at the Annual General Meeting
Date: 23 / 4 - 2026
_______________________________
(Chairman of the meeting)
Aalborg Portland Holding A/S
P.O. Box 165, Rørdalsvej 44, 9220 Aalborg Øst
CVR No 14 24 44 41
Annual Report 2025
The present Annual Report is presented and approved
1 January 2025 - 31 December 2025
Contents
Management’s review
Profile ................................................................... 2
Financial highlights .............................................. 4
Management’s review .......................................... 5
Financial review ................................................... 12
Risks and uncertainties ......................................... 14
Financial statements (Group)
Income statement ................................................ 21
Statement of comprehensive income ................... 22
Cash flow statement ............................................ 23
Balance sheet ...................................................... 24
Statement of shareholders’ equity ........................ 26
Notes ................................................................... 27
Financial statements (Parent company)
Income statement ................................................ 62
Statement of comprehensive income ................... 62
Cash flow statement ............................................ 63
Balance sheet ...................................................... 64
Statement of shareholders’ equity ........................ 66
Notes ................................................................... 67
Signatures
Statement by the Board of Directors
and the Executive Board ...................................... 77
Independent auditor’s report ................................ 78
The Group
Management ........................................................ 80
Companies in the Group ....................................... 81
Addresses ............................................................. 82
1
Profile
Aalborg Portland Holding Group
Aalb
org Portland Holding A/S has its head office in Aalborg, Denmark and is the parent company of the Aalborg Portland
Holding Group, which is part of the Cementir Group.
Aalborg Portland Holding A/S and the Aalborg Portland Holding Group are consolidated in the group financial statements
of Cementir Holding N.V., the Netherlands, and Caltagirone S.p.A., Italy (the ultimate parent company).
Cementir Holding N.V. has its registered head office in Amsterdam and a secondary office in Rome. It is listed on the Ital-
ian Stock Exchange in Milan (code CEM) and is part of the listed Caltagirone Group.
www.cementirholding.com
Products
Nordic & Baltic
A leading cement producer in the Nordic region
Aalborg Portland produces grey and white cement at its plant in Aalborg. The products are sold in Denmark and neighbour-
ing countries.
1,448,000 487,000
tons of grey cement tons of white cement
Leading supplier of ready-mixed concrete in the Nordic region
Unicon is a market leader within ready-mixed concrete in the Nordic region. Production takes place at 66 plants across Den-
mark, Norway and Sweden. The company also operates eight quarries in Denmark and Sweden, producing and selling
mainly granite and gravel.
1,593,000 2,565,000
m
3
of ready-mixed concrete tons of aggregates
Belgium & France
One of the largest integrated producers of cement, ready-mixed concrete and aggregates in Belgium and northern
France
CCB has become a key player in the construction materials industry in Belgium and France. CCB has one cement plant in
Gaurain, Belgium, eight ready-mixed concrete plants in Belgium and four in France. It also quarries and sells aggregates
(mainly gravel and stone) from three sites in Belgium.
1,619,000 728,000 5,043,000
tons of grey cement m
3
of ready-mixed concrete tons of aggregates
2
Profile
North America
USA
A leading producer of white cement in the USA
Production at two plants in the USA and import of white cement for distribution across North America.
586,000
tons of white cement
Türkiye
Extensive activities in Türkiye
Cimentas is among the largest cement groups in Türkiye, with production at three sites across the country. Cimentas also
operates 23 ready-mixed concrete plants and quarries and sells aggregates from 22 sites. Recydia, part of the Cimentas
Group, processes and recycles waste in Türkiye. As of 1 December 2025, the Kars cement plant was deconsolidated follow-
ing the sale of all shares to a third party.
4,989,000 2,023,000 2,750,000
tons of grey cement m
3
of ready-mixed concrete tons of aggregates
Egypt
A leading producer of white cement in Egypt
Production plant in Egypt and sale of white cement to a number of markets worldwide.
628,000
tons of white cement
Asia Pacific
China and Malaysia
A leading producer of white cement in Asia Pacific
Production at plants in China and Malaysia and sale of white cement to a number of markets worldwide.
1,031,000
tons of white cement
3
Financial hi
ghlights
Financial ratios
EBITDA ratio Earnings before depreciation/amortisation, impairment losses, provisions, interest and tax (EBITDA) / Revenue
EBIT ratio Earnings before interest and tax (EBIT) / Revenue
ROCE NOPAT divided by average capital employed
NOPAT Net Operating Profit After Tax
Earnings before interest and tax (EBIT) x (1 – effective tax rate)
Capital employed Intangible assets + tangible assets + working capital
Equity ratio Shareholders' equity / Total assets
Return on equity Profit for the year / Average shareholders’ equity
Net interest-bearing
debt (NIBD) Current financial assets + cash and cash equivalents – interest-bearing liabilities – interest-bearing assets
Working capital Inventories + trade receivables – trade payables.
4
Managem
ent’s review
T
he Aalborg Portland Holding Group delivered a satisfactory result for 2025, a year marked by consolidation across the
Group. We optimized our industrial footprint and delivered higher profitability and return on capital, despite results being
affected by the strengthening of the Euro against all reference currencies, particularly the Turkish lira. With a strengthened
industrial base and a very solid financial position, we are prepared to face the next three years and approach future chal-
lenges with renewed confidence.
The Group has reaffirmed its commitment to achieving net-zero emissions by 2050 and has updated its 2023 Roadmap,
which outlines sustainability targets aligned with the United Nations Sustainable Development Goals. These targets are
integrated into the management incentive system and cascaded across all production sites. A key element of the decarbon-
isation plan is the implementation of carbon capture and storage (CCS) technology in Aalborg, Denmark, through the AC-
CSION project — the Group’s first CCS initiative and one of the largest onshore carbon capture and storage systems in
Europe — which will become operational in 2030. Once fully operational, the project is expected to reduce CO2 emissions
by approximately 1.5 million tons per year.
Over the 2026-2028 period, the Group plans to invest approximately EUR 77m in sustainability projects, including the in-
stallation of wind turbines in Belgium, upgrades to FUTURECEM® production facilities, the transition to natural gas at
plants in Denmark and Belgium, increased use of alternative fuels in Türkiye and their introduction in Malaysia and China,
as well as feasibility studies for a CO2-capture project in Belgium.
The CAPEX of EUR 16m for the ACCSION project (CCS in Denmark) has been included in the 2026 Industrial Plan.
The Aalborg Portland Holding Group delivered satisfactory earnings in 2025 that were in line with the full-year guidance. The Group
had guided for consolidated revenue of approximately EUR 1.8bn and for EBITDA of approximately EUR 434m. Actual revenue
amounted to EUR 1.6bn, while EBITDA reached EUR 437m, primarily driven by strong performance in Belgium & France and the
Nordic & Baltic regions.
The Group’s earnings before depreciation and amortisation (EBITDA) amounted to EUR 437m, which is 1% higher than in 2024,
when EBITDA was EUR 432m. The Group’s EBITDA ratio was 26.6%, up from 25.6% in 2024. Earnings were positively affected by
one-off income of EUR 6m in Belgium and Türkiye (Total Group one-off income in 2024: EUR 7m). Adjusted for these items, EBITDA
amounted to EUR 431m, representing a 1% increase compared to normalised EBITDA in 2024.
In
the Nordic & Baltic region, the Group experienced a continued decline in activity due to the global macroeconomic situa-
tion, which continue to have a significant impact on the activity level in the construction sector. Negative impacts were se
en
in
the cement and ready-mixed concrete business areas, while aggregates recorded a slight increase. Revenue amount
ed
to
EUR 638m compared to EUR 623m in the previous year, corresponding to an increase of 2%. Regional earnings befo
re
depr
eciation and amortisation (EBITDA) were EUR 182m, 5% higher than in 2024, when EBITDA was EUR 174m. Net
earnings for cement were on par with 2024 despite lower sales volumes, supported by the optimization of energy, fuel
and
raw
material costs. In the ready-mixed concrete segment, performance in Denmark improved compared to 2024 as a result
of cost optimization initiatives. In Norway the general market conditions for the construction sector showed some recovery
,
whi
ch had a positive impact on volumes and further cost optimizations contributed to a significant improvement in earnings
.
The
activity level in Sweden was on par with 2024, but cost optimizations supported improved earnings. In aggregates
across the three Nordic countries, the net results improved by 14% year on year, mainly as a result of cost optimizatio
n
initi
atives and price management in Denmark.
In Belgi
um, the volumes sold by the Compagnie des Ciments Belges (CCB) Group in 2025 declined compared to 2024
within cement (-4%), RMC (-4%) and aggregates (-1%). The company generated revenue of EUR 322m in 2025, compared
to EUR 335m the previous year, corresponding to a decrease of 4%. EBITDA amounted to EUR 121m, representing an
increase of 29% from EUR 94m in 2024. The result was positively impacted by one-off income of EUR 17m. Adjusted for
one-
off items, EBITDA increased by 11%. The positive development during 2025 was mainly driven by continuous improve-
ments in industrial processes, particularly in terms on energy efficiency.
In Türkiye,
the Cimentas Group reported strong sales developments in most business areas compared to 2024, with vol-
umes increasing in cement (+4%), and aggregates (+10%), particularly due to the increased demand for cement for recon-
struction activities following the two major earthquakes that hit Türkiye in 2023. Türkiye remains a high inflation economy,
which had a significant impact on the financial performance during the year. Furthermore, the development of the Turkish
lira against the euro had a significant impact on the Group’s key financial figures for 2025. Revenue was EUR 337m against
EUR 393m in the previous year, corresponding to a decrease of 14%. EBITDA amounted to EUR 81m against EUR 86m
in
the prev
ious year. Earnings remained stable year on year due to effective price management which off-set cost increase
s in
maj
or input factors. The year-on-year decline in EBITDA was mainly related to lower one-off income, which amounted
to
EU
R 2m in 2025 compared to EUR 7m in 2024
.
In the USA, the Group maintained its position as a market leader in white cement through its ownership interest in Lehigh
White Cement Company (LWCC). Volumes sold in 2025 were on par with 2024. Revenue in 2025 was EUR 17
7m
5
Management’s review
compared to EUR 183m in the previous year, corresponding to a decline of 3%, while EBITDA was EUR 24m compared to
EUR 25m in 2024. The decline in EBITDA was mainly due to cost increases that exceeded the price adjustments that could
be passed on to the market in a highly competitive environment.
In Egypt, sales of white cement increased by 12% compared to 2024. Revenue increased by 4% in 2025 to EUR 48m com-
pared to EUR 46m in 2024, while EBITDA amounted to EUR 9m compared to EUR 17m in 2024, a decrease of 48%. The
result for 2025 was significantly impacted by the purchase of clinker during the maintenance of Kiln 1, higher fuel prices and
increased raw material costs.
In the Asia Pacific region, sales of white cement decreased by 6% compared to 2024. Revenue declined to EUR 99m from
EUR 105m in the previous year. EBITDA amounted to EUR 18m compared to EUR 21m in 2024, representing a decline of
15%. The negative development was related to China and the downturn in the construction sector caused by a slowdown in
the Chinese economy.
The Group’s earnings before interest and tax (EBIT) were EUR 293m, up by 2% from EUR 287m in 2024.
Net financial expenses amounted to EUR -4m in 2025 compared to an income of EUR 24m in the previous year. The change was
mainly due to exchange rate adjustments related to Egypt and Türkiye.
Profit before tax was EUR 289 compared to EUR 313m in 2024, representing a decrease of 8%.
Group investments amounted to approximately EUR 106m (2024: EUR 173m), of which approximately EUR 21m (2024: EUR 44m)
related to the application of IFRS 16.
Solid balance sheet and strong cash flows from operations
A healthy economy and strong financial base provide opportunities for long-term value-adding and sustainable investments.
In 2025, a constant focus on operational efficiency and working capital management led to positive cash flows from operations
(CFFO) of EUR 341m, compared to EUR 376m in the previous year.
The cash flows funded the year’s investments of EUR 106m (2024: EUR 173m), primarily related to improvements in operational
efficiency, including not least a number of energy efficiency and environmental projects. The Group generated free cash flow of EUR
235m (2024: EUR 203m).
At 31 December 2025, the Group had net interest-bearing assets of EUR 457m compared to EUR 350m in the previous year, repre-
senting an increase of EUR 107m from 2024.
Shareholders’ equity amounted to EUR 1,701m at 31 December 2025. The equity ratio was thus 65%, representing an increase of 1
percentage point compared to the previous year. The return on equity was 13% in 2025, a decrease of 2 percentage point compared
to the previous year. The return on capital employed (ROCE) was 14%, a decrease of 1 percentage point compared to the previous
year.
2026-2028 Industrial Plan update
The Board of Directors examined and approved the update of the Group’s 2026-2028 Industrial Plan as well as the 2026 budget. In
line with the previous Plan and with the Group’s sustainable growth strategy, the updated Plan is based on five strategic priorities:
Sustainability
The Group has reaffirmed its commitment to achieving net-zero emissions by 2050 and has updated its 2030 Roadmap, which out-
lines sustainability targets aligned with the United Nations Sustainable Development Goals. These targets are integrated into the
management incentive system and cascaded across all production sites.
In grey cement, the Group aims to reduce gross Scope 1 emissions to 418 kg of CO2 per ton by 2030, representing a 42% reduction
compared to 2020 and a level below the threshold set by the European Taxonomy (460 kg/ton). For white cement — a niche product
used in specific applications — the 2030 target is 730 kg of CO2 per ton, representing a 20% reduction compared to 2020.
Key levers to achieve these targets include reducing the clinker content in cement; developing low-carbon cements such as FU-
TURECEM® and D-Carb®; and expanding the use of blended cements based on supplementary cementitious materials such as fly
ash, pozzolana and slag. Additional drivers include increasing the use of alternative fuels and alternative energy sources, optimiza-
tion of thermal efficiency, and promoting the recycling and reuse of materials.
6
Management’s review
A key element of the decarbonization plan is the implementation of carbon capture and storage (CCS) technology in Aalborg, Den-
mark, through the ACCSION project — the Group’s first CCS initiative and one of the largest onshore carbon capture and storage
systems in Europe — which will become operational in 2030. Once fully operational, the project is expected to reduce CO2 emis-
sions by approximately 1.5 million tons per year.
With regard to indirect Scope 2 emissions, the Group has initiated a progressive decarbonization plan for energy procurement aimed
at increasing the use of renewable electricity, through long-term power purchase agreements (PPAs) as well as wind and/or solar
installations at its sites.
Regarding Scope 3, the Group is strengthening engagement across its supply chain by promoting the integration of carbon footprint
criteria into supplier selection and qualification processes, and encouraging lower-impact solutions in the most significant purchasing
categories, including initiatives in transport and logistics.
Over the 2026–2028 period, the Group expects to invest approximately EUR 77m in sustainability projects, including the installation
of wind turbines in Belgium, upgrades to FUTURECEM® production facilities, the transition to natural gas at plants in Denmark and
Belgium, increased use of alternative fuels in Türkiye and their introduction in Malaysia and China, as well as feasibility studies for a
CO2 capture project in Belgium.
The CAPEX of EUR 16m for the ACCSION project (CCS in Denmark) has been included in the 2026 Industrial Plan.
Valuing people
The Group promotes a strong safety culture, with a ‘Zero Accidents’ objective, through dedicated training and awareness programs
for its employees. The Group also prioritizes human capital development and the creation of an inclusive working environment that
values diversity, skills, and individual potential.
Key people development initiatives include the Cementir Academy, managerial development programs, continuous training, and
performance management systems. The Group also strengthens its global identity and integration by fostering a sense of belonging
to One Group through employer branding activities and tools such as the employee survey. At the same time, Cementir 5/8 contin-
ues to improve organisational effectiveness and operational agility, supporting a structure that is increasingly responsive, efficient,
and results-oriented.
Innovation
The Group is strongly committed to product innovation, with the aim of developing low-impact solutions, new low-carbon cements,
and other high value-added sustainable products such as FUTURECEM®, which reduces the clinker content in cement and thereby
lowers CO2 emissions by around 30%, and D-Carb® for white cement. The Group promotes low-carbon cements and ready-mixed
concrete with Environmental Product Declarations (EPDs) verified by accredited certification bodies. It also aims to increase the
share of sustainable products, including recycled concrete and aggregates, thereby supporting a circular-economy model.
Through the adoption of digital technologies — including artificial intelligence solutions across production, commercial activities and
the supply chain — the Group aims to further enhance operational efficiency, improve customer experience, and accelerate digitali-
zation.
Improve competitiveness
The Group continues to implement initiatives aimed at further enhancing profitability and operational excellence, including process
digitalization, preventive and predictive maintenance, advanced production control systems, smart logistics, warehouse optimization,
and integrated digital sales planning. These initiatives are designed to streamline operations, reduce costs, and strengthen the
Group’s overall competitiveness.
Growth and positioning
The Group continues to pursue a strategy combining organic growth, strategic acquisitions and targeted investments in key markets.
It is strengthening vertical integration and its competitive positioning in the Nordic & Baltic, Belgium and Türkiye regions through
bolt-on acquisitions and the rationalization of its production footprint. The Group is also further consolidating its global leadership in
white cement through targeted actions in strategic markets. Its solid financial position enables the Group to evaluate additional exter-
nal growth opportunities in its core business.
The Aalborg Portland Holding Group is part of Cementir Holding N.V., which publishes an annual Sustainability Statement as part of
its Annual Report. The Annual Report is available at www.cementirholding.com/en/investors/financial-report.
7
Management’s review
Nordic & Baltic
Aalborg Portland stands as one of Europe's largest cement plants, operating multiple kiln lines and supported by its own port facility
and nearby chalk resources. The company maintains a distribution network of 9 terminals across Denmark and has subsidiaries in
Poland, Belgium, France, and Iceland. In 2025, Aalborg Portland’s performance was notably affected by continued macroeconomic
instability, which led to uncertainty and weakened consumer confidence within the construction sector. Despite these challenges,
several positive developments emerged during the year, including stabilizing industrial inflation and lower interest rates in Den-
mark—echoing trends set by the European Central Bank—as well as in Sweden and Norway.
Despite difficult market conditions, Aalborg Portland achieved robust financial results. This success was achieved even as activity in
the Danish concrete market remained subdued, major infrastructure projects faced delays, and export markets in Europe continued
to present challenges. Strong price and cost management, combined with continued optimization of energy, fuel, and raw material
consumption, supported by a highly skilled workforce, enabled earnings (EBIT) to exceed initial expectations for 2025. Overall, the
results for the year are considered satisfactory.
White cement sales by the subsidiaries in France, Belgium, and Poland were also affected by Europe's macroeconomic climate and
local market factors. While both Poland and France recorded growth in sales, Belgium experienced a decline, primarily due to re-
duced sales of non-Aalborg-produced white cement. Despite this, all three subsidiaries increased their sales of Aalborg-produced
white cement and expanded the share of D-Carb® white cement (CO2 reduced cement) in their product mix.
Throughout 2025, Aalborg Portland maintained a strong focus on cost reduction and CO2 emission cuts, demonstrating its commit-
ment to reducing our carbon footprint. A key element of this effort is the continued optimization of the fuel portfolio, increasing the
use of alternative fuels such as refuse-derived fuels (RDF) and biogenic byproducts, which are non-recyclable waste materials from
other industries. This broad approach extends the company’s sustainability efforts beyond CO2 reduction alone.
Building a stronger and more sustainable product lineup remains a key priority, with a growing share of more sustainable cement
products like FUTURECEM® and D-Carb®, a trend expected to continue into 2026.
Aalborg Portland anticipates a slight increase in overall market volume in Denmark, while conditions in export markets are projected
to remain similar to those in 2025
.
In the ready-mixed concrete segment,
2025 was overall a challenging year for the construction industry in Denmark and Sweden,
with market conditions leading to a sharper-than-anticipated decline in volumes. In Norway, however, the market showed some signs
of recovery. Despite these headwinds, the ready-mix segment maintained its market position through disciplined financial manage-
ment and a strong focus on operational performance.
Our ability to safeguard market share is rooted in strong customer relationships and a clear commitment to delivering value.
Throughout the year, we worked closely with our customers to understand their needs and support their projects under difficult con-
ditions. This customer-centric approach remains a cornerstone of our strategy.
Looking ahead to 2026, we see early signs of recovery. According to Statistics Denmark, the number of building permits is increas-
ing, and interest and inflation rates are stabilizing. Although only moderate volume growth is expected, competition remains intense.
We have therefore refined our value proposition and strengthened our strategic priorities to secure a strong start to the year. With
robust investments, a clear roadmap, and a continued strong focus on customer partnerships, Unicon is well-positioned to create
sustainable value for customers, employees, and owners. In Norway, we expect further improvements in general market conditions
during 2026 supported by continued optimization in the operational setup. In Sweden, the 2026 market outlook points to broadly sta-
ble development compared to 2025, reflecting the slow development in construction activity and a competitive market environment.
Belgium & France
Compagnie des Ciments Belges SA (CCB) is located in southwestern Belgium. Its cement plant in Gaurain is the largest in the re-
gion, and the associated quarry has authorized reserves sufficient for more than 80 years of production. The company holds a signif-
icant market share in Belgium and exports to France and the Netherlands. In addition to its cement activities, CCB has a strong pres-
ence in the aggregates sector, operating two large quarries and a network of 12 ready-mix concrete plants across Belgium and
northern France.
In 2025, construction markets continued to decline, particularly in Belgium and France. The housing sector continued its downward
trend, while the public sector was unable to strengthen support for construction, as priorities shifted toward defence spending and
reducing public debt. Despite challenging market conditions, which led to lower sales volumes and stable sales prices, the company
delivered solid financial results. EBITDA increased, supported by continuous improvements in industrial processes, particularly in
energy efficiency.
CCB maintained its strong market position thanks to the quality of its products and services and the continued implementation of its
roadmap, which aims to significantly reduce the carbon footprint of its products by 2030. As part of its industrial and sustainability
investments, CCB completed the modernization of kiln 4 and commissioned it with a gradual increase in the use of alternative fuels,
including a significant share of biomass. In addition, the company submitted a permit application for the installation of eight wind tur-
bines at the Barry site, reinforcing the company's commitment to greening its electricity and energy more broadly.
8
Management’s review
Türkiye
Cimentas is among the largest cement groups in western Türkiye, operating at two strategically located plants in Izmir and Edirne,
and a cement plant in Elazig in eastern Türkiye. The company has a combined annual cement production capacity of 4.9 million
tons.
In 2025, the sale of grey cement and clinker amounted to 5 million tons, representing a 4% year-on-year increase. In 2025, market
conditions continued to be significantly impacted by the two major earthquakes that struck Türkiye in 2023.
Türkiye experienced high inflation throughout 2025, which also affected the financial performance of Cimentas. Despite the inflation-
ary macroeconomic environment and high costs related to raw materials, energy, and logistics, Cimentas achieved a satisfactory
result for the year.
In addition to its cement plants, Cimentas operates 23 concrete plants through Cimbeton, which is also part of the Cimentas Group.
Sales of ready-mixed concrete amounted to 2 million m
3
in 2025, representing a 7% decrease compared to 2.2 million m
3
of ready-
mixed concrete sales in 2024. Cimentas also have operations in aggregates, sales increased by 0.2 million tons to 2.7 million tons in
2025 and strengthened its vertically integrated position across cement, ready-mixed concrete, and aggregates.
New regulations and global trends have accelerated the sector's transition toward greener cement through reductions in the clinker
ratio. Carbon emissions are now viewed as a strategic risk and a cost factor.
Türkiye's economy has entered a disinflationary and rebalancing phase, driven by the tight monetary and fiscal policies implemented
in the previous period. While high interest rates are dampening domestic demand, the pace of economic growth remained moderate
in 2025. However, the government's Medium-Term Program (MTP) 2026-2028 targets and the revised expectations of international
institutions point to a recovery beginning in 2026, with inflation gradually decreasing and the growth accelerating.
The year-end GDP growth target is 2.8% (MTP: 3.3%). The primary objective of tight monetary and fiscal policies is to reduce infla-
tion. The anticipated drop in inflation, together with the potential for monetary policy easing from 2026, is expected to stimulate eco-
nomic activity. Growth prospects are also expected to benefit from the implementation of structural reforms and the government’s
stability program.
The pace of exchange rate depreciation is expected to slow to single-digit levels after 2026, reflecting expectations for reduced ex-
change rate shocks and increased macroeconomic stability. This development would contribute to a more predictable cost environ-
ment for businesses, with exchange rate movements becoming more closely aligned with inflation expectations.
Global leader in white cement
The Aalborg Portland Holding Group is a leading global supplier of white cement, with a market share of approx. 15%. With produc-
tion facilities in Denmark, the USA, Malaysia, China, and Egypt, the Group has a total production capacity of approx. 3.3m 3.3 million
tons per annum.
Sales of white cement (excluding intercompany supplies) account for 24% of the Group’s total cement sales. White cement sales
increased by 3% compared to 2024, mainly driven by growth in Egypt (+12%), Asia Pacific (+5%) and the Nordic & Baltic region
(+1%), while North America remained broadly in line with 2024.
In North America, the Group produces white cement in Pennsylvania and Texas, imports cement products from its other units and
distributes products throughout North America. The Group is the market leader in white cement with annual sales of 0.6 million tons.
Due to market competition, rising costs could not be fully offset by higher sales prices, resulting in a 4% decline in EBITDA com-
pared to 2024.
The Group’s plant in Egypt is the world's largest white cement production facility. White cement is distributed to both the domestic
market and export markets. EBITDA declined by 48%, mainly due to clinker purchases during the maintenance of kiln 1, higher fuel
prices, and increased raw material costs. Furthermore, earnings were negatively impacted by exchange rate movements.
In Asia Pacific, where the Group operates Asia's largest white cement production plant, revenue declined by 5% in 2025. The down-
turn in the Chinese construction sector intensified price competition, which had a negative impact on earnings and resulted in a 15%
decline in EBITDA.
The Group’s trading company, Spartan Hive, increased revenues by 19% compared to 2024, driven by higher trading volumes both
within the Group and with external customers. This development had a positive impact on earnings, with EBITDA improving by 66%
compared to 2024.
9
M
anagement’s review
Reporting in accordance with Danish accounting legislation
With respect to the mandatory corporate social responsibility statement pursuant to section 99(b) of the Danish Financial Statements
Act, reference is made to the Annual Report of Cementir Holding N.V., Netherlands, which also includes the Group’s CSRD Report
for 2025 The statement is available at www.cementirholding.com/en/investors/financial-reports.
The Group continues to apply its gender equality policy in recruitment and promotions, ensuring that the key criterion when filling any
position in the organization remains the identification of the best qualified candidate.
The sector in which the Group operates has historically been characterized by a predominantly male workforce. In order to achieve a
more balanced gender composition in management, the Group aims to increase the proportion of female managers. Efforts to attract
female candidates for senior positions will therefore continue in line with our gender equality policy and our gender diversity targets
for the Danish subsidiaries.
The company has a talent management training program designed to support and increase the awareness of potential future manag-
ers within the organization.
In the Aalborg Portland Holding Group, diversity is approached broadly and is not limited to geographical representation. The Group
values diversity across a wide range of qualifications and competences, including seniority, educational background, age, gender,
ethnicity, religion, sexual orientation, and disability. The Group recognizes that diversity depends on inclusion and that both diversity
and inclusion challenges may vary across teams and locations. Accordingly, efforts are made at all locations to promote diversity,
and locally in Denmark, particular focus is placed on addressing both conscious and unconscious bias in employment and recruit-
ment processes.
In accordance with the Danish rules for large companies engaged in activities such as the extraction of mineral deposits, cf. section
99(c) of the Danish Financial Statements Act, the Group discloses its payments to authorities in a note to the consolidated financial
statements. These payments primarily relate to direct and indirect taxes.
In accordance with the Danish rules applicable to large companies, see section 99(d) of the Danish Financial Statements Act, Aal-
borg Portland Holding has issued a data ethics policy. The policy sets out the data ethics principles applied by Aalborg Portland
Holding and describes the Group’s approach to data processing across all data types. This includes the responsible use of new tech-
nologies and data, including compliance with applicable data protection requirements (GDPR). Data ethics forms an integral part of
the compliance program of Aalborg Portland Holding, and Group Management has overall responsibility for compliance with data
ethics policy. The operational implementation of the data ethics policy is anchored in Group IT. In 2025, Aalborg Portland Holding
continued its work on data ethics in line with the policy. The policy is reviewed on a yearly basis, and no changes were made in
2025. The policy is available at https://aalborgportlandholding.com/en/data-ethics.
Subsequent events after the reporting date
On 12 February 2026, the Parent Company’s Board of Directors approved an update of the 2026-2028 Industrial Plan, see the press
release published at www.cementirholding.com under Investors - Press Releases section.
The Plan outlines the following targets for 2028, excluding the impact of IAS 29 and non-recurring items:
• Revenue of approximately EUR 1.95bn in 2028, with an average annual growth rate (CAGR) of 6–7% compared to 2025. The
Plan incorporates moderate growth in cement sales volumes, supported by the solid performance of the Nordic & Baltic region—
where a recovery in the residential segment is expected from 2027—along with increased exports from Egypt and positive market
developments in Belgium, China, and Malaysia, albeit at different growth rates.
This growth is partially offset by a decline in domestic volumes in Türkiye in 2026, due to the completion of post-earthquake
housing projects and the disposal of the Kars plant. For ready-mixed concrete and aggregates, volumes are expected to remain
broadly stable or show slight growth over the three-year period.
Price evolution is expected to remain in line with local inflation, particularly in Türkiye, reflecting the increasing energy, raw
material, and CO2 costs.
• EBITDA of approximately EUR 490m in 2028, with an average annual growth rate (CAGR) of 4.7% compared to pro-forma
2025. Positive performance is expected across most geographical areas, particularly the Nordic & Baltic region, Belgium, Asia
Pacific, Egypt and trading activities, while a reduction in Türkiye’s contribution is anticipated, especially in 2026.
Key assumptions include higher costs for raw materials, electricity and certain fuels; a negative impact from currency volatility,
particularly the Turkish lira and the Egyptian pound; an average annual CO2 deficit of around 130,000 tons, increasing from 2027
due to the reduction of free allowances at European plants. The EBITDA margin is expected to remain slightly below the 2023–
2025 average.
• O
ver the 2026–2028 Plan period, investments of approximately EUR 386m are planned, of which EUR 77m relate to sus-
tainability initiatives aimed at reducing CO2 emissions in line with the Group’s objectives.
Management’s review
The Industrial Plan includes an investment of EUR 16m in 2026 for the ACCSION project. The Group’s net investments related
to ACCSION amount to approximately EUR 120m over the three-year period starting from 2027. The timing of these investments
will also depend on the development of the CO2 transportation and storage infrastructure network, which is the responsibility of
third-party public and private entities.
Additional cumulative investments of EUR 53m in sustainability projects aimed at reducing CO2
emissions in line with the
Group’s objectives. As previously mentioned, this amount excludes investments related to the ACCSION project.
Net cash position of around EUR 850m by year-end 2028, resulting from cumulative cash generation of approx. EUR 400m.
Finally, the Plan assumes the distribution of an increasing dividend, corresponding to a payout ratio of between 20% and 25%.
Cementir Holding N.V. confirmed its position on CDP’s prestigious “A list” for the second consecutive year, recognizing the com-
pany’s strategies and actions to mitigate climate change and ensure corporate transparency. This achievement highlights the significant
progress made since Cementir first received a B rating in 2020.
Cementir also maintained its leadership in CDP Water Security with an A- score for the fourth consecutive year.
No other significant events have occurred since the end of the financial year.
Outlook for 2026
The macroeconomic environment remains characterized by a high degree of uncertainty, influenced by ongoing geopolitical and trade
tensions and by U.S. protectionist measures, which continue to weigh on global growth prospects.
For 2026, the Group expects to achieve consolidated revenues of approximately EUR 1.7bn, mainly supported by price increases in line
with inflation and by a slight recovery in volumes in the second half of the year, with the sole exception of China and Türkiye. In Türkiye,
domestic volumes are expected to decline due to the completion of post-earthquake projects and the disposal of the Kars plant.
Ready-mixed concrete and aggregates are expected to remain broadly stable or show a slight decline due to the negative trend in the
Turkish market.
Recurring EBITDA is expected to be in the range of EUR 410m-430m, slightly higher than the 2025 recurring pro-forma EBITDA of EUR
423m, excluding non-recurring items and the contribution from Kars Cimento, which was sold on 1 December 2025.
Net cash position is expected to be around EUR 550m at year-end, assuming a constant scope of consolidation.
Planned investments amount to approximately EUR 128m (EUR 98m in 2025), of which around EUR 32m relate to sustainability projects.
Research and development expenses and the average number of employees are expected to remain broadly in line with 2025 levels,
excluding the impact of the disposal of Kars Cimento. The expected cash generation allows the Group to assume that no additional
external financing will be required during the year.
These forward-looking indications do not include: i) the impacts of the application of IAS 29; ii) any non-recurring items; iii) the impact of
any deterioration of the geopolitical situation or other extraordinary events.
The above statements reflect solely the views of the company's management and do not constitute a guarantee, promise, operational
recommendation, or investment advice. Accordingly, they should not be interpreted as a forecast on future market trends and of the
performance of any related financial instruments.
Financial review
Profit and loss
The Group’s volume sales of cement amounted to 11.1 million tons in 2025, representing an increase of 3% compared to 2024.
Sales included 2.6 million tons of white cement, an increase of 3% compared with the volume sold in 2024, driven by moderate
growth in Egypt (12%) and Asia Pacific (5%), while volumes remained broadly stable in the Nordic & Baltic region and North Amer-
ica. Sales of grey cement amounted to 8.4 million tons, representing a 3% increase compared to the previous year. Sales increased
in Türkiye (4%) while Belgium & France (-4%) and the Nordic & Baltic (-5%) recorded declining sales.
Sales volumes of ready-mixed concrete amounted to 4.3 million m
3
in 2025, 5% below the previous year. Sales decreased across all
markets, including the Nordic & Baltic region (-2%), Belgium & France (-4%) and Türkiye (-7%).
Sales of aggregates (mainly granite and gravel) amounted to 10.4 million tons, compared to 10.1 million tons in the previous year,
representing an increase of 3%. Sales increased in Türkiye (10%) and the Nordic & Baltic region (5%), while they declined in Bel-
gium & France (-1%).
The Group's revenue amounted to EUR 1,640m in 2024, compared to EUR 1,687m in the previous year, representing a decrease of
-3%. Revenue increased in the Nordic & Baltic region (2%) and Egypt (4%), while declining in Türkiye (-14%), Belgium & France (-
4%), North America (-3%) and Asia Pacific (-6%).
Earnings before interest, depreciation and amortisation (EBITDA) increased by EUR 4.8m or 1% to EUR 436.5m (2024: EUR
431.7m). Higher earnings compared with 2024 were recorded in Belgium & France (EUR +27.0m, including non-recurring income,
see below) and the Nordic & Baltic region (EUR +5.7m). Earnings declined compared to the previous year in Türkiye (EUR -5.2m,
including non-recurring income, see below), Egypt (EUR -8.1m), Asia Pacific (EUR -3.2m) and North America (EUR -1.0m). EBITDA
was positively affected by non-recurring income of EUR 17m in Belgium & France and EUR 2m in Türkiye, while a non-recurring
expense of EUR 11m was recognized at the consolidation level. Adjusted for these items, the Group’s EBITDA amounted to EUR
431m, representing a 2% increase compared to the normalized EBITDA of EUR 425m in 2024.
The operating ratio (EBITDA ratio) increased by 1.0 percentage points from 25.6% in 2024 to 26.6% in 2025. Adjusted for the non-
recurring income and expenses mentioned above, the EBITDA ratio increased by 1.1 percentage points to 26.3%.
Earnings before interest and tax (EBIT) increased by EUR 5.9m to EUR 293.1m (2024: EUR 287.2m).
Net financial income amounted to EUR -4.3m in 2025 compared to EUR 24.3m in the previous year, primarily impacted by negative
exchange rate movements.
Earnings before tax were EUR 289.1m compared to EUR 312.6m in 2024. Tax on profit for the year amounted to EUR 78.8m com-
pared to EUR 74.6m in the previous year.
Net profit for the year was EUR 210.3m compared to EUR 238.0m in 2024.
Cash flows
The Group continues to focus on optimizing both cash flows and working capital.
Cash flow from operations (CFFO) amounted to EUR 341.0m in 2025, compared to EUR 375.7m in 2024.
The Group’s capital expenditure on property, plant and equipment amounted to EUR 108.7m, which is predominantly related to im-
provements in operating efficiency and various energy-efficiency and environmental projects.
Free cash flow after investing activities (FCF) amounted to EUR 235.1m in 2025, compared to EUR 202.5m in the previous year.
Dividends paid to Cementir Holding amounted to EUR 90.2m (2024: EUR 90.1m).
Financial position and liquidity
At year-end 2025, the Group had net interest-bearing assets of EUR 457.2m, compared to net-interest bearing assets of EUR
350.0m at the end of the previous year.
Long-term financing consisted of mortgage loans amounting to EUR 76.5m (2024: EUR 106.4m).
The Group’s liquidity reserve consists of Cementir Holding's unrestricted cash and undrawn credit facilities. In addition, the Aalborg
Portland Holding Group has a separate uncommitted credit facility.
Financial review
Balance sheet
Non-current assets amounted to EUR 1,487.3m at 31 December 2025 (2024: EUR 1,546.1m).
Current assets amounted to EUR 1,130.6m at 31 December 2025, representing an increase of 7% compared with EUR 1,060.0m at
31 December 2024. The increase was primarily driven by higher inventories and receivables, which rose by EUR 72.4m.
The Group’s working capital (trade receivables and inventories less trade payables) amounted to EUR 39.5m at the end of 2025
compared to EUR 49.4m at the end of 2024, representing a decrease of EUR 9.9m or 20%.
Shareholders’ equity
Total shareholders’ equity amounted to EUR 1,700.7m at 31 December 2025, compared to EUR 1,662.1m at 31 December 2024.
Shareholders’ equity was negatively affected by exchange rate adjustments of approx. EUR 37.9m relating to foreign entities, pri-
marily the Turkish Lira (TRY) and the Egyptian Pound (EGP).
The equity ratio was 65% at 31 December 2025 (64% at the end of 2024). Return on equity was 13% in 2025, compared with 15% in
the previous year.
Return on capital employed
In 2025, as in previous years, intensive efforts were made to improve capital efficiency across the Group.
Return on capital employed (ROCE), which reflects the Group’s ability to generate a satisfactory profit, was positively affected by
both increased earnings and a reduction in capital employed. ROCE amounted to 14% in 2025 compared to 15% in 2024.
Risks and uncertainties
Internal control and risk management system
Aalborg Portland Holding Group is integrated into the Cementir Group's Internal Control and Risk Management System. This system
comprises a set of tools, organisational structures, procedures and company rules aimed at ensuring correct, transparent and effective
management in line with the Group's strategic objectives. Through a structured process of identifying, evaluating, managing and mon-
itoring the main risks, the system ensures:
compliance with laws and regulations;
safeguarding of corporate assets;
operating activity effectiveness and efficiency;
reporting accuracy and completeness.
The Internal Control and Risk Management System adopts a ‘top-down’ and ‘risk-based’ approach that starts from the definition of the
Cementir Group's Business Plan. It ensures that the main risks are identified, assessed and monitored taking into account each busi-
ness unit, to create a fully integrated risk management process. Risks are assessed with quantitative and qualitative tools considering
both the probability of occurrence and the impacts that would be generated in a given time horizon if the risk were to occur. It also
ensures that all necessary measures are taken to control risks that could threaten the Group's assets, its ability to generate profits or
achieve its objectives.
Roles and responsibilities in risk management have been defined starting from the Company's Board of Directors, which defines
strategy, policy and risk appetite, supported by the Audit Committee and the Sustainability Committee. In addition, management teams
from the group companies are involved, with responsibility for risk management within their area of expertise.
Below is a summary of the people and bodies involved and their responsibilities:
The Board of Directors plays the central role, defining the Group's risk appetite, the nature and level of risk. In addition, it
carries out an assessment of the risks related to climate change ensuring the constant compatibility of management and
strategic objectives.
The Cementir Group’s Audit Committee and the Sustainability Committee (corporate bodies relevant in the risk definition
process) support the Board of Directors, subject to a favourable opinion, in the definition and management of risks;
CEO & Chairman: implements the general guidelines of the Board of Directors, ensuring the identification, management and
monitoring of the main risks;
Risk owners, the first level of control, are primarily responsible for internal control and risk management activities;
Finally, Risk Management and Internal Audit are the main responsible for the internal control and risk management system
(second and third level of control). They are responsible for verifying that the Internal Control and Risk Management System
is functioning and adequate with respect to the size and operations of the Group, verifying, in particular, that the Management
has identified the main risks, that they have been evaluated in a consistent manner and that the appropriate mitigation actions
have been defined and implemented.
Risks and uncertainties
The Cementir Group's Internal Control and Risk Management System is integrated into the Group's organisational, administrative,
accounting and governance structure and has been prepared on the basis of the principles laid down by the Enterprise Risk Manage-
ment - Integrated Framework, an international standard developed by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO Report), also ensuring greater detail in the identification of the risks of the companies and Group and integration
with the results of the Audit activities. The methodology followed involves an iterative process consisting of the following steps:
Risk identification: the process starts with the definition of the Industrial Plan and focuses on the main risks that could
compromise the achievement of the Group's objectives;
Risk assessment: for each identified risk, management gives an inherent risk assessment (in the absence of controls/mitigation
actions), in terms of probability and impact during the horizon of the Industrial Plan, using a 5-level assessment system (scoring):
- Impact: scale from 1 (Negligible) to 5 (Extreme);
- Probability: scale from 1 (Rare) to 5 (More than Likely).
With regard to impact, three parameters are considered: economic (quantitative), operational (qualitative), reputational (qualita-
tive). Management at Region and Group level assesses the potential impacts and likelihood of major risks that could have a
material adverse effect on the company's current or future operations. For sustainability and climate-related risks, the time horizon
was extended to a long-term view for the analysis of various threats that could jeopardise the implementation of the Group's
climate transition plan;
Identification and assessment of the adequacy of the existing controls: for each identified risk, all the controls/actions currently
in place for risk mitigation are identified with the management;
Residual Risk Assessment: taking into account the individual controls for each risk and the relative adequacy, the residual
risk is calculated by applying a uniform calculation methodology to all Group companies;
Identification of further actions: in the event that the residual risk is higher than the predefined level of risk appetite, further
actions are agreed with management to mitigate the risk and contain it within acceptable levels. The initiatives are taken
promptly and within budget limits, to effectively contribute to risk mitigation;
o Risk mitigation: Mitigation strategies are defined with specific action plans for key risks;
o Reporting: reports are prepared at the company and Group level, showing the main risks and initiatives taken by
management to reduce the risks to acceptable levels;
o Monitoring: the following are reviewed periodically: existing risk assessments, assessment parameters, and new
risks can be identified if necessary.
The model, as described, subject to further and future updates, aims to provide support for the decision-making and operational processes
of the company management, so as to reduce the possibility that specific events could compromise the Group's ordinary operations or
the achievement of its strategic objectives.
Risks and uncertainties
To this end, the risk appetite level adopted in relation to strategic risks is consistent with the vision of creating value, while always
respecting the environment and promoting integration with local communities. In relation to operational risks, the risk appetite level is
defined on the basis of the effectiveness and efficiency targets set by the management.
Provisions for compliance and financial reporting are different. The Group does not accept an assumption of non-compliance risk for
laws and regulations (including those relating to safety), and of possible alterations to the integrity of financial reporting.
The Cementir Group's Internal Control and Risk Management System is integrated with the Group's Sustainability Strategy. In this
perspective, from 2021 the Cementir Group launched a project aimed at implementing the recommendations of the TCFD (Task Force
on Climate-Related Financial Disclosure) and from 2025, of the TNFD (Task Force on Nature-Related Financial Disclosure), adopting
a transparent approach to the reporting of risks and opportunities related to climate change and nature. The identification, assessment
and effective management of climate and natural risks and opportunities are fully integrated into the Group's Enterprise Risk Manage-
ment process. In 2022, to further strengthen its climate change disclosure, the Group engaged Standard & Poor’s (S&P) to assess
physical and transition climate risks and to develop scenario analyses to support the implementation of the TCFD guidelines. The
analysis showed a level of full compliance with the eleven recommendations provided for by the TCFD, with an overall score of 100%,
confirming the completeness and transparency of the Group's disclosure. During 2025, the Holding also collaborated with an external
consultant to integrate the principles of TNFD into its risk management system.
In relation to accounting and financial reporting, the existing Internal Control System ensures its accuracy and completeness through
constantly updated administrative and accounting procedures.
Furthermore, as part of the compliance activities with the COSO structure, during the year, the Internal Audit function carries out audit
activities on the aforementioned procedures to ascertain that the provided key controls are being correctly applied by the involved
company structures. The assessment of the internal control system on financial reporting provided for by Cementir Group procedures
was carried out based on this activity.
