18605600 2025-01-01 2025-12-31 18605600 2025-01-01 2025-12-31 1 18605600 2025-01-01 2025-12-31 2 18605600 2025-01-01 2025-12-31 3 18605600 2025-01-01 2025-12-31 1 18605600 2025-01-01 2025-12-31 2 18605600 2025-01-01 2025-12-31 3 18605600 2025-01-01 2025-12-31 4 18605600 2025-01-01 2025-12-31 5 18605600 2025-01-01 2025-12-31 6 18605600 2025-01-01 2025-12-31 7 18605600 2025-01-01 2025-12-31 1 18605600 2025-01-01 2025-12-31 2 18605600 2024-01-01 2024-12-31 18605600 2023-01-01 2023-12-31 18605600 2022-01-01 2022-12-31 18605600 2021-01-01 2021-12-31 18605600 2021-01-01 2021-12-31 1 18605600 2022-01-01 2022-12-31 1 18605600 2023-01-01 2023-12-31 1 18605600 2024-01-01 2024-12-31 1 18605600 2025-01-01 2025-12-31 1 18605600 2021-01-01 2021-12-31 2 18605600 2022-01-01 2022-12-31 2 18605600 2023-01-01 2023-12-31 2 18605600 2024-01-01 2024-12-31 2 18605600 2025-01-01 2025-12-31 2 18605600 2025-12-31 18605600 2024-12-31 18605600 2023-12-31 18605600 2022-12-31 18605600 2021-12-31 18605600 2021-01-01 2021-12-31 101 18605600 2022-01-01 2022-12-31 101 18605600 2023-01-01 2023-12-31 101 18605600 2024-01-01 2024-12-31 101 18605600 2025-01-01 2025-12-31 101 18605600 2021-01-01 2021-12-31 3 18605600 2022-01-01 2022-12-31 3 18605600 2023-01-01 2023-12-31 3 18605600 2024-01-01 2024-12-31 3 18605600 2025-01-01 2025-12-31 3 18605600 2024-12-31 fsa:ContributedCapitalMember 18605600 2024-12-31 fsa:ReserveForNetRevaluationOfInvestmentAssetsMember 18605600 2024-12-31 fsa:RetainedEarningsMember 18605600 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 18605600 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationOfInvestmentAssetsMember 18605600 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 18605600 2025-12-31 fsa:ContributedCapitalMember 18605600 2025-12-31 fsa:ReserveForNetRevaluationOfInvestmentAssetsMember 18605600 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Eric Auguste Grégoire Statement by Management on the annual report The Supervisory Board and the Executive Board have today considered and approved the annual report of Scandlines Danmark ApS for the financial year 1 January - 31 December 2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the Company’s financial position at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the management commentary gives a fair review of the development in the Company’s operations and financial matters, of the results for the year and of the Company’s financial position. We recommend that the annual report be approved at the annual general meeting. Copenhagen Eric Auguste Grégoire Mikael Koch Jensen Michael Guldmann Petersen CEO CFO COO Frans Blach Rossen Jakob Dornonville de la Cour Gerlinde Waltraud Helene Krieger Chairman Kenneth Bjerge Nielsen Jan Raymond Saksaa Michael Skeller Andersen Dennis Pollow Independent auditor's report To the Shareholders of Scandlines Danmark ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company as of 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Scandlines Danmark ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“The Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Commentary Management is responsible for Management’s Commentary. Our opinion on the Financial Statements does not cover Management’s Commentary, 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 Commentary and, in doing so, consider whether Management’s Commentary 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 Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Commentary 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 Commentary. Management’s Responsibilities for the Financial Statements Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ● Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ● Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. ● Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. ● Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Bo Schou-Jacobsen André Nielsen State Authorised Public Accountant State Authorised Public Accountant Scandlines Danmark ApS Havneholmen 25, 8. DK 1561 Copenhagen Copenhagen +4533151515 www.scandlines.dk scandlines@scandlines.dk PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup 113271000 108557000 105002000 104782000 78882000 Other operating income Other operating income Other operating income Other operating income Other operating income 32549000 34110000 30556000 21915000 21180000 105649000 103370000 95297000 91730000 76029000 Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss 61012000 63939000 55995000 52368000 35442000 33125000 28046000 25240000 19018000 8964000 93167000 91408000 79821000 78872000 43336000 383757000 282608000 238078000 328451000 301022000 46835000 21360000 36018000 19174000 15760000 355970000 262803000 211395000 276574000 274313000 314 300 296 288 276 0.933 0.952 0.908 0.875 0.964 Net margin (%) Net margin (%) Net margin (%) Net margin (%) Net margin (%) 0.823 0.842 0.76 0.753 0.549 0.301 0.386 0.327 0.286 0.172 0.928 0.93 0.888 0.842 0.911 Revenue per employee Revenue per employee Revenue per employee Revenue per employee Revenue per employee 360700 361900 354700 363800 285800 Financial highlights are defined and calculated in accordance with "Recommendations & Ratios" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Gross margin (%) Gross profit/loss x 100 Revenue Net margin (%) Profit/loss for the year x 100 Revenue Return on equity (%) Profit/loss for the year x 100 Average equity Equity ratio (%) Equity x 100 Total assets Revenue per employee Revenue Average number of employees Management Commentary Development in activities and finances The financial year 2025 shows a profit for the year of TEUR 93,167 (2024: TEUR 91,408), which is TEUR 1,760 higher than 2024.As of 31 December 2025, total assets were TEUR 383,757 (2024: TEUR 282,608) with a total equity of TEUR 355,970 (2024: TEUR 262,803). The revenue performance is considered satisfactory, as the Company has increased the revenue in 2025 as expected. The performance is in general in line with the outlook as set out in the 2024 Financial Statements, as both revenue and profitability have increased in 2025 mainly due to dynamic pricing system. In 2025, the Group completed its new freight ferry, The Baltic Whale, which is capable of operating without direct emissions. The ferry was commissioned on the Puttgarden-Rødby route in early 2026 to provide additional freight capacity and strengthen long-term competitiveness. The ferry is one of the world’s largest battery-powered ferries, featuring an energy-efficient design and a capacity to transport 66 freight units and 140 passengers across the Fehmarn Belt in 70 minutes without direct emissions and in 45 minutes in hybrid operation. For a detailed description of finances and activities, reference is made to the Group Financial Statements of Scandlines Infrastructure ApS. Outlook The macroeconomic volatility of recent years is expected to persist in 2026 with continued geopolitical turbulence and uncertainty impacting consumer confidence and freight rates. Traffic volumes are currently expected to remain relatively stable in 2026 with pockets of higher growth across segments. The freight business is expected to see a positive impact from the commissioning of our new electric ferry on the Puttgarden- Rødby route, which enables us to gain market share and improve the product mix with a higher share of specialised freight transportation. The focus on strict cost control, automation efforts and efficiency actions is maintained with an aim of mitigating economic volatility, which continues to impact 2026. The Group's exposure to changes in fuel prices is mitigated by bunker surcharges and hedging. The commercial initiatives introduced in the leisure business in recent years, including the dynamic ticketing system, are expected to contribute to profitability in 2026. In addition we expect a positive impact on profitability from the electrification of our fleet with the commissioning of our new freight ferry and conversion of ferries to plug-in hybrids. Finally, the increasing use of automated check-in procedures based on licence plate scanning as well as smooth lane allocation for lorries through advanced camera technology will contribute to a positive development. While the investment level will decline after significant investments in recent years, we will continue to improve competitiveness through modernisation and upgrading of existing ferries. Based on the current outlook, management expects revenue to increase in the range of 2–4% and EBITDA in the range of 1–3% in 2026. Management Commentary Particular risks The most material financial risks are currency, oil and credit risks, which only occur in relation to the operating activities. To mitigate the potential impact of the financial risks, the Company has taken an active approach to risk management with a view to identifying and reviewing risk areas and determining how to manage these risks. We refer to the "Risk management" in the Group financial statements of Scandlines Infrastructure ApS for a detailed description. Staff The Company employed an average of 300 people in the financial year 2025 (2024: 296 employees). We continuously work to optimize the psychical and mental work environment. All work related to security is coordinated by the security group. Additionally, we have a constructive dialogue on the development. Uncertainty in relation to recognition and measurement The Company has no material uncertainty in relation to recognition and measurement. Unusual circumstances There are no unusual circumstances in 2025. Research- and development activities The Company has no research- and development activities. Branches The Company has no branches. Primary activities The Company's primary activities are to operate ferries on the route Puttgarden-Rødby. 113271000 108557000 32549000 34794000 18156000 17162000 22015000 22820000 105649000 103369000 32746000 29245000 11891000 10187000 61012000 63937000 29688000 27726000 12575000 8392000 9138000 8072000 94137000 91984000 970000 576000 93167000 91408000 17661000 18270000 17661000 18270000 21758000 22678000 5465000 5768000 10883000 11773000 2231000 2266000 3064000 4009000 96041000 57530000 139442000 104024000 125044000 95355000 408000 387000 125452000 95742000 282556000 218036000 138000 179000 138000 179000 13258000 15396000 83545000 45239000 0 70000 3013000 2256000 99816000 62961000 1247000 1432000 101201000 64572000 383757000 282608000 67236000 67236000 79823000 50135000 208911000 145432000 355970000 262803000 1618000 1592000 3136000 4034000 4754000 5626000 10200000 5212000 1965000 276000 9664000 7698000 1204000 993000 23032000 14179000 27787000 19805000 383757000 282608000 67236000 50135000 145432000 262803000 0 29688000 63479000 93167000 67236000 79823000 208911000 355970000 The share capital consists of 500,000 shares of DKK 1,000 nominal. 31-12-2025 31-12-2024EUR'000 EUR'0001 Revenue Ferry transport 113,271108,557Total 113,271108,557Revenue from ferry transport is generated as part of the crossing from Denmark to Germany. 2 Other operating incomeRent income from harbour, land and buildings 69749Shared Service Center 26,71030,290Catering and other income 5,7703,755Total 32,54934,794Rent income from harbour, land and buildings includes leasehold income from ferries. 3 Staff costs Salaries and wages -29,174 -26,754Pension costs -2,424 -1,571Other social security expenses -377 -201Other personnel expenses -771 -719Total staff costs -32,746 -29,245 314 300 Remuneration to Remuneration to management management 2025 2024 Salary 1,6821,732Bonus 3,5002,100Pension 174211Total Executive Management 5,3564,043Supervisory Board 2424The figures stated relate to the Executive Board’s remuneration for handling the whole Scandlines Infrastructure Group. Thus, only a minor part of the total remuneration is directly related to the work performed in Scandlines Danmark ApS. 31-12-202531-12.2024EUR'000EUR'0004 Financial income Interest from affiliated companies 12,575 8,392Total financial income 12,5758,392 5 Financial expenses Interest to affiliated companies -8,418-7,603Foreign exchange losses 0-379Other interest expenses -720-90Total financial expenses -9,138-8,072 6 Tax on profit/loss for the year Current tax -970-576Total tax on profit for the year -970-576The Company is committed to tonnage tax until 2030. The Company does not expect to withdraw from the scheme and therefore no deferred tax of tonnage tax assets and liabilities have been recognized. 0 40000000 29688000 27639000 63479000 23769000 93167000 91408000 8 Intangible assets EUR’000SoftwareCost at 1 January 53,426Additions 15Transfer 4,341Cost at 31 December 57,783Amortization at 1 January -35,156Amortization for the year -4,965Depreciation and amortization at 31 December -40,122Carrying amount at 31 December 17,661 9 Tangible assets Land and Plant and VesselsBuildingsmachineryCost at 1 January 19,18364,138140,431Additions 098439Transfer 001,665Cost at 31 December 19,18364,236142,535Depreciation at 1 January -13,415-52,365-117,753Depreciation for the year -303-987-3,023Depreciation at 31 December -13,718-53,352-120,776Carrying amount at 31 December 5,46510,88321,7589 Tangible assets (continued) Other Leasing of Asset under Fixtures property, construction*and plant and fittings, equipment tools and equipmentCost at 1 January 4,0955,17557,530Additions 4473745,600Transfer 9890-7,089Disposals 0-8120Cost at 31 December 5,1285,10096,041Depreciation at 1 January -1,829-1,1660Depreciation for the year -1,069-1,5430Disposed 06730Depreciation at 31 December -2,897-2,0360Carrying amount at 31 December 2,2313,06496,041*Assets under construction contain both intangible and tangible projects, which at the point of capitalization are properly classified. The practice is unchanged from previous years. Commitments related to tangible assets Scandlines has in 2021 entered a contract with Cemre Shipyard, Turkey, to build an emission-free ferry for the Puttgarden-Rødby route. As of 31 December 2025, Scandlines has a remaining commitment of EUR 0 million. (2024: Commitment of EUR 31 million). Investments in 10 Fixed assets investments subsidiaries Cost at 1 January 45,220Cost at 31 December 45,220Revaluations 1 January 50,135Share of profit/loss for the year 29,688Revaluations 31 December 79,823Carrying amount at 31 December 125,04410 Fixed assets investments (continued) Registered in Corporate form Equity interest Investments in subsidiaries and % associated companies: Scandlines Catering ApS Copenhagen ApS 100Scandlines Gedser-Rostock ApS Copenhagen ApS 100Scandlines Schiff GmbH & Co. KG Hamburg KG 50EquityProfit/Loss EUR'000Investments in subsidiaries and associated companies: EUR’000 Scandlines Catering ApS 2,945-156Scandlines Gedser-Rostock ApS 122,10129,844Scandlines Schiff GmbH & Co. KG -1,362599 All recognized amounts are based on the latest available financial information. 11 Prepayments Prepayments consist of prepaid leasing and IT services etc. 31-12-202531-12-2024EUR'000EUR'000 12 Other payables VAT and duties1,4981,445Holiday pay obligations 2,8222,933Wages and salaries etc. 6,6374,523Other costs payable 32638811,2829,29031-12-202531-12-2024EUR’000EUR’00012 Other payables (continued) Other payables fall due as following: Current portion of non-current payables within 1 year 9,6647,698Non-current payables between 1 and 5 years 240241Non-current payables over 5 years 1,3781,351Total non-current payables 11,2829,290 13 Deferred income Deferred income consists of prepaid tickets. 14 Contingent liabilities The Group is party to ongoing investigations from public authorities, the outcome and impact of which remain uncertain. Based on external expert advice, management does not currently believe that the basis for the investigations has any merit and, if necessary, the Group will defend itself against them. The timeframe for the investigations being concluded may be after the Group’s next financial year-end. Any potential financial impact is currently uncertain and not possible to quantify. The Group's Danish companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The total amount of corporation tax due is stated in the financial statements of Scandlines Infrastructure ApS, which is the management company in relation to joint taxation. The Group's Danish companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any subsequent corrections to corporation taxes and withholding taxes may result in the Company's liability constituting a larger amount. The Company is jointly and severally liable for the subsidiaries intra-group accounts in the Scandlines ApS Group's cash pool arrangement. The Company has not entered into any material purchase commitments not recognised in the balance sheet. 15 Assets charged and collateral The bank debt of Scandlines ApS is secured by collateral in the Company’s receivables from Group entities, vessels and other assets as well as cash. The Company has a joint and several liability with the other group enterprises for the group financing arrangement. 16 Transactions with related parties There have not been transactions between the Company and its related parties which are not carried out under normal market conditions. 17 Group relations Name and registered office of the Parent Company preparing Consolidated Financial Statements for the smallest group: Scandlines Infrastructure ApS Copenhagen Name and registered office of the Parent Company preparing Consolidated Financial Statements for the largest group: Scandlines Infrastructure ApS Copenhagen 18 Events after the balance sheet date No events have occurred in the period from the balance sheet date until the date of release of this annual report that would materially affect the evaluation of the annual report. 19 Summary of significant accounting policies Reporting class This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large) and the Company has adopted the IFRS Accounting Standards IFRS 9, 15 and 16. The Financial Statement has been presented in TEUR. Recognition and measurement Assets are recognized in the balance sheet when it is probable because of a prior event that future economic benefits will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the Company has a legal or constructive obligation because of a prior event, and it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the Financial Statements and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognized in the income statement when earned, whereas costs are recognized by the amounts attributable to this financial year. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognized in the income statement as financial income or financial expenses. Fixed assets purchased in foreign currencies are translated using historical rates. Income statement Revenue Revenue relating to passenger and cargo ferrying is recognized in the income statement when the control of the service has passed to the customer at the departure time of the vessel. Revenue is measured at the consideration received and is recognized exclusively by VAT and net of discounts relating to sales. Other operating income Other operating income and other operating expenses comprise income and cost of a secondary nature to the Company's primary activities. Costs of raw materials and consumables The operating expenses for vessels comprise consumables applied for current operations of vessels, expenses of unplanned shipyard and expenses of current maintenance of safety level on the vessels. Furthermore, expenses for changes to the hulls of the vessels or for accommodation construction, which did not increase the value in use are included. Dry docking costs are recognized in the carrying number of vessels when incurred and depreciated over the period until the next dry docking. Other external expenses Other external expenses include expenses relating to the Company’s ordinary activities, including expenses for it-costs, marketing costs, premises and various corporate costs, etc. This item also includes write-downs of receivables recognized in current assets. Staff costs Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc. for the Company staff. Depreciation, amortization and impairment losses Intangible assets and property, plant and equipment are amortized or depreciated straight-line on the basis of the individual estimate of their useful lives. Income from investments in subsidiaries Income from investments in subsidiaries comprises the pro rata share of the individual enterprises' profit/loss after full elimination of internal profits or losses. Financial income Financial income comprises interest income, currency gains etc. as well as tax relief under the Danish Tax Prepayment Scheme etc. Financial expenses Financial expenses comprise interest expenses, bank charges, currency losses etc. as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the year Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the income statement by the portion attributable to the profit for the year and recognized directly in equity by the portion attributable to entries directly in equity. The Company is jointly taxed with all Danish group entities in the Scandlines Group. Current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). The Company joined the tonnage tax scheme with effect from 1 January 2002. Accordingly, the taxable income related to passenger and cargo ferrying has been calculated based on the tonnage for the year. Income related to other activities is taxed under the ordinary rules of corporate tax law. The Company is committed to tonnage tax until 2030. The Company does not expect to withdraw from the scheme and therefore no deferred tax of tonnage tax assets and liabilities has been recognized. Balance sheet Intangible assets Intellectual property rights include software and other intangible assets. The basis of amortization is cost less estimated residual value after the end of useful life. The remaining intangible assets are amortized on a straight-line basis using the estimated useful life of three to five years. Property, plant and equipment Vessels, land and buildings, harbour plant and harbour installations as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made based on the following estimated useful lives of the assets: Vessels 35-45 years Docking assets 2-5 years Buildings 40 years Harbour facilities and harbour installations 40 years Other fixtures and fittings, tools and equipment 3-5 years The carrying amounts of property, plant and equipment are reviewed regularly, at least once a year, to determine any indication of impairment. If such indication exists, the recoverable amount of the asset is determined. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Recoverable amount is the higher of value in use (present value of the future net payments) and selling price (broker assessment in respect of vessels) less expected selling costs. Gains and losses from the sales of property, plants and equipment are calculated as the difference between selling price less selling costs and carrying amount at the time of sale. Gains and losses are recognized in the income statement under other operating income/other operating expenses. Costs related to planned periodical repairs and maintenance work (docking costs) are capitalized and depreciated straight-line over the period until the next anticipated docking, typically two-five years. Investments in subsidiaries Investments in subsidiaries are recognized and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity value plus unrealized intra-group profits or losses. Group enterprises with negative equity are measured at EUR 0, and any receivables from these enterprises are written down by the Parent's share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognized under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Inventories Inventories are measured at cost based on the FIFO method. Where the net realizable value is lower than the FIFO cost price, inventories are written down to this lower value. The cost of inventory consists of the acquisition price plus delivery costs. Receivables Receivables are measured at amortized cost, usually equaling nominal value less write-downs for bad debts. Receivables / Payables from affiliated companies Receivables or payable from affiliated companies comprises intercompany trade balances, deposits and debt in the intercompany Cash pool managed by affiliated Company. The Cash pool comprises cash in various currencies and interest is applied on the cash position by arm-lengths principle. Prepayments Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at amortized cost, which usually corresponds to the nominal amount. Cash Cash comprises cash in hand and bank deposits. Leases For financial reporting purposes, leases are divided into capitalizable leases and short-term leases where all leasing contracts with a term over 12 months are recognized as leasing assets and lease liabilities, respectively, on the balance sheet. Leases with a term less than 12 months are classified as short-term leases, which are recognized as costs on a straight-line basis. For leasing assets, cost is present value of future minimum lease payments. The internal rate of return of the lease or group’s alternative borrowing rate is applied as a discount factor for determining the present value. Assets held under leases are depreciated and written down for impairment in accordance with the accounting policies applied by the group to similar proprietary non-current assets or over the lease period depending on the terms and conditions of the lease. The related lease commitment for assets under leases is recognized in the balance sheet by an amount equivalent to the capitalized lease commitment. The interest portion of the lease payment or the year is recognized in the income statement as a financial expense. Lease payments on short-term leases are recognized in profit and loss on a straight-line basis over the lease period unless other systematic better reflect the benefit from the use of the asset. The remaining rental and lease commitments of such leases are disclosed in the notes to the consolidated financial statements. In the event of leases under which assets are leased out, an amount equal to the net investment in the lease is recognized as a receivable in the balance sheet. The asset is derecognized, and any gains or losses in the respect are taken to profit or loss. Long term liabilities Other long-term liabilities comprise long term holiday allowance. Other financial liabilities Other financial liabilities are measured at amortized cost, which usually corresponds to nominal value. Income tax receivable or payable Current tax payable or receivable is recognized in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax. Deferred income Deferred income comprises received income for recognition in subsequent financial years. true Consolidated Financial Statements With reference to the Danish Financial Statements Act §112(2), the Company has not prepared Consolidated Financial Statements. The Company’s Financial Statements is included in the Consolidated Financial Statements of Scandlines Infrastructure ApS. Cash flow statement The Company has according to the Danish Financial Statements Act §86(4) omitted to produce a cash flow statement. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-30 Reporting class C, large enterprise 18605600 https://www.scandlines.com/about-us/management-and-investors/annual-report-and-sustainability-report/ https://www.scandlines.com/about-us/management-and-investors/annual-report-and-sustainability-report/ 2026-04-30 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2026-04-30 mne28703 33771231 mne46624 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK