41812745 2025-01-01 2025-12-31 41812745 2025-01-01 2025-12-31 1 41812745 2025-01-01 2025-12-31 1 41812745 2025-01-01 2025-12-31 1 41812745 2025-01-01 2025-12-31 2 41812745 2025-01-01 2025-12-31 3 41812745 2024-01-01 2024-12-31 41812745 2025-12-31 41812745 2024-12-31 41812745 2024-12-31 fsa:ContributedCapitalMember 41812745 2024-12-31 fsa:RetainedEarningsMember 41812745 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41812745 2025-12-31 fsa:ContributedCapitalMember 41812745 2025-12-31 fsa:RetainedEarningsMember 41812745 2025-01-01 2025-12-31 fsa:ManagementMember iso4217:DKK xbrli:pure Annual report 2026-03-20 Gabriella Elisabeth Luthman Dirch Passers Allé 36 2000 Frederiksberg The Board of Directors and the Executive Board have today considered and approved the annual report of Cellnex Denmark ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Justin Berger Justin Berger Pablo Moro Soucheiron Gabriella Elisabet Luthman To the shareholders of Cellnex Denmark ApS We have audited the financial statements of Cellnex Denmark ApS for the financial year 1 January – 31 December 2025, which comprise 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 financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.​​Independence​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. 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 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 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 the financial statements. ​​As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement 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 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 note 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, 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 ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with the​financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the Management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management commentary 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 commentary. Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Allan Nørgaard State Authorised Public Accountant mne35501 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss2,9363,00012,9008,452(849)Operating profit/loss(2,412)(3,457)1,518(3,372)(1,295)Net financials(20,167)(26,599)(39,981)(21,298)(18,741)Profit/loss for the year132,388126,5567,99617,756(15,357)Total assets3,522,2823,518,2873,503,7853,295,3133,273,741Equity3,268,3143,135,7003,008,6612,604,9612,587,207RatiosReturn on equity (%)4.134.120.280.68(0.30)Equity ratio (%)92.7989.1385.8779.0579.03Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe Company’s principal activity is to own shares in other undertakings and to undertake any other activity which​the Executive Board deems incidental to the attainment of these objects. ​ ​The company business activities include, but are not limited to, the operation of all types of telecommunications infrastructure and/or the provision of telecommunications services necessary for networks, as well as other related activities including the development, installation, management, marketing, and distribution, whether for its own account or on behalf of third parties of services related to telecommunications infrastructure. Development in activities and financesAs of December 31, 2025, the Company was a wholly owned subsidiary of Cellnex Nordics, S.L. headquarted in Spain. Cellnex Nordics S.L is owned by 51% of Cellnex Telecom S.A. headquarted in Spain and by 49% of Stonepeak Tacitus Bidco Limited headquarted in England. Profit/loss for the year in relation to expected developmentsGross profit ended at MDKK 3,0 and operating loss ended at MDKK -2,4 in 2025, which was broadly in line with 2024. OutlookOur expectation for 2026 is a gross profit between MDKK 2-3 as well as an operating loss of MDKK 2-3. 2936000 3000000 5348000 6457000 -2412000 -3457000 150000000 150000000 470000 2936000 20637000 29535000 127421000 119944000 -4967000 -6612000 132388000 126556000 3460094000 3460094000 3460094000 3460094000 3460094000 3460094000 37977000 38604000 584000 571000 4950000 6490000 2000 2000 43513000 45667000 18675000 12526000 62188000 58193000 3522282000 3518287000 40000 40000 3268274000 3135660000 3268314000 3135700000 246474000 372890000 246474000 372890000 757000 150000 4954000 7555000 1783000 1992000 7494000 9697000 253968000 382587000 3522282000 3518287000 40000 3135660000 3135700000 226000 226000 132388000 132388000 40000 3268274000 3268314000 1 Events after the balance sheet dateNo significant events have occurred after the balance sheet date, which are considered to have a significant impact on the assessment of the annual report. 2 Staff costs2025​DKK'0002024​DKK'000Wages and salaries4,9376,013Pension costs334433Other social security costs77115,3486,457Average number of full-time employees45Remuneration​of Management2025​DKK'000Executive Board146146With reference to the Danish Financial Statements Act, Section 98B (3), the remuneration of the Executive board is ​not stated for the comparable figures. No remuneration is paid for the Board of Directors. 4 5 Remuneration​of Management2025​DKK'000Executive Board146146 146000 3 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises351179Other interest income119343Exchange rate adjustments02,4144702,936 4 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises20,01426,594Exchange rate adjustments6232,94120,63729,535 5 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Refund in joint taxation arrangement(4,967)(6,612)(4,967)(6,612) 6 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Retained earnings132,388126,556132,388126,556 132388000 126556000 132388000 126556000 7 Financial assetsInvestments in group enterprises​DKK'000Cost beginning of year3,460,094Cost end of year3,460,094Carrying amount end of year3,460,094Investments in subsidiariesRegistered inEquity​interest​%Equity​DKK'000Profit/loss​DKK'000On Tower Denmark ApSCopenhagen, Denmark100.001,073,52997,747 8 Deferred tax2025​DKK'0002024​DKK'000Liabilities other than provisions584571Deferred tax584571​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year571448Recognised in the income statement13123End of year584571​Deferred tax assetsThe recognized deferred tax asset consist of deferred tax on share based payments. 9 PrepaymentsPrepayments consist of prepaid expenses concerning insurance premiums, subscriptions and interest. 10 Contributed capitalNumberPar value​DKK'000Nominal​value​DKK'000Shares4000,14040040 11 Non-current liabilities other than provisionsDue after more than 12 months​2025​DKK'000Outstanding after 5 years​2025​DKK'000Payables to group enterprises246,474'0246,4740 12 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities.​​The company is part of a cash pool scheme with the other group companies. Cellnex Denmark ApS is therefore jointly and severally liable with the other group companies in the cash pool scheme for the total debt in the cash pool scheme. 13 Transactions with related parties 14 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Cellnex Telecom S.A.; Calle Juan Esplandiú 11-13, 28007 Madrid, Spain.Name and registered office of the Parent preparing consolidated financial statements for the smallest group:​Cellnex Nordics, S.L.; Calle Juan Esplandiú 11-13, 28007 Madrid, Spain.Copies of the consolidated financial statements of Cellnex Telecom S.A. may be ordered at the following address:​Cellnex Telecom S.A.; Calle Juan Esplandiú 11-13, 28007 Madrid, Spain. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue and external expenses. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc received from the individual group enterprises in the financial year. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on payables and transactions in foreign currencies, and tax relief under​the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on payables and transactions in foreign currencies, ​and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable​amount and carrying amount.The accounting policies applied to material financial statement items of group enterprises are: ​​Fixed assets in subsidary company: ​Tangible fixed assets as well as intangible fixed assets in the subsidiary company are measured at cost less accumulated depreciation.​​Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. In the case of assets of own construction, cost comprises direct and indirect ex-penses for labour and materials. ​ ​Indirect production costs in the form of indirectly attributable staff costs used in the development process are recognized in cost based on time spent on each asset. ​ ​Interest expenses on the financing of both tangible and intangible fixed assets are capitalised at cost until commercial launch. All indirectly attributable loan expenses are recognised in the income statement. ​ ​Depreciation based on cost reduced by any residual values is calculated on a straight line basis over the ex-pected useful lives of the assets on the basis of the date on which the assets are put into use. These depreciation ​periods are as follows: ​​Plant and machinery 5-40 years ​Other fixtures and fittings, tools and equipment 5-10 years ​Licenses and similar rights 5 years ​ ​The useful lives and residual values of the assets are reassessed on a yearly basis. ​ ​Gains and losses on retirements and disposals of tangible and intangible fixed assets are included in other income or expenses in the income statement. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​ ​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Cellnex Telecom S.A.; Calle Juan Esplandiú 11-13, 28007 Madrid, Spain. true Grundlag for konklusion Konklusion 2026-03-20 2026-03-20 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Copenhagen Copenhagen S 2300 Revisionspåtegning 2025-12-31 2025-01-01 4108 Ørestads Boulevard Cellnex Denmark ApS 41812745 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab