41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 3 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41507470 2024-01-01 2024-12-31 cmn:ConsolidatedMember 41507470 2025-01-01 2025-12-31 41507470 2024-01-01 2024-12-31 41507470 2025-12-31 cmn:ConsolidatedMember 41507470 2024-12-31 cmn:ConsolidatedMember 41507470 2025-12-31 41507470 2024-12-31 41507470 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41507470 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41507470 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41507470 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41507470 2024-12-31 fsa:ContributedCapitalMember 41507470 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41507470 2024-12-31 fsa:RetainedEarningsMember 41507470 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41507470 2025-01-01 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41507470 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41507470 2025-12-31 fsa:ContributedCapitalMember 41507470 2025-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41507470 2025-12-31 fsa:RetainedEarningsMember 41507470 2025-01-01 2025-12-31 cmn:ConsolidatedMember 4 xbrli:pure iso4217:DKK Peter Grønholt-PedersenPeter Grønholt-Pedersen 6 Statement by management on the annual reportThe supervisory board and executive board have today discussed and approved the annual re-port of Soa Residential Development A/S for the nancial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated nancial statements and parent nancial statements give a true and fair view of the company and the group nancial position at 31 December 2025 and of the results of the group and the company operations for the nancial year 1 January - 31 December 2025.In our opinion, management's review includes a fair review of the matters dealt with in the man-agement's review.Management recommends that the annual report should be approved by the company in general meeting. Copenhagen Peter Grønholt-Pedersen Managing Director andBoard member Henrik Hedegård Lyhne Chairman Jesper Mølgaard Jensen Board membe Peter Grønholt-Pedersen Managing director and Board membe To the shareholder of Soa Residential Development A/S OPINIONWe have audited the consolidated nancial statements and the parent company nancial statements of Soa Residential De-velopment A/S for the nancial year 1 January - 31 December 2025, which comprise a summary of signicant accounting pol-icies, income statement, balance sheet, statement of changes in equity and notes, for both the group and the parent company. The consolidated nancial statements and the parent company nancial statements are prepared under the Danish Financial Statements Act.In our opinion, the consolidated nancial statements and the parent company nancial statements give a true and fair view of the group and the parent company's nancial position at 31 De-cember 2025 and of the results of the group and the parent com-pany's operations for the nancial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. BASIS FOR OPINIONWe conducted our audit in accordance with International Stand-ards on Auditing (ISAs) and the additional requirements appli-cable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's respon-sibilities for the audit of the consolidated nancial statements and parent company ” section of our report. We are independent of the group in accordance with the International Ethics Stand-ards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fullled our other ethical responsibilities in accordance with these requirements and IES-BA Code. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our opinion. MANAGEMENT'S RESPONSIBILITIES FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND THE FINANCIAL STATEMENTSManagement is responsible for the preparation of consolidated nancial statements and parent company nancial statements, that give a true and fair view in accordance with the Danish Fi-nancial Statements Act and for such internal control as man-agement determines is necessary to enable the preparation of the consolidated nancial statements and the parent company nancial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated nancial statements and parent company nancial statements, management is responsible for assessing the group's and the parent 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 consolidated nancial statements and parent company nancial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the consolidated nancial statements and parent company nancial 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 addi-tional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid-ered material if, individually or in the aggregate, they could reasonably be expected to inuence the economic decisions of users taken on the basis of these consolidated nancial statements and parent company nancial 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 consolidated nancial statements and parent com-pany nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufcient and ap-propriate 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 pur-pose of expressing an opinion on the effectiveness of the group's and the parent company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-mates and related disclosures made by management. • Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the consolidated nancial statements and parent company nancial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signicant doubt on the group's and the parent company's ability to continue as a going concern. If we conclude that a material un-certainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consoli-dated nancial statements and parent company nancial statements or, if such disclosures are inadequate, to mod-ify 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 group and the company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the consolidated nancial statements and parent com-pany nancial statements, including the disclosures, and whether the consolidated nancial statements and parent company nancial statements represent the underlying transactions and events in a manner that gives a true and fair view.