Care DK BidCo ApS

CVR No

41 10 05 16

Chairman

Jesper Eiby Christoffersen

The Annual Report was presented and adopted at the Annual General

Meeting of the Company on: 30 April 2026

31 December 2025

Care DK BidCo ApS

Annual report for

1 January 2025

C/O Collectia A/S Abildager 11, 2605 Brøndby

Contents

Page

Company Information 3

Key figures 4

Management's Review 5

Management's Statement 13

Independent Auditor's Report on the Financial Statements 14

Group

Consolidated statement of profit and loss 17

Consolidated statement of comprehensive income 18

Consolidated balance sheet 19

Consolidated cash flow statements 21

Consolidated statement of changes in equity 22

Notes 23

Parent

Profit and loss 58

Balance sheet 59

Statement of changes in equity 61

Notes 62

Company Information

Company

Care DK BidCo ApS

C/O Collectia A/S

Abildager 11

2605 Brøndby

Central Business Registration No 41 10 05 16

Registered in Brøndby

Financial period: 1 January 2025 - 31 December 2025

Executive Board

Jesper Eiby Christoffersen

Daniel Bremann Itzhaki

Jesper Gunni Winther

Martin Høy

Board of Directors

Erik Forsberg

Gareth Ridgwell Whiley

Jesper Eiby Christoffersen

Jesper Gunni Winther

Martin Høy

Daniel Bremann Itzhaki

Auditors

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

Strandvejen 44

DK-2900 Hellerup

Cvr nr. 33 77 12 31

Key figures

1 January to 31

December

2025

1 January to 31

December

2024

1 January to

31 December 2023

1 January to

31 December 2022

1 January to

31 December 2021

TDKK TDKK TDKK TDKK TDKK

Financial highlights

Profit and loss accounts

Revenue excluding revaluation of debt portfolios

355.209 348.150 345.258 346.803 271.039

Gross profit before revaluation of debt portfolios

98.441 105.223 106.018 106.371 82.014

Revaluation of debt portfolios

(46.853) 0 0 (3.892) 0

Revenue including revalutation of debt portfolios

308.356 348.150 345.258 342.911 271.039

Gross profit

51.588 105.223 106.018 106.371 82.014

Operating profit

(10.171) 45.430 46.676 48.051 29.451

Net financials

(67.700) (84.393) (84.155) (61.256) (36.389)

Loss for the year

(43.363) (36.194) (34.870) (7.318) (12.068)

Balance sheet

Total assets 1.238.825 1.326.340 1.405.780 1.494.175 1.485.007

Total equity

451.009 489.089 528.726 521.633 546.216

Cash flows

Net cash flow from operating activities

80.521 58.210 30.901 82.086 45.609

Net cash flow from investing activities

(32.921) (25.442) (58.644) (118.337) (239.648)

Cash flow from financing activities

(34.341) (38.305) 15.952 25.313 149.481

Empolyees

Average number of employees

277 254 249 251 231

Key Ratios

Gross margin (%)

17% 30% 31% 31% 30%

Operating profit (%)

-3% 13% 14% 14% 11%

Return on equity (%)

-10% -7% -7% -1% -2%

Equity ratio (%)

36% 37% 38% 35% 37%

Management's Review

IKKE OPDATERET

Key activities

Collectia Group is a leading tech-enabled provider of credit management services. Collectia Group is one of the

industry leading players in the Nordics, head quartered in Denmark and with local presence in Norway, Sweden,

Germany and Finland. It offer services in outsourcing of debt management and debt collection. The business

model is based on a superior proprietary IT-platform which to a large extent has been developed internally

capitalising on the extensive knowledge and experience which has been build up over many years of operation

in the industry. The IT-platform optimises and automates the collection process through handling and analysis of

data, which through applying AI, can be tailored to approach the specific debtor in the most efficient and optimal

manner. The Group has for years invested heavily in structuring data, developing business intelligence and

innovative and digital payment solutions as it is management’s belief that automation, optimisation and AI are

cornerstones in being successful in this industry and continuous investments in the proprietary IT-platform are

necessary to maintain an edge over the competitors for the benefit of the Group’s customers.

Today, Collectia Group services thousands of corporate customers in the Nordics and Germany, including large

corporates in the fields of telecom, insurance, utility, media, parking, fitness and banking.

The Group has more than 150 years of experience in the industry and it is the distinct aim of the Group to

provide a professional, ethical and high quality treatment of the customers' collection cases. Collectia Group

works in accordance with its four core values; respectful, passionate, innovative and transparent. These values

define what Collectia Group is about and how the employees should act towards our customers and customers.

Service offerings

Invoicing, debt & credit management, reminder service, debt collection, legal collection, consulting, billing

service, credit scoring and IT services.

Development during the year

The income statement of the Group for 2025 shows a loss of TDKK 43,363 and at 31 December 2025 the

balance sheet of the Group shows equity of TDKK 451,009.

2025 has been pivotal in the continued expansion of the Groups offerings and strengthening the market

presence. Focus has been on broadening our product portfolio, integrating invoicing- and reminder services into

our proprietary IT-platform C-work system to enhance user convenience and financial management. Our growth

has also been fueled by the continued support of our cross-border customers, demonstrating our commitment to

delivering seamless and efficient solutions on an international scale. Together, these developments underline

our dedication to driving value and building stronger relationships by continuously expanding our value chain

and provide the best possible solutions for our customers.

Management's Review

The Group has in 2025 continued to execute on the strategy which was laid out in 2020 and been subject to

refinement to ensure alignment with evolving circumstances, opportunities and challenges.

The Group remains focused on consolidating the Nordic collection market but will only pursue acquisitions that

meet its requirements, including synergy potential. In 2025, no suitable add-on acquisitions were made.

However, Collectia Group remains committed to its strategy and has the financial resources to continue

pursuing opportunities. Another important part of the strategy is to migrate the superior proprietary IT-platform (C-

Work) beyond the Danish operations. In 2021 Collectia Group succeeded in migrating the IT system to Sweden

and the effectiveness and efficiency of the IT-platform has positively impacted the business by being

considerably faster and more efficient in collecting debt which is to the benefit of our customers who will receive

not only faster payments, but also a higher collection rate.

Management's Review

In late 2022, the IT-platform has also been deployed in the Group’s Norwegian operations and Collectia’s

Norwegian customers are therefore now also experiencing the positive effects from C-Work. The Group has

since then focused on optimising the system to enable the best possible efficiency. The production KPIs in

Norway have since shown massive improvement which validates that C-work is superior to its peers in all

regions where it has now been introduced, which has also been a key pillar in the initial strategy.

As expected, the now completed implementation of C-Work in all of Scandinavia, including Finland, has become

a competitive advantage as Collectia Group is likely the only collection agency where the customers can monitor

performance from all countries in one single system, seamlessly changing from one country to another. The

customers highly appreciate that reporting and handling of the cases are similar throughout the group, which

provides unparalleled transparency.

In 2025 the Group has continued its efforts to implement C-Work in Germany which is expected to be completed

in April 2026. Upon completion of this migration, all countries in Collectia Group operate on the same efficient IT-

platform.

In line with its strategy of becoming a pure tech-enabled service business, the Group no longer considers debt

purchasing as part of its strategy.

The past year and follow-up on development expectations from last year

Management considers the result achieved to be satisfactory given that an overall growth of 2% was achieved,

adjusting for the one-off write down of portfolios. Revenue was impacted by a one-off revaluation of portfolios in

conjunction with the sale of a owned portfolio. Portfolio ownership is considered strategic non-core and therefore

non-recurring. Adjusted for this, the revenue was within the band of 1-7% indicated in the 2024 Annual

Accounts. The increase in revenue from TDKK 348,150 to TDKK 355, 209 was driven by more service revenue

whereas the portfolio revenue was further reduced due to few portfolios being acquired. Service revenue grew

organically by 5% from the prior year which is remarkable given that especially the Danish business is already a

dominant player in the Danish market and as such it is more difficult to take market shares. The German service

business was the main driver of the increase in revenue. and while performance in Norway is still impacted by

temporary compliance set back 2022 but the turn around is proceeding according to plan. Also, growth in the

Danish service business was able to set the reduction of the non-core portfolio revenue in Denmark.

The company has maintained its focus on advancing IT capabilities, reflecting its dedication to innovation and

future readiness, which has to some degree influenced overall financial results. The service business growth of

10% in the group underpinned the fact that we are likely taking market shares as the market for collection

service as such is not subject to material growth in the different markets where Collectia Group operates.

Financial position

The Group’s financial position is considered satisfactory. The Group has adequate liquidity and access to

committed credit facilities, and Management assesses that the Group is well positioned to meet its short and

long term obligations. The capital structure supports the continued execution of the Group’s strategy.

Cash flows in 2025 have been strong and have also supported the financial position of the group.

Special risks - operating risks and financial risks

Operational risks

Management regularly considers to which degree the Group is subject to operational risks and acts accordingly,

implementing necessary measures and policies.

Management views IT security, Information security (GDPR) and reputational risk to be areas where the group

could be exposed. However, through a combination of awareness, policies and actions, Management believes

that operational disruption would be limited and of a short term nature. During the financial year, however, the

Group has continued to invest in IT security in particular and believes that such pre-emptive measures ais the

best strategy to avoid operational disruption. Please also refer to the Data Ethics section of this report.

Foreign exchange risks

Collectia operates in four currencies, EUR, DKK, SEK, and NOK. DKK is tied to the EUR through an official

monetary collaboration, which means that there is little exchange risk as long as this collaboration continues.

The SEK and NOK currencies are a bit more volatile, however the Group's operations in Norway and Sweden

are still limited and the local presence also provides a high degree of natural hedging through a balanced cost

structure. Exchange rate fluctuations have been limited in the financial year.

Management's Review

Liquidity risks

The Group is dependent on having access to loan credits from banks, however the financing package rests on a

longer term relationship with various banks and financing institutions and the operational cash generation is

positive month on month. Further funding is only needed when making business-expanding investments and the

senior facility agreement in place provides access to such funding on agreed terms. Consequently,

management believes that the liquidity risks associated with general operations are low.

The senior debt package is subject to certain loan covenants which the Group is required to comply with. The

group prepares specific covenant reporting to the financing banks on a quarterly basis and maintains a covenant

forecast model which enables Management to preserve sufficient headroom to the threshold of such covenants.

The Group has throughout financial year FY25 complied with all covenants and demonstrated considerable

headroom and this has continued after the end of the financial year. Based on forecasts, it is Management’s

expectation that the considerable headroom will be expanded going forward.

The Group’s financial position remains satisfactory. The Group has adequate liquidity and access to committed

credit facilities, and Management assesses that the Group is well positioned to meet its short and long term

obligations. The capital structure supports the continued execution of the Group’s strategy. The senior debt

package is scheduled to expire in August 2027 and the Group has therefore in Q1 2026 initiated a refinancing

process in order to secure that future financing is in place in plenty of time before the maturity date.

Portfolio investment risk

The Group has acquired debt portfolios which in essence are past-due consumer receivables which are

acquired at prices significantly below nominal value. The associated risk is that the ability to collect is

overestimated at the time of acquisition.. Note that the Group has scaled down the acquisition of portfolios and

currently, no contracts have been entered into for FY25, hence the investment risk continues to be reduced. The

Group has also disposed of a large part of its debt portfolios in Q2 2026 which decreases the risk even further.

Targets and expectations for the year ahead

Collectia is well positioned and expects to continue the organic growth1 to 5% which is a combination of the

growth in the service business and a decline in the Portfolio business. The expectation is that the group will take

market share based on continued very positive feedback from the market (measured using NPS surveys)

combined with an improved proprietary IT-platform which enables the Group to perform and operate more

efficiently than its peers. Through the combination of high customer satisfaction; the sales pipeline; our

automated, digitalized solutions; and our very passionate employees, we expect to continue to grow in FY26.

Given that all add-on acquisitions have been fully integrated, and no acquisition of portfolios are planned, the

growth target for FY26 is in line with that of FY25. The increase is a combination of an expected reduced

revenue from owned portfolios and an organic growth from the service business. Given that Collectia group

does not expect to acquire more portfolios in FY26, portfolio revenue will naturally be reduced. This is expected

to be set-off by growth in the service business which to some degree is expected to come from the ability to

service Scandinavian cross border customers as Collectia Group’s joint Nordic IT-platform resonates well with

this segment. Earnings before depreciation and amortization margin percentage is expected to range between

30-36% of total revenue.

Management's Review

Statutory CSR report

Collectia Group is a leading technology company specializing in credit management services. The Group is

seeking to take a different approach in the industry, which is reflected in its work with digital payment solutions,

big data and artificial intelligence, which helps to streamline and speed up the collection of our customers'

unpaid bills. The business model involves a much larger use of automated workflows than at other collection

companies. Consequently the Group requires considerably fewer operational employees, but invests heavily in

IT development in order to support the continued development of new features and optimization in the

proprietary collection system.

The offering includes a full-service debt collection solution. This means that Collectia Group offers handling of all

types of services in connection with sales invoices / debtor administration, such as invoice, reminder, debt

collection notice, administration of payment agreements, debt collection service, as well as legal processing.

ESG Strategy

The Board of Directors sets the overall direction for the Group’s sustainability agenda and maintains overarching

responsibility for governance of ESG matters. Executive Management is responsible for the effective execution

of the ESG strategy throughout the organisation. In FY23, the ESG strategy was refined and now centres on

three main focus areas:

•Treating debtors fairly: ensuring regulatory compliance, offering reasonable payment arrangements,

supporting employee learning and development, and increasing financial literacy.

•Investing in our people: focusing on diversity, equity and inclusion, employee learning and development,

employee wellbeing, as well as attracting and retaining talent.

•Industry leading compliance: ensuring that compliance frameworks, controls, and processes are applied

consistently across the Group. Given the regulatory sensitivity of the industry, continuous improvement and

alignment with GDPR and other compliance requirements remain a key priority.

To properly prioritise initiatives within these focus areas, the Group has carried out a materiality analysis, which

serves as the foundation for all ESG related activities.

Based on the materiality assessment, a number of initiatives have been identified for FY26. In total, eight

specific actions are planned: three relating to People, three within Governance, two addressing Debtors and

Customers, and two linked to Environmental Management.

Management's Review

Principal ESG risks

The principal ESG related risks faced by the Group are assessed in relation to the Group’s business model as a

digital debt collection company. Key risks include non compliance with regulatory requirements, including data

protection and anti corruption, inadequate treatment of debtors, challenges related to employee engagement

and retention, as well as environmental and climate related risks. These risks are mitigated through Group wide

policies, governance structures, training, and technical and organisational controls.

People and Workplace

Employees are regarded as the Group’s most valuable asset and a core element of the ESG agenda. To attract

and retain skilled and engaged employees who share Collectia Group’s values, the Group seeks to maintain an

attractive and inclusive workplace.

Regular employee satisfaction surveys continue to show results above industry benchmarks. These surveys

assess seven core dimensions — Colleagues, Achievements, Purpose, Leadership, Influence, Mastery, and

Balance — in addition to an overall job satisfaction score. Questions related to diversity, equity and inclusion, as

well as an eNPS, are also included to support a holistic view of employee wellbeing.

While no formal improvement targets are defined, survey results are benchmarked against peer groups. Where

results fall materially below benchmarks, follow‑up actions are initiated at departmental level. The most recent

survey results are currently under review to identify potential improvement areas.

Looking ahead, the Group expects to continue focusing on maintaining attractive and sustainable working

conditions, employee wellbeing, competence development and talent retention. Social and employee related

matters remain an integrated part of the Group’s business strategy and are considered key to supporting long

term value creation and operational performance

Human Rights

The Group is committed to respecting and protecting fundamental human rights throughout its operations and

value chain and promotes adherence to these principles among both employees and business partners.

In FY25, all employees completed awareness training related to the Group’s Code of Conduct. A dedicated

Code of Conduct for Employee Rights was introduced at the end of 2022, supporting a responsible and

respectful corporate culture. The Code safeguards against discrimination on the basis of age, gender, religion,

or race. The next scheduled employee training session is planned for H2 2026.

Although the specific impact of the Code has not yet been formally assessed, it is intended to positively

influence the Group’s activities in relation to society, the environment, debtors, customers, employees, and

investors.

The Group’s operations are primarily based in Denmark and other Nordic countries and do not involve

production activities or supply chains in high risk geographies. On this basis, Management assesses that the

risk of violations of human rights is generally limited.

The most significant potential risks relate to fair and respectful treatment of debtors, employee rights and

working conditions, as well as the responsible handling of personal data. These risks are addressed through the

Group’s policies, codes of conduct, employee training programmes and ongoing management oversight.

External environment

The Group’s ambition is to be the most environmentally sustainable digital debt collection company by

spearheading green initiatives, reducing CO

₂

emissions, and encouraging environmentally responsible

behaviour among stakeholders. The “A Greener Collectia” initiative focuses on reducing food waste,

transitioning to electric company vehicles, limiting inter office travel, cooperating with environmentally conscious

suppliers, and lowering the overall carbon footprint across offices.

While the business model already entails a relatively limited environmental impact, additional reductions have

been achieved. In Denmark, solar panels installed on the office building generated 20,313.14 kWh in 2025.

Furthermore, significant investments in the IT platform have materially reduced paper consumption.

Management's Review

Since 2022, Collectia Group has been measuring its carbon footprint and setting targets for reduction. The

preliminary numbers for FY25 are:

Which environmental risks do we face, and how can we proactively prevent them?

In Germany, there is a potential risk of flooding. Fortunately, all employees can work remotely, ensuring

continued operations.

Vendor risks

Due to our dependence of mail-delivery, we should expect to be affected if flooding occurs. In that case delays

are anticipated, though the impact will be limited because of our high focus on digitalizing our communication

methods.

Customers, sales strategy

We have several customers that are highly aware of keeping up with the green transitioning, e.g., Green

Mobility. We are foreseeing more business coming our way from these types of customers. At the same time

petrol stations increasingly focus on charging points for electrical vehicles.

The utility industry is in rapid development transitioning to sustainable energy. We see great potential in

becoming specialists in this specific industry, hoping to take an even bigger market share than we already have.

Which opportunities has our business looking into the climate changing?

Already at this point, we are taking several initiatives to lower our carbon footprint, contributing to minimize

climate change by reducing our utility consumption. Also, we activate employee campaigns with the focus to

lessen food waste and to enhance recycling. These initiatives will continuously be prioritized.

The Group is also working to extend the headquarters’ business continuity plan to cover the entire organisation.

Investing in People

The Group’s objective is to support and invest in its workforce by prioritising diversity, equity, inclusion and

belonging, employee development, wellbeing, and talent attraction and retention. Throughout 2025, several

initiatives supported this agenda, including the launch of a Diversity Employee Advisory Board and the rollout of

monthly employee surveys. These initiatives aim to strengthen psychological safety and provide practical

insights to enhance employee wellbeing.

Group wide onboarding initiatives were further strengthened to ensure alignment with company culture, thereby

reducing the risk of workplace conflicts. In parallel, the Talent Management programme continued to identify and

develop internal talent, supporting people centric processes that mitigate the risks of disengagement, turnover,

ineffective leadership, and cultural misalignment.

Employee engagement in 2025 was measured across seven dimensions through the monthly surveys:

Colleagues, Achievements, Purpose, Influence, Leadership, Mastery, and Balance.

Result December 2025:

78 76

Status Target

KPI

Group

Employee engagement

Management's Review

Anti-Corruption

The Group’s Code of Conduct establishes high ethical standards and explicitly prohibits bribery and corruption.

Identified corruption risks primarily relate to employee conduct. All new employees receive training on the Code,

which clearly outlines expected behaviour to ensure integrity and compliance with applicable laws and

regulations.

The policy is available in multiple languages and emphasises ethical responsibility, a respectful work

environment, and the protection of human rights. When new businesses are acquired, the Group’s ethical

standards and policies are gradually implemented to support effective integration.

No incidents of non compliance were reported in 2025 or after the balance sheet date. In 2023, an internal

whistleblower channel was introduced to support transparency and trust within the organisation. The channel is

well communicated internally, and all reports are handled confidentially. The whistleblower arrangement will

remain in place in 2026 and beyond.

Anti corruption efforts are anchored at both Board and Executive Management level and form part of the Group’s

overall compliance framework. Awareness of ethical conduct and anti corruption requirements is maintained

through internal communication and training, and the Group will continue to prioritise compliance with applicable

anti corruption laws and ethical standards going forward.

Account of the gender composition of Management, cf. §99b

Diversity, equality, and inclusion remain key priorities for Collectia. In 2021, the HR function was renamed

People & Culture to reflect the Group’s focus on employee engagement, development, and long term

competitiveness. An inclusive culture is seen as essential for unlocking individual potential.

As of 31 December 2025, the Board of Directors comprised six members, all of whom were men. The Group

aims to appoint at least one member of the underrepresented gender to the Board no later than 2027. For hiring

at management level and across the organisation, at least one candidate from the underrepresented gender is

targeted among the final three candidates.

At other management levels, the Group had nine managers, of whom two were women, representing 22.2% of

the underrepresented gender. The Group continues to work towards increasing female representation in senior

roles by leveraging the strong pipeline of female managers.

In 2025, People & Culture launched a Group wide diversity campaign to promote innovation and strengthen a

sense of community.

Data Ethics

Collectia Group has implemented a Data Ethics Policy in accordance with Section 99d of the Danish Financial

Statements Act. This policy supplements existing data protection efforts and reflects Collectia’s commitment to

handling data responsibly, focusing on confidentiality, integrity, and availability.

Given the large quantities of personal data handled, GDPR compliance is a top priority. Collectia ensures data is

collected for specific, legitimate purposes and processed legally, respectfully, and transparently. Only necessary

data is processed, kept relevant, sufficient, and up to date, and stored only as long as needed. Data is protected

against unlawful destruction, modification, or publication, respecting individuals' privacy.

The Group invests heavily in data protection, strengthening the IT organization with cybersecurity experts and

implementing systems to prevent cyber-attacks and monitor irregular data flows. All staff receive training on

correct data handling and cybersecurity awareness upon employment and ongoing.

The formalized Data Ethics Policy outlines guidelines for ethical data collection, processing, and use. It is

revised and approved by the board of Collectia at least once a year.

Management's Review

Statutory report on Corporate governance

The organization of the Management is, among other things, based on the Danish Companies Act, the Danish

Financial Statements Act and the company's articles of association. The Company has based its corporate

governance efforts on a two-tier system where the Board of Directors and the Executive Management have two

distinct roles. The Executive Management undertakes the operational management of the Company, whereas

the Board of Directors determines the overall company strategy and acts as a sounding board to the Executive

Management of the Company. In addition, Executive Management is continuously monitoring the financial

development as well as developments in the field of corporate governance to ensure that the Group - internally

as well as externally - is managed in a way that is in accordance with applicable laws, to protect the interests of

all stakeholders.

Risk management is considered an essential part of the realisation of the Group’s objectives and strategy. The

daily activities and the implementation of the established strategy involve inherent risks, and the Group's

handling of these risks is therefore seen as a natural and integrated part of the daily work and a way to ensure

stable and reliable growth.

The Board of Directors is appointed by Silverfleet Capital. The Board of Directors consists of six members at the

time of the issuance of this report. Board meetings are held 10 times a year. Additionally, the Chairman

Committee meets with Executive Management on an ongoing basis.

Research and development

Collectia will continue to invest in developing our business especially within IT, big data and AI to support the

ambitious growth plans of the Group.

Intellectual capital resources

We invest in our employees both in a continuous internal and external training and education, and we invest in

attracting new relevant staff.

Subsequent events

In line with the strategy of being a pure servicer the Group divested certain NPL portfolios in March 2026. Such

assets have been classified in the balance sheet as assets held for sale in the Annual report.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.

Management's Statement

Brøndby, 30. april 2026

Executive Board

Jesper Eiby Christoffersen Jesper Gunni Winther

Daniel Bremann Itzhaki

Martin Høy

Board of Directors

Erik Forsberg Gareth Ridgwell Whiley

Chairman Vice chairman

Daniel Bremann Itzhaki Jesper Eiby Christoffersen

Jesper Gunni Winther

Martin Høy

The Board of Directors and the Executive Board have today considered and adopted the Annual Report of

Care DK BidCo ApS for 2025

In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a

true and fair view of the financial position at 31 December 2025 of the Group and the Parent Company and

of the results of the Group and Parent Company operations and consolidated cash flows for the financial

year 1 January to 31 December 2025.

We recommend that the Annual Report be adopted at the Annual General Meeting.

The Consolidated Financial Statements have been prepared in accordance with International Financial

Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements

Act, and the Parent Company Financial Statements have been prepared in accordance with the Danish

Financial Statements Act. Management’s Review has been prepared in accordance with the Danish

Financial Statements Act.

In our opinion, Management’s Review includes a true and fair account of the development in the operations

and financial circumstances of the Group and the Parent Company, of the results for the year and of the

financial position of the Group and the Parent Company.

Independent Auditor’s Report

Basis for Opinion

Statement on Management’s Review

We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of

Care DK BidCo ApS for the financial year 1 January to 31 December 2025, which comprise income

statement, balance sheet, statement of changes in equity and notes, including material accounting policy

information, for both the Group and the Parent Company, as well as statement of comprehensive income and

cash flow statement for the Group (“financial statements”).

To the Shareholder of Care DK BidCo ApS

Opinion

Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent

Company’s financial position at 31 December 2025 and of the results of the Parent Company’s operations for

the financial year 1 January to 31 December 2025 in accordance with the Danish Financial Statements Act.

In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial

position at 31 December 2025 and of the results of the Group’s operations and cash flows for the financial

year 1 January to 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU

and further requirements in the Danish Financial Statements Act.

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional

requirements applicable in Denmark. Our responsibilities under those standards and requirements are further

described in the "Auditor’s Responsibilities for the Audit of the Financial Statements" section of our report.

We are independent of the Group in accordance with the International Ethics Standards Board for

Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional

ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in

accordance with these requirements and the IESBA Code. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Management is responsible for Management’s Review.

Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any

form of assurance conclusion thereon.

In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review

and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial

Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether Management’s Review provides the information required

under the Danish Financials Statements Act.

Based on the work we have performed, in our view, Management’s Review is in accordance with the

Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in

accordance with the requirements of the Danish Financial Statement Act. We did not identify any material

misstatement in Management’s Review.

Independent Auditor’s Report

Management’s Responsibilities for the Financial Statements

In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent

Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting in preparing the Financial Statements unless Management

either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic

alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect

a material misstatement when it exists. Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these Financial Statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in

Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We

also:

• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Group’s and the Parent Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by Management.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in

preparing the Financial Statements and, based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the

Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we

are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or,

if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence

obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group

and the Parent Company to cease to continue as a going concern.

Auditor’s Responsibilities for the Audit of the Financial Statements

Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair

view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the

Danish Financial Statements Act and for the preparation of Parent Company Financial Statements that give a

true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as

Management determines is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

Independent Auditor’s Report

Hellerup, 30. april 2026

CVR No 33 77 12 31

Ulrik Ræbild

Mads Blichfeldt Fjord

State Authorised Public Accountant

mne33262

mne46065

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

• Evaluate the overall presentation, structure and contents of the Financial Statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that gives a true and fair view.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial

information of the entities or business units within the group as a basis for forming an opinion on the

Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope

and timing of the audit and significant audit findings, including any significant deficiencies in internal control

that we identify during our audit.

Auditor’s Responsibilities for the Audit of the Financial Statements, continued

Consolidated statement of profit or loss

Note

1 January to 31

December

2025

1 January to 31

December

2024

TDKK TDKK

Revenue from customer contracts

331.302

322.034

Revenue from portfolio investments and other revenue in

accordance with the effective interest method

23.907 26.116

Revaluations of portfolio investments

(46.853)

Total Revenues

308.356

348.150

Staff expenses

4, 5

(132.730)

(117.055)

Other external expenses

(124.038)

(125.872)

Earnings before depreciation and amortisation

51.588

105.223

Depreciation and amortisation 6

(61.758) (59.792)

Operating profit before special items

(10.171)

45.430

Special items

21.366

Operating income after special items

11.195

45.430

Financial income

3.072

4.611

Financial expenses

(70.772)

(89.004)

Loss before tax

(56.505)

(38.963)

Income tax expense

13.142

2.769

Loss for the year

(43.363)

(36.194)

Loss is attributable to:

Owners of the parent company

(43.363)

(36.194)

(43.363)

(36.194)

Consolidated statement of comprehensive income

1 January to 31

December

2025

1 January to 31

December

2024

TDKK TDKK

Loss for the period

(43.363)

(36.194)

Other comprehensive income

Items that will be subsequently reclassified to profit or loss

Other adjustments

Exchange differences on translation of foreign operations

5.282

(3.443)

Other comprehensive income for the period, net of tax 5.282 (3.443)

Total comprehensive income for the period (38.081) (39.637)

Total comprehensive income for the period is attributable to:

Owners of the parent company (38.081) (39.637)

(38.081) (39.637)

Consolidated balance sheet

Note

31 December

2025

30 December

2024

TDKK TDKK

Goodwill

705.318

701.373

Other intangible assets

223.514

255.306

Property, plant and equipment

4.720

4.300

Right-of-use assets

15.947

15.914

Portfolio investments

73.256

218.413

Total non-current assets 1.022.755 1.195.306

Trade receivables

30.854

32.384

Contract work in progress

46.419

45.147

Current tax assets

1.492

Other receivables

14.104

17.375

Prepayments

5.470

3.858

Cash and cash equivalents

44.037

30.777

Current assets excluding assets classified as

held for sale

140.884 131.034

Assets classified as held for sale

15, 19

75.186

Total current assets 216.070 131.034

Total assets 1.238.825 1.326.340

Consolidated balance sheet

Note

31 December

2025

30 December

2024

TDKK TDKK

Share capital

5.720

Share premium

629.438

Foreign currency translation reserve

(15.939)

(21.221)

Retained earnings

(168.211)

(124.848)

Capital and reserves attributable to owners

451.009 489.089

Total equity

451.009

489.089

Other provisions

1.700

Borrowings

536.170

645.565

Lease liabilities

12.053

12.704

Deferred tax liabilities

36.549

58.594

Other payables

4.493

4.348

Total non-current liabilities 590.965 722.911

Borrowings

113.762

29.909

Trade payables

6.559

9.275

Lease liabilities

4.118

3.345

Income tax payables

8.072

4.535

Other payables

64.340

67.276

Total current liabilities 196.852 114.340

Total liabilities 787.816 837.251

Total equity and liabilities 1.238.825 1.326.340

Consolidated cash flow statement

Notes

1 January to 31

December

2025

1 January to 31

December

2024

TDKK TDKK

Operating profit before special items

(10.171)

45.430

Adjustments

113.943

68.441

Changes in net working capital

(3.590)

(1.486)

Special items received

21.366

Payments received on loan portfolio

30.664

36.061

Interests received, bank deposits etc.

3.072

4.611

Interests paid

(70.772)

(89.004)

Income taxes paid

(3.991)

(5.843)

Net cash flow from operating activities 80.521 58.210

Purchase and sale of intangible assets

(23.596)

(15.468)

Purchase and sale of property, plant and equipment

(2.000)

(1.426)

Purchase of loan portfolios

(7.325)

(8.548)

Net cash flow from investing activities (32.921) (25.442)

Repayment of borrowings

(29.096)

(33.311)

Principal elements of lease payments

(5.245)

(4.994)

Cash flow from financing activities (34.341) (38.305)

Net cash flow for the year 13.259 (5.537)

Cash and cash equivalents, beginning of the year

30.777

36.314

Cash and cash equivalents at end of the year 44.037 30.777

Consolidated statement of changes in equity

capital

premium

Foreign

currency

translation

reserve

Retained

earnings Total

TDKK TDKK TDKK TDKK TDKK

Equity at 1 January 2024

5.720

629.438

-17.778

-88.654

528.726

Loss for the year

0 0 0 -36.194 -36.194

Other adjustments

0 0 0 0 0

Other comprehensive income for the period

0 0 -3.443 0 -3.443

Total comprehensive income for the period

-3.443

-36.194

-39.637

Equity at 31 December 2024

5.720 629.438 -21.221 -124.848 489.089

Equity at 1 January 2025

5.720

629.438

-21.221

-124.848

489.089

Loss for the year

-43.363

Other adjustments

Other comprehensive income for the period

5.282

Total comprehensive income for the period

5.282

-43.363

-38.081

Equity at 31 December 2025

5.720 629.438 -15.939 -168.211 451.009

Notes

1. Accounting policies

2. Critical accounting estimates and judgements

3. Revenue from contracts with customers and other revenue

4. Employee costs

5. Share-based payment plans

6. Depreciation and amortisation

7. Special items

8. Financial income

9. Financial expenses

10. Tax on profit for the year

11. Intangible assets

12. Property, plant and equipment

13. Deferred tax

14. Leases

15. Portfolio investments

16. Trade receivables

17. Contract balances

18. Other receivables

19. Assets classified as held for sale

20. Share capital

21. Borrowings

22. Financial risk management

23. Capital management

24. Business combinations

25. Commitments and contingent liabilities

26. Changes in liabilities arising from financing activities

27. Related parties

28. Fee to auditors appointed at the general meeting

29. Events after the balance sheet date

30. Cash flow statement - adjustments

31. Cash flow statement - changes in net working capital

32.

List of group companies

Notes

1. Accounting policies

General information

Basis of preparation

With regards to the true and fair view of the financial statements, certain reclassifications have been made in

profit or loss and in the notes. Key figures have been adjusted accordingly.

Comparative figures have been adjusted accordingly.

No standards which are not yet effective have been applied.

The IASB has issued amendments to some existing standards which are not yet effective and could be

relevant to the Group

Amendments to IFRS 9, Classification and Measurement of Financial Instruments (1 January 2026)

comprising:

• Clarification of the requirements for the timing of recognition and derecognition of some financial assets and

liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• Clarification to and addition of further guidance for assessing whether a financial asset meets the solely

payments of principal and interest (SPPI) criterion.

IFRS 18, Presentation of financial statements

• IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help

to achieve comparability of the financial performance of similar entities. It does not comprise guidance on

recognition and measurement but could potentially have significant impact on the presentation of the income

statement.

Management does not expect any significant impact from the adoption of the amendments to IFRS 9.

Management has not yet completed the assessment of the impact from IFRS 18.

Care BidCo ApS was incorporated on 22 January 2020, and is through its subsidiaries (the Group) an IT

company, who is specialized in credit management services. The Group offers services in outsourcing of debt

management, debt collection and debt purchase.

The consolidated financial statements of the group have been prepared in accordance with International

Financial Reporting Standards (IFRS) 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 under the historical cost convention, except for

derivative financial instruments that are measured at fair value. The financial statements are presented in

Danish Kroner (DKK), as this is the parent company's functional currency. The financial statements have

been rounded to the nearest thousand except when otherwise stated.

New accounting policies and disclosures effective in 2025 or later

The IASB has issued amendments to some existing standards which are effective for accounting periods

beginning on or after 1 January 2025 and are or could be relevant for the Group:

Amendment to IAS 21, Foreign exchange rates:

The amendment provides guidance relating to the assessment of whether a currency is exchangeable into

another currency, and when it is not, how to determine the exchange rate to use and which disclosures to

provide.

The amendment has not had any impact on the Group’s accounting policies.

Notes

Basis of consolidation

Intercompany transactions, balances and unrealised gains on transactions between group companies are

eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment

of the transferred asset.

The consolidated financial statements include the parent company, Care DK BidCo ApS, and its subsidiaries.

Subsidiaries are all entities over which the Group has control. The Group controls an entity when the group is

exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect

those returns through its power to direct the activities of the entity. This is generally established through

holding of the Subsidiaries are fully consolidated from the date on which control is transferred to the Group.

They are deconsolidated from the date that control ceases.

Notes

1. Accounting policies, continued

Business combinations

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are,

with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises

any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or

at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.

For the purpose of currency translation, assets and liabilities of foreign operations comprise remeasurement

to fair value of identifiable assets and liabilities and goodwillarising in business combinations.

Transactions and balances

Foreign currency translation

Functional currency

The results and financial position of foreign operations that have a functional currency different from the

Group's presentation currency (DKK) are translated into the presentation currency 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 profit or loss and statement of comprehensive income are

translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect

of the rates prevailing on the transaction dates, in which case income and expenses are translated at the

dates of the transactions), and

- all resulting exchange differences are recognised in other comprehensive income and presented in a

separate reserve within equity. Net assets include goodwill and purhcase price allocation adjustments

including intangible assets attributable to the individual entities

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 recognised in profit or loss.

Items included in the financial 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’).

Acquisition-related costs are expensed as incurred.

The acquisition method of accounting is used to account for all business combinations. The consideration

transferred for the acquisition of a subsidiary comprises the:

- fair values of the assets transferred

- liabilities incurred to the former owners of the acquired business

- equity interests issued by the group, and

- fair value of any asset or liability resulting from a contingent consideration arrangement

The excess of the consideration transferred over the fair value of the net identifiable assets acquired is

recorded as goodwill.

Notes

1. Accounting policies, continued

Revenue from debt collection services

Revenue from portfolio investments in accordance with the effective interest method

Other revenue

Staff expenses

Other external expenses

Special items

Revenue recognition

The Group's principal income derives from sales of collection services and from investments in portfolios of

credit impaired overdue receivables.

Staff expenses comprise wages and salaries as well as payroll expenses.

Other external expenses comprise expenses for administration and sales as well as office expenses, etc.

In addition to revenue from collection services and income fom aquired debt portfolios, the Group has other

revenue streams from contracts with customers such as reminder services, invoicing services, financial data

on a subscription basis. These revenues are recognised when control of the services is transferred to the

customer generally being at the point in time where the service is delivered.

Interest revenue from investments in credit impaired portfolios is recognised at the credit adjusted effective

interest rate. Upon acquisition of a debt portfolio, the credit adjusted effective interest rate (EIR) is

determined, based on expected cash flows.

The effect of re-assessment of the expected cash flows is reported as revaluations of portfolio investments.

Revenue from debt collection service is recognized along with provision of the service. Recognition of

revenue commences if it is probable that the consideration will be collected from the debtor. The assessment

is performed on a portfolio basis. Consequently, revenue recognition is based on the estimated success rate.

The contract consideration for the proportion of the cases expected to be collected is recognized in full over

the period in which the work is performed based on an estimate over costs incurred compared to the total

costs expected to be incurred to fulfil the performance obligation.

Financial income and expenses include interest income and expenses as well as allowances and surcharges

under the advance-payment-of-tax scheme, etc.Interest income and expenses are recognised in the income

statements under the effective interest method.

Amortisation, depreciation and impairment losses

Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment

of intangible assets and property, plant and equipment.

Items of income and expense of non-recurring nature which by their nature are not related to the Group’s

ordinary operations or investment in future activities are presented as special items in the income statement.

Financial income and expenses

Notes

1. Accounting policies, continued

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise

those temporary differences and tax loss carryforwards

Income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between

the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.

Deferred income tax is 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 affects neither accounting

nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been

enacted or substantially enacted by the end of the reporting period and are expected to apply when the

related deferred income tax asset is realised or the deferred income tax liability is settled.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised

in other comprehensive income or directly in equity. In this case, the tax is also recognised in other

comprehensive income or directly in equity, respectively.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax

assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax

assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either

to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at

the balance sheet date in the countries where the Company and its subsidiaries 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. It establishes provisions, where appropriate, on the

basis of amounts expected to be paid to the tax authorities.

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 differences and to unused tax losses.

Notes

1. Accounting policies, continued

Goodwill

Software, licenses, development costs, customer rights

- Software/technology

5-10 years

- Development costs

10 years

- Customer contracts

7-20 years

The Group amortises intangible assets with a finite useful life using the straight-line method over the following

periods:

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to

those cash-generating units or groups of cash-generating units that are expected to benefit from the business

combination in which the goodwill arose. The units or groups of units are identified at the lowest level at

which goodwill is monitored for internal management purposes, being the geographical areas in which the

Group operates.

Separately acquired intangible assets are shown at historical cost. Software/technology and customer

contracts acquired through business combinations are recognised at fair value at the acqusition date.

Separately acquired intangible assets have a finite useful life and are subsequently carried at cost less

accumulated amortisation and impairment losses.

Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly

attributable to the Company's development activities.

IT-development projects that are clearly defined and identifiable and in respect of which technical feasibility,

sufficient resources and a potential future market or development opportunity in the enterprise can be

demonstrated, and where it is the intention to use the software, are recognised as intangible assets. This

applies if sufficient certainty exists that the value in use of future earnings can cover future operating

expenses involved as well as the development costs.

Development projects that do not meet the criteria for recognition in the balance sheet are recognised as

expenses in the income statement as incurred.

Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or

at a lower recoverable amount.

As of the completion, capitalised development costs are amortised on a straight-line basis over the period of

the expected economic benefit from the development work. The amortisation period is 10 years.

Intangible assets

Goodwill is measured as described under the accounting policy for business combinations. Goodwill on

acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised 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.

Notes

1. Accounting policies, continued

- Other fixtures and fittings, tools and equipment 5 years

- Leasehold improvements 5 years

The Group has elected to recognise short-term leases and leases of low-value assets.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities

include the net present value of the following lease payments:

- fixed payments (including in-substance fixed payments), less any lease incentives receivable

- variable lease payment that are based on an index or a rate

- amounts expected to be payable by the lessee under residual value guarantees

- the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and

- payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

Property, plant and equipment is measured at historical cost less accumulated depreciation. The cost

includes expenditure that is directly attributable to the acquisition of the items.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each

reporting period.

Right-of-use assets are measured at cost comprising the following:

- the amount of the initial measurement of lease liability

- any lease payments made at or before the commencement date less any lease incentives received

- any initial direct costs, and

- restoration costs.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as

appropriate, only when it is probable that future economic benefits associated with the item will flow 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 derecognised when replaced. All other repairs and maintenance are charged to

profit or loss during the reporting period in which they are incurred.

Lease liabilities are subsequently measured by increasing increasing the carrying amount to reflect interest

on the lease liability, and reducing the carrying amount to reflect the lease payments made.

Property, plant and equipment

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased

asset is available for use by the group. Each lease payment is allocated between the liability and finance

cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic

rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated

over the shorter of the asset's useful life and the lease term on a straight-line basis.

The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined,

or the Group’s incremental borrowing rate.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are

included in profit or loss as other operating income/expenses.

Depreciations are calculated using the straight-line method, net of their residual values over their estimated

useful lives, as follows:

Leases

Variable lease payments are recognised as an expense in profit or loss in the periods to which they relate.

Notes

1. Accounting policies, continued

Portfolio investments

Trade receivables are recognised initially at transaction price value and subsequently measured at amortised

cost using the effective interest method, less loss allowance.

Goodwill and intangible assets with an indefinite useful life are not subject to amortisation and are tested

annually for impairment, or more frequently if events or changes in circumstances indicate that they might be

impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that

the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the

asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s

fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are

grouped at the lowest levels for which there are separately identifiable cash inflows which are largely

independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial

assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at

the end of each reporting period.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime

expected loss allowance for all trade receivables.

The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore

measures them subsequently at amortised cost.

Portfolio investments consists of portfolios of credit impaired recevables purchased at a discount reflecting an

expectation of significant credit losses. Upon acquisition of a debt portfolio, a credit adjusted effective interest

rate is determined, based on expected cash inflows on the portfolio. The expected cash flows are re-

assessed on a regular basis, and the carrying amount is adjusted to the present value of the re-assessed

expected cash flows, discounted at the credit adjusted effective interest rate. The effect of the reassessment

is recognised in the income statement as a revaluation gain or loss.

Cash flow projections are monitored over the course of the year and updated based on, among other things,

achieved collection results, agreements reached with end-customers on installment plans and

macroeconomic information, including forecasts of economic development and unemployment in each

country. Cash flow projections are made at the individual portfolio level.

The Group has entered into arrangements under which the Group is committed to acquire portfolios of credit

impaired receivables on a continuous basis at a predetermined discount. If following the committment to

acquire loan portfolios the credit quality deteriorates compared to the expection reflected in the agreed

discount, a provision for an expected additional credit loss is recognised. The expected credit loss provision if

any is offset against the purchase price upon acquisition, resulting in a higher credit adjusted effective

interest rate.

Trade Receivables

Impairment of non-current assets

See note 16 for a description of the Group’s impairment policies for trade receivables.

Notes

1. Accounting policies, continued

Contract work in progress

Other receivables

Share premium

Premium on issue of ordinary shares are recognised as share premium

Foreign currency translation reserve

Prepayments

Cash and cash equivalents comprises unrestricted cash and bank balances. Restricted cash held from

collection from customers is not considered cash held by Care DK BidCo Group and are netted against other

payables.

Prepayments recognised as an asset comprise prepaid expenses regarding subsequent financial reporting

years and are measured at cost price.

Cash and cash equivalents

Ordinary shares are classified 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 capital

Financial liabilities

Borrowings are initally recognised at fair value which is generally proceeds received, and net of transaction

costs incurred. Subsequently, borrowings are measured at amortised cost using the effective interest rate

method.

Other financial liabilities, including trade and other payables, are on initial recognition measured at fair value.

The liabilities are subsequently measured at amortised cost.

Equity

Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to

nominal value less provisions for bad debts.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement

of the liability for at least 12 months after the reporting period.

Exchange differences arising on translation of foreign operations are recognised in other comprehensive

income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit

or loss when the net investment is disposed of.

Contract work in progress comprises the sales value of ongoing debt collection services. The contract work is

measured at the collection fee to which the Group will become entitled multiplied by the estimated proportion

of work completed at the balance sheet date, based on the proportion of costs incurred as of the balance

sheet date compared to the total costs expected to be incurred. Costs incurred is considered the primary

value driver and consequently used as the basis for determining the percentage of completion. Contract work

is recognised only to the extent that the Group expects to receive the consideration. Assessment of the

collectibility is determined on a portfolio basis.

Notes

1. Accounting policies, continued

The financial ratios have been calculated in accordance with the recommendations of the Association of

Danish Financial Analysts.

Cash flows from financing activities comprise cash flows from the raising and repayment of long term debt

and principal element on lease payments as well as payments to and from shareholders.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets,

property, plant and equipment as well as investments in loan portfolios.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in

working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and

provisions. Working capital comprises current assets less short-term debt excluding items included in cash

and cash equivalents.

The cash flow statement shows the Group's cash flows for the year broken down by operating, investing and

financing 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. The cash flow statement is presented under the indrect

method.

Key Figures

The fair value of financial instruments that are not traded in an active market is determined using generally

accepted valutaion techniques based on observable inputs from active markets. For financial liabilities where

the fair value is disclosed, the fair value is estimated by discounting future contractual cash flows at the

current market interest rate.

Cash flow statement

Unidentified- and excess payments are recognised as liabilities, and are not derecognized until the obligation

to repay expires. The gains are included in other revenue.

Other liabilities

Provisions are measured at the present value of management’s best estimate of the expenditure required to

settle the present obligation at the end of the reporting period. The discount rate used to determine the

present value is a pre-tax rate that reflects current market assessments of the time value of money and the

risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest

expense.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. The fair value of financial assets traded in

active markets are based on quoted market prices at the close of trading on the reporting date.

Fair value estimation

Other liabilities comprises employee related costs, wihtholding tax liabilities, VAT etc. The liabilities are

measured at the amount expected to be paid.

Provisions

Notes

2. Critical accounting estimates and judgements

The lease of the property in Brøndby has a purchase option of 20,8 MDKK which management does not

consider reasonably certain to exercise has not yet decided to use. The lease represents approx. 57% of the

carrying amount of right of use assets as of 31 December 2025.

Portfolio investments

Leases

In the preparation of the consolidated financial statements according to IFRS, management is required to

make certain estimates as many financial statement items cannot be reliably measured, but must be

estimated as the value of assets and liabilities often depends on future events that are somewhat uncertain.

The judgments, estimates and assumptions made are based on historical experience and other factors that

management considers to be reliable, but which by their very nature are associated with uncertainty and

unpredictability. These assumptions may prove incomplete or incorrect, and unexpected events or

circumstances may arise. The most critical judgments, estimates and assumptions for the individual items are

described below.

Impairment testing of goodwill

The carrying amount of goodwill as of 31 December 2025 is 705 MDKK.

For goodwill impairment testing, a number of estimates are made on the development in revenues, gross

profits, operating margins etc. These are based on an assessment of current and future developments in the

cash-generating units and on historical data and assumptions of future expected market developments. Refer

to note 11 for a description of the impairment test prepared at 31 December 2025.

The carrying amount of portfolio investments was DKK 148 million at 31 December 2025, recognised within

non

‑

current assets and assets held for sale. The recognition of portfolio investments is based on The Group’s

own projection of future cash from the acquired portfolios. Although the Group has historically had good

projection accuracy with regard to cash flows and future deviations, differences to the realized cash flows

may occur.

In 2025, updated expectations for future cash collections resulted in a net revaluation loss of 47 MDKK,

recognised in profit or loss and increasing the carrying amount of portfolio investments accordingly.

The Group applies internal rules and a decision-making process in the adjustment of established cash

projections in combination with external valuations by a specialist on yearly basis.

Each time a new portfolio is acquired Management takes great care in forecasting the future gross cash flows

as this in turn is determining the price which the Group is able to offer.

If collection performance deviates from the forecast then the expected future cash flows are re-assessed and

the carrying amount are adjusted. All changes in cash flow projections are ultimately decided on at executive

level.

In 2025, the Group classified a portion of the portfolio investments as assets held for sale. Refer to notes 19

and 29 for a description of the assets and the subsequent sale in 2026.

Notes

1 January to 31

December 2025

1 January to 31

December 2024

TDKK TDKK

3. Revenue from costumer contracts and other revenue

Revenue is in all material aspects for all revenue streams recognised over time.

Revenue from debt collection

319.113

308.025

Other revenue

12.190

14.009

Total revenue satisfied over time 331.302 322.034

Denmark

196.880

194.635

Sweden

32.368

33.211

Norway

29.962

36.238

Germany

68.970

56.281

Finland

3.121

1.669

331.302 322.034

4. Employee costs

Wages and salaries

129.758

116.996

Defined contribution plans

11.665

10.057

Share-based payment

Other social security costs

10.609

4.223

Work on own account recognised in assets

(19.302)

(14.221)

132.730 117.055

Average number of employees

277

254

Key Management Compensation

Executive Board:

Wages and salaries

7.271

6.621

Defined contribution plans

772

731

Share-based payment

Other social security costs

Total

8.075 7.380

Board of Directors:

Board compensation

2.069

1.856

Share-based payment

Total

2.069

1.856

Total compensation of key management personnel

10.144

9.236

Key Management consists of Executive Board and Board of Directors. The compensation paid or payables to key

management for employee services is shown below:

The Group derives revenue in the following major geographical regions.

Notes

5. Share-based payment plans

1 January to 31

December 2025

1 January to 31

December 2024

TDKK TDKK

6. Depreciation and amortisation

Depreciation on property, plant and equipment

1.553 1.437

Depreciation on right-of-use assets

4.372 4.210

Amortisation on intangible assets

55.833 54.144

61.758 59.792

7. Special items

Special items comprise of:

Compensation related to legal settlement

(21.366)

(21.366) 0

Other operating income

(21.366)

(21.366) 0

8. Financial income

Foreign exchange rate gains

2.729

2.978

Other financial income

342

1.633

3.072 4.611

Special items relate solely to the payment of a legal settlement from the former owners of Equity Group acquired in

late 2021. Collectia Group was awarded the compensation through arbitration in 2025. In 2024 no non-recurring

cost have been recognised.

If special items had been recognised in operating profit before special items, they would have been included in the

following line items:

Management and certain employees of the Group have invested in shares in the company ultimately controlling

Care DK BidCo, Credit Services Holdings Limited. The share holdings are subject to customary leaver provisions,

and consequently, the arrangement is considered a share-based payment arrangement. Neither Care DK BidCo

ApS or any of its subsidiaries have any obligations in respect of the arrangement, and consequently, the

arrangement is classified as an equity settled arrangement.

The amount paid for the shares is equal to their fair value, and consequently, no compensation expense is

recognized.

Notes

1 January to 31

December 2025

1 January to 31

December 2024

TDKK TDKK

9. Financial expenses

Foreign exchange rate losses

2.683

6.561

Interest expense on lease liabilities

1.049

1.044

Interest on financial liabilities measured at amortised cost

62.534

75.519

Other financial expenses

4.506 5.880

70.772 89.004

10. Tax on profit for the year

Current tax:

Current tax on profits for the year

8.835

6.666

Current tax on profits for previous years

185

Deferred tax on profit for the year

(22.163)

(9.463)

Deferred tax on profits for previous years

0 0

(13.142) (2.769)

Calculated 22.0% tax on profit for the year before income tax

(12.431)

(8.572)

Differences 711 (5.802)

Tax effects of:

Non-deductible expenses

8.591

1.013

Tax losses with no deferred tax recognized

(8.103) (7.391)

Current tax on profits for previous years

(185)

(27)

Deferred tax on profits for previous years

Higher/lower tax rate in subsidiaries

408

603

711 (5.802)

Effective tax rate

-23%

12%

Notes

11. Intangible assets

Software/

technology

Customer

contracts Goodwill

Development

projects in

progress

Completed

development

projects

TDKK TDKK TDKK TDKK TDKK

Cost:

At 1 January 2024

154.645 260.038 707.953 1.649 71.725

Additions through business

combinations

0 0 0 0 0

Additions during the year

197

1.092

14.179

Transfer

Disposals during the year

-549

Exchange difference

-4

-4.893

-6.032

-994

At 31 December 2024 154.838 255.145 701.373 2.743 84.910

Accumulated amortisation and impairment:

At 1 January 2024

59.940 109.822 0 0 20.036

Amortisation for the year

15.661

30.045

8.438

Reversal of amortisation

Exchange difference

-3

-1.540

-70

At 31 December 2024 75.598 138.327 0 0 28.405

Carrying amount

31 December 2024

79.240 116.818 701.373 2.743 56.506

Cost:

At 1 January 2025

154.838 255.145 701.373 2.743 84.910

Additions through business

combinations

0 0 0 0 0

Additions during the year

338

5.097

18.161

Transfer

Disposals during the year

Exchange difference

1.315

3.944

281

At 31 December 2025 155.178 256.460 705.318 7.847 103.352

Accumulated amortisation and impairment:

At 1 January 2025

75.598 138.327 0 0 28.405

Amortisation for the year

15.551

30.077

10.204

Reversal of amortisation

Exchange difference

831

328

At 31 December 2025

91.151 169.235 0 0 38.937

Carrying amount

31 December 2025

64.028 87.225 705.318 7.847 64.414

Notes

11. Intangible assets, continued

Software comprises of external software products and arises mainly from a business combination made in 2020.

Software is recognised at fair value at the date of acquisition, and is subsequently amortised on a straight-line basis.

As at 31 December 2025, the carrying amount of software was TDKK 64.028. The Group estimates the remaining

useful life of the software to be 4 years.

Customer contracts were acquired through the business combination in 2020 and through further business

combinations in 2021. They are recognised at their fair value at the date of acquisition, and are subsequently

amortised on a straight-line basis. As at 31 December 2025, the carrying amount of customer contracts was 87.225

TDKK. The Group estimates the remaining useful life of the significant customer contracts to be 3 years.

Completed development projects relate to the development of new versions of the Group's existing software

products. The projects has been progressing according to plan through the use of the resources allocated by

Management to the development. The software is used in the present market to the Company's exisiting customers,

and furthermore contribute to efficiency and high margins in core business activities. Prior to the initiation of the

projects, the Company inquired of its customers as to the need for an updated programme, which was well received.

The cost is recognised at cost at the date of acquisition, and subsequently amortised on a straight-line basis. As at

31 December 2025, the carrying amount of completed development projects was 64.414 TDKK. The Group

estimates the remaining useful life of the development projects to be 6 years.

Notes

11. Intangible assets, continued

Impairment tests of goodwill and trademark

31 December

2025

31 December

2024

Cash-generating unit:

TDKK TDKK

Denmark

512.308

Sweden

61.781

58.121

Norway

77.383

77.163

Germany

53.844

53.780

Total 705.317 701.373

Goodwill is monitored by Management at the level of the country by country activities (cash generating units). As of

31 December 2025, the carrying amount of goodwill allocated to each cash generating unit is shown below:

Impairment testing of goodwill for each cash-generating unit was done prior to preparation of the annual accounts.

The recoverable amount is determined through an estimation of its value in use. For each cash-generating unit,

management has compiled a projection of annual future cash flows based on historical experience and the

company's own plans and estimates for the future. Collectia Group has historically been able to gain market shares

which is also assumed for the forecast period. The continued development of and investment in the proprietary IT

system is also a main driver in the growth as the offering to customers is more complete and more efficient. The key

operating assumptions are revenue growth rate and capex. Potential clients are naturally attracted to an efficient

collection set-up and Collectia Group’s proprietary IT system provides such set-up and continues to benchmark

above its peers.

Management have evaluated what growth rates are achievable and as such, these vary between the companies

based on their best assumption of how the general assumptions above affects each CGU. The calculation is

generally based on a forecast by CGU for the years 2026–2030 and thereafter a terminal period with a perpetual

growth rate of equilibrium of 2 percent, which is forecasted from 2031. The cash flows have been discounted to

present the value applying a weighted average cost of capital of 10% on each CGU's (percent, per year before tax

corresponding to 7,8 percent per year after tax for on each CGU’s). The recoverable amount has been compared for

each unit with the Group’s net book value of the unit’s assets and liabilities.

Goodwill

The Group tests whether goodwill has suffered any impairment on an annual basis. For 2025, no impairment loss

has been recognised.

Notes

12. Property, plant and equipment

Other fixtures

and fittings,

tools and

equipment

Leasehold

improve-

ments

TDKK TDKK

Cost:

At 1 January 2024

2.763

5.651

Additions through business combinations

Additions during the year

1.043

383

Disposals during the year

Exchange adjustment

At 31 December 2024

3.834 6.034

Accumulated depreciation and impairment:

At 1 January 2024

1.427

2.729

Depreciation for the year

665

772

Reversal of amortisation

Exchange adjustment

-25

At 31 December 2024

2.067 3.502

Carrying amount 31 December 2024

1.767 2.532

Cost:

At 1 January 2025

3.834

6.034

Additions through business combinations

Additions during the year

1.532

468

Disposals during the year

Exchange adjustment

-29

At 31 December 2025

5.337 6.502

Accumulated depreciation and impairment:

At 1 January 2025

2.067

3.502

Depreciation for the year

791

762

Reversal of amortisation

Exchange adjustment

-3

At 31 December 2025

2.855 4.264

Carrying amount 31 December 2025

2.482 2.238

Notes

31 December

2025

31 December

2024

TDKK TDKK

13. Deferred tax

Deferred tax at 1 January

58.594

68.714

Additions through business combinations

Deferred tax reccognised in the statement of profit or loss

(22.163)

(9.463)

Adjustment prior year

Exchange adjustment

118

(657)

Deferred tax at 31 December 36.549 58.594

Deferred tax relates to

Intangible assets

(46.858)

(54.767)

Property, plant and equipment

3.060

Right-of-use assets and lease liabilities, net

808

836

Contract assets and liabilities

(7.271) (7.235)

Portfolio investments

10.308 0

Trade receivables

306 42

Debt

3.098

2.529

Tax loss carry forward

(36.549) (58.594)

Of which presented as deferred tax assets

Of which presented as deferred tax liabilities

(36.549)

(58.594)

(36.549) (58.594)

Notes

31 December

2025

31 December

2024

TDKK TDKK

14. Leases

Right-of-use assets

Properties

13.837

13.922

Cars

1.229

785

Others

881

1.207

15.947 15.914

Lease liabilities

Current

4.118

3.345

Non-current

12.053

12.704

16.171 16.049

1 January to

31 December

2025

1 January to

31 December

2024

Depreciation charge of right-of-use assets

TDKK TDKK

Properties

3.296

3.268

Cars

783

663

Others

293

279

4.372 4.210

Interest expense (included in financial expenses) 1.049 1.044

The total cash outflow for leases in 2025 was TDKK 5.245 (2024, TDKK 4.994)

Additions to the right-of-use assets during the 2025 financial year were TDKK 3.550 (2024, TDKK 4.325)

The group leases various properties and cars. Others comprise leases of print machines and other operational

leases.

The individually most signficant lease relates to the rental agreement for the corporate head quarter in Brøndby. The

contract expires in 2033. The lease of the property in Brøndby has a purchase option of DKK 20,8 million which

management does not consider reasonably certain to exercise. The lease represents approx. 57% of the carrying

amount of right of use assets as of 31 December 2025.

The Group has recognised the following amounts relating to leases:

Notes

31 December

2025

31 December

2024

15. Portfolio investments

TDKK TDKK

The Group has recognised the following amounts relating purchased debt portfolios

Portfolio investments beginning of the year

218.413

246.018

Purchased debt

7.325

8.548

Installments

-30.664

-36.061

Remeasurements

-46.853

Transfer

Exchange differences

221

-92

Closing balance 148.442 218.413

Carrying amount 148.442 218.413

Carrying amount is recgonised as

Non-current 73.256 218.413

Assets held for sale

75.186

Closing balance 148.442 218.413

Disbursements during the year amounted to TDKK 66.891 (2024, TDKK 78.887)

The Group's accounting policy for portfolio investments is described in Note 1.

16. Trade receivables

Trade receivables net impairment

30.854

32.384

The group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime

expected loss allowance for all trade receivables and contract asset.

As of 31 December 2025, the nominal outstanding amount is TDKK 1.531.523 (31 December 2024, TDKK

1.668.694).

When determining the expected credit loss rates supportable information about past events as well as current and

future economic conditions are considered. The historical credit losses experienced in previous years are

insignificant. Adjusting the historical loss rates to reflect current information and Management's expectations about

forward-looking information affecting the customers' ability to settle the receivables, the Group has determined the

expected credit loss as of 31 December 2025 to be insignificant.

Further information about the Group's credit risk related to trade receivables are provided in note 21.

Trade receivables are non-interest bearing and are generally due for settlement within 30 days and therefore are all

classified as current.

Notes

17. Contract balances

The Group has recognised the following assets and liabilities related to contracts with customers:

31 December

2025

31 December

2024

TDKK TDKK

Work in progress 46.419 45.147

Contract assets 46.419 45.147

Deferred income 0 0

Contract liabilities 0 0

18. Other receivables

31 December

2025

31 December

2024

TDKK TDKK

Other receivables 14.105 17.375

Other receivables comprise primarily of guarantee portfolios.

19. Assets classified as held for sale

31 December

2025

31 December

2024

TDKK TDKK

Portfolio investments

75.186

Non-current assets held for sale

75.186

In August 2025, management decided to dispose a part of the Group's debt portfolio investments. As at 31

December 2025, the relevant debt portfolio investments were presented as assets held for sale. In April 2026, the

sale was completed.

Notes

20. Share capital

31 December

2025

31 December

2025

Number of

Nominal value

TDKK

The share capital comprise:

A shares (oridnary shares) - fully paid

76.525.500

5.720

Share capital

76.525.500

5.720

A-shares

31 December

2025

31 December

2024

Changes in share capital

TDKK TDKK

Opening balance

5.720

21. Borrowings

Interest rate

Effective

interest rate Currency Maturity

Carrying

amount

TDKK

Term Loan A

Floating

14,36%

DKK

Q1, 2027

35.307

Term Loan B

Floating

9,28%

DKK

Q1, 2027

391.844

First Accordion Facility B

Floating

12,26%

NOK

Q1, 2027

51.649

Acquisition Facility A

Floating

9,19%

DKK

Q1, 2027

148.782

Revolving Credit facility

Floating

5,30%

DKK

Q3, 2026

22.350

Total borrowings

649.932

Repayment of 29.096 TDKK has been made on Term Loan A during Financial Year 2025.

All shares have nominal value of EUR 0.01 and carries one vote.

The shares are non-negotiable instruments. Any transfer of shares are subject to consent of the Board of Directors.

The borrowings comprise of loan facilities to Debt Purchase and Debt Collection. There are covenants attached to

the loan facilities. Refer to note 23.

As security for the loans, material bank accounts held by the Group have been pledged. These bank balances

amount to 44.037 TDKK (Free and available cash) as of 31 December 2025. Furthermore, the Parent Company's

shares in subsidiaries together with intercompany receivables and loans have been pledged. Shares in subsidaries

are recognized to the orginal purchase price of DKK 1.038 million as of 31 December 2025. For intercompany

balances, reference is made to notes for the Parent Company.

Further, an assignment agreement has been made in respect of the Group's payment claims, if any, under the

Acquisition Agreement and the buyer-side warranty and indeminty insurance policy.

The loan bear interest of CIBOR + a fixed credit spread for the loans in DKK currency, and an interest of NIBOR + a

fixed credit spread for the loan in NOK currency. If CIBOR or NIBOR for an interest period resets at a rate below 0,

the rate is set at 0.

On Term loan A, installments equal to the net cash inflow from the debt portfolio shall be made semi-annually.

Repayments are estimated annually. The estimations process is discussed under liquidity risk in note 22.

Term loan B and First Accordion Facility B shall be repaid in full on the maturity date.

The Revolving Credit Facility shall be repaid in full on the maturity date. The Facility renews every three months.

As of March 2021, the loans can be repaid partially or in full at the principal outstanding amount + accrued interest.

After the balance sheet date the Group has obtained an unconditional option to extend the Term A and Term B

Loans, First Accordion Facility B and Acquisition Facility A loans until August 2027 which othervise matures in

February 2027.

Notes

22. Financial risk management

Financial risk factors

Market risk

Interest rate risk

Sensitivity:

Impact on post

tax profit and

equity

Impact on post

tax profit and

equity

1 January to 31

December 2025

1 January to 31

December 2024

CIBOR - increase by 100 basis points

-5.103

-5.329

CIBOR - decrease by 50 basis points

2.552

2.665

The Group’s financial liabilities comprise borrowings, leases and trade and other payables. The main

purpose of these financial liabilities is to finance the Group’s operations. The Group’s financial assets include

trade and other receivables and cash and cash equivalents. The Group also enters into derivative

transactions for the purpose of hedging its exposure to interest rate fluctuations. It is the Group's policy that

no trading in derivatives for speculative purposes may be undertaken.

The Group is exposed to market risk (interest rate and foreign exchange rate), credit risk and liquidity risk.

The Group's management oversees the management of these risks on an ongoing basis and responds to

those risks as appropriate.

The impact from changes in the general interest level will only impact the interest rate cap derrivative and

the accounts with an insignificant amount and has therefore not been prepared.

The impact presented in the above sensitivity analysis is based on the financial assets and financial liabilites

recognised as of 31 December 2025. The analysis does not consider the impact from repayments, proceeds

etc. related to the borrowings. Management considers the sensitivy analysis to be reasonably possible based

on the current market conditions.

Interest rate risk is that the fair value or future cash flows of a financial instrument will fluctuate because of

changes in market interest rates. The Group’s main interest rate risk arises from long-term borrowings with

floating rates, which expose the group to cash flow interest rate risk.

Profit or loss and equity is sensitive to higher/lower interest income from cash and cash equivalents as a

result of changes in interest rates.

Due to the volatile interest rate level, the Group has entered into an interest rate cap in order to hedge the

risk of increases in CIBOR to above 3.0% p.a. until October 2026 on a principal of 436 MDKK. The contracts

are not designated as a hedging instrument, and fair value adjustments are recognised in the income

statement.

Notes

22. Financial risk management, continued

Foreign currency risk

Sensitivity

Impact on post

tax profit

Impact on post

tax profit

1 January to 31

December 2025

1 January to 31

December 2024

TDKK TDKK

DKK/EUR exchange rate - increase 1%

-115

-83

DKK/EUR exchange rate - decrease 1%

115

DKK/SEK exchange rate - increase 10%

-1090

-1036

DKK/SEK exchange rate - decrease 10%

1090

1036

DKK/NOK exchange rate - increase 10%

-8591

-8605

DKK/NOK exchange rate - decrease 10%

8591

8605

The impact presented in the above sensitivity analysis is based on the financial assets and financial liabilites

recognised as of 31 December 2025.

The following table demonstrates the sensitivity to a reasonably possible change in foreign exchange rates.

With all other variables held constant, the Group's profit is affected as follows:

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because

of changes in foreign exchange rates.

The group is only to a limited degree subject to foreign currency risks. The Group maintains operations in

Denmark, Germany, Norway, Finland and Sweden where the day-to-day business is carried out in local

currencies. The Group has the majority of its cash flows in DKK and EUR from its operations in Denmark,

Finland and Germany. Combined these three entities are expected to represent 88% of EBITDA on a Group

basis in FY25. It is relevant to apply EBITDA for this purpose as there is a high degree of natural hedging in

the Group due to the local presence (costs in local currency) in all relevant countries.

The external loan package is to a large extent denominated in DKK/EUR (92%) and the remainder in NOK

(8%). Since the majority of the operating cash flows are also denominated in DKK and EUR there is

alignment between operating cash inflows and financing cash outflows. In addition, the DKK is tied to the

EURO through an offical monetary collaboration which fixes the DKK to the EURO and as such only very

small changes in the conversion rate occurs. The additon of the Equity Group in Norway was financed with a

loan in NOK, however; there is aslo here alignment between the denomination of the loan and the

operational cash flows.

Notes

22. Financial risk management, continued

Credit risk

As part of its debt portfolio investment activities, the Group acquires portfolios of credit impaired loans and

receivables for the purpose of collecting them to the extent possible. Unlike the debt collection service

activities where the Group acts on behalf of clients in return for commissions and fees, the Group assumes

all the rights and risks associated with the loans and receivables. The portfolios are purchased at prices

significantly below their nominal value, and the Group is entitled to the entire amount it collects, including

interest and fees. Due to the fact that the loans and receivables are credit impaired, it is obvious that the

entire nominal amount of the respective portfolios will not be recovered.

The risk in this business is that the Group, at the time of acquisition, overestimates its ability to collect the

amounts, underestimates the costs of collection or that the credit quality of debt portfolios acquired based

on committments is lower than anticipated when entering into the agreement. The maximum credit risk

amounts to the carrying amount of the debt portfolio, 148.442 TDKK and the commitment to acquire

portfolios in the future through so-called forward flow contracts where the Group has committed to buy a

number of new cases at an agreed rate as the cases arise.

Cash and cash equivalents consist of on demand bank deposits and are held with established banks with a

high credit rating. The Group uses a number of banks with local presence for its day-to-day operations.

The Group's trade receivables are from clients in various industries. Generally there are very few losses due

to the payment process where the Groups fees are deducted from collected amount before it is returned to

the client. Realised losses are few and usually only materialises if the debtor goes bankcrupt after which the

cases is out in to the normal colletion routine.

Management monitors rolling forecasts of the Group’s liquidity reserve, comprising the potentially undrawn

borrowing facilities and cash and cash equivalents on the basis of expected cash flows.This is generally

carried out at local level in the operating companies of the group, in accordance with practice and limits set

by the Group. These limits vary by location to take into account the liquidity of the market in which the entity

operates. In addition, the group’s liquidity management policy involves projecting cash flows in major

currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet

liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Credit risk arises from cash and cash equivalents, debt portfolios, committments to acquire debt portfolios in

the future and trade receivables. The credit risk exposure arises primarily from the debt portfolio.

Liquidity risk

Prudent liquidity risk Management implies maintaining sufficient cash and marketable securities and the

availability of funding through an adequate amount of committed credit facilities to meet obligations when

due and to close out market positions.

The capital structure supports the continued execution of the Group's strategy. The senior debt package is

scheduled to expire at the latest in August 2027 and Group has therefore in Q1 2026 initiated a refinancing

process in order to secure future financing is in place in plenty of time before maturity.

Notes

22. Financial risk management, continued

Maturity analysis

Less than 1

year

Between 1 and

5 year More than 5 years

Total

TDKK TDKK TDKK TDKK

As at 31 December 2024

Non-derivatives

Borrowings

29.909

653.304

683.213

Interests on borrowings

69.739

82.138

151.877

Commitments to acquire debt

portfolios

1.008 0 0 1.008

Lease liabilities

3.345

9.110

3.594

16.049

Interests on lease liabilities

930

2.381

547

3.858

Trade payables

9.275

Other payables

67.276

4.348

71.624

181.482 751.281 4.141 936.904

Expected cash inflow on debt

portfolis

79.615 252.899 322.353 654.866

Expected net cash outflow

-101.868 -498.382 318.212 -282.038

As at 31 December 2025

Non-derivatives

Borrowings

113.762

536.170

649.932

Interests on borrowings

58.442

10.389

68.831

Commitments to acquire debt

portfolios

0 0 0 0

Lease liabilities

4.118

10.315

1.738

16.171

Interests on lease liabilities

1.047

2.559

548

4.154

Trade payables

6.559

Other payables

64.340

4.493

68.833

248.268 563.927 2.286 814.481

Expected cash inflow on debt

portfolis

111.486 104.579 227.994 444.059

Expected net cash outflow

-136.782 -459.348 225.708 -370.422

The maturity of Borrowings and Interests on borowings are detalied in note 21.

The amounts disclosed in the table are the contractual undiscounted cash flows (including interest

payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not

significant. As described in note 21, the Group has an obligation to make repayments on loan facility A equal

to the amounts collected on the debt portfolios less collection costs. The amounts included in the maturity

analysis are based on expected net cash inflows from portfolios. To enable reader of the financial statements

to better evaluate the liquidy risk, the expected gross cash inflow in the debt portfolios is presented adjecent

to the maturiy analysis.

The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on their

contractual maturities.

The Group also has access to committed and uncommited facilities for the purpose of acquiring additional

portfolios and bolt-on acquisitions.

Notes

22. Financial risk management, continued

31 December

2025

31 December

2024

Financial assets and liabilities per measurement category

TDKK TDKK

Financial assets

Portfolio investments

148.442 218.413

Trade receivables

30.854 32.384

Other receivables

14.100 17.368

Cash and cash equivalents

44.037 30.777

237.434 298.943

Financial assets at fair value through profit or loss

4 7

Financial liabilities at amortised cost

Borrowings

649.932 675.474

Trade payables

6.559 9.275

Other payables (current and non-current)

47.601 48.992

704.093 733.741

Financial liabilities at fair value through profit or loss

Fair value measurement and fair value hierarchy

The only financial instruments measured at fair value is the interest rate cap and the foreign currency

exchange contract. Fair value is determined based on generally accepted valuation methods and

unobservable input (level 3). Fair value of borrowings amounts to TDKK 654.265 (level 3). The fair value is

based on expected contractual payments discounted using current market interest rates. Fair value of the

debt portfolio is estimated to approximately equal the carrying amount due to the fact that the carrying

amount is determined based on expected future cash inflows. The value is based on unobservable input

(level 3).

For all other financial instruments, not measured at fair value, the fair value approximates their carrying

amount.

Financial assets at amortised cost

Notes

23. Capital management

The covenants cover borrowings amounting to TDKK 649.932, as pr. 31 December 2025.

24. Business combinations

The group has complied with all covenants throughout the reporting period and after the balance sheet date

with comfortable headroom to covenant thresholds.

The Group´s objectives when managing capital are to maintain a stable or growing cash balance and service

the debt and other obligations in a timely manner. In order to aid such objectives Management prepares

cash flow budgets once a year and forecasts when required. This enables Management to act in due time in

order to comply with the capital management objectives.

Under the terms of the Senior Facilities Agreement the Group is required to comply with the following

financial covenants:

DC (debt collection) business Leverage Ratio which essentially means that the ratio of DC borrowings to

EBITDA less of extraordinary items will be of no more than a maximum ratio compared to the DC borrowings.

The maximum ratio is reduced during the loan period.

DP ERC covenant which compares the expected future 10 years net cash inflows from the portfolios held

compared to the DP borrowings. The ratio between the net inflows and DP borrowings shall not exceed 85%.

There are in addition a number of secondary covenants which are to be reported and complied with if certain

circumstances arise.

No new business combinations were recognized in 2024 and 2025.

Notes

25. Commitments and contingent liabilities

The Company has no other financial obligations as of 31 Decemeber 2025.

Other financial obligations

10.Danish accounts pledge agreement granted by Collectia A/S over its Danish bank accounts;

Payment guarantee concerning debt collection of TDKK 5.000

Guarantee obligations

Contingent liabilities

11.Danish accounts pledge agreement granted by Inga Finans ApS over its Danish bank accounts;

12.Danish assignment agreement granted by Inga Acquisition ApS over its rights under intra-group

receivables;

13.Danish assignment agreement granted by Collectia A/S over its rights under intra-group receivables;

14.Danish assignment agreement granted by Inga Finans ApS over its rights under intra-group

receivables;

15.German share pledge agreement granted by Collectia A/S over its shares in Collectia GmbH;

16.German share pledge agreement granted by Collectia GmbH over its shares in PNO GmbH;

17.German account pledge agreement granted by Collectia GmbH over its German bank accounts;

18.German account pledge agreement granted by PNO GmbH over its German bank accounts;

19.German assignment agreement granted by Collectia GmbH over its rights under intra-group loans;

20.German assignment agreement granted by PNO GmbH over its rights under intra-group loans;

21.Swedish share pledge agreement granted by Collectia A/S over its shares in Collectia Sverige AB;

22.Swedish share pledge agreement granted by Collectia Sverige AB over its shares in

Collectia AB;

23.Swedish share pledge agreement granted by Collectia Sverige AB over its shares in Svenska

Fakturaköp AB;

24.Swedish account pledge agreement granted by Collectia Sverige AB, Collectia AB and Svenska

Fakturaköp AB over certain of their bank accounts;

25.Swedish inter-company loan pledge agreement granted by Collectia Sverige AB, Collectia AB and

Svenska Fakturaköp AB over their rights under inter-company loans.

26.Norwegian share pledge agreement (dated 25 April 2022) granted by Collectia A/S over its shares in

Collectia Norge AS;

27.Norwegian share pledge agreement (dated 25 April 2022) granted by Collectia Norge AS over its

shares in Collectia AS;

28.Norwegian share pledge agreement (dated 25 April 2022) granted by Collectia AS over its shares in

Equity Kapital AS;

29.Norwegian security agreement (dated 25 April 2022) granted by Collectia Norge AS; and

30.Norwegian security agreement (dated 25 April 2022) granted by Collectia AS.

9.Danish accounts pledge agreement granted by Inga Acquisition ApS over its Danish bank accounts;

6.Danish share pledge agreement granted by Care DK Bidco ApS over its shares in Inga Acquisition ApS;

7.Danish share pledge agreement granted by Inga Acquisition ApS over its shares in Collectia A/S;

8.Danish share pledge agreement granted by Collectia A/S over its shares in Inga Finans ApS;

1.English debenture granted by Care Midco 1 Limited, Care Midco 2 Limited, Care DK Bidco ApS over all

their assets and undertaking;

2.Danish share pledge agreement granted by Care Midco 2 Limited over its shares in Care DK Bidco ApS;

3.Danish accounts pledge agreement granted by Care DK Bidco ApS over its Danish bank accounts;

4.Danish assignment agreement granted by Care DK Bidco ApS over its rights under the acquisition’s

share purchase agreement and W&I insurance policy;

5.Danish assignment agreement granted by Care DK Bidco ApS over its rights under intra-group

receivables;

Notes

26. Changes in liabilities arising from financing activities

1 January

2024 New loans Repayment

Non-cash

movement New leases

December

2024

TDKK TDKK TDKK TDKK TDKK

707.966

-33.311

819

675.474

15.671 0 -4.994 1.047 4.325

16.049

723.637

-38.305

1.866

4.325

691.523

1 January

2025 New loans Repayment

Non-cash

movement New leases

December

2025

TDKK TDKK TDKK TDKK TDKK

675.474

-29.096

3.554

649.932

16.049

-5.245

1.817

3.550

16.171

691.523 0 -34.341 5.371 3.550 666.103

27. Related parties

Transactions with:

1 January

to 31

December

2025

1 January

to 31

December

2024

TDKK TDKK

Silverfleet Capital Partners, management fee 1.388

1.298

Consolidated Financial Statements:

Name

London

6th Floor Capital Tower

91 Waterloo Road

London

SE1 8RT

Information about management's remuneration has been disclosed in note 4. The Group had the following

transactions with related parties during the year:

Place of registered office

The Group Annual Report may be obtained at the following address:

The United Kingdom

The Group is included in the ultimate parent company Annual Report of Credit Services Holdings Limited.

Credit Services Holdings Limited

This section sets out an analysis of liabilities arising from financing activities and the movements in each of the

periods presented.

Non-cash movements consist primarily of amortization expenses on loan costs and exchange rate adjustments.

Current and non-current

borrowings

Current and non-current lease

liabilities

Total liabilities from

The Group pays for the services of the Investor Directors to Silverfleet Partners in accordance with the

Investment Agreement.

Current and non-current

borrowings

Current and non-current lease

liabilities

Total liabilities from

financing activities

Notes

28. Fee to auditors appointed at the general meeting

2024

Nirschl,

Grössl &

Koll. GmbH

Wirtschafts

prüfungsge

sellschaft

Henka

Revision

R3 PwC

TDKK TDKK TDKK TDKK

149

265

724

314

113

175

105

262

371

1.318

2025

Linn

Goppold

Treuhand

GmbH

München

Henka

Revision

PwC

TDKK

175

238

1.127

383

233

149

262

342

1.892

29. Events after the balance sheet date

No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet

date.

Other assurance engagements

Tax advisory services

Other services

Audit fee

After the balance sheet date, Care DK BidCo group completed the sale of the portion of the portfolio investments

that had been classified as assets held for sale as at 31 December 2025 (refer to Notes 19). The assets were

sold at their carrying amount as at 31 December 2025, and no material gain or loss is expected on disposal.

Audit fee

Other assurance engagements

Tax advisory services

Notes

30. Cash flow statement - adjustments

1 January

to 31

December

2025

1 January

to 31

December

2024

TDKK TDKK

61.758 59.792

Remeasurement of portfolios

46.853

Other adjustmenst

1.559

-431

Unrealized exchange adjustments

3.374

Fair value adjustment on hedging instruments

279

2.152

Amortisation

3.407

3.554

113.943 68.441

31. Cash flow statement - Changes in net working capital

1 January

to 31

December

2025

1 January

to 31

December

2024

TDKK TDKK

Change in receivables

1.917

-3.987

Change in other liabilities

-2.791

1.353

Change in trade payables

-2.716

1.148

-3.590 -1.486

32. List of group companies

The Group's principal subsidiaries at 31 December 2025 are set out below:

Type

Ownership

interest

100%

Collectia Service GmbH

100%

Stockholm, Sweden

Place of incorporation

Brøndby, Denmark

Subsidiary

Collectia OY Subsidiary

Collectia GmbH Subsidiary

Subsidiary

Collectia AS Subsidiary

DR. DUVE Inkasso GmbH Subsidiary

Adressa GmbH Subsidiary

Hanover, Germany

Tønsberg, Norway

Helsingfors, Finland

Kristiansund, Norway

Depreciation, amortisation and impairment losses, including losses and

gains on sales

Brøndby, Denmark

Stockholm, SwedenCollectia AB

Subsidiary

Tønsberg, Norway

Subsidiary

Svenska Fakturaköb AB

Equity Kapital AS

Collectia Sverige AB Subsidiary

Subsidiary

PNO GmbH

Malmø, Sweden

Deggendorf, Germany

Hanover, Germany

Subsidiary Hanover, Germany

Collectia Norge AS Subsidiary

Inga Acquisition ApS

Collectia A/S

Inga Finans ApS

Parent company

Statement of profit or loss

Notes

1 January to 31

December 2025

1 January to 31

December 2024

TDKK TDKK

Gross profit/loss

2.350 5.061

Staff expenses

2 -8.075 -7.380

Operating profit/loss

-5.725 -2.318

Profit/loss before net financials

-5.725

-2.318

Income from investments in subsidaries

190.000 0

Financial income 3

9.700 19.249

Financial expenses 4

-86.457 -81.993

Profit/loss before tax

107.519 -65.062

Tax on profit/loss of the year 5

17.256 11.792

Profit/loss for the year

124.775 -53.270

Balance sheet (Parent Company)

Notes

31 December

2025

31 December

2024

TDKK TDKK

Investments in subsidiaries

6 1.038.004 1.038.004

Fixed assets

1.038.004 1.038.004

Receivables from group entities

187.837 69.581

Other receivables

4 89

Deferred tax

7 3.098 2.529

Corporation tax receivable from

group enterprises

19.992 16.850

Receivables

210.932 89.048

Cash at bank and in hand 1.613 658

Current assets 212.545 89.706

Assets

1.250.548 1.127.710

Balance sheet (Parent Company)

Note

31 December

2025

31 December

2024

TDKK TDKK

Share capital

5.720 5.720

Retained earnings

542.942 418.167

Total equity 548.662 423.887

Credit institutions

10 536.170 645.565

Long-term debt

536.170

645.565

Credit institutions

10 113.762 29.909

Trade payables

903 1.072

Payables to group enterprises

30.611 8.438

Corporation tax

6.922 3.750

Other payables

10 13.518 15.091

Short-term debt

165.716 58.259

Total debt

701.887 703.824

Total equity and liabilities

1.250.548 1.127.710

Statement of changes in equity

Share capital

Retained

earnings Total

TDKK TDKK TDKK

Equity at 1 January 2025

5.720 418.167 423.887

Net profit/loss for the year

0 124.775 124.775

Equity at 31 December 2025

5.720 542.942 548.662

Notes

Accounting policies

Staff expenses

Financial income

Financial expenses

5. Tax on profit/loss for the year

6. Investments in subsidiaries

7. Deffered tax

8. Share capital

9. Distribution of profit

10. Long-term debt

11. Related parties and disclosure of consolidated financial statements

12. Events after the balance sheet date

13. Commitments and contingent liabilities

Notes

Comparative figures have been adjusted accordingly.

Recognition and measurement

Translation policies

1. Accounting policies

Transactions in foreign currencies are translated at the exchange rates at the dates of transaction.

Exchange differences arising due to differences between the transaction date rates and the rates at the

dates of payment are recognised in financial income and expenses in the income statement. Where foreign

exchange transactions are considered hedging of future cash flows, the value adjustments are recognised

directly in equity

Receivables, payables and other monetary items in foreign currencies that have not been settled at the

balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between

the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose

are recognised in financial income and expenses in the income statement.

The separate financial statements for the parent company ("the Parent") of the Group has been prepared in

accordance with the Danish Financial Statements Act applying to medium-sized enterprises of reporting

class C.

The Parent Company Financial Statements for 2025 are presented in Danish kroner (TDKK).

Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial

assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses

incurred to achieve the earnings for the year are recognised in the income statement, including depreciation,

amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of

amounts that have previously been recognised in the income statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to

the asset will flow to the Company, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow 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

The accounting policies applied remain unchanged from last year.

With regards to the true and fair view of the financial statements, certain reclassifications have been made in

the balance sheet and in the notes.

Notes

Derivative financial instruments

Hedge accounting

Revenue

Gross profit/loss

Staff expenses

Income Statement

With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a

summary of revenue and other external expenses.

Other external expenses

Revenue from the sale of services is recognised when the risks and rewards relating to the services sold

have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the

economic benefits relating to the sale will flow to the Company.

Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts

relating to sales.

Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently

remeasured at their fair values. Positive and negative fair values of derivative financial instruments are

classified as ”Other receivables” and ”Other payables”, respectively.

Other external expenses comprise costs for administration, etc.

Tax on profit/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 profit for the year is recognised in the income statement, whereas the tax attributable to

equity transactions is recognised directly in equity.

The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint

taxation is allocated to enterprises in proportion to their taxable incomes.

Staff expenses comprise wages and salaries as well as payroll expenses.

Financial income and expenses

Financial income and expenses are recognised in the income statement at the amounts relating to the

financial year.

1. Accounting policies, continued

Changes in the fair values of derivative financial instruments are recognised in the income statement unless

the derivative financial instrument is designated and qualify as hedge accounting.

Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a

recognised asset or a recognised liability are recognised in the income statement as are any changes in the

fair value of the hedged asset or the hedged liability related to the hedged risk.

Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of

expected future transactions are recognised in the fair value reserve under equity as regards the effective

portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction

results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the

cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense,

the amount deferred in equity is transferred from equity to the income statement in the period in which the

hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction

Notes

Receivables

Financial debt

Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to

nominal value. Provisions for estimated bad debts are made.

Deferred tax assets and liabilities

Deferred income tax is measured using the balance sheet liability method in respect of temporary

differences arising between the tax bases of assets and liabilities and their carrying amounts for financial

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-off against deferred 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 effective 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 recognised in the income statement or in equity if the deferred

tax relates to items recognised in equity.

Current tax liabilities and receivables are recognised 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 recognised in the income statement in financial

income and expenses.

Current tax receivables and liabilities

Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of

transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference

between the proceeds and the nominal value is recognised as an interest expense in the income statement

over the loan period.

Other debts are measured at amortised cost, substantially corresponding to nominal value.

Investments in subsidiaries

Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down

is made to this lower value.

Balance sheet

1. Accounting policies, continued

Notes

1 January to

31 December

2025

1 January to

31 December

2024

2. Staff expenses

TDKK TDKK

Wages and salaries

7.271 6.621

Pensions

772 731

Other social security expenses

32 28

8.075 7.380

Average number of employees

5 4

Key Management Compensation

3. Financial income

Interest from group enterprises

9.680 14.987

Other financial income

3 1.471

Exchange adjustments

17 2.791

9.700 19.249

4. Financial expenses

Interest to group enterprises

19.916 729

Other financial expenses

66.356 81.231

Exchange adjustments

184 33

86.457 81.993

5. Tax on profit/loss for the year

Current tax for the year

(13.070) (11.222)

Current tax on profits for previous years

(3.617) 0

Deferred tax for the year

(569) (570)

(17.256) (11.792)

Refer to note 4 in the consolidated financial statements for the subsidiaries of the Group.

Notes

31 December

2025

31 December

2024

TDKK TDKK

6. Investments in subsidiaries

Cost at 1 January 2024

1.038.004 1.038.004

Cost at 31 December 2024

1.038.004 1.038.004

Carrying amount at 1.038.004 1.038.004

Investments in subsidiaries are specified as follows:

Name:

Inga Acquisition ApS

Place of registered office: Brøndby

Share capital:

116.453,90 DKK

Votes and ownership: 100%

Refer to note 32 in the consolidated financial statements for the subsidiaries of the Group.

Notes

31 December

2025

31 December

2024

TDKK TDKK

7. Deferred tax

Deferred tax at 1 January

2.529 1.959

Deferred tax reccognised in the statement of profit or loss

569 570

Deferred tax at 31 december 3.098 2.529

8. Share capital

Refer to note 20 in the consolidated financial statement for an overview of the changes in share capital.

9. Distribution of profit

1 January to

31 December

2025

1 January to

31 December

2024

TDKK TDKK

Retained earnings

124.775 -53.270

10. Long-term debt

Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.

The debt falls due for payment as specified below

31 December

2025

31 December

2024

TDKK TDKK

Credit institutions

More than 5 years

0 0

Between 1 and 5 years

536.170 645.565

Long-term part

536.170 645.565

Other short term-debt to credit institutions

113.762 29.909

649.932 675.474

Other payables

Between 1-5 years

0 0

Long-term part

0 0

Other short-term payables

13.518 15.091

The recognised deferred tax asset comprises timing differences relating to amortization costs. In the years

ahead, the Company expect to realise the recognised deferred tax asset. On that basis, the asset has been

recognised at 31 December.

Notes

11. Related parties and disclosure of consolidated financial statements

Controlling interest Basis

Silverfleet Capital Partners LLP, The United Kingdom. Funds Manager (Majority)

Credit Services Holdings Limited Ultimate Parent Company

Care Micco 2 Limited Immediate Parent Company

Transactions

Management fee, received: 12.730

Management fee, paid 1.320

Intercompany interest income: 9.680

Intercompany interest expense: 2.634

Dividends, received: 190.000

Intercompany receivables: 136.818

Intercompany payables: 121.390

Consolidated Financial Statements:

Consolidated Financial Statements for:

Name

Place of

Credit Services Holdings Limited

6th Floor Capital Tower

91 Waterloo Road

London

SE1 8RT

The United Kingdom

Care DK BidCo ApS Abildager 11

2605 Brøndby

Danmark

12. Events after the balance sheet date

Refer to note 29 in the consolidated financial statements for more information.

13. Commitments and contingent liabilities

Guarantee obligations

1.Danish accounts pledge agreement granted by Care DK Bidco ApS over its Danish bank accounts;

2.Danish assignment agreement granted by Care DK Bidco ApS over its rights under the acquisition’s share

purchase agreement and W&I insurance policy;

3.Danish assignment agreement granted by Care DK Bidco ApS over its rights under intra-group receivables;

4.Danish share pledge agreement granted by Care DK Bidco ApS over its shares in Inga Acquisition ApS;

Care DK BidCo ApS discloses all transactions with related parties during the year. In 2025, the following

transactions have occurred (amounts in TDKK):

In addition, transactions with management have been carried out in the form of management remuneration.

Further details are provided in Note 2.

Notes

Refer to note 25 in the consolidated financial statements for more information.

The Danish group companies have joint and several liability for joint VAT registration.

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 by the Danish group companies amounts to TDKK 6.922. Moreover,

the Danish 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.