45526453 2025-04-08 2025-12-31 45526453 2025-04-08 2025-12-31 1 45526453 2025-04-08 2025-12-31 1 45526453 2025-04-08 2025-12-31 1 45526453 2025-04-08 2025-12-31 2 45526453 2025-04-08 2025-12-31 3 45526453 2025-12-31 45526453 2025-04-08 d:SharePremiumMember 45526453 2025-04-08 d:RetainedEarningsMember 45526453 2025-04-08 2025-12-31 d:RetainedEarningsMember 45526453 2025-04-08 2025-12-31 d:SharePremiumMember 45526453 2025-12-31 d:SharePremiumMember 45526453 2025-12-31 d:RetainedEarningsMember 45526453 2025-04-08 d:FixturesFittingsToolsAndEquipmentMember 45526453 2025-04-08 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 45526453 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember iso4217:DKK xbrli:pure 37543128 75629999 Roesgaard Godkendt Revisionsaktieselskab 8700 Horsens Søren Strandgaard Nielsen mail@roesgaard.dk Årsrapport Roesgaard Sønderbrogade 16 2025-04-08 2025-12-31 45526453 QE ApS Fredrikstadvej 1 9200 Aalborg DK Danmark 2025-04-08 Aalborg 37543128 State Authorised Public Accountant Sønderbrogade 16 8700 Horsens DK Danmark 2026-07-06 Rasmus Hollænder Millfors Regnskabsklasse B true Andre erklæringer uden sikkerhed CaseWare-FSR The supervisory board and executive board have today discussed and approved the annual report of QE ApS for the financial year 8 April - 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 company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 8 April - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. The financial statements have not been audited. Management considers the criteria for not auditing the financial statements to be met. Management recommends that the annual report should be approved by the company in general meeting. Matthew Louis Bird Director Rasmus Hollænder Millfors chairman Matthew Louis Bird Michael Thomas Golden To the shareholders of QE ApS We have compiled the financial statements of QE ApS for the financial year 8 April - 31 December 2025 based on the company's bookkeeping records and other information made available by enterprise.The financial statements comprises a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes.We performed the engagement in accordance with ISRS 4410, Compilation Engagements.We have applied our professional expertise to assist the enterprise in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We complied with the relevant provisions of the Danish Act on Approved Auditors and with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), including principles relating to integrity, objectivity, professional competence and due care.The financial statements and the accuracy and completeness of the information used to compile the financial statements are the enterprise´s responsibility.As a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by enterprise for our compilation of the financial statements. Accordingly, we do not express an audit or a review conclusion on whether the financial statements have been prepared in accordance with the Danish Financial Statements Act. Horsens 2026-07-06 Roesgaard Søren Strandgaard Nielsen State Authorised Public Accountant mne47823 Business reviewThe company’s purpose is to engage in the trading of energy and related financial contracts, as well as other associated business activities, both on its own behalf and through group-affiliated companies. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 604.496, and the balance sheet at 31 December 2025 shows negative equity of DKK 584.496. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. Description of significant changes in the company's business and financial conditionsThe company has lost its share capital, and management is aware that the company is therefore subject to the capital loss provisions in section 119 of the Danish Companies Act. Refer to note 1 for further description. The annual report of QE ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities, as well as provisions applying to reporting class C entities.The annual report for 2025 is pre­sen­ted in DKKAs 2025 is the company's first reporting period, no comparatives have been presented. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of Net Trading income and other external expenses. Net Trading income result from commodity trading. Net trading income is recognised in the income statement on the day the net transactions are realised. Net trading income is the difference between gross purchases and sales transactions, and is thus shown as a net profit. No open positions exist on the balance sheet date.Net trading income is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Net trading income is net of all types of discounts granted. Other external expenses include expenses related to administration, premises etc. 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 losses comprise the year's amortisation, depreciation and impairment of other fixtures and fittings, tools and equipment Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses and surcharges and allowances under the advance-payment-of-tax scheme, etc. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Items of other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:  Useful life Residual valueOther fixtures and fittings, tools and equipment 3-5 years 0 %The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Other financial assets, which consist of deposits, are measured at fair value at the balance sheet date. Financial assets with a fixed maturity which management expects to hold to maturity are measured at amortised cost and are written down to a lower recoverable amount. The carrying amount of equipment is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Receivables are measured at amortised cost. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date. 370978 927576 6684 -563282 121275 162489 -604496 0 -604496 -604496 55135 55135 1471959 1471959 1527094 51892 46414 98306 7092264 7190570 8717664 20000 -604496 -584496 86585 9097066 118509 9302160 9302160 8717664 0 0 -604496 20000 0 20000 -604496 As a result of the company's first, short reporting period, the income statement is significantly affected by non-recurring costs relating to the establishment of the company and the group. Adjusted for these non-recurring costs and annualised to a full financial year, the underlying business performance is in line with management's expectations for a newly established company.   In 2026, QE ApS will continue its growth, including expanding its workforce and its presence in additional markets. Management expects the company to achieve a result of around break-even for 2026.   QE Holding ApS has confirmed that QE ApS will retain the same credit facilities until the next general meeting.   The company has lost its share capital and is therefore subject to the capital loss provisions in section 119 of the Danish Companies Act. It is management’s expectation that the company’s capital will be re-established through future operations or potential contributions from the parent company.   Accordingly, the financial statements for 2025/26 are presented on the basis of going concern. 881606 19224 26746 927576 8 0 61819 61819 0 6684 -6684 55135 The company is jointly taxed with its parent company, QE Holding ApS ApS (management company), and jointly and severally liable with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends, interest and royalties.