45207366 2025-01-01 2025-12-31 45207366 2024-11-13 2024-12-31 45207366 2025-12-31 45207366 2024-12-31 45207366 2024-11-12 fsa:ContributedCapitalMember 45207366 2024-11-12 fsa:RetainedEarningsMember 45207366 2024-11-12 45207366 2024-11-13 2024-12-31 fsa:ContributedCapitalMember 45207366 2024-11-13 2024-12-31 fsa:RetainedEarningsMember 45207366 2024-12-31 fsa:ContributedCapitalMember 45207366 2024-12-31 fsa:RetainedEarningsMember 45207366 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 45207366 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 45207366 2025-12-31 fsa:ContributedCapitalMember 45207366 2025-12-31 fsa:RetainedEarningsMember 45207366 2025-01-01 2025-12-31 1 45207366 2025-01-01 2025-12-31 1 iso4217:USD xbrli:pure APMH INVEST 45 APS Esplanaden 50 DK 1263 Copenhagen K 45207366 Louise Dyrup Flensborg -4059 -2045 2805 60 121 297 -1375 -2282 -303 -502 -1072 -1780 -1072 -1780 -1072 -1780 274 0 274 0 197 502 197 502 19479 22565 19676 23067 19950 23067 5700 5700 14250 15322 19950 21022 0 2045 0 2045 0 2045 19950 23067 5700 17102 22802 0 -1780 -1780 5700 15322 21022 0 -1072 -1072 5700 14250 19950 Note 1: Business activity The objective of the company is to act as an investment company for APMH Invest A/S by in-vesting in Danish and foreign assets. As of 31 December 2025, the company is dormant. Note 2: Employee information Apart from the Executive Board, APMH Invest 45 ApS has not had any employees in 2025. The Executive Board has not received any remuneration from the company and are remunerated by A.P. Møller Holding A/S. Note 3: Related parties APMH Invest 45 ApS is included in the consolidated financial statements for A.P. Møller Holding A/S, Copenhagen, Denmark, Business Registration No 25 67 92 88. The consolidated financial statement of A.P. Møller Holding A/S can be required at www.cvr.dk. Note 4: Contingent liabilities The company is included in national joint taxation with Danish companies in the A.P. Moller Holding group. The company is jointly and severally liable for the payment of taxes and withholding tax. true End exchange rate USD/DKK 2025: 6.3498 (2024: 7.1386) FOREIGN CURRENCY TRANSLATION Transactions in currencies other than the functional currency are translated at the exchange rate prevailing on the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as per the balance sheet date. INCOME STATEMENT Gross loss before financial items With reference to section 32(1) of the Danish Financial Statements Act, the company has sum-marised certain items to gross result before financial items. Other financial income and expenses Other financial items comprise interest income and exchange rate adjustments etc. Tax Tax comprises an estimate of current and deferred income tax. Tax is recognised in the income statement to the extent it arises from items recognised in the income statement. BALANCE SHEET Deferred tax Deferred tax is calculated on temporary differences between carrying amounts and tax bases of assets and liabilities. Deferred tax assets are recognised solely to the extent that the tax asset is likely to be utilised within the near future. Receivables Receivables are generally recognised at nominal value, substantially corresponding to amortised cost and impaired for expected losses based on the expected loss model as described in IFRS 9. Cash and bank balances Cash and bank balances comprise cash at bank. Liabilities Other financial liabilities are measured at amortised cost, substantially corresponding to nominal value. The financial statements are presented in USD. Unless otherwise stated, comparative figures for 2024 have been presented in brackets. Note 5: Accounting policies The financial statements for 2025 for APMH Invest 45 ApS have been prepared on a going con-cern basis and in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with a selection of certain requirements from reporting class C. Copenhagen Morten Vested Stakroge MANAGEMENT’S STATEMENT The Executive Board has today considered and adopted the An-nual Report of APMH Invest 45 ApS for the financial year 1 Jan-uary – 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the financial position at 31 December 2025 of the company and of the results of the company’s operations for 2025. In accordance with the Danish Financial Statements Act §10a, the Executive Board recommends to the Annual General Meet-ing that the annual report for 2026 shall not be audited. The Ex-ecutive Board confirms that the conditions for opting out of au-dit are met. I recommend that the Annual Report be adopted at the Annual General Meeting. OPINION 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 Dan-ish Financial Statements Act. We have audited the financial statements of APMH Invest 45 ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (financial statements). Accountants’ International Code of Ethics for Professional Ac-countants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical re-sponsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have ob-tained is sufficient and appropriate to provide a basis for our opinion. BASIS FOR OPINION We conducted our audit in accordance with International Stand-ards on Auditing (ISAs) and the additional requirements appli-cable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Re-sponsibilities for the Audit of the financial statements” section of our report. We are independent of the company in accord-ance with the International Ethics Standards Board for 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. MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS 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 prepara-tion of financial statements that are free from material misstate-ment, whether due to fraud or error. In preparing the financial statements, management is responsi-ble for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going con-cern and using the going concern basis of accounting in AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mate-rial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assur-ance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional re-quirements 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 fi-nancial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise pro-fessional 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, de-sign and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appro-priate to provide a basis for our opinion. The risk of not de-tecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may in-volve collusion, forgery, intentional omissions, misrepresen-tations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropri-ate in the circumstances, but not for the purpose of ex-pressing 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 re-lated disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparing the fi-nancial statements and, based on the audit evidence ob-tained, 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 con-clude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclo-sures 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 con-cern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regard-ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant de-ficiencies in internal control that we identify during our audit. INDEPENDENT AUDITOR’S REPORT To the shareholder of APMH Invest 45 ApS Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Henrik Kyhnauv State Authorised Public Accountant Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-11-13 2024-12-31 2026-03-20 Reporting class B true apmoller.com 0 0 2026-03-20 529900VSWLQF0O3GA946 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-03-20 mne40028 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab