BOREAL INDUSTRIAL EU MASTER HOLDCO LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At 31 December 2024 the Group is in a net assets position of €243,807,094 (2023: €188,143,516) and a net current liabilities position of €318,897,046 (2023: €180,265,998). However, the net current liabilities position is predominantly due to €371,814,977 (2023: €221,502,033) of related party balances. This related party balance relates to units in the shareholder loan, that were funded in December 2024 are classified as a current liability at year end. In addition, €37,867,910 of shareholder loans were capitalised in March 2025. Finally, €19,800,000 of shareholder loan were repaid in April 2025. A letter of support from Ontario Teachers Pension Plan Board and the Company's shareholder Boreal Industrial Propco LP has been received stating that the shareholder loans will not be recalled until external debt is drawn down to repay these loans and for at least 12 months from the date of signing o these financial statements. The Directors have received appropriate advice regarding the future cash flows of the Company and conclude that projected rental income is sufficient to cover all expenses and interest payments required under the current terms of the loan agreement. In 2025, all loan covenants have been met and the Directors are confident that these covenants will continue to be met for the foreseeable future, and the Directors also have done the forecasts and assessed the meeting of covenants for the foreseeable future.”

Group structure

1. BOREAL INDUSTRIAL EU MASTER HOLDCO LIMITED · parent
   1. Boreal Industrial EU Holdco 2 Limited 100% · UK · Holding company
   2. Boreal Industrial EU Holdco 3 Limited 100% · UK · Holding company
   3. Boreal Industrial EU Holdco 4 Limited 100% · UK · Holding company
   4. Boreal Industrial EU Holdco 5 Limited 100% · UK · Holding company
   5. Boreal Industrial EU Holdco 6 Limited 100% · UK · Holding company
   6. Boreal Industrial DDP Holdco BV 99% · Netherlands · Holding company
   7. Boreal Industrial Aurora Master Holdco BV 99% · Netherlands · Holding company
   8. Boreal Industrial Bochum GP BV 97% · Netherlands · Holding company
   9. Boreal Industrial Bochum Holdco BV 97% · Netherlands · Holding company
   10. Boreal Industrial Hammer GP BV 97% · Netherlands · Holding company
   11. Boreal Industrial Hammer Holdco BV 99% · Netherlands · Holding company
   12. Boreal Industrial GER Holdco 1 BV 99% · Netherlands · Holding company
   13. Boreal Industrial Cervantes Holdco SL 99% · Spain · Holding company
   14. Boreal Industrial Bingen GP BV 97% · Netherlands · Holding company
   15. Boreal Industrial Bingen Holdco BV 97% · Netherlands · Holding company

Significant events

• “On 21 January 2025, the Company issued 320 ordinary shares of €1 each with €1,899,680 share premium to fund Aurora's capital expenditure project.”
• “On 19 February 2025, the Company issued 500 ordinary shares of €1 each with €2,949,500 share premium to fund Aurora's capital expenditure project.”
• “On 21 February 2025, the Company received €5,134,308 share premium to fund Girona.”
• “On 24 March 2025, the Company issued 120 ordinary shares of €1 each with €699,880 share premium to fund Aurora's capital expenditure project.”
• “On 31 March 2025, the Company issued 1,007,849 ordinary shares of €1 each with €9,070,648 share premium due to Daisy intercompany loan capitalization.”
• “On 31 March 2025, the Company issued 2,778,941 ordinary shares of €1 each with €25,010,472 share premium due to Paris intercompany loan capitalization.”
• “On 7 April 2025, the Company issued 950 shares at €1 each, with a share premium of €5,299,050 for the acquisition of Axis.”
• “On 22 April 2025, the Company issued 485 ordinary shares of €1 each with €2,849,515 share premium to fund Aurora's capital expenditure project.”
• “On 22 April 2025, the Company received €1,305,692 share premium to fund Girona.”
• “On 21 May 2025, the Company issued 530 ordinary shares of €1 each with €3,099,470 share premium to fund Aurora's capital expenditure project.”
• “On 29 May 2025, Polaris deposit was paid through issuance of interest-bearing loan amounting to €4,700,000.”
• “On 29 May 2025, Pulse deposit was paid through issuance of interest-bearing loan amounting to €2,233,750.”
• “On 20 June 2025, the Company issued 515 ordinary shares of €1 each with €2,999,485 share premium to fund Aurora's capital expenditure project.”
• “On 9 July 2025, the Company issued 2,500 ordinary shares of €1 each with €14,247,664 share premium and interest-bearing loans amounting to €9,389,517 and €17,411,141 to fund the acquisition Boreal Industrial Erlensee B.V. (previously ASELI Erlensee B.V.) and Boreal Industrial Florsheim B.V. (previously ASELI Florsheim B.V.).”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

12

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +88.7%

  £23,396,763 → £44,141,297

• Cash

  +27.1%

  £30,689,472 → £39,000,395

• Net assets

  +29.6%

  £163,092,507 → £211,344,568

• Employees

  —

  Not reported

• Operating profit

  +100.4%

  £12,257,312 → £24,562,194

• Profit before tax

  +236.1%

  -£6,795,452 → £9,248,797

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers