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The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 April 2026 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025/26. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Kolding 2026-07-03 Allan Runge Frost Niels Knudsen CEO Manager To the shareholder of Frostcorp Holding ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 April 2026 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 May 2025 - 30 April 2026 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Frostcorp Holding ApS for the financial year 1 May 2025 - 30 April 2026, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion 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 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 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, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company 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 Group’s and the Parent 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 Group or the Parent 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 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 Group’s and the Parent 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 Group’s and the Parent 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 Group and the Parent 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 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 Company 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. Trekantområdet 2026-07-03 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Heidi Bonde State Authorised Public Accountant mne42815 Frostcorp Holding ApS Jernbanegade 25, 2. 6000 Kolding 43949764 Kolding Herredsvej 32 7100 Vejle Seen over a 4-year period, the development of the Group is described by the following financial highlights:See the description under accounting policies. 12148000 10458000 8908000 9160000 7457000 -1803000 12816000 7349000 105934000 87199000 0 0 0 177000 58769000 52923000 3 3 3 3 0.108 0.062 0.084 0.105 0.391 0.379 0.555 0.607 0.366 0.064 0.229 0.278 Key activitiesThe Company's main activities consist of holding shares in subsidiaries and hereby related activities.The Groups's objective is to do direct and indirect trading of oil and other related products.Development in the yearThe income statement of the Group for 2025/26 shows a profit of DKK 24,768,613, and at 30 April 2026 the balance sheet of the Group shows an equity of DKK 77,824,387.Management considers the group's financial performance in the year satisfactory.The past year and follow-up on development expectations from last yearThe Group expected an increase of approx. 5-10% and a profit in the range of DKK 8-10 million for the year 2024/25. Revenue has increased by 23% and the profit for the year is DKK 3,7 million.Revenue in the financial year has increased more than our expectations, as our ships have been less in doc. The lower result is due to a negative development in the USD exchange rate and a negative development in the company's securities.Foreign exchange risksThe Group's activities take place to a significant extent in foreign currency, primarily USD, and are thus exposed to fluctuations in exchange rates.Management does not consider the currency risk to be significant for the company.Targets and expectations for the year aheadThe Group's revenue for 2025/26 is expected to increase by approx. 5-10% due to the continued growth in the Group's core markets in West Africa. On this basis, a profit in the range of DKK 8-10 million is expected for 2025/26. The expectations are based on the assumption that the exchange rates for the currencies to which the Group is exposed will remain unchanged. Developments in securities are disregarded.Cash generated from operations in 2025/26 is expected to be positive as a result of the expected profit growth.External environmentThe Group's impact on the external environment and working environment and measures for prevention aim at the least possible risk of pollution and to minimize the risk of accidents.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 30 April 2026 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025/26 have not been affected by any unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 25025644 12837471 -70347 -68176 3522257 3334747 0 0 35440 40440 0 0 21467947 9462284 -70347 -68176 0 0 15177496 4990198 26721839 7107123 11110943 270160 16395757 11705059 534398 2479682 31794029 4864348 25683694 2712500 7025416 1149765 2318905 -447617 24768613 3714583 23364789 3160117 55220 90660 0 0 55220 90660 0 0 0 0 53214398 37019758 0 0 625269 625269 1388897 11917 0 0 1500000 1500000 0 0 2888897 1511917 53839667 37645027 2944117 1602577 53839667 37645027 2072695 0 0 0 2072695 0 0 0 52152998 30699786 0 0 65612834 52374392 10569381 10542323 0 0 4727451 1600797 183333 100000 0 0 117949165 83174178 15296832 12143120 37322381 26947036 37322381 26947036 38999677 39866276 495396 119566 196343918 149987490 53114609 39209722 199288035 151590067 106954276 76854749 40000 40000 40000 40000 0 0 48171540 36476900 77784387 53402468 29612847 16925554 77824387 53442468 77824387 53442454 0 4041614 0 0 77824387 57484082 77824387 53442454 0 3499 0 0 0 3499 0 0 0 1102566 0 1102566 0 1102566 0 1102566 6592385 6957795 0 0 108132686 85625542 25000 25000 0 0 22516752 22018684 146877 146877 0 0 6588054 252688 6588054 252688 3646 17018 83 13357 121463648 92999920 29129889 22309729 121463648 94102486 29129889 23412295 199288035 151590067 106954276 76854749 40000 53402468 53442468 4041614 57484082 0 0 0 4500000 4500000 0 1017144 1017144 -1017144 0 0 23364775 23364775 1475530 24840305 40000 77784387 77824387 0 77824387 40000 36476900 16925554 53442454 0 0 1017144 1017144 0 11694640 11670149 23364789 40000 48171540 29612847 77824387 24768613 3714583 -3193534 5736284 -14353910 -2279427 7221169 7171440 26721839 7107123 16395757 11705059 17547251 2573504 1796115 3100000 15751136 -526496 1376980 1500000 -1376980 -1500000 365410 0 0 6957795 4500000 0 0 5000000 -4865410 1957795 9508746 -68701 66813312 66882013 76322058 66813312 Cash and cash equivalents are specified as follows:Other adjustments71,692-51,857 38999677 39866276 37322381 26947036 76322058 66813312 3432602 3250497 0 0 63834 62172 0 0 25821 22078 0 0 3522257 3334747 0 0 2957624 2913626 0 0 3 3 2 2 The parent company's only employees are the management, who have not received remuneration in the financial year. 0 0 500119 373365 1853319 3004081 34279 2101619 14542438 8700978 0 4698 16395757 11705059 534398 2479682 7028915 1102566 2318905 -498231 -3499 -3415 0 0 0 50614 0 50614 7025416 1149765 2318905 -447617 0 0 11694640 4990197 1403838 554466 0 0 23364775 3160117 11670149 -1830080 202200 202200 111540 35440 146980 55220 676000 676000 4500000 0 5176000 676000 36476900 31486703 15177496 4990197 4500000 0 1017144 0 48171540 36476900 -133142 -133142 53214398 37019758 Investments in subsidiaries are specified as follows: Dania Energy Supply ApS Kolding 1.00 CFN Medico ApS Kolding 0.65 11917 1500000 758411 1376980 0 0 1388897 1500000 758411 0 0 133142 0 0 133142 1388897 1500000 625269 Prepayments consist of prepaid costs relating to subsequent financial years. (DKK)Value adjustment, income statementFair value at30 AprilGroupListed securities6,271,43637,322,381Parent companyListed securities6,271,43637,322,381 Deferred tax liabilities at 1 May3,4996,91400Amounts recognised in the income statement for the year-3,499-3,41500Deferred tax liabilities at 30 April03,49900 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Corporation tax6,588,0541,355,2546,588,0541,355,254 0 0 0 0 0 1102566 0 1102566 0 1102566 0 1102566 6588054 252688 6588054 252688 26721839 7107123 16395757 11705059 35440 40440 7025416 1149765 -3193534 5736284 -2072695 334072 -34774987 -44598414 -22493772 -41984915 -14353910 -2279427 Rental and lease obligationsLease obligations, period of non-terminability of 1 month6,2616,13800Guarantee obligationsThe parent company guarantees all liabilities with the subsidiary's banking relationships.Other contingent liabilitiesThe group has issued a letter of support, under which it undertakes, if necessary, to finance the operations and settlement of the financial obligations of O-shipping ApS. The letter of support remains in effect until the annual general meeting for the 2026 financial year of O-Shipping ApS has been held.The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group’s liability.Other financial obligationsThe group has no other financial obligations as of April 30, 2026. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.All transactions has been effected at arm's length. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Frostcorp Holding ApS for 2025/26 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025/26 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets 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, amortisation, 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 described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Frostcorp Holding ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interestsMinority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries.Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. If currency positions are considered to hedge future cash flows, value adjustments are recognized directly in equity.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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 balance 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. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Income from investments in subsidiariesThe item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Leasehold improvements3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiariesInvestments in subsidiaries are recognised and measured under the equity method.The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of receivables from group enterprises. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current Asset InvestmentsCurrent Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. DividendDividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity