40414231 2025-01-01 2025-12-31 40414231 2025-01-01 2025-12-31 1 40414231 2025-01-01 2025-12-31 1 40414231 2025-01-01 2025-12-31 2 40414231 2025-01-01 2025-12-31 3 40414231 2025-01-01 2025-12-31 1 40414231 2025-01-01 2025-12-31 2 40414231 2024-01-01 2024-12-31 40414231 2025-12-31 40414231 2024-12-31 40414231 2024-12-31 fsa:ContributedCapitalMember 40414231 2024-12-31 fsa:SharePremiumMember 40414231 2024-12-31 fsa:RetainedEarningsMember 40414231 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40414231 2025-01-01 2025-12-31 fsa:SharePremiumMember 40414231 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40414231 2025-12-31 fsa:ContributedCapitalMember 40414231 2025-12-31 fsa:SharePremiumMember 40414231 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Pulse Glostrup P/S 40414231 Amaliegade 6, 2 tv 1256 København K Pradeep Pattem 2026-06-30 Statement by Board of Directors and Management The Board of Directors and management have today considered and adopted the annual report for the financial year 1 January - 31 December 2025 for Pulse Glostrup P/S. The annual report is prepared in accordance with the Danish Financial Statement Act. In our opinion, the financial statements give a true and fair view of the financial position as at 31 December 2025 of the Company and of the results of the Company’s operations for 2025. It is also our opinion that the Management’s Review a true and fair account of the development of the Company’s activities and financial conditions, the profit for the period and the Company’s financial position as a whole, and a description of the significant risks and uncertainty factors that the Company faces. The annual report is submitted to the Ordinary General Meeting for approval. Copenhagen 2026-06-30 Pradeep Pattem Medha Pattem Chairman Ilias Drakopoulos Pradeep Pattem To the shareholder of Pulse Glostrup P/S Opinion 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 have audited the Financial Statements of Pulse Glostrup P/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review 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 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’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. Auditor’s responsibilities for the audit of the Financial Statements 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 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. Hellerup 2026-06-30 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Torben Jensen Jacob Dannefer State Authorised Public Accountant State Authorised Public Accountant mne18651 mne47886 Copenhagen, Denmark Key activities The company's objectives are to develop, operate, and administer real estate and any other activity related thereto. Development in the year The income statement of the Company for 2025 shows a profit of DKK 7.9 million (2024: DKK 4.7 million) of which fair value adjustments amount to DKK 2.7 million (2024: DKK 0.4 million), and at 31 December 2025 the balance sheet of the Company shows equity of DKK 66.1 million (2024: DKK 58.1 million). As the company is engaged in the development of investment properties, the Company is affected by changes in the property market, including the general level of interest rates and economic conditions. For a description of significant assumptions for the fair value recognition as 31 December 2025 please refer to note 3. Capital Resources For a description of Capital Resources, please refer to Note 2 7696000 6040000 2752000 429000 10448000 6469000 -287000 -80000 1000 0 7869000 4759000 7869000 4759000 165091000 157920000 165091000 157920000 466000 1973000 769000 0 796000 0 2032000 1973000 167123000 159893000 400000 400000 4600000 4600000 61028000 53159000 66028000 58159000 90294000 93196000 2687000 2516000 92280000 95712000 184000 0 6604000 6021000 1327000 0 8115000 6021000 101095000 101734000 167123000 159893000 400000 4600000 53159000 58159000 0 0 7869000 7869000 400000 4600000 61028000 66028000 true true Recognition and measurement Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement. Assets are recognized 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 recognized 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. Foreign currency Transactions in currencies other than the individual company functional currency is translated initially at the transaction date. Receivables and payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Exchange differences arising between the date of transaction and payment date or the balance sheet date are recognized in the income statement under financial income or expenses. Exchange differences arising from the translation of foreign companies' balance sheet items at the beginning of the exchange rates and the translation of income statements from average rates to closing rates are recognized in other comprehensive income. Exchange rate on full or partial disposal of foreign entities, where control is transferred, the foreign currency translation adjustments are recognized in other comprehensive income, which is attributable to the unit from other comprehensive income to net income along with the gain or loss on the disposal. PROFIT AND LOSS STATEMENT Revenue Rental income is recognised on a straight line-basis over the term of the lease. Gross profit/loss before value adjustments With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Adjustments to fair value, net Adjustment to fair value, net includes continuous adjustments of investment properties and related debt as well as debt instruments measured at fair value through profit or loss Financial income and expenses Financial items include interest income and interest expenses, foreign exchange rate adjustments, amortization premiums / discounts, realized and unrealized gains and losses on securities as well as surcharges and refunds under the tax. Borrowing costs directly attributable to the development projects of investment or project portfolios, added to the cost of the assets until the time when the project is completed and the property can be used for the intended purpose. If there is a loan directly to finance the development project, calculated borrowing costs on the basis of an average interest rate of the group's loans except for loans recorded at the acquisition of specific assets. Other borrowing costs are recognized in the income statement in the periods to which they relate. BALANCE STATEMENT Investment properties Investment properties constitute land and buildings held to earn a return on the invested capital by way of current operating income and/or capital appreciation on sale. On acquisition investment properties are measured at cost comprising the acquisition price and costs of acquisition. The cost of own constructed investment properties comprises the acquisition price and expenses directly related to the acquisition, including costs of acquisition and indirect expenses for labour, materials, components and suppliers up until the time when the asset is ready for use. After the initial recognition investment properties are measured at fair value. Value adjustments of investment properties are recognised in the income statement. In Management’s opinion the classification of the property as investment properties did not cause any difficulties. Fair value is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction on the balance sheet date. The determination of fair value involves material accounting estimates. The estimates applied are based on information, assumptions and external appraiser considered reasonable by Management but which are inherently uncertain and unpredictable. Actual events or circumstances will probably differ from the assumptions made in the calculations as often assumed events do not occur as expected. Such difference may be material. The assumptions applied are disclosed in the notes. The fair value calculation of the property is described in note 3. Receivables Receivables are measured at amortized cost. Impairment losses are made for losses which are deemed to have resulted in an objective indication that an individual receivable is impaired. Financial liabilities Loans, such as mortgage loans, 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. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. Note 2 – Capital resources and subsequent events The Company has received a letter of support from Park Street A/S. stating that they will provide necessary support to ensure that the Company will be able to meet its obligations. Further, loan extended and additional future loans extends to the Company from Park Street A/S will not be called unless the liquidity position of the Company is adequate to justify such repayment. This agreement of Financial Support is effective until the point in time where the annual report for Pulse Glostrup P/S for 2026 is approved by the general meeting and published. From the balance sheet date until the date of presentation of this Annual Report no additional events have happened. Note 3 - Investment properties A property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the company, is classified as investment property. An investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. After initial recognition, an investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Company uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections. The fair value of an investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditure is capitalised to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. Changes in fair values are recognised in the income statement. Investment properties are derecognised when they have been disposed. Where the Company disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property. The principles and methods for determining the estimated fair value of the properties in this category is based on the capitalisation method. The determination of fair values in accordance to the capitalisation method is generally the most accepted and widely used model for valuating property. The method is based on a stabilised net rent, capitalised at a rate of return assuming a stabilised property in a stable market, which is fully let at an annual market rent at, or close to, market level. For non-stabilised properties, special conditions such as vacancy and refurbishment costs are taken into consideration. The model used contains the following main elements: 1 + Annual Rental Income (fully rented) 2 - Non-recoverable operating costs 3 = Net Operating Income (NOI) 4 - Cap rate (net initial yield) 5 - Market value before regulations and deposits 6 - Vacancy costs 7 - Refurbishment cost 8 - Rental loss (discounts, etc.) 9 + Net Present Value (NPV) of Overrented elements 10 - Net Present Value (NPV) of Underrrented elements 11 + Cash deposits 12 + Other 13 = Market value after regulations and deposits (Fair Value) Ad. 1) The annual rental income represents the budget rent. For non-vacant units, the budget rent equals the actual rental income. If the actual rental income differs significantly, the market rent is used. For vacant areas, the market rent is used. Ad. 2) All operating expenses not recoverable from the tenants are deducted. This includes taxes, insurance, cleaning, utility costs, service subscriptions, administration, external maintenance etc. Ad. 3) The yield requirement is determined individually for each property based on the yield requirement for comparable properties in the same geographical area (where this is possible) and the property's risk profile. Ad. 4) Vacancy costs reflect the estimated loss of rental income until a re-letting is assumed. There is vacancy until the stablised level is reached. When the stabilised level is reached all properties are assumed fully let. Ad. 5) For vacant units, it is assumed that a refurbishment is required before a re-letting can take place. At some properties, these are not included as the leases already are ready for reletting. Ad. 6) Current discounts are deducted from the market value. Ad. 7) If an overrented lease is regulated to market rent, it is implemented over a 4-year period according to section 13 in the Danish Commercial Rent. As a result, the lease will generate an overrenting element in this period. Ad. 8) If an underrented lease is regulated to market rent, it is implemented over a 4-year period according to section 13 in the Danish Commercial Rent. As a result, the lease will generate an underrenting element in this period. . The calculation of the properties' fair value is sensitive to changes in all the above inputs to the valuation model. The most significant non-observable inputs used in calculating the current value of the completed investment properties are as follows: i. Market Rent per square meter (sqm.) per year ii. Vacancy iii. Yield A general increase in market rent per sqm and decrease of the vacancy in the areas in which Pulse Glostrup’s properties are located, will likely decrease the yield requirements. Amounts in DKK 1000s 2025 2024 Balance at 1 of January 157,920 156,621 Costs incurred for improvements 4,419 870 Adjustment to fair value, net 2,752 429 Balance at 31 December 165,091 157,920 Amounts in DKK 1000s 2025 2024 Cost at 1 of January 119,504 118,634 Additions 4,419 870 Cost Price at 31 December 123,923 119,504 Amounts in DKK 1000s 2025 2024 Fair value at 1 of January 38,416 37,987 Fair value adjustment for the year 2,752 429 Fair Value at 31 December 41,168 38,416 The Company’s investment property is 100% commercial. The property comprises retail, health care centers, sports and leisure, storage, and parking areas. i. Vacancy No structural vacancy has been considered in the property valuation; the property is going through a re-development phase to convert the commercial area into residential. It has been estimated that the current vacancy will be let within 18 to 24 months. ii. Yield The fixed return requirement is an essential input in estimating fair values. An individually determined rate of return of 7.50 % has been applied in the market value assessment at 31 December 2025. The yield requirements used have a significant impact on the fair value of the property. The sensitivity of changes in the return requirement is illustrated in the table below which shows the effect on the fair value of the properties if only the average return rate is changed. Change in return requirements Change in market value (% points) (DKK million) 2025 2024 0.50% -11.2 -11.0 -0.50% 12.8 12.0 Changes in the estimated required rate of return for investment properties will affect the value of investment properties recognized in the balance sheet as well as value adjustments carried in the income statement. 0 0 Note 5 – Financial expenses Financial expenses Amounts in DKK 1000s 2025 2024 Interest expenses 2,867 1,790 2,867 1,790 Note 6 – Credit Institutions The company's loans and credits are distributed as per 31 December 2025 as follows: Liabilities recognized at amortized cost Currency Rate type Expiry date 2025 2024 Mortgage Debt DKK Variable 16-20 years 90,294 93,196 Carrying amount 90,294 93,196 The evolution of the long and short term liabilities with credit institutions is specified follows: Amounts in DKK 1000s 2025 2024 Non-current financial liabilities 93,196 93,196 Financial liabilities with credit institutions at 1 January 93,196 93,196 Repayment of liabilities to credit institutions -2,902 0 Accrued financial expenses - - Financial liabilities with credit institutions at 31 December 90,294 93,196 Non-current financial liabilities 90,294 93,196 Current financial liabilities - - Total financial liabilities with credit institutions at 31 90,294 93,196 December Note 7 – Contingent assets and liabilities Pledges and guarantees The nominal pledge for the bank debt given by credit institutions per December 31, 2025 amount a total of DKK 90.3 million (2024: DKK 93.2 million), and the nominal value of the loans amounts a total of DKK 90.3 million (2024: DKK 93.2 million) in the company’s investment properties with a book value totalling DKK 165.1 million (2024: DKK 157.9 million). Contingent liabilities The Company has no contingent liabilities as at 31 December 2025. Other finanical obligations The Company has entered into mutually committing agreements of immaterial nature, which are usual for the Company’s Ordinary activities. Contingent assets The Company has no contingent asset as at 31 December 2025. Registered Address of Parent Company Company: Park Street A/S CVR: 12932502 Amaliegade 6, 2 tv 1256 København K Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 Reporting class B 12932502 PARK STREET A/S Svanevej 12 1256 København K Opinion Basis for Opinion 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab