ANNUAL REPORT
20252026
P +45 88 13 88 13
Company reg. no. 76 95 00 16
The Annual Report was presented and adopted
at the Annual General Meeting on 22 June 2026
Chairman of the meeting: Peter Appel
Financial year: 1 May 2025 – 30 April 2026
3
Owners’ letter
USTC around the world
Key figures and financial ratios
CEO letter
USTC history
9
15
19
Board of directors
Executive board
23
Notes to the consolidated financial statements
56
Notes to the Parent Company financial statements
67
Management’s statement
Independent Auditor’s statement
CONTENTS
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USTC
ANNUAL REPORT
2025/26
Nina Østergaard, Torben Østergaard-Nielsen and Mia Østergaard Rechnitzer
Owners’ letter
THE VALUES THAT
KEEP US MOVING
In October 2026, USTC marks 150 years
since the beginning of what is today
our Group.
That gives us reason to be proud. But
pride is not really the point. The point is
to ask ourselves what brought us here,
and what we have to hold on to if USTC
is to stay strong for the next 150 years.
Business acumen, leadership, and
decency are our core values. They
have shaped USTC ever since Torben
Østergaard-Nielsen founded the
company almost 50 years ago.
And they were never lost.
But as companies grow, values can
become less visible in daily decisions
if we do not actively keep them alive.
They need to be present in how we
think, how we talk to each other, how
we lead, and how we develop our
people.
That is why they are still our compass.
USTC is not one centrally run
company. It is a Group of autonomous
companies, each with its own
executive management, its own
board, its own market, and its own
responsibility to perform.
But autonomy is not the same as
standing alone. As owners, it is our
responsibility to set the long-term
direction, ensure strong governance,
and to support our companies.
That is the balance we have to
keep: autonomy in the companies,
cohesion across the Group. Instead
of unnecessary control, we believe
in clear expectations. Each company
must know where it is going, and it
must be able to take ownership of its
development. Freedom only works
when it comes with accountability.
Keeping our
starting point alive
This is where our values become very
practical. They have to be trained.
Repeated. Tested in real decisions.
And they have to be passed on to
new leaders and new generations.
Otherwise, values become words we
repeat rather than principles we apply.
That is why we have introduced our
Founder’s Mentality programme
as a concrete way of revitalising the
mindset that built USTC in the first
place.
We are rolling it out step by step. We
have started with one company, and
we will without a doubt learn from the
process. And then we will bring the
programme to the rest of the Group.
If Founder’s Mentality is to really
take root, it has to be worked into
our culture, and it must be practical
enough to make a difference.
For us as an owner family, this is a
major commitment, and we believe
deeply in the long-term effect.
Because we have a firm belief that the
best way forward starts with knowing
where we come from.
So, as we mark 150 years, we look back
with respect. But we look forward with
clear expectations.
Torben Østergaard-Nielsen
Nina Østergaard
Mia Østergaard Rechnitzer
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USTC
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96 offices
15 offices
3 offices
25 offices
A staff of
4,088
representing more than
50 nationalities
Covering all
continents USTC is
represented in
41
countries
USTC AROUND
THE WORLD
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USTC
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2025/26
MANAGEMENT'S REVIEW
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USTC
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2025/26
KEY FIGURES AND FINANCIAL RATIOS
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DKK mill 2025/26 2024/25 2023/24 2022/23 2021/22
Income Statement
Revenue 98,428 10 9,8 8 3 114,257 138,5 4 4 118,518
Profit before financial income and expenses 1,466 1,345 2,2 28 3,04 0 1,171
Net financials (482) (536) (406) (160) (167)
Profit before special items 1,002 842 1,8 43 2,929 1,029
Profit before tax 901 785 1,508 2,9 2 9 1,02 9
Profit before tax after discontinued operations and special items 901 405 254 2,85 4 1,0 2 9
Net profit for the year 736 277 (46) 2,321 797
Balance sheet
Total assets 24,74 5 19,114 2 1,96 0 22,6 6 4 24,1 3 9
Total equity 4,867 4,15 3 4,4 81 5,473 4,29 5
Cash flows
Cash flows from:
- operating activities 3,351 2,463 4,15 4 697 703
- investing activities (205) (435) (89 3) (277) (801)
hereof investment in property, plant and equipment (356) (2 95) (672) (568) (316)
- financing activities (1,161) (2,410) (3,06 8) (1,111) 1,0 8 6
Change in cash and cash equivalents for the year 1,985 (381) 192 (692) 988
Ratios (%)
Gross margin 6.6 % 5.6 % 5.9 % 5.6 % 4.0 %
Profit margin 1.5 % 1.2% 2.0% 2.2% 1.0 %
Return on equity 16.3 % 6.4% (0.9 %) 4 7.5 % 21.9%
Liquidity ratio 1.12 1.03 1.23 1.38 1.24
Solvency ratio 19.7 % 2 1.7 % 20.4% 24.1 % 1 7.8 %
Number of employees 4,08 8 4,3 3 2 4,324 4,331 3,920
The ratios have been prepared in accordance with the definitions set out in note 22 to the Financial Statements.
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USTC
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2025/26
CEO LETTER
CEO letter
BUILT TO MOVE
We have spent the past year tuning
USTC to the world we are actually
in. Not the world we might prefer,
and not the world that would make
business easier. The world as it is.
And that world demands more
from us. More focus, more discipline,
more speed, and less patience with
complexity that does not create value.
Our result this year makes that clear.
In some of our companies, we have
not yet unlocked the performance we
know is possible. In others, we need to
keep sharpening focus, structure, and
commercial discipline.
That is part of running a group like
ours. Markets do not move in sync,
and not all businesses are affected in
the same way at the same time.
Re-centering on
the fundamentals
In parts of business, growth can cover
up a lack of sharpness for a while. In
a more demanding environment, it
cannot. That is one of the reasons I
keep coming back to fundamentals.
For me, that implies staying close to
our customers and understanding
the market, so we can make sound,
strategic choices. It also means
cutting unnecessary complexity
and being honest about what is
working and what is not. And it
means keeping the organisation lean
and ready to move when timing is
everything.
That thinking is closely tied to our
core values of business acumen,
leadership, and decency. These values
built USTC, and they are still the
clearest guide we have.
With time, they have only become
ever more relevant.
Leadership for the
next phase
We also saw important leadership
changes during the year in Bunker
Holding and Unit IT. Leadership
transitions are serious moments in
any business. They change priorities
and expectations, and they bring new
energy and a natural opportunity to
look at what the company needs for
its next phase.
In some of our companies, we have
also decided to make changes to
the Boards as part of the companies’
future direction. And like leadership
transitions, changes to our Boards are
part of that same responsibility.
7
Nina Østergaard, Owner and CEO
Autonomous companies
within one strong Group
This year also reinforced another one
of my convictions. When the world
becomes harder to read, companies
need more clarity. And they need clearer
accountability and clearer leadership.
That is how I see USTC’s role as owner of a
group of autonomous companies. While
we should not run everything from the
centre, we have a responsibility to protect
the whole, support the companies, and
keep the Group strong enough to handle
what comes next. That requires autonomy
in the businesses and cohesion across the
Group. It also requires discipline in the way
we lead.
And this year confirms the underlying
direction. Several of our companies are
performing well. Others are working
through challenges with the backing of
a stronger whole. And across the Group,
the need for sharp leadership and strong
fundamentals has become a defining
priority.
That is the work in front of us now. To
keep building strong companies, to stay
commercially alert, to lead with clarity, and
to hold on to the core values that made
this Group in the first place.
Nina Østergaard
CEO and co-owner
United Shipping & Trading Company
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USTC
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Shipping
and Logistics
Since 1876
Sale and
mediation
of bunkers
Since 1981
IT services
Since 2003
Shipowning
Since 1995
Risk
management
Since 2004
Energy
solutions
Since 2009
USTC can trace its history back to 1876, when a local shipbroking
company was founded in a town on the shores of the Danish strait
of Lillebælt. The ascent to a global leader in the shipping industry
began in earnest in the early 1980s, when Torben Østergaard-Nielsen
had been appointed Managing Director of the still-small shipbroker’s
office in Middelfart.
Recognising the potential in the market for an independent bunker
trading company, he started personally sourcing the fuels and talking
to the shipowners. In the process, he became one of the pioneers
who transformed the way the world’s shipping companies buy
bunkers.
Torben Østergaard-Nielsen soon expanded operations internationally,
and eventually took over full ownership, transforming the bunkering
activities into Bunker Holding. Today, Bunker Holding is the world’s
leading bunkering company.
Over the past 45 years, Torben Østergaard-Nielsen has also nurtured
shipping and logistics activities, the original lifeblood of the company.
USTC today includes the shipowning company Uni-Tankers (founded
in 1995), Unit IT (founded in 2003), SDK FREJA (so-named after
a rebranding and an acquisition of a large Danish transport and
logistics company in 2020, but with a direct line of ascendance from
the company founded in 1876), the sustainable energy company
CM Biomass (founded in 2009), where USTC acquired majority in
September 2021 and full ownership in October 2025, and the energy
hedging company Global Risk Management (active since 2004),
previously organised under Bunker Holding.
In June 2020, Torben Østergaard-Nielsen’s two daughters became
co-owners of the USTC Group, and in May 2022 a change in leadership
was announced. Nina Østergaard took over as CEO after her
father, and Mia Østergaard Rechnitzer assumed the role as Chief
Governance Officer. Torben Østergaard-Nielsen remains actively
involved as working Chairman of the Board.
USTC HISTORY
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Activities
The Group has activities within six segments:
Bunkers
Shipowning
Shipping & Logistics
IT services
Sustainable energy
Risk Management
The main object of USTC as the Parent Company
is as a holding Company to hold shares in the
subsidiaries and to contribute to the continued
development of these.
Bunker Holding Group is fuelling the shipping
industry as one of the world’s leading companies
in bunker trading. As a global organisation, the
Company purchase, sell and supply marine fuel
and lubricants for ships, as well as providing risk
management and other related services for the
shipping industry. The three main business areas
are bunker trading, risk management, and physical
operations. Bunker Holding Group is present
worldwide with 56 offices in 33 countries.
The Group – Uni-Tankers – is a leading tanker
shipping company trading in the intermediate
and small tanker segment. The Company operates
47 owned and chartered vessels comprising of
modern and flexible product and chemical tankers
with focus on high security and quality in sizes up
to 20,000 dwt. At the end of the financial year, the
tonnage available under Uni-Tankers’ activities total
533,356 dwt with an average age of 11.49 years,
which places the fleet among the youngest in Uni-
Tankers’ core markets.
The Group – SDK FREJA – is a full-service shipping
and logistics company. The activities include
freight forwarding within road, air, sea and project
cargo, contract logistics as well as stevedoring,
port agency, customs clearing, chartering, liner,
and cruise services. The Group offers specialist
logistics solutions within healthcare, warehousing,
and refrigeration. The Group is present with
locally based offices in Northern Europe including
strategic positions in China and Spain.
The Group’s IT activities – Unit IT – comprise a wide
range of high-end services within infrastructure
and the operations and support of private and
public cloud solutions, including specialist units
within cyber security, managed services and Data
& AI for operation and optimisation of database
performance. The Company is headquartered in
Denmark with 6 offices as well as an international
office in Prague.
CM Biomass was founded in 2009 and is the
world’s leading independent supplier of solid
biomass fuels. The Company is an integral part
of the global renewables supply chain and
supplies utilities and distributors by acting as the
main aggregator between manufacturers and
customers. USTC Group acquired a majority stake
of 60% of the Company in March 2021 and has since
then added the remaining shares and obtained
full ownership in October 2025. The Company is
present with own offices in 11 countries as well as 9
production plants in North America.
The Company – Global Risk Management – an
energy hedging company - was established as a
separate legal entity (A/S Global Risk Management
Ltd. Fondsmæglerselskab) with an investment
firm license on 3 January 2018 following the
implementation of the MiFID II. The Company’s
commercial focus is to enable international and
domestic clients to manage their energy price
exposure and associated liquidity risk by giving
access to bilateral trading and margin funding in
relevant derivative instruments. The Company’s
commercial history, however, pre-dates the
establishment in 2018, as similar commercial
activities have been conducted in A/S Global Risk
Management Holding since 2004. The Company’s
commercial segments include aviation, industrial
and transportation, oil suppliers, shipping and
utilities.
Development in the year
The USTC Group achieved revenue of DKK
98.4 (109.9) billion and a profit before tax and
special items of DKK 1,002 (842) million. A slight
decline in revenue while earnings increased by
19%. This positive development was achieved
in an exceptionally volatile environment, where
geopolitical uncertainty affected the Group’s
activities across several markets and business
areas. To navigate these challenging and rapidly
changing market conditions, collaboration across
the Group’s companies was further strengthened
during 2025/26, with increased focus on
leveraging internal synergies and ensuring the
strategic directions. These efforts contributed to
maintaining operational resilience and supporting
profitability throughout the year. As a result, the
Group delivered a satisfactory performance that
was in line with the expectations set forth in the
latest annual report.
At the end of the year, equity amounted to DKK
4,867 (4,153) million equalling an increase of 17%
and a solvency ratio of 19.7%.
The Shipping & Logistics activities successfully
maintained their strong level of business activity
throughout the year and delivered a solid result
exceeding expectations. The Bunkers activity
has put the unsatisfactory results of the previous
two years behind it, both of which were primarily
related to the closure of operations in West Africa.
During the year, the Bunkers activity returned to
a strong performance and delivered results above
expectations. The Shipowning activity achieved
a satisfying result in line with expectations
during the year and the Group’s other activities
reported satisfactory results overall, although
performance was more mixed across the portfolio
0
500
1,000
1,500
2,000
Results before tax from
continuing activities
23/24
DKK MILL
24/25
1,843
842
1,002
Assets
25/26
1.5
Inventories
10.7
Trade receivables
2.8
Other
receivables
6.9
Non-current
assets
2.9
24.7
DKK
Billion
Cash
and cash
equivalents
Revenue
83.7
Bunkers
6.8
Shipping &
Logistics
0.5
IT Services
2.8
Shipowning
4.6
Sustainable
energy
98.4
DKK
Billion
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USTC
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2025/26
and influenced by a variety of underlying factors.
The reasons behind these differences vary from
activity to activity and reflect the diverse market
conditions in which they operate.
In addition, the USTC Group has used the year to
consolidate its existing business activities. As part
of this process, minority interests in both FREJA
(Shipping & Logistics activities) and CM Biomass
(Sustainable energy activity) were acquired,
further simplifying the ownership structure and
strengthening the Group’s strategic position. As
a result, the Group is well positioned for future
development, with 100% ownership across all of
its operating businesses except one nearly fully
owned, providing greater alignment, flexibility and
control in executing its long-term strategy.
The Group activities continue to adapt their
operations to changing market conditions and
ongoing global uncertainty. Through these
continuous adjustments, the activities have
maintained their resilience and retain a positive
outlook for the coming year.
The Bunkers activity - Bunker Holding – landed
a profit before tax and special items of DKK 531
million, an increase of 2/3 compared to last year’s
result of DKK 314 million. The Shipowning activity –
Uni-Tankers – delivered yet another strong result in
a challenging market with a profit before tax and
special items of DKK 128 million and strengthened
its fleet with more newbuilds. As for the Group’s
Shipping & Logistics activities, the year ended
with solid results of DKK 226 million before tax
and special items. The market for wood pellets
developed different than anticipated with a cold
winter and tightened supply putting pressure
on available volumes and margins in the Group’s
Sustainable energy activity – CM Biomass – and
resulted in profit before tax and special items of
DKK 114 million, a small increase from last year’s
result. The Risk Management activity experienced
a year mostly marked by low market volatility
resulting in a minor decrease in profit before tax
and special items from DKK 67 million to DKK
61 million. IT Services – Unit IT – saw the first
tangible results of the business and organisational
transformation initiated in the previous year,
delivering a profit before tax and special items of
DKK 8 million, compared to a loss before tax of
DKK 20 million in the prior year.
Through the financial year, the USTC Group
benefited from its solid and strong financial
position and creditworthiness. The Group’s
funding is based on solid agreements with its
banks by which the Group has had a close relation
for many years.
The Bunkers activity – Bunker Holding – achieved
revenue of DKK 83,719 (94,329) million and
a profit before tax of DKK 531 (before special
items), an increase of 69% compared to last year’s
result of DKK 314 million. Over the past year,
Bunker Holding has been navigating a global
energy landscape shaped by a geopolitical and
macroeconomic volatility, where tensions across
key regions have influenced trading conditions,
disrupted supply chains, and kept fuel markets
unpredictable. At the same time, regulatory
pressures, especially within decarbonisation and
compliance, have become more fragmented
and uncertain, altering the conditions in which
Bunker Holding operates. Being future-focused
and agile, Bunker Holding has taken the necessary
pre-emptive steps to readjust and reaccelerate its
strategy, including an intentional transformation
of the Company to build an even more agile, more
sustainable and better positioned business to
improve the long-term competitiveness.
The transformation includes modernising the way
Bunker Holding operates, shifting from a primarily
transactional model towards a more solution-
driven approach. In addition, Bunker Holding is
now operating more as one unified group with its
strong commercial brands, tailoring the services
to specific shipping segments to meet the needs
of the customers in an industry that is becoming
increasingly complex.
2025/26 has also seen significant continued
Onboard a bunker vessel
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investments in driving the transition of the
maritime industry towards lower emissions, such
as expanding Bunker Holding’s biofuel footprint
and developing new fuel partnerships, while also
investing in staff training. Activities that Bunker
Holding expects will yield both short- and long-
term value. In addition, Bunker Holding continues
to strengthen its digital capabilities to prepare for
the complexity arising from the green transition
and to improve its digital offerings for both
customers and suppliers.
For 2026/27, the Bunkers activity anticipates
continued strong market competition alongside
ongoing investments in the low- and zero-carbon
fuel projects and partnerships. This implies that
Bunker Holding is projecting profit before tax
and special items within a range of DKK 400-550
million.
The Shipowning activity – Uni-Tankers – continued
to demonstrate resilience and disciplined
commercial execution and achieved a strong
financial result despite operating in a soft market
shaped by high-risk geopolitical developments
and changing market dynamics. The profit before
tax and special items of DKK 128 million was below
last year’s result but in line with projections during
the year.
In 2025/26, the chemical tanker market
environment was characterised by volatility
and softer earnings levels, following several
exceptionally strong years. Global geopolitical
developments reshaped product flows and
created new regional opportunities alongside
increased uncertainty. In response, Uni-Tankers
initiated a comprehensive strategy development
process to secure long-term resilience and
competitiveness.
During the year, Uni-Tankers has also strengthened
its digital foundation across both sea and shore,
advancing automation and AI initiatives while
making operational data more accessible.
Improved workflows increased transparency
in how voyage and vessel data is handled, and
AI-supported analytics provided deeper insight
into routing, speed optimisation, and vessel
performance, contributing to more informed
routing and fuel decisions.
Commercially, the Shipowning activity expanded
into more regions – from the Far East and Australia
to East Africa and the Arabian Gulf – supported
by new Contracts of Affreightment (COA) and
broader market engagement. A permanent
presence has also been added in one of the world’s
most important chemical tanker markets with
Uni-Tankers’ new office in Singapore. It positions
the Shipowning activity closer to customers,
tonnage providers, and vital regional cargo flows
while perfectly aligning with Uni-Tankers’ fleet of
larger stainless-steel vessels capable of serving a
broader range of trades.
During 2025/26, Uni-Tankers has continued its
strategic fleet renewal to strengthen long-term
competitiveness. Three older non-strategic vessels
were divested, allowing Uni-Tankers to streamline
its fleet and focus resources on more modern
and efficient tonnage. At the end of the financial
year, Uni-Tankers’ fleet of 47 vessels includes 35%
owned by the Shipowning activity and 65% under
time-charter agreements. This year’s changes and
additions to the fleet have allowed Uni-Tankers to
improve its operational scale and meet emerging
commercial opportunities more efficiently.
Looking ahead, the Shipowning activity
anticipates that the geopolitical tensions and the
resulting uncertainty in the global economy and
market conditions will be reflected in the financial
results for 2026/27 and projects an expected profit
before tax ranging from DKK 100-175 million.
In the Shipping & Logistics activities – SDK FREJA
- the 2025/26 financial year was characterised
by continued geopolitical uncertainty,
changing global trade patterns and challenging
macroeconomic conditions across most of the
key markets. Despite these headwinds, SDK
FREJA delivered a strong performance with profit
before tax and special items at DKK 226 million,
an increase of 14% compared to last year’s result of
DKK 197 million.
Both the Logistics and Shipping divisions
demonstrated agility and operational strength
throughout the year. Through a continued focus
on customer-centric solutions, operational
excellence and cross-business collaboration, SDK
FREJA successfully adapted to evolving market
conditions and captured new opportunities. As a
result, volumes across several business areas grew
faster than the underlying markets.
A key priority during the year was the continued
development of digital capabilities. Increased
investments in automation, AI and data-
driven decision-making enhanced efficiency,
transparency and service quality across SDK
FREJA. At the same time, the organisation was
strengthened through targeted recruitment,
skills development and closer collaboration across
countries and business units.
Within Logistics, strong commercial execution, an
asset-light business model and growing demand
for integrated supply chain solutions contributed
to another year of significant growth. A major
milestone was the decision to establish a new
M/T Jutlandia Swan with wind-assisted sails.
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logistics centre in Staffanstorp, Sweden, further
strengthening long-term capacity and market
position.
Shipping activities also delivered a strong
performance. Growth in stevedoring, agency
services, cruise operations and navy-related
logistics was supported by long-standing
customer relationships and the ability to develop
tailored solutions in a changing environment.
Despite softer conditions in some market
segments, the division exceeded its operational
and financial objectives.
Looking ahead, market conditions are expected
to remain uncertain. However, with a strong
commercial platform, enhanced organisational
capabilities and a clear strategic direction, SDK
FREJA is confident in its ability to continue
creating value for customers and stakeholders and
to deliver another year of solid progress in 2026/27
with profit before tax and special items in line
with this year’s result ranging from DKK 200-250
million.
The IT activities – Unit IT - achieved revenue of DKK
486 million – a minor increase of DKK 2 million
compared to 2024/25. Profit before tax and special
items grew from a loss of DKK 20 million last year
to a positive result of DKK 8 million in 2025/26.
The increase in earnings is mainly related to the
benefits of prior years’ investments into a full-
scale transformation of Unit IT’s internal system
landscape supporting a more efficient delivery
model.
Following last year’s major platform and systems
renewal and consolidation of processes, Unit IT
entered 2025/26 with a modern technology and
operating model and a focus on converting the
renewed foundation into commercial momentum.
This has meant a sharpened commercial profile,
deepened relationships with existing customers,
and pursuing profitable growth in the areas where
Danish businesses most need a trusted, locally
anchored partner.
The past financial year has also been defined
by strengthened leadership, a more customer-
centric organisation and continued investment in
the capabilities Unit IT’s customers increasingly
demand. Unit IT has also expanded its delivery
capabilities through its Prague delivery centre with
now 50 specialists, enhanced its cybersecurity and
data protection services, and further developed its
AI-enabled security operations platform.
Demand for digital sovereignty, cybersecurity,
hybrid cloud solutions and AI infrastructure
continued to increase, driven by geopolitical
uncertainty, evolving regulation and growing
customer focus on data governance and control.
Unit IT is well positioned to address these trends
through its Danish-based Sovereign Cloud
platform, which combines scalability, regulatory
compliance and local control within a flexible
hybrid cloud framework.
AI remained a key growth area throughout the
year. Unit IT continued to support customers in
building secure and scalable data foundations
for AI while further integrating AI into its own
service delivery and cybersecurity operations.
Investments were also made in expanding local
AI infrastructure capabilities to meet growing
customer demand.
With a modern system landscape in place,
strengthened leadership and an organisation
reorganised around customer needs, Unit IT has
set the foundation to further increase in revenue
and earnings. Consequently, Unit IT expects
growing the business to earnings in the range of
DKK 15-25 million.
CM Biomass was added to the USTC Group in
March 2021, when USTC acquired a majority stake
of CM Biomass – a Group founded in 2009 and
today the world’s largest independent wood pellet
trading company.
The financial year 2025/26 was a year of
consolidation and about bringing stability to the
business and clarity to its direction. A defining
milestone came in October 2025, when the USTC
Group became the sole owner of CM Biomass
marking a solid foundation for the continued
development.
Revenue was reached at DKK 4,628 (5,798) million,
and the profit before tax and special items landed
at DKK 114 (108) million, a significant decline in
revenue, but CM Biomass remained profitable
through disciplined execution and achieved a
growth in profit of 5%. Traded volumes dropped
from 3.7 million tonnes to 3.1 million tonnes, which
is not a satisfactory outcome but at the same time
demonstrates the resilience of the business in a
year in which several external factors developed
unfavourably.
In 2025/26, market conditions developed
differently than anticipated. While the coldest
Northern European winter in 16 years supported
demand, weather-driven supply constraints in
the US tightened supply conditions, putting
pressure on margins as well as available volumes
and buying opportunities. At the same time,
geopolitical developments and shifting trade flows
created volatility without generating meaningful
upside.
Against this backdrop, biomass continues to
strengthen its role in the energy transition. As
energy markets increasingly focus on security
of supply and reliable alternatives to fossil fuels,
biomass remains an important part of the solution,
and CM Biomass is well positioned to support that
transition.
Following several years of investment, CM
Biomass’ US production platform has reached
a more stable phase, delivering record output
CM Biomass facilities in Quitman, US
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across the wholly owned facilities supported by
an improved production cost efficiency. The US
operations, with a combination of self-owned
and joint venture facilities, remain a strategic
cornerstone for CM Biomass, serving both as
a high-performance production base and as
a testing ground for scaling new technologies
and ideas. During the year, CM Biomass further
integrated production and commercial operations,
creating closer alignment between mill output
and customer demand. This has strengthened the
operational backbone, improved responsiveness,
and enhanced CM Biomass’ ability to serve
customers efficiently in one of its most important
markets.
As biomass adoption expands across new
industries and segments, we expect continued
demand for reliable supply chains and market
expertise. The work undertaken during 2025/26
has strengthened our foundation and positions
CM Biomass for its next phase of development
in 2026/27 and beyond. For the 2026/27 financial
year, we expect profit before tax in the range of
DKK 60–90 million, on sales volumes broadly
consistent with 2025/26. The outlook is supported
by continued cost discipline and a clear focus on
growing the topline and further underpinned
by the full-year effect of the completed US
investment programme.
The Company – Global Risk Management –
achieved profit before tax and special items of DKK
61 million in 2025/26. A small decline compared to
last year’s result in the energy hedging company of
DKK 67 million.
In 2025/26, Global Risk Management navigated
a year shaped by substantial global uncertainty.
This began with the introduction of new
tariff measures in the United States, followed
by continued geopolitical tensions across
multiple regions. For much of the year, however,
commodity and financial markets stayed calm,
settling into what felt like a new normal. This
changed toward the end of the financial year
as developments in the Middle East intensified,
increasing uncertainty and contributing to higher
volatility in the energy markets. Despite this late-
year shift, energy prices were relatively stable for
most of the financial year. For a business like Global
Risk Management, where volatility often creates
opportunity, this stability put pressure on margins
across the industry. In these market conditions,
Global Risk Management still delivered a solid
performance and maintained strong financial
results that stems from the strength of the
organisation coupled with the right strategic focus.
While oil and oil related products continue to be
the core of Global Risk Management’s business,
the ongoing transition in energy markets is
becoming an increasingly important factor in
how the Company develops its offerings. This
shift is particularly evident in Europe, where
demand patterns are changing. Clients are
investing in vessels and solutions powered by
gas, electricity, and batteries, reflecting a broader
move towards alternative energy sources. Global
Risk Management has therefore expanded
its capabilities within electricity, gas, biofuels,
biodiesel, and other non-oil products, ensuring the
Company stands well on the chessboard as client
needs evolve.
A substantial number of new clients have been
added throughout the year, and the overall
volume through the Company’s operation has
increased. In addition, Global Risk Management
has expanded the number of products traded and
added Oslo, Gothenburg and soon Hamburg as
new locations for sales colleagues, building the
commercial strength needed for the future.
As a regulated investment firm, Global Risk
Management is subject to thorough financial
regulation and thus the Company is enduringly
committed to innovation, risk management, and
regulatory compliance.
During the year, Global Risk Management
has reached near full automation of its trade
confirmation flow, improving both efficiency and
accuracy while reducing manual dependencies.
Global Risk Management has also begun applying
Al in selected workflows to support more
structured analysis and decision-making. Together
these developments position the Company to
grow without compromising the quality and
relevance of the service delivered to clients.
Maintaining strong digital resilience and regulatory
compliance remains a constant priority for Global
Risk Management. In line with the requirements
under the Digital Operational Resilience Act
(DORA), the Company has continued to develop
its cybersecurity measures, incident management
capabilities and operational safeguards, building
on the work carried out in prior years.
Looking forward to 2026/27, Global Risk
Management expects profit before tax of DKK
50-60 million.
The objective of the USTC Group is, on a
continuous basis, to develop its business in line
with the customers’ wishes and requirements.
The USTC Group wants to be known for its high-
quality services and deliveries, and trading must
comply with the highest Danish and international
standards.
The USTC Group focuses on sustainable growth,
always maintaining a healthy balance between
risk and reward, be it a strong organic growth
or strategic alliances and acquisitions when the
opportunities arise
0
500
1,000
1,500
2,000
Results before tax from
continuing activities
23/24
DKK MILL
24/25
1,843
842
1,002
Assets
25/26
1.5
Inventories
10.7
Trade receivables
2.8
Other
receivables
6.9
Non-current
assets
2.9
24.7
DKK
Billion
Cash
and cash
equivalents
Subsequent events
There have been no events that materially affect
the assessment of this annual report 2025/26
after the balance sheet date and up to today´s
date.
Development in the year
The Group’s level of activity, revenues and
earnings are in general affected by a number
of external factors, such as the development
on the global freight market, the oil price
development and the general structure of the oil
and shipping market.
This year, the geopolitical tensions and
macroeconomic headwind continued to create
challenging conditions for the Group and its
markets. Based on the global uncertainty at the
end of this year, the expectations for the 2026/27
financial year are profit before tax in the range of
DKK 800-1,100 million.
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Introduction
Our approach to corporate social responsibility is
grounded in the USTC Group Code of Conduct.
The Code sets the minimum standards for
how we conduct ourselves across all business
units, countries, and cultures within the Group,
covering corporate social responsibility, personal
conduct, and business practices. It applies to
all board members, managers, and employees,
as well as external third parties acting on
our behalf, and is anchored in internationally
recognised frameworks, including the UN Guiding
Principles on Business and Human Rights, the
ILO Declaration, and the OECD Guidelines for
Multinational Enterprises.
We encourage everyone to promptly raise any
breach or potential breach of our Code of Conduct,
policies or the law using the whistleblower system
detailed in our Code of Conduct. USTC Group will
never retaliate or allow retaliation for concerns
raised in good faith.
Our governance model defines responsibilities
at all levels and integrates sustainability into
decision-making with a long-term view. Our
Group governance framework balances Group-
level direction with autonomy for business units.
Executive Management teams and Boards are
accountable for their business unit, while the USTC
Risk & ESG Committee under the USTC Board is
the main governing body at Group level.
We publish an annual sustainability report
detailing our approach and performance and
intend to publish the FY25/26 report in September
2026. All reports can be found at: Sustainability -
USTC.
The USTC Group is a conglomerate with activities
across six segments:
Bunkers
Shipowning
Shipping & Logistics
IT services
Sustainable energy
Risk Management
Please see page 10 for further details.
Derived from our Double Materiality Assessment
we have identified material risks relating to the
following topics. An in-depth description of the
methodology and results can be found in our
sustainability reports:
Climate change
Pollution
Own workforce
Workers in the value chain
Business conduct
Environment and Climate
Failing to adapt to environmental risks as well
as transitional and physical climate risks are
material concerns to USTC, as market dynamics
and political agendas are evolving. Several USTC
Group business units operate within hard-to-
abate sectors such as sales of fuel, shipping
and logistics which are impacted by shifting
regulations, customer requirements and funding
requirements.
In 2025/26 we improved data management and
reporting setups and will publish air pollution
data for the first time in our FY25/26 sustainability
report in addition to our GHG inventory that covers
scopes 1,2 and 3 for the entire Group.
We significantly expanded our global sales
presence of biofuel options for bunkering and
are currently able to supply biofuels from more
than 220 locations globally, and we continued
to improve buildings and vessels to reduce our
carbon footprint.
The USTC Group aims to achieve Net Zero
emissions by 2050. Business unit targets, including
interim targets towards 2050, are available in our
sustainability reports, covering more than 98% of
the Group’s total emissions. It is the responsibility
of each business unit to create interim targets
in line with their individual sector pathways and
circumstances.
Social and employee matters
USTC Group is a people’s business, and the
dedication and expertise of our staff is our greatest
asset. We strive to create an engaging workplace
and optimal working conditions for our staff,
and we develop, inspire and offer exciting new
opportunities across the Group.
Across the Group we conduct engagement
processes to make sure that working in our Group
is a motivating and satisfying experience. In our
2025 employee engagement survey, we achieved
an engagement score of 7.9 out of 10 with an 89%
response rate. All managers are responsible for
acting upon feedback from their employees.
We will continue to invest heavily in attracting and
developing the best talents as a key to delivering
on our strategic business ambitions.
All employees must have equal career and
management opportunities regardless of personal
characteristics or background. With more than
50 nationalities, USTC Group is a mirror image of
a globalised world. This philosophy is supported
by our open-minded, unprejudiced culture which
allows each individual employee to make the
best possible use of their skills. Likewise, internal
management training programmes are available
to anyone with the right skills. The participants in
our Core Leadership Programme are a testament
to this and provide a solid pipeline of leaders,
When recruiting new colleagues, we evaluate
the professional and personal skills of the
candidates, and our recruitment practices have
been developed to ensure equal opportunities.
We recruit reliable, respectful, and competent
professionals of any orientation.
We do not tolerate discrimination in any form.
We seek to be a workplace with a multitude of
backgrounds in our staff composition and at our
management levels.
The board and the executive team of USTC, as
well as all business unit boards meet gender
composition guidelines from the Danish Business
Authority.
USTC Group business units operate across sectors,
including shipping, bunkers, sustainable energy,
and logistics, where employees may be exposed
to elevated health and safety risks. These include
working in offshore and maritime environments,
handling hazardous materials, and operating
in geopolitically complex regions. Given this
exposure, health and safety is a core priority for
the Group, and each business unit maintains
dedicated policies and programmes to protect
employees across all locations.
A defining moment this year was the close of
the strait of Hormuz, which affected more than
a hundred colleagues in the region. Our crisis
response team was immediately activated to
ensure the physical safety and mental health of
employees, and a large number of colleagues
were evacuated, while we were able to maintain
business operations. We are proud to see the
efficient response of our organization at a moment
when it really matters.
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Key facts for activities with elevated
health and safety risks
USTC Group’s Shipowning activity has ensured
that health, safety, and security of all employees
remains atop priority. This task can be challenging,
particularly due to the nature of work conducted
on vessels, which encompasses cargo handling,
maintenance and operating in an offshore
environment. The Group’s Shipowning activity
suffered no fatalities during the 2025/26 financial
year and a decrease in lost time incident frequency
(LTIF) to 0.00 from 0.50 in 2024/25.
The Group’s Shipping & Logistics activity saw an
increase in LTIF from 4.9 to 10.0. In response, the
activity continues to strengthen its focus on safety
performance and accident prevention, targeting
an LTIF below 8 in 2026/27.
Group-level results will be published in our
upcoming sustainability report in September 2026.
As a global company, we recognize our moral
obligation and our fortunate ability to give back to
local communities on all continents and support
those in need. In addition to charity donations
made by the Group, we have delegated the
decisions on which worthy causes to support to
our local offices. Using their knowledge of the
challenges and opportunities affecting their
community, they support and donate to local as
well as national and global charities that are close
to their heart.
Human Rights
Our policy regarding Human Rights is detailed
in our Code of Conduct. As a Group operating
globally, we are inherently exposed to potential
breaches of human rights in our value chain. We
are present in countries that are regarded as low,
medium and high risk with regards to human
rights, according to external benchmarks.
We are no longer in scope for the Corporate
Sustainability Due Diligence Directive as the
employee threshold has been raised to 5000
employees in the Omnibus process, however
compliance with human rights is imperative for
the Group and we intend to continue our work
on Human Rights, guided by the UN Guiding
Principles on Business and Human Rights, the
ILO Declaration, and the OECD Guidelines for
Multinational Enterprises.
We monitor our supply chain and aim to work
with reputable suppliers who are reliable and
transparent to ensure that no one acts in violation
of human rights.
In the financial year 2025/26, no human rights
breaches were identified.
Anti-Corruption, anti-bribery
and compliance
As a conglomerate with subsidiaries in the
offshore and shipping sector, we recognize the
inherent risks of corruption and bribery. USTC
Group and its operating companies are steadfastly
committed to upholding integrity by never
engaging in any form of corruption and diligently
avoiding illegal activities intended to influence the
judiciary or any private parties. Additionally, USTC
Group places significant emphasis on preventing
breaches of sanctions.
We regard it as an imperative that the Group
comply with all applicable rules and legislation and
expect all employees and partners to observe all
applicable anti-corruption and anti-trust laws as
well as international trade sanctions. USTC Group is
unreservedly committed to compliance and works
proactively to remain best-in-class and at the
forefront of new regulations.
The Group has made significant efforts to ensure
that we have adequate procedures to prevent
fraudulent behavior among individuals within the
Group and people associated with the Group. We
ensure that all relevant individuals in the Group -
board members as well as selected managers and
employees - each possesses an understanding of
Bunker Holding head office in Middelfart, Denmark
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relevant applicable laws. This has been achieved
in relevant subsidiaries through specific programs
on the subjects, including manuals and recurring
training, and in selected subsidiaries through the
staff’s mandatory annual compliance e-learning.
Generally, our activities are subject to several strict
anti-corruption laws, including but not limited to
the Danish Criminal Code, the UK Bribery Act, and
the US Foreign Corrupt Practices Act.
No convictions or fines related to anti-corruption
and bribery were received during the financial year
2025/26.
Tax policy
At the USTC Group and across our subsidiaries,
we are fully committed to acting as responsible
corporate citizens. As part of this commitment,
we will do our utmost to comply with local and
international tax legislation and pay applicable
taxes accurately in a timely manner. This is a
fundamental element of how we do business
within the Group.
As part of our committed responsible approach
to tax affairs, we fully support the United Nations
17 Sustainable Development Goals (SDGs) and
through our commitments, we directly and
indirectly contribute towards the societies in which
we operate. This includes promoting the rule of
law and not contributing towards corruption and
bribery in any form (SDG 16).
We value constructive relationships with local
and international tax authorities, grounded in
openness, transparency, and honesty. In line with
this approach, all legal entities in the USTC Group
will promptly disclose all information required
by law to relevant tax authorities. While we do
not participate in any formalised partnership
programmes with tax authorities, we maintain
an open dialogue, which we believe effectively
supports mutual understanding and trust.
If tax implications of an operational setup are
assessed as uncertain, we will seek advice from
external tax advisors. Where appropriate and
possible, we will pursue a dialogue with the tax
authorities if significant tax uncertainties are
defined.
Our approach with an open and transparent
dialogue extends to all public authorities and
government bodies.
As part of our broader commitment to social
responsibility, we do not tolerate tax evasion,
whether direct or indirect. It is particularly
important for USTC and our group of companies
to be aware of and comply with tax compliance
matters and industry practices, including
legislative developments, in the jurisdictions where
we operate.
If assessed relevant, we will engage in a
constructive dialogue with governments,
business groups, and civil society to support the
development of effective tax systems, legislation,
and administration.
The USTC Group adopts a prudent approach to
tax risk, and we are committed to mitigating tax
risks whenever possible. We do not apply artificial
or tax-driven structures. All organisational and
transactional structures are based on genuine
commercial rationale and requirements.
Where we have operations in jurisdictions included
on the EU list of non-cooperative tax jurisdictions,
such presence is strictly based on the substantive
commercial operations and not for the purpose of
tax evasion.
The Group has commercial operations on a global
scale. Countries where the Group has legal entities
are listed in the group’s annual reports.
We apply the arm’s length principle in all
intercompany transactions in line with applicable
guidelines and regulations.
As part of our daily operations, tax expenses are
seen as an operational cost. A cost which should
be optimised through effective tax management
and planning within the framework of relevant
tax legislation. We will manage our tax position
within the limits of the tax legislation and strive to
avoid double taxation to the extent possible. This
includes the use of tax incentives and subsidies,
provided such benefits are generally available to
a broad group of taxpayers and are commercially
relevant for the USTC Group. As an example,
Tonnage taxation is applied in Uni-Tankers. Where
tax regulations allow for different interpretations or
choices, we will adopt a tax position which will be
justifiable and defendable.
The CFO of Selfinvest ApS has the overall
responsibility for the Group’s approach to tax-
related matters, including tax risk management,
supported by the Group Head of Tax.
Based on this Group Tax Policy, the CFOs of USTC’s
subsidiary companies are accountable for the
day-to-day tax management in their respective
companies.
The Board of Directors reviews the Tax Policy
annually, where Group tax risks are also reviewed
and addressed.
The Tax Policy is aligned with the Group’s Code of
Conduct and is applicable across the entire USTC
Group. The Code of Conduct is further facilitated by
our Whistleblower setup.
Corporate Social Responsibility
accounting principles
Corporate Social Responsibility accounting
principles stated below include the Groups
activities.
Lost-Time Injury Frequency (LTIF) is calculated as
the number of work-related lost-time injuries per
1,000,000 hours worked.
Human rights incidents are reported as the
number of substantiated human rights breaches
identified during the reporting period based on the
Group’s Human Rights Policy.
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BOARD OF DIRECTORS
Nina Østergaard
Board member and owner
Born in 1983.
Board member since 2014.
CEO and owner of the USTC Group (A/S United Shipping & Trading
Company).
Company evaluations, mergers and acquisitions, financial due
diligence, business restructuring, reorganisation, turnarounds and
compliance.
Member of the boards in Bunker Holding A/S, Uni-Tankers A/S,
CM Biomass Partners A/S, FREJA Group ApS, A/S Global Risk
Management Ltd. Holding, A/S Global Risk Management Ltd.
Fondsmæglerselskab, Dansk Erhverv and Middelfart Erhvervsråd.
Vice Chairman of the board in SDK FREJA A/S and Dansk Erhverv
Regionaludvalg Fyn. Chairman of the board in Unit IT A/S. Member
of USTC Risk & ESG Committee and Beiratssitzung Nord, Deutsche
Bank.
MSc in Applied Economics and Finance supplemented by courses
at Harvard University and London School of Economics and
Political Science.
Torben Østergaard-Nielsen
Chairman of the board and owner
Born in 1954.
Board member since 1994.
Chairman since 2022.
Chairman of the board, founder and owner of the USTC Group (A/S
United Shipping & Trading Company).
Extensive background and global experience within the shipping
and bunker industry.
Chairman and Vice Chairman of the boards in several USTC Group
companies. Vice Chairman of the board in Guldfeldt Holding A/S.
Member of the boards in FA Investments ApS & Group companies,
H.J. Hansen Holding A/S & Group companies, Gottfred Petersen
A/S, and Selected Car Group A/S.
German Honorary Consul from 1988-2020. Member of Corps
Consulaire since 1988. Member of Danske Bank Erhvervsråd from
2006-2022.
Klaus Nyborg
Vice Chairman
Born in 1963.
Board member since 2012. Chairman from 2014-2022.
Vice Chairman since 2022.
Board management and investment.
Global experience with management of listed shipping companies
incl. CEO of Pacific Basin Shipping, Hong Kong. Strategic
and financial expertise as well as in-depth knowledge of risk
management.
Chairman of the boards in Uni-Tankers A/S, Bunker Holding A/S,
Norden A/S, Bawat A/S, Moscord Pte. Ltd., and the investment
committee of Maritime Investment Fund 2 K/S and Maritime
Investment Fund 3 K/S related to Navigare Capital. Member of
the boards in X- Press Feeders Ltd., and Norchem A/S. Member of
USTC Risk & ESG Committee. Director of Return ApS.
Msc in Business & Law, Copenhagen Business School
supplemented with management courses at London Business
School and IMD.
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BOARD OF DIRECTORS CONTINUED
Peter Appel
Board member
Born in 1961.
Board member since 2019.
Partner, Gorrissen Federspiel law firm.
In-depth knowledge and extensive experience within legal
matters related to the shipping industry, as an adviser to and
member of boards of directors in a number of Danish shipping
companies and investment foundations with connections to
the area. Specialised in the transport sector and infrastructure
projects, including extensive knowledge about ferry service, train
and harbour projects. Heads Gorrissen Federspiel shipping law
practice.
Chairman of the boards in Deloitte Fonden, FA Investments
Aps, and Fayard A/S. Member of the boards in Uni-Tankers A/S,
SDK FREJA A/S, Bunker Holding A/S, Clipper Group Ltd., BIMCO
Informatique A/S, Norchem A/S, Sølovsudvalget, and Northern
Offshore Services. Member of USTC Risk & ESG Committee.
LL.M. (Master of Laws), Copenhagen. Maritime Law, University of
Oslo. LL.M with Merit in Commercial and Corporate Law, London
School of Economics.
Mia Østergaard Rechnitzer
Board member and owner
Born in 1989.
Board member since 2020.
Chief Governance Officer and owner of the USTC Group (A/S
United Shipping & Trading Company).
C-suite succession planning, C-level and board composition, board
and leadership assessments, governance structure, development
and implementation of ESG strategy.
Member of the boards in Bunker Holding A/S, Uni-Tankers A/S, and
SDK FREJA A/S. Member of USTC Risk & ESG Committee.
MSc in Human Resource Management supplemented by courses
at Harvard University and London School of Economics.
Jeppe Christiansen
Board member
Born in 1959.
Board member since 2022
CEO of Maj Invest Group.
CEO of Maj Invest Group which he founded in 2005. Assets under
management total approx. DKK 82 billion within global equities,
bonds, and private equity.
Chairman of the boards in Topsøe A/S and Emlika ApS.
Member of the boards in KIRKBI A/S, KIRKBI Climate A/S, Pluto
Naturfonden, Lone Dybkjær Fonden, Kraka Economics ApS and
Climate & Energy Research Institute ApS.
MSc (Economics, 1985) from the University of Copenhagen,
and in 2016 appointed adjunct professor of the Department of
Finance at CBS.
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EXECUTIVE BOARD
Nina Østergaard
CEO
Born in 1983.
Board member since 2014.
CEO and owner of the USTC Group (A/S United Shipping & Trading
Company).
Company evaluations, mergers and acquisitions, financial due
diligence, business restructuring, reorganisation, turnarounds and
compliance.
Member of the boards in Bunker Holding A/S, Uni-Tankers A/S,
CM Biomass Partners A/S, FREJA Group ApS, A/S Global Risk
Management Ltd. Holding, A/S Global Risk Management Ltd.
Fondsmæglerselskab, Dansk Erhverv and Middelfart Erhvervsråd.
Vice Chairman of the board in SDK FREJA A/S and Dansk Erhverv
Regionaludvalg Fyn. Chairman of the board in Unit IT A/S. Member
of USTC Risk & ESG Committee and Beiratssitzung Nord, Deutsche
Bank.
MSc in Applied Economics and Finance supplemented by courses
at Harvard University and London School of Economics and
Political Science.
Mia Østergaard Rechnitzer
Chief Governance Officer
Born in 1989.
Board member since 2020.
Chief Governance Officer and owner of the USTC Group (A/S
United Shipping & Trading Company).
C-suite succession planning, C-level and board composition, board
and leadership assessments, governance structure, development
and implementation of ESG strategy.
Member of the boards in Bunker Holding A/S, Uni-Tankers A/S,
and SDK FREJA A/S. Member of USTC Risk & ESG Committee.
MSc in Human Resource Management supplemented by courses
at Harvard University and London School of Economics.
Jakob Schultz Nielsen
CFO
Born in 1980.
Joined the USTC Group in 2009.
Member of the Excecutive Board and CFO in the USTC Group (A/S
United Shipping & Trading Company) since 2019.
Extensive experience within investments and financing, and
knowledge of the real estate market. An in-depth knowledge of
the various business activities in the USTC Group.
Member of the boards in Middelfart Bycenter A/S, Selfpremises
A/S, Selected Car Investment 1 A/S, Selected Car Investment
3 A/S, and Kolding Åpark 8A A/S. Chairman of the board in
Ejendomsselskabet DP 1 A/S.
MSc in Business Administration and Auditing, supplemented by
courses at Harvard Business School.
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
CONSOLIDATED
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
22
USTC
ANNUAL REPORT
2025/26
CONSOLIDATED
FINANCIAL
STATEMENTS
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
23
USTC
ANNUAL REPORT
2025/26
Income statement
1 MAY - 30 APRIL
DKK ‘000 Note 2025/26 2024/25
1 98,428,187 109,883,091
Direct expenses (91,931,184 ) (103,710,722 )
6,497,003 6,172,369
Other operating income 16,179 13,987
Other external expenses (932,322 ) (878,391 )
Staff expenses 2 (2,587,117 ) (2,684,167 )
Depreciation, amortisation and impairment 6,7, 8 (1,527,332 ) (1,278,927 )
1,466,411 1,344,871
Share of profit/loss in associated companies 9 17,641 33,158
Financial income 3 111,696 143,343
Financial expenses 3 (593,302 ) (679,361 )
1,002,446 842,011
Special items 4 (101,912 ) (56,714 )
900,534 785,297
Corporation tax 5 (164,435 ) (127,654 )
736,099 657,643
Discontinued operations 10 0 (380,640 )
736,099 277,003
Non-controlling interests 19,794 59,177
Shareholder in USTC 716,305 217,826
736,099 277,003
Profit before tax after discontinued operations and special items 900,5 3 4 40 4,6 57
DKK ‘000 Note 2025/26 2024/25
736,099 277,003
Fair value adjustment of derivative financial instruments 15 161,269 (16,524 )
Exchange differences on translation of foreign operations (80,861 ) (243,080 )
Income tax relating to these items (26,267 ) (5,139 )
Items that are not reclassified to income statement 0 0
54,141 (264,743 )
790,240 12,260
Non-controlling interests 16,723 56,594
Shareholder in USTC 773,517 (44,334 )
790,240 12,260
Statement of comprehensive income
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
24
USTC
ANNUAL REPORT
2025/26
Statement of financial position
DKK ‘000 Note 30 April 2026 30 April 2025
Intangible assets 6 2,039,137 2,067,744
Property, plant and equipment 7 1,813,796 1,939,835
Right-of-use assets 8 2,620,344 2,752,232
Investments in associates 9 252,796 262,940
Securities 6,400 6,394
Other receivables 18,076 17,957
Deferred tax assets 5 173,022 196,385
6,923,571 7,243,487
Inventories 11 1,456,267 1,216,328
Trade receivables 14 10,670,726 7,563,313
Receivables from group enterprises 4,069 3,967
Receivables from associates 4,377 3,903
Other receivables 976,665 706,951
Prepayments 195,700 166,815
Corporation tax 152,199 143,741
Derivatives 12 1,498,852 1,093,294
Cash and cash equivalents 2,862,945 972,240
17,821,800 11,870,552
24,745,371 19,114,039
DKK ‘000 Note 30 April 2026 30 April 2025
Share capital 16 4,900 4,900
Reserves (57,695 ) (111,746 )
Retained earnings 4,864,349 3,936,571
4,811,554 3,829,725
Non-controlling interests 55,558 323,305
4,867,112 4,153,030
Borrowings 14 2,147,140 1,210,014
Lease liabilities 8 1,669,400 1,787,341
Debt to non-controlling interests 0 131,027
Provisions 2,127 3,824
Put-option liability 0 50,000
Other payables 33,534 13,822
Deferred tax 5 171,961 208,269
4,024,162 3,404,297
Borrowings 14 1,854,161 1,656,061
Lease liabilities 8 1,068,055 1,060,957
Trade payables 8,194,214 6,032,569
Payables to group enterprises 241,568 47,590
Payables to associates 103,974 17,936
Debt to non-controlling interests 0 478,196
Corporation tax 201,562 174,113
Prepayments received 101,152 81,802
Derivatives 12 2,792,322 410,406
Put-option liability 80,000 502,500
Other payables 1,217,089 1,094,582
15,854,097 11,556,712
19,878,259 14,961,009
24,745,371 19,114,039
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
25
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Sharecapital Hedging reserve
Foreign currency
translation reserve
Reserve under the
equity method Retained earnings
Equity attributable
to owners
Non-controlling
interests Total equity
2025/26
Equity at 1 May 4,900 (33,397 ) (180,833 ) 102,484 3,936,571 3,829,725 323,305 4,153,030
Earnings after tax (EAT) 0 0 0 (3,161 ) 719,466 716,305 19,794 736,099
Other comprehensive income net of tax 0 135,002 (72,123 ) (5,667 ) 0 57,212 (3,071 ) 54,141
0 135,002 (72,123 ) (8,828 ) 719,466 773,517 16,723 790,240
Dividends to shareholders 0 0 0 0 0 0 (648 ) (648 )
Put-option liability related to non-controlling interests 0 0 0 0 472,500 472,500 0 472,500
Acquisition of non-controlling interests 0 0 0 0 (264,188 ) (264,188 ) (283,822 ) (548,010 )
0 0 0 0 208,312 208,312 (284,470 ) (76,158 )
4,900 101,605 (252,956 ) 93,656 4,864,349 4,811,554 55,558 4,867,112
2024/25
Equity at 1 May 4,900 (11,734 ) 46,782 101,469 3,655,120 3,796,537 684,470 4,481,007
Earnings after tax (EAT) 0 0 0 13,897 203,929 217,826 59,177 277,003
Other comprehensive income net of tax 0 (21,663 ) (227,615 ) (12,882 ) 0 (262,160 ) (2,583 ) (264,743 )
0 (21,663 ) (227,615 ) 1,015 203,929 (44,334 ) 56,594 12,260
Dividends to shareholders 0 0 0 0 0 0 (1,755 ) (1,755 )
Put-option liability related to non-controlling interests 0 0 0 0 458,700 458,700 0 458,700
Acquisition of non-controlling interests 0 0 0 0 (382,751 ) (382,751 ) (416,004 ) (798,755 )
Sharebased payment 0 0 0 0 1,200 1,200 0 1,200
Other equity movements 0 0 0 0 373 373 0 373
0 0 0 0 77,522 77,522 (417,759 ) (340,237 )
4,900 (33,397 ) (180,833 ) 102,484 3,936,571 3,829,725 323,305 4,153,030
Statement of changes in equity
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
26
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Note 2025/26 2024/25
Earnings before interest and tax (EBIT) 1,466,411 1,344,871
Amortisation and depreciation for the year 6,7, 8 1,527,332 1,278,927
Changes in receivables (3,406,708 ) 2,517,713
Changes in inventories (267,651 ) 507,590
Changes in derivatives 1,968,445 (624,231 )
Changes in trade payables, other payables, etc 2,601,535 (1,390,412 )
Other adjustments 11,163 (49,830 )
3,900,527 3,584,628
Financial income received 3 111,696 143,343
Financial expenses paid 3 (593,302 ) (679,361 )
Corporation tax paid (154,701 ) (339,594 )
Discontinued operations 0 (245,956 )
Other adjustments 86,389 249
3,350,609 2,463,309
DKK ‘000 Note 2025/26 2024/25
Business acquisition 0 (54,708 )
Dividends received 9 20,802 19,261
Purchase of intangible assets 6 (58,957 ) (105,000 )
Sale of intangible assets 280 0
Change in deposits 422 (3,336 )
Purchase of property, plant and equipment 7 (356,069 ) (294,595 )
Sale of property, plant and equipment 188,495 3,377
(205,027 ) (435,001 )
Proceeds from borrowings and mortgage debt 20 1,688,014 535,544
Repayment of borrowings and mortgage debt 20 (509,146 ) (1,667,046 )
Principal elements of lease payments 20 (1,136,693 ) (909,254 )
Earn outs and payables to associates 0 (7,000 )
Dividend paid (648 ) (1,755 )
Transactions with non-controlling interests (1,202,203 ) (360,269 )
(1,160,676 ) (2,409,780 )
1,984,906 (381,472 )
Cash and cash equivalents at 1 May 972,240 1,393,118
FX translation of cash and cash equivalents at 1 May (94,201 ) (39,406 )
Change in cash and cash equivalents 1,984,906 (381,472 )
2,862,945 972,240
Cash flow statement
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
27
USTC
ANNUAL REPORT
2025/26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
29 1 MAY - 30 APRIL
29 1 MAY - 30 APRIL
29
1 MAY - 30 APRIL
30 1 MAY - 30 APRIL
30 1 MAY - 30 APRIL
32 30 APRIL
34 30 APRIL
36 30 APRIL
37 30 APRIL
37 30 APRIL
38 30 APRIL
39 30 APRIL
40 30 APRIL
41 1 MAY - 30 APRIL
42 30 APRIL
47
47
47 30 APRIL
48 1 MAY - 30 APRIL
49 30 APRIL
50 1 MAY – 30 APRIL
51 1 MAY – 30 APRIL
PAGE
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
28
USTC
ANNUAL REPORT
2025/26
DKK mill 2025/26 2024/25
Sale and mediation of bunkers 83,719 94,3 29
Shipping & Logistics 6,8 47 6,325
Shipowning 2,74 8 2,948
Sustainable energy 4,628 5,7 9 8
IT Services 486 483
98,428 109,883
Europe 34,19 3 3 2,75 5
Asia 39,592 46,858
Americas 15,7 5 4 22,309
Other 8,889 7,9 6 1
98,428 109,883
Goods and services transferred at a point in time 93,50 6 108,551
Goods and services transferred over time 4,922 1,332
98,428 109,883
DKK ‘000 2025/26 2024/25
Interest income on loans and receivables 81,13 4 1 1 7, 4 8 7
Foreign exchange rate gains 11,3 81 2 2,7 91
Other financial income 18,6 44 1,579
Securities, gains 537 1,486
111,696 143,343
Interest on debts and borrowings 306,663 346,962
Interest expenses from leases 1 5 7, 2 1 4 1 15,747
Foreign exchange rate losses 2 1,7 9 8 10,09 0
Securities, losses 14,0 25 18,237
Other financial expenses 93,6 02 188,325
593,302 679,3 61
DKK ‘000 2025/26 2024/25
Hiring of crew 5 7,3 6 2 78,364
Wages and salaries 2,18 4,3 5 9 2, 2 6 7, 5 4 5
Pensions 1 4 7,1 9 0 144,589
Other social security expenses 198,206 19 3,66 9
2,5 8 7,1 1 7 2,684,167
Number of direct employees 3,090 3,190
Number of indirect employees 998 1,142
4,088 4,332
Key Management consists of Executive Board and Board of Directors. The compensation paid or payables to
Key Management is shown in note 19 and 24.
1 MAY - 30 APRIL
1 MAY - 30 APRIL
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
29
USTC
ANNUAL REPORT
2025/26
DKK '000 2025/26 2024/25
Impairment of land and property, plant and equipment 0 30,000
Restructuring 65,282 0
Landslide mitigation costs 0 2,50 0
Other settlements 5,7 2 2 8,546
Legal and other advisory costs 30,908 15,6 68
101,912 5 6,7 14
Special items in 2025/26 and 2024/25 comprise legal and other advisory costs, including expenses incurred in
connection with the resolution of matters arising from previously discontinued activities. These costs reflect
the finalization and settlement of historical obligations. In addition, special items include costs related to a
group-wide restructuring programme undertaken to optimise the Group's organisational structure and sup-
port long-term operational efficiency.
Furthermore, special items comprise losses and costs arising from the landslide and the subsequent bank-
ruptcy of Nordic Waste A/S and other companies in the Environmental Division that discontinued operations
in 2023/24. Such costs include expenses related to mitigating the consequences of the landslide, together with
associated legal and other advisory costs.
Had the items not been classified as special items, they would have been included in the following line items:
Direct expenses 5,6 4 9 0
Other operating income (2,000) 0
Other external expenses 33,27 7 30,514
Staff expenses 6 4,9 86 0
Depreciation, amortisation and impairment 0 30,000
Financial income 0 (3,800)
101,912 5 6,7 14
1 MAY - 30 APRIL
DKK ‘000 Income Statement
Other
comprehensive
income Total
2025/26
Current tax for the year 191,2 25 26,267 2 1 7, 4 9 2
Current tax concerning previous years (6,127) 0 (6,127)
Deferred tax for the year (2 1,160) 0 (21,160)
Deferred tax concerning previous years 497 0 497
164,435 26,267 19 0,7 02
2024/25
Current tax for the year 1 4 7, 6 4 4 5,1 3 9 15 2,78 3
Current tax concerning previous years (24,6 51) 0 (24,6 51)
Deferred tax for the year (12,878) 0 (12,878)
Deferred tax concerning previous years 1 7,5 3 9 0 1 7,5 3 9
127,654 5,1 39 1 32,7 9 3
The Group is subject to the OECD Pillar Two legislation (global minimum tax), effective from May 1, 2024. There
was no material impact from Pillar II taxes in 2024/25. However for 2025/26 the Pillar II tax payments impacted
the effective tax rate with 2 percentage point.
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
30
USTC
ANNUAL REPORT
2025/26
Reconciliation of tax expenses
DKK ‘000 2025/26 2024/25
Profit before tax 9 0 0,53 4 785,2 97
Share of profit/loss in associated companies ( 1 7, 6 4 1) (33,15 8)
Tonnage tax regime (1 1 2,507) (221,087)
Non-deductible expenses, net 49,8 9 0 195,4 45
Other adjustments (9,0 4 9) (14,5 42)
811,227 711,955
Tax using the Danish corporation tax rate (22%) (178,470) (156,6 3 0)
Tax rate deviations in foreign jurisdictions 9,520 (1 2,069)
Adjustment to previous years taxes 6,127 24,6 51
Adjustment to previous years deferred taxes (497) ( 1 7,5 3 9)
Deferred tax assets previously not recognised, utilised 6 0
Other adjustments, net (1,121) 33,933
(164,435) ( 1 2 7,6 5 4)
Deferred taxes
DKK ‘000 2025/26 2024/25
Deferred tax at 1 May (11,8 8 4) 3,463
Foreign exchange adjustments (2,4 07) (1 7,1 0 2)
Acquired in business combinations 0 2,4 41
Adjustment to previous years (497) ( 1 7,5 3 9)
Recognised in the income statement 2 1,160 12,878
Other adjustments (5,311) 3,975
1,061 (11,8 8 4)
Deferred tax assets 173,0 2 2 196,385
Deferred tax liability (171,961) (208,26 9)
1,061 (11,8 8 4)
Deferred tax assets including the tax base of tax loss carry forwards are recognised at the amount by which
they are estimated to reduce future tax payments.
Unused tax losses for which no deferred tax asset has been recognised amount to DKK 26.9 million in 2025/26
(2024/25: DKK 20.9 million). Unrecognised tax asset may be carried forward for an unlimited period of time, and
it is uncertain whether the tax loss can be utilised.
Deferred tax assets Deferred tax liabilities
DKK ‘000 2025/26 2024/25 2025/26 2024/25
Intangible assets 36,352 28,874 (63,332) (6 7,8 4 9)
Property, plant and equipment 11,7 8 5 16,551 (81,351) (8 7,8 5 2)
Other assets 11,843 6,591 (5,100) (25,5 96)
Provisions 23,6 5 5 46,169 (1 9,7 3 6) (26,972)
Tax losses etc. 8 9,387 98,200 (2,4 42) 0
173,022 196,385 (171,961) (208,26 9)
Within 12 months 36,10 5 25,52 9 (10,4 07) (25,033)
More than 12 months 136,917 170,856 (161,554) (183,2 3 6)
173,022 196,385 (171,961) (208,26 9)
CONTINUED
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
31
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Goodwill
Customer
relationship Brand
Technologies
and know-how Acquired rights Software
Completed develop-
ment projects Total
2025/26
Cost at 1 May 1,6 8 2,011 372,693 16 3,6 9 5 6 8,697 92,033 295,471 26,7 3 5 2,7 0 1,3 3 5
Exchange rate adjustment 2,223 (5,70 2) 0 0 (2,4 85) (6,9 3 4) 0 (1 2,8 98)
Transfer (2 7,9 9 1 ) 0 0 0 2 7,9 9 1 0 0 0
Additions 0 645 0 0 0 5 3,928 4,38 4 58,957
Disposals 0 0 0 0 0 (13,817) 0 (13,817)
1,656,24 3 367,636 16 3,695 6 8,697 1 1 7,5 3 9 328,648 31,119 2,7 3 3,577
Amortisation at 1 May 5,906 301,5 6 2 0 68,6 97 84,5 95 169,1 14 3,717 6 33,591
Exchange rate adjustment (159) (5,9 45) 0 0 (2,291) (3,95 5) 0 (12,350)
Amortisation 0 1 2,13 6 0 0 2 8,635 3 7,0 2 3 5,589 83,383
Reversed amortisation of disposals 0 0 0 0 0 (10,1 8 4) 0 (10,18 4)
5,747 3 0 7,7 5 3 0 68,6 97 110,939 191,998 9,306 6 94,440
1,6 5 0,496 59,883 16 3,695 0 6,600 136,6 50 21,813 2,0 39,137
2024/25
Cost at 1 May 1,6 42,32 3 3 7 7,7 0 8 16 4,74 8 6 8,697 9 7, 2 8 9 2 9 2,7 6 6 11,48 0 2,6 5 5,011
Exchange rate adjustment (1,870) (13,617) 5 0 (5,149) (15,0 0 3) 0 (35,634)
Transfer 0 0 0 0 (388) 388 1,317 1,317
Additions 48,5 6 4 2,102 0 0 281 4 0,1 15 13,938 105,000
Acquired in business combinations ( 7,0 0 6) 6,5 00 0 0 0 0 0 (50 6)
Disposals 0 0 (1,0 5 8) 0 0 (2 2,7 9 5) 0 (23,853)
1,682,011 372,693 16 3,6 95 68,6 97 92,033 295,471 2 6,7 3 5 2,70 1,3 3 5
Amortisation at 1 May 6,26 3 298,271 1,058 6 8,697 88,403 1 6 5,7 8 4 1,05 7 6 29,5 3 3
Exchange rate adjustment (357) (13,314) 0 0 (4,92 7) ( 7,5 4 7 ) 0 (26,145)
Transfer 0 0 0 0 (10 4) 104 0 0
Amortisation 0 16,605 0 0 1,223 33,521 2,66 0 54,00 9
Reversed amortisation of disposals 0 0 (1,0 5 8) 0 0 (2 2,74 8) 0 (23,806)
5,906 301,562 0 68,6 97 84,595 169,114 3,7 17 6 3 3,591
1,676,10 5 71,131 16 3,695 0 7,4 3 8 126,357 23,018 2,0 6 7,7 4 4
30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
32
USTC
ANNUAL REPORT
2025/26
Goodwill on cash generating units
DKK ‘000 2025/26 2024/25
Goodwill and brands with indefinite life have been tested on the
following CGUs:
SDK FREJA, goodwill 815,092 809,295
SDK FREJA, brands with indefinite life 16 3,6 9 5 16 3,695
CM Biomass 473,30 3 47 2,7 9 7
Unit IT 233,313 2 3 3,313
CGU's with insignificant goodwill 1 2 8,7 8 8 16 0,70 0
1,814,191 1,839,800
For Goodwill and Brand impairment testing, several estimates are made regarding the development of reve-
nues, gross profits, operating margins, future capital expenditures, discount rates and growth expectations in
the terminal period. These are based on an assessment of current and future developments in the cash-gener-
ating units, as well as historical data and assumptions about expected future market developments, including
anticipated long-term average market growth rates.
The expected future net cash flows are based on budgets and business plans approved by Management.
For impairment testing of the three business units, future cash flows are based on budget, managements pro-
jections and business plans for the financial year 2026/27 and forecasts for the subsequent four years up to and
including 2030/31. The key assumptions applied for determining expected cash flows are revenue growth and
EBITDA/EBIT margins. The most important expectations from management are presented for each business
unit, including expected annual growth in revenue from 2026/27 budget and throughout the forecast period
until 2030/31, as well as EBITDA / EBIT margins over the same period.
From 2031/32 onwards, management has adjusted the growth rate to align with the expected long-term aver-
age growth rate for each industry.
No impairment losses on goodwill and brand have been recognised in neither 2024/25 or 2025/26. Goodwill
and brands were tested for impairment as of 30 April 2026.
A reasonable change in the key assumptions on which the management has based its estimation of recover-
able amounts would not cause the carrying amounts to exceed the recoverable amount of the goodwill and
brands.
Assumptions applied in the impairment tests
DKK ‘000 2025/26 2024/25
Forecast period revenue growth % CAGR 3.5% 2.2 %
Forecast period EBITDA margin % Avg. 7. 0 % 6.8 %
Terminal period EBITDA margin % Avg. 7.0 % 6.8 %
Terminal period growth rate Avg. 2.0 % 2.0 %
Discount rate Avg. 10.5 % 11.4%
Forecast period revenue growth % CAGR 3.1 % 2.2 %
Forecast period EBIT margin % Avg. 3.2 % 4.8%
Terminal period EBIT margin % Avg. 4.0 % 4.0 %
Terminal period growth rate Avg. 3.0 % 3.0 %
Discount rate Avg. 9.6% 9.6 %
Forecast period revenue growth % CAGR 2.0 % 2.0 %
Forecast period EBIT margin % Avg. 10.0 % 9.7 %
Terminal period EBIT margin % Avg. 10.2 % 10.2 %
Terminal period growth rate Avg. 2.0 % 2.0 %
Discount rate Avg. 8.1 % 9.0 %
Management has determined the values assigned to each of the above key assumptions as follows:
This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. The growth
rates are consistent with the forecasts presented in relevant industry reports.
This is the weighted average EBITDA / EBIT margin, defined as EBITDA / EBIT divided by gross profit, based on
historical performance and management’s expectations.
The discount rate is a WACC reflecting the risk-free interest rate together with a risk premium associated with
the specific cash-generating unit.
CONTINUED
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
33
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Land and buildings Ships and equipment
Fixtures and fittings,
tools and equipment
Leasehold
improvements
Prepayment
for fixed assets Plant and machinery Total
2025/26
4 4 3,611 1,827,773 236,376 75,821 2,514 683,079 3,2 6 9,174
Exchange rate adjustment (4,127) (4 5,7 0 7) (5,6 74) 648 (75) (13,933) (68,868)
Transfers 1,352 4,32 3 (81,16 8) 0 0 75,4 93 0
Additions 28,386 2 3 6,873 22,879 6,916 1,041 5 9,974 356,0 6 9
Disposals (1 0,3 34) (305,313) (19,140) (9,2 29) 0 (38,6 7 3) (3 82,6 8 9)
458,888 1 ,7 1 7, 9 4 9 153,273 74,156 3,480 765,940 3,173,686
Depreciation and impairment at 1 May 1 1 0,7 7 5 840,458 129,533 4 3,7 8 1 781 204,011 1,329,339
Exchange rate adjustment (189) (20,5 14) (4,4 4 5) 187 (21) (2,336) ( 2 7,3 1 8)
Depreciation 19,135 1 0 7,2 1 3 12,471 10,8 8 4 670 70,6 5 8 2 21,0 31
Reversed depreciation and impairments of disposals (4,7 74) (109,14 9) (48,28 5) ( 7,1 3 5) 0 5,8 07 (16 3,5 3 6)
Impairment losses 0 0 0 0 0 374 374
124,947 818,008 8 9,274 4 7,7 1 7 1,4 30 278,514 1,359,890
333,941 899,9 41 63,999 26,439 2,050 487,426 1,8 1 3,7 9 6
30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
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PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
34
USTC
ANNUAL REPORT
2025/26
2024/25
430,405 1,8 74,78 4 371,346 75,74 9 960 568,57 7 3,321,821
Exchange rate adjustment (8,318) (9 4,24 3) (16,422) (4,3 98) (5 4) (26,089) (149,524)
Transfers 0 38,7 9 2 (16 5,9 3 0) 1,398 0 1 24,42 3 (1,317)
Additions 21,524 115,5 9 4 59,278 13,113 1,608 8 3,478 2 94,5 9 5
Disposals 0 ( 1 0 7, 1 5 4) (11,89 6) (10,0 41) 0 (6 7,3 1 0) (196,4 01)
443,611 1 , 8 2 7,7 7 3 236,376 75,821 2,514 683,079 3,26 9,174
Depreciation and impairment at 1 May 96,060 79 0,837 230,8 84 40,097 515 108,02 2 1,2 6 6,415
Exchange rate adjustment 589 (40,25 5) (6,318) (1,9 42) (29) (15,66 8) (6 3,623)
Transfers 0 30,41 8 (111,514) 781 0 8 0,315 0
Depreciation 11,879 136,61 2 16,6 21 10,31 1 295 82,95 0 25 8,668
Reversed depreciation and impairments of disposals 0 ( 1 0 7, 1 5 4) (1 1,16 3) (5,4 6 6) 0 (53,914) (1 7 7,6 9 7 )
Impairment losses 2,247 30,000 11,023 0 0 2,3 06 4 5,5 76
11 0,775 840,458 129,5 3 3 4 3,7 8 1 781 204,011 1,329,339
332,836 987,315 106,843 32,040 1,7 3 3 47 9,0 6 8 1,939,835
CONTINUED
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35
USTC
ANNUAL REPORT
2025/26
The balance sheets show the following amounts relating to leases:
DKK ‘000 2025/26 2024/25
Land and buildings 61 1,7 0 8 6 63,673
Fixtures and fittings, tools and equipment 2,0 08,6 36 2,088,559
2,620,344 2,752,232
Depreciation charge of right-of-use assets
Land and buildings 241,820 189,590
Fixtures and fittings, tools and equipment 9 8 0,7 24 755,855
1,222,544 945,445
Interest expense (included in finance costs) 1 5 7, 2 6 9 1 1 5,747
Expenses relating to short-term leases 1,141,543 1,208,555
Expenses relating to low-value assets 129 250
Additions to right-of-use assets 1 , 0 5 7,1 9 9 2,013,9 47
2,384,755 2,201,107
0 0
The following table sets out lease liabilities split into current and non-current liabilities:
DKK ‘000 2025/26 2024/25
Non-current lease liabilities 1,66 9,400 1 ,7 8 7, 3 4 1
Current liabilities 1,068,055 1,060,957
2,7 3 7,4 5 5 2,848,298
For the maturity analysis of lease payments please refer to note 15.
USTC operates as lessor, primarily related to time charter contracts.
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments
to be received after the reporting date:
DKK ‘000 2025/26 2024/25
Less than one year 180,367 126,6 6 5
One to two years 9 7,5 6 1 118,6 9 4
Two to three years 16,3 4 5 4 4,195
294,273 289,554
30 APRIL
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USTC
ANNUAL REPORT
2025/26
DKK ‘000 2025/26 2024/25
Cost at 1 May 16 0,456 16 3,318
Exchange adjustments (1,316) (2,862)
159,140 16 0,4 56
Value adjustments at 1 May 102,4 84 101,469
Exchange rate adjustment (5,6 67) (12,882)
Share of profit for the year 1 7,6 4 1 33,15 8
Dividends (20,8 0 2) (19,2 61)
93,6 5 6 102,484
2 5 2,79 6 262,940
The Group owns interest in a number of associates which are not individually considered material from the
Group.
30 APRIL
DKK ‘000 2025/26 2024/25
Revenue 0 98,6 42
Expenses 0 (490,4 6 9)
Earnings before tax 0 (391,827)
Income tax 0 11,187
0 (3 8 0,6 40)
Fair value adjustment of derivative financial instruments 0 0
0 0
Cash flows from operation activities 0 (21,146)
Cash flows from financing activities 0 20,427
0 (719)
There are no discontinued operations in 2025/26.
Bunker Holding Group had discontinued operations in the financial year 2024/25 which comprise the results of
GRM Commodities A/S as well as value adjustments related to PSTV Cargo, which was reported as a discontin-
ued operation in 2023/24.
GRM Commodities A/S was engaged in commodity trading and was not considered to be within the strategic
direction of Bunker Holding Group. As a result, the operations were closed, and the company was merged into
A/S Global Risk Management Ltd. Holding on 28 April 2025. GRM Commodities A/S was subsequently dissolved
following the merger.
The additional value adjustment related to PSTV Cargo reflects an updated assessment of the recoverable
amount of assets held in connection with the discontinued Cargo business in East and West Africa, which was
previously conducted by PSTV Energy DMCC and ceased operations during the financial year 2023/24.
Financial information relating to the discontinued operations for the period is set out above.
