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cmn:ConsolidatedMember 31593247 2025-12-31 fsa:OtherShorttermPayablesMember 31593247 2024-12-31 fsa:OtherShorttermPayablesMember 31593247 2025-01-01 2025-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember 31593247 2024-01-01 2024-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 Regnskabsklasse C, stor virksomhed Revisionspåtegning true 2026-06-26 Halldor Sigurdarson The Executive Board has today considered and adopted the Annual Report of Runway Holding 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Vamdrup 2026-06-26 Jesper Rungholm Kirsten Rungholm To the shareholder of Runway Holding ApS Opinion 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 the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Runway Holding 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, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management 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, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company 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 Review. 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 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 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 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 Consolidated Financial Statements and the Parent Company 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. Trekantområdet 2026-06-26 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Jan Bunk Harbo Larsen State Authorised Public Accountant mne30224 Runway Holding ApS Lufthavnsvej 7A 6580 Vamdrup 31593247 Vamdrup Herredsvej 32 7100 Vejle Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 1038735000 795897000 573647000 341874000 234905000 212060000 81215000 9532000 44131000 -17897000 -1880000 -26528000 52248000 9673000 2513000 1251360000 934929000 852250000 191194000 504237000 218385000 158191000 68249000 340783000 238412000 228737000 246869000 23656000 94810000 -208814000 -133269000 -14261000 144342000 39077000 -48136000 182397000 -70536000 32413000 300 279 323 330 237 0.370 0.387 0.329 0.295 0.370 0.089 0.172 0.078 0.012 0.077 0.077 0.149 0.065 0.010 0.052 0.291 0.337 0.272 0.255 0.268 0.175 0.395 0.180 0.041 0.011 Key activitiesThe Group’s activities consist of two airlines and related activities using both owned and leased aircraft, as well as, trading of aircraft and parts.Development in the yearThe Group‘s 2025 income statement shows a profit of TDKK 83,518 and as of 31 December 2025 the balance sheet of the Group shows a positive equity of TDKK 588,733.The ATR fleet was primarily assigned to scheduled services throughout the year with seasonal patterns similar to those in previous years. Overall, scheduled activity increased from the previous year with 5.41%. Frequency optimisation continued in Denmark from the year prior resulting in reduction of overall domestic operations in Denmark from the year before. In Norway, new Public Service Offering (“PSO“) contractual routes took over in April from previous ones leading to an increase in overall year-over-year Norwegian flights, and in Italy, two new PSO routes were awarded to begin in November from/to Ancona which also resulted in an increase in Italian flight offerings from the year before. Germany was until September operating on the same basis as before when a new route was introduced.The ACMI and Ad-hoc segments were relatively busy for the first months of the year with 3-4 aircraft under contract until late spring. Block hour-wise, the summer started off slower than the previous year but increased from middle of the summer season. After the summer, one aircraft continued under contract through the low winter season. Block hour activity generated by ACMI and Ad-hoc segments decreased by 12.70% from the year before. Revenue hours decreased with a lower amount due to contractual terms of minimum guaranteed hours that apply under some agreements. The revenue share between scheduled services and ACMI and Ad-hoc segments was approximately 57% / 43% in favour of scheduled services. The average number of passengers carried per scheduled flight improved to approximately 36.2 compared to 35.5 the year before (+1.99%) but yield was down compared to last year (-1.99%). Daily flight frequency during the winter months was 46.2 on average (vs 42.7 before) and 52.4 (vs 50.5 before) during the summer months. Scheduled services as a whole performed in line with expectations.Jet production, servicing ACMI markets in Europe and Asia, was down from the year prior in respect of hours operated. There were no changes to the Airbus fleet from before. The six months of winter generated 5,071 hours (vs 5,536 hours before) and the six months of the summer generated 9,954 hours (vs 12,069 hours before). There was good start to the year but the summer season produced less than what was initially targeted and the last two months of the year were at its lowest for some time with all but one Airbus aircraft effectively