43268570 2025-01-01 2025-12-31 43268570 2025-01-01 2025-12-31 1 43268570 2025-01-01 2025-12-31 1 43268570 2024-01-01 2024-12-31 43268570 2025-12-31 43268570 2024-12-31 43268570 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43268570 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43268570 2024-12-31 fsa:ContributedCapitalMember 43268570 2024-12-31 fsa:RetainedEarningsMember 43268570 2025-12-31 fsa:ContributedCapitalMember 43268570 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Livia Francesca Musso Management's Statement Management has considered and adopted the Annual Report of Phoenix X ApS for the financial year 1 January 2025 - 31 December 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 assets, liabilities and financial position of the Company on 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Livia Francesca Musso Independent Auditor's Report To the shareholders of Phoenix X ApS Opinion 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 Phoenix X 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 (“Financial Statements”). Basis of opinion We 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’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 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. 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 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 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 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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Henrik Kyhnauv State Authorised Public Accountant Phoenix X ApS Esplanaden 50 DK 1263 Copenhagen Ø 43268570 1263 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB Strandvejen 44 2900 Hellerup 33771231 Accounting Policies Reporting Class The Annual Report of Phoenix X 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 Financial Statements for 2025 are presented in DKK. Reporting currency The annual report is presented in DKK. The average exchange rate in 2025 from USD to DKK was 6.62 compared to 6.89 in 2024. The exchange rate on 31 December 2025 from USD to DKK was 6.34 compared to 7.14 on 31 December 2024. General information Basis of recognition and measurement Income is recognised in the income statement as earned. All expenses are recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and when the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that the future economic benefits will flow out of the Company and when the measurement of the value of the liability is reliable. On initial recognition, assets and liabilities are recognised at cost. Subsequently, assets and liabilities are measured as described below for each item. Translation policies DKK is used as presentation currency and functional currency, as the majority of the Company's transactions are in DKK. Transactions in currencies other than the functional currency are translated to the exchange rate on the date of transaction. Monetary items in foreign currency not settled by the balance sheet date are translated to the exchange rate on the balance sheet date. Foreign exchange gains and losses are included in the income statement as financial income and expenses. Income statement Gross profit/loss With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of other external expenses, other income and revenue. Other income Other operating income comprise items secondary to the activities. Other external expenses Other external expenses comprise external consulting assistance, maintenance of office, advertising, rent etc. Other external expenses also include research and development costs that do not qualify for capitalisation. Staff costs Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Income from investments in subsidiaries Income from investments in group enterprises comprise gain and losses related to sale of subsidiaries. Financial income and expenses Financial income and financial expenses are recognised in the income statement with the amounts related to the financial year. Financial income and financial expenses include interest receivable and payable and exchange gains and losses on transactions denominated in foreign currencies etc. Tax on net profit for the year Tax on profit for the year includes the amount expected to be paid or received for the year plus adjustment concerning deferred tax. Through participation in a joint taxation scheme with A.P. Møller Holding A/S, the Danish companies are jointly and severally liable for taxes payable, etc., in Denmark. Balance sheet Receivables Receivables are measured at amortized cost. Provision is made for bad debts. Prepayments Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Cash and bank balances Cash and bank balances comprise cash in bank deposits. Deferred tax asset 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 on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of 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 crystalize as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilities Current 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. Liabilitites Other financial liabilities are measured at amortised cost, substantially corresponding to nominal value. false -2113000 69199000 22000 13263000 0 713000 -2135000 55223000 0 9037000 1927000 14941000 2237000 3423000 0 -3959000 -2445000 79737000 -18610000 11247000 16165000 68490000 -105658000 -178585000 121823000 247075000 16165000 68490000 0 104626000 1611000 0 88000 3371000 0 375000 20236000 26519000 21935000 134891000 21935000 134891000 2000000 2000000 18548000 124206000 20548000 126206000 262000 4323000 1048000 0 0 2933000 77000 1429000 1387000 8685000 1387000 8685000 21935000 134891000 0 1990000 1990000 2000000 124206000 126206000 0 121823000 121823000 0 16165000 16165000 2000000 18548000 20548000 1. The Company's principal activities The Company has been active since May 6, 2022. The Company’s purpose is to act as a holding company and to manage its capital, as well as any other business that is naturally connected thereto. 2. Staff costs 2025 2024 tDKK tDKK Wages and salaries 22 10,705 Pension costs 0 2,501 Social security contributions 0 57 22 13,263 0 24 3. Financial Income and Expense 2025 2024 tDKK tDKK Other financial income 1,068 5,640 Interest received from related parties 859 9,301 Financial income, Total 1,927 14,941 Other financial expenses -2,237 3,423 Financial expense, Total -2,237 3,423 4. Tax 2025 2024 tDKK tDKK Current tax for the year 18,610 0 Adjustments to tax in prior years 0 11,247 18,610 11,247 As of 31 December 2025, the Company has no unrecognized deferred tax assets or liabilities (31 December 2024: DKK 18.6 million deferred tax asset). 5. Contingent liabilities No contingent liabilities exist at the balance sheet date. The Company is jointly taxed with the other enterprises in the group which are jointly and severally liable for the taxes that concern the joint taxation. The total amount appears from the annual report of A.P. Møller Holding A/S, which is the administration company in the joint taxation. At the balance sheet date, there are no contingent liabilities related to taxes as the Company is operating at a loss. 6. Related parties A.P. Møller Holding A/S has control of the Company with an 80% share ownership and A.P. Møller - Mærsk A/S has a minority in the Company with a 20% share ownership. The Company is included in the consolidated accounts of A.P. Møller Holding A/S. Related party transactions include the transactions that the Company has with A.P. Møller Holding A/S and A.P. Møller - Mærsk A/S and their affiliates including other companies within the group, associated companies and key management personnel. There is no disclosure of transactions with related parties for 2025 as it is the assessment that all transactions are at arm’s length terms. As of the balance sheet date, the Company does not have receivables from members of management or loans from its related parties. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-29 Reporting class B true 2026-04-29 Strandvejen 44 2900 Hellrup Opinion Basis for Opinion 2026-04-29 mne40028 21935000 134891000