44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 44010259 2024-01-01 2024-12-31 cmn:ConsolidatedMember 44010259 2025-01-01 2025-12-31 44010259 2024-01-01 2024-12-31 44010259 2025-12-31 cmn:ConsolidatedMember 44010259 2024-12-31 cmn:ConsolidatedMember 44010259 2025-12-31 44010259 2024-12-31 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44010259 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44010259 2024-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44010259 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 44010259 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 44010259 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44010259 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 44010259 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForDevelopmentExpenditureMember 44010259 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44010259 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 44010259 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44010259 2024-12-31 fsa:ContributedCapitalMember 44010259 2024-12-31 fsa:SharePremiumMember 44010259 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44010259 2024-12-31 fsa:RetainedEarningsMember 44010259 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44010259 2025-01-01 2025-12-31 fsa:SharePremiumMember 44010259 2025-12-31 fsa:ContributedCapitalMember 44010259 2025-12-31 fsa:SharePremiumMember 44010259 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 44010259 2025-12-31 fsa:RetainedEarningsMember 44010259 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 44010259 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 44010259 2023-12-31 cmn:ConsolidatedMember iso4217:DKK xbrli:pure The Year in Brief - Consolidation & Platform Building2025 was a year of consolidation and platform building for Mendole. The Group was established on 4 December 2024, and 2025 represents the first full financial year. A key milestone was the listing on Spotlight Stock Market on 29 October 2025, strengthening governance, transparency and access to capital markets.During the year, the Group implemented common financial reporting systems, established a Group-wide ESG framework and strengthened governance structures. Management assesses that the Group enters 2026 with a significantly stronger structural and operational foundation than at the beginning of the year.Development in Activities & Financial PerformanceRevenue for 2025 amounted to DKK 126.9 million and EBITDA amounted to DKK 6.2 million, corresponding to an EBITDA margin of 4.9%. On a pro forma basis, revenue increased from approximately DKK 109 million in 2024 to DKK 127 million in 2025. The contribution margin improved from 25.4% to 27.2%. The result reflects investments related to the stock exchange listing and organizational strengthening.The group’s financial performance is considered satisfactory in relation to its level of activity, structural investment and growth plans.Key FiguresKey financial figures are presented below. 2024 figures are pro forma, as the Group was established on 4 December 2024. Revenue 2024 (pro forma): DKK 109.0 million Revenue 2025: DKK 126.9 million EBITDA 2025: DKK 6.2 million EBITDA margin 2025: 4.9% Contribution margin 2024: 25.4% Contribution margin 2025: 27.2%Subsequent EventsAfter the financial year ended, the Group arranged a 12-month installment plan for short-term debt totaling DKK 8,260 thousand.Financial RisksThe Group is exposed to financial risks including interest rate risk, creditrisk and liquidity risk. Interest rate risk relates primarily to variable-rate borrowings. The Groupmonitors interest developments on an ongoing basis and assesses theneed for hedging where relevant. Credit risk mainly relates to trade receivables. Ongoing creditassessments are performed, and historical losses have been limited. Liquidity risk is managed through continuous liquidity planning andbudgeting to ensure sufficient financial preparedness for operations andplanned investments. The Group does not engage in speculative financial instruments.Uncertainty Regarding Recognition & MeasurementManagement has not identified any material uncertainty relating to recognition and measurement in the annual financial statements beyond the general accounting estimates applied in the normal course of business.Expectations for 2026For 2026, the Board of Directors expects revenue in the range of DKK 125–155 million and EBITDA in the range of DKK 6.0–8.0 million. These expectations are based on the current order book, planned commercial activities and continued focus on margin optimization. The outlook remains subject to general market uncertainties.Value CreationThe Group’s value creation is based on locally anchored leadership, industry experience and operational discipline. Mendole continuously invests in competence development, digitalization and governance to enhance scalability and transparency.Environmental & Social MattersIn 2025, a Group-wide ESG framework was implemented.The Group focuses on environmental impact documentation, occupational health and safety, business ethics and compliance. Mendole monitors regulatory developments, including CSRD, and continuously adapts its reporting accordingly.Target Figures for the Underrepresented Gender (§ 99b)Board of Directors:As of the balance sheet date, the Board consists of four members, all male (0% women). A target has been set for the underrepresented gender to constitute at least 25% of the Board. The objective will be pursued in connection with future changes in Board composition.Other Management Levels (Parent Company):The Parent Company consist of six individuals, including the CEO and outsourced CFO. Four are women and two are men (67% women). The gender distribution at other management levels is considered satisfactory, and the Group continues to promote diversity in future recruitment processes.Research & Development ActivitiesDuring the financial year, the Group incurred development costs related to the Group’s project within solar and battery solutions. The development costs amount to DKK 766,817 and have been capitalized under intangible fixed assets as development projects in progress, as the future economic benefits are assessed to be sufficiently probable. The total capitalized development costs therefore amount to DKK 1,413,939 as of 31 December 2025.The development activities are based on the Group’s strategic objective of offering an integrated solar and battery solution with associated financing models that enable customers to become co-owners. Management assesses that the ongoing development projects will strengthen the Group’s competitive position and create a basis for a positive development in the Group’s level of activity and earnings in the coming financial years. Principal ActivitiesMendole A/S is a Group of specialized operating companies focused on acquiring and developing profitable businesses in fragmented markets.The business model is based on acquiring well-managed companies, preserving local leadership and entrepreneurship, exploring synergies, and supporting operations through sharing reporting, governance and commercial tools.The Group primarily operates in Denmark with ambitions for gradual geographic expansion. There have been no changes to the Group’s principal activities during the financial year. Data Ethics (§ 99d)Mendole has adopted policies regarding GDPR compliance, data security and responsible data processing. Data ethics is integrated into the Group’s governance framework and internal control environment. MENDOLE A/S 44010259 GULDALDEREN 13 DK 2640 HEDEHUSENE DENMARK POUL BUNDGAARDS VEJ 1 DK -2500 VALBY Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Mendole A/S for the financial year 1 January – 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion the Consolidated Financial Statements and the Annual Financial Statements of the Company give a true and fair view of Group’s and the Company’s assets, liabilities and financial position at 31 December 2025 and of the results of Group’s and the Company’s operations and cash flows for the financial year 1 January – 31 December 2025.The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary.We recommend the Annual Report be approved at the Annual General Meeting. Hedehusene Dan Lauritzen Henrik Theisler Chairman Anders Bang Olsen Knud Juul Truelsen Thomas Kaas Selsø To the shareholders of Mendole A/S We have audited the consolidated financial statements and the parent company financial statements of Mendole A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for both the group and the parent company as well as consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 December 2025 and of the results of the group and the parent company's operations and consolidated cash flows 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 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 consolidated financial statements and parent company ” section of our report. We are independent of the group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the preparation of consolidated financial statements and parent company 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and parent company financial statements, management is responsible for assessing the group's and the parent 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 consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so.Penneo dokumentnøgle: 97KNB-UZAD1-7JX9X-UCXOR-U5KHB-KSFQMPenneo dokumentnøgle: 2U6NJ-84I4C-CIE43-I6N0K-3Y2T1-RRK2U Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company 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 consolidated financial statements and parent company 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 also:• Identify and assess the risks of material misstatement of the consolidated financial statements and parent 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 group's and the parent 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 consolidated financial statements and parent company 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 group's and the parent 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 consolidated financial statements and parent company 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 group and the company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Penneo dokumentnøgle: 97KNB-UZAD1-7JX9X-UCXOR-U5KHB-KSFQMPenneo dokumentnøgle: 2U6NJ-84I4C-CIE43-I6N0K-3Y2T1-RRK2U• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Group Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for pourposes of the group audit. We remain solelyresponsible 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. Management