ANNUAL REPORT 2025
REKOM GROUP A/S
REKOM HQ BILLEDE
+1,130 MDKK
REVENUE
+270 MDKK
EBITDA
REKOM AT A GLANCE
+3,300
EMPLOYEES
3 REKOM ANNUAL REPORT 2025
MANAGEMENTS REVIEW / REKOM AT A GLANCE
MANAGEMENTS REVIEW
Letter from CEO ......................................................................................................................6
Financial Highlights and Review ......................................................................9
Sustainability Statement ........................................................................................12
CONSOLIDATED FINANCIAL STATEMENTS
Income statement for the group .................................................................. 20
Balance sheet for the group ...................................................................................... 21
Changes in equity for the group ................................................................... 22
Cash Flow for the group ........................................................................................23
Notes to the consolidated nancial statement ...................................24
Denition of key gures and nancial ratios ................................... 46
PARENT FINANCIAL STATEMENTS
Statement of prot and loss .............................................................................48
Balance sheet ...................................................................................................................49
Changes in equity ........................................................................................................50
Notes ..........................................................................................................................................51
STATEMENTS
Statement by Board of Directors and Executive Board ........58
Independent auditors report ............................................................................. 59
TABLE OF
CONTENTS
5 REKOM ANNUAL REPORT 2025
TABLE OF CONTENTS
LETTER FROM CEO
Dear Stakeholders, Partners and Colleagues,
As we conclude 2025 we reect on a year of progress
for REKOM on Revenue, EBITDA, EBIT and Equi-
ty. After a demanding period — rst the pandemic
and then the ination and rising interest rates that
pressured the global economy — we are pleased to
report that REKOM has successfully concluded its
back-in-shape plan. The plan was set out to re-position
REKOM to a protable, healthy performance from a
focused, well-positioned business, and has delivered
such.
The progress is driven by the hard work of the entire
REKOM team together with disciplined operational
execution, a further sharpened venue portfolio across
Denmark and Norway including the exit of the Finn-
ish operation, SPIVI turnaround, and the cumulative
eect of the structural reforms initiated as part of the
Back-In-Shape plan.
Revenue grew by DKK 73m despite the reduction
in venue base, outgrowing the market and gaining
market share in both Norway and Denmark. Operat-
ing margins improved to 24.4% from 23.7% in 2024,
demonstrating both the leverage in our business as
guests return and the lasting benets of a tighter,
more focused organisation.
Consumer sentiment improved slightly during 2025
across our markets, most notably in Norway, where
guests have returned to out-life with renewed energy.
Like-for-like performance accelerated through the
second half of the year, and the recovery has been
broad-based across our concept portfolio.
Our nancial performance in 2025 reects these
positive developments: revenue of 1.1 billion DKK and
EBITDA of 276 million DKK from our 120 venues in
Denmark and Norway, supported by SPIVI. The jour-
ney has required patience, resilience and unwavering
dedication, but the impact is now clear: REKOM is
back on the front foot and ready to grow.
WE REMAIN COMMITTED TO OUR
“HOUSE OF BRANDS” APPROACH
In a largely unconsolidated industry, our scale and
platform strength remain a meaningful competitive
advantage. Our core concepts, supported by an in-
tegrated digital ecosystem and a strong operational
backbone, enable ecient operations, procurement
and logistics synergies, with data-led trac genera-
tion across diverse guest segments — from traditional
pubs to lively party bars and pulsating nightclubs.
NightPay anchors our loyalty proposition while driving
early trac into our venues, and SPIVI strengthens
the platform further by placing compelling brands
directly into guests' hands. Together, these elements
dene REKOM and enable us to deliver unforgettable
moments across thousands of guest visits each week.
KEEP SETTING NEW STANDARDS IN THE
INDUSTRY
We continue to take pride in raising the bar for our
industry — in safety, compliance, guest and employ-
ee experience. REKOM's people and culture are the
backbone of everything we do. Through a period of
substantial change, our teams have shown remarkable
strength, resilience and unity, consistently translating
6 REKOM ANNUAL REPORT 2025
MANAGEMENTS REVIEW / LETTER FROM THE BOARD AND MANAGEMENT
discipline and care into the experience our guests come
for. With the business now rmly on the front foot, we
are accelerating investment in attracting, developing and
retaining the best talent in the industry, in training, and
in clear paths for career progression. When our teams
succeed, REKOM succeeds. We have through out the
year improved our employee satisfaction and reduced the
employee churn. We will in 2026 continue to invest in our
people and the experience they have working at REKOM.
NEW STRATEGY: SUNRISE
The fundamental human need for shared social experienc-
es is unchanged, and our 2025 guest numbers underline
that. In H1 2026 we launched our new strategy, Sunrise,
building upon the strong platform and people we have at
REKOM. The focus will be on the continuous improvement
of the existing business while taking our successful brands,
and introduce these in larger European cities. The agship
brand, Proud Mary, will be the leading one. Since opening
its doors in Copenhagen in 2021, Proud Mary has built a
category-dening proposition combining sport, quizzes,
live music and DJ programming, with the success replicat-
ed in Odense, Aalborg and Stavanger. Late in 2024 we
opened Proud Mary Oslo, which has rapidly established
itself as the leading venue in the Norwegian market.
Our international expansion will leverage this and will
be capital-disciplined and opportunity-led. In addition to
the international expansion, the Sunrise strategy will ac-
celerate the investment into our digital product oerings,
spearheaded by the NightPay app giving us cutting edge
advantages over competition. We will leverage our unique
position in the market, to make strategic investments into
the areas we see guest demand move.
LOOKING AHEAD
Despite the positive development in operating perfor-
mance in 2025 and due mainly to accumulated rolled-up
interest during COVID the net interest bearing debt
remains at a level precluding REKOM from making
meaningful growth investments. As a result, REKOM and
its shareholders have reached agreement with its debt
providers to reduce the interest bearing debt by approx.
DKK 300m enabling us to pursue our strategic investment
opportunities. With a consolidated portfolio, a recapi-
talised balance sheet and clear operating momentum in
both Denmark and Norway, REKOM enters 2026 with
condence. We expect revenue development of between
0% and +5% in 2026, with a return to a positive net result
for the year. Capital will be directed towards our Sunrise
strategy execution.
In summary, 2025 has strengthened REKOM, making us
more focused, more ecient and well-positioned for the
future. Building on this foundation and improving market
conditions, we expect the positive momentum to continue
into 2026 and beyond.
On behalf of the Board of Directors and Executive Man-
agement,
Jeppe Kallesøe Odefey
Chief Executive Ocer, REKOM Group
7 REKOM ANNUAL REPORT 2025
MANAGEMENTS REVIEW / LETTER FROM THE BOARD AND MANAGEMENT
FINANCIAL
REVIEW
FINANCIAL HIGHLIGHTS 2025 (mDKK)
2025 2024 2023 2022 2021*
RESULTS
Revenue 1,134.9 1,062.2 1,281.9 1,225.5 592.5
Gross prot
837,8 790,1 1,617.9 1,007.0 497.1
Operating prot before amortisation, depreciation,
interests, tax and special items (EBITDA)
276.4 251.9 251.2 330.0 206.0
Operating prot (EBIT) before special items
82.8 78.5 49.2 102.1 7.7
Special Items
-45.1 -9.7 -304.6 -21.0 -16.0
Net nancial expenses
-71.3 -87.7 -109.9 -136.8 -45.2
Loss before tax
-33.5 -19.0 -428.4 10.7 21.7
Loss for the year
-29,3 -5.7 -316.7 -11.3 23.5
2025 2024 2023 2022 2021*
RESULTS INCLUDING
DISCONTINUED OPERATIONS
Revenue 1,153.4 1,278.7 2,005.0 2,200.3 1,150.4
Gross prot
630.2 871.1 1,095.0 1,773.0 937.7
Operating prot before amortisation, depreciation,
nterests, tax and special items (EBITDA)
271.0 253.3 292.4 505.4 369.0
Operating prot (EBIT) before special items
83.2 45.6 -4.8 247.6 159.6
Special Items
-37.7 -25.7 -407.1 -34.3 -16.0
Net nancial expenses
-72.6 -121.4 -225.2 -192.5 -163.4
Loss before tax
-48.4 -101.5 -637.1 20.8 -19.8
Loss for the year for continued operations
-44.1 -99.6 -571.1 -20.3 -26.9
FINANCIAL RATIOS
Revenue growth 6.9% -17.1% 4.6% 106.8% 85.9%
Gross margin
73.8% 74.4% 72.3% 77.0% 64.1%
EBITDA margin
24.4% 23.7% 19.6% 26.9% 34.8%
Return on Equity (ROE)
-13.3% -6.6% -145.4% -2.9% 8.8%
Return on Invested Capital (ROIC)
6.7% 7.6% 4.2% 13.4% 8.2%
Solvency ratio
20.7% 10.2% 1.7% 13.6% 13.6%
Solvency ratio excl. IFRS 16
29.3% 15.1% 2.6% 21.4% 20.2%
Gearing ratio
2.0 3.3 5.6 4.3 5.2
Gearing ratio excl. IFRS 16
0.8 1.7 2.5 1.2 0.8
CASH FLOW
Operating activities 190.1 78.0 44.0 265.4 441.7
Investing activities
-46.0 -43.3 -233.7 -330.2 -133.9
Financing activities
-110.4 -86.1 67.8 -125.2 20.9
Acquisitions of subsidiaries
0.0 6.3 -92.7 -78.1 -41.6
Free cash ow
144.1 34.7 -189.8 -64.8 307.8
Adjusted free cash ow
84.6 -50.8 -160.4 53.7 361.9
Net cash ow for the year
33.7 -51.5 -121.9 -190.0 328.8
BALANCE SHEET
Equity 228.0 132.0 39.3 396.4 372.7
Balance sheet total
1,103.2 1,298.7 2,293.6 2,905.2 2,747.9
Net working capital
-437.6 -323.6 -82.0 -127.5 -151.5
Net interest-bearing debt (NIBD)
541.2 840.6 1,418.0 1,435.4 1,075.0
Adjusted net-interest bearing debt (excl. IFRS 16)
216.3 419.0 626.2 380.9 168.7
Invested capital
769.3 972.7 648.3 1,180.7 787.4
The nancial ratios have been calculated in accordance with the recommendations of the Association
of Danish Financial Analysts. See page 55 for Denition of key gures and nancial ratios
*REKOMs KPIs are aected negative in 2021 due to goverment restrictions and lockdowns due
to the COVID-19 pandemic.
9 REKOM ANNUAL REPORT 2025
MANAGEMENTS REVIEW / FINANCIAL HIGHLIGHTS & REVIEW
IN A YEAR WITH CHALLENGING MARKET
CONDITIONS, REKOM HAS DELIVERED A
SOLID OPERATIONAL RESULT
We hit our revenue target, reaching 1,142 mDKK within
our expected range of 1,100 - 1,200 mDKK. Denmark
and Norway are the main drivers of our robust per-
formance. In these markets we have a strong footprint
and see the true benets of our clusters and opera-
tional strength. The Finnish nightlife market remains
challenging, prompting us to undertake a strategic
restructuring.
2024 2023
In millions DKK mDKK % mDKK %
Denmark
631 55% 741 54%
Norway
378 33% 443 32%
Finland
86 8% 145 11%
Others
46 4% 43 3%
Total 1,142 1,372
We delivered an EBITDA of 234 mDKK in 2024 slightly
below target on 275-300 mDKK. Despite falling short
of our EBITDA target, our operating margins increased
from 18% to 21%, driven by a combination of improve-
ment in our operation, a strategic pruning of our venue
base and a signicant reduction in cost. We expect the
margins to reach a normalized level of approximately
25% next year as ’24 margins were negatively aected
by loss-making venues and a too high xed cost base.
The venue base and the xed cost base have both been
adjusted as part of management’s execution of the Back
in Shape plan, launched in summer 2023. These eorts
have continued in 2024, enabling REKOM to streamline
operations by cutting loss-making venues and business
areas while optimizing costs to an ecient and sus-
tainable level. These measures have been implemented
throughout the year.
2024 2023
In millions DKK mDKK Margin mDKK Margin
Revenue
1,142 1,372
Operating expenses, including
Cost and goods sold, salary &
others
-907 -1,120
Operating prot before
depreciation, amortisation
(EBITDA) and special items
234 21% 252 18%
Depreciation, amortisation
and impairment
-181 -203
Operating prot (EBIT)
before special items
53 5% 49 4%
The improved EBITDA margin has also driven an in-
crease in the operating prot margin (EBIT) from 4%
to 5%. We expect that this EBIT margin will continue to
rise in the coming year, to a level above 10%.
DISCONTINUED OPERATIONS
AND SPECIAL ITEMS ARE AS EXPECTED
At the beginning of 2024, REKOM restructured its
UK venue portfolio as part of the Back in Shape plan.
However, in May 2024, the company made a strategic
decision to sell o its remaining venues, fully exciting
the UK market. While a dicult choice, it was necessary
due to the lack of improvement prospects in the market
and subsequently in our operation.
As REKOM no longer has venues in the UK, the g-
ures in the income statement for both 2023 and 2024
have been adjusted by presenting the consolidated
gures from the sold UK group net under the line item
“loss for the year for discontinuing operations” in both
nancial years.
Special items comprise costs and income which by their
nature are not related to the Groups ordinary opera-
tions or investments in future activities. Special items are
specied in note 8 to the nancial statement and has
decrease to a satisfactory level on 9 mDKK. Last year
special items was on 305 mDKK because of executing on
the Back In Shape-plan and streamlining the operations.
LOSS FOR THE YEAR IMPROVED AS EXPECTED
WITH MORE THAN HALF A BILLION DKK
The result for the year showed a signicant improve-
ment of more than 500 mDKK compared to last year.
Despite this development, REKOMs result in 2024 ends
with a loss of 53 mDKK after tax, interest and depre-
ciations. The positive development is driven by man-
agement focus on cleanup of loss-making venues and
adjustments to the cost base.
The macroeconomic trends has aected REKOMs -
nancial expenses that has increase to 184 mDKK, which
is a major cost burden that has a signicant negative
impact on the result for the year.
REKOMs term loans from credit institutions have oat-
ing rates linked to CIBOR3 and NIBOR3, and has been
on a high level in 2024.
Financial income in 2024 was impacted positively by
the realized gain on vendor- and shareholder loans on
71 mDKK , during the summer 2024.
Overall, the management nds the operational results
satisfying but the loss for the year on 53 mDKK unsat-
isfactory. Nevertheless management nds it reasonable,
taking the development in REKOMs continuing business
into account, and the dicult market conditions in 2024.
CASH FLOW
At the beginning of the year, REKOM Group had cash of
DKK 78 million while ending the year with DKK 25 million,
resulting in a net cash outow of 53 mDKK. Cash ow
from continuing operating activities remained positive at
REKOM GROUP DELIVERED SOLID RESULTS
FOR THE YEAR 2025, IN LINE WITH THE COM-
PANY’S EXPECTATIONS.
Revenue grew by 7% and reached DKK 1,135m in 2025,
which is within the forecasted range. Denmark and
Norway are driving our revenue growth; as shown be-
low, Norway grew by 12% and Denmark by 4%.
The growth in Denmark comes from our venues, where
we are continuously investing in the renewal of our con-
cepts, as well as from the event business and our brand
building business. Throughout 2025, we gained market
share from our competitors. In Norway, the revenue
growth is primarily due to the opening of Proud Mary in
Oslo in late 2024, which has since gained market share
in Oslo. In addition to the growth in Oslo, we have also
succeeded in concept investments in other regions of
Norway.
We delivered an EBITDA of DKK 276m, corresponding
to a growth of 10%. This is also in line with expectations,
albeit at the lower end of the range. Throughout 2025,
REKOM has continued its strong work to streamline and
optimize the core business. This has resulted in improved
EBITDA margins of 24.3%. This development is driven by
maintaining our focus on investing in our venues to en-
sure our concepts are updated and aligned with market
demand, while also divesting or selling certain loss-mak
ing venues.
The improved EBITDA also resulted in an increase in
operating prot (EBIT) to DKK 83m, which is DKK 5m
higher than last year. The EBIT margin did not im-
prove, however, due to a one-o extraordinary increase
in depreciation of DKK 31.4m on property, plant, and
equipment. This was caused by a change in accounting
estimates applied to the assets, eliminating the use of
residual values (scrap values).
IMPROVED RESULTS FOR THE YEAR IN LINE
WITH EXPECTATIONS
The result for the year showed an improvement of DKK
36m compared to last year. Despite this progress, RE-
KOM’s 2025 result ended in a loss of DKK 44m after
tax, interest, and depreciation. This development was
driven by our continued focus on investing in our ven-
ues to ensure our concepts remain updated and aligned
with market demand, while also divesting or selling cer-
tain loss-making venues.
Overall, management nds the operational results sat-
isfactory and the loss for the year of DKK 44m to be as
expected.
DISCONTINUED OPERATIONS AND SPECIAL
ITEMS HIGHER THAN EXPECTED
At the beginning of 2025, REKOM decided to exit the
Finnish market after long negotiations with landlords,
as REKOM was no longer able to operate a protable
core business. While a dicult choice, it was necessary
due to the lack of improvement prospects in the market
and, subsequently, in our operations. The exit was ef-
fected in May 2025 and resulted in losses of DKK 15m.
As REKOM no longer has venues in Finland, the gures
in the income statement for both 2024 and 2025 have
been adjusted by presenting the consolidated gures
from the exited Finland group net under the line item
“Loss for the year from discontinued operations” in both
nancial years.
Special items comprise costs and income which, by their
nature, are not related to the Group's ordinary opera-
tions or investments in future activities. Special items
are specied in note 8 to the nancial statements and
have increased to DKK 45m. The increase in special
items can primarily be attributed to REKOM's contin-
ued execution of streamlining our core business, includ-
ing the closure and exit of venues.
CASH FLOW
At the beginning of the year, REKOM Group had cash
of DKK 25m, ending the year with DKK 59m, which re-
sulted in a net cash inow of DKK 34m. Cash ow from
operating activities was positive at DKK 189m. Of this,
DKK 46m was allocated to CAPEX investments in ven-
ues and projects, while the majority of the remaining
funds were used for interest payment, including leases
and borrowings.
2025 2024
Growth mDKK Share
mDKK Share
Denmark
4.0% 656 57.8% 631 59.4%
Norway
11.9% 423 37.3% 378 35.6%
Sweden
-4.4% 43 3.8% 45 4.2%
Other
62.5% 13 1.1% 8 0.8%
6.4% 1.135 1.062
2025 2024
mDKK Margin mDKK Margin
Revenue
1.135 1.062
EBITDA
276 24.3% 252 23.7%
Deprecation
-193 -173
EBIT
83 7.3% 78 7.3%
10 REKOM ANNUAL REPORT 2025
MANAGEMENTS REVIEW / FINANCIAL HIGHLIGHTS & REVIEW
109 mDKK. Of this, 47 mDKK was allocated to CAPEX in-
vestments in venues and projects, while the majority of the
remaining funds were used for debt repayment, including
leases and borrowings.
CAPITAL STRUCTURE AND
LIQUIDITY WAS RESTORED IN 2024
Following the challenging nancial year in 2023, RE-
KOM has strengthened both liquidity and equity in
2024. This was made possible through strong support
from its major shareholders, including a capital injec-
tion of 61 mDKK and the conversion of loans totaling
343 mDKK. These measures improved REKOM’s equity
by 404 mDKK in June 2024. On the back of this event
REKOMs equity is now again reestablished and positive
with 174 mDKK.
Additionally, REKOM’s net interest-bearing debt
has been reduced from 1,375 mDKK to 927 mDKK.
