44939479 2024-07-01 2025-12-31 44939479 2024-07-01 2025-12-31 2 44939479 2024-07-01 2025-12-31 0 44939479 2024-07-01 2025-12-31 1 44939479 2024-07-01 2025-12-31 2 44939479 2024-07-01 2025-12-31 3 44939479 2024-07-01 2025-12-31 4 44939479 2024-07-01 2025-12-31 0 44939479 2024-07-01 2025-12-31 0 44939479 2024-07-01 2025-12-31 1 44939479 2024-07-01 2025-12-31 0 44939479 2024-07-01 2025-12-31 1 44939479 2024-07-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 44939479 2025-12-31 cmn:OtherRenderingOfReportedValueMember 44939479 2025-12-31 xbrli:pure iso4217:EUR Regnskabsklasse C, mellemstor virksomhed Annual report 24620417 Ziton A/S Bygholm Søpark 21 E 8700 Horsens xWizard version 1.1.1512.0, by EasyX Aps. www.easyx.eu Auditor's report on audited financial statements Basis for Opinion Opinion 0.033 2024-07-01 2025-12-31 44939479 2026-04-30 Jens Michael Haurum DiscoveryCo ApS Bygholm Søpark 21E 8700 Horsens 44939479 Horsens, Denmark 2024-07-01 William Burton Blair Ainslie Chairman Anna Sofia Arhall Thorsten Henrik Jalk Jonathan Brazier Duffy Jens Michael Haurum Thorsten Henrik Jalk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Herredsvej 32 7100 Vejle Management statement   Today, the board of directors and management have discussed and approved the Annual   Report of DiscoveryCo ApS for the period 1 July 2024 - 31 December 2025.   The Annual Report has been prepared in accordance with the Danish Financial Statements Act.   In our opinion, the Financial Statement give a true and fair view of the company's assets,   liabilities and financial position at 31 December 2025 and of the results of the company's   operations for the financial year 1 July 2024 - 31 December 2025.   In our opinion, the Management's Review includes a fair view of the matters dealt with in the   review.   We recommend that the Annual Report be approved at the annual general meeting. Horsens 2026-04-30 Thorsten Henrik Jalk William Burton Blair Ainslie Jonathan Brazier Duffy Thorsten Henrik Jalk Anna Sofia Arhall Jens Michael Haurum INDEPENDENT AUDITOR’S REPORT To the shareholders of DiscoveryCo 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 July 2024 - 31 December 2025 in accordance with the Danish Financial Statements Act.   We have audited the Financial Statements of DiscoveryCo ApS for the financial year 1 July 2024 -   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 Review   Management 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’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   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 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.   • 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.   Trekantsområdet 2026-04-30 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 33771231 Bo Schou-Jacobsen Lasse Berg State Authorised Public Accountant mne28703 State Authorised Public Accountant mne35811 Key Figures   1/7/24 -   31/12/25   Gross profit 7911000 2032000 -7532 -5500 Financial income and expenses, net 121801 122447 -5498 Return on Assets -4.5 200.3 Management review Principal activities   DiscoveryCo ApS owns and operates one O&M jack-up vessel J/U WIND DISCOVERY. The vessel is   capable of servicing turbines up to 10 MW.   The company’s primary business is to provide jack-up services for major component replacements,   including gearboxes, generators, blades, transformers, main bearings, main shafts, full rotors, etc.   Development in activites and economic position   The company aquired J/U Wind Discovery in december 2024. The vessel has been on charter since   May 2025.   The income statement for the financial year 1 July 2024 - 31 December 2025 shows a net loss of EUR   5.5m. As it is the first financial year of the company there are no comparative figures.   The result for the year is considered as dissatisfactory.   The company experienced a major breakdown on the vessel due to damage of a wire on the main   crane which rendered the vessel inoperational for approximately 3 months. The company has made   a claim to its insurance company regarding losses incurred due to the off-hire period. Based on   information available at the reporting date, management estimates that the company is entitled to a   potential insurance compensation in the range of EUR 10-20m.   The company has not recognised expected receivable compensation in the balance sheet but as a   contingent asset.   The breakdown on the vessel crane resulted in significant losses whereby the company has lost its   share capital. Equity as at 31 December 2025 is negative with EUR 5.5m. Management expects to   reestablish the capital through future earnings.   To ensure adequate liquidity, the company has secured a bank credit facility of EUR 5m available for   the financial year 2026.   Management assesses the company’s ability to continue as a going concern to be met, and the   financial statements have therefore been prepared on a going concern basis and no changes to   recognition or measurement have been made.   Future expectations   The company expects to realise a net result of approx. EUR 9.5m in 2026, which is significantly   higher than 2024/25. This is mainly due to a full year of operations, which was not the case in the   financial year of 2024/25.   Operations and market risk   The company have identified three risk factors. These risks are the risk of major breakdowns on the   vessel, risk related to key customers and inability to hire talented vessel crew.   As the company operates with long-term time charters the biggest operational risk is "off hire" time   due to major breakdowns of the vessel. This is mitigated through ongoing maintenance of the vessel   and increased insurance coverage.   The company relies on being able to fulfil contracts with its key customers to secure future revenue.   Inability to meet requirements of contracts with key customers will have material consequences for   the company's cash flow. In the medium to long term, the company relies on extension of existing   contracts and/or on winning new contracts.   In general, the labor market is tight which makes it more challenging and expensive to hire and   retain vessel crew. In order to mitigate this risk the company relies on its ability to retain crew   members through retention programmes.   Financial risks   The company's operations and financing in different currencies exposes it to financial risks. The   financial risks are elaborated below:   Curency risk   The company’s trading with suppliers is realised in DKK and EUR, primarily. As the EUR is relatively   stable in relation to DKK it is the company's policy not to enter currency hedging contracts as the   relative currency risk is deemed as immaterial.   Trade receivables constitute balances in DKK and EUR.   The company’s currency policy is reassessed continuously. The financial instability around the world   is a matter to which significant attention is directed when managing the financial transactions and   risks.   Interest rate risk   As the company has substantial interest-bearing debt, material changes to the interest rate level   have direct impact on the company’s earnings. To adequately mitigate this risk the company has   availed of a long-term fixed interest-bearing loan, thereby reducing any potential impact of interest   rate fluctuations in the financial markets.   Research and development   The company does not engage in research and development activities.   Uncertainty relating to recognition and measurement   Recognition and measurement in the Annual Report has not been subject to any uncertainty relating   to recognition and measurement.   Unusual events   During the financial year 2024/25 the company has been affected by a long off-hire period due to a   damaged crane wire.   Subsequent events   No significant events have occurred between the reporting period and the publication of the annual   report that have not been included and adequately disclosed in the annual report and that materially   affect the income statement, balance sheet and disclosure requirements.   7911000 5879000 2032000 75000 7606000 -5500000 0 -5500000 116430000 116430000 116430000 144000 144000 1393000 1975000 20000 3389000 1839000 5372000 121801000 5000 -3000 -5500000 -5498000 121907000 1606000 123514000 1300000 21000 2000000 465000 3786000 127299000 121801000 Equity statement 31 December   Share   Other   Retained   Total   capital   reserves   earnings   EUR'000   EUR'000   EUR'000   EUR'000   Equity 1 July 2024, formation equity   5 - - 5 Profit for the year   - - -5.500   -5.500   Exchange rate adjustments   - -3   - -3   Equity 31 December 2025   5 -3   -5.500   -5.498   Notes to the financial statements   Information regarding going concern   1 The company has lost its share capital. Equity as at 31 December 2025 is negative with EUR 5.5m.   Management expects to reestablish the capital through future earnings.   To ensure adequate liquidity, the company has secured a bank credit facility of EUR 5m available for   the financial year 2026.   Management assesses the company’s ability to continue as a going concern to be met, and the   financial statements have therefore been prepared on a going concern basis and no changes to   recognition or measurement have been made.   Employees   2 Number of employees in 2025 is in average 0 (2024;0) 1/7/24 -   0 31/12/25   Financial Income   EUR'000   3 Other financial income   75   75   Financial expenses   4 Financial expenses, Group Companies   7.380   Other financial expenses   226   7.606   Proposed distribution of profit -5500000 -5500000 Tangible fixed assets   6 Vessels   EUR'000   Cost at 1 July 2024   - Exchange rate adjustment at closing rate   -141   Additions during the year   122.447   Cost at 31 December 2025   122.307   Depreciation at 1 July 2024   - Exchange rate adjustment at closing rate   -2   Depreciation during the year   5.879   Depreciation and impairment at 31 December 2025   5.877   Carrying amount at 31 December 2025   116.430   Interest capitalised on assets   7.144   Prepayments   7 Prepayments consist of prepaid insurance premiums.   Share Capital   8 The Share Capital consists of 40.000 shares of nominal DKK 1 each.   Notes to the financial statements   Long-term liabilities   9 2025   EUR'000   Liability to group enterprises   After 5 years   121.907   Between 1 and 5 years   - Long-term part   121.907   Under 1 year   - Total   121.907   Deferred Income   10   Deferred income relates to amounts received from customers in advance.   Contingent liabilities   Joint taxation liability   The company is liable jointly and severally with the parent company and the other companies in the   jointly taxed group for tax on the group's jointly taxed income and for potential withholding taxes,   such as dividend tax and royalty tax.   The company participates in the national joint taxation scheme with MEIF 7 Wind Services   Investments ApS, Business reg. no. 45 05 80 50, which is the administration company for the joint   taxation.   Contractual commitments   The company has entered into agreements regarding administration and vessel crew hire. The   future minimum contractual payables contracted for at the balance sheet date but not recognised   as liabilities are as below:   2025   EUR'000   Contractual commitments   Within one year   5.723   Contingencies and contractual obligations   11   Contingent assets   Insurance   The company experienced a major breakdown on the vessel due to damage of a wire on the main   crane which rendered the vessel inoperational for approximately 3 months.   The company has made a claim to its insurance company for losses incurred due to the off-hire   period. Based on information available at the reporting date, management estimates that the   company is entitled to a potential insurance compensation in the range of EUR 10-20m.   In accordance with the Danish Financial Statements Act, the amount is not recognised in the   financial statements, as assets may only be recognised when the inflow of economic benefits is   virtually certain.   Notes to the financial statements   Notes to the financial statements   Notes to the financial statements   Transactions with related parties   DiscoveryCo ApS did not carry out any material transactions, that were not concluded on   market conditions. According to section 98c, subsection 7 of the Danish Financial Statements   Act information is given only on transactions, that were not performed on common market   conditions.   Charges and securities   12   As security for engagement with banks and lenders the following   securities are provided:   Book value Nominal   of pledged amount of   assets   pledge   EUR'000   EUR'000   Vessel mortgage in J/U WIND DISCOVERY   116.430   121.907   The shareholder loan to finance DiscoveryCo ApS' acquisition of J/U WIND DISCOVERY is   secured with a pledge in the vessel which had a book value of EUR 112.8m as at 31 December   2025.   Related parties and ownership   13   Controlling interest   Basis   Zappy Topco ApS, Bygholm Søpark 21 E, 8700 Horsens   Majority shareholder   DiscoveryCo ApS is directly owned by Zappy Topco ApS (registered office: Horsens,   Denmark). The company is ultimately owned by Macquaire European Infrastructure Fund 7   Direct AIV SCSp. (registered office: Luxemborg)   The financial statements for DiscoveryCo ApS for 2025 are consolidated in the financial   statements of MEIF 7 Wind Services Investments ApS (registered office: Horsens, Denmark) as   the largest group.   Other related parties   DiscoveryCo ApS' other related parties include MEIF 7 Direct AIV SCSp, the parent company of   Zappy Topco ApS, affiliates in the ZITON Group as well as the companies management, board   of directors and key personnel and families of the individuals. Furthermore, related parties   include enterprises in which the aforementioned circle of people have substantial interests.   Significant events after the end of the financial year   14   No significant events have occurred between the reporting period and the publication of the   annual report that have not been included and adequately disclosed in the annual report and   that materially affect the income statement, balance sheet and disclosure requirements.   Accounting policies   The annual report of DiscoveryCo ApS for 1 July 2024 - 31 December 2025 has been presented   in accordance with the provisions of the Danish Financial Statements Act for large enterprises in   reporting class C (Medium).   As this is the company´s first financial year, no comparative figures have been presented.   Presentation currency   The financial statements are presented in EUR thousands (EUR ´000).   In accordance with the Danish Financial Statement Act section 86, subsection 4 the company has   omitted a separate cash flow statement, as its cash flows are included in the consolidated cash   flow statements of the ultimate parent company, MEIF 7 Wind Services Investments ApS.   INCOME STATEMENT   In accordance with the Danish Financial Statement Act section 32, revenue and related income   statement items are presented in aggregated form. As a result the income statement begins with   gross profit.   Gross profit comprises net revenue and other operating income less project related-, operating-,   administrative- and other operating expenses.   Net revenue   Revenue is measured at the transaction value of the consideration received or receivable.   Amounts disclosed as revenue are reduced for estimates for trade allowances, rebates and   amounts collected on behalf of third parties.   The company recognises revenue when the amount of revenue can be reliably measured, it is   probable that future economic benefits will flow to the entity and specific criteria have been met   for each of the company’s activities as described below.   Time charter services   Long term time charter and short-/mid-term time charter contracts are contracts with customers   containing a lease and represents contracts where the customer has the right to direct how and   for what purpose the vessel including crew is used.   Where contracts are identified as a lease, revenue is recognised over time on a straight-line basis   over the term of the lease term.   The lease term for vessels on time charter hire span several years. Time charter hire is classified   as an operational lease, as the economic useful life of the vessels significantly exceed the time   charter periods. Further, the group retains substantially all risks and rewards incidental to   ownership of the vessels and there is no option for the lessee to acquire the vessels.   Project-related expenses   Project-related expenses consist of expenses in relation to projects and primarily involve   expenses to subcontractors, tugboat, seabed analyses and special equipment used for   operations. Project-related expenses are recognised upon delivery of the service.   Operating expenses   Operation of vessels comprise expenses other than project-related expenses incurred to   generate the revenue for the year. Vessel operating costs are divided into fixed and variable   expenses. As vessels are obligated by law to have a minimum crew, staff expenses for employees   are considered a fixed expense. Fixed expenses include insurance, maintenance expenses, staff   costs, etc. Variable expenses include bunker, lubricants and other expenses to move the vessel.   Operating costs are recognised upon delivery of the service.   Administrative expenses   Administrative expenses comprise cost of rent, travel, external expenses and other office   expenses, etc. Administrative expenses are recognised upon delivery of the service.   Financial income and expenses   Financial income and expenses include interest income and expenses, realised and unrealised   gains and losses arising from debt and transactions in foreign currencies, amortisation of financial   assets and liabilities as well as charges and allowances under the tax-on-account scheme, etc.   Financial income and expenses are recognised in the Income Statement with the amounts, that   relate to the financial year.   Tax   The tax for the year, which consists of the current tax for the year and changes in deferred tax, is   recognised in the income statement with the portion, that can be attributed to the profit for the   year, and is recognised directly in the equity with the portion that can be attributed to entries   directly to the equity.   The company is jointly taxed with Danish group enterprises. The current Danish corporation tax is   distributed between the jointly taxed Danish companies in proportion to their taxable income,   and with full distribution with refund regarding taxable losses. The jointly taxed companies are   included in the tax-on-account scheme.   BALANCE SHEET Tangible fixed assets   Vessel is measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the   acquisition until the time, when the asset is ready to be used. As regards self-manufactured   assets, the cost price includes cost of materials, components, subcontractors, direct payroll and   indirect production costs.   General and specific borrowing costs that are directly attributable to the acquisition, construction   or production of a qualifying asset are capitalised during the period of time that is required to   complete and prepare the asset for its intended use. Qualifying assets are assets that necessarily   take a substantial period of time to get ready for their intended use.   Straight-line depreciation is provided on the basis of an assessment of the expected useful lives   of the assets and their residual value as follows:   Useful life   Residual value   Vessel   0%   20 - 30 years   The residual values of the vessel is estimated at zero as it is expected that scrapping of the vessel   will include expenses equivalent to the value of steel.   Profit or loss on disposal of tangible assets is stated at the difference between the sales price less   selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the   Income Statement as other operating income or other operating expenses.   Impairment of fixed assets   The carrying amount of tangible fixed assets, which are not measured at fair value, are assessed   on an annual basis for indications of impairment other than that reflected by amortisation and   depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of   assets, respectively. If the net realisable value is lower than the carrying amount, the assets are   written down to the lower value.   The recoverable amount is calculated at the higher of net selling price and capital value. The   capital value is determined as the fair value of the expected net cash flows from the use of the   asset or group of assets and the expected net cash flows from sale of the asset or group of assets   after the end of its useful life.   Inventories   Inventories primarily comprise bunker onboard the vessel. Inventories are measured at the lower   of cost according to the FIFO method and net realisable value.   Receivables   Receivables are measured at amortised cost which usually corresponds to nominal value. The   value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to   have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective   indication that an individual receivable is impaired, the write-off is performed at individual level.   Other receivables and prepayments   Other receivables comprise deposits and miscellaneous receivables.   Accruals recognised as assets include costs incurred relating to the subsequent financial year   such as rent, insurance premiums, subscriptions and fees.   Other receivables and prepaid expenses are measured at the lower of amortised cost and net   realisable value.   Equity   Other reserves   The reserve includes foreign currency translation adjustments.   Tax payable   Current tax liabilities and receivable current tax are recognised in the Balance Sheet at the   calculated tax on the taxable income for the year, adjusted for tax on the taxable income for   previous years and taxes paid on account.   The company is subject to joint taxation with Danish Group companies. The current corporation   tax is distributed among the joint taxable companies in proportion to their taxable income and   with full allocation and refund related to tax losses. The joint taxable companies are included in   the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised   in the Balance Sheet under current assets and liabilities, respectively.   Deferred income   Deferred income includes prepayments and accrual of contribution margin relating to time   charter contracts. If the deferred income is an asset, it is recorded as work in progress, if a   liability, it is recorded as deferred income.   Liabilities   Financial liabilities are recognised at the time of borrowing by the amount of proceeds received   less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised   cost equal to the capitalised value when using the effective interest, the difference between the   proceeds and the nominal value being recognised in the Income Statement over the term of loan.   Amortised cost for short-term liabilities usually corresponds to the nominal value.   Other liabilities   Other liabilities are measured at amortised cost equal to nominal value.   Foreign currency translation   Items included in the financial statements of each of the group’s entities are measured using the   currency of the primary economic environment in which the entity operates (‘the functional   currency’). Although the functional currency for DiscoveryCo ApS is DKK, the financial   statements are presented in EUR because the main financing is in EUR.   Transactions in foreign currencies are translated at the rate of exchange on the transaction date.   Exchange differences arising between the rate on the transaction date and the rate on the   payment date are recognised in the Income Statement as a financial income or expense.   Receivables, payables and other monetary items in foreign currencies, that are not settled on the   Balance Sheet date, are translated at the exchange rate on the Balance Sheet date. The   difference between the exchange rate on the Balance Sheet date and the exchange rate at the   time of occurrence of the receivables or payables is recognised in the Income Statement as   financial income or expenses.   Fixed assets acquired in foreign currencies are translated at the rate of exchange on the   transaction date.