2024

2025

ANNUAL REPORT

2024

2025

CONTENTS

Management’s review

7

Introduction

Financial highlights

Ratios

Presentation of the Board of Directors and the Executive Board

Review

Financial review

Shareholder information

Corporate governance

Shareholder information

ESG

Financial statements 2024/25

Statement of comprehensive income

Balance sheet

22

45

Statement of changes in equity

Cash ﬂow statement

Notes to the Financial Statements

Management’s statement

RIAS A/S, part of

thyssenkrupp Plastics International

RIAS A/S, part of thyssenkrupp Plastics

International

thyssenkrupp Plastics International is comprised

of nine companies spread across Europe with

approximately 1,100 employees. thyssenkrupp

Plastics is part of the larger thyssenkrupp group,

which operates worldwide.

The thyssenkrupp group has approximately

98,000 employees and a turnover of approxi-

mately 35 billion euros.

THE YEAR IN BRIEF 2024/2025

The 2024/25 ﬁnancial year has been one of steady

progress and continued strengthening of RIAS as an

organization. While the market has shifted throug-

hout the year, with ﬂuctuating demand and increa-

sing customer expectations, RIAS has remained

focused and resilient. Our ability to adapt quickly,

maintain high delivery reliability, and stay close to

our customers has been essential to the positive

development we have achieved.

The year has also seen important strategic progress.

The new national logistics center in Randers is well

underway and represents a signiﬁcant milestone in

building a more eﬃcient and scalable platform for

the future. Combined with the ongoing strengthe-

ning of our processes and governance, we are lay-

ing the groundwork for a company that stands even

stronger in the years ahead.

As we look forward, we do so with conﬁdence and

determination. Our commitment to our customers,

colleagues and shareholders remains ﬁrm, and we

continue to focus on delivering value, stability and

sustainable growth. I am deeply proud of the collec-

tive eﬀort shown this year, and I look forward to the

next chapter in RIAS’s journey.

This year has also brought a renewed sense of cohe-

sion across the company. We have worked purpose-

fully to simplify structures, improve collaboration, and

strengthen the connection between our functions. The

way employees have embraced these changes—with

openness, professionalism and a strong sense of

unity—has been inspiring and is a clear reﬂection of

the culture we continue to build together.

Alongside these organisational improvements, we

have also initiated the transition to a new ERP platform.

Though early in its journey, this step will help moderni-

ze the systems that support our daily work and further

strengthen our foundation for the years ahead.

Karsten Due

Managing Director

RIAS A/S

4

RIAS Annual Report 2024/25

RIAS’S JOURNEY

PROGRESS WITH PURPOSE

The ﬁnancial year 2024/25 has been a year of steady progress

and continued transformation for RIAS A/S.

the beginning of 2026. This investment marks a signiﬁcant step

in strengthening RIAS’s future capacity, enabling even better

service, shorter delivery times, and a more scalable operational

setup.

Across the organization, we have focused on strengthening the

way we work, improving cooperation, and preparing RIAS for the

next steps in our development.

Throughout the year, we have also continued to reinforce gover-

nance and compliance, ensuring that RIAS remains a transparent,

responsible, and independent listed company with a clear focus

on regulatory integrity and shareholder interests.

Throughout the year, we maintained a strong focus on customer

service, ﬂexibility, and delivery reliability in a market characte-

rized by shifting demand and rising expectations. By improving

coordination and strengthening our supply chain, RIAS has con-

tinued to build on its reputation for quality and dependability.

With these initiatives moving forward, RIAS is well prepared for

the next phase of its journey — building a more eﬃcient, connec-

ted, and customer-focused organization ready to capture future

opportunities.

Internally, we have taken important steps to simplify structures

and further integrate our activities. This includes strengthening

the link between production, sales, and customer functions.

These eﬀorts will support a more market-oriented organizati-

on and create a solid platform for expanding our presence and

competitiveness in the coming years.

Our activities outside Denmark have also shown renewed

momentum, supported by closer customer engagement and

more stable market conditions. This development reﬂects the

adaptability and strong commitment of our teams across the

organization.

Karsten Due

Managing Director

RIAS A/S

Strategically, a key milestone of the year has been the progress

of our new national logistics centre in Randers. The facility is

now under construction and expected to become operational at

RIAS Annual Report 2024/25

5

6

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

Revenue,

DKKm

EBIT before special

items, DKKm

Cash Flow from operating

activities, DKKm

303 13,2 13,2

2023/2024: 319 mio

2023/2024: 18,5 mio

2023/2024: 15,8 mio

Proposed dividend,

DKK/share

Gross

margin, %

EBIT-margin before

special items, %

26 32% 4%

2023/2024: 37 DKK

2023/2024: 33%

2023/2024: 6%

RIAS Annual Report 2024/25

7

MANAGEMENT’S REVIEW

FINANCIAL HIGHLIGHTS

2024/25

2023/24

2022/23

2021/22

2020/21

Income statement (DKK million)

Revenue

Production Costs

Gross proﬁt

Capacity costs*

303,1

204,7

98,4

85,2

13,2

0,3

319,1

214,3

104,8

86,3

18,5

0,7

313,1

209,6

103,5

86,6

16,9

0

338,7

230,0

108,7

87,1

21,6

0

308,4

204,8

103,6

85,5

18,1

1,5

Proﬁt before special items

Special items

Proﬁt before ﬁnancial income and expenses (EBIT)

Net ﬁnancials

Proﬁt before tax

12,9

0,1

12,8

3,7

17,8

0,1

17,9

4,3

16,9

-0,9

16,0

3,5

21,6

-0,2

21,4

4,4

16,6

-0,6

16,0

3,4

Corporation tax

Net proﬁt for the year

9,1

13,6

12,5

17,0

12,6

Balance sheet at 30 September (DKK million)

Non-current assets

Current assets

Assets

Equity

117,0

132,8

249,8

192,8

10,0

115,9

144,8

260,7

192,2

9,9

120,5

131,9

252,4

187,2

9,8

122,8

131,4

254,2

186,2

9,5

124,2

120,9

245,1

177,3

9,5

Deferred tax

Long term Leasing liabilities

Short-term liabilities

Liabilities and equity

1,7

44,8

249,8

1,2

57,4

260,7

4,2

51,2

252,4

7,4

51,1

254,2

7,1

51,2

245,1

Cash ﬂows (DKK million)

Cash ﬂows from operating activities

Cash ﬂows from investing activities

Including investments in property, plant and equipment

Cash ﬂows from ﬁnancing activities

Total cash ﬂows

13,2

-5,9

-13,8

-6,5

101

15,8

-2,3

-13,4

0,1

26,9

-4,9

-16,1

5,9

22,5

-2,0

-12,9

7,9

7,6

-4,7

-10,8

-7,9

106

Average number of full-time employees

104

* Capacity costs include distribution and administrative expenses.

Revenue (DKK million)

Proﬁt before tax (DKK million)

22

20

18

16

14

350

330

310

290

12

10

270

250

8

230

210

190

170

150

6

4

2

0

21/22

24/25

23/24

22/23

20/21

24/25

23/24

22/23

21/22

20/21

8

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

RATIOS

2024/25

2023/24

2022/23

2021/22

2020/21

Key ﬁgures and ratios

Gross margin

Proﬁt margin before special items

Proﬁt margin

32%

4%

6%

39.46

26

838

7%

5%

77%

655

33%

6%

8%

58.9

37

833

9%

7%

74%

665

33%

5%

8%

54.2

37

812

9%

7%

74%

670

32%

6%

10%

73.5

50

808

12%

9%

34%

6%

5%

7%

55

Return on assets

Proﬁt per DKK 100 share

Dividend per DKK 100 share

Equity value per DKK 100 share

Return on equity before tax

Return on equity after tax

Solvency ratio

35

769

9%

7%

72%

645

73%

570

Market price per DKK 100 share at 30 September

The ratios have been calculated in accordance with the deﬁnitions

below. Proﬁt per share which has been calculated in

accordance with IAS 33.

Dividend per DKK 100 share is calculated as dividend divided

by 1/100 of the share capital after deduction of the Company’s

holding of treasury shares at 30 September.

Deﬁnition of ﬁnancial ratios

Gross margin is calculated as gross proﬁt in percentage of

revenue.

Equity value per DKK 100 share is calculated as equity at 30

September divided by 1/100 of the share capital after deduction

of the Company’s holding of treasury shares at 30 September.

Proﬁt margin before special items is calculated as proﬁt before

special items in percentage of revenue.

Return on equity before tax is calculated as proﬁt before tax in

percentage of average equity for the year.

Proﬁt margin is calculated as proﬁt before ﬁnancials in percent-

age of revenue.

Return on equity after tax is calculated as net proﬁt for the year

in percentage of average equity for the year.

Return on assets is calculated as proﬁt before ﬁnancials in

percentage of average operating assets for the year, ie of total

assets less cash at bank and in hand and ﬁxed asset investments.

The solvency ratio it calculated as equity at 30 September in

percentage of total assets at 30 September.

Proﬁt per DKK 100 share is calculated as proﬁt for the year divid-

ed by 1/100 of the share capital after deduction of the Company’s

holding of treasury shares at 30 September.

Equity value per DKK 100 share (DKK)

840

820

800

780

760

740

720

700

680

660

21/22

24/25

23/24

22/23

20/21

RIAS Annual Report 2024/25

9

MANAGEMENT’S REVIEW

BOARD OF DIRECTORS

MICHAEL MEYER

Member of the board of Directors

MARTIN KOELINK

Chairman

PETER SØRENSEN

Vice-chairman

Joined Board in 2025

(1963 M)

Non-independent

Joined Board in 2024

(1965 M)

Non-independent

Joined Board in 2023

(1968 M)

Non-independent

CFO Business Field Distribution Plastics Europe,

thyssenkrupp Materials Services GmbH

Directorships in other companies:

CEO Business Field Distribution Plastics Europe,

thyssenkrupp Materials Services GmbH

Directorships in other companies:

Partner, Lund Elmer Sandager, København

CEO, A/S Rørkær, København

CEO, Ejendomsselskabet Nørrebrogade 43 A/S

Member of the board of Directors:

Aktieselskabet P. Hatten & Co. (Chairman)

CNH Industrial Danmark A/S (Chairman)

Dansk Centralkontor for Sommerhus-

Udlejning ApS (Chairman), DCSU A/S,

HHM A/S (Chairman), HHM Holding A/S

(Chairman), IC Nordics A/S (Chairman), Intra

A/S (Chairman), L. Hasselkjær Invest ApS

(Chairman), M.S. HOLDING A/S, NORLIP A/S,

SPPC A/S (Chairman), G.N.A.V. Aps

JUNE SVENDSEN

JETTE DUUS

Member of the Board of Directors

Joined Board in 2014

Employee representative

(1970 F)

Joined Board in 2023

Employee Representative

(1972 F)

10

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

EXECUTIVE BOARD

KARSTEN DUE

CEO

DANNIE MICHAELSEN

CFO

Joined RIAS in 2022

(1969 M)

Joined RIAS in 2015

(1972 M)

MANAGEMENT

ANDERS TOPP

CSO

LARS DANNER HANSEN

Factory & Warehouse Manager

NIKLAS THOMAS VANGSGAARD

Purchasing Manager

Joined RIAS in 2008

(1969 M)

Joined RIAS in 2007

(1976 M)

Joined RIAS in 2017

(1989 M)

MIKKEL KOEFOED DEHN

Internal Executive Advisor

JAN THOMAS NIELSEN

Division Manager - RIPRO

Joined RIAS in 2010

(1992 M)

Joined RIAS in 2023

(1969 M)

RIAS Annual Report 2024/25 11

MANAGEMENT’S REVIEW

REVIEW

MISSION

RIAS A/S’s mission is to be the most attractive

supplier of plastic materials in the Nordics.

The company operates with two product areas:

• Sale, processing and distribution of semi-

ﬁnished plastic products to all branches of

the building and construction sector.

• Sale, processing and distribution of semi-

ﬁnished plastic products to industry and the

public sector.

Long-term objective

LONG-TERM FINANCIAL TARGET 2027/28

RIAS A/S’ long-term objective is to increase its market value

through organic growth and the expansion of existing business

areas and to provide shareholders with a competitive return on

their invested capital.

Revenue growth

EBIT margin

A review of the EBIT expectations for 2024/25, published in the

2023/24 Annual report was not achieved and the company had

to review its announcement and publish an adjusted range of an

EBIT before special items of DKK 13-16 million. The announce-

ment was done 11th of June 2025. The adjustment reﬂects lower

activity in the building segment, where customers have shown

increased restraint in their purchasing. This is considered to be

linked to general uncertainty in the global economy.

22% 5,9%

2024/25: 303 mio

2024/25: 4,3%

We have seen an unstable and volatile macro- environment in

2024/25 aﬀecting the global economy, with inﬂationary eﬀects

on raw materials, energy prices and logistics costs.

The Board of Directors expects that this will continue in

2025/26 and with the investments in the new warehouse and

ERP system, the Board of Directors expects turnover in the

range of DKK 310 – 330 Mio. an EBIT result for the 2025/26 ﬁ-

nancial year in the range of DKK 12 - 15 million.

The expectations for turnover in 2024/25 published in the an-

nual report of 2023/24 was in the range of DKK 310 – 330 Mio.

The actual turnover in 2024/25 reached DKK 303 Mio. which is

below the range published in 2023/24. The reason for this is

considered to be the lower purchasing in the DIY market due to

increased restraint in their purchasing behavior.

Expectations for 2025/26 and forward

In the 2025/26 ﬁnancial year, we will continue to focus our

eﬀorts on optimizing the organization and increasing the grow-

th in market share. Focus will also be on implementing the

new warehouse and increased eﬃciency as an eﬀect from that.

Investment in more digitalization will also be in focus during

2025/26 where a new ERP system will be developed and imple-

mented beginning of 2026/27.

In the years to come the Board of Directors expects the re-

venue to grow with 4.9% from 2024/25 to 2025/26 due to in-

vestments in strategic areas with increasing EBIT as well. The

assumption for future growth is also mentioned in the note re-

lated to impairment of goodwill on page 33

12

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

RISKS

Particular risks

Financial risks

& Operational risks

!

There is no speculation in ﬁnancial risks, and

the company’s management is only dealing

with the management of the ﬁnancial risks

that are a direct consequence of RIAS A/S’

operations and ﬁnancing. The company owns

no derivatives.

