45271021 2025-01-01 2025-12-31 45271021 2025-01-01 2025-12-31 2 45271021 2025-01-01 2025-12-31 1 45271021 2025-01-01 2025-12-31 1 45271021 2024-01-01 2024-12-31 45271021 2025-12-31 45271021 2024-12-31 45271021 2025-01-01 d:ContributedCapitalMember 45271021 2025-01-01 d:RetainedEarningsMember 45271021 2025-01-01 2025-12-31 d:ContributedCapitalMember 45271021 2025-01-01 2025-12-31 d:RetainedEarningsMember 45271021 2025-12-31 d:ContributedCapitalMember 45271021 2025-12-31 d:RetainedEarningsMember 45271021 2025-01-01 d:InvestmentsInGroupEnterprisesMember 45271021 2024-01-01 d:InvestmentsInGroupEnterprisesMember 45271021 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 45271021 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 45271021 2025-12-31 d:InvestmentsInGroupEnterprisesMember 45271021 2024-12-31 d:InvestmentsInGroupEnterprisesMember 45271021 2025-01-01 2025-12-31 d:SubsidiaryMember 1 45271021 2025-12-31 d:SubsidiaryMember 1 45271021 2025-01-01 2025-12-31 d:SubsidiaryMember 2 45271021 2025-12-31 d:SubsidiaryMember 2 45271021 2025-01-01 d:InvestmentsInAssociatesMember 45271021 2024-01-01 d:InvestmentsInAssociatesMember 45271021 2025-01-01 2025-12-31 d:InvestmentsInAssociatesMember 45271021 2024-01-01 2024-12-31 d:InvestmentsInAssociatesMember 45271021 2025-12-31 d:InvestmentsInAssociatesMember 45271021 2024-12-31 d:InvestmentsInAssociatesMember 45271021 2025-01-01 2025-12-31 d:AssociateMember 1 45271021 2025-12-31 d:AssociateMember 1 45271021 2024-01-01 d:ContributedCapitalMember 45271021 2024-01-01 2024-12-31 d:ContributedCapitalMember 45271021 2024-12-31 d:ContributedCapitalMember 45271021 2025-01-01 d:LongtermPayablesToAssociatesMember 45271021 2025-12-31 d:LongtermPayablesToAssociatesMember 45271021 2025-01-01 d:LongtermPayablesToShareholdersAndManagementMember 45271021 2025-12-31 d:LongtermPayablesToShareholdersAndManagementMember xbrli:pure iso4217:EUR Gyngemose Parkvej 50 2025-12-31 false 2025-01-01 false PricewaterhouseCoopers 33771231 2024-01-01 18351331 Revisionspåtegning 2024-12-31 European Energy A/S 2860 Søborg false Jan Paulsen Regnskabsklasse B true 2026-06-17 CaseWare-FSR false false Annual report 2 The executive board has today discussed and approved the annual report of KEA Holding III 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 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. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Knud Erik Andersen To the shareholders of KEA Holding III 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 KEA Holding III ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes (“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 reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover 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 management's review and, in doing so, consider whether 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 management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that 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 management's review. 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. Hellerup 2026-06-17 PricewaterhouseCoopers Tue Stensgård Sørensen Statsautoriseret revisor mne32200 KEA Holding III ApS Gyngemose Parkvej  50 2860  Søborg 45271021 Gladsaxe 33771231 Strandvejen 44 2900 Hellerup Business reviewThe purpose of the company is, directly or through equity interests in other companies associated with the energy sector, to develop, operate, and/or sell all forms of renewable energy as well as related activities. Financial review The company's income statement for the year ended 31 December 2025 shows a profit of EUR 104.384, and the balance sheet at 31 December 2025 shows equity of EUR 74.740.596. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report of KEA Holding III 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 provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in EUR. Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit/loss reflects an aggregation of revenue less other external expenses. Other external costs include expenses for administration, etc. Dividend from investments is recognised in the reporting year in which the dividend is declared. Financial income and expenses are recognized in the income statement with the amounts relating to the fiscal year. Financial items include interest income and expenses as well as realized and unrealized gains and losses related to debt and transactions in foreign currencies, etc. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investment in subsidiaries, associates and participating interests are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. As management company, KEA Holding III ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses.  -30753 -13433 488741 279093 320795 139567 137193 126093 32809 27101 104384 98992 104384 98992 557504 557477 70006994 70006994 70564498 70564471 70564498 70564471 542584 306469 18748268 7854230 19290852 8160699 37518 3028992 19328370 11189691 89892868 81754162 5373 5373 74735223 74630812 74740596 74636185 200931 94180 3604132 6983943 3805063 7078123 3348 12102 11283299 0 60562 27752 11347209 39854 15152272 7117977 89892868 81754162 5373 74630812 0 27 104384 5373 74735223 0 0 The Company has no employees besides management whom is not remunerated by the Company. 480498 218938 8238 60155 5 0 488741 279093 320186 133343 609 6224 320795 139567 557477 0 27 0 0 557477 557504 557477 557504 557477 NameRegistered officeOwnership interestEquityProfit/loss for the yearA&M Landbrug ApSPeter Rørdams Vej 30, 2800 Kgs. Lyngby, Denmark100%-17-812Holdingselskabet Meldgaard  Andersen ApSPeter Rørdams Vej 30, 2800 Kgs. Lyngby, Denmark100%27.5684.667 A&M Landbrug ApS Peter Rørdams Vej 30, 2800 Kgs. Lyngby, Denmark 100 -17 -812 Holdingselskabet Meldgaard  Andersen ApS Peter Rørdams Vej 30, 2800 Kgs. Lyngby, Denmark 100 27568 4667 70006994 0 0 70006994 70006994 70006994 70006994 70006994 KEA Holding I ApS Gyngemose Parkvej 50, 2860 Søborg,  Denmark 50 574435876 -5532676 The share capital consists of:   1.200.000 A-shares of DKK 0,01 with a nominal value of DKK 12.000  2.800.000 B-shares of DKK 0,01 with a nominal value of DKK 28.000  2.890 C-shares of DKK 0,01 with a nominal value of DKK 28,90   The applied DKK/EUR exchange rate in the annual report is 0,13423 5369 4 5373 94180 200931 0 0 6983943 3604132 0 0 As management company, the company is jointly taxed with other danish related parties and jointly and severally liable with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends, interest and royalties which fall due for payment. According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital: