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Development in activities and finances The Company’s Consolidated Income Statement for the Financial year 2024 shows a Net result of 762.7 mDKK compared to a result of 330.5 mDKK in 2023. The result for 2024 is above the management’s expectations and have been favourable impacted by macro-economic circumstances and changes in exchange rates. For 2025 the management expects a positive result of DKK 700-900 million depending on macro-economic circumstances e.g. power prices, inflation and interest levels. Uncertainty in recognition and measurement It is assessed that there is no significant uncertainty in the recognition and measurement of financial figures. Principal risks and uncertainties The management does not see any special risks to the company in connection with the ownership of the shares in above companies’ projects in addition to the commonly occurring risks within the companies’ industry. Management sees no special risk of affecting the external environment in connection with the ownership of the shares in above companies and their projects. Subsequent Events On January 31st, 2025, the Company acquired a c. 33% stake in the French independent power producer, Valorem SAS. The transaction closed after the balance sheet date, and the financial statements for 2024, do therefore not reflect this acquisition. No other subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the financial statements. Business Model Reference is made to the description included under the Management Review. Corporate social responsibility/ESG The company is managed by the fund manager AIP Management P/S. All matters related to Corporate Social Responsibility/ESG are governed by the policies of the fund manager. Please download the ESG report for further information about how AIP Management works with ESG across the investment portfolio. The report is available on the AIP Management website. Policies governing environment and climate, social matters and staff-related matters, human rights and anticorruption The Limited Partnership is subject to several policies covering environment and climate, social matters and staff-related matters, human rights and anti-corruption. The Responsible Investment Policy and the ESG policy defines the principles, while the underlying procedures supports the implementation. Environmental, social and governance considerations are important for investment decision-making, both in terms of understanding and managing risks, and identifying opportunities for enhancement. We believe that a strong focus on responsible investing and ESG will create long-term value for our investors. Consequently, we have integrated a range of ESG principles and valuations throughout all stages of our investment process; from initial screening and investment analysis, during due diligence, negotiation and closing of transaction, and thereafter in the asset management phase. Below we have described the principles and our results for 2024 in more detail. In 2025, the Limited Partnership expects to continue to focus on it’s efforts within environment and climate, social and staff-related matters, human rights and anti-corruption. Environment and climate The Limited Partnership maintains a responsible approach to environmental and climate issues, with a climate-friendly investment policy and a requirement to adopt good industry environmental practices. The principal risks to the Limited Partnership’s activities relate to potential climate changes affecting wind and sun patterns. Investments in renewable energy projects have significant climate benefits in terms of emissions avoided (see later SFDR section of this report). The Limited Partnership adheres to the following environmental principles: • Continue to invest in renewable energy • Minimize environmental consequences related to construction and operation of infrastructure assets • Minimize carbon footprint of investments • Minimize carbon footprint of own operations • Exclude investments in coal, oil and tar sands In 2024 the Limited Partnership has maintained its positive contribution within Environmental and Climate impact. Social matters and staff-related matters For social matters and staff-related matters, the Limited Partnership promotes that the fundamental employees’ rights shall be acknowledged and observed by the investment project. The principal risks to the Limited Partnership’s activities relate to non-adherence to its labour and health and safety standards. In addition to contractual standards, the Limited Partnership monitors performance on an ongoing basis and receives monthly reports about the status of Limited Partnership investments. In 2024, the Limited Partnership has contributed to a safe and healthy work environment. Human rights In respect of human rights, the Limited Partnership promotes human rights principles and adopts a zero-tolerance approach to infringement of such rights. The principal risks to the Limited Partnership’s activities relate to potential non-adherence to its labour standards in the investments. The Limited Partnership follows local regulations and expects investment to comply with international commitments related to human rights. The Limited Partnership is not aware of any breaches of human rights. In 2024, the Limited Partnership is not aware of any breaches of human rights. Anti-corruption The Limited Partnership has a zero-tolerance policy when it comes to corruption and bribery. No corruption and/or bribery shall take place or be carried out directly or indirectly by any of the parties involved in an investment. The principal risks to the Limited Partnership’s activities relate to potential kickbacks to/from vendors. The Limited Partnership has taken measures to reduce the risk of corruption, by performing due diligence and monitoring of counterparties and requiring standards of business conduct in contractual agreements. Background checks are conducted using a risk-based approach. In 2024, the Limited Partnership believes that it has not contributed to any form of corruption or bribery. Risk assessment and risk mitigation The main risks associated with the overall investment process of the Fund are: • Market risks • Credit risks • Liquidity risks • Counterparty risks • Operational risks • ESG Risks To manage these risks, AIP Management, as the overall fund management company in the group, has established a risk management function. The key responsibility of the function is to perform independent, and reliable: • Risk identification • Risk measurement • Risk management • Risk monitoring • Stress tests/analysis Individual departments within AIP Management have the overall responsibility to carry out the procedures implemented, whilst Risk Management has the responsibility of overseeing this work. Sustainable Finance Disclosure Regulation (SFDR) The company fulfils the requirement for periodic publication of information on financial products, cf. Article 8, subsection 1, 2 and 2a, in Regulation (EU) 2019/2088 and Article 6, subsection 1, in Regulation (EU) 2020/852 by preparing a supplementary report in connection with this annual report. Executive Board composition No policy or objective for the composition of the Board of Directors or the Executive Board, but the company complies with the legislation in force in the area at any given time. Primary activities The Company, AIP Infrastructure II K/S, was established in June 2020 and is a private alternative infrastructure fund managed by AIP Management P/S. The General Partner is AIP Infrastructure II GP ApS. The Company invests in renewables energy and transition assets and is set to yield stable and long-term returns to the benefit of the investors. The principal activities of the Company in the period under review were to own shares in:  AIP Escalade Holding GP ApS (100%)  AIP Escalade Holding K/S (78.07%) o AIP Escalade Holding GP Inc. (100%) o AIP Escalade Holding (US) LP (100%)  Escalade Partners LLC (35%)  AIP ATE Holding GP ApS (100%)  AIP ATE Holding K/S (78.07%) o Agility Trains East (Holdings) Ltd. (30%)  AIP Dante Holding GP ApS (100%)  AIP Dante Holding K/S (78.07%)  AIP Porter Holding GP ApS (100%)  AIP Porter Holding K/S (99.97%)  AIP Pref NE GP ApS (100%)  AIP Pref NE K/S (99.97%)  AIP Pref S.E GP ApS (100%)  AIP Pref S.E. K/S (99.97%) o AIP preferred ApS (100%)  AIP XLT Holding GP ApS (100%)  AIP XLT Holding K/S (78.07%) o Galvani JVCo Limited (30.56%)  AIP Lorax Holding GP ApS (100%)  AIP Lorax Holding K/S (78.07%) o AIP CW Holding (US) GP Inc. (100%) o AIP CW Holding LP (100%) o AIP Lorax LLC (100%)  VP-Arica TargetCo LLC (60%)  AIP Verde Holding GP ApS (100%)  AIP Verde Holding K/S (99,97%)  AIP II Holding 10 GP ApS (100%)  AIP II Holding 10 K/S (100%)  AIP Meridien Holding GP ApS (100%)  AIP Meridien Holding K/S (100%) Data ethics Given the business model of the entity, which does not involve data collection and analysis, the entity has not adopted a data ethics policy. The entity is managed by AIP Management P/S, which has general ethics policies in place, including a Code of Conduct with general principles that can also be applied to how AIP Management P/S’ employees engage with and apply data. The Executive Board has today considered and adopted the Annual Report of AIP Infrastructure II K/S for the financial year 1 January – 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act and other relevant legislation. In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results of the Company and Group operations and cash flows for 1 January – 31 December 2024. In our opinion, the Management review includes a true and fair account of the matter addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Mikkel Barth-Højgaard Jannick Prehn Brøndum To the Limited Partners of AIP Infrastructure II K/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of AIP Infrastructure II K/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). 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 is responsible for Management’s Review. Our opinion on the financial statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act and other relevant legislation. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act and the information requirements in other relevant legislation. We did not identify any material misstatement in Management’s Review. Management 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 as 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. Our objectives are to obtain reasonable assurance about 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 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 an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism 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 andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud 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 to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’sinternal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparingthe financial statements and, based on the audit evidence obtained, whether a material uncertainty exists relatedto events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to therelated disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, futureevents 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 atrue and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the Consolidated Financial Statements. We are responsiblefor the direction, supervision and performance of the group audit. We remain solely responsible for our auditopinion. Plan and perform the audit to obtain sufficient appropriate audit evidence regarding theconsolidated financial information of the entities or business units as a basis for forming an opinionon the Financial Statements. We are responsible for the direction, supervision and review of theaudit work performed. We remain solely responsible for our audit opinion.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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Per Rolf Larssen Casper Larsen State Authorised Public Accountan State Authorised Public Accountan mne24822 mne45855 0 25200000 0 0 70700000 86200000 82700000 93000000 -70700000 -61000000 -82700000 -93000000 700000 600000 0 0 0 0 565900000 473900000 235200000 196900000 0 0 33700000 179700000 -229400000 51000000 130100000 -44400000 712500000 329900000 646600000 375500000 200000 2200000 3200000 600000 2000000 3800000 773500000 330500000 710800000 328300000 10800000 0 0 0 762700000 330500000 710800000 328300000 565900000 473900000 565900000 473900000 96300000 45300000 0 0 100600000 -188700000 144900000 -145600000 762700000 330500000 710800000 328300000 0 0 13247000000 8491700000 6246700000 3955900000 0 0 9708800000 6731800000 0 0 15955500000 10687700000 13247000000 8491700000 15955500000 10687700000 13247000000 8491700000 0 0 41900000 64900000 102800000 60800000 2500000 500000 102800000 60800000 44400000 65400000 63000000 138000000 300000 10700000 165800000 198800000 44700000 76200000 16121300000 10886500000 13291600000 8567900000 14781200000 10166800000 14781200000 10166800000 -722300000 -1137600000 -1525500000 -1670400000 14058900000 9029300000 13255700000 8496400000 2027800000 1739000000 0 0 16086700000 10768200000 13255700000 8496400000 34500000 118300000 36000000 71400000 34500000 118300000 36000000 71400000 16121300000 10886500000 13291600000 8567900000 10166800000 0 -1137600000 1739000000 10768200000 4614400000 0 0 313000000 4927300000 0 0 314700000 -14500000 300300000 0 565900000 100600000 96300000 762700000 0 -565900000 0 -105900000 -671800000 14781200000 0 -722300000 2027800000 16086700000 10166800000 0 -1670400000 8496400000 4614400000 0 0 4614400000 0 565900000 144900000 710800000 0 -565900000 0 -565900000 14781200000 0 -1525500000 13255700000 Net result Net result 762700000 330500000 -845000000 -392100000 Changes in working capital Changes in working capital -125800000 9300000 -208000000 -52300000 Investment in financial assets Investment in financial assets -5355200000 -3224000000 235200000 196900000 FX adjustments FX adjustments 354100000 25500000 -4766000000 -3001700000 4927300000 3276600000 Interests paid Interests paid -3100000 -100000 Interest income Interest income 646600000 375000000 671800000 631600000 4899100000 3019900000 138000000 172100000 -75000000 -34100000 63000000 138000000 Accounting policies This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C Large enterprises. The financial report for the previous year was presented in accordance with reporting class C Medium enterprises. The change in reporting class has not affected the principal accounting policies. The accounting policies applied to the Group are identical to the rules applied to the Parent. Consolidated financial statements The consolidated financial statement comprises the parent and the group enterprises that are controlled by the parent. Control of a subsidiary is achieved by the parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way exercising controlling influence. Enterprises in which the group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates. Basis of consolidation The consolidated financial statements are prepared based on the financial statements of the parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income, expenses, accounts and dividends are eliminated. The financial statements used for consolidation have been prepared applying the group accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Presentation currency The reporting currency is Danish kroner (DKK). All amounts are in DKK million unless otherwise stated. Recognition and measurement Revenue is recognized in the income statement as it is earned, including value adjustments of financial assets and liabilities measured at fair value or amortized costs. In addition, expenses incurred to achieve the year’s earnings are recognized, including depreciation, write-downs, provisions, and reversals because of changed accounting estimates of amounts previously recognized in the income statement. Assets are recognized in the balance sheet when it is probable because of a prior event that future economic benefits will flow to the company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the company has a legal or constructive obligation because of a prior event, and it is probable that future economic benefits will flow out of the company, and the value of the liabilities can be measured. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Recognition and measurements consider the gains, losses and risks that arise before the annual report is presented and which corroborates or invalidates conditions that existed at the balance sheet date. The group accounts are consolidated based on the subsidiaries individual accounts adjusted for any intercompany transactions and equity interest. Foreign currency translation Foreign currency transactions are translated at the exchange rate at the transaction date. Exchange rate differences arising between the exchange rate at the transaction date and the rate at the payment date are recognizes in the income statement as a financial item. Receivables, payables, and other monetary items in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the transaction date is recognized in the income statement as a financial item. Key ratios Key figures and financial ratios are determined based on “Recommendations & Financial Ratios” issued by the Danish Society of Financial Analyst: Return on Equity = Net Result x 100 Average Equity Income statement Revenue Revenue comprise received fees. Expenses Expenses comprise external costs including costs for administration, etc. Staff expenses Staff expenses comprise wages, payroll taxes and other social security contributions. For information about remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds please see the annual report for the Fund Manager. Income from group companies Dividend income from group companies is presented in the Income statement in the year of which it was declared. Income from associated companies Dividend income from associated companies is presented in the Income statement in the year of which it was declared. Impairment Investments in subsidiaries and associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax The company is not taxable independently, which is why the tax liability is incumbent on the company’s investors. As a result, no tax and deferred tax has been set aside in the accounts for the Company. At Group level the income taxes for the year, is recognized in the income statement with the part that can be attributed to the profit for the year. Balance sheet Investments in financial assets Investments in subsidiaries and associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Receivables Receivables are recognized and measured at amortized cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to the lower value. Equity Dividend distributions proposed by the management for the financial year are shown as a separate item under equity. Short-term payables Expenses with reference to the fiscal year are accrued for. Cash flow statement Cash flow from operating activities includes all cash transactions other than cash flows arising from investments, received dividends, paid and received financial items and equity transactions. Cash flow statement is calculated based on the indirect method where the cash flow is based on the difference between year start and year end with adjustments for non-cash items. Cash comprises cash in bank deposits. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts. With reference to the Danish Financial Statements Act section 86,4 there is no cash flow statement for the parent company. true Note 22024202320242023EmployeesGroupGroupParentParentWages and salaries- 0.3 - 0.3 - - Taxes and social security contributions- 0.4 - 0.3 - - Total staff expenses- 0.7 - 0.6 - - 1 1 0 0 Note 3Financial incomeInterest from loans to associated companies 330.6 307.9 - - Gain on foreign exchanges - 0.5 - 0.5 Other financial income 316.0 67.1 0.2 1.7 Total financial income 646.6 375.5 0.2 2.2 Note 4Financial expenses Loss on foreign exchanges- 0.1 - 0.6 - 0.1 - 0.6 Other financial expenses- 3.1 - - 1.9 - 3.2 Total financial expenses- 3.2 - 0.6 - 2.0 - 3.8 Note 5TaxesIncome taxes- 10.8 - - - Total income taxes- 10.8 - - - Note 6Investments in group companiesCost at 1 January - - 9,860.0 7,152.0 Additions in year - - 4,525.9 2,708.1 Disposals in year - - - - 0.0 Cost at 31 December - - 14,385.9 9,860.0 Impairment at 1 January - - - 1,368.3 - 1,317.3 Impairment in year - - 229.4 - 51.0 Impairment at 31 December - - - 1,139.0 - 1,368.3 Total investments in group companies - - 13,247.0 8,491.7 The company has investment in the following subsidiaries: Company nameRegistered officeOwnershare in %AIP Escalade Holding GP ApSCopenhagen, Denmark100.00AIP Escalade Holding K/SCopenhagen, Denmark78.07AIP Mallard Holding GP ApSCopenhagen, Denmark100.00AIP Mallard Holding K/SCopenhagen, Denmark78.07AIP Dante Holding GP ApS Copenhagen, Denmark100.00AIP Dante Holding K/SCopenhagen, Denmark78.07AIP XLT Holding GP ApS Copenhagen, Denmark100.00AIP XLT Holding K/SCopenhagen, Denmark78.07AIP Pref NE GP ApSCopenhagen, Denmark100.00AIP Pref NE K/SCopenhagen, Denmark99.97AIP Porter Holding GP ApSCopenhagen, Denmark100.00AIP Porter Holding K/SCopenhagen, Denmark99.97AIP Pref S.E. GP ApSCopenhagen, Denmark100.00AIP Pref S.E. K/SCopenhagen, Denmark99.97AIP Lorax Holding GP ApS Copenhagen, Denmark100.00AIP Lorax Holding K/SCopenhagen, Denmark78.07AIP Verde Holding GP ApSCopenhagen, Denmark100.00AIP Verde Holding K/SCopenhagen, Denmark99.97AIP II Holding 10 GP ApSCopenhagen, Denmark100.00AIP II Holding 10 K/SCopenhagen, Denmark100.00AIP Meridien Holding GP ApSCopenhagen, Denmark100.00AIP Meridien Holding K/SCopenhagen, Denmark100.00Note 72024202320242023Investments in associated companiesGroupGroupParentParentCost at 1 January 5,045.1 4,026.1 - - Additions in year 2,378.3 1,019.0 - - Disposals in year - - - - Cost at 31 December 7,423.4 5,045.1 - - Impairment at 1 January- 1,089.2 - 889.1 - - FX adjustments- 53.7 - 20.5 - - Impairment in year- 33.8 - 179.7 - - Impairment at 31 December- 1,176.7 - 1,089.2 - - Total investments in associated companies 6,246.7 3,955.9 - - The Group has investment in the following associated companies: Registered Owner-Company name LCYofficeshare in %Equity* Net Result*Escalade Partners LLC**USDUSA35.00 - - Agility Trains East (Holdings) LimitedGBPUK30.00 102.3 77.7 Galvani JVCo LtdGBPUK30.56 202.8 - 183.9 VP-Arica TargetCo LLC**USDUSA60.00*** - - * In million LCY, latest audited annual report** The company does not publish annual reports.*** The company is an associted company due to lack of control. Note 11 Contingent liabilities The company has no contingent liabilities apart from the liabilities already recognized in the balance sheet. Note 12 Related parties The Limited Partnership has no investors with a controlling interest. Other related parties include the general partner:  AIP Infrastructure II GP ApS, Klareboderne 1, 1115 Copenhagen K, CVR: 41 40 89 01 Besides the investment transactions shown in the financial statement and the general partner fee, there are no transactions with related parties. Note 82024202320242023Receivable from associated companiesGroupGroupParentParentCost at 1 January 6,731.8 4,506.3 - - Additions in year 2,977.0 2,471.7 - - Repayments in year - - 246.1 - - Cost at 31 December 9,708.8 6,731.8 - - Total receivable from associated companies 9,708.8 6,731.8 - - Note 9Cash flow statement - adjustmentsDividends received- 235.2 - 196.9 Interest paid 3.1 0.6 Interests income- 646.6 - 375.5 Impairment 33.7 179.7 Total adjustments- 845.0 - 392.1 Note 10Fees for auditors Statutory fee to PricewaterhouseCoopers 0.4 0.4 Other assurance engagements 0.0 0.0 Tax advice 0.5 1.3 Other services 0.2 0.2 Total fees 1.1 1.9 Sustainability indicators measure phow the environmental or Sustainable social investment means characteristics an investment in an promoted by the economic activity financial product that contributes to are attained. an environmental or social objective, provided that the investment does not significantly harm any environmental orsocial objective and that the investee