prices affecting all commerce – also the BPI activities. In addition, the war in the Middle East presented challenges transporting goods through Suez Canal. The effect on BPI activities has been noticeable, but minor. The group's assets, liabilities, and financial position as of 31 December 2025 and the results of the group's activities and cash flow for 2025 are not affected by unusual circumstances.

From the balance sheet date up to today, no events have occurred that affect the assessment of the annual report

22.Contractual obligations and contingencies, etc.

Lease liabilities:…

21.Charges and securityAs collateral for mortgage loans, DKK 16 million, security has been granted on land and buildings representing a carrying amount of DKK 38,4 million at 31 December 2025.

BPI has pledged the share capital in its subsidiary Färskvaruhuset i Göteborg AB with a nominal value of t.DKK 1,000 as security for all present and future balances with Jyske Bank A/S.…