Metalservice Nordic A/S

Indsendende virksomhed:

CVR-nr.

EY Godkendt Revisionspartnerselskab

Postnummer og bynavn

Postboks 330, 8100 Aarhus C

Regnskabsperiodens startdato

Regnskabsperiodens slutdato

Forrige regnskabsperiodes startdato

Forrige regnskabsperiodes slutdato

Regnskabets godkendelsesdato

Regnskabsaflæggende virksomhed:

CVR-nr.

Metalservice Nordic A/S

Postnummer og bynavn

Revisionsvirksomhed:

Firmanavn

EY Godkendt Revisionspartnerselskab

Postnummer og bynavn

Generalforsamling:

Dato

Virksomhedens regnskabsklasse

Regnskabsklasse C, mellemstor virksomhed

Type af grundlag for konklusion

Grundlag for konklusion

Positiv tilkendegivelse af, at der IKKE er sket ændringer til anvendt regnskabspraksis i forhold til seneste regnskabsår

Ledelsespåtegning dato til Engelsk indberetning

Revisorerklæring dato til Engelsk indberetning

Systemværktøj til udarbejdelse af XBRL-instansen

CaseWare Working Papers

Metalservice Nordic A/S

Vrøndingvej 4, 8700 Horsens

Approved at the Company's annual general meeting on 20 April 2026

Chairman of the meeting:

...................................................

Metalservice Nordic A/S

Annual report 2025

Metalservice Nordic A/S

Annual report 2025

Statement by the Board of Directors and the Executive Board

Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Metalservice Nordic A/S for the financial year 1 January - 31 December 2025.

The annual report is prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025.

Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.

We recommend that the annual report be approved at the annual general meeting.

Horsens, 20 April 2026

Wolf Ehrenberg

Chairman

Michael Lund Rauff Finnerup

Jörn Helmut Niemann

Metalservice Nordic A/S

Annual report 2025

Independent auditor's report

To the shareholders of Metalservice Nordic A/S

We have audited the financial statements of Metalservice Nordic A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Management's responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

uIdentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

uObtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

uEvaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

Metalservice Nordic A/S

Annual report 2025

Independent auditor's report

uConclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

uEvaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the Management's review

Management is responsible for the Management's review.

Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.

Aarhus, 20 April 2026

EY Godkendt Revisionspartnerselskab

CVR no. 30 70 02 28

State Authorised Public Accountant

mne24820

Metalservice Nordic A/S

Annual report 2025

Metalservice Nordic A/S

Address, Postal code, City

Vrøndingvej 4, 8700 Horsens

1 January - 31 December

Wolf Ehrenberg, Chairman

Michael Lund Rauff Finnerup

Jörn Helmut Niemann

EY Godkendt Revisionspartnerselskab

Værkmestergade 25, P.O. Box 330, 8100 Aarhus C, Denmark

Financial highlights

Profit before interest and tax (EBIT)

Investments in property, plant and equipment

Average number of full-time employees

For terms and definitions, please see the accounting policies.

Metalservice Nordic A/S

Annual report 2025

Principal activities

The company is a stockholder and distributor within aluminum and red metals.

Development in activities and financial matters

The income statement for 2025 shows a positive result of 413 KEUR compared to 282 KEUR last year, and the balance sheet as of 31st of December 2025 shows equity of 6.350 KEUR.

Metalservice Nordic continued its growth throughout 2025. With ongoing visibility and presence in the market, combined with a strong focus on customers needs for flexible delivery solutions and a relevant product range that is continuously expanded, Metalservice Nordic has managed to grow across all product and customer groups.

During 2025, Metalservice Nordic successfully exploited the natural synergies within the ownership structure between Damstahl and Niemet. This allows customers to benefit from a wide assortment and customised logistics solutions. As a result, an increasing number of aluminium and metal consumers consider Metalservice Nordic as a loyal and agile business partner. The company continued with developing the E-Commerce platform, all with the aim of giving the customer a superior customer experience and ease the purchasing process.

Aluminium and metal prices have shown an upward trend during 2025, creating favourable market conditions.

On this basis, Metalservice Nordic concludes 2025 with a profit above budget. We therefore consider the year’s result to be satisfactory.

2026 has begun with high activity levels and further increases in metal prices, driven by conflicts in Ukraine, Gaza, and the Middle East. Activity is expected to remain stable throughout the year. There may, however, be uncertainty regarding price developments, depending on the progression of global conflicts as well as ongoing discussions about trade tensions and tariff structures.

We expect a profit in the range of 400 – 450 KEUR for 2026.

Metalservice Nordic A/S

Annual report 2025

Amortisation/depreciation of intangible assets and property, plant and equipment

Profit before net financials

Metalservice Nordic A/S

Annual report 2025

Acquired intangible assets

Property, plant and equipment

Fixtures and fittings, other plant and equipment

Leasehold improvements

Finished goods and goods for resale

Receivables from group entities

Total non-fixed assets

Metalservice Nordic A/S

Annual report 2025

EQUITY AND LIABILITIES

Liabilities other than provisions

Current liabilities other than provisions

Joint taxation contribution payable

Total liabilities other than provisions

TOTAL EQUITY AND LIABILITIES

Appropriation of profit

Contractual obligations and contingencies, etc.

Security and collateral

Metalservice Nordic A/S

Annual report 2025

Statement of changes in equity

Equity at 1 January 2024

Transfer, see "Appropriation of profit"

Equity at 1 January 2025

Transfer, see "Appropriation of profit"

Adjustment of investments through forreign exchange adjustments

Equity at 31 December 2025

Metalservice Nordic A/S

Annual report 2025

The annual report of Metalservice Nordic A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities.

The accounting policies used in the preparation of the financial statements are consistent with those of last year.

Omission of a cash flow statement

With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent company Damstahl A/S.

The financial statements are presented in euros (EUR), as the Company's most significant transactions are settled in EUR. All purchases are primarily in EUR, while almost all sales are primarily in DKK.

Foreign currency translation

On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.

Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.

The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.

Income is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.

Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.

The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act.

Other operating income

Other operating income comprise items secondary to the principal activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment.

Cost of sales includes the cost of goods used in generating the year's revenue.

Metalservice Nordic A/S

Annual report 2025

Accounting policies (continued)

Other external expenses

Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to sale, advertising, administration, premises, bad debts, payments under operating leases, etc.

Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees.

Amortisation/depreciation

The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.

The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:

Acquired intangible assets

Fixtures and fittings, other plant and equipment

Leasehold improvements

Financial income and expenses

Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.

Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.

The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).

Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.

Metalservice Nordic A/S

Annual report 2025

Accounting policies (continued)

Other intangible assets include development projects and other acquired intangible rights, including software licences, distribution rights and development projects.

Other intangible assets are measured at cost less accumulated amortisation and impairment losses.

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.

Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses.

The Company has chosen IAS 17 as interpretation for classification and recognition of leases.

Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities".

Rent deposit is recognized in the balance sheet at nominal value, as premises are continuously maintained, so that no significant losses associated with possible eviction are estimated.

Impairment of fixed assets

The carrying amount of intangible assets, property and plant and equipment is assessed for impairment on an annual basis.

Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount).

The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.

Previously recognised impairment losses are reversed when the reason for recognition no longer exists.

Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.

Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition.

Metalservice Nordic A/S

Annual report 2025

Accounting policies (continued)

The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.

Receivables are measured at amortised cost.

An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.

Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.

Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.

Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years.

Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value.

Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity".

The Company has chosen IAS 39 as interpretation for liabilities.

Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.

Other liabilities are measured at net realisable value.

Metalservice Nordic A/S

Annual report 2025

Accounting policies (continued)

The financial ratios stated under "Financial highlights" have been calculated as follows:

Current assets x 100

Current liabilities

Equity, year-end x 100

Total equity and liabilities, year-end

Profit/loss after tax x 100

Average equity

Other social security costs

Average number of full-time employees

By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed.

Amortisation/depreciation of intangible assets and property, plant and equipment

Amortisation of intangible assets

Depreciation of property, plant and equipment

Interest expenses, group entities

Other financial expenses