36441054 2025-01-01 2025-12-31 36441054 2025-01-01 2025-12-31 1 36441054 2025-01-01 2025-12-31 1 36441054 2025-01-01 2025-12-31 1 36441054 2024-01-01 2024-12-31 36441054 2025-12-31 36441054 2024-12-31 36441054 2025-01-01 c:ContributedCapitalMember 36441054 2025-01-01 c:RetainedEarningsMember 36441054 2025-01-01 2025-12-31 c:RetainedEarningsMember 36441054 2025-12-31 c:ContributedCapitalMember 36441054 2025-12-31 c:RetainedEarningsMember 36441054 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 36441054 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 36441054 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 36441054 2025-01-01 c:InvestmentsInGroupEnterprisesMember 36441054 2025-01-01 c:InvestmentsInAssociatesMember 36441054 2025-01-01 c:OtherInvestmentsMember 36441054 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 36441054 2025-01-01 2025-12-31 c:InvestmentsInAssociatesMember 36441054 2025-01-01 2025-12-31 c:OtherInvestmentsMember 36441054 2025-12-31 c:InvestmentsInGroupEnterprisesMember 36441054 2025-12-31 c:InvestmentsInAssociatesMember 36441054 2025-12-31 c:OtherInvestmentsMember iso4217:DKK xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-06-30 Anne Eskildsen Årsrapport DESOLIX ApS c/o Solix ApS 1123 Copenhagen K Den uafhængige revisors erklæring 36441054 2014-11-21 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Danske Bank Bernstorffsgade 40 1577 Copenhagen V Hansen TaxLegal Advokatpartnerselskab Amaliegade 22, 1 1256 Copenhagen K Today the Board of Directors and Executive Board have discussed and approved the Annual Report of DESOLIX ApS for the fi­nan­ci­al year 1 January  - 31 December 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 Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-30 Mikkel Christian Runberg Denis Viet-Jacobsen To the Shareholder of DESOLIX ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of DESOLIX ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and 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 assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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.   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 Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-06-30 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring State Authorised Public Accountant mne44386 Principal activities The Company's purpose is to run investment business and other business which, at the discretion of the Management, is connected therewith.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   -684044 -284771 956099 961842 3980 4776 -1644123 -1251389 11854832 -3188943 3362426 3788736 3431991 3711833 10141144 -4363429 365228 308278 9775916 -4671707 9775916 -4671707 9775916 -4671707 105000 108981 105000 108981 17615114 17442672 29986739 27941955 27384979 21516241 74986832 66900868 75091832 67009849 49140448 48324190 14935543 24190421 5254 4378 534472 5686351 836544 0 35352 953586 8197 8404 65495810 79167330 15522468 88471 81018278 79255801 156110110 146265650 500000 500000 54623421 44847505 55123421 45347505 4938 0 338486 49186 95690159 94609522 0 1000000 0 250849 0 260065 100986689 100918145 100986689 100918145 156110110 146265650 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 2025500,00044,847,50545,347,505 Proposed profit allocation 9,775,9169,775,916 Equity at 31 December 2025500,00054,623,42155,123,421 500000 44847505 9775916 500000 54623421 1 | Going concern assumptions The Company's annual report has been prepared on the basis of the going concern assumption. In assessing the appropriateness of this assumption, Management has attached particular importance to the fact that the Company's liquidity position has been significantly strengthened during 2026. This improvement in liquidity means that the Company has sufficient liquid resources to meet its obligations as they fall due. 20252024 DKKDKK 2 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees11 Wages and salaries 903,774907,050 Pensions 48,00048,000 Social security costs 4,3256,792 956,099961,842 1 1 903774 907050 48000 48000 4325 6792 956099 961842 3 | Income from equity investments Income from investments in subsidiaries -1,827,558-10,865,953 Income from investments in equity 13,682,3907,677,010 11,854,832-3,188,943 4 | Other financial income Interest income from group enterprises 1,018,0101,003,256 Other interest income 2,344,4162,785,480 3,362,4263,788,736 1018010 1003256 2344416 2785480 3362426 3788736 5 | Other financial expenses Interest expenses to group enterprises 2,087,7792,436,784 Other interest expenses 1,344,2121,275,049 3,431,9913,711,833 2087779 2436784 1344212 1275049 3431991 3711833 366104 309328 -876 -1050 7 | Property, plant and equipment DKKOther plant, fixtures and equipment Cost at 1 January 2025 128,882Cost at 31 December 2025 128,882  Depreciation and impairment losses at 1 January 2025 19,902Depreciation for the year 3,980Depreciation and impairment losses at 31 December 2025 23,882 Carrying amount at 31 December 2025105,000 128882 128882 19902 3980 23882 105000 8 | Financial non-current assets DKKInvestments in subsidiariesInvestments in associatesOther investments Cost at 1 January 2025 28,433,62527,941,95521,516,241 Additions 04,044,7845,868,738 Cost at 31 December 2025 28,433,62531,986,73927,384,979   Impairment losses at 1 January 2025 10,990,95300 Impairment losses for the year 02,000,0000 Change of policy -172,44200 Impairment losses 31 December 2025 10,818,5112,000,0000 Carrying amount at 31 December 202517,615,11429,986,73927,384,979 28433625 27941955 21516241 0 4044784 5868738 28433625 31986739 27384979 10990953 0 0 0 2000000 0 -172442 0 0 10818511 2000000 0 17615114 29986739 27384979 Contingent liabilities The Company has committed to investments totaling USD 3 million, of which USD 2.8 million was invested before the end of financial year 2025. The Company has issued a letter of support to the subsidiary OPG10 ApS and HBP6 ApS, in order to secure the ongoing operation of the subisidiary. Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 837 at the Balance Sheet date. The Annual Report of DESOLIX ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Other external expenses Other external expenses include expenses relating to the Entity’s ordinary activities.   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Income from investments in subsidiaries and associates Dividend from sub­si­dia­ri­es, as­so­cia­tes and e­qui­ti­es is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Property, plant and equipment Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses. Art is not depreciated.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeResidual value  Other plant, fixtures and equipment   5 years  0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Investments in sub­si­dia­ri­es, as­so­cia­tes and other investments are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities The amortised cost of current liabilities corresponds usually to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.