The present Annual Report is presented and approved

at the Annual General Meeting

Date: 23 / 4 - 2026

(Chairman of the meeting)

Part of the Solution

Annual Report

3

26

27

6

7

system that will enable easier cross-correlation

of health and safety issues, thereby support more

thorough remedy planning.

We have continued our programs to support

inclusion, development, and engagement, including

graduate schemes, talent programs, leadership con-

ferences, engagement surveys, and social events.

Since our establishment in 1889, Aalborg Portland

supporting local clubs, associations, and commu-

nity initiatives. In 2025, we participated in various

cultural and social events, including collaborations

Kongres & Kultur Center.

In 2025, we implemented the masterplan for the re-

habilitation of the Rørdal Chalk Pit, which envisioning

the development of a recreational lake park. Several

workshops have been completed with the partici-

pation of both neighbors, recreational clubs and the

Aalborg Portland remains committed to addressing

challenges by upholding our ESG promises and

advancing sustainable, inclusive, and compliant

stronger and more resilient company prepared for

uncertain times. We sincerely appreciate the dedi-

cation shown by all our employees and partners.

In 2025, Aalborg Portland delivered satisfactory

earnings above the full-year guidance. The company

No events have occurred after the balance sheet

on the assessment of this annual report.

Overall, sales volumes are expected to increase

marginally in Denmark. Our export markets are

even further impacted by the global economic

situation, and sales on export markets are overall

The macroeconomic scenario continues to be char-

acterized by heightened uncertainty with risks of

economic downturn linked to geopolitical tensions

and sustained restrictive financial conditions.

For the year 2026, the company expects to achieve

revenue of approximately EUR 360m and earnings

(EBIT) in the range of EUR 95m-100m.

erally expected global economic growth conditions

and do not take into account any intensified geo-

beyond management’s control, the actual earnings

may deviate significantly from the expectations

expressed in this annual report.

9

The cement plant consists of six cement kilns: one grey

and five white. It is one of Europe’s largest cement plants,

boasting an annual production capacity of around 3 million

1 million tons of white. In addition to its cement plant,

Aalborg Portland owns terminals in Denmark and abroad,

enabling national and international distribution of the

finished cement products.

Aalborg Portland directly employs approximately 300

people and engages a substantial number of employees of

external contractors and subcontractors working on site.

Aalborg Portland is therefore one of the largest contributors

international projects.

These iconic projects include Denmark’s 18-kilome-

New York’s famous Manhattan 432 Park Avenue skyscrap-

er. For more information about Aalborg Portland, visit

www.aalborgportland.dk.

Aalborg Portland is part of Aalborg Portland Holding,

which the Cementir Group acquired in 2004. Cementir is a

building materials sector, employing around 3,000 people

globally. The Group’s annual production capacity amounts to

more than 13 million tons of grey and white cement, around

ready-mixed concrete. Cementir has been listed on the Milan

Stock Exchange since 1955 and is one of the leading compa-

nies of the Euronext STAR Milan segment.

www.cementirholding.com, and for Aalborg Portland

Holding, visit www.aalborgportlandholding.com.

16

Revenue in 2025 amounted to EUR 361.5m (2024: EUR 355.7m).

Sales in Denmark decreased by 0.6%, while the European export markets

increased by 7.7% compared to 2024.

Operating profit before depreciation (EBITDA ratio) reached 37.3% (2024:

38.5%). This decline is mainly related to the overall decline in sales volumes

combined with an increase in cost of sales, primarily attributable to the new

Danish CO2 emission tax which can’t be transferred to all customers (mainly

some export markets) and thereby resulting in a decline in margins. Our

long-term strategic ambition stands to strengthen our financial position and

robustness to be able to finance the large investments necessary to meet

Cash flow from operating activities (CFFO) was EUR 104.3m for 2025 (2024:

EUR 116.0m).

Cash flow from investment activities (CFFI) amounted to EUR -25.2m (2024:

EUR -23.3m).

Aalborg Portland is part of the cash pool held by the parent company, Aal-

borg Portland Holding A/S. Aalborg Portland has access to funding through

the parent company financing facility in addition to having long-term mort-

gage loans of EUR 76.5m (2024: EUR 106.4m) with an average life of 6 years.

