45655873 2025-06-03 2025-12-31 45655873 2025-06-03 2025-12-31 1 45655873 2025-06-03 2025-12-31 1 45655873 2025-06-03 2025-12-31 2 45655873 2025-06-03 2025-12-31 3 45655873 2025-06-03 2025-12-31 1 45655873 2025-06-03 2025-12-31 2 45655873 2025-12-31 45655873 2025-06-03 2025-12-31 fsa:RetainedEarningsMember 45655873 2025-12-31 fsa:ContributedCapitalMember 45655873 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report 2026-02-05 Jesper Frydensberg Rasmussen Axcel Management A/S, FT no. 23101 General Partner has today considered and approved the annual report of Axcel Elevate I K/S 2 (the "Fund" or "Limited Partnership") for the financial year 03.06.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 03.06.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.​​Furthermore, the supplementary report has been prepared in accordance with the Sustainable Finance Disclosure Regulation (SFDR) and contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Christian Bamberger Bro CEO Christian Bamberger Bro Chairman Christian Gymos Schmidt-Jacobsen Member Mads Dreyer Laursen Member To the shareholders of Axcel Elevate I K/S 2 We have audited the financial statements of Axcel Elevate I K/S 2 for the financial year03.06.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at31.12.2025and of the results of its operations for the financial year 03.06.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary, as well as for the supplementary report on disclosures in accordance with the Sustainable Finance Disclosure Regulation (SFDR), hereinafter referred to as “the supplementary report”. ​ ​Our opinion on the financial statements does not cover the management commentary or the supplementary report, 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 commentary and the supplementary report and, in doing so, consider whether the management commentary and the supplementary report is materially inconsistent with the financial statements, or our knowledge obtained ​in the audit or otherwise appears to be materially misstated. ​ ​​​Moreover, it is our responsibility to consider whether the management commentary and the supplementary report provides the information required under the Danish Financial Statements Act and the Sustainable Finance Disclosure Regulation respectively.Based on the work we have performed, we conclude that the management commentary and the supplementary report is in accordance with the financial statements and has been prepared in accordance with the requirements ​of the Danish Financial Statements Act and the Sustainable Finance Disclosure Regulation respectively. We did not identify any material misstatement of the management commentary or the supplementary report. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Bill Haudal Pedersen State Authorised Public Accountant mne30131 Símun Petur Arge Poulsen State Authorised Public Accountant mne51489 Primary activitiesAxcel Elevate I K/S 2 is a private fund which invests in mid-size Nordic based companies with the purpose of developing these commercially. Axcel Elevate I K/S 2 is managed by Axcel Management A/S, a manager under supervision by the Danish FSA. Description of material changes in activities and financesAccording to the Danish disclosure requirements of the AIFMD Act1 the Annual report shall contain information on material changes as listed in sections 62, 64 and 65. ​ ​The strategy of the Fund has since the formation been unchanged. The Fund does not make use of gearing. ​ ​The Fund has appointed Intertrust Depositary Services (Denmark) A/S as depositary to the Fund. ​ ​The share of assets placed in illiquid assets amount to 0%. No special requirements are attached to these assets. ​ ​The Fund is close-ended and therefore bears no liquidity risk toward the limited partners. The Fund Manager has established risk management systems for measuring the Fund's liquidity. The liquidity is managed in such way that the value of the Fund's assets and the undrawn commitment from the Fund's investors at all times shall be adequate to honor the Fund's actual and potential liabilities. ​​Information according to the Alternative Investment Fund Managers Directive ​According to Article 22 of the Alternative Investment Fund Managers Directive, Alternative Investment Funds (AIF) must make certain disclosures to investors in connection with the presentation of financial statements. During the financial period covered by the financial statements, there have been no significant changes in the matters below: ​• The Fund’s Investment strategy; ​• Valuation principles of the Fund’s investments; ​• New arrangements for managing the Fund’s liquidity; ​• The Fund's risk profile and the risk management systems implemented by the Fund Manager used to manage ​ the Fund's risks; ​• There have been no amendments to the maximum level of leverage which the Fund Manager can use on behalf ​ of the Fund. Nor has there been any changes in the right to use collateral or any guarantee in accordance ​ with the agreement allowing for the leverage. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of ​this annual report. 1625000 -1625000 -1625000 -1625000 -1625000 0 0 -1625000 -1625000 1625000 1625000 1625000 0 -1625000 -1625000 0 -1625000 -1625000 Total commitment from Limited Partners to Ax Elevate I Management Invest K/S is 181.5 mEUR, of which undrawn commitments are 181.5 mEUR. 1 Judgements regarding going concernThe Entity has negative equity as of 31.12.2025. It is Management's expectation that further capital contributions ​from Limited Partners or gains from future investments will ensure that the equity will be restored. 2 Other external expensesAccording to Article 107 of the AIFMD Level 2 Regulation and paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act, alternative investment funds must disclose information about the total remuneration of the entire staff of the Fund Manager and the number of beneficiaries. Furthermore, remuneration to material risk-takers must be disclosed. ​ ​The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy in order to ensure that the employees and Management are remunerated according to the Danish Executive Order on remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds, ​etc. ​ ​The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration at the Fund Manager: ​- Promoting of sound and effective risk management, which does not encourage excessive risk-taking. ​- Consistency with the principles regarding the protection of the Limited Partners and measures in order to avoid ​ conflicts of interest. ​ ​In accordance with paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act, information regarding salaries paid to employees of the fund manager is disclosed in the annual report for Axcel Management A/S, Business Reg. No. 28301855. 3 EmployeesThe fund has no employees. 2025Average number of full-time employees0 0 4 Contingent liabilitiesThe Fund has an obligation to pay a management fee of 2% of the total commitments in the Fund from the Initial Closing Date until the end of the investment period, which is initially set to expire on 27 November 2030. The liability to pay management fee is considered to be contingent as the fund under certain conditions may discontinue the management agreement with the Fund Manager. ​ ​As of 31 December 2025, a holding company to Axcel Elevate I K/S 2 has signed an option to purchase several companies. Axcel Elevate I K/S 2 has reserved EUR 8.3 million for these investments. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C. Non-comparabilityThis is the Fund’s first financial statements which comprise the periode from 3 June to 31 December, and hence no comparative figures have been presented. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Other external expensesOther external expenses include expenses for management fee, administration and abort cost. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Supplementary reports Ikke væsentlig usikkerhed vedr. fortsat drift Grundlag for konklusion Konklusion 2026-02-03 2026-02-03 true København S 2300 6 Weidekampsgade København København Ø 2100 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-06-03 5 Sundkrogsgade Axcel Elevate I K/S 2 45655873 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab