Lantmännnen Unibake Holding A/S
Annual report 2025
Independent auditor's report
To the shareholder of Lantmännen Unibake Holding A/S
Opinion
We have audited the financial statements of Lantmännen Unibake Holding A/S for the financial year 1
January – 31 December 2025, which comprise income statement, balance sheet, statement of changes in
equity and notes, including accounting policies. The financial statements are prepared in accordance with
the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the financial position of the Company at
31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31
December 2025 in accordance with the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements 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.
Independence
We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements
applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these
rules and requirements.
Management's responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with 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.
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 statements unless Management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Pdokumtnøgle:HU4ZLSF6GVCIJDT1-K3B2E
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are
free from material misstatement, 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 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 the financial statements.
As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism 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.
3
