39504251 2025-01-01 2025-12-31 39504251 2025-01-01 2025-12-31 1 39504251 2025-01-01 2025-12-31 1 39504251 2025-01-01 2025-12-31 1 39504251 2025-01-01 2025-12-31 2 39504251 2025-01-01 2025-12-31 3 39504251 2025-01-01 2025-12-31 4 39504251 2024-01-01 2024-12-31 39504251 2025-12-31 39504251 2024-12-31 39504251 2024-12-31 fsa:ContributedCapitalMember 39504251 2024-12-31 fsa:RetainedEarningsMember 39504251 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39504251 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39504251 2025-12-31 fsa:ContributedCapitalMember 39504251 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Morten Olsen Institutional Holding P/S Tuborg Boulevard 3 2900 Hellerup 39504251 Gentofte Weidekampsgade 6 2300 København Primary activities The Company’s main activity is to own shares in the management company AIP Management P/S and the general partner AIP Komplementar ApS. The Board of Directors and the Executive Board have today considered and approved the Annual Report of Institutional Holding P/S for the financial year 1 January – 31 December 2025. The Annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for the financial year 1 January – 31 De-cember 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Re-view. We recommend the annual report for adoption at the Annual General Meeting. Hellerup Mads Skaaning Jensen Jon Steingrim Johnsen Nicolai Ørnstrup Pilehave Mads Skaaning Jensen Torsten Fels To the Shareholders of Institutional Holding P/S We have audited the financial statements of Institutional Holding P/S 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. 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 at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Dan-ish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional re-quirements 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 Ac-countants’ 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 ac-cordance 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 liqui-date 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, indi-vidually 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 Den-mark, 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 misstate-ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, for-gery, 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 effective-ness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-mates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in pre-paring the financial statements, and, based on the audit evidence obtained, whether a material uncer-tainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atten-tion 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 con-tinue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures 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 ex-press any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management com-mentary 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 33963556 Rasmus Grynderup Kiær Steffensen State Authorised Public Accountant mne44143 -892289 -36053 0 129688500 38151 189137 2867 1111 -857005 129840473 0 67500000 -857005 62340473 -857005 129840473 1260000 1260000 17700000 17700000 18960000 18960000 18960000 18960000 3587 3587 3587 3587 146349 8701040 149936 8704627 19109936 27664627 400000 400000 18316622 19173627 18716622 19573627 244562 8065751 148752 25249 393314 8091000 393314 8091000 19109936 27664627 400000 19173627 19573627 0 -857005 -857005 400000 18316622 18716622 true The Financial Statements for 2025 are presented in DKK. Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial as-sets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement including depreciation, amortisa-tion, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as de-scribed for each item below. Translation policies Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the bal-ance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Income statement Gross profit/loss Gross profit/loss is calculated with reference to Section 32 of the Danish Financial Statements Act as a sum-mary of other external costs. Other external expenses Other external expenses are recognised in the income statement in the period to which they relate and are measured at cost. Expenses are recognised in accordance with the accrual principle, ensuring that costs are recognised in the financial period to which they relate, irrespective of the timing of payment. Income from investments in participating interests In the income statement, dividends are recognized from other investments in the financial year in which the dividend is declared. Gains or losses on disposal during the year of investments in participating interest are also recognized in the income statement. Other financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the finan-cial year and in addition to interest. Tax on profit/loss for the year The company is not taxable independently, which is why the tax liability is incumbent on the company’s inves-tors. As a result, no tax and deferred tax has been set aside in the accounts. Balance sheet Investments in participating interests Investments in participating interests are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Other long-term receivables Earn-out The fair value of earn-outs is calculated using generally accepted valuation methods (DCF) based on expecta-tions of future cash flows, earn-out terms, and other relevant factors. The fair value adjustment for the year is recognized in the Income Statement. When determining the required rate of return, parameters such as the structure of the earn-out, the performance metrics involved, the time frame for payments, and the credit qual-ity of the counterparty, etc., are considered. Options Options consisting of call and put options. Options are recognised at fair value based on the capital value using commonly accepted valuation models and techniques. If an approximate sales value cannot be calcu-lated, the options will be measured at cost. Other receivables Other receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Cash Cash comprises cash in bank deposits. Dividend Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Other financial liabilities Other liabilities are measured at amortised cost, substantially corresponding to nominal value. true 0 0 Note 3: Investments in participating in-terests: Cost primo 1,260,000 2,520,000 Additions in year 0 0 Disposals in year 0 -1,260,000 Cost ultimo 1,260,000 1,260,000 Investments in participating interests: 1,260,000 1,260,000 The company holds shares in the following company: AIP Management P/S, domiciled in Denmark and a 24,95% ownership interest. AIP Komplementar ApS, domiciled in Denmark and a 25% ownership interest. Note 4: Other receivables (DKK) Earn-out Fair value at the beginning of the period 17.700.000 0 Adjustment to fair value for the year 0 17.700.000 Fair value at the end of the period 17.700.000 17.700.000 Other receivables 17.700.000 17.700.000 Management has assessed the fair value of the Company’s earn-out agreements and concluded that it re-mains unchanged. Options As part of a transaction the company has been granted put options and the company has issued call options to the buyer. There are a range of scenarios where neither the put or call option will be exercised. Management has assessed the valuation of the put and call option considering the complexity of valuing sim-ilar assets. Management has concluded that there are too many scenarios impacting the value of the put and call options in order to measure the fair value reliably. Until a reliable fair value can be measured, the cost price will be used. Note 5 Contingent liabilities and other financial obligations The company has no contingent liabilities apart from the liabilities already recognized in the balance sheet. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-30 Reporting class B 2018-04-18 2025-05-14 39504308 AIP Mangement Klarboderne 1 1115 København Opinion Basis for Opinion 2026-06-30