32348920 2000-01-01 2000-12-31 c:ConsolidatedMember 23 32348920 2002-01-01 2002-12-31 c:ConsolidatedMember 1 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 23 32348920 2002-01-01 2002-12-31 c:ConsolidatedMember 23 32348920 2024-01-01 2024-12-31 c:ConsolidatedMember 23 32348920 2001-01-01 2001-12-31 c:ConsolidatedMember 23 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 1 32348920 2024-01-01 2024-12-31 c:ConsolidatedMember 1 32348920 2001-01-01 2001-12-31 c:ConsolidatedMember 1 32348920 2000-01-01 2000-12-31 c:ConsolidatedMember 1 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 1 32348920 2025-01-01 2025-12-31 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 1 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 2 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 3 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember 4 32348920 2002-01-01 2002-12-31 c:ConsolidatedMember 32348920 2001-01-01 2001-12-31 c:ConsolidatedMember 32348920 2000-01-01 2000-12-31 c:ConsolidatedMember 32348920 2024-01-01 2024-12-31 c:ConsolidatedMember 32348920 2002-12-31 c:ConsolidatedMember 32348920 2001-12-31 c:ConsolidatedMember 32348920 2000-12-31 c:ConsolidatedMember 32348920 2024-01-01 2024-12-31 32348920 2025-12-31 c:ConsolidatedMember 32348920 2024-12-31 c:ConsolidatedMember 32348920 2025-12-31 32348920 2024-12-31 32348920 2024-01-01 c:ConsolidatedMember d:ContributedCapitalMember 32348920 2024-01-01 c:ConsolidatedMember d:RetainedEarningsMember 32348920 2024-01-01 2024-12-31 c:ConsolidatedMember d:RetainedEarningsMember 32348920 2025-01-01 c:ConsolidatedMember d:ContributedCapitalMember 32348920 2025-01-01 c:ConsolidatedMember d:RetainedEarningsMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 32348920 2025-12-31 c:ConsolidatedMember d:ContributedCapitalMember 32348920 2025-12-31 c:ConsolidatedMember d:RetainedEarningsMember 32348920 2024-01-01 d:ContributedCapitalMember 32348920 2024-01-01 d:RetainedEarningsMember 32348920 2024-01-01 2024-12-31 d:RetainedEarningsMember 32348920 2025-01-01 d:ContributedCapitalMember 32348920 2025-01-01 d:RetainedEarningsMember 32348920 2025-01-01 2025-12-31 d:RetainedEarningsMember 32348920 2025-12-31 d:ContributedCapitalMember 32348920 2025-12-31 d:RetainedEarningsMember 32348920 2025-01-01 c:ConsolidatedMember 32348920 2024-01-01 c:ConsolidatedMember 32348920 2025-01-01 c:ConsolidatedMember d:InvestmentPropertyMember 32348920 2025-01-01 c:ConsolidatedMember d:LeaseholdImprovementsMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember d:InvestmentPropertyMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember d:LeaseholdImprovementsMember 32348920 2025-12-31 c:ConsolidatedMember d:InvestmentPropertyMember 32348920 2025-12-31 c:ConsolidatedMember d:LeaseholdImprovementsMember 32348920 2025-01-01 d:InvestmentPropertyMember 32348920 2025-01-01 d:LeaseholdImprovementsMember 32348920 2025-01-01 2025-12-31 d:InvestmentPropertyMember 32348920 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 32348920 2025-12-31 d:InvestmentPropertyMember 32348920 2025-12-31 d:LeaseholdImprovementsMember 32348920 2025-12-31 c:ConsolidatedMember d:OtherReceivablesMember 32348920 2025-01-01 c:ConsolidatedMember d:OtherReceivablesMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember d:OtherReceivablesMember 32348920 2025-01-01 d:InvestmentsInGroupEnterprisesMember 32348920 2025-01-01 d:OtherReceivablesMember 32348920 2025-12-31 d:InvestmentsInGroupEnterprisesMember 32348920 2025-12-31 d:OtherReceivablesMember 32348920 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 32348920 2025-01-01 2025-12-31 d:OtherReceivablesMember 32348920 2025-12-31 d:CompletedDevelopmentProjectsMember 32348920 2025-01-01 2025-12-31 c:ConsolidatedMember d:SubsidiaryMember 1 32348920 2025-01-01 2025-12-31 d:SubsidiaryMember 1 32348920 2025-12-31 d:SubsidiaryMember 1 32348920 2025-12-31 c:ConsolidatedMember d:LongtermMortgageLoansMember 32348920 2025-12-31 d:LongtermMortgageLoansMember iso4217:DKK xbrli:pure Profit/ loss before net financials Current ratio Profit/ loss before net financials Profit/ loss before net financials Profit/ loss before net financials Profit/ loss before net financials Current ratio Current ratio Current ratio Current ratio Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 32348920 Datter Rosetum K/S Ørbækvej 75 5220 Odense SØ 2012-10-25 Odense EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-05-18 Markus Oskar Schmitt-Habersack Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-05-18 2026-05-18 CaseWare Working Papers Today, the Management has discussed and approved the annual report of Datter Rosetum K/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 consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Odense Dr. Volker Kraft Andre Scharf Anders Rose Topp Markus Oskar Schmitt-Habersack To the limited partners of Datter Rosetum K/S We have audited the consolidated financial statements and the parent company financial statements of Datter Rosetum K/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in net assets attributable to limited partners and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 consolidated financial statements and the parent Company financial statements" (herinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the 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 Group's and the Parent Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the group audit to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units within the group as a basis for for­ming an opin­ion on the group fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed for pur­poses of the group audit. We re­main solely re­spon­sible for our audit opin­ion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review. Copenhagen Kaare K. Lendorf State Authorised Public Accountant mne33819 152872000 158938000 157297000 120480000 119518000 125900000 127115000 133821000 69813000 -23971000 156016000 -28855000 -74910000 -157508000 340514000 62669000 -87695000 316543000 218685000 4250919000 4222792000 3932859000 -35620000 -129554000 -46273000 -64624000 -33610000 2052431000 2216990000 1928583000 159.7 78.1 45.7 -15.1 99.2 69.9 79.0 78.8 75.2 80.0 2.9 3.2 2.8 -0.6 4.0 440.4 449.8 401.9 82.8 51.3 51.9 49.0 48.3 52.5 49.0 11.8 2.9 -4.1 15.3 11.7 The Group's primary activity is to own and manage the letting of real estate properties. In 2025, the Group's revenue totaled DKK 179,191 thousand net of amortization of leasing costs of DKK 18,234 thousand, compared to DKK 171,401 thousand in the previous year. The income statement for 2025 shows a profit of DKK 257,325 thousand compared to a profit of DKK 58,911 thousand last year, and the balance sheet at 31 December 2025 shows net assets attributable to limited partners of DKK 2,294,134 thousand.In last year’s outlook revenues for 2025 were expected to amount to DKK 186,012 thousand excluding lease incentives. The increase in revenue in 2025 was mainly driven by indexation and lower vacancy compared to the prior year. In 2025 interest income was positively impacted by DKK 15.5 million relating to receivables from RGC JV CP. S.á r.l., with an interest rate of 6 %. In 2024 net financial items were negatively impacted by fair value adjustments of interest swaps (DKK 31 million). In 2025 the positive fair value adjustment of interest swaps amounted to DKK 16.5 million. Management considers the Group's financial performance for the year satisfactory. Datter Rosetum K/S is dedicated to reducing and minimizing its own environmental impact. Therefore, the Centre has secured a DGNB Gold energy certificate for the second time. The overall goal is to reduce CO2 emissions, including electricity and water consumption, as well as waste in the Centre. Measures are, for example changing all the outdoor lighting to LED as well as the use of intelligent lighting plans and time schedules for the Centre. In addition, the Centre’s technical management system will be further optimized in terms of controlling cooling, heating, and overall electricity consumption. Solutions for collecting and reusing rainwater are being assessed, so it is possible to only use rainwater for all the toilets and watering the outdoor green areas. The implementation of a photovoltaic system with a capacity of 549 kWp is in progress and scheduled to be operational in Q2 2026. The solar power produced is expected to reduce the electricity consumption of the common areas by approx. 533,600 kWh per year. With this measure, a degree of self-sufficiency of approx. 13.7% will be achieved. As a further measure, the reshaping of the waste area to optimize sorting and handling of the 22 different waste materials was commissioned. No events materially affecting the Group's or the Company's financial position have occurred subsequent to the financial year-end. For 2026, revenues are expected to amount to DKK 197,835 thousand excluding lease incentives. On this basis, a profit of DKK 69,352 thousand has been budgeted for 2026. The expectations are based on the assumption that the market value of the investment property remains unchanged 179191000 171401000 135650000 125871000 53946000 36051000 36504000 25762000 125245000 135350000 99146000 100109000 0 0 0 0 125245000 135350000 99146000 100109000 160935000 -1529000 126946000 -1110000 286180000 133821000 226092000 98999000 0 0 47218000 7990000 41196000 21217000 34114000 21217000 70051000 96127000 50099000 69295000 257325000 58911000 257325000 58911000 3898668000 3715939000 2987289000 2838549000 105332000 104061000 66295000 68476000 4004000000 3820000000 3053584000 2907025000 0 0 547529000 500311000 52135000 35635000 35025000 22910000 52135000 35635000 582554000 523221000 4056135000 3855635000 3636138000 3430246000 20386000 21296000 11161000 14366000 320019000 319301000 320019000 319301000 0 162000 0 162000 340405000 340759000 331180000 333829000 26781000 23591000 13765000 11633000 367186000 364350000 344945000 345462000 4423321000 4219985000 3981083000 3775708000 1040057000 1040057000 1040057000 1040057000 1254077000 1028406000 1254077000 1028406000 2294134000 2068463000 2294134000 2068463000 2045808000 2070523000 1445786000 1470795000 2045808000 2070523000 1445786000 1470795000 26078000 25211000 26078000 25211000 12980000 12160000 11882000 10684000 0 0 180070000 175182000 44321000 43628000 23133000 25373000 83379000 80999000 241163000 236450000 4423321000 4219985000 3981083000 3775708000 1040057000 1012374000 16032000 1040057000 1028406000 225671000 1040057000 1254077000 1040057000 1012374000 16032000 1040057000 1028406000 225671000 1040057000 1254077000 257325000 58911000 -116940000 143464000 2585000 -17704000 142970000 184671000 7083000 277000 68394000 63135000 81659000 121813000 35620000 129554000 0 6000000 -35620000 -123554000 31654000 42879000 15658000 53533000 26853000 23490000 -42849000 -12836000 3190000 -14577000 23591000 38168000 26781000 23591000 The annual report of Datter Rosetum K/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The figures regarding Datter Rosetum II K/S are included in the consolidated financial statements for Datter Rosetum K/S, and consequently there is no requirement to submit stand-alone financial statements for this entity. Instead of submitting stand-alone financial statements for Datter Rosetum II K/S, Management will submit an exemption statement in accordance with section 5(1) of the Danish Financial Statements Act. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). ControlThe consolidated financial statements comprise the Parent Company, Datter Rosetum K/S, and subsidiaries controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Preparation of consolidated financial statementsThe consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet.Fair value adjustments of derivative financial instruments are recognised in the income statement on an ongoing basis. Rental income receivable from operating leases is recognised on a straight-line basis over the term of the lease, except for contingent rental income which is recognised when it arises. Incentives for lessees to enter into lease agreements are spread evenly over the lease term, even if the payments are not made on such a basis. The lease period is the non-cancellable period of the lease together with any further term for which the tenant has the option to continue the lease, where at the inception of the lease the directors are reasonably certain that the tenant will exercise that option. Amounts received from tenants to ter­minate leases or to compensate for dilapidations are recognised in the income statement when they arise.Service charges and expenses recoverable from tenants: Income arising from expenses recharged to tenants is recognised in the period in which the expense can be contractually recovered. Service charges and other such receipts are included gross of the related costs in revenue when the directors deem that the Group acts as principal and net when the directors deem that the Group acts as agent. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to sales activities, maintance, administration in general, bad debts, etc. The item includes the Parent Company's proportionate share of the profit/loss for the year in group entities after elimination of intra-group income or losses. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses. The financial statements do not include tax as the individual limited partners include results from the limited partnership in their income statements. On initial recognition, investment property is measured at cost. Investment property is subsequently measured at fair value, and the value adjustment for the year is recognised in the income statement under the item "Fair value adjustment of investment property". The fair value is based on the expected future cash flows for the investment property. Investments in subsidiaries are measured according to the equity method.On initial recognition, investments in subsidiaries are measured at cost and subsequently at the proportionate share of the entities' net asset values calculated in accordance with the parent company's accounting policies. Subsidiaries with a negative net asset value are measured at DKK 0 (nil), and any amounts owed by such entities are written down by the parent company's share of the net asset value if the amount owed is deemed irrecoverable. If the negative net asset value exceeds the amounts owed, the remaining amount is recognised under provisions if the parent company has a legal or a constructive obligation to cover the entity's deficit.Newly acquired of formed entities are recognised in the financial statements from the date of acquisition or formation. Entities sold or otherwise disposed of are recognised up to the date of disposal.Corporate acquisitions are accounted for using the purchase method accounting to which the acquried entity's identifiable assets and liabilities are measured at fair value at the date of acquisition. In connection with the acquisition, a provision is made for expenses related to adopted plans to restructure the acquired entity. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash at bank. According to the Company's Articles of Association, the net results of operations are distributed to the limited partners in proportion to the individual limited partner's share of the Aggregate Commitments. Any non-discretionary obligation to pay dividends entails a liability that must be recorded on initial recognition of the instrument. The fact that the limited partners are entitled to a distribution of the net results of the operations establishes an additional liability for the Company, as the Company has a contractual obligation to pay cash in respect of both the redemption of paid commitment and the required dividend payments. The liability must be recognised at an amount equal to the present value of both the redemption amount of the paid commitment and the non-discretionary dividends. As the dividends were set at market rate, this resulted in an overall liability classification of both the paid commitment and the required dividend payments. The paid commitment and retained earnings have therefore been presented as net assets attributable to limited partners in the financial statements. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at net realisable value. The cash flow statement shows the Group's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non-cash operating items and changes in working capital.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of investment property.Cash flows from financing activities comprise changes in the size or composition of the Group's net assets and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss Operating profit before fair value adjustments +/- Other operating income and other operating expensesOperating margin Operating profit/loss (EBIT) x 100RevenueGross margin Gross profit/loss x 100RevenueReturn on assets Profit/loss from operating activities x 100Average assetsCurrent ratio Current assets x 100Current liabilitiesSolvency ratio Net assets attributable to limited partners at year end x 100Total net assets attributable to limited partners and liabilities at year endReturn on net assets attributable to limited partners Profit/loss after tax x 100Average net assets attributable to limited partners 0 0 0 0 17525000 20939000 17525000 20939000 7084000 0 4386000 0 16499000 0 12115000 0 88000 278000 88000 278000 68394000 63205000 48748000 45282000 0 31449000 0 21813000 1657000 1473000 1351000 2200000 31654000 42879000 225671000 16032000 3222879000 230292000 21794000 13826000 3244673000 244118000 493060000 160935000 653995000 126231000 12555000 138786000 3898668000 105332000 2329944000 130841000 21794000 3197000 2351738000 134038000 508605000 126946000 635551000 62365000 5378000 67743000 2987289000 66295000 Fair value estimation The fair value is based on a level 3 assessment. The fair value of the investment property is an estimate calculated by the appraiser based on information available and actual expectations for the future provided by management. The independent appraisers Cushman & Wakefield have been consulted for purposes of estimating the fair value of the investment property. The valuation model used to estimate the fair value is a DCF model with a ten-year budget model. Expected future cash flows are based on budgets approved by Management for the coming years and an estimated terminal value for the remaining life of the property. The discount factor comprises the risk-free interest rate and a risk premium for the property. Significant fair value assumptions The most significant fair value assumptions are the following: Discount rate 7.31% Exit yield 5.31% Inflation rate 2.00 % 0 35635000 16500000 52135000 52135000 317500000 0 317500000 0 182811000 22910000 47218000 0 12115000 35025000 547529000 35025000 Datter Rosetum II K/S Odense 100.00 547529 47218 Prepayments include accrual of expenses relating to subsequent financial years DKK 0 (2024: DKK 162 thousand). Prepayments include accrual of expenses relating to subsequent financial years, DKK 0 (2024: DKK 162 thousand). 2071886000 26078000 2045808000 1823959000 Amortised borrowing costs recognised in mortgage debt represents DKK 12,468 thousand. 1471864000 26078000 1445786000 1260909000 Amortised borrowing costs recognised in mortgage debt represents DKK 9,192 thousand. As security for the Group's debt to mortgage credit institutions and banks, T.DKK 2,045,808, the Group has pledged land and buildings. The total carrying amount of the assets placed as security was T.DKK 3,899,501 at 31 December 2025. As security for the parent company's debt to mortgage credit institutions and banks, T.DKK 1,445,786, the parent company has placed land and buildings as security. The total carrying amount of the assets placed as security was T.DKK 2,988,112 at 31 December 2025. Parties exercising control Related partyDomicileBasis for control ECE Progressive Income Growth Fund, SCA SICAV-RAIFLuxembourgControlling interest Arbejdsmarkedets TillægspensionDenmarkParticipating interest Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements ECE Progressive Income Growth Fund, SCA SICAV-RAIFLuxembourgwww.lbr.lu Transactions with related parties The Parent company has carried out the following related party transactions in the financial year: Related partyAmountDescription of transaction DKK'000 Datter Rosetum II K/S-169,182Intra-group transactions RGC JV CO. S.á r.l.319,301Short-term loan 15140000 67025000 -41196000 -21217000 -70051000 -96127000 -160935000 1529000 910000 7312000 -820000 25016000 855000 0 26781000 23591000