GARIA ApS

The company's purpose is to develop, produce and sell electric vehicles and other related products.

The income statement of the Company for 2025 shows a loss of DKK 34,490,755, and at 31 December 2025 the balance sheet of the Company shows an equity of DKK 92,108,930.

Overall, car sales have decreased by approx. 16% compared to last year. The development is driven by a more competitive environment and financial uncertainty in various export regions. Furthermore, inventory adjustment in Melex of approx. DKK 10,500,000 contributes to the negative result. This has impacted the P&L negatively in Garia ApS significantly. The company's main shareholder has given an undertaking to guarantee the necessary credit facilities for covering the company's liquidity needs until the general meeting for the financial year 2026.

For the financial year 2026, the company expects the same level of activity as in 2025 but various cost initiatives and increased cost efficiency will drive an improved result before financial items. The consolidated result is expected to show a gross profit in the range of DKK 30-35 mio but will however depend on the continued integration with Melex and the development on the EMEA market.

Overall, sales were 16% lower than last year expectations in the EMEA market in all segments due to increased competition and combined with lower than expected margins, EBITDA developed below expectations from last year. Furthermore, inventory adjustment in Melex of approx. TDKK 10,500 contributes to the negative result.

Foreign exchange risks

Financial exchange rate risks against USD and SEK can affect the company positively as well as negatively.

Research and development

The company is constantly developing vehicles with a view to future sales of new models. There is no ongoing research in the company.…

There has been no uncertainty regarding recognition and measurement in the Annual Report.

The company's assets, liabilities and financial position as of 31 December 2025 as well as the result of the company's activities for 2025 have been affected by the continued integration with Club Car and the transfer of production to Melex. The company now operates as part of the Club Car global enterprise.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Rental and lease obligationsObligation to designate buyer, operating leases. Expected residual value on expiry agreement

775,679…