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2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 30519787 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 30519787 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 30519787 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 30519787 2025-01-01 2025-12-31 cmn:ConsolidatedMember 0 30519787 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 xbrli:pure iso4217:DKK Regnskabsklasse C, stor virksomhed 2025-01-01 2025-01-01 2025-12-31 Dall Energy ApS Agern Alle 24, st. 2970 Hørsholm 30519787 2024-01-01 2024-12-31 <table width="100%"><tr><td colspan="1">regnskabspraksis</td></tr><tr><td colspan="1">Class C (stor)</td></tr></table> <table width="100%"><tr><td colspan="1">regnskabspraksis</td></tr><tr><td colspan="1">Class C (stor)</td></tr></table> Årsrapport 30519787 Dall Energy ApS Agern Allé 24, st. 2970 Hørsholm xWizard version 1.1.1540.0, by EasyX Aps. www.easyx.eu Den uafhængige revisors erklæring Grundlag for konklusion Konklusion 0.106 0.092 0.563 0.211 0.345 Statement by Management The Board of Directors and the Executive Board have today discussed and approved the annual report of  Dall Energy ApS for the financial year 1 January–31 December 2025. 2025-12-31 The annual report has been 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 their operations and 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. Hørsholm 2026-06-24 Jørgen Ballermann CEO Carsten Riisberg Lund Chair Jens Dall Bentzen Thibault Jean Marie Louis Vanpeene Independent auditor's report To the shareholders of Dall Energy ApS Opinion   We have audited the consolidated financial statements and the parent company financial statements of  Dall Energy ApS for the financial year 1 January –31 December 2025, which comprise income  statement, balance sheet, statement of changes in equity 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 the 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.   Basis for opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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" (hereinafter 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.   Independence   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.   Management's responsibilities for the financial statements  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.   Auditor's responsibilities for the audit of the financial statements  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 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 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 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.   Independent auditor's report Statement on the Management's review  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.   Independent auditor's report Copenhagen 2026-06-24 EY Godkendt Revisionspartnerselskab 30700228 Ole Becker State Authorised Public Accountant mne33732 Management's review  Management's review  Management commentary   Gross profit/loss Gross profit/loss Gross profit/loss Gross profit/loss Gross profit/loss 86885000 1579000 -29335000 13465000 14139000 amortisation (EBITDA) amortisation (EBITDA) amortisation (EBITDA) amortisation (EBITDA) amortisation (EBITDA) 2468000 3462000 -41579000 489000 1169000 100000 725000 1561000 492000 774000 2146000 585000 1280000 1376000 Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year Profit/loss for the year -16654000 -20302000 -47166000 -53190000 561000 657000 Equity Equity Equity Equity Equity 477235000 3457000 470717000 3266000 102126000 56827000 34139000 385000 57529000 11996000 11797000 0 0 50912000 43480000 23 14 14 106 102 The principal activities  The principal activities of Dall Energy ApS and the Group is the development, sale, construction and  maintenance of biomass combustion and gasification technologies for industry heat demand and district   heating schemes. In addition, the Dall Group performs service and retrofit on 3rd. party biomass boiler  technologies.   Profit for the year compared with previously announced expectations  Gross Profit from operations for the consolidated financial statements amounts to DKK 86,885  thousand compared with DKK 1,579 thousand for 2024. Consolidated profit before tax amounts to DKK  -16,654 thousand compared with DKK -47,166 thousand for 2024.   The increase in Gross Profit for the year compared with 2024 is primarily attributable to the acquisition  of WBD Group, Weiss Energie France and Biomasse Services et Maintenance (BSM), in September 2024.  The increase in profit before tax compared with 2024 is in addition to the acquisition in 2024,   attributable to improved performance on delivery of Dall Energy’s own project portfolio.  The main project activities of Dall Energy ApS in 2025 have been the signing of new orders in France, as  well as execution of the existing order portfolio. The new orders are with some of France’ leading energy  companies.   Particularly 2 projects contracted by Dall Energy Aps. several years ago in France and Denmark has  continued to cause significant costs above previous estimates. The two projects and delays in project   execution is the major reason for the loss in 2025. Dall Energy ApS expect to complete and deliver the 2  loss making projects in 2026. Provision for estimated cost to finalize has been recognized in 2025.   The 2025 business of Weiss France Energie was based on execution of orders received in 2023, 2024  and new project signed in 2025. 11 new contracts were signed of which 50 %are now unconditional.   The new orders are with some of French’ leading energy companies - for industry heat and district   heating and directly with large industrial companies for heat & steam.  The projected margin for the new projects is slightly lower than in 2024 due to increased price   competition.  In 2025 the After sales business grew by approx, 15%, due to strong on-site service operations.  The gross profit for the parent entity, Dall Energy ApS, amounts to DKK 16,534 thousand and the profit  before tax amounts to DKK -23,077 thousand.  Gross profit and the result for the year is thus below the expectations communicated in the parent  financial statement for 2025 impacted by the two loss-marking projects as elaborated above.   Management considers the profit for the year for the parent entity and the group not satisfactory.   Financing   As part of its financing plan Dall Energy ApS converted its loan from shareholder Eiffel Essentiel S.L.P.  of DKK 25,626 thousand to equity. Further an agreement with a consortium of banks in France was  finalized in order for Weiss to continue to issue customary guarantees in relation to construction  contracts.   Investments  No significant investments were made in 2025 by the Group.   Expected development  The Dall Group expects a number of new projects in 2026 for both its product lines - the more traditional  biomass boiler technology delivered by Weiss France as well as its gasification boiler technology  delivered by Dall Energy. Both product platforms represent documented key advantages, and we expect   that the group's geographical footprint will increase going forward.   During the financial year, extensive market research and identification of strategic opportunities were  carried out. The overall effect of the identified strategic initiatives is not expected to become visible   until 2027.   For 2026 the Company expects to report profits before tax of DKK 0-3 million.  The Group also expects to maintain positive liquidity in 2026.  Weiss France is expected to invest in the construction of new storage facilities in France in 2026. The  extent of the investment and the financing has not yet been decided.  The Dall Group is a party to a small number of ongoing legal proceedings. It is Management’s opinion  that the outcome of these proceedings will not affect the Group’s financial position beyond the  receivables and liabilities recognized in the balance sheet as of 31. December 2025.   Risk factors  General business risks  The Group’s most significant operating risks relate to its ability to maintain a strong position in the  markets where heating plants are required. Political preferences for choice of technology in the green  transition could positively or negatively affect the size of Dall Groups’ addressable market.  Financial risks and use of financial instruments  As a result of its operations, investments and financing, the Group is exposed to changes in exchange  rates and interest rate levels. It is the Group’s policy not to engage in active speculation in financial  risks. Accordingly, the Group’s financial management is solely directed at managing financial risks  already assumed.   Exchange rate risks  The Group’s foreign entities are not immediately affected by exchange rate fluctuations, as both income  and costs are settled in EUR currency. Activities carried out by Danish entities are affected by exchange  rate changes, as revenue is primarily generated in EUR, while costs, including wages, are incurred in  Danish kroner.  Interest rate risks  The Dall Group has currently no interest bearing debt.  Credit risks  The Group’s credit risks relate partly to primary financial assets and partly to derivative financial  instruments with a positive fair value. The maximum credit risk related to financial assets corresponds  to the carrying amounts recognized in the balance sheet.   The Group does not have significant credit risks associated with individual customers or business  partners. The Group’s policy for assumed credit risks means that all major customers and other business  partners are subject to ongoing credit assessments.   Liquidity risks  The Group is exposed to liquidity risks both as a result of ongoing operating activities and repayment  arrangements on financial loans. The Group’s liquidity preparedness consists of cash and cash  equivalents and undrawn credit facilities. It is management’s opinion that the Group has sufficient  liquidity preparedness to meet its obligations as they fall due.   Research and Development activities  Dall Group continues to develop its technology however the cost of the activities in 2025 has been  insignificant. On group level the capitalized costs amounts to approximately DKK 400 thousand.  Events after the balance sheet date  No events materially affecting the Group’s and the Company's financial position have occurred  subsequent to the financial year-end.   86885000 84417000 1579000 43158000 16534000 39054000 -29334000 30936000 15160000 -12692000 5097000 1407000 561000 -46676000 -23927000 -60831000 865000 4827000 564000 1053000 4127000 3277000 1066000 -16654000 3648000 -47166000 4989000 -23077000 0 -60099000 -473000 -20302000 -52155000 -23077000 -59626000 51136000 5341000 14317000 53863000 6062000 22122000 0 5031000 634000 0 5819000 350000 70794000 82047000 5665000 6169000 10144000 10144000 9678000 9678000 561000 561000 533000 533000 0 0 717000 0 0 639000 27018000 23538000 541000 36298000 47261000 541000 717000 639000 51097000 57323000 84100000 90802000 81655000 92364000 24956000 23180000 0 0 24956000 23180000 0 0 194447000 26571000 0 135197000 39131000 0 61167000 26554000 11068000 17137000 39131000 7000 0 0 70000 307000 12339000 340000 70000 70000 0 15672000 0 0 8776000 0 15073000 1514000 262561000 133019000 395580000 477235000 210564000 167789000 378353000 470717000 114531000 49459000 65121000 90161000 163990000 221313000 155282000 246084000 342000 0 0 308000 0 0 342000 0 3924000 35361000 308000 0 4539000 32197000 49531000 44207000 49873000 44515000 39627000 37044000 3515000 42450000 5443000 15776000 0 31083000 0 10733000 45965000 21219000 31083000 10733000 579000 241478000 104105000 19586000 172596000 155539000 0 74165000 71893000 0 61448000 111919000 0 35235000 23634000 33628000 0 4545000 23634000 1306000 381397000 381397000 477235000 404983000 404983000 470717000 150603000 150603000 221313000 198307000 198307000 246084000 57529000 259000 49000 0 0 0 0 39092000 0 -39092000 1200000 56070000 0 0 0 0 -62965000 39092000 0 39141000 -62965000 0 4281000 942000 0 0 4281000 942000 0 0 308000 34000 0 0 0 0 25626000 0 -25626000 4539000 0 0 0 -788000 -173000 32197000 37044000 25660000 -22462000 0 0 -22462000 25626000 0 0 0 -788000 -173000 0 0 342000 0 3924000 35361000 39627000 57529000 259000 49000 0 0 39092000 0 57270000 0 -52155000 39092000 39141000 -52155000 0 0 -39092000 308000 34000 0 0 25626000 0 44207000 0 -20302000 25626000 44515000 25660000 -20302000 0 0 -25626000 342000 0 49531000 49873000 -12692000 42316000 -46676000 18812000 Cash generated from operations (operating activities) Cash generated from operations (operating activities) 29624000 -33320000 -27864000 113054000 Cash generated from operations (operating activities) Cash generated from operations (operating activities) -3696000 610000 1841000 5199000 85190000 0 16000 6287000 -10126000 78887000 0 -1276000 3457000 78000 -37473000 -4919000 3265000 -175000 Additions of intangible assets Additions of intangible assets -4811000 -45482000 -19007000 0 -826000 19586000 39141000 22933000 -19833000 81660000 -34770000 167789000 115065000 52724000 133019000 167789000 1 Accounting policies  The Consolidated financial statements and parent financial statement of Dall Energy ApS for 2025 has  been prepared in accordance with the provisions in the Danish Financial Statements Act applying to   large reporting class Centities.   true Reporting currency  The Consolidated financial statements and parent financial statement are presented in Danish kroner  (DKK’000).   External business combinations  Newly acquired entities are recognised in the consolidated financial statements from the acquisition   date. Entities sold or otherwise disposed of are recognised in the consolidated financial statements up to  the date of disposal. Comparative figures are not restated to reflect newly acquired entities.  Discontinuing operations are presented separately.  The acquisition date is the date when the Group actually obtains control of the acquiree.  The purchase method is applied to acquisitions of new businesses over which the Group obtains control.  The acquired businesses' identified assets, liabilities and contingent liabilities are measured at fair value  at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a  contractual right. Deferred tax on revaluations is recognised.  1 Accounting policies (continued)  Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value  of non-controlling interests in the acquired entity and the fair value of any previously acquired equity   investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities  acquired are recognised as goodwill in intangible assets. Goodwill is amortised on a straight-line basis in  the income statement based on an individual assessment of the economic life of the asset, which is   stated in the accounting policies under intangible assets.  Negative differences (negative goodwill) are recognised in the income statement at the acquisition date.  Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis  for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a  foreign entity with a functional currency different from the Group's presentation currency are  accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition,  translated into the foreign entity's functional currency using the exchange rate at the transaction date.  The purchase consideration for an entity consists of the fair value of the agreed consideration in the   form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase   consideration is contingent on future events or compliance with agreed terms, such part of the purchase   consideration is recognised at fair value at the acquisition date. Subsequent adjustments of contingent   purchase considerations are recognised in the income statement.   Expenses incurred to acquire entities are recognised in the income statement in the year in which they   are incurred.  If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent  liabilities or the determination of the purchase consideration exist at the acquisition date, initial   recognition will take place on the basis of provisional values. If it turns out subsequently that the   identification or measurement of the purchase consideration, acquired assets, liabilities or contingent  liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including   goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently,  any adjustments are recognised as errors.  Expenses incurred to combine the entities are recognised in the income statement in the year in which   they are incurred.   Receivables, 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.   Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.  Foreign group entities, associates and equity interests are considered separate entities. The income  statements are translated at the average exchange rates for the month, and the balance sheet items are  translated at the exchange rates at the balance sheet date. Foreign exchange differences are recognised  directly in equity when they have arisen on translation of the opening equity of foreign group entities at   the exchange rates at the balance sheet date and on translation of the income statements from average   exchange rates to the exchange rates at the balance sheet date.  Foreign exchange adjustments of balances with independent foreign group entities that are considered  part of the total net investment in the group entity are recognised directly in the translation reserve   under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial  instruments hedging net investments in foreign group entities are recognised directly in the translation  reserve under equity.   Foreign currency translation  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 statement is recognised in the income statement as financial income or financial expenses.   Preparation of consolidated financial statements  The 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 as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised   gains on transactions with associates and equity interests are eliminated in proportion to the Group's  ownership interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains   unless they do not reflect impairment.   The group entities' financial statement items are included 100%in the consolidated financial   statements. Non-controlling interests' share of the profit/loss for the year and of the equity of group  entities that are not wholly-owned are included in the Group's profit/loss and equity, respectively, but  are presented separately.  Acquisitions and disposals of non-controlling interests that are still controlled are recognised directly in   equity as a transaction between shareholders.   Equity investments in associates, participating interests and joint ventures are recognised in the  consolidated financial statements using the equity method.   The Group's activities in joint operations are recognised in the consolidated financial statements on a  line-by-line basis.   Income statement   Revenue   The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.  Income from the rendering of services is recognised as revenue as the services are rendered.   Accordingly, revenue corresponds to the market value of the services rendered during the year   (percentage-of-completion method).   Dall Energy Group's revenue comprises from following revenue streams  -Work in progress  -Consultancy services, and  -License income   Consultancy services:  Revenue from consultancy service contracts is recognised on a linear basis over the period during the   time which the service is performed.   License income:   License income is recognised over the term of the agreement in accordance with the contents of the   agreement.   Services delivered distinguished from the software licences is recognised as sale of goods whereby  revenue is recognised when the most significant rewards and risks have been transferred to the buyer   and provided the income can be measured reliably and payment is expected to be received.   Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on  behalf of third parties. All discounts and rebates granted are recognised in revenue.   Work in progress:  Revenue from contracts involving a high degree of customisation is recognised as revenue by reference   to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work  performed during the year (percentage-of-completion method). This method is used where the total   income and expenses and the degree of completion of the contract can be measured reliably based on  incurred man hours.   Where income from a construction contract cannot be estimated reliably, contract revenue  corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses   will be recoverable from the counterparty.   Gross profit/ loss  The items revenue, cost of sales, other operating income and external expenses have been aggregated   into one item in the income statement called gross profit/loss in accordance with section 32 of the  Danish Financial Statements Act.   Other operating income  Other operating income comprises items secondary to the principal activities of the Company, including  rental income from the temporary lease out of production facilities, compensation, government grants,   refund of wages and salaries, gains on the disposal of intangible assets and property, plant and   equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the  entity will comply with the conditions attaching to them and the grants will be received.   Cost of sales   Cost of sales include costs incurred to achieve the revenue for the year. The costs comprise of direct  and indirect costs, including raw materials, consumables etc.   Other external costs  Other external expenses comprise of expenses incurred during the year concerning administration,  advertising premises, consultancy fees, payments under operating leases, etc.   Staff costs  Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social  security costs, etc., for the Company's employees.  The Company has a warrant program, where information are included in the notes. No recognition as  not required under Danish Financial Statements Act.   Other operating expenses  Other operating expenses comprise items secondary to the entities' activities, including losses on  disposal of intangible assets and property, plant and equipment.   Amortisation/ depreciation   The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.  The cost net of the expected residual value for completed development projects and acquired IP rights is  amortised over the expected useful life. Acquired IP rights include patents, rights and licences.   The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight   line basis over the expected useful life. The expected useful lives of the assets are as follows:   Completed development projects  7-10 years   Licenses   5 years   Orderbacklog  2 years   Goodwill  20 years   Trademark  15 years   Where individual components of an item of property, plant and equipment have different useful lives,  they are accounted for as separate items, which are depreciated separately.   The basis of depreciation, which is calculated as cost less any residual value is depreciated on a straight-  line basis over the expected useful life. The expected useful lives of the assets are as follows:   Fixtures and fittings, other plan  and equipment   3-5 years   Financial income and expenses   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 as well as allowances and   surcharges under the advance-payment-of-tax scheme, etc.   Tax for the year  The Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish group  entities. Group entities are included in the joint taxation from the date when the parent company obtains  actual control of the group entities and up to the date when the control ceases to exist.  The Parent Company, Dall Energy Holding ApS acts as administration company for the joint taxation  arrangement and consequently settles all corporate income tax payments with the tax authorities.  On payment of joint taxation contributions, the Danish corporation tax charge 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 the tax losses to reduce their own taxable income.   Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax  for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is  recognised in the income statement, and the tax expense relating to amounts recognised directly in   equity is recognised directly in equity.   Balance sheet   Development projects  Development costs comprise expenses, salaries and amortisation charges directly attributable to  development activities.  Development projects that are clearly defined and identifiable and where the technical feasibility,   sufficient resources and a potential future market or development potential are evidenced, and where  the Parent Company intends to produce, market or use the project, are recognised as intangible assets  provided that the cost can be measured reliably and that there is sufficient assurance that future   earnings can cover production costs, selling costs and administrative expenses as well as development   costs. Other development costs are recognised in the income statement as incurred.  Development costs that are recognised in the balance sheet are measured at cost less accumulated  amortisation and impairment losses.   On completion of a development project, development costs are amortised on a straight-line basis over  the estimated useful life. The amortisation period is usually 10 years and cannot exceed 10 years.  Patents and licences  Patents and licences are measured at cost less accumulated amortisation and impairment losses.  Patents are amortised on a straight line basis over the remaining term of the patent, and licences are  amortised over the term of the licence, but not exceeding 10 years.   Balance sheet   Intangible assets  On initial recognition, intangible assets are measured at cost.  Amortisation is made over the estimated economic life without the determination of a residual value.   Goodwill  Goodwill is amortised over the expected economic life of the asset, measured by reference to  Management's experience in the individual business segments. Goodwill is amortised on a straight-line  basis over the amortisation period, which is 20 years.   Property, plant and equipment  Items of property, plant and equipment are measured at cost less accumulated depreciation and  impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until  the time at which the asset is ready for use.   Gains or losses are calculated as the difference between the selling price less selling costs and the  carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and  equipment are recognised in the income statement as other operating income or other operating   expenses.   Leases   The Company has chosen IAS 17 as interpretation for classification and recognition of leases.  Equity investments in group entities  Investments in group entities are measured at cost. Dividends received that exceed the accumulated  earnings in the group entity during the period of ownership are treated as a reduction in the cost of   acquisition.   Impairment of fixed assets  The carrying amount of intangible assets, property, plant and equipment and investments in group   entities is assessed for impairment on an annual basis.  Impairment tests are conducted on assets or groups of assets when there is evidence of impairment.   The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in  use (recoverable amount).   The recoverable amount is the higher of the net selling price of an asset and its value in use. The value   in use is calculated as the present value of the expected net cash flows from the use of the asset or the   group of assets and the expected net cash flows from the disposal of the asset or the group of assets  after the end of the useful life.  Previously recognised impairment losses are reversed when the reason for recognition no longer exists.   Inventories  Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is  lower than cost, inventories are written down to this lower value. The net realisable value of inventories   is determined as the selling price less any discounts, costs of completion and costs incurred to effect the   sale, taking into account marketability, obsolescence and developments in the expected selling price.  Goods for resale and raw materials and consumables are measured at cost, comprising purchase price  plus delivery costs and other costs directly related to the purchase.   