Harco Holding ApS

The Company acts as the holding company for the Harco Heavy Lifting Group, which includes Harco Heavy Lifting A/S, Harco Heavy Lifting Limited and Harco Services NL B.V. The offshore wind industry continues to push for standardized solutions that reduce installation cost and CO2 footprint. HARCO’s response to this demand has been a changed business model – a transition that has defined our 2025 performance. During the past 12 months, we have developed a rental led model that: Shifts earnings from transactional to recurring, raising customer lifetime value and smoothing cyclicality. Standardizes equipment and processes, improving safety, uptime and execution speed across mobilization, installation and demobilization. Aligns with customer preferences to convert Capex to OPEX, particularly on multi asset projects and long term campaigns. This transformation marks a fundamental strategic repositioning of HARCO towards higher quality of revenue, increased customer lifetime value and improved long-term scalability. Investing in the future is expensive, and 2025 ended with a reported loss after tax of DKK 8.1 million. The loss is not a sign of weakening market position; rather a strategic and expected outcome: It reflects the intentional removal of one off sales and one time transformation costs. During the year, HARCO deliberately replaced approximately 75% of its legacy, one off equipment sales revenue with recurring rental revenue. The transition has removed short term sales revenue and required front loaded investment in rental assets and systems; however, it has materially upgraded the quality, predictability and lifetime margin of our earnings. Transitioning HarcoWe have exchanged scale for quality in the short term to unlock higher margin, repeatable revenue in the medium and long term. The assets, professionalism, business upgrades and capabilities we built in 2025 are the income engine for 2027, 2028, 2029 and beyond. What changed in 2025? We executed a fundamental business model shift from services and equipment sales to a rental led, recurring revenue model built on standardized, modular heavy lifting solutions delivered “as a service.” We invested in rental fleet, people, and a scalable ERP/IT architecture to enable multi year growth. We demonstrated safe, efficient execution on live offshore projects, validating the modular “lifting-as a service” approach with vessel operators, energy companies, and OEMs. … and we finalized the decision to expand with a new production facility and offices at our headquarters in Esbjerg. Commercial tractionThe market has responded well to our changes. Recognizing our ambition to change our business model to suit their request for standardized solutions, reduced installation cost and a lower CO? footprint, our clients have responded with an overwhelming interest. Standard rental offering scaled from zero at the start of the year to a meaningful share of activity by year end. Customer feedback emphasizes availability, reduced operational complexity and lower total cost of ownership. Customers have adopted the new model well; our order book is ~2× the same period last year, and we are ~10% ahead of budget on revenue run rate. Q1 2026 delivered above budget, confirming momentum into the new year.