sitting idle, aside from a handful of ad-hoc charters. Nevertheless, the performance and results from the ACMI and Ad-hoc segments did meet expectations as the effective price achieved made up for much of the shortness in the targeted hours.The continued Russian aggression against Ukraine did not have much impact on the Group‘s performance other than to prevent some asset-trading opportunities. The US Dollar weakening from early in 2025 and throughout the year had positive implications on the Group as a good part of the cost base is US Dollar denominated. Some contracts with clients were contracted in US Dollar which helps to off-set some of the US Dollar requirement. The price of fuel stayed within an acceptable range and did not have adverse effects on the year‘s performance. There was no change in the Airbus fleet in 2025. No ATR aircraft were purchased during the year but one was added in form of a lease-purchase and will replace one of the older ATR aircraft in the fleet that is to be retired in 2026. Two ATRs purchased in 2024 were introduced to the operating fleet in 2025. One ATR aircraft, which has been under a trading project as opposed to being part of the operating fleet, was sold in 2025. The active operating fleet at the end of the year 2025 consisted of 18 ATR aircraft, 6 Airbus aircraft, and 1 Citation aircraft.The past year and follow-up on development expectations from last yearOne of the primary expectations ahead of the year 2025 was that the revenue at the group level would drop by 6% from the year before. The actual revenue in 2025 did however drop less than anticipated, by less than 1%. The first quarter generated more hours than initially expected, which resulted in revenue exceeding cumulative anticipated revenues from the beginning of the year and throughout. This revenue excess to expectations exceeded the revenue shortage in the second quarter. Although the first three months of the year were loss making (as in previous years), the net loss result by end of the first quarter was much better than had been anticipated. This was one of the prime reasons for the full year results exceeding expectations. Profit before tax in 2025 was TDKK 106,682 at the group level with a net (post-tax) profit margin of 6.4%. The net profit results exceeded expectations by approximately DKK 52 mill forecast which was anticipated before the year started. The surplus profit is attributed to solid operations within the scheduled services segment, realised gain from sale of assets, and the release of provisions no longer required.Capital resourcesAside from equity, the Group's operations are largely financed through external credit lines provided by the Group’s bank. Credit lines are granted at the Group level, therefore the assessment of adequate liquidity reserves for the coming year has been made at this level.The Group has a total debt towards Sydbank amounting to DKK 239 mill as of year-end 2025. Thereof, DKK 43 mill is in the form of one revolving facility with annual extension during the summer, which is presented as non-current debt. Additional facilities were provided during the year to cater for future aircraft and engine investments.As of June 2026, the liquidity is adequate with a short-term headroom totaling approximately DKK 390 mill. Being cautiously optimistic, the long-term liquidity forecast (12 months) shows sufficient headroom according to the planned scenario. Management’s view is that the budgeted scenario is reasonable. Based on this, it is management's assessment that the Group has the required capital and liquidity resources to carry out the plans for the financial year 2026. The Annual Report is therefore presented on the assumption of continued operations.Foreign exchange risksA large portion of the Group's income, expenses, and external financing is settled in foreign currencies which expose profits to currency fluctuations. It is Group policy not to partake in speculative currency positions.Targets and expectations for the year aheadIt is anticipated for the year 2026 to yield a profit before tax of approximately DKK 25 mill at the group level. The continued geopolitical situation in Europe, the war in Ukraine, and the war in Iran, can have unforeseen implications. Smooth, reliable, and on-time operations are all key ingredients to meet the profit target. Careful and controlled planning of resources is required to prevent unnecessary and avoidable cost being incurred. Outside factors can furthermore have damaging effects, both in respect of additional expenses as well as substandard service levels. Cost discipline and sharp focus must be attained. Nevertheless, it is Management’s view that its expectations are achievable.External environmentThe Group's primary environmental influence is through CO2-emissions from aircraft operations. DAT seeks to reduce fuel consumption and CO2-emission as much as possible. Among other things this is done by continuously training pilots, adjusting aircraft sizes to the number of passengers, optimizing flight altitudes, and investing in more fuel-efficient aircraft which have lower CO2-emissions. Every pilot is trained in fuel-efficient flight as an integrated part of their training in the Group's aircraft fleet. DAT Group continues to invest in newer aircraft to achieve the optimum utilization based on the Group's activities, including the optimal utilisation related to fuel consumption. Furthermore, since exiting its planned charter services in 2022, there are no intentions to resume such services.DAT A/S and UAB DAT LT are in the aviation industry which impacts the climate with CO2 emissions. It has been estimated that the aviation industry is responsible for about to 4% of the EU’s annual CO2 emissions, and as a responsible airline the Group is invested in reducing its climate impact. This is achieved by utilizing aircraft relevant to the passenger load, continuous education of pilots, and investments in new aircraft and engines that have lower emissions overall. The environmental and climate impact is being addressed by evaluating the introduction of more fuel-efficient engines. There was no noise violation reported in 2025.Branches abroad- DAT A/S, Italy, VAT no. IT10399580967.- UAB DAT LT, Italy, VAT no IT10448800960.Top managementOther management levelsUncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe assessments of indications of impairment per 31 December 2025 is based on the future cash flows expected by management per 31 December 2025, which due to external uncontrollable impacts, such as the war in Ukraine and the war in Iran, may differ from the expectations for future cash flows that management has at the time of approval of the Annual Report. Hence, after the balance sheet date there is uncertainty in recognizing and measuring the Group’s investments in airplanes and associated spare parts.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibilityThe Group’s corporate social responsibility (CSR) is necessary to lead a sustainable business, and the Group strives in all its activities to operate socially responsible, not only within flight operations but also in relation to general management and broader activities related to flight operations. Throughout the years the Group has continuously worked on establishing a range of policies and guidance material related to its CSR, especially within environmental and climate-related aspects as well as overall safety in all areas.The Group’s business model focuses on two areas: scheduled flights and flights for other airlines (ACMI). Ad-hoc and short-series charters will be operated but not multi series of seasonal charter flights. Operations are primarily based in the European market with a focus on the Nordic region. Some ACMI activities take place outside of this area as well as outside of Europe. DAT sells tickets under its own brand direct to passengers as well as in the business-to-business markets. There is no exposure to markets or customers that infringe upon human rights nor are there signs that suppliers do not adhere to human rights. Due to the nature of the Group’s activities, there are environmental risks and impacts related to the operations. The large amount of energy needed for aircraft to get, and stay, airborne creates a large environmental risk as one of the most carbon-intensive forms of travel. Environmental and climate aspects have been incorporated into the business through operational procedures and strategic focus on addressing CO2 emissions. Fuel consumption is monitored and thereby carbon footprint. In 2025 we increased our fuel carbon consumption by 8.35% from 2024 (including flights operating under the Group’s call signs). This is attributed mainly to the increase in activities under scheduled services. The Group is working on a fleet renewal plan with the aim of replacing aircraft with those more fuel-efficient. This initiative will continue in the future. Crew are trained to minimize fuel usage throughout our operations while maintaining full compliance with aviation regulations, for both environmental and cost optimization. In 2020 DAT A/S announced its intention to join the Air Transport Climate Fund (i.e. Luftfartens Klimafond), whose intentions were to facilitate the industry’s green transition and contribute to Denmark’s climate goals. This fund has since been discontinued due to a change in focus within the Danish government. The Group’s cooperation is built upon trust and respect. We treat all – customers, suppliers, employees, and colleagues alike – as we ourselves wish to be treated. Such behavior requires that we regard all humans as equal with a right to equal treatment and respect regardless of race, colour, gender, age, nationality, religion, or political or sexual orientation. The Group respects international law regarding human rights and will react to violations of these laws.Employees face many potential hazards on the job, from strains due to assisting passengers with luggage to, falls on wet surfaces, to more severe injuries in cases of emergency landings. There are defined social and employment conditions within the Group to ensure a productive and safe environment. There are regular activities to promote the physical and psychological environments as well as employees’ welfare. One stated goal of the Group is a high level of health and safety regarding the physical and psychological working environments. This is seen through the Group’s focus on sickness levels, alcohol and smoking policies, safety and security policies, random testing for psychoactive substances, a peer support program for flight crew, and the requirements regarding continuous health checks for its flight crew. We have regular evaluations of the Group’s alcohol and smoking policies, as well as a triennial evaluation among all staff of the Group’s working environment. There is a Safety Management System to ensure the security and safety of the airlines which follows a bottom-up approach that builds on reports from colleagues to the safety system.The working environment has in 2025 been evaluated through several initiatives, both formal and informal. Formal initiatives include: Working Environmental Committee, Safety Action Groups, and Safety Review Board meetings. Within the Group a formal Working Environment Committee solicits input from personnel and addresses specific issues. A triannual risk assessment is completed surveying the work environment and health and safety of the following employee groups: flight crew, mechanics, and administrative staff. The triannual assessment is not done in the same year for all employee groups. The operational environment is regularly evaluated through quarterly and biannual Safety Action Groups (i.e. Peer Support, Fatigue, and Flight and Airworthiness). These initiatives will continue in the future. Issues are brought forward to mid-management from both anonymous and identifiable front-line personnel reports through the Safety Management System. Finally, biannual Safety Review Board meetings address matters that require upper management involvement, most often raised from Safety Action Group meetings. Finally, ad-hoc informal meetings are held with front-line personnel to address either timely or less pressing matters. An example of a formal initiative implemented in 2022 include improving accommodation suppliers in a training location for flight crew and an informal initiative include liaising with flight crew regarding a route’s timetable to align commercial and operational aspects. This initiative has continued in 2025, and will further continue into future years. The significant reduction in work and various initiatives implemented to reduce costs throughout the year may impact evaluations in the future, but at the same time, may be an opportunity to improve efficiency (e.g. long flying days but not impacting fatigue due to reduced working days. The Group’s handbooks are readily available and ensure that all colleagues can quickly find information regarding the Group’s internal guidelines and other relevant information. Because the current business environment is not highly conducive to corruption risks, and the Group is not directly exposed to corruption issues in its transactions, neither directly nor through suppliers, the Group manages this area through internal guidelines and contractual requirements rather than a standalone, formal anti-corruption policy. Specifically, the Group declares in its purchase conditions that it will not pay any rebate, commission, salary or any remuneration or reward, indirectly or in any form whatsoever, to any officer, employee, agent, or representative employed by or on behalf of the Group.To translate these internal guidelines into action during the 2025 financial year, the Group created AML (anti-money laundering) and sanctions compliance training to be completed in 2026 by relevant employees of the Group, and the KYC/KYB questionnaires to be completed by customers, suppliers, etc. As a result of this work, the Group strengthened its internal awareness of compliance, upholding the Group's ethical standards. No incidents of corruption or bribery were identified or reported during the 2025 financial year.While the Group's direct risk exposure remains low, the Group recognises the evolving expectations of the broader business environment. Consequently, the Group expects to formalise its current working guidelines into a live anti-corruption and bribery policy across the Group during 2026.The Group does not have a formal policy concerning human rights. Such a written policy is not in place as the Group is not directly exposed to severe human rights’ issues, neither directly nor through suppliers, as far as the Group is aware. The Group respects international law regarding human rights’ issues and will react accordingly should the Group be made aware of any breach, either directly or through suppliers. The Group does not expect this to change in the coming years. Statement on gender compositionRunway Holding ApS has the same executive board directors. In 2025, the board of directors was at the targeted goal of 40-60% female/male. There has been no change in board directors during the year and as of writing, the current ratio is 50/50 female/male. It should be noted that qualifications are always prioritized above gender. The broader management team currently consists of 100% men and 0% women. Should one take a wider perspective and consider flight crew composition there are gender ratios of varying degrees. The Group acknowledges diversity as a source of competitive advantages and, therefore, wants to secure an equal gender distribution at the broader management team and flight crew level. As stated previously, qualifications are prioritized compared to other factors and the Group does not discriminate during its hiring or promotion of colleagues. To work towards achieving the goal of increasing the number of the underrepresented gender on the board, Runway Holding ApS focuses on following the policy, when there is to be a replacement. Active work has been done in 2025 with the policy to increase the share of the underrepresented gender in the coming years, to reach the targets by 2030.Qualifications are prioritized when hiring, however ensuring a wide-ranging applicant pool is important to the Group. The policy for gender equalisation is a two-pronged approach. Internal candidates of all genders are encouraged to apply for management positions. External job postings are placed in industry-specific outlets, in addition to, female-focused outlets if available and relevant to the management position at hand. Since the broader management team of Runway Holding ApS consists of one person, the company is exempt from stating the proportion of the underrepresented gender and from setting targets and policies for the broader management team. 3 0.00 0.40 2030 1 Statement on data ethicsThe Group does not apply advanced technologies, such as Artificial Intelligence or machine learning in relation to data management. Data used in relation to customers and employees is sufficiently managed in accordance with GDPR legislation and internal policies for privacy and data security. Given the required management of data, the Group has assessed that a separate policy is not necessary. The Group will evaluate whether a policy is needed on a continuous basis. In 2025, the Group followed up on its data security by commissioning a report to test the vulnerability from social engineering attacks as well as for penetration tests to be performed against several of its resources. The tests concluded in 2025 and will be followed up on in 2026. 1299755000 1304461000 459000 0 44054000 72754000 0 0 807736000 763848000 0 0 55294000 108027000 2013000 1799000 480779000 505340000 -1554000 -1799000 172395000 147292000 0 0 193348000 133469000 0 0 0 351000 0 0 115036000 224228000 -1554000 -1799000 0 0 78804000 164894000 -2128000 3582000 0 0 45815000 25278000 8984000 3830000 53592000 57763000 4429000 912000 105131000 195325000 81805000 166013000 22823000 28143000 665000 361000 82308000 167182000 81140000 165652000 25000 50000 0 0 25000 50000 0 0 27858000 25198000 0 0 5958000 3445000 0 0 698331000 800465000 0 0 732147000 829108000 0 0 0 0 456203000 462000000 2796000 4924000 0 0 0 0 51000000 51000000 11640000 13863000 0 0 14436000 18787000 507203000 513000000 746608000 847945000 507203000 513000000 90861000 83126000 0 0 14430000 14410000 0 0 105291000 97536000 0 0 142937000 107790000 179000 0 6157000 0 20659000 13635000 30320000 23472000 184000 228000 0 0 0 1460000 50508000 20035000 0 0 229922000 151297000 21022000 15323000 72525000 70072000 72506000 21000 330919000 335199000 11427000 15462000 738657000 654104000 104955000 30806000 1485265000 1502049000 612158000 543806000 152000 152000 152000 152000 0 0 342418000 340413000 307000 102000 0 0 417670000 504414000 75559000 164103000 12750000 0 12750000 0 430879000 504668000 430879000 504668000 1510000 1588000 0 0 432389000 506256000 430879000 504668000 8113000 25813000 0 0 0 0 1161000 8292000 139471000 86551000 0 0 147584000 112364000 1161000 8292000 0 13688000 0 0 236120000 319624000 0 0 25012000 18092000 0 0 156685000 0 156685000 0 0 4823000 0 4823000 9275000 6571000 0 0 10894000 37307000 0 0 437986000 400105000 156685000 4823000 13704000 1482000 0 0 53296000 55712000 0 0 12306000 8189000 0 0 70733000 43730000 0 0 151804000 125736000 0 0 0 0 22669000 21658000 573000 4025000 0 3983000 4337000 18593000 0 0 18856000 1061000 665000 0 1906000 2143000 0 0 139791000 222653000 99000 382000 467306000 483324000 23433000 26023000 905292000 883429000 180118000 30846000 1485265000 1502049000 612158000 543806000 152000 102000 504414000 0 504668000 1588000 506256000 0 0 0 0 0 1244000 1244000 0 0 155134000 0 155134000 0 155134000 0 205000 0 0 205000 0 205000 0 0 68390000 12750000 81140000 1166000 82306000 152000 307000 417670000 12750000 430879000 1510000 432389000 152000 340413000 164103000 0 504668000 0 -71369000 71369000 0 0 152269,044235,4720504,668 0 0 155134000 0 155134000 0 205000 0 0 205000 0 -5635000 5635000 0 0 0 78804000 -10414000 12750000 81140000 152000 342418000 75559000 12750000 430879000 82308000 167182000 220730000 149956000 -66940000 146943000 236098000 464081000 45815000 19645000 51187000 57762000 230726000 425964000 36984000 32462000 193742000 393502000 0 75000 191194000 503191000 0 2341000 100384000 274316000 2222000 9712000 -88588000 -221579000 1466000 1353000 85920000 0 0 191257000 -156685000 0 28532000 82933000 0 234160000 11037000 0 Other equity entries -2000 0 156378000 1837000 -104576000 -43220000 578000 128703000 405271000 270936000 -2405000 5632000 403444000 405271000 Cash and cash equivalents are specified as follows:Exchange adjustments20599 330919000 335199000 72525000 70072000 403444000 405271000 Geographical segmentsRevenue, Europe1,299,7551,304,46145901,299,7551,304,4614590Business segmentsScheduled Services716,451639,13500Charter Services27,23924,89900ACMI and Dry lease Services556,065640,42700Other0045901,299,7551,304,4614590 Profit on sale of fixed assets18,28440,65800Profit on sale of inventory09,59400Salary refund1,2442,39800Profit from termination of lease obligations for aircraft018,57000Release of provision24,509000Other income171,5340044,05472,75400 160187000 136174000 0 0 7571000 6755000 0 0 4637000 4363000 0 0 172395000 147292000 0 0 Including remuneration to the Executive Board: 1482000 1240000 0 0 1482000 1240000 0 0 300 279 0 0 0 0 2460000 3424000 16403000 14551000 6524000 308000 29412000 10727000 0 98000 45815000 25278000 8984000 3830000 1551000 0 1551000 248000 41053000 42628000 2516000 664000 10988000 15135000 362000 0 53592000 57763000 4429000 912000 41556000 30810000 665000 361000 -17700000 -2867000 0 0 -1033000 200000 0 0 22823000 28143000 665000 361000 155134000 0 155134000 0 12750000 0 12750000 0 0 0 78804000 164894000 1168000 1530000 0 0 -86744000 165652000 -165548000 758000 75000 75000 25000 25000 50000 25000 40992000 31386000 1605689000 0 5828000 185366000 0 1044000 99340000 0 0 -83292000 40992000 36170000 1608423000 11925000 27976000 809235000 0 0 27417000 1209000 3280000 158313000 0 -1044000 0 0 0 1581000 0 0 -83292000 13134000 30212000 910092000 27858000 5958000 698331000 0 0 57882000 As of 1 January 2025, changes have been made to the allocation of costs between land and buildings and Aircraft and related. An asset was previously misclassified and has now been reallocated to the correct asset category. 113263000 113219000 -500000 0 0 55000 0 11000 112763000 113263000 340413000 177296000 -71615000 0 312000 99000 108506000 167016000 5635000 1876000 -29702000 -2122000 342279000 340413000 0 32000 1161000 8292000 456203000 462000000 Investments in subsidiaries are specified as follows:Investments in associates are specified as follows: DAT HOLDING A/S Vamdrup, Denmark 1.00 - DAT A/S Vamdrup, Denmark 1.00 - DAT LEASING A/S Vamdrup, Denmark 1.00 - DAT LT, UAB Kaunas, Lithuania 1.00 Runway Leasing ApS Vamdrup, Denmark 1.00 Runway Exit ApS Vamdrup, Denmark 1.00 UAB KUN Hangar LT Kaunas, Lithuania 1.00 UAB Tower 1 Kaunas, Lithuania 1.00 Nordic Crew Supply Ltd Nicosia, Cyprus 1.00 Nordic Flight Capacity Ltd Nicosia, Cyprus 1.00 RSB Asset Trading Limited Nicosia, Cyprus 0.26 2796000 2796000 0 0 2796000 2796000 0 0 2128000 -1454000 0 0 -2128000 3582000 0 0 0 2128000 0 0 2796000 4924000 0 0 Nordic Regional Airlines AB Stockholm, Sweden 0.60 13862000 51000000 2222000 0 11640000 51000000 11640000 51000000 (TDKK)Value adjustment, income statementFair value at31 DecemberGroupSecurities-2,40472,525Parent companySecurities-2,40572,485 Prepayments consist of prepaid expenses such as direct operating cost, rent, insurance premiums, and subscriptions. In addition, when applicable, payments toward upcoming planned maintenance and/or purchase of major components are included. Deferred tax liabilities at 1 January25,81328,68000Amounts recognised in the income statement for the year-17,700-2,86700Deferred tax liabilities at 31 December8,11325,81300 Provision for aircraft maintenance98,49156,75600Provision for unflown exposure9,68515,66900Other provisions31,29514,12600139,47186,55100The provisions are expected to mature as follows:Provisions falling due after 5 years08,7880008,78800 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:Mortgage loans13,70415,17000Credit institutions289,416375,33600Lease obligations37,31826,28100Payables to group enterprises156,6850179,35421,658Payables to owner and Management5738,84808,806Deposits11,1818,71400Other payables150,685259,96099382 0 0 0 0 0 13688000 0 0 0 13688000 0 0 13704000 1482000 0 0 11975000 19857000 0 0 224145000 299767000 0 0 236120000 319624000 0 0 52624000 55080000 0 0 672000 632000 0 0 0 0 0 0 25012000 18092000 0 0 25012000 18092000 0 0 12306000 8189000 0 0 0 0 0 0 156685000 0 156685000 0 156685000 0 156685000 0 0 0 22669000 21658000 0 0 0 0 0 4823000 0 4823000 0 4823000 0 4823000 573000 4025000 0 3983000 0 0 0 0 9275000 6571000 0 0 9275000 6571000 0 0 1906000 2143000 0 0 0 0 0 0 10894000 37307000 0 0 10894000 37307000 0 0 139791000 222653000 99000 382000 45815000 25278000 53592000 57763000 187797000 92811000 -2128000 3582000 22823000 28143000 220730000 149956000 -7755000 -1038000 -78625000 18081000 52920000 8640000 33480000 -121260000 -66940000 146943000 Charges and securityThe following assets have been placed as security with bankers:Land and buildings with a carryingamount of27,85825,19800Company charge of nominally TDKK191.635 provide security in aircraftwith a booked value of560,213800,46500The Group has provided Sydbank with a floating charge providing Sydbank with collateral in the Group's receivables. The floating charge amounts to:30,00030,00000Aircraft have been placed as securitywith SEBC Aviation Leasing. Thebooked value of the particular aircraftamounts to:89,943115,76700 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year45,20959,60400Between 1 and 5 years88,773156,13100After 5 years077900133,982216,51400Other contingent liabilitiesThe Company has issued letters of support to Runway Leasing ApS and Runway Exit ApS, confirming its intention to provide financial support as necessary to enable the subsidiaries to meet their obligations as they fall due for a period of at least 12 months from the date of approval of the financial statements. The Company does not expect to incur any significant costs as a result of these undertakings. The letters of support do not constitute legal guarantees, and accordingly, no liabilities have been recognised in the financial statements.The Danish 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 Kilo Delta Holding ApS, which is the management company of the joint taxation purposes. Moreover, the Danish 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. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Kilo Delta Holding ApSVamdrup, Denmark PricewaterhouseCoopers 710000 683000 896000 803000 40000 495000 1646000 1981000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Runway Holding ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. 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. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Runway Holding ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Leases in terms of which the Group 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 Group.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 policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. If currency positions are considered to hedge future cash flows, value adjustments are recognized directly in equity.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. Segment information on revenueInformation on business segments and geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. RevenueRevenue from the sale of goods and services are recognised when the risks and rewards relating to the goods and services sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expensesDirect expenses primarily include operating expenses for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. 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, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiaries and associatesThe items “Income from investments in subsidiaries” and “Income from investments in associates” in the income statement include the proportionate share of the profit for the year. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsLicences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Software licences are amortised over the period of the agreements, which is 3-5 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Aircraft and related10-20 years Other buildings10-30 years Other fixtures and fittings, tools and equipment3-7 years Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries and associatesInvestments in subsidiaries and associates are recognised and measured under the equity method.The items “Investments in subsidiaries” and “Investments in associates” 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 and associates 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 and the associates.Subsidiaries and associates with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposit. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of raw materials and consumables equals landed cost. 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. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current Asset InvestmentsCurrent Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. 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 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 receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as mortgage loans and loans from credit institutions, 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.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Current asset investments”. ”Current asset investments” consist of short-term securities with an insignificant risk of value changes that can readily be turned into cash. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity