37833339 2025-01-01 2025-12-31 37833339 2025-01-01 2025-12-31 1 37833339 2025-01-01 2025-12-31 1 37833339 2025-01-01 2025-12-31 2 37833339 2024-01-01 2024-12-31 37833339 2025-12-31 37833339 2024-12-31 37833339 2024-12-31 fsa:ContributedCapitalMember 37833339 2024-12-31 fsa:RetainedEarningsMember 37833339 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 37833339 2025-12-31 fsa:ContributedCapitalMember 37833339 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-06-30 Jesper Langmack The Executive Board has today considered and approved the annual report of Holte PE ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and​of the results of its operations for the financial year 01.01.2025 - 31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Copenhagen Jesper Langmack To the shareholders of Holte PE ApS We have audited the financial statements of Holte PE ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations 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 financial statements" section of this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to 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 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 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 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 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 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the 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 financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.​​​​​Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Rasmus Grynderup Kiær Steffensen State Authorised Public Accountant mne44143 Mads Sode Heldbo State Authorised Public Accountant mne52611 Primary activitiesThe object of the Entity is to conduct business within trade and industry, including ownership of shares in other entities and business associated with this. 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. 146000 120000 71000 46000 75000 74000 2387000 3722000 2635000 692000 -392000 525000 659000 558000 4830000 3405000 298000 77000 4532000 3328000 4532000 3328000 4532000 3328000 15843000 14488000 2534000 2486000 18377000 16974000 18377000 16974000 0 29000 0 29000 6666000 5072000 6666000 5072000 1661000 93000 8327000 5194000 26704000 22168000 50000 50000 16672000 12140000 16722000 12190000 4132000 4251000 5605000 5697000 202000 0 43000 30000 9982000 9978000 9982000 9978000 26704000 22168000 50000 15579000 15629000 -3439000 -3439000 4532000 4532000 50000 16672000 16722000 1 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 2 Fair value informationListed sharesDKK'000Listed bonds​DKK'000Fair value end of year6,6660Unrealised fair value adjustments recognised in the income statement(259)(64) 3 Contingent liabilitiesThere is a remaining investment commitment of a total of DKK 3,347 thousand. ​​There are no guarantees or other contingent liabilities of the Entity. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C. Changes in accounting policiesThe Entity has changed its accounting policy for the recognition and measurement of investments in participating​interests and other investments, which are now measured at cost less any write-down for impairment, whereas they were previously measured at fair value. Listed securities continue to be measured at fair value. ​ ​Management has elected to measure other securities and investments at cost less any write-down for impairment, whereas they were previously measured at fair value. The change in accounting policy has been made because Management considers it to provide a more true and fair view and to be consistent with the company's purpose to present the direct return on the investments in other securities and investments, in the form of dividends received, recognised in the income statement. ​ ​In the current financial year, the change in accounting practice has an effect of (1,263) thousand DKK on the year's result and (1,263) thousand DKK on equity. Furthermore, the change in the comparison year has an effect of 2,109 thousand DKK on the year's result and (3,439) thousand DKK on equity.​​As a result of the change in accounting policy described above, dividends from other investments are presented as financial income. Furthermore, changes have been made to the classification of certain investments. The change has been applied retrospectively. ​ ​Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with 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. 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. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities. Income from investments in participating interestsIncome from investments in participating interests comprises dividends etc. received from the individual participating interests in the financial year. Other financial incomeOther financial income comprises dividends etc. received on other investments, interst income and gains on securities. Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses and reversals on financial assets which are not​measured at fair value on a current basis. Other financial expensesOther financial expenses comprise interest expenses and losses on securities. 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. Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Other investmentsOther current asset investments comprise listed securities measured at fair value (market price) at the ​balance sheet date. CashCash comprises cash in bank deposits. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. Grundlag for konklusion Konklusion 2026-06-30 2026-06-30 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Rudersdal Holte 2840 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 108 Vejlesøvej Holte PE ApS 37833339 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab