BERING TIME ApS

BERING Time ApS is a design enterprise whose activities comprise the sale of wrist watches and

jewellery.

BERING Time ApS presents a series of watches and jewellery that blend minimalistic Danish design and optimal material strength. HighTech ceramic and sapphire glass make the watches extremely tough and uniquely resistant. Time leaves no trace on the streamlined forms and pure elegance of the watches. A brand that redefines time with its love for detail.

The income statement for 2025 shows a profit of DKK 964 thousand against a profit of DKK 979 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 68,918 thousand.

BERING Time ApS acts as distributor in relation to the distribution of the BERING Group's products on the European market. As a limited risk distributor, the entity earns a fixed operation margin of 3.0 %.

For the year 2025 a positive result before tax of DKK 0-2 million was expected, and revenue was expected to be on the same level as 2024. However, the market situation showed more difficult in 2025 than expected due to geopolitical unrest and general uncertainty affecting the retail market. Therefore, revenue decreased by 7% compared to last year. Results for the year were in line with expectations.

We expect a positive result before tax for 2026 of DKK 0-2 million. We expect that revenue will be reduced 0% – 5% compared to 2025.

Other mattersThe Company’s employees have a thorough knowledge of the market and have shown a particular ability to develop a unique product programme. Upgrading of employees is made on an ongoing basis. The Company does not perform research and development activities, and the influence of the external environment is not regarded as material.

Regarding recognition and measurement uncertainties we refer to note 2 to the financial statements.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Judgements…

Other contingent liabilities

BERING Time ApS is party to a few pending legal actions. In Management's opinion, the outcome of these legal actions will not affect the company's financial position apart from the receivables and payables recognised in the balance sheet at 31 December 2025.

The Company is jointly taxed with its parent, BERING Group ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends falling due for payment.

As security for the Company's debt to banks, 21.985 thousand DKK, the Company has provided security or other collateral in its assets (inventories, trade receivables, property plant and equipment and intagible assets) for a total amount of thousand DKK 36.598. The total carrying amount of these assets are DKK 102.705 thousand.

The Company is jointly liable towards Sydbank in regards to BERING Group ApS group's total credit line of DKK 72.5 million.

The company has provided guarantees of a total of DKK 0.1 million.