Entity details

Statement by Management

Independent auditor's report

Management commentary

Income statement for 2025

Balance sheet at 31.12.2025

Statement of changes in equity for 2025

Notes

Accounting policies

Entity details

Entity

Marius Pedersen A/S

Ørbækvej 851

5863 Ferritslev Fyn

Business Registration No.: 49979517

Registered office: Faaborg-Midtfyn

Financial year: 01.01.2025 - 31.12.2025

Board of Directors

Jens Flesner Kristiansen, Chairman

Jørn Tolstrup Rohde, Vice-chairman

Ib Thrane

Bjørn Thorsen

Susanne Thorskov Hansen

Birgitte Jørgensen Kjær

Ane Tang Christensen

Kirsten Almosetoft Kildegaard

Peter Wulff Larsen

Executive Board

Simon Hovgaard Clausen, CEO

Per Madsen, CFO

Jeanett Halling Vikkelsøe, CSO

Auditors

Deloitte Statsautoriseret RevisionspartnerselskabTværkajen 5 P. O. Box 10 5100 Odense

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of MariusPedersen A/S for the financial year 01.01.2025 - 31.12.2025.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Ferritslev, 26.05.2026

Executive Board

Simon Hovgaard Clausen

CEO

Per Madsen

CFO

Jeanett Halling Vikkelsøe

CSO

Board of Directors

Jens Flesner Kristiansen

Chairman

Jørn Tolstrup Rohde

Vice-chairman

Ib Thrane

Bjørn Thorsen

Susanne Thorskov Hansen

Birgitte Jørgensen Kjær

Ane Tang Christensen

Kirsten Almosetoft Kildegaard

Peter Wulff Larsen

Independent auditor's report

To the shareholders of Marius Pedersen A/S

Opinion

We have audited the financial statements of Marius Pedersen A/S for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's responsibilities 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about 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 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 an audit conducted in accordance with ISAs and the 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.

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 Entity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures 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 Entity’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 conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.

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.

Statement on the management commentary

Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.

Odense, 26.05.2026

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No. 33963556

Gert Rasmussen

State Authorised Public Accountant

Identification No (MNE) mne35430

Management commentary

Financial highlights

Key figures

Revenue

2,750,535

2,548,861

2,164,309

1,743,518

1,505,541

Gross profit/loss

409,027

387,104

350,928

271,038

260,182

Operating profit/loss

294,225

293,512

277,258

229,423

211,914

Net financials

(32,787)

(55,647)

(36,562)

(11,832)

(7,191)

Profit/loss for the year

537,690

531,449

481,401

430,433

449,110

Total assets

5,508,639

4,856,478

4,102,888

3,348,223

3,033,736

Investments in property, plant and equipment

587,712

625,009

440,830

337,517

380,648

Equity

3,636,446

3,069,949

2,590,853

2,193,377

1,898,007

Average number of employees

1,644

1,520

1,348

938

923

Ratios

EBIT margin (%)

10.70

11.52

12.81

13.16

14.08

Return on equity (%)

16.04

18.78

20.12

21.04

25.98

Equity ratio (%)

66.01

63.21

63.15

65.51

62.56

Return on investment (%)

9.29

10.73

11.88

14.30

16.51

Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.

EBIT margin (%):

Operating profit/loss * 100Revenue

Return on equity (%) :

Profit/loss for the year * 100Average equity

Equity ratio (%) :

Equity * 100Total assets

Return on investment (%):

Operating profit/loss * 100Average operationally assets *)*) Operationally assets are defined as Total assets minus Cash Funds, Intererest-bearing assets (including shares) and investments in group enterprises.

Primary activities

Entrepreneurship and recycling have been core elements of our DNA since 1925. Already at that time, Marius Pedersen focused on recycling and minimising waste of resources. As a result, sustainability is deeply rooted in our Company’s history. We see waste as new resources that must continue to stay in circular loops. We focus on utilisation of the resources represented in waste, and we continuously work to divert as much waste as possible towards reuse, recycling, and recovery. Recycling and circular economy are fundamental prerequisites for achieving results and supporting long-term sustainability objectives. We have a clear ambition to be our customers’ preferred business partner and trusted expert in waste management and recycling. This ambition spans the entire value chain - from delivering efficient solutions and developing new solutions, to driving behavioral changes, ensuring high-quality recycling, and providing expert consultancy and reporting of waste stream data We collect all types of waste, both solid as liquid, from waste producers. We continuously strive to maintain control over as much of the value adding chain of waste as possible – from collecting and treatment of waste to selling secondary resources – with a strong focus on creating added value for both our customers and our owners. Group activities include: • Sorting, processing, and handling of recyclable waste at our approved waste treatment facilities • Production of plastic granulate from post-consumer and post-industrial plastic sources • Trading recyclables as part of the circular economy • End-to-end waste management and recycling services; from collection to final recycling, energy recovery or disposal • Consultancy services, rental of equipment and collection of all types of waste • Providing all services related to sludge and sewage management • Key Account Management reporting and waste data reporting including quantities, CO2 emissions and related metrics • In addition, the Group performs traditional contracting activities and furthermore owns companies in Denmark, the Czech Republic and Slovakia, primarily handling waste management and other environmental activities.

Development in activities and finances

ActivitiesThe Marius Pedersen Group operates in a highly competitive waste management market, shaped by EU waste legislation and national regulatory frameworks. New business opportunities arise because of changes in waste legislation, evolving market demands, and an increased focus on new waste handling activities. In 2025 Marius Pedersen A/S has made the following acquisition: • Sejersten Kloakservice A/S Revenue and earnings in 2025 have again been the best in the company’s history. We have seen turnover growth in all 3 markets (Denmark, Czech Republic and Slovakia), coming from acquisitions/merge and dedicated focus onsales activities and public tenders in each business line, as well as focus on new services, productivity and efficiency. The overall impact from uncertainties in the Middle East and the spillover effect on the oil prices, interest rates etc. will affect earnings in Marius Pedersen A/S negatively for 2026. It is so far too early to estimate the effect for the year.

Development in financesProfit after tax for the financial year covering the period 1 January 2025 to 31 December 2025 is 537.7 MDKK which is an increase of 6.2 MDKK compared to 2024. Profit after tax has been positively impacted by the effect of organic growth and acquisitions and negatively impacted low sales prices on secondary raw materials and the costs for 100-years anniversary. Operating profit is 294.2 MDKK which is 0.7 MDKK higher than 2024. Revenue is 2,750.5 MDKK in 2025 increasing by 201.7 MDKK. Marius Pedersen A/S celebrated its 100-years anniversary in May 2025, marking the occasion with a celebration at the headquarter in Ferritslev, Fyn, to which all Danish employees and their spouses were invited. In addition, all employees received an anniversary bonus in recognition for their dedicated efforts and commitment to the Group. The total costs - amounting to 22.3m DKK - has been recognized in the Profit and Loss under Production-, Distribution- and Administration costs. Profit for the year is considered very satisfactory. See further comments to the results under Development in activities.

Profit/loss for the year in relation to expected developments

In the annual report for 2024 we stated an expectation for the year 2025 to be in line with 2024, despite from the low visibility and uncertainties impacting some markets in Europe. As mentioned above the overall impact on earnings has been limited for the Marius Pedersen A/S and acquisitions in the year has furthermore contributed positively to both turnover and earnings, hence we ended the year better than anticipated.

Uncertainty relating to recognition and measurement

The recognition and measurement of provisions for restorations and monitoring of landfills in Czech Republic and Slovakia are subject to estimates and assumptions about future events and therefore subject to uncertaintiescf. note 13.

Outlook

The outlook for 2026 is still subject to uncertainties due to the high oil prices impacting the trade across the world and the continuing wars in Middle East and Ukraine etc., which have again lowered visibility on what to expect in 2026. Marius Pedersen A/S has experienced impact from the high oil prices, but it is yet too early to predict the long-term impact on our different customer segments. We however expect Revenue and Operating profit to be slightly lower than 2025, i.e., revenue of 2,700-2,800 MDKK and Operating profit to be around 290-300MDKK. Investments in group entreprises outside Denmark are currently in the initial sales process, which is expected to have effect in 2027. Investments for 2025 has been on a high level and amounts to 587.7 MDKK (excl. acquisitions). We invest heavily in new sorting and processing technologies in all three countries. As a major player in waste recycling, we provideend-to-end services to waste producers, ensuring that their waste is processed for recycling, and addition we are supplier of raw materials processed from recycled waste products to the industrial sector. In 2026 we expect that re- and new investments without acquisitions will remain on a high level and be approximately 575-600 MDKK. For many years, we have completed several acquisitions in Denmark. Going forward, we welcome and continue to actively consider potential acquisition opportunities, focusing on waste management activities related to collection and transport, waste sorting, and the processing of waste into new secondary raw materials.

Use of financial instruments

Financial risks and interest risksThe Group has a financial policy which operates with a low risk profile. This means that currency, interest, and credit risk only occur based on commercial conditions. The Group’s borrowings bear variable interest rates. The Group’s use of derivative financial instruments is regulated by a written policy approved by the board of directors and internal procedures which among others controls the derivative financial instrument that can be used. Currency risks The Group’s result from group enterprises is dependent on changes in exchange rates (CZK, EUR), since the foreign group enterprises’ results and equity at the end of the year are being converted into Danish kroner based on the average exchange rate and the rate of the balance sheet date. Business risks The Group’s most significant risks are linked to the ability of being strongly positioned on the activity areas on which the Group’s services are directed. The Group continuously invests in new equipment and facilities to secureoptimum utilization and efficiency.

Environmental performance

The Company acts in accordance with current environmental and safety legislation which helps to create a healthy and safe environment. The Company continuously evaluates the total activities to constantly reduce the environmental impact. Business relations are also encouraged to choose systems or products that secure the highest possible amount of recycling or reduction in the use of natural resources. The Company has ISO-14001 certifications covering all environmental activities of the Company. The Company is also ISO-9001 and ISO-45001 certified. To promote environmental and safety conscience in general the Company is educating and creating awareness among its employees for them to take responsibility for environment, health and safety.

Research and development activities

The Company is continuously developing new services and concepts and do research in future business opportunities. These costs have been charged to the profit and loss accounts.

Statutory report on corporate social responsibility

Referring to § 99a of the Danish Financial Statements Act the Company has not published an independent statement concerning Sustainability. The statement is included in the Sustainability report 2025 of Marius Pedersen Holding A/S CVR 35846735, https://www.mariuspedersen.dk/om-os/kvalitets-miljoeledelse/csr

Statutory report on data ethics policy

Our approach to data ethics is pursuant to section 99d of the Danish Financial Statements Act. The company policy for data ethics focuses on protecting the users (customers, suppliers, employees etc.) privacyand ensuring that their data is used in a responsible manner. It describes our commitment beyond data privacy laws and lays out our defined principles, also for non-personal data. The Data Ethics Policy is published at: https://www.mariuspedersen.dk/om-os/kvalitets-miljoeledelse/csr

Events after the balance sheet date

Marius Pedersen A/S has in March 2026 signed agreements to acquire 100% of the shares in: • DK-Miljø A/S, Denmark • Ole Larsen Vognmandsforretning Ringsted ApS, Denmark • Marielyst Vognmandsforretning A/S, Denmark • Bendt Hansen & Sønner A/S, Denmark A/S • Viborg Renovation ApS/1313, Denmark No events have occurred after the balance sheet date which influences the evaluation of this annual report.

Income statement for 2025

Revenue

2,750,535

2,548,861

Production costs

(2,341,508)

(2,161,757)

Gross profit/loss

409,027

387,104

Distribution costs

(60,285)

(57,828)

Administrative expenses

(78,855)

(60,920)

Other operating income

24,338

25,156

Operating profit/loss

294,225

293,512

Income from investments in group enterprises

333,998

345,770

Other financial income

7,128

497

Other financial expenses

(39,915)

(56,144)

Profit/loss before tax

595,436

583,635

Tax on profit/loss for the year

(57,746)

(52,186)

Profit/loss for the year

537,690

531,449

Balance sheet at 31.12.2025

Assets

Goodwill

464,798

475,417

Intangible assets

464,798

475,417

Land and buildings

647,671

548,001

Plant and machinery

1,497,518

1,370,355

Other fixtures and fittings, tools and equipment

5,237

5,009

Property, plant and equipment in progress

210,757

200,659

Property, plant and equipment

2,361,183

2,124,024

Investments in group enterprises

1,986,810

1,791,665

Other investments

1,897

1,548

Financial assets

1,988,707

1,793,213

Fixed assets

4,814,688

4,392,654

Raw materials and consumables

9,889

13,460

Manufactured goods and goods for resale

748

8,815

Inventories

10,637

22,275

Trade receivables

421,615

415,697

Contract work in progress

244

3,188

Receivables from group enterprises

237,041

793

Other receivables

8,200

5,869

Prepayments

14,786

2,569

Receivables

681,886

428,116

Cash

1,428

13,433

Current assets

693,951

463,824

Assets

5,508,639

4,856,478

Equity and liabilities

Contributed capital

68,880

Reserve for net revaluation according to the equity method

1,687,870

1,492,725

Retained earnings

1,859,696

1,488,344

Proposed dividend

20,000

Equity

3,636,446

3,069,949

Deferred tax

118,263

110,551

Other provisions

1,219

1,200

Provisions

119,482

111,751

Mortgage debt

33,098

35,176

Bank loans

600,000

Lease liabilities

49,731

61,361

Non-current liabilities other than provisions

682,829

696,537

Current portion of non-current liabilities other than provisions

27,253

32,093

Bank loans

665,296

569,954

Contract work in progress

1,455

3,012

Trade payables

215,548

220,482

Payables to group enterprises

21,137

Joint taxation contribution payable

53,012

46,257

Other payables

107,318

85,306

Current liabilities other than provisions

1,069,882

978,241

Liabilities other than provisions

1,752,711

1,674,778

Equity and liabilities

5,508,639

4,856,478

Events after the balance sheet date

Staff costs

Amortisation, depreciation and impairment losses

Other unrecognised commitments

Contingent liabilities

Assets charged and collateral

Transactions with related parties

Group relations

Statement of changes in equity for 2025

Equity beginning of year

68,880

1,492,725

1,488,344

20,000

3,069,949

Ordinary dividend paid

(20,000)

Exchange rate adjustments

48,807

Dividends from group enterprises

(187,660)

187,660

Profit/loss for the year

333,998

183,692

20,000

537,690

Equity end of year

68,880

1,687,870

1,859,696

20,000

3,636,446

Notes

1 Events after the balance sheet date

2 Revenue

Collection, sorting, recycling and trading activities

2,542,240

2,342,237

Contracting activities etc.

208,295

206,624

Total revenue by activity

2,750,535

2,548,861

Revenue in Denmark comprise 2,553,076 DKK'000 and export 197,459 DKK'000

3 Fees to the auditor appointed by the Annual General Meeting

Statutory audit services

464

429

Other assurance engagements

Tax services

301

118

Other services

178

884

795

4 Staff costs

Wages and salaries

909,148

830,243

Pension costs

96,913

85,509

Other social security costs

40,747

35,749

1,046,808

951,501

Average number of full-time employees

1,644

1,520

Executive Board

7,048

6,749

Board of Directors

300

7,348

7,049

Special incentive programmes

The management is covered by a bonus agreement that provides the opportunity to obtain a bonus equivalent toone year's basis remuneration.

5 Depreciation, amortisation and impairment losses

Amortisation of intangible assets

39,331

32,669

Depreciation of property, plant and equipment

338,472

291,428

377,803

324,097

6 Other operating income

Rent income, salary reimbursement, other operating income

16,414

15,787

Profit of sale of property and plant and equipment.

7,924

9,369

24,338

25,156

7 Other financial income

Financial income from group enterprises

3,300

Other interest income

3,828

491

Other financial income

7,128

497

8 Other financial expenses

Financial expenses from group enterprises

220

Other interest expenses

39,695

56,144

39,915

56,144

9 Tax on profit/loss for the year

Current tax

53,012

45,794

Change in deferred tax

7,711

11,269

Adjustment concerning previous years

(2,977)

(4,877)

57,746

52,186

10 Proposed distribution of profit and loss

Ordinary dividend for the financial year

20,000

Retained earnings

517,690

511,449

537,690

531,449

11 Intangible assets

Cost beginning of year

656,938

Addition through business combinations etc

11,187

Additions

17,525

Disposals

(17,402)

Cost end of year

668,248

Amortisation and impairment losses beginning of year

(181,521)

Amortisation for the year

(39,331)

Reversal regarding disposals

17,402

Amortisation and impairment losses end of year

(203,450)

Carrying amount end of year

464,798

Goodwill are determined as the difference between purchase price and the fair value of acquired net-assets. Based on expected future net cash flow, management believes that the recoverable amount of goodwill exceed the carrying amount.

12 Property, plant and equipment

Cost beginning of year

824,805

3,204,851

69,532

200,659

Addition through business combinations etc

13,258

Additions

127,204

447,328

3,082

10,098

Disposals

(10,955)

(179,619)

(2,610)

Cost end of year

941,054

3,485,818

70,004

210,757

Depreciation and impairment losses beginning of year

(276,804)

(1,834,496)

(64,523)

Addition through business combinations etc

(447)

Depreciation for the year

(26,867)

(309,700)

(1,905)

Reversal regarding disposals

10,288

156,343

1,661

Depreciation and impairment losses end ofyear

(293,383)

(1,988,300)

(64,767)

Carrying amount end of year

647,671

1,497,518

5,237

210,757

Recognised assets not owned by entity

71,059

13 Financial assets

Cost beginning of year

298,940

1,245

Additions

594

Cost end of year

298,940

1,839

Revaluations beginning of year

1,492,725

303

Exchange rate adjustments

48,793

Share of profit/loss for the year

333,998

Dividend

(187,660)

Revaluations for the year

191

Other adjustments

(436)

Revaluations end of year

1,687,870

Carrying amount end of year

1,986,810

1,897

Landfillprovision in Czech Republic and Slovakia The statement of the carrying amount of certain liabilities requires estimates, estimates and assumptions about future events. The estimates made are based on historical experience and other factors that management deems sound in the circumstances, but which are inherently subject to uncertainty. Assumptions may be incomplete and inaccurate, and unexpected events or circumstances may occur.

The recognition and measurement of provisions for expected future costs of restoration and monitoring of landfills is subject to significant uncertainties, particularly with regard to the time perspective.

Marius Pedersen a.s., Slovakia

Trenčin

a.s.

100.00

Spoločnosť Šariš, a.s.

Sabinov

a.s.

88.00

Bzenex BMP, s.r.o.

Bzenica

s.r.o.

70.00

Kopaničiarska odpadová spoločnosť, s.r.o.

Kostolné, Rakovice

s.r.o.

83.00

Tatranská odpadová spoločnosť, s.r.o.

Žakovce

s.r.o.

64.00

BORINA EKOS s.r.o.

Livinské Opatovce

s.r.o.

88.00

Tekovská ekologická, s.r.o.

Nový Tekov

s.r.o.

86.00

PETMAS spol. s.r.o.

Pezinok

s.r.o.

100.00

Waste transport, a.s.

Bratislava

a.s.

100.00

Spoločnosť Stredné Považie a.s.

Trenčin

a.s.

70.00

Kanal M.P.S. s.r.o.

Senec

s.r.o.

100.00

ICEKO-ONYX, s.r.o.

Banská Bystrica

s.r.o.

100.00

Spoločnosť Pohronie a.s.

Zvolen

a.s.

60.00

MEGAWASTE Podstránie, s.r.o.

Považská Bystrica

s.r.o.

100.00

MEGAWASTE SLOVAKIA, s.r.o.

Považská Bystrica

s.r.o.

100.00

Marius Pedersen a.s., Czech Republic

Hradec Králové

a.s.

100.00

Hradecké služby a.s.

Hradec Králové

a.s.

60.00

Ipodec Ciste Mesto a.s.

Praha

a.s.

57.00

Krušnohorské služby a.s.

Jirkov

a.s.

51.00

DESTRA Co., spol. s r.o

Chropyně

s.r.o.

70.00

EKO - Chlebičov a.s.

Chlebičov

a.s.

77.20

EKO servis Varnsdorf a.s.

Varnsdorf

a.s.

55.00

EKOLA České Libchavy s.r.o

České Libchavy

s.r.o.

74.00

ELIO Slezsko a.s.

Holasovice

a.s

55.00

HRATES, a.s.

Uherské

a.s

66.00

Marius Pedersen Recycling a.s.

Hradec Králové

a.s.

50.00

Růžov a.s.

Borovany

a.s.

52.00

RWC s.r.o.

Chropyně

s.r.o.

70.00

Severočeské komunální služby s.r.o

Jablonec nad Nisou

s.r.o.

65.00

Skládka Tušimice a.s.

Teplice

a.s.

98.00

SOMA Markvartovice a.s.

Hlučin

a.s.

58.00

SOP a.s.

Přelouč

a.s.

60.00

Společnost Horní Labe a.s

Trutnov

a.s.

60.00

Technické služby Děčín a.s.

Děčín

a.s.

97.00

TRANSPORT Trutnov s.r.o.

Trutnov

s.r.o.

60.00

TS Valašské Meziříčí s.r.o.

Valašské Meziříčí

s.r.o.

74.90

Západočeské komunální služby a.s.

Plzeň

a.s.

98.00

Bohemian Waste Management a.s.

Hradec Králové

a.s.

60.00

Moravska skladkova spolecnost a.s.

Otrokovice

a.s.

60.00

MP suroviny s.r.o.

Hradec Králové

s.r.o.

100.00

Nykos a.s.

Ždánice

a.s.

86.00

Odpady-Třídění-Recyklace a.s.

Uherské Hradište

a.s.

60.00

Papkov s.r.o.

Praha

s.r.o.

80.00

MP EF s.r.o

Hradec Králové

s.r.o

80.00

MP Energie s.r.o

Hradec Králové

s.r.o

100.00

SPL Jablonec nad Nisou, s.r.o.

Jablonec nad Nisou

s.r.o

100.00

Skládka Chocovice s.r.o.

Třebeň

s.r.o

100.00

Explat, spol.

Hradec Králové

s.r.o

100.00

Komunálni odpady Šluknovska

Varnsdorf

s.r.o

51.00

14 Contract work in progress

Contract work in progress

85,304

69,174

Progress billings regarding contract work in progress

(86,515)

(68,998)

Transferred to liabilities other than provisions

1,455

3,012

244

3,188

15 Prepayments

Prepayments consist of rent, contracts, subscriptions etc.

16 Contributed capital

A-share capital

15,120

B-share capital

53,760

68,880

There has not been any changes in share capital for 5 years

17 Deferred tax

Beginning of year

110,551

77,057

Recognised in the income statement

7,712

11,269

Addition through business combinations etc.

22,225

End of year

118,263

110,551

18 Other provisions

Consist of guarantee and re-establishment commitments.

19 Non-current liabilities other than provisions

Mortgage debt

2,106

2,067

33,098

21,755

Bank loans

600,000

Lease liabilities

25,147

30,026

49,731

5,271

27,253

32,093

682,829

27,026

20 Other payables

VAT and duties

23,946

7,524

Wages and salaries, personal income taxes, social security costs, etc payable

83,372

77,782

107,318

85,306

21 Other unrecognised commitments

Liabilities under rental or lease agreements until maturity in total

19,537

26,388

The company has, as of the balance sheet date, entered into the following significant unrecognised commitmentsto be settled after the balance sheet date:The company has entered into an agreement for the purchase of fixed assets with an amount of 160,000 DKK'000. and services with an amount of 21,000 DKK'000.

