26708672 2025-01-01 2025-12-31 26708672 2025-01-01 2025-12-31 1 26708672 2025-01-01 2025-12-31 2 26708672 2025-01-01 2025-12-31 1 26708672 2025-01-01 2025-12-31 2 26708672 2025-01-01 2025-12-31 3 26708672 2025-01-01 2025-12-31 1 26708672 2025-01-01 2025-12-31 2 26708672 2024-01-01 2024-12-31 26708672 2025-12-31 26708672 2024-12-31 26708672 2024-12-31 fsa:ContributedCapitalMember 26708672 2024-12-31 fsa:RetainedEarningsMember 26708672 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 26708672 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 26708672 2025-12-31 fsa:ContributedCapitalMember 26708672 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Claus Asger Olsen The Board of Directors and the Executive Board have today discussed and approved the annual report for NCC Property Development A/S for the financial year 1 January 2025 - 31 December 2025.The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025.We recommend that the annual report be approved at the annual general meeting. Søborg, Claus Asger Olsen Bo Sture Joachim Holmberg Frida Ingrid Matilda Jacobson Ahmed Galijasevic Bo Sture Joachim Holmberg Chairman To the shareholders of NCC Property Development A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of NCC Property Development A/S the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:* Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. * Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. * Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup, PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Allan Knudsen Morten Jørgensen State Authorised Public Accountant State Authorised Public Accountant mne29465 mne32806 NCC Property Development A/S Tobaksvejen 2A 2860 26708672 Gladsaxe Strandvejen 44 2900 Hellerup Principal activities NCC Property Development A/S is engaged in the development and sale of office buildings, office properties with the in-house developed Company House® concept, retail, logistics and larger commercial district projects as well as residential properties. The activity is operated under the name NCC Property Development A/S. The Company's activities take place exclusively on the Danish market. Development in activities and financial positionRevenue for the year was DKK 50.970 thousand (2024: DKK 8.627 thousand) with a loss before financial income and expenses of DKK -12.237 thousand (2024: DKK -25.209 thousand). Profit for the year was DKK 5.469 thousand (2024: DKK -1.791 thousand). Events after the balance sheet dateDuring the first quarter of 2026, a war broke out in the Middle East, affecting people and societies. The conflict has resulted in rising and volatile energy prices, which in turn impact transportation and material costs and may also have a potential effect on the general economic development. NCC is closely monitoring the situation in order to manage and mitigate any potential adverse effects on its operations. 50970000 8627000 48446000 11426000 2524000 -2799000 14761000 22410000 -12237000 -25209000 18240000 20000000 2281000 3279000 6736000 6091000 1548000 -8021000 -3921000 -6230000 5469000 -1791000 5469000 -1791000 5469000 -1791000 0 5000 0 5000 191305000 274360000 191305000 274360000 27705000 76350000 35577000 8330000 68594000 59635000 1741000 3744000 6369000 7586000 3437000 3998000 115718000 83293000 143423000 159643000 334728000 434008000 90000000 90000000 72085000 66616000 162085000 156616000 15372000 28078000 15372000 28078000 1300000 1300000 64000 40000 1364000 1340000 523000 612000 145275000 235469000 10109000 11893000 155907000 247974000 157271000 249314000 334728000 434008000 90000000 66616000 156616000 0 5469000 5469000 90000000 72085000 162085000 true true Consolidated financial statementsWith reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2025 of NCC AB, the Company has not prepared consolidated financial statements. General informationRecognition and measurementThe Financial Statements have been prepared under the historical cost method.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.When recognition and measurement are made, consideration is given to gains, losses, and risks that arise before the annual report is prepared, and which either confirm or contradict conditions that existed at the balance sheet date.Foreign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, 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.Income statementRevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when delivery and transfer of risk to the buyer have been made before year end.Revenue includes income from sold property projects including contract work, property trading and letting. Revenues regarding real estate projects are recognised at the and transfer of risk to the buyer (sales method). Rental income is recognised in the accounting period to which it relates.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Production costsProduction expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance anddepreciation, etc, as well as operation, administration and management.Administrative expenses Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. Income from equity investments in group entitiesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expensesFinancial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on net profit for the yearThe Company is subject to the Danish rules on mandatory joint taxation of the NCC Group's Danish companies.NCC Danmark A/S is the administrative company for the joint taxation and, as a result, settles all corporate tax payments with the tax authorities.The current Danish corporate tax is allocated through the settlement of the joint taxation contribution among the jointly taxed companies based on their taxable incomes. In this context, companies with tax losses receive joint taxation contributions from companies that have been able to use these losses to reduce their own taxable income. The jointly taxed companies are part of the advance tax payment scheme.The tax for the year, which consists of the current year's tax, the joint taxation contribution for the year, and the movement in deferred tax, is recognized in the income statement for the portion attributable to the year's result, and directly in equity for the portion attributable to items directly in equity.Balance sheetProperty, plant and equipment Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment 3-5 years Depreciation period and residual value are reassessed annually.Financial assetsInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, writedown is made to this lower value. Impairment of fixed assetsThe carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised write-downs are reversed when the basis for the write-down no longer exists.InventoriesInventories consists of land and building and are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the properties inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.ReceivablesReceivables are measured at amortised cost. Write-downs are made to cover expected losses.Write-downs are made to cover losses where an objective indication is assessed to have occurred, suggesting that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable is impaired, a write-down is made at the individual level. Receivables for which no objective indication of impairment exists at the individual level are assessed at the portfolio level for objective indications of impairment. Portfolios are primarily based on the debtors’ domicile and credit rating, in accordance with the Company’s and the group’s credit risk management policy. The objective indicators used for portfolios are determined based on historical loss experience.Write-downs are calculated as the difference between the carrying amount of receivables and the present value of expected cash flows, including the realisable value of any received collateral. The discount rate used is the effective interest rate for the individual receivable or portfolio.EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association.DividendsThe expected dividend payment for the year is disclosed as a separate item under equity. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Amounts due as receivable group taxation contributions are recognized in the parent company's balance sheet under intercompany balances.Deferred tax is measured based on the tax rules and tax rates that, according to the legislation in effect on the balance sheet date, will apply when the deferred tax is expected to be realized as current tax.Deferred tax is measured using the balance sheet liability method for all temporary differences between the accounting and tax values of assets and liabilities. However, deferred tax is not recognized on temporary differences related to non-tax-deductible goodwill and other items where temporary differences arise at the acquisition date without affecting profit or taxable income. In cases where the tax value can be determined according to different tax rules, deferred tax is measured based on the planned use of the asset or the settlement of the liability as determined by management. Deferred tax assets, including the tax value of carryforward tax losses, are recognized under other long-term assets at the value at which they are expected to be used, either by offsetting against future taxable income or by offsetting deferred tax liabilities within the same legal tax entity and jurisdiction. Adjustments to deferred tax are made regarding eliminations of unrealized intra-group profits and losses. Changes in deferred tax due to changes in tax rates are recognized in the income statement.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Provisions include expected costs for completing sold projects. Provisions are recognised, as a result of a previous event, when the company has a legal or constructive, and it is probable that economic benefits must be given up to settle the obligation. Provisions are measured at net realisable value. If settlement of the obligation is expected to be far in the future, the obligation is measured at fair value.Liabilities other than provisionsFinancial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.Other liabilities are measured at amortised cost.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. 1. Uncertainty connected with recognition or measurementIn connection with the preparation of the financial statements, Company Management has made a number of assumptions, estimates and assessments, which form part of the basis for recognition and measurement of the Company's assets and liabilities as well as income and expenses.These assumptions and assessments are based on part experience and business knowledge as well as other factors that management considers reasonable, but which by their nature can be uncertain and unpredictable. Unexpected events and conditions may cause the actual results to deviate from the estimates and assessments made.It is the management's assessment that the following accounting estimates and assessments may be significant for the financial statements:Land and buildings, which are not considered to be for continuous ownership or use, as well as construction projects at own risk, are measured at the lower of cost and net realisable value. Net realisable value is assessed by the Company based on market yield requirements, location, expected return and maintenance requirements.Management's estimates and assessments are based on past experience and business knowledge. 2. Staff costsDKK'0002025 2024Wages and salaries 14.222 19.739Pensions 1.274 1.694Other social security costs -439 -1.15215.057 20.281Staff costs are recognised in the financial statements as follows:Production costs 8.991 12.733Administrative expenses 6.066 7.54815.057 20.281 9 14 3. Financial incomeDKK'0002025 2024Interest income from group entities 2.276 3.279Exchange gains 5 02.281 3.279 4. Other financial expensesDKK'0002025 2024Interest expense to group entities 6.736 6.010Exchange losses 0 77Other financial expenses 0 46.736 6.091 5. Tax on profit for the yearDKK'0002025 2024Current tax for the year -5.924 -7.586Deferred tax adjustment for the year 2.003 -340Adjustment of tax concerning previus years 0 1.696-3.921 -6.230 6. InventoriesInventories comprise land and buildings for sale of DKK 27.705 thousand (2024: DKK 76.350 thousand). 7. Contributed capitalThe Company's share capital of 900,000 shares with a nominal value of DKK 100. No shares are assigned special rights.There have been no changes in the Company's share capital in the past 5 years. 8. Other ProvisionsDKK´0002025 2024Other provisions at 1 January 28.078 49.462Accured for the year 650 1.710Utilised for the year -2.571 -20.661Reversed provision -10.785 -2.433Other provisions at 31 December15.372 28.078The Company is obliged to complete and do warranty repairs etc. on sold projects. Provisions are recognised, as a result of a previous event, when the company has a legal or constructive, and it is probable that economic benefits must be given up to settle the obligation. Provisions are measured at net realisable value. If settlement of the obligation is expected to be far in the future, the obligation is measured at fair value. 9. Non-current liabilities other than provisionsDKK'000Due Due Dueafter 1 year within 1 year after 5 yearsOther payables, including tax payables 1.300 10.109 0Deposits 64 0 01.364 10.109 0The financial debts are recognized in the balance sheet as follows: 2025 2024 Long-term debt 1.364 1.340Short-term debt 10.109 11.89311.473 13.233 10. Events after the balance sheet dateDuring the first quarter of 2026, a war broke out in the Middle East, affecting people and societies. The conflict has resulted in rising and volatile energy prices, which in turn impact transportation and material costs and may also have a potential effect on the general economic development. NCC is closely monitoring the situation in order to manage and mitigate any potential adverse effects on its operations. 11. Contractual obligations, contingencies, etc.Other financial obligationsAs part of the Company's operation, there are ongoing disputes and additional claims against contractors, customers etc. These claims are only recognised if they have been accepted by the counterparty. It is the management's opinion, that the outcome of these legal proceedings will not affect the company's financial position. The Company is subject to the Danish rules on mandatory joint taxation of the NCC Group's Danish companies, where NCC Danmark A/S is the administrative company. The Danish companies in the group are jointly liable for taxes on the income subject to Danish group taxation, etc. The Danish companies in the group are also jointly liable for Danish withholding taxes in the form of dividend tax, royalty tax, and interest tax. Any subsequent adjustments to corporate taxes and withholding taxes may result in the company’s liability being a higher amount. Rental and lease obligationsLease obligations under operating leases. Total future lease payments: DKK'000 2025 2024 Within 1 year 456 3.437Between 1 and 5 years 404 326860 3.763Other financial obligationsThe Company has no other financial obligations as of 31 December 2025. 12. Related parties disclosureControlNCC Property Development Nordic AB, Vallgatan 3 170 67 Solna, SwedenNCC Property Development Nordic AB holds the majority of the contributed capital in the Company.NCC Property Development A/S is part of the consolidated financial statements of NCC AB, Herrjärva torg 4, 170 80 Solna, Sweden, which is the smallest and largest group, in which the Company is included as a subsidiary.The consolidated financial statements of NCC AB can be downloaded at http://www.ncc.se/en/about-ncc/investor-relations/annual-reports/ Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-24 Reporting class B Søborg 2002-07-17 2026-06-24 30582683 ASPIA DENMARK A/S Herlev Hovedgade 195C 2730 Herlev Opinion Basis for Opinion 2026-06-24 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 191305 274360