21625744 2024-01-01 2024-12-31 3 21625744 2000-01-01 2000-12-31 3 21625744 2025-01-01 2025-12-31 3 21625744 2001-01-01 2001-12-31 3 21625744 2002-01-01 2002-12-31 3 21625744 2025-01-01 2025-12-31 21625744 2025-01-01 2025-12-31 1 21625744 2025-01-01 2025-12-31 1 21625744 2025-01-01 2025-12-31 1 21625744 2025-01-01 2025-12-31 2 21625744 2025-01-01 2025-12-31 3 21625744 2002-01-01 2002-12-31 21625744 2001-01-01 2001-12-31 21625744 2000-01-01 2000-12-31 21625744 2024-01-01 2024-12-31 21625744 2002-12-31 21625744 2001-12-31 21625744 2000-12-31 21625744 2025-12-31 21625744 2024-12-31 21625744 2024-01-01 d:ContributedCapitalMember 21625744 2024-01-01 d:RetainedEarningsMember 21625744 2024-01-01 d:ProposedDividendRecognisedInEquityMember 21625744 2024-01-01 2024-12-31 d:RetainedEarningsMember 21625744 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 21625744 2025-01-01 d:ContributedCapitalMember 21625744 2025-01-01 d:RetainedEarningsMember 21625744 2025-01-01 d:ProposedDividendRecognisedInEquityMember 21625744 2025-01-01 2025-12-31 d:RetainedEarningsMember 21625744 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 21625744 2025-12-31 d:ContributedCapitalMember 21625744 2025-12-31 d:RetainedEarningsMember 21625744 2025-12-31 d:ProposedDividendRecognisedInEquityMember 21625744 2025-01-01 d:GoodwillMember 21625744 2025-01-01 2025-12-31 d:GoodwillMember 21625744 2025-12-31 d:GoodwillMember 21625744 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 21625744 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 21625744 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 21625744 2025-01-01 d:InvestmentsInGroupEnterprisesMember 21625744 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 21625744 2025-12-31 d:InvestmentsInGroupEnterprisesMember 21625744 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 21625744 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 21625744 2025-01-01 2025-12-31 d:SubsidiaryMember 1 21625744 2025-12-31 d:SubsidiaryMember 1 21625744 2025-01-01 2025-12-31 d:SubsidiaryMember 2 21625744 2025-12-31 d:SubsidiaryMember 2 21625744 2025-12-31 1 21625744 2024-12-31 1 iso4217:EUR xbrli:pure xbrli:shares Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 21625744 CSC (Denmark) ApS Sundkrogsgade 21 2100 Copenhagen 1999-04-01 København Ø EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-07-07 Peter Matzen Drachmann Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-07-07 2026-07-07 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of CSC (Denmark) ApS 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 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Peter Matzen Drachmann CEO Jacob Smed Chairman Peter Matzen Drachmann Board of directors Niels Christian Wedell-Wedellsborg Board of directors To the shareholder of CSC (Denmark) ApS We have audited the financial statements of CSC (Denmark) ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including 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 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. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company 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. 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 as to 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 the 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 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 note 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. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Jacob Thøgersen State Authorised Public Accountant mne49102 8307000 7792000 5372000 280000 523000 55000 1507000 1082000 7000 34000 171000 272000 219000 176000 1341000 954000 10731000 9388000 6510000 6115000 5939000 4598000 53.5 56.3 57.0 63.3 70.6 0.9 5.0 2.9 25.5 21.8 58 48 33 For terms and definitions, please see the accounting policies. CSC (Denmark) ApS (“the company”) is part of CSC, a leading provider of business administration and compliance solutions. The company’s main activities include the provision of company administration, accounting, payroll, and domiciliation services to Danish and international clients. CSC (Denmark) ApS also acts as a local delivery hub supporting the CSC’s clients and partners with services related to entity management, global subsidiary management, and regulatory compliance.The company serves a broad range of international clients, including corporates, fund managers, and institutional investors. As part of a global organization, CSC (Denmark) ApS adheres to group-wide governance principles and compliance standards, ensuring a high level of professionalism and client service. The income statement for 2025 shows a profit of EUR 58 thousand against a profit of EUR 312 thousand last year, and the balance sheet at 31 December 2025 shows equity of EUR 6,485 thousand. Management considers the financial performance for the year satisfactory and in line with expectations. Growth in demand for outsourced business administration and compliance solutions, coupled with strong client retention and efficiency gains, contributed positively to the results. We expect a slight year-on-year increase in profit before tax of EUR 33 thousand, corresponding to 6%, bringing the expected profit before tax to EUR 590 thousand next year. This development is driven by new client wins, strengthened cross-border service delivery, and further integration of our operational platform with CSC’s global infrastructure. We epect the gross profit to increase in alignment with profit before tax. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. As a service-based company, CSC (Denmark) ApS does not engage in traditional research and development activities. However, we actively contribute to the development of group-wide digital tools and process enhancements aimed at improving service quality, compliance, and client experience. 9042000 8674000 8173000 7561000 589000 590000 280000 523000 81000 105000 74000 71000 287000 557000 229000 245000 58000 312000 0 533000 0 533000 97000 124000 97000 124000 200000 200000 153000 153000 353000 353000 450000 1010000 6479000 5627000 1312000 207000 55000 65000 32000 4000 244000 125000 8122000 6028000 3549000 4376000 11671000 10404000 12121000 11414000 1068000 1068000 3917000 5359000 1500000 0 6485000 6427000 517000 229000 42000 0 3439000 2380000 1638000 2378000 5636000 4987000 5636000 4987000 12121000 11414000 1068000 5047000 0 312000 0 1068000 5359000 0 -1442000 1500000 1068000 3917000 1500000 The annual report of CSC (Denmark) ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. Pursuant to section 112(2) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of CSC (Denmark) ApS are included in the consolidated financial statements of WMB Holdings Inc., 2711 Centerville Rd #400 Wilmington, DE 19808, USA, USA, (reg. no. 51-0326562) The accounting policies used in the preparation of the financial statements are consistent with those of last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as its cash flows are reflected in the consolidated cash flow statement. Reporting currencyThe financial statements are presented in euros (EUR), as the Company's most significant transactions are settled in EUR. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Revenue is generated through fixed fee agreements charged in advance for a determined service period where it is released monthly as deferred revenue. Revenue are also derived from time spent arrangements, which is recognized through system generated recognition runs. Hours written by billable persons are here converted to revenue based on each individuals hourly rate. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.Goodwill is amortised over the expected economic life of the asset and since the long term period is difficult to fix the amortization period is set to 10 years.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Goodwill 10 years Fixtures and fittings, other plant and equipment 5 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Acquisitions of entities are accounted for using the purchase method, according to which the identifiable assets and liabilities acquired are measured at their fair values at the date of acquisition. Provision is made for costs related to adopted and announced plans to restructure the acquired entity in connection with the acquisition. Allowance is made for the tax effect of revaluations made. Goodwill is amortised over the expected economic life of the asset and since the long term period is difficult to fix the amortization period is set to 10 years. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition. The carrying amount of intangible assets, property, plant and equipment and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables and accrued revenue are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise of cash and deposits at banks. Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The financial ratios stated under "Financial highlights" have been calculated as follows:Equity ratio Equity, year-end x 100Total equity and liabilities, year-endReturn on equity Profit/loss after tax x 100Average equity 7329000 6833000 559000 513000 58000 91000 227000 124000 8173000 7561000 66 62 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed. 2000 0 79000 105000 74000 71000 192000 245000 37000 0 1500000 0 -1442000 312000 5327000 5327000 0 4794000 533000 5327000 0 0 277000 30000 307000 153000 57000 210000 97000 200000 153000 200000 153000 200000 153000 CSC Depositary Services (Denmark) ApS Sundkrogsgade 21, 2100 København Ø 100.00 259 -21 CSC AIFM Services ApS Sundkrogsgade 21, 2100 København Ø 100.00 312 25 Prepayments include accrual of expenses relating to subsequent financial years, including rent, t.EUR 244. 10680 A 1068000 1068000 As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally liable with other jointly taxed group entities for payment of income taxes and as well as witholding taxes on interest, royalties and dividends. Other rent and lease liabilities: EUR'00020252024 Rent and lease liabilities175512 A new leasing agreement has been signed on the 20th of February 2026 and has been extended to 2029. The Company has not provided any security or other collateral in assets at 31 December 2025. Significant influence Related partyDomicileBasis for significant influence WMB Holdings Inc.2711 Centerville Rd #400 Wilmington, DE 19808, USAParent company Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements WMB Holdings Inc.2711 Centerville Rd #400 Wilmington, DE 19808, USAThe consolidated financial statements can be requisitioned on CVR.dk Related party transactions CSC (Denmark) ApS was engaged in the below related party transactions: EUR'00020252024Sale of service256467Purchase of service2,8481,730Interest income20 Receivables1,312207Payables410