Rmig A/S

Ledelsesberetning

Introduction At a glance The RMIG Group is driving the future of perforation as a world-leading European manufacturer of innovative perforated metal solutions. With more than a century’s experience in the perforation industry we supply the entire perforation market through focused and unique business models organised in business areas, creating the best customer value. With a strong presence in Europe, our products are used in many market sectors, ranging from architecture and agriculture to automotive, filtration, and green-energy production. Beyond Europe, RMIG’s high-quality solutions are also distributed globally, catering to the specific needs of customers in various industries. Our success is built on a strong foundation of technical expertise, innovation, and a vision to be the world’s leading perforation company. Our customers benefit from the widest and, in selected areas, most extensive product range, delivered efficiently through our advanced, user-friendly e-shop or through long and close relationships with both local and international customers. We take pride in offering fast and reliable service, with a focus on creating value for every customer. Whether through our standard products or bespoke solutions, we strive to offer choices that enhance performance, design, and durability. At RMIG, we remain committed to advancing sustainability across our business. We are aware of our impact on the world and the people connected to our activities, and we continue our core work within environmental, social, and governance areas. Our focus is on ensuring reliable data baselines, optimising production processes, and improving the health and safety of our employees, while recognising that sustainability is a process of learning and improvement. Introduction Letter from the Chair and CEO In 2025, we decided on a relocation of manufacturing in Ballerup to the Group’s other facilities. Rooted in RMIG’s Danish heritage, the decision was difficult but necessary to improve the Group’s long-term strength and competitiveness. Restructuring and strategic direction The restructuring reflects our response to structural changes in RMIG’s operating setup and our responsibility to position the Group for the future. By consolidating production activities into fewer, more specialised facilities, we will strengthen capacity utilisation, improve operational efficiency, and enhance long-term competitiveness. The restructuring was communicated in October 2025, implementation commenced during the year, and completion is expected in 2027. The decision has had a material financial impact in 2025. Special non-recurring items amounted to € 6.9 million, including restructuring provisions of € 4.2 million. These costs reflect our determination to address structural challenges transparently and decisively. While the short-term impact is significant, we are confident that the restructuring will result in a more resilient cost base, improved operational flexibility, and stronger earnings over time. Production in Ballerup has played a central role in RMIG’s history, and the skills, dedication, and commitment of the employees there have contributed fundamentally to the Group’s development. For us, this decision marks the end of an important chapter. We are acutely aware of the impact on our employees and the local community, and we remain committed to handling the transition responsibly. RMIG continues as a Danish- founded Group, guided by long-term responsibility, quality, and sound governance. A continued focus on safety Safety remains our highest priority. Throughout the year, we have continued to focus on strengthening our safety culture and reducing workplace risks across all operations. While progress has been made, we recognise that safety performance requires constant attention, leadership focus, and accountability. In 2025, we strengthened initiatives related to training, machine safety, audits, and the sharing of best practices across the Group. Our aim is to embed safety more deeply into daily operations and leadership behaviour. We remain fully committed to providing a safe working environment for all employees and to continuously improving safety performance across RMIG. Sustainability in progress This year, our sustainability work has been influenced by the CSRD Omnibus dialogue, concluding with the RMIG Group falling out of scope of the Directive. However, while uncertainty has surrounded the future regulatory requirements, we have focused on defining our approach to sustainability and improving our data foundation. Noticeably, we have completed our first full Group-wide Greenhouse Gas Inventory to understand our impact across all three scopes and ensure a high-quality baseline for future work. Outlook for 2026 Looking ahead, we expect geopolitical and macroeconomic uncertainty to remain elevated, particularly in Europe. In this environment, our focus will be on disciplined execution and operational stability. In 2026, our priority will be the continued implementation of the restructuring and the strengthening of the foundations for RMIG’s long-term competitiveness. Mads Bonde Hansen Bjarne Moltke Hansen Group Chief Executive Officer Chairman of the Board

Beskrivelse af virksomhedens væsentligste aktiviteter

RMIG Group Business area overview Revenue 20.4 Headcount 101 M€ RMIG Automotive Trusted partner for automotive interior and exterior grills for a variety of car brands and models. The usual customer base consists of Tier 1 or Tier 2 suppliers to the original equipment manufacturers (OEMs). • In-house operations range from perforation to forming, degreasing, painting, and assembly with carriers, lighting guides, or speaker units • Supporting all activities from development in the very early phase with feasibility studies, to SOP (start of production), and through to EOP (end of production) • Parts are shipped worldwide from Europe to the USMCA region, China, India, and South Africa • Subject to IATF certification standardised processes Revenue 67.5 Headcount 347 M€ RMIG Solutions Global supplier of premium perforated metal solutions for industrial wear and tear parts, durable components, and building projects. • Medium- to large-sized industrial companies, OEMs, and end-users • Tailor-made solutions of perforated metal components • Sales offices in 11 countries • Worldwide sales to 70 countries • Main production units in Denmark and Germany • Local production in the UK and Sweden Revenue 70.8 Headcount 175 M€ MEVACO Leading manufacturer and full online supplier of perforated standard sheets and simple tailor-made metal products. • Supplier for smaller metalworkers and resellers/distributors • Sales offices in 7 countries throughout Europe • Sales to more than 15 countries • 20,000 customers • 14,000 items are immediately available in-store • 75,000 deliveries per year • Production and logistic centre in Germany Introduction Who we are A toolmaker’s vision RMIG’s journey began in the 1890s when a young and ambitious toolmaker, Richard Müller, left Germany and settled in Copenhagen, Denmark. Armed with skills and an entrepreneurial spirit, he established his own company in 1901. Richard Müller’s vision was clear from the start: not only to manufacture production tools but also to use those tools to produce high-quality materials. This forward-thinking approach laid the foundation for a business model that would prove resilient and successful for many years to come. By 1906, just five years into its operations, RMIG had already expanded into perforation - a technology that complemented the company’s core toolmaking capabilities. Under Richard Müller’s prudent leadership, growth was steady but controlled. He believed in organic expansion without accumulating debt, a philosophy that ensured RMIG’s stability through challenging economic times. This early commitment to sound financial management remains central to RMIG’s DNA. Driving innovation and welfare for the long-term The company faced its first major leadership transition in 1925 following Richard Müller’s untimely death. His son, Ernst Müller, took over the business at the age of 26, ensuring a smooth generational handover. Ernst Müller, much like his father, adhered to strict financial discipline while continuing to expand the company’s capabilities. By 1936, the business had grown to such an extent that it was converted into a limited liability company, a key milestone in its formal evolution. Ernst Müller’s leadership not only drove operational success but also set a precedent in corporate social responsibility, exemplified by RMIG’s early introduction of paid holidays in the 1930s - a progressive move that positioned the company as an industry leader in employee welfare. The 1960s marked a period of significant technological advancement for the company. RMIG undertook a comprehensive upgrade of its machinery infrastructure by implementing a new technology that enabled perforation across the full width of the coil - a process now known as all-across press technology. This innovation, coupled with RMIG’s decision to manufacture its own perforation machinery, solidified the company’s position as a technological leader in the field. With a growing export market, RMIG began laying the groundwork for what would become a truly international presence. At the same time, in 1965, Ernst Müller and his wife established the Rich. Müller Fonden (the Rich. Müller Foundation), transferring the majority of shares to the foundation. This move aimed to ensure RMIG’s long-term stability and support existing and former employees and their families. The foundation was designed to preserve the founder’s core values. By securing a sustainable ownership model, the foundation allowed RMIG to pursue long-term growth strategies without the pressures of short-term financial objectives, creating a stable solid base for future expansion. A global presence The next major strategic shift came in 1972 with RMIG’s expansion through acquisitions and the establishment of new ventures. This led to the creation of RM Industrial Group A/S (RMIG) in 1978, setting the stage for RMIG’s growth into a European network of perforation facilities in the coming decades. With this expansive footprint, the company was well-positioned to capitalise on emerging opportunities across Europe, laying the groundwork for RMIG’s market leadership in the global perforation market. During this period, the Rich. Müller Foundation initiated a collaboration with FLSmidth & Co. A/S in connection with investing in foreign perforation companies, making FLSmidth a joint owner of RM Industrial Group A/S. This collaboration ended in 2001, when the foundation bought back the shares from FLSmidth, making it the sole owner of RMIG. In 2019, RMIG made its largest acquisition in the company’s history with the purchase of the MEVACO Group. This acquisition led to the division of the RMIG Group into three business areas: RMIG Automotive, RMIG Solutions, and MEVACO. Each business area operates with its own business model, focusing on delivering the best value to its specific customers. It has been a long and inspiring journey from the founding of the company to the present day, as we prepare to celebrate the 125th anniversary in 2026. Throughout its history, RMIG has achieved continuous cross-border expansion, undertaken acquisitions, and delivered technological breakthroughs, all while upholding the principles and tenacity of founder Richard Müller. Fiscal responsibility, a tradition of innovation, and a commitment to maintaining a positive working environment remain benchmarks for the company’s operations and future direction. The anniversary will be celebrated with a series of events for employees throughout 2026. Introduction Who we are RMIG’s business mission is to be an innovative and sustainable supplier of perforated products. With high autonomy across our three Business Areas, we are well-positioned to respond to trends and risks both locally and globally while ensuring a focus on energy efficiency, resource use, health and safety, and responsible supplier relations from a central Group position. Each Business Area operates with its own growth strategy, focusing on selected customer segments, addressing their unique requirements. As part of the RMIG Group, each Business Area benefits from shared expertise, innovation, and resources. This synergy allows RMIG to provide customers with: • Comprehensive access to advanced perforation technologies and solutions • Consistent quality standards across all products and services • A partner with the scale and reliability to support businesses worldwide Supplying diverse solutions across business areas RMIG Automotive focuses on supplying interior and exterior grills to the automotive industry. The grills are manufactured from perforated metal or expanded metal, formed, surface treated and mounted on a plastic carrier. The customers are generally Tier 1 or Tier 2 suppliers to the automotive OEMs (Original Equipment Manufacturers). RMIG Solutions focuses on supplying premium tailor-made solutions for selected customer segments in specific industries. The customers are typically larger companies within industrial wear and tear parts and durable components, as well as customers with building and architectural projects. In addition to manufacturing and supplying perforated products, RMIG Solutions provides secondary operations, logistics, and important technical advice, thereby assisting customers through all phases of their projects. MEVACO focuses on selling standard sheets and simple tailor-made products in an efficient and digitalised setup within an automated production flow, with delivery times between 24 hours and 4 days. The customers are typically smaller metalworkers or resellers/distributors. This forms the Group as it is known today, consisting of seven manufacturing and logistic units in four countries and local sales offices in 14 countries across Europe.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Financials Financial review 2025 The financial year 2025 was characterised by continued challenging macroeconomic conditions in RMIG’s core European markets and across several of the industries to which the Group supplies products. Economic activity remained subdued, and customer investment decisions were influenced by inflationary pressure, geopolitical uncertainty, and increased volatility in global trade conditions. Developments in the international trade environment, including tariff discussions and protectionist tendencies, contributed to reduced order visibility and cautious purchasing behaviour among customers. Overall, Group Management find the result satisfactory. Against this backdrop, performance varied across the Group’s business areas. RMIG Automotive delivered stronger-than-expected development supported by stable serial production and long- term customer programmes. MEVACO operated in a difficult market environment, particularly within construction-related segments, but maintained a relatively stable revenue level. RMIG Solutions was more significantly affected by the weak investment climate, as lower activity and postponed projects within industrial segments impacted order intake and earnings. To strengthen the Group’s long-term competitiveness, Group Management initiated a restructuring programme during the year, including the relocation of production activities in Denmark to other Group entities. Overall, 2025 was a year marked by difficult market conditions and planning of structural adjustments aimed at improving efficiency and long-term competitiveness. Restructuring of the Group Group Management initiated a restructuring programme to address structural overcapacity and demographic challenges within the Group’s production setup and to align manufacturing capacity with long-term demand levels. On 6 October 2025, the relocation of production activities from Ballerup, Denmark to the Group’s manufacturing facilities in Germany and Sweden was communicated. The relocation will be implemented gradually over the period from Q4 2025 to Q4 2027. The initiative is aimed at consolidating production at fewer sites in order to improve capacity utilisation, optimise cost efficiency, and strengthen the Group’s long-term competitiveness, while maintaining Denmark as the Group’s headquarters with central functions remaining in place. In connection with the decision, the Group recognised total special items of € 6.9 million in 2025. These primarily comprise redundancy-related restructuring costs of € 4.2 million and impairment of tangible assets of € 2.5 million, in addition to minor transition and other restructuring costs. The recognised redundancy provisions reflect contractual obligations towards affected employees. The majority of the provisions are expected to be utilised during 2026–2027 as the relocation progresses. While Group Management has established a structured implementation plan, it acknowledges that the uncertainty of the precise timing of cash utilisation may vary depending on the sequencing of production transfers, technical knowledge transfers, and operational execution as well as employee retention during the transition period. However, such variations are not expected to alter the overall financial scope of the restructuring programme. The restructuring is considered a specific and non-recurring initiative undertaken to structurally align the Group’s production footprint with market conditions. The related special items are therefore not expected to recur as part of ordinary operating activities. Further details are provided in note 2, 9, and 24 of the consolidated financial statements. Revenue The RMIG Group recorded total revenue of € 158.7 million in 2025, a decrease from € 161.4 million in 2024. As stated in the 2024 Annual Report, Group Management expected revenue to remain at approximately the same level, reflecting continued market uncertainty and no clear indications of improvement, particularly within green energy-related segments. Revenue development for 2025 was broadly in line with this expectation, although performance varied across business areas. RMIG Automotive increased revenue significantly to € 20.4 million from € 16.8 million in 2024. The increase was driven by stable serial production and continued deliveries under existing customer programmes. Despite uncertainty in the automotive sector, the business area delivered solid performance supported by its long-term contractual framework. RMIG Solutions recorded revenue of € 67.5 million, compared to € 74.3 million in 2024. The business area was most affected by the subdued investment climate, particularly in the UK and Benelux markets. The anticipated slowdown within green energy-related segments, as described in the 2024 outlook, materialised during the year and contributed to the lower activity level. MEVACO realised revenue of € 70.8 million compared to € 70.3 million in 2024. The marginal increase reflects disciplined pricing and a favourable product mix in a market environment characterised by cautious demand within construction-related segments. Overall, MEVACO maintained a stable revenue platform despite continued softness in its core markets. Raw material prices remained relatively stable during the year. Revenue development was therefore primarily driven by differences in activity levels and product mix across business areas rather than significant changes in pricing conditions. Operating expenses Operating expenses before special items amounted to € 155.0 million in 2025, compared to € 155.4 million in 2024. The development reflects normal cost adjustments in line with activity levels across the business areas. Staff costs before special items amounted to € 44.2 million (2024: € 44.8 million). The slight decrease reflects a smaller number of employees, but includes general salary adjustments, inflationary cost pressure, and organisational adjustments during the year. Excluding restructuring-related provisions, staff costs developed in line with Group Management’s expectations. Depreciation and amortisation before special items amounted to € 6.4 million up from € 5.6 million in 2024. The level reflects prior years’ investment activities and is broadly consistent with expectations. Impairment of tangible assets recognised in connection with the restructuring programme is presented under special items and is not included in recurring operating expenses. Overall, recurring operating expenses developed in line with activity levels and were managed prudently in a continued subdued market environment. Earnings and profitability Recurring EBITDA for 2025 amounted to € 10.1 million compared to € 11.6 million in 2024, corresponding to a recurring EBITDA margin of 6.4% (7.2% in 2024). Recurring EBITDA developed in line with the expectations communicated in the 2024 Annual Report, where EBITDA was projected at approximately € 10 million. The development reflects stable underlying operating performance across the Group despite continued subdued market conditions. Margin pressure within RMIG Solutions was partly offset by solid performance in RMIG Automotive and stable contribution from MEVACO. Recurring EBIT amounted to approximately € 3.7 million compared to € 6.0 million in 2024, corresponding to an EBIT margin of 2.4%. Excluding special items recognised in connection with the restructuring programme, recurring EBIT was therefore broadly in line with the outlook of approximately € 3.5 million communicated in the 2024 Annual Report. Tax for the year Tax on the result for the year amounted to an income of € 0.7 million compared to the expense of € 1.5 million in 2024. The tax income reflects the Group’s geographical distribution of earnings and the negative result before tax for the year. Further information on tax is provided in note 15 of the consolidated financial statements. Cash flow and financial position Cash flow from operating activities amounted to € 12.2 million in 2025, compared to € 9.5 million in 2024. The improvement reflects stable underlying operating performance before special items and disciplined working capital management, which contributed € 3.9 million during the year despite subdued market conditions. Cash flow from investing activities amounted to € (4.7) million compared to € (13.0) million in 2024. Investment activity was lower than in the previous year, which included a record investment programme. Investments in 2025 primarily related to completion of projects initiated in 2024. As a result, free cash flow (operating and investing activities) was positive at € 7.6 million, compared to € (3.5) million in 2024. Cash flow from financing activities amounted to € (2.6) million compared to € (1.2) million in 2024, reflecting dividend payments of € 2.0 million and a reduction of interest-bearing debt. The positive free cash flow enabled a significant reduction in net interest-bearing debt to € 4.6 million at year-end (2024: € 10.7 million). Cash and cash equivalents increased to € 13.6 million compared to € 8.7 million in 2024. Total equity amounted to € 55.1 million (2024: € 60.3 million), corresponding to an equity ratio of 55.6% (2024: 60.1%). Despite the reported loss for the year, the Group maintains a robust capital structure, moderate leverage, and strong liquidity entering 2026. Entering 2026, the external environment remains uncertain. Industrial activity across the Group’s core markets is expected to develop cautiously, and order visibility within several customer segments continues to be limited. Ongoing geopolitical developments and volatility in global trade conditions may continue to affect investment decisions and demand patterns.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Events after the balance sheet date No events that would materially influence the evaluation of this Annual Report have occurred since the date stated on the balance sheet up to today.

Beskrivelse af virksomhedens forventede udvikling

Market outlook Market conditions in 2026 are expected to remain characterised by cautious investment behaviour across several of the industries served by the Group. Industrial activity in Europe is anticipated to develop gradually, with limited visibility in the short term. In particular, activity levels in the UK and selected Benelux markets are expected to increase, while still reflecting continued uncertainty in industrial and construction-related segments in the short term. Construction markets across the Group’s core regions are not expected to show a material recovery in the near term, and customer order patterns are therefore anticipated to remain uneven. The automotive segment is expected to remain relatively stable, supported by existing customer programmes and platform commitments, although the sector continues to be influenced by broader economic and geopolitical developments. Overall, Group Management does not expect a significant broad-based market improvement during 2026. Financial expectations Based on the current order intake and market outlook, Group Management expects revenue for 2026 to amount to approximately € 166 million. EBITDA, recurring is expected to amount to approximately € 10.2 million, reflecting broadly stable underlying operating performance compared to 2025. The expectations exclude additional non- recurring costs related to the ongoing restructuring programme. Operational cash flow, including non-recurring restructuring effects, is expected to amount to approximately € 2.9 million in 2026, reflecting the continued implementation of the relocation plan. Despite the transition phase and continued market uncertainty, the Group maintains a robust financial position characterised by moderate leverage and strong liquidity.