44503344 2025-01-01 2025-12-31 44503344 2025-01-01 2025-12-31 2 44503344 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 44503344 2025-01-01 2025-12-31 1 44503344 2023-12-15 2024-12-31 44503344 2025-12-31 44503344 2024-12-31 44503344 2025-01-01 fsa:ContributedCapitalMember 44503344 2025-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44503344 2025-01-01 fsa:RetainedEarningsMember 44503344 2025-01-01 44503344 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44503344 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44503344 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44503344 2025-12-31 fsa:ContributedCapitalMember 44503344 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44503344 2025-12-31 fsa:RetainedEarningsMember 44503344 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 44503344 2023-12-15 fsa:InvestmentsInGroupEnterprisesMember 44503344 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 44503344 2023-12-15 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 44503344 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 44503344 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 44503344 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 44503344 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 44503344 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 44503344 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 44503344 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2023-12-15 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Erklæring om udvidet gennemgang true 2026-04-24 Michael Hove Jacobsen The Executive Board has today considered and adopted the Annual Report of Wolfram Trading ApS for the financial year 1 January - 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 operations for 2025. I recommend that the Annual Report be adopted at the Annual General Meeting. Aalborg Øst 2026-04-24 Michael Hove Jacobsen Manager To the shareholder of Wolfram Trading ApS Opinion We have performed an extended review of the Financial Statements of Wolfram Trading 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. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.Based on the work performed, 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. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner’s responsibilities for the extended review 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 applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in 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. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion.An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Aarhus C 2026-04-24 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Mads Meldgaard Martin Stenstrup Toft State Authorised Public Accountant State Authorised Public Accountant mne24826 mne42786 Wolfram Trading ApS Alfred Nobels Vej 21A 9220 Aalborg Øst 44503344 Aalborg Øst Jens Chr. Skous Vej 1 8000 Aarhus C -1643878 -1550548 6893885 2722170 -8537763 -4272718 -1431669 -157806 1237346 204566 3041948 323476 -11774034 -4549434 -2297713 -960626 -9476321 -3588808 -1431669 -157806 -8044652 -3431002 0 315294 56411 55559 56411 370853 56411 370853 966939 569874 16773159 6993529 8627545 11648059 2297713 960626 113889 78727 28779245 20250815 792328 4702369 29571573 24953184 29627984 25324037 40000 40000 0 275294 -12632029 -3431002 -12592029 -3115708 18671867 5319243 293613 5529078 22743932 17266935 1903 1930 508698 322559 42220013 28439745 42220013 28439745 29627984 25324037 40000 275294 -3431002 -3115708 0 -1156375 1156375 0 0 -1431669 -8044652 -9476321 40000 0 -12632029 -12592029 The parent company Michael Hove Holding ApS has pledged that, in addition to the loans provided as of 31 December 2025, they will support Wolfram Trading ApS financially in the form of subsidy to the extent necessary to finance its operating activities and to settle its financial obligations.This agreement of financial support is effective until 30 June 2027. The company's purpose comprise trading with energy, investment, owning shares in other companies and related activities. 5932565 2309173 744978 207687 65457 7722 150885 197588 6893885 2722170 8 3 1041775 93529 145494 0 50077 111037 1237346 204566 1949372 266735 738047 40360 354529 16381 3041948 323476 -2297713 -960626 -2297713 -960626 40000 0 0 40000 40000 40000 275294 0 0 433100 -315294 -157806 -40000 275294 0 315294 Investments in subsidiaries are specified as follows:40.000 Wolfram Trading US ApS Aalborg 1.00 55559 852 56411 56411 Rental and lease obligationsThe company has concluded rental and lease agreements with terms to maturity of 6 months and total lease payments of TDKK 115.Guarantee obligationsThe company has placed payment guarantees to counterparties to meet standard requirements related to credit risk of TDKK 1.747. Liquid of funds of TDKK 73 have been placed as security with bankers to meet the guarantees. The security is required for guarantees against counterparties.Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.Other financial obligationsWolfram Trading ApS has issued a subordination agreement in favor of other creditors of its subsidiary, Wolfram Trading US ApS, concerning a receivable amounting to TDKK 9,638 as of December 31, 2025. This means that Wolfram Trading ApS has committed to allowing the claims of other creditors to be settled before its own receivable can be realized. The Annual Report of Wolfram Trading ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.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 into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. RevenueRevenue comprise physical and financial contracts where delivery has taken place in the financial year, including associated trading costs. Revenue also includes fair value adjustments of derivative financial instruments which are recognised as net.Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Direct expensesDirect expenses primarily include the direct fees incurred to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, direct expenses and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish group-affiliated companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposit. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.