Interim report
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2026 Accounting period : 1. January - 30 June 2026 INTERIM REPORT H1 Investeringsselskabet af 3. November 2025 A / S Investeringsselskabet af 3. November 2025 A / S CVR : 36440414 Strandvænget 5 3050 Humlebæk Denmark
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Half year report 2026 Page 2 This document contains forward-looking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, outlook, guidance, target and other words and terms of similar meaning in connection with any discussion of future operation or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect Important notice about this document CONTENTS 1 KEY FIGURES AND FINANCIAL RATIOS 3 2 FINANCIAL PERFORMANCE H1 2026 5 3 FINANCIAL STATEMENTS 7 3.1 STATEMENT BY MANAGEMENT 8 3.2 CONSOLIDATED INCOME STATEMENT 9 3.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 10 3.4 CONSOLIDATED BALANCE SHEET 30 JUNE 11 3.5 CONSOLIDATED CASH FLOW STATEMENT 13 3.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 14 3.7 CONSOLIDATED NOTES, CONTINGENT LIABILITIES 16 4 FINANCIAL RATIOS 17
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Half year report 2026 Page 3 1. KEY FIGURES AND FINANCIAL RATIOS DKK thousands H1 2026 H1 2025 FY 2025 INCOME STATEMENT Revenue - - - Gross profit - - - Operating profit (EBIT) before special items (2,685) (1,720) (5,674) Special items - - - Operating profit (EBIT) after special items (2,685) (1,720) (5,674) Net financial items 990 (1,801) (2,752) Profit before tax (1,695) (3,521) (8,426) Profit for the period before discontinued activities (1,695) (2,680) (19,708) Result of discontinued activities after tax - 3,442 145,386 Profit for the period (1,695) 762 125,678 BALANCE SHEET Non-current assets - 61,318 - Current assets 50,746 188,397 213,850 Assets 50,746 249,715 213,850 Equity 50,072 80,162 205,134 Non-current liabilities - 14,711 - Current liabilities 674 154,842 8,716 Net debt (27,399) 21,525 (13,371) Net working capital (1) 53,177 (268) OTHER KEY FIGURES Investment in intangible assets - - - Investment in tangible assets - - - Cash flow from operating activities (CFFO) (10,112) 26,903 86,715 Free cash flow 167,394 23,653 94,552 Average number of employees - - -
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Half year report 2026 Page 4 KEY FIGURES AND FINANCIAL RATIOS CONTINUED DKK thousands H1 2026 H1 2025 FY 2025 FINANCIAL RATIOS Earnings per share (0.54) 0.24 40.15 Equity value per share 16.0 25.6 65.5 Share price 6.26 69.4 54.6 Price-book ratio 0.39 2.71 0.83 Market capitalization 19,593 217,217 170,894
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Half year report 2026 Page 5 First half-year post-transaction The period was characterized by the post-transaction transformation of the company under the new name Investeringsselskabet af 3. November 2025 A/S. The new purpose of the company is to adequately maintain capital reserves to meet liabilities arising from previous activities and M&A until at least 2032. In H1-26 management and the board of directors focused on streamlining administrative and internal control procedures, minimizing operating costs and transitioning from older systems to newer and cheaper solutions. The company began to invest the assets being kept in reserve until 2032 through a combination of bond and equity investments. Operating expenses Administrative expenses increased to DKK 2,685t (from DKK 1,720t in H1-2025). The increase in cost level was largely transitory and related to one-off costs related to the transition period including, but not limited to, corporate legal expenses and the ongoing management of post-transaction liabilities. Financial income Net financial income was primarily related to gains on short-term bonds from DKK 200m invested in short duration government bonds prior to the large dividend paid in April 2026. Net Income and earnings per share Net income for the period amounted to DKK -1,695k, slightly better than the results for H1-2025 prior to discontinued activities of DKK -2,680k. On a fully diluted basis, earnings per share was DKK -0.54 for the period. 2. Financial performance H1 2026
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Half year report 2026 Page 6 Equity Group equity was DKK 50.1m on 30 June 2026 (DKK 205.1m on 31 December 2025). The decrease in equity was largely attributable to the dividend paid out in April 2026. Events after the balance sheet date There have been no events that materially affect the assessment of this interim report after the balance sheet date and up to the release date of this report. Accounting policies as well as financial estimates and assumptions The interim report has been prepared in accordance with IAS 34, Interim financial reporting, as adopted by the EU and further Danish disclosure requirements in respect of interim reports for listed companies. The accounting policies used for the interim report are the same as the accounting policies used for Annual Report 2025 to which we refer for a full description. The Group has adopted all new, amended and revised accounting standards and interpretations as published by the IASB and adopted by the EU effective for the accounting period beginning on 1 January 2026. We refer to the notes to the annual report for a description of material estimates and assumptions. Compared with the description in Annual Report 2025, there have been no changes in the accounting estimates and assumptions made by Management in the preparation of the interim report. Investment mandate The company’s financial assets will be allocated towards a mix of assets, specifically: • 10-15% in government bonds & bank deposits to manage near-term liabilities and operating expenses • 40-45% on a cost-basis allocated towards indices specifically US, European and Asian market ETFs • 40-45% on a cost-basis allocated towards selected equity & bond funds The board & management will continuously revisit the investment mandate as market conditions and liabilities change. Outlook 2026 Investeringsselskabet af 3. November 2025 A/S has slightly modified the guidance for 2026, mainly due to one-off costs related to the board’s response in relation to the mandatory public tender offer by the majority shareholder, Frederik2 ApS. The company now expects: • Operating expenses within the range DKK 3.5m – 4.0m (previously DKK 3.0m – 3.5m), excluding potential costs related to liabilities from pre- divestment product warranties and other M&A-related liabilities • These costs are expected to be partially covered by investment income, subject to equity market volatility Financial performance H1 2026 continued
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Half year report 2026 Page 7 3. FINANCIAL STATEMENTS Quarterly report 2023 Page 7
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Half year report 2026 Page 8 3.1 STATEMENT BY MANAGEMENT We have considered and approved the interim report of Investeringsselskabet af 3. November 2025 A/S for the period 1 January - 30 June 2026. The interim report, which has not been audited or reviewed by our auditors, has been prepared in accordance with IAS 34 Interim financial reporting, as adopted by the European Union and accounting policies set out in the annual report for 2025 of Investeringsselskabet af 3. November 2025 A/S. Furthermore, the interim report for the period 1 January - 30 June 2026 has been prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies. In our opinion, the interim financial report gives a true and fair view of the Group’s assets, liabilities, and financial position on 30 June 2026 and of the results of the Group’s operations and cash flows for the first six months of 2026. We also believe that the Management commentary contains a fair review of the development in the Group’s business and financial position, the results for the period and the Group’s financial position as well as a description of the principal risks and uncertainties facing investeringsselskabet af 3. November 2025. Humlebæk, 12 August 2026 EXECUTIVE BOARD BOARD OF DIRECTORS CHAIRMAN Jens Wittrup Willumsen Gert Fisker Tomczyk Christian Herskind Jørgensen CEO Christian Herskind Jørgensen DEPUTY CHAIRMAN Member of the board
