43315250 2025-01-01 2025-12-31 43315250 2025-01-01 2025-12-31 2 43315250 2025-01-01 2025-12-31 1 43315250 2025-01-01 2025-12-31 1 43315250 2025-01-01 2025-12-31 2 43315250 2025-01-01 2025-12-31 3 43315250 2025-01-01 2025-12-31 4 43315250 2025-01-01 2025-12-31 5 43315250 2025-01-01 2025-12-31 6 43315250 2025-01-01 2025-12-31 7 43315250 2025-01-01 2025-12-31 8 43315250 2025-01-01 2025-12-31 1 43315250 2024-01-01 2024-12-31 43315250 2025-12-31 43315250 2024-12-31 43315250 2025-01-01 d:ContributedCapitalMember 43315250 2025-01-01 d:RetainedEarningsMember 43315250 2025-01-01 2025-12-31 d:RetainedEarningsMember 43315250 2025-12-31 d:ContributedCapitalMember 43315250 2025-12-31 d:RetainedEarningsMember 43315250 2025-01-01 d:InvestmentsInGroupEnterprisesMember 43315250 2024-01-01 d:InvestmentsInGroupEnterprisesMember 43315250 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43315250 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43315250 2025-01-01 2025-12-31 d:SubsidiaryMember 1 43315250 2025-12-31 d:SubsidiaryMember 1 iso4217:DKK xbrli:pure false false false false 2024-12-31 PricewaterhouseCoopers 33771231 43315250 MWG MidCo ApS Staktoften 16 CaseWare-FSR 2950 Vedbæk Revisionspåtegning 2025-01-01 2025-12-31 false 2024-01-01 Lasse Fjeldgaard Regnskabsklasse B 2026-04-29 false Annual report The supervisory board and executive board have today discussed and approved the annual report of MWG MidCo ApS 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 give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Rune Berkowitz Wichmann Managing director Søren Dan Johansen chair Michael Serup Jesper Bernhoft Ulla Hartvig Plathe Tønnesen Rune Berkowitz Wichmann Thomas Stegeager Kvorning Peter Fenkl Alan Berger To the shareholders of MWG MidCo 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 MWG MidCo 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 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. Statement on Management’s ReviewManagement 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 under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. 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 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 2026-04-29 PricewaterhouseCoopers Ulrik Ræbild State Authorised Public Accountant mne33262 Oliver Svane State Authorised Public Accountant mne49837 MWG MidCo ApS Skaktoften  16 2950  Vedbæk 43315250 Rudersdal 33771231 Strandvejen 44 DK-2900 Hellerup Business reviewThe company's purpose is to own investments in subsidiaries, to provide intra-group services as well as other activity that, in the opinion of the Board of Directors, are connected with this. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of TDKK 80, and the balance sheet at 31 December 2025 shows equity of TDKK 831,858. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. -101000 -54000 6458000 4193000 6458000 4193000 -101000 -54000 -21000 -11000 -80000 -43000 -80000 -43000 823195000 823195000 69052000 62593000 892247000 885788000 892247000 885788000 9164000 9214000 22000 11000 9186000 9225000 9186000 9225000 901433000 895013000 41000 41000 831817000 831897000 831858000 831938000 69052000 62593000 69052000 62593000 465000 446000 58000 36000 523000 482000 69575000 63075000 901433000 895013000 41000 831897000 -80000 41000 831817000 The annual report of MWG ManCo ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B and the Accounting Standard on small enterprises, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKKComparative figures have been reclassified to ensure consistent presentation with the current year. The reclassification relates solely to presentation and has not affected the prior year’s profit or loss, assets, or liabilities. With reference to section 112, of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of MWG HoldCo ApS, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also 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 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Other external expenses include expenses related to administration. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Dividend from investments is recognised in the reporting year in which the dividend is declared. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.The company is subject to the Danish rules on compulsory joint taxation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investment in subsidiaries are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. 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. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. 1 1 The company's employees consist only of the company's director, who is not paid remuneration. 6458000 4193000 6458000 4193000 6458000 4193000 6458000 4193000 -22000 -11000 1000 0 823195000 823195000 823195000 823195000 823195000 823195000 NameRegistered officeShare capitalOwnership interestEquityProfit/loss for the yearMWG BidCo ApSVedbækTDKK 41100%777,175-25,850 MWG BidCo ApS Vedbæk 100 777175 -25850 Other contingent liabilities not recognised in balance sheetThe company and its Danish subsidiaries are jointly taxed with the Danish companies of Nortre Administration ApS. The total amount of corporation tax payable is disclosed in the Annual Report of Nortre Administration ApS, which is the management company of the joint taxation purposes. Moreover, the 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 obligationsThe Company has no other financial obligations as of 31 December 2025. MWG HoldCo ApS