A. Espersen A/S

Beskrivelse af virksomhedens væsentligste aktiviteter

Espersen is a global supplier of frozen and chilled fish and seafood products for the retail and foodservice markets, supplying international customer groups like Asda, Tesco, Nomad and McDonald’s as well as other international and large retail chains, foodservice chains, and B2B customers, with whom Espersen has a long-lasting business relationship. Espersen's own brand Rahbek, is sold in Denmark and the Nordic countries. Espersen operates manufacturing plants in Denmark, Poland and Vietnam. The main raw material for Espersen products is frozen fish sourced globally.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Espersen’s core markets remained turbulent in 2025. The market for fish and seafood products continues to be negatively impacted by the global macroeconomic situation, with conflicts in both Europe and the Middle East. Also, the reduced availability due to lower quotas on the main fish species of Espersen, Atlantic Cod from the Barents Sea, has accelerated purchase price increases during the year.To adapt to the new market conditions, the production footprint of Espersen was adjusted in 2025. Two Consumer manufacturing plants in Koszalin, Poland, were combined to improve efficiency and reduce costs. Also, to adjust capacity in Espersen’s Primary production to the lower demand, the manufacturing plant in Klaipeda was divested, and the business was transferred to the plant in Koszalin, Poland. Finally, the Consumer production in Grimsby, UK, acquired in the fall of 2023, was closed due to a shortage in demand and poor margins. In addition to the production footprint initiatives, the fixed cost structure of the company has been slimmed during the year.Espersen realised a revenue of DKK 3.263m for 2025, or a decline of DKK -41m (1.2%) compared to 2024. The revenue development was negatively impacted by discontinuing production in both Lithuania and the UK, and by a generally lower demand for the fish filleting business.The Rahbek puff pastry concept has been on a growth journey since the relaunch in 2023 and has grown in volume by +20% in 2025 compared to 2024. Along with the volume growth, brand awareness has grown substantially. Rahbek was thus in 2025 the strongest brand within the frozen fish category in Denmark.The operating profit-margin before interest, tax and special items (EBIT) was expected within an interval of -3.0% and 0.0%. The realised EBIT came out at DKK -195m or an operating profit-margin of -6.0%. The special items include DKK -52m relating to winding up acitivities in UK and Lithuanua. Excluding special items the operation result would be DKK -144m or and operating profit-margin of -4.4%. The poor performance was partly due to restructuring activities and partly due to a weak performance on the ongoing business. On the latter, the continued rapid increase in fish prices had a substantial negative impact on both sales volumes and margins.The operating result for the financial year 2025 is unsatisfactory.The Group’s solvency decreased to 16.5% on 31 December 2025 compared to 28.4% at the end of 2024. The decrease is mainly due to a lower equity caused by the poor result of 2025. The net working capital was reduced during 2025. In particularly the inventory was brought down to a lower level.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

No significant events have occurred after the year-end closing.

Beskrivelse af virksomhedens forventede udvikling

The global macroeconomic situation is expected to remain challenging in 2026. A substantial part of the company’s business depends on the supply and pricing of the Atlantic Cod from the Barents Sea. Quotas have been reduced in recent years to a record low level measured since 1950, and we do not anticipate quota increases in the near future. The lower supply has led to a substantial increase in the purchase prices of Atlantic Cod from the Barents Sea, which we expect will continue in 2026.The continued adaptation of the production setup and the optimisation of the internal cost base enable Espersen to remain efficient in a demanding market environment with an improved balance between capacity, demand and margin. Various contingency and efficiency initiatives are in place to ensure a continued healthy balance between demand and capacity.Several of these initiatives are expected to have a positive financial impact in 2026 and support cost reductions. Espersen have increased the use of fresh fish in the primary production instead of relying solely on frozen raw materials. Fresh fish is commercially attractive compared to frozen alternatives and improves operational flexibility. In addition, the Group continues to execute its “sourcing closer to home” strategy, delivering financial benefits, reduced transportation time, and increased supply chain agility.For the Consumer business, the 2026 focus will be on stabilisation and disciplined execution following the restructuring of the production footprint. While demand remains affected by high raw material prices, particularly for Atlantic Cod, we see opportunities to strengthen collaboration with key customers through closer commercial alignment, portfolio optimisation and pricing discipline.The primary external financing agreement was renewed in early 2026. Espersen will maintain sufficient liquidity to continue operations and execute its strategic initiatives.Expected developmentWith current knowledge, we estimate 2026 revenue in the range of DKK 2,500m – 3,200m and an operating margin before special items within an interval of -2.5% and 0.5%.