33596499 2025-01-01 2025-12-31 33596499 2025-01-01 2025-12-31 1 33596499 2025-01-01 2025-12-31 2 33596499 2024-01-01 2024-12-31 33596499 2025-12-31 33596499 2024-12-31 33596499 2025-01-01 d:InvestmentPropertyMember 33596499 2025-01-01 2025-12-31 d:InvestmentPropertyMember 33596499 2025-12-31 d:InvestmentPropertyMember 33596499 2025-01-01 d:ReceivablesFromGroupEnterprisesMember 33596499 2025-01-01 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 33596499 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 33596499 2025-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember 33596499 2025-01-01 d:ContributedCapitalMember 33596499 2024-01-01 d:ContributedCapitalMember 33596499 2025-12-31 d:ContributedCapitalMember 33596499 2024-12-31 d:ContributedCapitalMember 33596499 2025-01-01 d:RetainedEarningsMember 33596499 2024-01-01 d:RetainedEarningsMember 33596499 2025-01-01 2025-12-31 d:RetainedEarningsMember 33596499 2024-01-01 2024-12-31 d:RetainedEarningsMember 33596499 2025-12-31 d:RetainedEarningsMember 33596499 2024-12-31 d:RetainedEarningsMember 33596499 2025-01-01 d:ProposedDividendRecognisedInEquityMember 33596499 2024-01-01 d:ProposedDividendRecognisedInEquityMember 33596499 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 33596499 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 33596499 2025-12-31 d:ProposedDividendRecognisedInEquityMember 33596499 2024-12-31 d:ProposedDividendRecognisedInEquityMember 33596499 2025-01-01 2025-12-31 1 33596499 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab Strandvejen, 44 DK-2900, Hellerup 2024-01-01 2024-12-31 2025-01-01 2025-12-31 33596499 Cibus Arbel ApS Østbanegade 123 DK-2 Copenhagen Ø 2011-04-07 PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab 33771231 33771231 Bo Schou-Jacobsen Qasam Hussain statsautoriseret revisor statsautoriseret revisor mne28703 mne44159 Strandvejen Strandvejen 44 44 DK-2900 DK-2900 Hellerup Hellerup Danmark Danmark +45 3945 3945 +45 3945 3945 2026-04-29 Johan Marcus Kruus Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Hellerup 2026-04-29 Copenhagen 2026-04-29 Grundlag for konklusion Konklusion 8529305 8678427 3803472 927230 12332777 9605657 363319 398239 2129024 2061479 10567072 7942417 2324754 1197934 8242318 6744483 4500000 5800000 3742318 944483 173300000 169100000 173300000 169100000 12307313 11093312 12307313 11093312 185607313 180193312 143443 121034 32388 57996 175831 179030 1179646 2856642 1355477 3035672 186962790 183228984 0 2000000 2000000 70264963 66522645 4500000 5800000 76764963 74322645 16442565 14749413 16442565 14749413 89964870 89936934 820060 2302440 90784930 92239374 1790425 0 50749 551655 631602 736596 497556 629301 2970332 1917552 93755262 94156926 186962790 183228984 0 0 139472857 396528 139869385 29627143 3803472 33430615 173300000 11093312 1214001 12307313 12307313 1790425 15921 2000000 2000000 2000000 2000000 66522645 65578162 3742318 944483 70264963 66522645 5800000 5000000 5800000 5000000 4500000 5800000 4500000 5800000 Today, the Executive Board has approved the annual report of Cibus Arbel ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. We recommend that the annual report be approved at the Annual General Meeting. Johan Marcus Kruus Christina Pia-Lena Olofsson 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 Cibus Arbel 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"). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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 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 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 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 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 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 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 Company’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 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. 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. The annual report for Cibus Arbel ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the Company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalRevenues 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 and Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. 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. Foreign currency translationDanske kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. The revenue is recognised when the control of the identifiable individual performance obligations has been performed in respect of the customer whereby the customer gains control of the asset or the service. Revenue is measured at fair value of agreed remunerations, less VAT and expenses. All forms of discount are recognised in revenue. Rental income receivable from operating leases is recognised on a straight-line basis over the term of the lease, except for contingent rental income which is recognised when it arises. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. The lease term is the non-cancellable period of the lease together with any further term for which the lessee has the option to continue the lease, where, at the inception of the lease, the directors are reasonably certain that the lessee will exercise that option. Amounts received from lessees to terminate leases or to compensate for dilapidations are recognised in the income statement when they arise. Service charges and expenses recoverable from tenants.  Income arising from expenses recharged to leases is recognised in the period in which the expenses can be contractually recovered. Service charges and other such receipts are included gross of the related costs in revenue, when the directors consider that the Group acts as principal and net when the directors consider that the Group acts as agent. Other external expenses comprise expenses incurred for administration. Value adjustment of investment propertyValue adjustment of investment property comprises value adjustments of properties at fair value. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investment propertiesAt the initial recognition, investment property is measured at cost, comprising the cost of the property and directly associated costs, if any. Investment properties are subsequently measured at fair value, corresponding to the amount for which the individual property is estimated to be able to sell for on the balance sheet date to an independent buyer. The  fair  value  is  calculated  using  the  discounted  cash  flow  (DCF)  model  as  the  calculated  net  present value of expected cash flows from the individual properties.  The  determination  of  the  expected  cash  flows  is  based  on  the  budgeted  cash  flows  for  the  individual property for the following 10 years, including rental and price increases, as well as a calculated terminal value that expresses the value of normalized cash flows the property is expected to generate beyond the budget period. The calculated cash flows are discounted to present value using a discount factor which is assessed  to  reflect  the  market's  current  required  return  for  similar  properties.  Compared  to  the  latest financial year, the methods of measurement used have not been changed. ReceivablesReceivables 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 recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with Danish group companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income Tax receivables" or "Income tax payable". Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value.However, deferred tax is not recognised on temporary differences relating to goodwill, which is not deductible for tax purposes, on office premises and other item where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.  Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Financial instruments used to hedge interest rate risk, measured at fair value. Change in fair value recognised in the income statement under "Financial income and expenses". Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1.The significant activities of the enterprise The Company's objective is to operate through trade, industry and other related activities, indcluding investing in property. 2.Capital resourcesThe Company has entered into a Facility Agreement with Cibus Nordic Real Estate AB that guarantees the necessary financial support to the Company so that Cibus Arbel ApS has sufficient liquidity to meet all current and future obligations for a minimum period of one year from the approval date of the Financial Statements for 2025. 3.Subsequent eventsNo other events that would materially affect the Company's financial position have occurred subsequent to the financial year end. 10.Charges and securityAs collateral for mortgage loans, t.DKK 89.965, security has been granted on land and buildings representing a carrying amount of t.DKK 173.300 at 31 December 2025. Interest payable is normally settled quarterly throughout the financial year. Mortgage loans agreements have covenants and the Company is not in breach of any covenants as of 31 December 2025. 11.Contractual obligations and contingencies, etc.Contingent liabilitiesNo commitments or contingencies are presented as of 31 December 2025. Joint taxationWith Cibus Suilla ApS, company reg. no 43104381 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The Company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 12.Related partiesControlling interestCibus Suilla ApS, Østbanegade 123, DK-2100 Copenhagen Ø, DanmarkMajority shareholder Consolidated financial statementsThe Company is included in the consolidated financial statements for Cibus Nordic Real Estate AB, Kungsgatan 56, SE-111 22 Stockholm, Sweden. The consolidated financial statements may be obtained from the parent Cibus Nordic Real Estate AB on their homepage: https://www.cibusnordic.com/