39183056 2025-01-01 2025-12-31 39183056 2025-01-01 2025-12-31 1 39183056 2021-01-01 2021-12-31 1 39183056 2022-01-01 2022-12-31 1 39183056 2023-01-01 2023-12-31 1 39183056 2024-01-01 2024-12-31 1 39183056 2025-01-01 2025-12-31 1 39183056 2021-01-01 2021-12-31 2 39183056 2022-01-01 2022-12-31 2 39183056 2023-01-01 2023-12-31 2 39183056 2024-01-01 2024-12-31 2 39183056 2025-01-01 2025-12-31 2 39183056 2021-01-01 2021-12-31 3 39183056 2022-01-01 2022-12-31 3 39183056 2023-01-01 2023-12-31 3 39183056 2024-01-01 2024-12-31 3 39183056 2025-01-01 2025-12-31 3 39183056 2025-12-31 39183056 2024-12-31 39183056 2023-12-31 39183056 2022-12-31 39183056 2021-12-31 39183056 2021-01-01 2021-12-31 4 39183056 2022-01-01 2022-12-31 4 39183056 2023-01-01 2023-12-31 4 39183056 2024-01-01 2024-12-31 4 39183056 2025-01-01 2025-12-31 4 39183056 2024-01-01 2024-12-31 39183056 2023-01-01 2023-12-31 39183056 2022-01-01 2022-12-31 39183056 2021-01-01 2021-12-31 39183056 2021-01-01 2021-12-31 101 39183056 2022-01-01 2022-12-31 101 39183056 2023-01-01 2023-12-31 101 39183056 2024-01-01 2024-12-31 101 39183056 2025-01-01 2025-12-31 101 39183056 2023-12-31 fsa:ContributedCapitalMember 39183056 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 39183056 2023-12-31 fsa:RetainedEarningsMember 39183056 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 39183056 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39183056 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 39183056 2024-12-31 fsa:ContributedCapitalMember 39183056 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39183056 2024-12-31 fsa:RetainedEarningsMember 39183056 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39183056 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39183056 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39183056 2025-12-31 fsa:ContributedCapitalMember 39183056 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39183056 2025-12-31 fsa:RetainedEarningsMember 39183056 2025-01-01 2025-12-31 1 39183056 2025-01-01 2025-12-31 2 39183056 2025-01-01 2025-12-31 1 39183056 2025-01-01 2025-12-31 2 39183056 2025-01-01 2025-12-31 3 39183056 2025-01-01 2025-12-31 4 39183056 2025-01-01 2025-12-31 5 39183056 2025-01-01 2025-12-31 6 39183056 2025-01-01 2025-12-31 7 39183056 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Anne Nord Innargi A/S Amerika Plads 29 2100 København Ø 39183056 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Management Review Innargi’s business model is distinguished by its assumption of full re-sponsibility for subsurface related risks, ranging from initial explora-tion and test drilling to the delivery of heat to district heating compa-nies. This model ensures that district heating companies and their customers are shielded from unforeseen additional costs, as such risks remain with Innargi. During 2024, the company entered into a 30-year heat supply agree-ment with Vestforbrænding for a geothermal project located in Virum, Denmark. During 2025, the project continued in the development phase. Progress has been slower than initially anticipated, due to the ongoing process of identifying and securing a suitable plot for the geothermal activities. Dialogue with relevant stakeholders and au-thorities is ongoing, and progress has been made in advancing the site selection process. Based on current assessment, the overall pro-ject timeline remains achievable. In Aarhus, Denmark, the Group’s long-term project with the district heating company Kredsløb reached a significant milestone in 2025. Following successful drilling and construction activities in Skejby dur-ing 2024 and 2025, the first geothermal plant in Aarhus was completed as planned by summer 2025. Heat supply to Kredsløb of up to 20 MW commenced in September 2025 and has been deliv-ered continuously during the winter period 2025/2026. The plant is designed to operate for a minimum of 30 years and rep-resents a first-of-its-kind geothermal development in Aarhus. The successful commissioning marks the Group’s transition from devel-opment to operational heat production at the site. The next phase and build out of the geothermal capacity in Aarhus are well underway with an additional heat potential of up to 100MW. At the same time, the company is experiencing significant and grow-ing interest in its geothermal solutions across its core markets. Com-mercial traction increased notably during 2025, with particularly strong momentum in Poland, where market conditions and regulatory developments continue to support large-scale geothermal deploy-ment. The company also continues to advance activities in Denmark, reflecting increasing demand for reliable and scalable renewable dis-trict heating solutions. RESULT FOR THE YEAR Net loss for the year after tax amounted to DKK 140m (DKK 255m). The result for the year is affected by increased activity and scale up of the organisation. The result for the year is proposed transferred to retained earnings. No dividend is proposed for 2025. As of 31 December 2025, the equity amounted to DKK 413m (DKK 325m). EXPECTATIONS FOR 2026 Management expects an improved financial result compared with 2025, although the company anticipates continuing losses in the near term. Management expects a net loss in the range of DKK 110–130 million for 2026. This is in line with plan, as the group is focused on developing long-term geothermal projects and current installed ca-pacity is not yet sufficient to support profitability. In Aarhus, the focus in 2026 is on completing the final commissioning and ramp-up of the geothermal plant, which commenced in Q1 2026, and on advancing planning for the next phase of capacity expansion with an additional heat potential of up to 100 MW. Heat delivery to Kredsløb is expected to continue and increase during 2026 as the in-stallation reaches full operational capacity. For the Virum project, 2026 will be focused on securing a suitable site and advancing the permitting process. Subject to site confirma-tion, the project is planned for development and construction in the coming years with heat delivery expected in 2029. Dialogue with rele-vant stakeholders and authorities is ongoing. Internationally, the group expects to continue its commercial and de-velopment activities in Poland, where market conditions and the reg-ulatory environment remain supportive of large-scale geothermal de-ployment. The group aims to advance project development and secure additional offtake agreements in the Polish market during 2026. Financing is in place for both the Aarhus and Virum projects, provid-ing a secure foundation for the planned activities in 2026 and be-yond. The group’s broader development activities, including international expansion, will continue to require capital, and manage-ment remains focused on ensuring adequate funding capacity to sup-port the group’s long-term growth strategy. PRINCIPAL RISKS AND UNCERTAINTIES The company is exposed, through its subsidiaries, to a number of risks and uncertainties that could materially affect its financial posi-tion and future development. Subsurface risk is inherent to geothermal development. Despite thor-ough appraisal activities, there remains uncertainty regarding reser-voir performance, water flow rates and temperatures at future drilling locations. Subsurface outcomes may deviate from expectations, which could affect project viability and asset carrying values. Financing is in place for the Aarhus and Virum projects. However, the group remains dependent on external funding to finance ongoing op-erations and the continued development of its broader international project portfolio. The ability to secure sufficient funding on acceptable terms is critical to the group’s ability to execute its strategic objec-tives. Regulatory and market risk exists primarily in the group’s interna-tional markets, particularly Poland, where the regulatory framework for geothermal energy is still developing. Changes in regulation, per-mitting requirements or energy policy could affect project timelines and commercial viability. Commercial risk relates to the group’s ability to enter into new long-term heat supply agreements on commercially acceptable terms. The group’s revenue model is dependent on securing offtake agreements with district heating companies prior to making final investment deci-sions. Inflation and construction cost risk could affect project economics, as the cost of materials, drilling equipment and construction services is subject to market fluctuations. The group seeks to mitigate this risk through fixed-price contracts where possible and by contractually linking future heat payments to relevant inflation indices. RESEARCH AND DEVELOPMENT ACTIVITIES The group conducts significant development activities in connection with its geothermal projects. Development costs that meet the criteria for capitalisation are recognised as intangible assets. At 31 Decem-ber 2025, capitalised development projects amounted to TDKK 48,782 (2024: TDKK 52,710). Development activities in 2025 included the continued build-out of the group’s technical and organisational capabilities required to de-liver geothermal heating at scale, both in Denmark and internation-ally. During the year, the group also initiated the development of an internal IT platform to support operational data management, invoic-ing and future scalability of geothermal operations. The group’s geothermal expertise and organisational capabilities rep-resent key knowledge resources that are essential to the execution of its business model and long-term strategic objectives. ENVIRONMENTAL MATTERS Geothermal energy is a renewable and locally sourced energy form with zero direct CO₂ emissions during operation. The group’s activi-ties contribute to the decarbonisation of district heating systems, with the potential to reduce annual CO₂ emissions by up to 165,000 tonnes when the Aarhus project is fully developed. All activities are conducted in accordance with applicable environ-mental regulations and in close dialogue with the Danish Energy Agency and other relevant authorities. Environmental impact assess-ments are carried out as part of the permitting process for each pro-ject. The group does not consider its current operations to have a material adverse environmental impact beyond what is inherent to geothermal development activities. EVENTS AFTER THE BALANCE SHEET DATE No material events have occurred after 31 December 2025 that are expected to have a significant impact on the company’s financial po-sition or future prospects. Innargi’s strategic ambition is to decarbonise district heating systems on an industrial scale by harnessing the po-tential of geothermal energy through a unique and scalable business model. In Denmark, geothermal energy has the potential to supply baseload heat to a large number of large and mid-size district heating networks. Interna-tionally, particularly in Central and Eastern Europe where cities are actively phasing out coal, gas, and biomass in pursuit of climate neutrality and enhanced energy independence, the potential is even greater. According to a study by the European Commission, geothermal energy could provide approximately 30–45% of the EU’s district heating supply. As a renewable and locally sourced energy source, geothermal heating offers zero direct emissions and can be nearly carbon-neutral when integrated with solar and wind energy, thereby strengthening urban energy security. Other income Other income Other income Other income Other income 16690000 12449000 13977000 6235000 0 EBITDA EBITDA EBITDA EBITDA EBITDA -118770000 -134586000 -130002000 -55700000 -34682000 Net loss for the year Net loss for the year Net loss for the year Net loss for the year Net loss for the year -140489000 -255232000 -128867000 -60023000 -24269000 466325000 372066000 257910000 102797000 78219000 412786000 324827000 222924000 82083000 67106000 Total liabilities Total liabilities Total liabilities Total liabilities Total liabilities 53539000 47240000 34986000 20714000 11113000 63 73 46 18 8 0.88 0.87 0.86 0.80 0.86 -0.38 -0.93 -0.85 -0.80 -0.34 Return on Assets (ROA) Return on Assets (ROA) Return on Assets (ROA) Return on Assets (ROA) Return on Assets (ROA) -0.34 -0.81 -0.71 -0.66 -0.31 16690000 12449000 53607000 44515000 81853000 102520000 10678000 10069000 -11643000 -111191000 -141091000 -255846000 709000 894000 542000 781000 -140924000 -255733000 -435000 -501000 -140489000 -255232000 -14660000 -7154000 -125829000 -248078000 -140489000 -255232000 48782000 52710000 48782000 52710000 1711000 2263000 6239000 9050000 7950000 11313000 354388000 269227000 8473000 8072000 1227000 0 364088000 277299000 420820000 341322000 1142000 654000 18765000 11826000 0 2555000 1626000 2034000 21533000 17069000 23972000 13676000 45505000 30744000 466325000 372066000 500000 500000 38050000 52710000 374236000 271616000 412786000 324827000 1000000 1505000 2673000 5218000 3673000 6723000 2545000 2636000 2820000 3970000 17015000 13781000 27486000 20129000 49867000 40516000 53539000 47240000 466325000 372066000 500000 59864000 162560000 222924000 0 0 -17926000 -17926000 0 0 -60000 -60000 0 0 375000000 375000000 0 -7154000 -248078000 -255232000 500000 52710000 271616000 324826000 -89000 -89000 0 0 225000000 225000000 0 -14660000 -125829000 -140489000 0 0 3360000 3360000 500000 38050000 374236000 412786000 Note 1: Significant accounting policies Change in accounting policies During the year, the accounting policy for investments in subsidiaries has been changed from measure-ment at cost price to the equity method in accordance with the Danish Financial Statements Act. The change has been applied retrospectively. Management considers that the new accounting policy pro-vides more relevant information. The effect of the change on equity as at the beginning of the comparative period is recognised directly in equity. The impact of the change on the financial statements is a decrease in investments in subsidi-aries of DKK 129,055 thousand with a corresponding adjustment to equity as at 31 December 2024. FOREIGN CURRENCY TRANSLATION Transactions in currencies other than the functional currency are translated at the exchange rate pre-vailing on the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as per the balance sheet date. Foreign exchange gains and losses are included in the income statement such as financial income or expenses. INCOME STATEMENT Other external expenses Other external expenses comprise expenses for administration, office supplies, advisory fee, etc. Staff costs Staff costs include wages and salaries, including compensated absence, as well as other social security contributions and board fees. The Financial Statements for 2025 for Innargi A/S have been prepared on a going concern basis and in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class C (medium). The Financial Statements are presented in DKK. Unless otherwise stated, comparative figures for 2024 are presented in brackets. Share-based payment The company has established a warrant programme for senior management and key employees. The programme was approved in May 2024 with an issuance of up to 108,000,000 warrants at an exercise price of DKK 0.711257 per share. The warrants vest over 36 months with a one-year cliff. After 12 months, one-third of the granted war-rants vest, followed by linear monthly vesting over the remaining 24 months. Warrants can only be exer-cised in connection with (i) an Exit event (defined as a public listing or a sale of more than 80% of the shares in the Group) or (ii) upon expiry of the programme on 1 May 2030. A cap of 400% applies to the gain on exercise. The total fair value of the warrant programme at grant date is estimated at DKK 5,970,218, determined using the Black-Scholes option pricing model. Key assumptions applied in the valuation include an expected volatility of 30% and a risk-free interest rate of 2.6%, based on Danish government bond yields with similar maturity. The total fair value is recognised as a share-based payment expense over the vesting period from May 2024 to April 2027. In 2025, an amount of TDKK 1,990 has been recognised, with the remaining TDKK 2,653 to be recognised over the period January 2026 to April 2027. Other income Other income comprises service fees and option premium. Financial income and expenses Other financial items comprise bank fees, interest and net exchange gains and losses on transactions in foreign currencies etc. Tax Tax comprises an estimate of current and deferred income tax as well as adjustments to previous years of those. Tax is recognised in the income statement to the extent it arises from items recognised in the income statement. Intangible assets Development projects on clearly defined and identifiable products and processes, for which the tech-nical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are rec-ognised as costs in the income statement as incurred. The cost of development projects comprises costs such as salaries and other costs that are directly and indirectly attributable to the development projects. Completed development projects are amortised on a straight-line basis over their estimated useful lives. Patents are amortised over the remaining patent term or a shorter economic life, with a maximum amor-tisation period of 20 years. Business model and facility design projects are amortised over 10 years from the time the asset is available for use. Internally developed software is amortised over 5 years from the time it is ready for use. Projects in progress are not amortised but are annually tested for impair-ment. Development projects are written down to the lower of recoverable amount and carrying amount. Patents are measured at cost less accumulated amortised and write-downs or at recoverable amount, if lower. Patents are amortised over the remaining patent term or a shorter economic life. Costs for internally developed software are recognised as development projects when the criteria for recognition as an asset are met. Costs comprise directly attributable external costs. Developed software is amortised on a straight-line basis over its estimated useful life of 5 years from the time the software is ready for use. Fixed assets Fixed assets comprise equipment and leasehold improvements and are measured at cost less accumu-lated depreciation and impairment losses. Cost comprises the acquisition price as well as costs directly associated with the asset until such time as the asset is ready for its intended use as well as the net present value of estimated costs of removal and restoration. Depreciation is charged to the income statement on a straight-line basis over the useful lives at an esti-mated residual value. The useful lives are typically as follows: Equipment including furniture 5 years Leasehold 3 years Estimated useful lives and residual value are reassessed on a regular basis. Right-of-use assets Lease contracts are capitalised using an incremental borrowing rate and recognised in the balance sheet as right-of-use assets and corresponding lease liabilities. The right-of-use assets are depreciated over the lease term. Lease payments made are split into an interest element presented under financial expenses and amortisation of the lease liability. Lease contracts with a term shorter than 12 months or for which the underlying asset are of low value are not capitalised but expensed straight-line over the lease term. Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabili-ties include the net present value of the expected future lease payments. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining bal-ance of the liability for each period. Right-of-use assets are initially equal to the capitalised lease liability adjusted for any upfront payments or expected future restoration costs. Right-of-use assets are presented as property, plant and equip-ment and depreciated over the lease term. Investments in subsidiaries Investments in subsidiaries are recognised and measured under the equity method. This implies that the proportionate share of the net result, less any amortisation of goodwill and other fair value adjust-ments from business acquisitions, is recognised in income from investments in subsidiaries in the state-ment of profit and loss. The investments are measured in the balance sheet at the proportionate ownership share of the net as-set value of the enterprises with deduction or addition of shares of unrealised intercompany profits and losses. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to ‘Re-serve for net revaluation under the equity method’ under equity. The reserve is reduced by dividends distributed to the parent company and adjusted for other equity movements in subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obliga-tion of the parent company to cover the negative balance of the subsidiary is recognised in receivables from subsidiaries or as a provision. Receivables 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. Cash and bank balances Cash and bank balances comprises cash in bank deposits. Deferred tax Deferred tax is provided for, based on the difference between the carrying amount and the tax base of assets and liabilities. Deferred tax is not recognised in respect of goodwill which cannot be deducted or amortised for tax purposes, or in respect of temporary differences which at the date of transaction do not affect either profit for the year or taxable income. Moreover, no provision is made for deferred tax on differences relating to investments in subsidiaries and associates to the extent that taxable distribution is not likely in the near future. Deferred tax assets are recognised solely to the extent that the tax asset is likely to be utilised within the near future. Liabilities Other financial liabilities are measured at amortised cost, substantially corresponding to nominal value. Provisions Provisions comprises net present value of estimated costs of removal and restoration of leasehold im-provements. With reference to section 112(1) of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. true Cash flow statement In accordance with section 86(4) of the Danish Financial Statements Act, the company has not prepared a cash flow statement. The company is included in the consolidated financial statements of Innargi Holding A/S, Business Registration No. 40 56 96 42, Amerika Plads 29, DK-2100 København Ø, which prepares consolidated financial statements including a cash flow statement in accordance with the Dan-ish Financial Statements Act. The consolidated financial statements of Innargi Holding A/S are available at the Danish Business Authority. Note 2: Staff costs Amounts in TDKK 2025 2024 Wages and salaries 81,447 102,218 Other social security costs 407 302 Total 81,853 102,520 Remuneration of management Amounts in TDKK 2025 2024 Board of directors 1,250 1,250 Executive Board 3,869 5,359 Total 5,119 6,609 Board fees and board of directors salaries are included in wages and salaries above. Warrant programme Innargi A/S participates in a warrant programme established for senior management and key employees of the Innargi group. The programme was approved in May 2024 with an issuance of up to 108,000,000 warrants. The warrants have an exercise price of DKK 0.711257 per share. The warrants vest over 36 months with a one-year cliff. After 12 months, one-third of the granted war-rants vest, followed by linear monthly vesting over the remaining 24 months. Warrants can only be exercised in connection with (i) an Exit event or (ii) upon expiry of the programme on 1 May 2030. An Exit is defined as either a public listing (IPO) or a sale of more than 80% of the shares in the group. A cap of 400% applies to the gain on exercise, meaning that the value per share at exercise may not exceed four times the exercise price. The total fair value of the warrant programme at grant date is estimated at DKK 5,970,218. The valua-tion is based on an internal valuation model using the Black-Scholes option pricing methodology. The following key assumptions were applied in the valuation: an expected volatility of 30%, estimated based on a benchmark of comparable companies and internal assessments of the entity's risk profile, and a risk-free interest rate of 2.6%, based on Danish government bond yields with similar maturity. The programme covers members of the Executive Board and other key management personnel. No warrants have been granted to members of the Board of Directors. Outstanding warrants No. Balance at 1 January 2025 84,000,000 Issued during the year 0 Forfeited during the year 0 Balance at 31 December 2025 84,000,000 Of this, vested during the year 0 Balance at 31 December 2025 Executive board 36,000,000 Other key management personnel 48,000,000 Total 84,000,000 63 73 Note 6: Completed development projects, including patents Completed development projects, TDKK including patents Total Cost 1 January 2025 68,011 68,011 Additions 3,281 3,281 Transfers 0 0 31 December 2025 71,292 71,292 Amortisation and impairment losses 1 January 2025 15,301 15,301 Amortisation 7,209 7,209 31 December 2025 22,510 22,510 Carrying amount 31 December 2025 48,782 48,782 The company is actively engaged in scaling up geothermal heating in Denmark and abroad. Geothermal energy remains an underutilised renewable energy source with the potential to supply approximately 30-45% of the EU’s district heating supply. Innargi’s mission is to make geothermal heating broadly acces-sible and cost-competitive by leveraging economies of scale and offering a turnkey model that covers exploration, construction, and long-term operation. This structure ensures that district heating compa-nies and their customers are not exposed to financial risk if projects do not proceed as planned. In January 2022, Innargi entered into a 30-year heat supply agreement with Kredsløb for the develop-ment of a geothermal heating plant in Aarhus, Denmark. In 2024, a similar long-term agreement was signed with Vestforbrænding for a project in Virum, Denmark. The Virum project is in its early development phase and planned for development and execution in the coming years with heat delivery expected in 2029. The Aarhus project, which is being developed by the company’s subsidiary Innargi Project I P/S, final- ised the construction of the geothermal plant by mid-2025. Heat supply commenced in September 2025 and ramp up, and final commissioning has been advanc-ing during the latter part of 2025 and in Q1 2026. The geothermal installation has an anticipated opera-tional lifespan of at least 30 years. In addition, the company has developed an internal IT system for the operation and management of its geothermal facilities, which has been capitalised as an intangible asset during the year. Note 3: Other financial income Amounts in TDKK 2025 2024 Interest income, affiliates 400 448 Other financial income 309 446 Total 709 894 Note 4: Other financial expenses Amounts in TDKK 2025 2024 Interest expenses on lease liabilities 309 309 Other financial expenses 18 111 Currency exchange losses 215 361 Total 542 781 Note 5: Tax on profit/loss for the year Amounts in TDKK 2025 2024 Tax on profit/loss for the year 435 501 Adjustment of tax concerning previous years 0 0 Adjustment of deferred tax 0 0 Total 435 501 Note 7: Equipment TDKK Equipment Total Cost 1 January 2025 3,321 3,321 Additions - - 31 December 2025 3,321 3,321 Amortisation and impairment losses 1 January 2025 1,058 1,058 Depreciations 552 552 31 December 2025 1,610 1,610 Carrying amount 31 December 2025 1,711 1,711 Equipment comprises office furniture and IT equipment used in the company's operations. All equipment is depreciated on a straight-line basis over 5 years. Note 9: Investments in subsidiaries TDKK 2025 2024 Cost Cost at 1 January 398,282 143,791 Additions for the year 96,774 254,490 Disposals for the year -60 - Cost at 31 December 494,996 398,282 Net revaluations at 1 January - 129,055 - 17,926 Exchange rate adjustments 13 62 Net profit for the year - 11,643 - 111,191 Disposal 77 - Net revaluations at 31 December - 140,608 - 129,055 Carrying amount Carrying amount at 31 December 354,388 269,227 During 2025, the company made additional capital contributions to Innargi Project I P/S (TDKK 75,000), Innargi Project II P/S (TDKK 10,000), Innargi Project II GP ApS (TDKK 150) and Innargi Poland Sp. z o.o. (TDKK 11,624) to fund ongoing construction and development activities. The investment in Innargi Hungary KFT was fully disposed of during 2025. Note 8: Right-of-use assets Right-of-use TDKK assets Total Cost 1 January 2025 9,050 9,050 Additions 0 0 31 December 2025 9,050 9,050 Amortisation and impairment losses 1 January 2025 - - Depreciations 2,811 2,811 31 December 2025 2,811 2,811 Carrying amount 31 December 2025 6,239 6,239 Right-of-use assets relate to the company's office lease at Amerika Plads 29, Copenhagen. The lease runs until 31 December 2027. Depreciation is charged on a straight-line basis over the lease term. The corresponding lease liability is presented under long-term and short-term liabilities respectively. Note 12: Contingent assets The value of tax losses carry forward amount to DKK 120.2 million as of 31 December 2025. The tax asset is not recognised in the balance sheet, as it is unknown when the company will be able to utilise the tax asset. Note 10: Provisions TDKK Refurbishment Total Cost 1 January 2025 1,505 1,505 Additions - - Utilised during the year -505 -505 31 December 2025 1,000 1,000 Carrying amount 31 December 2025 1,000 1,000 The provision relates to the estimated costs of removal and restoration of leasehold improvements at the company's office premises at Amerika Plads 29, Copenhagen. The provision is measured at the net present value of the estimated restoration costs. The current portion recognised in 2024 was utilised during 2025. The remaining provision of TDKK 1,000 is classified as non-current. Note 11: Related parties The company is included in the consolidated financial statements of Innargi Holding A/S, Business Reg-istration No 40 56 96 42, Amerika Plads 29, DK-2100 København Ø. Directly owned subsidiaries Country of incorporation Equity interest in % Name2025 2024 Innargi Project I P/S Denmark 100% 100% Innargi Project I GP ApS Denmark 100% 100% Innargi Project II P/S Denmark 100% 100% Innargi Project II GP ApSDenmark 100% 100% Innargi Poland Sp. z o.o Poland 100% 100% Innargi Poland Project I Sp. z o.o Poland 100% 100% Innargi Germany GmbH Germany 100% 100% All transactions with related parties have been conducted on an arm's length basis and on terms equiva-lent to those prevailing in transactions with unrelated parties. Note 15: Liquidity risk Liquidity risk management implies maintaining sufficient cash and marketable securities and the availa-bility of funding through an adequate amount of commitments to meet obligations when due and to close out market positions. Management forecasts and manages the Company’s cash balances and liquidity reserves on the basis of expected cash flows and a formalised project maturation and investment process. The tables below classify the company’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. For trade and other payables due in the normal operating cycle, the cash flow amounts equal their carrying balances as the impact of discounting is not significant. Carrying amount Contractual maturities of financial liabilities TDKK 0-1 year 1-5 years over 5 years Total Maturities of liabilities and commitments 2025 Lease liabilities 5,218 2,545 2,673 - 5,218 Trade payables 2,820 2,820 - - 2,820 Other payables 45,501 44,501 1,000 - 45,501 Total 53,539 49,866 3,673 - 53,539 2024 Lease liabilities 7,854 2,636 5,218 - 7,854 Trade payables 3,970 3,970 - - 3,970 Other payables 35,415 33,910 1,505 - 35,415 Total 47,239 40,516 6,723 - 47,239 Other payables include payables to affiliates of TDKK 17,015, other payables of TDKK 27,486 and pro-visions classified as financial liabilities of TDKK 1,000, totalling TDKK 45,501. The carrying amount pre-sented of TDKK 53,539 equals total liabilities per the balance sheet. Note 13: Contingent liabilities The company is included in national joint taxation with companies in the Innargi Holding group. The company is jointly and severally liable for the payment of income taxes and withholding tax within the joint taxation. Note 14: Guarantees The company has provided a letter of support to the company’s subsidiary Innargi Project I P/S and Innargi Project II P/S. Management’s Statement The Executive Board and Boards of Directors have today considered and adopted the Annual Report of Innargi A/S for the fi-nancial year 1 January–31 December 2025. The Annual Report is prepared in accordance with the Danish Finan-cial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position at 31 December 2025 of the company and of the results of the company operations for 2025. In our opinion, management review includes a true and fair account of the development in the operations and financial circumstances of the company, of the results for the year and of the financial position of the company as well as a description of the most significant risks and elements of uncertainty facing the company. We recommend that the Annual Report is adopted at the Annual General Meeting. Copenhagen Samir Abboud Lars Bjørn Heineke Claus Michael Valentin Hemmingsen Chairperson Stig Pastwa Peter Nyegaard Troels Albrechtsen Steffen Risager Jacob Vittrup Pernille Lyngvold Erenbjerg Independent Auditor’s Report To the shareholder of Innargi A/S 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 Janu-ary - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Innargi A/S for the fi-nancial 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 Den-mark. 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 Stand-ards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical re-quirements 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 ob-tained is sufficient and appropriate to provide a basis for our opinion. STATEMENT ON MANAGEMENT REVIEW Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Manage-ment’s Review, and we do not express any form of assurance con-clusion thereon. In connection with our audit of the Financial Statements, our respon-sibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Fi-nancial 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 Finan-cial 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 state-ments that give a true and fair view in accordance with the Danish Fi-nancial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial state-ments 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 Com-pany or to cease operations, or has no realistic alternative but to do so. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstate-ment, 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 accord-ance with ISAs and the additional requirements applicable in Den-mark will always detect a material misstatement when it exists. Mis-statements 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 addi-tional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the au-dit. We also: • Identify and assess the risks of material misstatement of the Fi-nancial 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 ba-sis for our opinion. The risk of not detecting a material misstate-ment resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omis-sions, 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 disclo-sures 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 conclu-sions 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 • 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 Consolidated Financial Statements. We are re-sponsible 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 in-ternal control that we identify during our audit. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Thomas Wraae Holm State Authorised Public Accountant mne30141 Henrik Kyhnauv State Authorised Public Accountant mne40028 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-22 Reporting class C, medium-size enterprise 2017-12-21 www.innargi.com 2026-04-22 529900VSWLQF0O3GA946 Strandvejen 44 Hellerup 2900 Opinion Basis for Opinion 2026-04-22 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab