44238837 2025-01-01 2025-12-31 44238837 2025-01-01 2025-12-31 2 44238837 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 44238837 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 44238837 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 44238837 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 44238837 2025-01-01 2025-12-31 1 44238837 2023-08-16 2024-12-31 44238837 2025-12-31 44238837 2024-12-31 44238837 2025-01-01 fsa:ContributedCapitalMember 44238837 2025-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44238837 2025-01-01 fsa:RetainedEarningsMember 44238837 2025-01-01 44238837 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44238837 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44238837 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44238837 2025-12-31 fsa:ContributedCapitalMember 44238837 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 44238837 2025-12-31 fsa:RetainedEarningsMember 44238837 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 44238837 2023-08-16 fsa:InvestmentsInGroupEnterprisesMember 44238837 2025-01-01 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 44238837 2023-08-16 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 44238837 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 44238837 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 44238837 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 44238837 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 44238837 2025-12-31 fsa:OtherLongtermPayablesMember 44238837 2024-12-31 fsa:OtherLongtermPayablesMember 44238837 2025-12-31 fsa:OtherShorttermPayablesMember 44238837 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:USD pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2023-08-16 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 US ApS 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 Manager Akeel Wisam Talal Elhakim Mikkel Damgaard Kring Ajmal Raghestani Chairman To the shareholder of ENZEE Commodities US ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of ENZEE Commodities US 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. 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.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. 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 US ApS Åboulevarden 3, 1. 8000 Aarhus C 44238837 Aarhus Jens Chr. Skous Vej 1 8000 Aarhus C -482 -152857 572675 -144015 30397 62009 167990 12982 434600 -247845 -30377 -22843 464977 -225002 428660 0 36317 -225002 1706814 905985 1706814 905985 1706814 905985 108660 17156 30377 22843 139037 39999 9467 284885 148504 324884 1855318 1230869 5571 5571 428660 0 -188685 -225002 245546 -219431 1424670 1259680 1424670 1259680 185102 0 0 190620 185102 190620 1609772 1450300 1855318 1230869 5571 0 -225002 -219431 0 428660 36317 464977 5571 428660 -188685 245546 The company's purpose is to own shares in other companies as well as other investments at the management's discretion 0 0 114 230 0 501 30283 61278 30397 62009 8518 0 562 482 158910 12500 167990 12982 -30377 -22843 -30377 -22843 1050000 0 228154 1050000 1278154 1050000 -144015 0 572675 -144015 428660 -144015 1706814 905985 Investments in subsidiaries are specified as follows:1,278,154 USD ENZEE Commodities Inc. New York 1.00 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 payables1,424,6701,450,300 0 0 1424670 1259680 1424670 1259680 0 190620 Other 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 US ApS 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 Financial Statements for 2025 are presented in USD.The annual report is presented in USD, which is the functional currency of the company. The following exchange rates have been used: as of 31 December 2025: 0.1574 USD/DKK With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. 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. Translation policiesUsd 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. Other external expensesOther external expenses comprise expenses for premises as well as office expenses, etc. Gross lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of other operating income and other external expenses. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. 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 the Parent Company. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at USD 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. 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. 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. Debts are measured at amortised cost, substantially corresponding to nominal value.