Ecooking ApS

Ecooking is a Danish skincare brand dedicated to creating highly effective products using as many natural and ecological ingredients as possible. Our ambition is to become the leading Danish skincare brand internationally by consistently delivering visible results without compromising on ingredient integrity. This balance defines “The Recipe for Natural Beauty.”

Development in activities and finances

The organization has been strengthened during 2025 to support future national and international growth. The focus on national and international growth will be maintained in the coming years. ​​During the year, our primary focus has been strengthening our core product portfolio, supporting international expansion, and maintaining a strong commitment to our values of Transparency, Honesty, and Decency in everything we do. ​​A primary focus area has been to strengthen our own web-shop; www.ecooking.dk and www.ecooking.com and the supporting organization. ​​The focus in the coming period is to continue the growth journey as well as supporting the international brand-building of Ecooking.

Management expects 2026 to be another transition year with continued focus on increasing revenue through Online and Nordic expansion, strengthening the company’s cost base, and improving operational efficiency.​​Based on the development in 2025, a gradual improvement in the overall financial performance is anticipated. 2026 is therefore viewed as a consolidation year supporting progress toward a more sustainable earnings level in the coming years.​​We expect a gross profit for 2026 in the range of 20-30 mDKK. The net loss for 2026 is expected at 5-10 mDKK.

Profit/loss for the year in relation to expected developments

The net result for 2025 is a loss of tDKK 18,204 (2024: tDKK -51,217), which is not in line with expectations. ​​The equity of Ecooking A/S is tDKK -2,737 (2024: tDKK -24,533). ​​Management assesses the result as below expectations but considers the year part of a continued transition period with ongoing initiatives to strengthen profitability. ​​In 2025, the company received a group contribution of DKK 40 million. Please also refer to page 11 Statement of changes in equity. The transactions have been carried out to strengthen the capital base. ​ ​In 2025 revenue and margins have increased slightly compared to 2024 which have increased the gross profit. Staff costs have decreased from tDKK 38.825 in 2024 to tDKK 26.807 due to reduction of employees and net financial expenses has been reduced significantly reduced due to the capital increaes in 2025.

Australian Bodycare has in April 2026 been acquired by the capital fund Bluegem, which already holds a stake in ECOOKING. As part of the transaction, the two companies are being consolidated, which provides a stronger foundation for the continued development of both brands.​​No other events have occurred after the balance sheet date that materially affect the assessment of the company’s financial position as of 31 December 2025.

Australian Bodycare has in April 2026 been acquired by the capital fund Bluegem, which already holds a stake in ECOOKING. As part of the transaction, the two companies are being consolidated, which provides a stronger foundation for the continued development of both brands. ​ ​No other events have occurred after the balance sheet date that materially affect the assessment of the company’s financial position as of 31 December 2025.

The Entity participates in a Danish joint taxation arrangement where Terzo D Holdco ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total

known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.

20 Assets charged and collateral

​ Bank loans are secured by the way of mortgage deed of DKK 103,000k nominal total. The carrying amount of mortgaged assets is ​TDKK 49.090