• Plan and perform the group audit to obtain sufcient ap-propriate audit evidence regarding the nancial informa-tion of the entities or business units within the group as a basis for forming an opinion on the Group Financial State-ments and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regard-ing, among other matters, the planned scope and timing of the audit and signicant audit ndings, including any signicant de-ciencies in internal control that we identify during our audit. STATEMENT ON MANAGEMENT'S REVIEW Management is responsible for management's review. Our opinion on the consolidated nancial statements and par-ent company nancial statements does not cover manage-ment's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated nancial state-ments and parent company nancial statements, our responsi-bility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated nancial statements and parent company -nancial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether manage-ment's review provides the information required under the Dan-ish Financial Statements Act.Based on the work we have performed, we conclude that man-agement's review is in accordance with the consolidated nan-cial statements and parent company nancial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any mate-rial misstatement of management's review. Hellerup Søren Jonassen State Authorised Public Accountant mne18488 Soa Residential Development A/S Lergravsve 59 2300 København S sresidentialdevelopment.com 41507470 Copenhagen Crowe Statsautoriseret Revisionsinteressentskab v.m.b.a. 33256876 Rygårds Allé 104 2900 Hellerup Corporate structure and detailsSoa Residential Development A/S (“the Company”) is aThe Company’s ISIN number is: DK0061556693. Danish limited liability company incorporated on 1 JulyThe Company’s address is: Lergravsvej 59A, 2020 under the laws of the Kingdom of Denmark with2300 Copenhagen S, Denmark.company registration number 41507470. Website: sresidentialdevelopment.comOrganisation Management is responsible for the day-to-day operations of the Company and for ensuring compliance with applicable -nancial reporting and regulatory requirements. Management also oversees the administration of the Company’s assets and the execution of its projects in collaboration with employees and external professional partners.2025 marked a year of growth not only in nancial results but also in the expansion of the Company’s organisation, as we prepare to execute our 2035 business plan. During the year, the Company strengthened its team through several key hires to support the timely delivery of the project pipeline.The Company now benets from a strong Sales and Acquisi-tion team, a dedicated Finance function, and an experienced Project Management and Technical team. As part of its contin-ued growth, the Company has appointed a new Chief Financial Ofcer in 2026 and is further expanding its Project Manage-ment team to support the increasing scale of its activities.HENRIK HEDEGÅRDLYHNEChairmanUntil 29 February 2024, Henrik Lyhne worked as a partner at Njord Law Firm, as part of the rm’s corporate department with focus on M&A, company law and board work. Since 1 January 2025, Henrik has concen-trated exclusively on board work and sits on the board of directors in a number of companies across various sectors, including companies with a focus on real estate.JESPER MØLGAARDJENSENBoard MemberJesper brings more than a decade of experience in the real estate sector, where he has been instrumental in building Castor Properties, a privately-owned Danish residential company he also co-owns. His expertise spans residential property manage-ment, large-scale renova-tion projects and property acquisitions.He is also co-owner and Man-aging Director of Digi Kiosk, a specialized provider of self-service kiosks and digital display solutions for the Scandinavian B2B market. The company received the Børsen Gazelle award in 2024 for exceptional growth and protability.PETER GRØNHOLT- PEDERSENCEO + Board memberPeter Grønholt-Pedersen has extensive experience in real estate investment and devel-opment. His work spans commercial real estate valuation, invest-ment management, project development, and transaction advisory, with involvement in projects across both residen-tial and commercial property markets.Management’s reviewBUSINESS REVIEWThe company is a development company acquiring plots, pro-jects, and buildings with the intent of developing and eventually selling apartments and properties to end users or residential rental companies. The company also provides services within development, brokerage, construction management, and super-vision as a consultant, developer, and agent for external clients and purchase and sale of rights.The main focus is young professionals and the rising middle class seeking affordable yet high-quality housing in Soa. The company also targets international investors and institutional investors.FINANCIAL REVIEW The Company’s income statement for the year ended 31 Decem-ber 2025 shows an EBITDA of DKK 40.960.513 and a net prot of DKK 34.593.548 in line with the 2035 plan. EBITDA increased by 57% in 2025 compared to 2024 and over the past ve years, EBITDA has expanded more than 7 times. The balance sheet as of 31 December 2025 shows equity of DKK 144.957.311.The equity method results in assets being shown at cost price, as the underlying entities in the group book all assets at cost price. Consequently, the income statement will not reect val-ue adjustments of the underlying assets but will solely show the Company’s ability to generate prot from the development and sale of projects. This provides transparent reporting, as the Company should be evaluated based on its current and future ability to generate prot from its core operating activities.Since the Company is not listed, the board has decided to report an estimated share price quarterly. The method of the estima-tion is unchanged. A dedicated section of the nancial report will detail the estimated value of the Company and explain how it is estimated.SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE FINANCIAL YEARNo events have occurred after the balance sheet date which could signicantly affect the Company’s nancial position.EBITDA (DKK MILLION)5040302010502024 202520232022202120202019CEO's letterDear shareholders, It is a pleasure to present our results from 2025 for Soa Resi-dential Development A/S - a year of building; a new 2035 plan, a strong pipeline, scaling the local organisation and expanding our ESG efforts.2035 PLAN An Extraordinary General Meeting was held in January 2026, where the new 2035 plan was approved by the shareholders. It replaces the 2030 plan and outlines the strategic growth of the company for a 10-year period. A pipeline-driven plan where phased development offers exibility to fully develop properties or forward-sell to realize value on favorable market conditions. Acquiring land/properties early taking advantage of Soa’s strong real estate fundamentals combined with a strong-known sales pipeline, enables predictable cash ow planning. It is an ambitious but prudent plan that ensures funding and capitalis-ing on opportunities in Soa goes hand-in-hand. HEALTHY PIPELINE In 2025, we managed to further strengthen the robustness of our sales pipeline. The total value of our pipeline has doubled compared to last period growing to around DKK 2.2 billion. Budgeted sales through 2030 are 77% secured by the current sales pipeline providing strong revenue visibility in the coming years. The secured or known pipeline gives us the exibility to enter early, diversify the pipeline and reduce risks. Post-2030 operating cash ows are expected to support new projects by creating a self-funding growth model. FINANCIAL RESULT IN LINE WITH EXPECTATIONSFinancially, we have achieved a result in line with budget, an EBITDA of DKK 40.960.513, and a net result of DKK 34.593.548. This was achieved through the sale of several development pro-jects at various stages from our portfolio in Soa. These sales and our continued focus on scaling the organisation proportion-ally to volumes have resulted in an EBITDA margin of 38.3% in line with expectations in the 2030 plan as well as the new 2035 plan. The company's performance has also led to an increase in the share price, increasing by 70% during 2025. The share price calculation changed with the new 2035 plan considering the signicant expansion of the project pipeline in recent years. The details behind this calculation are thoroughly described in a separate section in this annual report.ESG WORK 2025 was a year of implementing ESG targets as well as set-ting new targets on how we invest, build and engage. We took the rst steps of calculating Scope 1 and Scope 2 greenhouse gas emissions and with this knowledge developing a Life Cycle Assessment (LCA) framework in the years to come. Within the social and governance areas, the main focus was to implement internal procedures aimed at equal employee treatment, best practice supplier engagement, as well as whistleblowing chan-nels. The annual ESG report is published and available together with this annual nancial report.EXPECTATIONS FOR 2026In the coming year, the 2035 plan will guide our operations, with particular focus on pipeline growth, organisational scaling and executing projects. Thus, we expect to achieve an EBITDA of DKK 59 million, in line with the 2035 plan. We look forward to the future with optimism and to deliver value to our shareholders, customers, and the surrounding community.Peter Grønholt-Pedersen, CEOSoa Residential Development A/SProject pipeline overviewThe project pipeline overview section provides a compre-hensive insight into the real estate projects developed andmanaged by the Company.There are three income streams covering the de-velopment life cycle: 1. provide advice regarding acquisition and t-out of resi-dential units,2. provide turnkey project solutions,3. sale of project/apartments upon completion of the de-velopment.The combination of the income streams enables the com-pany to optimise human and capital resources across thedevelopment life cycle.In 2025, the company achieved its objective of expandingits pipeline beyond the next ve years, with 77% of its busi-ness plan through 2030 already secured. As of 31st De-cember, the total value of the project pipeline amounts toapproximately DKK 2.2 billion, more than double compared to the company's position as of 31st December 2024. The company is currently in the process of delivering 9 de-velopments totalling approx. 125 apartments and 97 park-ing spaces with total built-up area of approx. 9,583 sqm. with a combined estimated value of DKK 206 million. The wide range in the estimates reects that our pipe-line includes projects of many different sizes and stages — from smaller, short-term developments to larger, long-term opportunities that will be realised in line with the company’s continued growth.The pipeline can be divided in four sub-categories:1. Projects in Delivery 2. Projects with appointed contractor 3. Projects with development rights where a contractor has not yet been selected. 4. Potential projects to be acquired.Dec-25 Estimated No. of No. of Valuation future sales Projects Projects Residential Built-up Area (DKK value (DKK Category2024 Additions Disposals Reclass2025Units(sqm)million)million)Projects in 7 3 219 125 9.583 206 206deliveryProjects with ap-7 9 - -1 15 517 37.390778–928973-1.145pointed construction partnersProjects without ap-2 1 - - 3 259 21.100412–442728-815pointed construction partnersPipeline projects in 12 5 3 - 14 90-120 5.000-10.000 176– 200 176-200discussionTotal 28 18 5 - 41 991-1.021 73.073-78.073 1.572-1.776 2.083-2.366Disclaimer: Please note that the built-up area and number of units may change as projects progress. Project values are reviewed semi-an-nually by an independent third party and reported in the Market Value column. The sales pipeline value reects the market value adjusted for projected growth up to the expected sale date.DeliveredZAICHAR 220The Zaichar project is located at 218–220 Zaichar Street, Vaz-razhdane district, 2.3km from the city centre (near the Ivan Ivanov 5 project acquired in 2025). The property was acquired in Febru-ary 2020 and comprises 26 one-bedroom and studio apartments (1,757 sqm) and 26 parking spaces. The project was sold to SEE in November 2023 for DKK 39 mil-lion, with construction carried out by LK Group and delivery at turnkey stage completed in Q3 2025.EL CLASSICONine apartments (779 sqm) were acquired in 2023 at Act 14, lo-cated at Blvd Slivnitsa 183, Banishora, 1.4 km away from the city centre. They were subsequently sold or exchanged as part of acquisition transactions in 2025 (three of which were used as consideration for land acquisition for the Vranya project) for a total valuation of DKK 10 million. The construction was carried out by PK Slivnitsa.Projects in deliverySTRANDZHA 10Centrally located residential project at Strandzha 10, Vazrazh-dane district, situated on a quiet side street off Todor Alexandrov Blvd, offering convenient access to the city centre (around 1km), transport links, malls, and parks. Acquired in December 2022, it comprises 6 apartments (approx. 518 sqm) and 6 parking spac-es, and wassold to SEE for DKK 10 million in 2024 on a turnkey basis. Construction is being carried out by LK Group, with delivery scheduled for the end of Q2 2026.ASEN RAZTSVENTIKOV 16Located in the modern Vitosha district at Asen Raztsvetnikov 16, the project offers mountain views and convenient access to shopping malls, just 6 km from the city centre. Acquired in Jan-uary 2023, it comprises 13 one- and two-bedroom apartments (approx. 1,083 sqm) and 13 parking spaces, and was sold to SEE in 2024 for DKK 26 million on a turnkey basis.The project is currently under construction, with LK Group ap-pointed as the contractor. Delivery is scheduled for early Q2 2026.RODOPI 55Rodopi 55 is located at 55 Rodopi Street in Soa’s Vazrazhdane district, approx. 1.3 km from the city centre, on a quiet street near Lion’s Bridge with strong transport connectivity. Acquired in 2023, the project comprises 19 apartments (approx. 1,339 sqm) and 19 parking spaces, and was sold to SEE in 2025 for DKK 25 million on a turnkey basis. The project is currently under construction, with LK Group ap-pointed as the contractor and expected delivery in 2027.RODOPI 53Located adjacent to Rodopi 55, this smaller-scale project benets from the same prime location in a quiet residential area. Acquired in September 2023, it comprises 8 apartments (approx. 700 sqm) and 8 parking spaces, and was sold to SEE in 2025 for over DKK 13 million on a turnkey basis.The project is currently under construction, with LK Group ap-pointed as the contractor and expected delivery in 2027.IVAN IVANOV 5Located at 5 Inzh. Ivan Ivanov Blvd., approx. 2.6 km from the city centre, the project benets from strong transport links, including two nearby metro stations, and proximity to shops, a mall, and parks in a quiet residential area. Acquired in April 2025, it compris-es 21 apartments (approx. 1,054 sqm) and 18 parking spaces, and was sold to SEE for over DKK 17 million on a turnkey basis.Construction is being carried out by Acres Invest AD, with delivery expected by the end 2027/28.SV. KIRIL AND METHODI 64A residential development of approx. 1,000 sqm, located approx. 1.2 km from the city centre and within walking distance of Lion’s Bridge metro station, in an area known for its historic architecture and cultural surroundings. Acquired in October 2025, the project comprises 12 apartments and 3 parking spaces, and was sold to SEE Residential for DKK 30 million on a turnkey basis. The project is currently under construction, with Afnity Con-struction AD appointed as the contractor and expected delivery in 2027.STRANDZHA 99Located at 99 Strandzha Street in Soa’s Banishora district, ap-prox. 1.1 km from the city centre, the project offers strong con-nectivity to the central railway and bus stations and access to nearby family amenities. Acquired in November 2022, the devel-opment covers the entire building, with the Company retaining 4 apartments as compensation for funding. It comprises 4 apart-ments (approx. 289 sqm) sold under preliminary agreements for DKK 4 million.The project is currently under construction, with Invest Stroy Pro EOOD appointed as the contractor and expected delivery by the end of 2026/27.SEE PARKWAYParkway is a large-scale residential development in Soa’s Vito-sha area, around 8km from the city centre. It is designed with amenities such as shops, childcare, and cafés targeting young families. This approx. 1,300-sqm project was acquired in 2025 and comprises 12 apartments sold to SEE on a turnkey basis for the value of DKK 22 million.The project is currently under construction, carried out by Park-way Investments EAD and expected delivery in Q3 2027.IVAN VENEDIKOV 10 (STUDENTSKI)Located at 10 Ivan Venedikov Street in Soa’s Studentski Grad district, around 4.8 km from the city centre, the project (approx. 2,300 sqm) benets from strong connectivity and proximity to campuses, amenities, and Vitosha Mountain. Acquired in Janu-ary 2023, it comprises 30 apartments and 30 parking spaces, and was sold to SEE for DKK 58 million on a turnkey basis.The project is currently under construction, with LK Group ap-pointed as the contractor and expected delivery in 2028.Projects in pipeline –With contractor assignedCAPITOL RESIDENCE (BUILDING 1 & 2)Capitol Residence is a residential complex under development at 5 Istoriya Slavyanobulgarska Blvd, approx. 1.9 km from Soa’s city centre, offering modern, affordable apartments in a rapidly developing area near the railway station. Acquired in March 2025, the project comprises 10 apartments across Buildings 1 and 2 (approx. 600 sqm), with an estimated value of DKK 11-15 million. The project is under construction, carried out by PIMK Build. It is currently at level +20.75 and progressing towards +50.25 with expected delivery in 2028.CAPITOL RESIDENCE (BUILDING 3) Also part of the Capitol Residence complex, this project was acquired in March 2025 and is in the early construction phase. It comprises 25 apartments (approx. 1,800 sqm) and 6 parking spaces, with an estimated value of DKK 43-55 million.Construction has reached level +0.00, with the next milestone at +20.75, and delivery is expected in 2030.CAPITOL RESIDENCE (BUILDING 4 & 5)This project is a large-scale expansion of the Capitol Residence complex, currently in the building permit phase. Acquired in March 2025, it comprises 134 apartments (approx. 9,500 sqm) and 12 parking spaces, with an estimated value of DKK 236–251 million. The project is progressing through permitting, with expected de-livery in 2030.PARKWAY – STANCHO VAKLINOV 1Parkway is a large-scale residential development in Soa’s Vi-tosha area at 1 Stancho Vaklinov Street, approx. 8km from the city centre, designed with amenities such as shops, childcare, and cafés targeting young families. Acquired in August 2025, the project comprises 99 apartments (approx. 7,900 sqm) and 125 parking spaces, with an estimated value of DKK 141–156 million. The project is currently under construction, carried out by Park-way Investments EAD and delivery is expected at the end of 2027.PERE TOSHEV 3This residential development of approx. 1,100 sqm is located on Pere Toshev Street in Soa's Banishora district, around 1.4 km from the city centre, in an established area close to a metro sta-tion and key amenities. Acquired in August 2023, the project com-prises 14 apartments and 14 parking spaces, with an estimated value of DKK 29-38 million. The project is under construction, with LK Group appointed as the contractor and delivery is expected in 2027.STEFAN SAVOV 999A residential project of approx. 800 sqm located in Soa’s Vitosha district, around 5.8 km from the city centre, offering a quiet en-vironment near malls, parks, and Vitosha Mountain. Acquired in March 2025, it comprises 14 apartments and 14 parking spaces, with an estimated value of DKK 22-30 million.The project is currently in the design visa phase, with LK Group appointed as the contractor and expected delivery in 2029.ILIYA TSONEVSKI 150Located at 150 Iliya Tsonevski Street in Soa’s Vitosha district, this approx. 1,000 sqm residential development sits around 6.4 km from the city centre in a popular area for young families. Ac-quired in December 2024, the project comprises 15 apartments and 15 parking spaces, with an estimated value of DKK 25-31 million.The project is currently in the design phase, with LK Group ap-pointed as the contractor. Building permit is expected in Q2 2026 and delivery in 2028.BULGARSKA MORAVA 50Located in Soa’s Vazrazhdane district, around 1.25 km from the city centre, this project of approx. 1,900 sqm benets from strong transport links and proximity to key amenities. Acquired in November 2022, it comprises 26 apartments and 26 parking spaces, with an estimated value of DKK 57–71 million.The project is awaiting a building permit, with LK Group appointed as the contractor, and the next milestone set at level +20.75 with delivery expected in 2029.KIRIL BUYUKLISKIThis project of approx. 1,100 sqm is located in Soa’s Vitosha district, around 5.9 km from the city centre, offering a well-estab-lished residential setting with access to green areas and modern amenities. Acquired in January 2023, it comprises 12 apartments and 12 parking spaces, with an estimated value of DKK 30-40 million.The project is currently in the design phase, with LK Group ap-pointed as contractor and expected delivery in 2028.PROFESSOR PROFIRY 999A project of approx. 1,800 sqm on Gradina Street within walk-ing distance of a metro station and close to a major boulevard, around 8 km from the city centre, offering strong connectivity to business areas as well as nearby parks and amenities. Acquired in December 2025, it comprises 31 apartments and 31 parking spaces, with an estimated value of DKK 47-59 million.The project is in urban planning phase with design visa expected in Q2 2026. LK Group has been appointed as the contractor and expected delivery is at the end of 2028.RADI RADEV 999Radi Radev 999 is a residential project of approx. 1,300 sqm in Soa’s Vitosha district, around 6.9 km away from the city cen-tre, offering a quiet setting with convenient access to the airport, nearby parks, and local amenities. Acquired in October 2025, it comprises 21 apartments and 21 parking spaces, with an esti-mated value of DKK 38-49 million.The project is currently in the design phase with building permit expected in Q2 2026. LK Group has been appointed as the con-tractor with expected delivery in Q4 2027.GENERAL STOLETOV 44This project of approx. 1,200 sqm is located at 44 Gen. Nikolay G. Stoletov Blvd in Soa's Banishora district, around 1.8km from the city centre, offering strong accessibility in a quiet residential area near the central railway station. Acquired in December 2024, it comprises 18 apartments and 18 parking spaces, with an esti-mated value of DKK 34-45 million.The project is currently in the design phase, with LK Group ap-pointed as contractor and expected delivery in 2028.BRATIA MILADINOVI 86–88This project of approx. 2,750 sqm is located at 86-88 Bratia Mi-ladinovi Str, around 0.8 km from the city centre, and offers excel-lent access to metro, bus, and tram links, as well as proximity to shops, cafés, and the central railway and bus stations. Acquired in 2024, it comprises 36 apartments and 36 parking spaces, with an estimated value of DKK 94–109 million.The project is currently in the city planning phase, with the build-ing permit as the next milestone and delivery expected in 2029. LK Group has been appointed as the contractor.MALINOVA DOLINA 7 STREET NO. 2This residential project of approx. 2,300 sqm is located in Soa’s Malinova Dolina district, around 7.5 km from the city centre, in a fast-growing area popular with students and young families. Ac-quired in June 2025, it comprises 28 apartments and 28 parking spaces, with an estimated value of DKK 78–93 million.The project is currently at the building permit stage, with LK Group appointed as the contractor and expected delivery in 2029.TSAR SIMEON 172A prime residential development of approx. 2,340 sqm in central Soa's historic core, around 1.2 km from the city centre. Acquired in April 2025, the project comprises 34 apartments, 35 parking spaces, and a retail unit, with an estimated value of DKK 88–103 million.Construction is being carried out by Afnity Construction AD, with nancing in cooperation with SRD Landholdings and expected delivery in 2029.Projects in pipeline – Without contractor assignedVRANYAVranya is a residential project of approx. 7,100 sqm in Soa’s Ban-ishora district, around 1.1 km from the city centre, with strong transport connectivity. The development spans six plots—four fully acquired, one approx. 80% owned, and one under negotia-tion—and is planned as a single complex. The project comprises 84 apartments and 84 parking spaces, with an estimated value of DKK 285-315 million, nanced in coop-eration with SRD Landholdings. It is currently in the design phase, with a construction partner to be appointed. Expected delivery is in 2030.ODRIN 72This residential project of approx. 2,800 sqm on Odrin Street is located around 0.5 km from Soa’s city centre, near a metro sta-tion in the historic core. Acquired in August 2023, it comprises 29 apartments and 28 parking spaces, with an estimated value of DKK 109–125 million, nanced in cooperation with SRD Land-holdings.The project is currently in the design phase, with a construction partner to be appointed and expected delivery in 2028.WEST PARK – LYULIN 10This mixed-use development of approx. 11,200 sqm at 22 Dr. Peter Dertliev Blvd in Soa’s Lyulin 10 district is located directly above a metro station, around 4.8km from the city centre, op-posite West Mall, in a popular area for young families. Rights to acquire the project were secured in October 2025 in cooperation with SRD Landholdings. The project comprises 146 residential units, six commercial units, and 160 parking spaces, with an esti-mated value of DKK 334–375 million.It is currently in the design phase, with a construction partner to be appointed and expected delivery in 2029.Future projectsThe Company is currently engaged in discussions on 14 projects within its sales pipeline, with each project assigned a probability weighting reecting its stage of negotiation. These 14 projects equate to 5,000-10,000 square meters and approximately 90-120 apartments on a weighted basis. At a minimum, the Company anticipates to achieve a total value of DKK 176-200 million.Valuation principle ESTIMATION OF MARKET VALUE OF THE COMPANY The main focus of Soa Residential Development is to deliver on operational activities to meet the nancial targets in the 2035 plan sustainably, maximizing the overall company valuation.The development activities are revalued quarterly based on in-ternal parameters such as current performance, project pipeline, and the sustainability of the 2035 plan, as well as external param-eters such as interest rates, the equity premium related to real estate development, and the market premium related to Bulgaria.These factors are combined in a model where the development activities are valued using the discounted cash ow method based on three different scenarios:• Valuation 1: Capitalization of current performance This assessment is very conservative as Soa Residential Devel-opment already has a pipeline that supports larger business. Val-uation 1 results in an estimated market value of DKK 628 million.• Valuation 2: Capitalization of 5-year forecastThis assessment takes into account the expected growth in the near future. The assessment therefore recognizes the potential but not in full of the 2035 plan. Valuation 2 results in an estimated market value of DKK 812 million. • Valuation 3: is for the new approved 10-year (the 2035 plan)It reects the Company’s full long-term potential. Valuation 3 re-sults in an estimated market value of DKK 993 million.The Board of Directors has decided on a weighted approach to how the three valuation approaches should contribute to the nal valuation: • Valuation 3 will only be recognized when there is a project pipeline exceeding 5 years justifying that Soa Residential Development will reach the 2035 revenue target. • Valuation 2 is recognized to the extent that the pro-ject pipeline justies the revenue level for that period. • Valuation 1 is recognized to the extent that the project pipe-line does not justify the full revenue uplift in the 5-year fore-cast used in valuation scenario 2.The valuation methodology results in the Company’s valuation of DKK 881 million. The valuation is determined using a weighted combination of the three approaches. The portion of the sales pipeline supporting budgeted revenue over the next ve years is reected in Methodology 2, while any surplus pipeline beyond this period is captured under the long-term valuation approach (Meth-odology 3). Methodology 1 has not been applied, as the current pipeline provides sufcient coverage of the Company’s business plan. In order to reach its full potential and value as stipulated in Valuation 3, the Company will have to meet its targets set out in the 2035 plan. The team is focused on delivering the plan.WACCFor the calculation of the company's value today, a weighted av-erage cost of capital (WACC) is used to discount the company's future earnings.The Board of Directors decides on a WACC that is used to calcu-late the present value of the cash ow in each valuation scenario. The WACC is determined by combining the return requirements from the following parameters as of 31.12.2025:• The risk-free rate: The Board of Directors uses the 10-year state bond for Bulgaria equal to 3,1% (compared to 3,6% as of 31.12.2024) • Long-term international market premium for equity invest-ments equal to 4,33% (compared to 4,33% as of 31.12.2024) • International premium related to real estate development activities equal to 1,0x (compared to 1,0x as of 31.12.2024) • International market premium related to investments in Bul-garia equal to 2,07% (compared to 2,1% as of 31.12.2024) • New organisation equal to 1% (compared to 0,5% as of 31.12.2024) • Limited local organisation equal to 0.5% (compared to 0,5% as of 31.12.2024) • Timing of pipeline delivery 0,5% (compared to 0,5% as of 31.12.2024)Combined, the WACC is 11,50% as of 31.12.2025 compared to 11,72% as of 31.12.2024. If the local organisational risks, totalling 2%, are mitigated, the Company could achieve a value uplift of up to DKK 615 million, this equates to a DKK 59 increase in the share price. Additionally, if the market premium for investments in Bul-garia compresses toward levels seen in Western Europe (approx-imately 0–1%), this could result in a value uplift of DKK 280–645 million, corresponding to an increase in the share price of DKK 26–61. The valuation continues to be very sensitive to changes in the WACC, resulting in a signicant value in-crease with a lower WACC and a value decrease with a higher WACC. For example, a WACC of 9,5% will result in a 70% higher valuation whereas a WACC of 13,5% will result in a 40% decrease in the current val-uation. In the 2025 valuations, the Board of Directors assumes a steady-state growth of 3% applied in the terminal year for the purpose of calculating the residual value, the same methodology applied in the 2024 valuation. ESG2025 marked an important year for our organization as we strengthen the goals set for our ESG initiatives, embracing this challenge with great dedication. Our vision to contribute to So-a's development as a modern, sustainable metropolis remains unwavering, and we are ready to take ambitious steps forward on this transformative journey.Our business model is based on six principles that has made our buildings attractive for our target group and business sound for our investors and has enabled us to stay ahead of our peers. These principles are: 1. QUALITY BUILDING WITH GOOD LOCATIONS We nd building plots in the centre of Soa and other well-es-tablished locations in the city, where there is already life, but where the building stock is worn out. Here we build apartments according to Nordic building tradition: bright, with good insula-tion, and almost all have a balcony.2. SOCIAL ANCHORING We build in areas where people already live. Therefore, it is im-portant that our apartments t into the neighbourhood and that we raise the quality of construction and life. The homes are ac-cessible and safe - also for the elderly and disabled. 3. BUILDING MANAGEMENT We only take over the risk and pay the full for the project once the authorities have approved the apartments. However, we are always present on the building site from A to Z to ensure the quality and uphold schedules.4. FOCUS ON THE ENVIRONMENT Our apartments are well insulated, so the indoor climate is healthy, and the heating bill is low. We preserve planting and build with materials that last longer and are easier to recycle. It ensures homes that are more sustainable than those that were before. 5. PARTICIPATION The buyers of the apartments are given the opportunity to de-cide for themselves what their kitchen, bathroom, oors, and walls should look like. It is a well-known principle in the Nordic countries, but it is largely unknown in Soa. 6. WE BEHAVE PROPERLY When we make a deal, we stick to it. It sounds simple, but it is not always the custom in the construction industry. We dis-tance ourselves from corruption and pay our due taxes. That is why we are a well-liked partner.For detailed information about our ESG work please refer to our annual ESG report for 2025. Accounting policiesBASIS OF RECOGNITION AND MEASUREMENTIncome is recognised in the income statement as earned, in-cluding value adjustments of nancial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benets will ow to the group's and the parent company's and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is prob-able that future economic benets will ow from the group's and the parent company's and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain nancial assets and liabilities are measured at am-ortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for pre-dictable losses and risks which occur before the annual report is presented and which conrm or invalidate matters existing at the balance sheet date.RECOGNITION AND MEASUREMENT OF BUSINESS COMBINATIONSRecently acquired entities are recognised in the nancial state-ments from the date of acquisition. Sold entities are recognised in the nancial statements until the date of disposal. Compar-ative gures are not restated in respect of recently acquired entities. Discontinued operations are presented separately, see below. The date of acquisition is the time when the company actually gains control over the acquiree. The acquisition method is ap-plied to the acquisition of new entities where the company gains control over the acquiree.The acquirees' identiable assets, liabilities and contingent li-abilities are measured at fair value at the date of acquisition. Identiable intangible assets are recognised if they are sepa-rable or emanate from a contractual right. Deferred tax on the revaluations made is recognised.Positive differences (goodwill) between, on the one side, the purchase consideration, the value of noncontrolling interests in the acquiree and the fair value of any previously acquired invest-ments and, on the other side, the fair value of the acquired iden-tiable assets, liabilities and contingent liabilities are recognised as goodwill under ‘Intangible assets’. Goodwill is amortised on a straight-line basis in the income statement based on an individ-ual assessment of its useful life.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.On acquisition, goodwill is ascribed to / classed with the cash-generating unit, which subsequently forms a basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are translated on initial recognition into the foreign entity's functional currency using the exchange rate at the date of the transaction.The purchase consideration for an entity consists of the fair val-ue of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is conditional upon future events or the fullment of agreed conditions, this part of the purchase con-sideration is recognised at fair value at the date of acquisition. Subsequent adjustments of conditional purchase consideration are recognised in the income statement.Expenses defrayed in connection with acquisitions are recog-nised in the income statement in the year in which they are de-frayed.If, at the date of acquisition, the identication or measurement of acquired assets, liabilities and/or contingent liabilities or the size of the purchase consideration are associated with uncer-tainty, initial recognition will be based on preliminarily calculated amounts. If it subsequently turns out that the identication or measurement of the purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill, until 12 months after the acquisition, and comparative gures will be restated. Subsequently, any ad-justments made will be recognised as error.CONSOLIDATED FINANCIAL STATEMENTSThe consolidated nancial statements comprise the parent company Soa Residential Development A/S moder and subsid-iaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises signicant inu-ence, but which it does not control, are considered participating interests or associates, cf. the group chart.The consolidated nancial statements are prepared as a con-solidation of the parent company's and subsidiaries' nancial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated.Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date.Entities acquired or formed during the year are recognised in the consolidated nancial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Com-parative gures are not restated for acquisitions or disposals.INCOME STATEMENTGROSS PROFITIn pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue.Gross prot reects an aggregation of revenue, less costs of raw materials and consumables and other external expenses. REVENUEThe Group’s revenue primarily comprises:• Sale of real estate development projects, properties, and individual real estate units,• Sale of rights to real estate development projects, and• Revenue from services such as development manage-ment, project supervision, brokerage, and construction management.Revenue from the sale of properties or rights is recognised in the income statement when the signicant risks and rewards of ownership have been transferred to the buyer — typically upon delivery — and when the income can be measured reliably and is expected to be received.EXPENSES FOR RAW MATERIALS AND CONSUMABLESCosts of raw materials and consumables include cost of acqui-sitions of plots, real estate development projects, real estate, rights and labour used in generating the year’s revenue.OTHER OPERATING EXPENSESOther operating expenses comprise items of a secondary na-ture relative to the company's activities, including losses on the sale of intangible assets and items of property, plant and equip-ment.OTHER EXTERNAL COSTSOther external costs include expenses related to administration.STAFF COSTSStaff costs include wages and salaries, including compensated absence and pensions, as well as other social security contribu-tions, etc. made to the entity's employees.DEPRECIATION, AMORTISATION AND IMPAIR-MENT OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENTDepreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depre-ciation, amortisation and impairment of intangible assets and property, plant and equipment.INCOME FROM INVESTMENTS IN SUBSIDIARIES AND PARTICIPATING INTERESTSThe proportionate share of the prot/loss for the year of subsid-iaries is recognised in the parent company's income statement after full elimination of intra-group prots/losses.Dividend from participating interests is recognised in the nan-cial year in which the dividend is declared.FINANCIAL INCOME AND EXPENSESFinancial income and expenses are recognised in the income statement at the amounts that relate to the nancial year. Net nancials include interest income and expenses, realised and unrealized capital/exchange gains and losses on securities, li-abilities and foreign currency transactions and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.TAX ON PROFIT/LOSS FOR THE YEARThe company is subject to the Danish rules on compulsory joint taxation. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in pro-portion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable prots.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the prot/loss for the year and directly in equity as regards the por-tion that relates to entries directly in equity.BALANCE SHEETINTANGIBLE ASSETSGoodwillGains or losses on disposal of subsidiaries, participating inter-ests and associates are stated as the difference between the sales amount and the carrying amount of net assets at the date of disposal plus non-amortised goodwill and anticipated dis-posal costs.Acquisitions of entities are accounted for using the purchase method, according to which the acquirees' identiable assets and liabilities are measured at fair value at the date of acquisi-tion. Provision is made for expenses to adopted and announced plans to restructure the acquired entity in connection with the acquisition. Allowance is made for the tax effect of revaluations made.Any excess of the cost over the fair value of the identiable as-sets and liabilities acquired (goodwill), including restructuring provisions, is recognised as intangible assets and amortised on a systematic basis in the income statement based on an individ-ual assessment of the useful life of the asset. Goodwill arising on acquisition can be restated until the end of the year after the acquisition.Acquired goodwill is measured at cost less accumulated amor-tisation and impairment losses. Goodwill is amortised over the expected economic life of the asset, measured by reference to management's experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period, which is 10 years. The amortisation period is based on the assessment that the entities in question are strategically acquired entities with a strong market position and a longterm earnings prole.INVESTMENTS IN SUBSIDIARIES AND PARTICIPATING INTERESTSInvestment in participating interests are measured at cost. If cost exceeds the recoverable amount, a writedown is made to this lower value.Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining val-ue of positive or negative goodwill stated according to the pur-chase method. Goodwill on consolidation is amortised over the expected useful economic life based on management’s experience from each in-dividual business segment. Goodwill on consolidation is amor-tised on a straightline basis over the amortisation period, which is 10 years. The amortisation period is xed based on the as-sessment that the strategically acquired entities have a strong market position and a long-term earnings prole.Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receiva-bles from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a decit that exceeds the re-ceivable, the balance is recognised under provisions.Net revaluations of investments in subsidiaries are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annu-al report of Soa Residential A/S is adopted are not taken to the net revaluation reserve.Acquirees are accounted for using the purchase method, see the above description of consolidated nancial statements and calculation of goodwill.DEPOSITS Deposits are measured at cost. If the recoverable amount is lower than cost, the deposits are written down to this lower val-ue.STOCKSStocks are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recog-nised at this lower value. The cost of work in progress includes costs related to the ac-quisition of land, real estate development projects, properties, and rights, as well as direct labour costs and indirect production costs. The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses in-curred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements.RECEIVABLESReceivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.PREPAYMENTSPrepayments recognised under 'Current assets' comprises ex-penses incurred concerning subsequent nancial years.CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash and deposits at banks.EQUITYRESERVE FOR NET REVALUATION ACCORDING TO THE EQUITY METHODThe reserve for net revaluation according to the equity method in the company's nancial statements comprises net revaluation of investments in subsidiaries relative to the cost.INCOME TAX AND DEFERRED TAXThe company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme. Deferred tax assets, including the tax base of tax losses al-lowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.LIABILITIESLiabilities, including trade payables, payables to subsidiaries and other payables, are measured at amortised cost, which usually corresponds to nominal value.FOREIGN CURRENCY TRANSLATIONOn initial recognition, foreign currency transactions are translat-ed applying the exchange rate 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 nancial income or nancial expens-es. If foreign currency instruments are considered cash ow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denomi-nated 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 receiv-able or payable arose or was recognised in the latest nancial statements is recognised in the income statement as nancial income or nancial expenses.Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.INCOME TAX AND DEFERRED TAXThe company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.LIABILITIESLiabilities, including trade payables, payables to subsidiaries and other payables, are measured at amortised cost, which usually corresponds to nominal value.FOREIGN CURRENCY TRANSLATIONOn initial recognition, foreign currency transactions are translat-ed applying the exchange rate 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 nancial income or nancial expens-es. If foreign currency instruments are considered cash ow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. 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 the date at which the receivable or payable arose or was recognised in the latest nancial statements is recognised in the income statement as nancial income or nancial ex-penses. Fixed assets acquired in foreign currencies are translat-ed at the exchange rate at the transaction date. true true 44292933000 28263000 -1045473000 -1544000 3332420000 2138000 2480829000 1059000 5676555000 5718000 0 0 35283958000 20407000 -3526302000 -2603000 0 0 36071799000 21592000 3756213000 1575000 4403349000 2366000 3569720000 358000 2763744000 106000 35470451000 21624000 34185102000 21249000 876903000 302000 -408446000 -74000 34593548000 21322000 34593548000 21323000 0 0 36071799000 21592000 34593548000 21322000 -1478251000 -269000 34593548000 21322000 34593548000 21323000 33165723000 38693000 0 0 33165723000 38693000 0 0 0 0 117526015000 81454000 4324223000 149000 0 0 0 22848000 0 0 57909451000 0 0 0 12267000 12000 12267000 12000 62245941000 23009000 117538282000 81466000 95411664000 61702000 117538282000 81466000 8309709000 6027000 0 0 8309709000 6027000 0 0 9467732000 802000 37500000 218000 24351170000 0 118578586000 28234000 75693787000 32470000 51060000 58000 768956000 129000 421731000 74000 10619446000 41000 9242000 22000 120901091000 33442000 119098119000 28606000 15839215000 15232000 424125000 647000 145050015000 54701000 119522244000 29253000 240461679000 116403000 237060526000 110719000 1063452000 1063000 1063452000 1063000 0 0 61526016000 25455000 143893859000 109300000 82367843000 83846000 144957311000 110363000 144957311000 110364000 341124000 153000 19776000 87000 91962712000 0 91750043000 0 3200532000 5887000 333396000 268000 95504368000 6040000 92103215000 355000 95504368000 6040000 92103215000 355000 240461679000 116403000 237060526000 110719000 1063452000 109300311000 110363763000 0 34593548000 34593548000 1063452000 143893859000 144957311000 1063452000 25454217000 83846094000 110363763000 0 36071799000 -1478251000 34593548000 1063452000 61526016000 82367843000 144957311000 Note 2025 2024 2025 2024DKK TDKK DKK TDKK 1 Staff costsWages and salaries 3.304.613 2.085 2.453.022 1.006Other social security costs 12.930 10 12.930 10Other staff costs 14.87743 14.877 433.332.420 2.138 2.480.829 1.059 4 3 1 1 2 Financial incomeInterest received from subsidiaries 1.384.304 0 4.401.192 2.361Other nancial income 2.371.909 1.575 2.157 53.756.213 1.575 4.403.349 2.366 3 Financial costsInterest paid to subsidiaries 2.427.884 0 2.425.214 0Other nancial costs 1.141.836 358 338.530 1063.569.720 358 2.763.744 106 4 Tax on prot/loss for the yearCurrent tax for the year -204.758 404 0 0Deferred tax for the year 1.142.580 -103 -347.527 -74Joint taxation contribution -60.919 0 -60.919 0876.903 301 -408.446 -74 5 Intangible assetsGroup GoodwillCost at 1 January 2025 55.276.207Cost at 31 December 2025 55.276.207Impairment losses and amortisation at 1 January 2025 16.582.863Depreciation for the year5.527.621Impairment losses and amortisation 22.110.484at 31 December 2025Carrying amount at 31 December 2025 33.165.723 PARENT COMPANY2025 20246 Investments in subsidiaries DKK TDKKCost at 1 January 2025 56.000.000 56.000Additions for the year 0 0Disposals for the year 0 0Cost at 31 December 2025 56.000.000 56.000Revaluations at 1 January 2025 25.454.217 3.865Disposals for the year 0 0Fair value adjustment of hedging instruments for the year 0 -2Revaluations for the year, net 41.599.419 27.119Depreciation on goodwill -5.527.621 -5.528Remaining positive difference included in the above carrying 0 0amount at 31 December 2025 61.526.015 25.454Carrying amount at 31 December 2025 117.526.015 81.454Remaining positive difference included in the above carryingamount at 31 December 2025 33.162.723 38.693Parent companyInvestments in subsidiaries are specied as follows:Navn Registered ofce Ownership interestSoa Residential BG ApS Copenhagen, Denmark 100% 7 Other receivablesThe following receivables fall due for payment more than 1 year after year end.Group: TDKK 57.909.Parent company: TDKK 0. 8 EquityThe share capital consists of: Nominal value10.634.515 shares of DKK 0,10 1.063.4521.063.452In 2024, the company acquired 64.854 treasury shares, corresponding to 0,61%. The total payment for the shares amounted to TDKK 2.247, which has been transferred from retained earnings under 'Equity'. These shares have not been cancelled and are therefore held as treasury shares. The company may choose to sell these shares at a later time. The shares have been acquired as part of the company's strategy. 9 Contingent liabilitiesSoa Residential Development A/S is jointly taxed with the Danish companies in the Group, with Soa Residential A/S acting as the administrative company of the joint taxation arrangement. The joint taxation also covers withholding taxes on dividends, interest and royalties. The Danish companies are jointly and severally liable for the joint taxation. Any subsequent adjustments to corporate income taxes and withholding taxes may result in an additional liability. The corporate income tax charge for each company is allocated in full based on the expected taxable income. 10Mortgages and collateralThe group has no mortgages and collateral. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-05-13 Reporting class B 2020-07-01 2026-04-24 Jesper Holst Schmidt 33256876 Crowe Statsautoriseret Revisionsinteressentskab v.m.b.a. Rygårds Allé 104 2300 København S Opinion Basis for Opinion 2026-04-24