Thermax Denmark ApS

Ledelsesberetning

Financial highlights Seen over a 5-year period, the development of the Group may be described by means of the following financial highlights: Group 2025/26 2024/25 2023/24 2022/23 2021/22 MDKK MDKK MDKK MDKK MDKK Key figures Gross profit/loss 82 95 65 33 38 Net financials -1 -1 -2 -2 -2 Profit/loss for the year 19 37 23 2 5 Balance sheet total 224 189 193 164 143 Investment in property, plant and equipment 2 5 1 2 1 Equity 113 95 57 31 28 Cash flows from: - operating activities 6 29 18 17 -3 - investing activities -2 -3 -1 -2 -1 - financing activities 11 -19 -3 -9 2 The year's changes in cash and cash equivalents 14 7 14 6 -2 227 245 236 219 212 Number of employees Solvency ratio 50.7% 50.3% 29.5% 18.9% 19.6% Return on equity 18.3% 48.7% 52.3% 6.8% 21.3% The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies. Management's review Development in the year Danstoker A/S - Overall market activity for biomass-fired boilers has normalised compared with the previous two to three financial years, during which activity levels were exceptionally high, followed by a period of recession. This normalisation was primarily driven by Europe’s transition away from dependency on Russian natural gas and an increased political focus on replacing fossil fuels with more environmentally friendly energy solutions. The result of the year for Danstoker Group is considered satisfactory. Boilerworks A/S – There was no activity during the year besides closing of activities. Ejendomsanpartsselskabet Industrivej Nord 13 – The result for the year is considered satisfactory with a profit for the year ended in line with expectations for the year as expressed in the annual report for 2024/25. Thermax Chemical Europe A/S – The year has been impacted by transfer of activities from parent company in India to Thermax Chemical Europe A/S. The result for the year is below expectations. Profit before tax amounted to DKK 23,203 thousand, while profit after tax amounted to DKK 18,694 thousand. Targets and expectations for the year ahead The overall volume of orders of the Danstoker Group at the end of the financial year is on an acceptable level. It is the aim of the Danstoker Group to create 2 profitable, strong sales and production companies in Danstoker A/S and Danstoker Poland Sp. z o.o., all as an attractive workplace with competent employees, based on competitive products sold to professional co-operation partners and customers in selected markets where such products are supplied in the quality and at the time and price agreed. It is also the Group’s aim to achieve optimal utilization of the production facilities. It is not yet known to what extent the potential end of the war in Ukraine will impact the company. For now, we see very good possibilities in the biomass segment when rebuilding of Ukraine will start. However, Danstoker Group will continue to monitor the situation to ensure the Company remains flexible in its ability to respond to changing circumstances. Besides the above mentioned the Management of the Group is of the opinion that it is not faced with special long-term risks, neither in terms of its markets, nor otherwise. The growing, necessary, political focus on CO2 on a global scale will in the long term contribute to making our CO2-neutral products within biofuels and electrical boilers even more relevant and will contribute to securing the Danstoker Group’s continued positive development. With all the initiatives taken the profit before tax for the financial year 2026/27 is expected to be around 20 mDKK. External environment Danstoker A/S places strong emphasis on environmental responsibility and continuously seeks to reduce the environmental impact of its operations. The Company has no outstanding matters with environmental authorities in relation to environmental permits or other environmental regulations. Danstoker A/S is certified according to ISO 14001. For the coming years, Danstoker A/S has decided to focus on four of the United Nations Sustainable Development Goals: 7 – Affordable and clean energy 9 – Industry, innovation and infrastructure 12 – Responsible consumption and production 13 – Climate action In the coming period, particular focus will be placed on reducing energy consumption in manufacturing, optimising product design to reduce material usage, and improving waste management to increase recycling. With regard to its Code of Conduct, Danstoker has chosen to align its practices with the ten principles of the United Nations Global Compact for responsible business conduct. Subsequent events Management is of the opinion that from the balance sheet date until today, no events have occurred which could alter the assessment of the annual report substantially.

Beskrivelse af virksomhedens væsentligste aktiviteter

Business review Thermax Denmark ApS is a wholly owned subsidiary of Thermax Netherlands B.V., which in turn is wholly owned by Thermax Ltd., an Indian publicly listed company. The ultimate holding company of Thermax Ltd. is RDA Holdings Private Limited, Pune, India. The main activity of the company is owning shares in the fully-owned subsidiaries Danstoker A/S, Boilerworks A/S, Ejendomsanpartssselskabet Industrivej Nord 13 (estate company) and Thermax Chemical Europe A/S. All operational activities take place within these respective subsidiaries. Danstoker A/S is the parent company of Danstoker Poland Sp. Z o.o. The Danstoker Group designs, manufactures, markets and services boilers and associated equipment for the energy market. The Group’s product range is continuously adapted and comprises the following four main categories: 1 - Solid fuel boilers, primarily based on biofuels; 2 - Electrical boilers; 3 - Waste heat recovery boilers; 4 - Oil- and gas-fired boilers. The activity of “Ejendomsanpartsselskabet Industrivej Nord 13” is to own and lease estate. The service activities in Boilerworks were sold at 1st November 2020. Only few projects need to be finally closed.Thermax Chemical Europe sells Ion Exchange Resins to the European market. The resins are produced by parent company in India.