30 APRIL
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37
USTC
ANNUAL REPORT
2025/26
DKK ‘000 2025/26 2024/25
Bunkers 1,057,850 63 0,570
Wood pellets and biofuel 398,012 5 85,617
Other 405 141
1,456,267 1,216,328
Write-downs of inventory to net realisable value have been recognised as an expense during the year and
included in direct expenses in the statement of profit or loss.
30 APRIL
Unloading at CM Biomass facilities in Jackson, US
GENERAL INFORMATION
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38
USTC
ANNUAL REPORT
2025/26
Derivatives are used only for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the hedging criteria, they are classified as ‘held for trading’ for accounting purposes
below. The Group has the following derivative financial instruments:
2025/26 2024/25
DKK ‘000 Assets Liabilities Assets Liabilities
Commodity swaps 7,4 3 4,0 1 2 (8,995,113) 3,14 4,819 (2,41 2,3 0 0)
Commodity futures 7,3 4 9,9 3 3 (5,3 93,5 0 4) 1,242,333 (1,7 0 8,1 9 9)
Commodity options 0 0 7, 2 8 4 (6,418)
Forward foreign exchange contracts 0 (95,078) 3,56 8 (9 7,7 1 7 )
Settled financial instruments 153,346 (399,292) 71,381 ( 1 7, 4 9 6 )
1 4 , 9 3 7, 2 9 1 (14,882,987) 4,469,385 (4,2 42,130)
Commodity swaps, -futures and -options (11,659,766) 11,659,728 (2,996,801) 2,996,8 06
3, 2 7 7,5 2 5 (3,223,259) 1,472,584 (1,245,324)
Margin deposits (1,7 7 8,6 7 3) 4 3 0,9 37 (379,290) 8 34,918
1,498,852 (2,792,322) 1,093,2 9 4 (41 0,4 0 6)
Amounts with right of set-off (65 3,4 43) 748,515 (158,6 51) 158,6 51
Balance amounts covered by guarantees 0 0 0 0
845,409 (2,04 3,807) 9 3 4,64 3 (2 51,75 5)
The Group has a master netting agreement with some customers and obtains and provides collateral in excess
of agreed credit limits. In the balance sheet, derivative assets and liabilites and related collateral with the same
counterparty are presented net to the extent that the amounts will be settled net.
Offsetting is typically limited within specific products. According to IFRS, financial assets and liabilities are
presented net, if there is both a legal right and intention to settle amounts with a counterparty net or simulta-
neously.
Derivatives are classified as held for trading and accounted for at fair value through profit or loss unless they
are designated as hedges. They are presented as current assets or liabilities if they are expected to be settled
within 12 months after the end of the reporting period.
30 APRIL
From the USTC head office in Middelfart, Denmark
GENERAL INFORMATION
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FINANCIAL STATEMENTS
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39
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Level 1 Level 2 Level 3 Total
2025/26
Derivatives 7,3 6 6,7 7 9 7,570,51 2 0 1 4,9 3 7,2 9 1
Securities 0 0 6,40 0 6,40 0
7, 3 6 6,7 7 9 7,570,512 6,400 14,943,691
Derivatives (5,673,732) (9,209,25 4) 0 (14,882,986)
(5,673,732) (9,209,2 5 4) 0 (14,882,9 86)
2024/25
Derivatives 1,31 3,72 1 3,155,664 0 4,469,385
Securities 0 0 6,39 4 6,394
1,313,721 3,155,664 6,394 4,475,779
Derivatives (1,823,41 2) (2,418,718) 0 (4,242,130)
(1,823,412) (2,418,718) 0 (4,242,1 3 0)
Financial instruments measured at fair value
comprise only derivatives and can be divided into
three levels:
There were no transfers between levels 1 and 2
for recurring fair value measurements during the
year. Neither were there any transfers into or out
of level 3.
The Group’s policy is to recognise transfers into
and out of fair value hierarchy levels as at the end
of the reporting period.
Level 1
Quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2
Inputs other than quoted prices included within
level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. de-
rived from prices). To a large extent level 2 is based
on observable quoted prices, however, in some in-
stances forward prices are not observable. In these
situations we use the most liquid forward curves
and derive a spread to the specific location. For
options theoretical pricing models with implied
volatilities are used to calculate market prices.
These valuation techniques maximise the use of
observable market data where it is avaliable and
rely as little as possible on entity specific esti-
mates. If all significant inputs required to calculate
the fair value of an instrument are observable, the
instrument is included in level 2;
Level 3
Inputs for the asset or liability that are not based
on observable market data. Fair value of listed
securities falls within level 1 of the fair value hier-
archy. Non-listed shares and other securities fall
within level 3 of the fair value hierarchy.
Fair value of derivatives falls mainly within level 2
of the fair value hierarchy and is calculated on the
basis of observable market data as of the end of
the reporting period. A minor amount of crude oil
price derivatives fall within level 1 of the fair value
hierarchy.
Fair value of level 3 assets and liabilities is primarily
based on the present value of expected future
cash flows. A reasonably possible change in the
discount rate is not estimated to affect the Group’s
profit or equity significantly.
Specific valuation techniques used to value finan-
cial instruments include:
• for commodity futures – the use of quoted
market prices or dealer quotes for similar instru-
ments
• for interest rate swaps – the present value of the
estimated future cash flows based on observa-
ble yield curves
• for foreign commodity swaps and forward
exchange contracts – the present value of future
cash flows based on the forward exchange rates
at the balance sheet date
• for commodity options – option pricing models
(e.g. Black-Scholes model), and
• for other financial instruments – discounted cash
flow analysis.
All of the resulting fair value estimates are includ-
ed in level 2, except for certain derivative contracts,
where the fair values have been determined based
on present values and the discount rate used were
adjusted for counterparty or own credit risk.
The Group obtains independent valuations for its
investments properties at least annually. At each
reporting period, the directors update their assess-
ment of the fair value of each property, taking into
account the most recent independent valuations,
and determines the fair value within a range of
reasonable estimates.
The best evidence of fair value is current prices in
an active market for similar properties. Where such
information is not available the directors consider
information from a variety of sources including:
• current prices in an active market for properties
of a different nature or recent prices of similar
properties in less active markets, adjusted to
reflect those differences.
• discounted cash flow projections based on relia-
ble estimates of future cash flows
• capitalised income projections based on a
property's estimated net market income, and
a capitalisation rate derived from an analysis of
market evidence.
All resulting fair value estimates for properties are
included in level 3.
30 APRIL
GENERAL INFORMATION
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PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
40
USTC
ANNUAL REPORT
2025/26
Categories of financial assets and liabilities as defined in IFRS 9. The classification depends on the purpose for
which the investments were made.
Management determines the classification of its investments on initial recognition and revaluates this at the
end of every reporting period to the extent that such a classification is permitted and required.
The Group has entered into financial bunker sale agreements with customers with the bunker price in places
where the price is not directly observable. Fair value is determined as the present value of the difference be-
tween the price fixed in the agreement and the forward price for the same quality of bunker in a liquid place
(Rotterdam, Singapore) with the addition of an estimated spread between the liquid place and the place of
delivery under the contract for the same quality of bunker and an estimated margin. The spread is determined
on the basis of an analysis of the historical difference between the actual price in the liquid place and available
price observations for the place of delivery. The margin is estimated to be equal to the margin on inception of
the contract over the term of the agreement. Refer to note 12 for further information.
Fair value of the short term financial assets and other financial liabilities carried at amortised cost is not materi-
ally different from the carrying amount.
In general, fair value is determined primarily based on the present value of expected future cash flows, dis-
counted with an interest rate reflecting their credit rating of the company. Where a market price was available,
however, this was deemed to be the fair value.
Fair value of borrowing items fall within level 2 of the fair value hierarchy and is calculated on the basis of
discounted future cash flows. The carrying amount of financial liabilities measured at amortised cost is not
considered to differ significantly from fair value.
DKK ‘000
Fair value through
profit or loss Amortised cost Total
2025/26
Trade and other receivables 0 1 1,861,167 11,861,167
Derivative financial instruments 1,49 8,852 0 1,498,8 52
Securities 6,40 0 0 6,40 0
Cash and cash equivalents 0 2,862,945 2,862,945
1,505,252 14,724,112 16,229,3 6 4
Trade and other payables 0 9,545,989 9,545,989
Borrowings 0 4,001,301 4,001,301
Lease liabilities 0 2,7 3 7,4 5 5 2 ,7 3 7,4 5 5
Derivative financial instruments 2,792,322 0 2,792,322
2,792,322 16,284,745 19,077,0 67
(2,8 4 7,7 0 3)
2024/25
Trade and other receivables 0 8,4 5 5,036 8,455,036
Derivative financial instruments 1,093,294 0 1,093,294
Securities 6,394 0 6,39 4
Cash and cash equivalents 0 972,240 972,240
1,099,688 9,427,276 10,526,96 4
Trade and other payables 0 7,222,775 7,222,775
Borrowings 0 2,86 6,075 2,866,075
Lease liabilities 0 2,848,298 2,8 4 8,298
Derivative financial instruments 410,4 06 0 410,4 0 6
410,406 12,937,148 13,347,554
(2,820,5 9 0)
1 MAY - 30 APRIL
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
41
USTC
ANNUAL REPORT
2025/26
The Group is exposed to a variety of financial risks including market risks such as currency risks, interest rate
risks and commodity price risks. The Group is also exposed to credit risks and liquidity risks.
Market risk is the risk of losses on financial positions arising from movements in market prices to which the
Group is exposed through financial instruments. Market risks are regularly assessed and prioritised based on
how likely they are to occur and their potential impact. The Group’s risk management programme seeks to
minimise the potential adverse effects on the Group’s financial performance. The Group uses derivative finan-
cial instruments to hedge certain risk exposures.
Risk management is carried out by a central department in the individual business units under policies ap-
proved by the individual Board of Directors.
The below sensitivity analyses relate to the position of financial instruments at 30 April.
The functional currency of two of the largest entities in the Group, Bunker Holding and Uni-Tankers is USD and
thus most amounts are recorded in USD but reported in DKK as DKK is the reporting currency.
However, payments of local costs such as office expenses, local taxes, local employee compensation and GST/
VAT payments may be denominated in local currency. In some limited locations, suppliers are paid in local cur-
rency. The largest gross exposures are to the Singapore Dollar, the United Arab Emirates dirham and Mauritian
Rupee. However, the risk management policy requires the use of hedging strategies to mitigate the impact of
foreign currency exchange risk. Therefore, the net exposure to foreign currency exchange risk is insignificant.
CM Biomass, whose functional currency is EUR, enters into sales as well as purchase transactions in foreign
currencies. The main currency to which CM Biomass is exposed is USD.
As of 30 April 2026 a 10% increase in the USD rate would have decreased profit for the year before tax by DKK
7.6 million (2024/25: by DKK 1.6 million ) and to affect the Group’s equity, excluding tax, negatively by DKK
8.2 million (2024/25: negatively by DKK 2.3 million). The sensitivities are based only on the impact of financial
instruments that are outstanding at the balance sheet date and are thus not an expression of the Group’s total
currency risk.
Other Group entities, primarily have transactions in Danish Kroner or Euro which is also their functional curren-
cy. Therefore, the net exposure to foreign currency exchange risk is insignificant for these entities.
The Group has most of its debt denominated in USD. Borrowings issued at variable interest rates expose the
Group to interest rate risk. The Group’s policy is to have its borrowings mainly in floating rate instruments, as
the borrowings are mainly financing short term assets.
A general increase in interest rates by one percentage point is estimated, all other things being equal, to have a
negative impact on profit before tax and equity, excluding tax by DKK 61.5 million (2024/25: negatively by DKK
44.1 million), as a result of higher interest cost on borrowing.
The pricing model of the Group allows to a large extent the pass-through of interest costs to customers. Hence,
from an operational point of view the Group is not as exposed as the analysis indicates. As such the analysis is
therefore not representative for the Group.
Net interest-bearing debt
DKK ‘000 2025/26 2024/25
Borrowing 2,147,14 0 1,210,014
Leasing liabilities 1,6 69,4 0 0 1 ,7 8 7,3 4 1
Borrowings 1,854,161 1,656,061
Leasing liabilities 1,06 8,0 5 5 1,06 0,9 57
6,73 8,7 5 6 5,7 14,37 3
Cash and cash equivalents 2,862,945 972,24 0
2,862,945 972,240
3,875,811 4,74 2,1 3 3
30 APRIL
GENERAL INFORMATION
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PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
42
USTC
ANNUAL REPORT
2025/26
The Group is exposed to credit risk relating to its customers, and all custom-
ers and other business partners are credit rated regularly in accordance with
the Group’s policy for assuming credit risks. Thorough internal procedures
are in place to minimise the credit risks and the international conventions for
obtaining maritime lien for bunker deliveries mitigate the negative impact
from defaulting payers.
In addition, the Group insures the credit risk on certain receivables where
considered adequate due to the credit worthiness of the counter party or the
size of the credit exposure.
The Group’s cash at bank and in hand is deposited with banks that meet the
appropriate credit criteria. In terms of credit rank banks must be at an accept-
able level. Risk Management services are offered to our customers.
These services include derivatives on fixed price contracts to customers
which have been approved in line with the Group’s credit policy.
The Group has established receivable sale programs that enable us to sell
certain qualifying receivables to third parties. We have assessed the criteria
for risk transfer and the control of receivables subsequent to their sale.
Based on this assessment, sold receivables are excluded from trade receiva-
bles, except for any amounts representing our continuing involvement. One
of the programs involves the sale of receivables to a third-party special pur-
pose vehicle (SPV) established to acquire receivables from the Group.
An assessment was conducted to determine whether Bunker Holding con-
trols the SPV, with the conclusion being that it does not. This conclusion is
based on several factors, including that the Group only manages the debt col-
lection process until any potential event of default, after which other parties
in the structure will take over.
The ageing of receivables is as follows:
DKK ‘000 Trade receivables Provision for impairment Net trade receivables
2025/26
Receivables not due 8,812,945 0.6 % (5 2,78 0) 8,760,165
Less than 90 days overdue 1,571,412 1.1 % (18,016) 1,553,396
More than 90 days overdue 474,161 24.7 % (116,9 9 6) 3 5 7, 1 6 5
10,858,518 1.7 % (187,792) 10,670,726
2024/25
Receivables not due 6,07 3,169 0.3 % (15,462) 6 , 0 5 7,7 0 7
Less than 90 days overdue 1,2 9 4,45 9 1.0 % (12,488) 1,281,971
More than 90 days overdue 25 5,0 61 12.3% (31,42 6) 223,6 35
7,622,689 0.8% (59,376) 7,5 6 3, 3 1 3
During the year, the following gains/(losses) were recognised in profit or loss in relation to impaired receivables:
DKK ‘000 2025/26 2024/25
Incurred losses (2 3,74 6) (25,9 2 0)
Movement in expected credit losses (1 3 0,19 4) 6 8,19 0
Reversal of previous incurred losses 12,82 0 1 1,7 7 2
(141,120) 54,042
During the year, the following movement in provision were recognised in balance in relation to impaired receivables:
DKK ‘000 2025/26 2024/25
Opening loss allowance 1 May (5 9,375) (130,492)
Movement in provision for impairment (13 0,19 4) 6 8,19 0
Exchange rate adjustment 1,777 2,927
(187,792) (59,375)
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount directly. The other receivables are
assessed collectively to determine whether there has been a significant increase in the credit risk since their initial recognition. For these receiva-
bles the estimated impairment losses are recognised in a separate provision for impairment.
Receivables for which an impairment provision was recognised are written off against the provision when there is no expectation of recovering
additional cash.
Impairment losses are recognised in profit or loss within other expenses. Subsequent recoveries of amounts previously written off are likewise
credited within other expenses.
As of 30 April 2026, the Group had sold receivables amounting to DKK 2,352 million. The Group’s continuing involvement in these sold receivables,
which continue to be recognised, amounted to DKK 42 million.
CONTINUED
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
43
USTC
ANNUAL REPORT
2025/26
Funding and adequate liquidity are fundamental factors in driving an expanding
business, and management of both is an integrated part of the Group's continu-
ous budget and forecasting process.
To ensure focus on managing the risks related to funding and liquidity, the Group's
Finance department manages and monitors funding and liquidity for the entire
Group and ensures sufficient cash and bank credit facility reserves to enable the
Group to meet the operating liquidity needs, having an adequate amount of com-
mitted credit facilities and monitoring forecast and actual cash flow by matching
the maturity profiles.
The borrowings are based on multipel loan facilities committed by the banks for
up to a 3-year period ending December 2028. The financing is granted as over-
draft facilities without an agreed repayment profile.
The Group’s borrowings are subject to standard clauses, according to which the
Group’s debt must be repaid in case of a change of control. The group has open
credit lines to ensure an acceptable level of liquidity and monitors capital on the
basis of four key figures/ratios of which the group is subject to covenants. The cov-
enants consist of a borrowing base covenant (1), equity covenant (2) Interest cover
covenant (3) and a gearing covenant (4). The covenants have not been breached in
2025/26, and neither were they breached in 2024/25.
It is crucial for the Group to maintain a financial reserve to cover the Group’s
obligations and investment opportunities and to provide the capital necessary
to offset changes in the Group’s liquidity due to changes in the cash flow from
operating activities. At 30 April 2026 the Group had total unutilised credit facilities
of DKK 5.965 million (2024/25: DKK 5.112 million). Besides the unutilised credit facil-
ities the Group has factoring lines and inventory financing facilities of DKK 4.844
million (2024/25: DKK 5.480 million).
The tables below detail the group’s remaining contractual maturity for its financial
liabilities with agreed repayment periods. The tables have been drawn up based
on the undiscounted cash flows of financial liabilites based on the earliest date on
which the Group can be required to pay.
CONTINUED
DKK ‘000 Carrying amount 0-1 year 1-5 year after 5 years Total
2025/26
Borrowings 4,001,301 1,87 3,915 2,068,905 165,855 4,108,675
Lease liabilities 2 ,7 3 7,4 5 5 1,1 2 6,10 4 1,6 24,224 149,388 2,8 99,716
Payables to related parties 34 5,5 42 345,5 42 0 0 3 4 5,542
Trade payables 8,19 4,214 8,19 4,2 14 0 0 8,19 4,214
Put-option liability 80,000 80,000 0 0 80,000
Other payables 1,250,623 1 , 2 1 7, 0 8 9 3 3,5 34 0 1,250,623
Derivatives 2,792,32 2 2,792,32 2 0 0 2,792,322
19,401,457 15,629,186 3,7 26,6 6 3 315,243 19,671,092
2024/25
Borrowings 2,866,075 1,623,5 64 1 ,1 0 7,4 9 7 188,278 2,919,3 39
Lease liabilities 2,84 8,2 9 8 1,16 9,6 86 1,752,175 201,362 3,1 2 3,223
Payables to related parties 65,526 65,526 0 0 65,526
Trade payables 6,0 32,569 6,032,56 9 0 0 6,032,5 6 9
Debt to non-controlling interests 609,223 481,555 131,031 0 61 2,586
Put-option liability 552,50 0 502,500 50,000 0 5 5 2,500
Other payables 1,10 8,4 04 1,0 9 4,582 13,822 0 1,108,40 4
Derivatives 410,406 410,4 06 0 0 410,4 0 6
14,493,001 11,380,388 3,054,525 389,640 14,824,553
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
44
USTC
ANNUAL REPORT
2025/26
The majority of the Group’s trading activities is back-to-back trading of bunker
products with delivery on short notice (so called spot trading), where sale and
purchases are made simultaneously. This eliminates the oil price risk as there are
no open positions in such transaction.
The same is the case when the Group enters into fixed price agreements with cus-
tomers for delivery of bunker products on future dates. Here the oil price exposure
of such contracts is hedged to mitigate any oil price risk arising. In cases where
bunkers are sold on term contracts at fixed prices and a counter party fails to fulfil
its contractual obligations of lifting product this may lead to uncertainty with
regards the net realisable value of the inventory. To mitigate for this; term commit-
ments are assessed by Group Credit in a M2M credit framework.
When it comes to physical activities the Group possesses stocks of oil as the bun-
ker products are bought in larger quantities and stored for blending and resale. The
oil price risk arising from these oil price stocks is mitigated by entering into hedge
agreements and only a small risk is allowed for each company involved in physical
activities – this risk is allowed for operational reasons.
The overall risk limit set in the policy is defined by a maximum net open (unhe-
dged) position for the Group and for the individual companies involved in physical
exposure having a limit for open oil price risk. The sensitivity of the consolidated
net open position is calculated every day on a 1 day Value at-Risk basis, based on a
confidence level of 95% and 500 days of historical observations.
The Group is exposed to oil price risk arising from future purchases and sales of
bunkers and from bunker inventories. The Group regularly enters into financial
derivatives to hedge this risk. The risk is measured as the net open position until
December 2026.The company designates the spot component of oil futures and
swaps as the hedging instrument.
Measured on these terms Value-at-Risk was respectively DKK 10.2 million and DKK
9.8 million for 2025/26 and 2024/25.
The effects of applying hedge accounting on the Group's financial position and
performance are as follows:
CONTINUED
Oil Futures and swaps hedging future sales of oil
2025/26 2024/25
Notional amount (MT) 83,920 91,520
Carrying amount, assets (DKK'000) 48,072 525
Carrying amount, liabilities (DKK'000) (22,2 39) (10,625)
Maturity dates May’2 6-D e c’27 May’25-D e c’26
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (DKK'000) 25,833 (10,09 3)
Change in value of hedged item used to determine hedge effectiveness (DKK'000) 25,8 33 (10,093)
Weighted average hedge price per metric tonne included forward points (USD) 1,18 2 563
The carrying amount of DKK 25.5 million (2024/25: DKK (10.5) million) has been netted with carrying amount of the oil futures and swaps hedging
futures purchase of oil. Net carrying amount is DKK 99.6 million (2024/25: DKK (36.1) million).
Oil Futures and swaps hedging future purchases of oil
2025/26 2024/25
Notional amount (MT) 79,172 2 10,0 3 8
Carrying amount, assets (DKK'000) 66,15 4 400
Carrying amount, liabilities (DKK'000) ( 7,7 0 7 ) (2 3,658)
Maturity dates - -
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (DKK'000) 73,861 (26,080)
Change in value of hedged item used to determine hedge effectiveness (DKK'000) 73,8 61 (26,080)
Weighted average hedge price per metric tonne included forward points (USD) 619 556
The carrying amount of DKK 74.1 million (2024/25: DKK (26.3) milliion) has been netted with carrying amount of the oil futures and swaps hedging
futures sales of oil. Net carrying amount is DKK 99.6 million (2024/25: DKK (36.1) million).
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
45
USTC
ANNUAL REPORT
2025/26
Cost of hedging reserve
DKK ‘000 2025/26 2024/25
Fair value 1 May (16,853) (4,20 3)
Fair value changes deferred for the year 1 2 9,2 75 (8,15 8)
Reclassified to sales (1 9,34 6) (3,2 3 4)
Reclassified to costs of goods sold (109) (2,2 0 9)
Exchange rate adjustment 456 951
93,423 (16,8 5 3)
Fair value 1 May 1,805 (6,750)
Fair value changes deferred for the year 85,3 9 2 23,1 2 9
Reclassified to costs of goods sold (16,926) (14,5 0 8)
Exchange rate adjustment (49) (66)
70,222 1,805
Fair value 1 May (15,04 8) (10,95 3)
Fair value changes deferred for the year 214,6 6 7 14,971
Reclassified to sales (1 9,34 6) (3,2 3 4)
Reclassified to costs of goods sold ( 1 7,0 3 5) (16,7 17)
Exchange rate adjustment 407 885
16 3,64 5 (15,048)
Oil Futures and swaps hedging inventory
2025/26 2024/25
Notional amount (MT) (111,275) (144,240)
Carrying amount, assets (DKK'000) 36,381 25,391
Carrying amount, liabilities (DKK'000) (8 2,020) (11,56 3)
Maturity dates M ay’26-D e c’27 M a y’25-D e c’26
Hedge ratio 1:1 1:1
Change in discounted spot value of outstanding hedging instruments since 1 May (DKK'000) (4 5,63 9) 13,827
Change in value of hedged item used to determine hedge effectiveness (DKK'000) (45,639) 13,827
Weighted average hedge price per metric tonne included forward points (USD) 330 689
CONTINUED
From the USTC head office in Middelfart, Denmark
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
46
USTC
ANNUAL REPORT
2025/26
At year end the share capital consists of 1 share with a par value of DKK 4.9 million. The share capital is un-
changed relatively to 30 April 2025.
The Board of Directors proposes a dividend to the shareholder of DKK 0 per share – a total of DKK 0.
As part of the acquisition of FREJA in December 2020, the seller of FREJA and Key Management of FREJA be-
came 27% shareholder in FREJA Group ApS holding the combined logistics activities in SDK FREJA Group. The
minority shareholders hold options to partially sell their shares to SDK FREJA A/S as from 2024, and SDK FREJA
A/S holds options to acquire the shares on similar terms. The transaction price will be based on pre-agreed
earnings multiple. In 2025/26 SDK FREJA has acquired 11.2 % of the shares, where-after the seller and Key Man-
agement of FREJA has 3.3% of the shares in FREJA Group ApS. The carrying amount of the liability is DKK 80
million as of 30 April 2026 (30 April 2025: DKK 300 million).
The part of the options that the shareholders can exercise in 2026 is included as current liabilities as of 30 April
2026.
The transactions with non-controlling shareholders have affected the equity attributable to owners negatively
with DKK 264.2 million in 2025/26 (2024/25: DKK 382.8 million).
Changes in the carrying amount of the put option liability are recognised in equity unless risks and rewards
have transferred to the parent.
During the financial year 2025/26, the Group settled outstanding liabilities including accrued interestto minor-
ity shareholders related to share acquisitions completed in the financial year 2024/25. Furthermore, the Group
acquired the remaining equity interests in CM Biomass and increased its ownership interest in FREJA through
the purchase of additional shares. Collectively, these transactions resulted in cash outflows of DKK 1,202 million
during the financial year.
30 APRIL
Assets pledged as security
DKK ‘000 2025/26 2024/25
As security for long-term debt, letters of indemnity have been
provided in ships and equipment 401,275 4 41,497
At the balance sheet date, the carrying amount of the assets
provided as security was 895,157 9 1 9,7 0 5
As security for bank facility, a suretyship has been granted on
the Group's ships 0 58,000
At the balance sheet date, the carrying amount of the assets
provided as security was 0 56,399
Carrying amount of land and buildings provided as security for
debt to mortgage credit institutes 120,719 98,6 8 8
Guarantee for liabilities under bank facilities 1,407,419 0
Deferred tax concerning shipowning company registered un-
der the Tonnage Tax Scheme 19,819 20,362
No events have occurred since the balance sheet date which could materially affect the Group’s financial posi-
tion.
The Group's Danish companies are jointly and severally liable for the tax on the Group's jointly taxed income etc.
Total accrued corporation tax appears from the Annual Report of SelfGenerations T ApS which acts as man-
agement company in the jointly taxed group. Moreover, the Group's Danish enterprises are jointly and severally
liable for Danish withholding tax. Any subsequent adjustments to the corporation tax or withholding tax may
result in an increase of the Company's liability.
As stated in the consolidated financial statements for 2023/24, the Group had to close its activities within the
Environmental Division as a consequence of the unfortunate and unexpected bankruptcy of Nordic Waste
A/S. The investigations of the bankruptcy estate are not completed at 30 April 2026. The bankruptcy estate has
raised claims of DKK 70 mio. at 30 April 2026, predominantly relating to dividend distributions in the period
2022-2023 that in the opinion of the bankruptcy estate should not have been distributed. Group Management
and its legal advisors disagree with the claims raised, and consequently there are no accruals recognised at 30
April 2026.
The bank borrowings are committed and unsecured (no pledge on assets) and is subject to change-of-control
clause.
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
47
USTC
ANNUAL REPORT
2025/26
1 MAY - 30 APRIL
Related parties are defined as parties with control or significant influence, including Group Companies.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company, Selfin-
vest ApS.
Controlling interest is exercised through the Company’s immediate Parent Company, Selfinvest ApS. The
Company’s ultimate Parent Company which prepares Consolidated Financial Statements is SelfGenerations T
ApS, in which Torben Østergaard-Nielsen, CEO, exercises control. Other related parties comprise the Board of
Directors and the Executive Board.
Transactions with related parties
The following transactions occurred with related parties.
DKK ‘000
Key
Management
Parent
company
Associated
companies
2025/26
Revenue 0 3,90 0 205,327
Operation costs (16,818) 0 (8,223)
Other external expenses 0 ( 1 7,74 9) (5,43 4)
Financial, net 0 (4,058) 3,5 45
Trade receivables 0 0 0
Deposits 0 4,0 6 9 4,37 7
Trade payables 0 0 0
Deposits 0 241,5 6 8 10 3,974
DKK ‘000
Key
Management
Parent
company
Associated
companies
2024/25
Revenue 0 4,45 2 14 9,813
Operation costs (18,617) 0 (9,562)
Other external expenses 0 (16,30 3) (9,2 24)
Financial, net 0 (2,19 6) 2,7 9 8
Trade receivables 0 611 315
Deposits 0 3,9 67 3 1,7 7 0
Trade payables 0 940 6,0 4 4
Deposits 0 47,590 0
There have been no transactions with key management personnel in 2025/26 and 2024/25 other than ordinary
remunerations, as described in this note and the financial statements for the Parent Company.
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
48
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Borrowings Lease liabilities Total
2025/26
Net debt as at 1 May 2025 2,86 6,075 2,84 8,298 5,714,373
Proceeds 1,6 8 8,014 0 1,6 88,014
Repayment (50 9,146) (1,136,6 9 3) (1,6 4 5,83 9)
1,178,86 8 (1,1 3 6,693) 42,175
New leases 0 1,060,465 1,060,465
Disposals 0 (3,190) (3,19 0)
Foreign exchange adjustment (4 3,6 9 4) (38,139) (81,833)
Other 52 6,714 6,7 6 6
(4 3,6 42) 1,02 5,8 50 982,208
4,001,301 2 ,7 3 7,4 5 5 6,7 3 8,75 6
2024/25
Net debt as at 1 May 2024 4,09 0,321 1,806,316 5,8 9 6,6 37
Proceeds 535,5 44 0 53 5,54 4
Repayment ( 1 ,6 6 7, 0 4 6 ) (90 9,25 4) (2,576,3 0 0)
(1,131,502) (9 0 9,2 5 4) (2,040,756)
New leases 0 2,02 3,945 2,0 2 3,945
Foreign exchange adjustment (93,271) (9 3,5 56) (186,827)
Other 527 20,847 21,374
(9 2,74 4) 1,951,236 1,858,492
2,86 6,075 2,848,298 5,71 4,3 73
30 APRIL
From the USTC head office in Middelfart, Denmark
GENERAL INFORMATION
MANAGEMENT’S REVIEW
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BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
49
USTC
ANNUAL REPORT
2025/26
In preparing the consolidated financial statements,
Management makes various significant accounting
estimates and judgements that affect the reported
amounts and disclosures in the statements and in
the notes to the financial statements.
These estimates are based on professional judge-
ment, historical data and other factors that man-
agement considers appropriate under the given
circumstances, but which are inherently uncer-
tain or unpredictable. Such assumptions may be
incomplete or inaccurate, and unexpected events
or circumstances may occur. In addition, the Group
is subject to risks and uncertainties that may cause
actual outcomes to deviate from these estimates.
Risk factors specific to the Group are described in the
management commentary. Though by their nature,
estimates include a degree of uncertainty, and actual
results may therefore deviate from the estimates at
the reporting date. Estimates are continuously eval-
uated, and the effects of any changes are recognised
in the relevant period. Management regards the
following as the key accounting estimates and judge-
ments used in the preparation of the consolidated
financial statements:
The unallocated purchase price (positive amount) is
recognised in the statement of financial position as
goodwill, which is allocated to the Group’s cash-gen-
erating units. Management determines the acquired
cash-generating units, the cash-generating units
that already existed in the Group and the allocation
of goodwill. The allocation of goodwill is based on the
expected future cash flows for the business.
Management’s assessment of indication of impair-
ment is based on the cash-generating units (CGUs).
If there are indications that the carrying amount of
assets exceeds the value of future cash flows from
the assets (recoverable amount), an impairment test
must be carried out.
The impairment test is carried out within the Group’s
CGUs. The impairment test is done by estimating the
recoverable amount at value in use calculated as the
present value of the total expected cash flows within
the CGU. If the value in use is lower than the carrying
amounts of the assets in the CGU, the assets are writ-
ten down by first reducing the value of any goodwill
allocated to the CGU and then pro rata reducing the
value of the other assets of the CGU on the basis of
the carrying amount of each asset. The assets are not
written down to a lower amount than the individual
assets net selling price.
The present value of expected future cash flows
(value in use) is based on budgets and business
plans. Key parameters are annual growth rate in the
first five years, EBIT-margin and growth expectations
beyond the next five years.
As the risk associated with cash flows is not included
in the expected cash flows for newly acquired enti-
ties, the expected future cash flows are discounted
using a WACC rate, cf the description below. Manage-
ment believes that the purchase price accounted for
in the consolidated financial statements reflects the
best estimate of the total fair value of the business .
Determining whether goodwill is impaired requires a
comparison of the recoverable amount with the car-
rying amount. The recoverable amount is determined
as the net present value of the future cash flows
expected to arise from the cash-generating unit to
which goodwill is allocated. The carrying amount of
goodwill as of 30 April 2026 amounts to DKK 1,814
million, and the assumptions applied for determining
the recoverable amount is disclosed in note 6.
Acquired brands are initially recognised at their fair
value being the estimated value of the acquired
brands based on all future cash flows associated with
the brands using the relief from royalty method as
there for most acquired entities is a close relationship
between brands and sales. Brands with an indefinite
useful lives are subject to a yearly impairment test.
The classification of the useful life is based on an
assessment of the brand’s name, overall position,
presence and reputation in the market, its degree of
exposure to changes in the economic environment
and stability of the industry.
Based on these criteria’s management have assessed
that the current brands all have an indefinite useful
life. The useful life of assets with an indefinite life is
assessed yearly.
Trade receivables are measured at amortised cost
less write-down for estimated bad debt losses.
Impairment losses are based on an individual review
of the need for impairment based on customers’
creditworthiness and expected ability to pay, cus-
tomer insolvency or anticipated insolvency, and past
due amounts. Write downs are also considered on a
portfolio level.
In assessing the adequacy of write-downs for bad
debt losses, Management specifically analyses
receivables, including doubtful debts, concentrations
of credit risk, credit ratings, current economic condi-
tions, and changes in customers’ payment behaviour.
The specific amount provided for as bad debt is
estimated based on a specific assessment of the
customers. In this assessment professional judgment
such a possibility for taking collateral is taken into
consideration.
The Group measures a number of financial instru-
ments at fair value, including all derivatives as well as
shares and bonds.
Estimates are made in connection with the determi-
nation of the fair value of financial instruments in the
following areas:
Estimating of future cash flows and required rates of
return as regards unlisted shares. Furthermore, the
Group holds a portfolio of investments properties
which are also measured at fair value. As there are
normally no active market for investment properties,
the fair values are estimated based on discount-
ed cash flow models. These models are based on
assumption on future rents, vacancy levels, operating
and maintenance costs, yield requirements and inter-
est rates, and thus contain a number of accounting
estimates.
In accounting for lease contracts, various judge-
ments are applied in determining right-of-use assets
and lease liabilities.
The Group determines the lease term as the
non-cancellable term of the lease, together with any
periods covered by an option to extend the lease if it
is reasonably certain to be exercised, or any periods
covered by an option to terminate the lease, if it is
reasonable certain not to be exercised.
The Group has several lease contracts that include
extension and termination options. The Group ap-
plies judgement in evaluating whether it is reason-
ably certain whether or not to exercise the option to
renew or terminate the lease. That is, it considers all
relevant factors that create an economic incentive for
it to exercise either the renewal or termination. After
the commencement date, the Group reassesses the
lease term if there is a significant event or change in
circumstances that is within its control and affects
its ability to exercise or not to exercise the option to
renew or terminate.
1 MAY – 30 APRIL
GENERAL INFORMATION
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FINANCIAL STATEMENTS
STATEMENTS
50
USTC
ANNUAL REPORT
2025/26
The Consolidated financial statements for 2025/26 for
A/S United Shipping & Trading Company (USTC) have
been prepared in accordance with the International
Financial Reporting Standards (IFRS) as adopted by
the EU and further requirements in the Danish Finan-
cial Statements Act. The Consolidated financial state-
ments are also in accordance with IFRS as issued by
the International Accounting Standards Board (IASB).
The Board of Directors and the Executive Board have
on 22 June 2026 considered and adopted the annual
report for 2025/26, which will be presented for adop-
tion by the shareholder at the Company’s Annual
General Meeting on 22 June 2026.
Amounts in the Annual Report are presented in thou-
sands Danish Kroner (DKK), unless otherwise stated.
The Annual Report has been prepared under the
historical cost convention with the exception of deriv-
ative financial instruments, securities, investment
properties and acquisition opening balances, which
are measured at fair value.
The accounting policies described in the notes have
been applied consistently to the financial year and
the comparative figures.
The consolidated financial statements include the
parent company USTC and subsidiaries controlled by
USTC.
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability
to affect those returns through its control over the
entity.
Subsidiaries are fully consolidated from the date of
which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The consolidated financial statements are prepared
by consolidating items of a uniform nature. In the
consolidation, intercompany income and costs, bal-
ances, dividends and intercompany gains and losses
are eliminated. The financial statements used for the
consolidation are prepared in accordance with the
Group's accounting policies.
Items included in the financial statements of each of
the Group’s entities are measured using the currency
of the primary economic environment in which the
entity operates (‘the functional currency’). The con-
solidated financial statements are presented in DKK,
which is the Group’s presentation currency and the
functional currency of the parent company.
Foreign currency transactions are translated into the
functional currency using the exchange rates pre-
vailing at the dates of the transactions or valuation
where items are re-measured. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation at year-
end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in
financial items.
The results and financial position of all of the Group
entities that have a functional currency different
from the presentation currency are translated into
the presentation currency. Assets and liabilities for
each balance sheet presented are translated at the
closing rate at the date of that balance sheet; income
and costs for each income statement are translated
at average exchange rates. All resulting exchange
differences are recognised in other comprehensive
income.
In preparing the Annual Report, Management seeks
to improve the information value of the consolidated
financial statements, notes to the statements and
other measures disclosed by presenting the informa-
tion in a way that supports the understanding of the
Group’s performance in the reporting period.
This objective is achieved by presenting fair trans-
actional aggregation levels on line items and other
financial information, emphasising information that
is considered of material importance to the user and
making relevant rather than generic descriptions
throughout the Annual Report. All disclosures are
made in compliance with the International Financial
Reporting Standards, Danish Financial Statements
Act and other relevant regulations, ensuring a true
and fair view throughout the financial statements.
Income Statement
Revenue from contracts with customers is recog-
nised when control of the goods or services are trans-
ferred to the customer at an amount that reflects
the consideration to which the Group expects to be
entitled in exchange for those goods or services. Rev-
enue includes fair value gains and losses net related
to commodity derivatives.
Trade receivables are recognised as sale of goods and
service delivered are invoiced to the customer and
are not adjusted for any financing components, due
to short credit terms and thus insignificant. Where
services delivered have yet to be invoiced, contract
assets and accrued cost of services are recognised at
the reporting date.
Revenue from sale and meditation of bunker com-
prise sales of fuel products across the globe. Sale
of bunker is recognised upon passing of title to the
customer which generally coincides with delivery
and acceptance of the goods sold.
Logistics services comprise freight logistics facilitat-
ing transportation of goods by road and other forms
of transportation. Logistics services are character-
ised by short delivery times as most transports are
completed within days. Revenue is recognised are
recognised over time.
Revenue from shipowning comprises chartering
of tank ships. Revenue is recognised when or as
performance obligations are satisfied by transferring
services to the customer, i.e. over time, provided the
state of completion can be measured reliable.
Revenue from IT services comprises sale of hosting
and operations solutions and consulting services.
Revenue of hosting and operations services are rec-
ognised in the period the services are provided which
will either be based on an output measure or using
the straight-line method. Consulting services are
recognised as hours delivered or in accordance with
the stage of completion method.
Revenue from sustainable energy comprises of trad-
ing of various types of sustainable energy products.
Revenue from Sustainable energy is recognised
when the risk and rewards relating to the goods sold
have been transferred to the purchaser, the revenue
can be measured reliably and it is probable that the
economic benefits relating to the sale will flow to the
Group.
Revenue from risk management comprises hedg-
ing of clients’ energy price exposure and associated
liquidity risk by giving access to bilateral trading and
margin funding in relevant derivative instruments.
Direct expenses include expenses for the purchase of
goods for resale, are expensed as incurred.
Other external expenses include expenses for sales,
administration as well as the running of office facili-
ties, etc., and are expensed as incurred.
Staff expenses comprise wages and salaries as well
as payroll expenses. Staff expenses are recognised in
the financial year in which the employee renders the
related service.
Share of profit or loss in associated companies is
recognised net of tax and corrected for the share of
unrealised intra-group gains and losses.
Grants from government are recognised at their fair
value where there is a reasonable assurance that the
grant will be received and the Group will comply with
all attached conditions. Government grants relating
to costs are deferred and recognised in profit or loss
over the period necessary to match them with the
costs that they are intended to compensate.
1 MAY – 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
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BOARDS
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FINANCIAL STATEMENTS
STATEMENTS
51
USTC
ANNUAL REPORT
2025/26
Financial income and expenses comprise interest,
financial expenses in respect of finance leases, real-
ised and unrealised exchange adjustments, fair value
adjustment of securities, amortisation of mortgage
loans as well as extra payments and repayment un-
der the on-account taxation scheme.
Tax comprises an estimate of current and deferred
income tax as well as adjustments to previous years
of those. The tax attributable to the profit for the year
is recognised in the income statement, whereas the
tax attributable to equity transactions is recognised
directly in equity. Any changes in deferred tax due
to changes to tax rates are recognised in the income
statement.
The Group is subject to a jointly taxation with Danish
group enterprises. The tax effect of the joint taxation
is allocated to enterprises showing profits or losses
in proportion to their taxable incomes (full allocation
with credit for tax losses).
Other comprehensive income consists of income
and costs not recognised in the income statement,
including exchange rate adjustments arising from
the translation from functional currency to presenta-
tion currency, fair value adjustments of other equity
investments and cash flow hedges. The Group’s
share of other comprehensive income in associated
companies is also included.
Other comprehensive income includes current and
deferred income tax to the extent the items recog-
nised in other comprehensive income are taxable or
deductible.
Balance Sheet
Intangible assets are measured at cost less accumu-
lated amortisation and impairment losses. Amorti-
sation is calculated on a straight-line basis over the
estimated useful lives of the assets:
Acquired rights: up to 20 years
Customer relations: up to 8 years
Software: up to 5 years
Completed development projects: up to 3 years
Technologies and knowhow: up to 10 years
Brands: indefinite
Property, plant and equipment are measured at
cost less accumulated depreciation and impairment
losses. Cost com-prises the cost of acquisition and
expenses directly related to the acquisition up until
the time when the asset is ready for use.
Land is measured at cost. No depreciation is made
on land.
Interest paid on loans raised for indirect or direct
financing or production of property, plant and equip-
ment is recognised in the income statement.
Depreciation based on cost reduced by any residual
value is calculated on a straight-line basis over the
expected useful lives of the assets:
Buildings: 20-50 years
Ships and equipment (newbuilding): 25 years
Ships and equipment (not newbuilding): 25 years
Fixtures and fittings, tools and equipment: 3-10 years
Leasehold improvements: 5-15 years
Plant and Machinery: 5-10 years
Estimated useful lives and residual values are reas-
sessed on a regular basis. Scrap values are assessed
yearly.
Gains and losses on sale of property, plant and
equipment are recognised in the income statement
under Other operating income and Other external
expenses, respectively.
Leases
The Group assesses at contract inception whether a
contract is, or contain, a lease. This is, if the contract
conveys the right to control the use of an identified
assets for a period of time in exchange for consider-
ation.
The Group applies a single recognition and measure-
ment approach for all leases, except for short-term
leases and leases of low-value assets. The Group
recognises lease liabilities to make lease payments
and right-of-use assets representing the right to use
the underlying asset.
Right-of-use assets
The Group recognises right-of-use assets at the
commencement date for the leases. Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commence-
ment date less lease incentives received. Right-of-use
assets are depreciated over the shorter of the asset’s
useful life and lease term on a straight-line basis.
Lease liabilities
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value for lease payments to be made over the lease
term. The lease payments include fixed payments
less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and
amounts expected to be paid under residual value
guaranties. The lease payment also include the
exercise price of a purchase option reasonably cer-
tain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate.
Variable lease payments that to not depend on an
index or a rate are recognised as expenses in the peri-
od in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at
the lease commencement date because the implied
interest of the lease is not readily determinable.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made.
Additionally, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in
the lease term, a change in the lease payments, or a
change in the assessment of an option to purchase
the underlying asset.
Short term leases and low-value assets
The Group applies the short-term recognition exemp-
tion to its short-term leases insofar the leases have a
lease term of 12 months or less from the commence-
ment date and do not contain a purchase option. Fur-
thermore, the Group applies the lease of low-value
assets recognition exemption to lessees that are
considered to be of low value. Lease payments on
short-term and low assets are recognised as expens-
es on a straight-line basis over the lease term.
When the Group acts as lessor, it determines at lease
inception whether each lease is a finance lease or an
operating lease.
In order to classify each lease, the Group makes an
overall assessment of whether the lease transferees
transfer substantially all the risks and rewards inci-
dental to ownership of an assets. If this is the case,
the lease is classified as finance lease; if not the lease
is classified as operating leases.
Operating leases
Rental income arising is accounted for on a straight-
line basis over the lease terms and is included in
revenue in the statement of profit and loss due to
its operating nature. Initial direct costs incurred is
negotiating and arranging an operating lease are
added to the carrying amount of the leased asset and
recognised over the lease term on the same basis as
rental income.
Contingent rents are recognised as revenue in the
period in which they are earned.
Financial leases
Amounts due from lessees under finance leases
are recognised as receivables at the amount of
the Group’s net investment in the lease. Financial
lease income is allocated to accounting periods so
as to reflect a constant periodic rate of return on
the Group’s net investment outstanding in respect
of the lease, and under due consideration of the
amount recognised in income as an outright sale as
described above in the section “Revenue from sport
cars activities”.
The Group applies the derecognition and impairment
requirements in IFRS 9 to the net investment in the
leases. The Group further regularly reviews estimated
unguaranteed residual values used in calculating the
gross investment in the lease.
(CONTINUED)
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FINANCIAL STATEMENTS
STATEMENTS
52
USTC
ANNUAL REPORT
2025/26
The carrying amounts of intangible assets and prop-
erty, plant and equipment are reviewed on an annual
basis to determine whether there is any indication of
impairment other than that expressed by amortisa-
tion and depreciation.
Impairment losses are recognised when the carry-
ing amount of an asset or a cash-generating unit
exceeds the higher of the estimated value in use and
fair value less costs of disposal. Goodwill is attributed
to cash-generating units on acquisition and impaired
before other assets.
Intangible assets and property, plant and equipment
are tested for impairment, if there is an indication of
impairment. However, annual impairment tests are
carried out for goodwill and other intangible assets
with indefinite useful lives.
Investments in associated companies and joint
ventures are recognised at USTC’s share of the equity
value inclusive of goodwill less any impairment
losses. Goodwill is an integral part of the value of
associated companies and is therefore subject to an
impairment test together with the investment as a
whole. Impairment losses are reversed to the extent
the original value is considered recoverable.
Inventories are measured at the lower of cost under
the FIFO method and net realisable value. The net
realisable value of inventories is calculated at the
amount expected to be generated by sale in the pro-
cess of normal operations with deduction of selling
expenses and costs of completion.
The net realisable value is determined allowing for
marketability, obsolescence and development in
expected sales sum.
The cost price of inventories whose fair value is effec-
tively hedged from derivative financial instruments
is adjusted for the change in fair value attributable to
the hedged risk.
A financial instrument is any contract that gives rise
to a financial asset of one entity and a financial liabili-
ty or equity instrument of another entity.
Financial assets are classified at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair
value through profit or loss. The classification de-
pends on the Group’s business model for managing
the financial assets and the contractual terms of the
cash flows.
Regular way purchases and sales of financial assets
are recognised on trade date, being the date on
which the Group commits to purchase or sell the
asset. Financial assets are derecognised when the
rights to receive cash flows from the financial assets
have expired or have been transferred and the Group
has transferred substantially all the risks and rewards
of ownership.
At initial recognition, the Group measures finan-
cial assets at their fair value plus transaction costs
that are directly attributable to the acquisition of
the financial asset. Transactions costs of financial
assets carried at fair value through profit or loss are
expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments de-
pends on the Group’s business model for managing
the asset and the cash flow characteristics of the
asset.
Assets that are held for collection of contractual
cash flows, where those cash flows represent solely
payments of principle and interest, are measured at
amortised costs. Interest income from these financial
assets is included in financial income using the effec-
tive interest rate method. Any gain or loss arising on
derecognition is recognised directly in profit or loss.
Assets that are held for collection of contractual cash
flows and for selling the financial assets, where those
cash flows represent solely payments of principle and
interest, are measured at fair value through other
comprehensive income. Movements in the carrying
amount are taken through OCI, except for the recog-
nition of impairment gains or losses, interest income
and foreign exchange gains and losses which are
recognised in profit or loss.
Assets that do not meet the criteria for amortised
cost or fair value through other comprehensive
income are measured at fair value through profit or
loss.
Equity instruments
The Group subsequently measures all equity instru-
ments at fair value through profit or loss.
Receivables
Receivables are recognised initially at the amount
of consideration that is unconditional less expected
credit losses. They are subesquently measured at
amortised cost using the effective interest method,
which generally corresponds to nominal values less
expected credit loss provision.
The Group utilises a simplified approach to meas-
uring expected credit losses and uses a lifetime ex-
pected loss allowance for all receivables. To measure
the expected credit losses, receivables have been
grouped based on credit risk characteristics and the
days past due.
The carrying amounts of trade receivables include re-
ceivables subject to sale of receivable arrangements.
Under these arrangements, the Group has trans-
ferred the relevant receivables to buyers in exchange
for cash and is prevented from selling or pledging the
receivables. Through these transactions, the Group
has transferred the majority of the late payment and
credit risk associated with the receivables. The Group
derecognises the majority of the transferred receiva-
bles from its statement of financial position. However,
the Group continues to recognise a portion of the
transferred receivables where it retains a minority
share of the late payment and credit risk.
Derivatives
Derivative financial instruments are initially recog-
nised in the balance sheet at fair value. Any differ-
ence between the transaction price and fair value
determined when applying a valuation model, which
is not solely based on observable market data is de-
ferred and recognised over the term of the contract.
Derivative financial instruments are subsequently
remeasured at their fair values. Derivative financial
assets and liabilities and related collateral payable
and receivable are presented net if the company has
both a current legally enforceable right to set off the
recognised amounts and intends to settle net. Net
amounts of positive and negative fair values of deriv-
ative financial instruments are presented in separate
line items in the balance sheet.
Fair value of OTC (oil derivative contracts) are de-
termined on the basis of generally applied forward
and option pricing models. Inputs to the models are
to the extent possible determined on the basis of
observable prices for the underlying products. For
contracts, where the most significant input is unob-
servable, Management estimates the input.
Changes in the fair values of derivative financial
instruments are recognised in the income statement
unless the derivative financial instrument is designat-
ed and qualify as hedge acccounting.
Borrowings are initially recognised at fair value, net of
transactions costs incurred. Borrowings are subse-
quently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and
the redemption amount is recognised in profit or loss
over the period of the borrowings using the effective
interest method.
Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the ex-
tent that it is probable that some or all of the facility
will be drawn down. In this case, the fee is deferred
until the draw-down occurs. To the extent there is
no evidence that it is probable that some or all of the
facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over
the period of the facility to which it relates.
Other debts are measured at amortised cost, sub-
stantially corresponding to nominal value.
Changes in the fair values of financial instruments
that are designated and qualify as fair value hedges
of a recognised asset or a recognised liability are rec-
ognised in the income statement, as are any changes
in the fair value of the hedged asset or the hedged
liability related to the hedged risk.
Changes in the fair values of financial instruments
that are designated and qualify as hedges of highly
probable future transactions are recognised in other
comprehensive income and presented in a separate
reserve within equity as regards the effective portion
of the hedge.
(CONTINUED)
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
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FINANCIAL STATEMENTS
STATEMENTS
53
USTC
ANNUAL REPORT
2025/26
The ineffective portion is recognised in the income
statement. If the hedged transaction results in an
asset or a liability, the amount deferred in equity is
transferred from equity and recognised in the cost
of the asset or the liability, respectively. If the hedged
transaction results in an income or an expense, the
amount deferred in equity is transferred from equity
to the income statement in the period in which the
hedged transaction is recognised. The amount is rec-
ognised in the same item as the hedged transaction.
Changes in the fair values of financial instruments
that are designated and qualify as hedges of net
investments in independent foreign subsidiaries
or associates are recognised directly in equity in
regard to the effective portion of the hedge, whereas
the ineffective portion is recognised in the income
statement.
Deferred tax is recognised in respect of all temporary
differences between the carrying amount and the
tax base of assets and liabilities. However, deferred
tax is not recognised in respect of temporary differ-
ences concerning goodwill not deductible for tax
purposes.
Deferred tax is measured on the basis of the tax rules
and tax rates that will be effective under the legisla-
tion at the balance sheet date when the deferred tax
is expected to crystallise as current tax.
In cases where the computation of the tax base may
be made according to alternative tax rules, deferred
tax is measured on the basis of the intended use of
the asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss
carry-forwards, are measured at the value at which
the asset is expected to be realised, either by elimi-
nation in tax on future earnings or by set-off against
deferred tax liabilities.
Deferred tax assets and liabilities are offset within the
same legal tax entity.
Current tax receivables and liabilities are recognised
in the balance sheet at the amount calculated on the
basis of the expected taxable income for the year and
adjusted for tax on taxable incomes for prior years.
Tax receivables and liabilities are offset if there is a
legally enforceable right of set-off and an intention to
settle on a net basis or simultaneously.
Purchase and sales prices of own shares are recog-
nised directly in equity. Capital reduction upon can-
cellation of own shares will reduce the share capital
by an amount corresponding to the nominal amount
of the shares and will increase retained earnings. Div-
idend on own shares is recognised directly in equity
under “Retained earnings”.
Dividend distribution proposed by Management for
the year is disclosed as a separate item in equity.
Provisions for legal claims, service warranties and
make good obligations are recognised when the
Group has a present legal or constructive obligation
as a result of past event, it is probable that an outflow
of resources will be required to settle the obligation,
and the amount can be realiably estimated. Provi-
sions are not recognised for future operating losses.
Where there are a number of similar obligations,
the likelihood that an outflow will be required in
settlement is determined by considering the class
of obligations as a whole. A provision is recognised
when if the likelihood of an outflow with respect to
any one item included in the same class of obliga-
tions may be small.
Provisions are measured at the present value of
manage-ment’s best estimate of the expenditure
required to settle the present obligation at the end
of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that re-
flects current market assessments of the time value
of money and the risks specific to the liability. The
increase in the provision due to the passage of time is
recognised as interest expense.
Upon acquisition of new entities, the acquired assets,
liabilities and contingent liabilities are measured at
fair value at the date control was achieved using the
acquisition method. Identifiable intangible assets are
recognised if they arise from a contractual right or
can otherwise be separately identified. The differ-
ence between the fair value of the acquisition cost
and the fair value of acquired identifiable net assets
is recognised as goodwill.
Any subsequent changes to contingent acquisition
costs are recognised as other income or other costs
in the income statement.
Non-controlling interests’ share of profit/loss for the
year and of equity in subsidiaries is included as part
of the Group’s profit and equity respectively, but
shown as separate items.
The Group recognises non-controlling interests in an
acquired entity either at fair value or at the non-con-
trolling interest’s proportionate share of the acquired
entity’s net identifiable assets. This decision is made
on an acquisition-by-acquisition basis.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as
transactions with equity owners of the group. A
change in ownership interest results in an adjust-
ment between the carrying amounts of the con-
trolling and non-controlling interests to reflect their
relative interests in the subsidiary. Any difference
between the amount of the adjustment to non-con-
trolling interests and any consideration paid or
received is recognised in a separate reserve within
equity attributable to owners.
Put options held by non-controlling interests are
recognised as financial liabilities at the present value
of the expected exercise price. The non-controlling
interest continues to be recognised unless risks and
rewards have been transferred to the parent compa-
ny. Changes in the carrying amount of the put option
liability are recognised in equity unless risks and
rewards have transferred to the parent.
Cash flow from operating activities is presented
according to the indirect method based on EBIT,
adjusted for depreciation, non-cash operating move-
ments, net interests, changes in working capital and
income taxes paid.
Cash flows from investing activities comprise cash
flows from acquisitions and disposals of intangible
assets, property, plant and equipment as well as fixed
asset investments.
Cash flows from financing activities comprise cash
flows from the raising and repayment of long-term
debt as well as payments to and from shareholders.
Cash and cash equivalents comprise the cash at bank
and in hand and short term money market funds
with insignificant risk of value changes.
The cash flow statement cannot be immediately
derived from the published financial records.
Gross margin
Gross profit x 100
Revenue
Profit margin
Profit before financials x 100
Revenue
Return on equity
Net profit for the year x 100
Average equity
Liquidity ratio
Current assets
Short-term debt
Solvency ratio
Equity at year end x 100
Total assets
Number of
employees
Employees and rented crew
on vessels reported as annual-
ised numbers
(CONTINUED)
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
54
USTC
ANNUAL REPORT
2025/26
New legislation
No amendments that apply for the first time in
2025/26 have a material impact on amounts recog-
nized in current and prior periods.
The Group has not early adopted any standard, inter-
pretation or amendment that has been issued but is
not yet effective.
The following new standards and amendments to
existing IFRS will become effective in future year.
IFRS 18 includes requirements for the presentation
and disclosure of information in financial statements,
and will be effective for annual reporting periods
beginning on or after 1 January 2027. As such, IFRS 18
will be applied for the first time in the Group’s finan-
cial year beginning on 1 May 2027.
The statement of profit or loss will be presented
into five categories, operating, investing, financing,
income tax and discontinued operations categories
based on an assessment of the Group’s business
activities. The standard also includes requirements
related to aggregation and disaggregation of in-
formation in the primary financial statements and
notes. Further, IFRS 18 requires the Group to identify
its management defined performance measures
(MPM) as detailed disclosures need to be included in
the notes for them.
This should enable users of consolidated financial
statements to understand the aspect of financial
performance that in management’s view is commu-
nicated by an MPM and how the MPM compares with
measures defined by IFRS Accounting Standards. The
Group is assessing the impact of IFRS 18.
In May 2024, the IASB issued IFRS 19, which allows el-
igible entities to elect to apply its reduced disclosure
requirements while still applying the recognition,
measurement and presentation requirements in
other IFRS Accounting Standards.
To be eligible, at the end of the reporting period an
entity must be a subsidiary as defined in IFRS 10,
cannot have public accountability and must have
a parent (ultimate or intermediate) that prepares con-
solidated financial statements, available for public
use, which comply with IFRS Accounting Standards.
IFRS 19 will become effective for reporting periods
beginning on or after 1 January 2027. As such, IFRS 19
will be applied for the first time in the Group’s finan-
cial year beginning on 1 May 2027.
(CONTINUED)
Selected Car Leasing showroom
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
PARENT COMPANY
FINANCIAL STATEMENTS
STATEMENTS
55
USTC
ANNUAL REPORT
2025/26
PARENT COMPANY
FINANCIAL
STATEMENTS
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
56
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Note 2025/26 2024/25
Revenue 23 5 3,961 5 7,2 6 3
Other external expenses (50,389) (4 8,00 2)
3,572 9,261
Staff expenses 24 (4 6,155) (5 3,779)
Depreciation, amortisation and impairment losses (1,4 3 0) (11,4 35)
(44,013) (55,95 3)
Profit from investments in group enterprises and associates 696,138 3 44,191
Financial income 25 6,146 20,390
Financial expenses 26 ( 2 7,2 5 5 ) (17 1,7 5 8)
631,016 136,870
Tax on profit for the year 27 13,919 15,601
644,935 152,471
Reserve for net revaluation under the equity method 696,138 3 4 4,1 91
Retained earnings (51,203) (1 91,72 0)
644,935 152,471
Income statement
1 MAY - 30 APRIL
From the GRM head office in Middelfart, Denmark
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
57
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Note 2026 2025
Software 921 433
28 921 433
Fixtures and fittings, tools and equipment 1 3,4 54 7, 2 7 9
Leasehold improvements 996 1,61 3
29 14,450 8,892
Investments in subsidiaries 5,102,370 5,069,099
30 5,10 2,370 5,069,09 9
5,1 1 7,7 4 1 5,078,424
Deferred tax assets 32 0 1,0 41
Receivables from group enterprises 3,874 6,64 5
Other receivables 2,79 1 1,5 9 8
Corporation tax 14,7 6 2 14,073
Prepayments 33 3,181 5,0 32
24,6 0 8 28,389
31 74 45
2,170 2,431
26,852 30,8 6 5
5,144,593 5,109,28 9
DKK ‘000 Note 2026 2025
Share capital 16 4,90 0 4,900
Reserve for net revaluation under the equity method 1,738,808 1,909,463
Retained earnings 2,625,286 2,063,0 01
4,368,994 3 , 9 7 7,3 6 4
Provision for deferred tax 32 30 0
30 0
Credit institutions 30,48 3 61,212
Payable to group enterprises 450,000 502,000
34 480,483 563,212
Short-term part of long-term debt 31,40 0 31,400
Trade payables 4,25 3 8,225
Payables to group enterprises 34 242,0 48 4 7,74 5
Other payables 17,385 481,343
2 9 5,086 5 6 8,7 1 3
775,569 1,131,925
5,144,593 5,109,28 9
Contingent Liabilities and obligations 35
Related parties 36
Fee to auditors 37
Subsequent events 38
Significant accounting policies 39
Statement of financial position
30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
58
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Share capital
Reserve under
the equity
method
Retained
earnings Total
2025/26
Equity at 1 May 4,90 0 1,909,463 2,0 6 3,001 3, 9 7 7,3 6 4
Net profit for the year 0 696,13 8 (51,20 3) 6 4 4,9 35
Capital adjustments 0 (866,793) 613,488 (25 3,305)
4,900 1,7 3 8,8 08 2,625,286 4,368,994
2024/25
4,900 3,252,959 1,278,6 4 6 4,536,505
Net profit for the year 0 3 4 4,191 (1 91,7 2 0) 152,471
Capital adjustments 0 (1,6 87,6 87) 976,075 (7 11,61 2)
4,900 1,909,463 2,063,001 3,9 7 7,3 6 4
Statement of changes in equity
1 MAY - 30 APRIL
The Bunker Holding head office in Middelfart, Denmark
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
59
USTC
ANNUAL REPORT
2025/26
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
PAGE
61
1 MAY - 30 APRIL
61
1 MAY - 30 APRIL
61 1 MAY - 30 APRIL
61
1 MAY - 30 APRIL
61 1 MAY - 30 APRIL
62 1 MAY - 30 APRIL
62 1 MAY - 30 APRIL
62 30 APRIL
63 30 APRIL
63 1 MAY - 30 APRIL
63
30 APRIL
63
30 APRIL
64 30 APRIL
64
1 MAY - 30 APRIL
64
1 MAY - 30 APRIL
64
1 MAY - 30 APRIL
65
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
60
USTC
ANNUAL REPORT
2025/26
1 MAY - 30 APRIL
In compliance with section 96 of the Danish Financial Statements Act, information regarding turnover on geo-
graphical markets and activities has been left out due to the fact that geographical markets and activities do
not differ material on risks and rewards.
DKK ‘000 2025/26 2024/25
Wages and salaries 43,9 2 3 51,210
Pensions 2,14 4 2,318
Other social security expenses 88 251
46,155 5 3,77 9
Executive Board 15,7 0 6 17,017
Board of Directors 1,6 0 0 1,60 0
37 41
DKK ‘000 2025/26 2024/25
Financial income from group enterprises 5,894 19,888
Other financial income 252 502
6,146 20,390
DKK ‘000 2025/26 2024/25
Financial expenses from group enterprises 5,240 13,341
Other financial expenses 21,736 1 5 7, 9 2 2
Exchange rate adjustments 279 495
2 7, 2 5 5 17 1,7 58
DKK ‘000 2025/26 2024/25
Current tax for the year (14,76 2) (14,073)
Adjustment of provision for deferred tax 877 (1,528)
Tax concerning previous years (229) (89)
Adjustment of provision for deferred tax concerning previous
years 195 89
(13,919) (15,6 01)
1 MAY - 30 APRIL
1 MAY - 30 APRIL
1 MAY - 30 APRIL
1 MAY - 30 APRIL
GENERAL INFORMATION
MANAGEMENT’S REVIEW
CORPORATE SOCIAL
RESPONSIBILITY
BOARDS
CONSOLIDATED
FINANCIAL STATEMENTS
STATEMENTS
61
USTC
ANNUAL REPORT
2025/26
DKK ‘000 Software
Cost at 1 May 677
Additions 488
1,16 5
Depreciation at 1 May 244
Depreciation for the year 0
244
921
DKK ‘000
Fixtures and fittings,
tools and equipment
Leasehold
Improvements
Cost at 1 May 18,972 3,078
Additions for the year 6,988 0
25,96 0 3,078
Depreciation at 1 May 1 1,6 9 3 1,465
Depreciation for the year 813 617
12,50 6 2,082
13,454 996
DKK ‘000
Investments in
subsidiaries
Cost at 1 May 3,159,6 36
Additions 25 2,500
Disposal (4 8,574)
3,36 3,562
Value adjustments at 1 May 1,909,463
Disposal 23,485
Exchange rate adjustment (78,675)
Shares of profit for the year 696,13 8
Dividend (636,973)
Other equity movements (174,6 3 0)
1,7 38,8 0 8
5,10 2,370
The parent company’s investments in subsidiaries comprise:
Place of reg. office
DKK'000
Share capital
Votes and
ownership
Bunker Holding A/S Middelfart 10,000 100%
Unit IT Holding A/S Middelfart 1,000 100%
SDK FREJA A/S Fredericia 6,5 0 0 100%
Uni-Tankers A/S Middelfart 6 7,2 2 1 100%
CM Biomass Holding A/S København 2,13 3 100%
Adarts af 1/9-2019 A/S Middelfart 502 100%
A/S Global Risk Management Ltd. FS Holding Middelfart 400 100%
For the complete list of subsidiaries please refer to the Financial Statements of the listed entities.
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30 APRIL
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DKK ‘000
Revaluations,
income statement Fair value
Securities 29 74
30 APRIL
30 APRIL
1 MAY - 30 APRIL
30 APRIL
DKK ‘000 2025/26 2024/25
Deferred tax at 1 May 1,041 (576)
Adjustment of provision for deferred tax concerning previous
years (19 4) 89
Change for the year, income statement (87 7) 1,528
(30) 1,041
Repayments due within one year are recognised under current liabilities. Other obligations are classified as
non-current liabilities.
The liabilities fall due in the following order:
DKK ‘000 2025/26 2024/25
After 5 years 0 0
Between 1-5 years 30,48 3 61,212
30,483 61,212
Short-term 31,400 31,4 0 0
61,883 92,612
After 5 years 0 0
Between 1-5 years 450,000 502,000
450,000 502,000
Short-term 242,048 4 7,7 4 5
692,048 549,745
Prepayments consist of prepaid expenses concerning rent, insurance premiums, memberships, subscriptions
and other costs as well.
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DKK ‘000 2025/26 2024/25
Lease and rent obligations 712 786
Obligation to designate buyer in respect of operating lease. Expected residual values at contract expiry are
calculated at DKK 1,591k at the balance sheet date.
The Group’s Danish companies are jointly and severally liable for the tax on the Group’s jointly taxed income etc.
Total accrued corporation tax appears from the Annual Report of Selfgenerations T ApS which acts as manage-
ment company in the jointly taxed Group. Moreover, the Group’s Danish enterprises are jointly and severally
liable for Danish withholding tax. Any subsequent adjustments to the corporation tax or withholding tax may
result in an increase of the Company’s liability.
There is a guarantee in respect of the subsidiary Unit IT Holding A/S’ liabilities to credit institutions, up to a
maximum of DKK 50,000k.
There is a guarantee in respect of the parent company’s bank facilities. The guarantee amounted to DKK
1,407,419k at the balance sheet date.
There is a warranty obligation for the subsidiary Uni-Chartering A/S on DKK 223,430k.
There are no other material financial obligations as of 30 April 2026.
30 APRIL
Related parties comprise the Board of Directors, the Executive Board and senior executives in group enterpris-
es as well as companies in which these persons have significant interests.
Except for intercompany transactions, no transactions have been carried out with the Executive Board, mana-
gerial staff, significant shareholders or other related parties during the year.
The Company is included in the Consolidated Financial Statements of the immediate Parent Company, Selfin-
vest ApS.
Controlling interest is exercised through the Company’s immediate Parent Company, Selfinvest ApS and the
ultimate Parent Company SelfGenerations T ApS, in which Torben Østergaard-Nielsen, CEO, exercises control.
No significant events affecting the assessment of the Annual Report have occurred after the balance sheet
date.
In compliance with section 96 no. 3 of the Danish Financial Statements Act, information regarding fees to audi-
tors has been left out.
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SDK FREJA Loading operations
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The Annual Report of A/S United Shipping & Trading
Company for 2025/26 has been prepared in accord-
ance with the provisions of the Danish Financial
Statements Act applying to large enterprises of
reporting class C.
The accounting policies applied remain unchanged
from previous years. The Annual Report for 2025/26 is
presented in DKK thousands.
With reference to Section 86 (4) of the Danish Finan-
cial Statements Act and the cash flow statement in
the consolidated financial statements, the company
has omitted to prepare a cash flow statement.
A few reclassifications have been made in the
comparative figures this year. These reclassifications
have had no effect on net profit, equity, or the total
balance sheet.
The Financial Statements have been prepared based
on the historic cost principle.
Revenues are recognised in the income statement
as earned, and all expenses incurred to achieve the
earnings for the year are deducted. Expenses include
operating expenses, depreciation, amortisation,
impairment losses and provisions as well as changes
due to changed accounting estimates. Furthermore,
value adjustments of financial assets and liabilities
measured at fair value are recognised in the income
statement.
Assets are recognised in the balance sheet when it is
probable that future economic benefits attributable
to the asset will flow to the Company, and the value
of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when
it is probable that future economic benefits will flow
out of the Company, and the value of the liability can
be measured reliably.
Assets and liabilities are initially measured at cost.
Subsequently, assets and liabilities are measured as
described for each item below.
Recognition and measurement take into account
profits, losses and risks occurring before the pres-
entation of the Annual Report which relate to affairs
and conditions existing at the balance sheet date.
Certain financial assets and liabilities are measured
at amortised cost, which involves the recognition of
a constant effective interest rate over the maturity
period. Amortised cost is calculated as original cost
less any repayments and with addition/deduction
of the cumulative amortisation of any difference
between cost and the nominal amount. In this way,
capital losses and gains are allocated over the maturi-
ty period.
Danish Kroner is used as the measurement currency.
All other currencies are regarded as foreign curren-
cies.
Transactions in foreign currencies are translated
during the year at the exchange rates at the dates of
transaction. Gains and losses arising due to differenc-
es between the transaction date rates and the rates
at the dates of payment are recognised in financial
income and expenses in the income statement.
Receivables, payables and other monetary items in
foreign currencies are translated at the exchange
rates at the balance sheet date. Any differences
between the exchange rates at the balance sheet
date and the transaction date rates are recognised
in financial income and expenses in the income
statement.
Upon recognition of financial statements of foreign
group enterprises, income statement items are trans-
lated into Danish kroner at the average exchange
rate and balance sheet items at the exchange rate at
the balance sheet date. Exchange differences arising
on this translation are recognised directly in equity.
Income Statement
Revenue from the sale of goods is recognised when
the risks and rewards relating to the goods sold
have been transferred to the purchaser, the revenue
can be measured reliably and it is probable that the
economic benefits relating to the sale will flow to the
Company.
Revenue is measured at the consideration received
and is recognised exclusive of VAT and net of dis-
counts relating to sales.
In compliance with section 96 of the Danish Financial
Statements Act, information regarding turnover on
geographical markets and activities has been left out
due to the fact that geographical markets and activi-
ties do not differ material on risks and rewards.
Other external expenses include expenses for sales,
administration as well as the running of office facili-
ties etc. Fee to auditors is disclosed in Selfinvest ApS.
Staff expenses comprise wages and salaries as well
as payroll expenses.
Share of profit or loss in subsidiaries is recog nised
net of tax and corrected for the share of unrealised
intra-group gains and losses.
Financial income and expenses comprise interest, fi-
nancial expenses in respect of finance leases, realised
and unrealised exchange gains and losses and gains
and losses on securities, amortisation of mortgage
loans, as well as changes in the fair value of financial
instrument.
Tax for the year consists of current tax for the year
and adjustment of deferred tax for the year. The tax
attributable to the profit for the year is recognised in
the income statement, whereas the tax attributable
to equity transactions is recognised directly in equity.
The Company is jointly taxed with Danish group
enterprises. The tax effect of the joint taxation is
allocated to enterprises showing profits or losses in
proportion to their taxable incomes (full allocation
with credit for tax losses). The jointly taxed enter-
prises have adopted the tonnage account taxation
scheme.
Balance sheet
Intangible assets are measured at cost less accumu-
lated amortisation and impairment losses. Amorti-
sation is calculated on a straight-line basis over the
estimated useful lives of the assets:
Software up to 5 years
Property, plant and equipment are measured at
cost less accumulated depreciation and impairment
losses. Cost comprises the cost of acquisition and
expenses directly related to the acquisition up until
the time when the asset is ready for use.
Depreciation based on cost reduced by any residual
value is calculated on a straightline basis over the
expected useful lives of the assets:
Fixtures and fittings, tools and equipment 3-10 years
Leasehold improvements 3-5 years
Residual values and expected useful lives are reas-
sessed on an annual basis.
Equipment are measured at cost less accumulated
depreciation calculated on a straightline basis over
the period until either the end of the expected useful
life or the time of expected phasing out.
Gains and losses on sale of property, plant and equip-
ment are recognised in the income statement under
other operating income and other external expenses,
respectively.
lnvestments in subsidiaries are recognised as A/S
United Shipping & Trading Company share of the eq-
uity value inclusive of goodwill less any impairment
losses. Goodwill is an integral part of the value of
subsidiaries and is therefore subject to an impair-
ment test together with the investment as a whole.
lmpairment losses are reversed to the extent the
original value is considered recoverable.
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Receivables are measured in the balance sheet at
the lower of amortised cost and net realisable value,
which corresponds to nominal value less provisions
for bad debts. Provisions for bad debts are deter-
mined on the basis of an individual assessment of
each receivable.
Securities recognised in current assets are meas-
ured at the fair value at the balance sheet date. Fair
value is determined on the basis of the latest quoted
market price.
Dividend distribution proposed by Manage ment for
the year is disclosed as a separate equity item.
Deferred tax is recognised in respect of all temporary
differences between the carrying amount and the
tax base of assets and liabilities.
Deferred tax is measured on the basis of the tax
rules and tax rates that will be effective under the
legislation at the balance sheet date when the de-
ferred tax is expected to crystallise as current tax. In
cases where the computation of the tax base may be
made according to alternative tax rules, deferred tax
is measured on the basis of the intended use of the
asset and settlement of the liability, respectively.
Deferred tax assets, including the tax base of tax loss
carryforwards, are measured at the value at which
the asset is expected to be realised, either by elimi-
nation in tax on future earnings or by set-off against
deferred tax liabilities.
Deferred tax assets and liabilities are offset within the
same legal tax entity.
Current tax receivables and liabilities are recognised
in the balance sheet at the amount calculated on the
basis of the expected taxable income for the year and
adjusted for tax on taxable incomes for prior years.
Tax receivables and liabilities are offset and present-
ed as a net item if there is a legally enforceable right
of set-off and an intention to settle on a net basis or
simultaneously.
Fixed-interest loans, such as loans from credit
institutions, are recognised initially at the proceeds
received net of transaction expenses incurred.
Subsequently, the loans are measured at amortised
cost; the difference between the proceeds and the
nominal value is recognised as an interest expense in
the income statement over the loan period.
Other debts are measured at amortised cost, sub-
stantially corresponding to nominal value.
CONTINUED
A look into the Unit IT support team office in Middefart, Denmark
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Executive Board
SDK FREJA
Board of Directors
”FIONIA”
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CVR No 33 77 12 31
Sunset at the USTC headquarters in Middelfart, Denmark
A view from inside the new Kabelbyen in Middelfart, Denmark
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