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Reykjavik, Iceland 100 Skanva AS Oppegård, Norway 100 Skanva Fönster AB Stockholm, Sweden 100 2000000 34857315 58759700 58759700 58759700 58759700 -15960860 10746583 0 -6249099 -5179323 -20458344 -21140183 -15960860 0 0 Today, the Board of Directors and the Managing Director have approved the annual report of IFN Denmark ApS for the financial year 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Lasse Kastrup Barbara Desl Lasse Kastrup Hans Ladekjær Jeppesen Alfred Schrott We have audited the financial statements of IFN Denmark ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. 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 in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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. Management 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. 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, 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 judgment and maintain professional skepticism 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. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Statement on Management’s ReviewManagement 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyLike previous years, the principal activities are holding equity investments in the companies KASTRUP A/S, KASTRUP Ejendomme ApS, Skanva Group A/S and the associated group enterprises and related activities. Significant changes in the company's activities and financial mattersThe management has changed the accounting estimate regarding the recognition of tax losses carried forward from previous years in the group enterprises. The reason for this change is that the joint taxation group expects to utilise the losses within the next 3-5 years. The change has materially affected the annual financial statements for the current year, as income has been positively impacted by DKK 6.822.000. Equity for the year has increased by DKK 6.822.000 and the total balance sheet has increased by DKK 6.822.000. The provisions of the Act amending the Danish Financial Statements Act, the Danish Auditors Act and various other Acts of 2 May 2024 have been implemented in a group enterprise with effect from the 2025 financial year. As a result, investment properties in the annual report of the group enterprise for 2025 are measured at cost less depreciation and impairment, whereas they were previously measured at cost with the addition of revaluations to fair value, with value adjustments recognised in equity in accordance with section 41 of the Danish Financial Statements Act. The effect of the change is described under accounting policies. Apart from this, there have been no significant changes in activities and financial conditions. Events occurring after the end of the financial yearNo events have occurred subsequent to the balance sheet date, which would have any material impact on the company´s financial position. 1.Special itemsSpecial items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities, such as the cost of extensive structuring of processes and fundamental structural adjustments and any related gains on disposal and losses which, over time, have a significant impact. Special items also include other significant amounts of a nonrecurring nature. As mentioned in the management's review, the net profit or loss for the year is affected by a change in the recognition of tax losses carried forward from previous years. Special items for the year are specified below, indicating where they are recognised in the income statement. 20252024 Income: Deffered tax relating to tax loss carryforward6.822.0000 6.822.0000Special items are recognised in the following items in the financial statements: Income from investments in group enterprises6.404.0000Tax on net profit or loss for the year418.0000 Profit of special items, net6.822.0000 6.Contractual obligations and contingencies, etc.Recourse guarantee commitments:The company has guaranteed the bank loans of the group enterprises. On 31 December 2025, the total bank loans of the group enterprises totalled DKK 19.458.000. The company has provided guarantees for the group enterprise KASTRUP Ejendomme ApS´ mortgage debt. On 31 December 2025, the mortgage debt totalled DKK 23.729.000. The company has provided guarantees for the group enterprise KASTRUP A/S´ financial leasing debt. The financial leasing debt totalled DKK 23.016.000 on 31 December 2025. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The liability relating to obligations in connection with withholding tax on dividends, interest, and royalties represents an estimated maximum of DKK 0.000. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for IFN Denmark ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of IFN Denmark ApS and its group enterprises are included in the consolidated financial statements for IFN Beteiligungs GmbH, Austria, reg. no. FN83798h. Change in accounting estimatesThe management has changed the accounting estimate regarding the recognition of tax losses carried forward from previous years in the group enterprises. The reason for this change is that the joint taxation group expects to utilise the losses within the next 3-5 years. The change has materially affected the annual financial statements for the current year, as income has been positively impacted by DKK 6.822.000. Equity for the year has increased by DKK 6.822.000 and the total balance sheet has increased by DKK 6.822.000. Changes in the accounting policiesThe provisions of the Act amending the Danish Financial Statements Act, the Danish Auditors Act and various other Acts of 2 May 2024 have been implemented in a group enterprise with effect from the 2025 financial year. As a result, investment properties in the annual report of the group enterprise for 2025 are measured at cost less depreciation and impairment, whereas they were previously measured at cost with the addition of revaluations to fair value, with value adjustments recognised in equity in accordance with section 41 of the Danish Financial Statements Act. The change has affected the annual result by DKK +271.699 (2024 affected by DKK +271.699), affected assets by DKK -5.705.700 (31 December 2024 affected by DKK -5.977.400), affected liabilities by DKK 0 (31 December 2024 affected by DKK -0), and affected equity by DKK -5.705.700 (31 December 2024 affected by DKK -5.977.400). The above-mentioned changes are prior to a new fair value valuation of properties and land in accordance with the previously applied accounting practice for rental properties and land. Except for the above, the accounting policies remain unchanged from last year. The comparative figures have been adjusted to the changed accounting policies. Administration expensesAdministration expenses comprise expenses incurred during the year concerning management and administration, including expenses concerning administrative staff, the executive board, office premises, stationery and office supplies, and depreciations. Other operating incomeOther operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including administration fee and profit from disposal of tangible assets. Income from investments in group enterprisesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' post-tax profit or loss. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to debt and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investments in group enterprisesInvestments in group enterprises are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method.  Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. In relation to material assets and liabilities recognised in group enterprises but are not represented in the parent, the following accounting policies have been applied. Development costs:Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. The development projects are amortised on a straight-line basis over their expected useful life. The amortisation period is usually 5 years. Property, plant, and equipment:Property is measured at cost and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Other property, plant, and equipment are measured at cost less accrued depreciation and impairment. Inventories:Inventories are measured at cost on the basis of weighted measured average prices. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Receivables:Receivables are measured at amortised cost, which usually corresponds to nominal value. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value.  Income tax and deferred taxAs administration company, IFN Denmark ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises". Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing on the reporting date when the deferred tax is expected to be released as current tax.  Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities are measured at amortised cost which usually corresponds to the nominal value.