Rias — Annual Report 2025

Dec 10, 2025

2024 2025 ANNUAL REPORT 2024 2025 CONTENTS Management’s review 7 Introduction Financial highlights Ratios Presentation of the Board of Directors and the Executive Board Review Financial review Shareholder information Corporate governance Shareholder information ESG Financial statements 2024/25 Statement of comprehensive income Balance sheet 22 45 Statement of changes in equity Cash flow statement Notes to the Financial Statements Management’s statement RIAS A/S, part of thyssenkrupp Plastics International RIAS A/S, part of thyssenkrupp Plastics International thyssenkrupp Plastics International is comprised of nine companies spread across Europe with approximately 1,100 employees. thyssenkrupp Plastics is part of the larger thyssenkrupp group, which operates worldwide. The thyssenkrupp group has approximately 98,000 employees and a turnover of approxi- mately 35 billion euros. THE YEAR IN BRIEF 2024/2025 The 2024/25 financial year has been one of steady progress and continued strengthening of RIAS as an organization. While the market has shifted throug- hout the year, with fluctuating demand and increa- sing customer expectations, RIAS has remained focused and resilient. Our ability to adapt quickly, maintain high delivery reliability, and stay close to our customers has been essential to the positive development we have achieved. The year has also seen important strategic progress. The new national logistics center in Randers is well underway and represents a significant milestone in building a more efficient and scalable platform for the future. Combined with the ongoing strengthe- ning of our processes and governance, we are lay- ing the groundwork for a company that stands even stronger in the years ahead. As we look forward, we do so with confidence and determination. Our commitment to our customers, colleagues and shareholders remains firm, and we continue to focus on delivering value, stability and sustainable growth. I am deeply proud of the collec- tive effort shown this year, and I look forward to the next chapter in RIAS’s journey. This year has also brought a renewed sense of cohe- sion across the company. We have worked purpose- fully to simplify structures, improve collaboration, and strengthen the connection between our functions. The way employees have embraced these changes—with openness, professionalism and a strong sense of unity—has been inspiring and is a clear reflection of the culture we continue to build together. Alongside these organisational improvements, we have also initiated the transition to a new ERP platform. Though early in its journey, this step will help moderni- ze the systems that support our daily work and further strengthen our foundation for the years ahead. Karsten Due Managing Director RIAS A/S 4 RIAS Annual Report 2024/25 RIAS’S JOURNEY PROGRESS WITH PURPOSE The financial year 2024/25 has been a year of steady progress and continued transformation for RIAS A/S. the beginning of 2026. This investment marks a significant step in strengthening RIAS’s future capacity, enabling even better service, shorter delivery times, and a more scalable operational setup. Across the organization, we have focused on strengthening the way we work, improving cooperation, and preparing RIAS for the next steps in our development. Throughout the year, we have also continued to reinforce gover- nance and compliance, ensuring that RIAS remains a transparent, responsible, and independent listed company with a clear focus on regulatory integrity and shareholder interests. Throughout the year, we maintained a strong focus on customer service, flexibility, and delivery reliability in a market characte- rized by shifting demand and rising expectations. By improving coordination and strengthening our supply chain, RIAS has con- tinued to build on its reputation for quality and dependability. With these initiatives moving forward, RIAS is well prepared for the next phase of its journey — building a more efficient, connec- ted, and customer-focused organization ready to capture future opportunities. Internally, we have taken important steps to simplify structures and further integrate our activities. This includes strengthening the link between production, sales, and customer functions. These efforts will support a more market-oriented organizati- on and create a solid platform for expanding our presence and competitiveness in the coming years. Our activities outside Denmark have also shown renewed momentum, supported by closer customer engagement and more stable market conditions. This development reflects the adaptability and strong commitment of our teams across the organization. Karsten Due Managing Director RIAS A/S Strategically, a key milestone of the year has been the progress of our new national logistics centre in Randers. The facility is now under construction and expected to become operational at RIAS Annual Report 2024/25 5 6 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW Revenue, DKKm EBIT before special items, DKKm Cash Flow from operating activities, DKKm 303 13,2 13,2 2023/2024: 319 mio 2023/2024: 18,5 mio 2023/2024: 15,8 mio Proposed dividend, DKK/share Gross margin, % EBIT-margin before special items, % 26 32% 4% 2023/2024: 37 DKK 2023/2024: 33% 2023/2024: 6% RIAS Annual Report 2024/25 7 MANAGEMENT’S REVIEW FINANCIAL HIGHLIGHTS 2024/25 2023/24 2022/23 2021/22 2020/21 Income statement (DKK million) Revenue Production Costs Gross profit Capacity costs* 303,1 204,7 98,4 85,2 13,2 0,3 319,1 214,3 104,8 86,3 18,5 0,7 313,1 209,6 103,5 86,6 16,9 0 338,7 230,0 108,7 87,1 21,6 0 308,4 204,8 103,6 85,5 18,1 1,5 Profit before special items Special items Profit before financial income and expenses (EBIT) Net financials Profit before tax 12,9 0,1 12,8 3,7 17,8 0,1 17,9 4,3 16,9 -0,9 16,0 3,5 21,6 -0,2 21,4 4,4 16,6 -0,6 16,0 3,4 Corporation tax Net profit for the year 9,1 13,6 12,5 17,0 12,6 Balance sheet at 30 September (DKK million) Non-current assets Current assets Assets Equity 117,0 132,8 249,8 192,8 10,0 115,9 144,8 260,7 192,2 9,9 120,5 131,9 252,4 187,2 9,8 122,8 131,4 254,2 186,2 9,5 124,2 120,9 245,1 177,3 9,5 Deferred tax Long term Leasing liabilities Short-term liabilities Liabilities and equity 1,7 44,8 249,8 1,2 57,4 260,7 4,2 51,2 252,4 7,4 51,1 254,2 7,1 51,2 245,1 Cash flows (DKK million) Cash flows from operating activities Cash flows from investing activities Including investments in property, plant and equipment Cash flows from financing activities Total cash flows 13,2 -5,9 -5,9 -13,8 -6,5 101 15,8 -2,3 -2,3 -13,4 0,1 26,9 -4,9 -4,9 -16,1 5,9 22,5 -2,0 -2,0 -12,9 7,9 7,6 -4,7 -4,7 -10,8 -7,9 106 Average number of full-time employees 104 104 104 * Capacity costs include distribution and administrative expenses. Revenue (DKK million) Profit before tax (DKK million) 22 20 18 16 14 350 330 310 290 12 10 270 250 8 230 210 190 170 150 6 4 2 0 21/22 24/25 23/24 22/23 20/21 24/25 23/24 22/23 21/22 20/21 8 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW RATIOS 2024/25 2023/24 2022/23 2021/22 2020/21 Key figures and ratios Gross margin Profit margin before special items Profit margin 32% 4% 4% 6% 39.46 26 838 7% 5% 77% 655 33% 6% 6% 8% 58.9 37 833 9% 7% 74% 665 33% 5% 5% 8% 54.2 37 812 9% 7% 74% 670 32% 6% 6% 10% 73.5 50 808 12% 9% 34% 6% 5% 7% 55 Return on assets Profit per DKK 100 share Dividend per DKK 100 share Equity value per DKK 100 share Return on equity before tax Return on equity after tax Solvency ratio 35 769 9% 7% 72% 645 73% 570 Market price per DKK 100 share at 30 September The ratios have been calculated in accordance with the definitions below. Profit per share which has been calculated in accordance with IAS 33. Dividend per DKK 100 share is calculated as dividend divided by 1/100 of the share capital after deduction of the Company’s holding of treasury shares at 30 September. Definition of financial ratios Gross margin is calculated as gross profit in percentage of revenue. Equity value per DKK 100 share is calculated as equity at 30 September divided by 1/100 of the share capital after deduction of the Company’s holding of treasury shares at 30 September. Profit margin before special items is calculated as profit before special items in percentage of revenue. Return on equity before tax is calculated as profit before tax in percentage of average equity for the year. Profit margin is calculated as profit before financials in percent- age of revenue. Return on equity after tax is calculated as net profit for the year in percentage of average equity for the year. Return on assets is calculated as profit before financials in percentage of average operating assets for the year, ie of total assets less cash at bank and in hand and fixed asset investments. The solvency ratio it calculated as equity at 30 September in percentage of total assets at 30 September. Profit per DKK 100 share is calculated as profit for the year divid- ed by 1/100 of the share capital after deduction of the Company’s holding of treasury shares at 30 September. Equity value per DKK 100 share (DKK) 840 820 800 780 760 740 720 700 680 660 21/22 24/25 23/24 22/23 20/21 RIAS Annual Report 2024/25 9 MANAGEMENT’S REVIEW BOARD OF DIRECTORS MICHAEL MEYER Member of the board of Directors MARTIN KOELINK Chairman PETER SØRENSEN Vice-chairman Joined Board in 2025 (1963 M) Non-independent Joined Board in 2024 (1965 M) Non-independent Joined Board in 2023 (1968 M) Non-independent CFO Business Field Distribution Plastics Europe, thyssenkrupp Materials Services GmbH Directorships in other companies: CEO Business Field Distribution Plastics Europe, thyssenkrupp Materials Services GmbH Directorships in other companies: Partner, Lund Elmer Sandager, København CEO, A/S Rørkær, København CEO, Ejendomsselskabet Nørrebrogade 43 A/S Member of the board of Directors: Aktieselskabet P. Hatten & Co. (Chairman) CNH Industrial Danmark A/S (Chairman) Dansk Centralkontor for Sommerhus- Udlejning ApS (Chairman), DCSU A/S, HHM A/S (Chairman), HHM Holding A/S (Chairman), IC Nordics A/S (Chairman), Intra A/S (Chairman), L. Hasselkjær Invest ApS (Chairman), M.S. HOLDING A/S, NORLIP A/S, SPPC A/S (Chairman), G.N.A.V. Aps JUNE SVENDSEN JETTE DUUS Member of the Board of Directors Member of the Board of Directors Joined Board in 2014 Employee representative (1970 F) Joined Board in 2023 Employee Representative (1972 F) 10 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW EXECUTIVE BOARD KARSTEN DUE CEO DANNIE MICHAELSEN CFO Joined RIAS in 2022 (1969 M) Joined RIAS in 2015 (1972 M) MANAGEMENT ANDERS TOPP CSO LARS DANNER HANSEN Factory & Warehouse Manager NIKLAS THOMAS VANGSGAARD Purchasing Manager Joined RIAS in 2008 (1969 M) Joined RIAS in 2007 (1976 M) Joined RIAS in 2017 (1989 M) MIKKEL KOEFOED DEHN Internal Executive Advisor JAN THOMAS NIELSEN Division Manager - RIPRO Joined RIAS in 2010 (1992 M) Joined RIAS in 2023 (1969 M) RIAS Annual Report 2024/25 11 MANAGEMENT’S REVIEW REVIEW MISSION RIAS A/S’s mission is to be the most attractive supplier of plastic materials in the Nordics. The company operates with two product areas: • Sale, processing and distribution of semi- finished plastic products to all branches of the building and construction sector. • Sale, processing and distribution of semi- finished plastic products to industry and the public sector. Long-term objective LONG-TERM FINANCIAL TARGET 2027/28 RIAS A/S’ long-term objective is to increase its market value through organic growth and the expansion of existing business areas and to provide shareholders with a competitive return on their invested capital. Revenue growth EBIT margin A review of the EBIT expectations for 2024/25, published in the 2023/24 Annual report was not achieved and the company had to review its announcement and publish an adjusted range of an EBIT before special items of DKK 13-16 million. The announce- ment was done 11th of June 2025. The adjustment reflects lower activity in the building segment, where customers have shown increased restraint in their purchasing. This is considered to be linked to general uncertainty in the global economy. 22% 5,9% 2024/25: 303 mio 2024/25: 4,3% We have seen an unstable and volatile macro- environment in 2024/25 affecting the global economy, with inflationary effects on raw materials, energy prices and logistics costs. The Board of Directors expects that this will continue in 2025/26 and with the investments in the new warehouse and ERP system, the Board of Directors expects turnover in the range of DKK 310 – 330 Mio. an EBIT result for the 2025/26 fi- nancial year in the range of DKK 12 - 15 million. The expectations for turnover in 2024/25 published in the an- nual report of 2023/24 was in the range of DKK 310 – 330 Mio. The actual turnover in 2024/25 reached DKK 303 Mio. which is below the range published in 2023/24. The reason for this is considered to be the lower purchasing in the DIY market due to increased restraint in their purchasing behavior. Expectations for 2025/26 and forward In the 2025/26 financial year, we will continue to focus our efforts on optimizing the organization and increasing the grow- th in market share. Focus will also be on implementing the new warehouse and increased efficiency as an effect from that. Investment in more digitalization will also be in focus during 2025/26 where a new ERP system will be developed and imple- mented beginning of 2026/27. In the years to come the Board of Directors expects the re- venue to grow with 4.9% from 2024/25 to 2025/26 due to in- vestments in strategic areas with increasing EBIT as well. The assumption for future growth is also mentioned in the note re- lated to impairment of goodwill on page 33 12 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW RISKS Particular risks Financial risks & Operational risks ! There is no speculation in financial risks, and the company’s management is only dealing with the management of the financial risks that are a direct consequence of RIAS A/S’ operations and financing. The company owns no derivatives. Unforeseen price fluctuations and reduced business activities with major clients could have a negative impact on the company com- pared to the expectations for the result, but such risks are normal in a trading company. Supply chain disruptions due to the war in Ukraine, the Middle East or other major in- cidents could result in loss of revenue. The company try to mitigate this risk by dual sourcing on most materials. Currency risks Credit risks The company is only impacted by currency risks to a limited extent. Almost all business is conducted using DKK, SEK or EUR. As the currency risk for the DKK/EUR is considered very tight, the company does not hedge its net EUR debt. The company buys and sells in SEK, and these transactions are thus impacted by the DKK/SEK exchange rates. The management follows the SEK currency development very closely but assesses this risk to be minimal, as the number of transac- tions in SEK are not a major proportion and thus do not justify hedging of future purchases and sales in SEK. The company’s credit risks are associated with receivables from sales and services. It is the company’s policy to have credit insur- ance for receivables from sales and services to the greatest extent possible. Receivables from sales and services are assessed on an ongoing basis and write-downs are made when required. The company uses Danske Bank and has funds deposited in excess of the government deposit guarantee amount. ! Knowledge resources IT security risks The company possesses specific knowledge and competences in the selling of semi-fin- ished plastic products and knowledge about processing such products. The company is focused on attracting, retaining and devel- oping well-trained and motivated employees who can help to ensure that the core value of providing customers with the best possible service is maintained. On average, the com- pany has employed 103 full-time employees in 2023/24, which is 1 less as in 2022/23. The company employs 105 full-time employ- ees as at 30 September 2024, which is 1 less as at 30 September 2023. Globally and across most industries, a signifi- cant increase in cybercriminal activity, such as phishing campaigns and malicious websites, is taking place. Cyber threats like cybercrime and cyberattacks are real and could have a major business impact, including affecting RIAS’s operations, delivery performance and competitive advantage. RIAS is continuously improving its measures to monitor and re- spond to potential breaches and cyberattacks. On a regular basis, we conduct both internal and external security assessments, including vulnerability assessments, penetration test- ing and threat hunting. Liquidity risks Interest rate risks The company only has debt that is due within one year, cf. the balance sheet. The payment of this debt, DKK 57 million, can be fully cov- ered by payments from receivables and bank deposits. The company does not have interest rate positions to hedge interest rate risks, as moderate changes to the interest rate envi- ronment will have no significant impact on earnings. RIAS Annual Report 2023/24 13 MANAGEMENT’S REVIEW FINANCIAL REVIEW Income statement Revenue Revenue decreased by DKKt 15,981 from DKKt 319,092 in 2023/24 to DKKt 303,111 in 2024/25. Tangible assets Tangible assets increased from DKKt 57,125 as at 30 September 2024 to DKKt 57,675 as at 30 September 2025. The company made investment during the year for fit-out in new warehouse. The revenue in the Industrial Division decreased by DKKt 8,308 and the revenue in the Building & Construction Division de- creased by DKKt 7,685 in 2024/25. Leasing assets Contracts considered as leasing under IFRS 16 have been rec- ognised at a value as at 30 September 2025 of DKKt 4,732 which is DKKt 1,039 lower as at 30 September 2024 and is mainly due to rental agreement in Assentoft january 2026 because of ter- mination of lease agreement. Leasing also consist of the recog- nition of cars. In the Industrial Division the volume increased during the year, but revenue decreased due to price level being under pressure from tough competition but also a consequence of lower prices from suppliers compared to 2023/24 which immediately is re- flected in the market. Low value and short-term contracts are not recognised here, but included as an operational cost. The price level in the company’s Building & Construction prod- ucts has been at a stable level but the volume sold to customers was lower due to the DIY markets holding back on purchase and not building up stock. Inventories Inventories increased by DKKt 528 from DKKt 29,187 as at 30 September 2024 to DKKt 29,715 as at 30 September 2025. The company is continually focused on adjusting its inventory so that it matches the current market Gross result The gross profit percentage decreased slightly from 32,8% in 2023/24 to 32,4% in 2024/25 and is partly due to higher freight costs beginning of 2025 which couldn´t be pushed out in the market. Receivables Receivables decreased by DKKt 5,888 from DKKt 70,205 as at 30 September 2024 to DKKt 64,317 as at 30 September 2025. Receivables decreased due to lower activity with the DIY chains compared to the same period last year. Distribution and administration costs (capacity costs) Costs have decreased by DKKt 1,000 from DKKt 86,225 in 2023/24 to DKKt 85,225 in 2024/25. The company managed to reduce cost in distribution by reducing headcounts due to lower activity in Building & Construction. The green transition has also contributed to the stable cost level due to more electrical cars and more production of solar energy with lower costs for fuel and electricity consequently. Liabilities Liabilities decreased by DKKt 13,249 from DKKt 68,545 as at 30 September 2024 to DKKt 56,472 as at 30 September 2025 main- ly due to a lower level trade payables due to less purchase at the end of 2024/25 compared to the year before. Special items Cash flow Operating activity In this financial year the company has had costs due to clarifi- cation about shareholders rights and is cost that management considers as being a non-recurring item. Cash flows from operating activities decreased by DKKt 2,647 from DKKt 15,832 in 2024/24 to DKKt 13,185 in 2024/25. The difference in cash flow is mainly from lower net profit and high- er tax paid related to the year before but with changes in work- ing capital increasing the cash flow. Tax on the year’s result The effective tax percentage for 2024/25 amounts to 28,9% compared to 24.3% in 2023/24. Investment activity The company has invested in fit-out of the new warehouse in Randers and also in new ERP system. Investments increased by DKKt 3,854 compared to last year. Balance sheet Intangible assets Intangible assets increased due to investments in new ERP sys- tem and as at 30 September 2025, the amount was DKKt 54,555 compared to DKKt 53,085 as at 30 September 2024. The intan- gible assets also consist of goodwill, amounting to DKKt 53,085 which can be attributed to the acquisition of the activities in Ro- dena A/S and Nordisk Plast A/S. The goodwill values have been subject to an impairment test, which is described in more details in note 11 of the accounts. Liquidity reserves Overall, the company’s liquidity reserves decreased by DKKt 6,444 compared to prior year. As at 30 September 2025, software amounted to DKKt 108 com- pared to DKKt 0 as at 30 September 2024, as investments in new webshops and homepage have been made. 14 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW CORPORATE GOVERNANCE Statutory Statement on Corporate Governance under section 107b of the Danish Financial Statements Act. annual general meeting are independent as defined in the re- commendations, as the board members are elected based on the company’s ownership structure. Company Management believes that corporate governance is a key element and currently seeks to improve the Company’s man- agement structure. The overall framework for the Management of RIAS A/S has been planned with a view to ensuring that the Company meets its obligations towards shareholders, customers, employees, authorities and other stakeholders in the best possi- ble way and that long-term value creation is supported. Executive Board The Executive Board is appointed by the Board of Directors, which specifies the Executive Board’s terms of employment. The Exec- utive Board is responsible for the day-to-day operations of RIAS A/S, including RIAS A/S’ activity-related and operational develop- ment, its results and its internal affairs. The Board of Directors’ delegation of responsibility to the Executive Board is specified in the company’s rules of procedure and the Danish Companies Act. RIAS A/S’ Executive Board consists of two persons. The Board of Directors of RIAS A/S currently works on ensuring that the Company complies with the policies and procedures laid down by the Committee of Corporate Governance which NAS- DAQ Copenhagen requires be applied. The Board of Directors discusses how the Company’s corporate governance in practice at any time ensures that the management of RIAS A/S meets the highest standard and that the work of the Board of Directors supports the Company’s future business potential. Remuneration for the Board of Directors and Executive Board The Board of Directors has adopted a very simple remuner- ation policy for both the Board of Directors and the Executive Board. The remuneration policy for the Board of Directors does not contain any incentive-based remuneration or other variable components. The Board of Directors for RIAS A/S is not covered by any bonus or option schemes. The total annual remunera- tion for the Board of Directors is approved by the annual general meeting in connection with the approval of the annual report. In 2023/24, the remuneration for the Executive Board consisted of a base salary plus usual fringe benefits such as a car and phone plus an annual bonus, and this is described in the remuneration report. The Executive Board’s terms of employment, including remuneration and terms for dismissal/resignation are assessed as being in accordance with normal practices for positions of this nature. Openness is a key factor. Openness and Transparency The Board of Directors has chosen to publish the Statutory Statement on Corporate Governance under section 107b of the Danish Financial Statements Act on the Company’s website. Links to the account on good corporate governance and Link to recommendations for Good Corporate Governance:  https://www.rias.dk/statement-2025 The Board of Directors overall approach towards NASDAQ Co- penhagen’s recommendations for good corporate governance are found on RIAS A/S’ website. This statutory account of cor- porate governance covers the accounting period from 1 October 2023 to 30 September 2024 and is part of the management’s report. The statutory account is not covered by the declaration from the independent auditor. Link to the remuneration policy and remuneration report:  https://www.rias.dk/media/wysiwyg/Filer/RIAS/Investor/ Selskabsmeddelelser/2024-2025/ENG/11.12.2024_Remunera- tion-Report-2024.pdf Audit committee The Board of Directors of RIAS A/S also serve as the audit com- mittee. RIAS A/S has in this connection chosen to compare the compa- ny’s account of good corporate governance with the Committee’s recommendations of December 2020. This creates the best pos- sible overview of which recommendations RIAS A/S has chosen to follow completely and which recommendations the company has chosen not to pursue or which are still being worked on. The audit committee’s overall objective is to minimize the risk of significant errors in the financial reporting - both internally and externally. In practice, this takes place by analyzing the in- ternal control environment, financial reporting, accountancy, the applied accounting practices and the submission of interim and annual reports in general. Tasks and responsibilities of the Board of Directors The work done by the Board of Directors is specified in the rules of procedure which are evaluated at least once per year. RIAS A/S complies with the recommendation regarding members and the rules of procedure being adjusted to the company’s needs. The Board of Directors meets four times per year or more as needed. This process ensures that the management can re- act quickly and effectively to external conditions. Five meetings were held in the 2023/24 financial year, including the company’s ordinary annual general meeting in January 2024. The audit committee focuses on a continuing development of the control environment and a continual assessment of the busi- ness processes and financial and accounting-related matters that have a significant impact on the accounting information. The external auditor can also be summoned to the audit com- mittee’s meetings. Four meetings were held in 2023/24 and the external auditor participated in one without the presence of the management. Composition of the Board of Directors The Board of Directors consists of five members, of which two are elected by the company’s employees. The board members elected by the annual general meeting are elected for a one- year term at a time. The Board of Directors has evaluated the personal capacity of each individual board member and finds that they are managing their tasks in the board of RIAS A/S in a sound manner. None of the board members elected by the RIAS Annual Report 2024/25 15 MANAGEMENT’S REVIEW SHAREHOLDER INFORMATION Share capital Annual General Meeting The Company’s share capital of DKK 23,063k is distributed on DKK 3,125 k A-shares and DKK 19,938k B-shares. The Annual General Meeting will be held on 21 January 2026, at 13.00 pm CET, at the Company’s address, Industrivej 11, Roskilde, Denmark. The A-shares, which are non-negotiable, carry 10 votes per DKK 100 share, see clause 11 of the articles of association. Proposals for the General Meeting: • The Board of Directors proposes that for the financial year 2024/25 dividend be distributed to the shareholders in the amount of DKK 26 per DKK 100 share of the share capital at 30 September 2025 of DKK 23,063,000, corresponding to a to tal proposed dividend of DKK 5,996,380. The B-shares, which are negotiable, carry 1 vote per DKK 100 share, see clause 11 of the articles of association. The B-shares are listed on NASDAQ Copenhagen, and at 30 Sep- tember 2025 the price corresponding to the market price of the B-shares was DKK 130.6 million. • The Board of Directors proposes to the General Meeting that the present elected board members are re-elected. The Company has more than 200 shareholders registered by name. • The Board of Directors proposes to the General Meeting that BDO Statsautoriseret Partnerselskab are re-elected as auditors. The following shareholders have stated that they own 5% or more of the total capital: thyssenkrupp Facilities Service GmbH, Germany, a nominal amount of DKK 3,125,000 A-shares and a nominal amount of DKK 9,363,000 B-shares, corresponding to 54.15% of the total capital. thyssenkrupp Facilities Service GmbH holds 79.34% of the votes. Expected Stock Exchange Announcements in 2025/26 RIAS A/S expects to publish the following Stock Exchange Announcements: • 10. dec. 2025: Announcement of financial results 2024/25 • 21. jan. 2026: Announcement of interim results • 21. jan. 2026: Annual General Meeting • 07. maj 2026: Announcement of the half year report • 20. aug. 2026: Announcement of interim results Expon Aps, a nominal amount of DKK 2,751,600 B-shares, corre- sponding to 11.93% of the total capital. Expon Aps holds 5.53% of the votes. The Board of Directors and the Executive Board do not hold any shares in the Company. Contact person – Investor relations Inquiries concerning investor relations and the share market may be directed at: ”Change of control” clauses The Company has an agreement with thyssenkrupp about the use of SAP. If the control of the Company changes due to an im- plemented takeover, the Company expects however to be able to reestablish an appropriate new agreement about the use of SAP in such a situation. Karsten Due, CEO Telephone: +45 46 77 00 00 E-mail: kad@rias.dk In case of a takeover, the period of notice will be extended by six months to the Executive Board. Amendment of the articles of association An amendment of the Company’s articles of association re- quires that 2/3 of the share capital is represented at the General Meeting and that the proposed amendment is adopted by both 2/3 of the votes cast and of the share capital represented at the General Meeting. Company information RIAS A/S . Industrivej 11 . 4000 Roskilde Telephone: +45 46 77 00 00 Website: www.rias.dk Board of Directors Martin Koelink Peter Sørensen Michael Meyer Jette Duus Executive Board (Chairman) Karsten Due, CEO Email: info@rias.dk (Vice-chairman) Dannie Michaelsen, CFO VAT no.: 44065118 (Board member) Founded: 1 February 1959 Municipality of registered office: Roskilde (Employee Representative) (Employee Representative) Auditors June Svendsen BDO Statsautoriseret Partnerselskab 16 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW ESG FOR 2024 / 2025 Besides informing our stakeholders of our ESG work, this report also serves as our statutory CSR report pursuant to Sections 99(a) in the Danish Financial Statements Act. At RIAS, we have always strived to act responsibly and to create value in a decent and credible manner. It is deeply embedded in our DNA and it has been a fundamental factor in the company’s development- also long before governance, the UN’s Sustaina- ble Development Goals and the climate debate were put near the top of the agenda. See “Mission” page 12. Over the last many years, we have continually worked towards reducing our energy consumption, we have improved employ- ee working conditions and we have had a good and responsible management culture. Shared responsibility and initiatives in, among other things, climate and environmental impacts, em- ployee conditions and governance issues are continuing at full capacity, and this is an important part of the everyday lives of our managers and employees who are all assuming a great deal of responsibility. the purpose of creating real value for society as a whole via the company’s ESG work. ESG strategy in accordance with the UN SDGs The UN’s SDGs reflect a desire to create a better world. The 17 SDGs are the cornerstone of the UN’s “Agenda 2030” and specify the direction of the work. At RIAS, we make a commitment to behaving decently and cred- ibly. We believe that results are made through people who re- sponsibly contribute to ensuring our common future, and we have always prioritised doing things the right way. RIAS has a particular focus on the SDGs that are most relevant to our stakeholders and our business, as this is where we believe we can make the biggest difference. In order to meet the risks of this increased focus and the possibilities associated with sus- tainability, we have decided to launch sustainability targets that create a close connection between our company and the SDGs. At RIAS, we believe that a company’s activities have a critical impact on the development of a sustainable society. We aim to proactively improve the environmental, social and governance conditions, particularly in the areas that are naturally associated with our business. We have specified measurable and ambitious targets for SDG 7 concerning renewable energy and SDG 12 concerning consump- tion and production. These are described in the section about the environment and climate below. Our values, together with the UN’s Global Compact principles, form the basis for our approach to ESG and is a testimony to the fact that ESG has always been an integral part of RIAS for Risks Environment and climate - Risk: Our own processing and purchasing of raw materials from suppliers involves a risk of negative environmental impacts. Below is an overview of the most important risks and actions for each of the UN’s Global Compact principles and the specified policy areas. - Action: We are systematically working on reducing our environ mental impact from our warehouses and processing activities and we encourage our suppliers to do the same. We have intro- duced an ambitious target being climate neutral by 2030 and we are continually investing in initiatives to meet this target. Human rights - Risk: The company mainly relies on suppliers from within Europe, and the risk of failure to comply with human rights and labour rights is minimal. - Action: All suppliers are asked to fill out a Supplier Code of Conduct that emphasises human rights and labour rights. Only the suppliers who fulfil the requirements of this code of conduct are used. Anti-corruption work - Risk: Legal violations relating to corruption can result in major financial losses and a poor reputation. - Action: Targeted training in business ethics and anti-corruption work for selected high-risk areas such as the sales team. Continuous monitoring of changes to legislation concerning anticorruption work and the implementation of applicable rules. Updating the Code of Conduct, also for suppliers. Available whistleblower hotline. Online training in anti-trust and compliance for all employees. Labour - Risk: Our employees’ safety is a risk factor since we have ware houses and production facilities. - Action: The management is continually focused on safety and we are working to improve this further via education and training. RIAS Annual Report 2024/25 17 MANAGEMENT’S REVIEW ESG FOR 2024 / 2025 a partnership with the organization Wuppi which collects and disposes PVC in a sustainable fashion. During 2024/25 RIAS expanded the Green Concept which is an offer to customers who are not able to send their plastic scrap to recycling. RIAS now collects additional 10 types of plastic waste and makes sure that it gets recycled. During 2024/25 81 tons of scrap has been collected and delivered to recycling, compared to 57 tons in 2023/24. This scrap would most likely otherwise have been considered to be waste. Environment and climate Protecting the environment is important to RIAS, and we make every effort to minimize negative environmental impacts and address climate change. The company has a limited environmental impact which mainly consists of the waste from products and transportation and driv- ing in company cars and electricity consumption for the compa- ny’s processing work, offices and warehouses. RIAS makes every effort to make environmental considerations an integral part of our activities. Our work with reducing climate emissions is focused on, but not limited to, energy, heating, be- Target The company is working in a targeted manner to reduce its en- vironmental impact from PVC waste, and here the company has Core Elements of Value Creation RIAS A/S – Business Model • Deep Customer Insights - Understanding customer needs in construction, industry, and agriculture to deliver solutions that create real value. • Customer-Centric Innovation - Developing new plastic pro- ducts and systems that improve functionality and sustainability. We are dedicated to delivering sustainable and innovative plastic solutions for construction, industry, and agriculture that create value for customers through quality, flexibility, and environmental responsibility. • Resilient Production and Supply Chain - Efficient production Our Strengths and logistics ensure fast delivery and consistent quality. • Customers - We collaborate closely with contractors, industrial companies, and farmers to deliver tailored plastic solutions that meet specific needs. • Employees - We rely on the expertise of our specialized team to ensure high quality, technical advice, and continuous innovation. • Suppliers and Partners - Strong relationships with raw mate rial suppliers and technology partners secure stable supply and access to new materials. • Financial Capital - Solid financial foundation enables invest ment in product development, sustainability, and long-term growth. • Solution-Driven Commercialization - We provide complete solutions – not just products – including technical support and advisory services. Value Creation • Customers - Efficient and sustainable plastic solutions that re- duce costs and improve quality. • Employees - A work environment based on collaboration, de- velopment, and innovation. • Shareholders - Stable growth and long-term value creation through sustainable investments. • Planet - Commitment to recycling and reducing CO₂ emissions across the entire value chain. • Raw Materials - We focus on recyclable and eco-friendly plas- tics to reduce CO₂ emissions and promote a circular economy. CO₂ Emissions by Source Tonnage CO₂ 2024/25 2023/24 2022/23 2021/22 2020/21 62 67 65 74 173 22% 20% 20% 19% 32% Electrical power Natural gas 57 15% 51 9% 57 20% 54 16% 48 15% 115 144 118 55 132 34% 37% 21% 20% 40% Diesel / petrol 106 106 91 111 207 31% 38% 28% 29% 38% District heat Total 280 342 328 386 549 18 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW ESG FOR 2024 / 2025 haviour and transport. The work with reducing our environmen- tal impact is focused on, but not limited to, responsible purchas- ing, responsible packaging and waste management. Our goal is to reduce the negative climate and environmental consequenc- es of our activities, and we expect the same from our suppliers. We are convinced that effective and systematic environmental initiatives create both environmental benefits and value for our stakeholders. Heating usage RIAS uses natural gas to heat the building in Assentoft and district heating for the buildings in Roskilde, and the company has mainly worked on reducing consumption on the Roskilde site. Our supplier of district heating is also working on making their production more “green” and will therefore also have an indirect effect on our CO2 emission from this source in the future. The usage of natural gas in Assentoft is at a stable level and still has an emission above 50 tons CO2. The company has not done any major changes to the current set-up in Assentoft due to the move into a new more energy efficient warehouse beginning of calendar year 2026. Results achieved Based on input from WeSustain concerning the company’s consumption in areas such as electricity, fuel and water, it is possible to calculate a carbon footprint that can be used to as- sess where new initiatives are needed to support the company’s target of being carbon neutral in 2030 on scope 2 and 3. The warehouse will not run on gas but electricity and therefore the consumption of gas will only be used during Q1 of the financial year 2025/26 but have no consumption in the remaining quarters of 2025/26. The company is continuously working on reducing its energy consumption in its warehouses, production facilities and admin- istration with the support from energy consultants who gives advice on the newest technology and where it makes sense to reduce our energy consumption with the biggest impact. Waste The company generates waste as part of its processing of plastics, but it is a very limited amount. RIAS is working in a targeted manner to reduce the environmental impact of PVC waste, and the company has a partnership with the organisation Wuppi, which collects and disposes of hard PVC waste in a sustainable fashion. During 2024/25 Wuppi organization collected 2.409 tons of plastic waste, and which was send to recycling. By tracking our energy consumption and the CO2 output we are able to work more efficient towards our goal in 2030. RIAS has the following energy consumption split by source. The emissions are calculated on the basis of energy consump- tion and CO2 emissions are calculated using the GHG Protocol methodology. During 2024/25 RIAS offered to collect new types of plastic in the Green Concept which is an offer to customers who are not able to send their plastic scrap to recycling. RIAS collect the scrap and makes sure that it gets recycled. During 2024/25 81 tons of scrap has been collected and delivered to recycling, compared to 57 tons in 2023/24. This scrap would most likely otherwise have been considered to be waste. During the year a new compacter has been tested in Roskilde in order to compact cardboard boxes. The compacter has the effect that the company can reduces the amount of transportations to collect recyclable cardboard and in that way reduces CO2 from this transportation. Electricity consumption The company uses a large part of its electricity consumption in its warehouses and processing work; During the last year we have been able to reduce our use of electricity and therefore also the emission of CO2 from this source. In 2024/25 RIAS has been able to produce 260.000 Kwh. This production amounts to 30% of our usage of electricity. The company is Investing in a new warehouse which will be in use beginning 2026 and here all heating will be done by elec- tricity and therefore the expectation is that RIAS will use more in the future. This is mitigated by installing solar panels on the roof of the new warehouse and will reduce the increased usage of electricity purchased. Continuous focus on internal and external electricity consumption and awareness of the use of electricy among our colleagues have also contributed to a reduction in the use of electricity and will continue to be a topic for the future. RIAS is continually working on finding new sustainable solu- tions for our products. During 2024/25 the company introduced new products. RIGU ECO is a material used in office areas and is produced with 50% regenerated materials. Another product is Riacover recycled which is made of 100% recyclable PP and can be used on building sites to protect floors, walls or steps during a construction. The material can be used several times compared to cardboard. Both materials are made from recyclable materials and gives the company’s customers the possibility to choose an alternative to the traditional materials. The company still expects to invest in new machinery in the future and energy usage will therefore be a big part of the choice of brand and which machine that should be invested in. RIAS A/S aims to conduct its operations in a responsible man- ner and is continually working on creating coherence between the company’s strategy and responsibility to the society that the company operates in. For RIAS A/S, social responsibility work is a continual process and in 2024/25 the company continues to work on structuring the required internal processes. Replacement of traditional cars to electric cars is almost finalized in 2024/25. 81% of the fleet is now electrical and next year additional 14% will change to electrical. The company uses a truck which runs on diesel and for now the technology does not offer an option to change this but it is expected that when it needs replacement in 2 years from now this will also be changed to an electrical truck. As shown above the company still has emission of Co2 from cars. It is expected that the transmission from cars running on fossil fuels to electric cars are fully imple- mented during 2024/25. Based on a criticality assessment, the company is working with areas such as employees, the environment, supplier conditions and anticorruption. The overall policy is described below in addi- tion to how the policy works in practice and, where relevant, what has been achieved. RIAS Annual Report 2024/25 19 MANAGEMENT’S REVIEW ESG FOR 2024 / 2025 our employees. RIAS wants and strives to be a responsible work- place that recruits, promotes and develops its employees based on their competences and in a manner that promotes diversity. Social factors Ensuring good social conditions for employees is important to the company, and RIAS offers all of its employees good work- ing conditions in accordance with applicable legislation and good practices. There are monthly follow-ups on sick leave in order to improve well-being, and in general, the company is continually working on ensuring the best possible working en- vironment. The total absences for the 2024/25 financial year have increased compared to 2023/24 and are at 3.7% com- pared to 2.1% last year. The increase is mainly caused by some long term absences. We therefore also make every effort to ensure that our recruit- ment, terms of employment, promotions and any potential ter- minations are made without prejudice towards gender, sexual orientation, age, nationality, physical ability, handicaps, political views, ethnicity, family status, religious convictions or other ideologies. When we recruit new managers, we focus on equal terms and on identifying candidates from both genders. How we work with diversity at RIAS: Workplace safety is important to the company, and there is con- tinual investment in initiatives that improve safety at warehous- es and production facilities. During 2024/25 fire drills have been done and training in the fire protection system has been carried out. Investments have been made in equipping trucks with blue lights both front and rear so that employees can see when a truck is headed their way. Investments have also been made on pallet racks to prevent forklifts from damaging the racks so that a breakdown of the racks can injure the workforce. We are continually working on ensuring diversity both in man- agement teams and among employee groups. We work based on the following principles: • RIAS is a workplace with equal opportunities for everyone in a safe and non-discriminatory working environment. • We strive to ensure that women are represented by more than 38% among our management teams and we therefore focus on equal terms and on identifying candidates from both genders when recruiting new managers. In our warehouse and processing department the company in- vested in advanced hearing protection which are specific pro- duced for each employee which keep the noise out, but the em- ployee can be contacted. In our administration we have invested in headsets with active noise reduction and installed noise re- duction walls between workstations. • We comply with Danish and international human rights standards and laws regarding equal opportunity and we offer fair and equal terms in employment and working conditions, regardless of gender, ethnic origins, religious beliefs or other personal conditions. The work environment council in RIAS works with safety and health and during the year different competitions have been done in order to improve the health of the employees. Count your steps during the day was one initiative and another was count your km when using your bicycle. Trying to improve physical ac- tivity during the day both at work but also in the spare time, is just one out of many initiatives performed by the council. In the financial year of 2024/25 the company had 2 minor accidents where procedures have been updated, and new instructions has been made to avoid this in the future. • We do not tolerate bullying, sexual harassment, discrimination, offensive behaviour or threats • We strive to ensure that the composition of our employees is a mix of young and experienced employees who together can inspire and contribute to the development of RIAS. Suppliers and human rights The company typically enters into long-term supplier relation- ships, and the suppliers are mainly located in Europe. An overall assessment of the suppliers also includes - besides financial and quality related assessments an assessment of whether the supplier demonstrates social responsibility, including not using child labour, etc. The company will continue to work on safety issues via daily morning meetings at warehouses and production facilities to ensure that the number of workplace accidents are avoided or at a very low rate. The company completed 2 employee satisfac- tion surveys during 2024/25 to ensure that the social conditions remain good via the use of employee dialogues. Communication is still in high focus and therefore monthly morning meetings are initiated for all employees and for those who can´t partic- ipate the meetings are shared via Teams. Information screens are insuring that all gets the same information and at the same time. Inclusion is also important to the company, and it employs those in vocational training programs and offers flexible working schemes (flexjob) to employees with a limited work capacity. In addition, there are schemes for seniors offered to employees who are close to retirement. RIAS also assumes responsibility by training young people in various job roles, and currently the company has 5 trainees hired in warehouses and in sales func- tions which is 2 more than last year. All new suppliers are asked to fill out a Supplier Code of Con- duct which, among other things, has questions related to human rights. In the financial year only suppliers fulfilling the require- ments of the Supplier Code of Conduct have been used. RIAS A/S has received an updated Supplier Declaration at the end of the financial year and will therefore from now on use this one for new suppliers, while also getting this updated version signed by the current suppliers. Anti-corruption As a company, RIAS wants to ensure that we carry out our activities in an honest manner without the involvement of corruption or bribery to gain unfair advantages.It is important that all of RIAS’ activities are characterised by integrity. Bribery and corruption harm the societies in which they take place and prevent economic growth and devel- opment. It is RIAS’ policy to comply with all applicable laws on fight- ing corruption and to correctly list all transactions in RIAS’ financial statements and reports. The company has zero tolerance for bribery and corruption made by employees or others acting on our behalf. Diversity At RIAS, we believe that a diverse workplace and an inclusive workingenvironmentisanassetforourcompany.Webelievethat diverse teams are more innovative, make better decisions and contributetonovelthinking,andwealsopromotetoleranceamong 20 RIAS Annual Report 2024/25 MANAGEMENT’S REVIEW ESG FOR 2024 / 2025 To support the policy on fighting bribery, all new employees must complete online courses in anti-trust and anti-corruption issues within three months of starting in their jobs and updat- ed courses are continuously held for employees in RIAS A/S. In the 2024/25 financial year, compliance e-learning cours- es in anti-corruption work have been held for all employees and 100% of employees completed the course. Compliance is also an item on the agenda at board meetings, and here the Board of Di- rectors has also been informed of the e-learning courses that have been completed. The management group also discusses compliance issues and this is a permanent part of the agenda. The company expects that this target will be achieved in 2029/30 and achieved by the following actions: • Work is being done to ensure at least 38% female managers in the company. This is not accomplished in 2024/25 but in all new positions the company uses recruitment agencies to find the best employees and to ensure that the candidates in- clude well-qualified women. • Making the company more attractive to managers of both genders, such as by ensuring there is an HR policy that pro motes the career opportunities of both men and women, which is accomplished by offering a flexible and family-fri endly workplace. The company has a whistleblower hotline which gives the possi- bility to report on all critical issues they might observe. The hot- line is available from the website RIAS.dk and therefore is an op- tion for both internal employees and external stakeholders to use. The hotline is managed by an external partner and therefore everything can be reported strictly confidential. There have been no whistleblower reports submitted in 2024/25. Nor has manage- ment been made aware of corruption issues by other channels, and the Board of Directors has also been notified of this. In the 2024/25 financial year, all employees have been asked to com- plete e-learning courses on compliance, GDPR and IT security. Policy for the gender composition of the Board of Directors and Executive Board, cf. Section 107D The current Board of Directors are elected on an annual ba- sis, and the board members are selected based on their overall competences. The Board of Directors currently consists of three members, of which all are men. Therefore, the company hasn’t achieved an equitable gender distribution in the top management team. Our ambition in our board is to have at least 25% of the un- derrepresented gender on our Board and this is expected to be achieved in 2029/30 Diversity in the Board of Directors 2025 3 2024 2023 2022 2021 Members 3 4 4 4 Underrepresented Target in % 0% 0% 25% 25% 25% 25% 25% 0 0 0 Target is expected to be achieved 2029/30 2028/29 0 Gender diversity in the other management of RIAS A/S The other management in RIAS A/S consist of two levels of management. Level 1: The Executive Management. Le- vel 2: People with employee responsibilities who report di- rectly to the Executive Management. The Executive Manage- ment consists of two members and the management team who report directly to the Executive Management consists of 5 members. In total the other management consists of 7 mem- bers and where no one is a female. The target of 38% gen- der split is therefore not achieved in the other management. Gender diversity in the other management of RIAS A/S Members 7 0% 8 7 9 6 Underrepresented Target in % 13% 14% 22% 17% 38% 38% 0 0 0 Target is expected to be achieved 2029/30 2028/29 0 new digital solutions in relation to the data processing they entail, as RIAS is very aware that the use and processing of data must never go beyond RIAS’ data ethical values and in the end, end up damaging trust in RIAS as a digitally responsible company. Data ethics § 99 d It is RIAS´s policy to maintain the highest ethical standards and comply with all applicable data and privacy laws and regulations. Our work with data ethics is governed by the data ethics policy as well as internal policies and stand- ard operating procedures. As described in RIAS‘ Policy for data ethics, which is available at rias.dk, we at RIAS have identified a number of data ethical values that we as a company must work towards, and which can support that we al- ways make well-considered decisions on our digital journey. The data ethical values are places on top of the relevant legislation for the area and complement RIAS’ per- sonal data policy. The policy implies that RIAS continuously consider the advantages and disadvantages of the use of Please refer to:  https://www.rias.dk/dataetik Tax policy It is RIAS´s policy to maintain the highest ethical standards and comply with all applicable laws and regulations. Our work with Tax is governed by the Tax policy as well as internal policies and standard operating procedures. RIAS Annual Report 2024/25 21 FINANCIAL STATEMENTS 22 RIAS Annual Report 2024/25 FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME Statement of comprehensive income 1 October to 30 September Note Amounts in DKK ‘000 2024/25 303,111 -204,729 2023/24 319,092 -214,332 3 Revenue Production Cost Gross profit 98,382 104,760 4-5 4-5 4-5 Distribution expenses Administrative expenses Profit before special items -71,880 -13,345 13,157 -73,385 -12,840 18,535 6 Special items 299 692 Profit before financial income and expenses 12,858 17,843 7 8 Financial income Financial expenses 682 -753 1,144 -1,088 Profit before tax 12,787 -3,699 9,088 0 17,899 -4,345 13,555 0 9 Corporation tax Net profit for the year Other comprehensive income Total comprehensive income 9.088 13,555 10 Earnings per share Earnings per DKK 100 share Earnings per DKK 100 share, diluted 39.41 39.41 58.77 58.77 RIAS Annual Report 2024/25 23 FINANCIAL STATEMENTS BALANCE SHEET Balance sheet assets at 30 September Note Amounts in DKK ‘000 2024/25 2023/24 Assets Non-current assets 11 12 13 Intangible assets Goodwill Customer relations Software 53,085 0 108 1,362 54,555 53,085 0 0 0 Assets under construction 53,085 Property, plant and equipment Land and buildings Plant and machinery Other fixtures and fittings, tools and equipment Assets under construction 38,219 12,527 2,680 4,249 57,675 38,606 13,555 3,375 1,589 57,125 Leasing assets 4,732 5,771 Total non-current assets 116,962 115,981 Current assets Inventories Receivables 14 15 29,715 64,317 4,424 29,187 70,205 4,619 Prepayments Cash at bank and in hand Total current assets 34,347 132,803 40,791 144,802 Total assets 249,765 260,783 24 RIAS Annual Report 2024/25 FINANCIAL STATEMENTS BALANCE SHEET Balance sheet liabilities and equity at 30 September Amounts in DKK ‘000 Note 2024/25 2023/24 Liabilities and equity 16 Equity Share capital Revaluation reserve Retained earnings Proposed dividend Equity 23,063 1,898 161,836 5,996 23,063 1,898 158,744 8,533 192,793 192,238 Liabilities Non-current liabilities Deferred tax Lease liabilities 17 13 10,041 1,751 9,982 1,147 Total non-current liabilities 11,792 11,129 Current liabilities 13 18 Lease liabilities Trade payables and other payables Corporation tax 3,002 40,301 1,377 4,906 47,618 4,891 Total current liabilities 44,680 57,415 Total liabilities 56,972 68,545 Total liabilities and equity 249,765 260,783 19 Contingencies and other financial commitments 20- 23 Other notes RIAS Annual Report 2024/25 25 FINANCIAL STATEMENTS EQUITY STATEMENT Amounts in DKK ‘000 Proposed Share capital Revaluation reserve Retained earnings dividend Total 2024/25 Equity at 1 October 2024 Change in equity in 2024/25 Total comprehensive income Dividend paid to shareholders Proposed dividend to shareholders Total changes in equity in 2024/25 Equity at 30 September 2025 23,063 1,898 158,744 8,533 192,238 0 0 0 0 0 0 0 9,588 0 -5,996 3,592 162,336 0 -8,533 5,996 -2,537 5,996 9,588 -8,533 0 1,055 193,293 0 23,063 1,898 2023/24 Equity at 1 October 2023 Change in equity in 2023/24 Total comprehensive income Dividend paid to shareholders Proposed dividend to shareholders Total changes in equity in 2023/24 Equity at 30 September 2024 23,063 1,898 153,722 8,533 187,216 0 0 0 0 0 0 0 13,555 0 -8,533 5,022 158,744 0 -8,533 8,533 0 13,555 -8,533 0 5,022 192,238 0 23,063 1,898 8,533 26 RIAS Annual Report 2024/25 FINANCIAL STATEMENTS CASH FLOW STATEMENT Amounts in DKK ‘000 2024/25 2023/24 Net profit for the year 9,588 13,555 Adjustment for non-cash operating items etc: Tax on profit for the period Depreciation and amortisation Profit or loss on sale of property, plant and equipment and financial assets Financial income Financial expenses 3,199 8,847 0 -682 753 4,345 8,790 0 -1,144 1,088 26,634 Cash flows from operating activities before changes in working capital 21,705 Changes in inventories -528 6,082 -7,317 19,942 -799 -11,975 3,885 Changes in receivables (and prepayments) Changes in trade payables and other payables Cash flows before financial income and expenses and tax 17,745 Financial income, received Financial expenses, paid 526 -629 901 -775 Corporation tax paid Cash flows from operating activities -6,654 13,185 -2,039 15,832 Purchase of intangible assets -1,487 -4,406 0 0 -2,039 0 Purchase of property, plant and equipment Sale of property, plant and equipment Cash flows from investment activities -5,893 -2,039 Installments on leasing debt Paid dividend -5,235 -8,533 -4,879 -8,533 Cash flows from financing activities -13,768 -13,412 Cash flows for the year Cash and cash equivalents at 1 October Currency regulation cash -6,476 40,791 32 381 40,714 -304 Cash and cash equivalents at 30 September 34,347 40,791 RIAS Annual Report 2024/25 27 NOTES Note 1. Accounting policies Income statement Net revenue RIAS A/S is a public limited company registered in Denmark. The Annual Report covers the period 1 October 2024 – 30 Sep- tember 2025. The Annual Report of RIAS A/S for 2024/25, which comprises Management’s Review and Financial Statements for the period 1 October 2024 – 30 September 2025, is prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies in class D. On 10th of December 2025, the Board of Directors and the Executive Board discussed and adopted the Annual Report of RIAS A/S for 2024/25. The Annual Report will be presented to the shareholders of RIAS A/S for adoption at the Annual General Meeting on 21 January 2026. Revenue covers the sale of tradable goods and finished goods minus cash and bulk discounts. Revenue from the sale of goods is recognized in the income state- ment when all performance obligations have been fulfilled. This is when goods leave the warehouse. Revenue is measured at the fair value of the agreed consideration, exclusive of VAT and taxes collected on behalf of a third party. At the time of recognition of income, a number of price adjustments are also estimated. These are recognized as a reduction to revenue. Payment terms for receivables from sales depend on the cred- it- worthiness of the customer, ordinary business practices and signed agreements. Some customers have payment terms with a credit period that begins once the product is shipped. Most common payment term is 30 days. Basis of preparation The Annual Report is presented in DKK rounded off to the near- est DKK 1,000. The Annual Report is prepared under the his- torical cost convention. The accounting policies described below have been applied consistently for the financial year and for the comparative figures. Segmentation information The company has one operating segment and operates within two product areas: Changes in accounting policies and disclosures Impact of new accounting standards Effective from the 2024/25 financial year, RIAS has imple- mented all new, updated or amended international financial reporting standards and interpretations (IFRSs) as issued by the IASB and IFRSs adopted by the EU that are effective for the 2024/25 financial year. • Sale, processing and distribution of semi-finished plastic products to all branches of the building and construction sector. (Construction) • Sale, processing and distribution of semi-finished plastic products to industry and the public sector. (Industry) New financial reporting standards to be adopted New or amended IFRS Accounting Standards and interpreta- tions issued by the IASB that have not yet become effective are generally not adopted until they become effective and are en- dorsed by the EU. Based on the IFRS 8 operational segments and internal report- ing to the management in their assessment of the company’s results, financial position and allocation of resources, an op- erational segment has been identified consisting of sales, pro- cessing and distribution of semifinished plastic products. This reflects the management’s approach to allocation of resources and its organizational management. The revenue is divided be- tween the product areas of Building &Construction and Industry. The new standards that are not yet effective are not expected to have any material impact on RIAS A/S except for IFRS 18 Pres- entation and Disclosure in Financial Statements, which was is- sued in April 2024 and will be effective from our financial year 2027/28, impacting presentation and disclosure of the financial statements. RIAS A/S is currently evaluating the potential im- pact of this standard. Production costs Production costs include costs that are incurred to realise the revenue for the year. This includes direct and indirect costs for raw mate- rials and consumables. Description of applied accounting practices Conversion of foreign currency Transactions in foreign currency are converted at the exchange rates on the transaction date or at the approximate rate. Currency differen-ces arising between the exchange rate on the transaction date and the rate on the date of payment are recognised in the income statement under financial revenue or costs. Distribution costs Distributioncostsincludecoststhatareincurredtodistributegoods soldduringtheyearandcostsfortheyear’scompletedsalescam- paigns, etc. Distribution costs also include costs for salespeople, advertising and exhibition costs and depreciation and write- downs. Administration costs Receivables, debt and other monetary balance sheet items in for- eign currency are converted at the exchange rates on the balance sheet date. The difference between the rate on the balance sheet date and the rate at the time of the receivable or debt arising or the rate in the latest annual report are recognised in the income statement under financial revenue and costs. Fixed assets pur- chased in foreign currency are converted using the exchange rate at the transaction date. Administration costs include costs that are incurred during the year for management and administration, including costs for the administrative personnel and offices plus depreciation and write-downs. Administration costs also include write-downs of receivables from sales. Special items The purpose of separating special items in the income state- ment is to improve transparency and separate special items from the regular operations. The annual report is submitted using DKK as the functional currency. 28 RIAS Annual Report 2024/25 NOTES Financial revenue and costs The cost price includes the acquisition price and costs directly associated with the acquisition until the point in time where the asset was ready to use. Financial revenue and costs includes interest rate gains/loss- es, currency exchange rate gains/losses and write-downs for securities, debt and transactions in foreign currencies. It also includes supplements and payments under the on-account tax scheme. Subsequent costs, for example, when replacing components of a tangible asset, are included in the book value of the relevant asset when it is likely that the cost will result in future financial benefits for the company. The replaced components will cease to be included on the balance sheet and the book value will be transferred to the income statement. All other costs for regular repairs and maintenance are included in the income statement as the costs are incurred. Tax on the year’s result RIASA/SisjointlytaxedwithallDanishcompaniesinthethyssen- krupp Group. The Danish corporation tax is divided among the jointly taxed companies based on their taxable income. RIAS A/S is an administration company for the jointly taxed Dan- ish companies. The jointly taxed companies are included in the on-account tax scheme. See note 19. The cost price for an overall asset is divided into separate com- ponents that are depreciated separately if the usable periods of the individual components vary. Tangible assets are subject to linear depreciation over the expected usable period of the as- sets, which are: The tax for the year, which consists of actual taxes and deferred taxes is included in the income statement with the portion that can be attributed to the year’s result and directly in the equity with the portion that can be attributed to items directly on the equity. Office and warehouse buildings 10-30 years Production facilities and machinery 8-10 years Balance sheet Other facilities, operational material and inventor 3-10 years Intangible assets The scrap value for office and warehouse buildings is assessed on an ongoing basis and currently amounts to 50% of the cost price. Plots of land are not depreciated. On recognition, goodwill represents the excess cost of an ac- quisition over the fair value of the identifiable net assets of the acquired company. Subsequently, goodwill is measured at cost, less accumulated impairment losses. Goodwill is not amortized. The basis for depreciation is calculated considering the asset’s scrap value and reduced by any potential write-downs. The scrap value is specified at the time of acquisition and revised annually. If the scrap value exceeds the assets’ book value, de- preciation will cease. At the time of acquisition, goodwill is attributed to the cash-gen- erating units, which are expected to benefit from the business combination; however, not to a level lower than the segment level and the level on which goodwill is monitored, as part of the internal financial management. The Management has identified one operating segment being the whole group to which goodwill is allocated. When the depreciation period or scrap value is changed, the impact of depreciation is then from then on recognised as an accounting estimate. The carrying amount of goodwill is tested for impairment, to- gether with the other non-current assets of the cash-generat- ing unit to which goodwill has been allocated and is impaired to the recoverable amount in the income statement, if the carrying amount is higher. Impairment of goodwill is recognized as a sep- arate item in the income statement. Goodwill is tested annually for impairment, the first time being by the end of the year of recognition, in connection with a business combination. Depreciation is recognised in the income statement under, re- spectively, distribution and administration costs. Impairment test of long-term assets. Goodwill is tested annually for whether it needs to be written down, the first time at the end of the acquisition year. The book value of goodwill is tested for whether it needs to be writ- ten down in the cash flow-generating unit to which the goodwill is allocated and written down to the recoverable value over the income statement if the book value is higher. Impairment of goodwill is not reversed. Impairment of other as- sets is reversed in so far as the assumptions and estimates, on the basis of which the impairment is made, have been changed. Impairments are only reversed in so far as the new carrying amount of the asset does not exceed the carrying amount of the asset after amortization, had the asset not been impaired. Other intangible assets are measured at cost price with the deduction of accumulated depreciation and write-downs. The recoverable value is measured as the present value of the future net cash flows from the company or activity (cash flow-generating unit) that the goodwill is associated with. The book value of the other long-term assets is assessed annu- ally to determine if there are indications for write-downs. When such indi- cations are present, the recoverable value of the asset is calculated. The recoverable value is the highest of the asset’s fair value with de- ductions of expected selling costs or capital value. Other intangible assets undergo linear depreciation over the ex- pected period of use, which is: Customer relationships Software 16 years 5-10 years The capital value is calculated as the present value of expect- ed future cash flows from activities or the cash flow-generating unit that the asset is a part of. Property, plant and equipment Plots and buildings, production facilities and machines, other facilities, operational materials and inventory are measured at cost price with the deduction of accumulated depreciation and write-downs. RIAS Annual Report 2024/25 29 NOTES A write-down is recognised when the book value of an asset or a cash flow-generating unit exceeds the activity’s or the cash flow-generating unit’s recoverable value. The write-down is rec- ognised in the income statement under, respectively, distribution and administration costs. Write-downs of goodwill are recog- nised on a separate balance sheet item in the income statement. price with the addition of any potential import taxes. The net real- isation value for inventories is calculated as the sales sum minus the completion costs and cost incurred to realise the sale and de- termined while taking into account transferability, obsolescence and the developments in the expected sales price. Receivables Write-downs of goodwill are not reversed. Write-downs of other assetsare reversed to the extent that changes have happen to the prerequisites and estimates that led to the write-down. Receivables from sales are mainly product receivables. Receiva- bles are at the first recognition measured at fair value and sub- sequently at amortised cost price. Receivables from sales are written down on the basis of an individual assessment and the simplified approach pursuant to IFRS 9, where provisions for losses are based on the expected credit loss for the duration. Write-downs are only reversed to the extent that the asset’s new book value does not exceed the book value the asset would have had after a write-down if the asset had not been written down. Receivables from sales and other receivables are recognised at amortised cost price minus write-downs to address losses. There is made write-downs to address the losses that are believed to possibly materialise. If the customers’ financial conditions dete- riorate further and they are unable to make the payments, it may be necessary to make additional write-downs in future financial years. A provision for the expected credit loss in the duration is based on a customer group’s credit risk and by how much the due date for payment has been exceeded. In connection with assess- ing whether RIAS’ write-downs to address losses are sufficient, the management analyses receivables, including earlier losses on receivables from goods, the customers’ creditworthiness, cur- rent financial conditions and changes to the customers’ terms of payment. Leasing assets Leasing assets include the leasing of warehouses and office buildings,company cars,IThardware and other office equipment. Whether a contract contains a lease contract is assessed at the commencement of the contract. For identified leasing contracts, a right of use for a leased asset is recognised along with associ- ated leasing obligations at the start date of the lease. In the first recognition, the right of use is measured at cost price matching the leasing obligation that has been recognised, ad- justed for any leasing prepayments or directly related costs, including removal and restoration costs. The leasing obligation is measured at the present value of leasing payments in the leasing period, discounted using the implicit interest rate in the leasing contract. In cases where the implicit interest rate cannot be determined, the company’s marginal lending rate is used. Prepaid costs Prepaid costs are measured at cost price. Equity Dividends When there is an extension of the leasing period, options are only recognised if it is reasonably certain that they will be exer- cised. The majority of the extension and termination options in the contract can only be exercised by the company and not the respective lessor. Dividends are recognised as a liability at the time the proposal for dividends is adopted at the ordinary annual general meeting (the time of declaration). Dividends that are expected to be paid for the year are shown as a separate item under equity. For subsequent measurements, the right of use is used with deduction of accumulated depreciations and write-downs and adjusted for any potential remeasurements of the leasing ob- ligation. Depreciation is only made based on the linear method over the leasing period of right of use period, whichever is short- est. The leasing obligation is measured at amortised cost price when using the effective interest rate method and adjusted for any potential remeasurements or changes made to the contract. Any potential service elements that can be separated from the lease contract are recognised separately from the lease con- tract. For service elements that cannot be separated from the lease contract, the payments for these are recognised as part of the leasing obligation. Revaluation reserve The revaluation reserve consists of a value adjustment in con- nection with revaluing the price of buildings when transitioning to the Danish Financial Statements Act of 2001. Payable taxes and deferred taxes Current tax liabilities and receivable current taxes are recog- nised in the balance sheet as calculated tax on the year’s taxable income, adjusted for tax on previous years’ taxable incomes and for paid on account taxes. Deferredtaxesaremeasuredbasedonthebalancesheetoriented debt method of all temporary differences between the book value and the taxable value of assets and liabilities. However, deferred taxes from temporary differences concerning taxable goodwill that cannot be depreciated and other items are not included in the event that the temporary differences, except for company handovers, have arisen at the time of acquisition without having an impact on the result or the taxable income. In cases where the calculation of the taxable value can be made after different tax rules, deferred taxes are measured on the basis of the manage- ment’s planned use of the asset or the repayment of the liability. The right of use for assets and leasing obligations are not recog- nised if the leasing agreement concerns low-value assets or if the leasing period is 12 months or below. These are recognised as a cost linearly over the leasing period. The company has chosen to make an exception and not separate leasing contracts into leasing or service elements. The company uses this approach for, among other things, cars where the value of the service is not calculated. Inventories Inventories are measured at cost price based on the FIFO method or the net realisation value if this is lower. The cost price for commercial goods includes the acquisition Deferred tax assets, including the taxable value of deficits that can be carried forward, are recognised under other long-term 30 RIAS Annual Report 2024/25 NOTES assets at the value of which they are expected to be used, either for the equalisation of tax or when offsetting deferred tax liabil- ities in the same legal tax entity or jurisdiction. Note 2. Accounting estimates and assessments The uncertainty of estimates The calculation of the book value of certain assets and liabili- ties require the use of assessments, estimates and assumptions about future events. Deferred tax assets of tax liabilities are offset if the company has a legal duty to offset current tax liabilities and tax assets or if it intends to pay current tax liabilities and tax assets on a net basis or to realise the assets and liabilities concurrently. The estimates and assumptions applied are, among other things, based on historical experiences and other factors that the management deems reasonable under the circumstances but which, by their nature, are uncertain and unpredictable. The assumptions may be incomplete or inexact, and unexpected events or circumstances may appear. Deferred taxes are measured on the basis of the tax rules and tax rates in the respective countries which pursuant to the leg- islation on the balance sheet day would apply when the deferred taxes are expected to become current taxes. Changes to de- ferred taxes resulting from changes to tax rates are recognised in the year’s total income. Due to the risks and uncertainties the company is subject to, actual outcomes may deviate from the estimates. Provisions Provisions are recognised when the company, due to an event that has occurred before or on the balance sheet date, has a legal or actual obligation and it is likely that financial benefits must be paid to meet this obligation. It may be necessary to change earlier estimates due to changes in the conditions that they were based on or due to new knowl- edge or subsequent events. Estimates that are significant to the submission of the financial statements are made, among other things, by a valuation and impairment test of goodwill and the writing down of inventory. Provisions are measured based on the management’s best esti- mates of the amount at which the obligation can be paid. Financial liabilities Impairment test of goodwill Debt to credit institutions, etc. is recognised at the time the debt is assumed at fair value after the deduction of incurred trans- action costs. In subsequent periods, the financial obligations are measured at amortised cost price using the “effective interest rate method”, so that the difference between the profits and the nominal value are recognised in the income statement under financial costs over the period of the loan. In the annual Impairment test of goodwill or when there are in- dications of a need for a write-down, estimates are made about whether the company will be able to generate sufficient positive net cash flows in the future to support the value of goodwill or other net assets. The book value of goodwill currently amounts to DKK 53 Mio. Due to the nature of the business, there needs to be made es- timates about expected cash flows many years into the future, and this is of course associated with an element of uncertainty. The uncertainty re- lates to the management’s expectations for future growth and the ability to achieve the planned savings and streamlining processes (Estimate). Cash flow statement Thecashflowstatementshowsthecashflowsdistributedbyopera- ting, investment and financing activities for the year, the year’s changes to liquid assets and liquid assets at the start and end of the year. Cash flows from operating activities are measured based on the indirect presentation method as a result after tax for non-cash operating items, changes to operating capital, received and paid interest and paid corporation tax. The impairment test is described in more detail in note 11. IFRS 16 When recognising and measuring lease contracts, different as- sessments are made when specifying rights of use and leasing obligations. Estimates include the assessment of leasing peri- ods, the exercise of extension options (estimate) and applicable discount rates (estimate). Cash flows from investment activities include payments in con- nection with the buying and selling of intangible, tangible and other long-term assets plus the buying and selling of securities that are not counted as liquid assets. Cash flows from financing activities include changes in the loans taken, payments on interest-bearing debt and the payment of dividends to the company’s shareholders. Liquid assets include liquid assets and short-term contractual deposits that can without issue be converted to liquid assets and of which there is only a slight risk of changes in value. Key figures Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. Other key figures have been prepared in accordance with the key figure definitions described in the management’s report un- der Key Figures. RIAS Annual Report 2024/25 31 32 RIAS Annual Report 2024/25 NOTES Note 3. Revenue Sales outside Denmark amount to 16,6% of the company revenue. Sweden amount to 12,9%. All non-current assets are placed in Denmark. Amounts in DKK ‘000 2024/25 2023/24 Revenue Industry Revenue building/ Revenue in total Revenue Industry Revenue building/ Revenue in total construction construction DK 143,214 17,683 10,083 109,427 21,533 1,171 252,641 39,216 11,254 152,945 17,392 8,951 118,994 19,668 1,142 271,939 37,060 10,093 Sweden Others In total 170,980 132,131 303,111 179,288 139,804 319,092 The Group’s products are mainly sold to Danish customers. Sales are distributed on a large number of different products and custom- ers. One single customer account for more than 10% of total sales. Sale to this customer amounts to DKK 41,7 mio. In 2023/24 sale to this customer was DKK 42,3 mio. The operating segment consists of two sales departments for Building & Construction and Industry, respectively, which are supported by a number of joint functions such as purchasing, logistics and production, and the purchased products are used for re-sale in both Industry and Building & Construction. There are also a number of employees who carry out production and processing of products for both Industry and Building & Construction, and this also applies to employees in the two sales offices. Based on this, Management has assessed that RIAS A/S only has one operating segment. The Building & Construction Division primarily deals in finished plastic products, eg roof plates, thermo roofs, etc. The Industry Division deals in semi-finished plastic products, eg tubes, plastic rods and processing of these. Note 4. Depreciation 2024/25 2023/24 Depreciation and amortisation are included in productions cost as follows: Depreciation of property, plant and equipment 2,402 2,486 Depreciation and amortisation are included in distribution expenses as follows: Amortisation of intangible assets Depreciation of property, plant and equipment Depreciation from lease assets 0 1,366 4,878 6,244 0 1,468 4,740 6,208 Depreciation and amortisation are included in administrative expenses as follows: Amortisation of intangible assets Depreciation of property, plant and equipment Depreciation from lease assets 0 0 177 177 0 0 96 96 Gain/loss from sale of asset Total depreciation and amortisation 8,823 8,790 Specifications to depreciation lease assets. Note 13. RIAS Annual Report 2024/25 33 NOTES Amounts in DKK ‘000 Note 5. Staff 2024/25 2023/24 46,803 6,155 2,981 199 Wages and salaries 45,785 6,319 3,379 241 Pensions, defined contribution plan Remuneration to the Executive Board Pension to the Executive Board Fee to the Board of Directors Other social security expenses 393 1,119 57,236 465 1,509 58,112 Average number of full-time employees Number of full-time employees at 30 September 101 103 104 105 Total remuneration to the Executive Board Total remuneration to the Executive Board and the Board of Directors 3,831 4,224 3,394 3,859 The CEO has 1 year notice period with salary in case of a termination of the contract. In case of a take over the period is 1.5 year. The CFO has 1/2 year notice period with salary in case of a termination of the contract. Salaries are included in productions cost as follows: Salaries are included in distribution expenses as follows: Salaries are included in administrative expenses as follows: 50,201 7,112 50,864 6,636 Note 6. Special items Restructuring costs Total 299 299 692 692 Note 7. Financial income Interest Exchange gains 418 264 682 901 243 1,144 Note 8. Financial expenses Interest Exchange losses 518 235 753 775 313 1,088 34 RIAS Annual Report 2024/25 NOTES Amounts in DKK ‘000 Note 9. Corporation tax 2024/25 2023/24 3,686 193 Current tax for the year Deferred tax for the year Adjustment of tax concerning previous year Total 2,756 59 384 3,199 466 4,345 22% tax calculated on profit for the year Tax effect of non-deductible costs Tax effect of IFRS 16 2,301 31 134 3,560 23 104 Tax effect other adjustments Total Effective tax rate 733 3,199 25,0% 658 4,345 24,3% Note 10. Earnings per share Net profit for the year 9,558 230,630 41,4 13,555 230,630 58,8 Average number of shares, DKK 100 Earnings per DKK 100 share Earnings per DKK 100 share, diluted 41,4 58,8 Goodwill Customer relations Software Asset under construction Total Note 11. Intangible assets Cost at 1 October 2024 Additions for the year Disposals for the year 53,085 1,000 9,965 125 0 64,050 1,487 0 0 0 0 0 1,362 0 0 Transfers during the year 0 0 1,000 -1,000 0 0 0 0 Cost at 30 September 2025 Amortisation at 1 October 2023 Amortisation for the year Reversed depreciations on the disposals og the year Amortisation at 30 September 2025 Carrying amount at 30 September 2025 53,085 10,090 -9,965 -17 1,362 65,537 -10,965 -17 0 0 0 0 0 0 0 0 0 0 -1,000 0 -9,982 108 0 -10,982 54,555 53,085 1,362 Cost at 1 October 2023 Additions for the year Disposals for the year Transfers during the year Cost at 30 September 2024 Amortisation at 1 October 2023 Amortisation for the year Reversed depreciations on the disposals og the year Amortisation at 30 September 2024 Carrying amount at 30 September 2024 53,085 1,000 9,965 0 0 0 0 0 0 0 0 0 0 64,050 0 0 0 0 0 0 0 0 0 0 0 0 53,085 1,000 -974 -26 0 -1,000 0 9,965 -9,879 -86 64,050 -10,853 -112 0 -10,965 53,085 0 0 0 0 0 -9,965 0 53,085 RIAS Annual Report 2024/25 35 NOTES to less administration and more sales oriented work. This is expected to increase the EBIT in the years to come. Impairment test Goodwill The most material intangible asset is goodwill of DKKt 53,085, which is attributable to the acquisitions of the activities in Rode- na A/S and Nordic Plastic A/S. A discount rate of 8,18 % after tax (2023/24: 8.5%) has been applied. The decrease compared to 2023/24 is based on the decrease in the risk free interest and considered by Manage- ment’s assessment, that this is in line with the risk profile of RIAS A/S. Stock value is lower than book value and the management as- sess that this is due to low interest for the stock since the shares are mainly owned by two bigger shareholders (thyssenkrupp and Expon Aps). Sensitivity analysis The difference between the calculated recoverable amount, DKK 231 million, and the carrying amount of equity, DKK 204 million, is DKK 28 million. In Management’s assessment, the discount rate after tax may increase to 8.9% before write- down for impairment is required, and Management is moni- toring the development in the risk-free interest rate closely. At 30 September 2025, Management tested the carrying amount of goodwill for required write-down for impairment based on the allocation made to the cash-generating unit of the cost of good- will. In Management’s opinion, RIAS A/S has only one cash-gen- erating unit, which is the legal entity. Another key assumption of the impairment test is our ex- pectations for an increase in EBIT to DKK 24.7 million in the terminal period. EBIT may decrease to DKK 21 million in the terminal period before write-down for impairment is required. Due to the fact that expected future cash flows are based on an estimate, the impairment test is inherently sub- ject to uncertainty. Amounts in DKK ‘000 2024/25 RIAS A/S 53,085 The recoverable amount is based on the value in use determined by using expected net cash flows on the basis of approved budg- ets as well as substantiated projections for the remaining period. Key assumptions Revenue estimate for the budget period is based on approved budget and forecast for the next three years based on Manage- ment’s experience and expectations for the future. Revenue is expected to increase in the budget due to expectations of more tonnage sold compared to 2024/25 in strategic areas. In the budget period of 2025/26 an increase of 5% in revenue is expected and in the forecast period from 2026/27 to 2027/28 an increase is expected in revenue of 14.9% which will, among other things, be achieved through our activities in Building di- vision including Sweden and the other Nordic markets, where we can see that the market is growing, and the development in the processing department and in the industry division. New warehouse and ERP system will also drive the growth with the improved efficiency being a consequence of these investments. A growth rate of 8.7% is estimated for years 4 to 6, as well as a growth rate of 1.8% in the terminal period (2024/25: 1,8%). In Management’s assessment this is a realistic level of growth for the building and construction market as well as the industrial sector, in which RIAS A/S is operating. EBIT is estimated to increase from the current level of DKK 12.9 million to DKK 13.3 million in the budget period 2025/26. The increase is expected due to assumptions on stable prices and further development in our Nordic markets. In 2026/27 EBIT is expected to increase due to investment in warehouse facilities that will improve efficiency and also the implemented ERP will lead to improved efficiency in internal processes that will lead 36 RIAS Annual Report 2024/25 NOTES Amounts in DKK ‘000 Land and buildings Plant and machinery Other fixtures and fittings tools and Asset under construction Total Note 12. Property, plant and equipment