Receivables   The Group and the Parent Company have chosen IAS 39 Financial instruments as interpretation for  impairment write-down of financial receivables: Recognition and measurement.  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.   Contract assets and liabilities  The Group and the Parent Company have chosen IAS 11 Construction contracts as interpretation for  contract assets and contract liabilities.   Service supplies and contract work in progress for third parties are measured at the market value of the  work performed less progress billings.   The market value is calculated based on the stage of completion at the balance sheet date and the total   expected income from the relevant contract. The stage of completion is calculated based on the  personnel hours incurred relative to the expected total personnel hours relating to the relevant   contract.   Where the outcome of contract work in progress cannot be estimated reliably, the market value is  measured at the expenses incurred in so far as they are expected to be paid by the purchaser.  Where the total expenses relating to the work in progress are expected to exceed the total market value,  the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the  income statement.   The value of work in progress less progress billings is classified as assets when the selling price exceeds   progress billings and as liabilities when progress billings exceed the market value.   Prepayments  Prepayments comprise prepaid costs concerning subsequent financial years.   Cash   Cash consist of cash in banks.   Equity  Reserve for development costs  The reserve for development costs comprises recognised development costs. The reserve cannot be   used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised  development costs are amortised or are no longer part of the Company's operations by a transfer  directly to the distributable reserves under equity.   Provisions  Provisions comprise anticipated expenses relating to warranty commitments and loss-making contracts.  Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet  date as a result of a past event and it is probable that an outflow of resources embodying economic  benefits will be required to settle the obligation.   Provisions comprise anticipated expenses relating to warranty commitments and loss-making contracts.  Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet  date as a result of a past event and it is probable that an outflow of resources embodying economic  benefits will be required to settle the obligation.   Corporation tax and deferred tax  Current tax payables and receivables are recognised in the balance sheet as tax computed on the  taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on  account.  Deferred tax is measured using the balance sheet liability method on all temporary differences between  the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied  to determine the tax base, deferred tax is measured based on Management's intended use of the asset  or settlement of the liability, respectively.  Deferred tax assets, including the tax value of tax loss carry forwards, are recognised at the expected  value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred  tax liabilities in the same legal tax entity and jurisdiction.  Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective  countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.   Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and   losses.   Liabilities other than provisions  The Group and the Parent Company have chosen IAS 39 Financial instruments: Recognition and  measurement as interpretation for recognition and measurement of liabilities.  Other liabilities are measured at net realisable value.   Cash flow statement  The cash flow statement shows the Company'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, changes in working capital and paid corporate income tax.   Cash flows from investing activities comprise payments in connection with acquisitions and disposals of  entities and activities and of intangible assets, property, plant and equipment and investments.  Cash flows from financing activities comprise changes in the size or composition of the Company's share  capital 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.   Financial ratios  The financial ratios stated under “Financial highlights” have been calculated as:  Equity ratio:   2 Events after the balance sheet date  No events materially affecting the Group’s and the Company's financial position have occurred  subsequent to the financial year-end.   3 Liquidity  The Group realised a loss of DKK 20 million in 2025, primarily driven by losses in the parent company,  Dall Energy ApS, which reported a loss of DKK 23 million. The result is impacted by loss-making projects  for which provisions have been recognised as of 31 December 2025.   As at 31 December 2025, the Group had net cash of DKK 133 million, of which DKK 36 million has been  pledged as collateral for bank guarantees and is therefore not available for general use. In addition, the   Group has unused credit facilities within its French operations of approximately DKK 7.4 million.  Based on Management’s cash flow forecasts, the Group is expected to have sufficient liquidity to meet  its obligations as they fall due throughout 2026.   4 Staff costs  Group  Parent Company  DKK’000   2025   2024   2025 2024   Wages/Salaries  66,388   36,890   34,130   28,009   Pensions   5,421   4,161   4,462   4,161   Other Social security costs  12,608   3,607   462   266   Salary costs directly attributable to development  projects   0 -1,500   0 -1,500   84,417   43,158   39,054   30,936   Average number of full-time employees   106   102   37   35   Total remuneration paid to Executive board and Board of Directors: DKK 2,773 thousand (2024: DKK  1,644 thousand). In addition pension costs paid to the Executive board and Board of Directors: DKK 239  thousand (2024: DKK 138 thousand).  The Company has entered a warrant program with the CEO.  2,000 warrants related to a-shares with a strike price at EUR 107 per warrant; vesting over 5 years and  can be exercised at Exit or 30 days before the annual general meeting in 2030–2032.  1,050 warrants related to b-shares with a strik price at DKK 1 per warrant; vesting monthly over 2 years  and can be exercised at Exit or 30 days before the annual general meeting in 2029–2032.  Can subscribe up to 13,000 warrants related to c-shares with a strik price at EUR 107 per warrant; only  granted after 2 years and exercisable only at Exit. Allocation depends on exit valuation (0–13,000  warrants). Pure performance/exit-driven incentive.   5 Amortisation/ depreciation of intangible assets and property, plant and equipment  Group  Parent Company  DKK’000   2025   2024   2025   2024   Amortisation of intangible assets   12,179   4,395   1,096   373   Depreciation of property, plant and equipment  2,981   702   311   188   15,160   5,097   1,407   561   6 Financial income   Group  Parent Company  DKK’000   2025   2024   2025   2024   Interest Income, group interests   0 0 4,059   1.418   Interest Income from credit institutions   610   380   69   380   Exchange gain   255   184   0 0 865   564   4,127   1,798   7 Financial expenses   Group  Parent Company  DKK’000   2025   2024   2025   2024   Interest expenses, shareholders   0 694   2,853   694   Interest expenses to credit institutions  4,695   16   210   16   Exchange losses   132   343   214   355   Other interest expenses  0 0 0 1 4,827   1,053   3,277   1,066   8 Tax for the year  Group  Parent Company  DKK’000   2025   2024   2025   2024   Current tax for the year  5,269   5,480   0 0 Deferred tax adjustments in the year  -1,621   -421   0 -403   Prior year adjustment  0 -70   0 -70   3,648   4,989   0 -473   -615000 -22462000 3339000 -62965000 -23077000 -59626000 10 Intangible assets  Group  Completed  Acquired   development   intangible  DKK’000   projects  assets  Goodwill  Total  Cost at 1 January 2025  7,132   27,708   55,801   90,641   Additions   410   866   0 1,276   Disposal  -351   -2,814   0 -3,165   Cost at 31 December 2025  7,191   25,761   55,801   88,753   Amortisation and impairment losses at 1 January   2025   1.070   5,586   1,938   8,594   Amortisation for the year   780   8,672   2,727   12,179   Disposal  0 -2,814   0 -2,814   Amortisation and impairment losses   at 31 December 2025  1,850   11,444   4,665   17,959   Carrying amount at 31 December 2025  5,341   14,317   51,136   70,794   Goodwill is amortized on a straight-line basis over 20 years, reflecting Management’s assessment of the  expected economic life. Goodwill arises from the acquisition of the subsidiaries in WBD Group.  Parent  Completed  Acquired   development   intangible  DKK’000   projects  assets  Total  Cost at 1 January 2025  6,713   3,999   10,712   Additions   93   499   592   Cost at 31 December 2025  6,806   4,498   11,304   Amortisation and impairment losses at 1 January 2025   894   3,649   4,543   Amortisation for the year   881   215   1,096   Amortisation and impairment losses   at 31 December 2025  1,775   3,864   5,639   Carrying amount at 31 December 2025  5,031   634   5,665   11 Property, plant and equipment  Group  Fixtures and  fittings, tools   DKK’000   and equipment   Cost at 1 January 2025  16,297   Additions   3,457   Disposals  -1,994   Cost at 31 December 2025  17,160   Impairment losses and depreciation at 1 January 2025   6,619   Depreciation  2,981   Disposals  -1,984   Impairment losses and depreciation at 31 December 2025   7,616   Carrying amount at 31 December 2025  10,144   Parent  Fixtures and  fittings, tools   DKK’000   and equipment   Cost at 1 January 2025  773   Additions   339   Cost at 31 December 2025  1,112   Impairment losses and depreciation at 1 January 2025   240   Depreciation  311   Impairment losses and depreciation at 31 December 2025   551   Carrying amount at 31 December 2025  561   12 Investments  Parent Company  Receivable   Deposits,  Total  Investments in  from group   investments  DKK’000   group entities  entities  Cost at 1 January 2025  36,298   47,261   541   84,100   Disposal  -9,280   -23,723   0 -9,280   Cost at 31 December 2025  27,018   23,538   541   27,559   Carrying amount at 31 December 2025  27,018   23,538   541   27,559   Group entities  Name   Domicile   Interest  Equity  Profit / Loss  WBD Group  France  100.00%   16,416   -4,061   Biomasse Services et   100.00%   2,561   2,561   Maintenance SAS  France  Weiss France Energie SAS  France  100.00%   52,430   15,571   Dall Energy France SAS  France  100.00%   -1,501   -1,441   13 Contract assets and liabilities  Group  Parent Company  DKK’000   2025   2024   2025   2024   Revenue recognised by percentage of   completion   363,193   229,736   166,424   129,371   Costs recognised by percentage of  completion   -578,100   -363,201   -214,035   -151,688   -214,907   -120,365   -47,611   -22,317   Recognised as follows:   Contract assets  26,571   39,131   26,554   39,131   Contract liabilities  -241,478   -172,596   -74,165   -61,448   -214,907   -133,465   -47,611   -22,317   The measurement and valuation of contract assets and contract liabilities is associated with  Management’s estimates. The estimates that are made are in accordance with accounting policies and  are based on the Management's assumptions and experiences, which the Management considers  realistic. The primary estimates have been made in regards to the percentage of completion and in   estimating the costs for completing the current projects.   14 Prepayments  Prepayments disclosed as current assets include expenses relating to subsequent financial years.   15 Share capital  Group  Parent Company  DKK’000   2025   2024   2025   2024   Analysis of the share capital   A shares of DKK 1.00 nominal value each   172   172   172   172   B shares of DKK 1.00 nominal value each   170   135   170   135   342   308   342   308   Both A shares and B shares carries same voting right  Analysis of changes in the share capital over the past 5 years:   DKK’000   2025   2024   2023   2022   2021   Opening balance   308   259   208   208   208   Capital increase  34   49   51   0 0 342   308   259   208   208   Group  Parent Company  DKK’000   2025   2024   2025 2024   16 Deferred tax  Deferred tax at 1 January  -5,136   403   0 403   Addition from business combination   -5,960   Deferred tax adjustment  1,621   421   0 -403   Other  0 0 0 0 Deferred tax at 31 December  -3,515   -5,136   0 0 Included as:   Deferred tax asset  0 307   0 0 Deferred tax provision  -3,515   -5,443   0 0 Deferred tax at 31 December  -3,515   -5,136   0 0 The Company has a net deferred tax asset due to tax losses of DKK 17.7 million, which has not been  recognized due to uncertainty in future use. The deferred tax primarily relates to tax losses in Dall   Energy ApS.   17 Other provisions  Other provisions comprise provisions for warranty commitments, totalling DKK 11,145 thousand (2024:  10,380 thousand), provision for loss-making contracts (onerous contracts), totalling DKK 15,948 and   Contingencies DKK 15,357 thousand (2024: DKK 353 thousand). Warranty provisions relate to  expected warranty expenses in accordance with usual guarantee commitments applicable to the sale of  goods. The obligation is expected to be settled over the warranty period, which is two years. Provisions  for loss-making contracts has been recognized with expected costs to complete the construction   contracts. The remaining period for the loss-making contracts is between 1 and 5 years.   18 Contractual obligations and contingencies, etc.  Joint taxation:   The Company is jointly taxed with its parent, Dall Energy Holding ApS, which acts as management  company, and is jointly and severally liable with other jointly taxed group entities for payment of income   taxes.  Rent agreement:  The Parent Company has a rent agreement with a remaining rent period of minimum 6 months  corresponding to a rent obligation of DKK 0.6 million.   The Group has a rent agreement with a remaining rent period of minimum 6 months corresponding to a  rent obligation of DKK 0.9 million.   In addition, the parent and the group has entered into executory contracts as part of its operations.  Warranties:  The Company and the Group have warranties on sold projects and recognise a provision claims if  considered relevant.   19 Security and collateral  Group:  Mortgages of DKK 6.5 million in intangible assets, property, plant and equipments, inventories and trade  receivables.   Cash in bank of DKK 36 million has been pledged for bank guarantees of DKK 54.2 million (maximum   DKK 80.0 million) for payments.  DKK 16.5 million is secured for a project until 2028.  Directly enforceable guarantee from Dall Energy Holding ApS to Dall Energy ApS has been provided.  A guarantee issued as an insurance for losses on debtors provided by Euler Hermés and BNP to Weiss  Energie France SAS amounting to DKK 63.7 million.  Parent:  Mortgages of DKK 6.5 million in intangible assets, property, plant and equipments, inventories and trade  receivables.   Cash in bank of DKK 28.6 million has been pledged for bank guarantees of DKK 54.2 million (maximum   DKK 80.0 million) for payments.  DKK 16.5 million is secured for a project until 2028.  Directly enforceable guarantee from Dall Energy Holding ApS to Dall Energy ApS has been provided.   20 Related parties  Dall Energy ApS related parties comprise the following:  Parties exercising control  Related party  Domicile   Basis for control  Majority Shareholder (>40%of  Sjælsøvej 53, 3460 Birkerød,  shares), exercising control through  Dall Energy Holding ApS  Denmark   influence in the board   Significant influence  Related party  Domicile   Basis for control  22 Rue de Marignan, 75008 Paris,  Majority Shareholder (>40%of  Eiffel Essential S.L.P  France  shares)   20 Related parties (continued)  Related party transactions  Dall Energy ApS was engaged In the below related party transactions:  DKK’000   2025   2024   Income related to management fees   2,768   0 Sales of Weiss shares to WBD Group  9,280   0 Interest income from group entities   4,059   1,418   Interest expenses to shareholders   2,824   694   Receivables from group entities   34,606   47,268   Joint taxation contribution receivable   70   70   Payables to shareholders and management  0 23,634   As per 31 December 2024, the item Payables to shareholders and management includes loan of DKK   23,074,108 that carry an interest 12%which roll up on the loan. The loan was converted to equity in   September 2025 as an equity-debt-conversion.   21 Adjustments  Group  DKK’000   2025   2024   Amortisation/depreciation and impairment losses  15,160   5,097   Other adjustments, change in provisions, currency etc.  27,156   13,715   42,316   18,812   Group  DKK'000   2025   2024   22 Changes in working capital  Changes in inventories  -1,776   -1,577   Changes in receivables  -49,424   -19,266   Changes in prepayments  -1,174   277   Changes in trade and other payables  19,054   133,619   -33,320   113,054   Group  DKK’000   2025   2024   23 Cash and cash equivalents  Cash according to the balance sheet  133,019   167,789   Please refer to note 19 for cash pledged for bank guarantees.