Annual Report 2025
Annual Report 2025
Proudly developing Premium People to grow Premium Pork for Romania
Annual Report 2025
Dannevirkevej 6, 7000 Fredericia,
Reg. no. 37 87 50 58
Annual Report
January 1st – December 31st, 2025
Presented and adopted at the Annual General Meeting on 1/7 2026.
Chairman of the Annual General Meeting:
Bo Holse
2
Annual Report 2025
Table of Content
Management’s Statement of the Annual Report
4
Independent Auditor’s Report
5
Consolidated Financial Highlights
7
Company Information
8
Management Review
10
Consolidated Financial Statements
17
Notes to the Consolidated Financial Statements
21
Parent Financial Statements
38
Notes to the Parent Financial Statements
41
3
Table of Content
Annual Report 2025
Management’s Statement of the Annual Report
Executive Board
Lars V. Drescher Morten Beider
CEO CFO
Board of Directors
Torben Svejgård Carsten Lind Pedersen
Chairman Board Member
Ole Sloth Nielsen Bo Holse
Board Member Board Member
Jytte Rosenmaj
Board Member
Management’s Statement
4
The Board of Directors and the Executive Board have today
considered and approved the annual report of Premium Pork
International A/S for the financial year 1 January to 31 December
2025.
The annual report is prepared in accordance IFRS Accounting
Standards as adopted by the EU and Danish disclosure requirements.
In our opinion, the consolidated financial statements and the parent
financial statements give a true and fair view of the Group’s and the
Parent’s financial position at 31.12.2025 and of the results of their
operations and cash flows for the financial year 2025.
In our opinion, the management commentary contains a fair review of
the development of the Group's and the Parent’s business and
financial matters, the results for the year and of the Parent’s financial
position and the financial position as a whole of the entities included
in the consolidated financial statements.
We recommend the annual report for adoption at the Annual General
Meeting.
Fredericia, 1 / 7 2026
Annual Report 2025
Independent auditor’s report on the annual report
for the period 01.01.2025 - 31.12.2025
Auditor’s Review
5
To the shareholders of PPI International A/S
Opinion
We have audited the consolidated financial statements and
the parent financial statements of Premium Pork
International A/S for the financial year 01.01.2025 –
31.12.2025, which comprise the income statement,
statement of comprehensive income, balance sheet,
statement of changes in equity, cash flow statement and
notes, including material accounting policy information, for
the Group as well as the Parent. The consolidated financial
statements are prepared in accordance with IFRS Accounting
Standards as adopted by the EU and additional requirements
of the Danish Financial Statements Act, and the parent
financial statements are prepared 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 and the Parent’s financial
position at 31.12.2025, and of the results of its operations
and cash flows for the financial year 01.01.2025 –
31.12.2025 in accordance with IFRS Accounting Standards
as adopted by the EU and additional requirements of the
Danish Financial Statements Act.
Basis for opinion
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
consolidated financial statements and the parent financial
statements" section of this auditor’s 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.
Material uncertainty related to going concern
We draw attention to note 1 in the financial statement, where
it is stated that Management has deemed the group as going
concern. The assessment is based on budgets prepared for
2026, which incorporate reduced pig prices in the range of
20% - 25% compared to 2025, based on actual pig prices up
to and including May 2026.
There is an inherent uncertainty connected to achieving the
budgeted result and liquidity for 2026, due to the pig price
fluctuations in the pig production industry and the timing of
the compensation payments from the Romanian State as
described in note 2. If the compensation is not received
during 2026 the liquidity will be tight, resulting in a material
uncertainty related to going concern.
Our conclusion is not modified regarding this matter
Emphasis of matter
We draw attention to Note 2 regarding the recognition of a
receivable of €11.3m relating to compensation for pig herds
culled due to African Swine Fever (ASF) outbreaks. As
described in Note 2, the realization of this receivable is
dependent on the outcome of ongoing administrative and
legal proceedings with the Romanian authorities. The group
has in June 2026 received a positive update related to the
timing of the receivable compensation, but the specific
timing for the payment has not yet been clarified.
While management and the Group's legal advisors believe
the Group's position is strong and that the compensation will
ultimately be received, there is inherent uncertainty regarding
both the timing and ultimate realization of this receivable.
Our opinion is not modified in respect of this matter.
Statement on the management commentary
Management is responsible for the management
commentary.
Our opinion on the consolidated financial statements and the
parent financial statements does not cover the management
commentary, and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the consolidated financial
statements and the parent financial statements, our
responsibility is to read the management commentary and, in
doing so, consider whether the management commentary is
materially inconsistent with the consolidated financial
statements and the parent financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated.
Moreover, it is our responsibility to consider whether the
management commentary provides the information required
by relevant law and regulations.
Based on the work we have performed, we conclude that the
management commentary is in accordance with the
consolidated financial statements and the parent financial
statements and has been prepared in accordance with the
requirements of the relevant law and regulations. We did not
identify any material misstatement of the management
commentary.
Management’s responsibilities for the consolidated
financial statements and the parent 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 additional requirements of the Danish
Financial Statements Act as well as the preparation of parent
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 consolidated financial
statements and parent financial statements that are free
from material misstatement, whether due to fraud or error.
Annual Report 2025
Independent auditor’s report on the annual report
for the period 01.01.2025 - 31.12.2025
6
Auditor’s Review
In preparing the consolidated financial statements and the
parent financial statements, Management is responsible for
assessing the Group’s and the Parent’s ability to continue
as a going concern, for disclosing, as applicable, matters
related to going concern, and for using the going concern
basis of accounting in preparing the consolidated financial
statements and the parent financial statements unless
Management either intends to liquidate the Group or the
Entity or to cease operations, or has no realistic alternative
but to do so.
Auditor’s responsibilities for the audit of the
consolidated financial statements and the parent
financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements and the
parent 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
consolidated financial statements and these parent
financial statements.
As part of an audit conducted in accordance with ISAs and
the additional requirements applicable in Denmark, we
exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the consolidated financial statements and the parent
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’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 consolidated financial statements and the parent
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’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
consolidated financial statements and the parent
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 Entity to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the consolidated financial statements and the parent
financial statements, including the disclosures in the
notes, and whether the consolidated financial
statements and the parent 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 and the parent
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.
Odense, 1 /7 2026
Deloitte
Statsautoriseret Revisionspartnerselskab
Central Business Registration
No. 33 96 35 56
Bo Damgaard Hansen
State Authorised Public Accountant
Identification No (MNE) mne34543
Annual Report 2025
Consolidated Financial Highlights
Financial Highlights
7
Definitions of financial ratios:
Adjusted EBITDA EBITDA adjusted for price effect on fair value adjustment of biological assets and any special items
Gross margin Gross profit / Total Income x 100
Adjusted EBITDA margin Adjusted EBITDA / Total Income x 100
EBIT margin EBIT / Total Income x 100
Return on invested capital Net financials / Avg. net interest-bearing debt x 100
Return on equity Net Profit / Avg. equity x 100
Solvency ratio Equity / Total assets x 100
Current Ratio Current assets / current liabilities x 100
EUR '000
2025 2024 2023 2022 2021
Profit & Loss
Revenue 54.947 70.546 61.631 40.360 43.184
Total income 55.838 72.863 67.020 52.216 47.929
EBITDA 4.272 13.123 18.405 9.367 2.364
8.355 19.012 17.009 3.944 3.474
Operating profit/loss (EBIT) -3.466 5.503 10.722 1.407 -6.559
Net financials -2.995 -2.657 -3.198 -2.309 -3.614
Profit/loss for the period
-5.555 2.364 6.325 -829 -8.414
Balance sheet:
Total assets 137.410 144.361 135.328 134.990 146.643
6.520 5.669 1.309 1.148 2.419
Equity 85.722 88.801 86.146 77.293 75.690
Invested capital 105.738 113.875 119.123 117.386 115.458
Net interest-bearing debt
35.522 34.447 35.506 44.096 42.117
Cash flow:
Cash flow from operating activities
7.635 2.041 13.603 -2.681 6.996
Cash flow from investing activities
-9.155 -1.281 -4.452 -1.296 1.356
Cash flow from financing activities
743 266 -10.083 -8.209 -2.106
Investment in property, plant
and equipment
Adjusted EBITDA (excl. fair value
adjust. bio assets and Special
2025 2024 2023 2022 2021
Average number of employees
Average number of sows
Number of pigs produced
Ratios:
Gross margin
27,6% 33,9% 37,9% 31,8% 18,1%
Ajusted EBITDA margin 15,0% 26,1% 25,4% 7,6% 7,2%
EBIT margin
-6,2% 7,6% 16,0% 2,7% -13,7%
Return on invested capital -3,2% 4,7% 9,1% 1,2% -5,4%
Return on equity
-6,4% 2,7% 7,8% -1,1% -10,5%
Solvency ratio
62,4% 61,5% 63,7% 57,3% 51,6%
Current Ratio
101% 131% 138% 121% 117%
Annual Report 2025
Company Information
Company Information
Premium Pork International A/S
Address: Synergihuset
Dannevirkevej 6
DK-7000 Fredericia
Company Reg. no.: 37 87 50 58
Domicile: Fredericia
Telephone: +45 64812600
Web: www.premiumporc.com
E-mail: mail@dchi.dk
Board of Directors Torben Svejgård (chairman)
Carsten Lind Pedersen
Ole Sloth Nielsen
Bo Holse
Jytte Rosenmaj
Executive Board Lars Vesten Drescher (CEO)
Morten Beider (CFO)
Auditor Deloitte
Statsautoriseret Revisionspartnerselskab
Tværkajen 5
DK - 5000 Odense C
Bank Nordea Danmark A/S
Kolding Åpark 2
DK - 6000 Kolding
Subsidiaries Premium Porc SRL
Consinterfin SRL
Degaro SRL
Premium Porc Feed SRL
Agro Investments Moldova SRL
Premium Porc Negreni SRL
Premium Vet Depot SRL
Olsuin SRL
Premium Porc Sibiu SRL
Ultimate Parent DCH International A/S
8
Annual Report 2025
9
Company Information
About us
Supporting activities
✓ Production capacity of 600.000 pigs annually
✓ Breeding, genetics, reproduction, maternity units and
finishers
✓ Own feed mills – ensuring consistent quality and cost
control
✓ Manure management – natural fertilization
✓ Internal logistic – own transport for animals and feed
Driven by growth, shared results, engagement, solutions and trust
Core production - One of the largest fully
integrated pig producers in Romania
Main activity
The main activity has been to operate pig production, focusing on sales of finishers and weaners through subsidiaries in Romania.
The group manages all activities related to pig production, having
all required production divisions: reproduction and genetics,
maternity and finisher barns. As secondary activities, the group
has its own feed production divisions as well as manure
management.
Annual Report 2025
Development in the Financial Year and Financial Position
Management Review
10
2025 was a challenging year for Premium Porc
Group, shaped by weakened market conditions
and continued operational impacts from African
Swine Fever (ASF). Despite strong execution
throughout the organization, the combined
effects of lower pig prices, reduced production
capacity and delayed government compensation
led to a negative financial result.
The Group recorded a loss before tax of EUR 2.8
million excluding fair value adjustments,
compared to a profit of EUR 6.8 million in 2024.
Including fair value adjustments related to lower
market prices for biological assets, the result was
a loss of EUR 6.5 million (2024: profit of EUR 2.8
million).
Total income decreased to EUR 59.5 million, a
reduction of 23% from last year, primarily due to
lower sales prices and reduced output. Lack of
the special government grants of EUR 1.4m
received last year also contributes to the
decrease. Pig prices fell by 18% year-on-year
(from 2.17 to 1.78 EUR per kg), negatively
impacting revenue by EUR 10.6 million. This was
only partially offset by a 6% reduction in feed
prices, adding a positive EUR 1.6 million.
No payment is received of the compensation
from the government for the herds ordered culled
in 2025 (EUR 12.5m) despite legal requirement
for settlement within 90 days. The rejection lack
valid legal grounds, and the delay are challenged
in court; hearings scheduled in 1st half of 2026.
Equity remained solid at EUR 85.7 million,
corresponding to a solvency ratio of 62%.
Liquidity at year-end was EUR 5.6 million,
temporarily reduced due to delayed ASF
compensations from Romanian authorities.
Summary 2025 – Key Points
• The Group delivered a loss before tax of EUR
2.8 million excluding fair value adjustments,
and EUR 6.5 million including fair value
adjustments.
• Total income declined by 22%, driven mainly
by lower pig prices and reduced production
output.
• Market prices fell sharply, with pig prices
down 18% year-on-year.
• Liquidity remained strained due to delayed
ASF compensation payments from
Romanian authorities.
• Two ASF outbreaks early in the year
significantly reduced production capacity.
• Overall capacity utilization averaged 56%,
with production still 45% below 2019 levels.
• Direct and indirect ASF-related losses totaled
EUR 4.8 million.
• Market conditions entering 2026 remain
uncertain but show signs of gradual
improvement.
• Expectations for 2026 include total income
of EUR 45–55 million and an EBITDA of EUR
4–6 million.
The net result is not satisfactory as operations
continue to be negatively influenced by past
ASF outbreaks and unsatisfactory pig prices.
Challenging Market Conditions and Continued African Swine Fever (ASF) Impact
EUR '000
2025 2024 2025 2024 2025 2024
Total income 55.975 72.863 55.218 71.126 757 1.737
59.611 76.873 58.854 75.136 757 1.737
EBITDA 4.272 13.123 5.778 14.324 -1.505 -1.202
8.355 19.012 9.861 20.213 -1.505 -1.202
EBIT -3.466 5.503 -182 11.040 -3.284 -5.537
Profit before tax -6.461 2.847 -1.577 9.957 -4.884 -7.110
Note: Included in "Pig production" are all farms that are in operation during the year, also farms with reduced capacity utilization.
Total income without fair value adjust.
biological assets
Other (incl. non-
operating)
Pig production
(operating)Consolidated total
EBITDA excl. fair value adjust. biological
assets and excl. Special Items
Annual Report 2025
Pork Prices Lost Momentum
Pork markets weakened throughout the first half of the year, with average
prices reaching their lowest level in four years. Although some recovery was
seen later in the year, average annual prices remained significantly (18%)
below 2024 levels.
The weaner market followed a similar trend, with an average decline of 18%.
The financial importance of a strong weaner market is significant
considering 26% of our sold pigs were sold as weaners.
The European pig industry remains structurally smaller than in previous
years, following a 15% reduction in production between 2021 and 2023.
Production stabilized in 2024–2025 at this lower level, helping maintain a
firm supply balance across the EU.
Feed Prices Continued Downward
Feed prices declined modestly (6%), in line with the lower grain prices
harvested in 2024. While feed costs have fallen from their peak in 2022, they
remain notably higher than historical norms (prior 2020).
Price Ratio Near Break-Even
The pork-to-feed price ratio of 6.1 is 13% lower than last year — a level barely
above break-even. Although still significantly above the record low in 2021!
The fact that the reduced ratio is driven by a big reduction of the prices for
pigs and only a small reduction of prices for feed makes the negative impact
even bigger than indicated by the ratio. The lower price level represents a
decreased profit before tax of EUR 9.1m in 2025 compared to the same
production with 2024 prices..
Herd Valuation Reduced by EUR 3.6m
The market prices of biological assets (the pig herd) have followed the
fluctuations in the pork prices. Consequently, the value of biological assets is
decreased by EUR 3.6m compared to the equivalent, if prices of 31.12.2024
were to be used.
The adjustment is in line with international accounting principles, which are
considered to provide a more accurate description of the company’s
activities and financial position.
Market Conditions
Management Review
11
2017 2018 2019 2020 2021 2022 2023 2024
2025
Pork Prices (carcass)
EUR/kg
1,66 1,42 1,63 1,52 1,32 1,90 2,46 2,17 1,78
Feed Prices
EUR/kg
0,21 0,22 0,23 0,24 0,26 0,35 0,35 0,31 0,29
Exchange ratio pork:feed 7,9 6,5 7,1 6,4 5,1 5,5 7,0 7,0 6,1
Note: The table show realized prices from the subsidiaries in Romania as an annual average after ASF related discounts.
Pork and feed prices in Romania
Annual Report 2025
Operational Performance
Management Review
12
Production Capacity Significantly Reduced by ASF
Operations were again impacted by ASF outbreaks, particularly early in the
year when a significant outbreak in January temporarily closed 35–40% of our
sow capacity. A second outbreak occurred in March at a finisher site.
A fast recovery of the sow herd closed in January, limits the YoY reduction as
the sow herd was reestablished to half capacity by YE 2025. There are
currently no plans for restarting the finisher site as we need all sow farms
operating to have sufficient supplies of piglets.
Despite restarting closed farms, overall capacity utilization averaged 56%
during the year, reflecting both temporary closures and the time needed to
rebuild sow herds after earlier outbreaks. The impact from sow farms
restarted in 2024 have temporarily reduced the negative impact. Compared
with pre-ASF levels in 2019, output remains around 45% lower.
Sales Mix Adjusted
Due to finisher farm closures, the Group increased the share of weaners sold.
This strategic shift temporarily reduces produced tonnage but supports cash
flow and capacity balancing.
Efficiency and Productivity
Despite the difficult conditions, productivity improved compared to 2024 but
remains 5–10% below long-term historical performance due to young herds,
restarted farms and short-term operational imbalances. The Group continued
to optimize production flow and shift sales toward weaners where necessary
to ensure stable operations.
Unlike in previous years, we didn’t start 2026 with another ASF outbreak!
Production is in a strong development and avoiding disruptions caused by ASF
outbreaks have a very positive impact on the outlooks for 2026.
Romania supports pig welfare
Romania’s support scheme for animal welfare
remains an important stabilizing element. The
Group recognized EUR 4.2 million in grants in
2025, representing 95% of the total value
applied for.
Payments of EUR 5.0m was received in 2025
for animal welfare support applied for in 2024.
This represents EUR 0.2m more than
allocated by the end of 2024. In total, grants
for improved animal welfare of EUR 4.5m are
registered in 2025 (4.9m EUR last year).
These subsidies help offset the substantial
costs associated with maintaining
best-in-class welfare and biosecurity systems.
2021 2022 2023 2024
2025
Diff. Y25
over Y24
Number of sows end of year heads 9.449 11.308 16.044 16.764 14.409 -14%
Out of which sows to be culled heads 0 0 0 6.847 0
Weaned piglets per avg. sow heads 32,5 33,8 32,7 32,5 34,0 5%
Produced pigs per avg. sow *)
heads 30,3 31,7 29,0 29,3 30,9 6%
Sold slaughterpigs heads 291.477 199.332 193.180 255.158 248.795 -2%
Sold weaners (net) heads 60.054 95.574 142.400 71.164 87.174 22%
Produced pigs total heads 396.841 324.354 374.353 412.217 351.021 -15%
Weight produced pigs **)
tons 36.954 26.289 28.002 37.937 33.683 -11%
Facts about the pig production
Notes: *) Produced pigs per sow for 2025 are excluding Degaro, for 2023 are excluding restart of Olsuin and for 2022 & 2024 excluding restart
of Premium Porc. **) Weight of pigs culled due to ASF included.
Annual Report 2025
Production Affected
by African Swine Fever (ASF) in Romania
Management Review
13
We are determined and
focused on our strategy to be
the company who masters the
art of producing pigs in an ASF
environment.
Indirect ASF Losses
Although our biosecurity standards, according to
international experts, remain among the highest in the
industry globally, the national epidemiological situation
continues to present risks for commercial producers. We
experience a huge burden on our operations, due to the
measures taken by the authorities and especially ourselves
to control the virus.
The Group maintains close cooperation with regional and
national authorities to reduce the duration of protection and
surveillance zones and to ensure rapid clearance where
possible. While restrictions cannot be avoided entirely,
improved processes have helped minimize the operational
impact compared to earlier years.
No restricted movement has affected us in 2025 except for
a few finisher farms following the two ASF outbreaks in
Fantanele and Negreni farms,. Still, restricted movement
caused EUR 0.6m of indirect losses (2024: EUR
0.3m).Indirect losses remain uncompensated under the
Romanian regime.
The indirect losses caused by restrictions arises from:
Lower sale prices due to special handling of pigs from ASF
areas, lost production in finishers farms not being supplied
with weaners and extra costs to compensate for disrupted
production flows.
Direct ASF Losses
Following the outbreaks on our farms in previous years,
production was significantly downsized until the farms
could be restarted again. Obviously, our goal is to avoid
additional outbreaks. We believe our biosecurity set-up is a
powerful tool to increase our probability of avoiding
additional outbreaks.
An outbreak in Fantanele farm (part of Degaro) were
confirmed in the beginning of January 2025 underlining
that even best-in-class biosecurity is not enough to prevent
outbreak completely. This farm had 6,700 sows with
transfer of piglets and weaners to other farms in the Group.
Another outbreak was confirmed in Negreni farm end of
March 2025. This farm is a wean-to-finish site with 29,000
pigs from 7-120 kg at the time. Thanks to rapid response
measures and cooperation with authorities, part of the
affected herd could be saved.
The value of both herds as well as the immediate costs will
according to the legislation be compensated by the
Romanian State whereas the total subsequent loss
including business interruption isn’t compensated.
The compensation payments for culled herds is delayed
and continue to put pressure on liquidity.
Direct ASF-related losses (after compensation) amounted
to EUR 4.2 million, while indirect losses linked to movement
restrictions and production flow disruptions were
approximately EUR 0.6 million. The total economic impact
including business interruption is approximately double.
Losses from reduced capacity will continue into 2026–
2027.
ASF widespread in Romania
ASF remains widespread in
Romania, with more than 7,100
outbreaks registered since
June 2018. The entire
Romania has been considered
affected since 2019 and
continues to register a
significant number of
outbreaks.
2025
438
2024
205
2023
749
2022
384
2021
1.534
2020
903
2019
1.729
2018
1.148
Total
7.090
Registered ASF outbreaks in
Romanian in domestic pigs
Annual Report 2025
Litigations and Key Sources of Uncertainty:
Relocation of Negreni farm & Delayed ASF compensation
Management Review
14
Relocation of Negreni farm
A group of citizens in Negreni village brought charges in 2016 claiming our farm
should be relocated. Their claim is based on a Government Order from 2014
stipulating that distances from farm operations to the neighboring houses should
be minimum 1,500m.
Our advisors, as well as the authorities that have assessed and validated our
production and building permits, agree that this Order was meant to cover future
constructions only and not farms and houses established decades before the
Order was issued. Despite this, we lost in two consecutive local court hearings in
2018, and we are demanded to relocate the farm. The Ministry issuing the Order
has in 2020 confirmed our understanding.
The case contradicts in many ways the legal framework covering our production
permits. The enforceability of the verdict is anyhow seen as practically impossible
as all production permits are valid, and production can continue despite the
verdict.
The base for new claims no longer exists as the Government Order was changed
in 2023 eliminating the minimum distance.
We are also investigating other options for dealing with this case.
We have no intention of relocating the farm and continue disputing the ruling and
fighting the new claims received. The management and our legal advisors have
initiated several actions for annulment and estimate that we have a strong case
for preventing the ruling being carried out. Based on this, we have chosen not to
make any provisions as we don’t expect to encounter any losses due to this case.
This issue is described in detail in Note 25.
State compensation delayed for the two farms affected by ASF in 2025
€11.3m recorded as receivable as of Dec 31, 2025, for two ASF-affected herds
(90% of agreed amount). No payment received despite legal requirement for
settlement within 90 days.
Local authorities base the delay/refusal on three contravention reports for alleged
biosecurity shortcomings; none directly linked to the two ASF outbreaks. The
rejection lack valid legal grounds, and all fines and refusals are challenged in
court; hearings scheduled in 1st half of 2026.
We are also investigating other options for dealing with this case. We continue
with meetings and dialogue with authorities as well as responsible ministers. This
process is furthermore supported by both the Danish Ambassador and the
Romanian Pig Association.
This is not an isolated problem to us, but other colleagues with recent outbreaks
are facing similar patterns. Other colleagues have recently won similar trials and
we're confident that we'll win as well. The legislation isn't changed and Romania
remains obligated to prevent spreading of ASF via ordering affected farms culled.
And to compensate farmers the direct costs caused by the order to cull.
The management and our legal advisors have initiated several actions for
annulment of the refusal to compensate. It’s the management’s and the
company’s legal advisors’ opinion that the refusal to settle our compensation
claim is invalid. Based on this, we have chosen not to make any provisions as we
don’t expect to encounter any losses due to this case.
This issue is described in detail in Note 2.
Annual Report 2025
15
We care - Responsibility and sustainability as our guiding principles
This statement has been prepared in accordance with the Financial
Statement Act §99a, and §99d.
Our CSR strategy reflects the emphasis we, Premium Pork International A/S,
put on our operations being responsible and sustainable, and is built upon the
pillars of animal welfare, environment, human and labor rights, local
communities, corporate governance and anti-corruption. Our CSR report is
public and can be read in full version on our company’s website:
www.premiumporc.com
We put much effort in reducing the environmental impact of manure from our
production. This by applying the manure as natural fertilizer in various ways
and, at the same time, exploring new means to use it. To prevent release of
greenhouse gasses, and reduce odors in general, the manure is stored in
sealed lagoons.
Seeking to develop and support the local communities in which we operate,
we have formed sponsorships with local schools and hospitals in Romania.
Here, we focus our initiatives on the pillars of education, health, environment
and local values.
Management Review
Statement of Data Ethics Policy
We adopted the Policy of Data Ethics in 2022. The policy establishes the
overall guidelines and principles for how data ethics is considered and
reflects the Group´s commitment to manage data responsibly based on
principles of honesty, transparency, and accountability.
As a company, we primarily processes data relating to human resources,
shareholders interactions, customer and supplier contact. The group controls
that data is collected for explicit and legitimate purposes and processed
legally and fairly, including that data processing only comprises the data
necessary to realize the purpose of the processing.
Any violation of the policy on data ethics or the Group’s internal procedures
may be reported by employees through the groups whistleblowing system.
No reports were filed in 2025.
The policy on data ethics is approved by the board of directors annually and
revised on an ongoing basis.
Sustainability and Corporate Social Responsibility
We aim for the highest standard of animal welfare within our industry by
complying to established procedures for pig production as well as biosecurity.
These procedures are based on Danish practice, EU standards and further
supplemented by the additional measures required by the Romanian national
program for animal welfare.
Our guiding principles of sustainability and responsibility is reflected in our
continuous drive to minimize the impact of our business, and by providing
improvements today and for generations to come.
Annual Report 2025
Outlook and Anticipated Development
16
Management Review
Pork Price Expectations
ASF continues to challenge the industry in EU as affected countries continue
to discover new cases. The latest country affected, Spain, has a huge impact
on the market as the country represents almost 25% of the production in EU.
Pork prices across the EU declined following ASF outbreaks in Spain late in
2025 and market conditions entering 2026 remain uncertain but show signs of
gradual improvement. The situation in Spain appear to be under control and
the market balance is gradually being adjusted to the new situation.
Predicting the supply evolution seems to be on firmer grounds indicating low
supplies for the foreseeable future. The latest herd counts in the EU indicate
that production remains stable. The current low prices will most likely add a
negative impact to the future production.
We expect limited price reductions compared to 2025 despite ASF in Spain,
and we anticipate average prices above EUR 1.70 per kg for 2026.
Feed Price Outlook
Feed prices are expected to remain stable after the modest decline seen in
2025. The Group has secured cereals beyond the 2026 harvest at favorable
price levels, reducing cost variability in the coming year.
The combined price levels for pigs and feed (the pork-to-feed price ratio) are
expected to challenge profitability in 2026, especially in 1st half.
Animal Welfare Grants
Subsidies for animal welfare are expected to continue under the current
scheme at least until 2027. We expect it to continue beyond 2027 as support
to the industry is an important factor for Romania to reestablish a reasonable
degree of self-supply.
Production Outlook
The strategy still is to resume full production as soon as reasonably possible,
but the horizon for fulfilling the strategy was prolonged following the ASF
outbreaks in 2025.
The timing of ASF compensation payments from the Romanian state remains
a key factor for the Group’s liquidity and investment pace. Delays extend the
timeline for restarting remaining closed capacities.
Production is expected to increase by approximately 30% in 2026, reflecting
the reopening of sow farms and the gradual rebuilding of capacity. However,
due to a temporary shift toward selling a bigger proportion as weaners,
produced weight is expected to remain 17% below 2025 levels.
ASF Environment
Despite the lack of production flow disruptions caused by farms entering
protection/surveillance zones the last year, future incidents are considered
unavoidable. But hopefully we can avoid disruptions in 2026.
ASF is expected to remain present in the coming years, though underlying risk
should gradually decline as backyard farming and wild boar populations
shrink.
Investments
Investments projects are prioritized considering the ASF situation, and the
focus on having all sow farms operating. Our priority to protect our farms
remains. Upgrades of two farms, supported by investments grants, are
planned for 2026.
Financial Guidance for 2026
Based on current market conditions, temporarily downsized production and
assuming a stable ASF situation, the Group expects:
• Total income: EUR 45–55 million
• Adjusted EBITDA: EUR 4–6 million
• Limited fair value adjustment impact on biological assets
Cash flow is expected to remain tight until compensation payments are
finalized. The Group continues to prioritize financial discipline, efficient
production and biosecurity to secure long-term value creation.
Annual Report 2025
Income Statement
Consolidated Financial Statements
Consolidated Income Statement Consolidated Statement of Comprehensive Income
17
EUR '000
2025 2024
Net profit for the year -5.555 2.364
Exchange adjustments of foreign enterprises
-258 -317
Fair value adjustment of hedging instruments
0 -144
Tax on hedging instruments
0 23
3.289 866
Tax on previos years revaluation adjusted -556 -138
Total comprehensive income
-3.080 2.654
Group shareholders -3.080 2.654
-3.080 2.654
Items that may be reclassified subsequently
to profit or loss
Items that may not be reclassified
subsequently to profit or loss
Distribution of total comprehensive income
Revaluation of land, buildings, leasehold
improvements and plant and machinery
EUR '000
2025 2024
Note
Revenue
4
54.947 70.546
Grants and other income
5
4.527 6.327
Value adjustment, biological assets
6
-3.636 -4.010
Total Income
55.838 72.863
Costs of sales
-26.471 -31.763
Other external expenses
-13.952 -16.366
Gross profit
15.415 24.735
Staff expenses
7
-10.695 -9.733
Special items
8
-447 -1.879
Depreciation
9
-7.739 -7.619
Operating profit (EBIT)
-3.466 5.503
Financial income
9
554 73
Financial expenses
10
-3.549 -2.730
Profit before tax
-6.461 2.847
Tax on profit for the year
11
907 -482
Net profit for the year -5.555 2.364
Distribution of profit for the year:
Group Shareholders -5.555 2.364
Distributed
-5.555 2.364
Annual Report 2025
Balance Sheet
18
Consolidated Financial Statements
Consolidated Statement of Financial Position
EUR '000
31/12 2025 31/12 2024
Assets
Note
Acquired rights
12
152 293
Intangible fixed assets in total
152 293
Land and buildings
13
68.597 65.615
Plant and machinery
13
12.373 11.405
Operating equipment
13
420 814
Right of use assets
13
892 1.388
Property, plant and equip. in progress
13
1.547 3.035
Property, plant and equipment
83.828 82.257
Non-current investments
15
66 56
Deferred tax asset
16
1.571 764
Other non-current assets
1.638 820
Biological assets, Breeding herd
14
8.085 5.644
Biological assets
8.085 5.644
93.703 89.014
Biological assets, Commercial herd
14
9.249 16.268
Inventories
17
5.891 9.216
Biological assets and inventories
15.140 25.484
Trade receivables
18
3.660 6.612
Other receivables
18
18.650 16.014
Prepayments
442 586
Receivables
22.752 23.213
Assets classified as held for sale
19
288 294
Cash and cash equivalents
5.527 6.357
43.707 55.348
137.410 144.361
Total non-current assets
Total current assets
Total Assets
EUR '000
31/12 2025 31/12 2024
Equity and Liabilities
Note
Share Capital
20
710 710
Asset revaluation surplus 12.992 11.124
Reserve for exchange adjustments
617 875
Retained earnings 71.401 76.092
85.721 88.801
Credit institutions
21
4.665 9.330
Lease liabilities
21
755 762
Subordinated shareholder loan
21
1.700 1.700
Deferred income
22
1.328 1.601
Long-term liabilities
8.449 13.393
21 32.975 28.165
Trade payables 6.766 7.235
21
1.708 1.609
Other liabilities
23
1.790 5.159
Short-term liabilities
43.240 42.168
51.688 55.561
137.410 144.361
Equity
Total liabilities
Short term portion, credit
institutions, leasing and other non-
current
Interest bearing payables to
shareholders
Total Equity and Liabilities
Annual Report 2025
19
Consolidated Financial Statements
Consolidated Statement of Changes in Equity
EUR '000
Share Capital
Asset
revaluation
surplus
Cash flow
hedging
reserve
Reserve for
exchange
adjustment
Retained
earnings
Total Equity
710 11.253 121 1.191 72.872 86.146
0 0 0 0 2.364 2.364
0 -856 0 0 856 0
0 727 -121 -316 0 290
0 -129 -121 -316 3.220 2.654
710 11.124 0 875 76.092 88.801
0 0 0 0 -5.555 -5.555
0 -864 0 0 864 0
0 2.733 0 -258 0 2.475
0 1.869 0 -258 -4.691 -3.080
710
12.992 0 617 71.401 85.721
Depreciation of revaluation reserve
Equity at January 1, 2024
Equity December 31, 2025
Other comprehensive income
Net profit/loss for the year
Net profit/loss for the year
Other comprehensive income
Equity December 31, 2024
Depreciation of revaluation reserve
Comprehensive income for the year 2024
Comprehensive income for the year 2025
Annual Report 2025
Consolidated Cash Flow Statement
20
Consolidated Financial Statements
EUR '000
2025 2024
Note
Operating profit/loss (EBIT) -3.466 5.503
Adjustment for non-cash items:
7.510 7.705
6
3.636 4.010
Change in commercial herd
14
4.268 -5.995
3.324 -837
Change in receivables
-73 -10.183
Change in trade payables etc. -4.511 5.906
Cash flow from operations before financial items
10.689 6.109
Financial income received
9
554 73
Financial expenses paid
-3.064 -2.630
Corporation taxes paid
-544 -1.512
Cash flow from operating activities
7.635 2.041
12
-3 -44
13
-6.520 -5.669
13 698 487
15
-10 0
19 6 21
14
-3.326 3.923
Cash flow from investing activities
-9.155 -1.281
Acquisitions of property, plant
and equipment
Net disposal of assets held for
sale
Acquisition of biological assets
Change in inventories
Value adjust., biological assets
Sale of property, plant and
equipment
Depreciations
Acquisition of intangible assets
Acquisition of investments
EUR '000
2025 2024
Note
Proceeds from borrowings
21
6.734 6.008
Repayment of borrowings
21
-5.990 -5.742
Cash flow from financing activities
743 266
Change in cash and cash equivalents
-777 1.025
Cash and cash equivalents,
start year
6.357 5.332
Exchange adjustments,
begining cash
-52 -1
Cash and cash equivalents at December 31
5.527 6.357
70 4.865
Liquidity available at December 31
5.598 11.222
Un-utilised short term facilities
Annual Report 2025
21
Notes – Consolidated Financial Statements
Assessment of Going Concern and Critical Accounting Judgements
Note 1: Assessment of Going Concern
The Group's management has assessed the ability of the Group to continue as a
going concern in accordance with IAS 1. This assessment is based on budgets
prepared for 2026. The Group operates in the pig production industry, which is
subject to commodity price fluctuations.
The assessment is based on these key budget assumptions:
• A low utilization of the Group's production capacities and reduced pig prices (20-
25%) in 2026 compared to 2025. The budget is based on actual pig prices up to
and including May 2026.
• The Group has in 2025 experienced African Swine Fever (ASF) at certain
production sites, resulting in the culling of herds. The Group has filed claims for
compensation with the Romanian State and has documented evidence
supporting the likelihood of a favorable outcome in this matter. Most of the
compensation payment from the Romanian State is budgeted for 2026..
• The restart of temporarily closed production sites is aligned with the existing
financing agreements and ensures sufficient liquidity for operations despite the
delayed compensation payment.
• The Group does not expect any African Swine Fevers (ASF) in 2026. The group
has during 2025 and in recent years invested in biosecurity to mitigate the risk of
AFS outbreaks. Furthermore, the group’s farms are spread across Romania,
which reduces the risk of that the overall activity will be adversely affected.
The budget for 2026 confirms that the Group is operating within its current
financing agreements, and management expects that all key assumptions in the
budget will be realized.
Liquidity and Covenant Compliance:
The banks has in December 2025 waived the covenants as of 31 December 2025.
As described in the above section the budget for 2026 confirms that the Group is
operating within its current credit facilities. The Group's liquidity position will be
tight until reception of the compensation payments from the Romanian State. The
liquidity is also tight due to the low pig prices and the current credit facilities. The
Group will face challenges in meeting certain financial covenants in 2026. The
Group’s syndicate of lenders have agreed to waive the covenant ratios for 2026.
Based on the current budget and the documented strength of the compensation
claim, management believes that the Group has adequate resources to continue its
operations and meet its obligations in 2026. Accordingly, the financial statements
have been prepared on a going concern basis.
Note 2: Critical Accounting Judgements and Key Sources of
Estimation Uncertainty
Compensation receivable from Romanian State – ASF outbreak
Recognition and Measurement
The Group has recognized a receivable of €11.3m relating to compensation for pig
herds culled due to African Swine Fever (ASF) outbreaks in January and March
2025. This amount represents 90% of the total compensation agreed with the local
authorities (€12.6m).
The receivable has been recognized based on the following:
1. Eligibility and Amount Determination: The committee appointed by the local
veterinary authorities (DSV) have completed their assessment and determined the
Group’s eligibility for compensation and the compensation amounts in both cases.
This determination was concluded satisfactorily within one month following each
outbreak.
2. Probable Inflow of Resources: Management, supported by the Group’s legal
advisors, believes it is probable that the compensation will be received. This
assessment is based on:
a) The compensation eligibility and amounts have been formally agreed by
competent authorities;
b) The Group has fully complied with all legal requirements and submitted
complete files with all necessary documentation on time;
c) The authorities have issued contravention reports sanctioning alleged failures
to comply with specific biosecurity procedures. They are not causally linked to
the ASF outbreaks and are being challenged in court. The legal framework
underlying these reports does not provide grounds for refusal of compensation
under the applicable legislation (GD 1214/2009);
d) Recent case law and precedents from similar cases support the likelihood of a
favorable outcome;
e) Article 8 of GD 1214/2009, which defined criteria for denying compensation,
has been annulled by final rulings of the Romanian courts and can no longer be
applied.
3. Reliable Measurement: The compensation amounts have been determined by
the competent authorities and are therefore reliably measurable.
Annual Report 2025
22
Notes – Consolidated Financial Statements
Critical Accounting Judgements and Summary of Significant Accounting Policies
Note 2: Critical Accounting Judgements - continued
Compensation receivable from Romanian State – ASF outbreak
Key Uncertainties and Timing Risk
Despite the above, the realization of this receivable is subject to the following
uncertainties:
1. Timing of Payment: Although the legal framework provides for payment within
90 days of approval, the compensations have not yet been paid as of December
31st, 2025. The compensation for Degaro SRL, €10.5m, has been blocked
between DSV and the national veterinary authorities, with each institution claiming
the other party must make the final decision. This is solved at the time for closure
of the financial statement, and the administrative proceedings are being resolved.
Payments are expected at the latest in Q4 2026. The payment of the smaller of
the two cases is uncertain and dependent on legal proceedings.
2. Compensation denied: Premium Porc Negreni SRL received contravention
reports, and DSV denied compensation in June 2025 based on these reports. The
Group has filed a court claim in October 2025 requesting annulment of this
rejection. Court dates are set for the second half of 2026.
3. Legal Proceedings: The ultimate resolution of the compensation claims
depends on the outcome of ongoing and anticipated court proceedings. While
management and the Group’s legal advisors believe the Group’s position is strong,
there is inherent uncertainty in legal proceedings.
Management’s Assessment
Management, in consultation with the Group’s legal advisors, believes that:
• The refusal to settle the compensation claims is invalid and not supported by
the applicable legal framework;
• The Group will receive most of the compensation in 2026 (€10.5m of €12.6m)
and ultimately also the remaining part for Premium Porc Negerni SRL;
• The probability of a favorable outcome is high, based on the strength of the
legal position, recent case law, and precedents from similar cases.
Accordingly, no provision for potential rejection of the compensation has been
recorded. The receivable is presented as part of Other Receivables.
However, until the actual reception, a level of uncertainty remains and is
dependent on the administrative and legal proceedings described above. If the
compensation for at least Degaro SRL is not received by December 31st, 2026,
this could impact the Group’s covenant compliance (see Note 1 Going Concern).
Note 3: Significant accounting estimates and judgements
Revaluation of property
The Group measures land, buildings, including specialized agro-industrial
facilities, at fair value and are subject to periodic revaluation.
Revaluations are performed by qualified independent valuers in accordance with
International Valuation Standard (IVS) 300, applying valuation techniques
consistent with IFRS 13 Fair Value Measurement and IAS 36 Impairment of
Assets.
Given the specialized nature of the assets and limited availability of comparable
transactions, the income approach has been given the highest weighting. The
market approach is applied on a limited basis, while the cost approach is used as
a supporting reference. The final fair value reflects the valuer’s professional
judgement and reconciliation of the available approaches.
The valuation therefore relies on a combination of Level 2 and Level 3 inputs,
reflecting the use of observable market data supplemented by unobservable
assumptions.
The income approach is based on assumptions regarding future cash flows from
continued operations, discount rates reflecting market conditions, and technical
conditions and remaining useful life of the assets. Future cash flows assume full
capacity utilization, sustainable operating performance, and market conditions in
the agricultural sector at the valuation date.
Properties are assessed every year using revaluations and benchmarks to assess
whether their carrying amounts continue to reasonably reflect fair value and
whether more frequent revaluations are required. This approach has been applied
consistently for several years and has resulted in only limited revaluation
adjustments being recognized.
The valuation process and results are reviewed and approved by Group
Management and the Audit Committee. The results of valuations are reviewed
and approved whenever revaluations are performed.
As of 31 December 2025, the total fair value of land and buildings amounted to
EUR 68.6million (31 December 2024: EUR 65.6 million).
Annual Report 2025
23
Notes – Consolidated Financial Statements
Summary of Significant Accounting Policies
Note 3: Significant accounting estimates and judgements -
continued
Fair value of biological assets
Biological assets are recognized when the Group controls the assets and it is
probable that future economic benefits associated with the asset will flow to
the Group and the cost for fair value of the asset can be measured reliably.
Biological assets are measured at fair value less selling costs.
Value adjustments of biological assets are recognized in profit or loss for the
period of which they relate.
Commercial herd:
Slaughter pigs (Finishers) above 50 kg are valued based on average sales
prices for November-December on the local market less costs for reaching
desired sales weight of approx. 110 kg. Finishers between 25-50 kg are valued
as weaners with additions for added weight.
The fair value of weaners is based on official Danish and German quotes plus a
mark-up to reflect the Romanian market conditions. The Danish and German
quotes are used The Group’s experience from historical sales as well as
purchases is that prices on the Romanian market are strongly correlated to the
German and Danish quotations plus a mark-up reflecting the lack of weaners
for sale in Romania. The mark-up is according to the Group’s recent weaner
sales contracts.
The valuation of piglets is based on official Danish quotes. Danish quotes are
used as there isn’t an official quotation for the Romanian market. Unlike
weaners, there is no commercial market for piglets in Romania, and a mark-up
can therefore not be determined. We estimate that a mark-up of 70% of the
mark-up on weaners should be applied to reflect the fair value of piglets.
Breeding herd:
Breeding herd (boars, sows and young females) are valued based on general
quotes from Breeding Companies selling breeding animals in Europe. The
quotes are based on criterions such as genetics, costs and expected piglets.
Notes to the Income Statement
Note
EUR '000
2025 2024
4 Revenue
Business areas:
Pig production 54.190 70.198
Other 757 349
54.947 70.546
Geography:
Romania 54.947 70.546
5 Grants and other income
Animal Welfare Payments 4.527 4.938
Other grants 0 1.388
4.527 6.327
6 Value adjustment, biological assets
Value adjustments pigs -3.636 -4.010
-3.636 -4.010
Revenue from sale of products is recognized when the Group has transferred
control of products sold to the buyer. Control of the products is transferred at a
point in time, typically on delivery. Revenue is recognized net of VAT, duties and
sales discounts.
The Group primarily sells pigs for slaughterhouses. Revenue from the sales of
pigs is recognised when delivery has taken place.
Government grants relating to animal welfare improvements in pig production
were recognised during the year under a Romanian support scheme, in
accordance with IAS 20.
Annual Report 2025
Notes – Consolidated Financial Statements
24
Notes to the Income Statement
Note EUR '000
2025 2024
7 Staff expenses
Wages and salaries 9.826 9.314
Social contribution & other staff expenses 1.019 887
Wages closed farms (Special Items) -150 -468
10.695 9.733
Share based payments for management team 0 0
10.695 9.733
Remuneration to the Executive Board 602 608
Remuneration to the Board of Directors 100 101
Average number of employees 356 353
8 Special Items
Compensation for culled herd (revenues) -1.806 -7.520
Value culled herds 1.435 5.897
818 3.502
447 1.879
Special Items are costs caused by infection of ASF leading to the herd being culled.
We refer to the detailed decription in the management review.
Costs related to culling, desinfection and
quarantine
The remuneration of the Executive Board, who are the Group’s key management
personnel, consists exclusively of short‑term employee benefits, with no
post‑employment, long‑term, or share‑based payments.
Net costs related to ASF outbreaks:
Note EUR '000
2025 2024
8
Special Items - continued
Total Income 371 1.623
Cost of sales -23 -452
Other external costs -645 -2.582
Staff expenses -150 -468
-447 -1.879
9 Financial Income
Interest financial institutions 554 73
554 73
10
Financial Expenses
Interest bank debt 1.359 1.774
Calculated interest leasing commitments 77 64
Interest shareholders loans 111 10
Other financial expenses 1.224 780
Exchange rate adjustment 777 102
3.549 2.730
If the special items had been recognized in operating profit before special items,
they would have been included in the following items:
Annual Report 2025
25
Notes – Consolidated Financial Statements
Notes to Income Statement and Intangible Assets
Note EUR '000
2025 2024
11
Income Taxes
Current tax -769 1.253
Adjustment of deferred tax -137 -770
-907 482
-1.034 455
Tax effect of:
-388 171
Non-taxable income and expenses
515 -144
-907 482
Effective tax rate for the year 14% 17%
Tax on profit for the year is specified as
follows:
Calculated 16% tax on profit for the year before
tax:
Differences in tax rates in Denmark (22%)
compared with Romania
EUR '000
2025 2024
12 Intangible assets
Acquired rights
Cost at January 1 1.227 1.505
Additions for the year 3 44
Disposals for the year -179 -322
Cost at December 31 1.051 1.227
Amortisation at January 1 934 1.153
Amortisation for the year 145 103
-179 -322
Amortisation at December 31 899 934
Carrying amount at December 31
152 293
The Group has acquired and implemented several software systems used in its daily
operations. The acquired rights are initially measured at cost, comprising license fees
and implementation costs. These rights are amortised over the contractual term, but for
no longer than five years. The amortisation base is reduced by any recognised impairment
losses.
Reversed depreciation on disposal
Annual Report 2025
Revaluation of fair value of property
The Group’s land and buildings are revaluated at fair value
as described in note 3. The revaluation process is based on
qualified independent appraisers. The valuation is primarily
based on the income approach. The market approach is
applied on a limited basis, while the cost approach is used
as a supporting reference.
The valuation is sensitive to changes in key unobservable
inputs, primarily the discount rate and operating
performance. The discount rate applied is 10.6%.
A decrease in the discount rate of 1 percentage point would
result in an increase in the fair value of approximately EUR
6-8 million. Conversely, an increase in the discount rate of 1
percentage point would result in a decrease in the fair value
of approximately EUR 5-7 million.
Similarly, a change in expected future cash flows,
expressed through EBITDA or operating performance, of +/-
5% would result in change in fair value of approximately
EUR 4-6 million.
The valuation reviews resulted in a total financial
revaluation of EUR 0.9m.
26
Notes – Consolidated Financial Statements
Notes to Financial Position
The Group had end of 2024 contractual obligations
related to Property, plant and equipment in progress of
EUR 1.9m.
Lease assets
The Group’s lease portfolio comprises leases of buildings
(office premises), production equipment, and logistics
assets, including cars, trucks, trailers, and manure-
handling equipment.
All leases are subject to fixed, non-cancellable lease
payment terms. For the majority of equipment leases, the
Group holds a purchase option that allows acquisition of
the underlying asset for a nominal consideration upon
expiry of the lease term.
Lease expenses relating to short-term leases and leases
of low-value assets are not material to the Group’s
financial statements.
13 Tangible assets
EUR '000
Land and
buildings
Plant and
Machinery
Operating
equipment
Right of use
assets
Property, plant
and equipment
in progress
Cost at January 1, 2024 82.931 44.614 2.664 4.183 915
Additions for the year 975 1.581 550 444 3.592
Disposals for the year -6 -2.230 -1.408 -1.718 -1.472
Cost at December 31, 2024 83.900 43.964 1.805 2.909 3.035
Revaluation at January 1, 2024 17.897 0 0 0 0
Revaluation increases 866 0 0 0 0
18.762 0 0 0 0
Amortisation at January 1, 2024 32.860 31.807 2.073 2.482 0
Amortisation for the year 4.186 2.972 289 410 0
Reversed depreciation on disposal 0 -2.220 -1.371 -1.371 0
Amortisation at December 31, 2024 37.046 32.559 992 1.521 0
65.615 11.405 814 1.388 3.035
Out of which carrying amount on revaluations
13.241
Out of which land not depreciated 4.813
Right-of-use assets by category 214 553 621
Assets provided as security for debt 65.615 11.405 814
Carrying amount at December 31, 2024
Revaluation at December 31, 2024
Annual Report 2025
Revaluation of fair value of property, plant and
equipment
The Group’s land and buildings are revaluated at fair value
as described in note 3. The revaluation process is based on
qualified independent appraisers. The valuation is primarily
based on the income approach. The market approach is
applied on a limited basis, while the cost approach is used
as a supporting reference.
The valuation is sensitive to changes in key unobservable
inputs, primarily the discount rate and operating
performance. The discount rate applied is 10.6%.
A decrease in the discount rate of 1 percentage point
would result in an increase in the fair value of
approximately EUR 7-9 million. Conversely, an increase in
the discount rate of 1 percentage point would result in a
decrease in the fair value of approximately EUR 6-8 million.
Similarly, a change in expected future cash flows,
expressed through EBITDA or operating performance, of +/-
5% would result in change in fair value of approximately
EUR 5-7 million.
The valuation reviews resulted in a total financial
revaluation of EUR 3.3m.
There are no contractual commitments for acquisition of
property, plant and equipment by end of 2025.
27
Notes – Consolidated Financial Statements
Notes to Financial Position
Lease assets
The Group’s lease portfolio comprises leases of buildings
(office premises), production equipment, and logistics
assets, including cars, trucks, trailers, and manure-
handling equipment.
All leases are subject to fixed, non-cancellable lease
payment terms. For the majority of equipment leases, the
Group holds a purchase option that allows acquisition of
the underlying asset for a nominal consideration upon
expiry of the lease term.
Lease expenses relating to short-term leases and leases
of low-value assets are not material to the Group’s
financial statements.
13
Tangible assets continued
EUR '000
Land and
buildings
Plant and
Machinery
Operating
equipment
Right of use
assets
Property, plant
and equipment
in progress
Cost at January 1, 2025 83.900 43.964 1.805 2.909 3.035
Additions for the year 3.890 3.959 5 432 4.184
Disposals for the year -1.079 -1.163 -491 -1.814 -5.672
Cost at December 31, 2025 86.711 46.761 1.320 1.528 1.547
Revaluation at January 1, 2025 18.762 0 0 0 0
Revaluation increases 3.289 0 0 0 0
22.050 0 0 0 0
Amortisation at January 1, 2025 37.046 32.559 992 1.521 0
Amortisation for the year 4.135 2.992 91 373 0
Reversed depreciation on disposal -1.017 -1.163 -183 -1.259 0
Amortisation at December 31, 2025 40.164 34.388 900 636 0
68.597 12.373 420 892 1.547
Out of which carrying amount on revaluations
15.443
Out of which land not depreciated 6.776
Right-of-use assets by category 122 200 569
Assets provided as security for debt 68.597 12.373 420
If Land and buildings were measured using cost model, the carrying amounts would be:
Net carrying amount Land and Buildings without revaluations, 2024 52.375
Net carrying amount Land and Buildings without revaluations, 2025 53.154
Carrying amount at December 31, 2025
Revaluation at December 31, 2025
Annual Report 2025
Notes to Financial Position
Gain on changes in fair value comprises changes as a consequence of
biological growth and price changes. Disposals from sales and transfer
amounts are calculated using the fair value per unit from previous period.
Transfers between groups’ covers pigs transferred to own breeding as young
females.
Reference is made to note 3 for further details of fair value measurement of
biological assets.
All biological assets are measured at fair value. All of these fair values are
placed at level 3 in the fair value hierarchy as significant estimates are applied
– please refer to note 3. The Groups financial department is responsible for
performing the valuation of fair value measurements including level 3 fair
values of biological assets. Valuation model includes market inputs from
official prices and actual own sales prices on local market. The valuation
process and results for measurement are reviewed and approved by Group
Management and the Audit Committee at least once every year.
28
Notes – Consolidated Financial Statements
14
Biological assets
EUR '000
Commercial
herd
Breeding herd Total herd
Commercial and breeding herd
Carrying amount at January 1, 2024
13.338 10.513 23.851
Movements 2024:
Gains/losses fair value changes -3.065 -945 -4.010
Additions from production 66.801 2.252 69.053
Additions from purchases 0 1.175 1.175
Disposals from sales -57.909 -4.351 -62.259
Transfers between groups -916 916 0
Provision for herd culled in 2025
-1.981 -3.916 -5.897
16.268 5.644 21.913
Year-end stock (heads) 165.769 12.202 177.971
Finishers, weaners & sows sold (heads)
326.322 6.266 332.588
Biological assets provided as security
16.268 5.644 21.913
Movements 2025:
Gains/losses fair value changes -2.751 -885 -3.636
Additions from production 50.011 2.508 52.519
Additions from purchases 0 1.530 1.530
Disposals from sales -53.568 -1.423 -54.991
Transfers between groups -711 711 0
9.249 8.085 17.335
Year-end stock (heads) 143.481 20.890 164.371
Finishers, weaners & sows sold (heads)
335.969 4.921 340.890
Biological assets provided as security
9.249 8.085 17.335
Carrying amount December 31, 2024
Carrying amount December 31, 2025
Annual Report 2025
29
Notes – Consolidated Financial Statements
Notes to Financial Position
Note EUR '000
2025 2024
15 Non-current investments
Deposits / other financial assets
66 56
Cost at December 31 66 56
16 Deferred tax asset
764 -372
137 770
Adjustment on equity 671 366
Deferred tax asset December 31 1.571 764
Deferred tax relates to tangible assets.
17
Inventories
Rawmaterials for feed 2.909 6.304
Other Consumables 2.482 2.062
Finished goods (feed a.o.) 500 850
Total inventories 5.891 9.216
Cost of sales recognized in profit or loss (feed) 26.494 31.763
Inventories provided as security 5.891 9.216
No write-down has been made on inventories.
18 Receiveables
Trade receiveables 4.169 7.140
Bad debt provision -508 -528
Trade receiveables, net 3.660 6.612
Adjustment for the year
recognized in profit or loss
Provision at begining of year
Note EUR '000
2025 2024
18 Receiveables continued
Receiveable from public grants
4.312 4.960
Receiveable compensation culled herd 11.262 7.520
Other receiveables 3.082 3.539
Bad debt provision -6 -4
Other receiveables, net 18.650 16.014
Write down, beginning of year 532 638
Exchange adjustments -13 0
Additions for the year 5 211
Disposals for the year -10 -317
Write-down at December 31 515 532
19 Assets held for sale
Land and buildings 288 294
Cost at December 31 288 294
20 Share Capital
The share capital comprises the following share classes:
A-shares:
Number beginning 710.000 710.000
Number at December 31 710.000 710.000
Each share has a value of EUR 1. No shares carry any special rights.
Assets held for sale is related to a agricultural land development project spread out over
Galati County in Romania. The land has never been part of the Group's operation and a
sale will not impact future earnings neither the future development of the Group.
Uncertainty of receveable compensation culled herd is decroibed in note 2.
Annual Report 2025
30
Notes – Consolidated Financial Statements
Notes to Financial Position
21 Interest bearing debt
Cash flow from financing activities:
EUR '000
Payable after
5 years
Payable
between 2
and 5 years
Payable within
1 year
Total 1/1 2024 Cash flows
Foreign
exchange
movement
Fair value
changes
31/12 2024
Debt at December 31, 2024
Credit institutions, non-current:
0 9.330 5.563 14.893
Credit institutions, non-current:
20.309 -5.412 -4 0 14.893
Leasing debt: 0 762 427 1.189 Leasing debt: 1.105 84 0 0 1.189
Other non-current debt: 0 1.830 673 2.503 Other non-current debt: 2.576 -56 -6 0 2.515
Credit institutions, current: 0 0 22.172 22.172 Credit institutions, current: 16.131 6.041 -1 0 22.172
0 11.921 28.835 40.756 40.122 658 -11 0 40.768
Debt at December 31, 2025
1/1 2025 Cash flows
Foreign
exchange
movement
Fair value
changes
31/12 2025
Credit institutions, non-current:
0 4.665 4.665 9.330
Credit institutions, non-current:
14.893 -5.212 -351 0 9.330
Leasing debt: 0 755 406 1.161 Leasing debt: 1.189 -28 0 0 1.161
Other non-current debt: 0 1.828 602 2.430 Other non-current debt: 2.503 -2 -70 0 2.430
Credit institutions, current: 0 0 27.905 27.905 Credit institutions, current: 22.172 5.887 -154 0 27.905
0 7.248 33.578 40.826
40.756 644 -575 0 40.826
Non-cash changes
Future finance charges on lease liabilities
Lease liabilities are measured at the present value of future lease payments. Accordingly, amounts disclosed
exclude future finance charges, which will be recognized in profit or loss as interest expense over the lease term.
Future interest on leasing debt totals YE 2025 EUR 118 thousand out of which EUR 57 thousand is payable within
1 year. (2024: Respectively EUR 134 thousand and EUR 77 thousand).
Covenants
The secured bank loans are subject to a financial covenant that is tested on a semi-annual basis as at 30 June
and 31 December.
Compliance with the covenant is monitored by management on an ongoing basis. The Group was in compliance
with the covenant at all testing dates during the financial years ended 31 December 2025 and 31 December 2024.
Accordingly, no event of default or breach of covenant occurred during these periods.