Unforeseen price ﬂuctuations and reduced

business activities with major clients could

have a negative impact on the company com-

pared to the expectations for the result, but

such risks are normal in a trading company.

Supply chain disruptions due to the war in

Ukraine, the Middle East or other major in-

cidents could result in loss of revenue. The

company try to mitigate this risk by dual

sourcing on most materials.

Currency risks

Credit risks

The company is only impacted by currency

risks to a limited extent. Almost all business

is conducted using DKK, SEK or EUR. As the

currency risk for the DKK/EUR is considered

very tight, the company does not hedge its net

EUR debt. The company buys and sells in SEK,

and these transactions are thus impacted by

the DKK/SEK exchange rates.

The management follows the SEK currency

development very closely but assesses this

risk to be minimal, as the number of transac-

tions in SEK are not a major proportion and

thus do not justify hedging of future purchases

and sales in SEK.

The company’s credit risks are associated

with receivables from sales and services.

It is the company’s policy to have credit insur-

ance for receivables from sales and services

to the greatest extent possible. Receivables

from sales and services are assessed on an

ongoing basis and write-downs are made

when required. The company uses Danske

Bank and has funds deposited in excess of

the government deposit guarantee amount.

!

Knowledge resources

IT security risks

The company possesses speciﬁc knowledge

and competences in the selling of semi-ﬁn-

ished plastic products and knowledge about

processing such products. The company is

focused on attracting, retaining and devel-

oping well-trained and motivated employees

who can help to ensure that the core value of

providing customers with the best possible

service is maintained. On average, the com-

pany has employed 103 full-time employees

in 2023/24, which is 1 less as in 2022/23.

The company employs 105 full-time employ-

ees as at 30 September 2024, which is 1 less

as at 30 September 2023.

Globally and across most industries, a signiﬁ-

cant increase in cybercriminal activity, such as

phishing campaigns and malicious websites,

is taking place. Cyber threats like cybercrime

and cyberattacks are real and could have a

major business impact, including aﬀecting

RIAS’s operations, delivery performance and

competitive advantage. RIAS is continuously

improving its measures to monitor and re-

spond to potential breaches and cyberattacks.

On a regular basis, we conduct both internal

and external security assessments, including

vulnerability assessments, penetration test-

ing and threat hunting.

Liquidity risks

Interest rate risks

The company only has debt that is due within

one year, cf. the balance sheet. The payment

of this debt, DKK 57 million, can be fully cov-

ered by payments from receivables and bank

deposits.

The company does not have interest rate

positions to hedge interest rate risks, as

moderate changes to the interest rate envi-

ronment will have no signiﬁcant impact on

earnings.

RIAS Annual Report 2023/24 13

MANAGEMENT’S REVIEW

FINANCIAL REVIEW

Income statement Revenue

Revenue decreased by DKKt 15,981 from DKKt 319,092 in

2023/24 to DKKt 303,111 in 2024/25.

Tangible assets

Tangible assets increased from DKKt 57,125 as at 30 September

2024 to DKKt 57,675 as at 30 September 2025. The company

made investment during the year for ﬁt-out in new warehouse.

The revenue in the Industrial Division decreased by DKKt 8,308

and the revenue in the Building & Construction Division de-

creased by DKKt 7,685 in 2024/25.

Leasing assets

Contracts considered as leasing under IFRS 16 have been rec-

ognised at a value as at 30 September 2025 of DKKt 4,732 which

is DKKt 1,039 lower as at 30 September 2024 and is mainly due

to rental agreement in Assentoft january 2026 because of ter-

mination of lease agreement. Leasing also consist of the recog-

nition of cars.

In the Industrial Division the volume increased during the year,

but revenue decreased due to price level being under pressure

from tough competition but also a consequence of lower prices

from suppliers compared to 2023/24 which immediately is re-

ﬂected in the market.

Low value and short-term contracts are not recognised here, but

included as an operational cost.

The price level in the company’s Building & Construction prod-

ucts has been at a stable level but the volume sold to customers

was lower due to the DIY markets holding back on purchase and

not building up stock.

Inventories

Inventories increased by DKKt 528 from DKKt 29,187 as at 30

September 2024 to DKKt 29,715 as at 30 September 2025. The

company is continually focused on adjusting its inventory so that

it matches the current market

Gross result

The gross proﬁt percentage decreased slightly from 32,8% in

2023/24 to 32,4% in 2024/25 and is partly due to higher freight

costs beginning of 2025 which couldn´t be pushed out in the

market.

Receivables

Receivables decreased by DKKt 5,888 from DKKt 70,205 as at

30 September 2024 to DKKt 64,317 as at 30 September 2025.

Receivables decreased due to lower activity with the DIY chains

compared to the same period last year.

Distribution and administration costs (capacity costs)

Costs have decreased by DKKt 1,000 from DKKt 86,225 in

2023/24 to DKKt 85,225 in 2024/25. The company managed to

reduce cost in distribution by reducing headcounts due to lower

activity in Building & Construction. The green transition has also

contributed to the stable cost level due to more electrical cars

and more production of solar energy with lower costs for fuel

and electricity consequently.

Liabilities

Liabilities decreased by DKKt 13,249 from DKKt 68,545 as at 30

September 2024 to DKKt 56,472 as at 30 September 2025 main-

ly due to a lower level trade payables due to less purchase at the

end of 2024/25 compared to the year before.

Special items

Cash ﬂow Operating activity

In this ﬁnancial year the company has had costs due to clariﬁ-

cation about shareholders rights and is cost that management

considers as being a non-recurring item.

Cash ﬂows from operating activities decreased by DKKt 2,647

from DKKt 15,832 in 2024/24 to DKKt 13,185 in 2024/25. The

diﬀerence in cash ﬂow is mainly from lower net proﬁt and high-

er tax paid related to the year before but with changes in work-

ing capital increasing the cash ﬂow.

Tax on the year’s result

The eﬀective tax percentage for 2024/25 amounts to 28,9%

compared to 24.3% in 2023/24.

Investment activity

The company has invested in ﬁt-out of the new warehouse in

Randers and also in new ERP system. Investments increased by

DKKt 3,854 compared to last year.

Balance sheet Intangible assets

Intangible assets increased due to investments in new ERP sys-

tem and as at 30 September 2025, the amount was DKKt 54,555

compared to DKKt 53,085 as at 30 September 2024. The intan-

gible assets also consist of goodwill, amounting to DKKt 53,085

which can be attributed to the acquisition of the activities in Ro-

dena A/S and Nordisk Plast A/S. The goodwill values have been

subject to an impairment test, which is described in more details

in note 11 of the accounts.

Liquidity reserves

Overall, the company’s liquidity reserves decreased by DKKt

6,444 compared to prior year.

As at 30 September 2025, software amounted to DKKt 108 com-

pared to DKKt 0 as at 30 September 2024, as investments in

new webshops and homepage have been made.

14

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

CORPORATE GOVERNANCE

Statutory Statement on Corporate Governance under section

107b of the Danish Financial Statements Act.

annual general meeting are independent as deﬁned in the re-

commendations, as the board members are elected based on

the company’s ownership structure.

Company Management believes that corporate governance is a

key element and currently seeks to improve the Company’s man-

agement structure. The overall framework for the Management

of RIAS A/S has been planned with a view to ensuring that the

Company meets its obligations towards shareholders, customers,

employees, authorities and other stakeholders in the best possi-

ble way and that long-term value creation is supported.

Executive Board

The Executive Board is appointed by the Board of Directors, which

speciﬁes the Executive Board’s terms of employment. The Exec-

utive Board is responsible for the day-to-day operations of RIAS

A/S, including RIAS A/S’ activity-related and operational develop-

ment, its results and its internal aﬀairs. The Board of Directors’

delegation of responsibility to the Executive Board is speciﬁed in

the company’s rules of procedure and the Danish Companies Act.

RIAS A/S’ Executive Board consists of two persons.

The Board of Directors of RIAS A/S currently works on ensuring

that the Company complies with the policies and procedures laid

down by the Committee of Corporate Governance which NAS-

DAQ Copenhagen requires be applied. The Board of Directors

discusses how the Company’s corporate governance in practice

at any time ensures that the management of RIAS A/S meets

the highest standard and that the work of the Board of Directors

supports the Company’s future business potential.

Remuneration for the Board of Directors

and Executive Board

The Board of Directors has adopted a very simple remuner-

ation policy for both the Board of Directors and the Executive

Board. The remuneration policy for the Board of Directors does

not contain any incentive-based remuneration or other variable

components. The Board of Directors for RIAS A/S is not covered

by any bonus or option schemes. The total annual remunera-

tion for the Board of Directors is approved by the annual general

meeting in connection with the approval of the annual report. In

2023/24, the remuneration for the Executive Board consisted of

a base salary plus usual fringe beneﬁts such as a car and phone

plus an annual bonus, and this is described in the remuneration

report. The Executive Board’s terms of employment, including

remuneration and terms for dismissal/resignation are assessed

as being in accordance with normal practices for positions of

this nature.

Openness is a key factor.

Openness and Transparency

The Board of Directors has chosen to publish the Statutory

Statement on Corporate Governance under section 107b of the

Danish Financial Statements Act on the Company’s website.

Links to the account on good corporate governance and Link to

recommendations for Good Corporate Governance:

 https://www.rias.dk/statement-2025

The Board of Directors overall approach towards NASDAQ Co-

penhagen’s recommendations for good corporate governance

are found on RIAS A/S’ website. This statutory account of cor-

porate governance covers the accounting period from 1 October

2023 to 30 September 2024 and is part of the management’s

report. The statutory account is not covered by the declaration

from the independent auditor.

Link to the remuneration policy and remuneration report:

 https://www.rias.dk/media/wysiwyg/Filer/RIAS/Investor/

Selskabsmeddelelser/2024-2025/ENG/11.12.2024_Remunera-

tion-Report-2024.pdf

Audit committee

The Board of Directors of RIAS A/S also serve as the audit com-

mittee.

RIAS A/S has in this connection chosen to compare the compa-

ny’s account of good corporate governance with the Committee’s

recommendations of December 2020. This creates the best pos-

sible overview of which recommendations RIAS A/S has chosen

to follow completely and which recommendations the company

has chosen not to pursue or which are still being worked on.

The audit committee’s overall objective is to minimize the risk

of signiﬁcant errors in the ﬁnancial reporting - both internally

and externally. In practice, this takes place by analyzing the in-

ternal control environment, ﬁnancial reporting, accountancy, the

applied accounting practices and the submission of interim and

annual reports in general.

Tasks and responsibilities of the Board of Directors

The work done by the Board of Directors is speciﬁed in the rules

of procedure which are evaluated at least once per year. RIAS

A/S complies with the recommendation regarding members

and the rules of procedure being adjusted to the company’s

needs. The Board of Directors meets four times per year or more

as needed. This process ensures that the management can re-

act quickly and eﬀectively to external conditions. Five meetings

were held in the 2023/24 ﬁnancial year, including the company’s

ordinary annual general meeting in January 2024.

The audit committee focuses on a continuing development of

the control environment and a continual assessment of the busi-

ness processes and ﬁnancial and accounting-related matters

that have a signiﬁcant impact on the accounting information.

The external auditor can also be summoned to the audit com-

mittee’s meetings. Four meetings were held in 2023/24 and the

external auditor participated in one without the presence of the

management.

Composition of the Board of Directors

The Board of Directors consists of ﬁve members, of which two

are elected by the company’s employees. The board members

elected by the annual general meeting are elected for a one-

year term at a time. The Board of Directors has evaluated the

personal capacity of each individual board member and ﬁnds

that they are managing their tasks in the board of RIAS A/S in

a sound manner. None of the board members elected by the

RIAS Annual Report 2024/25 15

MANAGEMENT’S REVIEW

SHAREHOLDER INFORMATION

Share capital

Annual General Meeting

The Company’s share capital of DKK 23,063k is distributed on

DKK 3,125 k A-shares and DKK 19,938k B-shares.

The Annual General Meeting will be held on 21 January 2026,

at 13.00 pm CET, at the Company’s address, Industrivej 11,

Roskilde, Denmark.

The A-shares, which are non-negotiable, carry 10 votes per DKK

100 share, see clause 11 of the articles of association.

Proposals for the General Meeting:

• The Board of Directors proposes that for the ﬁnancial year

2024/25 dividend be distributed to the shareholders in the

amount of DKK 26 per DKK 100 share of the share capital at

30 September 2025 of DKK 23,063,000, corresponding to a to

tal proposed dividend of DKK 5,996,380.

The B-shares, which are negotiable, carry 1 vote per DKK 100

share, see clause 11 of the articles of association.

The B-shares are listed on NASDAQ Copenhagen, and at 30 Sep-

tember 2025 the price corresponding to the market price of the

B-shares was DKK 130.6 million.

• The Board of Directors proposes to the General Meeting that

the present elected board members are re-elected.

The Company has more than 200 shareholders registered by

name.

• The Board of Directors proposes to the General Meeting that

BDO Statsautoriseret Partnerselskab are re-elected as

auditors.

The following shareholders have stated that they own 5% or

more of the total capital: thyssenkrupp Facilities Service GmbH,

Germany, a nominal amount of DKK 3,125,000 A-shares and a

nominal amount of DKK 9,363,000 B-shares, corresponding

to 54.15% of the total capital. thyssenkrupp Facilities Service

GmbH holds 79.34% of the votes.

Expected Stock Exchange Announcements in 2025/26

RIAS A/S expects to publish the following Stock Exchange

Announcements:

• 10. dec. 2025: Announcement of ﬁnancial results 2024/25

• 21. jan. 2026: Announcement of interim results

• 21. jan. 2026: Annual General Meeting

• 07. maj 2026: Announcement of the half year report

• 20. aug. 2026: Announcement of interim results

Expon Aps, a nominal amount of DKK 2,751,600 B-shares, corre-

sponding to 11.93% of the total capital. Expon Aps holds 5.53%

of the votes.

The Board of Directors and the Executive Board do not hold any

shares in the Company.

Contact person – Investor relations

Inquiries concerning investor relations and the share market

may be directed at:

”Change of control” clauses

The Company has an agreement with thyssenkrupp about the

use of SAP. If the control of the Company changes due to an im-

plemented takeover, the Company expects however to be able to

reestablish an appropriate new agreement about the use of SAP

in such a situation.

Karsten Due, CEO

Telephone: +45 46 77 00 00

E-mail: kad@rias.dk

In case of a takeover, the period of notice will be extended by six

months to the Executive Board.

Amendment of the articles of association

An amendment of the Company’s articles of association re-

quires that 2/3 of the share capital is represented at the General

Meeting and that the proposed amendment is adopted by both

2/3 of the votes cast and of the share capital represented at the

General Meeting.

Company information

RIAS A/S . Industrivej 11 . 4000 Roskilde

Telephone: +45 46 77 00 00

Website: www.rias.dk

Board of Directors

Martin Koelink

Peter Sørensen

Michael Meyer

Jette Duus

Executive Board

(Chairman)

Karsten Due, CEO

Email: info@rias.dk

(Vice-chairman)

Dannie Michaelsen, CFO

VAT no.: 44065118

(Board member)

Founded: 1 February 1959

Municipality of registered oﬃce: Roskilde

(Employee Representative)

Auditors

June Svendsen

BDO Statsautoriseret Partnerselskab

16

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

ESG FOR 2024 / 2025

Besides informing our stakeholders of our ESG work, this report

also serves as our statutory CSR report pursuant to Sections

99(a) in the Danish Financial Statements Act.

At RIAS, we have always strived to act responsibly and to create

value in a decent and credible manner. It is deeply embedded in

our DNA and it has been a fundamental factor in the company’s

development- also long before governance, the UN’s Sustaina-

ble Development Goals and the climate debate were put near the

top of the agenda. See “Mission” page 12.

Over the last many years, we have continually worked towards

reducing our energy consumption, we have improved employ-

ee working conditions and we have had a good and responsible

management culture. Shared responsibility and initiatives in,

among other things, climate and environmental impacts, em-

ployee conditions and governance issues are continuing at full

capacity, and this is an important part of the everyday lives of

our managers and employees who are all assuming a great deal

of responsibility.

the purpose of creating real value for society as a whole via the

company’s ESG work.

ESG strategy in accordance with the UN SDGs

The UN’s SDGs reﬂect a desire to create a better world. The 17

SDGs are the cornerstone of the UN’s “Agenda 2030” and specify

the direction of the work.

At RIAS, we make a commitment to behaving decently and cred-

ibly. We believe that results are made through people who re-

sponsibly contribute to ensuring our common future, and we

have always prioritised doing things the right way.

RIAS has a particular focus on the SDGs that are most relevant

to our stakeholders and our business, as this is where we believe

we can make the biggest diﬀerence. In order to meet the risks

of this increased focus and the possibilities associated with sus-

tainability, we have decided to launch sustainability targets that

create a close connection between our company and the SDGs.

At RIAS, we believe that a company’s activities have a critical

impact on the development of a sustainable society. We aim to

proactively improve the environmental, social and governance

conditions, particularly in the areas that are naturally associated

with our business.

We have speciﬁed measurable and ambitious targets for SDG 7

concerning renewable energy and SDG 12 concerning consump-

tion and production. These are described in the section about the

environment and climate below.

Our values, together with the UN’s Global Compact principles,

form the basis for our approach to ESG and is a testimony to

the fact that ESG has always been an integral part of RIAS for

Risks

Environment and climate

- Risk: Our own processing and purchasing of raw materials from

suppliers involves a risk of negative environmental impacts.

Below is an overview of the most important risks and

actions for each of the UN’s Global Compact principles

and the speciﬁed policy areas.

- Action: We are systematically working on reducing our environ

mental impact from our warehouses and processing activities

and we encourage our suppliers to do the same. We have intro-

duced an ambitious target being climate neutral by 2030 and we

are continually investing in initiatives to meet this target.

Human rights

- Risk: The company mainly relies on suppliers from within

Europe, and the risk of failure to comply with human rights and

labour rights is minimal.

- Action: All suppliers are asked to ﬁll out a Supplier Code of

Conduct that emphasises human rights and labour rights.

Only the suppliers who fulﬁl the requirements of this code of

conduct are used.

Anti-corruption work

- Risk: Legal violations relating to corruption can result in major

ﬁnancial losses and a poor reputation.

- Action: Targeted training in business ethics and anti-corruption

work for selected high-risk areas such as the sales team.

Continuous monitoring of changes to legislation concerning

anticorruption work and the implementation of applicable rules.

Updating the Code of Conduct, also for suppliers. Available

whistleblower hotline. Online training in anti-trust and

compliance for all employees.

Labour

- Risk: Our employees’ safety is a risk factor since we have ware

houses and production facilities.

- Action: The management is continually focused on safety and we

are working to improve this further via education and training.

RIAS Annual Report 2024/25 17

MANAGEMENT’S REVIEW

ESG FOR 2024 / 2025

a partnership with the organization Wuppi which collects and

disposes PVC in a sustainable fashion. During 2024/25 RIAS

expanded the Green Concept which is an oﬀer to customers

who are not able to send their plastic scrap to recycling. RIAS

now collects additional 10 types of plastic waste and makes

sure that it gets recycled. During 2024/25 81 tons of scrap has

been collected and delivered to recycling, compared to 57 tons

in 2023/24. This scrap would most likely otherwise have been

considered to be waste.

Environment and climate

Protecting the environment is important to RIAS, and we make

every eﬀort to minimize negative environmental impacts and

address climate change.

The company has a limited environmental impact which mainly

consists of the waste from products and transportation and driv-

ing in company cars and electricity consumption for the compa-

ny’s processing work, oﬃces and warehouses.

RIAS makes every eﬀort to make environmental considerations

an integral part of our activities. Our work with reducing climate

emissions is focused on, but not limited to, energy, heating, be-

Target

The company is working in a targeted manner to reduce its en-

vironmental impact from PVC waste, and here the company has

Core Elements of Value Creation

RIAS A/S – Business Model

• Deep Customer Insights - Understanding customer needs in

construction, industry, and agriculture to deliver solutions that

create real value.

• Customer-Centric Innovation - Developing new plastic pro-

ducts and systems that improve functionality and sustainability.

We are dedicated to delivering sustainable and innovative plastic

solutions for construction, industry, and agriculture that create

value for customers through quality, ﬂexibility, and environmental

responsibility.

• Resilient Production and Supply Chain - Eﬃcient production

Our Strengths

and logistics ensure fast delivery and consistent quality.

• Customers - We collaborate closely with contractors, industrial

companies, and farmers to deliver tailored plastic solutions

that meet speciﬁc needs.

• Employees - We rely on the expertise of our specialized team to

ensure high quality, technical advice, and continuous innovation.

• Suppliers and Partners - Strong relationships with raw mate

rial suppliers and technology partners secure stable supply

and access to new materials.

• Financial Capital - Solid ﬁnancial foundation enables invest

ment in product development, sustainability, and long-term

growth.

• Solution-Driven Commercialization - We provide complete

solutions – not just products – including technical support and

advisory services.

Value Creation

• Customers - Eﬃcient and sustainable plastic solutions that re-

duce costs and improve quality.

• Employees - A work environment based on collaboration, de-

velopment, and innovation.

• Shareholders - Stable growth and long-term value creation

through sustainable investments.

• Planet - Commitment to recycling and reducing CO₂ emissions

across the entire value chain.

• Raw Materials - We focus on recyclable and eco-friendly plas-

tics to reduce CO₂ emissions and promote a circular economy.

CO₂ Emissions by Source

Tonnage CO₂

2024/25

2023/24

2022/23

2021/22

2020/21

62

67

65

74

173

22%

20%

19%

32%

Electrical power

Natural gas

57

15%

51

9%

57

20%

54

16%

48

15%

115

144

118

55

132

34%

37%

21%

20%

40%

Diesel / petrol

106

91

111

207

31%

38%

28%

29%

38%

District heat

Total

280

342

328

386

549

18

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

ESG FOR 2024 / 2025

haviour and transport. The work with reducing our environmen-

tal impact is focused on, but not limited to, responsible purchas-

ing, responsible packaging and waste management. Our goal is

to reduce the negative climate and environmental consequenc-

es of our activities, and we expect the same from our suppliers.

We are convinced that eﬀective and systematic environmental

initiatives create both environmental beneﬁts and value for our

stakeholders.

Heating usage

RIAS uses natural gas to heat the building in Assentoft and district

heating for the buildings in Roskilde, and the company has mainly

worked on reducing consumption on the Roskilde site.

Our supplier of district heating is also working on making their

production more “green” and will therefore also have an indirect

eﬀect on our CO2 emission from this source in the future. The

usage of natural gas in Assentoft is at a stable level and still has

an emission above 50 tons CO2. The company has not done any

major changes to the current set-up in Assentoft due to the move

into a new more energy eﬃcient warehouse beginning of calendar

year 2026.

Results achieved

Based on input from WeSustain concerning the company’s

consumption in areas such as electricity, fuel and water, it is

possible to calculate a carbon footprint that can be used to as-

sess where new initiatives are needed to support the company’s

target of being carbon neutral in 2030 on scope 2 and 3.

The warehouse will not run on gas but electricity and therefore

the consumption of gas will only be used during Q1 of the ﬁnancial

year 2025/26 but have no consumption in the remaining quarters

of 2025/26.

The company is continuously working on reducing its energy

consumption in its warehouses, production facilities and admin-

istration with the support from energy consultants who gives

advice on the newest technology and where it makes sense to

reduce our energy consumption with the biggest impact.

Waste

The company generates waste as part of its processing of plastics,

but it is a very limited amount. RIAS is working in a targeted

manner to reduce the environmental impact of PVC waste, and the

company has a partnership with the organisation Wuppi, which

collects and disposes of hard PVC waste in a sustainable fashion.

During 2024/25 Wuppi organization collected 2.409 tons of plastic

waste, and which was send to recycling.

By tracking our energy consumption and the CO2 output we are

able to work more eﬃcient towards our goal in 2030.

RIAS has the following energy consumption split by source.

The emissions are calculated on the basis of energy consump-

tion and CO2 emissions are calculated using the GHG Protocol

methodology.

During 2024/25 RIAS oﬀered to collect new types of plastic in the

Green Concept which is an oﬀer to customers who are not able

to send their plastic scrap to recycling. RIAS collect the scrap

and makes sure that it gets recycled. During 2024/25 81 tons of

scrap has been collected and delivered to recycling, compared to

57 tons in 2023/24. This scrap would most likely otherwise have

been considered to be waste. During the year a new compacter

has been tested in Roskilde in order to compact cardboard boxes.

The compacter has the eﬀect that the company can reduces the

amount of transportations to collect recyclable cardboard and in

that way reduces CO2 from this transportation.

Electricity consumption

The company uses a large part of its electricity consumption in

its warehouses and processing work; During the last year we

have been able to reduce our use of electricity and therefore also

the emission of CO2 from this source. In 2024/25 RIAS has been

able to produce 260.000 Kwh. This production amounts to 30% of

our usage of electricity.

The company is Investing in a new warehouse which will be in

use beginning 2026 and here all heating will be done by elec-

tricity and therefore the expectation is that RIAS will use more in

the future. This is mitigated by installing solar panels on the roof

of the new warehouse and will reduce the increased usage of

electricity purchased. Continuous focus on internal and external

electricity consumption and awareness of the use of electricy

among our colleagues have also contributed to a reduction in the

use of electricity and will continue to be a topic for the future.

RIAS is continually working on ﬁnding new sustainable solu-

tions for our products. During 2024/25 the company introduced

new products. RIGU ECO is a material used in oﬃce areas and

is produced with 50% regenerated materials. Another product is

Riacover recycled which is made of 100% recyclable PP and can

be used on building sites to protect ﬂoors, walls or steps during a

construction. The material can be used several times compared

to cardboard. Both materials are made from recyclable materials

and gives the company’s customers the possibility to choose an

alternative to the traditional materials.

The company still expects to invest in new machinery in the

future and energy usage will therefore be a big part of the choice

of brand and which machine that should be invested in.

RIAS A/S aims to conduct its operations in a responsible man-

ner and is continually working on creating coherence between

the company’s strategy and responsibility to the society that the

company operates in. For RIAS A/S, social responsibility work is a

continual process and in 2024/25 the company continues to work

on structuring the required internal processes.

Replacement of traditional cars to electric cars is almost

ﬁnalized in 2024/25. 81% of the ﬂeet is now electrical and next

year additional 14% will change to electrical. The company uses

a truck which runs on diesel and for now the technology does

not oﬀer an option to change this but it is expected that when it

needs replacement in 2 years from now this will also be changed

to an electrical truck. As shown above the company still has

emission of Co2 from cars. It is expected that the transmission

from cars running on fossil fuels to electric cars are fully imple-

mented during 2024/25.

Based on a criticality assessment, the company is working with

areas such as employees, the environment, supplier conditions

and anticorruption. The overall policy is described below in addi-

tion to how the policy works in practice and, where relevant, what

has been achieved.

RIAS Annual Report 2024/25 19

MANAGEMENT’S REVIEW

ESG FOR 2024 / 2025

our employees. RIAS wants and strives to be a responsible work-

place that recruits, promotes and develops its employees based

on their competences and in a manner that promotes diversity.

Social factors

Ensuring good social conditions for employees is important to

the company, and RIAS oﬀers all of its employees good work-

ing conditions in accordance with applicable legislation and

good practices. There are monthly follow-ups on sick leave in

order to improve well-being, and in general, the company is

continually working on ensuring the best possible working en-

vironment. The total absences for the 2024/25 ﬁnancial year

have increased compared to 2023/24 and are at 3.7% com-

pared to 2.1% last year. The increase is mainly caused by some

long term absences.

We therefore also make every eﬀort to ensure that our recruit-

ment, terms of employment, promotions and any potential ter-

minations are made without prejudice towards gender, sexual

orientation, age, nationality, physical ability, handicaps, political

views, ethnicity, family status, religious convictions or other

ideologies. When we recruit new managers, we focus on equal

terms and on identifying candidates from both genders.

How we work with diversity at RIAS:

Workplace safety is important to the company, and there is con-

tinual investment in initiatives that improve safety at warehous-

es and production facilities. During 2024/25 ﬁre drills have been

done and training in the ﬁre protection system has been carried

out. Investments have been made in equipping trucks with blue

lights both front and rear so that employees can see when a

truck is headed their way. Investments have also been made on

pallet racks to prevent forklifts from damaging the racks so that

a breakdown of the racks can injure the workforce.

We are continually working on ensuring diversity both in man-

agement teams and among employee groups. We work based

on the following principles:

• RIAS is a workplace with equal opportunities for everyone in

a safe and non-discriminatory working environment.

• We strive to ensure that women are represented by more

than 38% among our management teams and we therefore

focus on equal terms and on identifying candidates from both

genders when recruiting new managers.

In our warehouse and processing department the company in-

vested in advanced hearing protection which are speciﬁc pro-

duced for each employee which keep the noise out, but the em-

ployee can be contacted. In our administration we have invested

in headsets with active noise reduction and installed noise re-

duction walls between workstations.

• We comply with Danish and international human rights

standards and laws regarding equal opportunity and we oﬀer

fair and equal terms in employment and working conditions,

regardless of gender, ethnic origins, religious beliefs or other

personal conditions.

The work environment council in RIAS works with safety and

health and during the year diﬀerent competitions have been

done in order to improve the health of the employees. Count your

steps during the day was one initiative and another was count

your km when using your bicycle. Trying to improve physical ac-

tivity during the day both at work but also in the spare time, is

just one out of many initiatives performed by the council. In the

ﬁnancial year of 2024/25 the company had 2 minor accidents

where procedures have been updated, and new instructions has

been made to avoid this in the future.

• We do not tolerate bullying, sexual harassment, discrimination,

oﬀensive behaviour or threats

• We strive to ensure that the composition of our employees is

a mix of young and experienced employees who together can

inspire and contribute to the development of RIAS.

Suppliers and human rights

The company typically enters into long-term supplier relation-

ships, and the suppliers are mainly located in Europe. An overall

assessment of the suppliers also includes - besides ﬁnancial

and quality related assessments an assessment of whether the

supplier demonstrates social responsibility, including not using

child labour, etc.

The company will continue to work on safety issues via daily

morning meetings at warehouses and production facilities to

ensure that the number of workplace accidents are avoided or

at a very low rate. The company completed 2 employee satisfac-

tion surveys during 2024/25 to ensure that the social conditions

remain good via the use of employee dialogues. Communication

is still in high focus and therefore monthly morning meetings

are initiated for all employees and for those who can´t partic-

ipate the meetings are shared via Teams. Information screens

are insuring that all gets the same information and at the same

time.

Inclusion is also important to the company, and it employs those

in vocational training programs and oﬀers ﬂexible working

schemes (ﬂexjob) to employees with a limited work capacity. In

addition, there are schemes for seniors oﬀered to employees

who are close to retirement. RIAS also assumes responsibility

by training young people in various job roles, and currently the

company has 5 trainees hired in warehouses and in sales func-

tions which is 2 more than last year.

All new suppliers are asked to ﬁll out a Supplier Code of Con-

duct which, among other things, has questions related to human

rights. In the ﬁnancial year only suppliers fulﬁlling the require-

ments of the Supplier Code of Conduct have been used.

RIAS A/S has received an updated Supplier Declaration at the

end of the ﬁnancial year and will therefore from now on use this

one for new suppliers, while also getting this updated version

signed by the current suppliers.

Anti-corruption

As a company, RIAS wants to ensure that we carry out our activities in

an honest manner without the involvement of corruption or bribery

to gain unfair advantages.It is important that all of RIAS’ activities are

characterised by integrity. Bribery and corruption harm the societies

in which they take place and prevent economic growth and devel-

opment. It is RIAS’ policy to comply with all applicable laws on ﬁght-

ing corruption and to correctly list all transactions in RIAS’ ﬁnancial

statements and reports. The company has zero tolerance for bribery

and corruption made by employees or others acting on our behalf.

Diversity

At RIAS, we believe that a diverse workplace and an inclusive

workingenvironmentisanassetforourcompany.Webelievethat

diverse teams are more innovative, make better decisions and

contributetonovelthinking,andwealsopromotetoleranceamong

20

RIAS Annual Report 2024/25

MANAGEMENT’S REVIEW

ESG FOR 2024 / 2025

To support the policy on ﬁghting bribery, all new employees

must complete online courses in anti-trust and anti-corruption

issues within three months of starting in their jobs and updat-

ed courses are continuously held for employees in RIAS A/S.

In the 2024/25 ﬁnancial year, compliance e-learning cours-

es in anti-corruption work have been held for all employees and

100% of employees completed the course. Compliance is also an

item on the agenda at board meetings, and here the Board of Di-

rectors has also been informed of the e-learning courses that

have been completed. The management group also discusses

compliance issues and this is a permanent part of the agenda.

The company expects that this target will be achieved in 2029/30

and achieved by the following actions:

• Work is being done to ensure at least 38% female managers

in the company. This is not accomplished in 2024/25 but in

all new positions the company uses recruitment agencies to

ﬁnd the best employees and to ensure that the candidates in-

clude well-qualiﬁed women.

• Making the company more attractive to managers of both

genders, such as by ensuring there is an HR policy that pro

motes the career opportunities of both men and women,

which is accomplished by oﬀering a ﬂexible and family-fri

endly workplace.

The company has a whistleblower hotline which gives the possi-

bility to report on all critical issues they might observe. The hot-

line is available from the website RIAS.dk and therefore is an op-

tion for both internal employees and external stakeholders to

use. The hotline is managed by an external partner and therefore

everything can be reported strictly conﬁdential. There have been

no whistleblower reports submitted in 2024/25. Nor has manage-

ment been made aware of corruption issues by other channels,

and the Board of Directors has also been notiﬁed of this. In the

2024/25 ﬁnancial year, all employees have been asked to com-

plete e-learning courses on compliance, GDPR and IT security.

Policy for the gender composition of the Board of

Directors and Executive Board, cf. Section 107D

The current Board of Directors are elected on an annual ba-

sis, and the board members are selected based on their overall

competences. The Board of Directors currently consists of three

members, of which all are men. Therefore, the company hasn’t

achieved an equitable gender distribution in the top management

team. Our ambition in our board is to have at least 25% of the un-

derrepresented gender on our Board and this is expected to be

achieved in 2029/30

Diversity in the Board of Directors

2025

3

2024 2023 2022 2021

Members

3

4

Underrepresented

Target in %

0%

0% 25% 25% 25%

25%

0

Target is expected to be achieved 2029/30 2028/29

0

Gender diversity in the other management of RIAS A/S

The other management in RIAS A/S consist of two levels

of management. Level 1: The Executive Management. Le-

vel 2: People with employee responsibilities who report di-

rectly to the Executive Management. The Executive Manage-

ment consists of two members and the management team

who report directly to the Executive Management consists of 5

members. In total the other management consists of 7 mem-

bers and where no one is a female. The target of 38% gen-

der split is therefore not achieved in the other management.

Gender diversity in the other management of RIAS A/S

Members

7

0%

8

7

9

6

Underrepresented

Target in %

13% 14% 22% 17%

38%

0

Target is expected to be achieved 2029/30 2028/29

0

new digital solutions in relation to the data processing they

entail, as RIAS is very aware that the use and processing

of data must never go beyond RIAS’ data ethical values

and in the end, end up damaging trust in RIAS as a digitally

responsible company.

Data ethics § 99 d

It is RIAS´s policy to maintain the highest ethical standards

and comply with all applicable data and privacy laws and

regulations. Our work with data ethics is governed by the

data ethics policy as well as internal policies and stand-

ard operating procedures. As described in RIAS‘ Policy for

data ethics, which is available at rias.dk, we at RIAS have

identiﬁed a number of data ethical values that we as a

company must work towards, and which can support that

we al- ways make well-considered decisions on our digital

journey. The data ethical values are places on top of the

relevant legislation for the area and complement RIAS’ per-

sonal data policy. The policy implies that RIAS continuously

consider the advantages and disadvantages of the use of

Please refer to:

 https://www.rias.dk/dataetik

Tax policy

It is RIAS´s policy to maintain the highest ethical standards

and comply with all applicable laws and regulations.

Our work with Tax is governed by the Tax policy as well as

internal policies and standard operating procedures.

RIAS Annual Report 2024/25 21

FINANCIAL STATEMENTS

22

RIAS Annual Report 2024/25

FINANCIAL STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME

Statement of comprehensive income 1 October to 30 September

Note

Amounts in DKK ‘000

2024/25

303,111

-204,729

2023/24

319,092

-214,332

3

Revenue

Production Cost

Gross proﬁt

98,382

104,760

4-5

Distribution expenses

Administrative expenses

Proﬁt before special items

-71,880

-13,345

13,157

-73,385

-12,840

18,535

6

Special items

299

692

Proﬁt before ﬁnancial income and expenses

12,858

17,843

7

8

Financial income

Financial expenses

682

-753

1,144

-1,088

Proﬁt before tax

12,787

-3,699

9,088

0

17,899

-4,345

13,555

0

9

Corporation tax

Net proﬁt for the year

Other comprehensive income

Total comprehensive income

9.088

13,555

10

Earnings per share

Earnings per DKK 100 share

Earnings per DKK 100 share, diluted

39.41

58.77

RIAS Annual Report 2024/25 23

FINANCIAL STATEMENTS

BALANCE SHEET

Balance sheet assets at 30 September

Note

Amounts in DKK ‘000

2024/25

2023/24

Assets

Non-current assets

11

12

13

Intangible assets

Goodwill

Customer relations

Software

53,085

0

108

1,362

54,555

53,085

0

Assets under construction

53,085

Property, plant and equipment

Land and buildings

Plant and machinery

Other ﬁxtures and ﬁttings, tools and equipment

Assets under construction

38,219

12,527

2,680

4,249

57,675

38,606

13,555

3,375

1,589

57,125

Leasing assets

4,732

5,771

Total non-current assets

116,962

115,981

Current assets

Inventories

Receivables

14

15

29,715

64,317

4,424

29,187

70,205

4,619

Prepayments

Cash at bank and in hand

Total current assets

34,347

132,803

40,791

144,802

Total assets

249,765

260,783

24

RIAS Annual Report 2024/25

FINANCIAL STATEMENTS

BALANCE SHEET

Balance sheet liabilities and equity at 30 September

Amounts in DKK ‘000

Note

2024/25

2023/24

Liabilities and equity

16

Equity

Share capital

Revaluation reserve

Retained earnings

Proposed dividend

Equity

23,063

1,898

161,836

5,996

23,063

1,898

158,744

8,533

192,793

192,238

Liabilities

Non-current liabilities

Deferred tax

Lease liabilities

17

13

10,041

1,751

9,982

1,147

Total non-current liabilities

11,792

11,129

Current liabilities

13

18

Lease liabilities

Trade payables and other payables

Corporation tax

3,002

40,301

1,377

4,906

47,618

4,891

Total current liabilities

44,680

57,415

Total liabilities

56,972

68,545

Total liabilities and equity

249,765

260,783

19

Contingencies and other ﬁnancial commitments

20- 23

Other notes

RIAS Annual Report 2024/25 25

FINANCIAL STATEMENTS

EQUITY STATEMENT

Amounts in DKK ‘000

Proposed

Share

capital

Revaluation

reserve

Retained

earnings

dividend

Total

2024/25

Equity at 1 October 2024

Change in equity in 2024/25

Total comprehensive income

Dividend paid to shareholders

Proposed dividend to shareholders

Total changes in equity in 2024/25

Equity at 30 September 2025

23,063

1,898

158,744

8,533

192,238

0

9,588

0

-5,996

3,592

162,336

0

-8,533

5,996

-2,537

5,996

9,588

-8,533

0

1,055

193,293

0

23,063

1,898

2023/24

Equity at 1 October 2023

Change in equity in 2023/24

Total comprehensive income

Dividend paid to shareholders

Proposed dividend to shareholders

Total changes in equity in 2023/24

Equity at 30 September 2024

23,063

1,898

153,722

8,533

187,216

0

13,555

0

-8,533

5,022

158,744

0

-8,533

8,533

0

13,555

-8,533

0

5,022

192,238

0

23,063

1,898

8,533

26

RIAS Annual Report 2024/25

FINANCIAL STATEMENTS

CASH FLOW STATEMENT

Amounts in DKK ‘000

2024/25

2023/24

Net proﬁt for the year

9,588

13,555

Adjustment for non-cash operating items etc:

Tax on proﬁt for the period

Depreciation and amortisation

Proﬁt or loss on sale of property, plant and equipment and ﬁnancial assets

Financial income

Financial expenses

3,199

8,847

0

-682

753

4,345

8,790

0

-1,144

1,088

26,634

Cash ﬂows from operating activities before changes in working capital

21,705

Changes in inventories

-528

6,082

-7,317

19,942

-799

-11,975

3,885

Changes in receivables (and prepayments)

Changes in trade payables and other payables

Cash ﬂows before ﬁnancial income and expenses and tax

17,745

Financial income, received

Financial expenses, paid

526

-629

901

-775

Corporation tax paid

Cash ﬂows from operating activities

-6,654

13,185

-2,039

15,832

Purchase of intangible assets

-1,487

-4,406

0

-2,039

0

Purchase of property, plant and equipment

Sale of property, plant and equipment

Cash ﬂows from investment activities

-5,893

-2,039

Installments on leasing debt

Paid dividend

-5,235

-8,533

-4,879

-8,533

Cash ﬂows from ﬁnancing activities

-13,768

-13,412

Cash ﬂows for the year

Cash and cash equivalents at 1 October

Currency regulation cash

-6,476

40,791

32

381

40,714

-304

Cash and cash equivalents at 30 September

34,347

40,791

RIAS Annual Report 2024/25 27

NOTES

Note 1. Accounting policies

Income statement

Net revenue

RIAS A/S is a public limited company registered in Denmark.

The Annual Report covers the period 1 October 2024 – 30 Sep-

tember 2025. The Annual Report of RIAS A/S for 2024/25, which

comprises Management’s Review and Financial Statements for

the period 1 October 2024 – 30 September 2025, is prepared in

accordance with International Financial Reporting Standards as

adopted by the EU and Danish disclosure requirements for listed

companies in class D. On 10th of December 2025, the Board of

Directors and the Executive Board discussed and adopted the

Annual Report of RIAS A/S for 2024/25. The Annual Report will

be presented to the shareholders of RIAS A/S for adoption at the

Annual General Meeting on 21 January 2026.

Revenue covers the sale of tradable goods and ﬁnished goods

minus cash and bulk discounts.

Revenue from the sale of goods is recognized in the income state-

ment when all performance obligations have been fulﬁlled. This

is when goods leave the warehouse. Revenue is measured at the

fair value of the agreed consideration, exclusive of VAT and taxes

collected on behalf of a third party. At the time of recognition of

income, a number of price adjustments are also estimated. These

are recognized as a reduction to revenue.

Payment terms for receivables from sales depend on the cred-

it- worthiness of the customer, ordinary business practices and

signed agreements. Some customers have payment terms with

a credit period that begins once the product is shipped. Most

common payment term is 30 days.

Basis of preparation

The Annual Report is presented in DKK rounded oﬀ to the near-

est DKK 1,000. The Annual Report is prepared under the his-

torical cost convention. The accounting policies described below

have been applied consistently for the ﬁnancial year and for the

comparative ﬁgures.

Segmentation information

The company has one operating segment and operates within

two product areas:

Changes in accounting policies and disclosures

Impact of new accounting standards

Eﬀective from the 2024/25 ﬁnancial year, RIAS has imple-

mented all new, updated or amended international ﬁnancial

reporting standards and interpretations (IFRSs) as issued by

the IASB and IFRSs adopted by the EU that are eﬀective for the

2024/25 ﬁnancial year.

• Sale, processing and distribution of semi-ﬁnished plastic

products to all branches of the building and construction

sector. (Construction)

• Sale, processing and distribution of semi-ﬁnished plastic

products to industry and the public sector. (Industry)

New ﬁnancial reporting standards to be adopted

New or amended IFRS Accounting Standards and interpreta-

tions issued by the IASB that have not yet become eﬀective are

generally not adopted until they become eﬀective and are en-

dorsed by the EU.

Based on the IFRS 8 operational segments and internal report-

ing to the management in their assessment of the company’s

results, ﬁnancial position and allocation of resources, an op-

erational segment has been identiﬁed consisting of sales, pro-

cessing and distribution of semiﬁnished plastic products. This

reﬂects the management’s approach to allocation of resources

and its organizational management. The revenue is divided be-

tween the product areas of Building &Construction and Industry.

The new standards that are not yet eﬀective are not expected to

have any material impact on RIAS A/S except for IFRS 18 Pres-

entation and Disclosure in Financial Statements, which was is-

sued in April 2024 and will be eﬀective from our ﬁnancial year

2027/28, impacting presentation and disclosure of the ﬁnancial

statements. RIAS A/S is currently evaluating the potential im-

pact of this standard.

Production costs

Production costs include costs that are incurred to realise the

revenue for the year. This includes direct and indirect costs for

raw mate- rials and consumables.

Description of applied accounting practices

Conversion of foreign currency

Transactions in foreign currency are converted at the exchange

rates on the transaction date or at the approximate rate. Currency

diﬀeren-ces arising between the exchange rate on the transaction

date and the rate on the date of payment are recognised in the

income statement under ﬁnancial revenue or costs.

Distribution costs

Distributioncostsincludecoststhatareincurredtodistributegoods

soldduringtheyearandcostsfortheyear’scompletedsalescam-

paigns, etc. Distribution costs also include costs for salespeople,

advertising and exhibition costs and depreciation and write-

downs.

Administration costs

Receivables, debt and other monetary balance sheet items in for-

eign currency are converted at the exchange rates on the balance

sheet date. The diﬀerence between the rate on the balance sheet

date and the rate at the time of the receivable or debt arising or

the rate in the latest annual report are recognised in the income

statement under ﬁnancial revenue and costs. Fixed assets pur-

chased in foreign currency are converted using the exchange rate

at the transaction date.

Administration costs include costs that are incurred during the

year for management and administration, including costs for

the administrative personnel and oﬃces plus depreciation and

write-downs. Administration costs also include write-downs of

receivables from sales.

Special items

The purpose of separating special items in the income state-

ment is to improve transparency and separate special items

from the regular operations.

The annual report is submitted using DKK as the functional

currency.

28

RIAS Annual Report 2024/25

NOTES

Financial revenue and costs

The cost price includes the acquisition price and costs directly

associated with the acquisition until the point in time where the

asset was ready to use.

Financial revenue and costs includes interest rate gains/loss-

es, currency exchange rate gains/losses and write-downs for

securities, debt and transactions in foreign currencies. It also

includes supplements and payments under the on-account tax

scheme.

Subsequent costs, for example, when replacing components of

a tangible asset, are included in the book value of the relevant

asset when it is likely that the cost will result in future ﬁnancial

beneﬁts for the company. The replaced components will cease

to be included on the balance sheet and the book value will be

transferred to the income statement. All other costs for regular

repairs and maintenance are included in the income statement

as the costs are incurred.

Tax on the year’s result

RIASA/SisjointlytaxedwithallDanishcompaniesinthethyssen-

krupp Group. The Danish corporation tax is divided among the

jointly taxed companies based on their taxable income.

RIAS A/S is an administration company for the jointly taxed Dan-

ish companies. The jointly taxed companies are included in the

on-account tax scheme. See note 19.

The cost price for an overall asset is divided into separate com-

ponents that are depreciated separately if the usable periods of

the individual components vary. Tangible assets are subject to

linear depreciation over the expected usable period of the as-

sets, which are:

The tax for the year, which consists of actual taxes and deferred

taxes is included in the income statement with the portion that

can be attributed to the year’s result and directly in the equity

with the portion that can be attributed to items directly on the

equity.

Oﬃce and warehouse buildings

10-30 years

Production facilities and machinery

8-10 years

Balance sheet

Other facilities, operational material and inventor 3-10 years

Intangible assets

The scrap value for oﬃce and warehouse buildings is assessed

on an ongoing basis and currently amounts to 50% of the cost

price. Plots of land are not depreciated.

On recognition, goodwill represents the excess cost of an ac-

quisition over the fair value of the identiﬁable net assets of the

acquired company. Subsequently, goodwill is measured at cost,

less accumulated impairment losses. Goodwill is not amortized.

The basis for depreciation is calculated considering the asset’s

scrap value and reduced by any potential write-downs. The

scrap value is speciﬁed at the time of acquisition and revised

annually. If the scrap value exceeds the assets’ book value, de-

preciation will cease.

At the time of acquisition, goodwill is attributed to the cash-gen-

erating units, which are expected to beneﬁt from the business

combination; however, not to a level lower than the segment

level and the level on which goodwill is monitored, as part of the

internal ﬁnancial management. The Management has identiﬁed

one operating segment being the whole group to which goodwill

is allocated.

When the depreciation period or scrap value is changed, the

impact of depreciation is then from then on recognised as an

accounting estimate.

The carrying amount of goodwill is tested for impairment, to-

gether with the other non-current assets of the cash-generat-

ing unit to which goodwill has been allocated and is impaired to

the recoverable amount in the income statement, if the carrying

amount is higher. Impairment of goodwill is recognized as a sep-

arate item in the income statement. Goodwill is tested annually

for impairment, the ﬁrst time being by the end of the year of

recognition, in connection with a business combination.

Depreciation is recognised in the income statement under, re-

spectively, distribution and administration costs.

Impairment test of long-term assets. Goodwill is tested annually

for whether it needs to be written down, the ﬁrst time at the end

of the acquisition year.

The book value of goodwill is tested for whether it needs to be

writ- ten down in the cash ﬂow-generating unit to which the

goodwill is allocated and written down to the recoverable value

over the income statement if the book value is higher.

Impairment of goodwill is not reversed. Impairment of other as-

sets is reversed in so far as the assumptions and estimates, on

the basis of which the impairment is made, have been changed.

Impairments are only reversed in so far as the new carrying

amount of the asset does not exceed the carrying amount of

the asset after amortization, had the asset not been impaired.

Other intangible assets are measured at cost price with the

deduction of accumulated depreciation and write-downs.

The recoverable value is measured as the present value of

the future net cash ﬂows from the company or activity (cash

ﬂow-generating unit) that the goodwill is associated with.

The book value of the other long-term assets is assessed annu-

ally to determine if there are indications for write-downs. When

such indi- cations are present, the recoverable value of the asset

is calculated. The recoverable value is the highest of the asset’s

fair value with de- ductions of expected selling costs or capital

value.

Other intangible assets undergo linear depreciation over the ex-

pected period of use, which is:

Customer relationships

Software

16 years

5-10 years

The capital value is calculated as the present value of expect-

ed future cash ﬂows from activities or the cash ﬂow-generating

unit that the asset is a part of.

Property, plant and equipment

Plots and buildings, production facilities and machines, other

facilities, operational materials and inventory are measured at

cost price with the deduction of accumulated depreciation and

write-downs.

RIAS Annual Report 2024/25 29

NOTES

A write-down is recognised when the book value of an asset or

a cash ﬂow-generating unit exceeds the activity’s or the cash

ﬂow-generating unit’s recoverable value. The write-down is rec-

ognised in the income statement under, respectively, distribution

and administration costs. Write-downs of goodwill are recog-

nised on a separate balance sheet item in the income statement.

price with the addition of any potential import taxes. The net real-

isation value for inventories is calculated as the sales sum minus

the completion costs and cost incurred to realise the sale and de-

termined while taking into account transferability, obsolescence

and the developments in the expected sales price.

Receivables

Write-downs of goodwill are not reversed. Write-downs of other

assetsare reversed to the extent that changes have happen to

the prerequisites and estimates that led to the write-down.

Receivables from sales are mainly product receivables. Receiva-

bles are at the ﬁrst recognition measured at fair value and sub-

sequently at amortised cost price. Receivables from sales are

written down on the basis of an individual assessment and the

simpliﬁed approach pursuant to IFRS 9, where provisions for

losses are based on the expected credit loss for the duration.

Write-downs are only reversed to the extent that the asset’s new

book value does not exceed the book value the asset would have

had after a write-down if the asset had not been written down.

Receivables from sales and other receivables are recognised at

amortised cost price minus write-downs to address losses. There

is made write-downs to address the losses that are believed to

possibly materialise. If the customers’ ﬁnancial conditions dete-

riorate further and they are unable to make the payments, it may

be necessary to make additional write-downs in future ﬁnancial

years. A provision for the expected credit loss in the duration is

based on a customer group’s credit risk and by how much the due

date for payment has been exceeded. In connection with assess-

ing whether RIAS’ write-downs to address losses are suﬃcient,

the management analyses receivables, including earlier losses

on receivables from goods, the customers’ creditworthiness, cur-

rent ﬁnancial conditions and changes to the customers’ terms of

payment.

Leasing assets

Leasing assets include the leasing of warehouses and oﬃce

buildings,company cars,IThardware and other oﬃce equipment.

Whether a contract contains a lease contract is assessed at the

commencement of the contract. For identiﬁed leasing contracts,

a right of use for a leased asset is recognised along with associ-

ated leasing obligations at the start date of the lease.

In the ﬁrst recognition, the right of use is measured at cost price

matching the leasing obligation that has been recognised, ad-

justed for any leasing prepayments or directly related costs,

including removal and restoration costs. The leasing obligation

is measured at the present value of leasing payments in the

leasing period, discounted using the implicit interest rate in the

leasing contract. In cases where the implicit interest rate cannot

be determined, the company’s marginal lending rate is used.

Prepaid costs

Prepaid costs are measured at cost price.

Equity

Dividends

When there is an extension of the leasing period, options are

only recognised if it is reasonably certain that they will be exer-

cised. The majority of the extension and termination options in

the contract can only be exercised by the company and not the

respective lessor.

Dividends are recognised as a liability at the time the proposal

for dividends is adopted at the ordinary annual general meeting

(the time of declaration). Dividends that are expected to be paid

for the year are shown as a separate item under equity.

For subsequent measurements, the right of use is used with

deduction of accumulated depreciations and write-downs and

adjusted for any potential remeasurements of the leasing ob-

ligation. Depreciation is only made based on the linear method

over the leasing period of right of use period, whichever is short-

est. The leasing obligation is measured at amortised cost price

when using the eﬀective interest rate method and adjusted for

any potential remeasurements or changes made to the contract.

Any potential service elements that can be separated from the

lease contract are recognised separately from the lease con-

tract. For service elements that cannot be separated from the

lease contract, the payments for these are recognised as part of

the leasing obligation.

Revaluation reserve

The revaluation reserve consists of a value adjustment in con-

nection with revaluing the price of buildings when transitioning

to the Danish Financial Statements Act of 2001.

Payable taxes and deferred taxes

Current tax liabilities and receivable current taxes are recog-

nised in the balance sheet as calculated tax on the year’s taxable

income, adjusted for tax on previous years’ taxable incomes and

for paid on account taxes.

Deferredtaxesaremeasuredbasedonthebalancesheetoriented

debt method of all temporary diﬀerences between the book value

and the taxable value of assets and liabilities. However, deferred

taxes from temporary diﬀerences concerning taxable goodwill

that cannot be depreciated and other items are not included in

the event that the temporary diﬀerences, except for company

handovers, have arisen at the time of acquisition without having

an impact on the result or the taxable income. In cases where the

calculation of the taxable value can be made after diﬀerent tax

rules, deferred taxes are measured on the basis of the manage-

ment’s planned use of the asset or the repayment of the liability.

The right of use for assets and leasing obligations are not recog-

nised if the leasing agreement concerns low-value assets or if the

leasing period is 12 months or below. These are recognised as a

cost linearly over the leasing period. The company has chosen to

make an exception and not separate leasing contracts into leasing

or service elements. The company uses this approach for, among

other things, cars where the value of the service is not calculated.

Inventories

Inventories are measured at cost price based on the FIFO method

or the net realisation value if this is lower.

The cost price for commercial goods includes the acquisition

Deferred tax assets, including the taxable value of deﬁcits that

can be carried forward, are recognised under other long-term

30

RIAS Annual Report 2024/25

NOTES

assets at the value of which they are expected to be used, either

for the equalisation of tax or when oﬀsetting deferred tax liabil-

ities in the same legal tax entity or jurisdiction.

Note 2. Accounting estimates and assessments

The uncertainty of estimates

The calculation of the book value of certain assets and liabili-

ties require the use of assessments, estimates and assumptions

about future events.

Deferred tax assets of tax liabilities are oﬀset if the company

has a legal duty to oﬀset current tax liabilities and tax assets or

if it intends to pay current tax liabilities and tax assets on a net

basis or to realise the assets and liabilities concurrently.

The estimates and assumptions applied are, among other

things, based on historical experiences and other factors that

the management deems reasonable under the circumstances

but which, by their nature, are uncertain and unpredictable. The

assumptions may be incomplete or inexact, and unexpected

events or circumstances may appear.

Deferred taxes are measured on the basis of the tax rules and

tax rates in the respective countries which pursuant to the leg-

islation on the balance sheet day would apply when the deferred

taxes are expected to become current taxes. Changes to de-

ferred taxes resulting from changes to tax rates are recognised

in the year’s total income.

Due to the risks and uncertainties the company is subject to,

actual outcomes may deviate from the estimates.

Provisions

Provisions are recognised when the company, due to an event

that has occurred before or on the balance sheet date, has a

legal or actual obligation and it is likely that ﬁnancial beneﬁts

must be paid to meet this obligation.

It may be necessary to change earlier estimates due to changes

in the conditions that they were based on or due to new knowl-

edge or subsequent events.

Estimates that are signiﬁcant to the submission of the ﬁnancial

statements are made, among other things, by a valuation and

impairment test of goodwill and the writing down of inventory.

Provisions are measured based on the management’s best esti-

mates of the amount at which the obligation can be paid.

Financial liabilities

Impairment test of goodwill

Debt to credit institutions, etc. is recognised at the time the debt

is assumed at fair value after the deduction of incurred trans-

action costs. In subsequent periods, the ﬁnancial obligations are

measured at amortised cost price using the “eﬀective interest

rate method”, so that the diﬀerence between the proﬁts and the

nominal value are recognised in the income statement under

ﬁnancial costs over the period of the loan.

In the annual Impairment test of goodwill or when there are in-

dications of a need for a write-down, estimates are made about

whether the company will be able to generate suﬃcient positive

net cash ﬂows in the future to support the value of goodwill or

other net assets. The book value of goodwill currently amounts

to DKK 53 Mio.

Due to the nature of the business, there needs to be made es-

timates about expected cash ﬂows many years into the future,

and this is of course associated with an element of uncertainty.

The uncertainty re- lates to the management’s expectations for

future growth and the ability to achieve the planned savings and

streamlining processes (Estimate).

Cash ﬂow statement

Thecashﬂowstatementshowsthecashﬂowsdistributedbyopera-

ting, investment and ﬁnancing activities for the year, the year’s

changes to liquid assets and liquid assets at the start and end

of the year.

Cash ﬂows from operating activities are measured based on the

indirect presentation method as a result after tax for non-cash

operating items, changes to operating capital, received and paid

interest and paid corporation tax.

The impairment test is described in more detail in note 11.

IFRS 16

When recognising and measuring lease contracts, diﬀerent as-

sessments are made when specifying rights of use and leasing

obligations. Estimates include the assessment of leasing peri-

ods, the exercise of extension options (estimate) and applicable

discount rates (estimate).

Cash ﬂows from investment activities include payments in con-

nection with the buying and selling of intangible, tangible and

other long-term assets plus the buying and selling of securities

that are not counted as liquid assets.

Cash ﬂows from ﬁnancing activities include changes in the loans

taken, payments on interest-bearing debt and the payment of

dividends to the company’s shareholders.

Liquid assets include liquid assets and short-term contractual

deposits that can without issue be converted to liquid assets and

of which there is only a slight risk of changes in value.

Key ﬁgures

Earnings per share (EPS) and diluted earnings per share (EPS-D)

are calculated in accordance with IAS 33.

Other key ﬁgures have been prepared in accordance with the

key ﬁgure deﬁnitions described in the management’s report un-

der Key Figures.

RIAS Annual Report 2024/25 31

32

RIAS Annual Report 2024/25

NOTES

Note 3. Revenue

Sales outside Denmark amount to 16,6% of the company revenue. Sweden amount to 12,9%.

All non-current assets are placed in Denmark.

Amounts in DKK ‘000

2024/25

2023/24

Revenue

Industry

Revenue

building/

Revenue

in total

Revenue

Industry

Revenue

building/

Revenue

in total

construction

DK

143,214

17,683

10,083

109,427

21,533

1,171

252,641

39,216

11,254

152,945

17,392

8,951

118,994

19,668

1,142

271,939

37,060

10,093

Sweden

Others

In total

170,980

132,131

303,111

179,288

139,804

319,092

The Group’s products are mainly sold to Danish customers. Sales are distributed on a large number of diﬀerent products and custom-

ers. One single customer account for more than 10% of total sales. Sale to this customer amounts to DKK 41,7 mio. In 2023/24 sale to

this customer was DKK 42,3 mio.

The operating segment consists of two sales departments for Building & Construction and Industry, respectively, which are supported

by a number of joint functions such as purchasing, logistics and production, and the purchased products are used for re-sale in both

Industry and Building & Construction. There are also a number of employees who carry out production and processing of products

for both Industry and Building & Construction, and this also applies to employees in the two sales oﬃces. Based on this, Management

has assessed that RIAS A/S only has one operating segment. The Building & Construction Division primarily deals in ﬁnished plastic

products, eg roof plates, thermo roofs, etc. The Industry Division deals in semi-ﬁnished plastic products, eg tubes, plastic rods and

processing of these.

Note 4. Depreciation

2024/25

2023/24

Depreciation and amortisation are included in productions cost as follows:

Depreciation of property, plant and equipment

2,402

2,486

Depreciation and amortisation are included in distribution expenses as follows:

Amortisation of intangible assets

Depreciation of property, plant and equipment

Depreciation from lease assets

0

1,366

4,878

6,244

0

1,468

4,740

6,208

Depreciation and amortisation are included in administrative expenses as follows:

Amortisation of intangible assets

Depreciation of property, plant and equipment

Depreciation from lease assets

0

177

0

96

Gain/loss from sale of asset

Total depreciation and amortisation

8,823

8,790

Speciﬁcations to depreciation lease assets. Note 13.

RIAS Annual Report 2024/25 33

NOTES

Amounts in DKK ‘000

Note 5. Staﬀ

2024/25

2023/24

46,803

6,155

2,981

199

Wages and salaries

45,785

6,319

3,379

241

Pensions, deﬁned contribution plan

Remuneration to the Executive Board

Pension to the Executive Board

Fee to the Board of Directors

Other social security expenses

393

1,119

57,236

465

1,509

58,112

Average number of full-time employees

Number of full-time employees at 30 September

101

103

104

105

Total remuneration to the Executive Board

Total remuneration to the Executive Board and the Board of Directors

3,831

4,224

3,394

3,859

The CEO has 1 year notice period with salary in case of a termination of the contract.

In case of a take over the period is 1.5 year.

The CFO has 1/2 year notice period with salary in case of a termination of the contract.

Salaries are included in productions cost as follows:

Salaries are included in distribution expenses as follows:

Salaries are included in administrative expenses as follows:

50,201

7,112

50,864

6,636

Note 6. Special items

Restructuring costs

Total

299

692

Note 7. Financial income

Interest

Exchange gains

418

264

682

901

243

1,144

Note 8. Financial expenses

Interest

Exchange losses

518

235

753

775

313

1,088

34

RIAS Annual Report 2024/25

NOTES

Amounts in DKK ‘000

Note 9. Corporation tax

2024/25

2023/24

3,686

193

Current tax for the year

Deferred tax for the year

Adjustment of tax concerning previous year

Total

2,756

59

384

3,199

466

4,345

22% tax calculated on proﬁt for the year

Tax eﬀect of non-deductible costs

Tax eﬀect of IFRS 16

2,301

31

134

3,560

23

104

Tax eﬀect other adjustments

Total

Eﬀective tax rate

733

3,199

25,0%

658

4,345

24,3%

Note 10. Earnings per share

Net proﬁt for the year

9,558

230,630

41,4

13,555

230,630

58,8

Average number of shares, DKK 100

Earnings per DKK 100 share

Earnings per DKK 100 share, diluted

41,4

58,8

Goodwill

Customer

relations

Software

Asset under

construction

Total

Note 11. Intangible assets

Cost at 1 October 2024

Additions for the year

Disposals for the year

53,085

1,000

9,965

125

0

64,050

1,487

0

1,362

0

Transfers during the year

0

1,000

-1,000

0

Cost at 30 September 2025

Amortisation at 1 October 2023

Amortisation for the year

Reversed depreciations on the disposals og the year

Amortisation at 30 September 2025

Carrying amount at 30 September 2025

53,085

10,090

-9,965

-17

1,362

65,537

-10,965

-17

0

-1,000

0

-9,982

108

0

-10,982

54,555

53,085

1,362

Cost at 1 October 2023

Additions for the year

Disposals for the year

Transfers during the year

Cost at 30 September 2024

Amortisation at 1 October 2023

Amortisation for the year

Reversed depreciations on the disposals og the year

Amortisation at 30 September 2024

Carrying amount at 30 September 2024

53,085

1,000

9,965

0

64,050

0

53,085

1,000

-974

-26

0

-1,000

0

9,965

-9,879

-86

64,050

-10,853

-112

0

-10,965

53,085

0

-9,965

0

53,085

RIAS Annual Report 2024/25 35

NOTES

to less administration and more sales oriented work. This is

expected to increase the EBIT in the years to come.

Impairment test

Goodwill

The most material intangible asset is goodwill of DKKt 53,085,

which is attributable to the acquisitions of the activities in Rode-

na A/S and Nordic Plastic A/S.

A discount rate of 8,18 % after tax (2023/24: 8.5%) has been

applied. The decrease compared to 2023/24 is based on the

decrease in the risk free interest and considered by Manage-

ment’s assessment, that this is in line with the risk proﬁle of

RIAS A/S.

Stock value is lower than book value and the management as-

sess that this is due to low interest for the stock since the shares

are mainly owned by two bigger shareholders (thyssenkrupp

and Expon Aps).

Sensitivity analysis

The diﬀerence between the calculated recoverable amount,

DKK 231 million, and the carrying amount of equity, DKK 204

million, is DKK 28 million. In Management’s assessment, the

discount rate after tax may increase to 8.9% before write-

down for impairment is required, and Management is moni-

toring the development in the risk-free interest rate closely.

At 30 September 2025, Management tested the carrying amount

of goodwill for required write-down for impairment based on the

allocation made to the cash-generating unit of the cost of good-

will. In Management’s opinion, RIAS A/S has only one cash-gen-

erating unit, which is the legal entity.

Another key assumption of the impairment test is our ex-

pectations for an increase in EBIT to DKK 24.7 million in

the terminal period. EBIT may decrease to DKK 21 million

in the terminal period before write-down for impairment is

required. Due to the fact that expected future cash ﬂows are

based on an estimate, the impairment test is inherently sub-

ject to uncertainty.

Amounts in DKK ‘000

2024/25

RIAS A/S

53,085

The recoverable amount is based on the value in use determined

by using expected net cash ﬂows on the basis of approved budg-

ets as well as substantiated projections for the remaining period.

Key assumptions

Revenue estimate for the budget period is based on approved

budget and forecast for the next three years based on Manage-

ment’s experience and expectations for the future. Revenue is

expected to increase in the budget due to expectations of more

tonnage sold compared to 2024/25 in strategic areas.

In the budget period of 2025/26 an increase of 5% in revenue is

expected and in the forecast period from 2026/27 to 2027/28

an increase is expected in revenue of 14.9% which will, among

other things, be achieved through our activities in Building di-

vision including Sweden and the other Nordic markets, where

we can see that the market is growing, and the development

in the processing department and in the industry division. New

warehouse and ERP system will also drive the growth with the

improved eﬃciency being a consequence of these investments.

A growth rate of 8.7% is estimated for years 4 to 6, as well as a

growth rate of 1.8% in the terminal period (2024/25: 1,8%). In

Management’s assessment this is a realistic level of growth for

the building and construction market as well as the industrial

sector, in which RIAS A/S is operating.

EBIT is estimated to increase from the current level of DKK 12.9

million to DKK 13.3 million in the budget period 2025/26. The

increase is expected due to assumptions on stable prices and

further development in our Nordic markets. In 2026/27 EBIT is

expected to increase due to investment in warehouse facilities

that will improve eﬃciency and also the implemented ERP will

lead to improved eﬃciency in internal processes that will lead

36

RIAS Annual Report 2024/25

NOTES

Amounts in DKK ‘000

Land and

buildings

Plant and

machinery

Other ﬁxtures

and ﬁttings

tools and

Asset under

construction

Total

Note 12. Property,

plant and equipment

equipment

Cost at 1 October 2024

Additions for the year

Disposals for the year

66,447

0

38,208

59

23,397

98

-107

1,589

4,249

129,641

4,406

-107

0

Transfers

0

1,589

39,856

-24,653

-2,676

0

-1,589

4,249

0

Cost at 30 September 2025

Depreciation at 1 October 2024

Depreciation for the year

Reversed depreciation on disposals for the year

Depreciation at 30 September 2025

Carrying amount at 30 September 2025

66,447

-27,839

-389

0

-28,228

38,219

23,388

-20,022

-698

12

-20,708

2,680

133,940

-72,514

-3,763

12

-76,265

57,675

0

-27,329

12,527

0

4,249

Cost at 1 October 2023

Additions for the year

Disposals for the year

66,382

65

37,953

255

22,158

366

873

1,589

0

127,366

2,275

0

Transfers

0

873

-873

1,589

0

Cost at 30 September 2024

Depreciation at 1 October 2023

Depreciation for the year

Reversed depreciation on disposals for the year

Depreciation at 30 September 2024

Carrying amount at 30 September 2024

66,447

-27,455

-384

0

38,208

-21,934

-2,719

0

23,397

-19,284

-738

129,641

-68,673

-3,841

0

-27,839

38,608

-24,653

13,555

-20,022

3,375

0

-72,514

57,127

1,589

RIAS Annual Report 2024/25 37

NOTES

Amounts in DKK ‘000

Note 13. Leasing

Land and

buildings

Plant and

machinery

Total

23,506

2,643

Leasing assets

Cost at 1 October 2024

Additions for the year

18,766

0

4,740

2,643

Remeasuring of leasing assets

Disposals for the year

Cost at 30 September 2025

Depreciation for the year

Amortisation for the year

Disposals for the year

1,176

0

19,942

-15,594

-3,172

0

196

1,372

-1,579

6,000

-2,140

-1,883

1,579

-1,579

25,942

-17,734

-5,055

1,579

Amortisation at 30 september 2025

Carrying amount at 30 september 2025

-18,766

1,176

-2,444

3,556

-21,210

4,732

Cost at 1 October 2023

Additions for the year

Remeasuring of leasing liability

Disposals for the year

Cost at 30 September 2024

Depreciation for the year

Amortisation for the year

Disposals for the year

Amortisation at 30 september 2024

Carrying amount at 30 september 2024

18,789

0

5,422

2,394

270

-3,346

4,740

-3,305

-1,578

2,743

-2,140

2,600

24,211

2,394

0

-23

270

-3,369

23,506

-15,641

-4,836

2,743

18,766

-12,336

-3,258

0

-15,594

3,172

-17,734

5,772

Depreciation from leasing assets are included as follows

2024/25

0

2023/24

0

Productions cost

Distribution cost

Administrative cost

-4,879

-176

-4,740

-96

Depreciation from lease assets in total

-5,055

-4,836

Lease liability

Liability appears as follows

2024/25

5,399

0

2023/24

5,172

Short term

Long Term

1,491

Total non- discounted leasing fees

5,399

6,663

Lease liability in the balance sheet

Short term

Long Term

4,753

3,002

1,751

6,053

4,906

1,147

Maturity analysis for leasing liability

0-1 year: 4.906

1-2 year: 903

2-3 year: 244

38

RIAS Annual Report 2024/25

NOTES

Amounts in DKK ‘000

Amount in proﬁt and loss

2024/25

2023/24

Interest related to lease liability

Costs related to short term leasing contracts (less than 12 months)

Costs related to leasing contracts with low value

247

0

94

481

0

53

Amount in cash ﬂow statement

2024/25

-5,235

-247

2023/24

-4,879

-481

Installments on lease liability

Interest, Lease liability

The company as Lessee

Leasing contracts are recognised in the balance sheet as an asset with a corresponding liability.

The company has decided not to include contracts with short period less than 12 months or contracts with low value.

The company has contracts for copy machines in administration which are considered to have low value and payments for these are

expensed linear in the proﬁt and loss statement.

Note 14. Inventories

2024/25

2023/24

Inventories are speciﬁed as follows:

Goods for resale

Work in progress

31,730

0

31,752

0

Inventories at 30 September

Write-down at 1 October

Reversed write-down made in previous years

Write-down for the year

31,730

-2,565

550

31,752

-2,565

0

Write-down at 30 September

-2,015

29,715

-2,565

29,187

Cost of goods sold included in production costs.

204,729

214,332

Adjustments relating to write-down of inventories are included in Production Costs

Reversed write down during the year is due to less non and slow movers on stock and changes

in turnover rate for the materials in the inventory.

Note 15. Receivables

Trade receivables, amortised cost

Receivables from group enterprises

Other receivables

62,839

107

1,769

70,870

38

27

Write-down for expected credit loss

-398

-730

64,317

43,244

17,412

60,656

70,205

49,348

20,028

69,376

Insured trade receivables

Trade receivables not insured

Trade receivables at 30 September

No losses from insured receivables has been realized.

RIAS Annual Report 2024/25 39

NOTES

Amounts in DKK ‘000

Provisions for bad debts are speciﬁed as follows:

2024/25

2023/24

-1,523

115

Provisions at 1 October

Realised in the year

Reversed

Provisions for the year

Provisions at 30 September

-730

77

279

-24

-398

805

-127

-730

The provision is generally due to the customers’ inability to pay due to bankruptcy or expected bankruptcy. We have reduced our

provision for receivables as our current assessment indicates a lower credit risk across our customer base. Recent improvements in

customer payment behavior, strengthened credit proﬁles, and reduced overdue balances support a lower expected credit loss.

RIAS does not grant credits with a term of more than 12 months.

The realized loss on receivables in 2024/25 amounts to approx. 28% of the amount RIAS had as provision ultimo 2023/24.

It is a uncrease of 21,3% points compared to the year before where the loss amounted to 6,7% of the amount RIAS had as provision

ultimo 2022/23

2024/25

2023/24

Moreover, trade receivables which are overdue at 30 September

but not provided for are included as follows:

Period overdue:

Up to 30 days

Between 30 and 90 days

1,713

202

2,458

864

More than 90 days

1,375

3,290

1,469

4,791

Including insured receivables of

2,306

3,024

Provisions for bad debts are made on a current basis. Adjustments to the provisions are included in distribution expenses.

Note 16. Equity Share capital

The Company’s share capital of DKK 23,063k is distributed on DKK 3,125k A-shares and DKK 19,938k B-shares. The share capital is

fully paid up. The A-shares, which are non-negotiable, carry 10 votes per DKK 100 share, see clause 11 of the articles of association.

The B-shares, which are negotiable, carry 1 vote per DKK 100 share, see clause 11 of the articles of association.

40

RIAS Annual Report 2024/25

NOTES

Dividend

Dividend of DKK 5,996k (2023/24: DKK 8,533k) is proposed, corresponding to dividend per share of DKK 26 (2023/24: DKK 37).

On 23 January 2025, RIAS A/S paid dividend to its shareholders of DKK 8,533 k (2023/24: DKK 8,533k), corresponding to dividend

per share of DKK 37 (2023/24: DKK 37).

The distribution of dividend to the shareholders of RIAS A/S has no tax consequences for RIAS A/S.

Amounts in DKK ‘000

Note 17. Deferred tax

2024/25

9,982

59

2023/24

9,789

193

Balance at 1 October

Adjustment for the year of deferred tax

Balance at 30 September

Deferred tax relates to:

Buildings

Operating equipment

Intangible assets

10,041

9,982

5,295

1,308

3,265

173

5,138

1,398

3,258

188

Other temporary diﬀerences

10,041

9,982

The deferred tax is mainly expected to be utilized after 1 year.

Note 18. Trade payables and other payables

2024/25

22,916

936

2023/24

22,814

907

Trade payables

Payables to group enterprises

Accrued VAT

4,663

6,179

Holiday pay obligation

Accrued customer bonuses

Other payables

1,584

7,270

2,932

1,582

12,131

4,005

40,301

47,618

Note 19. Contingencies and other ﬁnancial commitments

The Company is not part in any complaints which eﬀect the Company’s ﬁnancial position except for the receivables and

commitments, which have been recognized in the balance sheet at 30 September 2025.

The company is jointly liable for taxes due in the joint Danish taxation. The administrative company is RIAS A/S.

The amount due in taxes for the Danish tax group is by 30 September 2025 DKK 3,419k.

RIAS Annual Report 2024/25 41

NOTES

Amounts in DKK ‘000

Note 20. Fees to auditors appointed at the General Meeting

2024/25

2023/24

Statutory audit

Tax advisory services

Non-audit services

486

57

0

475

36

0

543

511

Fee for Non-audit services delivered by BDO consists of general accounting and tax advice, mainly related to IFRS and tax.

Note 21. Financial risks

Financial risks

The Company does not speculate in ﬁnancial risks, and the Company’s management of such exposures focuses exclusively on

managing ﬁnancial risks that are a direct consequence of the Company’s operations and ﬁnancing.

The Company has no derivative ﬁnancial instruments.

Interest rate risks

The Company does not enter into interest rate positions to hedge against interest rate exposures as moderate changes in the

interest rate level will have no material eﬀect on the Company’s earnings and equity. The sensitivity to interest rate risks is low and

mainly relates to cash at bank and in hand.

Credit risks

The Company’s credit risks relate to trade receivables which arise when the Company carries through sales in respect of which pre-

payments are not received. The Company’s policy for assuming credit risks implies that all customers are credit rated upon creation

and on a current basis. If the credit rating of the customer is not satisfactory, separate security in respect of the sale is required.

The primary instrument to hedge unsecure payments is to take out credit insurance which covers up to 90% of the total receivable

exclusive of VAT. Credit insurance is taken out with COFACE credit insurance. If credit insurance cannot be taken out in respect of a

customer, the customer is carefully assessed based on internal credit limits, or prepayment is requested.

The management of the credit exposure is based on internal customer credit limits. The credit limits are determined on the basis of

the creditworthiness of the customers with consideration to the current market situation.

Provisions for bad debts are made to the extent necessary. See page 40.

Non-insured trade receivables amounts to DKKt 17,412k - 30 September 2025.

The company has deposit above state warranty and therefore there is a credit risk of DKK 33,597k.

Only banks with low risk are being used. Risk evaluation is based on Standard & Poors rating.

2024/25

2023/24

Classes of ﬁnancial assets and liabilities Financial assets:

Financial assets at amortised cost

98,664

110,996

Financial liabilities:

Financial liabilities at amortised cost

Short term liabilities

Long term lease liability

43,303

1,751

52,524

1,147

42

RIAS Annual Report 2024/25

NOTES

Foreign exchange risks

The Company is only to a limited extent exposed to the development in foreign exchange. Almost all trading takes place in DKK or EUR.

As the foreign exchange risk relating to DKK/EUR is considered very low, the Company does not hedge its net debt in foreign currency.

The company receives payment in SEK from Swedish customers. There is a risk from invoicing to payment from customer. This risk is

considered minimal since payment terms are 30 days or less.

Liquidity risks

The Company’s liquidity reserve consists of cash holdings. The Company’s aim is to have adequate liquidity resources to be able to

carry on appropriate operating activities in case of liquidity ﬂuctuations.

The Company only has debt which falls due within one year, cf. the balance sheet. The payment of this debt, DKK 48 Mio. can be fully

covered by payments from receivables.

Note 22. Related parties and related party transactions

Controlling interest: thyssenkrupp Facilities Services GmbH, which holds all the A-shares of RIAS A/S, exercises control over

the Company.

RIAS A/S has registered the following shareholders as holding 5% or more of the share capital:

• 54.15% thyssenkrupp Facilities Services GmbH

• 11.17% Expon Aps. There have been no transactions with Expon Aps in the ﬁnancial year.

Other related parties:

The Company’s related parties comprise the Company’s Board of Directors and the Executive Board and family members of these

persons. More-over, related parties include the thyssenkrupp Group.

There have been no transactions with the Board of Directors, the Executive Board, senior oﬃcers, signiﬁcant shareholders or other

related parties, except for the payment of remuneration, including legal assistance.

The Annual Report of the ultimate Consolidated Financial Statements in which RIAS A/S is included as a subsidiary may be obtained

from: thyssenkrupp AG, thyssenkrupp Allee 1, 45143 Essen, Germany, or may be obtained at:  https://www.thyssenkrupp.com/en/

investors

Amounts in DKK ‘000

Trade with companies in thyssenkrupp:

2024/25

2023/24

Other related parties

Other income

Sale of goods and services

Purchase of goods and services

There are no transactions with the Parent Company

Payables to companies in thyssenkrupp

Receivables with companies in thyssenkrupp

822

542

6,420

736

1,565

6,125

840

1,397

869

38

Key management personnel

Legal assistance from Lund Elmer Sandager (Board Member)

569

240

Note 23. Subsequent events

No material events have occurred after 30 September 2025.

RIAS Annual Report 2024/25 43

44

RIAS Annual Report 2024/25

MANAGEMENT’S STATEMENT

Management’s statement

The Board of Directors and the Executive Board have today con-

sidered and adopted the Annual Report of RIAS A/S for 2024/25.

ﬁnancial circumstances, the proﬁt for the year, cash ﬂows and

ﬁnancial position as well as a description of the most material

risks and uncertainties that may aﬀect the Company.

The Annual Report has been prepared in accordance with Inter-

national Financial Reporting Standards (IFRS) as adopted by the

EU and Danish disclosure requirements for listed companies.

In our opinion, the annual report of Rias A/S for the ﬁnancial

year 1 October 2024 to 30 September 2025 identiﬁed as RIAS-

2025-09-30-en.xhtml is prepared, in all material respects, in

compliance with the ESEF Regulation.

In our opinion, the Financial Statements give a true and fair view

of the ﬁnancial position of the Company at 30 September 2025

and of the results of the Company operations and cash ﬂows for

the ﬁnancial year 1 October 2024 – 30 September 2025.

We recommend that the Annual Report be adopted at the Annu-

al General Meeting.

In our opinion, Management’s Review provides a true and

fair account of the development of Company’s activities and

Karsten Due

Dannie Michaelsen

CEO

CFO

BOARD OF DIRECTORS

Martin Koelink

Chairman

Peter Sørensen

Vice-chairman

Michael Meyer

Board Member

June Svendsen

Board Member

Jette Duus

Board Member

RIAS Annual Report 2024/25 45

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of RIAS A/S

tiatives, changes to working capital as well as the discount rate and

long-term growth rate.

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

This annual impairment test was signiﬁcant to our audit because the

assessment of impairment requires considerable judgement and es-

timates by Management. Reference is made to note 2 “Account-ing

estimates and assessments” and note 11 ”Intangible assets”.

We have audited the Financial Statements of RIAS A/S for the ﬁnan-

cial year 1 October 2024 - 30 September 2025, which comprise in-

come statement, total income statement, balance sheet, statement of

changes in equity, cash ﬂow statement, notes and a summary of sig-

niﬁcant accounting policies. The Financial Statements are prepared

in accordance with the International Financial Reporting Standards

as adopted by the EU and additional requirements in the Danish Fi-

nancial Statements Act.

How our audit addressed the key audit matter

We assessed the annual impairment test prepared by Management,

including the determination of the entire business as one cash gen-

erating unit.

In our opinion, the Financial Statements give a true and fair view of

the Company’s ﬁnancial position at 30 September 2025, and of the

results of the Company’s operations and cash ﬂows for the ﬁnancial

year 1 October 2024 - 30 September 2025 in accordance with the

International Financial Report-ing Standards as adopted by the EU

and additional requirements in the Danish Financial Statements Act.

We assessed the assumptions applied by Management in its budgets

and forecasts, including net reve-nue growth, contribution margin

taking into eﬀect the expected decline in sales prices and positive

eﬀect from cost control initiatives, changes to working capital as well

as the determination of discount rate and long-term growth rate.

We compared budgets and plans for prior years with actual ﬁgures

realised to obtain information regarding the accuracy of the judge-

ments and estimates previously made by Management. In particu-

lar, in this regard we challenged Management’s assessment of the

future development in market conditions, foundation for further

growth and initiatives to optimize production methods for the pur-

pose of improving margins.

Our opinion is consistent with our long-form audit report to the audit

committee and the board of directors.

Basis for Opinion

We conducted our audit in accordance with International Standards

on Auditing (ISAs) and the additional requirements applicable in Den-

mark. Our responsibilities under those standards and require-ments

are further described in the “Auditor’s Responsibilities for the Audit

of the Financial Statements” section of our report. We believe that

the audit evidence we have obtained is suﬃcient and appropriate to

provide a basis for our opinion.

We assessed the sensitivity in the value in use of future cash ﬂows

for changes to the assumptions in the budget and forecast period.

In particular, the sensitivity relating to the long-term growth in the

terminal period and changes to the discount rate.

Independence

We assessed the adequacy of disclosures about the key assumptions

We are independent of the Company in accordance with the Inter-

national Ethics Standards Board for Accountants’ International Code

of Ethics for Professional Accountants (including International Inde-

pendence Standards) (IESBA Code), together with the ethical require-

ments that are relevant to our audit of the ﬁnancial statements in

Denmark, and we have fulﬁlled our other ethical responsibilities in

accordance with these requirements and the IESBA Code.

applied and the sensitivity for changes in key assumptions.

Statement on Management Review

Management is responsible for the Management Review.

Our opinion on the Financial Statements does not cover the Man-

agement Review, and we do not express any form of assurance

conclusion thereon.

To the best of our belief we have not performed any prohibited

non-audit services, as stated in article 5, subarticle 1, in regulation

(EU) no. 537/2014.

In connection with our audit of the Financial Statements, our respon-

sibility is to read the Management Review and, in doing so, consider

whether the Management Review is materially inconsistent with the

Financial Statements or our knowledge obtained during the audit, or

otherwise appears to be materially misstated.

Appointment of auditor

We were initially appointed auditor of RIAS A/S on 27 January 2023

for the ﬁnancial year 2022/23. We were reappointed annually by a

resolution of a general meeting for a total continuous period of 3

years until and including the ﬁnancial year 2024/25

Moreover, it is our responsibility to consider whether the Manage-

ment Review provides the information required under the Danish

Financial Statements Act.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judg-

ment, were of most signiﬁcance in our audit of the Financial State-

ments for the ﬁnancial year 2024/25. These matters were addressed

in the context of our audit of the Financial Statements as a whole,

and in forming our auditor’s opinion thereon, and we do not provide a

separate opinion on these matters.

Based on the work we have performed, we conclude that the Man-

agement Review is in accordance with the Financial Statements and

has been prepared in accordance with the requirements of the Dan-

ish Financial Statements Act. We did not identify any material mis-

statement of the Management Review.

Management’s Responsibilities for the

Key audit matter

Financial Statements

Valuation of goodwill

Management is responsible for the preparation of Financial State-

ments that give a true and fair view in accordance with the Inter-

national Financial Reporting Standards as adopted by the EU and

additional requirements in 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.

Goodwill amounts to DKK 53 million as of 30 September 2025.

As required by IFRS the valuation of goodwill is tested annually for

impairment. Key assumptions in determining future cash ﬂows

are earnings growth, including in particular revenue growth, con-

tribu-tion margin together including taking into eﬀect the expected

changes in sales prices and the positive eﬀect from cost control ini-

46

RIAS Annual Report 2024/25

In preparing the Financial Statements, Management is responsible

for assessing the Company’s ability to continue as a going concern,

disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting in preparing the Financial State-

ments unless Management either intends to liquidate the Company or

to cease operations, or has no realistic alternative but to do so.

cumstances, we determine that a matter should not be commu-

nicated in our Independent Auditor’s Report because the adverse

consequences of doing so would reasonably be expected to out-

weigh the public interest beneﬁts of such communication.

REPORT ON COMPLIANCE WITH THE ESEF REGULATION

Auditor’s Responsibilities for the Financial Statements

Our objectives are to obtain reasonable assurance about whether

the Financial Statements as a whole are free from material mis-

statement, 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 our audit of the Financial Statements of RIAS A/S we

performed procedures to express an opinion on whether the annual

report for the ﬁnancial year 1 October 2024 to 30 September 2025

with the ﬁle name RIAS-2025-09-30-en.xhtml is prepared, in all

material respects, in compliance with the Commission Delegated

Regulation (EU) 2019/815 on the European Single Electronic For-

mat (ESEF Regulation) which includes requirements related to the

preparation of the annual report in XHTML format and iXBRL tag-

ging of the Financial Statements.

Management is responsible for preparing an annual report that

complies with the ESEF Regulation. This responsibility includes:

• The preparing of the annual report in XHTML format;

• The selection and application of appropriate iXBRL tags, includ-

ing extensions to the ESEF tax-onomy and the anchoring thereof

to elements in the taxonomy, for ﬁnancial information required

to be tagged using judgement where necessary;

• Ensuring consistency between iXBRL tagged data and the Finan-

cial Statements presented in human readable format; and

• For such internal control as Management determines necessary

to enable the preparation of an annual report that is compliant

with the ESEF Regulation.

As part of an audit conducted in accordance with ISAs and the ad-

ditional requirements applicable in Denmark, we exercise profes-

sional judgment and maintain professional skepticism 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.

Our responsibility is to obtain reasonable assurance on whether the

annualreportisprepared,inallmaterialrespects,incompliancewith

the ESEF Regulation based on the evidence we have obtained, and to

issueareportthatincludesouropinion.Thenature,timingandextent

of procedures selected depend on the auditor’s judgement, including

the assessment of the risks of material departures from the require-

ments set out in the ESEF Regulation, whether due to fraud or error.

• 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 Company’s internal control.

• Evaluate the appropriateness of accounting policies used and

the reasonableness of accounting estimates and related disclo-

sures 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 Company’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 conclu-

sions are based on the audit evidence obtained up to the date

of our auditor’s report. However, future events or conditions may

cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and contents of the

Financial Statements, including the disclosures, and whether the

Financial Statements represent the underlying transactions and

events in a manner that gives a true and fair view.

The procedures in-clude:

• Testing whether the annual report is prepared in XHTML format;

• Obtaining an understanding of the company’s iXBRL tagging

process and of internal control over the tagging process;

• Evaluating the completeness of the iXBRL tagging of the Finan-

cial Statements;

• Evaluating the appropriateness of the company’s use of iXBRL

elements selected from the ESEF taxonomy and the creation

of extension elements where no suitable element in the ESEF

taxonomy has been identiﬁed;

• Evaluating the use of anchoring of extension elements to

elements in the ESEF taxonomy; and

• Reconciling the iXBRL tagged data with the audited Financial

Statements.

In our opinion, the annual report of RIAS A/S for the ﬁnancial year 1

October 2024 to 30 September 2025 with the ﬁle name RIAS-2025-

09-30-en.xhtml is prepared, in all material respects, in compli-ance

with the ESEF Regulation.

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.

Roskilde, 10 December 2025

BDO Statsautoriseret revisionsaktieselskab

CVR no. 20 22 26 70

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regard-

ing independence, and to communicate them all relationships and

other matters that may reasonably thought to bear on our inde-

pendence, and where applicable, actions taken to eliminate threats

or safeguards applied.

Ferass Hamade

BDO Statsautoriseret revisionsaktieselskab

State Authorised Public Accountant

MNE no. mne35441

From the matters communicated with those charged with govern-

ance, we determine those matters that were of most signiﬁcance in

the audit of the Financial Statements of the current period and are

therefore the key audit matters. We describe these matters in our

Independent Auditor’s Report unless law or regulation precludes

public disclosure about the matter or when, in extremely rare cir-

RIAS Annual Report 2024/25 47

OK

Brand Consistency with

Energy-Eﬃcient LED

As one of the most eﬃcient and versatile light sources

on the market, LED lighting has become a preferred solu-

tion for a wide range of applications. With its low energy

consumption, long lifespan, and high reliability, it is par-

ticularly well-suited for signage such as facade letters,

lightboxes, and other signage applications.

For many years, RIAS A/S has supplied the red LED

strips for the canopies at OK’s gas stations from Sloan-

LED. These red strips have long been a deﬁning element

of OK’s visual identity and are now being extended to the

roofs of OK’s electric vehicle charging stations, which fea-

ture elegant, rounded corners that enhance the modern

aesthetic.

To accommodate these curved designs, we have worked

closely with the manufacturer SloanLED to supply facto-

ry-bent LED tubes. By using energy-eﬃcient LED lighting,

OK not only maintains its strong visual identity but also

reduces its environmental footprint, promotes sustain-

ability, and ensures safe, reliable illumination.

Langeskov charging park

Illustraꢀon of the building

RIAS Expands Warehouse Capacity

A Brand New 8,000 m² Facility

To support future growth and strengthen our deliverance

in both the industrial and signage markets, we are ex-

panding our warehouse capacity. Certiﬁed to the DGNB

Gold standards and built according to sustainable prin-

ciples, the warehouse provides a strong platform to en-

hance operational capacity and advance our journey to-

ward a greener future.

Once the paving was completed, installation of the con-

crete elements commenced. The oﬃce building was the

ﬁrst component to be completed, followed by the pro-

duction and warehouse facilities. Afterwards, walls were

erected, roofs installed, and all remaining ﬁnishing details

carried out, ultimately transforming the site into a fully

operational facility.

Expanding Capacity for Future Growth

Sneak peek into 2026

The past seven months the project has undergone exten-

sive coordination and preparation ahead of its completion

in the beginning of 2026. A process shaped by extensive

planning, covering regulatory compliance, collaboration

with contractors and technical experts, negotiation of key

project components, and alignment of the ﬁnancial foun-

dation with our long-term goals.

The project is now approaching its ﬁnal stage. The instal-

lation of new shelving in the warehouse is planned, along

with the delivery and installation of machinery, a new ex-

traction system with heat recovery, industrial saws, and

technical equipment. In addition, Kardex shelving, forklift

stations, and manual workstations will be installed, bring-

ing the project to completion.

Construction began in February with excavation, site

preparation, and foundation work. This was followed by

the installation of outdoor areas and the preparation of

the main paved sections, where the paving was carried

out in stages to ensure a durable and functional surface

around the building.

Move-in day is approaching rapidly. In just a few months,

the building will transition from a construction project

to a vibrant workplace, representing the culmination of

months of planning, craftsmanship, ﬁnancial oversight,

and collaboration.

Industriprint

Environmentally

Responsible Printing

with PP Sheets

Industriprint specializes in industrial and graphic screen

printing, combining years of expertise with high-quality

materials to deliver consistently precise, durable results

for its B2B clients. For the recent municipal election, In-

dustriprint produced a considerable number of election

posters using polypropylene (PP) sheets. RIAS A/S sup-

plied the PP sheets for the project, selected for their

cost-eﬀectiveness, low weight, and high rigidity, which

make them ideal for this type of application.

The project demonstrates their commitment to supporting the local

community by encouraging politicians to source materials locally,

thereby strengthening regional business ties.

RIAS has been a reliable and accommodating

partner throughout the entire process.

“

Says CEO Christian Strøyberg, highlighting the positive col-

”

laboration and professional support provided.

Industriprint’s production is highly automated and relies

on robotic systems that require consistent, uniform quali-

ty to maintain an eﬃcient workﬂow. PP provides the level

of consistency needed to meet these standards while also

oﬀering excellent printability. In addition, PP is fully re-

cyclable, aligning with Industriprint’s environmental com-

mitments. All inks used are Swan-labeled, supporting the

company’s ISO 14001 environmental certiﬁcation. Com-

bined with PP’s excellent printability, the material ensures

a high-quality, environmentally responsible print solution.

Green Concept

Making Waste Minimization a Top Priority

By making collection and sorting simple, we help ensure

Launched in 2022, Green Concept was designed to sim-

plify recycling for our customers and ensure the proper

handling of residual plastic, contributing to an environ-

mentally sound material cycle.

that more materials are recycled and reused, supporting

our customers while making recycling easier and more

eﬀective.

These ﬁgures reﬂect not only our ongoing commitment

to sustainability but also the strong engagement of our

customers, who actively support the reduction of plastic

waste and the advancement of circular practices.

Our program now includes more than 15 types of plastics,

making it easier for customers across diﬀerent industries

to sort and return their residual materials.

Since its introduction, Green Concept has delivered

more than 1.000 boxes and collected over 185 kilos of

residual plastic.

PE 300

PMMA XT (CLEAR)

POM-C

5,3%

PP

3,1%

PET-P

0,4%

36,2%

28,6%

11,6%

PC

PMMA (OTHER)

PE MIX 500/1000 ABS (COLORED)

0,7%

10,8%

3,2%

Illustration: Femern A/S

Fehmarnbelt tunnel

Supplying High-Performance

Polymer Solutions

The Fehmarnbelt tunnel is set to become a cornerstone of

European transport. By combining innovative engineering

with modern design, the tunnel will strengthen Europe’s

transport connections, linking Scandinavia directly to

Central Europe.

installed/glued to the top and bottom of the protection

plates to prevent bimetallic corrosion caused by contact

between diﬀerent metals. The PE material is often used

for products like this, as it is economical, impact-resistant,

lightweight, and water-repellent.

RIAS A/S has contributed to the project with high-perfor-

mance polymer solutions for the tunnel elements in close

collaboration with Femern Link Contractors (FLC), who

are responsible for the design and construction of the im-

mersed tunnel.

Among these deliveries are components used in the steel

reinforcement structures. We supplied approximately

1,000 duct plugs made of PVC-U. The latest delivery in-

cludes components for steel frameworks in PA6 that

are incorporated into the concrete elements and reused

throughout the construction process. These components

have a favorable thermal expansion coeﬃcient, ensuring

stable performance under varying temperatures.

A wide range of processed plastic materials has been sup-

plied, spanning both small and large high-performance

polymer solutions designed to meet diverse technical re-

quirements. These deliveries include components used in

steel constructions, isolator gaskets and duct plugs.

ContinuousdialoguebetweenRIASA/S,FLC’sprocurement

team, the onsite project team, and individual engineers

has ensured that material selection, component produc-

tion, and delivery schedules remain fully aligned, support-

ing the highest standards of quality, safety, and reliability.

For the concrete elements, approximately 4,000 PE-500

discs (Ø290 mm) of varying thicknesses were used as

spacer washers, ensuring precise alignment and secure

assembly. Our contribution also included PE-300 iso-

lator gaskets for expansion bolts. These gaskets are pre-

PLASTIC IS

A WORLD

OF OPPORTUNITIES

RIAS A/S

Industrivej 11

DK - 4000 Roskilde

Tlf. +45 46 77 00 00

www.rias.dk

VAT no. DK 44065118