is responsible for management's reviewfinancial statements and parent company 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 consolidated financial statements and parent company financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial statements and parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Our opinion on the consolidated management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that management's review is in accordance with the consolidated financial statements and parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review. Copenhagen Baker Tilly DenmarkGodkendt Revisionspartnerselskab 35257691 Henrik Ulvsgaard Nanna Grejs Petersen statsautoriseret revisor statsautoriseret revisor mne21318 mne49907 126944162 11121374 573415 20000 1855469 647122 0 0 53936763 4793908 0 50484 15569997 2279469 1275868 827237 59292873 4695119 -702453 -857721 53121599 5708809 2470360 727953 1792227 421188 43717 43717 4379047 -1434878 -3216529 -1629391 0 5016536 3702069 4919879 271468 114483 422471 12304 3143825 492949 618025 87946 1506690 3203192 289946 3214846 453997 -11654 -762747 0 1052693 3214846 1052693 3214846 488858 78750 1413939 647122 0 0 1902797 725872 0 0 983939 774031 0 0 5964871 2241770 489702 513294 0 0 7438512 3529095 0 0 0 0 13913898 5768286 536841 377121 34925 34925 536841 377121 13948823 5803211 9878150 4632088 13948823 5803211 2020383 1734563 0 0 2020383 1734563 0 0 33720004 23330905 25538 40639 17464795 12236866 0 0 1025182 0 9209302 310863 3247460 4597458 331139 73783 0 0 762747 0 1247916 2049249 347930 0 56705357 42214478 10676656 425285 4426529 10446188 4000000 8645107 63152269 54395229 14676656 9070392 73030419 59027316 28625479 14873603 534959 400000 534959 400000 0 7823934 4941612 1102872 504755 0 0 12435138 2828141 5713076 -1422016 14071969 3732896 14071969 3732896 284859 34958 0 0 0 3315253 0 0 284859 3350211 0 0 3819671 1053118 0 0 90443 88722 0 0 10000000 10000000 10000000 10016110 13910114 11141840 10000000 10016110 1454771 1054585 0 0 11189606 9811472 2032139 0 15428930 9856370 1309986 128279 3312622 770169 0 0 87861 8016110 337113 0 604247 0 604247 0 210042 1073110 0 0 12475402 10033854 270030 809618 44763472 40615669 4553516 937897 58958450 51757509 14553511 10954007 73030419 59027316 28625479 14873603 -186700 -186700 400000 0 504755 2828141 3732896 134959 9161686 0 0 9296645 0 0 598117 454576 1052693 10265 10265 0 -9161686 0 9161686 0 534959 0 1102872 12435138 14071969 -700026 0 -186700 400000 0 4241586 -908690 3732896 134959 9161686 0 0 9296645 0 0 2882322 -1829629 1052693 10265 10265 0 -9161686 0 9161686 0 534959 0 7823934 5713076 14071969 1052693 3214846 2973560 1742577 -11418045 -14015327 -7391792 -9057904 -271468 -144483 -3143825 -492949 2872357 348466 863067 -1073110 -5382502 -7636328 1246512 725872 4070477 3529095 -5316989 -4254967 -1378134 -9811472 -3166739 -2107703 8953431 -10000000 9296645 360000 Other adjustements Other adjustements -208255 0 4679832 22279175 -6019659 10387880 10446188 58308 4426529 10446188 Note 1 – Special Items in the Consolidated ReportDuring the financial year, the company incurred transaction costs related to the establishment of the group, including the acquisition of shares. These costs primarily comprise legal and financial advisory fees, due diligence, and other consulting service. Note 2 – Staff CostsGroupParent company2025 2024 2025 2024DKK DKK DKK DKKWages and salaries 48.381.234 5.210.467 2.373.899 726.968Pensions 3.886.554 251.747 63.274 0Other social security costs 833.380 45.360 12.754 0Other personnel expensens 20.431 201.235 20.433 98553.121.599 5.708.809 2.470.360 727.953Including remuneration to executive- and supervisory board:Executive board 2.580.000 149.621 1.200.000 685.275Supervisory board 423.596 33.332 0 03.003.596 182.953 1.200.000 685.275 88 16 3 1 Note 3 – Financial IncomeGroupParent companyany2025 2024 2025 2024DKK DKK DKK DKKInterest received from subsidiaries 0 0 270.436 0Other financial income 271.468 114.483 152.035 12.304271.468 114.483 422.471 12.304 Note 4 – Financial CostsGroup Parent company2025 2024 2025 2024DKK DKK DKK DKKInterest paid to subsidiaries 0 0 588.138 0Other financial costs 3.143.825 492.949 29.888 87.9463.143.825 492.949 618.026 87.946 Note 5 – Tax on Profit/Loss for the YearGroupParent company2025 2024 2025 2024DKK DKK DKK DKKCurrent tax for the year 218.069 -11.654 -762.747 0Deferred tax for the year 235.928 0 0 0453.997 -11.654 -762.747 0 Note 7 – Intangible AssetsDevelopment projects in GroupprogressGoodwillDKKCost at 1 January 647.122 456.020Additions for the year 766.817 217.392Cost at 31 December 1.413.939 673.412Impairment losses and amortisation at 1 January 0 114.967Depreciation for the year 0 69.587Impairment losses and amortisation at 31 December 0 184.554Carrying amount at 31 December 1.413.939 488.858Development projects in progress relate to projects within solar and battery solutions. The company’s future concept is to offer a combined solar and battery solution, including financing models. There will be several models, allowing customers to become co-owners. 0 0 2882322 4941612 598117 504755 0 0 454576 2710090 -1829629 -1726767 Note 8 – Tangible AssetsOther fixtures and fittings, tools and Leasehold Right-of-use Groupequipmentimprovementsassets DKK DKK DKKCost at 1 January 3.819.770 589.808 5.080.140Additions for the year 824.323 0 5.575.603Disposals for the year -246.923 0 -2.082.526Cost at 31 December 4.397.170 589.808 8.573.217Impairment losses and depreciation at 1 January 3.045.739 76.514 2.811.220Depreciation for the year 417.492 23.592 1.311.556Impairment and depreciation of sold assets for the year -50.000 0 -1.514.430Impairment losses and depreciation at 31 december 3.413.231 100.106 2.608.346Carrying amount at 31 December 983.939 489.702 5.964.871 Note 9– Investments in SubsidiariesParent company2025 2024DKK DKKCost at 1 January 1.340.000 0Additions for the year 4.750.000 1.340.000Cost at 31 December 6.090.000 1.340.000Revaluations at 1 January 4.428.286 0Result for the year 3.702.069 -45.323Depreciation goodwill 43.717- -43.717Other changes in equity 186.700- -513.326Investments in subsidiaries with negative equity written down against receivables 65.450- 65.450Exchange rate adjustements 10.590- Negative goodwill - 4.965.202Revaluations at 31 December 7.823.898 4.428.286Carrying amount at 31 December 13.913.898 5.768.286The remaining positive difference included in the above accounting value Amounts to as of 31. December 218.586 262.303 Goodwill arose from the acquisition of NimTag Service A/S and is amortized over 7 years. Negative goodwill arose from the acquisition of NimTag A/S and Polaris Light Ltd., and is recognized as income in the income statement Investments in subsidiaries are specified as follows: Name Domicile Ownership NimTag A/S Høje Taastrup 100%NimTag Service A/S Høje Taastrup 100%Nim Energy ApS Høje Taastrup 100%Nim El ApS Høje Taastrup 100%Polaris Light Ltd. UK 100% Note 10 – DepositsGroupParentDeposits Deposits DKK DKK Cost at 1 January 412.046 34.925Additions for the year 124.795 0Disposals for the year 0 0Cost at 31 December 536.841 34.925Impairment losses and depreciation at 1 January 0 0Depreciation for the year 0 0Impairment and depreciation of sold assets for the year 0 0Impairment losses and depreciation at 31 december 0 0Carrying amount at 31 December 536.841 34.925 Note 11 – Contract Work in ProgressGroup Parent company2025 2024 2025 2024DKK DKK DKK DKKWork in progress, selling price 157.515.072 86.107.232 0 0Work in progress, payments received on account -143.362.899 -74.640.535 0 014.152.173 11.466.697 0 0Recognised in the balance sheet as follows:Contract work in progress recognised in assets 17.464.795 12.236.866 0 0Prepayments received recognised in debt -3.312.622 -770.169 0 014.152.173 11.466.697 0 0Note 12 – PrepaymentsPrepayments consist of prepaid costs relating to rent, insurance premiums and subscriptions etc. Note 14 – Other ProvisionsBeginning of the year 3.315.253Provision in the period -3.315.253Total 0Other provisions which amounts to DKK 0 at year end 2025. At the beginning of the year provisions comprise a provision for loss in respect of an ongoing case brought by the Danish Tax Agency. The provision has been recognized 100% of the potential loss. In 2025 The Group has decided not to proceed with the case further. Note 13 – Provisions for Deferred TaxGroup Parent company2025 2024 2025 2024DKK DKK DKK DKKTangible assets 102.581 17.557 - - Intangible assets 328.118 163.243 - - Tax losses 145.840- 145.841- - - 284.859 34.958 - - Note 16 – Contingent LiabilitiesGroupThe Group is jointly and severally liable together with the other jointly taxed companies for the payment of corporation tax as well as withholding tax on dividends, interest, and royaltiesOther LiabilitiesGroupThere are guarantee obligations amounting to DKK 11,912 thousand as of 31. December 2025.The group has provided security for affiliated companies’ bank debt totaling DKK 3,417 thousand.The group has issued a subordination declaration for receivables from an affiliated company amounting to DKK 1,628 thousand.Furthermore, the group has declared that it will, if necessary, provide NimTag Service A/S with sufficient funds to Penneo dokumentnøgle: 97KNB-UZAD1-7JX9X-UCXOR-U5KHB-KSFQMPenneo dokumentnøgle: 2U6NJ-84I4C-CIE43-I6N0K-3Y2T1-RRK2Uensure that the company is at all times able to meet its obligations.The subordination and support declaration remain valid until the date of the board’s approval of NimTag Service A/S’s annual report for 2025.The group has entered into lease obligations, with the total non-cancellable lease commitment amounting to DKK 353 thousand as of 31. December 2025.The group has entered into operational lease agreements. The total remaining lease obligation amounts to DKK 576 thousand as of 31. December 2025.The group is jointly and severally liable for the total tax on the group’s consolidated taxable income. Note 15 – Long Term DebtDebt Debt at 31 Instalment next outstanding Decemberyearafter 5 yearsGroup DKK DKK DKKLease obligations 3.819.671 1.053.118 0Other payables 90.443 88.722Payables to participating interests 10.000.000 10.000.000 013.910.114 11.141.840 0Debt Debt at 31 Instalment next outstanding Decemberyearafter 5 yearsParent DKK DKK DKKLease obligations 0 0 0Payables to participating interests 10.000.000 0 010.000.000 0 0Accruals, liabilitiesAccruals on the liability side relate to provisions for costs accrued but invoice not yet received Note 17 – Mortgages and collateralGroupAs security for the group’s bank debt of DKK 11,912 thousand and for the debt of group-related and other companies to financial institutions, as well as for performance guarantees totaling DKK 16,425 thousand, the group has provided a floating charge with a nominal value of DKK 48,000 thousand. ParentAs security for the subsidiaries’ obligations to the financial institution, the Company has pledged shares with a carrying amount of DKK 13,914 thousand.The company has provided security to their bank engagement for DKK 4 million. Note 18 – Related Parties & Ownership StructureTransactionsAll transactions has been carried out on arms lengthOwnership structureAll companies in the consolidation is owned 100% by Mendole A/S The consolidated interim financial statements of Mendole A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The consolidated interim financial statements for 2025 is presented in DKK.Basis of recognition & measurementIncome is recognized in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortization, depreciation and impairment losses, are also recognized in the income statement.Assets are recognized in the balance sheet when it is probable 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 it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortized cost using the effective interest method. Amortized cost is calculated as the historic cost less any installments and plus/less the accumulated amortization of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the consolidated interim financial statements are presented and which confirm or invalidate matters existing at the balance sheet date.Consolidated financial statementsThe consolidated financial statements comprise the parent company and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered participating interests or associates, cf. the group chart.The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realized and unrealized gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.Entities acquired or formed during the year are recognized in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognized in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals.Income StatementRevenueIncome from the sale of goods for resale and finished goods is recognized in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Income from customized products is recognized as production is carried out, implying that revenue corresponds to the selling price of contracts completed in the year (percentage-of-completion method). This method is applied where the total income and expenses relating to the contract and the stage of completion at the balance sheet date can be estimated reliably and it is probable that future economic benefits will flow to the Company.When the outcome of a construction contract cannot be estimated reliably, revenue is recognized at the costs incurred insofar as they are likely to be recovered.Raw Materials & ConsumablesCosts of raw materials and consumables used in generating the year’s revenue.Other Operating IncomeThe item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognized when it is more probable than not that the company is going to be indemnified.Other Operating ExpensesOther operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equipment.Other External ExpensesOther external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Staff CostsStaff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Depreciation, amortization and impairment of intangible assets and property, plant and equipmentDepreciation, amortization and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortization and impairment of intangible assets and property, plant and equipment. Financial income and expensesFinancial income and expenses are recognized in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses realized and unrealized capital/exchange gains and losses on foreign currency transactions and allowances under the Danish Tax Prepayment Scheme, etc.Tax on profit/loss for the periodThe company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.The company is subject to the Danish rules on compulsory joint taxation.On payment of joint taxation contributions, the current Danish income 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 been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognized in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Balance SheetIntangible AssetsGoodwillGoodwill acquired is measured at cost less accumulated amortization. Goodwill is amortized on a straight-line basis over its useful life, which is assessed to be 7-10 years.Goodwill is amortized on a straight-line basis over its estimated useful life, which is determined based on Management’s experience within the individual business areas.Goodwill is written down to its recoverable amount if this amount is lower than the carrying amount.Development projects in progressDevelopment costs comprise costs, wages/salaries and amortization losses that are directly and indirectly attributable to the company's development activities.Developments projects recognized in the balance sheet are measured at cost less accumulated amortization and impairment losses.Following the completion of the development work, development costs are amortized on a straight-line basis over the estimated useful life. Tangible AssetsItems of plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost price includes the acquisition cost and expenses directly related to the acquisition up to the point in time when the asset is ready for use.Straight-line depreciation is provided based on the following estimated useful lives of the assets:Useful LifeOther fixtures & fittings, tools & equipment 3 – 5 yearsLeasehold improvements 25 yearsRight-of-use assets 3 – 5 yearsThe useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortization/depreciation is recognized going forward.Gains or losses on the sale of items of property, plant and equipment are recognized in the income statement under other operating income or other operating expenses, respectively.LeasesLeases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognized in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets.The capitalized residual lease commitment is recognized in the balance sheet as a liability, and the interest element of the lease payment is recognized in the income statement over the term of the lease.All other leases are operating leases. Payments relating to operating leases and any other leases are recognized in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.’.Fixed AssetsOther fixed assets, which consist of deposits, which is measured at amortized cost at the balance sheet date.StocksStocks are measured at cost using the FIFO-method. Where the net realizable value is lower than the cost, inventories are recognized at this lower value.The cost of finished goods comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labor and production/production overheads.The net realizable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to affect the sale. The net realizable value is determined taking into account marketability, obsolescence and expected selling price movements.ReceivablesReceivables are measured at amortized cost.An impairment loss is recognized if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognized.Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress.Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realizable value.The individual work in progress is recognized in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price.Selling costs and costs incurred in securing contracts are recognized in the income statement as incurred.PrepaymentsPrepayments recognized under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash & Cash EquivalentsCash and cash equivalents comprise cash and deposits at banks.EquityReserve for development costsAn amount corresponding to capitalized development costs is recognized in the reserve. The reserve is reduced as development costs are amortized.ProvisionsProvisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc.Provisions are recognized when, as a result of a past event, the company has a legal or constructive obligation, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Income tax & deferred taxCurrent tax liabilities and current tax receivables are recognized in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallize as current tax. Deferred tax adjustments resulting from changes in tax rates are recognized in the income statement, with the exception of items taken directly to equity.LiabilitiesFinancial liabilities are recognized on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortized cost, corresponding to the capitalized value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognized in the income statement over the term of the loan.Financial liabilities also include the capitalized residual finance lease commitment.Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortized cost, which is usually equivalent to nominal value.Deferred incomeDeferred income recognized under 'Current liabilities' comprises payments received concerning income in subsequent financial years.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealized value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and 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 recognized in the latest financial statements are recognized in the income statement as financial income or financial expenses.Cash FlowThe cash flow statement shows the company's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the company's cash and cash equivalents at the beginning and at the end of the year. The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale.Cashflow from operating activitiesCash flows from operating activities are stated as the company's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognized under ‘Interest income and dividend received’.Cashflow from investing activitiesCash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments.Cashflow from financing activitiesCash flows from financing activities comprise changes in the size or composition of the company's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cashflow and cash equivalentsCash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months, and which are readily convertible into cash, and which are subject only to insignificant risks of changes in value. true 45 72 72 72 41 inverstor@mendole.com www.mendole.com Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-03-24 Nikolaj Bak-Christensen Reporting class C, medium-size enterprise 2023-04-18 2026-03-06 35257691 Baker Tilly Denmark Godkendt Revisionspartnerselskab Poul Bundgaards Vej 1, 1. 2500 Valby Opinion Basis for Opinion 2026-03-06 35257691 Baker Tilly Denmark Godkendt Revisionspartnerselskab POUL BUNDGAARDS VEJ 1 2500 VALBY DK