An improvement of nearly 450 mDKK. This signicant
strengthening of the capital structure and debt lev-
erage will help secure lower nancial expenses in the
coming year. Furthermore, REKOM settled an agree-
ment with the banks during summer 2024 improving
and securing our cash position signicantly with the
main lender supporting us with two quarters of interest
holiday.
Overall, the abovementioned eorts have positioned
REKOM for a stronger future after a challenging 2023.
The company is now rightsized, more resilient, and
well-prepared to capitalize on market recovery. We
have successfully established a solid foundation for
consolidating and growing our core business.
See also note 3 for a detailed description of manage-
ment expectations to going concern.
CORRECTION OF MISSTATEMENTS
IN PRIOR YEARS
Management has adjusted the following material mis-
statements related to prior years.
In millions DKK Assets Debt Equity Result
Adjusted earn-out on transaction
- Other liabiliteis adjusted in 2023
22,5 22,5
Transactional debt and tax
hereon - Adjusted in the income
statement in 2023
2,2 9,9 -7,7 -7,7
Deferred tax on UK purchase
price allokation - Adjusted on
equity at 1 January 2023
-20,1 -20,1
Total sum of corrections 4,6 32,4 -27,8 -7,7
See note 1 in nancial statements for a further description.
SUBSEQUENT EVENTS
In february 2025 REKOM agreed again on some up-
dates to bankagreements, securing extra liquidity in
2025.
Beside this no subsequent events have occurred after the
balance sheet date that required adjustment to or disclo-
sure in the consolidated nancial statements.
CURRENT TRADING, EXPECTATIONS
AND OUTLOOK FOR 2025
REKOM exits 2024 and enters 2025 with a strong sense
of optimism. Year-end trading met expectations, and early
signs in January and February indicate positive momen-
tum in Denmark and Norway compared to previous years.
While Denmark and Norway are rebounding quickly, Fin-
land remains on a more gradual recovery path. We rmly
believe that the fundamental human need for social expe-
riences remains unchanged as proven by our strong guest
ow, showing that REKOM venues and brands are relevant
and competitive. As part of the strategy and budget for
2025 we have planned several refurbishments and up-
grades of core venues and brands to secure Like-for-like
growth. In addition, we launched another agship Proud
Mary in Oslo that we expect to contribute with signicant
growth in the Norwegian market.
Building on the strong nancial performance at year end
and growth in EBITDA, Management expects 2025 re-
sults to continue the upward trend. Revenue is expected
to grow by 5-10% and is forecasted in the range of 1,100
- 1,300 mDKK with an operating result (EBITDA) in the
range of 275 - 325 mDKK and a net result close to zero.
RISKS
Uncertainties remain in the Group’s operating mar-
kets, mainly regarding ination and interest rate
pressures. Furthermore, geopolitical instabilities may
inuence consumer condence and purchasing power
in the Group’s operating markets. Especially Finland
is a market where REKOM still need to see a rebound.
Management will continue to monitor the situation
closely and take necessary action as required.
As REKOM Group operates in several markets, we are
exposed to currency risk – mainly NOK but also a bit
in SEK as we operate in Sweden with SPIVI.
See note 18 for a futher description of nancial risks.
SOLID DEVELOPMENT IN THE CAPITAL STRUC-
TURE IN 2025
REKOM strengthened both liquidity and equity in
2025. This was made possible through a contribution of
DKK 150m from the parent company. Furthermore, the
strong support from the parent companies resulted in
the Group’s net interest costs being reduced by approxi-
mately DKK 12m in 2025.
In total, the Group’s equity increased from DKK 132m to
DKK 228m, improving the solvency ratio to 20.7%. This
signicant strengthening of the capital structure and
debt leverage will help secure lower nancial expenses
in the coming year. Furthermore, REKOM reached new
loan agreements in 2026, ensuring a signicant im-
provement in cash ow and providing a robust nancial
platform for future growth.
We have established a solid foundation for consolidat-
ing and growing our core business. See also note 3 for
a detailed description of management’s expectations
regarding going concern.
SUBSEQUENT EVENTS
As the nal part of the plan, REKOM worked through-
out 2025 to renance the Group’s debt and extend
agreements with its lenders. As the loan agreements
were due to expire at the beginning of 2026, this work
began in mid-2025 and was completed in June 2026.
The negotiations resulted in transitioning REKOM into
a new structure, with the old loan agreements being re-
placed by new and updated agreements featuring new
covenants, updated terms, interest rate levels, and ma-
turity periods and lower debt as borrowings of approx.
DKK 300m were converted into equity in June 2026.
The new and extended bank agreements fundamentally
mean that REKOM’s cash ow is signicantly improved,
ensuring that the strategy can be executed.
Beyond this, no subsequent events have occurred after
the balance sheet date that require adjustment to or
disclosure in the consolidated nancial statements.
CURRENT TRADING, EXPECTATIONS AND OUT-
LOOK FOR 2026
In 2025, REKOM experienced a normalization in guest
numbers, returning to pre-COVID levels. The growth
in guest numbers underlines that REKOM delivers an
experience that guests appreciate and return to. The
2025 development demonstrates that REKOM has a
loyal and dedicated customer base that is eager to
make use of the company’s oerings.
We rmly believe that the fundamental human need
for social experiences remains unchanged, as proven by
our strong guest ow, which shows that REKOM's ven-
ues and brands are relevant and competitive. As part
of the strategy and budget for 2026, we have planned
several refurbishments and upgrades of core venues
and brands to secure like-for-like growth. In addition,
we expect to expand into new markets during 2026.
However, REKOM takes a cautious view on expec-
tations for 2026 due to the geopolitical uncertainty
unfolding in recent months and years. REKOM is, there-
fore, mindful that the situation in the Middle East may
lead to higher ination and interest rates, which could
negatively impact consumer behavior.
REKOM, therefore, expects revenue development of be-
tween 0% and +5% in 2026, with a return to a positive
net result for the year in a range of DKK 0-25m, based
on the current business.
RISKS
Uncertainties remain in the Group’s operating markets,
primarily regarding ination and interest rate pressures.
Furthermore, geopolitical instabilities may inuence
consumer condence and purchasing power across the
Group’s markets. Management will continue to monitor
the geopolitical situation closely and take necessary
action as required.
As REKOM Group operates in several markets, we are
exposed to currency risk – mainly NOK but also a bit in
SEK as we operate in Sweden with SPIVI.
See note 18 for a further description of nancial risks.
11 REKOM ANNUAL REPORT 2025
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1 REKOM ANNUAL REPORT 2025
REKOM GROUP
FINANCIAL
STATEMENTS 2025
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
18 REKOM GROUP ANNUAL REPORT 2025
TABLE OF CONTENTS
Consolidated income statement.........................................................................................................................................................................47
Consolidated statement of comprehensive income
.................................................................................................................47
Consolidated balance sheet
....................................................................................................................................................................................48
Consolidated statement of changes in equity
................................................................................................................................49
Consolidated statement of cash ows
........................................................................................................................................................ 51
NOTES
.................................................................................................................................................................................................................................................52
CONSOLIDATED
FINANCIAL STATEMENTS
2 REKOM ANNUAL REPORT 2025
19
REKOM GROUP ANNUAL REPORT 2025
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
Consolidated income statement .......................................................................................................................................................................... 20
Consolidated statement of comprehensive income
..................................................................................................................... 20
Consolidated balance sheet
....................................................................................................................................................................................... 21
Consolidated statement of changes in equity
................................................................................................................................... 22
Consolidated statement of cash ows
.......................................................................................................................................................... 23
Adjusted free cash ow
.................................................................................................................................................................................................. 23
Denition of key gures and nancial ratios
..................................................................................................................................... 46
Management’s Statement
........................................................................................................................................................................................... 58
Independent Auditor’s Report
................................................................................................................................................................................. 59
NOTES
............................................................................................................................................................................................................................................... 24
20 REKOM ANNUAL REPORT 2025
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Revenue 4 1,134,949 1,062,178
Costs of goods sold -297,182 -272,137
Other external expenses
-277,668 -254,841
Sta costs 5 -301,647 -297,081
Other operating income 6 17,941 13,785
Operating prot before depreciation, amortisation (EBITDA) and
special items 276,393 251,904
Depreciation, amortisation and impairment 7 -193,581 -173,436
Operating prot before interest, tax (EBIT) and special items 82,812 78,468
Special items 8 -45,065 -9,702
Financial income 9 4,738 827
Financial expenses 9 -75,991 -88,558
Loss before tax for continued operations -33,506 -18,965
Tax for the year for continued operations 10 4,255 13,308
Loss for the year for continued operations -29,251 -5,657
Loss for the year for discontinued operations 24 -14,894 -74,671
Loss for the year -44,145 -80,328
Total loss for the year is attributable to:
Owners of REKOM Group A/S -44,148 -80,988
Non-controlling interests 3 660
-44,145 -80,328
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Loss for the year -44,145 -80,328
Other comprehensive income
Items that may be reclassied to prot or loss
Exchange dierences on translation of foreign operations 267 12,571
Other comprehensive income for the year, net of tax 267 12,571
Total comprehensive income for the year -43,878 -67,757
Total comprehensive income for the year is attributable to:
Owners of REKOM Group A/S -43,367 -69,500
Non-controlling interests -511 1,743
-43,878 -67,757
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
21 REKOM ANNUAL REPORT 2025
CONSOLIDATED BALANCE SHEET
As at 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Assets
Non-current assets
Goodwill 286,136 285,931
Acquired licenses 103,685 122,434
Acquired brands 2,422 3,011
Patents 287 300
Completed development projects 13,663 25,369
Development projects in progress 26 6,453
Intangible assets 13 406,219 443,498
Land and buildings 1,352 1,392
Other xtures and ttings, tools and equipment 21,230 23,254
Leasehold improvements 164,202 240,625
Property, plant and equipment in progress 114 0
Property, plant and equipment 14 186,898 265,271
Right-of-use assets 15 279,329 371,125
Deferred tax assets 11 23,172 36,196
Investments in associates 12 1,596 1,260
Deposits 14,761 19,795
Other non-current receivables 0 1,813
Total non-current assets 911,975 1,138,958
Current assets
Inventories 42,507 48,961
Trade receivables 17 42,378 39,813
Receivables from associates 1,757 2,589
Prepayments 4,386 6,855
Other receivables 17,183 11,963
Cash and cash equivalents 82,982 49,575
Total current assets 191,193 159,756
Total assets 1,103,168 1,298,714
CONSOLIDATED BALANCE SHEET
As at 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Equity
Share capital 20 500 500
Foreign currency translation reserve 12,231 11,964
Retained earnings 208,953 112,007
Capital and reserves attributable to owners of REKOM Group A/S 221,684 124,471
Non-controlling interests 6,358 7,573
Total equity 228,042 132,044
Liabilities
Non-current liabilities
Borrowings 17 0 384,788
Lease liabilities 15 240,837 293,258
Other liabilities 17 5,456 5,283
Total non-current liabilities 246,293 683,329
Current liabilities
Borrowings from group enterprises 17
Borrowings 17 232,242 0
Payables to group enterprises 17 29,207 59,393
Lease liabilities 15 84,109 128,346
Trade payables 17 105,625 112,283
Credit institutions 17 24,110 24,409
Other liabilities 113,822 125,891
Current tax payables to group enterprises 4,231 6,977
Provisions 25 21,794 26,042
Total current liabilities 628,833 483,341
Total liabilities 875,126 1,166,670
Total liabilities and equity 1,103,168 1,298,714
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
22 REKOM ANNUAL REPORT 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
IN THOUSANDS DKK
SHARE
CAPITAL
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE TO
THE OWNERS OF
THE GROUP
NON-
CONTROLLING
INTERESTS
TOTAL
EQUITY
As at 1 January 2025 500 11,964 112,007 124,471 7,573 132,044
Loss for the period 0 0 -43,634 -43,634 -511 -44,145
Other comprehensive income 0 267 0 267 0 267
Total comprehensive income 0 267 -43,634 -43,367 -511 -43,878
Dividends 0 0 0 0 -1,124 -1,124
Group contribution 0 0 150,000 150,000 0 150,000
Dividends
-9,000
Sale of shares to minority 0 0 -420 -420 420 0
Transactions with owners in their capacity as owners 0 0 140,580 140,580 -704 139,876
As at 31 December 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024
IN THOUSANDS DKK
SHARE
CAPITAL
FOREIGN
CURRENCY
TRANSLATION
RESERVE
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE TO
THE OWNERS OF
THE GROUP
NON-
CONTROLLING
INTERESTS
TOTAL
EQUITY
As at 1 January 2024 500 476 -27,641 -26,665 6,807 -19,858
Correction of misstatement as per 1 January 2024 0 0
Adjusted equity as at 1 January 2024 500 476
-53,491 -52,515
Loss for the period
Other comprehensive income
Total comprehensive income 0 11,488 -80,988 -69,500 1,743
-67,757
Dividends 0 0 0 0
-977
Group contribution 0 0 246,486 246,486
-977
Transactions with owners in their capacity as owners 0 0 246,486 246,486 -977 245,509
As at 31 December 2024 500 11,964 112,007 124,471 7,573 132,044
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
-25,850 -25,850
11,488
-80,328
12,57
10
11,488
0
1,083
23 REKOM ANNUAL REPORT 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Cash ows from operating activities
Operating prot before depreciation, amortisation (EBITDA) and special
items 276,393 251,904
Operating prot before depreciation, amortisation (EBITDA) and special
items from discontinued operations 24 -5,429 1,648
Changes in net working capital 19 -2,767 -118,492
Cash ows from operating activities before special items,
nancials and tax 268,197 135,060
Special items 8 -29,654 -26,558
Interest received 4,738 10,247
Interest paid -25,991 -5,830
Interest paid on lease contracts -28,261 -37,021
Refund of taxes paid 0 2,088
Cash ow from operating activities (CFFO) 189,029 77,986
Cash ows from investing activities
Payment for acquisition of subsidiaries, net of cash acquired 0 -6,275
Purchase of intangible assets 13 -1,802 -5,873
Purchase of property, plant and equipment 14 -51,024 -33,621
Proceeds from the sale of property, plant and equipment 0 1,422
Change in non-current intagible assets 0 0
Net change for deposits 6,849 1,038
Cash ow from investing activities (CFFI) -45,977 -43,309
Free cash ow (FCF) 143,052 34,677
Cash ows from nancing activities
Repayment of borrowings 19 0 -32,740
Repayment of lease liabilities 15 -89,231 -118,312
Repayment of and cash contribution from group enterprises -16,493 66,416
Loss of liquidity in discontinuted operations -1,918 0
Dividends paid to non-controlling interests in subsidiaries -1,187 -977
Purchase of own shares
-552
Other adjustments -517 25
Cash ow from nancing activities (CFFF) -109,346 -86,140
Changes in cash and cash equivalents 33,707 -51,463
Cash and cash equivalents at the beginning of the nancial year 18 25,166 78,281
Eects of exchange rate changes on cash and cash equivalents
-1,652
Cash and cash equivalents at end of year 58,873 25,166
Cash and cash equivalents (asset) 82,982 49,575
Credit institutions, RCF Nordea (liability)
-24,110
- 24,409
Cash and cash equivalents at end of year, total 58,872 25,166
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
For the year ended 31 December 2025
ADJUSTED FREE CASH FLOW
For the year ended 31 December 2025
IN THOUSANDS DKK NOTES 2025 2024
Free cash ow 143,052 34,677
Net acquisition of subsidiaries and activities 0 6,275
Special items 29,654 26,558
Repayment of lease liabilites (IFRS 16 reversed) -89,231 -118,312
Adjusted free cash ow 83,475 -50,802
Adjusted free cash ow comprises of free cash ow adjusted for payments for acquisition of subsidiaries and
activities including payments for property, plant & equipment to bring the acquisition to the desired state before
operations commences, lease liability repayments, interests paid on lease liabilities and special items.
Please refer to note 24 for an overview of how discontinued operations aected cash ow statement in 2025.
The eect of discontinued operations can be summed up as per below.
2025 – IN THOUSANDS DKK GROUP
DISCONT.
OPERATIONS
CONT.
OPERATIONS
Cash ow from operating activities (CFFO) 189,029 -525 189,554
Cash ow from investing activities (CFFI) -45,977 282 -46,259
Free cash ow (FCF) 143,052 -243 143,295
Cash ow from nancing activities (CFFF) -109,346 639 -109,985
Changes in cash and cash equivalents 176,758 153 176,605
2024 – IN THOUSANDS DKK GROUP
DISCONT.
OPERATIONS
CONT.
OPERATIONS
Cash ow from operating activities (CFFO) 77,986 -19,201 97,187
Cash ow from investing activities (CFFI)
-43,309 -7,561 -35,748
Free cash ow (FCF) 34,677 -26,762 61,439
Cash ow from nancing activities (CFFF) -86,140 29,238 -115,378
Changes in cash and cash equivalents -51,463 2,476 -53,939
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ...................................................................................................................53
NOTE 2 Signicant estimates and judgements ............................................................................................................................... 54
NOTE 3 Going concern ................................................................................................................................................................................................... 54
NOTE 4 Revenue .................................................................................................................................................................................................................... 54
NOTE 5 Sta costs............................................................................................................................................................................................................... 54
NOTE 6 Other operating Income .......................................................................................................................................................................55
NOTE 7 Depreciation, amortisation and impairment ............................................................................................................... 56
NOTE 8 Special items ...................................................................................................................................................................................................... 56
NOTE 9 Financial income and expenses ....................................................................................................................................................57
NOTE 10 Income tax expense .................................................................................................................................................................................. 57
NOTE 11 Deferred tax assets .................................................................................................................................................................................... 58
NOTE 12 Intangible assets .......................................................................................................................................................................................... 59
NOTE 13 Property, plant and equipment .................................................................................................................................................60
NOTE 14 Leases ...................................................................................................................................................................................................................... 62
NOTE 15 Impairment tests .......................................................................................................................................................................................... 63
NOTE 16 Financial ASSETS AND LIABILITIES ..........................................................................................................................64
NOTE 17 Financial risk management ............................................................................................................................................................ 65
NOTE 18 Cash ow specications ..................................................................................................................................................................... 66
NOTE 19 Share capital ....................................................................................................................................................................................................67
NOTE 20 Treasury shares ........................................................................................................................................................................................... 68
NOTE 21 Share-based payments....................................................................................................................................................................... 69
NOTE 22 Capital management .......................................................................................................................................................................... 69
NOTE 23 Contingent liabilities, commitments and contingencies ............................................................................. 70
NOTE 24 Business combinations.........................................................................................................................................................................70
NOTE 25 Related party transactions ............................................................................................................................................................72
NOTE 26 Fee to auditors appointed at the general meeting .........................................................................................72
NOTE 27 Interests in other entities .................................................................................................................................................................... 73
NOTE 28 Subsequent events....................................................................................................................................................................................75
NOTE 29 First time adoption of IFRS ..........................................................................................................................................................75
24 REKOM ANNUAL REPORT 2025
24 REKOM GROUP ANNUAL REPORT 2025
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ......................................................................................................... 25
NOTE 2 Signicant estimates and judgements ......................................................................................................................... 26
NOTE 3 Going concern ................................................................................................................................................................................................ 26
NOTE 4 Revenue .................................................................................................................................................................................................................. 26
NOTE 5 Sta costs ............................................................................................................................................................................................................ 26
NOTE 6 Other operating Income .................................................................................................................................................................. 27
NOTE 7 Depreciation, amortization and impairment ....................................................................................................... 27
NOTE 8 Special items ................................................................................................................................................................................................... 28
NOTE 9 Financial income and expenses.............................................................................................................................................. 29
NOTE 10 Income tax expense ................................................................................................................................................................................ 29
NOTE 11 Deferred tax ................................................................................................................................................................................................... 30
NOTE 12 Investments in associates ................................................................................................................................................................ 31
NOTE 13 Intangible assets ......................................................................................................................................................................................... 31
NOTE 14 Property, plant and equipment .............................................................................................................................................. 33
NOTE 15 Leases ....................................................................................................................................................................................................................... 34
NOTE 16 Impairment tests ........................................................................................................................................................................................ 35
NOTE 17 Financial assets and liabilities ................................................................................................................................................. 36
NOTE 18 Financial risk management ......................................................................................................................................................... 38
NOTE 19 Cash ow specications ................................................................................................................................................................... 39
NOTE 20 Share capital .................................................................................................................................................................................................. 40
NOTE 21 Share-based payments .................................................................................................................................................................... 40
NOTE 22 Capital management.......................................................................................................................................................................... 40
NOTE 23 Contingent liabilities, commitments and contingencies ......................................................................... 41
NOTE 24 Discontinued Operations ................................................................................................................................................................ 41
NOTE 25 Provisions .............................................................................................................................................................................................................. 42
NOTE 26 Related party transactions .......................................................................................................................................................... 43
NOTE 27 Fee to auditors appointed at the general meeting .................................................................................... 43
NOTE 28 Interests in other entities ................................................................................................................................................................. 43
NOTE 29 Subsequent events ................................................................................................................................................................................... 45
25 REKOM ANNUAL REPORT 2025
NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES
NOTE 1 SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED)
The Consolidated Financial Statements of REKOM
Group A/S and its subsidiaries (‘the Group’) for the year
ended 31 December 2025 has been approved by the
Board of Directors at its meeting on 15 June 2026 and
will be presented to the shareholders of REKOM Group
A/S for approval on the annual general meeting.
The material accounting policies adopted in the
preparation of these Consolidated Financial Statements
are stated in this note as well as below in the relevant
notes. These policies have been consistently applied to
all the years presented.
The Consolidated Financial Statements are for the
Group consisting of REKOM Group A/S and its
subsidiaries.
Basis of preparation
The Consolidated Financial Statements of the Group
have been prepared in accordance with IFRS accounting
standards as adopted by the EU as well as additional
Danish disclosure requirements applying to entities of
reporting class C for large enterprises.
The Consolidated Financial Statements have been
prepared on a historical cost basis, except for certain
nancial instruments measured at fair value.
The Consolidated Financial Statements are presented in
Danish Kroner (DKK) and all values are rounded to the
nearest thousand, except when otherwise indicated.
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity where the Group
is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to aect
those returns through its power to direct the activities of
the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They
are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account
for business combinations by the Group.
Intercompany transactions, balances and unrealized
gains on transactions between Group companies are
eliminated. Unrealized losses are also eliminated unless
the transaction provides evidence of an impairment of
the transferred asset. Accounting policies of subsidiaries
have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of
subsidiaries are shown separately in the consolidated
statement of prot or loss, statement of comprehensive
income, statement of changes in equity and balance
sheet respectively.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in the nancial statements of each of
the Group’s entities are measured using the currency of
the primary economic environment in which the entity
operates (‘the functional currency’).
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions,
and from the translation of monetary assets and
liabilities denominated in foreign currencies at year end
exchange rates, are generally recognized in prot or loss.
They are deferred in equity if they are attributable to
part of the net investment in a foreign operation.
The results and nancial position of foreign operations
that have a functional currency dierent from Danish
Kroner are translated into Danish Kroner as follows:
• assets and liabilities for each balance sheet
presented are translated at the closing rate at the
date of that balance sheet
• income and expenses for each statement of prot
or loss and statement of comprehensive income are
translated at average exchange rates, and
• all resulting exchange dierences are recognized in
other comprehensive income
On consolidation, exchange dierences arising from
the translation of any net investment in foreign entities
are recognized in other comprehensive income. When
a foreign operation is sold the associated exchange
dierences are reclassied to prot or loss, as part of
the gain or loss on sale.
Goodwill and fair value adjustments arising on the
acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated at
the closing rate.
Foreign currency translation reserve
Exchange dierences arising on translation of the
parent company and of foreign controlled entities into
DKK, are recognized in other comprehensive income and
accumulated in a separate reserve within equity. The
cumulative amount is reclassied to prot or loss when
the net investment is disposed of.
Presentation of discontinued operations
Discontinued operations constitute a signicant part
of the company if activities and cash ows can be
operationally and nancially clearly distinguished from
the rest of the company, and where the unit has either
been disposed of or is classied as held for sale, with
the sale expected to be completed within one year in
accordance with a formal plan.
The result after tax from discontinued operations and
value adjustments after tax, as well as gains/losses from
sales, are presented on a separate line in the income
statement with adjustments for comparative gures. The
notes disclose revenue, costs, value adjustments, and tax
related to the discontinued operation.
Cash ows from operating, investing, and nancing
activities for the discontinued operations are disclosed
in a note.
Cash ow statement
The Cash Flow Statement shows the Group’s cash ows
for the year broken down by operating, investing and
nancing activities, changes for the year in cash and
cash equivalents as well as the Group’s cash and cash
equivalents at the beginning and end of the year.
Cash ows from operating activities are calculated using
the indirect method based on operating prot before
depreciation, amortisation (EBITDA) and special items
adjusted for non-cash operating items, changes in net
working capital, nancial items and taxes paid. Working
capital comprises current assets less short-term debt,
excluding items included in cash and cash equivalents.
The Cash Flow Statement cannot be derived directly
from the balance sheet and income statement.
Cash ows from investing activities comprise cash ows
from acquisitions and disposals of businesses and non-
current assets.
Cash ows from nancing activities comprise cash ows
from the raising and repayment of long-term debt
and principal element on lease payments as well as
payments to and from shareholders.
Cash and cash equivalents comprises cash and bank
balances.
Cost of goods sold
Costs of goods sold comprise costs regarding goods
directly associated to achieve revenue for the year.
Other external expenses
Other external expenses comprise expenses for
marketing, IT, other premises cost, promotion, travelling
as well as other sales and administrative expenses.
Inventories
Inventories are measured at the lower of cost and
net realizable value under the FIFO method. The
net realizable value of inventories is calculated at
the amount expected to be generated by sale of the
inventories in the process of normal operations with
deduction of selling expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and
bank deposits.
Other receivables
Other receivables comprise government compensation,
marketing contributions and deposits. Receivables are
measured at amortised cost, usually equalling nominal
value less writedowns for bad and doubtful debts.
Other liabilities
Other debt or liabilities covering trade creditors and
other debt are recognised at amortized cost, which
usually corresponds to the nominal value
Pepayments
Prepayments comprise prepaid expenses concerning
acquisitions, insurance premiums and subscriptions.
Prepayments are measured at cost.
Key gures
The nancial ratios have been calculated in accordance
with the recommendations of the Association of Danish
Financial Analysts. Please see section for key denitions
and terms.
New and amended standards adopted by the group
For the year ended 31 December 2025, the Group
has adopted the amendments to IAS 1 concerning the
classication of non current borrowings and the related
disclosure of covenants. Under these amendments, a
liability is classied as non current if the Group’s right
to defer settlement for at least 12 months exists at the
reporting date, with only those covenants requiring
compliance on or before that date aecting the
classication. The adoption has been applied has not
materially aected consolidated nancial statements.
In addition, amendments issued in 2025 to IAS 7/IFRS
7 regarding supplier nance arrangements and to IFRS
16 regarding sale and leaseback transactions have been
published. The Group has evaluated these changes and
determined that they did not have a material impact on
the nancial statements.
New standards and interpretations not yet adopted
IASB has issued new or amended accounting
standards and interpretations that have not yet
become eective and have consequently not been
implemented in the consolidated nancial statements
for 2025. The Group expects to adopt the accounting
standards and interpretations as they become
mandatory.
In 2025, IASB issued IFRS 18 ‘Presentation and
Disclosure in Financial Statements’ which replaces
IAS 1 ‘Presentation of Financial Statements’. The
Group is currently working to identify all impacts
the amendments will have on the primary nancial
statements and notes to the nancial statements.
Besides that, the new or amended standards or
interpretations are not expected to have a signicant
impact.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
26 REKOM ANNUAL REPORT 2025
NOTE 4 REVENUE
Disaggregation of revenue from contracts with customers
Revenue from external customers relate to the sale of goods on a retail and wholesale basis and is recognized at a
point in time, and is derived in the following geographical regions:
2025
IN THOUSANDS DKK
DENMARK NO RWAY FINLAND UK SWEDEN TOTAL
Venues
628,743 360,270 0 0 0 989,013
Wholesale 26,690 62,621 13,176 34 43,415 145,936
Total revenue 655 ,433 422,891 13,176 34 43,415 1,134,949
2024
IN THOUSANDS DKK
DENMARK NO RWAY FINLAND UK SWEDEN TOTAL
Venues 612,728 315,921 0 0 0 928,649
Wholesale 18,179 62,485 6,694 747 45,424 133,529
Total revenue 630,907 378,406 6,694 747 45,424 1,062,178
ACCOUNTING POLICY
The Group operates chains of nightclubs and bars
selling goods to customers. Revenue from the sale of
goods is recognized when an entity sells a good to the
customer. Payment of the transaction price is usually
due immediately when the customer purchases the
good and takes delivery. Revenue is presented net of
any discounts provided on location or through loyalty
programs, i.e. NightPay.
The Group runs events either wholly owned or as a
service partner. For these events, payment for tickets
or services provided may vary from the event held or
the service delivered. As such, revenue is recognized
when the obligation assumed by the Group has been
fullled, i.e. on the day when an event is held and
completed.
Revenue from the sale of goods through wholesale
revenue streams is recognised at a point in time when
control of the goods has been transferred to the
customer, which typically occurs upon delivery.
Revenue is recognized exclusive of any tax or duties
paid by the customer.
NOTE 5 STAFF COSTS
IN THOUSANDS DKK
2025 2024
Wages and salaries 280,196 270,937
Pension cost, dened contribution plans 5,385 6,829
Other social security costs 14,882 14,894
Other sta costs 1,184 4,421
Total 301,647 297,081
Average number of employees 716 655
Key management personnel compensation
Key management personnel consists of the Executive Management and the Board of Directors. The compensation
paid or payables to key management personnel for employee services is shown below:
NOTE 2 SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of nancial statements requires the use
of accounting estimates which, by denition, will seldom
equal the actual results. Management also needs to
exercise judgement in applying the Group’s accounting
policies.
This note provides an overview of the areas that
involved a higher degree of judgement or complexity,
and of items which are more likely to be materially
adjusted due to estimates and assumptions turning out
to be wrong. Detailed information about each of these
estimates and judgements is included in other notes
together with information about the basis of calculation
for each aected line item in the nancial statements.
Signicant estimates made relate to:
• Impairment of PPE, intangibles and leases (note 7)
• Special Items (note 8)
• Recognition of deferred tax assets (note 11)
• Determination of lease term (note 15)
• Impairment of goodwill (note 16)
NOTE 3 JUDGEMENTS REGARDING GOING CONCERN
Throughout 2025, REKOM continued its strong work to
streamline and optimize the core business. This resulted
in 7% top-line growth in 2025, while also successfully
improving our margins, with EBITDA and EBIT once
again stable and increasing.
This development has been driven by maintaining our
focus on investing in our venues to ensure our concepts
are updated and aligned with market demand, while
also divesting or selling certain loss-making venues. In
addition, a decision was made at the beginning of 2025
to exit the Finnish market, where REKOM was no longer
able to operate a protable core business.
As the nal part of the plan, REKOM worked
throughout 2025 to renance the Group’s debt and
extend agreements with its lenders. As the loan
agreements were due to expire in 2026, this work
began in mid-2025 and was completed in June 2026.
The negotiations resulted in transitioning REKOM into
a new structure, with the old loan agreements being
replaced by new and updated agreements featuring
new covenants, updated terms, interest rate levels,
and maturity periods and lower debt as borrowings of
approx. DKK 300m were converted into equity in June
2026.
The new and extended loan agreements fundamentally
mean that REKOM’s cash ow is signicantly improved,
ensuring that the strategy can be executed.
Management has faith in REKOM performing according
to the Board approved budget for 2026 but has also
prepared contingency plans in case of negative budget
deviation. In all scenarios, management is condent
that REKOM will comply with covenants in new loan
agreements.
The new loan agreements have covenants that are
sensitive to and dependent on REKOM’s performance
regarding EBITDA, capital expenditure and liquidity.
REKOM has met all such requirements in the past.
Based on the new capital/loan structure and approved
budget for 2026, management has worked with dierent
assumptions on expectations to revenue, EBITDA and
CAPEX etc. to stress that the liquidity is robust enough
to carry out the plans for 2026.
Management assesses that REKOM has sucient
liquidity and capital resources to continue operations
throughout 2026. Management, therefore, submits the
annual report for 2025 based on the assessment of
going concern.
Please refer to note 29 for a description of the Group's
subsequent events after the balance sheet date.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
27 REKOM ANNUAL REPORT 2025
NOTE 5 STAFF COSTS (CONTINUED)
IN THOUSANDS DKK 2025 2024
Executive Management
Wages and salaries 8,140 8,456
Dened contribution plans 0 0
Other social security costs 348 278
Total 8,488 8,734
Board of Directors
Board fees 830 300
Total 830 300
ACCOUNTING POLICY
Sta expenses comprise direct wages and salaries,
remuneration, pension costs etc.
For dened contribution plans, the Group pays
contributions to publicly or privately administered
pension insurance plans on a mandatory basis. The
Group has no further payment obligations once the
contributions have been paid. The contributions are
recognized as employee benet expense when they
are due.
NOTE 6 OTHER OPERATING INCOME
Government compensation is comprised of compensation of costs, salaries or losses already incurred and recognized,
All government compensation are related to COVID-19 settlements.
2025
IN THOUSANDS DKK DENMARK NO RWAY TOTAL
Government compensation 8,108 4,635 12,743
Other income 5,198 0 5,198
Total other operating income 13,306 4,635 17,941
2024
IN THOUSANDS DKK DENMARK NO RWAY TOTAL
Government compensation 4,316 3,529 7,845
Other income 5,940 0 5,940
Total other operating income 10,256 3,529 13,785
NOTE 7 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
IN THOUSANDS DKK
2025 2024
Depreciation of property, plant and equipment 60,076 32,430
Depreciation of right-of-use assets 85,072 99,173
Amortization of intangible assets 22,006 35,553
Gain and loss on disposal 4,199 -40
Depreciation and amortization 171,353 167,116
Impairment of property, plant and equipment 19,681 22
Impairment of intangible assets 2,547 6,298
Impairment 22,228 6,320
Total depreciation, amortization and impairment 193,581 173,436
Impairment of property, plant and equipment as special items 0 -1,233
Impairment of right-of-use assets as special items 0 -27,090
Impairment of intangible assets as special items 7,411 28,350
Impairment presented as special items 7,411 27
Total depreciation, amortization and impairment including special items 200,992 173,463
SIGNIFICANT ESTIMATES AND JUDGEMENTS
In the classication of special items, judgement is
applied in ensuring that only exceptional items not
associated with the ordinary operations of the Group
are included. As such, it has been assessed that any
assets impaired due to the restructuring as part of
the Back in Shape plan is considered special items
as these procedures are not part of the ordinary
operations. Any assets impaired as part of ordinary
impairment assessment procedures has been classied
and presented as ordinary impairment.
Previously, the residual value of leasehold
improvements was determined at 20% of cost. As
part of the annual reassessment of accounting
estimates, Management has now concluded that the
residual value should be revised to 0%. This change
is based on an updated assessment of the expected
recoverable value of the assets at the end of the lease
term. As this represents a change in an accounting
estimate, the eect will be recognised prospectively in
the current and future nancial periods.
ACCOUNTING POLICY
Compensation from the government are recognized at
their fair value where there is a reasonable assurance
that the grant will be received and the Group will
comply with all attached conditions. When the grant
relates to an expense item, it is recognized as income
on a systematic basis over the periods that the related
costs, for which it is intended to compensate, are
expensed.
NOTE 6 OTHER OPERATING INCOME (CONTINUED)
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
28 REKOM ANNUAL REPORT 2025
NOTE 8 SPECIAL ITEMS
Special items are used in connection with the presentation of prot or loss for the year to distinguish consolidated
operating prot from exceptional items, which by their nature are not related to the Group’s ordinary operations or
investment in future activities.
Special items reconcile to the income statement items as specied in the table below:
IN THOUSANDS DKK 2025 2024
One-o consulting costs 3,951 1,366
Transaction costs -175 2,816
Financing-related costs 0 1,321
Restructuring 8,005 6,812
Closed and refurbished venues 26,512 2,156
Insurance claims -839 -3,785
Cases and settlements 200 -1,157
Total special items 37,654 9,529
Reversal of impairment from restructuring prior years 0 -35,557
Impairment from restructuring 7,411 35,730
Total special items incl. impairment 45,065 9,702
IN THOUSANDS DKK 2025 2024
SPECIAL ITEMS BRIDGE
REPORTED
INCOME
STATEMENT
SPECIAL
ITEMS
ADJUSTED
INCOME
STATEMENT
REPORTED
INCOME
STATEMENT
SPECIAL
ITEMS
ADJUSTED
INCOME
STATEMENT
Revenue 1,134,949 4,123 1,139,072 1,062,178 0 1,062,178
Costs of goods sold -297,182 -2,172 -299,354 -272,137 0 -272,137
Other external expenses -277,668 -35,527 -313,195 -207,881 -3,615 -211,496
Sta costs -301,647 -4,817 -306,464 -344,041 -6,087 -350,128
Other operating income 17,941 739 18,680 13,785 0 13,785
Operating prot before
depreciation, amortisation
(EBITDA) and special items
276,393 -37,654 238,739 251,904 -9,702 242,202
Depreciation, amortisation and
impairment -193,581 -7,411 -200,992 -173,436 0 -173,436
EBIT 82,812 -45,065 37,747 78,468 -9,702 68,766
Special items -45,065 45,065 0 -9,702 9,702 0
NOTE 8 SPECIAL ITEMS (CONTINUED)
ACCOUNTING POLICY
Special items comprise costs and income which by
their nature are not related to the Group’s ordinary
operations or investments in future activities. This
includes, but is not limited to, transaction costs, gains
on bargain purchases relating to the acquisition of
subsidiaries and activities, and restructuring costs.
The Group also accounts for costs incurred by venues
before operations begin or after the closure of
operations at a venue, classifying them as related to
closed and refurbished venues, which are not part of
the ordinary operations.
Under certain circumstances impairment would also
be comprised of special items. This is in the event of
group-wide strategic change which requries signicant
adjustments to the current operations. This would not
be classied as part of ongoing operations, as it is a
major change to the current strategy and operation.
SIGNIFICANT JUDGEMENT
In the classication of special items, judgement is
applied in ensuring that only exceptional items not
associated with the ordinary operations of the Group
are included. The judgements and assessments are
as follows: One-o consulting costs mainly relate to
M&A investigations, which never materialized or fees
paid regarding services, which are not expected to
be needed again. Transactional costs mainly relate
to the Spivi transaction and any additional costs this
transaction might have caused.
Due to the pressure on the disposable income in
households stemming from the cost of living crisis
REKOM saw it necessary to act swiftly when trading
was much more negative than expected. As such,
REKOM deployed a large-scale Back in Shape plan
to bring the Group back on track. This forced REKOM
to take extraordinary measures in use to bring the
Group back on track. This included, but is not limited
to, a major pruning of the venue portfolio and the
platform costs hereunder HQ sta. Under normal
operations, this would have never been performed to
this scale. Therefore, the Group sees this as a special
item. In 2024 we reversed impairment as impairment
circumstances changed materialy for some impaired
CGU’s.
Restructuring costs mainly include salaries paid to
redundant employees in notice periods and severance
payments. Further, it also holds any liabilities assumed
before the balance sheet date such as notice period
payments in coming periods and legal & consultancy
fees incurred as part of the restructuring.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
29 REKOM ANNUAL REPORT 2025
NOTE 10 INCOME TAX EXPENSE
IN THOUSANDS DKK 2025 2024
Current tax
Current tax on prots for the year 11,447 16,076
Adjustments for current tax of prior periods 5,832 0
Adjustments for deferred tax of prior periods 0 -460
Deferred tax -13,024 -2,308
Income tax expense 4,255 13,308
Prot before taxes -33,506 -18,965
Reconcilliation of eective tax rate
Tax at the Danish tax rate of 22% (2024: 22%) 7,371 4,172
Impact of foreign tax rates on the tax rate 0 -764
7,371 3,408
Tax eects of amounts which are not deductible (taxable)
Non-deductible expenses incl, interest deduction limitations -1,288 -607
Deferred tax asset not recognized -11,102 -7,641
Impairment without tax eect 0 -7,600
Other timing dierences 764 -868
Adjustments for current tax of prior periods 0 0
-11,626 -16,716
Income tax expense -4,255 -13,308
ACCOUNTING POLICY
The income tax expense or credit for the period
is the tax payable on the current period’s taxable
income, based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred
tax assets and liabilities attributable to temporary
dierences and to unused tax losses.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries
where the company and its subsidiaries and associates
operate and generate taxable income. Management
periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax
regulation is subject to interpretation and considers
whether it is probable that a taxation authority
will accept an uncertain tax treatment. The group
measures its tax balances either based on the most
likely amount or the expected value, depending on
which method provides a better prediction of the
resolution of the uncertainty.
Deferred tax is provided in full using the liability
method on temporary dierences arising between the
tax bases of assets and liabilities and their carrying
amounts in the consolidated nancial statements.
However, deferred tax liabilities are not recognized if
they arise from the initial recognition of goodwill.
Deferred tax is also not accounted for if it arises
from initial recognition of an asset or liability in a
transaction other than a business combination that, at
the time of the transaction, aects neither accounting
nor taxable prot or loss. Deferred tax is determined
using tax rates (and laws) that have been enacted
or substantively enacted by the end of the reporting
period and are expected to apply when the related
deferred income tax asset is realized or the deferred
tax liability is settled.
The eective tax rate for 2025 is 12.70% (2024:
70.17%).
NOTE 9 FINANCIAL INCOME AND EXPENSES
IN THOUSANDS DKK 2025 2024
Financial income
Interest income 1,279 0
Total income from nancial assets 1,279 0
Share of associates’ prot after tax 336 827
Foreign exchange rate gains 3,123 0
Total nancial income 4,738 827
Financial expenses
Interest paid on borrowings
38,132 46,896
Interest paid to group enterprises
2,709 0
Interest paid on lease liabilities 28,261 30,319
Total interest expense related to nancial liabilities not at fair value
through prot or loss 69,102 77,215
Foreign exchange rate losses 2,758 3,603
Amortization of loan costs 4,131 7,740
Total nancial expenses 75,991 88,558
ACCOUNTING POLICY
Financial income and expenses (net nancial items)
include interest income and expenses calculated in
accordance with the eective interest method as well
as exchange rate gains and losses on foreign currency
transactions and share of associates prot after
tax using the equity method. Financial income and
expenses are recognized in the income statement at
the amounts relating to the nancial year.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
30 REKOM ANNUAL REPORT 2025
NOTE 11 DEFERRED TAX (CONTINUED)
ACCOUNTING POLICY
Deferred tax assets are recognized only if it is
probable that future taxable amounts will be
available to utilise those temporary dierences and
losses.
Deferred tax liabilities and assets are not recognized
for temporary dierences between the carrying
amount and tax bases of investments in foreign
operations where the company is able to control the
timing of the reversal of the temporary dierences
and it is probable that the dierences will not reverse
in the foreseeable future.
Deferred tax assets and liabilities are oset where
there is a legally enforceable right to oset current
tax assets and liabilities and where the deferred
tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are oset where
the entity has a legally enforceable right to oset and
intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
Current and deferred tax is recognized in prot
or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly
in equity. In this case, the tax is also recognized
in other comprehensive income or directly in equity,
respectively.
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Recognition of deferred tax assets
The deferred tax assets include an amount of
DKK 46,5 million (DKK 64,3 million in 2024) which
relates to carried-forward tax losses. The group has
concluded that the deferred assets will be recoverable
using the estimated future taxable income based on
the approved business plans and budgets. The losses
can be carried forward indenitely and have no expiry
date. Total Balance of tax losses carried forward
amounts to DKK 211,36 million (DKK 292,12 million in
2024).
In line with the requirements in IAS 12, the deferred
tax assets and liabilities are oset as they have a
legal right to set o and relate to income tax with the
same taxation authority.
The recognized tax assets that relates to tax losses
carried forward, which is the result of previous years
taxable income, have all occurred after the beginning
of the COVID-19 pandemic. Management assess the
pandemic to be a very rare incident and as such an
anormaly. In connection with the assessment of the
utilization of the tax assets, special emphasis has been
placed on this assessment, and the fact that all tax
losses carry forward are in markets, where the group
now is well established and these operations are
expected to generate positive results going forward.
The Group has unrecognized tax assets within
Denmark & Norway. The unrecognised tax assets
are in the range of DKK 25,4 millon (DKK 7,7 million
in 2024), and has not been recognized due to
uncertainties of the utilization within the next 5 years.
NOTE 11 DEFERRED TAX
IN THOUSANDS DKK 2025 2024
Deferred tax at the beginning of period 36,196 22,546
Deferred tax recognized in the statement of prot or loss -13,024 22,419
Deferred tax recognized from business combinations 0 -16,339
Adjustments for deferred tax of prior periods 0 7,435
Adjustments to deferred tax classication 0 0
Deferred tax recognized directly in equity 0 0
Exchange adjustment 0 135
Deferred tax at year end 23,172 36,196
Deferred tax relates to:
Intangible assets -20,159 -22,371
Property, plant and equipment 5,533 -2,860
Right-of-use assets 10,035 10,949
Other assets 2,927 -6,215
Other liabilities 3,710 166
Tax losses carried forward 46,483 64,267
Total 48,529 43,936
Of which presented as deferred tax assets 48,529 43,936
Deferred tax asset not recognized in the balance sheet -25,357 -7,740
Deferred tax at 31 December 23,172 36,196
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
31 REKOM ANNUAL REPORT 2025
NOTE 12 INVESTMENT IN ASSOCIATES
IN THOUSANDS DKK 2025 2024
Carrying amount:
At 1 January 1,260 2,115
Additions 0 0
Revaluation of investments in associates 336 827
Dividends 0 0
Disposals 0 -1,682
Carrying amount 31 December 1,596 1,260
NAME
PLACE OF REGISTERED
OFFICE VOTE OWNERSHIP
I AM Drinks ApS Denmark 32% 32%
ACCOUNTING POLICY
Investments in associates are measured using the
equity method.
The entities listed have share capital consisting
solely of ordinary shares, which are held directly by
the Group. The country of incorporation is also their
principal place of business, and the proportion of
ownership interest is the same as the proportion of
voting rights held.
NOTE 13 INTANGIBLE ASSETS
IN THOUSANDS DKK GOODWILL
ACQUIRED
LICENSES
ACQUIRED
BRANDS PATENTS
COMPLETED
DEVELOP-
MENT PRO-
JECTS
DEVELOP-
MENT PRO-
JECTS IN
PROGRESS TOTAL
Cost: 323,520 191,793 7,606 606 73,179 6,453 603,157
At 1 January 2025
Additions 0 0 0 45 1,757 0 1,802
Disposals 0 -11,671 0 0 -19,303 -4,749 -35,723
Transfers 0 0 0 0 0 0 0
Exchange adjustments 231 98 5 0 0 0 334
At 31 December 2025 323,751 180,220 7,611 651 55,633 1,704 569,570
Accumulated
depreciation and
impairment:
At 1 January 2025 37,589 69,359 4,595 306 47,810 0 159,659
Amortization for the year 0 14,820 588 58 6,540 0 22,006
Impairment for the year 0 2,933 4 0 7,021 0 9,958
Impairment and
depreciation on disposals
0 -10,628 0 0 -19,303 1,678 -28,253
Exchange adjustment 26 51 2 0 -98 0 -19
At 31 December 2025 37,615 76,535 5,189 364 41,970 1,678 163,351
Carrying amount
31 December 2025 286,136 103,685 2,422 287 13,663 26 406,219
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
32 REKOM ANNUAL REPORT 2025
NOTE 13 INTANGIBLE ASSETS (CONTINUED)
IN THOUSANDS DKK GOODWILL
ACQUIRED
LICENSES
ACQUIRED
BRANDS PATENTS
COMPLETED
DEVELOP-
MENT PRO-
JECTS
DEVELOP-
MENT PRO-
JECTS IN
PROGRESS TOTAL
Cost:
At 1 January 2024 350,254 205,527 68,289 2,581 66,322 16,327 709,300
Additions 22,486 0 0 26 5,775 -1,715 26,572
Disposals -45,178 -12,116 -61,772 -2,000 -7,134 0 -128,200
Transfers 0 0 0 0 8,159 -8,159 0
Exchange adjustments -4,042 -1,618 1,089 -1 57 0 -4,515
At 31 December 2024 323,520 191,793 7,606 606 73,179 6,453 603,157
Accumulated
depreciation and
impairment:
At 1 January 2024 46,117 62,722 44,195 433 31,388 0 184,855
Amortization for the year 0 15,512 1,301 48 15,068 0 31,929
Impairment for the year 22,479 841 653 0 6,307 0 30,280
Impairment and
depreciation on disposals
-30,605 -8,936 -42,160 -179 -4,953 0 -86,833
Exchange adjustment -402 -780 606 4 0 0 -572
At 31 December 2024 37,589 69,359 4,595 306 47,810 0 159,659
Carrying amount
31 December 2024 285,931 122,434 3,011 300 25,369 6,453 443,498
NOTE 13 INTANGIBLE ASSETS (CONTINUED)
Development projects
Development projects comprises the cost of acquisition,
expenses and internal development salaries directly
related to multiple IT-systems such as POS systems,
membership- and loyalty-app.
Goodwill, licenses, and brands
Goodwill, licenses, and brands comprises of values arising
from acquisition of subsidiaries and activities.
ACCOUNTING POLICY
Goodwill
Goodwill on acquisitions of subsidiaries is included in
intangible assets. Goodwill is not amortized but it is
tested for impairment annually, or more frequently
if events or changes in circumstances indicate that
it might be impaired, and is carried at cost less
accumulated impairment losses. Gains and losses on
the disposal of an entity include the carrying amount
of goodwill relating to the entity sold.
Goodwill is allocated to cashgenerating units (CGU)
for the purpose of impairment testing. The allocation
is made to those CGUs or groups of CGUs that are
expected to benet from the business combination in
which the goodwill arose. The units or groups of units
are identied at the lowest level at which goodwill is
monitored for internal management purposes.
Acquired licenses
Licenses acquired in a business combination are
recognized at fair value at the acquisition date. They
have a nite useful life and are subsequently carried
at cost less accumulated amortization and impairment
losses.
Patents and brands
Acquired patents and brands are shown at historical
cost. Patents and brands acquired in a business
combination are recognized at fair value at the
acquisition date. They have a nite useful life and
are subsequently carried at cost less accumulated
amortization and impairment losses.
Development projects
Costs associated with research are recognized as
an expense as incurred. Development costs that are
directly attributable to the design and testing of
identiable and unique software products controlled
by the Group are recognized as intangible assets
where the following criteria are met:
• it is technically feasible to complete the software
so that it will be available for use
• management intends to complete the software and
use or sell it
• there is an ability to use or sell the software
• it can be demonstrated how the software will
generate probable future economic benets
• adequate technical, nancial and other resources
to complete the development and to use or sell the
software are available, and
• the expenditure attributable to the software during
its development can be reliably measured.
Directly attributable costs that are capitalized as part
of a development project include employee costs and
an appropriate portion of relevant overheads.
Capitalized development costs are amortized from the
point at which the asset is ready for use.
Amortization methods and useful lives
The Group amortizes intangible assets with a limited
useful life, using the straight-line method over the
following periods:
Goodwill Not amortized
Acquired licenses 10-20 years
Acquired brands 10-15 years
Acquired patents 20 years
Completed development projects 3-10 years
Development projects in progress Not amortized
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
33 REKOM ANNUAL REPORT 2025
NOTE 14 PROPERTY, PLANT AND EQUIPMENT
IN THOUSANDS DKK
LAND AND
BUILDINGS
LEASEHOLD
IMPROVE-
MENTS
OTHER
FIXTURES,
FITTINGS AND
EQUIPMENT
PLANT AND
EQUIPMENT
IN PROGRESS TOTAL
Cost:
At 1 January 2025 1,929 478,567 156,153 0 636,649
Additions 0 31,723 19,187 114 51,024
Transfers 0 0 0 0 0
Disposals -105 -181,461 -142,830 0 -324,396
Exchange adjustment 0 377 185 0 562
At 31 December 2025 1,824 329,206 32,695 114 363,839
Accumulated depreciation and
impairment:
At 1 January 2025 537 237,942 132,699 0 371,178
Depreciation for the year 40 48,382 11,654 0 60,076
Impairment for the year 0 12,818 6,863 0 19,681
Impairment and depreciation of disposals -105 -134,367 -139,971 0 -274,443
Exchange adjustment 0 229 220 0 449
At 31 December 2025 472 165,004 11,465 0 176,941
Carrying amount 31 December 2025 1,352 164,202 21,230 114 186,898
NOTE 14 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
IN THOUSANDS DKK
LAND AND
BUILDINGS
LEASEHOLD
IMPROVE-
MENTS
OTHER
FIXTURES,
FITTINGS AND
EQUIPMENT
PLANT AND
EQUIPMENT
IN PROGRESS TOTAL
Cost:
At 1 January 2024 1,934 521,786 321,569 15,531 860,820
Additions 0 9,743 10,902 12,976 33,621
Transfers 0 28,604 0 -28,604 0
Disposals 0 -74,774 -175,125 0 -249,899
Exchange adjustment -5 -6,792 -1,193 97 -7,893
At 31 December 2024 1,929 478,567 156,153 0 636,649
Accumulated depreciation and
impairment:
At 1 January 2024 491 266,657 208,583 0 475,731
Depreciation for the year 50 24,393 14,520 0 38,963
Impairment for the year 0 -46 -23 0 -69
Impairment and depreciation of disposals 0 -49,004 -88,529 0 -137,533
Exchange adjustment -4 -4,058 -1,852 0 -5,914
At 31 December 2024 537 237,942 132,699 0 371,178
Carrying amount 31 December 2024 1,392 240,625 23,254 0 265,271
ACCOUNTING POLICY
Property, plant and equipment is stated at historical
cost less depreciation. Historical cost includes
expenditure that is directly attributable to the
acquisition of the items.
Subsequent costs are included in the asset’s carrying
amount or recognized as a separate asset, as
appropriate, only when it is probable that future
economic benets associated with the item will ow to
the Group and the cost of the item can be measured
reliably. The carrying amount of any component
accounted for as a separate asset is derecognized
when replaced. All other repairs and maintenance are
charged to prot or loss during the reporting period in
which they are incurred.
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at the end of
each reporting period.
An asset’s carrying amount is written down
immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These are
included in prot or loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line
method to allocate the cost of the assets, net of their
residual values, over their estimated useful lives as
follows:
Land and buildings 50 years
Leasehold improvements 3-15 years
Other xtures, ttings and equipment 3-5 years
Plant and equipment in progress Not depreciated
Leasehold improvements are depreciated over the
lease term which usually is between 5 and 10 years.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
34 REKOM ANNUAL REPORT 2025
NOTE 15 LEASES
The Group leases its venues, oces, warehouses, and vehicles. The vast majority of the Group’s leases are related
to property leases for venues, which are typically leased for 5-10 years.
In some leases extension or termination options are included as described below. The Group has both xed rent
and revenue-based rent contracts.
This note provides information for leases where The Group is a lessee.
IN THOUSANDS DKK 2025 2024
Amounts recognized in the balance sheet
The balance sheet shows the following amounts relating to leases:
Properties 279,329 371,125
Total right-of-use assets 279,329 371,125
Additions to right-of-use assets 0 2,439
Remeasurements to right-of-use assets 30,002 46,002
Impairment of right-of-use assets 0 21,971
Disposals of right-of-use assets -37,441 -283,734
Depreciation charge of right-of-use assets -85,072 -118,312
Exchange rate adjustments of right of use assets 715 -7,872
Lease liabilities
Current 84,109 128,346
Non-current 240,837 293,258
Total lease liabilities 324,946 421,604
Amounts recognized in the statement of prot or loss
The statement of prot or loss shows the following amounts relating to leases:
Depreciation charge of right-of-use assets
Properties 85,072 117,664
Vehicles 0 648
Totel depreciation of right-of-use assets 85,072 118,312
Interest expense on lease obligations 28,261 37,012
Expense relating to short-term leases 770 2,599
Expense relating to variable lease payments not included in lease obligations 2,283 4,359
Total cash outow for leases 117,492 168,512
NOTE 15 LEASES (CONTINUED)
ACCOUNTING POLICY
Whether a contract contains a lease is assessed at
contract inception. Lease agreements may contain
both lease and non-lease components. The Group
allocates the consideration in the contract to the lease
and non-lease components based on their relative
stand-alone prices.
Lease terms are negotiated on an individual basis
and contain a wide range of dierent terms and
conditions. The lease agreements do not impose
any covenants other than the security interests in
the leases assets that are held by the lessor. As the
Group’s lease activities mainly relate to property,
the terms and conditions applied in these leases are
governed by the local legislation in each country in
which the Group operates.
Assets and liabilities arising from a lease are initially
measured on a present value basis with the addition
of initial direct costs to assets. These are presented
as payments for right-of-use assets in the cash ow
statement. Lease obligations include the net present
value of the following lease payments:
• xed payments less any lease incentives receivable
• variable lease payments that are based on an
index or a
rate, initially measured using the index or rate as
the commencement date
• payments of penalties for terminating the lease if
the lease reects the Group exercising that option
Lease payment to be made under reasonably
certain extension options are also included in the
measurement of the liability. The Group has no
contracts with residual value guarantees.
The lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in
the Group, the lessee’s incremental borrowing rate is
used, being the rate that the individual lessee would
have to pay to borrow the funds necessary to obtain
an asset of similar value to the right-of-use asset in
a similar economic environment with similar terms,
security and conditions.
To determine the incremental borrowing rate, the
Group uses third-party nancing received as a
starting point, adjusted to reect
changes in nancing conditions since third party
nancing was received, then uses a build-up approach
on top third-party nancing. The build-up approach
applied adjusts for country, lease term, security, value,
country of the lease and the economic environment
for each lease.
The Group is exposed to potential future increases in
lease payments based on an index or a rate, which are
not included in the lease liability until they take eect.
When variable adjustments to lease payments based
on an index or a rate take eect, the lease liability
is reassessed and adjusted against the right-of-use
asset.
Lease payments are allocated between principal and
nance cost. The nance cost is charged to prot
or loss over the lease period to produce a constant
periodic rate of interest on the remaining balance of
the liability for each period.
Right-of-use assets are measured at cost comprising
the following:
• the amount of the initial measurement of lease
obligations
• any lease payments made at or before the com-
mencement
date less any lease incentives received
• any initial direct costs and
• reestablishment costs
Right-of-use assets are subsequently measured less
accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the lease
term on a straight-line basis. The Group has no leases
with purchase options.
Payments associated with short-term leases of
equipment and vehicles and all leases of low-value
assets are recognized on a straight-line basis as an
expense in prot or loss. Short-term leases are leases
with a lease term of 12 months or less.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
35 REKOM ANNUAL REPORT 2025
NOTE 15 LEASES (CONTINUED)
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Management has made estimates regarding,
among other, leases to be included, the lease term
of open-ended contracts, the utilization of exten-
sion and termination options, reestablishment pro-
visions, low-value and short-term contracts and the
incremental borrowing rate.
Most property lease agreements are open-end-
ed. For open-ended contracts, Management has
estimated the lease term using licenses and per-
missions regarding a given venue as the primary
guideline. The longer of the estimated lease period
and the non-cancellable period of a property lease
has been applied as the lease term when calcu-
lating the Group’s lease liabilities. For example, if
Management estimates the lease period for a ven-
ue with an open-ended contract to be 8 years, but
the non-cancellable period is only 5 years, 8 years
of lease obligation has been applied.
Extension and termination options
Some property leases include extension and/or termin-
ation options. These are used to maximise exibility
in the Group’s operations. Management has included
the lease term impact of extension and termination
options in the lease term to the extent Management
nds it reasonably certain that extension options will
be utilized, and reasonably certain that termination
options will not be utilized. The following factors are
normally the most relevant:
• How the asset supports the strategic direction
of the Group including the location of the asset,
strategic t and the timing of the option being
exercisable (or the expiry of the option)
• If signicant penalties to terminate (or not extend)
the lease exists, the Group is more likely to not
terminate (or to extend)
• If any leasehold improvements hold signicant
value, the Group is more likely to extend (or not
terminate)
NOTE 16 IMPAIRMENT TESTS
Impairment tests for goodwill
Goodwill is monitored by Management at the country level, being Denmark and Norway. Goodwill has been
allocated to the smallest CGU within each country being the venue. When assessing goodwill management compiles
these to the country level and is referred to as the country CGU.
2025
IN THOUSANDS DKK DENMARK N ORWAY TOTAL
Goodwill 214,423 71,713 286,136
2024
IN THOUSANDS DKK DENMARK N ORWAY TOTAL
Goodwill 214,423 71,508 285,931
2025
KEY ASSUMPTIONS DENMARK NORWAY
Budget
Average growth rate in the budget period 3.74% 3.74%
Average operating margin
21.70% 21.70%
Growth
Growth rate in the terminal period 2.00% 2.00%
Post-tax discount rate 6.50% 6.50%
2024
KEY ASSUMPTIONS DENMARK N ORWAY
Budget
Average growth rate in the budget period 2.0% 2.0%
Operating margin 14.8% 19.9%
Growth
Growth rate in the terminal period 2.0% 2.0%
Post-tax discount rate 9.3% 9.3%
ACCOUNTING POLICY
Provisions for liabilities are recognized as a result of
events oc-curring before or at the balance sheet date,
which has a legal or constructive obligation, and it is
probable that settlement of the obligation will result
in an outow of economic resources.
Provisions are measured at management’s best
estimate of the amount required to settle the
obligation. Provisions with an ex-pected maturity of
more than one year from the balance sheet date are
measured at present value.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
36 REKOM ANNUAL REPORT 2025
NOTE 16 IMPAIRMENT TESTS (CONTINUED)
SIGNIFICANT ESTIMATES AND JUDGEMENTS
Key assumptions used for value-in-use calculations:
For the 2025 and 2024 reporting periods, the
recoverable amount of goodwill of the CGUs was
determined based on value-in-use calculations which
require the use of assumptions. The calculations use
cash ow projections based on nancial budgets
approved by management, covering 2026. For the
period 2027-2030, forcasted cash ow are being used.
Cash ows beyond the budgeted and forecast period
are extrapolated using the estimated growth rates
stated above until 2034. A terminal value of CGUs
has been calculated as well.
Management’s key assumptions relate to:
1) increasing margins
2) expected growth
While 2025 showed signs of recovery in consumer
sectors, albeit with continued pressure on consumer
demand, demand levels continued to reect the
lagged eects of the high ination experienced in
2022 and 2023.. As such REKOM has tweaked its
platform to be leaner to protect margins. Towards the
later part of the year REKOM has achieved better
margins, which lays the foundation for an increase
uptick at the bottom line once consumer spend
starts to return. In Q4 this started to happen further
substantiating REKOM’s belief in good margins in
future markets.
similar and shares similar market outlooks.
The growth rates are consistent with forecasts
included in industry specic reports. Applied beta
values are derived from the median of an appropriate
peer group. Discount rates reect the risk-free interest
rate, derived from European bonds, with the addition
of market risks relating to the CGUs including
nancial exposure and is calculated in accordance
with IAS 36. The same assumptions have been applied
to all CGUs as operations within each CGU are similar.
The expected future net cash ow is based on budgets
approved by management including capital expenses
to maintain venues, but does include potential future
incomes and expenses regarding acquisitions and
expansion. After the budgeted period, a growth rate
in line with the expected long-term average growth
rate has been applied.
NOTE 17 FINANCIAL ASSETS AND LIABILITIES
The Group holds the following nancial instruments:
IN THOUSANDS DKK 2025 2024
Financial assets
Financial assets at amortised cost
Trade receivables 42,378 39,813
Receivables from associates 1,757 2,589
Other receivables 17,183 11,963
Deposits 14,761 19,795
Other non-current receivables 0 1,813
Cash and cash equivalents 82,982 49,575
Total nancial assets 159,061 125,548
Financial liabilities
Liabilities at amortised cost
Trade payables 105,625 112,283
Borrowings 245,935 384,788
Other liabilities 5,456 5,283
Credit institutions 24,110 24,409
Payables to group enterprises 29,207 59,393
Lease liabilities 324,946 421,604
Total nancial liabilities 735,279 1,007,760
Borrowings comprise current and non-current bank loans and loans from credit institutions.
FAIR VALUE HIERARCHY
The Group did not hold any nancial instruments measured at fair value at the balance sheet date.
The Group did hold nancial instruments at the balance sheet date of 2024 or 2025. All contingent consideration
was settled in 2024.
2025 - IN THOUSANDS DKK LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Financial liabilities
Contingent consideration 0 0 0 0
Total nancial liabilities 0 0 0 0
The Group only held instruments in level 3 of the fair value heirarchy. Therefore, levels 1 and 2 are not described.
The signicant inputs on which the level 3 fair value measurements have been performed are actual earnings
performance. Therefore, fair value measurement of level 3 contingent considerations are the expected payment to be
made as part of the acquisition. The considerations do not bear interest. Sensitivity is explained in the section above.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
37 REKOM ANNUAL REPORT 2025
The development in contingent considerations measured at fair value is shown below.
IN THOUSANDS DKK TOTAL
Opening balance 1 January 2024 94,986
Consideration from acquisitions 0
Fair value adjustments to consideration -8,500
Paid contingent consideration -86,486
Cash and cash equivalents 0
Closing balance 31 December 2024
Paid contingent consideration 0
Contingent consideration settled through debt conversion 0
Closing balance 31 December 2025 0
The Group’s exposure to various risks associated with the nancial instruments is discussed in note 18.
2025 2024
IN THOUSANDS DKK CURRENT
NON-
CURRENT TOTAL CURRENT
NON-
CURRENT TOTAL
Revolving Facility 24,110 0 24,110 24,409 0 24,409
Borrowings
245,935
0
245,935
0
384,788 384,788
Payables to group enterprises 29,207 0 29,207 59,393 0 59,393
Other loans 0 5,456 5,456 0 5,283 5,283
Total 299,252 5,456 304,708 83,802 390,071 473,873
IN THOUSANDS DKK FIXED/FLOATING EFFECTIVE
INTEREST RATE
CURRENCY CARRYING
AMOUNT
Payables to group enterprises Fixed 8.00% DKK 59,393
Borrowings from group enterprises Floating 9.75% – 12.00% DKK, NOK 0
Term loan from credit institution Floating 9.75% – 12.00% DKK, NOK 384,788
Revolving Facility Floating 7.75% – 9.00% DKK 24,409
Other loans Floating 3.00 - 6.00% DKK 5,283
Total borrowings 2024 473,873
Payables to group enterprises Fixed 8.00% DKK 29,207
Borrowings from group enterprises Floating 9.75% – 12.00% DKK, NOK 13,693
Term loan from credit institution Floating 9.75% – 12.00% DKK, NOK 232,242
Revolving Facility Floating 7.75% – 9.00% DKK 24,110
Other loans Floating 3.00-6.00% DKK 5,456
Total borrowings 2025 304,708
Loans from credit institutions have been settled in full, as the liabilities were assumed by the parent company.
Loans from credit institutions and RCF are subject to covenant conditions. This means that if the net interest-
bearing debt-to-EBITDA ratio falls below the levels agreed upon in the loan agreements, the Group may face the
cancellation and repayment of these agreements. Similarly, if the cash ow generated is insucient to cover the
required interest and debt payments, the Group may be required to cancel and repay these agreements.
Additionally, if cash and cash equivalents fall below the agreed-upon thresholds, the Group may face cancellation
and repayment of these agreements. If EBITDA falls below the agreed-upon levels, the Group may also face
cancellation and repayment of the loan agreements. Lastly, if capital expenditure exceeds the agreed-upon limits,
the Group may also face cancellation and repayment of these agreements.
Management conrms that during 2025 and as of 31 December 2025, the Group is (and has been) in compliance
with all covenants that aect classication. The carrying amount of borrowings subject to covenant conditions
is DKK 270,0 million. The budget for 2026, as approved by the Board of Directors, ensures compliance with all
covenants for the 12 months following the balance sheet date.
NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED) NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
38 REKOM ANNUAL REPORT 2025
NOTE 17 FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
ACCOUNTING POLICY
Trade receivables
Trade receivables are recognized initially at the
amount of consideration that is unconditional,
unless they contain signicant nancing components
when they are recognized at fair value. They are
subsequently measured at amortised cost less loss
allowance. The group applies the IFRS 9 simplied
approach to measuring expected credit losses which
uses a lifetime expected loss.
Trade payables
These amounts represent liabilities for goods and
services provided to the group prior to the end of
the nancial year which are unpaid. The amounts
are unsecured and are usually paid within 30 days of
recognition. Trade payables are presented as current
liabilities unless payment is not due within 12 months
after the reporting period. They are recognized
initially at their fair value and subsequently measured
at amortized cost using the eective interest method.
Borrowings
Borrowings are initially recognized at fair value,
net of transaction expenses incurred. Borrowings
are subsequently measured at amortised cost.
Any dierences between the proceeds and the
redemption value are recognized in the income
statement over the period of the borrowings using
the eective interest method.
When a loan is convertible into shares, the equity
conversion feature is separated from the debt
host contract and accounted for separately, if the
dierence between the exercise price and the carrying
amount of the loan could be more than insignicant.
On conversion, the loan is derecognized as a
nancial liability and the carrying amount of the loan
immediately prior to the conversion is transferred to
equity.
Fees paid on the establishment of loan facilities
are recognized as transaction costs of the loan to
the extent that it is probable that some or all of the
facility will be drawn down. In this case, the fee is
deferred until the draw-down occurs.
To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down,
the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility
to which it relates.
NOTE 18 FINANCIAL RISK MANAGEMENT (CONTINUED)
NOTE 18 FINANCIAL RISK MANAGEMENT
Due to REKOM’s strategy of becoming a player on
the global nightlife scene, risks are an embedded part
of doing business. The Group is therefore exposed to
certain risks from nancial instruments which can have
an impact on the Consolidated Financial Statements of
the Group.
The Group’s principal nancial assets include cash at
banks and trade receivables, whereas the nancial
liabilities primarily consist of vendor loans and
borrowings, lease liabilities as well as trade and other
payables. The main purpose of the nancial liabilities is
to nance the Group’s operations.
A key principle of the Group’s risk management is the
unpredictability of the nancial markets and the aim to
minimize its adverse eects on the Group’s net income.
The Group’s nancial management identies, estimates
and tracks risks and, whenever necessary, initiate actions
to mitigate the Group against the risks. The Group’s
nancing policy guides all its nancing transactions.
The main risks associated with the nancing market are
explained below.
The group is exposed to market risk, credit risk and
liquidity risk.
MARKET RISK
Market risk comprise interest rate risk and currency risk.
INTEREST RATE RISK
Interest rate risk includes the risk of changes in the fair
value of a nancial instrument or in future cash ows due
to changes in market interest rates.
REKOM’s main interest rate risk arises from loans and
borrowings with oating rates of interest as well as cash
at banks, which expose the Group to cash ow interest
rate risk. Details about REKOM’s loans and borrowings,
including its composition, are provided in note (17).
At 31 December 2025, the carrying amount of the Group’s
interest-bearing debt carrying a oating rate amounts to
DKK 304,708 thousands (2024: DKK 473,873 thousands).
It is REKOM’s policy not to hedge its exposure from
changes in market rates of interest.
A reasonably possible change in the market interest
rate compared to the interest rates as of the end of the
reporting period will have the following hypothetical
impact on prot after tax and equity:
IMPACT ON PROFIT AFTER TAX AND EQUITY 2025 2024
Interest rate – increase of 100
basis points -3,047 -4,739
Interest rate – decrease of 100
basis points 3,047 4,739
The sensitivity analysis is based on the assumption
that all other variables and exposures remain constant.
The sensitivity analysis does not consider impact from
repayments and other changes in borrowings made
during the year.
CURRENCY RISK
Foreign currency risk is the risk that the fair value
or future cash ows of a balance sheet exposure will
uctuate because of changes in foreign exchange rates.
REKOM is in all material aspect generating its sales
transaction in local currencies being DKK (58%),
NOK(37%), SEK (4%) and EUR (1%). The majority of
purchases are also made in local currencies. Thus, the
group’s exposure to uctuations in foreign exchange rates
are primarily related to cash balances and loans obtained
in currencies dierent (NOK) from the respective
functional currency being DKK. As of 31 December 2025,
the Group’s exposure to foreign currency risk is primarily
related to NOK.
However, due to the xed exchange rate regime between
DKK and EUR, the Group’s exposure to changes in
the DKK/EUR exchange rate is insignicant. Also, the
Group’s exposure to SEK is not deemed material due to
proportion of revenue streams from SEK.
It is the group’s policy not to hedge its exposure from
currency risks.
A reasonable possible change in the DKK/NOK and
the DKK/SEK exchange rate of 5% compared to the
exchange rate at the end of the reporting period will
have the following hypothetical impact on prot before
tax and equity:
IMPACT ON PROFIT AFTER TAX AND EQUITY 2025 2024
DKK/NOK – change of 5% 1,470 850
DKK/SEK – change of 5% 369 250
The analysis includes the impact from monetary items
denominated in foreign currencies as outstanding at the
end of the respective reporting period.
CREDIT RISK
Credit risk arises primarily from REKOM’s cash position
and to a minor degree from trade receivables. REKOM
assesses no major credit risk regarding its trade
receivables as 79% of the amount as of 31.12.2025 is
receivable from the alcohol monopolies in Norway and
Sweden.
Accordingly, the most signicant counterparty risk
is related to deposit with banks, as the Group’s cash
balance at 31 December 2025 amounts to DKK 82,982
thousand (2024: DKK 49,575 thousand). To mitigate
this risk, it is REKOM’s policy only to use nancial
counterparties possessing a satisfactory long-term credit
rating from an internationally recognized agency.
The maximum credit risk related to nancial assets
corresponds to the carrying amounts recognized in the
consolidated balance sheet. This is also specied in the
following pages in note 18.
LIQUIDITY RISK
It is an objective of REKOM’s treasury policy to ensure
that the Group always have sucient and exible
nancial resources at the Group’s disposal to ensure
continuous operations and to honor liabilities when they
become due. The nancial resources are continuously
monitored and consist of cash and cash equivalents and
committed facilities. Management overseas the Group’s
liquidity positions weekly, to ensure that the Group has
sucient liquidity available.
The Group has access to a revolving credit facility of DKK
50 million, which has not been drawn as of 31 December
2025.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
39 REKOM ANNUAL REPORT 2025
NOTE 18 FINANCIAL RISK MANAGEMENT (CONTINUED)
Maturities of nancial liabilities
The amounts disclosed in the following table are the contractual undiscounted cash ows.
*Deferred consideration comprises deferred payments and contigent considerations related to acquisitions of
subsidiaries Deferred considerations is presented as other liabilities.
CONTRACTUAL MATURITIES
OF FINANCIAL LIABILITIES < 1 YEAR 1 – 5 YEARS > 5 YEARS
TOTAL
CONTRACTUAL
CASH FLOWS
CARRYING
AMOUNT
Trade payables 112,283 0 0 112,283 112,283
Borrowings 0 441,849 0 441,849 384,788
Payables to group enterprises
59,393 0 0 59,393 59,393
Other liabilities 0 0 5,459 5,459 5,283
Credit Institutions 24,409 0 0 24,409 24,409
Deferred consideration* 368 0 0 368 368
Lease liabilities 324,799 701,915 72,140 1,098,854 1,008,128
At 31 December 2024 521,252 1,143,764 77,599 1,742,615 1,594,652
Trade payables 105,625 0 0 105,625 105,625
Borrowings 240,805 0 0 240,805 232,242
Borrowings from group enterprises 14,197 0 0 14,197 13,693
Payables to group enterprises 29,207 0 0 29,207 29,207
Other liabilities
0 0 5,629 5,629 5,456
Credit Institutions 24,110 0 0 24,110 24,110
Deferred consideration* 0 0 0 0 0
Lease liabilities 105,625 237,234 57,275 400,134 324,946
At 31 December 2025 519,569 237,234 62,904 819,707 735,279
The maturity analysis is based on the following assumptions:
• The amounts disclosed in the table are the contractual undiscounted cash ows (including interest payments).
Balances due within 12 months equal their carrying balances as the impact of discounting is not signicant.
Interest payments are estimated based on current
market conditions.
• Payments for lease liabilities include only lease agreements which have commenced before the end of the
reporting period.
• As there is no upper limit to the contingent consideration, the amount disclosed reects the most likely amount to
be paid and is presented within the time-band it is due for payment according the agreement.
NOTE 19 CASH FLOW SPECIFICATIONS
IN THOUSANDS DKK 2025 2024
Change in inventories 6,454 16,530
Change in receivables -4,483 49,374
Change in trade payables -6,658 -55,403
Change in other liabilities -11,897 -128,993
Change related to discontinued operations 13,817 0
Changes in net working capital -2,767 -118,492
IN THOUSANDS DKK
PAYABLES
TO GROUP
ENTERPRISES
OTHER
LIABILITIES
(NON-
CURRENT)
BORROWINGS
FROM GROUP
ENTERPRIES BORROWINGS LEASES
CREDIT
INSTITUTIONS
At 1 January 2024 153,463 71,100 0 551,051 791,766 0
Cash ows -94,070 0 0 -20,000 -124,542 24,409
New leases 0 0 0 0 -282,729 0
UK borrowings disposals 0 0 0 -170,800 0 0
Other changes* 0 -65,817 0 24,537 37,111 0
At 31 December 2024 59,393 5,283 0 384,788 421,606 24,409
Cash ows -16,493 0 0 0 -117,492 -299
New lases 0 0 0 0 -7,936 0
Transfer of debt to
parent
0 0 13,693 -164,102 0 0
Other changes * -13,693 173 0 11,556 28,768 0
At 31 December 2025 29,207 5,456 13,693 232,242 324,946 24,110
* Other changes includes adjustments to measuremt of lease liabilities, amortization of loan costs, conversion eects and
eects of disposals of subsidiaries.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
40 REKOM ANNUAL REPORT 2025
NOTE 20 SHARE CAPITAL
The Group’s share capital is divided into one class of
shares. No dividends have been paid or proposed.
2025 2024
IN THOUSANDS DKK
NUMBER OF
SHARES
NOMINAL
VALUE
NUMBER OF
SHARES
NOMINAL
VALUE
The share capital comprise:
Ordinary shares (fully paid) 500,000 1 500,000 1
IN NUMBER OF SHARES IN EACH CLASS (‘000) A TOTAL
Changes in share capital 2025
Opening balance 500,000 500,000
Total 500,000 500,000
Changes in share capital 2024
Opening balance 500,000 500,000
Total 500,000 500,000
ACCOUNTING POLICY
Share capital
Ordinary shares are classied as equity. Incremental
costs directly attributable to the issue of new shares
are shown in equity as a deductions, net of tax, from
the proceeds.
Share premium
Premium on issue of shares are recognized as share
premium.
Dividends
Provision is made for the amount of any dividend
declared, being appropriately authorized and no
longer at the discretion of the entity, on or before the
end of the reporting period but not distributed at the
end of the reporting period.
NOTE 21 SHARE-BASED PAYMENTS
In 2018 an investment and incentive programme was
introduced under which employees, management, board
members of the group and consultants assigned by
group may subscribe for shares in REKOM ManCo
ApS in class A-shares, B1-shares, B2-shares, B3-shares,
B4-shares, B5-shares and B6-shares for a consideration.
The subscription amounts are used by REKOM ManCo
ApS to subscribe for shares in similar share classes in
REKOM Group Holding ApS. Information about the
rights and preferences of each share class is provided in
note 20 share capital. Employees may elect not to par-
ticipate in the arrangement.
The employee’s investment in shares is intended to
give the employee the opportunity to gain a share in
the prots that the group may achieve in connection
with a direct or indirect divestment etc. of REKOM.
The employees are not able to dispose freely of the
subscribed shares until the occurrence of an exit event.
The shares are redeemable at the Group’s option in a
leaver scenario. However, the Group is not considered
to have a present obligation to settle the shares in cash,
and as such, the arrangement is classied as an equity-
settled share-based payment transaction.
The shares are acquired by the employees at fair market
value. The employees have not been aorded any
discounts nor any abnormal privileges by acquiring the
shares.
Consequently, the fair value of the arrangement is
considered to be zero and no expense is recognized in
the Consolidated Financial Statements.
As at 31 December 2025, approximately 16.9% of the
share capital of A-shares in REKOM Group Holding ApS
are held by the participants (B1-shares: 90.1%. B2-shares:
86.5%. B3-shares: 98.5%. B4-shares: 77.8%. B5-shares:
95.0%. B6-shares: 85.8%).
ACCOUNTING POLICY
Share-based compensation benets are provided
to employees via the investment and incentive
programme for which the employees subscribe for
shares in several share classes for consideration.
The arrangement is classied as an equity-settled
share-based payment program, for which the cost is
recognized as an employee benet expense, with a
corresponding increase in equity. The total amount
to be expensed is determined by reference to the fair
value of the shares subscribed for and is recognized
in the income statement over the service period. If the
shares are acquired at an amount equal to the fair
value of the shares, no expense is recognized.
NOTE 22 CAPITAL MANAGEMENT
The Group’s capital is made up of share capital and
retained earnings.
The objectives when managing capital are:
• to safeguard the Group’s ability to continue as a
going concern, so that it can provide returns for
shareholders and benets for other stakeholders; and
• to maintain an optimal capital structure to reduce the
cost of capital.
In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new
shares or sell assets to reduce debt. It is currently not
the strategy to pay out dividend but instead consolidate
and use available cash for growth and to reduce
external debt.
The Group ensures that it has sucient cash on demand
to meet its expected operational expenses, including the
servicing of any nancial obligations. This excludes the
potential impact of extreme circumstances which cannot
be reasonably predicted.
The capital structure of the Group consists of
shareholders’ equity as set out in the Consolidated
Statement of Changes in Equity. All working capital
require ments are nanced from existing cash resources,
credit facilities and borrowings.
There are no externally imposed capital requirements.
Financing decisions are made by the Board based on
forecasts of the expected timing and level of capital
and operating expenditure required to meet the Group’s
commitments and development plans. When monitoring
capital risk, the Group considers its gearing ratio.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
41 REKOM ANNUAL REPORT 2025
NOTE 23 CONTINGENT LIABILITIES, COMMITMENTS AND CONTINGENCIES
Contingent liabilities
The group had contingent liabilities at year end in
respect of:
IN THOUSANDS DKK 2025 2024
Issued third party guarantees 42,603 44,898
The following assets have been placed as security with bankers:
Securities over moveables property 155,200 155,200
Booked value of moveable property (leasehold improvements) 70,997 91,967
Booked value of pledged land and buildings 1,352 1,392
Securities in property (land and buildings) 1,079 1,079
Other contingent liabilities
The danish group companies are jointly and severally
liable for tax on the jointly taxed incomes etc. of the
Group. The total amount of corporation tax payable is
disclosed in the Annual Report of CC Fly Invest ApS,
which is the management company of the joint taxation
purposes. Moreover, the group companies are jointly
and severally liable for Danish withholding taxes by
way of dividend tax, tax on royalty payments and tax
on unearned income. Any subsequent adjustments of
corporation taxes and withholding taxes may increase
the Company’s liability.
The Group has a credit facility agreement with Nordea
with a credit limit of DKK 110 million (DKK 120 million
at 31 December 2024) of which an overdraft facility
amounts to DKK 50 million (DKK 50 million at 31
December 2024) and a rent guarantee limit amounting
to DKK 60 million (DKK 70 million at 31 December 2024)
Certain of the Group’s subsidiaries have pledged
operating equipment and leases including rights for
a total of DKK 155.2 million (DKK 155.2 million at 31
December 2024). At the same time, certain of the
Group’s subsidiary shares are pledged in connection with
their accession to the credit agreements.
The shares in REKOM Group are pledged in connection
with the Group’s accession to the credit agreements.
The Group has provided a guarantee against CC Fly
holding II’s borrowings at Ares Credit Group. At year end
this amounts to DKK 746 million (DKK 554 million at 31
December 2024).
The Group is involved in several legal matters of minor
signicance. The aggregate estimated maximum
exposure is immaterial to the Group. These matters
primarily relate to lease disputes in Norway and legal
proceedings in Denmark, including a penal matter
concerning marketing and ccivil disputes concerning
software agreement and consultancy agreement. Legal
counsel has assisted the Group in assessing these
matters.
NOTE 24 DISCONTINUED OPERATIONS
On 14.05.2025 REKOM lled for bankruptcy in
Restaurations Kompagniet Finland Oy and its subsidiary.
The discontinued operations include all activity in
Restaurations Kompagniet Finland Oy.
The discontinued operations aect the Prot and Loss
Statement as follows:
IN THOUSANDS DKK TOTAL
Loss for the period until disposal -9,165
Taxes for the period 0
Loss on disposal -5,729
Tax on disposal 0
Net eect on loss for the year -14,894
The loss for the period until the transfer of control of the
Finland venue activities can be specied as follows:
IN THOUSANDS DKK
2025 2024
Revenue 18,441 79,647
Operating costs -23,870 -96,956
EBITDA -5,429 -17,309
Depreciation -2,390 -7,462
Financial items -1,346 -20,746
Special items 0 871
Loss before tax -9,165 -44,646
Tax for the year 0 0
Loss for the year -9,165 -44,646
The discontinued operations aect the Cash Flow
Statement as follows:
IN THOUSANDS DKK 2025
Cash ows from operating activities
Operating prot before depreciation,
amortisation and special items (EBITDA) -5,429
Changes in net working capital 6,306
CFFO before special items, nancials, tax 877
Special items 0
Interest paid -1,402
Cash ow from operations (CFFO) -525
Cash ows from investing activities
Payments for intangible assets -140
Payments for property, plant and equipment 422
Cash ow from investing activities (CFFI) 282
Free cash ow (FCF) -243
Cash ows from nancing activities
Proceeds from borrowings 395
Repayment of lease liabilities -4,817
Proceeds from group enterprises 5,061
Cash ow from nancing activities (CFFF) 639
Changes in cash and cash equivalents 396
Cash at the beginning of the nancial year 1,523
Eects of exchange rate changes on cash 0
Cash and cash equivalents at disposal 1,919
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
42 REKOM ANNUAL REPORT 2025
NOTE 24 DISCONTINUED OPERATIONS (CONTINUED)
On 03.05.2024 it was decided to dispose REKOM’s UK
activities through a sale of the shares in the entity CC
STORM UK TOPCO Ltd and its subsidiaries.
The sales price was 1 GBP settled in cash. Borrowings
in the UK structure under CC STORM UK TOPCO Ltd
amounted to DKK 203.2 million at the point of sale, which
therefore decreased the overall borrowings in the Group
with this amount.
The discontinued operations include all of REKOM’s
UK venue activities and the company structure under
CC MIST UK TOPCO Ltd, which entered into pre-
pack administration on 1 February 2024. The pre-pack
administration resulted in some healthy venues being
sold to a new company structure under CC STORM UK
TOPCO Ltd and some loss making venues transferred
to an administrator in the UK. The transaction has not
aected the nancial statements as it was performed
between wholly owned entities in the Group.
The discontinued operations aect the Prot and Loss
Statement as follows:
IN THOUSANDS DKK TOTAL
Loss for the period until disposal -44,005
Taxes for the period -890
Prot on disposal 46,194
Tax on disposal 0
Net eect on loss for the year 1,299
The loss for the period until the transfer of control of the
UK venue activities can be specied as follows:
IN THOUSANDS DKK
2024 2023
Revenue 136,923 632,732
Operating costs -117,966 -592,314
EBITDA 18,957 40,418
Depreciation -26,824 -94,129
Financial items -19,255 -51,820
Special items -16,883 -102,482
Loss before tax -44,005 -208,013
Tax for the year -890 14,831
Loss for the year -44,895 -193,182
The discontinued operations aect the Cash Flow
Statement as follows:
IN THOUSANDS DKK
2024
Cash ows from operating activities
Operating prot before depreciation,
amortisation and special items (EBITDA) 18,957
Changes in net working capital -3,010
CFFO before special items, nancials, tax 15,947
Special items -16,883
Interest paid -20,353
Income taxes paid 2,088
Cash ow from operations (CFFO) -19,201
Cash ows from investing activities
Payments for intangible assets -539
Loss from the sale of intangible assets -380
Payments for property, plant and equipment -6,599
Proceeds from the sale of PPE -43
Cash ow from investing activities (CFFI) -7,561
Free cash ow (FCF) -26,762
Cash ows from nancing activities
Proceeds from borrowings 50,223
Repayment of lease liabilities -16,382
Proceeds from group enterprises -4,603
Cash ow from nancing activities (CFFF) 29,238
Changes in cash and cash equivalents
2,476
Cash at the beginning of the nancial year 46,905
Eects of exchange rate changes on cash 868
Cash and cash equivalents at disposal 50,249
NOTE 25 PROVISIONS
IN THOUSANDS DKK
2025 2024
Restructuring costs 5.000 0
Guarantee costs related to discontinued operations 4.700 26,042
Onerous contracts 3.094 0
Other provisions 9.000 0
Total provisions 21.794 26,042
Restructuring costs
The Group has recognised a provision for fees and costs directly related to the restructuring process. The provision
reects management’s best estimate of the costs required to settle these obligations at the reporting date.
Guarantee costs related to discontinued operations
The Group has recognised a provision in connection with the closure of operations in Finland. The provision relates
to guarantees and commitments issued as part of closure of the operations in Finland and reects management’s
best estimate of the expenditure required to settle these obligations at the reporting date.
Onerous contracts
The Group has recognised provisions for specic contracts expected to generate losses in the future. The provisions
reect management’s best estimate of the unavoidable costs required to full these contracts at the reporting date.
Other provisions
The Group has recognised provisions for a parent guarantee expected to result in outows in 2026. The provisions
reect management’s best estimate of the costs required to settle this provision.
ACCOUNTING POLICY (CONTINUED)
Provisions for liabilities are recognized as a result of
events oc-curring before or at the balance sheet date,
which has a legal or constructive obligation, and it is
probable that settlement of the obligation will result
in an outow of economic resources.
Provisions are measured at management’s best
estimate of the amount required to settle the
obligation. Provisions with an ex-pected maturity of
more than one year from the balance sheet date are
measured at present value.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
43 REKOM ANNUAL REPORT 2025
NOTE 26 RELATED PARTY TRANSACTIONS
The Group is controlled by the following entity:
NAME OF ENTITY TYPE PLACE OF BUSINESS
CataCap II K/S Ultimate parent company Copenhagen
CC Fly Invest ApS Principal shareholder Copenhagen
REKOM Group Holding ApS Principal shareholder Copenhagen
CC Fly Holding II ApS Principal shareholder Copenhagen
Moker Ejendomme ApS Related party Copenhagen
Moker Venture ApS Related party Copenhagen
ANF Enterprises ApS Related party Copenhagen
Voluntas Advisory ApS Related party Copenhagen
Related parties with signicant inuence consist of the
Group’s Board of Directors and Executive Management
plus close relatives of these persons. Related parties
also include companies over which these persons exert
considerable inuence.
Other transactions comprised joint taxation transactions
for the Danish joint taxation scheme of 9.8 mDKK (2024:
3.3 mDKK) and intercompany interests of 3.0 mDKK
(2024: 8.9 mDKK). No shareholder or vendor loans were
issued to the Group in 2025 or 2024.
Operational transactions with related parties comprised
of consultancy services regarding People & Culture
surveys and strategic decisionmaking of 0.06 mDKK
(2024: 0.02 mDKK) and rent payments of 1.82 mDKK
(2024: 2.25 mDKK).
Information about remuneration to key management
personnel has been disclosed in note 5. Interests in
subsidiaries are set out in note 28.
None of the Parent entities prepare consolidated
nancial statements, however CataCap II K/S will
publish IFRS nancial statement as investment entity,
where the REKOM Group A/S is recognised and
measured at fair value.
NOTE 27 FEE TO AUDITORS APPOINTED AT THE GENERAL MEETING
IN THOUSANDS DKK 2025 2024
Audit fee 3,415 3,889
Other assurance services 151 0
Tax advisory service 392 0
Other services 840 68
Total fees incurred 4,798 3,957
Deloitte was appointed as auditors for the Group at the general meeting of June 30 2025.
NOTE 28 INTERESTS IN OTHER ENTITIES
The Group’s principal subsidiaries at year end are set out
below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly
by the Group, and the proportion of ownership interests
held equals the voting rights held by the group.
The country of incorporation or registration is also their
principal place of business.
* The Group holds control through voting rights.
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2025 2024
Aloha Beach Bar ApS Denmark 100% 100%
Andys Bar ApS Denmark 100% 100%
Barkaden ApS Denmark 100% 100%
Bar 3 Århus ApS Denmark 100% 100%
KOKO Cph. ApS Denmark 65% 100%
BFP af 1.9.1997. København ApS Denmark 100% 100%
BFP Aalborg ApS Denmark Merged 100%
SKAAL Sønderborg ApS Denmark 100% 100%
Bæst ApS Denmark Merged 100%
Café Da Vinci ApS Denmark 100% 100%
UMG365 Ltd. United Kingdom 100% 100%
CC Mist NEW Holding II ApS Denmark Merged 100%
Charlottenlund Venues ApS Denmark Merged 100%
Cucaracha Bar ApS Denmark 100% 100%
Dandy Cph. ApS Denmark 100% 100%
Den Glade Gris ApS Denmark 100% 100%
Dorsia ApS Denmark 100% 100%
El Dorado Bar ApS Denmark Merged 100%
Farfars ApS Denmark 100% 100%
Guldhornene KBH. ApS Denmark 55% 55%
Guldhornene Aalborg ApS Denmark 100% 100%
Guldhornene, Århus ApS Denmark 100% 100%
Heidis Bier Bar Odense ApS Denmark 100% 100%
Heidis Bier Bar Sønderborg ApS Denmark 100% 100%
Heidis Bier Bar Thisted ApS Denmark 100% 100%
Tartan Pub ApS Denmark 100% 100%
Heidis Bier Bar Aalborg ApS Denmark 100% 100%
Heidis Bier Bar Århus ApS Denmark 100% 100%
Heidi's Bier-Bar ApS Denmark 100% 100%
Roxy Malt Viborg ApS Denmark 100% 100%
Hive ApS Denmark 100% 100%
Løvstræde Cph. ApS Denmark 100% 100%
KBH Invest III ApS Denmark 100% 100%
Vintapper ApS Denmark 100% 100%
LA Bar, København ApS Denmark 100% 100%
La Boucherie ApS Denmark 100% 100%
LA Tequila Bar Aarhus ApS Denmark Merged 100%
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
44 REKOM ANNUAL REPORT 2025
NOTE 28 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2025 2024
Little Green Door ApS Denmark 100% 100%
London Bar ApS Denmark 100% 100%
LouLou Århus ApS Denmark 75% 75%
Musen & Elefanten ApS Denmark 100% 100%
nbar ApS Denmark Merged 100%
Nightpay ApS Denmark 100% 100%
NightPay Int. ApS Denmark 100% 100%
No Stress Bar DK ApS* Denmark 50% 50%
Proud Mary ApS Denmark 100% 100%
Proud Mary Odense ApS Denmark 100% 100%
Rabalder Bar ApS Denmark 100% 100%
REKOM & Jyrgen Dampmøllen ApS Denmark 100% 100%
REKOM Drift 1 ApS Denmark 100% 100%
REKOM Drift 5 ApS Denmark 100% 100%
REKOM Event ApS Denmark 100% 100%
REKOM Global Brands ApS Denmark 100% 100%
- Mundo Tequila ApS Denmark 60% 60%
- I am Drinks ApS Denmark 32% 32%
- Spivi Scandinavia Holding A/S Denmark 100% 100%
- Spivi Danmark ApS Denmark 100% 100%
- Narnia ApS Denmark 100% 100%
- Northern Spirits ApS Denmark 100% 100%
- Carl Wine Group ApS Denmark 100% 100%
- Carl Wine ApS Denmark 100% 100%
- Carl Wine AS Norway 100% 100%
- Carl Wine AB Norway 100% 100%
- Spivi Holding AS Norway 100% 100%
- Spivi AS Norway 100% 100%
- Nordic Wine & Spirits AS Norway 100% 100%
- Norwegian Wine Broker Norway 100% 100%
- Spirits Norway AS Norway 100% 100%
- Spivi Oy Finland 80% 80%
- Vinariam Oy Finland 80% 80%
- Spivi AB Sweden 100% 100%
- WeDrinks Sverige AB Sweden 100% 100%
- IVY Nordic AB Sweden 100% 100%
- Spivi UK Ltd. United Kingdom 100% 100%
REKOM R&D ApS Denmark 100% 100%
Baren Herning ApS Denmark 100% 100%
Rhino Bar ApS Denmark Merged 100%
Sjus Bar ApS Denmark 100% 100%
Skaal ApS Denmark 100% 100%
Stereo Bar Kbh. ApS Denmark 100% 100%
NOTE 28 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2025 2024
Den Jyske Ambassade Kbh. ApS Denmark 100% 100%
Rabalder Bar Aarhus ApS Denmark 100% 100%
The Australian Bar København ApS Denmark 100% 100%
GG 15 Bar ApS Denmark 100% 100%
The Drunken Flamingo ApS Denmark 100% 100%
TOTDY Cph. ApS Denmark 100% 100%
Tyrolia Bier Klub ApS Denmark 100% 100%
Vestergade 17 Cph. ApS Denmark 100% 100%
REKOM Aalborg ApS Denmark Merged 100%
JAG 5 ApS Denmark 100% 100%
Den Nordjyske Ambassade ApS Denmark 100% 100%
Fabrikken Aalborg ApS Denmark Merged 100%
Proud Mary Aalborg ApS Denmark 100% 100%
Giraen ApS Denmark Merged 100%
La Bar/RockCaféen ApS Denmark Merged 100%
Mexi Bar ApS Denmark Merged 100%
Rabalder Bar Kolding ApS Denmark 100% 100%
The Drunken Flamingo Aalborg ApS Denmark Merged 100%
Viggo's Værtshus ApS Denmark Liquidated 100%
REKOM DK Invest ApS Denmark 100% 100%
- Butchers, Silkeborg ApS Denmark 100% 100%
- Crazy Daisy Næstved ApS Denmark 100% 100%
- Dansebar & Einstein Herning ApS Denmark 100% 100%
- Dansebar, Roskilde ApS Denmark 100% 100%
- Eske's ApS Denmark 100% 100%
- James Bond - 007 ApS Denmark 100% 100%
- Kompagnibar ApS Denmark 100% 100%
- Rabalder Bar Sønderborg ApS Denmark 100% 100%
- Mørk's Kælder ApS Denmark 100% 100%
- Pioner Bar Tønder ApS Denmark Merged 100%
- Pioner Bar, Esbjerg ApS Denmark 100% 100%
- Pioner Bar Varde ApS Denmark Merged 100%
- Rabalder Bar Silkeborg ApS Denmark 100% 100%
- Rustik - Bar og Natklub ApS Denmark 100% 100%
- Rustik - Bar og Natklub Vejle ApS Denmark 100% 100%
- RK Viborg ApS Denmark 100% 100%
Zwei Grosse Bierbars, Aalborg ApS Denmark 100% 100%
Das Flying Hirsch Danmark ApS Denmark 100% 100%
Saltlageret ApS Denmark Merged 100%
ZGBB, Viborg ApS Denmark 100% 100%
Roxy Malt Horsens ApS Denmark 100% 100%
Zwei Grosse Bier Bar Vejle ApS Denmark 100% 100%
ZGBB Aalborg ApS Denmark Merged 100%
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
45 REKOM ANNUAL REPORT 2025
NOTE 28 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2025 2024
Zwei Grosse, Kolding ApS Denmark Merged 100%
REKOM Drift 11 ApS Denmark Merged 100%
REKOM Group Norge AS Norway 100% 100%
- REKOM Norge AS Norway 100% 100%
- Alibi Frederikstad AS Norway 100% 100%
- Beverly AS Norway 100% 100%
- Brukbar Bergen AS Norway Merged 100%
- Café Sting AS Norway Merged 100%
- Dorsia Oslo AS Norway 100% 100%
- Engene 12 Drammen AS Norway Merged 100%
- Fridtjof Oslo AS Norway 100% 100%
- HBB Bergen AS Norway 100% 100%
- HBB Kristiansand AS Norway 100% 100%
- HBB Stavanger AS Norway 100% 100%
- HBB Trondheim AS Norway 100% 100%
- HBB Tønsberg AS Norway 100% 100%
- Heidi's Bier Bar Oslo AS Norway 100% 100%
- Heidis Bier Bar Drammen AS Norway 100% 100%
- Hygge AS Norway Merged 100%
- ISM Oslo AS Norway Merged 100%
- Javel Oslo AS Norway 100% 100%
- Jenny AS* Norway 50% 50%
- Johns Bar AS Norway 100% 100%
- KJ10 REKOM AS Norway 100% 100%
- Kulturhuset på Kaien AS Norway 100% 100%
- REKOM Norge Drift 27 AS Norway 100% 100%
- LOULOU Bergen AS Norway Merged 100%
- Loulou Stavanger AS Norway 100% 100%
- NightPay Norge AS Norway 100% 100%
- Proud Mary Stavanger AS Norway 100% 100%
- Rabalder Bar Oslo AS Norway 100% 100%
- Rabalder Bar Stavanger AS Norway 100% 100%
- REKOM Drift Kristiansand AS Norway 100% 100%
- Tijuana Oslo AS Norway Merged 100%
- REKOM Norge Drift 18 AS Norway Merged 100%
- REKOM Event Norge AS Norway 100% 100%
- Proud Mary Oslo AS Norway 100% 100%
- Bryggen Bergen AS Norway 100% 100%
- REKOM Norge Drift 25 AS Norway 100% 100%
- REKOM RD Norge AS Norway 100% 100%
- REKOM Tromsø AS Norway 100% 100%
- Skjenken Bar og Bakgård AS Norway Merged 100%
- Smedasundet Servering AS Norway 100% 100%
NOTE 28 INTERESTS IN OTHER ENTITIES (CONTINUED)
OWNERSHIP INTERESTS
HELD BY THE GROUP
NAME OF ENTITY
PLACE OF
BUSINESS 2025 2024
- Stavanger Sportscafe AS Norway 100% 100%
- Store Høvding AS Norway Merged 100%
- Stortorvets Gjestgiveri AS Norway 100% 100%
- Winehouse Haugesund AS Norway Merged 100%
Restaurationskompagniet Finland Oy Finland Liquidated 100%
- NightPay Finland Oy Finland Liquidated 100%
REKOM R&D NUF (Norwegian branch) Norway 100% 100%
NOTE 29 SUBSEQUENT EVENTS
REKOM worked throughout 2025 to renance the Group’s debt and extend agreements with its lenders. As the
loan agreements were due to expire at the beginning of 2026, this work began in mid-2025 and was completed in
June 2026. The negotiations resulted in transitioning REKOM into a new structure, with the old loan agreements
being replaced by new and updated agreements featuring new covenants, updated terms, interest rate levels, and
maturity periods and lower debt as borrowings of approx. DKK 300m were converted into equity in June 2026.
The new and extended loan agreements fundamentally mean that REKOM’s cash ow is signicantly improved,
ensuring that the strategy can be executed.
Beyond this, no subsequent events have occurred after the balance sheet date that require adjustment to or
disclosure in the consolidated nancial statements.
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
46 REKOM ANNUAL REPORT 2025
DEFINITION OF KEY FIGURES
AND FINANCIAL RATIOS
KEY FIGURES FINANCIAL RATIOS
Key gures and ratios are disclosed in accordance with Recommendations & Ratios
published by the Danish Finance Society, except for nancial ratios marked with
(*) as well as adjusted gures as these are either derived or not included in the
Recommendations.
Net working capital = Receivables and other current operating assets less
trade payables and other payables and other current
operating liabilities
Net interest-bearing debt = Interest-bearing debt including borrowings, lease
liabilities and other interest-bearing payables less cash
and cash equivalents
Adjusted net interest-bearing
debt
=
Net interest-bearing debt less lease liabilities
Invested capital = Net working capital + property, plant and equipment,
right-of-use assets and intangible assets including
goodwill
Net nancial expenses = Financial income less nancial expenses
Adjusted free cash ow = Adjusted free cash ow comprises of free cash ow
adjusted for payments for acquisition of subsidiaries
and activities, lease liability repayments, interests paid
on lease liabilities and special items.
Gross margin =
Revenue – cost of goods sold * 100
Revenue
EBTDA margin =
Operating prot before amortization,
depreciation and special items * 100
Revenue
Return on equity (ROE) =
Prot for the year
Average equity
Return on invested capital
(ROIC)
=
Operating prot before interest and tax (EBIT)
less special items * 100
Average invested capital
Return on assets (ROA) =
Prot for the year
Average total assets
Solvency ratio =
Equity less non-controlling interests including vendor
loans
Balance sheet total
Solvency ratio excl. IFRS 16 =
Equity less non-controlling interests including vendor
loans
Balance sheet total less lease liabilities
Gearing ratio* =
Net interest-bearing debt
Operating prot before amortization,
depreciation and special items
Gearing ration excl. IFRS 16* =
Net interest-bearing debt less lease liabilities
Operating prot before amortization,
depreciation and special items
FINANCIAL STATEMENTS / CONSOLIDATED FINANCIAL STATEMENTS / NOTES
TABLE OF CONTENTS
Prot and loss 1 January – 31 December ..........................................................................................................................................................80
statement of comprehensive income ......................................................................................................................................................................80
Balance sheet 31 December ...............................................................................................................................................................................................81
Balance sheet 31 December ...............................................................................................................................................................................................81
Statement of changes in equity ................................................................................................................................................................................... 82
Cash ow statement 1 January – 31 December ........................................................................................................................................ 82
NOTES .................................................................................................................................................................................................................................................83
47 REKOM ANNUAL REPORT 2025
47 REKOM GROUP ANNUAL REPORT 2025
PARENT FINANCIAL
STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
TABLE OF CONTENTS
Prot and loss 1 January – 31 December ................................................................................................................................................... 48
Balance sheet 31 December ...................................................................................................................................................................................... 49
Statement of changes in equity .......................................................................................................................................................................... 50
NOTES ................................................................................................................................................................................................................................................. 51
48 REKOM ANNUAL REPORT 2025
PROFIT AND LOSS 1 JANUARY – 31 DECEMBER
IN THOUSANDS DKK NOTES 2025 2024
Revenue
4
67,589 96,230
Cost of goods sold -2,180 80
Other external expenses -42,346 -29,583
Other operating income
5
16,757
16,932
Gross prot 39,820 83,659
Sta costs 6 -59,368 -59,969
Other operating costs -491 -5,707
Depreciation, amortization and impairment 7 -15,113 -18,188
Operating loss -35,152 -205
Income from investments in subsidiaries 51,375 -257,742
Financial income 8 34,976 26,009
Financial expenses 8 -42,299 -49,268
Prot/Loss before tax 8,900 -281,206
Tax for the year 9 15,873 6,665
Prot/Loss for the year 10 24,773 -274,541
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
49 REKOM ANNUAL REPORT 2025
BALANCE SHEET 31 DECEMBER
IN THOUSANDS DKK NOTES 2025 2024
Equity
Share capital
12
500 500
Reserve for development costs 523 10,390
Retained earnings 342,294
166,246
Total equity 343,317 177,136
Liabilities
Provisions
Provisions related to subsidiaries 9,000 150,000
Total Provisions 18, 20 9,000 150,000
Non-current liabilities
Holiday pay obligation 4,812 4,641
Total non-current liabilities 18 4,812 4,641
Current liabilities
Bank loans 20,076 20,220
Trade payables 3,613 3,719
Payables to group enterprises 284,148 465,435
Credit institutions
0 10,900
Other liabilities
19 32,294 18,317
Total current liabilities 340,131 518,591
Total liabilities 353,943 673,232
Total liabilities and equity 697,260 850,368
BALANCE SHEET 31 DECEMBER
IN THOUSANDS DKK NOTES 2025 2024
Non-current assets
Patents
287 259
Completed development projects
645 6,910
Development projects in progress 26
6,411
Intangible assets 13 958 13,580
Other xtures and ttings, tools and equipment 547 1,991
Leasehold improvements 498 663
Property, plant and equipment 14 1,045 2,654
Investments in subsidiaries 411,701 3,719
Deposits 609 465,435
Fixed asset investments 15 412,310 448,654
Total xed assets 414,313 464,888
Non-current assets
Inventories 895 849
Total invetories 895 849
Deferred tax assets
11
17,724 11,015
Trade receivables 1,840 7,975
Receivables from group enterprises 243,808 357,023
Receivables from joint taxation 9,765 3,008
Prepayments
16
1,261 1,223
Other receivables
6,861 3,991
Total receivables 281,259 384,235
Cash and cash equivalents 793 396
Total current assets 282,947 385,480
Total assets 697,260 850,368
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
50 REKOM ANNUAL REPORT 2025
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
IN THOUSANDS DKK
SHARE
CAPITAL
RESERVE FOR
DEVELOPMENT
COSTS
RETAINED
EARNINGS TOTAL
Equity at 1 January 2025 500 10,390 166,246 177,136
Group contributions 0 0 150,408 150,408
Transferred to reserves 0 -9,867
9,867 0
Other equity movements 0 0 -9,000 -9,000
Net gain and losses for the year 0 0 24,773 24,773
Equity at 31 December 2025 500 523 342,294 343,317
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies .................................................................................................................. 84
NOTE 2 Going Concern ................................................................................................................................................................................................. 85
NOTE 3 Subsequent events....................................................................................................................................................................................... 85
NOTE 4 Critical accounting estimates and judgements ........................................................................................................ 85
NOTE 5 Financial expenses ....................................................................................................................................................................................... 86
NOTE 6 Tax on prot for the year....................................................................................................................................................................86
NOTE 7 Investment in subsidiaries....................................................................................................................................................................86
NOTE 8 Share capital ...................................................................................................................................................................................................... 86
NOTE 9 Treasury shares .................................................................................................................................................................................................87
NOTE 10 Related parties .............................................................................................................................................................................................. 87
NOTE 11 Contingent assets, liabilities and other nancial obligations .................................................................. 87
NOTE 12 Financial risk management ............................................................................................................................................................ 88
NOTE 13 Changes in net working capital ................................................................................................................................................ 88
NOTE 14 Changes in liabilities arising from nancing activities .................................................................................. 88
51 REKOM ANNUAL REPORT 2025
51 REKOM GROUP ANNUAL REPORT 2025
NOTES TO THE PARENT
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
TABLE OF CONTENTS
NOTE 1 Summary of signicant accounting policies ......................................................................................................... 52
NOTE 2 Going concern ........................................................................................................................................................................................... 53
NOTE 3 Subsequent events ............................................................................................................................................................................... 53
NOTE 4 Revenue ........................................................................................................................................................................................................... 53
NOTE 5 Other operating income ............................................................................................................................................................... 54
NOTE 6 Sta costs ..................................................................................................................................................................................................... 54
NOTE 7 Depreciation, amortisation, impairment .................................................................................................................. 54
NOTE 8 Financial income and expences ......................................................................................................................................... 54
NOTE 9 Tax on prot for the year ......................................................................................................................................................... 54
NOTE 10 Distribution of prot and loss ................................................................................................................................................54
NOTE 11 Deferred tax assets .......................................................................................................................................................................... 55
NOTE 12 Share capital ............................................................................................................................................................................................. 55
NOTE 13 Intangible assets ................................................................................................................................................................................... 55
NOTE 14 Proberty, plant and equipment ......................................................................................................................................... 56
NOTE 15 Finalcial assets ........................................................................................................................................................................................ 56
NOTE 16 Prepayments ............................................................................................................................................................................................. 56
NOTE 17 Related parties ......................................................................................................................................................................................... 56
NOTE 18 Long term liabilities ........................................................................................................................................................................... 56
NOTE 19 Other liabilities ....................................................................................................................................................................................... 56
NOTE 20 Provisions ....................................................................................................................................................................................................... 57
NOTE 21 Contingent assets, liabilities and other nancial obligations .......................................................... 57
52 REKOM ANNUAL REPORT 2025
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The Annual Report of REKOM Group A/S (the
Company) for 2025 has been prepared in accordance
with the provisions of the Danish Financial Statements
Act applying to medium-sized enterprises of reporting
class C.
The functional currency of the Company is DKK.
Material errors in previous years
In the annual report 2024, a part of the companys
investments in subsidiaries with a carrying amount
of DKK 42,136 thousand had been presented as
goodwill. As a result, goodwill was overstated and
equity investments were understated by this amount.
Furthermore, in the previous year, impairment of
subsidiaries amounting to DKK 24,900 thousand had
been presented under other operating expenses. The
impairment should have been presented under income
from investments in subsidiaries. As a result, other
external expenses was overstated and income from
investments in subsidiaries equity were understated by
this amount.
The balance sheet at 31 December 2024 has been
adjusted to reect the correct classication. The restated
comparative gures have had no impact on prol/
lossfor the year nor equity.
Aside from the above, there have been minor
classication changes to the balance sheet in the
comparative gures.
Cashow statement
The Company has chosen not to prepare a cashow
statement in reference to Danish Financial Statement
Act section 86 (4), the company is included in the
Cashow Statement of the Consolidated Financial
Statements.
Recognition and measurement
Revenues are recognized in the income statement as
earned. Furthermore, value adjustments of nancial
assets and liabilities measured at fair value or amortized
cost are recognized. Moreover, all expenses incurred to
achieve the earnings for the year are recognized in the
income statement, including depreciation, amortization,
impairment losses and provisions as well as reversals due
to changed accounting estimates of amounts that have
previously been recognized in the income statement.
Assets are recognized in the balance sheet when it is
probable that future economic benets attributable
to the asset will ow to the Company, and the value
of the asset can be measured reliably. Liabilities are
recognized in the balance sheet when it is probable that
future economic benets will ow out of the Company,
and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost.
Subsequently, assets and liabilities are measured as
described for each item below.
INCOME STATEMENT
Revenue
Revenue from the sale of goods is recognized when
the risks and rewards relating to the goods sold have
been transferred to the purchaser, the revenue can be
measured reliably and it is probable that the economic
benets relating to the sale will ow to the Company.
Revenue is measured at the consideration received and
is recognized exclusive of VAT and net of discounts
relating to sales.
Cost of goods sold
Cost of goods sold comprises the cost of goods sold
measured to cost price, adjusted for regular inventory
regulations.
Other external expenses
Other external expenses comprise of expenses for
premises, sales and distribution as well as oce
expenses, etc.
Sta expenses
Sta expenses comprise wages and salaries as well as
payroll expenses
Amortization, depreciation and impairment losses
Amortization, depreciation and impairment losses
comprise amortization, depreciation and impairment of
intangible assets and property, plant and equipment.
Other operating income and expenses
Other operating income and other operating expenses
comprise items of a secondary nature to the main
activities of the Company, including government
compensation schemes, listingfees, gains and losses on
the sale of intangible assets and property, plant and
equipment etc.
Income from investments in subsidiaries
Income from investments in subsidiaries includes the
proportionate share of the dividend for the year as well
as the impairment of the year.
Financial income and expenses
Financial income and expenses are recognized in
the income statement at the amounts relating to the
nancial year.
Tax on prot/loss for the year
Tax for the year consists of current tax for the year
and changes in deferred tax for the year. The tax
attributable to the prot for the year is recognized in
the income statement, whereas the tax attributable to
equity transactions is recognized directly in equity. The
Company is jointly taxed with wholly owned Danish
subsidiaries. The tax eect of the joint taxation is
allocated to enterprises in proportion to their taxable
incomes.
BALANCE SHEET
Intangible assets
Goodwill acquired is measured at cost less accumulated
amortization. Goodwill is amortized on a straight-line
basis over its useful life, which is assessed at 10-20 years.
Patents and licences are measured at the lower of cost
less accumulated amortization and recoverable amount.
Patents are amortized over the remaining patent period,
and licences are amortized over the licence period;
however not exceeding 10 years.
Development projects are measured at the lower of cost
less accumulated amortization and recoverable amount.
Development projects are amortized on a straight-line
basis over its useful life, which is assessed at 3-10 years.
Property, plant and equipment
Property, plant and equipment are measured at cost
less accumulated depreciation and less any accumulated
impairment losses. Cost comprises the cost of acquisition
and expenses directly related to the acquisition up until
the time when the asset
is ready for use. Interest expenses on loans raised
directly for nancing the construction of property, plant
and equipment are recognized in cost over the period of
construction.
Depreciation based on cost reduced by any residual
value is calculated on a straight-line basis over the
expected useful lives of the assets, which are:
Other xtures, ttings and equipment 3-5 years
Leasehold improvements 3-10 years
Depreciation period and residual value are reassessed
annually
Impairment of xed assets
The carrying amounts of intangible assets and property,
plant and equipment are reviewed on an annual basis to
determine whether there is any indication of impairment
other than that expressed by amortization and
depreciation. If so, the asset is written down to its lower
recoverable amount.
Investments in subsidiaries
Investments in subsidiaries are measured at cost.
Impairment tests are performed on subsidiaries if events
changes in circumstances indicate that their carrying
amount may not be recoverable. If cost exceeds the
recoverable amount measured as value-in-use, the
carrying amount is written down to the recoverable
amount.
Deposits
Deposits comprise deposits paid for entering into lease
agreements.
Inventories
Inventories are measured at the lower of cost under
the FIFO method and net realisable value. The net
realisable value of inventories is calculated at the
amount expected to be generated by sale of the
inventories in the process of normal operations with
deduction of selling expenses. The net realisable value is
determined allowing for marketability, obsolescence, and
development in expected selling price.
The cost of goods for resale equals landed cost. The cost
of nished goods and work in progress comprises the
cost of raw materials, consumables and direct labour.
Receivables
Receivables are measured in the balance sheet at the
lower of amortized cost and net realisable value, which
corresponds to nominal value less provisions for bad
debts.
Prepayments
Prepayments comprise prepaid expenses concerning
rent, acquisitions, insurance premiums and subscriptions.
Prepayments are measured at cost.
Other provisions
Other provisions are recognized and measured at
the best estimate of the costs necessary to settle the
obligations at the balance sheet date. Provisions with an
expected settlement date more than one year after the
balance sheet date are measured at discounted value.
Deferred tax assets and liabilities
Deferred income tax is measured using the balance
sheet liability method in respect of temporary
dierences arising between the tax bases of assets
and liabilities and their carrying amounts for nancial
reporting purposes on the basis of the intended use of
the asset and settlement of the liability, respectively.
Deferred tax assets are measured at the value at which
the asset is expected to be realised, either by elimination
in tax on future earnings or by set-o against deferred
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
53 REKOM ANNUAL REPORT 2025
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
tax liabilities within the same legal tax entity.
Deferred tax is measured on the basis of the tax rules
and tax rates that will be eective under the legislation
at the balance sheet date when the deferred tax is
expected to crystallise as current tax. Any changes in
deferred tax due to changes to tax rates are recognized
in the income statement or in equity if the deferred tax
relates to items recognized in equity.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognized in
the balance sheet as the expected taxable income for
the year adjusted for tax on taxable incomes for prior
years and tax paid on account. Extra payments and
repayment under the on-account taxation scheme are
recognized in the income statement in nancial income
and expenses.
Financial debts
Loans, such as mortgage loans and loans from credit
institutions, are recognized initially at the proceeds
received net of transaction expenses incurred.
Subsequently, the loans are measured at amortized cost;
the dierence between the proceeds andthe nominal
value is recognized as an interest expense in the income
statement over the loan period.
Mortgage loans are measured at amortized cost, which
for cash loans corresponds to the remaining loan.
Amortized cost of debenture loans corresponds to the
remaining loan calculated as the underlying cash value
of the loan at the date of raising the loan adjusted for
depreciation of the price adjustment of the loan made
over the term of the loan at the date of raising the loan.
Other debts are measured at amortized cost,
substantially corresponding to nominal value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and
bank deposits.
NOTE 2 JUDGEMENTS REGARDING GOING CONCERN
Throughout 2025, REKOM continued its strong work to
streamline and optimize the core business. This resulted in
7% top-line growth in 2025, while also successfully improving
our margins, with EBITDA and EBIT once again stable and
increasing.
This development has been driven by maintaining our
focus on investing in our venues to ensure our concepts
are updated and aligned with market demand, while also
divesting or selling certain loss-making venues. In addition,
a decision was made at the beginning of 2025 to exit
the Finnish market, where REKOM was no longer able to
operate a protable core business.
As the nal part of the plan, REKOM worked throughout
2025 to renance the Group’s debt and extend agreements
with its banks. As the lenders agreements were due to
expire in 2026, this work began in mid-2025 and was
completed in June 2026. The negotiations resulted in
transitioning REKOM into a new structure, with the old
loan agreements being replaced by new and updated
agreements featuring new covenants, updated terms,
interest rate levels, and maturity periods and lower debt
as borrowings of approx. DKK 300m were converted into
equity in June 2026.
The new and extended loan agreements fundamentally
mean that REKOM’s cash ow is signicantly improved,
ensuring that the strategy can be executed.
Management has faith in REKOM performing according
to the Board approved budget for 2026 but has also
prepared contingency plans in case of negative budget
deviation. In all scenarios, management is condent
that REKOM will comply with covenants in new loan
agreements.
The new loan agreements have covenants that are
sensitive to and dependent on REKOM’s performance
regarding EBITDA and liquidity. REKOM has met all such
requirements in the past.
Based on the new capital/loan structure and approved
budget for 2026, management has worked with dierent
assumptions on expectations to revenue, EBITDA and
CAPEX etc. to stress that the liquidity is robust enough to
carry out the plans for 2026.
Management assesses that REKOM has sucient liquidity
and capital resources to continue operations throughout
2026. Management, therefore, submits the annual report
for 2025 based on the assessment of going concern.
NOTE 3 SUBSEQUENT EVENTS
Other than the matters disclosed in note 29 regarding the consolidated nancial statements, no subsequent events have
occurred after the balance sheet date that require adjustment to or disclosure in the nancial statements.
NOTE 4 REVENUE
IN THOUSANDS DKK 2025 2024
Management fees from subsidiaries
67,589 96,230
Total management fees from subsidiaries 67, 589 96,230
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
54 REKOM ANNUAL REPORT 2025
NOTE 5 OTHER OPERATING INCOME
The company has received government compensation as part of the Danish Governments COVID aid package. The
governmental compensation received in 2024 relates to adjustments to schemes active during the COVID pandemic.
Due to the nature of these compensations, these are deemed as special items in the nancial year. The government
compensation has recognized under other operating income.
IN THOUSANDS DKK 2025 2024
Government compensation schemes 0 162
Rental income 0 123
Listingfees 14,996 13,942
Reimbursement of sick pay 1,761 1,176
Other operating income 0 1,529
Total other operating income 16,757 16,932
NOTE 6 STAFF COSTS
IN THOUSANDS DKK 2025 2024
Wages and salaries
52,218 53,555
Pension cost, dened contribution plans
6,006 5,051
Other social security costs
1,144 1,363
59,368 59,969
Number of employees 123 118
We refer to the notes in the consolidated nancial statement for REKOM Group for specication of management
renumerations.
NOTE 7 DEPRECIATION, AMORTISATION AND IMPAIRMENT
IN THOUSANDS DKK 2025 2024
Depreciation of intangible assets
3,947 10,671
Depreciation of tangible assets
1,359 1,702
Impairment of intangible assets
9,787 5,815
Impairment of tangible assets
20 0
Total depreciation, amortization and impairment 15,113 18,188
NOTE 8 FINANCIAL INCOME AND EXPENSES
IN THOUSANDS DKK 2025 2024
Financial income
Interest received from group enterprises
32,642 25,720
Other nancial income
14 52
Exchange gains
2,320 237
Total nancial income
34,976 26,009
Financial expenses
Interest payed to group enterprises
34,531 38,563
Other interest costs
6,453 8,005
Other nancial expenses
1,266 2,700
Exchange losses
49 0
Total nancial expenses 42,299 49,268
NOTE 10 DISTRIBUTION OF PROFIT AND LOSS
IN THOUSANDS DKK 2025 2024
Retained earnings 24,773 -274,541
Proposed distribution of prot and loss 24,773 -274, 541
NOTE 9 TAX ON PROFIT FOR THE YEAR
IN THOUSANDS DKK 2025 2024
Current tax:
Refunds from joint taxation
-9,765 -3,246
Changes in deferred tax
-1,939 -2,026
Adjustments related to prior years
-4,169 -1,393
Income tax expenses for the period -15,873 -6,665
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
55 REKOM ANNUAL REPORT 2025
NOTE 11 DEFERRED TAX ASSETS
IN THOUSANDS DKK 2025 2024
Current tax:
Intangible assets
77 -3,385
Tangible assets
617 206
Financial assets 0 187
Receivables 229 17
Provisions 3,014 641
Liabilities 0 1,371
Losses carried forward 13,787 11,978
Deferred tax at year end 17,724 11,015
Deferred tax
Deferred tax asset at 1 January 11,015 7,273
Amounts recognized in the income statement for the year 1,939 3,742
Adjustment for deferred tax of prior periods 4,770 0
Deferred tax at year end 17,724 11,015
Due to management expectations, the deferred tax asset will be utilized within a period of 3-5 years.
NOTE 12 SHARE CAPITAL
The share capital consists of 500,000 shares of a nominal value of 1 DKK. No shares carry any special rights.
NOTE 13 INTANGIBLE ASSETS
IN THOUSANDS DKK GOODWILL PATENTS
COMPLETED
DEVELOPMENT
PROJECTS
DEVELOPMENT
PROJECTS IN
PROGRESS
Cost:
At 1 January 2025
86,893 581 28,747 12,186
Additions
0 0 0 1,026
Disposals
0 0 -19,304 -5,775
Corrections to prior years due to material
misstatements
-86,893 0 0 0
At 31 December 2025 0 581 9,443 7,437
Accumulated depreciation and impairment:
At 1 January 2025
44,756 236 21,836 5,775
Amortizations for the year
0 58 3,889 0
Disposals
0 0 -19,303 -5,775
Corrections to prior years due to material
misstatements
-44,756 0 0 0
Impairments for the year
0 0 2,376 7,411
At 31 December 2025 0 294 8,798 7,411
Carrying amount 31 December 2025 0 287 645 26
Development projects
Development projects comprises the cost af acquisition, expenses and internal development salaries directly related to
multiple IT-systems in REKOM Group. The IT-systems comprises a employee app, further development of the existing and
new ERP systems used in REKOM, POS-development and other essential operational systems in the group.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
56 REKOM ANNUAL REPORT 2025
NOTE 14 PROPERTY, PLANT AND EQUIPMENT
IN THOUSANDS DKK
LEASEHOLD
IMPROVEMENTS
OTHER
FIXTURES,
FITTINGS AND
EQUIPMENT
Cost: 1,035 8,667
At 1 January 2025
Additions 0 259
Disposals -61 -7,810
At 31 December 2025 974 1,116
Accumulated depreciation and impairment:
At 1 January 2025
372 6,675
Depreciatios for the year 109 1,249
Disposals -24 -7,355
Impairments for the year 19 0
At 31 December 2025 476 569
Carrying amount 31 December 2025 498 547
NOTE 15 FINANCIAL ASSETS
IN THOUSANDS DKK
INVESTMENST IN
SUBSIDIARIES DEPOSITS
Cost:
Cost at 1 January 2025
669,895 492
Corrections to prior years due to material misstatements
86,893 0
Additions
144,903 190
Disposals
-12,025 -73
Cost at 31 December 2025 889,666 609
Value adjustments at 1 January 2025
-263,870 0
Corrections to prior years due to material misstatements
-44,757 0
Disposals
10,933 0
Impairment of the year
-180,271 0
Value adjustments at 31 December 2025 -477,965 0
Carrying Amount 31 December 2025 411,701 609
Reference is made to the company overview in the consolidated nancial statements note 28. The carrying amount of
investments in subsidiaries is tested for impairment at lease year-end.
NOTE 16 PREPAYMENTS
Prepayments and accrued income consist of various prepaid expenses, etc.
NOTE 17 RELATED PARTIES
The company is controlled by CC Fly Holding II ApS. The groups ultimate parent is CataCap II K/S.
Related parties with signicant inuence consist of the Group’s Board of Directors and Executive Management
plus close relatives of these persons.
Related parties also include companies over which these persons exert considerable inuence.
All transactions were carried out on terms equivalent to arm’s length principles.
NOTE 18 LONG TERM LIABILITIES
IN THOUSANDS DKK DUE WITHIN 12 MONTHS DUE AFTER 5 YEARS
Other provisions 9,000 0
Holiday pay obligation 0 4,812
Total long term liabilities 9,000 4,812
NOTE 19 OTHER LIABILITIES
IN THOUSANDS DKK 2025 2024
VAT and charges 14,298 1,053
Payable salary, A-tax, social contributions etc. 3,390 1,367
Payable holiday pay 2,620 2,779
Other liabilities 11,986 13,118
Total other liabilities 32,294 18,317
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
57 REKOM ANNUAL REPORT 2025
NOTE 20 PROVISIONS
The company has recognised provisions for a parent guarantee expected to result in outows in 2026. The provisions
reect management’s best estimate of the costs required to settle this provision. The provisions reect management’s
best estimate of the costs required to settle these claims.
In 2024, a provision of DKK 150,000 thousand was made for the company’s liabilities related to debt obligations toward
the Finnish subsidiary, whose operations were closed in May 2025. The provision is part of the guarantee obligation the
company has undertaken toward its subsidiary.
NOTE 21 CONTINGENT ASSETS, LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
IN THOUSANDS DKK 2025 2024
Liabilities according to leasing contracts to termination 5,058 1,750
Total contingent liabilities 5,058 1,750
Charges and security
The company is guantor against the Groups borrowings
at Ares Credit Group. At year end this amounts to DKK
995 million (DKK 940 million at 31 December 2024).
Futhermore, the Group has credit facilities with Nordea
eaqual to DKK 110 million (DKK 120 million at 31
December 2024), consisting of DKK 50 million in ordinary
credit facilities (DKK 50 million at 31 December 2024) and
DKK 60 million in guarantee facility for rental guarantees
(DKK 70 million at 31 December 2024).
The company has issued rental guarantees for 3. parties
on behalf of subsidiaries. The total guarantee at year end
is DKK 3,1 million.
As security for the company’s debt and guarantee
obligations within the group, the company has pledged a
number of its shares in its subsidiaries, which are collectively
carried at a book value of DKK 412 million.
Other contingent liabilities
The Company is involved in legal proceedings of minor
signicance. These relate to a penal matter concerning
marketing and civil disputes concerning software
agreement and consultancy agreement. The aggregate
estimated maximum exposure is immaterial to the
Company.
Joint taxation
The group companies are jointly and severally liable for
tax on the jointly taxed incomes etc of the Group. The
total amount of corporation tax payable is disclosed in
the Annual Report of CC Fly Invest ApS, which is the
management company of the joint taxation purposes.
Moreover, the group companies are jointly and severally
liable for Danish withholding taxes by way of dividend
tax, tax on royalty payments and tax on unearned income.
Any subsequent adjustments of corporation taxes and
withholding taxes may increase the Company’s liability.
The company has secured a guarantee against its parent
CC Fly II Holding ApS’ and the Group’s borrowings at Ares.
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS
58 REKOM ANNUAL REPORT 2025
MANAGEMENT’S STATEMENT
EXECUTIVE BOARD
BOARD OF DIRECTORS
MEMBER
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
59 REKOM ANNUAL REPORT 2025
INDEPENDENT AUDITOR’S REPORT
INDEPENDENT
AUDITOR’S REPORT
CVR No. 339 63 55 6
FINANCIAL STATEMENTS / PARENT FINANCIAL STATEMENTS / NOTES
CLAUS JUEL JENSEN
CHAIRMAN
Born 1963
Chaiman of the board since
2018 to 31. July 2024
Cheif Executive Director from
1. August 2024
CHAIRMAN
T. Hansen Gruppen A/S
Delika Food Group A/S
Gasa Group A/S
Jens Møller Products A/S
Bisca Bakery A/S
Rusta AB
BOARD MEMBER
Geia Food A/S
Koble ApS
EXECUTIVE MANAGEMENT
CJPI ApS
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II A/S
VILHELM HAHN-PETERSEN
DEPUTY CHAIRMAN
Born 1960
Member since 2018
Aliation: Non-Independent
Partner – CataCap
CHAIRMAN
CC Green Wall Invest ApS
DAFA A/S
DAFA Group A/S Deputy
DAFA Holding I ApS Deputy
DAFA Holding II ApS Deputy
Luxplus ApS Deputy
DEPUTY CHAIRMAN
OF THE BOARD
CC Fly Holding II A/S
BOARD MEMBER
Airhelp Inc.
CC Toaster Holding I ApS
CC Toaster Holding II ApS
EXECUTIVE MANAGEMENT
MYCO ApS
CATACAP DM ApS
CataCap DM II ApS
CATACAP GENERAL
PARTNER I ApS
CataCap General
Partner II ApS
CataCap General
Partner III ApS
CATACAP MANAGEMENT A/S
CATACAP OP ApS
CC Aviation General
Partner I ApS
CC DAFA Invest ApS
CC Fly Invest ApS
CC Globe Invest ApS
CC II Management Invest
2017 GP ApS
CC NLM Invest ApS
CC North Invest ApS
CC TAP Invest ApS
CC EB Invest ApS
CC Thranekær Invest ApS
DAFA MIIP ApS
Globe ManCo ApS
Luxplus MIIP ApS
Enwerdi IP ApS
CCA HoldCo ApS
CCA BidCo ApS
CC TopCo Invest VI ApS
CC HoldCo VI ApS
CC BidCo VI ApS
CC TopCo Invest VII ApS
CC HoldCo VII ApS
CC BidCo VII ApS
ADAM FALBERT
MEMBER
Born 1976
Member since 2018
Aliation: Non-independent
Founder – REKOM Group A/S
CHAIRMAN
NightPay ApS
DEPUTY CHAIRMAN
REKOM Group A/S
REKOM Group Holding ApS
CC Fly Holding II ApS
BOARD MEMBER
CIV 2023 ApS
HB Herman ApS
Power Hall ApS
Støberihaven 27 ApS
Hyldegårdsvej 40 A/S
K/S Strandvejen 195-199
Nielsen & Co. ApS
REKOM R&D ApS
Havnens Bygningsudlejning A/S
EXECUTIVE MANAGEMENT
ANF Enterprises ApS
NSV I Midco ApS
Mosegårdsvænget 21 ApS
Hero Ejendom Ishøj ApS
Rosbjergvej 7, 8220 Brabrand ApS
Overgade 21A ApS
Havnegade 44 ApS
Meyn Invest ApS
Allegade 4 ApS
Kultorvet 13-15 Invest ApS
Q19 Ejendomme ApS
Moker Venture ApS
Moker Venture Finans ApS
Moker Ejendomme ApS
REKOM CIV Komplementar ApS
Sysselvej 66 ApS
NSVI 2022 ApS
NSVI VSO Feeder ApS
Ejendomsselskabet
Kobbersmedevej 2-32
Holding ApS
Ejendomsselskabet
Kobbersmedevej 2-23 ApS
JEPPE KALLESØE ODEFEY
CEO
Born: 1987
Appointed: 1. June 2025
BOARD MEMBER
The Army Painter Group ApS
The Army Painter Group
Holding ApS
G.O. TRANSPORT & SPEDI-
TION A/S
G.O. TRANS A/S
G.O. HOLDING A/S
NEMLIG.COM A/S
INTERVARE A/S
EXECUTIVE MANAGEMENT
Rekom Group A/S
Rekom Group Holding ApS
CC Fly Holding II A/S
Odekal management ApS
OVERVIEW OF
MANAGEMENT
60 REKOM ANNUAL REPORT 2025
OVERVIEW OF MANAGEMENTS OTHER DUTIES
Annual Report 1st of January
- 31st of December 2025
CVR NO.: 19 41 52 01
The Annual Report was
presented and adopted at the
Annual General Meeting of the Company
on 15.06.2026
Chairman of the
General Meeting