22 Contingent liabilities

Recourse and non-recourse guarantee commitments

95,437

122,575

Contingent liabilities

95,437

122,575

Mortgage deed, not pledged as security 16,250 16,250Carrying amount of mortgage properties 100,369 34,889

Company holds properties on rented premises. According to individual lease agreement, the company is obliged to hand over the leasehold in the same condition as it was taken over.Marius Pedersen A/S and its Danish subsidiaries are jointly taxed with Marius Pedersen Holding A/S. The company thus has secondary liability with respect to income taxes etc. and any obligations to withhold taxes on interest, royalties and dividends applying to the jointly taxed companies. Such secondary liability is, however, capped at an amount equal to the portion of the share capital in the company held directly or indirectly by the ultimate parent.

23 Assets charged and collateral

Collateral provided for group enterprises

The Entity has guaranteed the group enterprises’ debt with Slovakia Bank. The maximum limit of the guarantee is 4,000 EURO'000. Bank loans of group enterprises amount to DKK'000 29,874. The Entity has guaranteed the group enterprises' debt with Czech Bank. The maximum limit of the guarantee is 300,000 CZK'000 equivalent to 92,370 DKK'000 as of 31.12.2025.

24 Transactions with related parties

Sales of services

4,797

813

Purchase of services

4,200

Interest income

232

3,067

Interest expense

220

Dividend

20,000

187,660

Receivables

18,440

219,116

25 Group relations

Name and registered office of the Ultimate Parent preparing consolidated financial statements for the largest group: Enterprenør Marius Pedersens Fond, Ørbækvej 851, 5863 Ferritslev Fyn, CVR 11594174.

Name and registered office of the Parent preparing consolidated financial statements for the smallest group:Marius Pedersen Holding A/S, Ørbækvej 851, 5863 Ferritslev Fyn, CVR 35846735.

Accounting policies

Basis for financial statements

This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).

The accounting policies applied to these financial statements are consistent with those applied last year.

Consolidated financial statements

Referring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.

Business combinations

Newly acquired or newly established enterprises are recognised in the financial statements from the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income statement up to the time of their divestment or winding-up. The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.

Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets and liabilities taken over are recognised in intangible assets, and they are amortised systematically over the income statement based on an individual assessment of their useful lives. If the useful life cannot be estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Negative balances (negative goodwill) are recognised as income in the income statement.

The uniting-of-interests method is applied on mergers etc where the enterprises concerned are controlled by the Parent, under which method the combination is considered completed at the date of acquisition without restatement of comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity.

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are classified directly as equity.Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are classified directly as equity.

When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of theincome statement are translated at the average rates of the months; however, items deriving from non-monetaryassets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.

Income statement

Revenue

Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.

Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).

Production costs

Production costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes ordinary writedown of inventories.

Production costs concerning contract work in progress are recognised as they incur.

Distribution costs

Distribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc., and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process.

Administrative expenses

Administrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity.

Other operating income

Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.

Income from investments in group enterprises

Income from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.

Other financial income

Other financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc.

Tax on profit/loss for the year

Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.

The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).

Balance sheet

Goodwill

Goodwill is the positive difference between cost and value in use of assets and liabilities taken over as part of the acquisition. Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. Useful life is determined based on an assessment of

whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. If it is not possible to estimate the useful life reliably, it is set at 10 years. Useful lives are reassessed on an annual basis. The amortisation periods used are 5 to 10 years. Goodwill is written down to the lower of recoverable amount and carrying amount.

Property, plant and equipment

Land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment are measuredat cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs.

Buildings

25-50 years

Plant and machinery

5-10 years

Other fixtures and fittings, tools and equipment

5-8 years

For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period.Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.

Investments in group enterprises

Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Goodwill is calculated as the difference between cost of the investments and fair value of the pro rata share of assets and liabilities acquired. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful life is determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong marketposition and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. If the useful life cannot be estimated reliably,

it is fixed at 10 years. Useful lives are reassessed annually. The amortisation periods used are 5-20 years.

The accounting policies applied to material financial statement items of group enterprises are: Other provision: Provisions for restoration and monitoring of landfills are based on the assessment of the future cost and its timing. The individual amounts are increased by expected inflation and expected costs at the financialstatements date. The restoration provision is created gradually over the lifetime of the stage/landfill based on thetonnage. There are two kinds of provisions – legally required and voluntary, both of them represent expected costs for future restoration and required aftercare of the landfill (given by local legislation). After closure of the stage/landfill the provisions are used to cover the restoration costs and presented as such (i.e. decrease of the provision). There is no discounting of the provisions as the provisions are adjusted annually to reflect the expected costs.

Other investments

Other investments comprise listed securities which are measured at fair value (market price) at the balance sheet date and unlisted equity investments measured at cost. Unlisted equity investments are written down to any lower net realisable value.

Inventories

Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.

Contract work in progress

Contract work in progress is measured at the selling price of the work carried out at the balance sheet date.The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources.If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs incurred consumption of resources.Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.Cost of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises cash in hand and bank deposits.

Dividend

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.

Deferred tax

Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.

Other provisions

Other provisions comprise loss on contract work in progress, etc.Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balancesheet date are measured at their discounted value. On acquisition of enterprises and investments in group enterprises, provisions are made for costs relating to restructuring in the acquired enterprise that were decided and published at the acquisition date at the latest.

Mortgage debt

At the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.

Lease liabilities

Lease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities otherthan provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases.

Operating leases

Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Joint taxation contributions payable or receivable

Current joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.

Cash flow statement

Referring to § 86 (4) of the Danish Financial Statements Act there has not been made any cash flow statement. The company’s cash flow is included in the cash flow statement of the consolidated annual accounts of Marius Pedersen Holding A/S, CVR No. 35846735.

Contents

Entity details

Entity

Board of Directors

Executive Board

Auditors

Statement by Management

Executive Board

Board of Directors

Independent auditor's report

Opinion

Basis for opinion

Management's responsibilities for the financial statements

Auditor's responsibilities for the audit of the financial statements

Statement on the management commentary

Management commentary

Financial highlights

EBIT margin (%):

Return on equity (%) :

Equity ratio (%) :

Return on investment (%):

Primary activities

Development in activities and finances

Profit/loss for the year in relation to expected developments

Uncertainty relating to recognition and measurement

Outlook

Use of financial instruments

Environmental performance

Research and development activities

Statutory report on corporate social responsibility

Statutory report on data ethics policy

Events after the balance sheet date

Income statement for 2025

Balance sheet at 31.12.2025

Assets

Equity and liabilities

Statement of changes in equity for 2025

Notes

1 Events after the balance sheet date

2 Revenue

3 Fees to the auditor appointed by the Annual General Meeting

4 Staff costs

Special incentive programmes

5 Depreciation, amortisation and impairment losses

6 Other operating income

7 Other financial income

8 Other financial expenses

9 Tax on profit/loss for the year

10 Proposed distribution of profit and loss

11 Intangible assets

12 Property, plant and equipment

13 Financial assets

14 Contract work in progress

15 Prepayments

16 Contributed capital

17 Deferred tax

18 Other provisions

19 Non-current liabilities other than provisions

20 Other payables

21 Other unrecognised commitments

22 Contingent liabilities

23 Assets charged and collateral

Collateral provided for group enterprises

24 Transactions with related parties

25 Group relations

Accounting policies

Basis for financial statements

Consolidated financial statements

Recognition and measurement

Business combinations

Foreign currency translation

Income statement

Revenue

Production costs

Distribution costs

Administrative expenses

Other operating income

Income from investments in group enterprises

Other financial income

Other financial expenses