UNITEDLABELS AG 9-MONTH REPORT 2025

"WIR MACHEN AUS MILLIONEN FANS MILLIONEN KUNDEN" "WE TURN MILLIONS OF FANS INTO MILLIONS OF CUSTOMERS"

LETTER TO SHAREHOLDERS

Dear Shareholders,

In the ½rst nine months of the ½nancial year, consolidated revenue of UNITEDLABELS AG amounted to € 11.9 million (previous year: € 14.7 million).

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to € 0.9 million. Earnings before interest and taxes (EBIT) declined to € 0.7 million (previous year: € 1.1 million). Consolidated net income totalled € 0.2 million (previous year: € 0.4 million), corresponding to a net pro½t margin of 1.7%.

The online business of Elfen Service GmbH remained stable at the high level achieved in the previous year, reaching € 1.6 million. For the Christmas season, an additional major e-commerce platform has now been added as a partner.

The order backlog as of 30 September 2025 increased to € 11.8 million (previous year: € 11.4 million), although numerous customer orders are being placed signi½cantly later compared with previous years.

Our focus continues to be on key accounts and e-commerce. In addition, we provide selected companies in the B2B and B2C sectors with a wide range of logistics services. By doing so, we make targeted use of our modern logistics centre in order to increase capacity utilisation and generate additional revenue.

Based on current assessments, the Company expects further growth in revenue and earnings for the 2025 ½nancial year.

We would like to thank all business partners and, in particular, you, dear shareholders, for your continued trust.

Peter Boder

CEO

Key Figures 9-Month report (k€)	9M 2025	9M 2024
Revenue	11,935	14,655
EBITDA*	898	1,282
EBIT	684	1,083
Pro½t before tax	308	472
Consolidated pro½t	246	447
Shareprice per end of period (€)	1.30	1.76
Market capitalization	9,009	12,197
Net pro½t per share (€)	0.04	0.06
Employees converted to full-time equivalents (on average)	39	40
Revenue per full-time equivalents	306	366

^* including amortisation of usage rights

Application of IFRS/IAS regulations

Accounting principles

The consolidated quarterly ½nancial statements have been prepared in accordance with internationally recognized accounting standards based on the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB) up to the balance sheet date, in particular in accordance with the requirements of IAS 34. Neither the interim ½nancial statements nor the interim management report have been subject to an audit review.

The preparation of the consolidated quarterly ½nancial statements requires estimates and assumptions on the part of the Management Board, which affect the amounts in the assets and liabilities and in the income statement. Actual results may differ from these estimates. Deviations from the plans may result from changes in consumer behavior or changes in the behavior of licensors or trading partners (customers, suppliers). There have been no changes in assumptions compared with the last consolidated ½nancial statements.

The consolidated quarterly ½nancial statements were prepared using uniform accounting and valuation methods that are virtually unchanged from those used in the last consolidated ½nancial statements. The reporting currency is the euro.

Business performance in the ½rst nine months of 2025

Consolidated revenue of € 11.9 million (previous year: € 14.7 million) was achieved in the ½rst nine months of the current ½nancial year. Revenue in the key accounts segment declined by k€ 3,009, while revenue in the specialist retail segment increased by k€ 289 compared with the previous year.

The reason for the decline in the key accounts segment relates to the timing of promotional campaigns before and after the reporting date. In the current ½nancial year, numerous campaigns have shifted into the fourth quarter ahead of the Christmas season.

Consolidated EBITDA amounted to € 0.9 million, below the previous-year level. EBIT declined to € 0.7 million (previous year: € 1.1 million). Consolidated net income amounted to € 0.2 million (previous year: € 0.4 million), representing a net pro½t margin of 1.7%.

All three operating subsidiaries recorded positive earnings for the ½rst nine months.

Operating cash ¾ow amounted to € -0.4 million, compared with € 0.9 million in the previous year. This decline is mainly attributable to high inventory purchases for deliveries related to retail and e-commerce Christmas promotions in the fourth quarter.

Earnings in the key accounts segment decreased by € 0.7 million to € 3.2 million (previous year: € 3.9 million). Earnings in the specialist retail segment remained stable at € 2.0 million (previous year: € 2.0 million).

General administrative expenses slightly decreased to k€ 4,510 (previous year: k€ 4,660).

Segment reporting is therefore as follows:

9-MONTH REPORT

Primary reporting format – Customer segments

(unaudited)

9M 2025

9M 2025			unlocated
in k€	Special Retail	Key Account	items	Group
Sales revenue	2,460	9,475	0	11,935

Segment expenses	-438	-6,267	0	-6,705
Segment result	2,022	3,208	0	5,230
Depreciations / amortisation				-213
Staff costs				-1,976

Other operating income				176
Other operating expenses				-2,534
Finance income				0
Finance cost				-377
Result from ordinary activities				306
Taxes				-61

Consolidated annual result			unlocated	245
	Special Retail	Key Account	items	Group
Segment assets (in €m)	4.8	19.6	4.2	28.7
Segment liabilities (in €m)	3.3	11.6	10.8	25.7

Secondary reporting format – Geographical segments (in k€)

Sales revenues	9M 2025	9M 2024	Total assets	9M 2025	9M 2024
Germany	9,512	13,507	Germany	4,866	4,899
Rest of the World	2,422	1,148	Rest of the World	3,058	3,058
Group	11,935	14,655	Group	7,924	7,957

			unlocated
in k€	Special Retail	Key Account	items	Group
Sales revenue	2,171	12,484	0	14,655

Segment expenses	-192	-8,611	0	-8,803

Segment result	1,979	3,873	0	5,852
Depreciations / amortisation				-199

Staff costs				-2,077

Other operating income				90
Other operating expenses				-2,583

Finance income				0

Finance cost				-611
Result from ordinary activities				472

Taxes				-25

Consolidated annual result				447
	Special Retail	Key Account	unlocated items	Group
Segment assets (in €m)	3.3	20.1	4.4	27.8

Segment liabilities (in €m)	2.6	14.5	7.5	24.6

Financial Position

Property, plant and equipment decreased by k€ 96 compared with 31 December 2024.

As at the same reporting date, inventories increased by k€ 2,760 to k€ 9,030, with k€ 8,783 held by the German parent company. The increase is due to merchandise already received or in transit for retail promotional campaigns scheduled for the fourth quarter, which are signi½cantly above the previous-year level. In addition, inventory levels for the e-commerce segment have been increased due to its growth. In e-commerce, the Company generates 70% of annual revenue in November and December.

Trade receivables decreased by € 1.9 million to € 2.1 million as at 30 September 2025 compared with 31 December 2024.

At Group level, the equity ratio increased to 10.4% (31 December 2024: 10.3%). At the parent company, the equity ratio decreased to 16.8%. Book value per share amounted to € 0.43. Equity covered 26.0% of non-current assets and 11.6% of current liabilities. Pension provisions were increased as planned. Long-term ½nancial liabilities increased by k€ 892 compared with 31 December 2024, while current liabilities decreased signi½cantly by k€ 3,146.

Breakdown of sales in the ½rst 9 months 2025 for Key Account and Special Retail in % (k€)

Related party disclosures

The Management Board member of UNITEDLABELS AG, Mr Peter Boder, together with Facility Management Münster GmbH, of which he holds 100% of the shares, owns 35.9% of UNITEDLABELS AG.

In addition to remuneration paid to the Management Board and Supervisory Board, business relations exist with Facility Management Münster GmbH. In 2025, this included expenses from a rental agreement for the premises at Gildenstrasse 2j amounting to k€ 39 (previous year: k€ 39) and income from the leasing of roof space at the buildings located at Gildenstrasse 6 and 21 for the installation and operation of a photovoltaic system. UNITEDLABELS AG receives an annual net usage fee of € 4,980 for Gildenstrasse 21 and € 450 for Gildenstrasse 6.

Furthermore, Mr Boder is the owner of the of½ce and warehouse building, including the land, located at Gildenstrasse 6, which is leased to the Company. The lease runs until 31 December 2027, with monthly rent of k€ 18.

Facility Management Münster GmbH is wholly owned by Mr Boder. The Management Board member, Mr Boder, and Facility Management Münster GmbH provided loans to UNITEDLABELS AG in the reporting year. Under the credit facility agreement, UNITEDLABELS AG may utilise up to k€ 2,100 until the contract expires on 31 March 2026.

As at the end of the third quarter, total utilisation of these loans by UNITEDLABELS AG amounted to k€ 1,014. Elfen Service GmbH and House of Trends europe GmbH did not draw on the loan. The maximum utilisation for UNITEDLABELS AG was k€ 1,014. The loan bears interest at 7.5% p.a. Interest expenses incurred in the ½rst nine months of 2025 amounted to k€ 25.

The UNITEDLABELS Group uses available liquidity to minimise interest payments across the Group. In addition, intra-group supply relationships exist between the individual companies. As of the reporting date, total short-term receivables and payables between Group companies amounted to k€ 4,194 (previous year: k€ 1,453). These balances were eliminated in connection with debt consolidation.

Employees

As at the reporting date, the UNITEDLABELS Group employed 39 full-time equivalent staff members (previous year: 43). The average number of full-time equivalent employees in the current ½nancial year was also 39 (previous year: 40). Revenue per employee amounted to k€ 306 in the ½rst nine months (previous year: k€ 366).

Events after the balance sheet date

No signi½cant events occurred after the reporting date.

Shareholdings of the executive bodies

UNITEDLABELS AG had 6.93 million no-par-value bearer shares outstanding as of 30 September 2025. The Management Board and Supervisory Board held the following shareholdings as at that date:

Peter Boder, Management Board member, held a total of 35.9% of the shares directly and indirectly. As of 30 September 2025, there were no outstanding stock options and no valid stock option programme.

Outlook

Business with German key accounts will again account for the majority of UNITEDLABELS AG's revenue in the 2025 ½nancial year. The Group considers this area to offer the greatest growth and earnings potential. Direct sales to end customers via the online platforms of Elfen Service GmbH and through the Company's own outlet store will continue to gain importance.

To position UNITEDLABELS AG within the German and European markets and expand market share, the focus remains on high-quality, safe branded products in the media/ entertainment sector that are in strong demand. In particular, the e-commerce business and the key accounts segment are to be expanded and further strengthened.

To this end, UNITEDLABELS AG, together with its subsidiary Elfen Service GmbH, is accelerating its direct-to-consumer (B2C) e-commerce activities, offering products from the Company's brand portfolio supported by targeted marketing measures. The brand assortment for direct-to-consumer sales will be expanded to include the full range of the parent company's textile products, especially items speci½cally developed for e-commerce. As a result, the Group expects increasing revenue in end-customer business. This expectation is supported by revenue development in the previous ½nancial year as well as performance in the ½rst nine months of the current ½nancial year, including stable return rates and comparatively high gross margins in the e-commerce segment, coupled with numerous new marketing initiatives.

To diversify risk and leverage opportunities, UNITEDLABELS is pursuing the acquisition of additional high-revenue retail partners and the strengthening and expansion of existing customer relationships. Geographical priorities include Germany, Benelux, the United Kingdom and Eastern Europe.

A signi½cant improvement in the German business remains essential for further earnings growth at Group level. New brand rights have been acquired for this purpose, and sales efforts in the key accounts segment have been intensi½ed. Revenue expansion in Germany remains crucial for achieving greater pro½tability.

For the 2025 ½nancial year, the Group anticipates further revenue growth and a corresponding increase in EBIT compared to the previous year. Additional impacts of geopolitical tensions on the broader economic environment and thus on the Company's performance cannot be ruled out. Due to the current level of uncertainty, any potential effects cannot be forecast with suf½cient reliability.

9-MONTH REPORT

UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Comprehensive Income (IFRS)

for the period 1 January to 30 September 2025

(unaudited)	01.01.2025 30.09.2025		01.01.2024 30.09.2024		01.07.2025 30.09.2025		01.07.2024 30.09.2024
	€	%	€	%	€	%	€	%
Revenues	11,934,669.41	100.0	14,655,161.65	100.0	4,634,766.23	100.0	4,433,770.52	100.0
Cost of materials	-6,521,431.09	-54.6	-8,194,886.77	-55.9	-3,001,117.72	-64.8	-2,540,785.87	-57.3
Amortisation / write-down of usage rights	-182,629.75	-1.5	-608,470.70	-4.2	-26,791.53	-0.6	-141,503.84	-3.2
	5,230,608.57	43.8	5,851,804.18	39.9	1,606,856.98	34.7	1,751,480.81	39.5
Other operating income	176,231.61	1.5	89,523.96	0.6	64,567.92	1.4	20,033.61	0.5
Staff costs	-1,975,586.87	-16.6	-2,076,541.15	-14.2	-656,758.82	-14.2	-698,678.51	-15.8
Depreation of property plant and equipment and amortisation of intangible assets (excl. amortisation/write-down of usage rights)	-213,383.72	-1.8	-198,946.95	-1.4	-67,639.68	-1.5	-70,925.25	-1.6
Other operating expenses	-2,533,724.79	-21.2	-2,583,256.70	-17.6	-694,986.91	-15.0	-994,441.28	-22.4
Result of operational activities	684,144.80	5.7	1,082,583.34	7.4	252,039.49	5.4	7,469.38	0.2
Finance income	0.00	0.0	5.0	0.0	0.00	0.0	0.00	0.0
Finance cost	-376,615.89	-3.2	-610,546.68	-4.2	-135,705.19	-2.9	-161,790.93	-3.6
Net ½nance cost	-376,615.89	-3.2	-610,541.68	-4.2	-135,705.19	-2.9	-161,790.93	-3.6
Pro½t before tax	307,528.91	2.6	472,041.66	3.2	116,334.30	2.5	-154,321.55	-3.5
Taxes on income	-61,859.50	-0.5	-25,177.69	-0.2	-7,872.60	-0.2	-9,757.07	-0.2
Pro½t for the period	245,669.41	2.1	446,863.97	3.0	108,461.70	2.3	-164,078.62	-3.7
Result for the period attributable to owners	245,730.51	2.1	447,039.75	3.1	108,482.02	2.3	-163,928.76	-3.7
Result of the period attributable to non-controlling interests	-61.10	0.0	-175.78	0.0	-20.32	0.0	-149.86	0.0
Other comprehensive income ("OCI"):
Not to reclassify result:
Actuarial gains and losses	0.00	0.0	0.0	0.0	0.00	0.0	0.00	0.0
Deferred taxes on actuarial gains and losses	0.00	0.0	0.0	0.0	0.00	0.0	0.00	0.0
To reclassify result:
Exchange difference on translating foreign operations	-34,720.75	-0.3	60,657.21	0.4	4,375.96	0.1	-829.30	0.0
Total other comprehensive income	-34,720.75	-0.3	60,657.21	0.4	4,375.96	0.1	-829.30	0.0
Total comprehensive result	210,948.66	1.8	507,521.18	3.5	112,837.66	2.4	-164,907.92	-3.7
Result attributable to owners	211,009.76	1.8	507,696.96	3.5	112,857.98	2.4	-164,758.06	-3.7
Result attributable to non-controlling interests	-61.10	0.0	-175.78	0.0	-20.32	0.0	-149.86	0.0
Consolidated earnings (according to P&L) per share
basic diluted	+0.04 € +0.04 €		+0.06 € +0.06 €		0.02 € 0.02 €		-0.02 € -0.02 €
Weighted average shares outstanding
basic diluted	6,930,000 Stück 6,930,000 Stück		6,930,000 Stück 6,930,000 Stück		6,930,000 Stück 6,930,000 Stück		6,930,000 Stück 6,930,000 Stück

UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Cash Flows

(unaudited)

	30.09.2025 k€	30.09.2024 k€
Consolidated result of the period	246	447
Interest income from ½nancing activities	56	611
Amortisation / write-down of usage rights	183	608
Amortisation of intangible assets	0	74
Depreciation of property, plant and equipment	96	125
Change in provisions	3,147	3,663
Other non-cash income	83	103
Pro½t or loss on disposal of non-current assets	0	18
Change in inventories, trade receivables and other assets non attributable to investing or ½nancial activities	-1,885	-7,461
Change in trade payables or other liabilities not attributable to investing or ½nancial activities	-2,364	2,700
Payments for income taxes	-47	-7
Cash ¾ows from operating activities	-368	888
Income from the sale of assets	0	135
Payments for investments in non-current assets	-273	-518
Cash ¾ows from investing activities	-273	-383
Proceeds from other loans	-153	-384
Deposit loan main shareholder	995	0
Payments for the repayment of other loans	-99	-183
Interest paid	-321	-550
Repayment of Leasing liabilities	-173	-113
Cash ¾ows from ½nancing activities	249	-1,229
Net change in cash and cash equivalents	-392	-724
Cash and cash equivalents at the beginning of the period	414	762
Cash and cash equivalents	22	38
Gross ½nancial liabilities	8,932	7,387
Net ½nancial liabilities	8,910	7,349
Composition of cash and cash equivalents
Cash and cash equivalents	22	38

UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Financial Position (IFRS) as at 30 September 2025 (unaudited)

ASSETS

Asset Values	30.09.2025 €	31.12.2024 €
Non-current liabilities
Property, plant and equipment	3,281,871.43	3,377,941.47
Intangible assets	4,642,402.57	4,369,313.44
Other assets	2,472,695.31	2,472,695.31
Deferred taxes	1,071,774.75	1,071,774.75
	11,468,744.06	11,291,724.97
Current assets	16,309,553.06	16,309,553.06
Inventories	9,030,023.38	6,269,698.04
Trade receivables	2,134,851.84	4,065,887.48
Other assets	5,990,472.29	4,934,265.20
Cash and cash equivalents	21,727.94	413,599.99
	17,177,075.45	15,683,450.71













Total assets	28,645,819.51	26,975,175.68

UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Financial Position (IFRS) as at 30 September 2025

(unaudited)

EQUITY AND LIABILITIES

Equity	30.09.2025 €	31.12.2024 €
Capital and reservesattributable to the owners of the parent company
Issued capital	6,930,000.00	6,930,000.00
Capital reserves	2,058,267.41	2,058,267.41
Retained earnings	1,498,242.70	1,498,242.70
Currency translation	-559,105.04	-524,384.29
Consolidated unappropriated result	-6,964,914.05	-7,210,644.56
Shareholders' equity	2,962,491.02	2,751,481.26
Non-controlling interests	17,410.07	17,471.17
Total equity	2,979,901.09	2,768,952.43
Non-current liabilities
Pension provision	1,682,836.55	1,679,874.20
Provisions	0.00	0.00
Finanicial liabilities	8,007,082.87	7,115,110.79
Trade payables	0.00	0.00
Deferred tax liabilities	7,870.16	7,593.46
	9,697,789.58	8,802,578.45
Current liabilities
Provisions	6,875,904.50	3,731,681.56
Current tax payable	1,290,427.96	720,501.09
Finacial liabilities	924,941.88	928,115.68
Trade and other payables	6,876,854.50	10,023,346.47
	15,968,128.84	15,403,644.80
Total liabilities	25,665,918.42	24,206,223.25
Total equity and liabilities	28,645,819.51	26,975,175.68

9-MONTH REPORT

Group Statement of Changes in Equity

(unaudited)

	Issued capital k€	Capital reserves k€	Retained earnings k€	cumulative consolidated result k€	Balance Item for currency translation k€	Equity k€	Minority Interest k€	Total (Group Equity) k€
Balance at 31.12.2022	6,930	2,058	1,543	-7,818	-513	2,200	18	2,218
Balance at 01.01.2023	6,930	2,058	1,543	-7,818	-513	2,200	18	2,218
Consolidated result 2023	0	0	0	632	0	632	0	632
Other gains and losses
Currency translations	0	0	0	0	-69	-69	0	-69
Actuarial gains and losses	0	0	-119	0	0	-119	0	-119
Deferred taxes	0	0	38	0	0	38	0	38
Total result for the period	0	0	-81	632	-69	482	0	482
Balance at 31.12.2023	6,930	2,058	1,462	-7,186	-582	2,682	18	2,699
Balance at 01.01.2024 before adjustment	6,930	2,058	1,462	-7,186	-582	2,682	18	2,699
Adjustment of opening balance	0	0	0	-181	0	-181	0	-181
Balance at 01.01.2024 after adjustment	6,930	2,058	1,462	-7,367	-582	2,501	18	2,519
Consolidated result 2024	0	0	0	156	0	156	0	156
Other gains and losses
Currency translations	0	0	0	0	58	58	0	58
Actuarial gains and losses	0	0	53	0	0	53	0	53
Deferred taxes	0	0	-17	0	0	-17	0	-17
Total result for the period	0	0	36	156	58	251	0	250
Balance at 31.12.2024	6,930	2,058	1,498	-7,211	-524	2,751	17	2,769
Balance at 01.01.2025	6,930	2,058	1,498	-7,211	-524	2,751	17	2,769
Consolidated result 9M 2025	0	0	0	246	0	246	0	246
Other gains and losses
Currency translations	0	0	0	0	-35	-35	0	-35
Actuarial gains and losses	0	0	0	0	0	0	0	0
Deferred taxes	0	0	0	0	0	0	0	0
Total comprehensive income for the period	0	0	0	246	-35	211	0	211
Balance at 30.09.2025	6,930	2,058	1,498	-6,965	-559	2,962	17	2,980