Loans with fixed interest
Loans with variable
interest
Annual Report 2025
31
Notes – Consolidated Financial Statements
Notes to Consolidated Financial Statements
Note 24: Financial risks
Market risk
The Group's credit facilities are floating-rate credits, which exposes the Group to interest
rate fluctuations. According to Group policy, all financing of working capital and
investments in fixed assets are made on floating-rate terms. An old interest hedging of the
debt concluded via the same banks providing the underlying long-term facility expired
during 2024 and is no longer in place. 8 % of the Group’s debt is with fixed interest rate.
Activities abroad, earnings, cash flows and equity are not materially affected by currency
risks, as the foreign activities are predominantly transacting in their functional currency
(RON). Similarly, the external financing is denominated in EUR, which is the functional
currency of the parent entity and the presentation currency for the Group, except for
financing locally, which is in the functional currency of the subsidiary. Hence, there is no
currency risks related to external financing either. Consequently, material currency risks for
the Group are limited to translation risks related to foreign subsidiaries.
The Group does not engage in speculative currency positions. Introduction of the EUR as
functional currency of the consolidated financial statements has contributed to reducing
the overall impact of exchange rates.
Exchange rate adjustments of investments in foreign subsidiaries being independent
entities are recognized in other comprehensive income. Exchange rate risks related to
investments are normally not hedged, as the company’s management is of the opinion that
a current foreign currency hedging would not be the optimal solution with a view to the
overall risk and costs.
The Group is exposed to interest rate risks, as loans are primarily with variable interests
except for the smaller part with fixed interests described above. A reasonable possible
change in interest rates at 31.12.2025 would not have any material effect. An increase of
1% of the interest will, on an isolated basis, affect profit for the year before tax by
approximately EUR 0.4 million (2024: approx. EUR 0.4 million).
Currency risks
The consolidated financial statements are influenced by changes in exchange rates, as the
result and equity of the subsidiaries are converted into EUR at year-end based on average
and year-end rates. Transactions are mainly in RON and EURO. It’s not the company policy
to hedge against currency risks.
Based on currency positions as of December 31, these currencies are primarily the ones the
group is exposed to: RON and EURO. A 10% increase will not have a significant impact on
the financial statements. The currency risk of the Group is mainly managed through
matching incoming and outgoing payment currencies, whereas active hedging using e.g.,
instruments is only used to a limited extent in line with the established policy.
Split of total outstanding interest bearing debt
EUR '000 2024
2025
Interest binding
period in
months
Avg. effective
interst
Loans with fixed interest
EUR
3.309 3.409 12-36 6%
RON
3 0 up to 24 0%
3.312
3.409
Loans with variable interest
EUR
34.380 31.875 1-6 4-5%
RON
3.870 6.518 1-6 6-7%
DKK
4 3 1 5%
38.254
38.396
Note EUR '000
2025 2024
22 Deferred Income
Investments subsidies beginning 1.553 1.660
0 147
Amortization of investments subsidies -225 -255
1.328
1.553
23 Other liabilities
Employee related payables 341 412
Other payables 1.450 4.747
1.790
5.159
Deferred income primarily relates to grants for the construction of feedmills and
biosecurity barriers on farms in Romania. Grants are recognised as income
concurrently with the underlying fixed assets being depreciated.
Correction investment subsidies received
prior years
Annual Report 2025
Other Financial Risks
Note 24: Financial risks - Continued
Market Risk continued – Currency risk
In connection with considerations about the future financing structure of the Group,
Management has examined various possibilities of covering the risks connected with loan
financing, cash flow in foreign currency and the related interest costs. In 2025, a total net
exchange loss of EUR 777 thousand is realized, against a net loss of EUR 99 thousand in
2024. The exchange loss is mainly driven by loss in RON. The groups operations in Romania
is not affected by the fact that Romania is seen as a country with a high inflation rate, as the
functional and reporting currency is EUR.
Market Risk – Commodity Price Risk
The Group is exposed to significant commodity price risks arising from fluctuations in
global and EU market prices for pork as well as key feed raw materials, including grain and
protein. Changes in the sales price of pig meat and in feed input prices have a material
impact on the Group’s financial performance, with feed costs representing approximately
two-thirds of total production costs.
The Group does not have access to efficient hedging instruments for the sales price of pork,
and therefore no hedging activities are undertaken for this revenue stream. For feed raw
materials, the Group applies limited economic hedging through fixed-price supplier
contracts for future deliveries. These contracts aim to reduce short-term volatility in input
costs but do not qualify as hedge accounting instruments under IFRS 9.
The Group continuously monitors developments in commodity markets, including price
trends, supply-demand dynamics, and regulatory factors, to assess potential impacts on
cash flows and earnings. Sensitivity analyses related to commodity price changes are
provided in the notes in accordance with IFRS 7.
A change of the pig meat price of 10% will, on an isolated basis, affect profit for the year
before tax by approximately EUR 4.9 million (2024: approx. EUR 5.7 million). A 10% change
in the feed price will, on an isolated basis, affect profit for the year before tax by
approximately EUR 3.2 million (2024: approx. EUR 3.2 million).
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial obligations as they
fall due. Ultimate responsibility for the oversight of liquidity risk rests with the Board of
Directors. The Board has established a liquidity risk management framework that sets out
principles for managing the Group’s short-, medium-, and long-term funding needs and
ensuring sufficient liquidity at all times. The Group manages liquidity risk by:
• Maintaining adequate cash reserves and access to committed and uncommitted credit
facilities;
• Continuously monitoring forecast and actual cash flows;
• Assessing liquidity headroom under multiple stress scenarios; and
• Managing the maturity profiles of financial assets and financial liabilities to avoid
significant refinancing concentrations.
To ensure access to sufficient liquidity, the Group has entered into framework agreements
relating to overdraft and working-capital facilities. Existing agreements with contractual
maturities are irrevocable on the part of the lending banks prior to maturity, unless the
Group breaches the loan covenants under the applicable agreements.
The Group’s undrawn facilities enables the Group to further mitigate liquidity-risk exposure.
A detailed maturity analysis of the Group’s financial liabilities, presented by category and
class and grouped by relevant maturity intervals, is provided in Note 21. This disclosure
includes contractual, undiscounted cash flows as required by IFRS 7.
Capital management
The objective of the Group's capital management is to ensure the Group's ability to continue
as a going concern while providing a return on the shareholders' investments. This is done
through optimization of the debt and equity balance for the purpose of reducing the costs of
borrowed capital and maintain a basis for continued growth in the Group. The group’s
overall strategy remains unchanged from 2024.
The Group's capital management is moreover partly controlled by loan agreements which
include specific requirements to the financial performance of the Group.
Total capital comprises equity and subordinate loan capital from the Parent company; as
shown in the consolidated balance sheet. The groups’ management reviews the capital
structure on annual bases. As part of this review, the management considers the cost of
capital and the risks associated with each class of capital.
Credit risk
The Group is exposed to credit risks on receivables. The Group positively wants to minimize
its credit risks, which mainly relates to sales transactions. Credit insurance is taken out in
advance on more than 95% of the normal sales of slaughter pigs but a few special cases
and weaner sales reduces the total coverage. Credit insurance covers approx. 72% of the
total receivable end of 2025 (2024: 87%). The reduction is linked to the changed sales mix
with bigger focus on weaner sales. Outstanding receivables are followed-up upon on a
current basis in accordance with Group procedures.
32
Notes – Consolidated Financial Statements
Annual Report 2025
33
Notes – Consolidated Financial Statements
Note 24: Financial risks - Continued
Market Risk continued – Credit Risk continued
The expected credit losses on trade receivables are estimated by reference to past
default experience of the debtor and an analysis of the debtor’s current financial
position, adjusted for factors that are specific to the debtors and an assessment of
both the current as well as the forecast direction of conditions at the reporting date.
The Group writes off a trade receivable when there is information indicating that the
debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g.
when the debtor has been placed under liquidation or has entered into bankruptcy
proceedings, or when the trade receivables are over two years past due, whichever
occurs earlier.
There has been no change in the estimation techniques or significant assumptions
made during the current reporting period.
Note 25: Contingent Liabilities
Relocation of Negreni farm (Negreni neighbor cases):
Five citizens from Negreni village filed, in November 2016, a claim against Premium
Porc Negreni SRL with the objective of relocating the Negreni-farm as well as receiving
compensation for moral damages. Their claim is based on Government Order no.
119/2014 stipulating that distances from farm operations to the neighboring houses
should be minimum 1,500m. The Negreni farm, build in 1981, is currently located at
few hundred meters from the nearest houses, all of them being built after the farm.
In first court, in March 2018, the judge ruled that the farm should be relocated in order
to respect the mandatory distance provided by Order 119 and denied the claimants
compensation for moral damages. Premium Porc Negreni SRL appealed the ruling in
June 2018. In second court, in December 2018, the Mehedinti Tribunal rejected our
appeal and upheld the decision from the first court.
The Government’s objective, in 2014 when Order 119 was issued, was to prevent
construction of new farms within less than 1,500 m from private houses for the future.
And vice versa. This understanding of the Government’s Order also is confirmed by all
authorities and is reflected in the fact that all production and functioning permits
are regularly renewed despite the distance being less than 1,500 m. We’ve in 2020
received a response from the Ministry of Health confirming that our understanding is
correct. The Order was furthermore changed in 2023 and the request of 1,500 m
distance from nearest houses was removed.
Fighting enforcement procedures is ongoing and court hearings continued in 2025.
As per penalties, several claims against enforcement procedures have been upheld by
the Court and initial penalties annulled. We are also fighting the enforcement
procedures based on the changing in legislation that was the main argument for the
initial decision. Subsequently, we are investigating other options to close the case.
We have since September 2019 up to now received, eighteen new similar claims from
one of the original claimants and other citizens with connections to him. All the new
cases have been trialed and dismissed making our wins definitive. The risk of
receiving new claims copying the original claim, no longer exist considering the
changes to the Government Order eliminating the minimum distances.
The current ruling for relocation doesn’t cancel the production permits. According to
our legal advisors, since the ruling is to “move” the farm and not to close it, it will be
difficult or impossible for the claimants to stop our production in the farm. Relocation
of the farm is impossible to carry out in practice and calculation of the potential worst-
case loss is impossible to assess with a reasonable certainty. The potential worst-
case loss caused by the unlikely outcome that the farm will have to be closed and
removed is substantial.
Based on the management and the company’s legal advisor’s opinion that the
relocation ruling never will be carried out, no provisions for relocation of the farm nor
other provisions are stated in the financial statements.
Notes to Consolidated Financial Statements
EUR '000
Due above
5 years
Due Between
2 and 5 years
Due within
1 year
Total Carrying
amount
Receivables at December 31, 2024
Trade receivables 0 0 6.612 6.612
Other receivables 0 148 15.867 16.014
Prepayments 0 278 308 586
0 425 22.788
23.213
Receivables at December 31, 2025
Trade receivables 0 94 3.566 3.660
Other receivables 0 0 18.650 18.650
Prepayments 0 28 413 442
0 122 22.630
22.752
Annual Report 2025
Notes to Consolidated Financial Statements
34
Notes – Consolidated Financial Statements
Note 26: Incentive program for group management
The entity’s parent DCH International A/S has granted warrants to members of the
entity’s management, that will allow them to purchase a number of shares in DCH
International A/S at a price agreed in advance.
A total of 2,904,000 warrants have been granted, of which 2,149,833 warrants are
allotted on December 31, 2025. All of the remaining 754,167 warrants is cancelled
due to the participants termination of employment.
The participants may exercise their warrants by purchasing shares during a four-
week period following the approval of the parent entity’s annual report in the years
2023 to 2027, after which the warrants will lapse without any further notice. The
agreed exercise price increases from 4.20 DKK per share in 2025 to 4.63 per share
in 2027.
The fair value of each option is calculated using an option pricing model taking into
account the exercise price of the option, an estimate of the current price of the
underlying shares, the life of the option and the risk-free interest rate for the life of
the option. As the Group is unlisted, and no market information for comparable
listed entities are currently available, the current price of the underlying shares is
determined based on the equity per share according to the annual report for 2019.
Management believe that this is a reasonable approximation of the current market
price for the Group’s shares for the purpose of the measurement of the warrants,
due to the current market situation and the outbreak of ASF in Romania, and the fact
that all tangible assets and biological assets of the group are measured at fair value.
In determining the life of the option for the purpose of the measurement, it is
assumed that the employees will exercise the option as soon as possible.
The fair value of the warrants granted has been determined to be 0.47 DKK (0.06
EUR) per warrant. The most significant inputs used in the measurement model are
the following:
27 Related parties and ownership
Other related parties
Lars V. Drescher CEO
Morten Beider CFO
Torben Svejgaard Chairman of the Board of Directors
Carsten Lind Pedersen Member of the Board of Directors
Ole Sloth Nielsen Member of the Board of Directors
Jytte Rosenmaj Member of the Board of Directors
Bo Holse Member of the Board of Directors
Transactions
28
Fees paid to auditors appointed by the General Assembly
Fees for statutory audits 96 86
Tax assistance 0 0
Other Services 23 22
119
108
Audit fee are recognized as Other external expenses.
29
Post balance sheet events
There have been no significant post balance sheet events.
No such transactions have been conducted in the financial year.
Only related party transactions not conducted on an arm's lenght basis are disclosed
in the annual report.
DCH International A/S's shareholders are legal and natural persons, and no individual
shareholder exercises control of the Group's activities.
Volatility 25%
Risk free interest rate (pro anno)
0,0%
Exercise price (in the parent)
4.63 DKK Life of the warrants 84 months
Annual Report 2025
Note 30: Accounting Policies
Classification
The consolidated and parent financial statements have been
prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and
additional Danish disclosure requirements for annual reports
for reporting class C (large).
Recognition and measurement
Assets are recognized in the balance sheet when it is
probable as a result of a prior event that future economic
benefits will flow to the Group, and the value of the assets
can be measured reliably.
Liabilities are recognized in the balance sheet when the
Group has a legal or constructive obligation as a result of a
prior event, and it is probable that future economic benefits
will flow out of the Group, and the value of the liabilities can
be measured reliably.
On initial recognition, assets and liabilities are measured at
cost. Measurement subsequent to initial recognition is
affected as described below for each financial statement
item.
Anticipated risks and losses that arise before the time of
presentation of the annual report and that confirm or
invalidate affairs and conditions existing at the balance
sheet date are considered at recognition and measurement.
Income is recognized in the income statement when earned,
whereas costs are recognized by the amounts attributable to
this financial year.
Consolidated financial statement
The annual report include PPI International A/S (Parent) and
the enterprises (group enterprises) that are controlled by the
Parent, see group chart in note 37. Control is achieved by the
Parent, either directly or indirectly, holding more than 50% of
the voting rights or in any other way possibly or actually
exercising controlling influence.
Basis of consolidation
The annual report is prepared on the basis of the financial
statements of Premium Pork International A/S and its
subsidiaries. The annual report is prepared by combining
uniform items. On consolidation, intra-group income and
expenses, intra-group accounts and dividends as well as
profits and losses on transactions between the consolidated
enterprises are eliminated. The financial statements used for
consolidation have been prepared applying the Group’s
accounting policies.
Subsidiaries’ financial statement items are recognized in full
in the annual report.
Investments in subsidiaries are offset at the pro rata share of
such subsidiaries’ net assets at the takeover date, with net
assets having been calculated at fair value.
Foreign currency translation
The items recognized in the financial statements of each of
the group enterprises are measured at the functional
currency used in the primary economic environment in which
the individual enterprise operates. The functional currencies
of the group enterprises are the following: Romanian Lei
(RON) for the Romanian subsidiary and EUR for the parent
company in Denmark.
The consolidated financial statements are presented in EUR,
which are the functional currency of the parent company and
the presentation currency of the Group. On initial recognition,
transactions in foreign currencies are translated at the
exchange rates at the date of transaction. Exchange
differences arising between the transaction date rates and
the rates at the date of payment are recognized in the
income statement as financial income and expenses.
Receivables, payables and other monetary items
denominated in foreign currencies are translated at the
exchange rates at the balance sheet date. Any differences
between the exchange rates at the balance sheet date and
the exchange rates at the date at which the receivable or the
payable arose or was recognized in the most recent financial
statements are recognized in the income statement as
financial income and expenses.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities and of
borrowings and other financial instruments designated as
hedges of such investments are recognized in other
comprehensive income. When a foreign operation is sold or
any borrowings forming part of the net investment are
repaid, the associated exchange differences are reclassified
to profit or loss as part of the gain or loss on sale.
Balance sheet items including goodwill relating to
consolidated enterprises that do not have EURO as their
functional currency are translated into EUR based on the
exchange rates at the balance sheet date, whereas the
income statements of these enterprises are translated at
average rates of exchange. Exchange adjustments arising on
the translation of the opening equity at the exchange rates at
the balance sheet date and net profit/loss for the year at the
exchange rates at the balance sheet are recognized in other
comprehensive income over equity under a separate reserve
for exchange adjustments.
The Group used the following exchange rates for the
translation into EUR on 31 December 2025:
RON: Income statement 2025: 1 EUR = 5,0968 RON
(2024: 1 EUR = 4.9576 RON)
DKK: Income statement 2025: 1 EUR = 7.4689 DKK
(2024: 1 EUR = 7.45600 DKK)
Income statement
Revenue
Revenue from sale of products is recognized when the Group
has transferred control of products sold to the buyer and it is
probable that the Group will collect the consideration to
which it is entitled for transferring the products. Control of
the products is transferred at a point in time, typically on
delivery. Revenue is recognized net of VAT, duties and sales
discounts and is measured at fair value of the determined
consideration.
Government grants
Investment grants are taken to income as actual payment is
made when the conditions of payment of grants have been
approved by the authorities.
Accounting Policies
35
Notes – Consolidated Financial Statements
Annual Report 2025
Accounting Policies
36
Notes – Consolidated Financial Statements
Note 30: Accounting Policies - continued
Income statement
Fair value adjustment biological assets
Fair value adjustments of biological assets include the
adjustments of the company’s biological assets for the
financial year measured at fair value.
Costs of sales
Costs of sales include the consumption of raw materials
and consumables used to achieve net revenue.
Other external expenses
Other external expenses comprise expenses for distribution,
sale, administration, premises, bad debts, etc.
Staff costs
Staff costs comprise salaries and wages, social security
costs, pension contributions, etc. for the Company’s staff.
Amortization, depreciation and impairment losses
Amortization, depreciation and impairment losses relating
to intangible and tangible assets comprise amortization,
depreciation and impairment losses for the financial year,
calculated on the basis of the residual values and useful
lives of the individual assets and impairment testing as well
as gains and losses from the sale of intangible assets as
well as property, plant and equipment.
Financial income and expenses
These items comprise interest income and interest
expenses, the interest portion of finance lease payments,
payables and transactions in foreign currencies, mortgage
amortization premium/allowance on mortgage debt, etc. as
well as tax surcharge and repayment under the Danish Tax
Prepayment Scheme.
Tax
Tax for the year, which consists of current tax for the year
and changes in deferred tax, is recognized in the income
statement by the portion attributable to the profit/loss for
the year and recognized directly in equity by the portion
attributable to entries directly in equity. Current Danish
income tax is allocated among the jointly taxed entities
proportionally to their taxable income (full allocation with a
refund concerning tax losses).
Balance Sheet
Intangible assets
Acquired intellectual property is amortized over the term of
the agreement, but over no more than 5 years. Intellectual
property rights etc. are written down to the lower of
recoverable amount and carrying amount.
Property, plant and equipment
Other fixtures and fittings, tools and equipment and
property plant and equipment in progress are measured at
cost less accumulated depreciation. Cost comprises the
cost of acquisition and expenses directly related to the
acquisition and costs for set-up. In case of assets of own
construction, cost comprises directly attributable costs of
labor, materials, components and sub-suppliers.
The categories land and buildings are measured at fair
value less accumulated depreciation on buildings and
impairment losses recognized at the date of revaluation.
Valuations are performed with sufficient frequency to
ensure that the carrying amount of a revalued asset does
not differ materially from its fair value.
A revaluation surplus is recorded in other comprehensive
income and credited to the asset revaluation surplus in
equity. However, to the extent that it reverses a revaluation
deficit of the same asset previously recognized in profit or
loss, the increase is recognized in profit and loss. A
revaluation deficit is recognized in the income statement,
except to the extent that it offsets an existing surplus on the
same asset recognized in the asset revaluation reserve.
An annual transfer from the asset revaluation reserve to
retained earnings is made for the difference between
depreciation based on the revalued carrying amount of the
asset and depreciation based on the asset's original cost.
Upon disposal, any revaluation reserve relating to the
particular asset being sold is recognized in retained
earnings without passing the income statement. Financial
expenses directly attributable to purchases, construction or
production of a qualifying asset are included as part of the
cost of the asset. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready
for its intended use or sale. The Group uses the local,
effective rate of interest on credit for construction and
overdraft facilities for the calculation of expenses for
capitalization.
Depreciation of a non-current asset is commenced when it
is put into use. Depreciation based on cost reduced by any
residual value is calculated on a straight-line basis over the
expected useful lives of the assets, which are:
Production buildings 25-40 years
Production plant and machinery 7-15 years
Operating fixtures, tools and vehicles 3-7 years
Land is not depreciated
The carrying amount of property, plant and equipment is
reviewed on an annual basis to determine whether there is
any indication of impairment other than that expressed by
fair-value or depreciation. If so, an impairment test is carried
out to determine whether the recoverable amount is lower
than the carrying amount and the asset is written down to
its lower recoverable amount.
Biological assets
Agricultural activity is defined as an activity in which
biological transformation of biological assets for sale into
agricultural produce or another biological asset takes place.
Agricultural produce is defined as a harvested product of
the Group’s biological assets, and a biological asset is
defined as living animals or crops.
The Group has assessed that its biological assets consists
of breeding herds of gilts, sows and boars, commercial
heard of slaughter pigs and unharvested crops.
On initial recognition and at subsequent reporting dates,
biological assets are measured at fair value less estimated
costs to sell unless fair value cannot be reliably measured
on initial recognition.
Gains or losses on initial recognition of a biological asset
measured at fair value less estimated costs to sell, and
subsequent changes in the fair value less estimated costs
to sell relating to the biological asset, are recognized in the
income statement in the item “Gains/losses on changes in
the fair value of biological assets” in the period in which the
gain or loss arises.
Annual Report 2025
Accounting Policies
37
Notes – Consolidated Financial Statements
Note 30: Accounting Policies - continued
Biological assets - continued
Biological assets are recognized as current or non-current
biological assets depending on the production cycle of the
biological asset concerned. Generally, biological assets
relating to slaughter pigs and cropping are recognized as
current assets. Breeding herds of gilts, sows and boars are
recognized as non-current assets.
Investments in subsidiaries
Investments in subsidiaries are recognized and measured
under the equity method. This means that investments are
measured at the pro rata share of the enterprises’ equity
value plus or less unamortized positive, or negative
goodwill and plus or minus unrealized intra-group profits
and losses.
The Parent’s share of the enterprises' profits or losses after
elimination of unrealized intra-group profits and losses and
minus or plus amortization of positive or negative goodwill
is recognized in the income statement and the net
revaluation reserve under the equity.
Upon distribution of profit or loss, net revaluation of
subsidiaries is transferred from the reserve for net
revaluation to retained earnings under the equity method.
The purchase method is applied in the acquisition of
investments in subsidiaries; see above description under
annual report.
Inventories
Inventories are measured at the lower of cost under the
FIFO method and net realizable value. The net realizable
value of inventories is calculated at the amount expected to
be generated by sale in the process of normal operation
with deduction of costs to sell and costs of completion.
The net realizable value is determined allowing for
marketability, obsolescence and development in expected
sales sum.
The cost of goods for resale, raw materials and
consumables equals landed cost.
The cost of finished goods and work in progress comprises
the cost of raw materials, consumables and direct labor as
well as directly attributable labor and production costs.
These costs also comprise maintenance and depreciation
of machinery, factory buildings and equipment used in the
manufacturing process as well as costs of production
management.
Agricultural produce is initially recognized at fair value at
the point of harvest less estimated costs to sell, and
subsequently in inventories up until the point when it is sold
to a third party or is used internally as feed. The fair value of
agricultural produce at the point of harvest is measured on
the basis of the market prices on the markets on which the
agricultural produce is expected to be sold or used as feed.
Receivables
Receivables are measured at amortized cost, usually
equaling nominal value less write-downs for bad debts.
Prepayments
Prepayments comprise incurred costs relating to
subsequent financial years. Prepayments are measured at
cost.
Lease commitments
Lease payments, not recognized under IFRS 16, are
recognized on a straight-line basis in the profit and loss
account over the term of the lease.
Other financial liabilities
Other financial liabilities are measured at amortized cost,
which usually corresponds to nominal value.
Deferred income
Deferred income comprises income received for
recognition in subsequent financial years. Deferred income
is measured at cost.
Cash
Cash comprises bank deposits.
Deferred tax
Deferred tax is recognized on all temporary differences
between the carrying amount and tax-based value of assets
and liabilities, for which the tax-based value of assets is
calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss
carryforwards, are recognized in the balance sheet at their
estimated realizable value, either as a set-off against
deferred tax liabilities or as net tax assets.
Income tax receivable or payable
Current tax payable or receivable is recognized in the
balance sheet, stated as tax calculated on this year's
taxable income, adjusted for prepaid tax.
Cash flow statement
The consolidated cash flow statement and the parent cash
flow statement are presented using the indirect method and
shows cash flows from operating, investing and financing
activities as well as the cash and cash equivalents at the
beginning and end of the financial year.
Cash flows from the acquisition and divestment of
enterprises are shown separately under cash flows from
investing activities.
Cash flows from operating activities are calculated as
operating profit/loss adjusted for non-cash operating items,
working capital changes, financial income and expenses
and income taxes paid.
Cash flows from investing activities comprise payments
made in connection with the acquisition and divestment of
enterprises, activities and fixed asset investments as well
as acquisition, development, improvement and sale, etc. of
intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in
the size or composition of the Parent’s share capital and
related costs as well as the raising of loans, inception of
finance leases, instalments on interest-bearing debt,
purchase of treasury shares, and payment of dividend.
Cash and cash equivalents comprise cash.
Annual Report 2025
38
Parent Income Statement Parent Statement of Comprehensive Income
Parent Financial Statements
EUR '000
2025 2024
Note
Net profit for the year -5.555 2.364
Exchange adjustments of foreign enterprises -258 -316
Hedge accounting 0 -121
Value adjustments in subsidiaries
2.733 727
Total comprehensive income -3.080 2.654
Items that may be reclassified subsequently to
profit or loss
Items that may not be reclassified
subsequently to profit or loss
2025 2024
Note
Revenue
31
1.675 1.696
Other external costs -694 -797
Gross profit
982 899
Staff Expenses
33
-996 -1.102
Operating profit (EBIT)
-15 -203
34
-5.566 2.410
Financial income
35
245 342
Financial expenses
36
-216 -198
Profit before tax
-5.552 2.351
Tax on profit for the year
37
-3 13
Net profit for the year
-5.555 2.364
Distribution of profit for the year:
Group Shareholders
-5.555 2.364
Distributed -5.555 2.364
EUR '000
Income from investments in
subsidiaries
Annual Report 2025
39
Parent Statement of Financial Position
Parent Financial Statements
EUR '000
31/12 2025 31/12 2024
Assets Note
Investments in subsidiaries
38
86.232 89.324
Loan to subsidiaries
39
2.100 2.100
Other non-current investments
4 4
Fixed asset investments
88.337 91.428
Non-current assets
88.337 91.428
Receiveables group companies
39
1.212 575
Other receiveables
89 106
Deferred tax assets
72 76
Receiveables
1.374 757
Cash and cash equivalents
161 162
Current assets
1.534 918
Total Assets 89.871 92.346
EUR '000
31/12 2025 31/12 2024
Equity and liabilities
Note
Share capital
20
710 710
38.314 41.405
Retained earnings 46.697
46.685
Equity
85.721 88.801
Subordinate loan capital
40
1.700 1.700
Credit institutions
40
305 0
Long-term liabilities
2.005 1.700
40
123 4
Trade payables
89 73
Interest bearing payables to group companies
40
1.708 1.609
Other payables
41
224 159
Short-term liabilities
2.144 1.845
Total liabilities
4.150 3.545
Total Equity and Liabilities 89.871 92.346
Reserve for net revaluation
according to the equity method
Short term portion, credit institutions
Annual Report 2025
Parent Statement of Changes in Equity Parent Cash Flow Statement
40
Parent Financial Statements
EUR '000
2025 2024
Operating profit/loss (EBIT) -15 -203
Adjustment for non-cash items:
Change in receivables
-620 67
Change in trade and other payables
81 12
Change in interest bearing payables group
99 -39
Cash flow from operations before financial items -455 -164
Financial income received
245 342
Financial expenses paid
-216 -198
Cash flow from operating activities
-426 -20
Issuence of loans to subsidiaries
0 400
Payments deposits/other financial assets
0 3
Cash flow from investing activities
0 403
Proceeds from borrowings 425 0
Repayment of borrowings 0 -399
Cash flow from financing activities
425 -399
Change in cash and cash equivalents
-1 -15
Cash and cash equivalents, start year 162 176
Cash and cash equivalents at December 31 161 162
Un-utilised short term facilities 70 70
Liquidity available at December 31 231 231
EUR '000
Share Capital
Reserve for net
revaluation
according to the
equity method
Retained
earnings
Total Equity
710 38.705 46.732 86.146
0 0 0
0
Net profit/loss for the year
0 2.410 -46
2.364
Other comprehensive income
0 291 0
291
710 41.405 46.685 88.801
0 0 0 0
Net profit/loss for the year 0 -5.566 11 -5.555
Other comprehensive income 0 2.475 0 2.475
710 38.314 46.697 85.721
Equity at January 1, 2024
Equity at December 31, 2024
Equity at December 31, 2025
Share based payments
Share based payments
Annual Report 2025
Notes – Parent
41
Notes to Parent Financial Statements
Note EUR '000
2025 2024
31
Revenue
Management services
933 950
Secondment
416 441
Other
327 305
1.675 1.696
32
Fees paid to auditors appointed by the General Assembly
Fees for statutory audits
59 48
Other Services
0 0
59 48
Audit fee are recognized as Other external costs
33
Staff expenses
Wages and salaries 996 1.102
Share based payments 0 0
996 1.102
Average number of employees
5 6
Reference is made to note 7 for infomation about remuneration to the
Executive Board and Board of Directors and to note 29 for incentive program
for the group management team.
Note EUR '000
2025 2024
34
Income from investments in subsidiaries
Premium Porc SRL -151 -435
Consinterfin SRL, owned partly by Premium Porc Feed SRL
-393 448
Agro Investments Moldova SRL 71 688
Premium Porc Negreni SRL -1.501 81
Premium Porc Feed SRL 803 -85
Degaro SRL, owned partly by Premium Porc Feed SRL -2.131 1.233
Olsuin SRL, owned partly by Premium Porc Feed SRL -261 487
Premium Porc Sibiu SRL, owned partly by PP Feed SRL -2.065 -115
Premium Vet Depot SRL 62 111
Premium Pork Commercial SRL , merged w. PP Feed SRL
0 -2
-5.566 2.410
35 Financial Income
Interest bank deposits
1
4
Interest on loans to subsidiaries 244 338
245 342
36 Financial Expenses
Interest bank debt 21 0
Interest on loans from shareholders 187 190
Exchange rate adjustment 8 7
216 198
37 Income Taxes
Adjustment of deferred tax 3
-13
3 -13
Annual Report 2025
42
Notes – Parent
Notes to Parent Financial Statements
Corporate Structure
(As is from December 31
st
, 2025)
Note: All subsidiaries are 100% controlled and are all 100% owned directly or indirectly by Premium Pork International A/S.
Note EUR '000
2025 2024
38 Investment in subsidiaries
Cost beginning of year
47.918 47.918
Additions for the year 5.547 0
Disposals for the year -5.547 0
Cost end of period 47.918 47.918
Apraisal increases at beginning
41.405 38.705
Result for the period in subsidiaries
-5.567 2.410
Exchange adjustments in subsidiaries
-258 -316
Appraisal of subsidiaries
2.733 727
Hedging in subsidiaries
0 -121
Appraisal increases at end of period
38.313
41.405
Carrying amount at end of period
86.231 89.324
Ownership
interest in %
Premium Porc SRL 100
Consinterfin SRL 100
Agro Investments Moldova SRL 100
Premium Porc Negreni SRL 100
Premium Porc Feed SRL 100
Degaro SRL 100
Olsuin SRL 100
Premium Porc Sibiu SRL 100
Premium Vet Depot SRL 100
All subsidiaries are registered in Romania.
List of subsidiaries in the Group:
Annual Report 2025
43
Notes – Parent
Notes to Parent Financial Statements
Note 43: Assets charged and securities
Letter of subordination has been issued to banks in respect of loans granted to subsidiaries of
EUR 2,100k.
Note 44: Guarantees and other contingent liabilities
The parent has made a corporate guarantee for subsidiaries debt to credit institutions. The
guarantee is limited to EUR 32.0m. The actual debt was EUR 31.6m end of year.
The Entity guarantee for the Parent Company’s debt to Nordea Denmark if any. The actual debt
was EUR 0 end of year.
The Entity participates in a Danish joint taxation arrangement in which DCH International A/S
serves as the administration company. According to the joint taxation provisions of the Danish
Corporation Tax Act, the Entity is therefore liable from the financial year 2016 for income taxes
etc. for the jointly taxed entities and for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly taxed entities. The total known net liability of the
jointly taxed entities under the joint taxation arrangement is evident from the administration
company’s financial statements.
Note 42: Financial risks
Reference is made to the description of financial risks for the Group in the Notes to the
Consolidated Financial Statements. The Parent Company is not considered to be subject to
any special financial risks other than those disclosed in the Notes to the Consolidated
Financial Statements.
Note EUR '000
2025 2024
39 Loans and receiveables, subsidiaries
Subordinated loan to Premium Porc Feed SRL 2.100 2.100
Total loan to subsidiaries subordinated
2.100 2.100
Total receivables from subsidiaries
1.212 575
Total loans and receiveables, subsidiaries
3.312 2.675
40 Interest bearing debt
EUR '000
Payable after
5 years
Payable
between 2
and 5 years
Payable within
1 year
Total
Debt at December 31, 2024
Subordinated loan to shareholder:
100 1.600 400 2.100
Other payables to shareholder: 0 0 1.209 1.209
Credit institutions, current: 0 0 4 4
100 1.600 1.613 3.313
Debt at December 31, 2025
Credit institutions, non-current: 0 305 120 425
Subordinated loan to shareholder:
100 1.600 400 2.100
Other payables to shareholder: 0 0 1.308 1.308
Credit institutions, current: 0 0 3 3
100 1.905 1.831 3.837
The subordinated loan carries an interest on approx. 6% p.a.
41 Other payables
Employee related payables
90 133
Other payables
134 26
224 159
45 Related parties and ownership
EUR '000
2025 2024
2.100 2.100
126 126
1.212 575
118 212
1.349 1.391
327 305
Reference is made to note 27 (Note to the Consolidated Financial Statements) for details of the Groups
transactions with the Parent Company.
O. services or reinvoiced costs from the Company to subsidiaries:
Management and secondment services amounts to:
Outstanding amount at Year-end:
Financial expenses for the year amounts to:
The subsidiaries have obtained subordinate loans from the
Company:
Other interest bearing debt and intercompany amounts from
the Company:
The subsidiaries have received management and secondment
services as long as other services from the Company:
Transactions between the
company and the subsidiaries:
Outstanding amount at Year-end:
Interest for the year amounts to:
Annual Report 2025
Annual Report 2025
Proudly developing Premium People to grow Premium Pork for Romania
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