42700606 2025-01-01 2025-12-31 42700606 2025-01-01 2025-12-31 1 42700606 2025-01-01 2025-12-31 1 42700606 2025-01-01 2025-12-31 1 42700606 2025-01-01 2025-12-31 2 42700606 2025-01-01 2025-12-31 3 42700606 2024-01-01 2024-12-31 42700606 2025-12-31 42700606 2024-12-31 42700606 2024-12-31 fsa:ContributedCapitalMember 42700606 2024-12-31 fsa:RetainedEarningsMember 42700606 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42700606 2025-12-31 fsa:ContributedCapitalMember 42700606 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-08-03 Marianne Nymand Esbjerg Brygge 28 6700 Esbjerg The Board of Directors and the Executive Board have today considered and approved the annual report of LL COLD TRS ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Esbjerg 2026-08-03 Carsten Wolf Frede Michael Holdorff Annegien Maria Kooij Folkert Bergstra To the shareholders of LL COLD TRS ApS 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 LL COLD TRS ApS 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”). 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. Management is responsible for the management commentary. ​​Our opinion on the Financial Statements does not cover management commentary, 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 commentary and, in doing so, consider whether management commentary 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 commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, management commentary 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 commentary. 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 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. Esbjerg 2026-08-03 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 John Lindvig Christiansen State Authorised Public Accountant mne26846 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss28,25622,642(8,853)(2,876)0Operating profit/loss7,347(418)(28,263)(16,614)(11)Net financials(1,832)(642)1(36)0Profit/loss for the year4,174(828)(21,444)(12,987)(9)Total assets348,74096,79147,76063,56741Investments in property, ​plant and equipment23,1985,3975,746239,0380Equity13,9469,77210,60032,04531Average number of employees1661621721710RatiosReturn on equity (%)35.20(8.13)(100.57)(80.98)(25.60)Equity ratio (%)4.0010.1022.1950.4175.61Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe Company's primary activities are rental of deep freeze storage to the sector of groceries. The Company operates in Denmark. Development in activities and financesThe Company's income statement for 2025 shows a profit of DKK 4,174 thousand as against a loss of DKK 828 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 13,946 thousand as against DKK 9,772 thousand at 31 December 2024. Profit/loss for the year in relation to expected developmentsThe company’s profit for the year amounted to DKK thousand 4,174, compared with a loss of DKK thousand 828 in the previous year. The result has therefore improved by DKK thousand 5,002 compared with last year. ​​In last year’s annual report, management expected the results for the current year to be in line with the previous year’s results. Consequently, the result for the year is significantly better than expected. The positive development can primarily be attributed to an increase in revenue. ​​Management considers the result for the year to be satisfactory. OutlookManagement expects an increase in gross profit of 1-3% for 2026 based on a continuance of the current activity level, and we expect the result to be marginally higher than in 2025. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 28256000 22642000 20766000 22272000 143000 788000 7347000 -418000 1000 127000 1833000 769000 5515000 -1060000 1341000 -232000 4174000 -828000 1208000 1269000 43597000 20500000 383000 12858000 2058000 2561000 47246000 37188000 47246000 37188000 149000 275000 149000 275000 360000 572000 299904000 57778000 0 104000 803000 698000 6000 20000 301073000 59172000 272000 156000 301494000 59603000 348740000 96791000 50000 50000 13896000 9722000 13946000 9772000 770000 0 770000 0 280000 1653000 327081000 76518000 467000 0 6196000 8848000 334024000 87019000 334024000 87019000 348740000 96791000 50000 9722000 9772000 4174000 4174000 50000 13896000 13946000 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2 Staff costs2025​DKK'0002024​DKK'000Wages and salaries94,91491,230Pension costs9,0197,604Other social security costs1,4761,153105,40999,987Average number of full-time employees166162Remuneration​of Management​2025​DKK'000Remunerationof ​Management2024​DKK'000Total amount for management categories8741,2328741,232Staff costs are included under production costs and administrative expenses. 166 162 Remuneration​of Management​2025​DKK'000Remunerationof ​Management2024​DKK'000Total amount for management categories8741,2328741,232 874000 1232000 3 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises0124Other interest income131127 4 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises1,833696Other interest expenses014Exchange rate adjustments0591,833769 5 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Retained earnings4,174(828)4,174(828) 4174000 -828000 4174000 -828000 6 Property, plant and equipmentLand and buildings​DKK'000Plant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Property, plant and equipment in progress​DKK'000Cost beginning of year4,72089,09485,8302,561Transfers073,817(73,817)0Additions019,9674122,819Disposals0(69)0(3,322)Cost end of year4,720182,80912,4252,058Depreciation and impairment losses beginning of year(3,451)(68,594)(72,972)0Transfers0(60,972)60,9720Depreciation for the year(61)(9,715)(42)0Reversal regarding disposals06900Depreciation and impairment losses end of​year(3,512)(139,212)(12,042)0Carrying amount end of year1,20843,5973832,058 7 Deferred tax​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year1043,187Recognised in the income statement(874)(3,083)End of year(770)104 8 PrepaymentsPrepayment primarily include prepaid insurance premiums and contribution to maternity fund. 9 Payables to group enterprisesCash pool accounts are legally owned by Lineage Treasury Europe B.V. The accounts are therefore considered balances with related parties. In the balance sheet the cash pool accounts are recognised under receivables and payables to affiliated companies as part of assets and liabilities, respectively. 10 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Liabilities under rental or lease agreements until maturity in total3680The notice period is 3 months unless otherwise stated in the contract, cf. §11 in the General Provisions for the Lease of Spaces at State Ports. 11 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Lineage Danish Bidco 5 ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 12 Non-arm’s length related party transactionsIn accordance with section 98 c(7) of the Danish Financial Statements Act, the Company has not disclosed any related party transactions as they were conducted on an arm's length basis. 13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest and smallest ​group: ​Lineage, Inc, Michigan This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income. RevenueRevenue from the sale of services is recognised as the services are provided, and revenue from rent is recognised​on a straight-line basis in the income statement. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue. Production costsProduction costs comprise costs, including depreciation, amortisation, wages and salaries incurred to generate revenue for the year. Commercial entities recognise their cost of sales, whereas production entities recognise production costs incurred to generate revenue for the year. Such costs include direct and indirect costs for raw materials and consumables, wages and salaries, rent and leases and depreciation of production plant. ​​Production costs also include research and development costs that do not qualify for capitalisation and amortisation of capitalised development costs. ​​In addition, provisions for bad debts on contract work are recognised. Administrative expensesAdministrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of property, plant and equipment. Other operating expensesOther operating costs comprise items secondary to the activities of the entities, including losses on the disposal of intangible assets and property, plant and equipment. Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc.​​Dividends from equity investments measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.​​In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividends exceed results for the year, or if the carrying amount of equity investments exceeds consolidated carrying amounts of net assets in the subsidiary. Tax on profit/loss for the yearThe Parent Company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. ​​The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. ​​On payment of joint taxation contributions, current Danish corporation 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 used the losses to reduce their own taxable profit. ​​Tax for the year comprises current corporation 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, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less​accumulated depreciation and impairment losses. ​​Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. ​​Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. ​​The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Useful life Buildings40 yearsPlant and machinery5-15 yearsOther fixtures and fittings, tools and equipment3-10 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. ​​Land is not depreciated. ​​Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. ​​Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. ​​Impairment of fixed assets​The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities and participating interests (including associates) 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. InventoriesInventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. ​​Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. ​​Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries. Indirect production overheads and borrowing costs are not recognised in cost. ​​The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. 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. ​​Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. ​​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. Deferred taxCurrent 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 relating to office buildings non-deductible for tax purposes and other items where temporary differences 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. PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Lineage Inc., Business Reg. No. 82-1271188 true Grundlag for konklusion Konklusion Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Esbjerg Esbjerg 6700 Revisionspåtegning 2025-12-31 2025-01-01 28 Esbjerg Brygge LL COLD TRS ApS 42700606 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab