42676330 2025-01-01 2025-12-31 42676330 2025-01-01 2025-12-31 2 42676330 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 42676330 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 42676330 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 42676330 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 42676330 2025-01-01 2025-12-31 1 42676330 2024-01-01 2024-12-31 42676330 2025-12-31 42676330 2024-12-31 42676330 2025-01-01 fsa:ContributedCapitalMember 42676330 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 42676330 2025-01-01 fsa:RetainedEarningsMember 42676330 2025-01-01 fsa:ProposedDividendRecognisedInEquityMember 42676330 2025-01-01 42676330 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 42676330 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 42676330 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42676330 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 42676330 2025-12-31 fsa:ContributedCapitalMember 42676330 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 42676330 2025-12-31 fsa:RetainedEarningsMember 42676330 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 42676330 2025-01-01 fsa:CompletedDevelopmentProjectsMember 42676330 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 42676330 2025-12-31 fsa:CompletedDevelopmentProjectsMember 42676330 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 42676330 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 42676330 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 42676330 2025-12-31 fsa:OtherLongtermPayablesMember 42676330 2024-12-31 fsa:OtherLongtermPayablesMember 42676330 2025-12-31 fsa:OtherShorttermPayablesMember 42676330 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:EUR pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning true 2026-05-12 Akeel Wisam Talal Elhakim The Executive Board and Board of Directors have today considered and adopted the Annual Report of ENZEE Commodities A/S for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. We recommend that the Annual Report be adopted at the Annual General Meeting. Aarhus C 2026-05-12 Ajmal Raghestani CEO Akeel Wisam Talal Elhakim Ajmal Raghestani Mikkel Damgaard Kring Chairman To the shareholder of ENZEE Commodities 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 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of ENZEE Commodities A/S 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Aarhus C 2026-05-12 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Mads Meldgaard Martin Stenstrup Toft State Authorised Public Accountant State Authorised Public Accountant mne24826 mne42786 ENZEE Commodities A/S Åboulevarden 3, 1. 8000 Aarhus C 42676330 Aarhus Jens Chr. Skous Vej 1 8000 Aarhus C 13105907 7333707 2352560 1606342 69428 46530 10683919 5680835 260111 141135 640995 247968 10303035 5574002 2298902 1232473 8004133 4341529 9494798 0 0 1208000 -1490665 3133529 122430 115079 122430 115079 19949 19973 19949 19973 142379 135052 3638226 2111059 454559 136206 7617163 5550342 131406 81802 11841354 7879409 3681462 2309202 15522816 10188611 15665195 10323663 53789 53789 95496 89762 4366447 5862846 0 1208000 4515732 7214397 14283 22495 14283 22495 0 306979 0 306979 351995 767503 5956830 229357 2307087 1225006 2498964 557926 20304 0 11135180 2779792 11135180 3086771 15665195 10323663 53789 89762 5862846 1208000 7214397 0 0 0 1208000 1208000 0 0 9494798 0 9494798 0 59810 -59810 0 0 0 54076 -54076 0 0 0 0 8004133 0 8004133 53789 95496 4366447 0 4515732 The company's purpose is the purchase and sale of electricity, as well as business which, at the discretion of the board, is connected with this. 2238816 1536874 0 1253 9265 7896 104479 60319 2352560 1606342 20 17 20418 1171 85640 67360 154053 72604 260111 141135 78749 0 314468 205519 247778 42449 640995 247968 2307087 1225006 -8185 7467 2298902 1232473 199050 76679 275729 83971 -100 69428 153299 122430 Development costs relating to systems supporting the Group’s trading activities are capitalised as intangible assets when technical and commercial feasibility, the intention and ability to complete the project, and reliable measurement of costs can be demonstrated.Such costs primarily comprise external developers and consultants.The project was brought into use in 2023 and is amortised over three years. Management has assessed that there are no indicators of impairment in respect of development projects, and the carrying amounts are considered recoverable at year-end. 19973 -24 19949 19949 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Other payables2,498,964864,905 0 0 0 306979 0 306979 2498964 557926 Derivative financial instruments contracts in the form of forward exchange contracts have been concluded. At the balance sheet date, the fair value of derivative financial instruments amounts to:Liabilities7,6287,313Forward exchange contracts have been concluded to hedge future sale of power in USD and GBP. At the balance sheet date, the fair value of the forward exchange contracts amounts to EUR 7,628 (2024: EUR 7.313). The forward exchange contracts have a term of 1 month.Forward exchange contracts-315-7,628 Charges and securityThe following assets have been placed as security with bankers:Liquid funds of:601,467301,761The following assets have been placed as security with bankers and other payablesAs security for bank debt and other payables, a corporate mortgage of TEUR 67 (2024: TEUR 469) has been issued, in the company's trade receivables, their fixtures and fittings, tools and equipment and intellectual property right. The security is required for guarantees against counterparties. The value of these assets constitutes:3,760,6562,195,234 Rental and lease obligationsThe company has entered into a tenancy agreement with a notice of termination of 6 months, the obligation can amount to a maximum of TEUR 61 (2024: TEUR 58).Guarantee obligationsThe company has placed payment guarantees to counterparties of600,000300,000Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of RAG Invest ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The Annual Report of ENZEE Commodities A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in EUR. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesEur is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Hedge accountingChanges in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in the fair value reserve under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income statement. RevenueRevenue comprise physical and financial energy-contracts where delivery has taken place in the financial year, including associated trading costs. Revenue is measured in accordance with IAS 39 as fair value adjustments of derivative financial instruments. The fair value adjustments are recognised as net.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. Direct expensesDirect expenses primarily include the direct fees incurred to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, direct expenses and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation and impairment of intangible assets. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Enzee Holding A/S. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts of development projects comprise expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3 year. Impairment of fixed assetsThe carrying amounts of intangible assets are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation.If so, the asset is written down to its lower recoverable amount. Other fixed asset investments consist of deposits relating to rent. 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. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company’s experience from previous years. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.