The Polish market delivered a 13.3% increase in revenue compared with

2024, finishing 4.8% above budget. Sales volumes grew 11.1% year on year.

Despite overall market pressure in 2025, it has been possible to retain and

recover previous customers through competitive pricing and strong recog-

nition of our product and service quality. In 2025, the EBITDA increased by

2021–2022. The construction market remains under pressure, with increased

competition expected to continue into 2026.

Sales volumes increased by 5.3% compard to 2024. EBITDA increased by

45.2% compared to 2024. The increase in volumes, slightly higher prices, and

savings in fixed costs, result in the increased EBITDA. Market conditions

in France remain difficult, affected by reduced demand and new entrants

pursuing aggressive pricing strategies.

Sales volumes for 2025 were largely consistent with 2024 levels. A conti-

18

gement and monitoring of the main risks, the system ensures:

• compliance with laws and regulations;

• safeguarding of corporate assets;

• operating activity effectiveness and efficiency;

• reporting accuracy and completeness.

The Internal Control and Risk Management System adopts a ‘top-down’ and

‘risk-based’ approach that starts from the definition of the Cementir Group's

Business Plan. It ensures that the main risks are identified, assessed

and monitored taking into account each business unit, to create a fully

integrated risk management process. Risks are assessed with quantitative

19

ing the main risks and initiatives taken by management to reduce the

risks to acceptable levels;

sments, assessment parameters, and new risks can be identified if

necessary.

bilities, promoting a proactive and agile approach to risk mitigation across all

business functions. Starting from 2024, the Risk Management process of the in-

dividual subsidiaries is conducted solely and exclusively using the new platform.

20

The Group is exposed to a number of risks, opportunities and uncertainties. The risk library forms the basis of the business risk and opportunity assessment process. In 2025, the library included 121 risks. The most relevant risks,

together with their classification in the strategic, operational, compliance, financial and sustainability categories, have been organised in such a way as to facilitate the identification of the main risk categories that may have a

significant impact on the Group.

The following table provides a non-exhaustive example of key business risks.

Uncertain outlook

Risk linked to uncertainties in economic, political, technological, or

market-related factor

Geopolitical risk

Cybersecurity

Risk of cyber attacks or sensitive data stealing

Antitrust compliance

Risk of non-compliance with international or national antitrust regula-

tions and laws

Price pressure

Risk to reduce profit margins, financial strain and other adverse eects

for businesses in case of a strong pressure on prices due to unfair

competition

Asset management

Risk of loosing the value or returns of investments on company's assets

Business ethics and compliance

Risk of non-compliance with international or national business ethics

regulations and laws, with company's Code of Ethics

Strategic planning

Risk of adopting strategic choices that could adversely aect the company's

performance to a considerable degree

Supply chain disruption

Risk that the occurrence of supply chain disruption may lead to increa-

sed costs or shortages of products or resources

Compliance with law and regulations

Risk of failure to meet customer's expectations, needs or orders ma-

king dicult to acquire or retain customers

Freight and logistic cost

Risk associated to volatile or increased freight/logistic costs

21

Currency exchange risk

Risk of potential financial loss that can occur as a

result of fluctuations in the exchange rates

in the regions where the company operates.

Credit risk

Risk of potential financial loss that the company

may incur if a counterparty fails to fulfill their

contractual obligations

CO2 emissions laws and regulations

Risk of cost increase and non-compliance to inter-

Environmental regulation and claims from

the community

Risk related to (i) environmental incidents, (ii)

non-compliance with environmental regulation and

(iii) claims from the community

Innovation technology

Risk to not implement new and advanced techno-

logies within the organisation, key to company's

reduction targets achievement

Aalborg Portland Annual Report 202522 Management's Review Financial Statements Signatures Company Information

Aalborg Portland Annual Report 202523 Management's Review Financial Statements Signatures Company Information

Exchange rate adjustments on translation of foreign currency -321 -60

Changes in fair value of financial instruments 1,602 -2,222

Aalborg Portland Annual Report 202524

Euro ’000

NOTE

Land and buildings 16,436 17,513

Plant and machinery 111,625 110,442

Property, plant and equipment in development 32,930 32,473

Right-of-use assets 16,956 22,929

11

Investments in subsidiaries 7,221 7,232

Other non-current assets 140 140

Trade receivables 446 1,816

Amounts owed by Group enterprises 246,625 316,841

Other receivables 9,300 20,393

Prepayments 15 418

Euro ’000

NOTE

Retained earnings 156,998 151,050

Proposed dividends 75,000 75,000

Credit institutions, etc.

16+18

Credit institutions, etc.

16+18

Trade payables

Joint taxation contribution payables 22,019 22,033

Other payables

Aalborg Portland Annual Report 202525 Management's Review Financial Statements Signatures Company Information

Euro ’000

Extraordinary paid dividend 0 0 0 -75,000 -75,000

Euro ’000

Aalborg Portland Annual Report 202532

As was the case last year, there are no significant inventories of cement and aggregates carried at net realizable

value.

Write-down of inventories of spare parts amounts to EUR 2.1m (2024: EUR 1.9m). Write-down recognized in the income

statement is EUR 0.2 (2024: EUR 0.1m).

Aalborg Portland Annual Report 202533 Management's Review Financial Statements Signatures Company Information

Euro ’000

Recognised in the balance sheet as follows:

Stated as non-current liabilities 3,755 3,694

Stated as current liabilities 0 543

Maturities for other provisions are expected to be:

Falling due within one year 0 543

Falling due between one and five years 0 0

Falling due after more than five years 3,755 3,694

Provisions for liabilities due after more than five years include liabilities regarding re-establishment of chalk, gravel

and clay pits and demolition liabilities for buildings and terminals with no decision made regarding closure.

Costs for re-establishment of chalk, gravel and clay pits are mainly paid when finishing an excavation or when moving

out from leases. No considerable payments are expected in 2026.

Aalborg Portland Annual Report 202534

Aalborg Portland Annual Report 202535 Management's Review Financial Statements Signatures Company Information

Euro ’000

Aalborg Portland Annual Report 202536

Cash and cash equivalents 873 3,686

Derivatives 77 0

Derivatives 0 0

Euro ’000

Derivatives 622 2,241

Aalborg Portland Annual Report 202537 Management's Review Financial Statements Signatures Company Information

As a result of its international operations, investments and financing, the

liquidity and credit risks.

Risks that the fair

value of our future

cash flows from a

financial instrument

will fluctuate due to

associated with

financial liabilities.

The Group’s Finance & Treasury is in charge of the overall risk management

Arise due to purchase

and sale transactions

as well as financial

assets and liabilities

in currencies other

than the functional

currency of the

individual Company

business.

assets and liabilities

and the fair value of

these.

Revenue from the Company’s activities and the purchases by this segment

are denominated in several currencies. Accordingly, these activities are also

exposed to changes in exchange rates.

The Company's currency risks are primarily hedged by the settlement of

income and costs in the same currency and by use of derivative financial

instruments. Investments in Group enterprises are not hedged.

The Company's most predominant currency exposure regarding the opera-

ting results arises from sales and purchases in EUR, USD, GBP, NOK, SEK

and PLN. A 10% drop in these currencies (apart from EUR) would, viewed

separately, decrease the result by:

Risks relating to net financing

The Company’s most important net positions at 31 December 2025 relate to

USD, SEK and NOK. If these currencies had been 10% down at 31 December

2025, the Company’s equity would have been affected negative by an ex-

change rate adjustment of EUR -0.2m (2024: negative impact of EUR -0.1m).

Rising exchange rates would have had a similar negative impact on equity

Aalborg Portland Annual Report 202538

Aalborg Portland Annual Report 202539 Management's Review Financial Statements Signatures Company Information

Aalborg Portland Annual Report 202540

on experience and the anticipated future use of the asset in question. The

anticipated future use and scrap values may prove impossible to realise,

prompting a need for write-down or a loss on the disposal of the assets. The

depreciation periods are stated in the section "Accounting policies" in note

26, and non-current assets are stated in notes 11 and 12.

Assessment of provisions and contingent liabilities are largely based on

estimates and judgements. Description of provisions and contingent assets

and contingent liabilities is given in note 15 and 19.

comparative information is not restated.

Transactions in foreign currencies are on initial recognition translated at the

functional currency at the exchange rate of the date of transaction.

Financial assets and liabilities in foreign currencies are translated at the

exchange rates at the balance sheet date. Any foreign exchange variances

between the rates at the transaction date and the payment date or the

balance sheet date, respectively, are stated in the income statement as

financial items.

Non-financial assets and liabilities in foreign currencies are stated at the

rate of exchange at the date of transaction.

panies abroad at average exchange rates and of their balance sheet items

at the rate of exchange on the balance sheet date are taken directly to other

comprehensive income.

On full or partial disposal of wholly-owned foreign operations resulting in a

loss of control or on repayment of balances which constitute part of the net

investment in the foreign operation, the share of the cumulative amount of

the exchange differences that is recognised in other comprehensive income

relating hereto is reclassified from other comprehensive income to profit for

the year together with gain or loss on disposal.

On the disposal of partially owned foreign subsidiaries resulting in a loss of

Derivative financial instruments are initially recognised in the balance

sheet at fair value on the trade date and are subsequently measured at fair

Aalborg Portland Annual Report 202541 Management's Review Financial Statements Signatures Company Information

Derivatives Designated in Cash Flow Hedges:

the effective portion of changes in fair value is recognised in Other Com-

prehensive Income (OCI) and accumulated in the cash flow hedge reserve

within equity. The ineffective portion, if any, is recognised immediately in

profit or loss under financial items.

to the carrying amount of the asset or liability (basis adjustment). For other

hedged forecast transactions, amounts accumulated in equity are reclassi-

fied to profit or loss in the period(s) in which the hedged item affects profit

or loss.

Derivatives Not Used for Hedge Accounting:

Changes in the fair value of derivative financial instruments that are not

designated as hedging instruments, or that no longer qualify for hedge

accounting, are recognised in profit or loss as financial items.

Embedded Derivatives:

Some contracts contain embedded derivatives. Embedded derivatives are

separated from the host contract and recognised and measured at fair value

when their economic characteristics and risks are not closely related to

those of the host contract, and the combined instrument is not measured

at fair value through profit or loss. If the entire contract is measured at fair

Administrative expenses represent costs related to the overall management

and administration. These include salaries and benefits for administrative

Gains and losses from the disposal of property, plant and equipment which

cannot be considered part of the disposal of a complete activity are included

in other operating income and costs.

The proportionate share of the profit/loss after tax of subsidiaries is recog-

nized in the income statement and the financial statements of the Parent

Company and after elimination of the proportionate share of intra-group

unrealized profits/losses, and deduction of impairment and depreciation of

impairment and depreciation of group goodwill.

not qualified as hedge accounting are also included.

Tax for the year comprises current tax and changes in deferred tax.

Current tax comprises tax payable calculated on the basis of the expected

taxable income for the year, using the applicable tax rates for the financial

year and any adjustment of tax for previous years.

Aalborg Portland Annual Report 202548 Management's Review Financial Statements Signatures Company Information

Aalborg Portland Annual Report 202549 Management's Review Financial Statements Signatures Company Information

State Authorised State Authorised

Public Accountant Public Accountant

mne23333 mne30222

Aalborg Portland Annual Report 202550 Management's Review Financial Statements Signatures Company Information

Aalborg Portland Annual Report 202551 Management's Review Financial Statements Signatures Company Information

Tel. +45 98 16 77 77

Aalborg Portland Íslandi ehf. Iceland ISK 303,000 100.0%

Aalborg Portland Polska Sp. z o.o. Poland PLN 100 100.0%

Aalborg Portland France S.A.S. France EUR 10 100.0%

Aalborg Portland Belgium S.A. Belgium EUR 500 100.0%

Ul. Targowa 24

03-733 Warsaw

Poland

Tel. +48 22 460 88 70+1

Bæjarlind 4

201 Kópavogi

Iceland

Tel. +354 545 4800

n°18 Ampla House Coupure Rechts 88

9000 Gent

Belgium

Tel. +32 472 86 47 29