<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance"
            xmlns="http://www.w3.org/1999/xhtml"
            xmlns:arr="http://xbrl.dcca.dk/arr"
            xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2022-02-16"
            xmlns:cmn="http://xbrl.dcca.dk/cmn"
            xmlns:sob="http://xbrl.dcca.dk/sob"
            xmlns:link="http://www.xbrl.org/2003/linkbase"
            xmlns:ifrs-full="https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full"
            xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
            xmlns:AXC="http://xbrl.axcel.dk/2025-12-31"
            xmlns:ix="http://www.xbrl.org/2013/inlineXBRL"
            xmlns:mrv="http://xbrl.dcca.dk/mrv"
            xmlns:fsa="http://xbrl.dcca.dk/fsa"
            xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
            xmlns:gsd="http://xbrl.dcca.dk/gsd"
            xmlns:xlink="http://www.w3.org/1999/xlink"
            xml:lang="en">
   <link:schemaRef xlink:href="http://xbrl.axcel.dk/2025-12-31/40754474-2025-12-31.xsd"
                   xlink:type="simple"/>
   <xbrli:context id="ctx-2">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2025-01-01</xbrli:startDate>
         <xbrli:endDate>2025-12-31</xbrli:endDate>
      </xbrli:period>
   </xbrli:context>
   <xbrli:context id="ctx-3">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2024-01-01</xbrli:startDate>
         <xbrli:endDate>2024-12-31</xbrli:endDate>
      </xbrli:period>
   </xbrli:context>
   <xbrli:context id="ctx-4">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2025-12-31</xbrli:instant>
      </xbrli:period>
   </xbrli:context>
   <xbrli:context id="ctx-5">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2024-12-31</xbrli:instant>
      </xbrli:period>
   </xbrli:context>
   <xbrli:context id="ctx-6">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2024-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AdditionalPaidinCapitalMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-9">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2024-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-7">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2025-01-01</xbrli:startDate>
         <xbrli:endDate>2025-12-31</xbrli:endDate>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AdditionalPaidinCapitalMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-10">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2025-01-01</xbrli:startDate>
         <xbrli:endDate>2025-12-31</xbrli:endDate>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-8">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2025-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AdditionalPaidinCapitalMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-11">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2025-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-12">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AdditionalPaidinCapitalMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-14">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-16">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
   </xbrli:context>
   <xbrli:context id="ctx-13">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2024-01-01</xbrli:startDate>
         <xbrli:endDate>2024-12-31</xbrli:endDate>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:AdditionalPaidinCapitalMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:context id="ctx-15">
      <xbrli:entity>
         <xbrli:identifier scheme="http://www.dcca.dk/cvr">40754474</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
         <xbrli:startDate>2024-01-01</xbrli:startDate>
         <xbrli:endDate>2024-12-31</xbrli:endDate>
      </xbrli:period>
      <xbrli:scenario>
         <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
      </xbrli:scenario>
   </xbrli:context>
   <xbrli:unit id="eur">
      <xbrli:measure>iso4217:EUR</xbrli:measure>
   </xbrli:unit>
   <ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification contextRef="ctx-2" id="f1__s9__7__7" xml:lang="en">Axcel VI K/S 2</ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification>
   <ifrs-full:LegalFormOfEntity contextRef="ctx-2" id="f1__s9__7__8" xml:lang="en">K/S</ifrs-full:LegalFormOfEntity>
   <AXC:InvestmentIncomeUnrealised contextRef="ctx-2"
                                   decimals="-3"
                                   id="f1__s4__3__5"
                                   unitRef="eur">12615000</AXC:InvestmentIncomeUnrealised>
   <AXC:InvestmentIncomeUnrealised contextRef="ctx-3"
                                   decimals="-3"
                                   id="f1__s4__4__5"
                                   unitRef="eur">151202000</AXC:InvestmentIncomeUnrealised>
   <ifrs-full:RevenueAndOperatingIncome contextRef="ctx-2"
                                        decimals="-3"
                                        id="f1__s4__3__6"
                                        unitRef="eur">12615000</ifrs-full:RevenueAndOperatingIncome>
   <ifrs-full:RevenueAndOperatingIncome contextRef="ctx-3"
                                        decimals="-3"
                                        id="f1__s4__4__6"
                                        unitRef="eur">151202000</ifrs-full:RevenueAndOperatingIncome>
   <ifrs-full:AdministrativeExpense contextRef="ctx-2"
                                    decimals="-3"
                                    id="f1__s4__3__7"
                                    unitRef="eur">7909000</ifrs-full:AdministrativeExpense>
   <ifrs-full:AdministrativeExpense contextRef="ctx-3"
                                    decimals="-3"
                                    id="f1__s4__4__7"
                                    unitRef="eur">7836000</ifrs-full:AdministrativeExpense>
   <ifrs-full:OtherExpenseByNature contextRef="ctx-2"
                                   decimals="-3"
                                   id="f1__s4__3__8"
                                   unitRef="eur">2350000</ifrs-full:OtherExpenseByNature>
   <ifrs-full:OtherExpenseByNature contextRef="ctx-3"
                                   decimals="-3"
                                   id="f1__s4__4__8"
                                   unitRef="eur">274000</ifrs-full:OtherExpenseByNature>
   <ifrs-full:OperatingExpense contextRef="ctx-2"
                               decimals="-3"
                               id="f1__s4__3__9"
                               unitRef="eur">10259000</ifrs-full:OperatingExpense>
   <ifrs-full:OperatingExpense contextRef="ctx-3"
                               decimals="-3"
                               id="f1__s4__4__9"
                               unitRef="eur">8110000</ifrs-full:OperatingExpense>
   <ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx-2"
                                                decimals="-3"
                                                id="f1__s4__3__10"
                                                unitRef="eur">2356000</ifrs-full:ProfitLossFromOperatingActivities>
   <ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx-3"
                                                decimals="-3"
                                                id="f1__s4__4__10"
                                                unitRef="eur">143092000</ifrs-full:ProfitLossFromOperatingActivities>
   <ifrs-full:FinanceCosts contextRef="ctx-2"
                           decimals="-3"
                           id="f1__s4__3__11"
                           unitRef="eur">17000</ifrs-full:FinanceCosts>
   <ifrs-full:FinanceCosts contextRef="ctx-3"
                           decimals="-3"
                           id="f1__s4__4__11"
                           unitRef="eur">7000</ifrs-full:FinanceCosts>
   <ifrs-full:ProfitLoss contextRef="ctx-2"
                         decimals="-3"
                         id="f1__s4__3__12"
                         unitRef="eur">2339000</ifrs-full:ProfitLoss>
   <ifrs-full:ProfitLoss contextRef="ctx-3"
                         decimals="-3"
                         id="f1__s4__4__12"
                         unitRef="eur">143085000</ifrs-full:ProfitLoss>
   <ifrs-full:ComprehensiveIncome contextRef="ctx-2"
                                  decimals="-3"
                                  id="f1__s4__3__13"
                                  unitRef="eur">2339000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:ComprehensiveIncome contextRef="ctx-3"
                                  decimals="-3"
                                  id="f1__s4__4__13"
                                  unitRef="eur">143085000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss contextRef="ctx-4"
                                                                      decimals="-3"
                                                                      id="f1__s5__3__5"
                                                                      unitRef="eur">772110000</ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss>
   <ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss contextRef="ctx-5"
                                                                      decimals="-3"
                                                                      id="f1__s5__4__5"
                                                                      unitRef="eur">900247000</ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss>
   <ifrs-full:NoncurrentFinancialAssets contextRef="ctx-4"
                                        decimals="-3"
                                        id="f1__s5__3__6"
                                        unitRef="eur">772110000</ifrs-full:NoncurrentFinancialAssets>
   <ifrs-full:NoncurrentFinancialAssets contextRef="ctx-5"
                                        decimals="-3"
                                        id="f1__s5__4__6"
                                        unitRef="eur">900247000</ifrs-full:NoncurrentFinancialAssets>
   <ifrs-full:NoncurrentAssets contextRef="ctx-4"
                               decimals="-3"
                               id="f1__s5__3__7"
                               unitRef="eur">772110000</ifrs-full:NoncurrentAssets>
   <ifrs-full:NoncurrentAssets contextRef="ctx-5"
                               decimals="-3"
                               id="f1__s5__4__7"
                               unitRef="eur">900247000</ifrs-full:NoncurrentAssets>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-4"
                                     decimals="-3"
                                     id="f1__s5__3__10"
                                     unitRef="eur">1044000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-5"
                                     decimals="-3"
                                     id="f1__s5__4__10"
                                     unitRef="eur">2270000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CurrentAssets contextRef="ctx-4"
                            decimals="-3"
                            id="f1__s5__3__11"
                            unitRef="eur">1044000</ifrs-full:CurrentAssets>
   <ifrs-full:CurrentAssets contextRef="ctx-5"
                            decimals="-3"
                            id="f1__s5__4__11"
                            unitRef="eur">2270000</ifrs-full:CurrentAssets>
   <ifrs-full:Assets contextRef="ctx-4"
                     decimals="-3"
                     id="f1__s5__3__14"
                     unitRef="eur">773154000</ifrs-full:Assets>
   <ifrs-full:Assets contextRef="ctx-5"
                     decimals="-3"
                     id="f1__s5__4__14"
                     unitRef="eur">902517000</ifrs-full:Assets>
   <ifrs-full:AdditionalPaidinCapital contextRef="ctx-4"
                                      decimals="-3"
                                      id="f1__s5__3__17"
                                      unitRef="eur">376541000</ifrs-full:AdditionalPaidinCapital>
   <ifrs-full:AdditionalPaidinCapital contextRef="ctx-5"
                                      decimals="-3"
                                      id="f1__s5__4__17"
                                      unitRef="eur">495719000</ifrs-full:AdditionalPaidinCapital>
   <ifrs-full:RetainedEarnings contextRef="ctx-4"
                               decimals="-3"
                               id="f1__s5__3__18"
                               unitRef="eur">390433000</ifrs-full:RetainedEarnings>
   <ifrs-full:RetainedEarnings contextRef="ctx-5"
                               decimals="-3"
                               id="f1__s5__4__18"
                               unitRef="eur">388094000</ifrs-full:RetainedEarnings>
   <ifrs-full:Equity contextRef="ctx-4"
                     decimals="-3"
                     id="f1__s5__3__19"
                     unitRef="eur">766974000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-5"
                     decimals="-3"
                     id="f1__s5__4__19"
                     unitRef="eur">883813000</ifrs-full:Equity>
   <ifrs-full:OtherCurrentPayables contextRef="ctx-4"
                                   decimals="-3"
                                   id="f1__s5__3__22"
                                   unitRef="eur">6180000</ifrs-full:OtherCurrentPayables>
   <ifrs-full:OtherCurrentPayables contextRef="ctx-5"
                                   decimals="-3"
                                   id="f1__s5__4__22"
                                   unitRef="eur">18704000</ifrs-full:OtherCurrentPayables>
   <ifrs-full:CurrentLiabilities contextRef="ctx-4"
                                 decimals="-3"
                                 id="f1__s5__3__23"
                                 unitRef="eur">6180000</ifrs-full:CurrentLiabilities>
   <ifrs-full:CurrentLiabilities contextRef="ctx-5"
                                 decimals="-3"
                                 id="f1__s5__4__23"
                                 unitRef="eur">18704000</ifrs-full:CurrentLiabilities>
   <ifrs-full:Liabilities contextRef="ctx-4"
                          decimals="-3"
                          id="f1__s5__3__26"
                          unitRef="eur">6180000</ifrs-full:Liabilities>
   <ifrs-full:Liabilities contextRef="ctx-5"
                          decimals="-3"
                          id="f1__s5__4__26"
                          unitRef="eur">18704000</ifrs-full:Liabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx-4"
                                   decimals="-3"
                                   id="f1__s5__3__29"
                                   unitRef="eur">773154000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx-5"
                                   decimals="-3"
                                   id="f1__s5__4__29"
                                   unitRef="eur">902517000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:Equity contextRef="ctx-6"
                     decimals="-3"
                     id="f1__s6__3__5"
                     unitRef="eur">495719000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-9"
                     decimals="-3"
                     id="f1__s6__4__5"
                     unitRef="eur">388094000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-5"
                     decimals="-3"
                     id="f1__s6__5__5"
                     unitRef="eur">883813000</ifrs-full:Equity>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-7"
                                                                decimals="-3"
                                                                id="f1__s6__3__6"
                                                                unitRef="eur">24460000</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-10"
                                                                decimals="INF"
                                                                id="f1__s6__4__6"
                                                                unitRef="eur">0</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-2"
                                                                decimals="-3"
                                                                id="f1__s6__5__6"
                                                                unitRef="eur">24460000</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:DividendsPaid contextRef="ctx-7"
                            decimals="-3"
                            id="f1__s6__3__7"
                            unitRef="eur">143638000</ifrs-full:DividendsPaid>
   <ifrs-full:DividendsPaid contextRef="ctx-10"
                            decimals="INF"
                            id="f1__s6__4__7"
                            unitRef="eur">0</ifrs-full:DividendsPaid>
   <ifrs-full:DividendsPaid contextRef="ctx-2"
                            decimals="-3"
                            id="f1__s6__5__7"
                            unitRef="eur">143638000</ifrs-full:DividendsPaid>
   <ifrs-full:ProfitLoss contextRef="ctx-7"
                         decimals="INF"
                         id="f1__s6__3__8"
                         unitRef="eur">0</ifrs-full:ProfitLoss>
   <ifrs-full:ProfitLoss contextRef="ctx-10"
                         decimals="-3"
                         id="f1__s6__4__8"
                         unitRef="eur">2339000</ifrs-full:ProfitLoss>
   <ifrs-full:ProfitLoss contextRef="ctx-2"
                         decimals="-3"
                         id="f1__s6__5__8"
                         unitRef="eur">2339000</ifrs-full:ProfitLoss>
   <ifrs-full:Equity contextRef="ctx-8"
                     decimals="-3"
                     id="f1__s6__3__9"
                     unitRef="eur">376541000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-11"
                     decimals="-3"
                     id="f1__s6__4__9"
                     unitRef="eur">390433000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-4"
                     decimals="-3"
                     id="f1__s6__5__9"
                     unitRef="eur">766974000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-12"
                     decimals="-3"
                     id="f1__s6__3__15"
                     unitRef="eur">485407000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-14"
                     decimals="-3"
                     id="f1__s6__4__15"
                     unitRef="eur">245009000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-16"
                     decimals="-3"
                     id="f1__s6__5__15"
                     unitRef="eur">730416000</ifrs-full:Equity>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-13"
                                                                decimals="-3"
                                                                id="f1__s6__3__16"
                                                                unitRef="eur">10312000</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-15"
                                                                decimals="INF"
                                                                id="f1__s6__4__16"
                                                                unitRef="eur">0</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners contextRef="ctx-3"
                                                                decimals="-3"
                                                                id="f1__s6__5__16"
                                                                unitRef="eur">10312000</ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners>
   <ifrs-full:ProfitLoss contextRef="ctx-13"
                         decimals="INF"
                         id="f1__s6__3__17"
                         unitRef="eur">0</ifrs-full:ProfitLoss>
   <ifrs-full:ProfitLoss contextRef="ctx-15"
                         decimals="-3"
                         id="f1__s6__4__17"
                         unitRef="eur">143085000</ifrs-full:ProfitLoss>
   <ifrs-full:ProfitLoss contextRef="ctx-3"
                         decimals="-3"
                         id="f1__s6__5__17"
                         unitRef="eur">143085000</ifrs-full:ProfitLoss>
   <ifrs-full:Equity contextRef="ctx-6"
                     decimals="-3"
                     id="f1__s6__3__18"
                     unitRef="eur">495719000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-9"
                     decimals="-3"
                     id="f1__s6__4__18"
                     unitRef="eur">388094000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx-5"
                     decimals="-3"
                     id="f1__s6__5__18"
                     unitRef="eur">883813000</ifrs-full:Equity>
   <ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx-2"
                                                decimals="-3"
                                                id="f1__s7__3__5"
                                                unitRef="eur">2356000</ifrs-full:ProfitLossFromOperatingActivities>
   <ifrs-full:ProfitLossFromOperatingActivities contextRef="ctx-3"
                                                decimals="-3"
                                                id="f1__s7__4__5"
                                                unitRef="eur">143092000</ifrs-full:ProfitLossFromOperatingActivities>
   <AXC:AdjustmentsForUnrealisedGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss contextRef="ctx-2"
                                                                                           decimals="-3"
                                                                                           id="f1__s7__3__6"
                                                                                           unitRef="eur">12615000</AXC:AdjustmentsForUnrealisedGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss>
   <AXC:AdjustmentsForUnrealisedGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss contextRef="ctx-3"
                                                                                           decimals="-3"
                                                                                           id="f1__s7__4__6"
                                                                                           unitRef="eur">151202000</AXC:AdjustmentsForUnrealisedGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss>
   <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="ctx-2"
                                                                    decimals="-3"
                                                                    id="f1__s7__3__7"
                                                                    unitRef="eur">-12524000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
   <ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="ctx-3"
                                                                    decimals="-3"
                                                                    id="f1__s7__4__7"
                                                                    unitRef="eur">4127000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx-2"
                                                              decimals="-3"
                                                              id="f1__s7__3__9"
                                                              unitRef="eur">17000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx-3"
                                                              decimals="-3"
                                                              id="f1__s7__4__9"
                                                              unitRef="eur">7000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx-2"
                                                     decimals="-3"
                                                     id="f1__s7__3__10"
                                                     unitRef="eur">-22800000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx-3"
                                                     decimals="-3"
                                                     id="f1__s7__4__10"
                                                     unitRef="eur">-3990000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="ctx-2"
                                                                            decimals="-3"
                                                                            id="f1__s7__3__13"
                                                                            unitRef="eur">13173000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
   <ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="ctx-3"
                                                                            decimals="-3"
                                                                            id="f1__s7__4__13"
                                                                            unitRef="eur">6339000</ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities>
   <ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="ctx-2"
                                                                                               decimals="-3"
                                                                                               id="f1__s7__3__14"
                                                                                               unitRef="eur">153925000</ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities>
   <ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities contextRef="ctx-3"
                                                                                               decimals="INF"
                                                                                               id="f1__s7__4__14"
                                                                                               unitRef="eur">0</ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities>
   <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx-2"
                                                     decimals="-3"
                                                     id="f1__s7__3__15"
                                                     unitRef="eur">140752000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
   <ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="ctx-3"
                                                     decimals="-3"
                                                     id="f1__s7__4__15"
                                                     unitRef="eur">-6339000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
   <AXC:CashFlowsFromUsedInOperatingAndInvestingActivities contextRef="ctx-2"
                                                           decimals="-3"
                                                           id="f1__s7__3__18"
                                                           unitRef="eur">117952000</AXC:CashFlowsFromUsedInOperatingAndInvestingActivities>
   <AXC:CashFlowsFromUsedInOperatingAndInvestingActivities contextRef="ctx-3"
                                                           decimals="-3"
                                                           id="f1__s7__4__18"
                                                           unitRef="eur">-10329000</AXC:CashFlowsFromUsedInOperatingAndInvestingActivities>
   <AXC:ProceedsFromOtherContributionsByOwnersClassifiedAsFinancingActivities contextRef="ctx-2"
                                                                              decimals="-3"
                                                                              id="f1__s7__3__21"
                                                                              unitRef="eur">24460000</AXC:ProceedsFromOtherContributionsByOwnersClassifiedAsFinancingActivities>
   <AXC:ProceedsFromOtherContributionsByOwnersClassifiedAsFinancingActivities contextRef="ctx-3"
                                                                              decimals="-3"
                                                                              id="f1__s7__4__21"
                                                                              unitRef="eur">10312000</AXC:ProceedsFromOtherContributionsByOwnersClassifiedAsFinancingActivities>
   <ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx-2"
                                                           decimals="-3"
                                                           id="f1__s7__3__22"
                                                           unitRef="eur">143638000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
   <ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="ctx-3"
                                                           decimals="INF"
                                                           id="f1__s7__4__22"
                                                           unitRef="eur">0</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
   <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx-2"
                                                     decimals="-3"
                                                     id="f1__s7__3__23"
                                                     unitRef="eur">-119178000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
   <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx-3"
                                                     decimals="-3"
                                                     id="f1__s7__4__23"
                                                     unitRef="eur">10312000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
   <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx-2"
                                                       decimals="-3"
                                                       id="f1__s7__3__26"
                                                       unitRef="eur">-1226000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
   <ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="ctx-3"
                                                       decimals="-3"
                                                       id="f1__s7__4__26"
                                                       unitRef="eur">-17000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-5"
                                     decimals="-3"
                                     id="f1__s7__3__27"
                                     unitRef="eur">2270000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-16"
                                     decimals="-3"
                                     id="f1__s7__4__27"
                                     unitRef="eur">2287000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-4"
                                     decimals="-3"
                                     id="f1__s7__3__28"
                                     unitRef="eur">1044000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx-5"
                                     decimals="-3"
                                     id="f1__s7__4__28"
                                     unitRef="eur">2270000</ifrs-full:CashAndCashEquivalents>
</xbrli:xbrl>
