2
ABOUT TP AEROSPACE
We are the leading global
partner of aircra wheels and
brakes – a one-stop-shop for
aircra wheels and brakes.
Built on a vision to bring sim-
plicity to a highly complex niche
within the industry, we provide
operators with a simple
alternave to tradional
component management.
Depending on the customers’
needs, we provide aermar-
ket wheels and brakes either
through a long-term reoc-
curring service program or as
outright sales to a recurring
customer base, as well as
factory new wheel and brakes
piece parts and assemblies
across all aircra types and
plaorms.
With a sharp focus and mar-
ket experse, we’re the best at
what we do.
It’s that simple!
3
Programs
Provides commercial aircra operators worldwide with a simple
alternave to component management. Through our integrated wheel and
brake programs, we oer long-term and all-inclusive soluons designed
to simplify wheel and brake maintenance and repair acvies and
accommodate our customers’ short and long-term requirements. Our fully
integrated forward exchange programs oer a plug’n’play cost-per-landing
concept where the customer pays a xed rate per landing or a xed fee
per exchange event. We also oer MRO Services programs where asset
ownership remains with the airline.
Components
Provides operators, maintenance facilies, brokers, and lessors with
unmatched access to crical wheel and brake components. With the
world’s largest inventory of ready-to-go aircra wheels and brakes in the
aermarket, we support a recurring and growing customer base on an
outright sale and ad-hoc exchange basis, catering to both roune and AOG
deliveries worldwide. Components is also a crical enabler and sourcing
channel of Used Serviceable Material (USM) for Programs.
Distribuon
Provides airlines, maintenance facilies, lessors and brokers with easy
access to new wheel and brake piece parts and assemblies across all major
commercial plaorms. Through close partnerships with the Original
Equipment Manufacturers (OEMs), we ensure availability of most part-
numbers across plaorms at a compeve price and with minimal lead
me. Distribuon is also a key supplier to support our own maintenance
operaons.
TP Aerospace operates three disnct business divisions that each deliver a parcular service or product to the market.
While having some inherent dierences, the three divisions are complementary with disnct synergies, primarily because they
share an extensive customer base, as well as an unmatched supplier and logiscs network leveraging customer access.
Sourcing Inventory
Customers
In-house MRO
Sourcing Inventory Customers
BUSINESS MODEL
4
CPH (HQ)
Copenhagen, DK
2008
70 employees (-1)*
EMA
East Midlands, UK
2018
21 employees (+0)*
HAM
Hamburg, DE
2010
87 employees (-9)*
BRQ
Brno, CZ
2023
27 employees (+1)*
MCO
Orlando, US
2015
51 employees (-4)*
LAS
Las Vegas, US
2011
14 employees (+0)*
OUR GLOBAL TEAM
( ) indicates change in employee count from 2024
SIN
Singapore, SG
2013
45 employees (-1)*
BKK
Bangkok, TH
2019
11 employees (+3)*
KUL
Kuala Lumpur, MY
2020
11 employees (-1)*
SZX
Shenzhen, CN
2019
Representave oce
MEL
Melbourne, AU
2016
25 employees (-2)*
BNE
Brisbane, AU
2023
9 employees (+1)*
5
2 / STRATEGY & BUSINESS
Market & strategic priories ................ 18
Fueling growth from the core ............... 19
Fueling the operaonal backbone ........... 20
Fueling our people & culture ............... 21
3 / SUSTAINABILITY
Sustainability ............................ 23
Environment & climate .................... 25
People
................................. 27
Governance & ethics ..................... 28
Other sustainability informaon ............ 29
4 / RISK MANAGEMENT
Risk management ......................... 31
Key risk ................................ 32
1 / OVERVIEW
Insights from the Chairman and CEO ......... 8
Key events .............................. 10
Financial highlights & key gures ............ 11
Financial review .......................... 13
5 / MANAGEMENT
Board of Directors ....................... 36
Execuve Management ................... 38
6 / FINANCIAL STATEMENTS
Consolidated nancial statements ........... 40
Parent company nancial statements ........ 76
Signatures ............................... 88
7 / OTHER INFORMATION
Denion of key gures ................... 93
Addional management dues of the Board . . 94
Company details ..........................98
TABLE OF
CONTENTS
Page 10
Get an overview of
our milestones and
key events achieved in
2025.
Read about our market
and strategic priories
as we connue to secure
our market posion.
8
2025 was a year that reminded us of
the complexity and unpredictability
of the global aviaon industry.
While we entered the year with
opmism and a strong foundaon,
the environment we operate
in presented a broader set of
challenges than ancipated.
Polical unrest in key regions,
the introducon of new taris,
an increasing wave of cyber
threats, and persistent supply
chain disrupons all shaped the
context in which we delivered our
performance.
Despite these headwinds, TP
Aerospace demonstrated resilience
and adaptability, which are qualies
that have dened our journey for
the past 18 years. Our ability to
navigate uncertainty while staying
true to our vision is what posions
us to connue creang value for
customers, investors, and employees
alike.
Strong foundaons in a volale
market
Against a backdrop of volale
condions, TP Aerospace closed
2025 with revenue of USD 173.8
million, compared to USD 181.0
million in 2024, and an EBITDA
of USD 65.3 million, down from
USD 74.1 million the previous year.
While these gures reect a decline
from last year’s record performance,
they also underscore the strength
of our core business model.
The Programs and Distribuon
divisions, our two key recurring
revenue streams, delivered
strong results in a volale market,
rearming the value of our long-
term partnerships with airlines and
OEMs. These partnerships remain
the cornerstone of our resilience.
The decline in the Components
division was an unfavorable factor,
impacted primarily by lower
demand. Across the industry, 2025
was marked by delays in the delivery
of new aircra, causing airlines to
extend exisng leases rather than
pursue eet changes. The limited
number of aircra transions drove
lower demand for USM material,
directly aecng our Components
business.
Despite these challenges, we
connued invesng in what we
do best: providing simple, tailored
soluons to airlines worldwide.
We expanded our global footprint
with an expansion of our Las
Vegas facility and the connued
development of our agship
facility in the Czech Republic.
In addion, we moved our Asia
Pacic headquarters to a new
facility in Singapore, purposely built
to support future growth in the
region. These investments reect
our unwavering focus on customer
needs and our condence in the
long-term potenal of the aviaon
aermarket.
INSIGHTS FROM
THE CHAIRMAN
AND THE CEO
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
connued
9
Values that drive our future
2025 also marked an important
milestone in our cultural
transformaon. We introduced
a new set of core values Trust,
Performance, and Agility - designed
to reect who we are today and the
aspiraons we hold for the future.
These values are not just words;
they are guiding principles that
shape how we work, how we make
decisions, and how we engage with
our stakeholders.
Trust, Performance, and Agility are
principles we all stand behind. They
unite employees, management, and
the board in a common purpose and
ensure that every decision reects
who we are and what we strive to
achieve.
Our people - the Green Team -
remain at the heart of everything
we do. Their dedicaon, experse,
and ability to adapt in mes of
uncertainty are what enable
TP Aerospace to deliver on its
promises. As we connue to
evolve, these values will strengthen
our commitment to employees,
shareholders, customers, and
business partners alike.
Sustainability without
compromise
In 2025, we have seen an
increasingly complex regulatory
environment and rising
sustainability requirements from
our customers. These developments
reect a broader shi in the aviaon
industry—one that we welcome and
are well-prepared to navigate.
Rather than viewing these changes
as challenges, we see them as
opportunies to strengthen the
robustness of our backbone. During
the year, we invested further
resources to ensure compliance and
transparency across our operaons.
A key milestone was the compleon
of our full emissions inventory, giving
us insight not only into our direct
emissions but also those occurring
within our value chain.
Our commitment to sustainability
remains unwavering, and we have
a clear direcon for our priories
in the coming years. As it has been
since 2017, our pledge to the UN
Global Compact connues to guide
us as we align with global standards
and stakeholder expectaons, and
we connue to be commied to
embedding the principles of the
Global Compact into our operaons
and decision-making. Sustainability
is not a separate agenda; it is an
integral part of how we create long-
term value for all stakeholders.
Prepared for what’s next
Looking ahead, our priories for
2026 and beyond remain clear: to
pursue growth while maintaining
resilience in the face of external
challenges, shiing market
dynamics, and an increasingly
complex regulatory landscape. We
will connue to invest in our global
footprint, strengthen operaonal
eciency, and deepen partnerships
with customers and OEMs.
While the world around us may be
unpredictable, our commitment to
delivering value and staying true
to our vision is steadfast. We thank
our customers, partners, investors,
and the Green Team for their trust
and support as we move forward
together.
Happy Reading.
Flemming Jensen, Chairman
Nikolaj Jacobsen, CEO
INSIGHTS FROM THE CHAIRMAN
AND THE CEO
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
10
FURTHER EXPANSION IN
LAS VEGAS
At the beginning of the year, we kicked
o the work to expand our Las Vegas
facility with an addional almost 8,000
square feet. This expansion has allowed
for a more opmal and coherent layout of
the producon area, ulmately increasing
capacity. With this expansion, both the
producon and storage areas are now well
posioned to capture an increase in acvity.
MOVING TO A NEW FACILITY
IN SINGAPORE
Singapore has been home for TP Aerospace’s Asia
Pacic headquarters since 2013, and during 2025 we
moved to a larger facility, comprising 30,000 square
meters, purposely built to support future growth.
SECURING FUTURE GROWTH
PLANS WITH NEW BOND
ISSUANCE
During the rst quarter of 2025, TP Aerospace
announced a successful bond issuance of senior secured
bond under a framework of USD 250 million, marking
a signicant step in the company’s long-term growth
strategy.
NEW COMPANY VALUES
In 2025 we introduced TP Aerospace’s new
company values – Trust, Performance, and Agility.
These values not only reect the organizaon
we are today and the value we provide to our
customers; they also serve as guiding principles for
our future aspiraons.
TP AEROSPACE SPONSORS GREEN
TEAM MEMBER
This year, TP Aerospace proudly announced its rst-ever athlete
sponsorship, supporng one of our own Green Team members
who also competes as a professional triathlete. The decision
reects the strong synergies between the ambion, passion, and
compeve spirit required to perform at a professional level and
TP Aerospace’s core values.
KEY
EVENTS
ACQUISITION OF KIRK
KAPITAL’S OWNERSHIP
STAKES
Kirk Kapital acquired a 26% ownership interest in
2019, by way of preference shares. Following the
successful bond issuance in 2025, TP Aerospace
acquired Kirk Kapital’s ownership stakes, thus ending
Kirk Kapital’s ownership aer 6 years.
10
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
KEY
EVENTS
11
FINANCIAL HIGHLIGHTS
& KEY FIGURES
connued
Prot and loss (USDm)
2025 2024 2023 2022 2021
Revenue 173.8 181.0 179.7 147.0 88.8
Revenue growth -4.0% 0.8% 22.2% 65.5% 31.3%
Gross prot 107.4 114.5 101.9 85.1 53.1
Gross margin (%) 61.8% 63.3% 56.7% 57.9% 59.8%
EBITDA before special items 65.3 74.1 63.7 60.2 31.3
Pro forma EBITDA before special items 65.0 73.5 63.7 56.6 33.7
EBITDA margin before special items (%) 37.6% 40.9% 35.5% 40.9% 35.2%
Pro forma EBITDA margin before special items (%) 37.4% 40.6% 35.5% 38.5% 37.9%
EBITA before special items 8.2 24.1 19.7 22.8 7.7
Pro forma EBITA before special items 8.0 23.4 19.7 19.2 10.1
EBITA margin before special items (%) 4.7% 13.3% 10.9% 15.5% 8.7%
Pro forma EBITA margin before special items (%) 4.6% 12.9% 10.9% 13.1% 11.4%
EBIT before special items
(operang prot before special items)
7.4 23.2 18.8 21.5 6.5
Pro forma EBIT before special items
(operang prot before special items)
7.1 22.5 18.8 17.9 8.9
EBIT margin before special items (%)
(Operang prot before special items margin)
4.2% 12.8% 10.5% 14.6% 7.4%
Pro forma EBIT margin before special items (%) 4.1% 12.4% 10.5% 12.2% 10.1%
Special items 1.1 3.3 6.0 2.1 2.0
EBIT aer special items
(Operang prot aer special items)
6.2 19.9 12.8 19.4 4.5
EBIT margin aer special items (%)
(Operang prot aer special items margin)
3.6% 11.0% 7.2% 13.2% 5.1%
Net nancials -21.5 -4.6 -8.4 -5.1 -2.5
Prot before tax -15.3 15.3 4.5 14.3 2.0
Net prot for the period -14.9 9.7 2.0 11.7 1.5
Net prot for the period (%) -8.6% 5.3% 1.1% 8.0% 1.7%
Employees
2025 2024 2023 2022 2021
Number of FTEs (end of year) 367 380 382 331 245
Average number of FTEs 370 379 375 281 234
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
The purpose of the parent company is to invest in equity investments with a view to generang a return, as well as all acvies that, in the opinion of the Board of Directors, are related thereto.
12
Balance sheet (USDm)
2025 2024 2023 2022 2021
Non-current assets
123.7 128.2 126.3 117.3 107.2
Addions to tangible assets 57.4 53.9 55.1 51.3 27.4
Total assets 233.5 228.7 223.4 228.1 189.9
Equity 60.4 115.0 105.4 103.3 91.9
Net interest-bearing debt 126.2 69.0 75.6 79.7 69.3
Invested capital 146.6 141.4 138.5 138.9 116.1
Net working capital 76.4 73.1 69.6 80.3 64.8
Total aircra components 132.4 131.8 126.9 124.0 103.4
Cash ow (USDm)
2025 2024 2023 2022 2021
Cash ow from operang acvies -9.7 15.3 19.6 4.8 14.5
Cash ow from invesng acvies -3.5 -6.5 -12.8 -14.4 -6.2
Cash ow from nancing acvies 13.2 -8.1 -7.3 10.6 -7.7
Net cash ow 0.0 0.8 -0.5 1.0 0.7
Free cash ow -13.2 8.9 6.8 -9.6 8.4
Free cash ow before interest paid 8.4 14.0 14.7 -3.5 12.3
FINANCIAL HIGHLIGHTS
& KEY FIGURES
Financial raos
2025 2024 2023 2022 2021
Return on invested capital excluding goodwill (ROIC) (%) 45.3% 52.9% 45.9% 47.2% 26.3%
Net interest-bearing debt to EBITDA 1.9x 0.9x 1.2x 1.3x 2.2x
Equity rao (%) 25.9% 50.3% 47.2% 45.3% 48.4%
Return on Equity (ROE) (%) -17.0% 8.8% 1.9% 12.0% 1.7%
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
13
TP Aerospace’s nancial
performance in 2025 did not meet
expectaons as outlined in the
2025 outlook in the 2024 Annual
Report, which reected a revenue
in the range of USD 190-220m and
an earnings margin before interest,
tax, depreciaon, amorzaon,
and special items (EBITDA margin
before special items) in the range of
37-42%.
Revenue from the long-term wheels
and brakes service contracts in the
Programs division and from the sale
of new wheel and brake piece parts
and assemblies in the Distribuon
division delivered above last year.
However, these were oset by
lower-than-expected revenue from
outright and exchange sales in the
Components division, which was
also below last year.
As a result of the net decline in
revenue, gross prot and earnings
before interest, tax, depreciaon,
and amorzaon (EBITDA) ended
below expectaons and below
last year but sll above the margin
levels achieved in 2023.
The number of aircra on contract
ended at 914 aircra of which 759
aircra were on Programs contracts,
and 155 aircra were on MRO
services contracts by the end of
2025.
Free cash ow for 2025 totaled
to USD -13.2m compared to
USD 8.9m in 2024. The cash ow
generaon was impacted by the
lower operang prot (EBITDA) as
well as higher interests on interest-
bearing debt, currency losses and
taxes paid. Free cash ow before
interest paid ended at USD 8.4m, a
decline of USD 5.6m compared to
USD 14.0m in 2024.
Despite a nancially challenging
year, the diversicaon in TP
Aerospace’s oerings and the
strong long term customer base,
as well as the broad geographical
reach in all business divisions
again provides condence in the
resilience and the synergies in TP
Aerospace’s business model with
the ability to adjust and priorize
investments where most benecial.
Prot and loss
Revenue
Overall, 2025 revenue of USD
173.8m decreased by USD 7.2m
compared to revenue of USD
181.0m in 2024. The revenue
development reected a slowdown
in customer demand for Used
Service Material (‘USM’) aecng
sales in the Components division,
while the Programs and Distribuon
divisions beneted from a stable
growth in air trac demand, aircra
ulizaon and the global eet size
from 2024 to 2025.
Programs
The 2025 revenue of USD 101.0m
in the Programs division increased
by 5.7% from USD 95.6m in 2024, of
which USD 48.3m was realized in the
rst half of the year and USD 52.8m
in the second half of the year.
Besides the impact from customers’
higher ight acvity in 2025,
the main drivers behind the
revenue development were the
signing of several programs with
new customers, oset by the
unfavourable impact from contract
terminaon from some larger
customers. TP Aerospace connued
to benet from a diversied
range of aircra plaorms and a
geographically diversied porolio
of larger and smaller customers,
with 58% of total contracted aircra
being passenger operators and 41%
being cargo operators.
Within the Programs division, EMEA
increased by 9.6% and APAC by
12.4%, while Americas decreased
by 1.3% from 2024 to 2025. The
improved performance in EMEA
was driven by the Cargo segment,
while APAC predominantly grew
in the Passenger segment and
to a lesser extent in the Cargo
segment. The decline in revenue
from the Americas was caused
by contract terminaon in the
Passenger segment which was
almost neutralized by growth in the
Cargo segment with the signing of
new Cargo operators. Overall, the
aircra eet in the North American
market connued to grow from
2024 to 2025.
Compared to 2024, revenue from
exisng customers improved by
USD 0.4m, an increase of 0.4%,
whereas new customers onboarded
during the year contributed USD
6.6m of the Programs revenue, a
rise of USD 5.5m compared to the
revenue share from new customers
of USD 1.1m in 2024. Revenue
share from new customers was
impacted by several larger signings
in the fourth quarter of 2024 and
early in 2025.
The Programs division ended
the year with 759 aircra on
contract, a net decrease of 64
aircra compared to 2024. Exisng
customers added 27 new aircra
to the porolio, while a further
54 aircra were added by new
customers.
These addions were oset by the
unfavorable impact of 145 aircra
coming o contract due to various
airline restructurings and ordinary
contract adjustments. Of the 145
aircra, 110 aircra were related
to airlines which ceased operaons
and closed their acvies with
TP Aerospace, including two
bankruptcies in the third quarter of
2025, while 35 aircra were related
to customers adjusng the number
of aircra due to phase-outs while
the customer remained on contract
with TP Aerospace.
FINANCIAL REVIEW
connued
(USDm)
200
150
100
50
0
180
181
2022 2023 2024 2025
174
2021
89
147
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
14
In comparison, 2024 included
53 aircra addions by exisng
customers and 38 aircra addions
from new customers, oset by 121
aircra coming o contract.
Within our two program types,
revenue from the Flat-Rate
programs improved by 9.1%,
while revenue from the For-Less
programs decreased by 2.8%.
The increased revenue for Flat-
Rate programs reected several
signings with new customers,
predominantly passenger operators,
but also aircra added by exisng
customers. The revenue for For-
Less programs was on par with
2024, but with the composion
changing towards more cargo
operators and less passenger
operators.
Components
The 2025 revenue in the
Components division of USD
45.5m declined by 22.8% compared
to 2024 revenue of USD 59.0m.
The declining trend in 2025
revenue generaon was driven by
a slowdown in customer demand
and consequently sales of Used
Service Material (‘USM’) which
in 2025 also was unfavourably
impacted by a reduced amount
of aermarket wheels and brakes
available for sourcing. Compared
to the post-COVID years in 2022
and 2023, 2025 reected a year
with a more stable, yet signicant,
demand for used wheels and
brakes in the Components division.
Airlines phased their sourcing of
Used Serviceable Material (‘USM’)
more steadily throughout high
season, and thus the usual demand
uptake in advance of high season
was not observed as in earlier
years. Furthermore, the number of
aircra transions was historically
low which also resulted in a lower
demand from aircra lessors.
Revenue in the Components
division dropped in EMEA and
Americas with revenue reduced
by 30.9% and 34.4%, respecvely,
versus last year. Revenue in the
APAC region, on the other hand,
increased by 2.9%.
In 2025, the share of revenue from
repeat customers
1
totaled 72%
in the Components division, and
aircra components were sold to
customers in 75 countries, adding
four new countries during the year
while other countries were not
serviced in 2025. In comparison,
the revenue share from repeat
customers constuted 70% in
2024.
Distribuon
The 2025 revenue in the
Distribuon division of USD 21.1m
increased by USD 0.6m, equal to
2.8% growth compared to 2024
revenue of USD 20.5m. The sales
growth in Distribuon was achieved
despite supply chain challenges
throughout 2025 caused by the new
tari regimes introduced in various
geographies and a factory re at SPS
Technologies
2
in the US in February
2025.
The increase was especially driven
by tracon in sales of Safran
assemblies and piece parts as
well as the Honeywell 737CL
plaorm for which TP Aerospace
in 2020 was awarded exclusive
distributorship, and the B767
plaorm, for which TP Aerospace
entered a distribuon agreement
with Honeywell in 2022. The
Distribuon division connued to
develop well in 2025 with clear
focus on sales planning as well
as inventory composion and
availability. These eorts were
reected in the revenue generaon,
with USD 10.3m realized in the rst
half of the year, a growth of 17.3%
compared to the same period in
2024, and USD 10.8m realized
in the second half of the year, a
decline of -8.1% compared to the
second half of 2024.
Gross prot
Gross prot for 2025 amounted
to USD 107.4m compared to USD
114.5m in 2024. The gross prot
margin of 61.8% was slightly below
the 2024 level of 63.3%, but with
2024 being favourably impacted
by one-o high margin sales in
Components.
Sta costs and other external
expenses and other income
Sta Costs and Other External
Expenses, net of Other Income,
amounted to USD 42.1m in 2025
compared to USD 40.4m in 2024,
reecng an increase of USD 1.7m
or 4.1%. The increase was driven
by higher sta costs due to the
two new sites in Brno in the Czech
Republic and Brisbane in Australia
being fully operaonal for the full
year of 2025. Furthermore, bad
debt losses of USD 0.6m incurred
in 2025 in connecon with a few
customers ling for bankruptcy or
iniang Chapter 11 proceedings.
In addion, 2025 included income
from government support schemes
of USD 0.3m which related to prior
years. In comparison, 2024 included
similar income of USD 0.6m.
FINANCIAL
REVIEW
1. Dened as customers who have made purchases in 2025 as well as in 2024 2. SPS Technologies is a sub supplier to the Original Equipment Manufacturers which TP Aerospace has distribuon agreements with
connued
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
15
Earnings
Earnings before interest, tax,
depreciaon, and amorzaon
(EBITDA before special items) for
2025 amounted to USD 65.3m,
which was USD 8.8m lower than
2024 with USD 74.1m, but sll
above the 2023 level of USD
63.7m. The EBITDA margin before
special items reached 37.6%, a
decline of 3.3 percentage points
compared to 40.9% in 2024. This
was mainly driven by lower revenue
in the Components division and
no one-o high margin sales. Also,
some programs generated lower
margin in the Programs division
compared to 2024, without similar
decrease in xed costs.
Reecng the income from
government support schemes
received in the year where the
related costs were incurred, Pro
forma EBITDA before special items
for 2025 amounted to USD 65.0m
while Pro forma EBITDA margin
was 37.4% and thus, compared to
Pro forma EBITDA for 2024, Pro
forma EBITDA before special items
in 2025 declined with USD 8.5m
and Pro forma EBITDA margin
dropped by 3.2 percentage points.
Earnings before interest, tax,
amorzaon and special items
(EBITA before special items) for
2025 amounted to USD 8.2m
which was a decrease of USD
15.9m compared to USD 24.1m
in 2024. Pro forma EBITA before
special items of USD 8.0m showed
a decline of USD 15.4m compared
to 2024. In addion to the change
in EBITDA before special items,
the higher acvity in the Programs
division as well as accelerated
depreciaon from terminated Flat-
Rate programs drove depreciaon
up by USD 6.0m to USD 57.1m
compared to USD 51.1m in 2024.
Earnings before interest, tax and
special items (EBIT before special
items) for 2025 amounted to USD
7.4m compared to USD 23.2m
in 2024. The EBIT margin before
special items was 4.2% compared
to 12.8% in 2024. Pro forma EBIT
before special items amounted
to USD 7.1m and Pro forma EBIT
margin reached 4.1%.
Special items
Special items amounted to USD
-1.1m compared to USD -3.3m in
2024 and mainly related to one-o
costs on aircra components in
Programs as well as non-recurring
costs from the relocaon of our site
in Singapore.
Net nancials
Net nancials for 2025 amounted
to USD -21.5m compared to
USD -4.6m in 2024. The higher
nancing costs were primarily
driven by currency losses due to
the unfavorable exchange rate
development in the US dollar versus
the Euro and Danske krone, with
the US dollar especially weakening
in the second quarter of 2025, as
well as higher interest rates and
higher net interest-bearing debt
(NIBD) post the bond issuance.
Prot before tax amounted to USD
-15.3m compared to USD 15.3m
in 2024.
Tax
Tax on prot for 2025 was an
income of USD 0.4m and was
mainly impacted by limitaon on
interest deducon in the Danish
joint taxaon. The eecve tax rate
equalled 2.5%.
Net prot/loss for the year
amounted to USD -14.9m
compared to USD 9.7m in 2024.
Assets
On 31 December 2025, TP
Aerospace’s total assets amounted
to USD 233.5m which was an
increase of USD 4.8m from USD
228.7m in 2024. This was driven by
an increase of USD 2.5m in trade
receivables.
By the end of 2025, aircra
components amounted to USD
132.4m, of which USD 55.1m
were classied as property,
plant and equipment under
non-current assets (aircra
components assigned to Programs
acvies) and USD 77.3m as
inventory (accounng treatment
is further explained in the secon
“Consolidated Financial Statements”
under notes). In comparison, aircra
components amounted to USD
131.8m by the end of 2024.
connued
FINANCIAL
REVIEW
80
60
40
20
0
50
40
30
20
10
0
2021 2022 2023 2024
EBITDA before special items margin
EBITDA before special items
64
2025
65
25
20
15
10
5
0
14
12
10
8
6
4
2
0
2021
10
20
2022 2023 2024
EBITA before special items margin
EBITA before special items
19
2025
8
23
25
20
15
10
5
0
14
12
10
8
6
4
2
0
7
2021 2022 2023 2024
EBIT before special items margin
EBIT before special items
18
9
2025
19
23
34
57
74
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
16
FINANCIAL
REVIEW
Net working capital
Net working capital ended at USD
76.4m compared to USD 73.1m
in 2024. The increase was mainly
driven by aircra components
classied as inventory which went
up by USD 6.5m from 2024 to
2025. This was parally oset
by USD 3.9m increase in trade
payables. The aircra components
owned by TP Aerospace are all
deemed current based on the
composion of parts and the
aircra plaorms for which they are
used.
Equity
Total equity amounted to USD
60.4m as of 31 December 2025
compared to USD 115.0m by the
end of 2024. This change reected a
dividend payment to TPA Holding II
A/S of USD -39.8m in the rst half of
2025 as well as the net loss of USD
-14.9m for full year 2025.
Net interest-bearing debt
As of 31 December 2025, the net
interest-bearing debt amounted
to USD 126.2m or 1.9x EBITDA
before special items, compared to
USD 69.0m or 0.9x EBITDA before
special items as of 31 December
2024.
On 26 March 2025, TPA Holding
I A/S issued bonds with total
proceeds of USD 130m and with
the total framework amounng to
USD 250m, allowing for addional
issuances under the same bond
structure.
Return on invested capital
(ROIC)
The return on invested capital
excluding goodwill was equal to
45.3% compared to 52.9% in 2024.
The lower ROIC was driven by
the lower EBITDA before special
items without a similar reducon in
average invested capital.
Cash ow
Cash ow from operang acvies
amounted to USD -9.7m compared
to USD 15.3m in 2024, while
cash ow from invesng acvies
reached USD -3.5m versus USD
-6.5m in 2024, reecng the
connued asset investments across
divisions and CAPEX investments in
producon capacity and equipment
improvements across the MRO
sites. Free cash ow totaled USD
-13.2m compared to USD 8.9m in
2024. The cash ow generaon
during the year was impacted by
the lower operang prot (EBITDA)
as well as higher interests on
interest-bearing debt, currency
losses and tax payments in 2025.
Cash ow from nancing acvies
reached USD 13.2m versus USD
-8.1m in 2024 and was impacted
by the bond issuance of USD 130m
oset by the repayment of the bank
credit facility of USD -72.8m and
dividend payment of USD -39.8m.
Outlook
Acvity level in 2025 showed a
connued posive development in
air trac demand, aircra ulizaon
and aircra eet in service, and this
trend is expected to connue at a
slower pace in 2026. On this basis,
our expectaon is a regained sales
momentum in the Components
division combined with increase in
the market and in the acvity level
among our exisng customers as
well as with new customers and
thereby higher acvity level in the
Programs and Distribuon divisions.
Revenue in 2026 is expected
to reach between USD 175-
200m. With increasing demand
and the ancipated recovery
in revenue — combined with
planned global eciency and
scalability improvements — we
expect to achieve an EBITDA
margin before special items in the
range of 32-36%. This outlook
reects our expected operaonal
enhancements, even though
the expanded global producon
footprint is not assumed to be fully
ulized in 2026.
The above expectaons assume
that the global macroeconomic
environment – including interest
rate developments, currency
uctuaons, and the broader
geopolical landscape – remains
broadly stable at levels comparable
to those at the end of 2025
and does not materially alter
the business condions for TP
Aerospace. Furthermore, the
outlook assumes that inaon
stabilizes at a level below 4%
throughout 2026, and that key
exchange rates, parcularly the US
dollar against the Euro and Danish
krone, remain close to end 2025
levels for the duraon of 2026.
Our outlook is subject to risks and
uncertaines as various factors,
many of which are beyond TP
Aerospace’s control, may cause the
actual development and nancial
results to dier materially from
expectaons.
NIBD/EBITDA before special items
NIBD
140
100
60
20
0
69
80
76
69
2021 2022 20252024
2023
126
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
18
2025 has been a year of contrasts
for the aviaon industry. While
growth in passenger and
cargo markets was lower than
expected - driven by increased
global uncertainty – the year
remained posive, underlining
the resilience of aviaon even in
a dynamic climate. Despite strong
headwinds, global trade proved
remarkably robust, and the industry
demonstrated agility in adapng to
a volale trade policy environment.
For TP Aerospace, these condions
rearm the importance of staying
focused on our long-term strategy.
Our priories have provided a solid
foundaon, enabling us to maintain
compeve and deliver value even
as market dynamics shi.
Market Outlook and Emerging
Dynamics
The aviaon aermarket connues
to oer aracve long-term
prospects, with our core market
esmated at approximately USD
1.9 billion and expected to grow
at around 5% annually from 2026
to 2030. However, the short-term
environment has been shaped by
several factors:
• Lower demand and intensied
price compeon as airlines adopt
a cauous “wait-and-see” approach
amid uncertainty.
• Persistent delays in new
aircra deliveries, liming eet
transions and reducing demand
for USM material - impacng our
Components business in parcular.
• Increasing regulatory complexity
and ESG-related requirements,
adding new dimensions to
operaonal planning.
• Cybersecurity risks and
geopolical volality, requiring
robust systems and proacve risk
management.
These dynamics underscore the
need for resilience and adaptability
- qualies embedded in our strategy
and culture.
Strategic priories
While our overall strategy provides
for a detailed descripon of how we
will increase our value and where
to focus our eorts, resources, and
investments, it centers around three
strategic priories, which you can
read more about on the following
pages:
1. Fueling growth from the core
Strengthening our market
leadership through tailored
soluons and an expanding global
footprint.
2. Fueling the operaonal
backbone
Invesng in capacity, digitalizaon,
and supply chain robustness to
migate volality and secure
delivery performance
3. Fueling our people and culture.
Embedding values and
capabilies that drive agility,
trust, and performance across the
organizaon.
These priories are not just
ambions, they are the framework
that enables TP Aerospace to stay
compeve and deliver sustainable
growth, regardless of market
condions.
MARKET & STRATEGIC
PRIORITIES
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
19
2025 was a year of
resilience and connuous
progress, driven by our
ability to strengthen long-
term partnerships and
deliver on our promises
despite market challenges.
The mix, synergies and
complementary strengths
of our three commercial
divisions - Programs,
Components, and
Distribuon – connue to be
a key dierenator, proving
their value especially in
challenging mes.
Resilience through long-
term partnerships in
Programs
Our Programs division
connued to prove its
relevance in a compeve
market. Programs revenue
delivered USD 101.1m,
an increase of more than
5% compared to last year.
With a strong customer
base combined with
new customers joining
our porolio as well as
extensions of exisng
Programs, our all-inclusive
soluons remain a preferred
choice for airlines seeking
cost predictability and
operaonal simplicity. In
2025, we added 27 aircra
to exisng programs across
our core regions.
During the year, an increased
strategic focus on delivering
tailored me and material
programs to larger and
strategic airlines enabled
us to secure new business
without compromising the
delivery performance to
exisng customers. Amongst
others, we beneted from
more scalable operaons
securing our customers short
turnaround me as well
as an exceponal delivery
performance during high
season. This underscores the
trust our customers place
in TP Aerospace and the
scalability of our Programs.
We reached a record of
1,010 aircra on contract
in the second quarter of
2025, reecng a growth
compared to previous years.
Strong recurring customer
base in Distribuon
In 2025, the Distribuon
business delivered a
revenue of USD 21.1m, up
from USD 20.5m in 2024,
represenng a growth
of more than 5% despite
a highly volale market.
Performance was tempered
by delivery challenges and
geopolical factors, including
taris and trade restricons,
which aected acvity
across regions. Even so, our
recurring customer base
remained strong, ending
at approximately 66%, and
underscoring the strength of
our customer relaonships.
Regionally, the Americas
emerged as our largest
market in 2025, overtaking
APAC, which remains a
strong contributor to overall
performance.
Distribuon is inherently
relaonship-driven, and
our close collaboraon
with OEM partners
ensures that we maintain
a solid foundaon for
future growth. These
partnerships, combined
with our commitment to
service excellence, posion
TP Aerospace to capture
new opportunies as market
condions stabilize.
Navigang market
dynamics in Components
2025 was a challenging
year for the Components
business, driven by
dicult market dynamics.
Components revenue
ended at USD 45.5m,
down from USD 59.0m
in 2024. The market was
parcularly impacted by
connued delays in new
aircra deliveries, which led
to fewer aircra transions
and retrots, both of which
are drivers of Components
demand. In addion, the
post-pandemic ramp-up
combined with economic
uncertaines meant airlines
relied on exisng inventory
rather than stocking
up, liming demand for
addional components. This
reduced demand, combined
with an increasingly
compeve landscape,
resulted in more intense
price compeon than in
previous years.
On the sourcing side of the
Components business, we
were further impacted by
the signicant reducon in
the number of aircra that
were dismantled, impacng
USM feedstock and making
sourcing more dicult. We
connue to be dependent
on our ability to secure the
right stock to cater to the
market, and this proved
to be a challenge in 2025
on certain plaorms. In
response, we increased
investments in sourcing
capabilies, resources, and
processes to ensure we
remain at the forefront of
securing the right inventory
to support market demands.
This is work that connues
into the new year.
FUELING GROWTH
FROM THE CORE
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
20
Our ability to grow sustainably is
determined by a strong and scalable
operaonal foundaon. In 2025,
we connued to strengthen core
processes across our commercial
and operaonal areas, ensuring
eciency and scalability.
Ensuring robust core commercial
processes
In 2025, we connued to
strengthen the end-to-end
processes across our commercial
divisions to ensure greater
robustness and scalability as the
business grows. A key priority
has been improving the ow
of informaon and data – both
internally and between TP
Aerospace and our customers
- to create a more seamless,
transparent, and ecient
commercial experience. By
enhancing and automang several
process steps, we are freeing up
capacity to focus even more on
acvies that directly create value
for our customers.
One of the major iniaves this
year has been the connued
development of our digital
customer portal, through which
we and our customers manage
wheel and brake programs. New
enhancements have improved
usability, visibility, and data integrity,
supporng more informed decision-
making on both sides.
We also invested in strengthening
the foundaons of our Distribuon
business, further rening its
structure, operang model, and
go-to-market approach. This
ensures a clear and compelling
value proposion; not only for TP
Aerospace and end users, but also
for our OEM partners who rely on
strong, collaborave distribuon
channels.
Together, these eorts reinforce
the core of our commercial
operaons and lay the groundwork
for capturing future growth
opportunies across all segments of
our business.
Connuing improving end-to-end
planning
In 2025, we focused on further
strengthening our end-to-end
planning model and capabilies,
ensuring greater accuracy in
forecasng, planning, and order
scheduling. Planning remains the
crical link between our commercial
and operaonal areas, and this
undivided focus has delivered
tangible results. Among other
achievements, we signicantly
reduced producon disrupons
caused by delayed material
- despite connued delivery
challenges and extended lead mes
across the industry.
Our commitment to LEAN
methodologies has been equally
important, parcularly within our
maintenance organizaon. By
embedding LEAN principles and
fostering a culture of connuous
improvement, we achieved a
new record in eciency at our
largest facility and set a record-
low turnaround me for repair
acvies. These milestones reect
the dedicaon of our employees
and the strength of our operaonal
backbone, enabling us to maintain
strong delivery performance
for customers even in a volale
environment.
Looking ahead, we will connue
to rene planning processes and
deepen LEAN integraon to sustain
agility, reduce waste, and deliver
exceponal value to our customers
worldwide.
Cybersecurity in focus
Customer centricity extends
beyond operaonal performance
to data security and safeguarding
the systems that underpin our
services. In 2025, we reinforced
our IT security framework to
protect customer data and
ensure uninterrupted operaons.
Cybersecurity remains a strategic
priority as we connue to digitalize
processes and expand global
connecvity.
This year, we benchmarked our
performance against industry peers
and signicantly strengthened
our overall security posion. Key
iniaves include conducng more
advanced penetraon tesng,
targeted cyber awareness training
across the organizaon, and
running phishing simulaons to
further migate risk.
Our eorts align closely with
the increasing requirements
from aviaon authories. New
regulaons from EASA, set to
enter into force in 2026, aim to
strengthen informaon security and
migate risks across the industry.
We welcome these developments,
as they reinforce the importance
of safeguarding crical systems
and ensuring operaonal integrity.
By proacvely preparing for
these standards, we connue to
strengthen our security framework
and maintain the trust and reliability
our customers expect.
FUELING THE OPERATIONAL
BACKBONE
* Measured in standard units. A standard unit equals the repair of one narrow-body main wheel.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
21
Behind every achievement at
TP Aerospace stands the Green
Team - our people. In 2025,
we connued to build a unied
culture anchored in our core
values: Trust, Performance, and
Agility. These values dene
how we work, collaborate, and
lead. These aren’t just words;
they shape how we work, how
we support one another, and
how we deliver value to our
customers – every single day.
Unied language across the
Green Team
In 2025, we introduced three
new core values - Trust,
Performance, and Agility - to
strengthen the foundaon of
our culture and guide how we
deliver services to customers.
These values were introduced
at a pivotal me, reecng
our transformaon, connued
growth, and increasing
complexity across regions. They
provide a unied language
that connects who we are with
how we operate, ensuring
consistency in both internal
collaboraon and external
partnerships.
Our values are more than words;
they shape behaviors and
decisions. They drive changes
in how we communicate
and collaborate, reinforcing
transparency and alignment
across teams and geographies.
By embedding these principles
into everyday pracces, we are
building a culture that supports
resilience, accountability, and
adaptability - crical qualies
for sustaining performance in a
dynamic industry.
The rollout of the new values
started halfway through the
year within the global leadership
team, aer which the values
were launched to the enre
global organizaon towards the
end of the year. As we go into
2026, we connue to acvely
work with the new values across
all levels of the organizaon,
ensuring that they are fully
embedded and understood
across the Green Team.
Building a stronger learning
framework
As our organizaon gears
for further growth and
cross-regional collaboraon
intensies, aligning processes
and collaboraon across regions
remained a key focus area in
2025, with iniaves aimed
at harmonizing processes,
fostering cultural alignment, and
strengthening training programs.
Amongst other things, we
advanced the development of
a stronger training governance
model to ensure employees
receive the right training from
day one and that best pracces
are shared across regions.
This framework is designed
to create consistency in
onboarding and connuous
learning, while supporng
compliance and operaonal
excellence. By leveraging
insights from dierent regions,
we aim to build a learning
culture that fosters knowledge-
sharing and adaptability. These
eorts are crical to sustaining
performance and enabling our
teams to thrive in an increasingly
interconnected global
environment.
Leadership on the agenda
Leadership has been a top
priority throughout 2025.
Senior global and regional
leaders parcipated in recurring
leadership training sessions
designed to embed our new
values and strengthen behaviors
aligned with Trust, Performance,
and Agility. These programs
provided a common language
for leadership, ensuring that
decision-making and team
management reect our cultural
foundaon.
The training was not a one-
me iniave; it has been a
connuous eort throughout
the year and will remain a key
focus into 2026. By anchoring
leadership development in
our values, we are shaping a
leadership culture that drives
collaboraon, accountability,
and agility across regions. This
commitment ensures that
leadership is not only a role, but
a responsibility deeply rooted in
our organizaonal DNA.
FUELING OUR PEOPLE & CULTURE
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
23
connued
23
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
24
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
25
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
26
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
27
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
28
“
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
29
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
31
1
1
2
3
4
5
2 3 4 5
H
C
I
J
E
B
Q
D
M
K
L
G
A
N
P
O
F
Likelihood of Risk Occuring
Market
A Component availability
B Compeve landscape
C Oil prices
D Geopolics
IT
E Cybersecurity
Financial
F Liquidity
G Credit
H Currency
I Inaon
Sustainability
J Environmental
K An-corrupon
People
L Qualied employees
M Occupaonal health & safety
Operang
N Supply chain
O Safety
P Asset security
Q Quality
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
32
connued
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
33
KEY RISK
connued
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
34
KEY RISK
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
36
BOARD OF DIRECTORS
connued
Flemming Jensen
Peter Lyager
Flemming holds the posion of CEO of
DSB, the Danish Railways, but brings
almost 30 years’ experience from
aviaon. He is a trained pilot from the
Royal Danish Air Force and spent almost
10 years as a ghter pilot. He entered
the commercial aviaon industry in the
‘80s, rst with Sterling Airways and
later SAS as Captain and Chief Pilot,
respecvely. Before joining DSB in
2015, Flemming held the posion of
COO of SAS for several years.
Peter is a partner in the Danish private
equity fund CataCap and has a strong
operaonal background. He holds an
Execuve MBA from the Craneld
School of Management. Peter has been
engaged in aviaon since 2001 when
he became CFO of FLS Aerospace/
SR Technics UK. Since then, he has
connued to be engaged in the industry
alongside a career as CFO and CEO in
various businesses before co-founding
CataCap in 2012.
Peter held the posion of CEO of TP
Aerospace from the company’s start in
2008 unl 2021. Aer compleng his
military service with the Royal Danish
Navy, Peter acquired a B.Sc. in Economics
and Business Administraon from
Copenhagen Business School and has
since then gathered more than 25 years
of experience from the aviaon industry.
Peter stepped down as CEO at the end
of 2021, transioning to a non-execuve
posion on the Board of Directors in
March 2022.
Peter Ryergaard
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
37
BOARD OF DIRECTORS
Andrew Hoad
Vilhelm Hahn-Petersen
Mike Humphreys
Andrew is an aviaon veteran, having
been in the industry for more than
half his life. He is parcularly strong
within the technical aspects of aviaon
and holds a degree in Mechanical
Engineering. Throughout his more than
30 years in the industry, Andrew has
held various posions. Most recently,
he comes from 14 years as Senior Vice
President, Engineering, at Emirates
in Dubai. Andrew is also currently
Chairman of MAAS Aviaon and Non-
Execuve Director of Aern Ltd.
Vilhelm is a partner in the Danish
private equity fund CataCap and he is
experienced in strategic and operaonal
management from both Danish and
internaonal business environments.
He holds a master’s degree in Polical
Science from Aarhus University and
has several years’ experience from the
aviaon industry, rst as CEO of FLS
Aerospace and later as COO of easyJet.
Since obtaining a BSc. in Aeronaucs
and Astronaucs from the University
of Southampton, Mike has held a
number of senior execuve posions
with aircra maintenance providers
including CEO of FLS Aerospace, EVP of
Component Services at SR Technics and,
most recently, President of Airinmar.
Through more than 30 years’ experience
in the commercial aviaon aermarket,
Mike has obtained strong skills in
strategy and business development.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
38
EXECUTIVE
MANAGEMENT
Nikolaj Lei Jacobsen
Nikolaj joined TP Aerospace as CFO in
2018, before transioning to COO in
2020. In January 2022, he took on the role
of CEO aer Peter Lyager.
Nikolaj holds an MSc in Business
Administraon from Aarhus University
and is an experienced leader from
various posions in large internaonal
corporaons. Nikolaj’s speciales revolve
around corporate strategy and nance.
Tinneke joined TP Aerospace as CFO in
October 2021. Tinneke holds an MSc in
Business Economics and Auding from
Copenhagen Business School and has
more than 20 years’ experience from
various senior nance posions, both in
Denmark and abroad. Besides her extensive
background within nancial reporng,
controlling, operaonal nance, risk
management and governance, Tinneke has
vast experience with process opmizaon
through technology.
Felix Ammann
Felix Ammann joined TP Aerospace in
January 2023. Felix has over 30 years
of extensive aviaon experience, most
recently from a posion as CEO of
RUAG MRO Internaonal. Before this,
he spent 27 years in various posions in
SR Technics Switzerland, most recently
as EVP Global Component Services.
He has a strong track record of leading
large operaons focusing on all areas
relang to the provision of a high-quality
service to customers.
Nicolai Hertz
Nicolai Hertz joined TP Aerospace in
October 2023. He brings almost 30
years of experience from the aviaon
industry from both Satair, VAS Aero
Services, ST Aerospace and SAS
Component Group. Prior to joining
TP Aerospace, he was with Satair for
15 years, most recently in the role of
Head of Used Service Material & Senior
Vice President Business Development
/ Strategy. He brings extensive
commercial experience and knowledge
from the MRO aermarket.
CEO
COO
CFO
CCO
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
40
TABLE OF
CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
Key gures .............................................................................................................................................................................................41
Prot and loss........................................................................................................................................................................................42
Statement of comprehensive income ..............................................................................................................................................42
Balance sheet ........................................................................................................................................................................................43
Statement of changes in equity .........................................................................................................................................................44
Cash ow statement ............................................................................................................................................................................45
Notes.......................................................................................................................................................................................................46
PARENT COMPANY FINANCIAL STATEMENTS
Prot and loss........................................................................................................................................................................................77
Statement of comprehensive income ..............................................................................................................................................77
Balance sheet ........................................................................................................................................................................................78
Statement of changes in equity .........................................................................................................................................................79
Cash ow statement ............................................................................................................................................................................80
Notes.......................................................................................................................................................................................................81
SIGNATURES
Statement by the Board of Directors and Execuve Management ...........................................................................................89
Independent Auditors’ Report ...........................................................................................................................................................90
41
KEY FIGURES
2025
USD’000
2024
USD’000
2023
USD’000
2022
USD’000
2021
USD’000
Financial highlights
Prot and loss
Revenue 173,804 181,031 179,661 147,044 88,815
Gross prot 107,389 114,513 101,854 85,077 53,144
EBIT (Operang prot) before special items 7,363 23,176 18,803 21,507 6,544
EBIT (Operang prot) aer special items 6,219 19,919 12,848 19,385 4,524
Net nancials -21,537 -4,571 -8,368 -5,134 -2,523
Prot for the period -14,940 9,663 2,021 11,695 1,504
Balance sheet
Non-current assets 123,693 128,237 126,324 117,289 107,215
Addions to tangible assets 57,446 53,953 55,069 51,280 27,351
Total assets 233,499 228,742 223,420 228,128 189,872
Total equity 60,426 114,988 105,423 103,339 91,861
Cash ow
Net cash ow from operang acvies -9,729 15,328 19,569 4,751 14,543
Net cash ow from invesng acvies -3,450 -6,455 -12,774 -14,374 -6,181
Cash ow from nancing acvies 13,167 -8,077 -7,269 10,642 -7,711
FTEs (full me equivalents)
Average number of FTEs 370 379 375 281 234
Financial raos
Gross margin (%) 61.8% 63.3% 56.7% 57.9% 59.8%
EBIT margin before special items 4.2% 12.8% 10.5% 14.6% 7.4%
EBIT margin aer special items 3.6% 11.0% 7.2% 13.2% 5.1%
Return on equity (%) -17.0% 8.8% 1.9% 12.0% 1.7%
Equity rao (%) 25.9% 50.3% 47.2% 45.3% 48.4%
For a denion of nancial raos and special items a reference is made to note 1 - Accounng policies.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
42
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
1 JANUARY - 31 DECEMBER
Notes 2025
USD’000
2024
USD’000
Prot for the period -14,940 9,663
Other comprehensive income
Exchange dierences on translaon of subsidiaries (net) 157 -98
Tax on other comprehensive income 0 0
Other comprehensive income for the period, net of tax 157 -98
Total comprehensive income for the period -14,783 9,565
CONSOLIDATED STATEMENT
OF PROFIT AND LOSS
1 JANUARY - 31 DECEMBER
Notes 2025
USD’000
2024
USD’000
Revenue 3 173,804 181,031
Cost of sales -66,415 -66,518
Gross prot 107,389 114,513
Other income 4 266 639
Other external expenses -11,131 -11,619
Sta costs 5 -31,227 -29,433
Depreciaon, amorsaon and impairment losses 6 -57,934 -50,924
Operang prot before special items 7,363 23,176
Special items 8 -1,144 -3,257
Operang prot aer special items 6,219 19,919
Financial income 9 2,046 4,862
Financial expenses 10 -23,583 -9,433
Prot before tax -15,318 15,348
Tax for the period 11 378 -5,685
Prot for the period -14,940 9,663
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
43
CONSOLIDATED BALANCE
SHEET 31 DECEMBER
CONSOLIDATED BALANCE
SHEET 31 DECEMBER
Notes 2025
USD'000
2024
USD'000
Intangible assets 12 49,498 49,498
Property, plant and equipment 13, 14 70,891 77,194
Deferred tax asset 15 3,304 1,545
Total non-current assets 123,693 128,237
Inventories 16 77,294 70,770
Trade receivables 17 25,379 22,846
Other receivables 2,713 2,652
Prepayments 669 474
Cash 3,751 3,763
Total current assets 109,806 100,505
Total assets 233,499 228,742
Note 2025
USD'000
2024
USD'000
Share capital 18 651 651
Share premium 0 64,441
Reserve for exchange rate translaon -241 -398
Retained earnings 60,016 50,294
Total equity 60,426 114,988
Borrowings 19 128,686 69,307
Lease liabilies 14, 23 5,381 5,207
Provisions 20 4,367 2,871
Total non-current liabilies 138,434 77,385
Borrowings 19 0 3,483
Lease liabilies 14, 23 3,377 3,719
Trade payables 16,372 12,439
Tax payables 1,200 5,478
Intergroup borrowings 405 397
Other payables 9,415 8,544
Prepayments from customers 3,870 2,309
Total current liabilies 34,639 36,369
Total liabilies 173,073 113,754
Total equity and liabilies 233,499 228,742
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
44
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share capital
USD’000
Share premium
USD’000
Reserve for exchange
rate translaon
USD’000
Retained earnings
USD’000
Total
USD’000
Equity at 31.December 2023 651 64,441 -300 40,631 105,423
Prot for the period 01.01.2024 - 31.12.2024 0 0 0 9,663 9,663
Exchange rate dierences 0 0 -98 0 -98
Total comprehensive income for the period 0 0 -98 9,663 9,565
Equity at 31 December 2024 651 64,441 -398 50,294 114,988
Prot for the period 01.01.2025 - 31.12.2025 0 0 0 -14,940 -14,940
Exchange rate dierences 0 0 157 0 157
Total comprehensive income for the period 0 0 157 -14,940 -14,783
Transfer from share premium account 0 -64,441 0 64,441 0
Extraordinary dividend paid 0 0 0 -39,779 -39,779
Total comprehensive income for the period 0 -64,441 0 24,662 -39,779
Equity at 31 December 2025 651 0 -241 60,016 60,426
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
45
CONSOLIDATED CASH FLOW STATEMENT
1 JANUARY - 31 DECEMBER
Notes 2025
USD’000
2024
USD’000
Operang prot aer special items
Depreciaon and amorsaon 28 5,798 6,709
Change in net working capital 26 5,223 -3,689
Cash ow from primary operang acvies 17,240 22,939
Interest, net -21,537 -5,123
Tax paid -5,432 -2,488
Cash ow from operang acvies -9,729 15,328
Purchase of property, plant and equipment -2,519 -6,485
Purchase of intangible assets -871 0
Other non-cash changes -60 30
Cash ow used for invesng acvies -3,450 -6,455
Proceeds from borrowings 27 128,686 0
Repayments of borrowings 27 -72,790 -5,241
Intergroup borrowings, net 9 -132
Extraordinary dividend paid -39,779 0
Repayments of lease liabilies -2,959 -2,704
Cash ow from nancing acvies 13,167 -8,077
Net cash ow for the year -12 796
Cash and cash equivalents, beginning of the year 3,763 2,967
Cash and cash equivalents at end of the year 3,751 3,763
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
46
NOTES
Notes
1. Accounng policies
2. Crical accounng esmates and judgements
3. Revenue and segment informaon
4. Other income
5. Sta costs
6. Amorsaon, depreciaon and impairment losses
7. Audit fees
8. Special items
9. Financial income
10. Financial expenses
11. Tax on prot for the year
12. Intangible assets
13. Property, plant and equipment
14. Leases
15. Deferred tax
Notes
16. Inventories
17. Trade receivables
18. Share capital
19. Borrowings
20. Provisions
21. Related pares
22. Commitments and conngent liabilies
23. Financial risk management
24. Financial assets and liabilies
25. Events aer the balance sheet date
26. Changes in net working capital
27. Changes in liabilies arising from nancing acvies
28. Depreciaon and amorsaon
29. Exempon from audit of foreign subsidiaries
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
47
1. ACCOUNTING
POLICIES
The Consolidated nancial statements for
TPA Holding I A/S have been prepared in
accordance with IFRS Accounng Standards
as issued by the Internaonal Accounng
Standards Board (IASB) and as adopted by the
European Union as well as addional Danish
disclosure requirements applying to enes of
reporng class C (large).
The accounng policies applied remain
unchanged from last year.
General informaon on recognion
and measurement
The nancial statements have been prepared
under the historical cost method.
Change in accounng esmates
There have been no changes in accounng
esmates in the nancial year 2025.
New standards implemented
in the nancial year
No signicant new IFRSs or IFRIC
interpretaons have been implemented
in 2025 aecng the recognion and
measurement in the nancial statements.
New standards and amendments issued
but not yet eecve
Furthermore, new or amended IFRS
Accounng Standards and interpretaons
issued by the IASB that have not yet become
eecve are generally not adopted unl
they become eecve and are endorsed by
the EU. Management does not ancipate
any signicant impact on the consolidated
Financial Statements in the period of inial
applicaon from the adopon of these new
standards and amendments, except for IFRS
18 Presentaon and disclosure in Financial
Statements, which replaces IAS 1 Presentaon
of Financial Statements and is eecve from 1
January 2027.
IFRS 18 is expected to change the
presentaon of the income statement by
dierenang earnings from operang,
invesng, and nancing acvies. IFRS 18 will
also require addional disclosures but is not
expected to aect the Group’s accounng
policies for recognion and measurement
and, accordingly, is not expected to impact
recorded net results.
Basis of consolidaon
Subsidiaries are all enes over which the
Group has control. The Group controls an
enty when the group is exposed to, or has
rights to, variable returns from its involvement
with the enty and has the ability to aect
those returns through its power to direct
the acvies of the enty. Subsidiaries are
fully consolidated from the date on which
control is transferred to the Group. They are
deconsolidated from the date that control
ceases.
On consolidaon, eliminaon is made of intra-
group income and costs, shareholdings, intra-
group balances and dividend and realised and
unrealised prots or losses on transacons
between the consolidated companies.
Non-controlling interests in the results and
equity of subsidiaries are shown separately
in the consolidated statement of prot and
loss, statement of comprehensive income,
statement of changes in equity and balance
sheet respecvely.
Foreign currency translaon
Items in the nancial statements of each of
the reporng companies of the Group are
measured in the currency of the primary
economic environment in which the company
operates (the funconal currency).
The nancial statements are presented in US
Dollars (USD), due to the Group’s internaonal
acvies, which is also the parent company’s
funconal currency. The nancial statements
have been rounded to the nearest thousand.
Transacons and balances
Foreign currency transacons are translated
into the funconal currency using the
exchange rate at the dates of the transacons.
Foreign exchange gains and losses resulng
from the selement of such transacons and
from the translaon of monetary assets and
liabilies denominated in foreign currencies
at year end exchange rates are generally
recognised in the statement of prot and loss.
They are deferred in equity if they relate to
qualifying cash ow hedges and qualifying net
investment hedges or are aributable to part
of the net investment in a foreign operaon.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
48
Foreign exchange gains and losses that relate
to borrowings are presented in the statement
of prot and loss, within nance costs.
Group companies
The results and nancial posion of all the
group enes that have a funconal currency
dierent from the presentaon currency are
translated into the presentaon currency as
follows:
a) Assets and liabilies for each balance sheet
presented are translated at the closing rate at
the date of that balance sheet;
b) Income and expenses for each income
statement are translated at average exchange
rates; and
c) All resulng exchange dierences are
recognised in other comprehensive income.
Goodwill and fair value adjustments arising on
the acquision of a foreign enty are treated
as assets and liabilies of the foreign enty
and translated at the closing rate. Exchange
dierences arising are recognised in other
comprehensive income.
Business combinaons
The acquision method of accounng is used
to account for all business combinaons,
regardless of whether equity instruments or
other assets are acquired. The consideraon
transferred for the acquision of a subsidiary
comprises the:
• fair values of the assets transferred
• liabilies incurred to the former owners of
the acquired business
• equity interests issued by the group.
Idenable assets, liabilies and conngent
liabilies of acquired businesses are measured
inially at fair values at the acquision date.
Acquision-related costs are expensed as
incurred.
The excess of the consideraon transferred
over the fair value of the net idenable
assets acquired is recorded as goodwill. If
those amounts are less than the fair value
of the net idenable assets of the business
acquired, the dierence is recognised directly
in the statement of prot and loss as a bargain
purchase.
Revenue
In the Components division, revenue consists
of sale of repaired or overhauled wheels and
brakes to dierent types of aircra. In the
Distribuon division, revenue consists of sale
of piece parts and assemblies to dierent
type of aircra. In the Programs division, the
Group delivers repaired or overhauled wheels
or brakes to its customers either as a service
(CFR) or as sale of the repaired or overhauled
wheel or brake (LFL). In the Programs division,
the Group exchanges the core units of the
wheel or brake (core asset) with its customers’
core unit, and the sale therefore consists of
the repair or overhaul of the wheel or brake.
Other revenue consists of leasing out wheels
and brakes to airlines and of maintenance,
repair or overhaul of wheels or brakes for
customers (MRO).
Sale of goods in Components, Distribuon,
LFL business and MRO
Sales is recognized at a point in me,
when control of the wheels or brakes has
transferred to the customer, being when
they are delivered to the customer and there
is no unfullled obligaon that could aect
the customers’ acceptance of the products.
Delivery occurs when the wheels and brakes
are handed over to the customer at the
company’s shop or when the customer takes
delivery from an in-house stock of parts and
thereby accepts the products in accordance
with the sales contract. In the MRO business,
revenue is recognized when the maintenance,
repair or overhaul is nalized, delivered and
invoiced to the customer.
Distribuon revenue consists of sale of
factory new piece parts and assemblies
on behalf of the OEMs, and revenue is
recognized when the piece parts and
assemblies are delivered and invoiced to the
customer.
There is no volume discounts or other variable
payments in these contracts and no element
of nancing. Revenue is therefore recognized
with the amount specied in the contract
Sale of services in the CFR business
The CFR business provides services in the
form of repair and overhaul of wheels and
brakes. Revenue is recognized in the period
in which the services are rendered. In the
CFR business, the service is delivered over
the period where the customer uses the
wheels and brakes on its aircra. Revenue is
recognized based on the amount of cycles
(landings) that the customers have incurred
with the wheels and brakes in the given
period.
Any increases or decreases in esmated
cycles and associated costs are reected in
the statement of prot and loss in the period
in which the circumstances that give rise to
the revision become known by management.
The Group fulls its performance obligaons
upon delivery at one point in me or over
a short period of me. The payment terms
follow the industry standards and are
individually negoated. No contracts have a
signicant nancing element and no contracts
comprise variable consideraon elements.
The Group has no obligaons for returns and
refunds.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
49
Cost of sales of goods
Costs of sales for the nancial year are
measured at cost, adjusted for ordinary
inventory write-downs. Costs of sales include
amounts for the restoraon liability which
the Group has for customer owned assets
that could be included in some CFR programs
(mutual pools) and is based on an esmate of
the expected repair costs for those assets.
Other external expenses
Other external expenses include expenses
relang to the Group’s ordinary acvies,
including expenses for premises, consultancy
and advisory fees, oce supplies, markeng
costs, losses on receivables, etc. This
also includes write-downs of receivables
recognized in current assets.
Other operang income and expenses
Other operang income and other operang
expenses comprise items of a secondary
nature to the main acvies of the Company.
Sta costs
Sta costs comprise salaries and wages,
pensions, bonuses, social security
contribuons and other sta related costs for
companies’ sta.
Depreciaon, amorsaon
and impairment losses
Depreciaon, amorsaon and impairment
losses relang to intangible assets and
property, plant and equipment comprise
depreciaon, amorsaon and impairment
losses for the nancial year, calculated on the
basis of the residual values and useful lives if
the individual assets and impairment tesng
as well as gains and losses from the sale of
intangible assets as well as property, plant and
equipment.
Special items
Special items are disclosed separately in the
nancial statements where it is necessary to
do so to provide further understanding of the
nancial performance of the Group. They are
material items of income or expense that have
been shown separately due to the signicance
of their nature or amount.
Financial income
Financial income comprises interest income,
including interest income on receivables
from group enterprises, net capital gains
on securies, payables and transacons in
foreign currencies, amorzaon of nancial
assets as well as tax relief under the Danish
tax legislaon etc.
Financial expenses
Financial expenses comprise interest
expenses, including interest expenses
on payables to group enterprises, net
capital losses on securies, payables
and transacons in foreign currencies,
amorzaon of nancial liabilies as well as
tax surcharge under the Danish tax legislaon
etc.
Income tax and deferred tax
The Company is jointly taxed with the parent
company CC Green Wall Invest ApS and other
Danish companies. The Danish income tax
payable is allocated between the jointly taxed
Danish companies based on their proporon
of taxable income (full absorpon including
reimbursement of tax decits). The jointly
taxed companies are taxed under the Danish
tax legislaon. Addions, deducons and
allowances are recognized under nancial
income or nancial expenses.
The income tax expense or credit for the
period is the tax payable on the current
period’s taxable income based on the
applicable income tax rate for each jurisdicon
adjusted by changes in deferred tax assets
and liabilies aributable to temporary
dierences and to unused tax losses.
The current income tax charge is calculated
on the basis of the tax laws enacted or
substanvely enacted at the balance sheet
date in the countries where the Company and
its subsidiaries operate and generate taxable
income. Management periodically evaluates
posions taken in tax returns with respect to
situaons in which applicable tax regulaon
is subject to interpretaon. It establishes
provisions, where appropriate, on the basis
of amounts expected to be paid to the tax
authories.
Deferred income tax is recognised on
temporary dierences arising between
the tax bases of assets and liabilies and
their carrying amounts in the Consolidated
Financial Statements. However, deferred
tax liabilies are not recognised if they arise
from the inial recognion of goodwill;
deferred income tax is not accounted for
if it arises from the inial recognion of an
asset or liability in a transacon other than a
business combinaon that, at the me of the
transacon, aects neither accounng nor
taxable prot or loss. Deferred income tax
is determined using tax rates (and laws) that
have been enacted or substanvely enacted
by the balance sheet date and are expected to
apply when the related deferred income tax
asset is realised or the deferred income tax
liability is seled.
Deferred income tax assets are recognised
only to the extent that it is probable that
future taxable prot will be available, against
which the temporary dierences can be
ulised.
Deferred income tax liabilies are provided
on taxable temporary dierences arising
from investments in subsidiaries, except for
deferred income tax liability where the ming
of the reversal of the temporary dierence is
controlled by the Group and it is probable that
the temporary dierence will not reverse in
the foreseeable future.
Deferred income tax assets and liabilies are
oset when there is a legally enforceable right
to oset current tax assets against current
tax liabilies and when the deferred income
tax assets and liabilies relate to income
taxes levied by the same taxaon authority
on either the same taxable enty or dierent
taxable enes where there is an intenon to
sele the balances on a net basis.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
50
Intangible assets
Goodwill
Goodwill arises on the acquision of
subsidiaries and represents the excess of the
consideraon transferred over the Group’s
interest in net fair value of the net idenable
assets, liabilies and conngent liabilies of
the acquired.
For the purpose of impairment tesng,
goodwill acquired in a business combinaon
is allocated to each of the CGU’s, or groups
of CGU’s, that is expected to benet from
the synergies of the combinaon. Each unit
or group of units to which the goodwill is
allocated represents the lowest level within
the enty at which the goodwill is monitored
for internal management purposes.
Goodwill impairment reviews are undertaken
annually or more frequently if events or
changes in circumstances indicate a potenal
impairment. The carrying value of goodwill is
compared to the recoverable amount, which
is the higher of value in use and the fair value
less costs of disposal. Any impairment is
recognised immediately as an expense and is
not subsequently reversed.
The customer contracts were acquired as
part of a business combinaon. They are
recognised at their fair value at the date of
acquision and are subsequently amorsed
on a straight-line based on the ming of
projected cash ows of the contracts over
their esmated useful lives of 10 years.
Soware is measured at cost less accumulated
amorsaon. Soware is amorsed on a
straight line basis over the useful life, which is
esmated at 3 years.
Rights are measured at cost less accumulated
amorsaon. Rights are amorsed on
a straight line basis over the useful life,
which is esmated at 10 years, which is in
accordance with the period of the underlying
agreement of which the rights referred to.
Impairment of non-nancial assets
Intangible assets that have an indenite useful
life (goodwill) are not subject to amorsaon
and are tested annually for impairment. Assets
that are subject to amorsaon are reviewed
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying
amount exceeds its recoverable amount.
The recoverable amount is the higher of an
asset’s fair value less cost of disposal and
value in use. For the purposes of assessing
impairment, assets are grouped at the lowest
levels for which there are largely independent
cash inows (cash-generang units). Prior
impairment of non-nancial assets (other than
goodwill) is reviewed for possible reversal at
each reporng date.
Property, plant and equipment
Leasehold improvements, assets held for
lease and other xtures and ngs, tools
and equipment are measured at cost less
accumulated depreciaon.
Cost comprises acquision price and costs
directly related to the acquision unl such
me as the assets are ready for use.
Depreciaon on other assets, listed below, is
calculated using the straight line method to
allocate their cost or revalued amounts, net
of their residual values over their esmated
useful lives, as follows:
Leasehold improvements . . . . . . . . . . 3-5
years
Other xtures and ngs,
tools and equipment . . . . . . . . . . . . . 3-20
years
Assets held for lease-out . . . . . . . . . . . 20
years
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
years
Core units for wheels and brakes, included in
other xtures and ngs . . . . . . . . . . 20 years
Depreciaon on assets, listed below, is
calculated using a producon based method to
allocate their cost over their esmated useful
lifes. The depreciaon is calculated based on
the actual usage of the asset (MRO).
The average cycles - useful life - is esmated
based on historical data and contractual
condions in which the assets are used.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
51
The useful life for each individual asset types is
as follows:
MRO, Steel brakes (CFR)
1,000 - 1,200 cycles
MRO, Carbon brakes (CFR)
1,400 - 1,600 cycles
MRO, Wheels (CFR)
170 - 270 cycles
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at the
end of each reporng period.
Gains and losses arising from disposal of
property, plant and equipment are calculated
as the dierence between the sales price less
sales costs and the carrying amount at the
me of sale. Gains and losses are recognised
in the prot and loss account as other
operang income or other operang costs.
An asset’s carrying amount is wrien down
immediately to its recoverable amount if the
asset’s carrying amount is greater than its
esmated recoverable amount. An impairment
loss is recognised in the income statement
when the impairment is idened.
Leases and lease obligaons
Assets and liabilies arising from a lease are
inially measured on a present value basis.
Lease liabilies include the net present value
of the following lease payments:
• xed payments (including in-substance
xed payments), less any lease incenves
receivable
• amounts expected to be payable by the
lessee under residual value guarantees
• the exercise price of a purchase opon if
the lessee is reasonably certain to exercise
that opon, and
• payments of penales for terminang the
lease, if the lease term reects the lessee
exercising that opon. .
The lease payments are discounted using the
interest rate implicit in the lease, if that rate
can be determined, or the Group’s incremental
borrowing rate.
Right-of-use assets are measured at cost
comprising the following:
• the amount of the inial measurement of
lease obligaon
• any lease payments made at or before
the commencement date less any lease
incenves received
• any inial direct costs, and restoraon
costs..
Extension and terminaon opons
Extension and terminaon opons are
included in a number of property and
equipment leases across the Group. These
terms are used to maximise operaonal
exibility in terms of managing contracts. The
majority of extension and terminaon opons
held are exercisable only by the Group and
not by the respecve lessor.
Inventories
Inventories are measured at the lower of cost
price or net realisable value. Cost consists
of the purchase price of the goods. The net
realisable value of the inventories is calculated
as the esmated selling price less compleon
costs and costs incurred to execute sale.
Cost prices of goods sold are calculated based
on the sales price (or the esmated sales price
for group internal sales) and the assumed
xed gross margin. The net realisable value of
the inventories is calculated as the esmated
selling price less compleon costs and costs
incurred to execute sale. .
Receivables
Receivables are inially recognized at fair
value adjusted for any transacon costs.
Subsequently, receivables are measured at
amorzed cost, as the receivables are assets
held for collecon of cash ows, where
the cash ows represent solely payments
of principal and interest. Amorzed cost
usually corresponds to the nominal value.
Write-down is made to net realisable value to
provide for expected losses.
For trade receivables, the Group applies the
simplied approach permied by IFRS 9
which requires expected lifeme losses to
be recognized from inial recognion of the
receivables.
Prepayments
Prepayments comprise aircra components
purchases for Programs acvies and
Components replenishment and prepayments
in advance for subsequent nancial years.
Prepayments are measured at cost.
Equity
Reserve for exchange rate translaon
The reserve for exchange adjustments consists
of exchange rate dierences that occur when
translang the foreign subsidiaries’ nancial
statements from their funconal currency
into the Group’s presentaon currency. On
disposal of the net investment, the reserve
for exchange adjustments of that foreign
subsidiary is recognized in the income
statement. Reducon of a net investment in a
foreign operaon which does not result in loss
of control is not treated as a disposal.
Dividends are recognised as a liability at
the me of adopon at the Annual General
Meeng.
Provisions
Lending of assets included in the programs
by customers (mutual pool) occasionally
occurs in connecon with the CFR program
acvies. In case that these programs end,
the Company must return similar assets in
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
52
the same condion as when the lending took
place. The provisions include an amount
counterbalancing the restoraon liability
based on an esmate of the expected
expenses. The liability is recognized during the
applicaon period of the mutual pool assets.
Phase-in provision relates to the introducon
of new programs where the Company must
return assets in the same condion as when
the program started. The provisions include
an amount counterbalancing the restoraon
liability based on an esmate of the expected
expenses. The liability is recognised over
the rst circle in the program, to match the
revenue recognion on the program.
The provisions are recognized and measured
as the best esmate of the expenses required
to sele the liabilies at the balance sheet
date. Provisions that are esmated to mature
more than one year aer the balance sheet
date are measured at their discounted value.
Borrowings
Borrowings are inially recognised at fair
value, net of transacon expenses incurred.
Borrowings are subsequently measured at
amorsed cost. Any dierences between
the proceeds and the redempon value are
recognised in the income statement over the
period of the borrowings using the eecve
interest method.
Other liabilies
Other debt or liabilies covering trade
creditors and other debt are recognised at
amorsed cost which usually corresponds to
the nominal value.
Prepayments received from
customers (contract liabilies)
Prepayments received from customers
comprise amounts received from customers
prior to delivery of the goods agreed or
compleon of the service agreed.
Contract liabilies represent mainly obligaons
in relaon to CFR programmes where there
may be an obligaon to maintain, repair and
overhaul (MRO) customer owned units.
Cash ow statement
The cash ow statement shows the
consolidated cash ows during the year
distributed on operang, invesng and
nancing acvies, changes in cash and cash
equivalents at the beginning and at the end of
the year.
Cash ows from operang acvies are
calculated using the indirect method and
comprise prot for the year adjusted for
non-cash items, changes in working capital,
interest paid and received etc., and payments
of corporate tax.
Cash ows from invesng acvies comprise
payments in connecon with acquisions and
divestment of businesses and purchase and
sale of enterprises, acvies and xed asset
investments as well as purchase, improvement
and sale, etc. of intangible assets and
property, plant and equipment, including
acquision of assets held under nance lease.
Cash ows from nancing acvies comprise
changes in the size or composion of the
contributed capital and related costs as well
as the raising of loans, incepon of nance
leases, instalments on interest-bearing debt,
purchase of treasury shares, and payment of
dividend.
Cash and cash equivalents
In the consolidated cash ow statement, cash
and cash equivalents include cash in hand and
bank deposits.
Consolidated Key Figures
The key gures and nancial raos have been
prepared on a consolidated basis. The nancial
raos have been calculated in accordance
with the following denions:
• Gross margin is calculated as the gross
prot divided by net revenue.
• Special items are dened as income and
expenses of a special nature in terms of the
Group’s revenue-generang acvies.
• Operang prot before special items
margin is calculated as the operang prot
before special items margin divided by net
revenue.
• Operang prot aer special items margin
is calculated as the operang prot
aer special items margin divided by net
revenue.
• Return on equity is calculated as the prot
or loss for the year aer tax divided by the
average equity.
• Equity rao is calculated as the equity
divided by the total assets.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
53
2. CRITICAL
ACCOUNTING
ESTIMATES
AND
JUDGEMENTS
The Group makes esmates and assumpons
concerning the future. The resulng
accounng esmates will, by denion,
seldom equal the related actual results.
The esmates and assumpons that have
a signicant risk of causing a material
adjustment to the carrying amounts of assets
and liabilies within the next nancial year are
addressed below.
The judgements, esmates and assumpons
made are based on historical experience and
other factors that management considers
to be reliable, but which by their very
nature are associated with uncertainty
and unpredictability. These assumpons
may prove incomplete or incorrect, and
unexpected events or circumstances may
arise. The most crical judgements, esmates
and assumpons for the individual items are
described below.
The Group is also subject to risks and
uncertaines that may lead to actual results
diering from these esmates, both posively
and negavely.
Impairment test of goodwill
The Group annually tests whether goodwill
has suered any impairment, in accordance
with the accounng policy stated in note 1.
The recoverable amounts of cash-generang
units have been determined based on value-
in-use calculaons. These calculaons require
the use of esmates.
The esmates and assumpons are based
on historical experience and other factors,
such as management but as by nature it is
uncertain and unpredictable. Due to the risks
and uncertaines which the Group is subject
to, actual outcomes may dier from the
esmates made.
Goodwill amounts to USD 46,139k and no
impairment losses have been recognised in
2025. Informaon on the impairment test,
hereunder crical assumpons are disclosed
and described in note 12.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
54
Property, plant and equipment
(depreciaon period)
The Group recognises its core units as
property, plant and equipment with respect
to core units included as part of the Group’s
programme acvies. Core units used for the
Group’s programme acvies are subject to
impairment during their useful lives that ends,
at the same me as the aircra plaorm it
services, is terminated.
The depreciaon period has been determined
at 20 years for these core units with a residual
value of 20%. Management’s esmate of the
expected useful lives is based on historical
experience and market data factors, but is
naturally subject to uncertainty.
The depreciaon periods for core units are
reassessed every year.
Costs for maintenance, repair and overhaul
(MRO) of wheels and brakes are capitalised as
part of xed assets related to the enterprises’
CFR programme acvies and are in average
depreciated over 170 - 270 cycles in respect
of the wheels, 1,000 - 1,200 cycles in respect
of the steel brakes and 1,400 - 1,600 cycles in
respect of the carbon brakes.
The average cycles have been determined
based on historical data, corresponding to
useful life for wheels, steel brakes and carbon
brakes, respecvely.
The number of cycles, for which depreciaon
of maintenance, repair and overhaul (MRO) is
made, will be reassessed every year.
Valuaon of inventory
Inventory is stated at the lower of cost or
market value. The Group determines cost
using the specic measurement method. The
Group analyses its inventory levels periodically
and writes down inventory to its net realizable
value if it has become obsolete, has a cost
basis in excess of its expected net realizable
value or is in excess of expected demand
(obsolescence). There were write-downs of
USD 3.7m related to obsolescence as of 31
December 2025 (2024: USD 3.6m).
Provisions
Lending of assets included in the programs
by customers (mutual pool) occasionally
occurs in connecon with the CFR program
acvies. In case that these programs end,
the Company must return similar assets in
the same condion as when the lending took
place. The provisions for such restoraon
liabilies include an amount counterbalancing
the expected expenses. The amount is based
on an esmate.
Phase-in provision relates to the introducon
of new programs where the Company must
return assets in the same condion as when
the program started. The provisions include
an amount counterbalancing the restoraon
liability based on an esmate of the expected
expenses. The liability is recognised over
the rst circle in the program, to match the
revenue recognion on the program.
Revenue
Revenue related to programs is recognized
as a service exclusive of the value of the core
assets that are exchanged during delivery
within the program as they are considered
exchange of assets of similar nature and value.
Cost of the delivered core asset is transferred
for recognion as cost of the core asset
received.
For assets to be included in programs, the
allocaon of total cost between the core
element and the MRO element, respecvely,
is determined at the rst exchange based on
an esmate.
The sales value of the CFR programs is
recognized concurrently with the customer’s
use of the asset delivered (per cycle). Cost
related to CFR programs are depreciated
over the useful life (either years or number of
cycles).
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
55
3. REVENUE AND SEGMENT INFORMATION
2025
USD’000
2024
USD’000
Revenue from contracts with customers 167,667 175,084
Other revenue, MRO revenue 6,137 5,947
Total 173,804 181,031
Programs 2024 CFR LFL Leasing Total
USD’000 USD’000 USD’000 USD’000
Revenue 65,150 29,921 538 95,609
Total 65,150 29,921 538 95,609
Timing of revenue recognion
At point in me 0 29,921 0 29,921
Over me 65,150 0 538 65,688
Total 65,150 29,921 538 95,609
Programs 2025 CFR
USD’000
LFL
USD’000
Leasing
USD’000
Total
USD’000
Revenue 74,778 25,974 298 101,050
Total 74,778 25,974 298 101,050
Timing of revenue recognion
At point in me 0 25,974 0 25,974
Over me 74,778 0 298 75,076
Total 74,778 25,974 298 101,050
The Group is organized in geographical regions. The tables below show the Group’s revenue from
external customers broken down by key services and geographical regions.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
56
3. REVENUE AND SEGMENT INFORMATION
Components, Distribuon
and Maintenance
2025
Components
USD’000
Distribuon
USD’000
Maintenance,
repair and
overhaul
USD’000
Total
USD’000
Revenue 45,538 21,079 6,137 72,754
Total 45,538 21,079 6,137 72,754
Timing of revenue recognion
At point in me 45,538 21,079 6,137 72,754
Over me 0 0 0 0
Total 45,538 21,079 6,137 72,754
Components, Distribuon
and Maintenance
2024
Components
USD’000
Distribuon
USD’000
Maintenance,
repair and
overhaul
USD’000
Total
USD’000
Revenue 58,962 20,513 5,947 85,422
Total 58,962 20,513 5,947 85,422
Timing of revenue recognion
At point in me 58,962 20,513 5,947 85,422
Over me 0 0 0 0
Total 58,962 20,513 5,947 85,422
2025
Europe, Middle
East and Africa
USD’000
Americas
USD’000
Asia Pacic
USD’000
Total
USD’000
Revenue from contracts with
customers
99,142 32,646 35,879 167,667
Other revenue, MRO revenue 592 372 5,173 6,137
Total 99,733 33,018 41,053 173,804
Timing of revenue recognion
At point in me 35,894 31,190 31,643 98,728
Over me 63,839 1,828 9,409 75,076
Total 99,733 33,018 41,053 173,804
2024
Europe, Middle
East and Africa
USD’000
Americas
USD’000
Asia Pacic
USD’000
Total
USD’000
Revenue from contracts with
customers
103,772 36,553 34,759 175,084
Other revenue, MRO revenue 175 89 5,683 5,947
Total 103,947 36,642 40,442 181,031
Timing of revenue recognion
At point in me 47,945 34,844 32,554 115,343
Over me 56,002 1,798 7,888 65,688
Total 103,947 36,642 40,442 181,031
There was no revenue recognised in the current reporng period that relates to performance
obligaons that were sased in a prior year.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
57
4. OTHER INCOME
3. REVENUE AND SEGMENT
INFORMATION
The group has recognised the following
revenue-related contract liabilies
2025
USD’000
2024
USD’000
Contract liabilies - Programs, CFR
Opening balance 2,871 2,756
Net addions 2,169 123
Usage during the year (673) (8)
Closing balance 4,367 2,871
Intangible assets, property, plant and equipment
and right-of-use assets by geographic region
2025
USD’000
2024
USD’000
Denmark 102,197 109,847
Other countries 18,192 16,845
Total 120,389 126,692
2025
USD’000
2024
USD’000
Government grants 266 639
Total 266 639
There were no signicant changes in the contract liability balances during the reporng period.
Intangible assets, property, plant and equipment, and right-of-use assets by geographic region
based on the country of domicile.
Segment informaon:
In the nancial year 2025 TPA Holding I A/S obtained long-term nancing through the issuance of
listed secured bonds, as a consequence hereof, the company is required to provide and disclose
segment informaon for the rst me in 2025.
The Group is engaged in sale, service, repair and leasing of aircra brakes, wheels and spare parts,
which is the Group’s single business segment (operang segment). The business segment reects
the way in which Management makes decisions and assesses the business performance.
In 2025, Denmark generated revenue from external customers in the amount of USD 95,667k
(USD 101,651k in 2024) of which USD 856k (USD 705k in 2024) was generated from customers
in the country of domicile*.
Revenue from external customers with domicile in the U.S. amounted to USD 26,402k in the
nancial year 2025 (USD 27,423k in 2024)*.
Denmark, and the U.S. were the only countries where sales in 2025 contributed 10% or more of
the total revenue.
In 2025 and 2024, no single customer contributed 10% or more of the total revenue.
* Sales to customers can geographically take place in several countries and the classicaon above is based on where the
customer is domiciled.
Government grants primarily contain income from relief packages. The amounts for 2025 and
2024 are both adjustments to previous years relief packages.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
58
5. STAFF COSTS
2025
USD’000
2024
USD’000
Wages and salaries 26,536 25,162
Pensions 919 855
Other social security costs 2,976 2,399
Other sta costs 796 1,017
Total 31,227 29,433
Average number of employees 370 379
Number of shares 2025
USD’000
2024
USD’000
As at 1 January 181,020 228,543
Granted during the year 0 0
Forfeited during the year 0 -47,523
As at 31 December 181,020 181,020
2025
USD’000
2024
USD’000
Wages and salaries 1,945 1,607
Pensions 61 55
Execuve Board 2,006 1,662
Remuneraon of management in total:
Execuve Board 2,006 1,662
Board of Directors 163 149
Total 2,169 1,811
Key management compensaon
Key management includes the Execuve Board. The compensaon paid or payables to key
management for employee services is shown below:
Shares program
In earlier years, employees, Management and Board of Directors of TP Aerospace have been
oered the opportunity to purchase shares in TPA Green Manco ApS which is a shareholder of
TP Aerospace Group. The parcipants acquired the shares at an esmated market price. If an
employee leaves the Group before an exit, the company has the opon to buy back the shares at
an esmated market price. As the program does not have any negave eect on the company, no
expense is recognized in the income statement.
The following table shows the number of shares granted and outstanding at the beginning and
end of the reporng period:
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
59
6. AMORTISATION, DEPRECIATION
AND IMPAIRMENT LOSSES
7. AUDIT FEES
9. FINANCIAL INCOME
8. SPECIAL ITEMS
2025
USD’000
2024
USD’000
PwC
Statutory audit 180 177
Tax assurance services 99 200
Other services 35 38
Total 314 415
Other auditors
Statutory audit 20 52
Tax assurance services 11 3
Other services 11 8
Total 42 63
2025
USD’000
2024
USD’000
Amorsaon 871 898
Depreciaon 57,063 50,026
Total
57,934 50,924
2025
USD’000
2024
USD’000
Interest income 164 74
Interest from group companies 111 30
Exchange rate adjustments 1,771 4,758
Total 2,046 4,862
2025
USD’000
2024
USD’000
Non-recurring write-down of inventory and property, plant and
equipment
720 2,531
Non-recurring restructuring of the organisaon including management 160 133
Advisory and consultancy fees for special projects 87 332
Other non-recurring items 176 261
Total 1,144 3,257
In 2024, depreciaon of USD 1,032k has been classied under special items and can be
aributed to non-recurring write-down on property, plant and equipment.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
60
10. FINANCIAL EXPENSES 11. TAX ON PROFIT
FOR THE YEAR
2025
USD’000
2024
USD’000
Interest expenses 13,539 8,396
Interest to Group companies 4 72
Exchange rate adjustments 10,040 965
Total 23,583 9,433
2025
USD’000
2024
USD’000
Current tax:
Current tax on prot for the year 1,125 4,184
Current tax on prot for previous years 256 1,625
Total current tax expense 1,381 5,809
Deferred tax:
Deferred tax for the year -1,759 -341
Deferred tax for previous years 0 217
Total deferred tax -1,759 -124
Total tax for the period -378 5,685
Tax for the period is specied as follows:
Calculated 22% tax on prot before tax -3,370 3,377
Tax eects of:
Higher/lower tax rate in subsidiaries 356 194
Current tax of prot for previous years 256 1,625
Deferred tax for previous years 0 217
Interest cap limitaon 2,317 0
Loss making enes 0 150
Non-deducble expenses 64 122
Total -378 5,685
Eecve tax rate 2% 37%
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
61
12. INTANGIBLE ASSETS
Impairment test for goodwill
Goodwill is monitored by management at the level of
TPA Holding I A/S as one cash generang unit.
The Group tests on an annual basis whether goodwill
has suered any impairment. The recoverable amount
is determined based on value-in-use calculaons
which require the use of assumpons. The calculaons
use cash ow projecons based on nancial budgets
approved by management covering a nine-year period.
Cash ows beyond the nine-year period are
extrapolated using the esmated growth rates stated
in the table. These growth rates are consistent with
forecasts included in industry reports specic to the
industry in which the Group operates.
Soware
USD’000
Goodwil
USD’000
Customer
relaons
USD’000
Rights
USD’000
Total
USD’000
Cost:
At 01.01.2024 444 46,139 3,490 4,214 54,287
Addions during the year 0 0 0 0 0
At 31.12.2024 444 46,139 3,490 4,214 54,287
Amorsaon and impairment:
At 01.01.2024 195 0 2,327 1,369 3,891
Amorsaon for the year 127 0 349 422 898
At 31.12.2024 322 0 2,676 1,791 4,789
Carrying amount 31.12.2024 122 46,139 814 2,423 49,498
Cost:
At 01.01.2025 444 46,139 3,490 4,214 54,287
Addions during the year 871 0 0 0 871
At 31.12.2025 1,315 46,139 3,490 4,214 55,158
Amorsaon and impairment:
At 01.01.2025 322 0 2,676 1,791 4,789
Amorsaon for the year 100 0 350 421 871
At 31.12.2025 422 0 3,026 2,212 5,660
Carrying amount 31.12.2025 893 46,139 464 2,002 49,498
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
62
12. INTANGIBLE ASSETS
Descripon of assumpons
When performing the impairment test, Management has applied a budget period of 9 years. In
Management’s opinion, the budget period applied reects the business model.
Average sales growth is the average annual growth rate over the forecast period from 2026 to 2034.
It is based on past performance and management’s expectaons of market development.
Revenue projecon is based on exisng and new sales supporng passenger or cargo demand.
Exisng passenger sales rely on leading industry experts’ views on the return prole of passenger
acvity. Exisng cargo sales are projected based on dialogues with customers and expectaons
going forward. New customers, both within the passenger and cargo segments, are based on
historic growth combined with TP Aerospace’s current pipeline.
EBITA margin is the average margin as a percentage of revenue over the forecast period 2024 -
2036. It is based on the current sales margin levels, expectaons to sales mix and expectaons to
scalability improvements which posively impact EBITA.
Marginal tax rate is the expected rate over the nine-year forecast period. It is based on current
Danish tax legislaon.
Sensivity to changed assumpons
The calculated value in use of the cash generang unit is considerably higher than the carrying
amount, and the prepared impairment test shows that goodwill and customer relaons are
not impaired. In management’s opinion, no reasonable likely change to the above-menoned
assumpons will imply that the carrying amount of the cash generang unit will exceed the value in
use signicantly.
Impairment test for goodwill - connued
Key assumpons, long term growth rate and discount rate used in the value-in-use
calculaons are as follows:
Assumpons at 31.12.2025
Average sales growth (% annual growth rate) from year 2026 to year 2034 7.5%
EBITA margin (%) 18.0%
Marginal tax rate (%) 22.0%
Long term growth rate (%) 3.0%
Pre-tax discount rate (%) 10.4%
Assumpons at 31.12.2024
Average sales growth (% annual growth rate) from year 2025 to year 2033 9.6%
EBITA margin (%) 18.0%
Marginal tax rate (%) 22.0%
Long term growth rate (%) 3.0%
Pre-tax discount rate (%) 9.9%
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
63
13. PROPERTY, PLANT AND EQUIPMENT
Land and buildings
USD'000
Other xtures and ngs,
tools and equipment
USD'000
Leasehold improvements
USD'000
Total
USD'000
Cost:
At 01.01.2024 20,458 87,257 2,353 110,068
Exchange rate dierences 0 -274 -2 -276
Addions during the year 2,221 50,798 934 53,953
Disposals during the year -4,455 -45,026 -8 -49,489
At 31.12.2024 18,224 92,755 3,277 114,256
Depreciaon and impairment:
At 01.01.2024 11,765 23,092 705 35,561
Exchange rate dierences 0
-152
-1 -153
Depreciaon for the year 2,808 47,713 537 51,058
Reversal regarding disposals -4,455 -44,946
-2
-49,403
At 31.12.2024 10,118 25,707 1,239 37,062
Carrying amount 31.12.2024 8,106 67,048 2,038 77,194
Cost:
At 01.01.2025 18,224 92,755 3,277 114,256
Exchange rate dierences 0 340 8 348
Addions during the year 2,791 54,639 17 57,446
Disposals during the year -511 -57,436 -8 -57,955
At 31.12.2025 20,504 90,298 3,294 114,095
Depreciaon and impairment:
At 01.01.2025 10,118 25,707 1,239 37,063
Exchange rate dierences 0
463
-115 348
Depreciaon for the year 2,891 53,557 618 57,067
Reversal regarding disposals -511 -50,760
-2
-51,273
At 31.12.2025 12,499 28,968 1,740 43,205
Carrying amount 31.12.2025 8,005 61,330 1,553 70,891
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
64
Amounts recognised in the balance sheet
The balance show the following amounts relang to leases:
Amounts recognised in the statement of prot and loss
The statement of prot and loss shows the following amounts relang to leases:
IFRS 16 – Low-value assets
Lease agreements relang to low-value assets are not recognised as right-of-use assets or lease
liabilies.
The lease payments are expensed over the lease term.
14. LEASES
2025
USD'000
2024
USD'000
Lease liabilies
Non-current 5,381 5,207
Current 3,377 3,719
Total 8,758 8,926
Land and buildings
USD'000
Total
USD'000
Right-of-use assets
Carrying amount 1 January 2024 8,594 8,594
Exchange rate dierences 0 0
Addions 2,221 2,221
Depreciaon for the year -2,800 -2,800
Carrying amount 31 December 2024 8,015 8,015
Right-of-use assets
Carrying amount 1 January 2025 8,015 8,015
Addions 2,791 2,791
Depreciaon for the year -2,883 -2,883
Carrying amount 31 December 2025 7,923 7,923
2025
USD’000
2024
USD’000
Depreciaon charge of right-of-use assets
Land and buildings 2,883 2,800
Total 2,883 2,800
Interest expense
Expenses relang to leases 378 414
Total 378 414
Cash ow related to leases
Fixed lease payments -9 132
Interest payments 2,883 2,800
Short-term and low-value leases 0 0
Total -9 132
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
66
15. DEFERRED TAX 16. INVENTORIES
The recognised deferred tax asset is aributable to tax loss carry-forward and temporary
dierences between accounng values and tax values. In the coming years the group expects
earnings and taxable income to be posive and has accordingly recognised deferred tax asset at
31 December 2025.
The cost of inventories recognised as an expense and included in ‘Cost of sales’ amounted to USD
59,147k.
Provision for inventory write-downs amounts to USD 3,702k at 31 December 2025. Provision for
inventory write-downs is carried out based on a write-down model used by the Group as a whole.
The write-down principles are based on a comparison of the book value per part number and
internal market data for net realisable value. Write-downs of inventories are made when the book
value is above net realisable value.
2025
USD'000
2024
USD'000
Deferred tax at 1 January 1,545 1,421
Deferred tax recognised in the income statement 1,758 124
Deferred tax at 31 December 3,304 1,545
Deferred tax relates to:
Intangible assets -283 -343
Property, plant and equipment 1,540 1,343
Provisions 865 590
Amorsaon costs 71 172
Tax loss carry-forward 1,328 0
Unrealised exchange rate gain on loan -217 -217
Total 3,304 1,545
Of which presented as deferred tax asset -3,304 -1,545
2025
USD'000
2024
USD'000
Finished goods 80,996 74,356
Total inventories 80,996 74,356
Less: Provision for inventory write-downs -3,702 -3,586
Total net inventories 77,294 70,770
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
67
17. TRADE RECEIVABLES
Expected credit losses
The Group applies the simplied approach for providing expected credit losses as prescribed by
IFRS 9, allowing for the use of lifeme expected loss provisions for all trade receivables. Trade
receivables are grouped based on shared credit risk characteriscs and days past due to measure
expected credit losses, which also incorporate forward-looking informaon. Generally, the credit
risk is considered immaterial.
2025
USD’000
2024
USD’000
Trade receivables and other receivables 31 December 26,733 23,587
Less: Provision for write-down of trade receivables -1,354 -741
Trade receivables, net 25,379 22,846
Movements on the Group provision for write-down of
trade receivables are as follows:
Opening balances 741 1,940
Allowances during the year 1,243 220
Write-downs during the year -525 -1,174
Reversed write-downs -105 -245
Provision for write-downs of trade receivables at
31 December 1,354 741
Allocaon of receivables, overdue but no write-down, by
maturity period is as follows:
Up to 30 days 6,373 5,163
Between 31 and 90 days 4,669 2,870
More than 90 days 2,264 997
Overdue trade receivables, net at 31 December 13,305 9,031
18. SHARE CAPITAL
The share capital comprises 4,449,950 shares of a nominal value of USD 0.15 each. No shares
carry any special rights.
Capital management
The Group’s objecves when managing capital are to secure the Group’s ability to connue as a
going concern in order to provide returns for shareholders, ensuring payment of bond at maturity,
and benets for other stakeholders and to maintain an opmal capital structure to reduce cost of
capital. Any surplus liquidity is used to reduce debt.
The Board of Directors monitors the share and capital structure to ensure that the Group’s capital
resources support the strategic goals.
Number of shares Nominal value
USD'000
Changes in share capital:
Share capital at 08.03.2017 500,000 73
Capital increase at 27.04.2017 3,949,950 578
Share capital at 31 December 2025 4,449,950 651
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
68
19. BORROWINGS
The borrowings comprise acquision related loans as well as revolving facilies to fund the
ongoing operaons. There are covenants aached to the loan facilies.
The terms and condions of the loan from credit instuons, term loan and revolving facility were
extended to current maturity in December 2024. All three loan facilies were paid in full in March
2025.
During the rst quarter of 2025, TP Aerospace obtained long-term nancing through the issuance
of listed secured bonds with total proceeds of USD 130m under a total framework of USD 250m.
Loan from bond shall be paid in full at maturity on 26 March 2030. The dierence between the
carrying amount of the bond of USD 130m and the fair value of borrowings of USD 128.7m
relates to amorzed loan costs of USD 1.3m.
The company also established a revolving credit facility with Nordea of USD 20m on 30 October
2025 with a terminaon date on 30 October 2026. The revolving credit facility has an opon for
extension with an addional 6 months, at the discreon of the bank. Per 31 December 2025, the
company had not drawn on the revolving credit facility.
Eecve
interest rate
Currency Maturity Carrying
amount
USD'000
LIsted secured bonds 10.1% USD 26 March 2030 130,000
Total borrowings at 31 December 2025 130,000
Loan from credit instuons 7.2% - 7.8% DKK, USD 30 April 2026 14,057
Term Loan 10.0% USD 30 April 2026 5,382
Revolving Facility 10.0% - 11.0% DKK, EUR, USD 30 April 2026 53,351
Total borrowings at 31 December 2024 72,790
20. PROVISIONS
Lending of assets included in the programs by customers (mutual pool) occasionally occurs in
connecon with the CFR program acvies. In case that these programs end, the Group must
return similar assets in the same condion as when the lending took place and the assets were
inducted in the program. The provisions include an amount counterbalancing the restoraon
liability based on an esmate of the expected expenses. The liability is recognised during the
applicaon period of the lended assets.
Phase-in provision relates to the introducon of new programs where the Company must return
assets in the same condion as when the program started. The provisions include an amount
counterbalancing the restoraon liability based on an esmate of the expected expenses. The
liability is recognised over the rst circle in the program, to match the revenue recognion on the
program.
2025
USD'000
2024
USD'000
Provisions at 1 January 2,871 2,756
Addions during the year 2,169 123
Usage during the year -673 -8
Provisions at 31 December 4,367 2,871
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
69
21. RELATED PARTIES
The Group is controlled by TPA Holding II A/S which is controlled by CC Green Wall Invest ApS. The Group’s
ulmate parent company is CataCap I K/S.
Key management compensaon’ is disclosed in note 5.
The following transacons were carried out with related pares:
Dancing Minds ApS is controlled by Peter Jørgen Lyager and Thomas Ibsø. Peter Lyager is part of the Board
of Directors and both Peter Jørgen Lyager and Thomas Ibsø have ownership of TP Aerospace Group.
2025
USD’000
2024
USD’000
Transacons with CataCap Management A/S:
Costs from CataCap Management A/S 30 26
Total 30 26
Transacons with CC Green Wall Invest ApS:
Interest income 111 46
Proceeds from borrowings 95 156
Total 206 202
Transacons with TPA Holding II A/S:
Proceeds from borrowings -22 -285
Extraordinary dividend paid -39,779 0
Interest expense -4 -4
Total -39,805 -289
Transacons with Dancing Minds ApS:
Purchase of goods 635 1,427
Payments for goods 2,225 2,920
Total 2,860 4,347
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
70
22. COMMITMENTS AND
CONTINGENT LIABILITIES
Conngent liabilies
Joint taxaon
The Group companies are jointly and severally liable for tax on
the jointly taxed income, etc. for the Danish companies of the TP
Aerospace Group. The total amount of corporaon tax payable is
disclosed in the annual report of CC Green Wall Invest ApS which
is the management company of the joint taxaon. Moreover,
the Group companies are jointly and severally liable for Danish
withholding taxes by way of dividend tax, tax on royalty payments
and tax on unearned income. Any subsequent adjustment of
corporaon taxes and withholding taxes may increase the
Group’s liability.
Mutual benecial agreements
The Group has entered into distribuon agreements with several
suppliers. These agreements include various purchase-related
commitments. Under certain agreements, the Group is subject
to specic purchase obligaons linked to minimum purchase
volumes or supply arrangements. Other distribuon agreements
do not impose any contractual purchase obligaons on the
Group.
Overall, the Group’s obligaons under these arrangements vary
by supplier and may include commitments related to forecasted
demand, purchase paerns, or other operaonal requirements.
Where no such contractual obligaon exist, purchases are made
based on operaonal needs and market condions.
Charges and security
As security for borrowings and Group companies’ bank
commitments, security in the form of share capital, inventory,
tangible assets, and goodwill is eecve for TP Aerospace PRO
ApS, TP Aerospace Soluons ApS, TP Aerospace Distribuon
ApS, TP Aerospace Holding A/S, and TPA Holding I A/S, TPA
Holding II A/S, and TP Aerospace Americas with a nominal value
of USD 13.1m.
The Group has issued senior secured bonds, under which a
comprehensive security package has been granted in favour of
the bondholders through the appointed Security Agent. The
security comprises of share pledge over all outstanding shares,
pledges over all present and future Material Intragroup Loans,
and exisng oang charge owner’s mortgage deeds for TPA
Holding I A/S and Danish subsidiaries.
Guarantee obligaons
The Group has issued a payment guarantee between the Danish
Group companies (TP Aerospace PRO ApS, TP Aerospace
Soluons ApS, TP Aerospace Distribuon ApS, TP Aerospace
Holding A/S, TPA Holding II A/S and TPA Holding I A/S) and TP
Aerospace Americas and the Group’s credit instuons.
In connecon with the bond nancing, the Group has entered
into a Guarantee and Adherence Agreement. Under this
agreement, all orginal guarantors; TP Aerospace Holding A/S, TP
Aerospace Pro ApS, TP Aerospace Soluons ApS, TP Aerospace
Americas Corp., provide guarantees securing punctual
performance of all obligaons under the Senior Finance
Documents. The guarantess constute joint and several (where
applicable) obligaons to the Group’s commitments under the
bond terms and remain in force unl all secured obligaons
have been irrevocably discharged.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
71
Financial risk factors
The Group’s acvies expose it to a variety of nancial risks:
currency risk, interest risk, credit risk and liquidity risk. The
Group’s overall risk management program focuses on the
unpredictability of nancial markets and seeks to minimise
potenal adverse eects on the Group’s nancial performance.
The nancial risks of the Group are managed centrally. The
overall risk management guidelines and policies have been
approved by the Board of Directors. The Board provides wrien
principles for overall risk management, as well as wrien
policies covering specic areas, such as foreign exchange
risk, interest rate risk, credit risk, use of derivave nancial
instruments and non-derivave nancial instruments, and
investment of excess liquidity. Execuve management manages
contracts and risk exposures in accordance with the guidelines
and policies and reports to the Board of Directors on a regular
basis.
Market risk
Foreign exchange risk
Due to the Group’s structure, most net sales and expenditure
in foreign currency are set o against each other, so that the
Group is not exposed to major exchange rate risks.
The Group’s revenue and expenses are mostly in the funconal
currency of the operang enty creang a natural currency
hedge. Consequently, the Group’s treasury risk management
policy is not to hedge foreign exchange rate risks.
The main borrowings are in USD. The Board of Directors
has decided not to hedge borrowings or net working capital
in DKK or other non-USD currencies, and the Group’s main
currency risk is therefore related to loan in DKK.
Sensivity analysis
The Group is primarily exposed to changes in DKK/USD
exchange rate. The sensivity of prot or loss to changes in
the exchange rates arises mainly from expenses and loans in
DKK.
Interest rate risk
The Group’s interest rate risk arises from long-term borrowings
related to the acquisions. Borrowings issued at variable rates
expose the Group to cash ow interest rate risk. Borrowings
issued at xed rates expose the Group to fair value interest rate
risk. Group policy is to conduct an annual assessment of the
interest risk exposure on group level and the cost associated
with a hedging scheme, and on this basis the exectuive
management will in alignment with the Board determine
whether to hedge the risk with interest rate swaps or similar.
Sensivity analysis
Prot or loss is sensive to higher/lower interest from
borrowings and fair value changes of interest rate derivaves
as a result of changes in interest rates. The sensivity analysis
is calculated aer the impact of the hedging instruments.
Credit risks
Credit risk is managed on a group basis, including managing and
analysing the credit risk related to accounts receivable balances
and for new customers before standard payment and delivery
terms and condions are oered. For credits over a certain
amount, execuve management has to be consulted.
Credit risk arises from cash and cash equivalents and deposits
with banks and nancial instuons, as well as credit exposures
to customers, including outstanding receivables. For banks and
nancial instuons, only independently rated pares with a
high credit rang are accepted. For customers, individual risk
limits are set based on internal or external rangs in accordance
with limits set by the Board. The ulisaon of credit limits is
regularly monitored.
The maximum exposure corresponds to the carrying amount
of receivables and cash. Due to the short-term nature of the
current receivables, their carrying amount is considered to be
the same as their fair value.
23. FINANCIAL RISK MANAGEMENT
Impact on post tax prot 2025
USD'000
2024
USD'000
DKK/USD exchange rate
– increase 10%
6,545 3,216
DKK/USD exchange rate
– decrease 10%
-6,545 -3,216
All other variables are kept constant.
Impact on post tax prot 2025
USD'000
2024
USD'000
Interest rates – increase by
100 basis points
-1,300 -807
Interest rates – decrease by
100 basis points
1,300 807
All other variables are kept constant.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
72
The Group applies the simplied approach to providing for
expected credit losses prescribed by IFRS 9, which permits
the use of the lifeme expected loss provision for all trade
receivables. To measure the expected credit losses, trade
receivables have been grouped based on shared credit risk
characteriscs and the days past due. The expected credit
losses also incorporate “forward looking” informaon. The
credit risk is generally considered immaterial.
Hedging
The Group’s acvies expose it to foreign currency risk and
interest rate risk. In order to minimise any adverse eects on
the nancial performance of the Group, derivave nancial
instruments, such as interest rate swaps can be used to x
variable future cash ows, when deemed benecial. These
instruments reduce the uncertainty of interest payments.
Derivaves are used exclusively for hedging purposes and not
as trading or speculave instruments.
If entering interest rate swap contracts, the Group agrees to
exchange the dierence between xed and oang rate interest
amounts calculated on agreed noonal principal amounts.
Such contracts will enable the Group to migate the risk of
changing interest rates on the fair value of issued xed rate debt
and the cash ow exposures on the issued variable rate debt.
The fair value of interest rate swaps outstanding at the end of
the reporng period is determined by discounng the future
cash ows using the curves at the end of the reporng period
and the credit risk inherent in the contract. During 2025, the
Group did not enter into any interest rate swap contracts and
no instruments were outstanding by the end of the reporng
period.
Liquidity
Cash ow forecasng is performed on group level by
management. Management monitors rolling forecasts of the
Group’s liquidity requirements to ensure it has sucient cash to
meet operaonal needs while maintaining sucient headroom
on its undrawn commied borrowing facilies at all mes
so the Group does not breach borrowing limits or covenants
(where applicable) or any of its borrowing facilies. Such
forecasng takes into consideraon the Group’s debt nancing
plans and covenants compliance.
The Group has undrawn super senior facilies of USD 20m
that, together with the USD 3.8m in cash and cash equivalents,
provides for a total of USD 23.8m available for seling future
operang acvies and capital commitments.
A drawn super senior leverage rao is only aached to the
super senior facility and is measured quarterly. Based on the
management approved budgets, the Group does not expect to
breach the covenant.
With reference to note 19, the company has in the nancial
year 2025 established a revolving credit facility (super senior
facility) with Nordea of USD 20m, with a terminaon date on
30 October 2026. The revolving credit facility has an opon
for extension with an addional 6 months, at the discreon of
the bank. If an extension is not obtained, the company and the
Group will sll have sound capital resources throughout 2026.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
73
Non-derivaves Less than
1 year
USD’000
1-5 years
USD’000
More than
5 years
USD’000
Total
USD’000
As at 31 December 2025
Borrowings 0 0 0 0
Listed secured bonds 13,266 173,150 0 186,416
Lease liabilies 2,611 6,483 333 9,427
Trade payables 16,372 0 0 16,372
Other payables 9,413 0 0 9,413
Total 41,662 179,633 333 221,628
As at 31 December 2024
Borrowings 10,963 72,266 0 83,229
Lease liabilies 3,672 4,059 2,024 9,755
Trade payables 12,439 0 0 12,439
Other payables 8,544 0 0 8,544
Total 35,618 76,325 2,024 113,967
The table below analyses the Group’s non-derivave nancial liabilies into relevant maturity
groupings based on the remaining period at the balance sheet date to the contractual maturity
date. The amounts disclosed in the table are the contractual undiscounted cash ows.
For oang rate borrowings, the rate at the balance sheet date has been applied.
Measurement and fair value hierachy
Listed secured bonds are measured at fair value hierachy level 2 and is based on the value of similar
bonds adjusted for Group’s credit risks and the expected cash oulow in the loan period. Meaning
that the fair value in all material aspects equals booked value (amorzed cost).
All other nancial assets and liabilies are measured at cost or amorzed cost. The carrying
amounts for these approximate fair value. There are no nancial derivaves used in 2025.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
74
The Group classies its nancial assets at amorsed cost only if both of the following criteria are met:
• The asset is held within a business model with the objecve of collecng the contractual cash ows, and
• The contractual terms give rise on specied dates to cash ows that are solely payments of principal and
interest on the principal outstanding.
No events of importance to the 2025 annual report have occurred aer the balance sheet date.
24. FINANCIAL ASSETS AND
LIABILITIES
25. EVENTS AFTER THE BALANCE
SHEET DATE
26. CHANGES IN NET WORKING
CAPITAL
2025
USD’000
2024
USD’000
Financial assets
Financial assets at amorsed cost:
Trade receivables 25,379 22,846
Other receivables 2,713 2,652
Prepayments 669 474
Cash 3,751 3,763
Total 32,512 29,735
Financial liabilies
Financial liabilies at amorsed cost:
Borrowings 128,686 72,790
Lease liabilies 8,758 8,926
Trade payables 16,372 12,439
Other payables 9,413 8,544
Prepayments from customers 3,870 2,309
Total 167,099 105,008
2025
USD’000
2024
USD’000
Changes in inventories -6,524 -1,423
Non-cash inventory transfer from property, plant and equipment 6,676 80
Changes in trade receivables -2,533 -2,056
Changes in other receivables and prepayments -256 866
Changes in trade payables, other payables and prepayments from
customers
6,363 -1,271
Change in provisions 1,496 115
Total 5,222 -3,689
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
75
27. CHANGES IN LIABILITIES
ARISING FROM FINANCING
ACTIVITIES
28. DEPRECIATION AND
AMORTISATION
29. EXEMPTION FROM AUDIT
OF FOREIGN SUBSIDIARIES
The German subsidiary TP Aerospace Technics GmbH made use of the exempon opon in
accordance with §264 paragraph 3 HGB (German Commercial Code) concerning the obligaon
to prepare a management report including note disclosures as well as to audit and disclose the
annual nancial statements and the management report for scal year 2025.
Depreciaon related to capitalised maintenance costs on the CFR programs has a direct impact on
the Group’s cash ow and is therefore adjusted in the cash ow statement for the nancial year
2025.
2025
USD’000
2024
USD’000
Proceeds from borrowings 128,686 -1,713
Repayment of borrowings -72,790 -3,528
Total 55,895 -5,241
2025
USD’000
2024
USD’000
Depreciaon and amorsaon, refer to note 6 57,934 51,956
Depreciaon related to capitalised maintenance costs -52,136 -45,247
Total 5,798 6,709
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
77
STATEMENT OF PROFIT AND
LOSS 1 JANUARY - 31 DECEMBER
(parent company)
STATEMENT OF
COMPREHENSIVE INCOME
1 JANUARY - 31 DECEMBER
(parent company)
Note 2025
USD’000
2024
USD’000
Sta cost 3 -407 0
Other income 444 0
Other external expenses -48 -20
Operang prot -11 -20
Financial income 4 6,953 388
Financial expenses 5 -10,697 -577
Prot before tax -3,754 -208
Tax for the period 6 105 46
Prot for the period -3,649 -162
Note 2025
USD’000
2024
USD’000
Prot for the period -3,649 -162
Fair value changes for the year, cash ow hedge 0 0
Tax on other comprehensive income 0 0
Other comprehensive income for the period, net of tax 0 0
Total comprehensive income for the period -3,649 -162
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
78
BALANCE SHEET 31 DECEMBER
(parent company)
BALANCE SHEET 31 DECEMBER
(parent company)
Notes 2025
USD’000
2024
USD’000
Investment in subsidiaries 7 88,075 88,075
Deferred tax asset 7 74 22
Total non-current assets 88,149 88,097
Receivables from group enterprises 11 83,425 3,700
Tax receivables 54 49
Cash 96 13
Total current assets 83,574 3,762
Total assets 171,723 91,859
Note 2025
USD’000
2024
USD’000
Share capital 9 651 651
Share premium 0 64,441
Retained earnings 42,340 21,327
Total equity 42,991 86,419
Borrowings 9 128,686 4,782
Total non-current liabilies 128,686 4,782
Borrowings 0 600
Other payables 46 58
Total current liabilies 46 658
Total liabilies 128,732 5,440
Total equity and liabilies 171,723 91,859
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
79
STATEMENT OF CHANGES IN EQUITY
(parent company)
Share capital
USD’000
Share premium
USD’000
Retained
earnings
USD’000
Total
USD’000
Equity at 01.01.2024 651 64,441 21,489 86,581
Prot for the period 01.01.2024 - 31.12.2024 0 0 -162 -162
Total comprehensive income for the period 0 0 -162 -162
Equity at 31.12.2024 651 64,441 21,327 86,419
Prot for the period 01.01.2025 - 31.12.2025 0 0 -3,649 -3,649
Other comprehensive income 0 0 0 0
Total comprehensive income for the period 0 0 -3,649 -3,649
Transfer from share premium account 0 -64,441 64,441 0
Extraordinary dividend paid
0 0 -39,779 -39,779
Other transacons 0 -64,441 24,662 -39,779
Equity at 31.12.2025 651 0 42,340 42,991
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
80
CASH FLOW STATEMENT
1 JANUARY - 31 DECEMBER
(parent company)
Noter 2025
USD’000
2024
USD’000
Operang prot -11 -20
Change in net working capital 13 -12 4
Cash ow from primary operang acvies -22 -16
Interests received 6,953 0
Interests paid -10,696 -576
Cash ow from operang acvies -3,765 -592
Repayment of borrowings -5,382 -600
Proceeds from borrowings 128,686 0
Intergroup borrowings 50 1,200
Intergroup receivables 79,729 0
Extraordinary dividend paid -39,779 0
Cash ow from nancing acvies 3,848 600
Net cash ow for the year 84 8
Cash and cash equivalents, beginning of the year 13 4
Cash and cash equivalents, end of the year 96 13
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
81
NOTES
(parent company)
Notes
1. Accounng policies
2. Crical accounng esmates and judgements
3. Sta costs
4. Financial income
5. Financial expenses
6. Tax on prot for the year
7. Investment in subsidiaries
8. Deferred tax
9. Share capital
10. Borrowings
11. Related pares
12. Commitments and conngent liabilies
13. Events aer the balance sheet date
14. Changes in net working capital
15. Changes in liabilies arising from nancing acvies
16. Capital management
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
82
The Financial Statements for the parent company, TPA Holding I A/S have been prepared in
accordance with IFRS Accounng Standards as issued by the Internaonal Accounng Standards
Board (IASB) and as adopted by the European Union as well as addional Danish disclosure
requirements applying to medium-sized enterprises of reporng class C.
The parent company has the same accounng policies for recognion and measurement as Group.
The parent company’s accounng policies deviate from the Group’s accounng policies as described
below. For a detailed descripon of the group’s accounng policies please refer to the consolidated
nancial statements, Note 1.
The funconal currency of the parent company is USD. The nancial statement have been
rounded to the nearest thousand.
New standards
The annual report is prepared according to standards and interpretaons eecve for nancial
years beginning on 1 January 2025. No standards or interpretaons have been adopted early.
Dividend
Dividend from investments in subsidiaries are recognised as income in the parent company prot
and loss account in the year where the dividends are declared.
Investments in subsidiaries
Investments in subsidiaries are measured at cost.
Impairment tests are performed on subsidiaries if events or changes in circumstances indicate
that their carrying amount may not be recoverable. If cost exceeds the recoverable amount, the
carrying amount is wrien down to the recoverable amount.
The company makes esmates and assumpons concerning the future. The resulng accounng
esmates will, by denion, seldom equal the related actual results. The esmates and
assumpons that have a signicant risk of causing a material adjustment to the carrying amounts
of assets and liabilies within the next nancial year are addressed below.
The judgments, esmates and assumpons made are based on historical experience and other
factors that Management considers to be reliable, but which by their very nature are associated
with uncertainty and unpredictability. These assumpons may prove incomplete or incorrect,
and unexpected events or circumstances may arise. The most crical judgments, esmates and
assumpons for the individual items are described below.
The company is also subject to risks and uncertaines that may lead to actual results diering
from these esmates, both posively and negavely.
Impairment of investment in subsidiary
The company tests, if there are indicators of impairment, whether investment in subsidiary has
suered any impairment, in accordance with the accounng policy. The recoverable amounts of
cash-generang units will be determined based on value-in-use calculaons. These calculaons
require the use of esmates.
For a descripon of other signicant accounng esmates, assumpons and uncertaines please
refer to the consolidated nancial statements, stated in note 2.
It is the Management’s judgement that no crical accounng esmates and judgements are made
with regards to the accounng principles of the parent company, except for the above described.
1. ACCOUNTING POLICIES 2. CRITICAL ACCOUNTING
ESTIMATES AND JUDGEMENTS
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
83
3. STAFF COSTS 4. FINANCIAL INCOME
2025
USD’000
2024
USD’000
Wages and salaries 392 0
Pensions 15 0
Other social security costs 0 0
Total 407 0
Average number of employees 4 0
2025
USD’000
2024
USD’000
Wages and salaries 392 0
Pensions 15 0
Other sta costs 0 0
Execuve Board 407 0
Remuneraon of management in total:
Execuve Board 407 0
Board of Directors 0 0
Total 407 0
2025
USD’000
2024
USD’000
Other interest income 76 0
Interest income from group enterprises 6,877 388
Total 6,953 388
Key management compensaon
Key management includes Board of Directors and Execuve Board. The compensaon paid or
payables to key management for employee services is shown below:
5. FINANCIAL EXPENSES
2025
USD’000
2024
USD’000
Interest expenses 10,697 577
Total 10,697 577
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84
6. TAX ON PROFIT FOR THE YEAR
2025
USD’000
2024
USD’000
Current tax:
Current tax on prot for the year -54 -49
Total current tax expense -54 -49
Deferred tax:
Temporary dierences -52 3
Total deferred tax -52 3
Tax for the period -105 -46
Tax for the period is specied as follows:
Calculated 22% tax on prot before tax -826 -46
Tax eects of:
Interest cap limitaon 721 0
Adjustments in respect of prior years 0 0
Total -105 -46
Eecve tax rate 3% 22%
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85
7. INVESTMENT IN SUBSIDIARIES
2025
USD’000
2024
USD’000
Cost:
At 1 January 95,422 95,422
Addions during the year 0 0
At 31 December 95,422 95,422
Impairment:
At 1 January 7,347 7,347
Impairment charge 0 0
At 31 December 7,347 7,347
Carrying amount 31 December 88,075 88,075
Name Place of registered oce Vote and ownership
TP Aerospace Holding A/S Valby, Denmark 100%
TP Aerospace Soluons ApS Valby, Denmark 100%
TP Aerospace PRO ApS Valby, Denmark 100%
TP Aerospace Distribuon ApS Valby, Denmark 100%
TP Aerospace Asia Pte. Ltd. Singapore 100%
TP Aerospace Americas Corp Las Vegas, US 100%
TP Aerospace Technics LLC Orlando, US 100%
TP Aerospace Technics NV LLC Las Vegas, US 100%
TP Aerospace Technics GmbH Norderstedt, Germany 100%
TP Aerospace Technics Czech s.r.o. Brno, Czech Republic 100%
TP Aerospace Asia Technics Pte. Ltd. Singapore 100%
TP Aerospace Malaysia Sdn. Bhd. Kuala Lumpur, Malaysia 100%
TP Aerospace Technics Pty Ltd. Melbourne, Australia 100%
TP Aerospace Technics UK LTD. United Kingdom 100%
TP Aerospace (Thailand) Co., Ltd. Bangkok, Thailand 100%*
Investments in subsidiaries are specied as follows:
*51% of the shares are held by a TP Aerospace employee due to local Thai legislaon, however,
TP Aerospace Asia Technics Pte. Ltd. Has full control over the company based on a shareholders
agreements.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
86
9. SHARE CAPITAL
10. BORROWINGS
For a specicaon of share capital please refer to note 18 in the consolidated nancial statements.
For a specicaon of the Company’s borrowings, please refer to note 19 in the consolidated
nancial statements.
The Company is controlled by TPA Holding II A/S. The Company’s ulmate parent company is
CataCap I K/S. Key management compensaon’ is disclosed in note 5 in the consolidated nancial
statement.
The following transacons were carried with with related pares:
Management fee
TPA Holding I A/S has recharged a management fee to all subsidiaries based on salary and salary
related items for the management. Total fee amounted to USD 441k during 2025 (2024: USD 0k).
At year end, TPA Holding I A/S had receivables from group enterprises amounng to USD 83,456k
(2024: USD 3,700k). The Parent Company has applied the expected credit loss model under IFRS 9
to its nancial assets, including receivables from subsidiaries and other nancial assets measured at
amorsed cost.
As part of the assessment, management has analysed the credit risk of the relevant receivables,
including their nancial posion, historical loss experience, payment paerns and expectaons
regarding future economic condions.
Based on this assessment, management has concluded that the credit risk associated with these
receivables is low and that no signicant increase in credit risk has occurred since inial recognion.
Expected credit losses are therefore assessed to be insignicant and no allowance for expected credit
losses has been recognised in the Parent Company’s nancial statements.
11. RELATED PARTIES
2025
USD’000
2024
USD’000
Transacons with TP Aerospace Holding A/S:
Interest income 6,907 362
Proceeds from borrowings 79,253 -816
Total 86,160 -454
2025
USD’000
2024
USD’000
Transacons with CC Green Wall Invest ApS:
Interest income 30 26
Proceeds from borrowings 0 26
Total 30 52
Transacons with TPA Holding II A/S:
Interest expenses 4 1
Group contribuon 0 1
Total 4 2
2025
USD’000
2024
USD’000
Deferred tax at 1 January 22 25
Deferred tax recognised in the income statement 52 -3
Deferred tax 31 December 74 22
Deferred tax relates to:
Amorsed loan cost, bank debt 74 22
Total 74 22
8. DEFERRED TAX
The recognised deferred tax asset is aributable to amorsed loan costs. In the coming years, the
Danish joint taxaon group expects earnings and taxable income to be posive and has accordingly
recognised deferred tax asset at 31 December 2025.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
87
12. COMMITMENTS AND
CONTINGENT LIABILITIES
Conngent liabilies
Joint taxaon
The Group companies are jointly and severally liable for tax on the jointly taxed income, etc. for
the Danish companies of the TP Aerospace Group. The total amount of corporaon tax payable
is disclosed in the annual report of CC Green Wall Invest ApS which is the management company
of the joint taxaon. Moreover, the Group companies are jointly and severally liable for Danish
withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income.
Any subsequent adjustment of corporaon taxes and withholding taxes may increase the Group’s
liability.
Charges and security
As security for bank loans, as well as Group companies’ bank commitments, security in share
capital regarding the subsidiary TP Aerospace Holding A/S nominal USD 0.3m, is eecve.
The Group has issued senior secured bonds, under which a comprehensive security package has
been granted in favour of the bondholders through the appointed Security Agent. The security
comprises of share pledge over all outstanding shares, pledges over all present and future Material
Intragroup Loans, and exisng oang charge owner’s mortgage deeds for TPA Holding I A/S and
Danish subsidiaries.
Guarantee obligaons
TPA Holding I A/S has issued a guarantee of payment between the parent company TPA Holding
II A/S and Nordea Danmark, Filial af Nordea Bank AB (publ), Sweden.
Furthermore, TPA Holding I A/S has issued a guarantee of payment between the subsidiaries
TP Aerospace PRO ApS, TP Aerospace Soluons ApS, TP Aerospace Distribuon ApS and TP
Aerospace Holding A/S and Nordea Danmark, Filial af Nordea Bank AB (publ), Sweden.
14. CHANGES IN NET WORKING
CAPITAL
13. EVENTS AFTER THE
BALANCE SHEET DATE
No events of importance to the 2025 annual report have occurred aer the balance sheet date.
15. CHANGES IN LIABILITIES
ARISING FROM FINANCING
ACTIVITIES
16. CAPITAL MANAGEMENT
For a descripon of capital management, please refer to note 18 in the consolidated nancial
statements.
2025
USD’000
2024
USD’000
Changes in other receivables 0 0
Changes in trade and other payables -12 4
Total -12 4
2025
USD’000
2024
USD’000
Cash ow from nancing acvies at 1 January 5,381 5,981
Proceeds from borrowings 128,087 0
Repayment of borrowings -5,382 -600
Cash ow from nancing acvies at 31 December 128,085 5,381
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
89
Execuve Board
Board of Directors
Peter Ryergaard
90
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
91
CVR No 33 77 12 31
mne18651
mne35483
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93
DEFINITION OF
KEY FIGURES
AND FINANCIAL
RATIOS
Denion Descripon
Net interest-bearing debt
Mortgage debt and debt to credit instuons less cash at
bank and in hand, interest-bearing current investments and
receivables.
Net working capital
Inventories + receivables - current liabilies except for
corporaon tax receivable/payable as well as mortgage debt and
debt to credit instuons.
Invested capital
Equity, including minority interests + net interest-bearing debt at
year-end.
Free cash ow
Cash ow from operang acvies less net investments
in property, plant and equipment and plus dividends from
associates.
Return on invested capital
excluding
goodwill (ROIC)
EBITDA before special items as a percentage of average invested
capital, excluding goodwill.
Net interest-bearing debt/ EBITDA
before special items
The rao of net interest-bearing debt at year end to EBITDA.
Equity rao Equity at year end as a percentage of total assets.
Return on equity (ROE) Consolidated prot aer tax as a percentage of average equity.
Aircra components Wheel and brake components regardless of accounng treatment
including piece parts.
Special items See Special items note under the “Financial Statements” secon.
Denion Descripon
EBITDA
Earnings before interest, tax, depreciaon, amorsaon and
impairment losses as well as prot from sale of property, plant
and equipment and amorsaon of intangible assets.
EBITDA margin EBITDA as a % of net revenue.
Pro forma EBITDA
Adjusted EBITDA reecng the income from government
support schemes in the year where the related costs were
incurred instead of the year where the income was recognised.
Pro forma EBITDA margin (%) Pro forma EBITDA as a % of net revenue.
EBIT Earnings before interest and tax.
EBIT margin EBIT as a percentage of net revenue.
Pro forma EBIT
Adjusted EBIT reecng the income from government support
schemes in the year where the related costs were incurred
instead of the year where the income was recognised.
Pro forma EBIT margin (%) Pro forma EBIT as a % of net revenue.
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
94
Peter Ryergaard
Company Funcon
KJÆRULF PEDERSEN A/S Board Member
CATACAP OP ApS Execuve Management
CATACAP DM ApS Execuve Management & Owner
CC Green Wall Invest ApS Board Member, Execuve Management
TPA Holding I A/S Deputy Chairman
TPA Holding II A/S Deputy Chairman
CataCap General Partner II ApS Execuve Management
CC II Management Invest 2017 GP ApS Execuve Management
CataCap DM II ApS Execuve Management & Owner
CC Fly Invest ApS Execuve Management
Rekom ManCo ApS Execuve Management
TPA Green ManCo ApS Execuve Management
Globe ManCo ApS Execuve Management
CC Toaster Invest ApS Execuve Management
Luxplus MIIP ApS Execuve Management
CataCap General Partner III ApS Execuve Management
CC North Invest ApS Execuve Management
CC DAFA Invest ApS Execuve Management
DAFA MIIP ApS Execuve Management
CC TAP Invest ApS Execuve Management
CC NLM Invest ApS Execuve Management
CC HoldCo ApS Execuve Management
CC BidCo ApS Execuve Management
Peter Ryergaard
Company Funcon
Aern Holdings Limited Deputy Chairman
Aern Limited Deputy Chairman
Atlanc HoldCo Limited Deputy Chairman
Atlanc OerCo Limited Deputy Chairman
BULDUS EJENDOMME ApS Execuve Management & Owner
INVESTERINGSSELSKABET AF 27/12 1985 ApS Execuve Management & Owner
RYTTERGAARD INVEST A/S
Board Member, Execuve Management
& Owner
TP AEROSPACE HOLDING A/S Deputy Chairman
CATACAP MANAGEMENT A/S Execuve Management & Owner
CATACAP GENERAL PARTNER I ApS Execuve Management
Enwerdi A/S Board Member
NLM A/S Board Member
ADDITIONAL
MANAGEMENT
DUTIES OF
THE BOARD
connued
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
95
Peter Ryergaard
Company Funcon
CC TopCo Invest IV ApS Execuve Management
CC HoldCo VI ApS Execuve Management
CC BidCo VI ApS Execuve Management
CC TopCo Invest VII ApS Execuve Management
CC HoldCo VII ApS Execuve Management
CC BidCo VII ApS Execuve Management
DOMINIA A/S. RÅDGIVENDE INGENIØRER Board Member
UCON ApS Board Member
Enwerdi Group Holding ApS Board Member
Enwerdi Group ApS Board Member
Enwerdi IP ApS Execuve Management
CC EB Invest ApS Execuve Management
CC Thranekær Invest ApS Execuve Management
Thranekær Rådgivende Ingeniører Holding ApS Board Member
Thranekær Rådgivende Ingeniører A/S Board Member
ADDITIONAL
MANAGEMENT
DUTIES OF THE
BOARD
Andrew Hoad
Company Funcon
TPA Holding I A/S Board Member
TPA Holding II A/S Board Member
TP Aerospace Holding A/S Board Member
TP Aerospace (UK) Ltd Managing Director
Aern Ltd Board Member
Aern Holdings Ltd Board Member
Atlanc Oer Company Ltd Board Member
Atlanc HoldCo Ltd Board Member
MAAS Aviaon Ltd Chairman
Jelly Bean Paint Company Ltd Chairman
connued
Flemming Jensen
Company Funcon
TPA Holding I A/S Chairman
TPA Holding II A/S Chairman
TP Aerospace Holding A/S Chairman
DSB CEO
The Confedeaon of Danish Industry Member of the Central Board
Employers of Industry in Denmark Board Member
Naviair Chairman
OVERVIEW STRATEGY & BUSINESS SUSTAINABILITY RISK MANAGEMENT MANAGEMENT FINANCIAL STATEMENTS OTHER INFORMATION
96
ADDITIONAL
MANAGEMENT
DUTIES OF THE
BOARD
connued
Vilhelm Hahn-Petersen
Company Funcon
MYCO ApS Execuve Management, Owner
Airhelp Inc. Board Member
CATACAP DM ApS Execuve Management, Owner
CataCap DM II ApS Owner, Execuve Management
CATACAP GENERAL PARTNER I ApS Execuve Management
CataCap General Partner II ApS Execuve Management
CataCap General Partner III ApS Execuve Management
CATACAP MANAGEMENT A/S Execuve Management
CATACAP OP ApS Execuve Management
CC Aviaon General Partner I ApS Execuve Management
CC DAFA Invest ApS Execuve Management
CC Fly Holding II A/S Deputy Chairman
CC Fly Invest ApS Execuve Management
CC Globe Invest ApS Execuve Management
CC Green Wall Invest ApS Chairman
CC II Management Invest 2017 GP ApS Execuve Management
CC NLM Invest ApS Execuve Management
CC North Invest ApS Execuve Management
CC TAP Invest ApS Execuve Management
CC Toaster Holding I ApS Board Member
CC Toaster Holding II ApS Board Member
CC Toaster Invest ApS CEO
CC EB Invest ApS Execuve Management
Peter Lyager
Company Funcon
TPA Holding I A/S Board Member
TPA Holding II A/S Board Member
TP Aerospace Holding A/S Board Member
PETER LYAGER HOLDING ApS Execuve Management
Dancing Monkey Holding ApS Execuve Management
Dancing Minds ApS Execuve Management
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97
Vilhelm Hahn-Petersen
Company Funcon
CC TopCo Invest VII ApS Execuve Management
CC HoldCo VII ApS Execuve Management
CC BidCo VII ApS Execuve Management
Vilhelm Hahn-Petersen
Company Funcon
CC Thranekær Invest ApS Execuve Management
DAFA A/S Chairman
DAFA Group A/S Deputy Chairman
DAFA Holding I ApS Deputy Chairman
DAFA Holding II ApS Deputy Chairman
DAFA MIIP ApS Execuve Management
Globe ManCo ApS Execuve Management
Luxplus MIIP ApS Execuve Management
Luxplus ApS Deputy Chairman
Enwerdi IP ApS Execuve Management
CCA HoldCo ApS Execuve Management
CCA BidCo ApS Execuve Management
CC TopCo Invest VI ApS Execuve Management
CC HoldCo VI ApS Execuve Management
CC BidCo VI ApS Execuve Management
ADDITIONAL
MANAGEMENT
DUTIES OF THE
BOARD
connued
Mike Humphreys
Company Funcon
TP Aerospace Holding A/S Board Member
TPA Holding I A/S Board Member
TPA Holding II A/S Board Member
GHF Advisory Ltd. Execuve Management
Aern Ltd Board Member
Aern Holdings Ltd Board Member
Atlanc HoldCo Limited Board Member
Atlanc OerCo Limited Board Member
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COMPANY
DETAILS
The Company
c/o TP Aerospace
Telephone: +45 8993 9929
CVR no.: 38473492
Registered in V alby
Financial period:
1 January - 31 December 2025
Website: www.tpaerospace.com
Email: sales@tpaerospace.com
Board of Directors
Jens Flemming Jensen
Peter Ryergaard
Andrew Hoad
Peter Lyager
Vilhelm Hahn-Petersen
Michael John Humphreys
Execuve Management
Nikolaj Lei Jacobsen
Tinneke Torpe
Felix Ammann
Nicolai Hertz
Auditor
PricewaterhouseCoopers
Statsaut. Revisionspartnerselskab
CVR no.: 33771231