Doctor Hansen seeks out Agnes Jensen and offers her to flee with her children to Sweden, where her husband Lauriz is. But her business is thriving, and she refuses. For business, Agnes seeks out Mads Skjern, who is impressed by her ingenuity. Mads agrees to a rare and lavish bet, when Agnes desires to buy her business' lodging house from Kathrine Larsen, which only Agnes believes that Kathrine can be talked into. Meanwhile, Mads is reluctant to do business with the Wehrmacht, while also warning his brother Kristen against his operations in the resistance.

The war makes it increasingly difficult to secure heat even for the Varnæs family, who send their children to the public bath house. Misse Møhge wishes to arrange her financial plans with the Varnæs brothers before her wedding, but the brothers seek a delay because of the ongoing war. Misse and Andersen are married. Mads seeks to purchase a seaside farm house and estate, which he wishes to divide up and sell. He enters a shady tax-evading deal with both the house's owner and Jørgen Varnæs, who buys the farm on behalf of Mads, in exchange for a small unsolicited fee.

The funeral dinner for Frederik Andersen is progressing at the Varnæs house when the radio suddenly broadcasts the news that the Germans have surrendered in Denmark. Amidst general rejoicing, Dr. Hansen and Kristen Skjern reappear and pay a visit to the Varnæs house, where Kristen is reunited with Elisabeth Varnæs. Mads is very nervous about Ellen, since her father-in-law had lucrative business dealings with the Germans and has been arrested as a collaborator. Mads decides to find Ellen and bring her home.

Skjold Hansen has announced his retirement from the Korsbæk Bank Board. Bank President Jessen suggests that Jørgen Varnæs return to the board as Skjold Hansen's replacement, but he wishes to meet with him first. Hans Christian Varnæs organizes a dinner for them. There, Jessen confronts Jørgen with his suspicion that his wife, who is the sister of the seller, was defrauded of her share of the proceeds from the farm sale that Jørgen conducted as a front for Mads Skjern. Jessen demands an investigation, before he will nominate Jørgen for the vacant bank directorship.

Ulrik reveals to Ellen that he is to marry Maja, prompting Ellen to sever all relations. Misse, now a widow, reveals to the leading ladies of the town that she's attracting men, even the pious Provost Meyer, who she claims to have seen on her balcony. Chairman Jessen from Korsbæk Bank, unsatisfied with the business involving Jørgen, finds another candidate for the board position - the Mayor. Mads gets wind of this and arranges the Mayor's inclusion in Omegnsbanken's board, while accusing Kristen of professional negligence.

Mads comes home from a trip to USA bringing with him new business ideas. Despite Daniel not having completed his exams, Mads calls on Daniel to help implement the ideas. Mads is yet again disappointed when Daniel declines, and opts to go to Paris and study fashion.