35052437 2025-01-01 2025-12-31 35052437 2025-01-01 2025-12-31 1 35052437 2025-01-01 2025-12-31 1 35052437 2025-01-01 2025-12-31 2 35052437 2025-01-01 2025-12-31 3 35052437 2024-01-01 2024-12-31 35052437 2025-12-31 35052437 2024-12-31 35052437 2025-01-01 d:ContributedCapitalMember 35052437 2025-01-01 d:RetainedEarningsMember 35052437 2025-01-01 2025-12-31 d:RetainedEarningsMember 35052437 2025-12-31 d:ContributedCapitalMember 35052437 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 35052437 Mermaid Solar Komplementar ApS c/o Momentum Gruppen A/S, Københavnsvej 81 4000 Roskilde 2013-03-05 Roskilde EY Godkendt Revisionspartnerselskab 30700228 Værkmestergade 25 8100 Aarhus C Danmark +45 73 23 30 00 2026-06-26 Lilian Wahlers Nielsen Regnskabsklasse B Andre erklæringer uden sikkerhed true true 2026-06-26 2026-06-26 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of Mermaid Solar Komplementar ApS for the financial year 1 January - 31 December 2025. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Executive Board has considered the criteria for omission of audit to be met. In 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. 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. Roskilde Jonas Kuhlmann Justus Merzenich Mohammad Haidar Moh´d Alghazzawi To the general management of Mermaid Solar Komplementar ApS We have compiled the financial statements of Mermaid Solar Komplementar ApS for the financial year 1 January - 31 December 2025 based on the Company's bookkeeping and other information provided.The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements.We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements in the Danish Auditors Act and International Ethics Standards Board for Professional Accountants' International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care.The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility.Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. Aarhus Peter U. Faurschou State Authorised Public Accountant mne34502 The company's activity is to be a complementary to Solar companies. The income statement for 2025 shows a profit of DKK 16 thousand against a profit of DKK 27 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 176 thousand. The result for the year is in line with managements expectations.Recognition and measurement uncertaintiesThe purpose of the Company is being full liability partner in BESS M01a K/S, Greengo Energy M01a K/S, Greengo Energy M01b K/S, Greengo Energy M23 K/S, Greengo Energy M30 K/S, Greengo Energy M34 K/S, Greengo Energy MB03 K/S and Mermaid Solar Net K/S.The mentioned companies have a negative equity and are currently in the process of developing solar plants or Battery Energy Storage Systems. One of the companies, Greengo Energy M01a K/S, completed the construction in 2023. The Company's management expects that all of the current projects will either be profitable or that the parent entity, Mermaid Solar Holding ApS, will contribute additional capital to the mentioned entities, by converting group internal loans. As a consequence, no provision for the liability has been recorded in Mermaid Solar Komplementar ApS. There is some degree of uncertainty regarding the question of how the projects will be profitable or if loans will be converted. Therefore, uncertainty exists on whether Mermaid Solar Komplementar ApS will have to recognise a loss in the coming years as a result of the liability regarding the mentioned companies.Reference is made to note 2 for more details. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 19658 31289 981 2915 20639 34204 4541 7525 16098 26679 16098 26679 0 44747 0 44747 189133 146999 189133 191746 189133 191746 80000 80000 96092 79994 176092 159994 8500 8501 0 15726 4541 7525 13041 31752 13041 31752 189133 191746 80000 79994 16098 80000 96092 The annual report of Mermaid Solar Komplementar ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). 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 statements is recognised in the income statement as financial income or financial expenses. 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.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. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration, premises, payments under operating leases, etc. Financial income are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Cash comprise cash and short term securities which are readily convertile into cash and subject only to minor risks of changes in value. Provisions comprise anticipated expenses related to the obligation of a full liability partner for other entities. 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 are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future.Provisions are measured at net realisable value. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at net realisable value. The purpose of the Company is being full liability partner in BESS M01a K/S, Greengo Energy M01a K/S, Greengo Energy M01b K/S, Greengo Energy M23 K/S, Greengo Energy M30 K/S, Greengo Energy M34 K/S, Greengo Energy MB03 K/S and Mermaid Solar Net K/S. The mentioned companies have a negative equity and are currently in the process of developing solar plants or Battery Energy Storage Systems. One of the companies, Greengo Energy M01a K/S, completed the construction in 2023. The Company's management expects that all of the current projects will either be profitable or that the parent entity, Mermaid Solar Holding ApS, will contribute additional capital to the mentioned entities, by converting group internal loans. As a consequence, no provision for the liability has been recorded in Mermaid Solar Komplementar ApS. There is some degree of uncertainty regarding the question of how the projects will be profitable or if loans will be converted. Therefore, uncertainty exists on whether Mermaid Solar Komplementar ApS will have to recognise a loss in the coming years as a result of the liability regarding the mentioned companies. 0 0 4541 7525 Contingent liabilities Mermaid Solar Komplementar ApS is full liability partner in BESS M01a K/S, Greengo Energy M01a K/S, Greengo Energy M01b K/S, Greengo Energy M23 K/S, Greengo Energy M30 K/S, Greengo Energy M34 K/S, Greengo Energy MB03 K/S and Mermaid Solar Net K/S. As a consequence, Mermaid Solar Komplementar ApS is liable for the obligations of the mentioned companies. Other contingent liabilities The Company is jointly taxed with the group entity, Encavis Wind Danmark ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. The Company has, as part of its normal course of business, entered into customary executory contracts The Company has not provided any security or other collateral in assets at 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Encavis GmbHHamburg, Germanywww.encavis.com