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Half year report 2026 Page 9 3.2 CONSOLIDATED INCOME STATEMENT DKK thousands H1 2026 H1 2025 2025 Revenue from contracts with customers - - - Production costs - - - Gross profit - - - Distribution costs - - - Administrative expenses (2,685) (1,720) (5,674) Operating profit (EBIT) (2,685) (1,720) (5,674) Special items - - - Operating profit (EBIT) after special items (2,685) (1,720) (5,674) Financial income 1,111 260 1,495 Financial expenses (121) (2,061) (4,247) Profit before tax (1,695) (3,521) (8,426) Tax on profit for the period - 842 (11,282) Profit for the period before discontinued activities (1,695) (2,680) (19,708) Result of discontinued activities after tax - 3,442 145,386 Profit for the period (1,695) 762 125,678 Profit for the period attributable to I nvesteringsselskabet af 3. November 2025 A/S shareholders (1,695) 762 125,678 Earnings per share (EPS), DKK (0.54) 0.24 40.15 Diluted earnings per share (EPS), DKK (0.54) 0.24 40.15 Earnings per share continuing activities (EPS), DKK (0.54) (0.86) (6.30) Diluted earnings per share continuing activities (EPS), DKK (0.54) (0.86) (6.30)
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Half year report 2026 Page 10 3.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME DKK thousands H1 2026 H1 2025 2025 Profit for the period (1,695) 762 125,678 Other comprehensive income: Items that have been or may subsequently be reclassified to the income statement: - - - Foreign currency translation, subsidiaries - - - Value adjustments of hedging instruments - - - Other comprehensive income - - - Comprehensive income (1,695) 762 125,678 Comprehensive income attributable to Investeringsselskabet af 3. November 2025 A/S shareholders (1,695) 762 125,678
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Half year report 2026 Page 11 3.4 CONSOLIDATED BALANCE SHEET 30 JUNE DKK thousands 30 June 2026 30 June 2025 31 December 2025 Intangible assets - 24,229 - Intangible assets under development - 1,156 - Intangible assets - 25,385 - Leased assets - 11,143 - Land and buildings - 4,587 - Plant and machinery - 2,014 - Operating equipment, fixtures and fittings - 4,183 - Leasehold improvements - 2,446 - Tangible assets under construction - 548 - Property, plant and equipment - 24,921 - Other receivables - 905 - Deferred tax assets - 10,107 - Other non-current assets - 11,012 - Total non-current assets - 61,318 - Inventories - 26,107 - Trade receivables - 50,671 - Contract assets - 48,394 - Income tax 387 - - Other receivables 61 11,114 - Prepaid expenses 328 4,813 401 Other investments (bonds etc.) 22,571 - 200,077 Cash 27,399 47,298 13,371 Current assets 50,746 188,397 213,849 Assets 50,746 249,715 213,849
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Half year report 2026 Page 12 CONSOLIDATED BALANCE SHEET 30 June CONTINUED DKK thousands 30 June 2026 30 June 2025 31 December 2025 Share capital 31,525 31,525 31,525 Foreign currency translation reserve - (150) - Hedging reserve - - - Proposed dividends - - 154,472 Retained earnings 18,547 48,787 19,137 Equity 50,072 80,162 205,134 Other payables - 2,308 - Leasing - 8,557 - Loans and borrowings - 1,302 - Provisions - 2,544 - Non-current liabilities - 14,711 - Loans and borrowings - - - Bank loans and credit facilities - 56,319 - Leasing - 2,645 - Provisions - 248 - Contract liabilities - 6,326 - Trade payables 1 65,669 269 Income tax - 167 541 Other liabilities, discontinued activities - 1,316 - Other liabilities 673 22,152 7,906 Current liabilities 674 154,842 8,716 Liabilities 674 169,553 8,716 EQUITY AND LIABILITIES 50,746 249,715 213,849
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Half year report 2026 Page 13 3.5 CONSOLIDATED CASH FLOW STATEMENT DKK thousands H1 2026 H1 2025 2025 Profit before tax including discontinued activities (1,695) 3,953 136,960 Financial items and other adjustments (990) 5,753 (127,648) Changes in receivables, etc. 12 (1,502) (38,345) Change in inventories - 4,165 7,164 Change in trade payables and other liabilities, etc. (7,501) 18,562 25,402 Cash flow from operating activities before financial items and tax (10,174) 30,931 3,532 Interest received 1,111 385 1,495 Interest paid (121) (3,129) (4,247) Taxes paid and received (928) (1,284) 482 Cash flow from operating activities (10,112) 26,903 1,262 Investment in intangible assets - (568) (1,529) Investment in tangible assets - (775) (5,094) Disposals - - (287) Proceeds from sale of Vibration activities - - 255,315 Proceeds from sale of Concrete activities - (1,907) - Investment in short-term securities 177,506 - (200,000) Cash flow from investing activities 177,506 (3,250) 48,405 Change in borrowings - (4,549) - Repayments - - (8,227) Paid dividends (153,366) (7,881) (7,825) Change in short-term bank facilities - 11,236 (45,083) Cash flow from financing activities (153,366) (1,194) (61,135) Change in cash and cash equivalents 14,028 22,459 (11,468) Cash and cash equivalents beginning of the period 13,371 24,839 24,839 Foreign exchange adjustment, cash and cash equivalents - - - Cash and cash equivalents at the end of the period 27,399 47,298 13,371 Breakdown of cash and cash equivalents at the end of the period: - - - Cash and other investments 27,399 47,298 13,371 Cash and cash equivalents at the end of the period: 27,399 47,298 13,371
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Half year report 2026 Page 14 3.6 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital Foreign currency translation reserve Hedging reserve Retained earnings Proposed dividends Equity Equity 1 January 2026 31,525 - - 19,137 154,472 205,134 Extraordinary dividends Paid dividends (153,367) (153,367) Comprehensive income in H1 2026: Profit for the period (1,695) (1,695) Other comprehensive income: Foreign currency translation adjustments, subsidiaries Other comprehensive income Comprehensive income, period - - - (1,695) - (1,695) Dividends, own shares - - - 1,105 (1,105) - Share-based payment, warrants - - - - - - Equity 30 June 2026 31,525 - - 18,547 - 50,072
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Half year report 2026 Page 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED Share capital Foreign currency translation reserve Hedging reserve Retained earnings Proposed Dividends Equity Equity 1 January 2025 31,525 (150) - 48,025 7,881 87,281 Extraordinary dividends (7,825) (7,825) Paid dividends Comprehensive income in 2025: Profit for the period (28,794) 154,472 125,678 Other comprehensive income: Foreign currency translation adjustments, subsidiaries 150 (150) - Value adjustments of hedging instruments 56 (56) - Other comprehensive income - 150 - (94) (56) - Comprehensive income, period - 150 - (28,888) 154,416 125,678 Share-based payment, warrants Equity 31 December 2025 31,525 - - 19,137 154,472 205,134
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Half year report 2026 Page 16 CONTINGENT LIABILITIES The Group has in 2025 received notice that potential warranty claims may be brought against the Group in the foreseeable future. SKAKO Concrete has delivered 15 of certain mixers with a warranty expiring from 2025 to 2031. At this stage it is not possible for the Group to determine whether the Group will incur a cost, or when any potential warranty claims may be raised. However, if the claims were to materialize, the potential financial impact could be material. The management has determined that while it is possible that the Group will incur a future cost, it is not probable that a present obligation exists that would require a provision under IAS 37 Provisions, Contingent Liabilities andContingent Assets. So far, the Group has incurred a cost of DKK 1.4 million in 2025 for a warranty obligation. The Danish subsidiaries of the Group are liable for tax of the jointly taxed income, etc. of the Group. Frederik2 ApS is the administrative company of the joint taxation. 3.7 CONSOLIDATED NOTES
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Half year report 2026 Page 17 FINANCIAL RATIOS • Financial ratios are calculated as follows: • Earnings per share = Profit for the period / Shares outstanding • Equity value per share = Equity / Shares outstanding • Share price = Share price at end of period • Price-book ratio = Share price / Equity per share • Market capitalization = Shares outstanding x Share price
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Half year report 2026 Page 18 Investeringsselskabet af 3. November 2025 A/S Strandvænget 5 DK-3050 Humlebæk Denmark Tel.: +45 6311 3860 CHJ@3November25.dk CVR No. 36440414