companies follow good governance practices. The EU Taxonomy is a classification system laid down in Regulation (EU) 2020/852, establishing a list of environmentally sustainable economic activities. That Regulation does not include a list of socially sustainable economic activities. Sustainable investments with an environmental objective might be aligned with the Taxonomy or not. Supplementary Report Template periodic disclosure for the financial products referred to in Article 8, aragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 Product name: AIP Infrastructure II K/S (CVR.no: 41411856) Legal entity identifier: 984500FE8JB0O4B64C87 Environmental and/or social characteristics Did this financial product have a sustainable investment objective? Yes No It made sustainable It promoted Environmental/Social Xinvestments with an (E/S) characteristics and while it did not have as its objective a environmental objective: ___% sustainable investment, it had a proportion of 75% of sustainable in economic activities that investments qualify as environmentally sustainable under the EU with an environmental objective in XTaxonomy economic activities that qualify as environmentally sustainable under the in economic activities that EU Taxonomy do not qualify as environmentally sustainable with an environmental objective in under the EU Taxonomy economic activities that do not qualify as environmentally sustainable under the EU Taxonomy with a social objective It made sustainable It promoted E/S characteristics, but did investments with a social not make any sustainable investments objective: ___% To what extent were the environmental and/or social characteristics promoted by this financial product met? AIP Infrastructure II K/S (“the Fund”) promotes environmental characteristics by investing in economic activities that contributes to one or more of the following sustainability indicators: increased renewable energy capacity (MW), increased renewable energy generated (MWh), reduction in greenhouse gas emissions and climate change mitigation. Asset allocation describes the share of investments in specific assets. This report discloses information pertaining to the sustainability and performance of investments in cases where the assets have actively produced electricity. Investments that are currently under construction and prospective investment opportunities, as they do not yet generate electricity, have not attained a stage allowing for reliable determination of sustainability indicators. Consequently, these investments will not be considered in the assessment of the Fund's performance with respect to the sustainability indicators. During this reference period, the Fund made one new investment, Valorem, a renewable energy platform. The investment was consistent with the environmental objective of the Fund. The investment followed good governance practices and was in line with the Fund Manager’s, AIP Management P/S (“AIP”), ESG Policy and Responsible Investment Policy. The investment were subject to the ESG due diligence process. At last, the Fund’s investments, Navarra and Lorax, became operational and commenced electricity production, resulting in an increase for this specific reference period. How did the sustainability indicators perform? During the reference period, the Fund has used the following sustainability indicators to measure the environmental characteristics promoted: Sustainability Data 2024 Data 2023 Data 2022  Change in % indicators  Renewable energy 569 186 101 205,7% capacity (MW)  Renewable energy 1,243,984 364,613 206,182 241,2% generated (MWh)  Greenhouse gas 260,677 117,510 63,666 121,8% emissions avoided (tCO2e) The operational portfolio of the Fund generated 1,243,984 MWh during 2024, which corresponds to 260,677 tCO2e avoided. …and compared to previous periods? The Fund increased its emissions avoided by 143,167 tCO2e in 2024. This constitues to a increase of 121,8% due to the increase of assets in operation. What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives? The Fund has committed to have a minimum proportion of 40% of sustainable investments. The Fund has conducted an assessment of the alignment of the portfolio against the EU Taxonomy and has assessed that 75% of the assets is within activities that are aligned with the EU Taxonomy. The assessment is based on the EU Taxonomy criteria for climate change mitigation. The investments which are classified as aligned with the EU taxonomy is thus making a substantial contribution to the objective of climate change mitigation by providing renewable energy, storing renewable energy, or providing low carbon transport. How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective? The sustainable investments undertaken by the Fund during this reference period was analysed against the EU Taxonomy’s “do no significant harm”-criteria as an integrated part of the Fund’s investment process, where applicable. Principal adverse impacts are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters. All investments were subject to the extensive ESG due diligence process which AIP conducts for all investments which consider Do No Significant Harm to other objectives under the taxonomy. How were the indicators for adverse impacts on sustainability factors taken into account? The principal adverse impacts on sustainability factors were considered during the ESG due diligence process and continuedly monitored during asset management. Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details: 75% of the investments that are aligned with the EU Taxonomy. The remaining share of the portfolio also aligns with the OECD MNE and the UNGP, as this is part of the ESG due diligence process. The fund has established an annual good governance screening process and minimum safeguards based in OECD and the UNGP are considered in the due diligence phase. How did this financial product consider principal adverse impacts on sustainability factors? During the reference period, the principal adverse impact indicators (PAIs) were considered during the ESG due diligence process. For the portfolio as a whole the PAIs are presented in AIP’s Article 4 - PAI Statement. The Fund assesses that none of the investments in the portfolio are causing significant harm to any environmental or social objectives. During this reference period the Fund have committed and considered the following 2 environmental and 7 social additional voluntary PAIs on sustainability factors to its reporting (available on our website in our Annex I – Principal Adverse Impact Statement): Environmental:  Investments in companies without carbon emission reduction initiatives  Natural species and protected areas Social:  Investments in companies without workplace accident prevention policies  Number of days lost to injuries, accident, fatalities, or illness  Insufficient whistleblower protection  Lack of human rights policy  Operations and suppliers at significant risk of incidents of child labour  Operations and suppliers at significant risk of incidents of forced or compulsory labour  Number of identified cases of severe human rights issues and incident The Fund considers the PAI indicators on sustainability factors as performance measure for the “do no significantly harm” (DNSH) principle. The mandatory as well as additional PAIs are monitored continuously. If the PAIs demonstrate negative progress, the Fund will work with the investee companies to rectify the causes of the negative progress through close collaboration. The list includes the investments constituting the greatest proportion of investments of the financial productduring the reference period which is: 1 January 2024 – 31 December 2024 Taxonomy‐aligned activities are expressed as a share of: ‐ turnover reflecting the share of revenue from green activities of investee companies. ‐ capital expenditure (CapEx) showing the green investments made by investee companies, e.g. fora transition to a green economy. ‐ operational expenditure (OpEx) reflecting green operational activities of investee companies. What were the top investments of this financial product? Largest investments Sector % Assets Country Lorax Renewable energy 19% United States Stegra Manufacturing of steel 16% Sweden Agility Trains East Rail transport 14% United Kingdom Escalade Renewable energy 10% United States Porter Renewable energy 9% Lithuania Elias Renewable energy 9% Finland Navarra Renewable energy 7% Spain Viiatti Renewable energy 6% Finland Dante Renewable energy 5% United Kingdom Cross London Trains Rail transport 5% United Kingdom Valorem Renewable energy - France What was the proportion of sustainability-related investments? The proportion of sustainability-related investment was 75%.This is based on the current/market value of each asset which has been assessed as being aligned with the criteria in the EU Taxonomy. What was the asset allocation? #1A SustainableTaxonomy‐aligned75%75% #1 Aligned with InvestmentsE/S characteristics#1B Other E/S 100%characteristics25%#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product. #2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments. The category #1 Aligned with E/S characteristics covers: ‐ The sub‐category #1A Sustainable covers environmentally and socially sustainable investments. ‐ The sub‐category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments. In which economic sectors were the investments made? During this reference period, the Fund made 1 new investment in a renewable energy sector asset. To comply with the EU Taxonomy, the criteria for fossil gas include limitations on emissions and switching to fully renewable power or low‐carbon fuels by the end of 2035. For nuclear energy, the criteria include comprehensive safety and waste management rules. Enabling activities directly enable other activities to make a substantial contribution to an environmental objective. Transitional activities are activities for which low‐carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance. To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy? 75% of investments in economic activities that qualify as environmentally sustainable were aligned with the EU Taxonomy. Given that the Fund invests primarily in non‐listed securities and other private market assets, the Manager has determined that measuring the proportion of taxonomy‐aligned investments based on each underlying asset’s current value is the most appropriate approach. Accordingly, Net Asset Value (“NAV”) valuations serve as the foundation for calculating the relevant proportion of investments, thereby establishing the basis for the ‘current value’. Did the financial product invest in fossil gas and/or nuclear energy 1related activities complying with the EU Taxonomy? Yes: In fossil gas In nuclear energy No XThe graphs below show in green the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds. 2. Taxonomy‐alignment of investments 1. Taxonomy‐alignment of investments excluding sovereign bonds*including sovereign bonds* 75%25%Turnover75%25%TurnoverCapEx75%25%CapEx75%25%OpEx75%25%OpEx75%25%0% 50% 100%0% 50% 100%Taxonomy‐aligned: Fossil gasTaxonomy‐aligned: Fossil gasTaxonomy‐aligned: NuclearTaxonomy‐aligned: NuclearTaxonomy‐aligned (no gas and nuclear)Taxonomy‐aligned (no gas and nuclear)Non Taxonomy‐alignedNon Taxonomy‐alignedThis graph represents 75% of the total investments.* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective ‐ see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214. Reference benchmarks are indexes to measure whether the financial product attains the environmental or social characteristics that they promote. What was the share of investments made in transitional and enabling activities? 19% of the total investments of the Fund was invested into transitional activities. None of the investments were related to enabling activities. How did the percentage of investments that were aligned with the EU Taxonomy compare with previous reference periods? The Taxonomy-aligned investments have decreased to 75% constituting to a 3% reduction in Taxonomy-aligned investments for the Fund in this reference period. This is due to new investments in the fund. What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy? The share of sustainable investments with an environmental objective that were not aligned with the EU Taxonomy is 25%. What was the share of socially sustainable investments? The Fund did not commit to make socially sustainable investments. What investments were included under “other”, what was their purpose and were there any minimum environmental or social safeguards? No investment are classified as “other”. What actions have been taken to meet the environmental and/or social characteristics during the reference period? All investments held by the Fund during the reference period were subject to the mechnanisms and procedures described in the Fund’s Article 10 – Website Disclosure and were considered to be materially aligned with them. The binding elements of the investment strategy used to attain the environmental and social characteristics promoted by this fund have been monitored and documented on an ongoing basis. Specific actions have been taken by implementing a new data collection tool in collaboration with third-party experts with the purpose of strenghtening good governance around the ESG data collection process and more validated calculations of the principal adverse impact indicators. This will also act as a database going forward and let us to establish more specific GHG targets for the the Fund. How did this financial product perform compared to the reference benchmark? A specific index is not designated to the Fund. How does the reference benchmark differ from a broad market index? The Fund did not use a reference benchmark. How did this financial product perform with regard to the sustainability indicators to determine the alignment of the reference benchmark with the environmental or social characteristics promoted? The Fund did not use a reference benchmark. How did this financial product perform compared with the reference benchmark? The Fund did not use a refernece benchmark. How did this financial product perform compared with the broad market index? The Fund did not use a reference benchmark. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-26 Reporting class C, large enterprise 2020-06-03 2025-06-12 41411856 AIP Infrastructure II K/S Klareboderne 1 1115 Copenhagen Opinion Basis for Opinion 2025-06-12 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup