66293815 2025-01-01 2025-12-31 66293815 2024-01-01 2024-12-31 66293815 2023-01-01 2023-12-31 66293815 2022-01-01 2022-12-31 66293815 2021-01-01 2021-12-31 66293815 2025-01-01 2025-12-31 0 66293815 2025-01-01 2025-12-31 0 66293815 2025-01-01 2025-12-31 0 66293815 2025-01-01 2025-12-31 1 66293815 2025-01-01 2025-12-31 2 66293815 2025-01-01 2025-12-31 1 66293815 2025-01-01 2025-12-31 0 66293815 2021-01-01 2021-12-31 4 66293815 2022-01-01 2022-12-31 3 66293815 2023-01-01 2023-12-31 2 66293815 2024-01-01 2024-12-31 1 66293815 2025-01-01 2025-12-31 0 66293815 2025-01-01 2025-12-31 5 66293815 2025-12-31 66293815 2025-01-01 2025-12-31 10 66293815 2024-01-01 2024-12-31 6 66293815 2024-12-31 66293815 2024-01-01 2024-12-31 11 66293815 2023-01-01 2023-12-31 7 66293815 2023-12-31 66293815 2023-01-01 2023-12-31 12 66293815 2022-01-01 2022-12-31 8 66293815 2022-12-31 66293815 2022-01-01 2022-12-31 13 66293815 2021-01-01 2021-12-31 9 66293815 2021-12-31 66293815 2021-01-01 2021-12-31 14 66293815 2021-01-01 2021-12-31 19 66293815 2022-01-01 2022-12-31 18 66293815 2023-01-01 2023-12-31 17 66293815 2024-01-01 2024-12-31 16 66293815 2025-01-01 2025-12-31 15 66293815 2025-01-01 2025-12-31 20 66293815 2024-01-01 2024-12-31 21 66293815 2023-01-01 2023-12-31 22 66293815 2022-01-01 2022-12-31 23 66293815 2021-01-01 2021-12-31 24 66293815 2023-12-31 fsa:ContributedCapitalMember 66293815 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 66293815 2023-12-31 66293815 2023-12-31 fsa:RetainedEarningsMember 66293815 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 66293815 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 66293815 2025-12-31 fsa:RetainedEarningsMember 66293815 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 66293815 2025-12-31 fsa:ContributedCapitalMember 66293815 2024-01-01 2024-12-31 1 66293815 2025-01-01 2025-12-31 0 66293815 2025-01-01 2025-12-31 2 66293815 2024-01-01 2024-12-31 3 66293815 2025-01-01 2025-12-31 0 66293815 2024-01-01 2024-12-31 1 66293815 2025-01-01 2025-12-31 2 66293815 2025-01-01 2025-12-31 4 66293815 2024-01-01 2024-12-31 3 66293815 2024-01-01 2024-12-31 5 66293815 2024-12-31 xbrli:pure iso4217:DKK Regnskabsklasse C, stor virksomhed TIP Trailer Services Denmark ApS Litauen Alle 7 2630 Taastrup 66293815 2025-01-01 2025-12-31 2024-01-01 2024-12-31 <table width="100%"><tr><td colspan="1">regnskabspraksis</td></tr><tr><td colspan="1">Class C(Stor)</td></tr></table> <table width="100%"><tr><td colspan="1">regnskabspraksis</td></tr><tr><td colspan="1">Class C(Stor)</td></tr></table> Annual report 66293815 TIP Trailer Services Denmark ApS Litauen Alle 7 2630 Taastrup xWizard version 1.1.1529.0, by EasyX Aps. www.easyx.eu Independent Auditor’s Report Basis for Opinion Opinion 2026-05-22 Gerard Reinder Kraaij 0.03 0.01 0.06 0.02 0.09 0.03 0.13 0.05 0.11 0.04 Gerard Reinder Kraaij Statement by the Executive and Board of Directors   The Board of Directors and the Executive Board have today discussed and approved the annual   report of TIP Trailer Services Denmark ApS for the financial year 1 January - 31 December 2025.   The annual report has been prepared in accordance with the Danish Financial Statements Act.   It is our opinion that the financial statements give a true and fair view of the Company's financial   position at 31 December 2025 and of the results of the Company's operations and cash flows for the   financial year from 1 January to 31 December 2025.   Further, in our opinion, the Management's review gives a fair review of the development in the   Company's operations and financial matters and the results of the Company's operations and   financial position.   We recommend that the annual report be approved at the annual general meeting. Copenhagen 2026-05-22 Christian Hatting Petersen Managing Director Gerard Reinder Kraaij Chairman Christian Hatting Petersen Johannes Jacobus Maria van Lierop Independent auditor's report Independent auditor's report – 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. To the Shareholders of TIP Trailer Services Denmark ApS Opinion   We have audited the financial statements of TIP Trailer Services Denmark ApS for the financial year 1 January -   31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, cash flow   statement 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 and cash flows 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 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.   Independence   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.   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 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 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 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.   Statement on the Management's review   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.   Aarhus 2026-05-22 EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Kim R. Mortensen State Authorised Public Accountant mne18513 Lone Nørgaard Eskildsen State Authorised Public Accountant mne32085 Key figures 749900000 24454000 713742000 43068000 638007000 57136000 522244000 66965000 429200000 47531000 -74519000 -88476000 -58334000 -22750000 -17944000 -50578000 -46095000 -1854000 43608000 29455000 Fixed Assets Fixed Assets Fixed Assets Fixed Assets Fixed Assets 1664549000 230486000 1895035000 60566000 1822144000 271462000 2093606000 60566000 1742640000 168505000 1911145000 60506000 1232100000 150766000 1382866000 60506000 1026104000 111453000 1137557000 60506000 Current Assets Current Assets Current Assets Current Assets Current Assets Share Capital Share Capital Share Capital Share Capital Share Capital Capital and Reserves Capital and Reserves Capital and Reserves Capital and Reserves Capital and Reserves 375411000 1368182000 151442000 425989000 1551191000 116426000 322084000 1311188000 277873000 428938000 772961000 180967000 385330000 608794000 138823000 259374000 108916000 180470000 256682000 165739000 -111839000 -328810000 -725524000 -366943000 -105155000 -147258000 277000 215310000 -4584000 545005000 -49000 107022000 -3239000 -58503000 2081000 Total cash flows Total cash flows Total cash flows Total cash flows Total cash flows -265014000 -444839000 -797118000 -404790000 -206969000 Financial ratios The financial ratios have been calculated as follows:   Net profit ratio = Operating profit/(loss) x 100 / Revenue   Return on investment = Operating profit/(loss) x 100 / Average operating assets   Operating assets = Total Assets   Management's review   Activity   TIP Trailer Services Denmark ApS (the "Company") principal activities are to provide leasing of   trailers, lease management and maintenance services. The operating area is restricted to Denmark.   Development in activities and financial matters   The total revenue for 2025 is DKK 750 million. Operating profit (EBIT) decreased to DKK 24 million,   compared to DKK 43 million in 2024.   The net book value of trailers declined during the year, from DKK 1,693 million as of 31 December   2024 to DKK 1,535 million as of 31 December 2025. This decrease was primarily driven by lower   CAPEX investments. Sales of trailers amounted to DKK 153 million, while additions during 2025   totalled DKK 228 million.   Investments   In 2025, the company’s fleet investments slowed down due to external uncertainties and   macroeconomic conditions. However, the company continued to invest in its assets throughout 2025,   which contributed to an increase in M&R service revenues.   Financial position   Due to the high depreciation and lower utilization rate during 2025, the loss before tax is DKK 50   million, up from DKK 45 million in 2024,   The Company has capital and reserves of DKK 375 million at 2025 year end. The capital structure is   considered satisfactory and sufficient to continue with the Company's activities in the upcoming   financial year. On January 1, 2024 the intra-group loan received from Global TIP Finance B.V. was   extended till December 31, 2027.   Outlook   The Company continues to closely monitor developments in the international and macroeconomic   environment in 2026. The energy market remains unstable, with rising oil prices and continued   volatility impacting operating costs and customer behaviour. In addition, geopolitical tensions, shifts in   global trade patterns, evolving tariff regimes, and inflationary environment continue to contribute to   uncertainty. Management relies on robust financial modelling and scenario analysis to maintain   sufficient visibility and to take timely and appropriate actions in response to changing market   conditions.   Despite the continued uncertainty, the Company experiences steady demand for lease renewals and   rental solutions, supported by long-term customer relationships and the essential nature of transport  and logistics assets. Management remains focused on maintaining operational flexibility and   preserving liquidity, while ensuring that customer demand can be met efficiently under volatile market   conditions.   For 2026, management expects revenue to increase by approximately 5% compared with 2025,   driven mainly by leasing and rental activities as well as continued demand for maintenance and repair   services. Operating performance is expected to improve through disciplined cost management,   although depreciation and financing costs will continue to impact results, and net loss is expected to   be limited to approximately 1% of revenue. Management will maintain flexibility in capital expenditure   and investments and remains confident in the industry’s long-term fundamentals and the Company’s  medium-term performance.   Financial risk and use of financial instruments   The Company’s principal financial instruments are trade and other receivables, and cash that derives   directly from its operations. It also includes intercompany loans, and trade and other payables.   Currency risk   The Company has limited balances in foreign currency.   Credit risk   The Risk team manages customer credit risk in accordance with the Company and Group’s   established policy, procedures and controls relating to customer’s credit risk management. The credit   quality of a customer is assessed to define credit limits based on internal and external credit ratings   that take into account financial health and payment history. Company has no material concentration of   credit risk.   Knowledge resources   The Company deploys strategy and policies, and achieve our objectives and results according to our   team’s in-depth knowledge of the industry and our external partners from different industries.   Environmental issues   The Company's influence on the external environment and working environment aims to reduce the   risk of pollution and avoid working accidents.   Research and development activities   Costs of research activities undertaken to gain new technical knowledge and understanding are   recognised in the profit and loss as incurred. Cost to develop software are recognised as an asset   when the Company can demonstrate its intention and ability to complete the development and use of   the software in a manner that will generate future economic benefits and can measure the costs to   complete the development.   Liquidity risk   The Company is part of the TIP Group cash pool structure, therefore the liquidity risk is limited. The   Group is exposed to risk associated with concentration of its borrowings. However, the Group   diversifies its sources of funding and the maturity of its borrowings.   Group relations   The closest parent company which issues a consolidated financial statement is Global TIP Holdings   Two B.V., reg. No. 58146369 with its domicile in the Netherlands. The Company does not have any   foreign branches.   The ultimate consolidated company is I Squared Global Infrastructure Fund II ("Fund II"). ISQ Global   Fund II GP, LLC is the general partner who exercises the exclusive management and control  decisions on behalf of Fund II. ISQ Global Fund II GP, LLC is a limited liability company incorporated  and registered in Delaware, USA (reg: 6370470).   Statutory report on corporate social responsibility cf. §99a   The Company’s business model is based on offering first-class services to its customers through a  broad range of activities. These include high-quality parts and maintenance services provided through  the workshop network, leasing and rental solutions, as well as comprehensive fleet management   outsourcing services.   The Environment, Social and Governance (ESG) strategy of TIP Group is included in the consolidated   financial statements of the parent company, TIP Holdings Two B.V. The Group’s ESG strategy is   structured around seven core programmes and constitutes the Group’s statutory report on corporate   social responsibility in accordance with §99a of the Danish Financial Statements Act. The report is   publicly available at https://www.tip-group.com/en/about/investor-relations. Within this framework, the   Company contributes to the development and offering of more sustainable products and low-carbon  alternatives for customers, including electric light commercial vehicles and fully battery-powered  electric refrigerated trailers. Group-wide sustainability ambitions include becoming carbon neutral by  2050, implementing efficient waste management through reducing, reusing, recycling and refurbishing   equipment at the end of its lifecycle, and addressing diversity topics such as the gender pay gap and   female representation in a traditionally male-dominated industry.  With regard to health, safety and the working environment, TIP works systematically to promote   health and safety across all countries and locations in which it operates. This includes compliance   with applicable environmental, health and safety legislation and conducting operations in a manner   that minimises environmental impact. Responsibility for compliance with these requirements rests with   both management and employees across all functions.   Statutory report on human rights   The Company acknowledges that there are material risks related to human rights, particularly in   relation to unethical behaviour that may arise when dealing with third parties in a global operating   environment. TIP Group considers respect for human and labour rights to be fundamental to its   business activities.   Human rights are addressed through TIP Group’s Labour and Human Rights Commitment and   Framework, which covers freedom of association, prohibition of forced and child labour,   non-discrimination and fair working conditions. Local Human Resources functions are responsible for  supporting compliance with these principles, including respect for individual rights, privacy and   confidentiality, and ensuring opportunities for learning and development. Employees involved in   sourcing and procurement are responsible for ensuring that suppliers do not engage in unfair or   forced labour or other human rights violations.   All new employees are informed about relevant policies, and periodic training, including human   rights-related topics, is conducted. In 2025, no severe human rights violations were reported. The  Company expects to continue with regular training and awareness activities related to human rights in   the coming financial year.   Statutory report on Environmental and climate issues   The Company recognises that reliance on fossil fuels for energy consumption and transportation   assets exposes the business to environmental and climate-related risks, including increased  operating costs resulting from regulatory measures such as carbon pricing mechanisms and taxation   aimed at mitigating climate change. TIP acknowledges that environmental and climate issues are   inherent to the industry in which it operates.   The Company is committed to protecting the environment by complying with all applicable   environmental laws and regulations and by conducting its operations in a manner that seeks to   minimise environmental impact. TIP Group’s environmental, social and governance (ESG) strategy is   built around seven core programmes, which focus on the transition to low- and zero-emission fleet  solutions, improving energy efficiency in operations, promoting circular economy principles through   refurbishment and recycling of assets, engaging with suppliers on sustainability matters, supporting   employee development and engagement, ensuring health and safety and well-being, and maintaining  strong governance, ethics and compliance frameworks. These programmes aim to reduce   environmental impact and operational risk while supporting customers in their own sustainability and   green transition objectives.   In support of these programmes, TIP Group has defined long-term environmental ambitions, including  becoming carbon neutral by 2050, increasing asset refurbishment to extend equipment lifecycles,   continuing the development of digital solutions such as TIP Insight, and improving energy efficiency   through initiatives such as installing LED lighting at workshops.   During 2025, progress was made on sustainable products and solutions, including the continued   expansion of electric light commercial vehicles (eLCVs) used for last-mile delivery, where 100% of  TIP’s light commercial vehicle fleet is electric. In addition, pilot programmes involving fully   battery-powered electric refrigerated trailers were continued, and further development of the TIP  Insight digital platform supported improved fleet efficiency and reduced resource consumption.   Throughout the financial year, the company evaluated the outcomes of its environmental and climate   policy. While the initiatives broadly led to decreased energy usage and reduced emissions, certain   targets fell short of expectations, and further steps will be taken in the year ahead to enhance overall   performance.   The Company expects to continue developing these initiatives in the coming financial years in order to   further reduce its environmental and climate impact and to support the Group’s long-term  sustainability objectives.   Statutory report on social and employee conditions   There is a risk that insufficient focus on work culture, workload management or employee   engagement could lead to reduced productivity, higher employee turnover and increased risk of   burnout. The Company therefore places emphasis on maintaining a supportive and positive working   environment.   Work-related accidents are inherent to the industry, and TIP’s locations are no exception. For this  reason, TIP works systematically to promote health and safety for all employees by complying with   applicable health and safety legislation and implementing Group-wide policies and procedures.  Employee engagement, learning and well-being are supported through TIP Group’s Stronger Together  programme, which encompasses initiatives focusing on learning and development (TIP Learn), team   engagement (TIP Team), health and well-being (TIP Health) and social responsibility (TIP  Community). The objectives of the programme are to strengthen engagement across the   organisation, support people and leadership development, maintain a safe and healthy working   environment, and contribute positively to society.   Mandatory and optional training activities are made available through internal platforms, including   regular learning initiatives covering various topics. In addition, the Company participates in   Group-wide community initiatives, such as the annual Food Drive programme, which supports local  communities through voluntary employee engagement.   During the financial year, the company assessed the outcomes of its policy on social and employee   matters. Overall, the initiatives had a positive impact, including improved employee satisfaction and   reduced workplace incidents. However, certain targets, such as diversity objectives, were not fully   achieved, and further measures will be implemented to address these areas going forward.   The Company expects to continue these programmes and initiatives in the coming financial year.   Statutory report on anti-corruption and ethical behaviour   TIP acknowledges the risks of breaches of anti-corruption laws, regulations and legislation, which  may result in financial and reputational damage.   In line with TIP Group’s Code of Conduct and Financial Integrity Policy, the Company does not   tolerate bribery, corruption or other violations of applicable laws and regulations. To support  compliance, the Company provides training to ensure that employees are kept up to date on statutory   requirements and internal guidelines. In addition, targeted training activities are conducted for   management, focusing on leadership, values, ethics and integrity. These training activities cover   topics such as human rights, anti-corruption and ethical conduct.  During the financial year, no cases of corruption or bribery were identified.   The Company expects to continue communicating its guidelines on anti-corruption and ethical  behaviour to employees and business counterparts through the Code of Conduct and to continue   providing mandatory training in the coming financial year.   Statutory report on data ethics policy   Data ethics concerns the assessment of data practices that may potentially have adverse effects on   individuals or society. The Company follows TIP Group’s data governance framework and policies to   ensure that personal and business data is handled responsibly and in compliance with applicable data   protection legislation.   TIP Group has established policies including the Data and Information Protection Policy, Data Breach   Policy, Data and Document Retention Policy and Employee Privacy Policy, which are designed to   protect employees, customers and other stakeholders against misuse, unauthorised access or loss of   data. These policies support compliance with the General Data Protection Regulation (GDPR) and   other applicable requirements.   The relevant policies are publicly available on the Group’s website at https://www.tip-group.com/en/   about/privacy-policy. The Company expects to continue applying these policies in the coming financial   year.   749900000 219634000 530266000 165831000 269434000 70547000 24454000 713742000 188622000 525120000 157501000 249306000 75245000 43068000 74519000 -50065000 513000 88476000 -45408000 687000 -50578000 -46095000 213000 0 340000 6000 213000 346000 126232000 1535067000 3037000 125527000 1692971000 3300000 1664336000 1821798000 1664549000 1822144000 41745000 31900000 45323000 142736000 405000 63014000 175828000 720000 230209000 277000 230486000 271462000 0 271462000 1895035000 2093606000 60566000 314845000 375411000 60566000 365423000 425989000 1205834000 157525000 4823000 1367780000 179062000 4349000 1368182000 1551191000 32255000 43545000 21037000 27601000 12085000 4769000 12253000 7635000 49661000 49636000 1643000 5748000 151442000 1519624000 1895035000 116426000 1667617000 2093606000 60506000 60000 322084000 150000000 -46095000 425989000 -50578000 375411000 261578000 149940000 -46095000 365423000 -50578000 314845000 0 60566000 0 60566000 The share capital comprises 60,566 shares of DKK 1,000 thousand each.   Share capital for the latest five years is specified as follows:   DKK'000   2025   2024   2023   2022   2021   Share capital at 31 December   60,566   60,566   60,506   60,506   60,506   Staff costs Staff costs 749900000 -219634000 -165831000 -70547000 713742000 -188622000 -157501000 -75931000 Other operating costs Other operating costs 293888000 40518000 291688000 -94296000 197392000 0 334406000 513000 74519000 259374000 265014000 153175000 -111839000 7316000 88476000 108916000 444839000 116029000 -328810000 4769000 -10319000 0 147451000 150000000 -86910000 215310000 -144255000 -147258000 277000 -4584000 0 4584000 277000 0 1 Accounting policies   The annual report of TIP Trailer Services Denmark ApS (the "Company") for the year ended on   31 December 2025 has been prepared in accordance with the provisions applying to class C-large   enterprises under the Danish Financial Statements Act.   true External business combination   Newly acquired entities are recognized in the financial statements from the acquisition date. Entities   sold or otherwise disposed of are recognized in the financial statements up to the date of disposal.   Comparative figures are not restated to reflect newly acquired entities. Discontinuing operations are   presented separately, see below.   The acquisition date is the date when the company actually obtains control of the acquiree.   The purchase method is applied to acquisitions of new businesses over which the company obtains   control. The acquired businesses' identified assets, liabilities and contingent liabilities are measured at   fair value at the acquisition date. Identifiable intangible assets are recognized if they are separable or   arise from a contractual right. Deferred tax on revaluations is recognized.   The purchase consideration for an entity consists of the fair value of the agreed consideration in the   form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase   consideration is contingent on future events or compliance with agreed terms, such part of the   purchase consideration is recognized at fair value at the acquisition date. Subsequent adjustments of   contingent purchase considerations are recognized in the income statement.   Expenses incurred to acquire entities are recognized in the income statement in the year in which   they are incurred.   If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent   liabilities or the determination of the purchase consideration exist at the acquisition date, initial   recognition will take place on the basis of provisional values. If it turns out subsequently that the   identification or measurement of the purchase consideration, acquired assets, liabilities or contingent   liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including   goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently,   any adjustments are recognized as errors.   Presentation currency   The financial statements are presented in Danish Kroner (DKK'000).   Recognition and measurement   Assets are recognised in the balance sheet when it is probable that future economic benefits will flow   to the Company and the value of the asset can be reliably measured.   Liabilities are recognised in the balance sheet when an outflow of economic benefits is probable and   when the liability can be reliably measured.   Income is recognised in the income statement as earned, including value adjustments of financial   assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the   year's earnings are recognised, including depreciation, amortisation, impairment and provisions as   well as reversals as a result of changes in accounting estimates of amounts which were previously   recognised in the income statement.   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 at the date of payment are recognised in the income statement as interest   income or expense and similar items.   Receivables and payables and other monetary items denominated in foreign currencies are translated   at the exchange rates at the balance sheet date. The difference between the exchange rates at the   balance sheet date and at the date at which the receivable or payable arose or was recognised in the   latest financial statements is recognised in the income statement as interest income or expense and   similar items.   Income statement   Revenue   The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Revenue is   comprised of lease income, rebills to customers and profit/loss on disposal of trailers. Revenues are   accrued so that leases invoiced, but covering a period of the coming financial year are stated as over-   billings. Leases not invoiced covering the period of this financial year are stated as short-billings.   Operating costs   Operating costs comprise maintenance, lease expenses and insurance.   Staff costs   Staff costs comprise salaries, wages, remuneration, pensions, social costs and other staff costs to   employees of the Company, including the executive and board of directors.   Other costs   Other external costs comprise rental expenses, travel costs, marketing, bad debt provisions, audit   expenses, office costs and bank charges, and the management service fee.   Interest income and expense and similar items   Interest income and expense and similar items comprise interest income and expense, 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.   Tax on profit/loss for the year   Tax for the year comprises current tax and changes in deferred tax for the year. 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 capital and reserves is recognised directly in capital and   reserves.   Balance sheet   Intangible fixed assets   Goodwill represents the excess of the cost of the acquisition over the Company's interest in the net   realisable value of the assets acquired and (contingent) liabilities assumed at the transfer date less   cumulative amortisation and cumulative impairment losses. Goodwill is paid upon the acquisition. The   capitalised goodwill is amortised on a straight-line basis over the estimated useful life.   The useful life of goodwill is 10 years. As the Company was unable to reliably estimate the useful life   of goodwill, according to ÅRL section 43, subsection 3, it must be assumed to be 10 years.   Property, plant and equipment excluding trailers   Land and buildings, fixtures and fittings, and tools and equipment are measured at cost less   accumulated depreciation and impairment.   Cost comprises the purchase price and any costs directly attributable to the acquisition until the date   when the asset is available for use.   The basis of depreciation is based on the residual value of the asset and is reduced by impairment   losses, if any. The depreciation period and the residual value are determined at the time of acquisition   and are reassessed every year. Where the residual value exceeds the carrying amount of the asset,   no further depreciation charges are recognised. In case of changes in the depreciation period or the   residual value, the effect on the depreciation charges is recognised prospectively as a change in   accounting estimates.   Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The   expected useful lives are as follows:   Buildings   40 years   Fixtures and fittings, tools and equipment 3-5 years   Gains and losses on the disposal of property, plant and equipment are determined as the difference   between the sales price less disposal costs and the carrying amount at the date of disposal. The   gains or losses are recognised in the income statement as other operating income or costs.   Fleet   The lease portfolio consists of operating lease and is recorded in the balance sheet under tangible   assets. The valuation of the trailer fleet is based on cost less accumulated depreciation. Trailers are   depreciated on a straight line basis so that the costs of the trailers less expected market value at   termination of the lease contracts are depreciated over the contract period. The depreciation period   and the residual value are determined at the time of acquisition and are reassessed every year.   Where the residual value exceeds the carrying amount of the asset, no further depreciation charges   are recognised.   In case of changes in the amortisation period or the residual value, the effect on the depreciation   charges is recognised prospectively as a change in accounting estimates.   Major refurbishments are capitalised and depreciated together with the trailers.   Trailers are written down to the recoverable amount if this is lower than the carrying amount.   Impairment tests are conducted of individual assets or groups of assets when there is an indication   that they may be impaired.   Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The   expected useful life is up to 20 years.   Impairment of non-current assets   The carrying amount of property, plant and equipment, including trailers, is subject to an annual test of   indications of impairment other than the decrease in value reflected by amortization or depreciation.   Impairment tests are conducted on individual assets or group 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.   Inventories   Inventories are carried at the lower of cost and net realizable value and are to be sold within one year.   The cost of inventories is usually the current net book value of Fleet transferred to inventories and is   determined for each item individually. The net realizable value is periodically re-assessed for all units   that have been held for sale for six months or more and adjusted, if necessary.   Sales of inventories are recognised when the significant risks and rewards of ownership have been   transferred to the buyer, usually on receipt of cash. Book value of the assets sold and any costs   directly associated with the sale are recorded at the same time. The revenue and the related book   value are recognised as revenue from disposal of Fleet and cost of disposed Fleet respectively in the   statement of profit or loss.   Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Receivables are measured at amortised cost. An individual and collective provision is recognize   based on the risk probability of default. Write-down is made to net realisable value for bad debt   losses.   Prepayments   Prepayments comprise costs incurred concerning subsequent financial years.   Equity   Comprised of share capital, share premium and retained earnings. Profit or loss of the year is   distributed to retained earnings.   Trade payables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Trade and fleet payables are non-interest bearing and are settled within agreed terms. Fleet payables   relate to outstanding purchase orders where the Company has entered into a contract to purchase   fleet.   The Company requires security deposits to cover credit risk of customers with lower ratings or when   exposure is high versus customer equity and cash flow coverage. They are returned if not used when   all contracts related are paid in full by the customer. The Company may transfer the security deposit   from one contract to the following contract with supporting documentation signed by the Company   and the customer. Security deposits are requested at the beginning of a lease or rental from some   customers according to the Company's risk management policies. They are held for various lengths of   time.   Financial liabilities   Financial liabilities are recognised at the date of borrowing at the net 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 the proceeds and the nominal value is recognised in the income statement over the term of   the loan.   Other liabilities are measured at the amortized cost which is in all essentials equal to net realisable   value.   Corporation tax and deferred tax   Current tax payable and receivable is recognized 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 base of assets and liabilities. However, deferred tax is not   recognised on temporary differences relating to equipment and other items where temporary   differences 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 the planned 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. The change in deferred tax   as a result of changes in tax rates is recognised in the income statement.   Cash flow statement   The cash flow statement shows the cash flows from operating, investing and financing activities for   the year, the year's changes in cash as well as the Company's cash at the beginning and end of the   year.   Cash comprise cash at bank and in hand.   2 Revenue   DKK'000   2025   2024   Rental revenue   169,212   150,207   Leasing revenue   529,789   514,778   Other revenue   46,469   42,135   Fleet sales   4,430   6,622   749,900   713,742   DKK'000   2025   2024   Denmark   547,350   561,580   Sweden   20,426   22,210   Ireland   20,533   9,107   Poland   31,045   23,030   Germany   20,673   14,973   Other   109,873   82,842   749,900   713,742   Leasing revenue is generated from long-term leasing contracts with customers while rental revenue is   generated from short-term rentals. Other revenue includes damage protection, fleet insurance   income, rental income from rented yards and facilities, and the revenue streams generated as Nordics   headquarters.   3 Staff costs   DKK'000   2025   2024   Wages and salaries   147,860   141,809   Pensions   15,071   13,833   Social security costs   2,900   1,859   165,831   157,501   With reference to the Danish Financial Statements Act. §98b, 3, the salary of the executive Board is   not described. The board of directors have not received remuneration.   259 256 4 Depreciation and impairment   DKK'000   2025   2024   Land and buildings   6,897   6,703   Fleet   250,886   233,495   Fixtures and fittings, tools and equipment   702   794   Sales related cost   10,816   8,174   Intangibles   127   128   Computer software   6 12   269,434   249,306   5 Other operating costs   DKK'000   2025   2024   Management fee   34,571   36,257   Allowance for bad debt   4,928   3,689   Utilities   7,245   7,335   Rent   5,655   6,423   Maintenance   3,588   3,447   Travel   10,457   11,230   General   3,225   5,301   Advertising   878   492   Exceptional operating expenses   — 1,071   70,547   75,245   6 Financial expenses   DKK'000   2025   2024   Interest expense from group companies   67,067   82,428   Interest expense other   7,452   6,048   74,519   88,476   7 Fees to the auditor appointed by the Annual General Meeting   The fees for the audit of the statutory financial statements were as follows:   DKK'000   2025   2024   Statutory audit services   164   154   8 Tax on the result for the year   DKK'000   2025   2024   Income tax payments/refund from joint taxation, prior years   (513)   (687)   (513)   (687)   Full provision is made for deferred tax assets and liabilities arising from all timing differences between   the recognition of gains and losses in the financial statement and recognition in the tax computation.   Deferred tax assets amount to DKK 123 million (2024: DKK 112 million).   Deferred tax assets have not been recognised in the balance sheet, as their potential value remains   uncertain, given that such assets arise predominantly from accumulated losses and may only be   utilised upon the Company's return to profitability.   9 Intangible Assets   Customer   Computer   DKK'000   Goodwill   list   Software   Total   Cost at 1 January 2025   595   3,021   59   3,675   Cost at 31 December 2025   595   3,021   59   3,675   Amortisation at 1 January 2025   (255)   (3,021)   (53)   (3,329)   Amortisation   (127)   — (6)   (133)   Amortisation at 31 December 2025   (382)   (3,021)   (59)   (3,462)   Carrying amount at 31 December 2025   213   — — 213   10 Property, plant and equipment   Fixtures and   Land and   fittings, tools   DKK'000   buildings   Trailers and equipment   Total   Cost at 1 January   2025   202,588   2,579,944   7,127   2,789,659   Additions   7,598   228,079   453   236,130   Transferred from Group   undertakings, original   cost price   116   28,870   — 28,986   Transferred to Group   undertakings, original   cost price   — (81,892)   (116)   (82,008)   Transfers from   Inventory   — 15,289   — 15,289   Disposals (third parties)   (365)   (260,723)   — (261,088)   Cost at 31 December   2025   209,937   2,509,567   7,464   2,726,968   Depreciation at 1   January 2025   (77,061)   (886,973)   (3,827)   (967,861)   Depreciation and   impairment   (6,897)   (261,702)   (702)   (269,301)   Transferred from Group   undertakings   (102)   — — (102)   Transferred to Group   undertakings   — 22,863   102   22,965   Transfers from   Inventory   — (9,669)   — (9,669)   Disposals (third parties)   355   160,981   — 161,336   Depreciation at 31   December 2025   (83,705)   (974,500)   (4,427)   (1,062,632)   Carrying amount at 31   126,232   1,535,067   3,037   1,664,336   December 2025   At 31 December 2025, the carrying amount of assets recognised under finance leases within property,   plant and equipment amounts to DKK 231,249,879. The leased assets mainly relate to trailers.   11 Prepayments   Prepayments relate mainly to operating expenses (property rental and property taxes), are   attributable to subsequent period and mature within one year.   12 Long-term liabilities   DKK'000   2025   2024   Amounts owed to group enterprises   1,205,834   1,367,780   Lease liabilities   157,525   179,062   Holiday accrual   4,823   4,349   1,368,182   1,551,191   The Company has taken out the long-term loan from Global TIP Finance B.V. The ending date of  current agreement is 31 December 2027.   13 Lease liabilities   DKK'000   2025   2024   Within 1 year   32,256   21,037   Between 1 and 5 years   157,525   179,062   189,781   200,099   14 Contingent liabilities, contingent assets and security   Total operating leasing obligations amounts to DKK 16,309 thousand.   15 Related Party Disclosures and Transactions   Related parties in control of TIP Trailer Services Denmark ApS:   • Global TIP Holdings Two B.V. (main shareholder);   • ISQ Global Fund II GP, LLC (ultimate consolidated company);  • Global TIP Finance B.V.  Global TIP Holdings Two B.V. holds the entire Company’s share capital.   The ultimate parent (UP) of the Company is I Squared Global Infrastructure Fund II ("Fund II"). ISQ   Global Fund II GP, LLC is the general partner who exercises the exclusive management and control  decisions on behalf of Fund II. ISQ Global Fund II GP, LLC is a limited liability company incorporated  and registered in Delaware, USA (reg: 6370470). Its registered address is at Corporation Service   Company, 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, USA.   There is no natural person who ultimately is entitled to or controls (in each case whether directly or   indirectly) more than a 25% share of the capital, profits, or voting rights of ISQ Global Fund II GP, LLC  and the Company other than Mr. Sadek Wahba, Mr. Gautam Bhandari and Mr. Adil Rahmathulla who   indirectly control more than 25% of the Company via his indirect interest of more than 25% in ISQ   Global Fund II GP, LLC. As of the date of this report, no investors owned 10% or more of the  economic interests in the entire ISQ Global Infrastructure Fund II structure.   The Company has carried out the following related party transactions:   DKK'000   2025   2024   Sale of goods to group entities   49,956   28,187   Purchase of goods from group entities   (13,042)   (23,085)   Sale of services to group entities   16,701   22,231   Purchase of services from group entities   (9,661)   (16,313)   Interest expense, group entities   (67,067)   (82,428)   Amounts owed from group enterprises   45,323   63,014   Amounts owed to group enterprises   (1,205,834)   (1,367,780)   16 Mortgages and Collateral   The Company is party to the Global TIP Holdings Two B.V. Group revolving credit facility. Under this   arrangement all assets, including real property, its motor vehicles, trade receivables, operating assets,   inventory and bank accounts are pledged by a cross guarantee to the lenders against amounts drawn   down under this facility along with all group companies. In the end of financial year, the total   commitment is DKK 1,400 million, compared to DKK 1,600 million in 2024. In relation to the group's   financial institutions, the Company has provided a sub-mortgage in issued business mortgages   (Virksomhedspant) DKK 431 million.   The guarantee towards other companies is limited to an amount equal to or the greater of:   – The equity at the date of the accession of the agreement (DKK 423,568 thousand);   – The equity at the date when a claim for payment is made against the Company.   The equity amount as at the end of 2025 is DKK 375,411 thousand.   17 Changes in working capital   Changes in working capital   2025   2024   Changes in inventories   (9,845)   1,951   Changes in receivables   33,092   (44,293)   Changes in prepayments and trade and other payables   17,271   (51,954)   40,518   (94,296)   18 Events after the balance sheet date   There have been no post-balance sheet events having material impact on these financial statements.