On the basis of the activity carried out by the Internal Audit department and the related results, the Audit Committee assessed the
Internal Control and Risk Management System as adequate, effective and appropriate for dealing with business, operational, environ-
mental, financial and compliance risks.
Since October 2023, the Group has launched the strategic initiative for the digitalisation of Risk Management, aimed at improving the
resilience of the organisation by leveraging advanced technological solutions, simplifying data-driven risk assessments and imple-
menting real-time monitoring capabilities, promoting a proactive and agile approach to risk mitigation across all business functions.
Starting from 2024, the Risk Management process of the individual subsidiaries is conducted solely and exclusively using the new
platform.
In 2025, the Internal Control and Risk Management System was further strengthened through the introduction of a second annual
update cycle of the ERM model.
If in previous years the analysis was carried out only once a year, from 2025 the process provides for two semi-annual checks, in order
to ensure a more timely alignment with the Business Plan and to intercept any changes in the risk profile with greater timeliness.
Risks and uncertainties
Risk Categories
The Group is exposed to a number of risks, opportunities and uncertainties. The risk library forms the basis of the business risk and
opportunity assessment process.
In 2025, the library included 121 risks. The most relevant risks, together with their classification in the strategic, operational, compli-
ance, financial and sustainability categories, have been organised in such a way as to facilitate the identification of the main risk
categories that may have a significant impact on the Group.
The following table provides a non-exhaustive example of key business risks.
Risks and uncertainties
Internal Control System for Fraud Risk Management
The potential risk of fraud is linked to intentional acts perpetrated by deception by one or more members of management, those
responsible for governance activities, employees or third parties, in order to obtain unlawful advantages. Fraud, whether false financial
reporting or misappropriation of company assets, implies the existence of incentives or pressure to commit it and the perception of an
opportunity to do so.
The intrinsic nature of the Group's business introduces potential vulnerabilities to fraud and corruption, which can be summarised as
follows: (i) fraudulent activities in financial transactions, such as misappropriation of funds or fraudulent invoicing; (ii) the risks of
collusion or conflicts of interest extend to relationships with suppliers, customers and employees, amplifying the potential for fraudulent
activities; (iii) non-compliance with anti-corruption laws and regulations; (iv) the theft or mismanagement of stock leading to financial
loss. The potential impact of fraud risks, if realised, can result in financial loss, reputational damage, and regulatory consequences.
Fraud Risk Assessment
The Group has developed a system dedicated to fraud risk management, conceived as an autonomous and complementary process
with respect to the ERM, to ensure specific monitoring of the main types of fraud, whether they are misappropriations, corrupt acts or
information manipulations. The Fraud Risk Management Program reflects the organisation's commitment to integrity and ethics,
through a dedicated fraud policy and an active whistleblowing channel, which allows employees and stakeholders to report suspicious
events without fear of retaliation.
Starting from 2025, the Internal Audit introduced a specific Fraud Risk Assessment, distinct from the evaluation already carried out in
the audit planning phases, in order to analyse the most exposed areas in greater depth. This activity includes the identification of fraud
schemes, an assessment of their likelihood and significance and the analysis of enabling factors according to the triangle fraud model.
The review also considers reports received through whistleblowing and cases recorded in the last twelve months, ensuring an assess-
ment based on up-to-date evidence. In all operational and compliance audits, including those pursuant to Law 262, the ability of internal
controls to prevent fraudulent events is also verified and, when necessary, corrective measures are agreed to strengthen the most
vulnerable processes.
The fraud risk assessment for the individual subsidiaries of the Group is carried out through the involvement of a multidisciplinary team
composed, among others, of the Finance, Procurement, Sales, Human Resources, IT, Legal functions supported by the Group Internal
Audit, which analyses internal and external factors and verifies the effectiveness of existing controls to determine the residual risk. All
Risks and uncertainties
information is collected in a fraud risk matrix that guides the implementation of preventive and detective measures and subsequent
monitoring.
The system is further strengthened by dedicated tools and bodies. Since 2023, the Group has been using an whistleblowing system
based on an external platform, also accessible from the institutional website.The Ethics Committee, appointed by the Board of Direc-
tors, examines the results of the investigative activities carried out by the Internal Audit on a quarterly basis, verifies the implementation
of disciplinary measures and reports regularly to the Audit Committee and the Board of Directors. An important role is also played by
the use of data mining tools such as Celonis, which allows to intercept anomalies and irregular patterns in transactions, and by the
segregation of duties, adopted as an operational practice, to further mitigate the risk of fraud.
Thanks to the set of preventive, investigative and corrective measures adopted, the system makes it possible to significantly reduce
vulnerability to fraud and corruption, ensuring effective monitoring and continuous improvement.
Income statement
Statement of comprehensive income
Cash flow statement
Consolidated balance sheet
Consolidated statement of shareholders' equity
Notes:
1 Revenue
2 Cost of sales
3 Research and development costs
4 Staff costs
5 Fees to the auditors appointed by the Annual General Meeting
6 Other operating income and other operating costs
7 Financial income and expenses
8 Income tax
9 Intangible assets
10 Acquisiton of enterprises
11 Property, plant and equipment
12 Investment properties
13 Other non-current assets
14 Investments in associates
15 Investments in joint ventures
16 Deferred tax assets and deferred tax liabilities
17 Inventories
18 Trade receivables, other receivables and prepayments
19 Provisions for pensions and similar commitments
20 Provisions
21 Credit institutions and other borrowings
22 Change in liabilities from financing
23 Deferred income
24 Other payables
25 Charges and securities
26 Contingent liabilities, contractual obligations and contingent assets
27 Related party transactions
28 Shares and capital structure
29 Financial assets and liabilities
30 Financial risks and financial instruments
31 Türkiye - hyperinflated economy: Impacts of the application of IAS 29
32 Post-balance sheet events
33 Estimation on uncertainties and judgements
34 Accounting policies
Consolidated income statement
EUR '000
2025 2024
Notes
1 Revenue 1,640,193 1,687,190
2+3+4 Cost of sales -1,010,103 -1,065,639
Gross profit 630,090 621,551
4+17 Sales and distribution costs -279,058 -258,798
4+5 Administrative expenses -97,821 -105,740
Profit or loss from ordinary operating activities 253,211 257,013
6 Other operating income 41,693 33,218
6 Other operating costs -1,759 -3,069
Earnings before interest and tax (EBIT) 293,145 287,162
14 Share of profit after tax, associates 74 270
15 Share of profit after tax, joint ventures 239 884
7 Financial income 56,458 92,206
7 Financial expenses -60,793 -67,919
Earnings before tax (EBT) 289,123 312,603
8 Tax on profit for the year -78,845 -74,563
Profit for the year 210,278 238,040
Attributable to:
Non-controlling interests
5,292
21,016
Shareholders in Aalborg Portland Holding A/S 204,986 217,024
Consolidated statement of comprehensive income
EUR '000
2025 2024
Notes
Profit for the year
210,278
238,040
Other comprehensive income
Items that cannot be reclassified to the income statement:
18+19 Actuarial gains/losses on defined benefit pension schemes 1,236 -2,635
1,236 -2,635
Items that can be reclassified to the income statement:
Exchange rate adjustments on translation of foreign entities -37,890 83,186
Changes in fair value of financial instruments 1,113 -3,711
Deconsolidation of Kars Cimento -41,042 0
CCS hedge recycled to P&L -145 -5,941
8 Tax 0 606
-77,964 74,140
Other comprehensive income after tax -76,728 71,505
Total comprehensive income
133,550
309,545
Attributable to:
Non-controlling interests -33,008 23,519
Shareholders in Aalborg Portland Holding A/S 166,558 286,026
133,550 309,545
Consolidated Cash flow statement
EUR '000
2025 2024
Notes
Profit for the year
210,278
238,040
Effect of hyperinflation
32,083
22,216
Reversal of amortization and depreciation 129,514 128,820
Reversal of revaluation / impairment losses -25,679 84
Share of net profits of equity-accounted investees -312 -1,154
Proceeds from sale of equity investments and other non-current securities -10,589 0
Net financial income / expense -213 -30,419
Gains/losses on disposals -4,972 -68
Income taxes 77,568 62,933
Change in employee benefits -1,206 390
Change in provisions (current and non-current) -741 1,433
Operating cash flows before changes in working capital 405,731 422,275
Increase / decrease inventories -33,081 -235
Increase / decrease trade receivables -752 -23,324
Increase / decrease trade payables 9,419 42,649
Change in non-current/current other assets/liabilities 25,180 -8,789
Change in current and deferred taxes -767 4,056
Operating cash flows 405,730 436,632
Dividends received 62 588
Interests received 12,239 21,256
Interests paid -12,188 -13,489
Other financial income collected/financial expenses paid -1,766 -4,168
Income taxes paid -63,123 -65,114
Cash flow from operating activities 340,954 375,705
Investments in intangible assets -21,011 -12,668
Investments in property, plant and equipment and investment property -87,661 -115,409
10 Acquisitions in subsidaries 0 -18,011
Investments in equity investments 0 -30,107
Proceeds from sale of intangible assets 454 0
Proceeds from sale of property, plant and equipment 4,135 2,838
Proceeds from sale of equity investments and other non-current securities 0 22
Other variances investment assets -1,740 156
Cash from investing activities -105,822 -173,179
21 Proceeds from loans and borrowings 6,043 7,817
21 Repayment of borrowings -31,192 -17,043
21 Payment of leases -29,931 -27,358
Change in current financial assets -46,741 -57,081
Dividend distributed -98,874 -103,788
Transactions with non-controlling interests -96 414
Cash flow from financing activities -200,791 -197,039
Net change in cash and cash equivalent 34,341 5,487
Cash and cash equivalent exchange rate effect -36,103 959
Cash and cash equivalent opening balance 377,470 371,024
Cash and cash equivalent closing 375,708 377,470
Consolidated balance sheet
EUR '000
ASSETS
2025 2024
Notes
Goodwill 217,521 231,337
Concessions, licenses and trademarks 22,841 26,441
Other intangible assets 164,340 163,546
Intangible assets in development 1,594 1,951
9 Intangible assets 406,296 423,275
Land and buildings 382,192 381,221
Plant and machinery 408,735 388,543
Property, plant and equipment under construction 85,031 128,648
Right-of-use assets 68,417 87,421
11 Property, plant and equipment 944,375 985,833
12 Investment properties 105,063 103,696
13+14 Investments in associates 3,101 3,094
13+15 Investments in joint ventures 7,480 7,042
13 Other non-current assets 940 885
13+16 Deferred tax assets 20,064 22,273
Other non-current assets 31,585 33,294
Total non-current assets
1,487,319
1,546,098
17 Inventories 240,115 228,139
18 Trade receivables 146,242 180,158
Receivables from Group enterprises 0 2
Receivables from related enterprises 275,049 219,213
Derivative financial instruments (positive fair value) 3 0
Income tax receivable 14,100 11,113
19 Other receivables 74,057 38,593
20 Prepayments 5,358 5,325
Receivables 514,809 454,404
Cash and cash equivalents 375,708 377,470
Total current assets
1,130,632
1,060,013
TOTAL ASSETS
2,617,951
2,606,111
Consolidated balance sheet
EUR '000
EQUITY AND LIABILITIES
2025 2024
Notes
Shareholder's equity
Share capital 40,333 40,333
Foreign currency translation reserve -272,011 -246,064
Hedge reserve 269 -699
Retained earnings 1,812,396 1,703,488
Aalborg Portland Holding A/S' share of shareholders' equity 1,580,987 1,497,058
Non-controlling interests' share of shareholders' equity 119,677 165,086
Total shareholders' equity
1,700,664
1,662,144
Liabilities
19 Pensions and similar liabilities 17,638 23,357
16 Deferred tax liabilities 172,954 172,957
20 Provisions 24,970 24,952
21+22+25 Credit institutions, etc. 112,680 145,481
21+22 Amounts owed to Group enterprises 0 444
23 Deferred income 18,108 1
Non-current liabilities 346,350 367,192
21+22+23 Credit institutions, etc. 40,348 49,007
Trade payables 348,115 359,950
Amounts owed to Group enterprises 41,557 47,598
Derivative financial instruments (negative fair value) 5,051 14,541
Income tax payable 22,161 14,965
20 Provisions 2,237 4,776
Joint taxation contribution payables 18,066 13,825
24 Other payables 92,104 72,105
23 Deferred income 1,298 8
Current liabilities 570,937 576,775
Total liabilities
917,287
943,967
TOTAL EQUITY AND LIABILITIES
2,617,951
2,606,111
26
Consolidated statement of shareholders' equity
EUR '000
Share capital
Foreign
currency
translation
reserve
Hedge
reserve
Retained
earnings
Aalborg
Portland
Holding A/S'
total share
Non-
controlling
interests'
total share
Total equity
Shareholders' equity at 1 January 2025
Comprehensive income in 2025
40,333
-246,064
-699
1,703,488
1,497,058
165,086
1,662,144
Profit for the year
Other comprehensive income
0
0
0
204,986
204,986
5,292
210,278
Exchange rate adjustments in translation of
foreign entities and hyperinflation
0
-25,947
0
0
-25,947
-11,943
-37,890
Changes in fair value of financial
instruments
0
1,113
0
1,113
0
1,113
Actuarial gains/losses on defined benefit
pension schemes
0
0
0
682
682
554
1,236
Recycled to P&L
0
0
-145
0
-145
0
-145
Deconsolidation of Kars Cimento
0
0
0
-14,131
-14,131
-26,911
-41,042
Tax on other comprehensive income
0
0
0
0
0
0
0
Total comprehensive income
0
-25,947
968
191,537
166,558
-33,008
133,550
Transactions with owners
Dividend distributed
0
0
0
-90,169
-90,169
-8,643
-98,812
Transactions with non-controlling interests
0
0
0
7,540
7,540
-3,758
3,782
Total comprehensive income
0
0
0
-82,629
-82,629
-12,401
-95,030
Shareholders' equity at 31 December
2025
40,333
-272,011
269
1,812,396
1,580,987
119,677
1,700,664
Foreign
Aalborg
Non-
currency
Portland
controlling
translation
Hedge
Retained
Holding A/S'
interests'
Share capital
reserve
reserve
earnings
total share
total share
Total equity
Shareholders' equity at 1 January 2024
Comprehensive income in 2024
40,333
-326,687
8,989
1,590,856
1,313,491
166,595
1,480,086
Profit for the year
0
0
0
217,024
217,024
21,016
238,040
Other comprehensive income
Exchange rate adjustments in translation of
foreign entities and hyperinflation
0
80,623
0
0
80,623
2,563
83,186
Changes in fair value of financial
0
0
-3,711
0
-3,711
0
-3,711
Actuarial gains/losses on defined benefit
0
0
0
-2,501
-2,501
-134
-2,635
Recycled to P&L
0
0
-5,941
0
-5,941
0
-5,941
Tax on other comprehensive income
0
0
-36
568
532
74
606
Total comprehensive income
0
80,623
-9,688
215,091
286,026
23,519
309,545
Dividend distributed
0
0
0
-90,097
-90,097
-13,638
-103,735
Transactions with non-controlling interests
0
0
0
-12,362
-12,362
-11,390
-23,752
Total comprehensive income
0
0
0
-102,459
-102,459
-25,028
-127,487
Shareholders' equity at 31 December
40,333
-246,064
-699
1,703,488
1,497,058
165,086
1,662,144
Notes
EUR '000
1
Revenue
2025
2024
Split by product
Sale of grey cement 579,640 605,734
Sale of white cement 402,261 413,466
Sale of ready-mixed concrete 498,902 520,478
Sale of aggregates 82,052 90,883
Other sales* 77,338 56,629
1,640,193 1,687,190
Split by geography
Nordic & Baltic 635,387 621,524
Belgium and France 322,438 335,314
North America 173,952 181,450
Türkiye 321,791 376,855
Egypt 26,098 33,686
Asia Pacific 98,813 104,537
Other 61,714 33,824
1,640,193 1,687,190
2
Cost of sales
2025
2024
Staff costs
125,030
123,231
Raw materials
305,965
315,243
Fuel
167,635
192,606
Electrical energy
107,524
113,816
amortization and depreciation
95,203
96,378
CO2 accruals
27,062
1,405
Other costs
181,684
222,960
1,010,103
1,065,639
3
Research and development costs
2025
2024
Research and development costs paid 3,586 2,174
3,586 2,174
4
Staff costs
2025
2024
Composition of staff costs
Wages and salaries and other remuneration 167,417 166,530
Pension costs, defined benefit scheme -1,348 2,429
Pension costs, defined contribution scheme 13,042 12,510
Social security costs 20,687 20,643
Other staff costs 4,640 5,431
204,438 207,543
The amounts are included in the items:
Cost of sales
125,030
123,231
Sales and distribution costs
36,950
36,750
Administrative expenses
42,458
47,562
204,438 207,543
Number of employees at 31 December 2,942 3,038
Average number of full-time employees 3,029 3,029
Salaries and remunerations 5,932 5,893
Pension contributions 628 622
6,560 6,515
Hereof Board of Directors and Executive Board 484 478
Remuneration of the Board of Directors represents EUR 75k in 2025 (2024: EUR 75k).
Remuneration of the Board of Directors, the Executive Board and other
senior executives
Hereof 118 employees at 31 December 2025 and 120 average full-time employees are included in the pro rata consolidated
company.
All revenue derives from contracts.
* Other sales include concrete pipes, heat, waste processing, etc.
Notes
EUR '000
5
Fees to the auditor appointed by the Annual General Meeting
2025
2024
Total fees to PwC are specified as follows:
Statutory audit 874 728
Other assurance engagements 24 0
Tax and VAT advisory services 0 1
Other services 15 5
913 734
Fees to other auditors 520 589
6
Other operating income and other operating costs
2025
2024
Other operating income
Rent income 1,937 1,689
Profit on sale of property, plant and equipment 5,418 791
Value adjustment, investment property 6,296 15,513
Sale of scrap, spare parts and consumables 784 320
Insurance reimbursment 20,180 90
Other income 7,078 14,815
41,693 33,218
Other operating costs
Loss on sale of property, plant and equipment 65 252
Other costs 1,694 2,817
1,759 3,069
7
Financial income and expenses
2025
2024
Financial income
Interest, cash funds, etc. 9,391 17,595
Interest, Group enterprises 3,272 4,939
Financial income on derivatives 2,559 2,575
Other financial income 0 360
CO2 Financial income 46 59
Exchange rate adjustments 41,190 66,678
56,458 92,206
Interest on financial assets measured at amortized cost 12,663 22,534
Financial expenses
Interest, credit institutions, etc. 10,340 11,116
Interest, Group enterprises 2,457 2,931
Losses on derivatives 2,268 1,656
Ineffective part of hedge 0 800
Exchange rate adjustments 15,434 15,049
Other financial expenses 30,294 36,367
60,793 67,919
Interest on financial liabilities measured at amortized cost 12,797 14,047
8
Income tax
2025
2024
Income tax
Current tax on the profit for the year/joint taxation contribution 75,976 64,064
Deferred tax adjustment 3,225 11,601
Other adjustments, including previous years -356 -1,102
78,845 74,563
Taxes paid
63,123
65,114
According to legislation, the Parent Company is the administrative company of the compulsory Danish joint taxation.
Other income include sale of energy projects and other revenues.
Notes
EUR '000
8
Income tax (continued)
2025
2024
Reconciliation of tax rate
Tax according to Danish tax rate 22.0% 63,607 68,773
Difference in the tax rates applied by non-Danish subsidiaries relative to 22.0% 4,544 4,628
Non-taxable income and non-deductible expenses 11,095 -1,692
Non-taxable profit shares in joint ventures -67 -251
Recognized tax assets (not previously recognized) -5,091 4,147
Other, including adjustments previous years 4,757 -1,042
78,845 74,563
Applicable tax rate for the year
27%
24%
Income tax recognized directly as other comprehensive income
0
-606
Total income tax
78,845
73,957
Payments to authorities
EURk Quarry * Taxes ** Royalty Total
Aalborg Portland A/S, Denmark 1,085 20,289 0 21,374
Unicon A/S, Denmark 41 1,934 0 1,975
Unicon AS, Norway 0 0 0 0
Kudsk & Dahl A/S, Denmark 222 168 0 390
AB Sydsten, Sweden 0 993 0 993
Cimentas AS, Türkiye 1,170 10,471 2,423 14,064
Compagnie des Ciments Belges S.A., Belgium 898 17,114 243 18,255
Compagnie des Ciments France S.A., France 0 981 0 981
Aalborg Portland Malaysia Sdn. Bhd., Malaysia 0 994 206 1,200
Aalborg Portland Australia 0 380 0 380
Sinai White Cement Company Co. S.A.E, Egypt 0 5,577 218 5,795
Aalborg Portland (Anqing) Co. Ltd., China 58 2,957 0 3,015
Aalborg Portland U.S. Inc. 0 500 0 500
Aalborg Cement Company Inc. 0 67 0 67
Lehigh White Cement Company 0 160 0 160
White Cement Company 0 124 0 124
3,474 62,709 3,090 69,273
* Includes payments in relation to use of minerals in the production and other related fees.
All above payments are to central government in each country.
** Taxes include direct and indirect taxes on the Company's income, manufacturing or profit apart from direct and
indirect taxes on consumption.
In accordance with Danish regulations governing payments to authorities in large companies, cf. Section 99(c) of the Danish
Financial Statements Act, the Aalborg Portland Holding Group has made the following payments to authorities in 2025:
The table above does not cover the full tax payment of the Aalborg Portland Holding Group, as this is purely provided in
accordance with Section 99(c) of the Danish Financial Statements Act covering the cement production companies which are in
scope in the specific reporting.
Taxes include payments during 2025, however, it included over/under payments from previous years.
Notes
EUR '000
9
Intangible assets
Goodwill
Concessions,
licenses and
trademarks
Other
intangible
assets
Intangible
assets in
development Total
Cost at 1 January 2025
231,370
33,058
315,623
1,951
582,002
Exchange rate adjustments -43,184 -3,658 -14,271 0 -61,113
Additions from acquisitions
0 0 1,304 0 1,304
Additions 0 0 18,082 3,680 21,762
Disposals -798 0 0 0 -798
Effect of hyperinflation, IAS29 30,135 631 1,335 0 32,101
Sale of Kars Cimento 0 0 -341 0 -341
Other adjustments/reclassifications -18 0 3,443 -4,037 -612
Cost at 31 December 2025 217,505 30,031 325,175 1,594 574,305
Amortization and impairment at 1 January 2025
33
6,617
152,077
0
158,727
Exchange rate adjustments -49 -784 -6,452 0 -7,285
Amortization for the year 0 746 14,179 0 14,925
Effect of huperinflation, IAS29 0 611 1,339 0 1,950
Sale of Kars Cimento 0 0 -306 0 -306
Other adjustments/reclassifications 0 0 -2 0 -2
-16 7,190 160,835 0 168,009
Carrying amount at 31 December 2025 217,521 22,841 164,340 1,594 406,296
Goodwill
Concessions,
licenses and
trademarks
Other
intangible
assets
Intangible
assets in
development Total
Cost at 1 January 2024 187,866 29,150 294,400 1,565 512,981
Exchange rate adjustments 5,434 972 5,820 0 12,226
Additions from acquisitions 0 0 2,142 0 2,142
Additions 9,532 0 12,780 931 23,243
Disposals -798 0 0 0 -798
Effect of hyperinflation, IAS29 29,336 2,936 1,910 0 34,182
Other adjustments/reclassifications 0 0 -1,429 -545 -1,974
Cost at 31 December 2024 231,370 33,058 315,623 1,951 582,002
Amortization and impairment at 1 January 2024 232 5,195 134,403 0 139,830
Exchange rate adjustments -199 239 1,694 0 1,734
Amortization for the year 0 790 14,094 0 14,884
Effect of huperinflation, IAS29 0 393 1,886 0 2,279
33 6,617 152,077 0 158,727
Carrying amount at 31 December 2024 231,337 26,441 163,546 1,951 423,275
2025
2024
Amortization during the year is included in the following items:
Cost of sales 777 792
Sales and distribution costs 1,944 1,945
Administrative expenses 12,204 12,147
14,925 14,884
Intangible assets
Amortization and impairment at 31
December 2024
Amortization and impairment at 31
December 2025
Other intangible assets include software licenses, quarry rights, CO2 quotas, development projects incl. process optimization
and licenses for removal of waste, trademarks and customer lists. All items under other intangible assets have definite useful
lives.
Internally generated intangible assets, mainly regarding SAP implementation, amount to EUR 0.0m (2024: EUR 0.0m).
Goodwill is not amortized.
Intangible assets in development are mainly related to process optimization projects. No impairment indications are identified.
30
Notes
EUR '000
9
Intangible assets (continued)
2025
Discount
rates after tax
Terminal
growth rates
Average
increase of
revenue 2026
to terminal
period
Average
EBITDA ratio
2026 to
terminal
period
Nordic & Baltic 6-8% 1% 4-10% 5-15%
China and Malaysia 6-8% 3% 3-4% 14-25%
USA 9% 2% 5% 13%
Egypt 20%
3%
10% 16%
Türkiye 21% 5% 12% 20%
2024
Discount
rates after tax
Terminal
growth rates
Average
increase of
revenue 2025
to terminal
period
Average
EBITDA ratio
2025 to
terminal
period
Nordic & Baltic 5-7% 1% 5-11% 6-14%
China and Malaysia 7-9% 3% 4-6% 17-28%
USA 8% 2% 5% 15%
Egypt 21% 5% 17% 33%
Türkiye 21% 5% 29% 17%
At 31 December 2025, Nordic & Baltic, Türkiye, Egypt, USA and Malaysia/China account for EUR 45.0m (2024: EUR 45.3m),
EUR 142.2m (2024: EUR 152.5m), EUR 0.9m (2024: EUR 0.7m), EUR 26.2m (2024: EUR 29.6m) and EUR 3.2m (2024: EUR
3.3m) respectively, of the consolidated goodwill.
Impairment tests are performed in the 4th quarter each year, based on the budgets and business plans approved by the Board
of Directors. The impairment test for cash-generating units compares the recoverable amount, equivalent to the present value
of expected future free cash flow, with the carrying amount of the individual cash-generating units.
The Aalborg Portland Holding Group performed impairment test on the carrying amount of goodwill at 31 December 2025
based on value in use as in previous years.
Budgets and business plans for the period 2026-2028 are based on specific future business measures, assessing risks in the
key parameters and incorporating these in expected future free cash flows. Projections after 2026 are based on general
expectations. The value for the period after 2028 takes into account the general growth expectations for the cement and ready-
mix industry.
Growth rates are not expected to exceed the average long-term growth rate for the Group's individual geographical segments.
The key assumptions from the impairment tests of goodwill are as follows:
Expected future free cash flow is based on budgets and business plans for the period 2026-2028 and projections for
subsequent years. Key parameters include production capacity (based on current capacity), trend in revenue, EBIT margin and
growth expectations for the years after 2028. The production capacity exceeds the growth expectations to production volumes.
Goodwill
The discount rates applied in calculating the recoverable amounts are after tax, and reflect the interest rate plus specific risks
in the individual geographic segments. The discount rate of Egypt and Türkiye is 20-21% due to the high risk-free interest
caused by the political situation in the countries.
As a result of the impairment test conducted in 2025 by considering the current conditions and generally accepted appraisal
techniques on 31 December 2025 no impairment has been identified.
Notes
EUR '000
9
Intangible assets (continued)
10
Acquisiton and disposal of enterprises
The operations that affected the Group during 2025 are briefly described below.
Transfer of shareholding in KARS CIMENTO AS
Reversal Translation Reserve 12.9
Net sales gain 2.0
Net asset 19.1
Acqusition of assets (NB Beton)
Carrying
amount at
the date of
acquisition
Purchase
price
allocation at
date of
acquisition
Fair Value
at the date
of
acquisition
Intangible assets with a finite useful life
0
2,232
2,232
Property, plant and equipment
4,553
0
4,553
Current tax assets
0
0
0
Inventories
79
0
79
Other current assets/(liabilities)
-382
0
-382
Cash and cash equivalents
0
0
0
Non-current provisions
0
0
0
Other payables
0
0
0
Income taxes tax liabilities
0
-491
-491
Identifiable net assets acquired (A)
4,250
1,741
5,991
Acquisition fee (B)
15,281
Goodwill (B) - (A)
9,290
◦Egypt +/- 0,4%
◦Asia Pacific +/- 0,4%
● A reduction in annual revenue growth with a 10% impact on the EBITDA ratio, all other things being equal, would
not result in the recognition of any impairment loss for all the aforesaid CGUs, except for Türkiye for which the break even
will be reached with an EBITDA ratio reduction of 2%.
● A discount rate fluctation hypothesis (WACC). Specifically, a possible reasonable variation in WACC, at the same
conditions, would not result in the recognition of any significant impairment loss for all the CGUs listed above. The
changes applied to the assumption, based on the peculiarities of the CGU and the macroeconomic environment in which
they operate, are as follows:
●
A reduction of the growth rates of -1%, other things being equal, would not result in the recognition of any significant
impairment loss for all the aforesaid CGUs.
The above tests did not identity any impairment at 31 December 2025.
Taking into account the key assumptions set out above, management performed a sensitivity analyses assuming the following:
◦Nordic & Baltic +/- 0,4%
◦North America +/- 0,4%
◦Türkiye +/- 0.4%
The input assumptions stated in the table above were applied to estimates and forecasts determined by on the basis of past
experience and expected developments in the markets in which the Group operates. The Group constantly monitors
circumstances and events that could lead to impairment losses based on developments in the current economic climate.
On 27 November 2025, the company Kars sold 0.48% of Cimentas (equal to 41,811,841 shares) to Aalborg Portland España
SL. Following the transaction, the shareholding held by AP España in Cimentas increased from 96.69% to 97.17%, for a total
of 8,464,917,252 shares;
On December 1, 2025, 100% of the share capital of Kars Cimento AS was sold to Arkoz Madencilik A.Ş, of which 41.55%
(21,319,440,892 shares) was held by Cimentas.
The transaction resulted in the deconsolidation of the company. The impact recognized in the income statement includes the
gain recorded by the Aalborg Portland Holding Group (amounting to 2.0m EUR), inclusive the release of the cumulative
translation reserve (amounting to 12.9m EUR). The effects of the deconsolidation are presented below:
During the year, with the support of an external consultant, the Company completed the “Purchase Price Allocation” process.
The assets acquired and liabilities assumed were measured for their recognition at fair value and, in addition to the value of the
latter, a higher value of customer relations of approximately EUR 2.2 million was recognized, determined as shown in the table
below:
In 2024, Unicon Denmark A/S entered into a contract for the acquisition of a business unit, relating to RMC's production plant in
Denmark called Skovby NB. The contract was completed on 12 April 2024. The consideration paid for the acquisition
amounted to EUR 15.3 million (DKK 114 million). The consideration was paid through cash.
As required by IFRS 3, the assets acquired and liabilities assumed were measured for the determination of fair value, the value
of which was included in the value of the equity investment. Since the “Purchase Price Allocation” exercise, carried out with the
support of an external consultant, no assets and/or liabilities subject to fair value adjustment have been identified and therefore
the spread between the price paid and net assets acquired (equal to EUR 1.7 million) has been fully allocated to Goodwill; this
value was therefore accounted for as an increase in the investment value.
32
Notes
EUR '000
10
Acquisiton and disposal of enterprises (continued)
Consideration paid as at 31 December 2024
-15,281
Cash on the date of acquisition
0
Net cash flow as at 31 December 2024 deriving from the acquisition
-15,281
Acquisition of Casa Bayan Sdn Bhd
Carrying
amount at
the date of
acquisition
Purchase
price
allocation at
date of
acquisition
Fair Value
at the date
of
acquisition
Intangible assets with a finite useful life
15
7,499
7,514
Property, plant and equipment
165
-143
22
Other current assets
40
0
40
Non-current provisions
-23
0
-23
Deferred tax liabilities
0
-1,765
-1,765
Identifiable net assets acquired (A)
197
5,591
5,788
Acquisition fee (B)
6,028
Goodwill (B) - (A)
240
Consideration paid as at 31 December 2023
-6,028
Cash on the date of acquisition
0
Net cash flow as at 31 December 2023 deriving from the acquisition
-6,028
The net cash flow deriving from the acquisition is shown in the table below:
On 13 October 2023, Aalborg Portland Holding A/S entered into a contract to acquire the entire share capital of Casa Bayan
Sdn Bhd (“Casa Bayan”), a company that owns a quarry in Malaysia. The above-mentioned contract was finalised on 13
October 2023. The consideration paid for the acquisition amounted to EUR 5.9 million (MYR 30 million). The consideration was
paid through cash.
During 2024, with the support of an external consultant, the Company completed the “Purchase Price Allocation” process.
The assets acquired and liabilities assumed were measured for their recognition at fair value and, in addition to the value of the
latter, a higher value of the Quarry of approximately EUR 5.7 million was recognized, determined as shown in the table below:
The net cash flow deriving from the acquisition is shown in the table below:
Acquisition of 49% of NB Beton ApS
In 2024 Unicon A/S signed the contract for the acquisition of a minority stake, equal to 49%, in NB Beton, a company that owns
a concrete plant in Denmark. The above-mentioned contract was finalised on 12 April 2024. The consideration paid for the
acquisition amounted to EUR 2.7 million (DKK 20 million). The consideration was paid through cash.
For the period between the date of acquisition and 31 December 2024, in light of the fact that the company is a small business,
no significant impact on the group's results has been recognized.
Notes
EUR '000
11
Property, plant and equipment
Land and
buildings
Plant and
machinery
Property,
plant and
equipment
under
construction
Right-of-use
assets
Total
Cost at 1 January 2025 720,806 1,687,582 128,673 208,067 2,745,128
Exchange rate adjustments -63,384 -181,225 -1,693 -9,155 -255,457
0 -27 0 0 -27
Additions 2,248 22,691 65,127 21,275 111,341
Disposals -3,450 -49,698 -171 -33,583 -86,902
Sale of Kars Cimento -23,156 -67,655 -119 0 -90,930
Effect of hyperinflation, IAS29 45,701 132,507 -92 -1,367 176,749
Other adjustments/reclassifications 27,542 78,352 -106,675 -1,835 -2,616
Cost at 31 December 2025 706,307 1,622,527 85,050 183,402 2,597,286
339,585 1,299,039 25 120,646 1,759,295
Exchange rate adjustments -34,221 -159,112 -6 -5,331 -198,670
Reversed depreciation on disposals -3,099 -49,554 0 -32,028 -84,681
Depreciation for the year 14,399 78,445 0 33,160 126,004
Effect of hyperinflation, IAS29 26,372 109,479 0 -1,358 134,493
Sale of Kars Cimento -19,076 -64,352 0 0 -83,428
Other adjustments/reclassifications 155 -153 0 -104 -102
324,115 1,213,792 19 114,985 1,652,911
Carrying amount at 31 December 2025 382,192 408,735 85,031 68,417 944,375
2025
2024
Depreciation, land and buildings 3,235 3,189
Depreciation, plant and machinery 32,357 34,980
Interest on lease liabilities 4,666 4,809
Short-term leases 2,819 3,221
Lease of low value assets 245 232
Total amounts recognized in the income statement regarding leases
43,322
46,431
Variable lease payments may depend on an index, a rate or other elements. Variable lease payments that depend on an index
or a rate are included in the initial measurement of the lease liability using the index/rate at the lease commencement date.
Variable lease payments not based on an index or a rate are recognized as in expense in the income statement as incurred.
Additions from acquisitions
Depreciation and impairment at 1 January
2025
Depreciation and impairment at 31
December 2025
Notes
EUR '000
11
Property, plant and equipment (continued)
Land and
buildings
Plant and
machinery
Property,
plant and
equipment
under
construction
Right-of-use
assets
Total
Cost at 1 January 2024 664,752 1,498,242 95,176 175,199 2,433,369
Exchange rate adjustments -13,897 -49,091 -2,384 828 -64,544
1,206 1,313 0 0 2,519
Additions 4,044 21,402 93,005 43,980 162,431
Disposals -1,154 -15,645 -3 -14,484 -31,286
Effect of hyperinflation, IAS29 58,629 179,710 793 2,457 241,589
Reclassifications 7,226 51,651 -57,914 87 1,050
Cost at 31 December 2024 720,806 1,687,582 128,673 208,067 2,745,128
301,311 1,131,779 26 94,814 1,527,930
Exchange rate adjustments -7,738 -44,897 -1 676 -51,960
Reversed depreciation on disposals -1,153 -15,536 0 -13,049 -29,738
Depreciation for the year 13,697 76,067 0 36,593 126,357
Effect of hyperinflation, IAS29 33,308 152,921 0 1,752 187,981
Other adjustments/reclassifications 160 -1,295 0 -140 -1,275
339,585 1,299,039 25 120,646 1,759,295
Carrying amount at 31 December 2024 381,221 388,543 128,648 87,421 985,833
2025 2024
Depreciation during the year is included in the following items:
Cost of sales 94,005 94,844
Sales and distribution costs 26,076 24,492
Administrative expenses 5,923 7,021
126,004 126,357
Depreciation and impairment at 1 January
2024
Depreciation and impairment at 31
December 2024
The Group is not exposed to any significant future cash outflows that are not reflected in the measurement of lease liabilities.
Residual value guarantees that are expected to be paid are included in the initial measurement of the lease liability. Reference
is made to note 21.
Additions from acquisitions
No changes are made in significant accounting estimates regarding property, plant and equipment.
At 31 December 2025, and 2024, there is no indication of impairment on tangible assets.
Notes
EUR '000
12
Investment properties
2025
2024
Fair value at 1 January 103,696 70,316
Exchange rate adjustments -28,257 -7,812
Disposals 0 -2,052
Unrealized fair value adjustment (other operating income) 6,296 15,513
Effect of hyperinflation, IAS29 23,328 27,731
Fair value at 31 December 105,063 103,696
13 Other non-current assets
Cost at 1 January 2025
909
216
885
22,273
24,283
Exchange rate adjustments -1 0 -67 -2,915 -2,983
Additions 0 0 194 1,880 2,074
Disposals 0 0 -100 0 -100
Decrease 0 0 0 -1,008 -1,008
Sale of Kars Cimento 0 0 -5 -666 -671
Effect of hyperinflation, IAS29 0 0 33 586 619
Change offset in provision for deferred tax 0 0 0 -86 -86
Cost at 31 December 2025 908 216 940 20,064 22,128
Adjustments at 1 January 2025
2,185
6,826
0
0
9,011
Exchange rate adjustments -4 131 0 0 127
Profit shares 74 307 0 0 381
Dividends for the year -62 0 0 0 -62
Adjustments at 31 December 2025 2,193 7,264 0 0 9,457
Carrying amount at 31 December 2025 3,101 7,480 940 20,064 31,585
Cost at 1 January 2024
0
216
1,020
26,679
27,915
Exchange rate adjustments 0 0 -210 279 69
Additions 909 0 30 3,930 4,869
Decrease 0 0 0 -412 -412
Fair value adjustment 0 0 0 -300 -300
Effect of hyperinflation, IAS29 0 0 45 -8,421 -8,376
Change offset in provision for deferred tax 0 0 0 518 518
Cost at 31 December 2024
909
216
885
22,273
24,283
Adjustments at 1 January 2024 0 6,313 0 0 6,313
Exchange rate adjustments 143 -143 0 0 0
Profit shares 270 884 0 0 1,154
Dividends for the year 0 -228 0 0 -228
Goodwill equity investments 1,772 0 0 0 1,772
Adjustments at 31 December 2024
2,185
6,826
0
0
9,011
Carrying amount at 31 December 2024
3,094
7,042
885
22,273
33,294
The fair value of the investment properties has been determined by external, independent property valuers with appropriate
professional qualifications and relevant experience in valuing similar properties in the same geographical areas.
Other non-current assets mainly relate to VAT receivable and deposits.
Other non-current assets mainly relate to VAT receivable and deposits.
Deferred tax
assets Total
The fair value is determined using a market approach, whereby representative comparable sales in the surrounding
neighbourhoods are identified.
Investment properties mainly comprise several commercial land plots in Türkiye that are not used by the Group but are held for
capital appreciation. No rental income is generated from land.
Other
non-current
assets
Investments
in associates
Investments
in associates
Investments
in joint
ventures
Other
non-current
assets
Deferred tax
assets Total
Investments
in joint
ventures
The fair value measurement of the investment properties is categorised as Level 2 in the fair value hierarchy.
The average prices of these comparable transactions are then adjusted for differences in location and other relevant factors to
derive the fair value of the investment properties.
Notes
EUR '000
13
Other non-current assets (continued)
Investments in subsidiaries with significant non-controlling interests
2025 2024 2025 2024
Revenue
49,173
50,221
51,935
47,550
Profit for the year
- attributable to owners of the parent 1,366 1,727 1,008 1,081
- attributable to non-controlling interests 585 740 1,378 1,444
1,951
2,467
2,386
2,525
Other comprehensive income (expense) -1,735 4,602 2,200 -954
Total comprehensive income (expense)
216
7,069
4,586
1,571
Assets
Non-current assets 24,069 25,585 22,066 21,861
Current assets 50,678 51,059 27,049 26,486
74,747
76,644
49,115
48,347
Liabilities
Non-current liabilities 1,823 2,042 12,993 13,558
Current liabilities 14,058 13,528 13,421 13,689
15,881
15,570
26,414
27,247
Net assets
- attributable to owners of the parents 41,206 42,752 10,612 9,857
- attributable to non-controlling interests 17,660 18,322 12,089 11,243
58,866
61,074
22,701
21,100
Cash flow from operation 8,011 8,156 7,128 8,941
Dividends paid to non-controlling interests 727 730 1,662 1,481
2025 2024 2025 2024
Revenue
48,022
46,264
154,518
160,927
Profit for the year
- attributable to owners of the parent 7,115 30,341 6,452 9,011
7,115
30,341
6,452
9,011
Other comprehensive income (expense) -3,911 -24,806 -15,100 8,360
Total comprehensive income (expense)
3,204
5,535
-8,648
17,371
Assets
Non-current assets 17,866 17,003 144,016 172,307
Current assets 80,532 80,908 124,643 143,013
98,398
97,911
268,659
315,320
Liabilities
Non-current liabilities 8,101 10,063 21,185 26,684
Current liabilities 15,865 10,108 24,700 26,371
23,966
20,171
45,885
53,055
Net assets
- attributable to owners of the parents 71,835 75,027 140,903 165,856
- attributable to non-controlling interests 2,597 2,713 81,871 96,409
74,432
77,740
222,774
262,265
Cash flow from operation -4,351 12,464 25,944 20,980
Dividends paid to non-controlling interests 0 3,399 0 7,234
Sydsten Group
Sinai White Portland Cement
Co S.A.E.
Aalborg Portland Malaysia
Group
Lehigh White Cement
Company
Notes
EUR '000
14
Investments in associates
2025
2024
Summary of financial information from associates:
Revenue 6,025 7,364
Profit for the year 66 550
Total assets 3,424 3,349
Total liabilities 952 944
Share of profit for the year after tax 32 270
15
Investments in joint ventures
2025
2024
Summary of financial information from joint ventures:
Revenue 53,165 48,418
Profit for the year 432 1,798
Total assets 30,524 29,415
Total liabilities 20,084 12,879
Share of profit for the year after tax 239 884
Significant joint ventures
16
Deferred tax assets and deferred tax liabilities
2025
2024
Change in deferred tax in the year
Deferred tax at 1 January 150,684 131,654
Exchange rate adjustments -12,818 -5,825
Adjustments, previous years via income statement 1,394 2,096
Additions from acquisition of interests -12 476
Movements via income statement
3,233
-2,770
The year's movements in comprehensive income
274
-808
Effect of hyperinflation, IAS29
9,512
23,652
Sale of Kars Cimento
-85
0
Other adjustments 708 2,209
Deferred tax liabilities at 31 December, net
152,890
150,684
Deferred tax is presented in the balance sheet as follows:
Deferred tax liabilities 172,954 172,957
Deferred tax assets 20,064 22,273
Deferred tax liabilities at 31 December, net
152,890
150,684
2025 2024 2025 2024
Intangible assets 0 0 32,041 28,611
Property, plant and equipment 285 -963 81,102 79,198
Investment properties 0 0 17,814 13,175
Other non-current assets 11,462 13,014 19,862 22,832
Current assets 180 259 11,395 12,905
Provisions 987 335 1,040 -726
Non-current and current liabilities 359 625 -248 -442
Tax loss carry-forwards 6,812 5,995 6,045 4,815
Effect of hyperinflation -21 3,008 3,903 12,589
Deferred tax at 31 December
20,064
22,273
172,954
172,957
Tax loss carry-forwards mainly relate to Cimentas Group, CCB Group and US Group. As a result of expected future earnings
there is a reasonable probability that the losses will be realised in a foreseeable future.
The associates have no major contingent liabilities and the Group's maximum liabilities to the associates do not exceed the
equity value of the associates.
For a list of associates, reference is made to page 81.
For a list of joint ventures, reference is made to page 81.
The joint ventures have no major contingent liabilities and the Group's maximum liabilities to the joint ventures do not exceed
the equity value of the joint venture.
The group no longer owns any significant joint ventures.
Deferred tax assets Deferred tax liabilities
Notes
EUR '000
17
Inventories
2025
2024
Raw materials and consumables 108,727 114,125
Work in progress 77,569 57,697
Finished goods 53,123 55,700
Prepayments of goods 696 617
Inventories at 31 December
240,115
228,139
18
Trade receivables, other receivables and prepayments
2025 2024
Development in provisions for impairment on trade receivables:
Provision for impairment losses at 1 January
2,872
3,442
Exchange rate adjustments -192 -86
Provision for impairment in the year 427 92
Realised in the year -177 -576
Provision for impairment at 31 December
2,930
2,872
19
Provisions for pensions and similar commitments
2025 2024
Present value of defined benefit schemes
54,929
59,055
Market value of the assets comprised by the schemes 37,672 36,301
Long-term incentive plan obligations 381 603
Net liability recognized in the balance sheet
17,638
23,357
Present value of defined benefit schemes at 1 January 59,055 54,640
Exchange rate adjustment -462 750
Actuarial gains/losses recognized in other comprehensive income -1,041 2,574
Deduction from sale of Kars Cimento -264 0
Costs -1,298 1,953
Net interest 1,646 2,081
Payments -2,707 -2,943
Present value of defined benefit schemes at 31 December
54,929
59,055
Market value of the assets comprised by the schemes at 1 January 36,301 35,081
Exchange rate adjustment -18 -196
Payments 89 298
Net interest 1,103 1,293
Actuarial gains/losses recognized in other comprehensive income
197
-175
Market value of the assets comprised by the schemes at 31 December
37,672
36,301
Stated as liabilities (provision for pension)
17,257
22,754
Amounts taken to the income statement
Pension costs are included in:
Cost of sales 7,995 7,655
Sales and distribution costs 3,234 3,139
Administrative expenses 464 4,143
11,693
14,937
Write-down of inventories of spare parts amounts to EUR 5.1m (2024: EUR 4.1m). Reversal of write-downs recognized in the
income statement is EUR -1.0m (2024: EUR 1.4m).
Prepayments comprise prepaid rent and insurance, etc.
All trade receivables are due within one year.
As was the case last year, there are no significant inventories of cement and aggregates carried at net realizable value.
Collateral has been received regarding trade receivables, in total EUR 52.2m (2024: EUR 62.4m).
All pension schemes incumbent on the Danish Group enterprises are contribution plans. The pension liabilities of certain foreign
subsidiaries are also funded through insurance plans. Foreign subsidiaries, primarily in Türkiye, Sweden, Norway, Malaysia,
Belgium and France, whose pension liabilities are not - or only partially - funded through insurance plans state the unfunded
liabilities on an actuarial basis at the present value at the balance sheet date. These pension liabilities are partly covered by
assets in pension funds. The Group’s defined benefit plans were EUR 17.6m underfunded at 31 December 2025 (2024: EUR
23.4m) for which a provision has been made as pension liabilities.
Impairment and write-offs included in PL amount to EUR 0.3m (2024: EUR 0.3m)
The actuarial result for the year at EUR -1.2m (2024: EUR 2.6m) is recognized in the statement of comprehensive income.
Provision for impairment on trade receivables and loss percentages are specified in note 30.
The carrying amount essentially corresponds to fair value.
Other receivables include energy taxes and VAT, etc.
Notes
EUR '000
19
Provisions for pensions and similar commitments (continued)
0-4% 0-4%
2-4% 2-4%
20
Provisions
2025
2024
Provisions at 1 January 29,728 28,924
Exchange rate adjustment -1,626 -628
Additions in the year 2,398 3,941
Actuarial gains/losses recognized in other comprehensive income 2 -114
Used in the year -1,206 -2,209
Reversal -1,786 -186
Sale of Kars Cimento -303 0
Provisions at 31 December
27,207
29,728
Recognized in the balance sheet as follows:
Stated as non-current liabilities 24,970 24,952
Stated as current liabilities 2,237 4,776
27,207
29,728
Maturities for other provisions are expected to be:
Falling due within one year 2,237 4,776
Falling due between one and five years 3,336 3,115
Falling due after more than five years 21,634 21,837
27,207
29,728
21
Credit institutions and other borrowings
2025 2024
Mortgage loan 2028-2037 Variable 76,451 106,417
Lease liability 2026-2099 Variable 66,718 82,140
Trade payables 2026 - 348,115 359,950
491,284
548,507
Year of
maturity
Fair value of the mortgage loan amounts to EUR 77.1m (2024: EUR 106.1m). Other fair values do not significally deviate from
the carrying amount.
In 2025, the Group expects payment of EUR 6.0m to the defined benefit schemes.
The most significant actuarial assumptions at the balance sheet date are as follows:
All assets comprised by the schemes are managed by pension providers in collective pool schemes.
The assets of the pension scheme are attributable to Belgium and Norway. In Norway the assets are mainly invested in listed
securities.
The actuarial change of the year is mainly due to changes in experience adjustments and other financial assumptions.
The main part of the provision for pension and similar commitments fall due after 5 years.
Carrying
amount
Carrying
amount
Fixed/
variable
Costs for re-establishment of chalk, gravel and clay pits are mainly paid when finishing an excavation or when moving out from
leases. No considerable payments are expected in 2025.
Discounting rate applied
Expected return on tied-up assets
Provisions for liabilities due after more than five years mainly include liabilities regarding re-establishment of chalk, gravel and
clay pits and demolition liabilities for buildings and terminals with no decision made regarding closure.
Compared to the consolidated financial statements a probable change of the actuarial assumptions is not deemed to cause
significant effect on the liabilities, and therefore a sensitivity analysis has not been prepared.
The fair value corresponds to the nominal outstanding debt.
Provisions mainly include re-establishment of chalk, gravel and clay pits at EUR 19.0m (2024: EUR 19.2m), demolition
liabilities for buildings and terminal on rented land at EUR 2.6 m (2024: EUR 2.1m), warranties and claims at EUR 0.5m (2024:
EUR 0.9m) as well as other provisions at EUR 5.1m (2024: EUR 7.5m).
Additions in the year include liabilities regarding warranties and claims, re-establishment of chalk, gravel and clay pits,
demolition liabilities, litigations and other provisions.
Use in the year mainly relates to re-establishment, warranties and claims and reorganistion liabilities.
Notes
EUR '000
21
Credit institutions and other borrowings (continued)
31 December 2025:
Mortgage loan 65,767 10,684 76,451 33,075
Lease liability 46,020 20,698 66,718 5,124
Trade payables 0 348,115 348,115 0
111,787
379,497
491,284
38,199
Specification of contractual cash flows incl. interest:
Mortgage loan 73,119 12,961 86,080 34,177
Lease liability 46,020 20,698 66,718 5,124
Trade payables 0 348,115 348,115 0
119,139
381,774
500,913
39,301
31 December 2024:
Mortgage loan 91,301 15,116 106,417 39,992
Lease liability 53,587 28,553 82,140 5,867
Trade payables 0 359,950 359,950 0
144,888
403,619
548,507
45,859
Specification of contractual cash flows incl. interest:
Mortgage loan 100,981 18,853 119,834 41,071
Lease liability 55,943 32,846 88,789 5,867
Trade payables 0 359,950 359,950 0
156,924
411,649
568,573
46,938
22 Change in liabilities from financing
Liabilities from financing at 1 January 2025
91,395
58,872
91,859
14,541
256,667
Proceeds from loans and borrowings
0
6,043
0
0
6,043
Repayment of borrowings
-25,067
-6,125
0
0
-31,192
Payment of leases
0
0
-29,931
0
-29,931
Total changes from financing cash flows
-25,067
-82
-29,931
0
-55,080
Exchange rate effect -117 -4,265 -3,491 -14 -7,887
Fair value adjustments
0
0
0
-9,534
-9,534
Non-cash movements
-444
0
15,764
58
15,378
65,767 54,525 74,201 5,051 199,544
Liabilities from financing at 1 January 2024
106,147
50,834
81,238
10,208
248,427
Proceeds from loans and borrowings
0
7,817
0
0
7,817
Repayment of borrowings
-15,124
-1,919
0
0
-17,043
Payment of leases
0
0
-27,358
0
-27,358
Total changes from financing cash flows
-15,124
5,898
-27,358
0
-36,584
Exchange rate effect
-72
2,140
266
-5
2,329
Fair value adjustments
0
0
0
6,160
6,160
Non-cash movements
444
0
37,713
-1,822
36,335
91,395 58,872 91,859 14,541 256,667
Please see note 11 for further information regarding leases.
Lease liability
Derivative
financial
instruments
Current credit
instiutions
Non-current
credit
institutions
Non-current
credit
institutions
According to the leases there are no contingent rentals.
The carrying amount of leases is presented in note 11.
Liabilities from financing at 31 December
2025
Liabilities from financing at 31 December
2024
Lease liability
Derivative
financial
instruments Total
Payment of interest is estimated and based on the present market conditions.
The maturity analysis is based on all undiscounted cash flows including estimated payment of interest.
Maturity of derivatives is disclosed in note 30.
Non-current
borrowings
(>1 year)
Current
borrowings
(0-1 year) Total
Maturity
> 5 years
Non-current
borrowings
(>1 year)
Current credit
institutions
The Group's debt to credit institutions and lease obligations have been recognized and fall due as follows:
Current
borrowings
(0-1 year)
Total
Maturity
> 5 years
Total
Notes
EUR '000
23
Deferred income
Expected recognition of deferred income: 2025 2024
Within one year 1,298 8
Between one and five years 3,000 1
After more than five years 15,108 0
19,406
9
24
Other payables
25
Charges and securities
Property, plant and equipment 103,531 76,451 105,277 106,066
103,531
76,451
105,277
106,066
26
Contingent liabilities, contractual obligations and contingent assets
Contingent liabilities
Contractual obligations
2025 2024
Guarantees
Performance guarantees 4,824 6,780
Other guarantees, etc. 7,543 17,539
12,367
24,319
27
Related party transactions
2025 2024
Transactions with Cementir Holding N.V.:
- Revenue 316 303
- Intra-group management and administration agreements and royalties 8,637 8,649
- Financial items, net -1,998 -2,433
- Financial receivables 0 58
- Financial payables 32,307 37,536
- Trade payables 77 358
- Tax payables 18,066 13,825
Transactions with joint ventures:
Transactions with other related parties (companies in the parent Group)
- Financial receivables 275,048 212,202
- Financial payables 9,158 10,102
- Financial items, net 2,813 4,442
Related parties with significant influence in the Aalborg Portland Holding Group:
- Cementir España S.L., Calle General Yagüe, Num. 13, 28020 Madrid, Spain
Related parties with significant influence in the Aalborg Portland Holding Group comprise the enterprises' Board of Directors
and Management together with family related to these persons. Furthermore, related parties comprise enterprises in which the
above-mentioned persons have significant interests.
Furthermore, related parties include joint ventures, cf. page 81.
- Cementir Holding N.V., Zuidplein 36, 1077 XV Amsterdam, The Netherlands
- Caltagirone S.p.A., Via Barberini, 28, 00187 Rome, Italy
The Group is involved in a few disputes, lawsuits, etc. of various scopes, including a few tax disputes in some countries. No
significant liabilities are considered to be incumbent on the Group in that respect, and the outcome of the disputes is not
expected to have significant impact on the Group's financial position beyond what has been recognized in the balance sheet.
Other guarantees in 2025 relate to guarantees given to suppliers of goods and services, mainly in Türkiye.
Carrying
amount of
mortgaged
assets
Debt
regarding
mortgaged
assets
Carrying
amount of
mortgaged
assets
Debt
regarding
mortgaged
assets
Remuneration of the Board of Directors and the Management is presented in note 4.
No losses on loans to or receivables from related parties were recognized, nor provisions made for such in 2025 or 2024.
Deferred income relates to income from business agreement, etc., which is expected to be recognized as follows:
Other current payables include holiday pay liabilities, taxes and public indirect taxes, interest payable and dividends payable to
non-controlling interests.
2025 2024
At 31 December 2025, the Group has contractual obligations, including aquisition of raw materials etc. of EUR 5.5m. In 2024
the Group had contractual obligations of EUR 14.3m.
Regarding contractual obligations related to acquisition of non-current assets reference is made to note 11.
Notes
EUR '000
28
Shares and capital structure
29
Financial assets and liabilities
2025
2024
Assets
Financial receivables from third parties 6,026 17,275
Cash and cash equivalents 634,957 587,266
Other financial assets 15,800 2,406
Financial assets measured at amortized cost
656,783
606,947
Derivatives 3 58
Financial assets measured at fair value through other comprehensive income
3
58
Total financial assets
656,786
607,005
Liabilities
Loans 83,005 106,597
Cash and cash equivalents 9,158 10,103
Payables for leased assets 69,916 87,693
Other financial liabilities 32,414 37,733
Financial liabilities measured at amortized cost
194,493
242,126
Derivatives 5,051 14,541
Financial liabilities measured at fair value through other comprehensive income
5,051
14,541
Total financial liabilities
199,544
256,667
Net interest-bearing debt
-457,242
-350,338
30
Financial risks and financial instruments
31
Türkiye - hyperinflated economy: Impacts of the application of IAS 29
32
Post-balance sheet events
33
Estimation on uncertainties and judgements
34
Accounting policies
The share capital in 2025 and 2024 consists of:
1 share at DKK 150m
1 share at DKK 60m
2 shares at DKK 30m each
1 share at DKK 15m
5 shares at DKK 3m each
Dividends distributed to shareholders in 2025 were EUR 90.2m (2024: EUR 90.1m).
All shares are fully issued and paid up. One share of DKK 1,000 holds one vote.
Notes
30 Financial risks and financial instruments
Risk management policy
As a result of its international operations, investments and financing, the Group is exposed to a number of financial risks, in-
cluding market risks, liquidity and credit risks.
Market risks Liquidity risks Credit risks
Risks that the fair value of or fu-
ture cash flows from a financial
instrument will fluctuate due to
rechanges in market prices.
Risks that the Group will en-
counter difficulties in meeting
obligations associated with fi-
nancial liabilities.
Risks that a counterparty of a fi-
nancial instrument is unable to
fulfil its obligations and thereby
inflict a loss to the Group.
The Group's Finance & Treasury is in charge of the overall risk management in accordance with the principles adopted by the
Board of Directors.
The Group policy is not to engage in any active speculation in financial risks. The Group's financial management is thereby
solely directed towards the management and reduction of financial risks arising directly from the Group's commercial opera-
tions, investments and financing.
Market risks
Currency risks Interest rate risks Raw material price risks
Arise due to purchase and sale
transactions as well as financial
assets and liabilities in curren-
cies other than the functional
currency of the individual Group
business.
Refer to the influence of
changes in market interest rates
on future cash flow relating to
the Group’s interest-bearing as-
sets and liabilities and the fair
value of these.
Refer to the influence of
changes in raw material prices,
which are not related to currency
risks or interest rate risks.
Currency risks
Hedging is assessed and taken out in close co-operation with the parent company.
For the hedging of currency risks, the Group analyses realized and expected cash flows broken down by currencies. The
Group does not hedge the currency risk between EUR/DKK due to the Danish fixed-exchange-rate policy aimed at the EUR.
Risks relating to purchases and sales
The ready-mixed concrete activities of the Group are less exposed to changes in exchange rates, as the main part of both in-
come and costs are settled in local currency. The Overseas cement activities of the Group enjoy a high degree of exports, and
the settlement thereof is made in various sales currencies, and therefore, these units are affected by changes in exchange
rates. The Turkish cement operations are mainly based on transactions in local currency. Revenue from the Group's Nordic &
Baltic activities and the purchases by this segment are denominated in several currencies. Accordingly, these activities are
also exposed to changes in exchange rates.
The Group's currency risks are primarily hedged by the settlement of income and costs in the same currency and by use of
derivative financial instruments. Investments in Group enterprises are not hedged.
The Group's most predominant currency exposure regarding the results arises from sales and purchases in CNY, USD, SEK,
PLN and NOK. A 10% drop in these exchange rates compared to EUR/DKK would, viewed separately, reduce the result by
EUR 1.1m (CNY amounts to EUR -2.2m, USD amounts to EUR 0.3m, SEK amounts to EUR 0.2m, PLN amounts to EUR 1.3m
and NOK amounts to EUR 1.5m) (2024: EUR 2.2m (CNY amounted to EUR -2.7m, USD amounted to EUR 0.3m, SEK
amounted to EUR 0.4m, PLN amounted to EUR 2.0m and NOK amounts to EUR 2.1m)). The sensitivity surrounding Group
equity is not materially different from the impact on the operating results for the year.
The Group entered into a swap agreement (hedge accounting) with a termination date in 2030, where both currency risk and
interest risk have been hedged.
Notes
The fair value liability is included in a separate line item in the balance sheet "Derivative financial instruments”.
The ineffective part is recognized as financial income.
2025:
2024:
Risks relating to net financing
The Group's most important currency risks arising from receivables and payables in foreign currencies at 31 December 2025
relate to the following currencies: EUR, USD, GBP, TRY, NOK and SEK. If these currencies (apart from EUR) had been 10%
down at 31 December, Group equity would be affected by a negative exchange rate adjustment of EUR 1.4m (2024: EUR
1.0m). An increase of currencies would have had a similar negative effect on equity.
Translation risks relating to net investments in subsidiaries
The Group income statement and equity are affected by changes in the exchange rates as the closing results of the foreign
Group enterprises are translated into Danish kroner at the consolidation.
Hedging of currency risk is not performed for net assets (equity) in foreign subsidiaries. Gains and losses relating to net assets
in foreign subsidiaries are accounted directly in equity.
With regard to investments in foreign enterprises, Group equity at 31 December 2025 would have been reduced by EUR
79,7m (2024: EUR 85.0), if the NOK, SEK, USD, CNY, MYR, EGP, PLN, ISK and TRY exchange rates had been 10% down
on the actual exchange rates. Other currency risks arising from investments in foreign entities are immaterial.
Assumptions of sensitivity analysis
The sensitivities are stated on the assumption of unchanged sales and price levels and interest levels, and on the assumption
of recognized assets and liabilities at 31 December 2025.
Forward contracts regarding future transactions
Apart from the above the Group does not comply with the conditions for taking out hedge accounting of future cash flows from
the sale of goods. In terms of the hedging of future investments, the Group assesses in each case whether these comply with
the conditions for hedge accounting.
No Group forward contracts at 31 December 2025 or at 31 December 2024.
Interest rate risk
Owing to the Group's investment and financing activities the Group has exposure to interest rate changes in both Denmark and
abroad. The primary interest-rate exposure is related to fluctuations in CIBOR, LIBOR and EURIBOR.
The Group has floating and fixed loans. The Group's loans at 31 December 2025 came in at EUR 76,5m, 100 % thereof fi-
nanced by floating rate loans. At 31 December 2024 loans were EUR 139.1m (accounting for 76% floating rate loans).
With regard to the Group's floating rate loans and cash equivalents, an annual 1% increase in the interest level in proportion to
the actual interest rates would, other things being equal, have had an adverse hypothetical negative impact on the profit before
tax of EUR 0.8m (2024: EUR 1.1m) and on equity of EUR 0.6m (2024: EUR 0.8m). A declining interest level would have had a
corresponding positive impact on result and equity.
The Group's cash is placed on demand or time deposits with a maturity of up to 3 months.
The sensitivities stated are based on average financial assets and liabilities for the year.
Notes
Raw material price risks
The Group uses a number of raw materials in the manufacture of the Group's products, which expose the Group to a price risk,
i.a. especially different fuels and electricity. The Group enters into fixed price contracts for some raw materials.
Liquidity risks
According to the Group borrowing policy, the Group will ensure the highest possible flexibility by maintaining a capital structure
with a strong equity financing. At Group level, there are on-going assessments and management of liquidity risk by maintaining
adequate cash reserves/loan facilities based on follow-up on and forecast of cash flow compared with the maturity/repayment
profiles related to the Group's financial instruments.
The Aalborg Portland Holding Group is included in the Cementir Group's overall management of financial risks.
The Group's liquidity reserve consists of non-tied-up cash and undrawn credit facilities signed by Cementir Holding. The Man-
agement is of the opinion that the Group has sufficient liquidity at its disposal to carry through planned investments and operat-
ing activities and to take the proper action in case of unforeseen liquidity shortfalls.
Neither in 2025 nor in 2024 the Group has defaulted or breached any loan agreements.
Regarding maturities of the Group debt, reference is made to note 21.
Based on the Group's expectations for the future operation and the Group's present cash funds, no other significant liquidity
risks have been identified.
Credit risks
The Group's credit risks arise primarily from receivables related to customers, other receivables and cash.
As a consequence of the Group’s credit risk policy, credit rating of all major customers and other trading partners is performed
before contract formation and hereafter continuously. An efficient credit control is important to the Group in the present market.
Management of the credit risks is based on internal credit limits, which are based on the customer's and the counterparties'
creditworthiness, based on both internal and external credit ratings as well as the Group’s experience with the counterparty. If
no satisfactory guarantee is obtained when credit rating the customer/counterparty, payment in advance or separate guarantee
for the sale, e.g. a bank guarantee, will be required.
Due to the market situation, the Nordic companies of the Group have in recent years increased the resources used on follow-
up on customers, which contributes to early warnings of possible risks. As part of the Group’s risk management, the credit ex-
posure of customers and counterparties is monitored daily, weekly or monthly based on individual assessments. Historically
the Group has had relatively small losses due to customers’ or counterparties’ inability to pay.
The credit risk limit of financial assets corresponds to the values recognized on the balance sheet.
No individual customer or co-operator poses any material risk to the Group.
The credit rating of trade receivables is analysed on the basis of the business areas off the Group:
Notes
Receivables from Aalborg Portland activities are attributable to Danish customers and export customers characterised as me-
dium-sized and major customers. The Group is familiar with the Danish customers, who have not been granted long credit
lines. Experience shows that export customers pose a low credit risk.
Regarding the Unicon activities the Group's customers primarily consist of contractors, builders and others, customers posing
a higher credit risk.
Overseas activities are attributable to minor local customers and medium-sized to major customers on a global scale. Credits
are granted in accordance with usual, local trading terms. Credit rating is applied to some types of customers, but experience
shows that customers in Overseas pose a low credit risk.
In Türkiye, there are both dealers and end-users (contractors and other customers) within both the ready-mixed concrete, ce-
ment and waste business. All customers are generally required to provide security for deliveries unless the management has
assessed that there are no significant risks associated with selling to that customer. The waste business sales are only to large
customers. Received collaterals amount to EUR 79.7m at 31 December 2025 (2024: EUR 62.4m).
Trade receivables at 31 December 2025 include receivables of EUR 2.9m (2024: EUR 1.8m), which, based on an individual
assessment, have been written down to EUR 0.0m (2024: EUR 0.0m). The write-downs were generally motivated by the cus-
tomers' bankruptcy or anticipated bankruptcy. When calculating individual write-downs the collaterals received have been
taken into account.
Provision for impairment on trade receivables and loss percentages are specified as follows:
2024:
2025:
Notes
Provision for impairment and loss percentages are specified as follows:
Provision for impairment is higher than expected loss as there has been made a separate assessment of the trade receivables
due above 90 days.
The receivables written down are included at their net amounts in the above-mentioned tables.
Management of capital structure
Group capital management is assessed and adjusted in close co-operation with the parent company. The Aalborg Portland
Holding Group is included in the Cementir Group's overall capital management.
It is the Group's policy that the capital structure and financial gearing of the Group shall at all times reflect the Group's activities
and risk profile, afford sufficient financial latitude to ensure the Group's creditworthiness, and provide flexibility and room for
investments or acquisitions based on the Group strategy.
The distribution of dividends takes place considering the appropriate level of equity and sufficient availability of loan capital to
facilitate the Group's ongoing expansion.
The Group financial gearing between net interest-bearing debt and EBITDA is -1.0 at 31 December 2025 (31 December 2024:
-0.8).
Fair value measurement
Financial instruments measured at fair value are measured on a recurring basis and categorised into the following levels of the
fair value hierarchy:
Level 1: Observable market prices for identical instruments
Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments
Level 3: Valuation techniques primarily based on unobservable prices
Securities and investments measured at fair value through profit/loss are either measured at quoted prices in an active market
for the same type of instrument (level 1) or at fair value based on available data (level 3).
Hedging instruments are not traded on an active market based on quoted prices. Measured instead of using a valuation tech-
nique, where all significant inputs are based on observable market data; such as exchange rates, interest rates, credit risk and
volatilities (level 2).
There have been no transfers between the levels in 2025 or 2024.
Specification of financial assets and obligations
Notes
Methods and assumptions on determination of fair values
In general, fair value corresponds to the carrying value, except for mortgage loans.
Financial instruments related to sale and procurement of goods, etc. with a short credit period are measured at fair value corre-
sponding to the carrying value.
Derivative financial instruments are computed on generally accepted valuation methods based on relevant exchange rates.
The methods used are unchanged compared to 2024.
31 Türkiye - hyperinflated economy: Impacts of the application of IAS 29
As of April 2022, the Turkish economy is considered hyperinflationary according to the criteria set out in “IAS 29-Financial Re-
porting in Hyperinflationary Economies”. For the purpose of preparing these Consolidated Financial Statements and in accord-
ance with IAS 29, certain non-monetary items in the balance sheets of the investee companies in Türkiye and the income
statement items have been remeasured by applying the general consumer price index to historical data, in order to reflect the
changes in the purchasing power of the Turkish Lira at the balance sheet date of these companies.
Bearing in mind that the Cementir Group acquired control of the Turkish companies in September 2001, and that they applied
hyperinflation until 31 December 2004, the re-measurement of the non-monetary balance sheet data of these companies' fi-
nancial statements was carried out by applying inflation indices from that date.
The cumulative levels of the general consumer price indices are as follows:
From 1 January 2005 to 31 December 2024: 2,258%
From 1 January 2025 to 31 December 2025: 31%
The accounting effects of this adjustment, in addition to already being reflected in the opening balance sheet as of 1 January
2025, incorporate the changes for the period. In particular, the effect related to the re-measurement of non-monetary assets
and liabilities, equity items, and income statement items recognized in 2025 was recognized in a separate income statement
item under financial income and expenses. The related tax effect of non-cash assets and liabilities was recognized in taxes for
the period.
To take into account the impact of hyperinflation also on the local currency exchange rate, profit and loss account balances
expressed in hyperinflationary currencies have been converted into euro, the Cementir Group's presentation currency, apply-
ing the exchange rate at the end of the period instead of the average exchange rate for the period, in line with IAS 21's require-
ment to report these amounts at current values.
In 2025, the application of IAS 29 resulted in the recognition of a net financial charge (pre-tax) of EUR 6.4 million.
The impact of hyperinflation in 2025 is reported, which includes the valuation of non-industrial real estate in Türkiye in the
amount of approximately EUR 6.3 million (EUR 15.5 million in 2024):
Notes
(EUR'000)
Cumulative
IAS 29*
Cumulative
IAS 21**
Total Effect
REVENUE FROM SALES AND SERVICES 32,277 (36,373)
(4,096)
Change in inventories (2,101) (20) (2,121)
Increase for internal work and other income 9,582 (12,132) (2,550)
TOTAL OPERATING REVENUE 39,758 (48,525) (8,767)
Raw materials costs (25,603) 20,232 (5,371)
Personnel costs (3,345) 3,332 (13)
Other operating costs (6,578) 6,266 (312)
TOTAL OPERATING COSTS (35,526) 29,830 (5,696)
EBITDA 4,231 (18,695) (14,463)
Amortisation, depreciation, impairment losses and provisions (12,842) 1,045 (11,797)
EBIT (8,611) (17,649) (26,260)
Net financial income (expense) (4,403) (144) (4,547)
NET FINANCIAL INCOME (EXPENSE) (4,403) (144) (4,547)
PROFIT BEFORE TAXES (13,014) (17,794) (30,808)
Income taxes (7,747) 6,471 (1,276)
PROFIT (LOSS) FROM CONTINUING OPERATIONS (20,761) (11,323) (32,084)
PROFIT (LOSS) FOR THE PERIOD (20,761) (11,323) (32,084)
* The data in this column represent the effects of the application of IAS 29 on the 2025 consolidated income statement;
** The data in this column represent the difference between the application of final exchange rates, as required by IAS 21 for the
hyperinflationary economy, and the average exchange rate for the period.
32 Post-balance sheet events
There have been no post-balance sheet events material to this Annual Report which have not been recognized or mentioned.
33 Estimation on uncertainties and judgements
Estimation on uncertainties
The accounting polices require that when calculating the carrying value of certain assets and liabilities estimates are made of
how future events influence the value of recognized assets and liabilities at the balance sheet date. Estimates that have a ma-
terial influence on the amounts recognized in the annual report.
The estimates applied are based on assumptions deemed reasonable by the Management, but given the nature of things, are
uncertain. Thus, the Group is exposed to risks and uncertainties that may result in variances between actual and estimated
results.
The Management deems that the accounting policies do not include critical aspects.
Accounting judgements
Accounting judgements are made when applying accounting policies. Accounting judgements are the judgements made, that
can have a significant impact on the amounts recognized in the financial statements.
The areas that are categorised as accounting judgements are unchanged compared to last year.
The following items of the Aalborg Portland Holding Group are subject to major accounting estimates and judgements:
Intangible assets with indefinite life: goodwill is tested for impairment annually to identify any impairment losses to be rec-
ognized in the income statement. Specifically, this test involves determining the recoverable amount of the CGUs to which
goodwill is allocated by estimating their value in use or fair value less costs of disposal; If this recoverable amount is lower than
the carrying amount of the CGUs, the goodwill allocated to them must be written down. Allocation of goodwill to the CGUs and
determination of their fair value involves the use of estimates that rely on factors that may change over time, including the
Notes
technological, economic and regulatory ones deriving from climate change, with potentially significant effects compared to the
valuations made by management.
The impairment test has been further described in note 9.
Amortisation and depreciation of non-current assets: amortisation and depreciation are significant costs for the Group.
The cost of property, plant and equipment is depreciated systematically over the assets’ estimated useful life. The economic
useful life of the Group’s fixed assets is determined by the directors at the time the fixed asset was acquired; it is based on
historical experience for similar fixed assets, market conditions and anticipations regarding future events that may impact use-
ful life, including changes in technology. As such, effective useful life may differ from estimated useful life. The Group regularly
assesses technological and sector changes, as well as those related to the effects deriving from climate change, dismantle-
ment costs and the recoverable amount to update useful life. This regular update could lead to a change in the depreciation
period and, therefore, the amount of depreciation in future years. Management regularly reviews the estimates and assump-
tions and the effects of each change are recognized in the income statement. When the review affects current and future
years, the change is recognized in the year in which it is made and in the related future years, as explained in more detail in
the next section.
The depreciation periods are stated in the section "Accounting policies" in note 32, and non-current assets are stated in notes
9 and 11.
Estimate of the fair value of investment property: at each reporting data investment property is measured at fair value and
is not subject to depreciation. When determining their fair value, the Directors based their valuation on assumptions about the
trend of the reference real estate market in particular. Such assumptions may vary over time, influencing evaluations and fore-
casts to be performed by the Directors.
AB Sydsten: Based on the absolute size of ownership and the distribution of shareholdings, including votes and relationships,
the Group management considers the Group's ownership and rights to be sufficient to exercise control on the basis that the
Group holds 50% of the shares and have casting vote.
As a result, AB Sydsten is consolidated into the Group’s financial state-
ments.
Dismantling and removing provisions: the Group incurs significant liabilities related to the obligations to decommission tan-
gible assets and restore the land environment at the end of production activity. Estimating future decommissioning and restora-
tion costs is a complex process and requires the management’s judgement in assessing the liabilities that will be incurred
many years from now to meet decommissioning and restoration obligations, which are often not fully defined by laws, adminis-
trative regulations or contractual clauses. Moreover, these obligations are affected by the constant updating of decommission-
ing and restoration techniques and costs, as well as by the continuous evolution of political and public awareness of health and
environmental protection. The determination of the discount rate to be used both in the initial measurement of the charge and
in subsequent measurements, as well as the forecast of the timing of the disbursements and their possible updating, are the
result of a complex process that involves the exercise of professional judgement by management.
Estimation of recoverability of deferred tax assets: deferred tax assets are recognized on temporary deductible differences
between the carrying amount of an asset or liability on the balance sheet and its value for tax purposes and on unused and
carried forward tax losses, to the extent that future taxable income available is likely to be such that deferred tax assets can be
used. Determining the level of deferred tax assets to be recorded requires a judgement from the Management that requires
estimates of the timing and level of future profits.
Notes
34 Accounting policies
The Annual Report 2025 of the Aalborg Portland Holding Group is prepared in accordance with International Financial Report-
ing Standards as adopted by the EU and additional Danish disclosure requirements, according to large class C.
The Aalborg Portland Holding Group's official statutory annual report is presented in EUR.
The accounting policies set out below have been used consistently in respect of the financial year. For standards implemented
prospectively, comparative information is not restated.
On 11 March 2026, the Board of Directors and the Management approved the annual report for 2025 for the Aalborg Portland
Holding Group. The annual report is submitted to the shareholders of Aalborg Portland Holding A/S for approval at the Annual
General Meeting on 23 April 2026.
Consolidated financial statements
The consolidated financial statements comprise the parent company, Aalborg Portland Holding A/S, and subsidiaries, in which
Aalborg Portland Holding A/S exercises a controlling influence.
The Group exercises a controlling influence in an enterprise, if the Group is exposed to or has the right to variable returns from
its involvement with the enterprise and has the ability to affect those returns through its power over the enterprise.
Enterprises, in which the Group directly or indirectly holds more than 20% and less than 50% of the voting rights and another
entity has controlling influence, are considered as associates. However, this is based on an assessment of the ability of exer-
cising influence.
When assessing whether the Group exercises a controlling or significant influence, it is to be considered whether potential vot-
ing rights exercisable at the balance sheet date are real and have substance as well as de facto control.
If the enterprises meet the criteria for joint control, they are considered as investments in joint arrangements. Joint arrange-
ments are activities or enterprises, in which the Group exercises joint control through cooperation agreements with one or more
parties. Joint control implies that decisions about the relevant activities require unanimous consent of the parties with joint con-
trol.
Joint arrangements are classified as joint ventures or joint operations. Joints operations are activities where participants are
entitled to a proportionate share of the individual assets and liabilities in the arrangement, while joint ventures are activities
where participants alone have the right to a proportionate share of net assets in the arrangement.
In joint operations, assets, liabilities, income and expenses as well as cash flows are included pro rata line by line in the con-
solidated financial statements in accordance with the rights and obligations.
Non-controlling interests
On initial recognition, non-controlling interests are measured at fair value or at the proportionate share of the fair value of the
acquired business's identifiable assets, liabilities, and contingent liabilities. In the first scenario, goodwill in relation to the non-
controlling interests' ownership share in the acquired enterprise is thus recognized, while, in the latter scenario, goodwill in rela-
tion to non-controlling interests is not recognized. Measurement of non-controlling interests is chosen transaction by transac-
tion and stated in the notes in connection with the description of acquired enterprises.
The effect of transactions with non-controlling interests is taken directly to shareholders’ equity. Therefore, no gains or losses
are stated in the income statement, and there is no change of the carrying amount of net assets (including goodwill).
Foreign currency translation
For each of the reporting enterprises in the Group, a functional currency is determined. Transactions denominated in other
currencies than the functional currency are considered transactions denominated in foreign currencies.
Transactions in foreign currencies are on initial recognition translated at the functional currency at the exchange rate of the
date of transaction.
Financial assets and liabilities in foreign currencies are translated at the exchange rates at the balance sheet date. Any foreign
exchange variances between the rates at the transaction date and the payment date or the balance sheet date, respectively,
are stated in the income statement as financial items.
Non-financial assets and liabilities in foreign currencies are stated at the rate of exchange at the date of transaction.
Notes
On recognition in the consolidated financial statements of foreign enterprises and associates as well as foreign joint ventures
with a functional currency different from the Group’s presentation currency, the income statements are translated at the aver-
age exchange rates and the balance sheet items are translated at the exchange rates at the balance sheet date. The calcula-
tion differences arising from the translation of the income statements of companies abroad at average exchange rates and of
their balance sheet items at the rate of exchange on the balance sheet date are taken directly to other comprehensive income.
On full or partial disposal of wholly owned foreign operations resulting in a loss of control or on repayment of balances which
constitute part of the net investment in the foreign operation, the share of the cumulative amount of the exchange differences
that is recognized in other comprehensive income relating hereto is reclassified from other comprehensive income to profit for
the year together with gain or loss on disposal.
On the disposal of partially owned foreign subsidiaries resulting in a loss of control, the share of the translation reserve in other
comprehensive income attributable to non-controlling interests is not transferred to profit or loss.
An average exchange rate is used if it does not significantly deviate from the exchange rate ruling at the transaction date.
The assets and liabilities of a foreign company acquired are translated at the exchange rate at the date of transaction (acquisi-
tion date).
Derivative Financial Instruments and Hedge Accounting
Derivative financial instruments are initially recognized in the balance sheet at fair value on the trade date and are subse-
quently measured at fair value at each reporting date. Positive fair values are presented under other receivables and negative
fair values under other liabilities.
Derivatives Designated in Cash Flow Hedges
For derivatives designated and qualifying as cash flow hedges under IFRS 9, the effective portion of changes in fair value is
recognized in Other Comprehensive Income (OCI) and accumulated in the cash flow hedge reserve within equity. The ineffec-
tive portion, if any, is recognized immediately in profit or loss under financial items.
When the hedged forecast transaction results in the recognition of a non-financial asset or liability, the amounts accumulated in
equity are transferred to the carrying amount of the asset or liability (basis adjustment). For other hedged forecast transactions,
amounts accumulated in equity are reclassified to profit or loss in the period(s) in which the hedged item affects profit or loss.
Hedge accounting is applied only when the Company documents the hedging relationship at inception, including the risk man-
agement objective, the hedged item, the hedging instrument and the nature of the hedged risk, and when an economic rela-
tionship between the hedged item and hedging instrument can be demonstrated. Effectiveness is assessed on an ongoing
basis to ensure compliance with IFRS 9 requirements.
Derivatives Not Used for Hedge Accounting
Changes in the fair value of derivative financial instruments that are not designated as hedging instruments, or that no longer
qualify for hedge accounting, are recognized in profit or loss as financial items.
Embedded Derivatives
Some contracts contain embedded derivatives. Embedded derivatives are separated from the host contract and recognized
and measured at fair value when their economic characteristics and risks are not closely related to those of the host contract,
and the combined instrument is not measured at fair value through profit or loss. If the entire contract is measured at fair value,
no separation is performed.
Income statement
Revenue
Revenue is recognized in the income statement according to IFRS 15 when delivered and the control has been transferred to
the buyer prior to the year end, the income can be measured reliably, and payment has been received or is expected to be
received.
Revenue is measured at fair value of the consideration agreed excl. VAT charged on account of third party. All kinds of dis-
counts are recognized in revenue.
Trade receivables recognized as services delivered are invoiced to the customer and are not adjusted for any financing compo-
nents as credit terms are short – typically between 20 to 45 days – and the financing component therefore insignificant.
Notes
No special obligations in relation to warranties or return obligations compared to the industry.
Cost of sales
Cost of sales comprises costs incurred to generate revenue for the year and development costs which do not meet the criteria
for capitalisation. This includes raw materials, consumables, CO2 quotas, direct labour costs and indirect production costs
such as maintenance and operation of production plant as well as production plant depreciation, administration, and plant man-
agement.
Sales and distribution costs
Sales and distribution costs include expenses directly attributable to selling activities and the distribution of goods to custom-
ers. These comprise direct distribution and marketing costs, salaries for the sales and marketing functions as well as other
indirect costs, including depreciation and amortisation of assets used in sales and distribution activities. Costs are recognized
in profit or loss when incurred.
Administrative expenses
Administrative expenses represent costs related to the overall management and administration. These include salaries and
benefits for administrative and executive staff, office rent and utilities, professional fees (such as audit, legal, and consulting
services), IT and communication expenses, and depreciation and amortization of assets used for administrative purposes. Ad-
ministrative expenses are recognized in profit or loss as incurred.
Other operating income and costs
Other operating income and costs comprise items of a secondary nature in relation to the activities of the Group, including cer-
tain grants, rentals, fees, fair value adjustments of investment property, bargain purchase gain, etc.
Gains and losses from the disposal of property, plant and equipment which cannot be considered part of the disposal of a com-
plete activity are included in other operating income and costs.
Profit/loss from investments in joint ventures
The proportionate share of the profit/loss after tax in joint ventures is recognized in the consolidated income statement after
elimination of the proportionate share of intra-group profits/losses.
Financial items
Interest income and expenses comprise interest, exchange rate gains and losses regarding transactions denominated in for-
eign currencies and write-down on securities, amortisation of financial assets and liabilities as well as surcharges and refunds
under the on-account tax scheme, etc. realized and unrealized gains and losses on derivative financial instruments that are not
qualified as hedge accounting are also included.
Tax
Tax for the year comprises current tax and changes in deferred tax.
Current tax comprises tax payable calculated on the basis of the expected taxable income for the year, using the applicable tax
rates for the financial year and any adjustment of tax for previous years.
Tax related to other comprehensive income is recognized in other comprehensive income.
Deferred tax is recognized and measured according to the balance sheet liability method on all temporary differences between
the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating
to goodwill not deductible for tax purposes.
Measurement of deferred tax is based on the tax rules and tax rates applicable in the respective countries at the balance sheet
date, which is expected to be valid, when the deferred tax will be reversed as current tax. The effect of changes in the tax rates
is stated in the income statement unless it relates to items previously entered directly in Shareholders’ equity.
Deferred tax assets, including the value of tax loss carry-forwards, are recognized under financial assets at the expected value
of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal
tax entity and jurisdiction.
Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We
measure these uncertain tax positions on a yearly basis through dialog with key stakeholders in the main Group entities. The
measurement addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application
of IAS 12 and IFRIC 23. We will determine whether to consider each uncertain tax treatment separately or together with one or
Notes
more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Uncer-
tain tax positions are measured at the most likely outcome method.
Aalborg Portland Holding A/S is covered by the Danish rules on compulsory joint taxation of the Group's Danish companies.
Enterprises are included in the joint taxation from the date of consolidation into the consolidated financial statements and up to
the date when they exit the consolidation.
Aalborg Portland Holding A/S is the administrative company for the joint taxation and consequently settles all income tax pay-
ments with the tax authorities.
The current Danish income tax is allocated by payment of joint taxation contributions between the jointly taxed companies in
proportion to their taxable income. Companies with tax losses receive joint tax contributions from companies who have used
this loss to reduce their own taxable income.
Balance sheet
Intangible assets
Goodwill
On initial recognition, goodwill is recognized in the balance sheet at cost as described under “Business combinations”. Subse-
quently goodwill is measured at cost less accumulated impairment. Goodwill is not amortised.
The carrying amount of goodwill is allocated to the Group’s cash-generating units at the acquisition date. Determination of
cash-generating units follows the management structure and internal financial control.
Development projects
Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a poten-
tial future market or development opportunities in the Company is demonstrated, and where the Company intends to complete,
market or use the individual project, are recognized as intangible assets provided that the cost can be measured reliably and
that there is sufficient assurance that future earnings or the net selling price can cover production costs, selling and administra-
tive expenses and development costs. Other development costs are recognized in the income statement as incurred.
Development projects are measured at cost less accumulated amortisation and impairment. Cost comprises wages and sala-
ries, amortisation, and other costs attributable to the Group's development activities.
Following the completion of the development work, development costs are amortised on a straight-line basis over the esti-
mated useful life from the date when the asset is available for use. The amortisation period is up to 5 years.
Other intangible assets
Other intangible assets, including intangible assets acquired in business combinations, are measured at cost less accumulated
amortisation and impairment losses.
Amortisation is made on a straight-line basis over the lower of the useful life and the contract period.
The expected useful lives are:
Software applications, up to 10 years.
Customer lists up to 25 years.
Patents, licences and other intangible assets, up to 20 years.
Leasehold improvements, up to 5 years.
CO2 quotas
On initial recognition, granted and acquired CO2 quotas are measured at cost.
The basis for amortisation of CO2 quotas is stated as cost less scrap value. The scrap value depends on whether the company
expects to utilise the quotas or sell them. Amortisation is based on a portfolio view on a straight-line basis.
If the actual emission exceeds the granted and acquired CO2 quotas, a liability corresponding to the fair value of the CO2 quo-
tas, which the company has to settle, is recognized.
On disposal of CO2 quotas, the difference between carrying amount and the selling price of excess CO2
quotas is recognized
in the income statement at the date of disposal.
Notes
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and impairment.
The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers, and wages
and salaries as well as borrowing costs from specific or general lending directly relating to the construction of the individual
asset.
Deemed costs for dismantling and disposal of the asset and re-establishment are added to cost if the deemed costs are recog-
nized as a provision. The cost of total assets is split into separate components, which are depreciated separately if the useful
lives of the individual components differ.
Subsequent costs, e.g. in connection with replacement of components of property, plant and equipment, are recognized in the
carrying amount of the asset if it is probable that the costs will result in future economic benefits for the Group. The carrying
amount of the replaced components are derecognized in the balance sheet and recognized as an expense in the income state-
ment. All costs incurred for ordinary repairs and maintenance are recognized in the income statement as incurred.
Depreciation is charged on a straight-line basis during the estimated useful life of the asset concerned until it reaches the esti-
mated scrap value.
Estimated useful lives are as follows:
Buildings and improvements of land, 5-50 years
Main machinery, 25 years
Other plant and machinery, 3-20 years
Newly acquired assets and assets of own construction are depreciated from the time they come into use. Land is not depreci-
ated unless it is used for raw material extraction after individual assessment.
The basis of depreciation is calculated based on the scrap value less impairment losses. The scrap value is determined at the
acquisition date and reassessed annually. If the scrap value exceeds the carrying amount, depreciation is discontinued.
When changing the depreciation period or the scrap value, the effect on the depreciation is recognized prospectively as a
change in accounting estimates.
Depreciation is recognized in the income statement as production costs, sales and distribution costs and administrative ex-
penses to the extent that depreciation is not included in the cost of self-constructed assets.
Lease assets and lease liabilities
Aalborg Portland Holding Group mainly leases land, building, railcars, silos, trucks, vehicles and ships. When entering into a
contract, it is assessed whether the contract is a lease or contains a lease component. A lease is defined as a contract or part
of a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
When assessing whether a contract contains a lease component, it must be considered whether, during the period of use, the
lessee has the right to essentially all economic benefits from the use of the identified asset and the right to direct the use of the
identified asset.
A right-of-use asset and a lease liability is recognized at the commencement date.
Aalborg Portland Holding Group leases silos, trucks, vehicles and ships including a service component in the payments to the
lessor. This service is separated from the lease payment when measuring the lease liability. If it is not possible to separate
lease components and non-lease components, it is considered a single lease component.
Lease liabilities recognized as "Credit institutions and interest-bearing liabilities" are initially measured at the present value of
the lease payments that are not paid at commencement date. The lease payments are discounted using the interest rate im-
plicit in the lease if that rate can be readily determined. If that rate cannot be readily determined, we have used the incremental
borrowing rate.
The lease payments consist of fixed and variable lease payments that depend on an index or a rate, guaranteed residual val-
ues, purchase options and extension options, if the Group finds it reasonably certain to exercise the option and termination
penalties, if the lease term reflects our exercising an option to terminate the lease. The lease liability is subsequently adjusted
as follows, if:
The value of the index or rate on which the lease payments are based is changed.
Notes
The exercise of options is changed in order to extend or terminate the lease due to significant events or a significant
change in circumstances within the Company's control.
The lease term is changed if the option is exercised in order to extend or terminate the lease.
Estimated residual value guarantee is changed.
The contract is renegotiated or modified.
Any subsequent adjustment of the future lease liability is recognized as an adjustment to the right-of-use asset. If the carrying
amount of the right-of-use asset is EUR 0, a negative adjustment to the right-of-use asset is, however, recognized in the in-
come statement.
The right-of-use asset is initially measured at cost comprising amount of initial measurement of the lease liability plus any initial
direct costs and any estimated costs of dismantling and removal of the asset at the end of the lease term which the Company
is under an obligation to incur and any prepaid lease payments and less any lease incentives received.
The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the right-of-use asset.
Short-term leases with a maximum lease term of 12 months and leases for low value assets are not recognized in the balance
sheet.
Investment properties
Properties are classified as investment properties when they are held for the purpose of obtaining rental income and/or capital
gains. On initial recognition, investment properties are measured at cost, comprising purchase price and costs directly attribut-
able to the acquisition. Subsequently, investment properties are measured at fair value. Changes in the fair value are recog-
nized in profit or loss as value adjustment of investment properties under other operating income/costs in the financial year in
which the change arises.
Realized gains and losses on the disposal of investment properties are determined as the difference between the carrying
amount and the sales price and are also recognized under other operating income/costs.
If investment properties are reclassified to own property, fair value at this date is considered new cost price.
Investments in joint ventures
Investments in jointly managed enterprises (joint ventures) are measured according to the equity method, and the investments
are recognized in the balance sheet as the proportionate share of the equity value of the entities stated in accordance with the
Group's accounting policies, adding or deducting the proportionate share of unrealized intra-group profits and losses, and add-
ing carrying amount of goodwill.
Joint ventures with negative equity value are measured at zero. If the Group has a legal or constructive obligation to cover a
deficit in the joint ventures, the remaining amount is recognized under liabilities.
Other non-current assets
Other non-current assets mainly relate to deposits and loans which are measured at amortised cost. Amortisation for the year
is stated in the income statement.
Impairment of non-current assets
Goodwill is subject to annual impairment tests, initially before the end of the acquisition year.
The carrying amount of goodwill is tested together with the other non-current assets of the cash-generating unit or group of
cash-generating units to which goodwill is allocated. The assets of the cash-generating units are written down to the recovera-
ble amount in profit or loss if the carrying amount is higher. The recoverable amount of a cash-generating unit is generally de-
termined as the present value of the expected future net cash flows from the entity or activity (cash-generating unit) to which
goodwill is allocated. However, impairment losses on goodwill are recognized as other operating costs in the income state-
ment.
The carrying amount of other non-current assets, except for goodwill, investment properties and financial assets measured at
fair value, is tested annually for indications of impairment. When there is an indication that assets may be impaired, the recov-
erable amount of the asset is determined. The recoverable amount is the higher of an asset's fair value less expected costs to
Notes
sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or the
cash-generating unit to which the asset belongs.
An impairment loss is recognized if the carrying amount of an asset or a cash-generating unit, respectively, exceeds the recov-
erable amount of the asset or the cash-generating unit.
Amortisation and depreciation of intangible assets and property, plant and equipment are recognized in the same item as the
related amortisation and depreciation. However, impairment losses on goodwill are recognized in a separate line item in the
income statement.
Inventories
Raw materials and consumables are measured at cost. Cost is computed according to the weighted average cost method.
The cost of goods for resale and raw materials and consumables comprises purchase price plus delivery costs.
The cost of work in progress and finished goods comprise direct production costs with addition of indirect production costs.
Indirect production costs include operating costs, maintenance and depreciation of production plant and plant management.
If the net realisable value is lower than cost, write-down is made to this lower value.
Receivables
Receivables are measured at amortised cost.
Carrying amounts of trade receivables includes receivables subject to factoring arrangement. Trade receivables are recog-
nized net factored trade receivables.
Write-downs are made to counter losses on the basis of expected losses using the simplified expected credit loss model.
Receivables are monitored on an ongoing basis in accordance with the company's risk policy. Impairment losses are calcu-
lated on the basis of the expected loss ratio broken down by geographic markets. Loss rates are determined on the basis of
historical data for losses adjusted for estimates of the effect of expected changes in relevant parameters, such as general eco-
nomic development, interest rate level, unemployment, etc. in the relevant markets. The total loss is recognized in the income
statement on the basis of the expected losses during the entire period of the receivable.
Equity
Dividends are recognized as debt at the time of approval at the annual general meeting (time of declaration). Dividends which
are proposed for distribution are therefore stated separately in the shareholders’ equity.
Reserves relating to foreign exchange adjustments in the consolidated financial statements comprise currency translation dif-
ferences arising from the translation of the financial statements of foreign entities from their functional currencies to the presen-
tation currency of the Aalborg Portland Holding Group (EUR) and foreign exchange adjustments of assets and liabilities con-
sidered to be part of the Group's net investment in foreign operations.
On full or partial realisation of net investments, exchange differences are recognized in the income statement.
Pensions, defined contribution schemes
In contribution pension schemes the employer is obliged to pay a specific contribution (e.g. a fixed sum or a fixed percentage
of the pay). In a contribution scheme the risk in respect of future developments in interest rate, inflation, mortality and invalidity
is not borne by the Group.
Payments by the Group into defined contribution schemes are stated in the income statement for the period to which they ap-
ply and any outstanding payments are stated in the balance sheet as Other payables.
Pensions, defined benefit schemes
In benefit pension schemes the employer is obliged to pay a specific benefit (e.g. a retirement pension as a fixed sum or a
fixed percentage of final pay). In a benefit scheme the Group bears the risk with regard to future development in interest rate,
inflation, mortality and invalidity.
An annual actuarial valuation is carried out to determine the present value of the future benefits which the employees have
obtained under defined benefit schemes. The present value is calculated on the basis of assumptions for future developments
in wage/salary level, interest rates, inflation, pension age and mortality. The present value is calculated only for benefits to
which the employees have already earned the right during their employment with the Group. The actuarial present value less
the fair value of any plan assets is recognized in the balance sheet under retirement benefit obligations.
Notes
The pension costs of the year are recognized in income statement based on actuarial estimates at the beginning of the year.
Differences between the calculated growth in pension assets and liabilities and the realized values stated at the end of the year
are classified as actuarial gains or losses and are recognized in other comprehensive income.
If a pension plan constitutes a net asset, the asset is only recognized if it represents future refunds from the plan or will lead to
reduced future payments to the plan.
Long-term employee benefits are recognized based on an actuarial calculation. All actuarial gains and losses are recognized in
the income statement immediately. Other long-term employee benefits include i.a. anniversary bonuses.
Provisions
Provisions are recognized when, as a result of past events, the Group has a legal or a constructive obligation and it is probable
that there may be an outflow of resources embodying economic benefits to settle the obligation.
When the Group has a legal obligation to dismantle or remove an asset or restore the site on which the asset is located, a pro-
vision is recognized corresponding to the present value of expected future costs. The present value of costs is recognized in
the income statement for the tangible assets concerned and is amortised together with these assets over the useful lives or
according to the production method.
Provisions are measured as the best estimate of the expenses required to settle the obligation at the balance sheet date.
Financial liabilities
Amounts owed to credit institutions are recognized when raising the loan at fair value less transaction costs. Subsequent
measurement is made at amortised cost so that the difference between the proceeds and the nominal value is recognized in
the income statement during the term of the loan.
The capitalised remaining lease liability of finance leases is also recognized in financial liabilities, measured at amortised cost.
Other financial liabilities are measured at amortised cost.
Deferred income
Deferred income is measured at cost.
Cash flow statement
The cash flow statement is presented according to the indirect method and shows the composition of the cash flow divided into
operating, investing and financing activities, respectively, and the cash funds at the beginning and end of the year.
In the statement of working capital/loans a distinction is made between interest-bearing and non-interest-bearing items plus
cash funds.
Cash funds consist of cash in hand and bank deposits.
Loans represent total interest-bearing debt items less interest-bearing receivables.
All other non-interest-bearing receivables and debt items are regarded as working capital.
Cash flows from operating activities are stated as Profit for the year (EAT) adjusted for non-cash operating items, changes in
working capital, financial items and paid tax.
Cash flows from investing activities comprise payments made in connection with the acquisition and disposal of enterprises
and activities and the acquisition and disposal of non-current assets.
Cash flows from financing activities comprise payments to and contributions from owners as well as the raising and repayment
of loans.
Segment reporting
The Aalborg Portland Holding Group is not a listed company and therefore no segment reporting is made according to IFRS 8.
Notes
Forthcoming requirements
Generally, we expect to implement all new or amended accounting standards and interpretations when they become manda-
tory and have been endorsed by the EU. IASB has issued new or amended accounting standards, which become effective
after 31 December 2025.
The following amendments are relevant for the Group. We are currently assessing the impact and foresee some changes to
the presentation in the income and cash flow statements and to the disclosures in the notes to the financial statements but
none of these are expected to have a significant impact on the consolidated financial statements:
- IFRS 18, Presentation and Disclosure in Financial Statements (effective 1. January 2027)
The standard replaces IAS 1 and includes new structure and required subtotals in the income statement, disclosures
on management-defined performance measures (MPMs) and enhanced guidance on grouping of information (aggre-
gation and disaggregation) (issued April 2024).
Income statement
Statement of comprehensive income
Cash flow statement
Balance sheet
Statement of shareholders' equity
Notes:
1 Revenue
2 Staff costs
3 Fees to the auditors appointed by the Annual General Meeting
4 Financial income and expenses
5 Income tax
6 Intangible assets
7 Property, plant and equipment
8 Other non-current assets
9 Deferred tax assets and deferred tax liabilities
10 Other receivables and prepayments
11 Credit institutions and other borrowings
12 Other payables
13 Contingent liabilities, contractual obligations and contingent assets
14 Related party transactions
15 Shares and capital structure
16 Financial assets and liabilities
17 Financial risks and financial instruments
18 Post-balance sheet events
19 Estimation on uncertainties and judgements
20 Accounting policies
Income statement
EUR '000
2025
2024
Notes
1 Revenue 120,388 133,201
2+3
Cost of Sales
18
-90
Gross profit 120,406 133,111
2+3
Administrative expenses
-14,733
-16,420
Earnings before interest and tax (EBIT) 105,673 116,691
4
Financial income
8,917
19,740
4
Financial expenses
-10,354
-12,586
Earnings before tax (EBT) 104,236 123,845
5
Tax on profit/loss for the year
-1,170
-1,139
Profit/loss for the year 103,066 122,706
To be distributed as follows:
Retained earnings
103,066
122,706
Statement of comprehensive income
EUR '000
2025
2024
Notes
Profit/loss for the year
103,066
122,706
Other comprehensive income
Items that can be reclassified to the income statement:
Exchange rate adjustments on translation of foreign entities
-999
-429
Changes in fair value of financial instruments
-487
-1,637
CCS hedge recycled to P&L
-145
-5,941
Other comprehensive income after tax -1,631 -8,007
Total comprehensive income
101,435
114,699
Cash flow statement
EUR '000
2025
2024
Notes
Profit or loss for the period
103,066
122,706
6+7
Reversal of amortization and depreciation
25
70
4
Net financial income / expense
-1,437
7,154
Gains/losses on disposals
0
153
5
Income taxes
1,170
1,139
Operating cash flows before changes in working capital 102,824 131,222
Increase / decrease trade receivables
-1,066
5,526
Increase / decrease trade payables
-769
67
Change in non-current/current other assets/liabilities
89
484
Change in current and deferred taxes
2,088
16
Operating cash flows 103,166 137,315
4
Interests received
8,468
11,603
4
Interests paid
-6,597
-10,926
Other income collected/expenses paid
1,106
-13,158
5
Income taxes paid
-626
-1,192
Cash flow from operating activities 105,517 123,642
8
Investments in equity investments and other non-current securities
-670
-30,107
Proceeds from sale of property, plant and equipment
0
-153
Change in current financial assets
103,191
-93,438
Cash from investing activities 102,521 -123,698
Change in non-current financial liabilities
0
5,101
Change in current financial assets/liabilities
-72,742
8,761
Increase/paying-off shareholders' equity
-60
-26
Dividend distributed
-90,155
-90,097
Other variances of equity
114
253
Cash flow from financing activities -162,843 -76,008
Net change in cash and cash equivalent
45,195
-76,064
Cash and cash equivalent exchange rate effect
-83
-81
Cash and cash equivalent opening balance
34,137
110,282
Cash and cash equivalent closing 79,249 34,137
Balance sheet
EUR '000
ASSETS
2025 2024
Notes
Other intangible assets
55
63
6 Intangible assets 55 63
Right-of-use assets
116
54
7 Property, plant and equipment 116 54
Investments in subsidiaries
700,412
700,901
8 Other non-current assets 700,412 700,901
Total non-current assets
700,583
701,018
Trade receivables
3
0
Amounts owed by Group enterprises
119,886
202,694
Amounts owed by related parties
49
29,860
Joint taxation contribution receivable
25,057
25,020
10
Prepayments
278
0
Receivables 145,273 257,574
Cash and cash equivalents
79,249
34,137
Total current assets
224,522
291,711
TOTAL ASSETS
925,105
992,729
Balance sheet
EUR '000
EQUITY AND LIABILITIES
2025 2024
Notes
Shareholder's equity
Share capital
40,333
40,333
Hedge reserve
-487
145
Retained earnings
595,565
583,653
Total shareholders' equity 635,411 624,131
Liabilities
8
Deferred tax liabilities
12
13
11
Credit institutions, etc.
84
32
Non-current liabilities 96 45
11
Credit institutions, etc.
33
23
Trade payables
777
259
Amounts owed to Group enterprises
280,839
355,126
Derivative financial instruments (negative fair value)
4,176
12,243
Income tax payable
2,706
0
12
Other payables
1,067
902
Current liabilities 289,598 368,553
Total liabilities
289,694
368,598
TOTAL EQUITY AND LIABILITIES
925,105
992,729
Statement of shareholders' equity
EUR '000
Share capital
Hedge
reserve
Retained
earnings Total equity
40,333 145 583,653 624,131
0 0 -999 -999
0 -487 0 -487
0 -145 0 -145
0 0 -90,155 -90,155
0 0 103,066 103,066
40,333 -487 595,565 635,411
Share capital
Hedge
reserve
Retained
earnings Total equity
40,333 7,729 551,467 599,529
0 -6 -423 -429
0 -1,637 0 -1,637
-5,941 -5,941
0 0 -90,097 -90,097
0 0 122,706 122,706
40,333 145 583,653 624,131
Effect of translation to presentation currency
Profit for the year (total comprehensive income)
Shareholders' equity at 1 January 2025
Shareholders' equity at 31 December 2025
Shareholders' equity at 1 January 2024
Payment of dividend
Changes in fair value of financial instruments
Recycled to P&L
Effect of translation to presentation currency
Profit for the year (total comprehensive income)
Shareholders' equity at 31 December 2024
Changes in fair value of financial instruments
Payment of dividend
Recycled to P&L
Notes
EUR '000
1
Revenue
2025
2024
Dividend received
104,880
118,014
15,508 15,187
120,388
133,201
2
Staff costs
Wages and salaries and other remuneration
3,370
3,465
Pension costs, defined contribution scheme
317
318
Social security costs
19
17
3,706
3,800
Number of employees at 31 December
30
26
Average number of full-time employees
27
26
Salaries and remunerations
226
224
Pension contributions
13
12
239
236
Hereof Board of Directors
75
75
3
Fees to the auditor appointed by the Annual General Meeting
Total fees to PwC are specified as follows:
Statutory audit
73
71
Other assurance engagements
20
0
Tax and VAT advisory services
0
0
Other services
0
0
93
71
Fees to other auditors
180
77
4
Financial income and expenses
Financial income
Interest, cash funds, etc.
888
1,096
Interest, Group enterprises
7,580
10,507
Financial income on derivatives
0
1,436
Exchange rate adjustments
449
759
Other financial income
0
5,942
8,917
19,740
Interest on financial assets measured at amortized cost
8,468
11,603
Financial expenses
Interest, credit institutions, etc.
363
70
Interest, Group enterprises
6,234
10,856
Losses on derivatives
1,771
854
Exchange rate adjustments
1,884
671
Other financial expenses
102
135
10,354
12,586
Interest on financial obligations measured at amortized cost
6,597
10,926
Consultancy services provided to subsidiaries
Remuneration of the Board of Directors and the Executive Board
Pension schemes in Aalborg Portland Holding A/S are defined contribution schemes, which do not entail any obligations
beyond payment of contributions.
Pension schemes
Notes
EUR '000
5
Income tax
2025
2024
Income tax
Current tax on the profit for the year/joint taxation contribution
824
1,132
Deferred tax adjustment
-1
-18
Other adjustments, including previous years
347
25
1,170
1,139
Taxes paid
-626
-1,192
Reconciliation of tax rate
Tax according to Danish tax rate 22.0%
22,932
27,246
Dividends received from subsidiaries and profits from sales
-23,193
-26,287
Other, including adjustments previous years
1,431
180
1,170
1,139
Applicable tax rate for the year
1%
1%
Total income tax
1,170
1,139
6
Intangible assets
Other
intangible
assets Total
Cost at 1 January 2025
244
244
Cost at 31 December 2025
244
244
Amortization and impairment at 1 January 2025
181
181
Amortization for the year
8
8
Amortization and impairment at 31 December 2025
189
189
Carrying amount at 31 December 2025
55
55
Other
intangible
assets Total
Cost at 1 January 2024
244
244
Exchange rate adjustments
0
0
Cost at 31 December 2024
244
244
Amortization and impairment at 1 January 2024
173
173
Amortization for the year
8
8
Amortization and impairment at 31 December 2024
181
181
Carrying amount at 31 December 2024
63
63
2025
2024
Amortization during the year is included in the following items:
Administrative expenses
8
8
8
8
Other intangible assets include patents.
According to legislation, the Parent Company is the administrative company of the compulsory Danish joint taxation.
Notes
EUR '000
7
Property, plant and equipment
Land and
buildings
Right-of-use
assets
Total
Cost at 1 January 2025 80 113 193
Additions
0
94
94
Disposals
0
-56
-56
Cost at 31 December 2025
80
151
231
Depreciation and impairment at 1 January 2025
80
59
139
Reversed depreciation on disposals
0
-41
-41
Depreciation for the year
0
17
17
Depreciation and impairment at 31 December 2025
80
35
115
Carrying amount at 31 December 2025 0 116 116
Land and
buildings
Right-of-use
assets
Total
Cost at 1 January 2024 80 579 659
Exchange rate adjustments
0
0
0
Additions
0
1
1
Disposals
0
-467
-467
Cost at 31 December 2024
80
113
193
Depreciation and impairment at 1 January 2024
72
355
427
Exchange rate adjustments
0
0
0
Reversed depreciation on disposals
0
-350
-350
Depreciation for the year
8
54
62
Depreciation and impairment at 31 December 2024
80
59
139
Carrying amount at 31 December 2024 0 54 54
2025
2024
Depreciation during the year is included in the following items:
Administrative expenses
17
62
17
62
The Company is not exposed to any significant future cash outflows that are not reflected in the measurement of lease
liabilities. Residual value guarantees that are expected to be paid are included in the initial measurement of the lease
liability. Reference is made to note 11.
Variable lease payments may depend on an index, a rate or other elements. Variable lease payments that depend on an
index or a rate are included in the initial measurement of the lease liability using the index/rate at the lease commencement
date. Variable lease payments not based on an index or a rate are recognized as in expense in the income statement as
incurred.
Notes
EUR '000
8 Other non-current assets
Cost at 1 January 2025
878,437
878,437
Exchange rate adjustments
-1,647
-1,647
Additions
670
670
Other 240 240
Cost at 31 December 2025
877,700
877,700
Impairment at 1 January 2025
-177,536
-177,536
Exchange rate adjustments
248
248
Impairment at 31 December 2025
-177,288
-177,288
Carrying amount at 31 December 2025
700,412
700,412
Cost at 1 January 2024
849,012
849,012
Exchange rate adjustments
-682
-682
Additions
30,107
30,107
Cost at 31 December 2024
878,437
878,437
Adjustments at 1 January 2024
-177,646
-177,646
Exchange rate adjustments
110
110
Adjustments at 31 December 2024
-177,536
-177,536
Carrying amount at 31 December 2024
700,901
700,901
9
Deferred tax assets and deferred tax liabilities
2025
2024
Change in deferred tax in the year
Deferred tax at 1 January
-13
-31
Movements via income statement
1
18
Deferred tax assets at 31 December, net
-12
-13
Deferred tax is presented in the balance sheet as follows:
Deferred tax liabilities
12
13
Deferred tax assets at 31 December, net
-12
-13
2025
2024
2025
2024
Intangible assets
0
0
12
13
Deferred tax at 31 December
0
0
12
13
Investments
in
subsidiaries Total
Investments
in
subsidiaries Total
Deferred tax assets Deferred tax liabilities
Notes
EUR '000
10
Other receivables and prepayments
11
Credit institutions and other borrowings
Bank borrowings and credits in the Parent Company at 31 December:
2025
2024
Lease liability
2028
Variable
117
55
Trade payables
2026
-
777
259
894
314
31 December 2025:
Lease liability
84
33
117
0
Trade payables
0
777
777
0
84
810
894
0
Specification of contractual cash flows incl. interest:
Lease liability
84
33
117
0
Trade payables
0
777
777
0
84
810
894
0
31 December 2024:
Lease liability
32
23
55
0
Trade payables
0
259
259
0
32
282
314
0
Specification of contractual cash flows incl. interest:
Lease liability
32
23
55
0
Trade payables
0
259
259
0
32
282
314
0
12
Other payables
Other receivables include VAT and other receivables.
Prepayments comprise insurance.
Year of
maturity
Fixed/
variable
Carrying
amount
Carrying
amount
Fair values do not significantly deviate from the carrying amount.
The maturity analysis is based on all undiscounted cash flows including estimated payment of interest.
Payment of interest is estimated and based on the present market conditions.
The Parent Company's debt to credit institutions has been recognized and falls due as follows:
Non-current
borrowings
(>1 year)
Current
borrowings
(0-1 year)
Total
Maturity
>5 years
Fair values correspond to the nominal outstanding debt.
Maturity
>5 yearsTotal
Current
borrowings
(0-1 year)
Non-current
borrowings
(>1 year)
Other current payables include holiday pay liabilities, taxes and public indirect taxes.
Other financial liabilities are due within 1 year.
Notes
EUR '000
13
Contingent liabilities, contractual obligations and contingent assets
Contingent liabilities
14
Related party transactions
Transactions with Cementir Holding N.V.:
2025
2024
- Intra-group management and administration agreements and royalties
0
0
- Financial items, net
0
0
- Payables
0
0
- Non-current financing
0
0
Transactions with other related parties:
- Intercompany management, administration agreements and shared service
6,898
4,084
- Financial items, net
1,345
-349
- Trade and financial receivables
119,935
232,554
- Trade and financial payables
280,839
355,124
15
Shares and capital structure
The share capital in 2025 and 2024 consists of:
1 share at DKK 150m
1 share at DKK 60m
2 shares at DKK 30m each
1 share at DKK 15m
5 shares at DKK 3m each
Dividends distributed to shareholders in 2025 were EUR 90.2m (2024: EUR 90.1m).
All shares are fully issued and paid up. One share of DKK 1,000 holds one vote.
No losses on loans to or receivables from related parties were recognized, nor provisions made for such in 2025 or 2024.
- Cementir España S.L., Calle General Yagüe, Num. 13, 28020 Madrid, Spain
- Cementir Holding N.V., Zuidplein, 36, 1077 XV Amsterdam, Netherlands
- Caltagirone S.p.A., Via Barberini, 28, 00187 Rome, Italy
Remuneration of the Board of Directors and the Management is presented in note 2.
Related parties with significant influence in Aalborg Portland Holding A/S:
The Parent Company is taxed jointly with other Danish companies in the Aalborg Portland Holding Group. As an
administrative company, the Parent Company is jointly and unlimited liable with the other companies in the joint taxation of
Danish taxes at source and income taxes within the joint taxation group. Payable income taxes in the joint taxation group
amounted to EUR 2.7m at 31 December 2025 (2024: EUR 4.2m). Any subsequent corrections of the taxable income subject
to joint taxation could cause a higher liability of the Parent Company.
Related parties within Aalborg Portland Holding A/S comprise the enterprises' Board of Directors and Management together
with family related to these persons.
Furthermore, related parties comprise enterprises in which the above-mentioned persons have significant interests.
Additionally, related parties include subsidiaries, joint ventures and joint operation cf. page 74, where the Parent Company
has significant influence or exercises control or joint control.
The Parent Company is involved in a few disputes, lawsuits, etc., of various scopes, including a few tax disputes in some
countries. No significant liabilities are considered to be incumbent on the Parent Company in that respect, and the outcome
of the disputes is not expected to have significant impact on the Parent Company's financial position beyond what has been
recognized in the balance sheet.
In 2025, contractual liabilities are EUR 0.0m (2024: EUR 0.0m).
Notes
EUR '000
16
Financial assets and liabilities
2025
2024
Assets
Financial receivables from group enterprises
61,013
76,759
Cash and cash equivalents
136,874
189,696
Financial assets measured at amortized cost
197,887
266,455
Total financial assets
197,887
266,455
Liabilities
Cash and cash equivalents
280,839
353,835
Payables for leased assets
117
55
Other financial liabilities
0
201
Financial liabilities measured at amortized cost
280,956
354,091
Derivatives
4,176
12,243
Financial liabilities measured at fair value through other comprehensive income
4,176
12,243
Total financial liabilities
285,132
366,334
Net interest-bearing debt
87,245
99,879
17
Financial risks and financial instruments
18
Post-balance sheet events
19
Estimation on uncertainties and judgements
20
Accounting policies
Notes
17 Financial risks and financial instruments
The Parent Company's most predominant currency exposure regarding the operating results arises from USD and NOK. A
10% drop in these exchange rates compared to EUR/DKK would, viewed separately, decrease EBITDA by EUR 0.4m. NOK
amounts to EUR 0.2m and USD amounts to EUR 0.1m and GBP amounts to EUR 0.1m (2024: EUR 0.5m. NOK amounted to
EUR 0.3m and USD amounted to EUR 0.2m).
Currency risks
Forward contracts regarding future transactions
The Group does not comply with the conditions for taking out hedge accounting of future cash flows from the sale of goods. In
terms of the hedging of future investments, the Group assesses in each case whether these comply with the conditions for
hedge accounting.
There have been no currency forward contracts at 31 December 2025 or at 31 December 2024.
The Parent Company entered into a swap agreement (hedge accounting) with a termination date in 2030.
The fair value liability is included in a separate line item in the balance sheet "Derivative financial instruments”.
The ineffective part is recognized as financial income.
2025:
2024:
Interest rate risk
The Parent Company is included in the cash pool for the Group.
Liquidity risks
Aalborg Portland Holding A/S has access to funding through the Cementir Holding facility which includes certain covenants.
The Parent Company acts as account holder of the Group's cash pool scheme and as bank in proportion to other intra-group
loans. The purpose of the cash pool scheme is to optimise cash management and the use of liquidity in the participating com-
panies.
Credit risks
Receivables from the Parent Company’s activities are attributable to Danish and foreign Group companies. The Parent Com-
pany is familiar with customers, who have not been granted long credit lines.
The Parent Company's trade receivables at 31 December 2025 and 31 December 2024 include no write-downs. Historically
there have not been any write-downs.
Regarding management of capital structure, reference is made to note 27 in the consolidated financial statements.
Fair value measurement
Financial instruments measured at fair value are measured on a recurring basis and categorised into the following levels of the
fair value hierarchy:
Level 1: Observable market prices for identical instruments
Notes
Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments
Level 3: Valuation techniques primarily based on unobservable prices
Securities and investments measured at fair value through profit/loss are either measured at quoted prices in an active market
for the same type of instrument (level 1) or at fair value based on available data (level 3).
Hedging instruments are not traded on an active market based on quoted prices. Measured instead of using a valuation tech-
nique, where all significant inputs are based on observable market data; such as exchange rates, interest rates, credit risk and
volatilities (level 2).
There have been no transfers between the levels in 2025 or 2024.
Methods and assumptions on determination of fair values
In general, fair value corresponds to the carrying value, except for mortgage loans.
Financial instruments related to sale and procurement of goods, etc. with a short credit period are measured at fair value corre-
sponding to the carrying value.
Derivative financial instruments are computed on generally accepted valuation methods based on relevant exchange rates.
The methods used are unchanged compared to 2021.
18 Post-balance sheet events
There have been no post-balance sheet events material to this Annual Report which have not been recognized or mentioned.
19 Estimation on uncertainties and judgements
Investments in subsidiaries are tested for impairment based on performed impairment tests of goodwill as described in note 9
in the consolidated financial statements. Uncertainty is mainly related to Türkiye.
20 Accounting policies
Parent Company
The Parent Company’s financial statements are prepared in accordance with International Financial Reporting Standards as
adopted by the EU and additional Danish disclosure requirements for annual reports, according to large class C.
Compared to the accounting policies applied in the consolidated financial statements (see note 31 to the consolidated financial
statements), the Parent Company’s accounting policies only deviate in the following items:
Notes
Revenues
Dividends received from investments in subsidiaries and joint ventures are recognized as revenue in the Parent Company’s
income statement in the financial year in which the dividends are declared. To the extent that the distributed dividend exceeds
the total comprehensive income of enterprises for the period when the decision to pay interim dividend is made, impairment
test is carried out.
Investments in subsidiaries
Investments in subsidiaries are measured at cost. In case of indication of impairment, impairment test is carried out as de-
scribed in the accounting policies of the Group. If the carrying value exceeds the recoverable amount, write-down is made to
this lower value.
On disposal of investments in subsidiaries, the difference between the sales price and the carrying amount (cost of the shares
based on a weighted average) is recognized in the income statement at the date of disposal.
Signatures
Statement by the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have today discussed and approved the annual report of Aalborg Portland Holding
A/S for the financial year 1 January – 31 December 2025.
The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and
additional Danish disclosure requirements.
In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the
Group's and the Parent Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Group's
and the Parent Company's operations and cash flows for the financial year 1 January – 31 December 2025.
Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's
activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial position.
We recommend that the annual report be approved at the annual general meeting.
Aalborg, 11 March 2026
Executive Board
Francesco Caltagirone Jr
CEO
Henrik Jeppesen
Executive Officer & CFO
Board of Directors
Bjarne Moltke Hansen Francesco Caltagirone Jr Marco Maria Bianconi
Chairman
Francesco Gaetano Caltagirone Azzurra Caltagirone
Claudio Criscuolo
Signatures
Independent auditor’s report
To the Shareholders of Aalborg Portland Holding A/S
Opinion
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the
Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Com-
pany’s operations and cash flows for the financial year 1 January to 31 December 2025 in accordance with IFRS Accounting Stand-
ards as adopted by the EU and further requirements in the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Aalborg Portland Holding
A/S for the financial year 1 January - 31 December 2025, which comprise income statement and statement of comprehensive in-
come, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy infor-
mation, for both the Group and the Parent Company (“financial statements”).
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 Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance con-
clusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider
whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or
otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Fi-
nancial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial State-
ments and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish
Financial Statements Act. We did not identify any material misstatement in Management’s Review.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the
Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac-
counting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to
cease operations, or has no realistic alternative but to do so.
Signatures
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mis-
statement, 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 applica-
ble in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are con-
sidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise profes-
sional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir-
cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal
control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by Management.
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial state-
ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a
going concern.
Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the fi-
nancial statements represent the underlying transactions and events in a manner that gives a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for
the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for
our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Aarhus, 11 March 2026
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Henrik Trangeled Kristensen Thyge Belter
State Authorised Public Accountant State Authorised Public Accountant
mne23333 mne30222
Management
Board of Directors
Bjarne Moltke Hansen, Chairman
Alessandro Caltagirone, Vice Chairman
Azzurra Caltagirone
Francesco Caltagirone Jr
Francesco Gaetano Caltagirone
Marco Maria Bianconi
Claudio Criscuoli
Executive Board
Francesco Caltagirone Jr, CEO
Henrik Jeppesen, Executive Officer, CFO
Nordic & Baltic
Søren Holm Christensen, CEO
Aalborg Portland A/S
Søren Holm Christensen, CEO
Henrik Jeppesen, CFO
Unicon A/S
Søren Holm Christensen, CEO
Henrik Jeppesen, CFO
Belgium/France
Eddy Fostier, General Manager
North America
Alessandro Civera, Managing Director
Türkiye
Cenker Mirzaoğlu, CEO
Egypt
Alberto Barbieri, Managing Director
Asia Pacific
Aalborg Portland Malaysia Sdn. Bhd.
Fabrizio Piero Carraro, Managing Director
Aalborg Portland (Anqing) Co. Ltd.
Yan Xing Wu, Managing Director
Owners
Aalborg Portland Holding A/S is 75% owned by
Cementir España S.L., Spain and 25% owned by
Globo Cem S.L., Spain.
Aalborg Portland Holding A/S is included in the
Group financial statements for Cementir Holding
N.V., the Netherlands, and Caltagirone S.p.A.,
Italy.
Direct
holding
**
Minorities
Aalborg Portland Holding A/S
Denmark
DKK 300,000 -
N&B Services A/S
Denmark DKK
100,00 100.0%
Spartan Hive S.p.A.
Italy EUR 300,000 100.0%
Aalborg Portland Digital S.R.L. Italy EUR 500,000 100.0%
Aalborg Portland
Aalborg Portland A/S
Denmark
DKK 100,000 100.0%
Aalborg Portland Íslandi ehf.
Iceland
ISK 303,000 100.0%
Aalborg Portland Polska Sp. z o.o.
Poland
PLN 100 100.0%
Aalborg Portland France S.A.S. France EUR 10 100.0%
Aalborg Portland Belgium S.A. Belgium EUR 500 100.0%
Unicon
Unicon A/S
Denmark DKK
150,000
100.0%
Unicon AS Norway NOK 13,289
100.0%
AB Sydsten Sweden SEK 15,000
50.0% 50.0%
ÅGAB Syd AB * Sweden SEK 500
40.0%
Skåne Grus AB Sweden SEK 1,000
60.0% 40.0%
Ecol-Unicon Sp. z o.o. * Poland PLN 1,000
49.0%
Kudsk & Dahl A/S Denmark DKK 10,000
100.0%
NB Beton A/S Denmark DKK 400
49.0%
Belgium
Compagnie des Ciments Belges S.A. (CCB) Belgium EUR 179,344
100.0%
Société des Carrières du Tournaisis S.A. (S.C.T.) *** Belgium EUR 12,297
65.0%
Recybel S.A. Belgium EUR 99
25.5%
Mixers at your Service NV
Belgium EUR 976
18.0%
France EUR 34,363
100.0%
North America
Aalborg Portland U.S. Inc. USA USD 1 100.0%
Aalborg Cement Company Inc. USA USD 1 100.0%
Gaetano Cacciatore, LLC USA USD N/A 100.0%
White Cement Company LLC USA USD N/A 100.0%
Lehigh White Cement Company, LLC USA USD N/A 63.3%
36.7%
Vianini Pipe, Inc. USA USD 4,483
100.0%
Türkiye
Aalborg Portland España S.L.U. Spain EUR 3 100.0%
Cimentas AS
Türkiye TRY 87,112 97.2%
2.8%
Cimbeton AS Türkiye TRY 1,770 50.3%
49.7%
Destek AS Türkiye TRY 50 100.0%
Recydia AS Türkiye TRY 759,544 23.7%
Sureko AS Türkiye TRY 43,444 100.0%
Ege Kirmatas AS Türkiye TRY 4,200
100.0%
Recydia AS Türkiye TRY 759,544
76.3%
Egypt
Sinai White Portland Cement Co. S.A.E.
Egypt EGP 350,000 96.5% 3.5%
Asia Pacific
Aalborg Portland Malaysia Sdn. Bhd.
Malaysia MYR 95,400 70.0% 30.0%
Aalborg Resources Sdn. Bhd.
Malaysia MYR
2,544
100.0%
Aalborg Portland (Australia) Pty. Ltd.
Australia AUD
1
100.0%
Aalborg Portland (Anqing) Co. Ltd.
China
CNY 265,200 100.0%
Casa Bayan Sdn. Bhd. Malaysia MYR 250,000
100.0%
Compagnie des Ciments Belges France S.A. (CCBF)
Companies in the Group
Annual General Meeting
23 April 2026 at
Rørdalsvej 44, 9220 Aalborg Øst
The Company
Aalborg Portland Holding A/S
P.O. Box 165, 9100 Aalborg
Rørdalsvej 44, 9220 Aalborg Øst
Denmark
Tel. +45 98 16 77 77
E-mail: cement@aalborgportland.com
Internet: www.aalborgportlandholding.com
CVR No 14 24 44 41
Nominal share
capital (in 000)
Addresses
Aalborg Portland Holding Group
Aalborg Portland Holding A/S
P.O. Box 165, 9100 Aalborg
Rørdalsvej 44, 9220 Aalborg Øst
Denmark
Tel. +45 98 16 77 77
Bjarne Moltke Hansen,
Chairman of the Board of Directors
Executive Board:
Francesco Caltagirone Jr, CEO
Henrik Jeppesen, Executive Officer,
CFO
N&B Services A/S
c/o Aalborg Portland A/S
P.O. Box 165, 9100 Aalborg
Rørdalsvej 44, 9220 Aalborg Øst
Denmark
Tel. +45 98 16 77 77
Søren Holm Christensen,
Managing Director
Spartan Hive S.p.A.
200, Corso di Francia
00191 Rome
Italy
Tel. +39 06 324931
Pasquale Vetrano, CEO
Aalborg Portland Digital SRL
200, Corso di Francia
00191 Rome
Italy
Tel. +39 06 324931
Paolo Zugaro, CEO
Aalborg Portland
Aalborg Portland A/S
P.O. Box 165, 9100 Aalborg
Rørdalsvej 44, 9220 Aalborg Øst
Denmark
Tel. +45 98 16 77 77
Peter Birkegaard, Managing Director
Bjarne Moltke Hansen,
Chairman of the Board of Directors
Executive Board:
Søren Holm Christensen,
CEO
Henrik Jeppesen, CFO
Aalborg Portland Polska Sp. z o.o.
Ul. Targowa 24
03-733 Warsaw
Poland
Tel.
+48 22 460 88 70+1
Tomasz Stasiak, Managing Director
Aalborg Portland Íslandi ehf.
Bæjarlind 4
201 Kópavogi
Iceland
Tel. +354 545 4800
Magnús Eyjólfsson, Managing Director
Aalborg Portland France S.A.S.
Avenue Bachelar Port de Commerce
17300 Rochefort
Postal address:
BP 10255
17305 Rochefort Cedex
France
Tel. +33 671 388 249
Jean-Fabien Criquioche,
Managing Director
Aalborg Portland Belgium S.A.
n
o
18 Ampla House Coupure Rechts 88
9000 Gent
Belgium
Tel. +32 472 86 47 29
Maurizio Romeo, President
Jean-Fabien Criquioche,
Managing Director
Unicon
Unicon A/S (Denmark)
Ulvehavevej 61
7100 Vejle
Denmark
Tel. +45 70 10 05 90
Søren Holm Christensen,
Managing Director
Bjarne Moltke Hansen,
Chairman of the Board of Directors
Executive Board:
Søren Holm Christensen,
CEO
Henrik Jeppesen, CFO
Unicon AS (Norway)
Tevlingveien 23
1081 Oslo
Postal address:
P.O. Box 553 Sentrum
0105 Oslo
Norway
Eric Staurset, Managing Director
AB Sydsten
Stenyxegatan 7
213 76 Malmö
Sweden
Tel. +46 40 31 1900
Per Smidfelt, Managing Director
Kudsk & Dahl A/S
c/o Unicon A/S
Ulvehavevej 61
7100 Vejle
Denmark
Tel. +45 70 7072 92
Ane Ryberg Holm, Director
Belgium/France
Compagnie des Ciments Belges S.A.
(CCB)
Grand’Route, 260
7530 Gaurain-Ramecroix
Belgium
Tel. +32 69 25 25 11
Eddy Fostier, Chairman
Société des Carrières du Tournaisis
S.A.
Grand’Route, 19
7530 Gaurain-Ramecroix
Belgium
Tel. +32 69 25 14 73
Eddy Fostier, Director
Compagnie des Ciments Belges
France S.A.
23 rue Paul Dubrule
59810 Lesquin
France
Tel. +33 3 20 05 78 57
Eddy Fostier, General Manager
North America
Lehigh White Cement Company, LLC
1601 Forum Place
Suite 1110
West Palm Beach, FL 33401
USA
Tel. +1 561 812 7450
Alessandro Civera, CEO
Gaetano Cacciatore, LLC
1601 Forum Place
Suite 1110
West Palm Beach, FL 33401
USA
Tel. +1 561 812 7450
Alessandro Civera, Manager
Vianini Pipe, Inc.
81 County Line Road
Branchburg NJ 08876
USA
Tel. +1 908 493 5680
Michael Grapsy, CEO
Addresses
Türkiye
Cimentas İzmir Çimento
Fabrikası Türk A.Ş.
Isiklar Mahallesi
Eski Kemalpaşa Cad. No: 5
35070 Bornova Izmir
Türkiye Tel. +90 232 472 10 50
Cenker Mirzaoğlu, CEO
Recydia Atık Yönetimi Yenilenebilir
Enerji Üretimi Nakliye ve Lojistik Hiz-
metleri Sanayi ve Ticaret Anonim Şir-
keti
Isiklar Mahallesi
Eski Kemalpaşa Cad. No:5
35070 Bornova Izmir
Türkiye Tel. +90 232 472 10 50
Cenker Mirzaoğlu, CEO
Egypt
Sinai White Portland Cement Co.
S.A.E.
604 (A), El-Safa Street
New Maadi
Cairo
Egypt
Tel. +202 2754 2761-3
Alberto Barbieri, Managing Director
Asia Pacific
Aalborg Portland Malaysia Sdn. Bhd.
Lot 75244, Pinji Estate, Lahat
P.O. Box 428
30750 Ipoh
Perak
Malaysia
Tel. +60 5 382 0388
Fabrizio Piero Carraro, Managing Director
Aalborg Portland (Anqing) Co. Ltd.
Guanbing, Yangqiao Town of Anqing
246000 Anqing, Anhui
PR China
Tel. + 86 556 536 7733
Yan Xing Wu, Managing Director
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