43097032 2025-01-01 2025-12-31 43097032 2025-01-01 2025-12-31 1 43097032 2025-01-01 2025-12-31 2 43097032 2025-01-01 2025-12-31 1 43097032 2025-01-01 2025-12-31 2 43097032 2024-01-01 2024-12-31 43097032 2025-12-31 43097032 2024-12-31 43097032 2024-12-31 fsa:ContributedCapitalMember 43097032 2024-12-31 fsa:SharePremiumMember 43097032 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 43097032 2024-12-31 fsa:RetainedEarningsMember 43097032 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 43097032 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43097032 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43097032 2025-01-01 2025-12-31 fsa:SharePremiumMember 43097032 2025-12-31 fsa:ContributedCapitalMember 43097032 2025-12-31 fsa:SharePremiumMember 43097032 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 43097032 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-04-09 Aurore Perleau The Executive Board has today considered and approved the annual report of CIP Affiliated Managers ApS for the​financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my 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. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Copenhagen Mogens Thorninger Daniel Lerup To the shareholder of CIP Affiliated Managers ApS We have audited the financial statements of CIP Affiliated Managers ApS 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.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible 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 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 of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Michael Thorø Larsen State Authorised Public Accountant mne35823 Michael Riddersholm Høj State Authorised Public Accountant mne51504 Primary activitiesThe purpose of the entity is to invest and hold equity interests and financial instruments, as well as engage in other activities directly or indirectly related hereto. 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. -2063000 -1823000 0 120000 -2063000 -1943000 8430000 -14820000 1112000 1042000 0 2389000 46035000 15308000 -38556000 -33418000 85796000 71483000 47240000 38065000 47240000 38065000 47240000 38065000 265311000 261390000 14193000 0 119481000 119481000 1833605000 806916000 2232590000 1187787000 2232590000 1187787000 1967000 6466000 1967000 6466000 1767000 1481000 3734000 7947000 2236324000 1195734000 45000 44000 1707805000 532806000 150749000 213660000 341878000 22153000 2200477000 768663000 35325000 425303000 522000 1768000 35847000 427071000 35847000 427071000 2236324000 1195734000 44000 532806000 213660000 22153000 768663000 0 209574000 209574000 1000 1174999000 0 1175000000 0 -71341000 71341000 0 8430000 38810000 47240000 45000 1707805000 150749000 341878000 2200477000 The share capital is not divided into share classes. 1 Staff costs2025​DKK'0002024​DKK'000Wages and salaries01200120Average number of full-time employees01 0 1 2 Fair value informationOther investments ​DKK'000Fair value end of year1,833,605Unrealised fair value adjustments recognised in the income statement85,796The unlisted equities majorly consist of the Entity's ownership shares of alternative investments funds (AIFs) ​within the private equity, infrastructure, and real-estate sector (“portfolio funds”). ​ ​The Entity has through investments in portfolio funds ownership of mainly unlisted investments. The ​Entity does not posses controlling or significant influence on the portfolio funds in which the Entity has ​invested.​​As a part of the compilation of the annual report, Management assesses the fair value principles and accounting ​estimates of the portfolio funds, and evaluate if the applied principles are fair, based upon management ​experience and knowledge regarding the specific portfolio funds. Given the nature of the unlisted equities the ​valuation is inherently associated with uncertainty, and the final valuation or sale price of the investments held by ​the portfolio funds, will depend on the future developments in market and specific factors, including earnings, ​interest rates, foreign exchange, etc. ​ ​The unrealised fair value adjustments recognized in this annual report is a result of the performance and ​valuation of the portfolio funds. Quarterly the Entity receives financial statements by the underlying portfolio funds which serve as the basis for the year-end valuation. ​ ​Neither Management nor the Entity has any influence on the fair value assessments in the portfolio funds. The portfolio funds in which the Entity has invested all use common accepted guidelines for measuring the fair value. ​The measuring of the fair value of the investments in the investments held by the portfolio funds are made by the managers of the portfolio funds. The fair value of all investments held by the Entity are based on level 3 in the​fair value hierarchy (unobservable inputs) under IFRS. ​ ​For further considerations see accounting policies. 3 Contingent liabilitiesThe Entity has made several commitments in different investment portfolio companies and are liable for all uncalled commitments. Additionally, the entity is jointly and severally liable for uncalled commitments made in different investment portfolio companies through its subsidiaries .​​​Commitments are made in EUR, USD and DKK where the total commitment is as follows: ​The commitment amount in EUR is 487,675 thousand and uncalled commitment in EUR is 392,543 thousand. ​The commitment amount in USD is 200,000 thousand and uncalled commitment in USD is 200,000 thousand.​The commitment amount in DKK is 600,000 thousand and uncalled commitment in DKK is 249,056 thousand.​​There are no other guarantees or contingent liabilities of the Entity.The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities. 4 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Copenhagen Infrastructure Partners Holding P/S, Copenhagen 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.Reporting currency is Danish kroner (DKK). Reporting currency is Danish kroner (DKK). Consolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 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. Gross profit or lossGross profit or loss comprises other external expenses. Fair value adjustment of financial assetsFair value adjustment of financial assets comprise adjustments for the financial year of the Entity’s ​financial assets measured at fair value at the balance sheet date. Other external expensesOther external expenses include expenses relating to the Entity's ordinary activities. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss. Other financial incomeOther financial income comprises interest income and net exchange rate adjustments on transactions in foreign ​currencies. 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 on transactions in foreign ​currencies. Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value.​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date.​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity.Investments in associatesInvestments in associates are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. Other investmentsOther investments recognized under fixed assets include unlisted investments in alternative investment funds (AIFs) measured at fair value through the income statement.​​When measuring the fair value of investments in alternative investment funds (AIFs), the valuation is based upon the fair value of the assets and liabilities included in each portfolio fund and as shown in the unaudited NAV reports of each portfolio fund. The fair values of the portfolio funds are calculated based on recognized valuation methods, including IPEV valuation guidelines, which essentially correspond to recognition and measurement provisions in IFRS 13. The fair value of portfolio funds corresponds to the accumulated share of ownership of the total capital of each underlying portfolio fund. ​​As a result of the investment being made through other alternative investment funds, it is not possible to provide additional information about the used multiple, yield requirements, etc. in the valuation. At Q4 the Entity receives​unaudited NAV reports from the underlying fund which is the basis for the valuation at the balance sheet date. ​​Since the valuation in the portfolio funds depends on assumptions regarding future earnings in underlying companies owned by the portfolio funds and the development in market multiples, the valuation is linked to natural uncertainty. This uncertainty will naturally be greater in periods of fluctuation in the financial markets, where market multiples, and thus the valuation will be influenced by, among other things, the development of liquidity premiums and the possibility of selling underlying companies in the portfolio funds. ​​Outstanding investment commitments at the balance sheet date are disclosed as contingent liabilities in the notes. 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. Grundlag for konklusion Konklusion 2026-04-09 2026-04-09 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Copenhagen Nordhavn 2150 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 1218 Gdanskgade CIP Affiliated Managers ApS 43097032 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab