35383166 2024-10-01 2025-09-30 35383166 2024-10-01 2025-09-30 auditor_1 35383166 2024-10-01 2025-09-30 memberOfBoardIdentifier_1 35383166 2024-10-01 2025-09-30 memberOfBoardIdentifier_2 35383166 2024-10-01 2025-09-30 memberOfBoardIdentifier_3 35383166 2023-10-01 2024-09-30 35383166 2025-09-30 35383166 2024-09-30 35383166 2024-09-30 fsa:ContributedCapitalMember 35383166 2024-09-30 fsa:RetainedEarningsMember 35383166 2024-10-01 2025-09-30 fsa:ContributedCapitalMember 35383166 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 35383166 2025-09-30 fsa:ContributedCapitalMember 35383166 2025-09-30 fsa:RetainedEarningsMember 35383166 2024-09-30 fsa:InvestmentPropertyMember 35383166 2024-10-01 2025-09-30 fsa:InvestmentPropertyMember 35383166 2025-09-30 fsa:InvestmentPropertyMember 35383166 2025-09-30 fsa:LongtermDebtToBanksMember 35383166 2024-09-30 fsa:LongtermDebtToBanksMember 35383166 2025-09-30 fsa:LongtermEquityLoanMember 35383166 2024-09-30 fsa:LongtermEquityLoanMember iso4217:DKK pure 2023-10-01 2024-09-30 2025-12-02 35383166 2025-12-02 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 true Annual report Karl Rikard Anton Karlström The Executive Board have today discussed and approved the annual report for ECF Copenhagen Retail 48 ApS for the financial year 1 October 2024 - 30 September 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 September 2025 and of the results of the Company's operations for the financial year 1 October 2024 - 30 September 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen 2025-12-02 Peter Eric Broström Hélène Henning Karl Rikard Anton Karlström Independent auditor's report To the shareholder of ECF Copenhagen Retail 48 ApS Opinion We have audited the financial statements of ECF Copenhagen Retail 48 ApS for the financial year 1 October 2024 - 30 September 2025, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 30 September 2025 and of the results of the Company's operations for the financial year 1 October 2024 - 30 September 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 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 statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company 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.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 disclosures 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 conclusions 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.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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. København 2025-12-02 KPMG 25578198 Henrik Y. Jensen State Authorised Public Accountant mne35442 ECF Copenhagen Retail 48 ApS Meldahlsgade 5 DK-1613 København V 35383166 2013-06-20 Copenhagen 2024-10-01 2025-09-30 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 Principal activities The objective of the Company is to invest in real estate as well as other related activities. Uncertainty regarding recognition and measurement The Company's investment properties are measured at fair value using the income capitalization method. The property fair value is estimated using explicit assumptions about the risks and yields that is subject to material accounting estimates where fair value could deviate from the actual value of the investment property. Development in activities and financial position The Company's income statement for 2024/25 shows a profit of DKK 2,365,777 as against a loss of DKK 11,184,968 in 2023/24. Equity in the Company's balance sheet at 30 September 2025 stood at DKK -6,872,073 as against DKK -9,237,850 at 30 September 2024. Capital resources The executive board is of the opinion that the Company’s liquidity position is sufficient to meet its obligations as they fall due, supported by a positive cash flow from operations. The Company’s external financing will be renegotiated after the year end and, accordingly, has been presented as short-term liabilities in the financial statements. It is the management’s expectation that these facilities will be successfully refinanced in the new year. Furthermore, the parent Company, Savills IM European Commercial Fund FCP-FIS, has provided a letter of support, which remains valid until the annual general assembly approves the annual report for the year ending 2025/26 for as long as Savills IM European Commercial Fund FCP-FIS remains the ultimate shareholder. The executive board intends to revalue the properties in the coming financial year and expects an improvement in market conditions during that period. Based on these factors, the executive board has assessed that the Company will be able to meet its obligations as they fall due. The executive board further notes that, in its opinion, it is not necessary to propose an injection of funds into the Company, nor are any additional measures required to address the Company’s capital loss situation. Events after the balance sheet date No events have occurred after the balance sheet date that may materially affect the Company's financial position. 3828451 2830123 4138143 -8111430 5119 61954 5866521 6310405 2105192 -11529758 -260585 -344790 2365777 -11184968 2365777 -11184968 119062500 114666070 119062500 114666070 1080087 819502 238283 495661 30056 0 1348426 1315163 5951460 12129611 7299886 13444774 126362386 128110844 100000 100000 -6972073 -9337850 -6872073 -9237850 0 40876843 79990487 79990487 79990487 120867330 40914267 0 439583 532805 11118089 15394591 772033 553968 53243972 16481364 133234459 137348694 126362386 128110844 100000 -9337850 0 2365777 100000 -6972073 The annual report of ECF Copenhagen Retail 48 ApS for 2024/25 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Rental revenue is recognised as income on a straight line basis over the lease period. When the Company provides incentives to its tenants, the cost of incentives is recognised over the lease period on a straight line basis. Other external costs Other external expenses comprise administration expenses, costs in relation to buildings, etc. Gains/losses from fair value adjustments of investment property Value adjustment comprises the year's changes in the fair value of investment properties. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit/loss for the year On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly inequity. Investment property Investment properties comprise property held to earn rentals, held for capital appreciation or both. On initial recognition, investment properties are measured at cost including purchase price and directly related costs. The carrying amount also includes costs for improvements if the recognition criteria are met. Subsequent to initial recognition, investment properties are stated at fair value. Gains or losses arising from changes in the fair values are included in the income statement in the year in which they arise. The properties are valued using the income capitalisation method where a property’s fair value is estimated based on the normalised net operating income generated by the property, which is divided by the capitalisation rate (exit yield). The calculated value is adjusted with expected future change in rental value, voids, capital expenses and other special circumstances. The valuations are performed by JLL, an accredited independent valuer with recognised and relevant professional qualifications and recent experience of the location and category of the investment property valued. The used valuation model is in accordance with that recommended by the International Valuation Standards Committee. These valuation models are consistent with the principles in IFRS 13. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Other receivables consists of rental incentives and other receivables. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. The executive board is of the opinion that the Company’s liquidity position is sufficient to meet its obligations as they fall due, supported by a positive cash flow from operations. The Company’s external financing will be renegotiated after the year end and, accordingly, has been presented as short-term liabilities in the financial statements. It is the management’s expectation that these facilities will be successfully refinanced in the new year. Furthermore, the parent Company, Savills IM European Commercial Fund FCP-FIS, has provided a letter of support, which remains valid until the annual general assembly approves the annual report for the year ending 2025/26 for as long as Savills IM European Commercial Fund FCP-FIS remains the ultimate shareholder. The executive board intends to revalue the properties in the coming financial year and expects an improvement in market conditions during that period. Based on these factors, the executive board has assessed that the Company will be able to meet its obligations as they fall due. The executive board further notes that, in its opinion, it is not necessary to propose an injection of funds into the Company, nor are any additional measures required to address the Company’s capital loss situation. 0 0 4223498 4223498 1605599 2049359 0 124 37424 37424 -461694 -344790 201109 0 146850022 258287 147108309 -32183952 4138143 -28045809 119062500 Key assumptions: The property totaling 2,533 sqm. is located in Copenhagen and is mainly used for retail and office. In the valuation of the property an average exit yield of 4.8% has been applied. The valuation according to the external report as of 30 September 2025 amounts to DKK 119,300 thousand including rental incentives of DKK 238 thousand classified as other receivables. Sensitive analysis: An increase of exit yield by 0.25 percentage point would reduce the property value by DKK 6.1 millions and a decrease in the exit yield by 0.25 percentage points would increase the property value by DKK 6.8 million at the balance sheet date. 40914267 0 0 40876843 79990487 79990487 79990487 120867330 40914267 0 Contingent liabilitiesThe Company is subject to the Danish scheme of joint taxation with ECF Copenhagen Retail Holdco ApS as the administrative company. The Company has unlimited liability and is jointly and severally liable with the other jointly taxed companies for the total corporation tax, etc. As security for mortgage debt, DKK 40,914 thousand, the Company has provided collateral in land and buildings with a carrying amount of DKK 119,063 thousand at 30 September 2025.