PAS Normal Studios ApS

Ledelsesberetning

Key activitiesThe Group's purpose is to design, develop and sell sports and leisure clothing as well as other clothing items, products and merchandise for sports and leisure use and related businesses.Development in the yearThe income statement of the Group for 2025 shows a profit of DKK 8,581,181, and on 31 December 2025 the balance sheet of the Group shows an equity of DKK 122,688,526.The past year and follow-up on development expectations from last yearThe group's result for the year is not at the level announced in the annual report for 2024, where the expectation was set for a growth in the result before tax of 20% compared to 2024. The board of directors and the executive board acknowledge the year's result, as the market is characterized by a high competition with large discounts from competitors.During the financial year, the group has made significant investments in the company's leadership team, technical platform, including strengthening the organization and investing in product development and marketing. In addition, the group has opened a new subsidiary in China, in addition to the existing ones in Mallorca, Spain, in Copenhagen, Denmark, Munich, Germany and in San Francisco, USA.Targets and expectations for the year aheadThe management expects a topline growth of 10-15% compared to 2025.Research and developmentInvestments have been made in development costs related to the company's growth platform – both within Product Development and internal systems.External environmentThe group does not have its own production but requires that the respective manufacturers meet the applicable environmental requirements set out in the group's code of conduct.Intellectual capital resourcesThe core of the group's knowledge resources lies in the experience of the employees, which is an essential part of future innovation and associated unique designs.Branches abroadThe group has no branches abroad.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.