41922796 2025-01-01 2025-12-31 41922796 2025-01-01 2025-12-31 1 41922796 2025-01-01 2025-12-31 1 41922796 2024-01-01 2024-12-31 41922796 2025-12-31 41922796 2024-12-31 41922796 2024-12-31 fsa:ContributedCapitalMember 41922796 2024-12-31 fsa:RetainedEarningsMember 41922796 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41922796 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41922796 2025-12-31 fsa:ContributedCapitalMember 41922796 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Morten Olsen AIP II CIV 4 K/S Klareboderne 1 1115 København K 41922796 Copenhagen Weidekampsgade 6 2300 København Primary activities The Company’s main activity is to generate returns on limited partnership capital by making investment in infrastructure assets. The Executive Board have today considered and approved the annual report of AIP II CIV 4 K/S for the finan-cial year 1 January – 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for the financial year 1 January – 31 De-cember 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend the annual report for adoption at the Annual General Meeting. Copenhagen, Kasper Hansen To the Shareholders of AIP II CIV 4 K/S Opinion We have audited the financial statements of AIP II CIV 4 K/S 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. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Dan-ish Financial Statements Act Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional re-quirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Ac-countants’ 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 Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in ac-cordance 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 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 financial statements unless Management either intends to liqui-date the Entity 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 about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi-vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den-mark, 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 misstate-ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, for-gery, 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-ness of the Entity’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-mates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in pre-paring the financial statements, and, based on the audit evidence obtained, whether a material uncer-tainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atten-tion in our auditor’s report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor’s report. However, future events or conditions may cause the Entity to cease to con-tinue as a going concern.• Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures in the notes, and whether the financial statements represent the underlying transactions and eventsin a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the management commentary Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not ex-press any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management com-mentary and, in doing so, consider whether the management commentary is materially inconsistent with the 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 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 commentary. Copenhagen, Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Rasmus Grynderup Kiær Steffensen State Authorised Public Accountant mne44143 -16163 -16513 18980 12746 4584 2069 5890 3748 1511 -5447 1511 -5447 410344 351595 41616 20073 451960 371668 451960 371668 160332 4777 160332 4777 612292 376445 562887 331301 -44239 -45750 518648 285551 93644 90894 93644 90894 93644 90894 612292 376445 331301 -45750 285551 231586 0 231586 0 1511 1511 562887 -44239 518648 true true Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial as-sets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement including depreciation, amortisa-tion, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as de-scribed for each item below. Translation policies Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the bal-ance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Income statement Gross profit/loss Gross profit/loss is calculated with reference to Section 32 of the Danish Financial Statements Act as a sum-mary of other external costs. Other external expenses Other external expenses are recognised in the income statement in the period to which they relate and are measured at cost. Expenses are recognised in accordance with the accrual principle, ensuring that costs are recognised in the financial period to which they relate, irrespective of the timing of payment Income from investments in participating interests In the income statement, dividends are recognized from other investments in the financial year in which the dividend is declared. Gains or losses on disposal during the year of investments in participating interest are also recognized in the income statement.. Other financial income and expenses Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax on profit/loss for the year The company is not taxable independently, which is why the tax liability is incumbent on the company’s inves-tors. As a result, no tax and deferred tax has been set aside in the accounts. Balance sheet Investments in participating interests Investments in participating interests are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Receivables from participating interests Receivables from participating interests are measured at amortized cost, which usually corresponds to nomi-nal value, less write-down for expected losses and including accrued interests.. Cash Cash comprises cash in bank deposits. Equity Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Other payables Other liabilities are measured at amortised cost, substantially corresponding to nominal value. 0 0 Note 3: Financial assets (DKK) Investments in participating interests: Cost primo 351,595 230,785 Additions for the year 58,749 120,810 Cost ultimo 410,344 351,595 Investments in participating interests: 410,344 351,595 Receivables from participating interests: Cost primo 20,073 10,378 Additions in the year 22,711 9,695 Repayments in the year -1,168 0 Cost ultimo 41,616 20,073 Receivables from participating inter-41,616 20,073 ests Note 4 Contingent liabilities There is a remaining investment commitment of a total of DKK 82 thousand. There are no other guarantees or contingent liabilities of the Entity. . Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-09 Reporting class B 2020-12-08 2026-06-09 39504308 AIP Management P/S Klareboderne 1 1115 København K Opinion Basis for Opinion 2026-06-09