78867612 2025-01-01 2025-12-31 78867612 2025-01-01 2025-12-31 1 78867612 2025-01-01 2025-12-31 2 78867612 2025-01-01 2025-12-31 1 78867612 2025-01-01 2025-12-31 2 78867612 2025-01-01 2025-12-31 3 78867612 2025-01-01 2025-12-31 1 78867612 2025-01-01 2025-12-31 2 78867612 2024-01-01 2024-12-31 78867612 2025-12-31 78867612 2024-12-31 78867612 2024-12-31 fsa:ContributedCapitalMember 78867612 2024-12-31 fsa:RetainedEarningsMember 78867612 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 78867612 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 78867612 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 78867612 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 78867612 2025-12-31 fsa:ContributedCapitalMember 78867612 2025-12-31 fsa:RetainedEarningsMember 78867612 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Kasper Friis-Hansen Danske Leasing A/S Birkerød Kongevej 25 3460 Birkerød Denmark 45 12 12 12 Rudersdal, Denmark 78867612 Statement by the Executive Board and Board of Directors on the Annual Report The Board of Directors and Executive Board have today considered and approved the annual report of Danske Leasing A/S for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements provide a true and fair view of the Company’s assets, liabilities and financial position as of 31 December 2025 and of the results of the Company’s activities for the financial year 1 January - 31 December 2025. We believe that the management commentary is prepared in accordance with relevant laws and regulations and contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Birkerød Dennis Christian Thodsen Bodin Niels Æbelholt Krabbe Claus Sørup Rasmussen Chairman Morten Nielsen Mikko Sakari Laukka To the shareholder of Danske Leasing A/S Opinion We have audited the financial statements of Danske Leasing A/S for the financial year 01.01.2025 - 31.12.2025 that 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 at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for Opinion 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'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 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. 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 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 expect to influence the economic decisions of users taken based on these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 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 contents of the financial statements, including the disclosures in the notes. Evaluate 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. Statement on the Management’s review Management is responsible for Management’s review. Our opinion on the 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 financial statements, our responsibility is to read Management’s review and, in doing so, consider whether Management’s 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 Management’s review provides the information required by relevant law and regulations. Based on the work we have performed; we conclude that Management’s review 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 management review. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Jakob Lindberg Lica Lyngsø Møller State Authorized Public Accountant State Authorized Public Accountant mne40824 mne47801 Management’s review Financial HighligtsKey figures (DKK million) 2025 2024 2023 2022 2021Revenue 688 816 951 895 1,392Operating profit 368 576 890 765 461Net financials -269 -324 -277 -93 -54Profit before tax 99 252 613 672 379Profit for the year 156 282 458 477 296Balance sheet total 13,810 12,779 13,798 16,895 19,379Investment in property, plant and Equipment 704 860 1,013 607 2,336Equity 1,840 2,101 2,317 4,051 3,574Financial ratiosReturn on Equity 7.9% 12.8% 14.4% 12.5% 8.6%The ratios are calculated in accordance with the “Recommendations and ratios”, issued by the Danish Society of Financial Analysts. For definitions, please refer to the “Accounting policies” section. Ratio definitions Return on equity: Profit/loss for the year × 100 Average equity Primary activities Danske Leasing A/S is a wholly owned subsidiary of Danske Bank A/S. In Denmark, Danske Bank A/S and Danske Leasing A/S provide leasing, financing of hire purchase, Car Loans and other financial services. The companies´ activities are marketed through the business unit Nordania Leasing which operates with its own brand. Danske Leasing A/S´ main activity is leasing, covering operating leases as well as finance leases for cars and properties. In addition, the Company is also engaged in the leasing of investment properties and financing of hire purchase for cars. Development in activities and financial affairs The income statement for the period 01.01.25 - 31.12.25 shows a profit/loss of DKK 155,809k against DKK 282,154k for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 1,839,892k. The profit for Danske Leasing A/S in 2025 is below 2024-level mainly due to lower income from sales of used leasing cars. Outlook For 2026, the Company expects to realise a revenue of DKK 675-750m and a profit before tax to be in the range of DKK 110-130m. The increase in profit before tax is based on increasing volume in Car Loans, which is expected to increase with 150-170 % compared to 2025 in new loans. Financial risks The Company’s most significant risks are credit risks, residual value risks and interest rate and liquidity risks. Credit and residual value risks are identified through an assessment of client and leased assets with the conclusion of the individual financing arrangement. Interest rate and liquidity risks are hedged through match funding via Danske Bank A/S. The Company’s estimates for impairment for bad debts are in accordance with Danske Bank A/S’ measurement principles. Uncertainty relating to recognition and measurement The Company’s investment properties are measured at fair value. The fair value is calculated for the individual properties based on several assumptions, including the net earnings budgeted for the individual properties and the required rate of return determined, see the description in "Investment properties" under “Accounting policies”. The required rates of return have been fixed in such a way as to reflect the market’s current required rate of return for similar properties. The determination of the required rates of return is subject to uncertainty, see in this regard note 7 to the financial statements. Subsequent events No events have occurred after the end of the financial year, which may materially affect the assessment of the Annual Report. Corporate social responsibility Danske Leasing A/S follows Danske Bank A/S´s corporate social responsibility policy. For details in this regard, please refer to the consolidated financial statements of Danske Bank A/S for 2025. Sustainability: Sustainability (danskebank.com) Annual report of Danske Bank A/S for 2025: Annual report Danske Bank Gender diversity Our aspiration for 2028 is a next step in our journey, growing to a balance of 40% for the underrepresented gender in Board of Directors. The targets are defined on a Group level and cascaded to units and countries to ensure local adoption and delivery. The Company is part of the Danske Bank Group. Reference is made to the Group statement on gender diversity in the annual report for 2025 for the parent company Danske Bank A/S, CVR no. 61 12 62 28. Referring to section 99(b) subsection 4 of the Danish Financial Statements Act, the Company is exempt from the obligation to set target figures for the proportion of the underrepresented gender for other management level, as a result of having employed fewer than 50 employees in the most recent financial year. The employees in Danske Leasing A/S are the two members of the Executive Board. Sustainability: Employee well-being and diversity | Danske Bank Human rights Danske Leasing A/S follows Danske Bank A/S´s human rights policy. Danske Bank Media: Danske-bank-position-statement-human-rights Environment and Climate Danske Leasing A/S follows Danske Bank A/S´s environment and climate policy. Danske Bank Media: Environmental requirements Anti-corruption Danske Leasing A/S follows Danske Bank A/S´s Financial crime policy regarding anti-corruption. Danske Bank Media: Financial Crime Policy Data ethics The Company is part of the Danske Bank Group. Reference is made to the Group statement on data ethics in the annual report for 2025 for the parent company Danske Bank A/S, CVR no. 61 12 62 28. Danske Bank Media: Data Ethics Principles 687842000 815653000 40908000 210480000 154503000 136675000 574247000 889458000 206344000 292288000 -549000 1486000 368452000 595684000 -391000 -19523000 368061000 576161000 16226000 9464000 285530000 333126000 98757000 252499000 -57052000 -29655000 155809000 282154000 0 417344000 155809000 -135190000 368388000 395988000 697380000 860247000 1065768000 1256235000 1065768000 1256235000 9758265000 8883577000 4180000 0 13150000 135656000 183688000 29775000 774450000 976413000 77323000 58968000 10811056000 10084389000 1911365000 1393762000 12744604000 11523030000 13810372000 12779265000 10000000 10000000 1829892000 1674083000 0 417344000 1839892000 2101427000 0 0 0 0 7059682000 6724824000 7059682000 6724824000 3811746000 3166577000 152830000 146583000 0 4648000 737606000 435927000 208616000 199279000 4910798000 3953014000 11970480000 10677838000 13810372000 12779265000 10000000 1674083000 417344000 2101427000 417344000 417344000 0 155809000 0 155809000 10000000 1829892000 0 1839892000 There are no employees in the company besides the Executive Board. The remuneration of the Executive Board and Board of Directors was paid for by the parent company Danske Bank A/S. The estimated remuneration for Danske Leasing A/S is part of the salary paid by Danske Bank A/S. The estimated remuneration of the Executive Board is DKK 1.0 million for Danske Leasing A/S in 2025. The estimated remuneration of Board of Directors is DKK 1.0 million for Danske Leasing A/S in 2025. No member of the Executive Board nor Board of Directors has received direct remuneration for membership of the Executive Board or Board of Directors of the subsidiary Danske Leasing A/S. 1. Revenue(DKK thousands) 2025 2024Revenue comprises the following activities:Interest on accounts receivable, finance leases 212,967 235,565Interest on accounts receivable, other 160,222 223,673Lease receivables re. operating leases and investment properties 254,543 326,533Fees received 94,910 129,184Fees paid -34,800 -99,302Total revenue 687,842 815,653 2 2 3. Impairments of accounts receivable(DKK thousands) 2025 2024Impairment for the year -30,928 -37,964Reversals of previous years' impairment 31,477 36,477Total 549 -1,487 4. Financial income(DKK thousands) 2025 2024Interest, Group enterprises 1,370 8,450Other interest income 14,855 1,014Foreign currency translation adjustments 1 0Total 16,226 9,464 5. Financial expenses(DKK thousands) 2025 2024Interest, Group enterprises 285,521 331,932Other interest expenses 9 1,194Other financial expenses 0 0Total 285,530 333,126 6. Tax on profit for the year(DKK thousands) 2025 2024Current tax for the year 327,185 -36,746Deferred tax, change in tax rate -229,488 102,395Adjustment of tax in respect of previous years -154,749 -95,304Total -57,052 -29,655 7. Property, plant and equipmentOther fixtures (DKK thousands)and fittings, Investment tool and propertiesequipmentCost 01.01.25 681,810 1,108,263Additions during the year 0 704,248Disposals during the year -27,208 -880,611Cost 31.12.25 654,602 931,900Depreciation and impairment losses 01.01.25 0 -248,016Depreciation for the year 0 -197,798Reversal of depreciaiton of and impairment losses on disposed assets 0 211,294Depreciaitons and impairment losses 31.12.25 0 -234,520Fair value adjustments 01.01.25 -285,821 0Fair value adjustments during the year -391 0Fair value adjustments 31.12.25 -286,212 0Carrying amount 31.12.25 368,390 697,380Investment properties are, see “Accounting policies”, measured at fair value using the return-based model. The average required rate of return for the Company’s properties is 7.11 percent per 31.12.2025 (6.65 per cent per 31.12.2024). An increase of the required rate of return by an average 1 percentage point will reduce the total fair value by DKK 5.6 million. 8. Accounts receivable(DKK thousands) 2025 2024Receivables which fall due for payment more than 1 year after the end8,620,048 7,632,331of the financial yearOf this, finance leases with properties as the underlying asset DKK 4,328,062k (2024 DKK 3,739,437k). 9. Prepayments(DKK thousands) 2025 2024Prepaid lease payments 77,323 58,968Total 77,323 58,968 10. Lease assets held for saleLease assets held for sale(DKK thousands) 2025 2024Other fixtures and fittings, tools and equipment 22,183 44,879Total assets relating to held for sale 22,183 44,879 11. Share capitalThe share capital consists of:(DKK thousands) Quantity Nominal valueShare capital 10,000 10,000The share capital consists of 10,000 shares with a nominal value of 1,000 each. No share confers special rights on any shareholder. The share capital has not changed for the past five financial years. 12. Deferred tax(DKK thousands) 2025 2024Deferred tax 01.01.25 153,913 0Deferred tax recognised in the income statement -153,913 0Deferred tax 31.12.25 0 0Deferred tax primarily concerns property, plant, equipment, and accounts receivable, finance leases. 14. Contingent liabilities Guarantee commitments Irrevocable loan commitments amount to DKK 411,238k per 31.12.2025 (DKK 737,666k per 31.12.2024) Other contingent liabilities The Company is taxed jointly with the other Danish companies in the Danske Bank Group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability because of changes made to the jointly taxable income etc. The remaining VAT adjustment liability is DKK 349,991k per 31.12.2025 (DKK 232,357k per 31.12.2024). 13. Long-term payables(DKK thousands) 2025 2024Credit institutionsAfter 5 years 482,162 346,047Between 1 and 5 years 6,577,520 6,378,777Within 1 year 3,811,745 3,166,578Total 10,871,427 9,891,402 15. Related partiesControlling influenceBasis of influenceDanske Bank A/S, Copenhagen, DenmarkOwner of CapitalBalances(DKK thousands) 2025 2024Payables/receivables to group enterprises 4,180 -4,648Receivables from Group companies recognised under current assets and short-term payables to Group enterprises consist of balances, which are settled on an ongoing basis and in accordance with the Company's standard terms of agreement and payment. No write-downs have been made on the receivables. 16. Accounting policies GENERAL The annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The format of the income statement and the balance sheet has been adapted to the Company’s activity. Basis of recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities and investment properties measured at fair value are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation and impairment losses. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take predictable losses and risk occurring before the presentation of the annual report into account, which confirm or invalidate affairs and conditions existing at the balance sheet date. CURRENCY The annual report is presented in Danish kroner (DKK). Assets and liabilities in foreign currencies are translated into Danish kroner (DKK) using the exchange rates published by Denmark’s National Bank at year-end. Income and expenses in foreign currencies are translated using the exchange rates ruling at the transaction date. Principles for transactions between Group companies The Company is part of the Danske Bank Group, which consists of a number of independent legal entities. Transactions between Group companies are settled at market prices. Costs paid centrally are invoiced to the companies in the form of calculated unit prices based on consumption and activity in accordance with the rules on Transfer Pricing or at market prices if such exist. INCOME STATEMENT Revenue Revenue includes interest income on accounts receivable and leasing income from property, plant and equipment. Furthermore, it includes fee and commission income from the Company’s lending and leasing activities. Interest income, fees and commission income are accrued over the life of the loans and the term of the leases. Other operating income Other operating income and other operating expenses comprise items of a secondary nature to the core activities of the enterprise. Other external expenses External expenses comprise costs associated with the operation and management of the Company’s lending and leasing activities. Depreciation and impairment losses Depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Fixtures, fittings, tools and equipment are depreciated on a straight-line basis considering the economic life and scrap value of the asset. Useful lives years Residual value DKK '000 Buildings 50 N/A Other plant, fixtures and fittings, tools and equipment 3-10 N/A Land is not depreciated. The basis of depreciation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Measurement of accounts receivable Accounts receivable is written down to allow for any impairment following their initial recognition. Accounts receivable is further written down for impairment on basis of a number of estimates, including recognition of expected losses on accounts receivable, expected future cash flows and the value of collateral. The impairment losses are determined by the expectations for the debtor’s ability to pay. The repayment ability depends on a number of factors, including the debtor’s earnings capacity, the general economic growth and unemployment. Expectations for a deteriorated repayment ability will be reflected in deteriorated credit quality and consequently lower client rating. The Company’s estimates for impairment losses are in accordance with Danske Bank A/S’ measurement principles. Impairment for expected credit losses The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition and follows a three-stage model: • Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default events that are possible within the next 12 months. • Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime expected credit losses is recognised. • Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected credit losses but with interest income being recognised on the net carrying amount. The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected credit losses cover the expected remaining lifetime of a facility. Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. Furthermore, it is assessed whether the three-stage model and the forward-looking macroeconomic scenarios capture all developments seen in the portfolio, such as high-risk portfolios or industries affected by the macroeconomic uncertainties. If it is assessed not to be included in the model, a post model adjustment will be recognised. Lease assets where Danske Leasing A/S has residual value risk are tested for impairment. An impaired asset is written down to its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The preparation of the financial statements requires Management to make a number of significant estimates and judgments concerning future circumstances, which have an influence on the carrying amount of assets and liabilities. The areas in which Management’s critical estimates and judgments have the most significant effect on the financial statements are: • Impairment losses relating to credit and residual value risks, which concern accounts receivable as well as property, plant and equipment. Management’s estimates and judgments are based on assumptions considered by Management to be reasonable, but which are inherently uncertain and unpredictable. The assumptions may be incomplete or inaccurate, and unexpected future events or situations may occur. Therefore, making such estimates and judgments is difficult and when they involve transactions with clients and other counterparties, they will always entail uncertainty, even under stable macroeconomic conditions. The Company follows the same principles as Danske Bank A/S. Income from equity in Group enterprises and associates The proportionate share of the profit or loss for the year is recognised in the income statement after full elimination of intercompany profit/loss and less amortization of goodwill under the item “Income from investments in joint venture”. Other net financials Financial income comprises interest and interest-like income from accounts receivable and cash funds. Interest on accounts receivable is recognised in “Revenue”. Tax on profit/loss for the year Tax for the year, consisting 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 directly in equity with the portion attributable to equity transactions. Danske Leasing A/S is jointly taxed with its parent company. The current Danish income tax is distributed between the jointly taxed companies by proportion to their taxable incomes (full absorption with refunds for tax losses). The jointly taxed companies are included in the Danish tax prepayment scheme. Property, plant and equipment Investment properties On initial recognition, investment properties are measured at cost consisting of the acquisition price of the properties plus any directly related acquisition costs. Subsequent to initial recognition, investment properties are measured at fair value, which is equivalent to the amount at which the individual property may be sold to an independent buyer at the balance sheet date. However, the value of the property is reduced if the lessee has a purchase option with a purchase price lower than the fair value. The fair value is determined by applying the return-based model as the calculated value of expected cash flows from each property. The calculation is based on budgeted net earnings for the next year that have been adjusted to normal earnings. The value is adjusted for factors not reflected in normal earnings, for example, actual vacancy rate, major refurbishments etc. The value in use is calculated using a required rate of return determined for the individual properties based on the applicable market conditions on the balance sheet date for the relevant property type, the location of the property, the credit quality of the lessees etc. So, the required rate of return is estimated to reflect the market’s current required rate of return for similar properties. Other property, plant and equipment The value in use is calculated using a required rate of return determined for the individual properties based on the applicable market conditions on the balance sheet date for the relevant property type, the location of the property, the credit quality of the lessees etc. So, the required rate of return is estimated to reflect the market’s current required rate of return for similar properties. The financial year’s adjustments of the properties’ fair value are recognised in the income statement. Fixtures, fittings, tools and equipment comprise operating equipment leased out through operating leases. This equipment is recognised in the balance sheet at cost less depreciation and impairment. Depreciation is provided on a straight-line basis, taking the economic life and scrap value of the asset into account. Impairment losses on fixed assets The carrying amount of fixed assets, which are not measured at fair value, is assessed annually for indications of impairment over and above what is reflected in depreciation. If the Company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets, as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Receivables Accounts receivable, finance leases are recognised in the balance sheet under “Current assets” and are measured at amortized cost, i.e. cost less repayments and front-end fee etc. and write-downs for bad debts. The repayments are calculated according to the annuity principle considering the term of the individual leases. Other receivables are recognised at amortised cost, usually corresponding to nominal value, less write-downs for bad debts when an objective indication of impairment exists. Prepayments Prepayments comprise prepaid expenses concerning the following year. Assets held for sale Operating lease assets that are put up for sale are reclassified as current assets under the item “Leased assets held for sale” and include lease assets put up for sale when the lease expires as well as assets taken over in connection with non-performing facilities. Lease assets put up for sale are measured at cost or fair value less expected sales costs, whichever is the lower. Cost is the carrying amount when the lease expires. Any profit or loss is recognised in the income statement under “Other operating income”. Cash Cash includes deposits in bank account. Equity The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred tax Current tax obligations and receivable tax are recognised in the balance sheet as calculated tax on profit/loss for the year, regulated tax from previous years, and account payments. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. 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 based on the intended use of the asset and settlement of the liability, respectively. Deferred tax is measured based on 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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured based on the intended use of the asset and settlement of the liability, respectively. Payables Liabilities in the form of debt to credit institutions are recognised at cost at the time the liability is incurred. Subsequently, they are measured at amortised cost. Other liabilities are measured at amortised cost. Cash flow statement Referring to section 86(4) of the Danish Financial Statements Act, a cash flow statement has not been prepared as the enterprise is included in the consolidated cash flow statement. true The Company’s financial statements, data ethics, social responsibility and gender diversity are included in the consolidated financial statements of Danske Bank A/S, Copenhagen, Denmark. Consequently, no cash flow statement is prepared in accordance with section 86(4) of the Danish Financial Statements Act, and in accordance with section 99a (6) no statement on corporate social responsibility has been prepared. For further information, please refer to Management review. The Company’s estimates for impairment losses are in accordance with Danske Bank A/S’ measurement principles. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-02-27 Reporting class C, large enterprise 1985-09-10 2026-02-27 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 København S 2300 København S Opinion Basis for Opinion 2026-02-27 33963556 Deloitte Statsautoriseret Revisionspartnerselskab