43775359 2025-01-01 2025-12-31 43775359 2025-01-01 2025-12-31 1 43775359 2025-01-01 2025-12-31 1 43775359 2025-01-01 2025-12-31 2 43775359 2025-01-01 2025-12-31 1 43775359 2024-01-01 2024-12-31 43775359 2025-12-31 43775359 2024-12-31 43775359 2024-12-31 fsa:ContributedCapitalMember 43775359 2024-12-31 fsa:SharePremiumMember 43775359 2024-12-31 fsa:RetainedEarningsMember 43775359 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43775359 2025-01-01 2025-12-31 fsa:SharePremiumMember 43775359 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43775359 2025-12-31 fsa:ContributedCapitalMember 43775359 2025-12-31 fsa:SharePremiumMember 43775359 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report 2026-03-25 Guillaume-Alexandre Durao The Board of Directors and the Executive Board have today considered and approved the annual report of Ariel A/S for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Farum Guillaume-Alexandre Durao Ronnie Kandler Kristian Hartlev To the shareholders of Ariel A/S We have audited the financial statements of Ariel A/S 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. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Rasmus Grynderup Kiær Steffensen State Authorised Public Accountant mne44143 Primary activitiesThe Entity's objects are to hold, directly or indirectly, shares or other financial instruments in companies. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.​​Periodic disclosure for Article 6 financial products ​The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. 46255 21627 -46255 -21627 896 0 -77760 77760 5064 3575 27337 -102962 27337 -102962 27337 -102962 1692000 966240 1692000 966240 1692000 966240 0 25717 0 25717 54900 174872 54900 200589 1746900 1166829 368644 263644 1473573 1038573 -113411 -140748 1728806 1161469 18094 5360 18094 5360 18094 5360 1746900 1166829 263644 1038573 -140748 1161469 105000 435000 0 540000 27337 27337 368644 1473573 -113411 1728806 1 Other external expensesAccording to paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act, alternative ​investment funds must disclose information about the total remuneration of the entire staff of the Fund Manager ​and the number of beneficiaries. Furthermore, remuneration to material risk-takers must be disclosed. ​​The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile ​of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the ​Fund Manager and the Limited Partners. The Executive board has adopted a remuneration policy in order to ​ensure that the employees and Management are remunerated according to the Danish Executive Order on ​remuneration policy and disclosure requirements on remuneration for managers of alternative investment ​funds, etc. ​​In accordance with paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act, ​information regarding salaries paid to employees of the fund manager is disclosed in the Annual Report for ​EMBLEM. ​​No carried interest was paid out by the Fund during the financial period. 2 Employees20252024Average number of full-time employees00 0 0 3 Contingent liabilitiesThe entity has made a commitmnet to an investment portfolio fund and is liable for all uncalled commitments. ​ ​The total commitment amount is EUR 3,600 thousand and the uncalled commitment is EUR 1,908 thousand. 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. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities. Other financial incomeOther financial income comprise interest income. Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured ​at fair value on a current basis. Other financial expensesOther financial expenses comprise interest expenses and net exchange losses in foreign currencies. Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. CashCash comprises cash in bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Grundlag for konklusion Konklusion 2026-03-25 2026-03-25 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Furesø Farum 3520 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 22 Hørmarken Ariel A/S 43775359 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab