35870962 2025-01-01 2025-12-31 35870962 2025-01-01 2025-12-31 1 35870962 2025-01-01 2025-12-31 1 35870962 2024-01-01 2024-12-31 35870962 2025-12-31 35870962 2024-12-31 35870962 2024-12-31 fsa:ContributedCapitalMember 35870962 2024-12-31 fsa:RetainedEarningsMember 35870962 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 35870962 2025-12-31 fsa:ContributedCapitalMember 35870962 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-03-26 Henrik Lind The Executive Board has today considered and approved the annual report of LIND PRIVATE EQUITY 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 my 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. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Aarhus Henrik Lind To the shareholder of LIND PRIVATE EQUITY ApS We have audited the financial statements of LIND PRIVATE EQUITY ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 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 this auditor’s report. We are independent of the Entity 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 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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 by relevant law and regulations.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Thomas Rosquist Andersen State Authorised Public Accountant mne31482 Primary activitiesThe company's main activities are owning capital shares and other investment activities in general. Profit/loss for the year in relation to expected developmentsThe income statement of the Company for 2025 shows a loss of TDKK 60.586 and at 31 December ​2025 the balance sheet of the Company shows a positive equity of TDKK 2.320.084. The result does not align with​our expectation from an absolute or relative perspective. OutlookIn 2026, our goal is to outperform the global equity markets, and we expect in absolute terms to deliver profit after tax between of 325-375 m.DKK. -25000 -251000 0 7680000 67454000 260697000 188204000 65981000 -120775000 202145000 -60189000 33200000 -60586000 168945000 -60586000 168945000 -60586000 168945000 26570000 0 26570000 0 3285517000 2479553000 3285517000 2479553000 8478000 1600000 3320565000 2481153000 3320565000 2481153000 200100000 200100000 2119984000 2180570000 2320084000 2380670000 19000 17000 978055000 55994000 0 44472000 22407000 0 1000481000 100483000 1000481000 100483000 3320565000 2481153000 200100000 2180570000 2380670000 -60586000 -60586000 200100000 2119984000 2320084000 1 Other financial income ​2025​DKK'0002024​DKK'000Financial income from group enterprises01,453Other interest income3114Fair value adjustments67,423259,213Other financial income01767,454260,697 2 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises23,5330Other interest expenses013Fair value adjustments164,13565,757Other financial expenses536211188,20465,981 3 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax044,472Change in deferred tax(26,570)0Adjustment concerning previous years(33,619)(11,272)(60,189)33,200 4 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any remuneration.20252024Average number of full-time employees00 0 0 5 Fair value informationOther investments at fair valueDKK'000Fair value end of year3,285,517Unrealised fair value adjustments recognised in the income statement(96,676)Investments in private equity funds are valued at fair market value on the basis on the latest available information received from the fund (typically 3rd quarter reporting). The fair market value is based on recognized ​valuation models such as multiple EBITDA or DCF. When entering into new investments in private equity funds the Company receives information about the Funds’ general principles for valuation and accepts these. The period from the latest available reporting until 31 December is supplemented with analysis of the market development and other market data. 6 Contingent liabilitiesThe company has agreed to pay in remaining commitment of T.DKK 4.442.951 for investments. This might lead to ​possible capital calls being financed through loan from the parent company if being needed.The Entity participates in a Danish joint taxation arrangement where Lind Invest ApS serves as the administration company. 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 the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 7 Assets charged and collateralThe company has provided guarantee of payment for the bankers of Lind Alternatives Holding ApS. As of 31 December 2025 the guarantee provided amount to t.DKK 2.300.138. 8 Related parties with controlling interestLind Invest ApS, CVR nr. 26 55 92 43 owns all shares in the Entity, thus exercising control. 9 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. ​No such transactions have been conducted in the financial year. 10 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Lind Invest ApS, CVR nr. 26 55 92 43​Værkmestergade 25 14, 8000 Aarhus CName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Lind Invest ApS, CVR nr. 26 55 92 43​Værkmestergade 25 14, 8000 Aarhus C This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. 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. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.​​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity. Gross profit or lossGross profit or loss comprises external expenses. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after pro rata elimination of intra-group profits or losses. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, 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 securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, 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). 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. Other investmentsFixed asset investments, which consist of listed and unlisted bonds and shares, are measured at their fair ​values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price or ​valuation models. ​​Unlisted capital shares are measured at estimated fair value. On the balance sheet date, it is normally based ​on the quarterly reporting for Q3 (in the absence of Q4 figures) from fund managers ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which ​corresponds to nominal value less provisions for bad debts. Other financial liabilitiesDebts are measured at amortised cost, substantially corresponding to nominal value. Tax receivable or payableCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for ​the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and ​repayment under the on-account taxation scheme are recognised in the income statement in financial income ​and expenses.​​Deferred income tax is measured using the balance sheet liability method in respect of temporary differences ​arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting ​purposes on the basis of the intended use of the asset and settlement of the liability, respectively. ​​Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the ​asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred ​tax liabilities within the same legal tax entity. ​​Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation ​at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in ​deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax ​relates to items recognised in equity. true Grundlag for konklusion Konklusion 2026-03-26 2026-03-26 true 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Aarhus Aarhus C 8000 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 1425 Værkmestergade LIND PRIVATE EQUITY ApS 35870962 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab