36533846 2025-01-01 2025-12-31 36533846 2024-01-01 2024-12-31 36533846 2023-01-01 2023-12-31 36533846 2022-01-01 2022-12-31 36533846 2021-01-01 2021-12-31 36533846 2025-12-31 36533846 2024-12-31 36533846 2023-12-31 36533846 2022-12-31 36533846 2021-12-31 36533846 2021-01-01 2021-12-31 1 36533846 2022-01-01 2022-12-31 1 36533846 2023-01-01 2023-12-31 1 36533846 2024-01-01 2024-12-31 1 36533846 2025-01-01 2025-12-31 1 36533846 2021-01-01 2021-12-31 101 36533846 2022-01-01 2022-12-31 101 36533846 2023-01-01 2023-12-31 101 36533846 2024-01-01 2024-12-31 101 36533846 2025-01-01 2025-12-31 101 36533846 2023-12-31 fsa:ContributedCapitalMember 36533846 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36533846 2023-12-31 fsa:RetainedEarningsMember 36533846 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 36533846 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36533846 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 36533846 2024-12-31 fsa:ContributedCapitalMember 36533846 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36533846 2024-12-31 fsa:RetainedEarningsMember 36533846 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36533846 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36533846 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36533846 2025-12-31 fsa:ContributedCapitalMember 36533846 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 36533846 2025-12-31 fsa:RetainedEarningsMember 36533846 2025-01-01 2025-12-31 1 36533846 2025-01-01 2025-12-31 1 36533846 2025-01-01 2025-12-31 2 36533846 2025-01-01 2025-12-31 3 36533846 2025-01-01 2025-12-31 1 36533846 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure APMH INVEST A/S Esplanaden 50 DK 1263 Copenhagen K 36533846 Nethe Rosa Hjørland MANAGEMENT REVIEW FINANCIAL PERFORMANCE RESULT FOR THE YEAR Result for the year amounted to DKK 7.6bn. The result was posi-tively impacted by received dividends from subsidiaries, the company’s share of the results in associated companies, as well as a positive return from the financial portfolio. No dividend is proposed for 2025. INVESTMENT ACTIVITY In April 2025, a recommended voluntary purchase offer for all shares in Svitzer was announced. The company was delisted at the end of May 2025. In November 2025, Svitzer announced the acquisition of a 66.6% shareholding in Buksér og Berging AS, a leading Norwe-gian towage offshore and marine contracting company. The transaction was concluded on 2 January 2026. In June 2025, Concentric announced the acquisition of Officine Mazzocco Pagnoni, a leading manufacturer of advanced oil pumps and fluid management components, headquartered in Italy. In October 2025, Innargi opened its first geothermal district heating facility in Aarhus. Before year-end, an approval for geo-thermal research and extraction of geothermal heat in Virum, another town in Denmark, was received. Iv3 Aqua achieved commercial operation date in November 2025 on the Qurayyat Desalination Company Project (acquired in 2024). The project now has an agreement with Oman’s gov-ernment until 2047. The plant is able to supply over 15% of all desalinated water to Oman’s national grid. By the end of 2025, our growth equity portfolio comprised 13 in-vestments, including four new additions made during the year. FINANCIAL OUTLOOK APMH Invest and its portfolio companies are exposed to the global economic activity levels as well as the development in the global financial markets. Based on our expectations, financial guidance for our portfolio companies, and declared dividends, we expect the result before impairments and financial items for 2026 to be positive but lower than in 2025. The above statement is, by nature, subject to several uncertain-ties, including but not limited to, geopolitical uncertainties that will challenge global supply chains and global economic growth, and a rapid rise of economic nationalism and protectionism. This could cause actual results and performance to differ materially from our expectations. In addition, financial performance de-pends on several factors subject to uncertainties related to the given unstable macroeconomic conditions as well as the future development of freight rates and volumes, import duties, demo-graphic and societal changes, demand for sustainable solutions, commodity prices, including but not limited to, oil and energy prices, inflation, and interest rates. CORPORATE SOCIAL RESPONSIBILITY (CSR) APMH Invest invests in and builds businesses with a positive impact on society, ‘nyttig virksomhed’ – as defined by our founder A.P. Møller. RISK MANAGEMENT Our risk management setup is closely related to our investment strategy and allows us to safeguard the longevity of our portfolio companies by understanding the inherent risks associated with each of them and by supporting the companies in managing these risks in a changing environment. Risk management reporting is an integrated part of our busi-ness processes, allowing us to respond appropriately to the changing environments our businesses are operating in. The Board of Directors receives portfolio performance reports in-cluding risk management measures on a regular basis through-out the year. Being an investor focusing on capital risk, we continuously de-velop our risk framework, and we have embedded controls and operational risk mitigation processes in our critical daily opera-tions. We have a constant focus on good governance, and we have implemented procedures to continuously assess and en-sure that we follow market standards and developments. OUR PORTFOLIO COMPANIES Having a long-term ownership horizon, our ambition for each in-vestment is defined in a clear ownership strategy, considering sector specific market parameters and developments, as well as current and emerging risks. Risks related to our portfolio companies include business and fi-nancial risks associated with the operation and performance. The management of such risks is effectively anchored with the Board of Directors in each of the portfolio companies. Each en-tity has defined and implemented their own risk management framework, managing specific, defined risks. As owners, we monitor business performance in the portfolio companies closely as part of our ownership aspiration. We report on busi-ness and risk-related issues to our Board of Directors as appro-priate. Our investment team focuses on large and long-term invest-ments and brings valuable global investment expertise. As we evaluate investment opportunities, the investments will undergo committees and investment gates where thorough risk analysis, due diligence, and mitigation are natural parts of the investment evaluation process. Our risk management framework allows us to critically evaluate such risks. Investments will be abandoned where risks/rewards are not deemed attractive and in line with our values as well as our financial and strategic beliefs. As our investments are expected to have a long-term ownership horizon, we focus on the inherent risks related to such invest-ments. At all times, it is part of our strategic beliefs to invest in and build businesses that have a positive impact on society. Hence, we strive to ensure that all our partners acknowledge our values and share our commitment to conduct business in an ethical, legal, and socially responsible manner. PUBLIC MARKETS The company has a financial portfolio primarily with exposure to global equity markets managed by our own public markets team. The overall objective of the portfolio is i) to create eco-nomic value in line with our values, ii) to ensure a part of our fi-nancial portfolio remains highly liquid, acting as a buffer for the company to be flexible and able to react as needed in relation to our portfolio companies or to significant changes in our cash flows, and iii) to deliver performance in line with a fixed bench-mark. The Board of Directors approves the investment policy and de-fines the acceptable risk limits including a variety of risk man-agement factors such as single line limits, currency exposures, and asset class weights. These, in combination with internal in-vestment principles, guide the financial investments on a daily basis. We manage the market, credit, liquidity, and currency risks related to our financial portfolio by limiting maximum ex-posure to individual asset classes and underlying assets. The guidelines are reviewed regularly to ensure they reflect the mar-ket situation and our financial situation at any given time. APMH Invest A/S (APMH Invest) is an investment company un-der A.P. Møller Holding A/S (A.P. Moller Holding). The com-pany’s portfolio includes both liquid and illiquid assets. 5480400000 -5457900000 4937800000 -1320400000 3536300000 2645400000 7164200000 4341500000 -1128400000 1737000000 7582000000 217500000 8457000000 -2276200000 4909300000 151285100000 138781100000 132296900000 86611500000 69955800000 Equity Equity Equity Equity Equity 150821700000 137317400000 131561500000 86588500000 68957800000 Return on equity after tax Return on equity after tax Return on equity after tax Return on equity after tax Return on equity after tax 0.053 0.002 0.078 -0.029 0.078 0.997 0.989 0.994 1.00 0.986 STATUTORY REPORT CF. SECTION 99D OF THE DANISH FINANCIAL STATEMENTS ACT APMH Invest is included in the statutory statement on data ethics for A.P. Møller Holding A/S, Copenhagen, Denmark, Business Registration No 25 67 92 88. 858100000 47600000 -173200000 -10552800000 5046900000 5268300000 274800000 213000000 700000 13400000 24100000 5400000 5480400000 -5457900000 7609700000 10270100000 4964300000 3105900000 8125800000 1706300000 543800000 1488800000 7582000000 217500000 43757200000 35935200000 43703400000 42605200000 875100000 1203600000 144400000 162300000 14900000 272700000 2400000 5300000 88497400000 80184300000 11445500000 11067500000 34300000 26900000 22000000 0 11622600000 11154000000 44084100000 44450000000 7081000000 2992800000 62787700000 58596800000 151285100000 138781100000 1000000000 1000000000 11604800000 10097500000 138216900000 126219900000 150821700000 137317400000 10200000 15800000 10200000 15800000 2400000 5600000 450000000 1429400000 0 400000 800000 12500000 453200000 1447900000 463400000 1463700000 151285100000 138781100000 1000000000 9705500000 120856000000 131561500000 0 5268300000 -5050800000 217500000 0 -4246900000 4246900000 0 0 0 5878300000 5878300000 0 -629400000 289500000 -339900000 1000000000 10097500000 126219900000 137317400000 0 5046900000 2535100000 7582000000 0 -3014000000 3014000000 0 0 0 6000000000 6000000000 0 -525600000 447900000 -77700000 1000000000 11604800000 138216900000 150821700000 1 Other adjustments primarily comprise exchange rate adjustments and disposals due to share buy-back pro-grammes in associated companies where we participate in a proportion of our ownership share Note 1: Investments in associates Amounts in DKKm 20252024Cost as of 1 January 32,507.7 32,341.5 Additions 165.7 943.9 Disposals¹ - 574.8 - 777.7 Cost as of 31 December 32,098.6 32,507.7 Adjustment to carrying amount as of 1 January 10,097.5 9,705.5 Share of result for the year 5,046.9 5,268.3 Dividend - 3,014.0 - 4,246.9 Disposals¹ - 451.6 - 327.6 Change in ownership 1,138.0 0.0 Other adjustments - 1,212.0 - 301.8 Adjustment to carrying amount as of 31 December 11,604.8 10,097.5 Carrying amount as of 31 December 43,703.4 42,605.2 1 Disposals include share buy-back programmes Country of Owner-Associate incorporation ship shareDanske Bank A/S Denmark 21.3%Innargi Holding A/S Denmark 41.1%Noble Corporation Plc UK 19.5% Note 2: Staff costs Amounts in DKKm 20252024Wages and salaries 0.7 13.3 Other social security costs 0.0 0.1 Total 0.7 13.4 1 2 The Executive Board and Board of Directors are remunerated by A.P. Møller Holding A/S. Note 3: Financial income Amounts in DKKm 20252024Interest income and loan fees, affiliates 777.9 706.3 Other financial income 6,831.8 9,563.8 Total 7,609.7 10,270.1 Other financial income includes unrealised gains of DKK 2.6bn (DKK 6.9bn). Note 4: Financial expenses Amounts in DKKm 20252024Interest expenses, affiliates 0.0 0.1 Impairment on loans receivable 177.6 175.5 Other financial expenses 4,786.7 2,930.3 Total 4,964.3 3,105.9 Other financial expenses includes unrealised losses of DKK 12m (DKK 2.6bn). Note 5: Tax Amounts in DKKm 20252024Tax on result for the year 537.31,526.6 Adjustment of current tax concerning previous years 3.6153.7 Utilisation of previously unrecognised deferred tax assets 0.0-189.9Adjustment of deferred tax for the year 2.9- 1.6 Total 543.81,488.8 5046900000 5268300000 2535100000 -5050800000 7582000000 217500000 Note 7: Investments in subsidiaries Amounts in DKKm 20252024Cost as of 1 January 47,111.1 36,447.7 Additions 11,083.7 10,673.4 Disposals - 3,088.5 - 10.0 Cost as of 31 December 55,106.3 47,111.1 Adjustment to carrying amount as of 1 January - 11,175.9 - 623.1 Impairment losses - 173.2 - 10,552.8 Adjustment to carrying amount as of 31 December - 11,349.1 - 11,175.9 Carrying amount as of 31 December 43,757.2 35,935.2 COMPANY OVERVIEW AS OF 31 DECEMBER 2025 APMH Invest A/S comprises around 450 companies. All subsidiaries are consolidated in the an-nual report of A.P. Møller Holding A/S where a more comprehensive list is included. The company holds a controlling interest in the entities listed below. Subsidiaries directly owned by APMH Invest A/S have been included in the company overview. Amounts in DKKm Country of Ownership Result for Subsidiary incorporation sharethe yearEquityA.P. Møller Capital P/S Denmark54.0%28.3 72.3 A.P. Moller Capital SDC B.V. Netherlands54.0%n/an/aAIF I Sponsor Invest K/S Denmark100.0%67.2 1,863.7 APMH GE P/S Denmark99.1%- 54.0 1,405.2 APMH GE II P/S Denmark 100.0%- 0.4 0.0 A.P. Møller Maritime ApS Denmark 100.0%3,025.4 8,133.6 APMH Invest IX ApS Denmark96.9%297.5 2,357.3 APMH Invest X P/S Denmark100.0%3.0 176.8 APMH Invest XIII ApS Denmark99.9%- 1.7 11,786.2 APMH Invest XVI ApS Denmark99.0%- 124.9 86.8 APMH Invest XVIII ApS Denmark 100.0%1.7 6,432.7 APMH Invest XXII ApS Denmark 99.9%- 118.8 11,485.4 APMH Invest XXIX ApS Denmark100.0%- 145.0 240.0 APMH Invest XXX ApS Denmark99.9%- 0.1 4,782.4 APMH Invest XXXV A/S Denmark96.2%1.1 225.1 APMH Invest XXXVII ApS Denmark100.0%- 2.2 13.8 APMH Invest 38 ApS Denmark 98.5%- 0.3 5,724.7 APMH Invest Singapore PTE. LTD. Singapore 100.0%n/an/aNote 9: Other equity investments Amounts in DKKm 20252024Fair value as of 1 January 162.3 153.3Fair value adjustments, net -17.99.0 Fair value as of 31 December 144.4 162.3 Unrealised losses, net DKK 17.9m (gains, net DKK 9.0m) have been recognised in the income statement. Note 10: Loans receivable Amounts in DKKm 20252024Loans receivable as of 1 January 272.7 215.5 Additions 3.0 57.1 Impairment on loans receivable - 175.7 0.0 Transfer to current loans receivable - 85.3 0.0 Exchange rate adjustments 0.2 0.1 Loans receivable as of 31 December 14.9 272.7 Note 8: Receivables from affiliates Amounts in DKKm 20252024Cost as of 1 January 1,203.4 30.5 Additions 1,776.3 1,172.9 Disposals - 1,135.2 0.0 Transfer to current receivables - 969.6 0.0 Cost as of 31 December 874.9 1,203.4 Adjustment to carrying amount as of 1 January 0.2 0.0 Exchange rate adjustment 0.0 0.2 Adjustment to carrying amount as of 31 December 0.2 0.2 Carrying amount as of 31 December 875.1 1,203.6 Note 11: Deferred tax Amounts in DKKm 20252024Deferred tax as of 1 January 5.3 3.8 Adjustment of deferred tax for the year -2.91.5 Deferred tax as of 31 December 2.4 5.3 Deferred tax is calculated based on the difference between the carrying amount and the tax base of assets and liabilities. Note 12: Share capital The share capital consists of 1,000 shares with a nominal value of DKK 1m and amounts to DKK 1bn as of 31 December 2025. Note 13: Related parties A.P. Moller Holding group has introduced certain co-investment programmes available to the Executive Board and some key employees at A.P. Møller Holding A/S. The programmes are based on fair market value. As part of the programmes, the company has sold and purchased shares in subsidiaries, totalling DKK 78m (DKK 21m) and DKK 35m (DKK 8m), respectively to/from members of the Executive Board and Board of Directors. Note 14: Contingent liabilities and capital commitments 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. The company has capital commitments relating to investments in subsidiaries totalling DKK 3.2bn. Note 15: Guarantees The company has unconditionally and irrevocably guaranteed as primary obligor and not merely as surety on behalf of subsidiaries, in total DKK 8.4bn. Note 16: Events after the balance sheet date No events of importance to the annual report have occurred during the period from the balance sheet date until the presentation of the financial statements. Note 17: Accounting policies The financial statements for 2025 for APMH Invest A/S have been prepared on a going concern basis and in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. With reference to section 23(4) of the Danish Financial Statements Act, a few adjustments have been made to the presentation form and designations in view of the nature of the company. With reference to section 96(3) of the Danish Financial Statements Act, the company has not presented fees to statutory auditors. With reference to section 98b(3) of the Danish Financial Statements Act, the company has not presented remuneration to the Executive Board. With reference to section 98c(6) of the Danish Financial Statements Act, the company discloses transactions with related parties that were not on an arm’s length basis. The company applies the recognition and measurement methods of IFRS 15 Revenue from con-tracts with customers and IFRS 16 Leasing, and follows the guidelines in IFRIC 23 when ac-counting for uncertain income tax positions within the Danish Financial Statements Act. The financial statements are presented in DKK million. Unless otherwise stated, comparative fig-ures for 2024 have been presented in brackets. CONSOLIDATED FINANCIAL STATEMENTS APMH Invest A/S 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 statements of A.P. Møller Holding A/S can be obtained at www.cvr.dk. FOREIGN CURRENCY TRANSLATION Transactions in currencies other than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as of the balance sheet date. INCOME STATEMENT Income from affiliates Income from affiliates comprises dividends and gains on sale of investments in affiliates. Share of result in associated companies Share of result in associated companies is recognised net of tax. The line item also includes amortisation and impairment of goodwill recognised as part of the equity investment. Other external expenses Other external expenses comprise expenses for administration, office supplies, etc. Staff costs Staff costs include wages and salaries, including compensated absence, as well as other social security contributions, etc., made to the entity’s employees. Other income Other income comprises service fees. Financial income and financial expenses Financial items comprises interest income and expenses, exchange rate adjustments, fair value adjustments on securities and other equity investments, dividends, fees, etc. Tax Tax comprises an estimate of current and deferred income tax as well as adjustments to those from previous years. Tax is recognised in the income statement to the extent it arises from items recognised in the income statement. BALANCE SHEET Investments in subsidiaries Investments in subsidiaries are measured at cost. The investments are written down to recovera-ble amount i.e., the higher of fair value less costs of disposal and value in use, if it is lower than the carrying amount. Impairment is recognised in the income statement under Impairment on investments in affiliates. Dividends received from subsidiaries are recognised in the income statement under Income from affiliates and subsequently, the investments are tested for impairment in accordance with the IFRS method. Investments in associates Investments in associates are accounted for under the equity method which is used as a consoli-dation method. The investments are initially recognised at cost and adjusted thereafter to recog-nise the company’s share of the post-acquisition profits or losses of the investee, and the com-pany’s share of movements in equity of the investee. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the company. Dividends received are recognised as a reduction in the carrying amount of the investment. Goodwill is recognised as part of the investment and amortised over a maximum of 10 years. When the company’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entities. Unrealised gains on transactions between the company and its associates are eliminated to the extent of the company’s interest in these entities. Other equity investments Other equity investments comprise unquoted shares recognised on the trading date at fair value and subsequently measured at estimated fair value. The fair value is based on the company’s proportionate share in the investments and measured in accordance with the International Pri-vate Equity and Venture Capital Valuation Guidelines (IPEV Guidelines). Realised and unrealised gains and losses are recognised in the income statement under financial items. Deferred tax Deferred tax is provided for, based on the difference between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognised in respect of goodwill which cannot be deducted or amortised for tax purposes, or in respect of temporary differences, which at the date of transaction, do not affect either result for the year or taxable income. Moreover, no provision is made for deferred tax on differences relating to investments in subsidiaries and associates to the extent that taxable distribution is not likely in the near future. Deferred tax assets are recognised solely to the extent that the tax asset is likely to be utilised within the near future. Receivables Receivables from affiliates and other 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. Prepayments Prepayments comprise prepaid service fees. Securities All other equity instruments where the company does not have either control, joint control, or significant influence are measured at fair value, and the fair value adjustment is recognised in the income statement under financial items. Fair value of shares, bonds, etc., are recognised on the trade date at fair value and are subsequently measured at market price as regards listed securities and at an estimated fair value as regards other equity investments. Cash and bank balances Cash and bank balances comprise cash at bank. Provisions When the company has a present legal or constructive obligation from past events, provisions are recognised based on best estimates and are discounted where the time element is signifi-cant and where the time of settlement is reasonably determinable. Liabilities Financial debts and other financial liabilities are recognised initially at fair value net of transaction expenses. Subsequently, financial debts are measured at amortised cost, substantially corresponding to nominal value. DEFINITIONS OF FINANCIAL RATIOS Return on equity after tax is calculated as result for the year after tax in proportion to the average equity for the year. Equity ratio is calculated as equity end of year in proportion to total assets end of year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared for the company. With reference to section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. true Copenhagen Martin Nørkjær Larsen Robert Maersk Uggla Chair Jan Thorsgaard Nielsen Martin Nørkjær Larsen MANAGEMENT’S STATEMENT The Board of Directors and the Executive Board have today considered and adopted the Annual Report of APMH Invest A/S for the financial year 1 January - 31 December 2025. The Annual Report has been 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 operations for 2025. In our opinion, the management review includes a true and fair account of the development in the operations and financial circumstances of the company, of the results for the year, and of the financial position of the company as well as a description of the most significant risks and elements of uncertainty facing the company. We 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 Danish Financial Statements Act. We have audited the financial statements of APMH Invest A/S for the financial year 1 January - 31 December 2025, which com-prise income statement, balance sheet, statement of changes in equity, and notes, including a summary of significant accounting policies (financial statements). 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 Respon-sibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applica-ble in Denmark, and we have fulfilled our other ethical responsi-bilities 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. STATEMENT ON MANAGEMENT REVIEW Management is responsible for management review. Our opinion on the financial statements does not cover manage-ment review, and we do not express any form of assurance con-clusion thereon. In connection with our audit of the financial statements, our re-sponsibility is to read management review and, in doing so, con-sider whether management review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether manage-ment review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, manage-ment review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any mate-rial misstatement in management review. 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 prepar-ing the financial statements unless management either intends to liquidate the company or to cease operations, or has no real-istic alternative but to do so. INDEPENDENT AUDITOR’S REPORT To the shareholder of APMH Invest A/S 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, 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, for-gery, intentional omissions, misrepresentations, or the over-ride 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 express-ing 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 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 concern.  Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.  Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial infor-mation of the entities or business units as a basis for form-ing an opinion on the financial statements. We are responsi-ble for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion. 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. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Lars Baungaard State Authorised Public Accountant Tue Stensgård Sørensen State Authorised Public Accountant Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-03-27 Reporting class C, large enterprise apmoller.com https://apmoller.com/wp-content/uploads/2026/03/APMH-CSR-Report-2025.pdf 2026-03-27 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-03-27 mne23331 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab mne32200 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 120800000 59600000