PAS NORMAL STUDIOS ApS

The Group's purpose is to design, develop and sell sports and leisure clothing as well as other clothing items, products and merchandise for sports and leisure use and related businesses.

The income statement of the Group for 2025 shows a profit of DKK 8,581,181, and on 31 December 2025 the balance sheet of the Group shows an equity of DKK 122,688,526.

The management expects a topline growth of 10-15% compared to 2025.

The group's result for the year is not at the level announced in the annual report for 2024, where the expectation was set for a growth in the result before tax of 20% compared to 2024. The board of directors and the executive board acknowledge the year's result, as the market is characterized by a high competition with large discounts from competitors.During the financial year, the group has made significant investments in the company's leadership team, technical platform, including strengthening the organization and investing in product development and marketing. In addition, the group has opened a new subsidiary in China, in addition to the existing ones in Mallorca, Spain, in Copenhagen, Denmark, Munich, Germany and in San Francisco, USA.

Research and development

Investments have been made in development costs related to the company's growth platform – both within Product Development and internal systems.…

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

The financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.

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

Rental and lease obligationsLease obligations under operating leases. Total future lease payments:

Within 1 year…

Charges and securityThe following assets have been placed as security with bankers:

Indemnity letter totaling DKK 6,500,000, providing a corporate lien…