equipment Cost at 1 October 2024 Additions for the year Disposals for the year 66,447 0 38,208 59 23,397 98 -107 1,589 4,249 129,641 4,406 -107 0 0 0 Transfers 0 1,589 39,856 -24,653 -2,676 0 0 -1,589 4,249 0 Cost at 30 September 2025 Depreciation at 1 October 2024 Depreciation for the year Reversed depreciation on disposals for the year Depreciation at 30 September 2025 Carrying amount at 30 September 2025 66,447 -27,839 -389 0 -28,228 38,219 23,388 -20,022 -698 12 -20,708 2,680 133,940 -72,514 -3,763 12 -76,265 57,675 0 0 0 -27,329 12,527 0 4,249 Cost at 1 October 2023 Additions for the year Disposals for the year 66,382 65 37,953 255 22,158 366 873 1,589 0 127,366 2,275 0 0 0 0 Transfers 0 0 873 -873 1,589 0 0 Cost at 30 September 2024 Depreciation at 1 October 2023 Depreciation for the year Reversed depreciation on disposals for the year Depreciation at 30 September 2024 Carrying amount at 30 September 2024 66,447 -27,455 -384 0 38,208 -21,934 -2,719 0 23,397 -19,284 -738 129,641 -68,673 -3,841 0 0 0 0 -27,839 38,608 -24,653 13,555 -20,022 3,375 0 -72,514 57,127 1,589 RIAS Annual Report 2024/25 37 NOTES Amounts in DKK ‘000 Note 13. Leasing Land and buildings Plant and machinery Total 23,506 2,643 Leasing assets Cost at 1 October 2024 Additions for the year 18,766 0 4,740 2,643 Remeasuring of leasing assets Disposals for the year Cost at 30 September 2025 Depreciation for the year Amortisation for the year Disposals for the year 1,176 0 19,942 -15,594 -3,172 0 196 1,372 -1,579 6,000 -2,140 -1,883 1,579 -1,579 25,942 -17,734 -5,055 1,579 Amortisation at 30 september 2025 Carrying amount at 30 september 2025 -18,766 1,176 -2,444 3,556 -21,210 4,732 Cost at 1 October 2023 Additions for the year Remeasuring of leasing liability Disposals for the year Cost at 30 September 2024 Depreciation for the year Amortisation for the year Disposals for the year Amortisation at 30 september 2024 Carrying amount at 30 september 2024 18,789 0 5,422 2,394 270 -3,346 4,740 -3,305 -1,578 2,743 -2,140 2,600 24,211 2,394 0 -23 270 -3,369 23,506 -15,641 -4,836 2,743 18,766 -12,336 -3,258 0 -15,594 3,172 -17,734 5,772 Depreciation from leasing assets are included as follows 2024/25 0 2023/24 0 Productions cost Distribution cost Administrative cost -4,879 -176 -4,740 -96 Depreciation from lease assets in total -5,055 -4,836 Lease liability Liability appears as follows 2024/25 5,399 0 2023/24 5,172 Short term Long Term 1,491 Total non- discounted leasing fees 5,399 6,663 Lease liability in the balance sheet Short term Long Term 4,753 3,002 1,751 6,053 4,906 1,147 Maturity analysis for leasing liability 0-1 year: 4.906 1-2 year: 903 2-3 year: 244 38 RIAS Annual Report 2024/25 NOTES Amounts in DKK ‘000 Amount in profit and loss 2024/25 2023/24 Interest related to lease liability Costs related to short term leasing contracts (less than 12 months) Costs related to leasing contracts with low value 247 0 94 481 0 53 Amount in cash flow statement 2024/25 -5,235 -247 2023/24 -4,879 -481 Installments on lease liability Interest, Lease liability The company as Lessee Leasing contracts are recognised in the balance sheet as an asset with a corresponding liability. The company has decided not to include contracts with short period less than 12 months or contracts with low value. The company has contracts for copy machines in administration which are considered to have low value and payments for these are expensed linear in the profit and loss statement. Note 14. Inventories 2024/25 2023/24 Inventories are specified as follows: Goods for resale Work in progress 31,730 0 31,752 0 Inventories at 30 September Write-down at 1 October Reversed write-down made in previous years Write-down for the year 31,730 -2,565 550 31,752 -2,565 0 0 0 Write-down at 30 September -2,015 29,715 -2,565 29,187 Cost of goods sold included in production costs. 204,729 214,332 Adjustments relating to write-down of inventories are included in Production Costs Reversed write down during the year is due to less non and slow movers on stock and changes in turnover rate for the materials in the inventory. Note 15. Receivables Trade receivables, amortised cost Receivables from group enterprises Other receivables 62,839 107 1,769 70,870 38 27 Write-down for expected credit loss -398 -730 64,317 43,244 17,412 60,656 70,205 49,348 20,028 69,376 Insured trade receivables Trade receivables not insured Trade receivables at 30 September No losses from insured receivables has been realized. RIAS Annual Report 2024/25 39 NOTES Amounts in DKK ‘000 Provisions for bad debts are specified as follows: 2024/25 2023/24 -1,523 115 Provisions at 1 October Realised in the year Reversed Provisions for the year Provisions at 30 September -730 77 279 -24 -398 805 -127 -730 The provision is generally due to the customers’ inability to pay due to bankruptcy or expected bankruptcy. We have reduced our provision for receivables as our current assessment indicates a lower credit risk across our customer base. Recent improvements in customer payment behavior, strengthened credit profiles, and reduced overdue balances support a lower expected credit loss. RIAS does not grant credits with a term of more than 12 months. The realized loss on receivables in 2024/25 amounts to approx. 28% of the amount RIAS had as provision ultimo 2023/24. It is a uncrease of 21,3% points compared to the year before where the loss amounted to 6,7% of the amount RIAS had as provision ultimo 2022/23 2024/25 2023/24 Moreover, trade receivables which are overdue at 30 September but not provided for are included as follows: Period overdue: Up to 30 days Between 30 and 90 days 1,713 202 2,458 864 More than 90 days 1,375 3,290 1,469 4,791 Including insured receivables of 2,306 3,024 Provisions for bad debts are made on a current basis. Adjustments to the provisions are included in distribution expenses. Note 16. Equity Share capital The Company’s share capital of DKK 23,063k is distributed on DKK 3,125k A-shares and DKK 19,938k B-shares. The share capital is fully paid up. The A-shares, which are non-negotiable, carry 10 votes per DKK 100 share, see clause 11 of the articles of association. The B-shares, which are negotiable, carry 1 vote per DKK 100 share, see clause 11 of the articles of association. 40 RIAS Annual Report 2024/25 NOTES Dividend Dividend of DKK 5,996k (2023/24: DKK 8,533k) is proposed, corresponding to dividend per share of DKK 26 (2023/24: DKK 37). On 23 January 2025, RIAS A/S paid dividend to its shareholders of DKK 8,533 k (2023/24: DKK 8,533k), corresponding to dividend per share of DKK 37 (2023/24: DKK 37). The distribution of dividend to the shareholders of RIAS A/S has no tax consequences for RIAS A/S. Amounts in DKK ‘000 Note 17. Deferred tax 2024/25 9,982 59 2023/24 9,789 193 Balance at 1 October Adjustment for the year of deferred tax Balance at 30 September Deferred tax relates to: Buildings Operating equipment Intangible assets 10,041 9,982 5,295 1,308 3,265 173 5,138 1,398 3,258 188 Other temporary differences 10,041 9,982 The deferred tax is mainly expected to be utilized after 1 year. Note 18. Trade payables and other payables 2024/25 22,916 936 2023/24 22,814 907 Trade payables Payables to group enterprises Accrued VAT 4,663 6,179 Holiday pay obligation Accrued customer bonuses Other payables 1,584 7,270 2,932 1,582 12,131 4,005 40,301 47,618 Note 19. Contingencies and other financial commitments The Company is not part in any complaints which effect the Company’s financial position except for the receivables and commitments, which have been recognized in the balance sheet at 30 September 2025. The company is jointly liable for taxes due in the joint Danish taxation. The administrative company is RIAS A/S. The amount due in taxes for the Danish tax group is by 30 September 2025 DKK 3,419k. RIAS Annual Report 2024/25 41 NOTES Amounts in DKK ‘000 Note 20. Fees to auditors appointed at the General Meeting 2024/25 2023/24 Statutory audit Tax advisory services Non-audit services 486 57 0 475 36 0 543 511 Fee for Non-audit services delivered by BDO consists of general accounting and tax advice, mainly related to IFRS and tax. Note 21. Financial risks Financial risks The Company does not speculate in financial risks, and the Company’s management of such exposures focuses exclusively on managing financial risks that are a direct consequence of the Company’s operations and financing. The Company has no derivative financial instruments. Interest rate risks The Company does not enter into interest rate positions to hedge against interest rate exposures as moderate changes in the interest rate level will have no material effect on the Company’s earnings and equity. The sensitivity to interest rate risks is low and mainly relates to cash at bank and in hand. Credit risks The Company’s credit risks relate to trade receivables which arise when the Company carries through sales in respect of which pre- payments are not received. The Company’s policy for assuming credit risks implies that all customers are credit rated upon creation and on a current basis. If the credit rating of the customer is not satisfactory, separate security in respect of the sale is required. The primary instrument to hedge unsecure payments is to take out credit insurance which covers up to 90% of the total receivable exclusive of VAT. Credit insurance is taken out with COFACE credit insurance. If credit insurance cannot be taken out in respect of a customer, the customer is carefully assessed based on internal credit limits, or prepayment is requested. The management of the credit exposure is based on internal customer credit limits. The credit limits are determined on the basis of the creditworthiness of the customers with consideration to the current market situation. Provisions for bad debts are made to the extent necessary. See page 40. Non-insured trade receivables amounts to DKKt 17,412k - 30 September 2025. The company has deposit above state warranty and therefore there is a credit risk of DKK 33,597k. Only banks with low risk are being used. Risk evaluation is based on Standard & Poors rating. 2024/25 2023/24 Classes of financial assets and liabilities Financial assets: Financial assets at amortised cost 98,664 110,996 Financial liabilities: Financial liabilities at amortised cost Short term liabilities Long term lease liability 43,303 1,751 52,524 1,147 42 RIAS Annual Report 2024/25 NOTES Foreign exchange risks The Company is only to a limited extent exposed to the development in foreign exchange. Almost all trading takes place in DKK or EUR. As the foreign exchange risk relating to DKK/EUR is considered very low, the Company does not hedge its net debt in foreign currency. The company receives payment in SEK from Swedish customers. There is a risk from invoicing to payment from customer. This risk is considered minimal since payment terms are 30 days or less. Liquidity risks The Company’s liquidity reserve consists of cash holdings. The Company’s aim is to have adequate liquidity resources to be able to carry on appropriate operating activities in case of liquidity fluctuations. The Company only has debt which falls due within one year, cf. the balance sheet. The payment of this debt, DKK 48 Mio. can be fully covered by payments from receivables. Note 22. Related parties and related party transactions Controlling interest: thyssenkrupp Facilities Services GmbH, which holds all the A-shares of RIAS A/S, exercises control over the Company. RIAS A/S has registered the following shareholders as holding 5% or more of the share capital: • 54.15% thyssenkrupp Facilities Services GmbH • 11.17% Expon Aps. There have been no transactions with Expon Aps in the financial year. Other related parties: The Company’s related parties comprise the Company’s Board of Directors and the Executive Board and family members of these persons. More-over, related parties include the thyssenkrupp Group. There have been no transactions with the Board of Directors, the Executive Board, senior officers, significant shareholders or other related parties, except for the payment of remuneration, including legal assistance. The Annual Report of the ultimate Consolidated Financial Statements in which RIAS A/S is included as a subsidiary may be obtained from: thyssenkrupp AG, thyssenkrupp Allee 1, 45143 Essen, Germany, or may be obtained at:  https://www.thyssenkrupp.com/en/ investors Amounts in DKK ‘000 Trade with companies in thyssenkrupp: 2024/25 2023/24 Other related parties Other income Sale of goods and services Purchase of goods and services There are no transactions with the Parent Company Payables to companies in thyssenkrupp Receivables with companies in thyssenkrupp 822 542 6,420 736 1,565 6,125 840 1,397 869 38 Key management personnel Legal assistance from Lund Elmer Sandager (Board Member) 569 240 Note 23. Subsequent events No material events have occurred after 30 September 2025. RIAS Annual Report 2024/25 43 44 RIAS Annual Report 2024/25 MANAGEMENT’S STATEMENT Management’s statement The Board of Directors and the Executive Board have today con- sidered and adopted the Annual Report of RIAS A/S for 2024/25. financial circumstances, the profit for the year, cash flows and financial position as well as a description of the most material risks and uncertainties that may affect the Company. The Annual Report has been prepared in accordance with Inter- national Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for listed companies. In our opinion, the annual report of Rias A/S for the financial year 1 October 2024 to 30 September 2025 identified as RIAS- 2025-09-30-en.xhtml is prepared, in all material respects, in compliance with the ESEF Regulation. In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 September 2025 and of the results of the Company operations and cash flows for the financial year 1 October 2024 – 30 September 2025. We recommend that the Annual Report be adopted at the Annu- al General Meeting. In our opinion, Management’s Review provides a true and fair account of the development of Company’s activities and Karsten Due Dannie Michaelsen CEO CFO BOARD OF DIRECTORS Martin Koelink Chairman Peter Sørensen Vice-chairman Michael Meyer Board Member June Svendsen Board Member Jette Duus Board Member RIAS Annual Report 2024/25 45 INDEPENDENT AUDITOR’S REPORT To the Shareholders of RIAS A/S tiatives, changes to working capital as well as the discount rate and long-term growth rate. REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion This annual impairment test was significant to our audit because the assessment of impairment requires considerable judgement and es- timates by Management. Reference is made to note 2 “Account-ing estimates and assessments” and note 11 ”Intangible assets”. We have audited the Financial Statements of RIAS A/S for the finan- cial year 1 October 2024 - 30 September 2025, which comprise in- come statement, total income statement, balance sheet, statement of changes in equity, cash flow statement, notes and a summary of sig- nificant accounting policies. The Financial Statements are prepared in accordance with the International Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Fi- nancial Statements Act. How our audit addressed the key audit matter We assessed the annual impairment test prepared by Management, including the determination of the entire business as one cash gen- erating unit. In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 30 September 2025, and of the results of the Company’s operations and cash flows for the financial year 1 October 2024 - 30 September 2025 in accordance with the International Financial Report-ing Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act. We assessed the assumptions applied by Management in its budgets and forecasts, including net reve-nue growth, contribution margin taking into effect the expected decline in sales prices and positive effect from cost control initiatives, changes to working capital as well as the determination of discount rate and long-term growth rate. We compared budgets and plans for prior years with actual figures realised to obtain information regarding the accuracy of the judge- ments and estimates previously made by Management. In particu- lar, in this regard we challenged Management’s assessment of the future development in market conditions, foundation for further growth and initiatives to optimize production methods for the pur- pose of improving margins. Our opinion is consistent with our long-form audit report to the audit committee and the board of directors. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den- mark. Our responsibilities under those standards and require-ments are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We assessed the sensitivity in the value in use of future cash flows for changes to the assumptions in the budget and forecast period. In particular, the sensitivity relating to the long-term growth in the terminal period and changes to the discount rate. Independence We assessed the adequacy of disclosures about the key assumptions We are independent of the Company in accordance with the Inter- national Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Inde- pendence Standards) (IESBA Code), together with the ethical require- ments that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. applied and the sensitivity for changes in key assumptions. Statement on Management Review Management is responsible for the Management Review. Our opinion on the Financial Statements does not cover the Man- agement Review, and we do not express any form of assurance conclusion thereon. To the best of our belief we have not performed any prohibited non-audit services, as stated in article 5, subarticle 1, in regulation (EU) no. 537/2014. In connection with our audit of the Financial Statements, our respon- sibility is to read the Management Review and, in doing so, consider whether the Management Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Appointment of auditor We were initially appointed auditor of RIAS A/S on 27 January 2023 for the financial year 2022/23. We were reappointed annually by a resolution of a general meeting for a total continuous period of 3 years until and including the financial year 2024/25 Moreover, it is our responsibility to consider whether the Manage- ment Review provides the information required under the Danish Financial Statements Act. Key Audit Matters Key Audit Matters are those matters that, in our professional judg- ment, were of most significance in our audit of the Financial State- ments for the financial year 2024/25. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our auditor’s opinion thereon, and we do not provide a separate opinion on these matters. Based on the work we have performed, we conclude that the Man- agement Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Dan- ish Financial Statements Act. We did not identify any material mis- statement of the Management Review. Management’s Responsibilities for the Key audit matter Financial Statements Valuation of goodwill Management is responsible for the preparation of Financial State- ments that give a true and fair view in accordance with the Inter- national Financial Reporting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. Goodwill amounts to DKK 53 million as of 30 September 2025. As required by IFRS the valuation of goodwill is tested annually for impairment. Key assumptions in determining future cash flows are earnings growth, including in particular revenue growth, con- tribu-tion margin together including taking into effect the expected changes in sales prices and the positive effect from cost control ini- 46 RIAS Annual Report 2024/25 In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial State- ments unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. cumstances, we determine that a matter should not be commu- nicated in our Independent Auditor’s Report because the adverse consequences of doing so would reasonably be expected to out- weigh the public interest benefits of such communication. REPORT ON COMPLIANCE WITH THE ESEF REGULATION Auditor’s Responsibilities for the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material mis- statement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of our audit of the Financial Statements of RIAS A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 October 2024 to 30 September 2025 with the file name RIAS-2025-09-30-en.xhtml is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic For- mat (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tag- ging of the Financial Statements. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: • The preparing of the annual report in XHTML format; • The selection and application of appropriate iXBRL tags, includ- ing extensions to the ESEF tax-onomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Finan- cial Statements presented in human readable format; and • For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. As part of an audit conducted in accordance with ISAs and the ad- ditional requirements applicable in Denmark, we exercise profes- sional judgment and maintain professional skepticism throughout the audit We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Our responsibility is to obtain reasonable assurance on whether the annualreportisprepared,inallmaterialrespects,incompliancewith the ESEF Regulation based on the evidence we have obtained, and to issueareportthatincludesouropinion.Thenature,timingandextent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the require- ments set out in the ESEF Regulation, whether due to fraud or error. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo- sures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. The procedures in-clude: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Finan- cial Statements; • Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and • Reconciling the iXBRL tagged data with the audited Financial Statements. In our opinion, the annual report of RIAS A/S for the financial year 1 October 2024 to 30 September 2025 with the file name RIAS-2025- 09-30-en.xhtml is prepared, in all material respects, in compli-ance with the ESEF Regulation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Roskilde, 10 December 2025 BDO Statsautoriseret revisionsaktieselskab CVR no. 20 22 26 70 We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regard- ing independence, and to communicate them all relationships and other matters that may reasonably thought to bear on our inde- pendence, and where applicable, actions taken to eliminate threats or safeguards applied. Ferass Hamade BDO Statsautoriseret revisionsaktieselskab State Authorised Public Accountant MNE no. mne35441 From the matters communicated with those charged with govern- ance, we determine those matters that were of most significance in the audit of the Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our Independent Auditor’s Report unless law or regulation precludes public disclosure about the matter or when, in extremely rare cir- RIAS Annual Report 2024/25 47 OK Brand Consistency with Energy-Efficient LED As one of the most efficient and versatile light sources on the market, LED lighting has become a preferred solu- tion for a wide range of applications. With its low energy consumption, long lifespan, and high reliability, it is par- ticularly well-suited for signage such as facade letters, lightboxes, and other signage applications. For many years, RIAS A/S has supplied the red LED strips for the canopies at OK’s gas stations from Sloan- LED. These red strips have long been a defining element of OK’s visual identity and are now being extended to the roofs of OK’s electric vehicle charging stations, which fea- ture elegant, rounded corners that enhance the modern aesthetic. To accommodate these curved designs, we have worked closely with the manufacturer SloanLED to supply facto- ry-bent LED tubes. By using energy-efficient LED lighting, OK not only maintains its strong visual identity but also reduces its environmental footprint, promotes sustain- ability, and ensures safe, reliable illumination. Langeskov charging park Illustraꢀon of the building RIAS Expands Warehouse Capacity A Brand New 8,000 m² Facility To support future growth and strengthen our deliverance in both the industrial and signage markets, we are ex- panding our warehouse capacity. Certified to the DGNB Gold standards and built according to sustainable prin- ciples, the warehouse provides a strong platform to en- hance operational capacity and advance our journey to- ward a greener future. Once the paving was completed, installation of the con- crete elements commenced. The office building was the first component to be completed, followed by the pro- duction and warehouse facilities. Afterwards, walls were erected, roofs installed, and all remaining finishing details carried out, ultimately transforming the site into a fully operational facility. Expanding Capacity for Future Growth Sneak peek into 2026 The past seven months the project has undergone exten- sive coordination and preparation ahead of its completion in the beginning of 2026. A process shaped by extensive planning, covering regulatory compliance, collaboration with contractors and technical experts, negotiation of key project components, and alignment of the financial foun- dation with our long-term goals. The project is now approaching its final stage. The instal- lation of new shelving in the warehouse is planned, along with the delivery and installation of machinery, a new ex- traction system with heat recovery, industrial saws, and technical equipment. In addition, Kardex shelving, forklift stations, and manual workstations will be installed, bring- ing the project to completion. Construction began in February with excavation, site preparation, and foundation work. This was followed by the installation of outdoor areas and the preparation of the main paved sections, where the paving was carried out in stages to ensure a durable and functional surface around the building. Move-in day is approaching rapidly. In just a few months, the building will transition from a construction project to a vibrant workplace, representing the culmination of months of planning, craftsmanship, financial oversight, and collaboration. Industriprint Environmentally Responsible Printing with PP Sheets Industriprint specializes in industrial and graphic screen printing, combining years of expertise with high-quality materials to deliver consistently precise, durable results for its B2B clients. For the recent municipal election, In- dustriprint produced a considerable number of election posters using polypropylene (PP) sheets. RIAS A/S sup- plied the PP sheets for the project, selected for their cost-effectiveness, low weight, and high rigidity, which make them ideal for this type of application. The project demonstrates their commitment to supporting the local community by encouraging politicians to source materials locally, thereby strengthening regional business ties. RIAS has been a reliable and accommodating partner throughout the entire process. “ Says CEO Christian Strøyberg, highlighting the positive col- ” laboration and professional support provided. Industriprint’s production is highly automated and relies on robotic systems that require consistent, uniform quali- ty to maintain an efficient workflow. PP provides the level of consistency needed to meet these standards while also offering excellent printability. In addition, PP is fully re- cyclable, aligning with Industriprint’s environmental com- mitments. All inks used are Swan-labeled, supporting the company’s ISO 14001 environmental certification. Com- bined with PP’s excellent printability, the material ensures a high-quality, environmentally responsible print solution. Green Concept Making Waste Minimization a Top Priority By making collection and sorting simple, we help ensure Launched in 2022, Green Concept was designed to sim- plify recycling for our customers and ensure the proper handling of residual plastic, contributing to an environ- mentally sound material cycle. that more materials are recycled and reused, supporting our customers while making recycling easier and more effective. These figures reflect not only our ongoing commitment to sustainability but also the strong engagement of our customers, who actively support the reduction of plastic waste and the advancement of circular practices. Our program now includes more than 15 types of plastics, making it easier for customers across different industries to sort and return their residual materials. Since its introduction, Green Concept has delivered more than 1.000 boxes and collected over 185 kilos of residual plastic. PE 300 PMMA XT (CLEAR) POM-C 5,3% PP 3,1% PET-P 0,4% 36,2% 28,6% 11,6% PC PMMA (OTHER) PE MIX 500/1000 ABS (COLORED) 0,7% 10,8% 3,2% Illustration: Femern A/S Fehmarnbelt tunnel Supplying High-Performance Polymer Solutions The Fehmarnbelt tunnel is set to become a cornerstone of European transport. By combining innovative engineering with modern design, the tunnel will strengthen Europe’s transport connections, linking Scandinavia directly to Central Europe. installed/glued to the top and bottom of the protection plates to prevent bimetallic corrosion caused by contact between different metals. The PE material is often used for products like this, as it is economical, impact-resistant, lightweight, and water-repellent. RIAS A/S has contributed to the project with high-perfor- mance polymer solutions for the tunnel elements in close collaboration with Femern Link Contractors (FLC), who are responsible for the design and construction of the im- mersed tunnel. Among these deliveries are components used in the steel reinforcement structures. We supplied approximately 1,000 duct plugs made of PVC-U. The latest delivery in- cludes components for steel frameworks in PA6 that are incorporated into the concrete elements and reused throughout the construction process. These components have a favorable thermal expansion coefficient, ensuring stable performance under varying temperatures. A wide range of processed plastic materials has been sup- plied, spanning both small and large high-performance polymer solutions designed to meet diverse technical re- quirements. These deliveries include components used in steel constructions, isolator gaskets and duct plugs. ContinuousdialoguebetweenRIASA/S,FLC’sprocurement team, the onsite project team, and individual engineers has ensured that material selection, component produc- tion, and delivery schedules remain fully aligned, support- ing the highest standards of quality, safety, and reliability. For the concrete elements, approximately 4,000 PE-500 discs (Ø290 mm) of varying thicknesses were used as spacer washers, ensuring precise alignment and secure assembly. Our contribution also included PE-300 iso- lator gaskets for expansion bolts. These gaskets are pre- PLASTIC IS A WORLD OF OPPORTUNITIES RIAS A/S Industrivej 11 DK - 4000 Roskilde Tlf. +45 46 77 00 00 www.rias.dk VAT no. DK 44065118