43728059 2025-01-01 2025-12-31 43728059 2025-01-01 2025-12-31 1 43728059 2025-01-01 2025-12-31 1 43728059 2025-01-01 2025-12-31 2 43728059 2025-01-01 2025-12-31 2 43728059 2024-01-01 2024-12-31 43728059 2025-12-31 43728059 2024-12-31 43728059 2024-12-31 fsa:ContributedCapitalMember 43728059 2024-12-31 fsa:OtherReservesMember 43728059 2024-12-31 fsa:RetainedEarningsMember 43728059 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43728059 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 43728059 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43728059 2025-01-01 2025-12-31 fsa:OtherReservesMember 43728059 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43728059 2025-01-01 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43728059 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 43728059 2025-12-31 fsa:ContributedCapitalMember 43728059 2025-12-31 fsa:OtherReservesMember 43728059 2025-12-31 fsa:RetainedEarningsMember 43728059 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 43728059 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 43728059 2024-01-01 2024-12-31 1 43728059 2025-01-01 2025-12-31 1 43728059 2025-01-01 2025-12-31 2 43728059 2024-01-01 2024-12-31 2 43728059 2024-01-01 2024-12-31 1 43728059 2025-01-01 2025-12-31 1 43728059 2023-12-31 iso4217:EUR xbrli:pure CASPER KAAE SØNDERBY TRUNK HOLDING APS OVERGADEN NEDEN VANDET 17, 2. 1414 KØBENHAVN K 43728059 KØBENHAVN WEIDEKAMPSGADE 6 2300 COPENHAGEN S The Executive Board has today considered and approved the annual report of Trunk Holding ApS for the financial year 01.01.2025 - 31.12.2025.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Casper Kaae Sønderby Søren Kaae Sønderby To the shareholders of Twig Energy ApS OpinionWe have audited the consolidated financial statements and the parent financial statements of Trunk Holding ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. Basis for opinionWe 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 financial statements” section of this auditor’s 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’s responsibilities for the consolidated financial statements and the parent financial statementsManagement is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group’s and the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the consolidated financialstatements and the parent financial statementsOur objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Group’s and the Entity’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the consolidated financial statements and the parent financial statements, and, based onthe audit evidence obtained, whether a material uncertainty exists related to events or conditions thatmay cast significant doubt on the Group’s and the Entity’s ability to continue as a going concern. If weconclude that a material uncertainty exists, we are required to draw attention in our auditor’s report tothe related disclosures in the consolidated financial statements and the parent financial statementsor, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’s report. However, future events or conditions maycause the Group and the Entity to cease to continue as a going concern.• Evaluate the overall presentation, structure and content of the consolidated financial statements andthe parent financial statements, including the disclosures in the notes, and whether the consolidatedfinancial statements and the parent financial statements represent the underlying transactions andevents in a manner that gives a true and fair view.• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financialinformation of the entities or business units within the group as a basis for forming an opinion on theconsolidated financial statements and the parent financial statements. We are responsible for thedirection, supervision and review of the audit work performed for purposes of the group audit. Weremain solely responsible for our audit opinion.• We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit. Statement on the management commentaryManagement is responsible for the management commentary.Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Mads Fauerskov State Authorised Public Accountant Jonas Ellevang Vad State Authorised Public Accountant Management commentaryFinancial highlightsKey figures 2025 2024 2023 2022 EUR’000 EUR’000 EUR’000 EUR’000Gross profit/loss 30,436 16,475 8,323 9,277Operating profit/loss 27,072 14,045 6,769 8,472Net financials 319 454 102 7Profit/loss for the year 21,953 11,075 5,268 6,647Balance sheet total 43,431 22,811 10,921 7,743Investments in property, plant and equipment 33 0 0 67Equity 41,652 21,280 10,158 5,710Cash flows from operating activities 17,771 4,947 1,094 8,596Cash flows from investing activities (3,140) (2,436) (1,753) (545)Cash flows from financing activities (1,543) 0 (805) (1,002)RatiosEquity ratio (%) 95.90 93.29 93.01 73.74Key figures are only available for the last 4 years, as Trunk Holding was founded in 2022.Financial highlights are defined and calculated in accordance with the current version of “Recommendations & Ratios” issued by the CFA Society Denmark.Equity ratio (%):Equity * 100Balance sheet totalDevelopment in activities and financesThe Group realized a profit after tax of EUR 22 M during 2025, an increase of 98.2% as compared to the 2024 results. No guidance has been provided for the financial results in 2025, however the management considers the results satisfactory and within expectations. The company expects to continue its positive development in 2026.Profit/loss for the year in relation to expected developmentsThe financial result for the year exceeds the prior year and is in line with management’s expectations. The improvement primarily reflects the anticipated increase in trading activity and favourable market conditions during the year. Management considers the result satisfactory and consistent with the expected development.Uncertainty relating to recognition and measurementManagement has not identified any material uncertainties related to the recognition or measurement of assets, liabilities, income or expenses.OutlookThe Group expects to continue to grow its power trading business by further maturing existing markets and expanding globally into new ones. The asset management business is expected to grow significantly in 2026 and to expand beyond the Scandinavian home markets. Profit after tax is expected to be between EUR 20–23.5 million for 2026. The outlook is, however, subject to inherent uncertainty related to power price volatility and market dynamics, which may cause actual results to deviate from expectations.Use of financial instrumentsThe Company’s use of financial instruments primarily relates to its trading activities, which are predominantly conducted in foreign currencies. As a result, the Company is exposed to normal currency fluctuations arising from market movements and settlement of open positions. Management monitors the currency exposure on an ongoing basis and considers the overall risk to be limited.The Company does not apply hedging of power prices, and the trading portfolio is therefore exposed to normal market price volatility.In addition, the Company has intercompany balances on which interest is charged at a fixed rate. The fixed rate structure limits the Company’s exposure to interest rate risk, and management assesses the related risk as low.Research and development activitiesThe company’s primary resources is its highly skilled workforce. The company processes unique capabilities within AI, software and operational excellence which is expected to continue to be a competitive advantage. Going forward the company will continue to develop its market leading platform for fully automated power trading and asset management in 2026.Group relationsThe Group structure as per 31.12.2025 is as follows:Foreign branchesTwig Energy ApS NUF branch in Norway.The Company realised a profit of DKK 290 t.DKK for the financial year 2025. Management considers the results for the year as expected.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Parent treasury sharesShares of contributed Number Nominal value EURcapital %Ordinary shares24,04424,0445.87Holding of treasury shares24,04424,0445.87As part of an agreement with its shareholders, the company has taken over a share of the ownership of its own shares. Primary activitiesThe group is active on the power markets in Europe. The primary business areas are power trading and control and optimization of physical assets. 30435684 16474910 2719216 1878939 644283 550853 440 0 27071745 14045118 448708 -215847 569234 517670 250656 63938 27839031 14283003 5885725 3208169 21953306 11074834 550082 1071114 0 0 806814 0 26510 0 1383406 1071114 3750 5984 32577 0 36327 5984 4108701 2452720 859111 0 67789 6799 83886 63845 5119487 2523364 6539220 3600462 15459368 11123204 4370 5940 15463738 11129144 21428002 8081738 36891740 19210882 43430960 22811344 54801 54801 -171543 0 31768647 21199723 10000000 0 41651905 21254524 96266 229625 96266 229625 917750 500960 57702 55549 593014 556903 95668 195106 18655 18677 1682789 1327195 1682789 1327195 43430960 22811344 54801 0 21199723 0 0 21254524 0 0 803331 0 0 803331 0 0 0 569026 0 569026 0 -171543 0 0 0 -171543 0 0 -12025 0 0 -12025 0 0 11384280 569026 10000000 21953306 54801 -171543 31768647 0 10000000 41651905 27071745 14045118 644283 550591 -4171426 -7408813 23544602 7186896 260659 517669 52220 63939 5982094 2694112 17770947 4946514 955469 686116 32940 0 1272231 1749427 859623 0 Deposits Deposits -20117 0 -3140380 -2435543 Free cash flows generated from operations and investments before financing 14630567 2510971 569026 0 803331 0 Other cash flows from financing activities Other cash flows from financing activities -170488 0 -1542845 0 13087722 2510971 8081738 5570767 258542 0 21428002 8081738 2 Staff costs2025 EUR2024 EURWages and salaries2,674,7871,863,377Pension costs34,3498,167Other social security costs10,0807,3952,719,2161,878,939 3 Other financial income2025 EUR2024 EUROther interest income541,353273,842Exchange rate adjustments27,670243,828Other financial income2110569,234517,670 4 Other financial expenses2025 EUR2024 EUROther interest expenses18,77414,450Exchange rate adjustments198,43726,553Other financial expenses33,44522,935250,65663,938 5 Tax on profit/loss for the year2025 EUR2024 EURCurrent tax6,018,890 3,137,677 Change in deferred tax(133,165) 70,492 5,885,7253,208,169 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Remuneration of Remuneration of managementmanagement2025 EUR2024 EUR219,122219,357Executive Board219,122219,357Obligations to pay pension benefits etc. to ManagementNo pension contributions have been paid to management. 10000000 569026 11384280 21953306 10717467 0 0 11074834 11074834 0 7 Intangible assetsCompleted Acquired development intangibleAcquired Development projectsassetslicencesprojects in EUREUREURprogressCost beginning of year1,948,45814,93900Additions00928,38926,510Cost end of year1,948,45814,939928,38926,510Amortisation and impairment losses beginning of year(878,620)(14,939)00Amortisation for the year(519,756)0(121,575)0Amortisation and impairmentlosses end of year(1,398,376)(14,939)(121,575)0Carrying amount end of year550,0820806,81426,5108 Development projectsDevelopment projects are recognized and measured based on management’s assessment of the project’s technical feasibility, its expected future use, and its economic potential. Measurement is based on directly attributable development costs and an ongoing evaluation of project progress and the likelihood that the anticipated benefits will be realized.The Company also has development projects currently in progress. These projects have moved from the planning phase into active development and focus on two core workstreams: a machine learning component and a C++ implementation. Development is progressing according to plan, and both workstreams are expected to be completed during 2026. 15 21 9 Property, plant and equipmentOther fixtures and fittings, tools and LeaseholdequipmentimprovementsEUREURCost beginning of year64,9730Additions032,920Cost end of year64,97332,920Depreciation and impairment losses beginning of year(58,997)0Depreciation for the year(2,226)(343)Depreciation and impairment losses end of year(61,223)(343)Carrying amount end of year3,75032,577 10 Financial assetsReceivablesInvestments in from associatesOther investments associates EUREUREURDeposits EURCost beginning of year2,677,77006,79163,769Additions1,210,463859,11160,99820,117Cost end of year3,888,233859,11167,78983,886Revaluations beginning of year(227,973)000Amortisation of goodwill(145,373)000Share of profit/loss for the year592,486000Other adjustments1,328000Revaluations end of year220,468000Carrying amount end of year4,108,701859,11167,78983,886Goodwill or negative goodwill 1,613,633recognised during the financial yearAssociatesRegistered inOwnership%SP BAT01F ApSDenmark49.00NiteosBESS ApSDenmark25.00 11 Other receivablesOther receivables comprise security deposits placed on the company’s trading platforms. These deposits serve as collateral in accordance with the terms and conditions governing the company’s trading activities. Additionally, other receivables include trading rebates for purchases made during the year on the trading platform.12 PrepaymentsPrepayments consist of prepaid rent related to the lease of the company’s premises. 13 Deferred taxChanges during the year2025 EUR2024 EURBeginning of year229,625197,721Recognised in the income statement(133,085)31,904Currency adjustment(274)0End of year96,266229,625Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions. 14 Deferred incomeDeferred income comprises income received from public grants for recognition in subsequent financial years. Deferred income is measured at cost. 15 Changes in working capital2025 EUR2024 EURIncrease/decrease in receivables(4,347,855)(7,720,033)Increase/decrease in trade payables etc.345,730322,136Other changes(169,301)(10,916)(4,171,426)(7,408,813) 16 Other unrecognised commitmentsUnrecognised rental and lease commitments2025 EUR2024 EURTotal liabilities under lease rental or agreements until maturity182,264258,710The Company has entered into lease agreements with a non-cancellable period of 13 months and a total commitment of EUR 182 thousand. 17 Assets charged and collateralAs security for the company’s obligations to its bank, an account with a deposit of EUR 1,550 thousand has been pledged.The company has also, through its banking partner, obtained payment guarantees issued to third parties amounting to EUR 1,550 thousand as of the balance sheet date. 18 Non-arm’s length related party transactionsOnly non-arm’s length related party transactions are disclosed in the annual report. No such transactions were conducted during the financial year.19 SubsidiariesRegistered inCorporate formOwnership %Twig Energy ApsDenmarkAps100Twig Redwood ApsDenmarkAps100Twig Redwood Inc.USAInc.100Twig Asset Management ApSDenmarkAps100Bonsai-1 ApsDenmarkAps100Twig KuriJapanGK100In 2025, the Group acquired the subsidiary Twig Kuri, which is included in the consolidated financial statements for 2025. Basis for financial statementsThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).True and fair viewReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the balance sheet (other receivable and cash). Comparative figures have been restated accordingly.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.When recognising foreign subsidiaries and associates that are independent entities, the income statementsare translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.Income statementGross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income and external expenses.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.Net trading incomeNet trading income result from power trading. Net trading income is recognised in the income statement on the day the net transaction is realised. All the companys positions is closed daily, and no open positions exists on the balance sheet date.Net trading income is the difference between gross purchases and sales transactions, and is thus shown as a net profit.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies etc.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after pro rata elimination of intra-group profits or losses.Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group enterprises.Other financial incomeOther financial income comprises interest income, net capital or exchange gains on securities, payables and transactions in foreign currencies etc.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Balance sheetIntellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down.The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects.Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannotbe estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3 years.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation.The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifeOther fixtures and fittings, tools and equipment 2-5 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value,Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity.Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. The enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile. Useful lives are reassessed annually. The amortisation periods used are 7-10 years.Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.Investments in associatesInvestments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the associates’ equity value plus unamortised goodwill and plus or minus unrealised pro rata intra-group profits and losses.Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for net revaluation according to the equity method in equity.Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For the total amount of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years.Investments in associates are written down to the lower of recoverable amount and carrying amount.Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance sheet date.Joint taxation contributions payable or receivableCurrent joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management’s proposal for distribution of profit/loss.Treasury sharesAcquisition and selling prices and dividends of treasury shares are classified directly as equity in retained earnings. Gains and losses from sale are not recognised in the income statement.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year’s taxable income, adjusted for prepaid tax.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Cash flow statementThe cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year.Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment.Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, purchase of treasury shares and payment of dividend.Cash and cash equivalents comprise cash. true No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-25 Regnskabsklasse C, mellemstor virksomhed 2026-06-25 33963556 DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB WEIDEKAMPSGADE 6 2300 COPENHAGEN S Opinion Basis for Opinion 2026-06-25 mne35428 mne50562 33963556 Deloitte Statsautoriseret Revisionspartnerselskab WEIDEKAMPSGADE 6 2300 COPENHAGEN S