CO-RO A/S

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Letter from the CEO 2025 was a strong year for CO-RO. Against a backdrop of continued geopolitical uncertainty and market volatility, we delivered our third consecutive year of solid earnings growth, the highest revenue in our history, achieved record high employee engagement and strengthened our brands through exciting innovations and executions across markets. Our performance Building on strong market momentum throughout the year, Group revenue reached 1,971 mDKK, representing a 3.1% increase over last year in comparable currencies. Performance across several key markets was very encouraging, especially Malaysia, Germany, Saudi Arabia, Egypt, and Kenya stood out as top contributors, whereas we saw macro driven challenges in key markets like Yemen and Portugal. 2025 also demonstrated our strong operational excellence, with gross profit increasing by almost 2 %-points due to disciplined execution of our efficiency agenda. We delivered a solid earnings performance as EBIT increased by 55% vs. last year to 88.9 mDKK, reflecting the dedication and capabilities of our people, the strength of our partnerships and the power of our brands across markets. Our brands We saw growing brand momentum throughout 2025, driven by new campaigns and strong innovation performance. Sunquick maintained high brand equity in key markets, supported by successful festive seasons in both MEA and APAC during Ramadan and Chinese New Year, and we unlocked new growth opportunities for Sunquick within foodservice in China. Suntop strengthened its positioning in the MEA region through impactful promotions and new flavour launches, such as Suntop ‘dragon flavours’ in Egypt, while Suncola reached a significant milestone with the launch of Suncola CSD in Saudi Arabia. Sun Lolly was the standout performer in 2025 growing both top and bottom line by double digits. Growth was driven by strong brand equity, successful Limited Edition launches and expansion of category market leadership in Germany. Organization & ESG Despite rapidly changing market dynamics and external pressures, I am particularly proud that we achieved our highest-ever employee engagement score, reaching 8.7 out of 10, placing CO-RO in top 5% of industry peers. This reflects a strong company culture, high levels of commitment and the continued engagement of our employees across markets despite the external challenges affecting our business and operations. Our ESG agenda continued to gain momentum across all entities. In 2025, we further reduced our CO₂ footprint, and with emissions per RTDL from our own operations down by 21% since 2022. This progress is further supported by local initiatives where employees take an active lead in identifying and implementing solutions that lower our environmental impact and support long term sustainability. Looking ahead 2026 will be a challenging year with significant impact of the geopolitical unrest in the Middle East, which is expected to have adverse impact on consumer confidence, supply chain stability and inflation. We have strong plans to deal with the challenges and will continue to execute our Balanced Growth strategy. We expect 2026 to be another year of growth and progress in our business, while moving closer to bringing our One Plant compound factory in Denmark into operation - the largest single investment in CO-RO’s history. I would like to thank our great employees, partners, and stakeholders for their commitment and contributions in 2025. Søren Holm Jensen President & CEO CO-RO in brief The CO-RO Group manufactures, markets and sells still-drinks, concentrates, and home-freeze ice lollies. Our +1100 dedicated employees worldwide work daily to bring our products to consumers around the globe, creating more than 10 million smiles every day. Our purpose is to refresh and delight – bringing the ”wow” to consumers through great tastes and amazing experiences, and we do that through our great brands Sunquick, Suntop, Suncola & Sun Lolly. CO-RO Group in brief The CO-RO Group manufactures, markets and sells still-drinks, concentrates, and home-freeze ice lollies. Our +1100 dedicated employees world- wide work daily to bring our products to consumers around the globe, creating more than 10 million smiles every day. Our purpose is to refresh and delight – bringing the ”wow” to consumers through great tastes and amazing experiences, and we do that through our great brands Sunquick, Suntop, Suncola & Sun Lolly.