41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 41137290 2025-01-01 2025-12-31 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 6 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 5 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 41137290 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 41137290 2022-01-01 2022-12-31 cmn:ConsolidatedMember 3 41137290 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41137290 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 41137290 2024-01-01 2024-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 41137290 2023-01-01 2023-12-31 cmn:ConsolidatedMember 41137290 2022-01-01 2022-12-31 cmn:ConsolidatedMember 41137290 2021-01-01 2021-12-31 cmn:ConsolidatedMember 41137290 2025-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 41137290 2024-12-31 cmn:ConsolidatedMember cmn:OtherRenderingOfReportedValueMember 41137290 2023-12-31 cmn:ConsolidatedMember 41137290 2022-12-31 cmn:ConsolidatedMember 41137290 2021-12-31 cmn:ConsolidatedMember 41137290 2024-01-01 2024-12-31 cmn:ConsolidatedMember 41137290 2024-01-01 2024-12-31 41137290 2025-12-31 cmn:ConsolidatedMember 41137290 2024-12-31 cmn:ConsolidatedMember 41137290 2025-12-31 41137290 2024-12-31 41137290 2024-12-31 fsa:ContributedCapitalMember 41137290 2024-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember cmn:ConsolidatedMember 41137290 2024-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 41137290 2025-01-01 2025-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 41137290 2024-12-31 cmn:ConsolidatedMember 41137290 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41137290 2025-01-01 2025-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember cmn:ConsolidatedMember 41137290 2025-12-31 fsa:ContributedCapitalMember 41137290 2025-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember cmn:ConsolidatedMember 41137290 2025-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 41137290 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41137290 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41137290 2024-12-31 fsa:RetainedEarningsMember 41137290 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41137290 2024-12-31 41137290 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41137290 2025-12-31 fsa:RetainedEarningsMember 41137290 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41137290 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 41137290 2023-12-31 cmn:ConsolidatedMember iso4217:DKK xbrli:pure 2025-01-01 Regnskabsklasse C, mellemstor virksomhed true Annual report 30700228 EY godkendt revisionspartnerselskab Cortex Park 3 5230 Odense M xWizard version 1.1.1515.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 2026-05-07 Øyvind Engesrønning Ledelsespåtegning The Board of Directors and the Executive Board have today discussed and approved the annual report of   NPP Renewables ApS for the financial year 1 January – 31 December 2025. 2025-12-31 The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give   a true and fair view of the financial position of the Group and the Parent Company at 31 December   2025 and of the results of their operations and consolidated cash flows for the financial year 1 January   – 31 December 2025.   Further, in our opinion, the Management's review gives a fair review of the matters discussed in the   Management's review.   We recommend that the annual report be approved at the annual general meeting. Aarhus 2026-04-29 Henrik Hansen Øyvind Engesrønning Chair Nicholas Andrew Emery Thomas Langkjær Gellert Tonni Vozny Bager Lars Bo Petersen Pierre Warlop Peter Vestergaard Forsberg Independent auditor's report To the shareholders of NPP Renewables ApS Opinion   We have audited the consolidated financial statements and the parent company financial statements of   NPP Renewables ApS for the financial year 1 January – 31 December 2025, which comprise income   statement, balance sheet, statement of changes in equity and notes, including accounting policies, for   the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial   statements and the parent company financial statements are prepared in accordance with the Danish   Financial Statements Act.   In our opinion, the consolidated financial statements and the parent company financial statements give   a true and fair view of the financial position of the Group and the Parent Company at 31 December   2025 and of the results of the Group's and the Parent Company's operations as well as the consolidated   cash flows for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial   Statements Act.   Basis for opinion   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 consolidated financial statements   and the parent company financial statements" (hereinafter collectively referred to as "the financial   statements") section of our report. We believe that the audit evidence we have obtained is sufficient and   appropriate to provide a basis for our opinion.   Independence   We are independent of the Group 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.   Management's responsibilities for the financial statements   Management is responsible for the preparation of consolidated financial statements and parent   company financial statements that give a true and fair view in accordance with the Danish Financial   Statements Act. Moreover, Management is responsible 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 Group's and the   Parent 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 Group or the Parent 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 as to 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 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 the financial statements.   As part of an audit conducted in accordance with ISAs and 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 Group's and the Parent 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 Group's   and the Parent 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 Group and the Parent Company to cease to   continue as a going concern.   ► Evaluate the overall presentation, structure and contents of the financial statements, including the   note disclosures, 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 group audit to obtain sufficient appropriate audit evidence regarding the   financial information of the entities or business units within the group as a basis for forming an   opinion on the group financial statements and the parent company financial statements. We are   responsible for the direction, supervision and review of the audit work performed for purposes of   the group audit. 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.   Statement on the Management's review   Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the 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 the Management's   review and, in doing so, consider whether the 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 the Management's review provides the information   required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the 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 of the Management's review.   Odense 2026-04-29 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Morten Schougaard Sørensen State Authorised Public Accountant mne32129 Kasper Kortegaard State Authorised Public Accountant mne47798 NPP Renewables ApS Sommervej 31B, 2. 8210 Aarhus V 41137290 2020-01-31 Aarhus Group chart Key figures Financial ratios Current ratio 221% 247% 213% 230% 150% Current ratio Current liabilities Equity ex. non-controlling interests at year end x 100 Equity ratio Total equity and liabilities at year end Gross profit/loss Gross profit/loss Gross profit/loss Gross profit/loss Gross profit/loss 78922000 601000 -1166000 -1258000 104362000 11840000 -1127000 7776000 117453000 18385000 -1290000 87504000 18071000 -366000 64481000 13763000 -749000 13473000 13743000 9924000 44453000 43230000 53853000 46339000 35706000 101000 25166000 107000 26590000 734000 29451000 1554000 27118000 0 13357000 3074000 204000 0 11754000 -1713000 -10700000 -659000 13154000 -2017000 -11000000 137000 9544000 -951000 -5000000 3592000 6210000 -809000 -5088000 313000 3278000 57 62 55 59 37 83 100 110 65 53 The financial ratios stated under "Financial highlights" have been calculated as follows:   Current assets x 100   Operating review Business review The main activity of the Group and the parent company is consulting along with other associated activities within the renewables industry. Reference is made to the company's group overview page 7 regarding the composition of the group. The Group operates two branches in Taiwan and in Norway, in addition to the companies shown in the Group chart. Financial review   The income statement for 2025 shows a loss of DKK -1,258, thousand against a profit of DKK 7,776   thousand last year, and the balance sheet at 31 December 2025 shows an equity of DKK 25,166   thousand.   Profit/loss for the year compared to previously announced expectations   The group management expected for 2025 a gross profit in the range DKK 80,000 to 100,000   thousand and a profit before tax in the range DKK 7,000 to 10,000 thousand.   The realized level of gross profit and profit before tax is lower than expected. The Group did not meet   the expectations due to the developments in the market and restructuring in the Company's   organization.   Management considers the year's performance acceptable, although lower than initially expected due to   market development and management transition.   Outlook   The Group expects a gross profit in 2026 in the range DKK 70,000 to 90,000 thousand and a profit   before tax in the range DKK 11,000 to 15,000 thousand.   Risks General business risks The Group operates globally in the renewables industry and is dependent on the ongoing green transition. Financial risks and use of financial instruments Currency risks The main revenue streams are primary in EUR and the cost base is in EUR, DKK, TWD, KRW and USD. The Group is therefore to some extend exposed to currency risk. The Group carries out an ongoing monitoring of development in currencies and currency exposure. Credit risks The Group's exposure to credit risk arises from the company's operating activities in the form of receivables from sales. The maximum credit risk corresponds to the accounting value of receivables from sales. Impact on the external environment   The Group operates globally in the renewables industry and is dependent on the ongoing green   transition. Because of global distances the company are dependent on transportation such as air traffic,   cars etc. There will also be an impact on electricity, heating, and cooling of our global offices.   As a group, we are responsible for minimizing the negative environmental impact from our daily   operations such as minimizing use of air traffic and instead using virtual meeting as much as possible   and flexible work places.   Research and development activities   The Group has development activities related to optimization of internal processes and related IT   development.   Knowledge resources   The Group focuses on recruiting, training and retaining employees with the necessary skills,   competences and knowledge of the group's activities and markets.   78921739 76579817 1740513 104361533 91213494 1307810 -249923 -157747 0 0 0 0 601409 11840228 -249923 -157747 0 852904 2018965 0 972262 2098808 -1107752 55379 925 7920592 604 22844 -564652 693228 10713682 2938164 -1303221 -45341 7740605 -34913 -1257880 7775518 -1257880 7775518 0 1244168 0 162765 1501910 834793 0 0 0 0 0 0 1244168 2499468 0 0 199463 0 544428 0 0 0 0 0 199463 544428 0 0 0 0 37261230 38535317 382946 727120 0 0 382946 727120 37261230 38535317 3771016 37261230 38535317 1826577 16742529 15544403 0 0 0 0 0 4580606 999707 829046 0 2826526 0 3140335 0 1527685 2726038 0 448059 361022 0 762000 0 0 0 1177190 1572181 0 25901259 25764987 16724782 13694243 42626041 39459230 762000 585320 809081 67 1347320 809148 44452618 43230246 38608550 39344465 108661 108661 108661 108661 0 0 24018938 25293025 -194785 25252124 26510004 -28450 0 1038401 0 0 1188529 0 0 0 25166000 26590215 25166000 26590215 0 0 675414 675414 0 0 0 0 719857 20912 3903809 3921759 0 967178 68403 1712590 4504829 0 71062 8640555 0 0 0 0 0 0 84604 13357946 12688968 65282 0 0 0 0 0 10720281 19286618 15964617 13442550 19286618 15964617 13442550 12754250 12754250 44452618 43230246 38608550 39344465 108661 -28450 26510004 -1257880 26590215 -1257880 -166335 0 0 0 0 0 -166335 0 0 0 108661 -194785 25252124 25166000 108661 0 25293025 -1107752 1188529 -150128 26590215 -1257880 0 0 -166335 0 0 0 -166335 0 108661 24018938 1038401 25166000 601409 11840228 1740513 1307810 Cash generated from operations before changes in working capital Cash generated from operations before changes in working capital 2341922 13148038 2026196 6817997 4368118 19966035 852904 2018965 -128123 972262 2098808 -7085884 3073934 11753605 38753 101495 0 1182548 107412 423108 0 344174 203926 -1713068 0 0 10700000 -10700000 -659463 3277860 12727065 13386528 16004925 12727065 Accounting policies The annual report of NPP Renewables ApS for 2025 has been prepared in accordance with the   provisions in the Danish Financial Statements Act applying to medium reporting class C entities.   Presentation currency   The financial statements are presented in Danish Kroner (DKK).   Consolidated financial statements Control The consolidated financial statements comprise the Parent Company NPP Renewables ApS and group entities controlled by NPP Renewables ApS. Control means the power to exercise decisive influence over a group entity's financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required. In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration. The existence of potential voting rights that may currently be exercised or converted into additional voting rights is considered when assessing whether an entity may become empowered to exercise decisive influence over another entity's financial and operating decisions. Preparation of consolidated financial statements The consolidated financial statements are prepared as a consolidation of the Parent Company's and the individual group entities' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates and equity interests are eliminated in proportion to the Group's ownership interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless they do not reflect impairment. The group entities' financial statement items are included 100% in the consolidated financial statements. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities that are not wholly-owned are included in the Group's profit/loss and equity, respectively, but are presented separately. Acquisitions and disposals of non-controlling interests that are still controlled are recognised directly in equity as a transaction between shareholders. Equity investments in associates, participating interests and joint ventures are recognised in the consolidated financial statements using the equity method. The Group's activities in joint operations are recognised in the consolidated financial statements on a line-by-line basis. Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the exchange   rates at the transaction date. Foreign exchange differences arising between the exchange rates at the   transaction date and the date of payment are recognised in the income statement as financial income or   financial expenses.   Receivables, payables and other monetary items denominated in foreign currencies are translated at the   exchange rates at the balance sheet date. The difference between the exchange rates at the balance   sheet date and the date at which the receivable or payable arose or was recognised in the latest   financial statements is recognised in the income statement as financial income or financial expenses.   Foreign group entities, associates and equity interests are considered separate entities. The income   statements are translated at the average exchange rates for the month, and the balance sheet items are   translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on   translation of the opening equity of foreign group entities at the exchange rates at the balance sheet   date and on translation of the income statements from average exchange rates to the exchange rates at   the balance sheet date are recognised directly in equity.   Foreign exchange adjustments of balances with independent foreign group entities that are considered   part of the total net investment in the group entity are recognised directly in the translation reserve   under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial   instruments hedging net investments in foreign group entities are recognised directly in the translation   reserve under equity.   On translation of foreign group entities that are integral entities, monetary items are recognised at the   exchange rates at the balance sheet date. Non-monetary items are recognised at the exchange rates at   the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income   statement items are translated at the exchange rates at the transaction date, although items derived   from non-monetary items are translated at the historical exchange rates applying to the non-monetary   items.   Income statement Revenue   The Group has chosen IAS 11/IAS 18 as interpretation for revenue recognition.   Income from the rendering of services is recognised as revenue as the services are rendered.   Accordingly, revenue corresponds to the market value of the services rendered during the year   (percentage-of-completion method).   Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged   on behalf of third parties. All discounts and rebates granted are recognised in revenue.   Gross profit   The items revenue, cost of sales, work performed for own account and capitalised, other operating   income and external expenses have been aggregated into one item in the income statement called gross   profit in accordance with section 32 of the Danish Financial Statements Act.   Cost of sales   Cost of sales includes the cost of goods used in generating the year's revenue.   ccounting policies (continued) Income statement Other operating income   Other operating income comprise items of a secondary nature relative to the Company's core activities,   including gains on the sale of fixed assets.   Other external expenses   Other external expenses include the year's expenses relating to the entity's core activities, including   expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under   operating leases, etc.   Staff cost   Staff costs include wages and salaries, including compensated absence and pension to the Company’s   employee, as well as other social security contributions, etc. The item is net for refunds from public   authorities.   Amortisation/depreciation   The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.   The cost net of the expected residual value for completed development projects and acquired IP rights is   amortised over the expected useful life. Acquired IP rights include patents, rights and licences.   The basis of amortisation/depreciation, which is calculated as cost less any residual value, is   amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of   the assets are as follows:   Completed development projects   3 years   Acquired intangible assets   3-5 years   Other fixtures and fittings, tools and equipment   2-5 years   Leasehold improvements   2-5 years   Income from equity investments in group entities   The proportionate share of the results of the underlying entities is recognised in the income statement   after elimination of intra-group profit/loss and after tax. Group entities are subject to full elimination of   intra-group profit/loss and ownership interests are not considered. Participating interests and   associates are subject only to proportionate elimination of profit/loss taking into consideration   ownership interests.   The proportionate share of the results after tax of the individual group entities is recognised in the   income statement of the Parent Company after full elimination of intra-group profits/losses.   The proportionate share of the results after tax of the associates and equity interests is recognised in   both the consolidated and the parent company income statement after elimination of the proportionate   share of intra-group profits/gains.   Financial income and expenses   Financial income and expenses are recognised in the income statements at the amounts that concern   the financial year. Net financials include interest income and expenses as well as allowances and   surcharges under the advance-payment-of-tax scheme, etc.   ccounting policies (continued) Tax for the year   The Parent Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish   group entities. Group entities are included in the joint taxation arrangement from the date when they   are included in the consolidated financial statements and up to the date when they are excluded from   the consolidation.   The Parent Company acts as administration company for the joint taxation arrangement and   consequently settles all corporate income tax payments with the tax authorities.   On payment of joint taxation contributions, the Danish corporation tax charge 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 the tax losses to reduce their own taxable income.   Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax   for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is   recognised in the income statement, and the tax expense relating to amounts recognised directly in   equity is recognised directly in equity.   Balance sheet Intangible assets   On initial recognition, intangible assets are measured at cost.   Amortisation is made over the estimated economic life without the determination of a residual value.   Goodwill   Goodwill is amortised over the expected economic life of the asset, measured by reference to   Management's experience in the individual business segments. Goodwill is amortised on a straight-line   basis over the amortisation period, which is 5 years. The amortisation period is fixed on the basis of the   expected repayment horizon and is longest for strategically acquired entities with strong market   positions and long-term earnings profiles.   Development costs   Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to   development activities.   Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient   resources and a potential future market or development opportunities are identifiable and where the   Company intends to produce, market or use the project, are recognised as intangible assets provided   that the cost can be measured reliably and that there is sufficient assurance that future earnings can   cover production costs, selling costs and administrative expenses and development costs. Other   development costs are recognised in the income statement as incurred.   Development costs that are recognised in the balance sheet are measured at cost less accumulated   amortisation and impairment losses.   Accounting policies (continued)   Balance sheet Property, plant and equipment   Items of property, plant and equipment are measured at cost less accumulated depreciation and   impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until   the time at which the asset is ready for use.   Gains or losses are calculated as the difference between the selling price less selling costs and the   carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and   equipment are recognised in the income statement as other operating income or other operating   expenses.   Equity investments in group entities   Equity investments in group entities are measured according to the equity method in the parent   company financial statements. The Parent Company has chosen to consider the equity method a   measurement method.   On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction   costs. The cost is allocated in accordance with the acquisition method; see the accounting policies   regarding the consolidated financial statements above.   The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's   accounting policies less or plus unrealised intra-group gains/losses.   Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are   amortised in accordance with the accounting policies in the consolidated financial statements. Negative   goodwill is recognised in the income statement.   Dividend received is deducted from the carrying amount.   Equity investments in group entities measured at net asset value are subject to impairment test   requirements if there is any indication of impairment.   Net revaluation of equity investments is recognised under equity in the net revaluation reserve   according to the equity method to the extent that the carrying amount exceeds cost.   Deposits   Deposits consist of leasehold deposits and are measured at cost price.   Impairment of fixed assets   The carrying amount of intangible assets, property, plant and equipment and equity investments in   group entities is tested annually for indication of impairment other than the decrease in value reflected   by amortisation/depreciation made.   An impairment test is conducted on individual assets or cash-generating units when there is indication of   impairment. Write-down is made to the lower of the recoverable amount and carrying amount.   The recoverable amount is the higher of the net selling price of an asset and its value in use. The value   in use is calculated as the present value of the expected net cash flows from the use of the asset or the   group of assets and the expected net cash flows from the disposal of the asset or the group of assets   after the end of the useful life.   Previously recognised impairment losses are reversed when the reason for recognition no longer exists.   Impairment losses on goodwill are not reversed.   ccounting policies (continued) Receivables   Receivables are measured at amortised cost.   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Write-down for bad and doubtful debts is made when there is objective evidence that a receivable has   been impaired. If there is objective evidence that an individual receivable has been impaired, an   impairment loss is recognised on an individual basis.   Impairment losses are calculated as the difference between the carrying amount of the receivables and   the present value of the expected cash flows, including the realisable value of any collateral received.   The effective interest rate of the individual receivable is used as discount rate.   Contract assets   Construction contracts are measured at the selling price of the work performed. The selling price is   measured by reference to the stage of completion at the balance sheet date and the total expected   income from the relevant contract.   When the selling price of a construction contract cannot be measured reliably, the selling price is   measured at the lower of costs incurred and net realisable value.   Individual construction contracts are recognised in the balance sheet as either contract assets or   contract liabilities. Net assets are determined as the sum of construction contracts where the selling   price of the work performed exceeds payments received on account. Net liabilities are determined as   the sum of construction contracts where payments received on account exceed the selling price.   Selling costs and costs incurred in securing contracts are recognised in the income statement when   incurred.   Payments received regarding later delivery of goods and services are also presented as contract   liabilities.   Prepayments   Prepayments comprise costs incurred concerning subsequent financial years.   Prepayments received from customers   Prepayments received from customers include deferred revenue where payment has been received for   subsequent sales of goods and services where delivery has not yet taken place.   Cash   Cash comprise cash and short term securities which are readily convertible into cash and subject only to   minor risks of changes in value.   Leases   The Company has chosen IAS 17 as interpretation for classification and recognition of leases.   Leases that do not transfer substantially all the risks and rewards incident to the ownership to the   Company are classified as operating leases. Payments relating to operating leases and any other rent   agreements are recognised in the income statement over the term of the lease. The Company's   aggregate liabilities relating to operating leases and other rent agreements are disclosed under   "Contingent liabilities".   ccounting policies (continued) Equity Net revaluation reserve according to the equity method Net revaluation of equity investments in group entities and associates and participating interests is recognised at cost in the net revaluation reserve according to the equity method. The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates. The reserve cannot be recognised at a negative amount. Translation reserve The translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in subsidiaries and associates in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead. Proposed dividend   Proposed dividend is recognised as a liability at the date when it is adopted at the annual general   meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate   line item in equity.   Liabilities   The Company has chosen IAS 39 as interpretation for liabilities.   Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction   costs paid. On subsequent recognition, financial liabilities are measured at amortised cost,   corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference   between the proceeds and the nominal value is recognised in the income statement over the term of the   loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.   Other liabilities are measured at net realisable value.   ccounting policies (continued) Corporation tax and deferred tax   Current tax payables and receivables are recognised in the balance sheet as tax computed on the   taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on   account.   Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation   tax receivable or corporation tax payable.   Deferred tax is measured using the balance sheet liability method on all temporary differences between   the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised   on temporary differences relating to non-deductible goodwill and on office premises and other items   where temporary differences – apart from acquisitions – arise at the acquisition date 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 assets, including the tax value of tax loss carry forwards, are recognised at the expected   value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred   tax liabilities in the same legal tax entity and jurisdiction.   Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and   losses.   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.   Cash flow statement   The cash flow statement shows the Group's cash flows from operating, investing and financing activities   for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash   equivalents at the beginning and end of the year.   The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from   investing activities. Cash flows from acquisitions of entities are recognised in the cash flow statement   from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of   disposal.   Cash flows from operating activities   Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for   non-cash operating items, changes in working capital, interest received and paid as well as corporation   tax paid. Interest received is classified as cash flows from operating activities. Furthermore, dividends   received are classified as operating activity.   Cash flows from investing activities   Cash flows from investing activities comprise payments in connection with acquisitions and disposals of   entities, activities and intangible assets, property, plant and equipment and investments. Dividends   received regarding securities are also considered investing activities.   Cash flows from financing activities   Cash flows from financing activities comprise changes in the size or composition of the Group's share   capital and related costs as well as the raising of loans, repayment of interest-bearing debt and payment   of dividend to shareholders.   Notes   2 Events after the balance sheet date   No events materially affecting the Group and the Company's financial position have occurred   subsequent to the financial year-end.   Staff costs 71068692 80023668 3739093 650598 0 0 0 0 0 0 0 0 5211395 486391 5492039 1121434 83 100 0 0 Group Staff costs include remuneration of the Parent Company's Executive Board totalling DKK 3,222 thousand (2024: DKK 2,688 thousand). No remuneration has been paid to the Board of Directors in 2024 and 2025. Parent No remuneration is paid to Parent Management in the Parent Company. 5 Appropriation of profit   Recommended appropriation of profit   Proposed dividend recognised under equity   0 0 0 0 method   0 0 -1,107,752   7,920,592   Retained earnings   -1,257,880   7,775,519   -150,128   -145,073   -1,257,880   7,775,519   -1,257,880   7,775,519   5 Appropriation of profit   Recommended appropriation of profit   Proposed dividend recognised under equity   0 0 0 0 method   0 0 -1,107,752   7,920,592   Retained earnings   -1,257,880   7,775,519   -150,128   -145,073   -1,257,880   7,775,519   -1,257,880   7,775,519   Tax for the year 1209082 1159267 -1675121 2748414 181372 8378 0 -45341 0 -34913 0 0 6 Intangible assets   Group   Completed   Development   Total   development   projects in   DKK   Goodwill   projects   progress   Cost at 1 January 2025   1,627,670   1,604,658   834,793   4,067,121   Additions   0 0 38,753   38,753   Transferred   0 873,546   -873,546   0 Cost at 31 December 2025   1,627,670   2,478,204   0 4,105,874   Impairment losses and amortisation at 1 January 2025   1,464,905   102,748   0 1,567,653   Impairment losses for the year   0 450,811   0 450,811   Depreciation and amortisation   162,765   680,477   0 843,242   Impairment losses and amortisation at 31 December 2025   1,627,670   1,234,036   0 2,861,706   Carrying amount at 31 December 2025   0 1,244,168   0 1,244,168   Amortised over   5 years   3 years   Completed development projects   Completed development projects include internally generated projects. The relating expenses primarily   consist of internal expenses in the form of direct payroll costs, which are recorded through internal   project modules.   The carrying amount totalled DKK 1,244 thousand at 31 December 2025.   Management has in the year identified indication of impairment on two projects which resulted in a   write-down on DKK 451 thousand.   Management has not identified any other indication of impairment in relation to the carrying amount of   the completed development projects.   7 Property, plant and equipment   Group   Fixtures and   Leasehold   Total   fittings, tools and   improvements   DKK   equipment   Cost at 1 January 2025   1,710,763   684,488   2,395,251   Additions   101,495   0 101,495   Cost at 31 December 2025   1,812,258   684,488   2,496,746   Impairment losses and depreciation at 1 January 2025   1,166,335   684,488   1,850,823   Depreciation and amortisation   446,460   0 446,460   Impairment losses and depreciation at 31 December 2025   1,612,795   684,488   2,297,283   Carrying amount at 31 December 2025   199,463   0 199,463   Amortised over   2-5 years   2-5 years   8 Financial assets   Group   DKK   Deposit   Cost at 1 January 2025   727,120   Disposal   -344,174   Cost at 31 December 2025   382,946   Carrying amount at 31 December 2025   382,946   13 Contractual obligations and contingencies, etc.   Other contingent liabilities   Group   The Group has a notice period of 3 months according to lease agreements which corresponds to DKK 27   thousand.   The Group has entered into rental contracts which has a notice period of 4-8 months according to the   agreements which corresponds to DKK 867 thousand.   The Group’s bank has provided a payment guarantee of DKK 57 thousand as security for the group's   obligations.   The Group has, as part of its normal course of business, entered into customary executory contracts.   14 Security and collateral   Group   The Group has issued floating charge of a total amount of DKK 10,000 thousand secured on goodwill,   inventories, property, plant and equipment and trade receivables. The total carrying amount of these   assets is DKK 14,870 thousand.   8 Financial assets   Parent Company   Investments in group   DKK   enterprises   Cost at 1 January 2025   13,242,292   Cost at 31 December 2025   13,242,292   Value adjustments at 1 January 2025   25,293,025   Foreign exchange adjustments   -166,335   Profit/loss for the year   -944,984   Amortisation of goodwill for the year   -162,768   Value adjustments at 31 December 2025   24,018,938   Carrying amount at 31 December 2025   37,261,230   Investment in group entities includes goodwill with the amount of DKK 1,628 thousand which is   amortised over 5 years. The book value as at 31 December 2025 amounts to DKK 0 thousand.   Parent Company   Group enterprises   Name and registered office   Domicile   Voting rights and ownership   New Power Partners ApS   Denmark   100%   13 Contractual obligations and contingencies, etc.   Other contingent liabilities   Parent Company   The Parent Company is jointly taxed with its Danish group entities. As administration company, the   Company has unlimited joint and several liability, together with the group entities, for payment of   Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint   taxation group.   14 Security and collateral   Parent Company   The parent Company has not provided any security or other collateral in assets at 31 December 2025.   Notes   9 Other receivables   Other receivables consist primarily of deposits related to operating activities.   10 Prepayments   Prepayments contain prepaid costs relating to the following financial year.   Group   Parent Company   DKK   2025   2024   2025   2024   11 Deferred tax   Deferred tax at 1 January   675,414   667,036   0 0 Deferred tax adjustment for the year   -1,675,121   8,378   0 0 Deferred tax at 31 December   -999,707   675,414   0 0 Group   Parent Company   DKK   2025   2024   2025   2024   11 Deferred tax   Deferred tax at 1 January   675,414   667,036   0 0 Deferred tax adjustment for the year   -1,675,121   8,378   0 0 Deferred tax at 31 December   -999,707   675,414   0 0 11 Deferred tax (continued)   The Group’s deferred tax assets are recognised in the balance sheet at DKK 1,000 thousand. The   deferred tax asset primarily relates to unused tax losses carried forward. The deferred tax asset has   been recognised based on expectations of taxable profits in the coming years, whereby the tax losses   are expected to be fully utilised. The assessment is based on the Group’s budgets for the forthcoming   years.   12 Other payables   Group   Other payables consist primarily of liabilities due to VAT, deposits and payroll liabilities.   Group   DKK   2025   2024   15 Changes in working capital   Changes in receivables   -1,447,854 13,783,793   Changes in trade and other payables   3,640,385   -7,029,373   Foreign exchange adjustments   -166,335   63,577   2,026,196   6,817,997   16 Cash and cash equivalents at year-end   Cash according to the balance sheet   16,724,782 13,694,243   Short-term debt to banks   -719,857 -967,178   16,004,925 12,727,065