42848301 2025-01-01 2025-12-31 42848301 2025-01-01 2025-12-31 auditor_1 42848301 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 42848301 2024-01-01 2024-12-31 42848301 2025-12-31 42848301 2024-12-31 42848301 2023-12-31 fsa:ContributedCapitalMember 42848301 2023-12-31 fsa:RetainedEarningsMember 42848301 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 42848301 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 42848301 2024-12-31 fsa:ContributedCapitalMember 42848301 2024-12-31 fsa:RetainedEarningsMember 42848301 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 42848301 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42848301 2025-12-31 fsa:ContributedCapitalMember 42848301 2025-12-31 fsa:RetainedEarningsMember 42848301 2025-12-31 fsa:LongtermMortgageLoansMember 42848301 2024-12-31 fsa:LongtermMortgageLoansMember 42848301 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 42848301 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-07-17 42848301 2026-07-17 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements 1 1 KPMG 25578198 true Annual report Karl Anders Henrik Twetman I have reviewed and approved the annual report for GCD Real ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend that the annual report be approved at the annual general meeting. Copenhagen 2026-07-17 Karl Anders Henrik Twetman CEO Independent auditor's report To the shareholder of GCD Real ApS Opinion We have audited the financial statements of GCD Real ApS for the financial year 1 January - 31 December 2025, comprising 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 Company's assets, liabilities and financial position 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. 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. Material Uncertainty Related to Going Concern We note that there is a material uncertainty concerning the Company's ability to continue as a going concern. We draw attention to note 2 describing the current financing situation of the Company, in which it is stated that additional capital is needed to be able to fund its planned operations during the coming year. Management expects that they will be able to restructure and refinance the Company and the group in order to continue the operations. Our opinion is not qualified in respect of this matter. Management's responsibility for the financial statementsManagement 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 that 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 statementsOur 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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. Statement on the Management's reviewManagement 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. Report on other legal and regulatory requirementsNon-compliance with VAT legislationIn violation of VAT legislation, the Company has filed incorrect VAT returns to the Danish tax authorities. The Company's Management may incur liability in this respect.Non-compliance with the Danish accounting legislation In violation of section 7 of the Danish Bookkeeping Act, the Company has not timely and accurately recorded all transactions considering the nature and size of the Company. Management may incur liability in this respect. Copenhagen 2026-07-17 KPMG 25578198 Henrik Y. Jensen State Authorised Public Accountant mne35442 GCD Real ApS Kongens Nytorv 28, 1. DK-1050 København K 42848301 2021-11-19 København 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 Principal activities The principal activities comprise of operations within real-estate and other investment activities. Material uncertainties regarding going concern The existing capital resources of the Company are currently not adequate to maintain operations throughout the financial year without further capital injections from the group and is therefore depending on financial support from the group. The group is in financial distress and in the process of restructuring. Due to this situation there is a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern and, therefore, that the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. However, as part of the group's restructuring plan a bridge funding were secured during 2025. Furthermore, the group sold two subsidiaries and one investment property. Additionally, the group is expected to liquidate two subsidiaries within the group during 2026. The group is currently working on completing the restructuring and refinancing of the whole group, which involves securing additional capital for the remaining subsidiaries and investment properties, which is expected during second half of 2026 or 2027. Furthermore, the Company has lost more than 50% of its contributed capital and is thus subject to the provisions on loss of capital under the Danish Companies Act. It is Management's expectations that additional capital will be secured and that the capital can be restored through operations in the group going forward. On the basis above it is Managements expectation, that the Company, will be able to pay its obligations as they fall due in all of 2026 and therefore the financial statements have been prepared on a going concern basis. Development in activities and financial position The Company's income statement for 2025 shows a loss of DKK 47,384,814 as against a profit of DKK 98,014,371 in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK -454,739,388 as against DKK -407,354,574 at 31 December 2024. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2025. -991599 119043154 4774 1183258 -996373 117859896 8551822 27254319 24223035 17900882 30717228 29198962 -47384814 98014371 0 0 -47384814 98014371 -47384814 98014371 0 24223034 0 590524 0 24813558 0 24813558 131775 50917 2392935 2390035 116462 5282 2641172 2446234 2641172 27259792 40000 40000 -454779388 -407394574 -454739388 -407354574 397262327 377180361 0 20721897 397262327 397902258 158392 59294 59959841 36652814 60118233 36712108 457380560 434614366 2641172 27259792 40000 -505408945 0 98014371 40000 -407394574 0 -47384814 40000 -454779388 The annual report of GCD Real ApS for 2025 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Omission of presentation of consolidated financial statementsPursuant to section 110(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Material errorsThe Company has identified a material error that affect previously presented annual reports relating to relinquish of debt that should have been recognized in 2024 but was instead recognized in 2025. The restatement of the comparative figures has resulted in a change accordingly:DKK'00020252024Effect on:Profit/loss091,636Equity0-91,636 Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, 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. Other operating income Other operating income comprises items secondary to the activities of the Company. Other external costs Other external costs comprise administrative expenses, etc. Other operating costs Other operating costs comprise items secondary to the activities of the Company. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit/loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Financial assets Equity investments in subsidiaries are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Impairment of fixed assets The carrying amount of equipment as well as equity investments in group entities is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast 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. Securities and equity investments Other securities and equity investments recognised as current assets comprise listed securities measured at fair value at the balance sheet date, corresponding to market value. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. LiabilitiesFinancial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.Other liabilities are measured at amortised cost. The existing capital resources of the Company are currently not adequate to maintain operations throughout the financial year without further capital injections from the group and is therefore depending on financial support from the group. The group is in financial distress and in the process of restructuring. Due to this situation there is a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern and, therefore, that the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. However, as part of the group's restructuring plan a bridge funding were secured during 2025. Furthermore, the group sold two subsidiaries and one investment property. Additionally, the group is expected to liquidate two subsidiaries within the group during 2026. The group is currently working on completing the restructuring and refinancing of the whole group, which involves securing additional capital for the remaining subsidiaries and investment properties, which is expected during second half of 2026 or 2027. Furthermore, the Company has lost more than 50% of its contributed capital and is thus subject to the provisions on loss of capital under the Danish Companies Act. It is Management's expectations that additional capital will be secured and that the capital can be restored through operations in the group going forward. On the basis above it is Managements expectation, that the Company, will be able to pay its obligations as they fall due in all of 2026 and therefore the financial statements have been prepared on a going concern basis. 0 0 3291487 5563946 0 2064 4059253 266683 23366488 23366269 397262327 377180361 59959841 36652814 0 20721897 397262327 397902258 59959841 36652814 Contingent liabilities, including guarantee commitments The Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Greater Copenhagen Development ApS, which served as administrative company for the joint taxation. A first priority pledge over all shares owned by the parent company has been issued. The carrying amount of investments in group enterprises is DKK 24 million.