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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 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -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. Aarhus Flemming Myllerup Brian Barbagallo Nielsen Chairman Flemming Myllerup Alexandra Rose Mahon Christoph Alexander Erik Wilhelm Homann Nicholas Charles Priday To the shareholders of Superstruct Denmark Holdings ApS We have audited the consolidated financial statements and the parent financial statements of Superstruct Denmark Holdings 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. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional ​requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​​described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent 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 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. Our 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 procedures ​​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​​effectiveness of the Group's and the Entity’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 consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’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 consolidated financial statements and the parent financial statements or, if such ​​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​​that we identify during our audit. Management 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 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Mads Fauerskov State Authorised Public Accountant mne35428 Sune Pagh Sølvsteen State Authorised Public Accountant mne47819 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss37,69453,47552,69576,85918,503Operating profit/loss(22,213)(6,143)(6,433)17,560(24,753)Net financials(6,028)(5,028)(7,707)(9,164)(8,182)Profit/loss for the year(26,621)(12,423)(11,579)9,630(36,161)Profit for the year excl .​minority interests(27,258)(13,704)(12,017)9,187(35,622)Balance sheet total224,591219,053230,372198,804242,497Investments in property, plant and equipment1,7762,5482,3804,754457Equity(52,123)(24,086)(12,110)1,469(8,162)Equity excl. minority interests(52,616)(24,940)(10,676)3,340(5,847)Cash flows from operating activities24,56837,71667,61719,489(7,631)Cash flows from investing activities(2,497)(2,124)(2,426)(4,554)(488)Cash flows from financing activities(76,445)(25,102)(11,086)8,7018,090Average number of ​employees5952463827RatiosEquity ratio (%)(23.43)(11.39)(4.63)1.68(2.41)Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Equity ratio (%) :​Equity excl. minority interests * 100 ​​Balance sheet total Primary activitiesThe parent company's main activity is to hold equity shares in other companies and the Group's main activity is to opporate within the music industry Development in activities and financesThe income statement of the Group for 2025 shows a loss of DKK 26,6m, and at 31st December 2025 the balance sheet of the Group shows a negative equity of DKK -52,1m. Which is described under profit/loss for the year in relation to expected developments . ​​The parent company has lost more than 50 % of the contributed capital and the company is therefore subject to the Capital losses rules of the Danish companies Act § 119. Management expects to re-establish equity through future operations. Profit/loss for the year in relation to expected developmentsThe EBITDA and profit before tax for the Group were partly in line with expectations. EBITDA was expected to be DKK 10-15 million compared to the realised DKK -3,6 million, and profit before tax was expected to be a loss of DKK 10-15 million compared to the realised DKK -26,6 million. The primary reason for this discrepancy was poor weather conditions at the Northside Festival, which significantly impacted the sales of the tickets, food and beverages during the festival. Also, ticket sales for Forever Festival did not meet expectations, leading to a large loss for the festival. Uncertainty relating to recognition and measurementAccounting estimates relates to the recognition of deferred tax assets. The Group has recognized tax assets ​which are expected to be utilized within 1 year. OutlookThe Group's budget shows enough liquidity for the Group's future operations. For further information on this and​our liquidity, please see description in note 1.​​The management expects the EBITDA in 2026 will be DKK 20-25m. and the loss before tax will be DKK 3-10m. ​​Risks ​The company's main activity is to operate within the music industry, including organization of festivals and concerts. This activity comes with some inherent risks. ​ ​Weather Conditions: In connection with organization of festivals and outdoor concerts weather conditions is a significant inherent risk as bad weather conditions during the festivals or concerts can affect the revenue from bars, and in extreme cases could mean that concerts must be cancelled. ​ ​Currency risks and hedging instruments: See section “Use of financial instruments” Use of financial instrumentsThe Group's financial risks constitute exposures in connection with its financial position and its ability to provide liquidity and cash flows for its future operations. The Group has material costs in foreign currencies, which are primarily for foreign artists. The costs are typically settled in DKK, USD or EUR which is why the Group is exposed to the general exchange rate trend.The Group has a loan from its parent company with a fixed rate.​​The Group has financial instruments in 2025 that contains hedges currency risks on expected future transactions in USD. For further information please see note 15. Knowledge resourcesThe Group’s primary knowledge resources are employees and the historically developed know-how within ​festivals and music events. The Group’s future earnings are therefore conditional on the knowledge resources ​within festivals and music events but in particular also on market knowledge. Environmental performanceThe Group has no activities directly affecting the environment. It is the Group’s interest to conduct environmentally sound operations. Research and development activitiesDevelopment projects consist developing of a new volunteer program. Management expects the development project will be finalized in 2026. 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. The Group expects all festivals and other operations to be held in 2026. 37694108 53475376 41247724 37918274 18659209 21699847 -22212825 -6142745 2677859 3070538 8705738 8098683 -28240704 -11170890 -1620144 1251996 -26620560 -12422886 624200 54400 6628 6628 2873373 3840000 52323732 67656985 55827933 71558013 2622891 2920895 173434 315869 2796325 3236764 76940265 0 808915 805621 77749180 805621 136373438 75600398 2565681 960140 1918264 2229486 4483945 3189626 12703321 7460111 527488 0 5563000 3736500 3671389 11936429 5180726 6666969 27645924 29800009 56087991 110462468 88217860 143452103 224591298 219052501 40001 40001 -256846 161353 -52399228 -25141686 -52616073 -24940332 493318 854336 -52122755 -24085996 112151723 105086830 112151723 105086830 599 0 145050839 106421617 10812703 23521127 187500 0 3607 765 0 90150 8507082 7978008 0 40000 164562330 138051667 276714053 243138497 224591298 219052501 40001 161353 -25141686 -24940332 854336 -24085996 0 0 998000 998000 -536153 0 -536153 0 -536153 -117954 0 -117954 0 -117954 0 -27257542 -27257542 636982 -26620560 40001 -256846 -52399228 -52616073 493318 -52122755 18659209 21699847 29286479 27146820 5324 -5340 25738187 42698582 767445 3070538 1640845 8098683 296506 -45510 24568281 37715947 718020 81600 1775994 2048240 0 17073 3294 11820 0 -293 -2497308 -2124294 -22070973 -35591653 -599 25539067 -75029850 0 998000 0 -418199 437540 -76445450 -25101527 -54374477 10490126 110462468 99972342 56087991 110462468 1 Judgements regarding going concernThe Group's lender, which is the controlling company, has issued a subordination statement for the group's loan totalling 112 million DKK, so that the loan does not have to be repaid in the coming year. The group's operating and liquidity budgets show sufficient liquidity for future operations. 2 Staff costs2025​DKK2024​DKKWages and salaries37,355,43534,552,087Pension costs3,335,6682,912,842Other social security costs556,621453,34541,247,72437,918,274Average number of full-time employees5952Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKExecutive Board4,678,7505,038,5594,678,7505,038,559 59 52 Remuneration​of ​management​2025​DKKRemunerationof management​2024​DKKExecutive Board4,678,7505,038,5594,678,7505,038,559 4678750 5038559 3 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets16,448,10019,484,768Depreciation on property, plant and equipment2,211,1092,215,07918,659,20921,699,847 4 Other financial income2025​DKK2024​DKKFinancial income from group enterprises1,910,4150Other interest income758,5233,050,972Other financial income8,92119,5662,677,8593,070,538 5 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises7,064,8937,677,403Other interest expenses30,35362,133Exchange rate adjustments1,608,831359,147Other financial expenses1,66108,705,7388,098,683 6 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax090,150Change in deferred tax(1,708,546)1,161,846Adjustment concerning previous years88,4020(1,620,144)1,251,996 7 Proposed distribution of profit/loss2025​DKK2024​DKKRetained earnings(27,257,542)(13,703,628)Minority interests' share of profit/loss636,9821,280,742(26,620,560)(12,422,886) -27257542 -13703628 636982 1280742 -26620560 -12422886 8 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKAcquired rights​DKKGoodwill​DKKCost beginning of year698,03545,145,3034,800,000155,130,017Additions718,020000Cost end of year1,416,05545,145,3034,800,000155,130,017Amortisation and impairment losses beginning of year(643,635)(45,138,675)(960,000)(87,473,032)Amortisation for the year(148,220)0(966,627)(15,333,253)Amortisation and impairment losses end of year(791,855)(45,138,675)(1,926,627)(102,806,285)Carrying amount end of year624,2006,6282,873,37352,323,732For the valuation of goodwill there have been made a impariment test by using a multiple methodic. The multiple​ is compared with used multiples in similar transactions on the market. Management has not assessed a need for ​writedowns. 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKCost beginning of year15,426,832447,804Additions1,775,9940Disposals(316,124)0Cost end of year16,886,702447,804Depreciation and impairment losses beginning of year(12,505,937)(131,935)Depreciation for the year(2,068,674)(142,435)Reversal regarding disposals310,8000Depreciation and impairment losses end of year(14,263,811)(274,370)Carrying amount end of year2,622,891173,434 10 Financial assetsReceivables from group enterprises​DKKDeposits​DKKCost beginning of year0805,621Additions76,940,2653,294Cost end of year76,940,265808,915Carrying amount end of year76,940,265808,915 11 Deferred tax2025​DKK2024​DKKIntangible assets(13,000)54,000Property, plant and equipment716,000522,000Receivables62,00040,000Provisions72,000(46,000)Liabilities other than provisions0(23,000)Tax losses carried forward4,726,0003,189,500Deferred tax5,563,0003,736,500​​Changes during the year2025​DKK2024​DKKBeginning of year3,736,5004,943,856Recognised in the income statement1,708,546(1,161,846)Recognised directly in equity117,954(45,510)End of year5,563,0003,736,500Deferred tax has been recognised in the balance sheet as follows2025​DKK2024​DKK Deferred tax assets5,563,0003,736,5005,563,0003,736,500​Deferred tax assetsDeferred tax comprises tax loss carry-forwards expected to be utilised within the next year in the joint taxation ​contribution. ​​Deferred tax liabilities comprises deferred tax from other investments according to purchase price allocation and ​will be reduced linearly in line with depreciation of other intangible rights. 12 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. 13 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2025​DKKPayables to group enterprises112,151,723112,151,723It is expected that all debt to group enterprises are repaid within 5 years. 14 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. 15 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories(1,294,320)(1,442,305)Increase/decrease in receivables3,980,58518,620,595Increase/decrease in trade payables etc.26,600,2149,968,53029,286,47927,146,820 16 Derivative financial instrumentsThe Group hedges currency risks on expected future transactions in USD (principal amount with an obligation to buy USD 2,0m). The term of the forward exchange contracts is 6 months. The positive fair value of the concluded contracts amounts to DKK -0,3m and is recognised under other payables. 17 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 7,181,4228,648,098The company enters commitments with artists and other service providers for the forthcoming year's festivals or concerts. Such agreements are generally agreed in the spring preceding the festivals or in the months preceding the concerts, with the result that as of 31.12.2025, there are no material commitments to artists and other service​providers. 18 Contingent assetsThe Group has in addition to the recognized tax asset of TDKK 5,563, a deferred tax asset of TDKK 10,762 at the ​balance sheet date. The asset is not recognized in the balance sheet because of uncertainty with respect to the ​utilization of it. 19 Non-arm’s length related party transactionsAll related party transactions are carried out on an arm’s length basis. The Group’s intercompany loans, ​however, carry interest at a fixed rate which is different from the return on loans to the Group’s foreign parent ​company. 20 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Superstruct Entertainment Ltd., LondonName and registered office of the Parent preparing consolidated financial statements for the smallest group: ​Superstruct Entertainment Ltd., London 21 SubsidiariesRegistered inOwnership ​​​%DTD Holding ApSDenmark100.00DTD Production ApS Denmark100.00DTD Rental ApSDenmark100.00DTD Concerts ApSDenmark90.00Northside Entertainment ApSDenmark100.00Tinderbox Entertainment ApS Denmark100.00DTD Projects ApS Denmark100.00Forever Festival ApSDenmark100.00Haven Festival ApSDenmark100.00Fyrfest Entertainment ApSDenmark50.01 -934984 -1522313 -15568655 -3377576 1910414 0 14412 35767 10193423 8007173 -24772236 -12871295 -1632320 -3771126 -23139916 -9100169 50929782 73916636 76940265 0 127870047 73916636 127870047 73916636 3085000 2575000 5550534 6412303 8635534 8987303 3330197 1163132 11965731 10150435 139835778 84067071 40001 40001 -48538447 -24980332 -48498446 -24940331 183427470 105086830 183427470 105086830 710540 698395 0 190641 4196214 3031536 4906754 3920572 188334224 109007402 139835778 84067071 40001 -24980332 -24940331 -418199 -418199 -23139916 -23139916 40001 -48538447 -48498446 The company has lost more than 50 % of the contributed capital and the company is therefore subject to ​the Capital losses rules of the Danish companies Act § 119. Management expects to re-establish equity through ​future operations. 1 Judgements regarding going concernThe company's lender, which is the controlling company, has issued a subordination statement for the company's ​loan totalling 183 million DKK, so that the loan does not have to be repaid in the coming year. The company's operating and liquidity budgets show sufficient liquidity for future operations. 2 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises9,840,6407,677,403Other interest expenses14,8190Exchange rate adjustments337,964329,77010,193,4238,007,173 3 Tax on profit/loss for the year2025​DKK2024​DKKChange in deferred tax(510,000)(581,000)Adjustment concerning previous years232,0000Refund in joint taxation arrangement(1,354,320)(3,190,126)(1,632,320)(3,771,126) 4 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings(23,139,916)(9,100,169)(23,139,916)(9,100,169) -23139916 -9100169 -23139916 -9100169 5 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKCost beginning of year188,565,9060Additions076,940,265Cost end of year188,565,90676,940,265Impairment losses beginning of year(114,649,270)0Adjustments on equity(418,199)0Amortisation of goodwill(15,034,394)0Share of profit/loss for the year(534,261)0Dividend(7,000,000)0Impairment losses end of year(137,636,124)0Carrying amount end of year50,929,78276,940,265A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 6 Deferred tax​ ​​Changes during the year2025​DKK2024​DKKBeginning of year2,575,0001,994,000Recognised in the income statement510,000581,000End of year3,085,0002,575,000​Deferred tax assetsDeferred tax comprises tax loss carry-forwards expected to be utilised within the next year in the joint taxation ​contribution. 7 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2025​DKKPayables to group enterprises183,427,470183,427,470It is expected that all debt to group enterprises are repaid within 5 years. 8 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​remuneration. 20252024Average number of full-time employees00 0 0 9 Contingent assetsThe Entity has in addition to the recognized tax asset of TDKK 3,085, a deferred tax asset of TDKK 5,666 at the ​balance sheet date. The asset is not recognized in the balance sheet because of uncertainty with respect to the ​utilization of it. 10 Contingent liabilitiesThe Entity serves as the administration company in a Danish jointtaxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entityis therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating tothe withholding of tax on interest, royalties and ​dividends for these entities. 11 Related parties with controlling interestSuperstruct Entertainment Ltd, London, United Kingdom owns all shares in the Entity, thus exercising control. ​​The company has provided a letter of support to its subsidiary, DTD Holding ApS, if needed. DTD Holding ApS has likewise provided a letter of support to its subsidiaries, if needed. 12 Non-arm’s length related party transactionsAll related party transactions are carried out on an arm’s length basis. The Group’s intercompany loans, ​however, carry interest at a fixed rate which is different from the return on loans to the Group’s foreign parent ​company. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. 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. 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.Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​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. ​Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been ​purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of sales, costs of raw materialas and external expenses. RevenueRevenue from the sale of tickets and manufactured goods is recognised in the income statement when delivery ​is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties andsales discounts and is ​measured at fair value of the consideration fixed. ​​Ticket revenue is recognized when the festival is held. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, here compensation from Covid-19 restrictions. 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 ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. 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 property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and ​losses from the sale of intangible assets and property, plant and equipment. 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. 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, including interest income on receivables from group ​enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, ​amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, 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 refundconcerning ​tax losses). GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising fromacquisitions. ​Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by ​Management for each business area. Foramounts of goodwill, useful life has been determined based on an ​assessment of whether the enterprisesare 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 beseparated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periodsused are 10 years. ​​Goodwill is written down to the lower of recoverable amount and carrying amount. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed with related intellectual property rights, 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 devopment 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 external expences that are directly 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 cannot ​be estimated reliably, it is fixed at 10 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 etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses. ​​​ ​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs ofthe ​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 life Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements ​ ​ ​ ​ ​ ​5 years ​Estimated 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 equitymethod. This means that investments are measured at the pro rata share of the enterprises’ equity ​value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to ​the abovesection on business combinations for more details about the accounting policies applied to ​acquisitions ofinvestments in group enterprises. ​​ ​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legalor constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that suchobligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date.​​ ​​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 fromacquisitions. 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 one amount of goodwill, it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprisesare 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 beseparated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periodsused are 7 years. ​​ ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​ ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​​of costs of raw materials, consumables, direct labour costs and indirect production costs. ​​ ​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​​on machinery, factory buildings and equipment used in the manufacturing ​process, and costs of factory administration and management. Finance costs are not included in cost. ​​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​​costs incurred to execute sale. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-basedvalue of ​assets and liabilities, for which the tax-based value is calculated based on the planned use of eachasset. ​However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes andtemporary differences arising at the date of acquisition that do not result from a business combination andthat do not have ​any effect on profit or loss or on taxable income. ​​ ​​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. Joint taxation contributions payable or receivable Current 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.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​​goods agreed or completion of the service agreed. 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 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, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, ​purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk lessshort-term bank loans. The cash flow statement shows 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, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, ​purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk lessshort-term bank loans. Ikke væsentlig usikkerhed vedr. fortsat drift Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-06-24 2026-06-24 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 Superstruct Denmark Holdings ApS 40482822 Aarhus C 8000 2 City Tower, Værkmestergade Aarhus Aarhus C 8000 st35 Studsgade