39478080 2025-01-01 2025-12-31 39478080 2025-01-01 2025-12-31 1 39478080 2024-01-01 2024-12-31 39478080 2024-12-31 39478080 2025-12-31 39478080 2023-12-31 fsa:ContributedCapitalMember 39478080 2023-12-31 fsa:UnpaidContributedCapitalMember 39478080 2023-12-31 fsa:RetainedEarningsMember 39478080 2023-12-31 39478080 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 39478080 2024-01-01 2024-12-31 fsa:UnpaidContributedCapitalMember 39478080 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 39478080 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39478080 2025-12-31 fsa:ContributedCapitalMember 39478080 2025-12-31 fsa:UnpaidContributedCapitalMember 39478080 2025-12-31 fsa:RetainedEarningsMember 39478080 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39478080 2025-01-01 2025-12-31 fsa:UnpaidContributedCapitalMember 39478080 2024-12-31 fsa:ContributedCapitalMember 39478080 2024-12-31 fsa:UnpaidContributedCapitalMember 39478080 2024-12-31 fsa:RetainedEarningsMember 39478080 2024-01-01 2024-12-31 1 39478080 2025-01-01 2025-12-31 1 39478080 2024-01-01 2024-12-31 2 39478080 2025-01-01 2025-12-31 2 39478080 2025-01-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 39478080 2025-01-01 2025-12-31 1 39478080 2024-01-01 2024-12-31 1 39478080 2024-01-01 2024-12-31 2 39478080 2025-01-01 2025-12-31 2 39478080 2025-01-01 2025-12-31 1 39478080 2024-01-01 2024-12-31 1 39478080 2024-01-01 2024-12-31 cmn:OtherRenderingOfReportedValueMember 39478080 2025-01-01 2025-12-31 1 39478080 2025-01-01 2025-12-31 2 iso4217:USD 39478080 Nordea Bank Danmark A/S Grønjordsvej 10 2300 København S, Denmark Project Sprout K/S Weidekampsgade 6 2300 København S, Denmark Haifgade 3, 2150 Nordhavn, Denmark Project Sprout K/S is a private investment fund, a so-called ‘fund-of-funds’, which builds on a collaboration between Danmarks Eksport- & Investeringsfond and Silicon Valley Bank. Project Sprout K/S is managed by Danmarks Eksport- & Investeringsfond, and does not have a board, employees, nor an independent ESG-policy. The fund is subject to Danmark Eksport- & Investeringsfond’s policies and processes in matters of responsible business conduct. Danmarks Eksport- & Investeringsfond’s Policy for Corporate Social Responsibility and Sustainability describes how Danmarks Eksport- & Investeringsfond – and the funds that Danmarks Eksport- & Investeringsfond manages – operates as a responsible investor and organization, in which environmental, social, and governmental considerations are taken into account throughout the investment process. The policy also entails an exclusion list with activities that Danmarks Eksport- & Investeringsfond do not invest in due to their potential negative impacts on the society. In addition, Danmarks Eksport- & Investeringsfond has a particular policy on tax, which underscores Danmarks Eksport- & Investeringsfond’s zero-tolerance towards tax-evasion and aggressive tax planning, which all fund managers are expected to adhere to. Since the fund has no board or employees, it is not subject to the criteria of formulating targets and policies for promoting gender diversity. In this regard, the employees of Danmarks Eksport- & Investeringsfond constitutes the management of Project Sprout K/S, in which Danmarks Eksport- & Investeringsfond’s Policy for Diversity is applicable.The policies aim to ensure that we operate in accordance with internationally agreed principles for sustainable social, environmental, and financial development. The responsible investment-approach is based on the UN Guiding Principles on Human Rights and Business and the OECD Guidelines for Multinational Enterprises. Project Sprout K/S is a closed-end fund established for the purpose of carrying out certain specific investments, which implies that no new investment activities are expected. Accordingly, no new ESG screenings are anticipated at this point. Instead, the activities of Project Sprout K/S are being monitored on an ongoing basis in order to ensure compliance with the said policies. Further, any identified or potential unethical, illegal, or irresponsible behavior that contradicts Project Sprout K/S’ policies and values can be reported through Danmarks Eksport- & Investeringsfond’s whistleblower program.To learn more on Danmarks Eksport- & Investeringsfond’s work on sustainability, see eifo.dk/ambition/esg-og-samfundsansvarDanmarks Eksport- &Investeringsfond'spolicies for socialresponsibiliyEIFO's policy on ESG &sustainabilityPolicy on dividendsPolicy on diversity &gender divsersityEIFO's whistleblower-scheme ObjectiveProject Sprout K/S’ objective is to generate income and capital appreciation by investing in the portfolio funds Sprout Endurance Partners, L.P. and Strategic Investors Fund IX, L.P. Events During the YearThe financial year shows a result of USD 14.686.204 and the balance statement as of 31 December 2025 shows a capital account of USD 104.107.000.Management of the CompanyProject Sprout K/S has no employees. A management agreement has been entered between Project Sprout K/S and Danmarks Eksport- & Investeringsfond.Forward-looking StatementsThe investment period for Project Sprout has expired, and no new investments will be made in portfolio funds. The financial result is mainly driven by value adjustments in the underlying portfolio funds in which Project Sprout comprises the three underlying Sequoia funds together with the SIF IX Fund of Funds. The underlying funds continue to be in a stage where realizations have, to date, been limited in scope. We continue to observe favourable long-term prospects across the underlying portfolios, particularly in the exposure to larger, late-stage technology companies; however, future developments remain subject to prevailing market conditions, capital-market activity, and the broader macroeconomic and geopolitical environment.Notwithstanding the continued uncertainty, we consider the portfolio to be appropriately positioned to support further value creation in 2026. The financial outcome for 2026 will nevertheless depend materially on developments within the underlying companies, including valuation movements, realizations, and overall conditions in the financial markets. Based on current information, we expect Project Sprout to deliver a result for 2026 in the range of USD 10–20 million, though this outlook is accompanied by considerable uncertainty.Income Statement (tUSD) 20242025Profit on Investments14.689 5.874 Profit for the Period14.686 5.886 Balance Sheet (tUSD) 20242025Assets104.107 97.113 Committed Capital from Investors75.000 75.000 Committed Capital from Limited Partners not yet paid in(10.552)(10.552)Capital Account104.107 97.113 Statement of Cash Flows (tUSD) 20242025Cash Flow from Operations(3)(2)Cash Flow from Investment Activities4.117 5.240 Cash Flow from Financing Activities(7.692)(4.810)Key Figures20252024Total Value to Paid-In (TVPI)1,85x1,62Residual Value to Paid-In (RVPI)1,62x1,51Distributions to Paid-In (DPI)0,24x0,12IRR Gross13,5%12,3%IRR Net13,2%12,0%Number of Portfolio Funds22 true Recognition and MeasurementValue adjustments of financial assets and liabilities measured at fair value or amortized costs are recognized in the income statement. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement. This includes depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognized in the income statement.Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to Project Sprout K/S and the value of the asset can be measured reliably.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Financial Statements, which confirm or invalidate affairs and conditions existing on the balance sheet date.USD are used as the measurement currency. All other currencies are regarded as foreign currencies.Conversion PoliciesTransactions in foreign currencies are converted at the exchange rates at the transaction date. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognized as financial income and expenses in the income statement. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled on the balance sheet date are converted at the exchange rates on the balance sheet date. Any differences between the exchange rates on the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement.Income StatementResult from Investments in FundsThe item "Profit (loss) on investments” in the income statement includes the proportionate share of the profit for the year in Project Sprout K/S’ investments (funds) which includes realized and unrealized profit and loss on investments in portfolio companies.Administrative ExpensesAdministrative expenses are composed of management fee, audit and legal fees as well as other costs related to the administration of Project Sprout K/S.Finance Income and ExpensesFinance income and expenses are composed of interest and other financial costs related to Project Sprout K/S’ bank facilities etc.Tax on Profit/Loss for the Period/YearProject Sprout K/S is not an independent tax entity and consequently no tax on the profit for the period/year is recognized in the income statement.Balance SheetInvestment in FundsInvestments in unlisted funds are measured at fair value based on Project Sprout K/S’ proportionate share of the investments in the funds. In the settlement of the fair value of the funds, the International Private Equity and Venture Capital Valuation Guidelines' (IPEV) valuation principles are applied to the portfolio investments. The value adjustments for the year are recognized in the income statement.Information on exchange rates, etc. that emerges after the clearance of accounts will only be incorporated if these are significant for the assessment of the annual accounts.Determining the value of the portfolio companies in the portfolio funds is carried out by the management companies. Fair value is the price that one would receive by selling an asset in an ordinary transaction in the market. The management companies have different valuation methods depending on the portfolio company. For listed investments, the market price on the cut-off date is used. For investments with substantial and continuous cash flow or earnings, multiples based on peer groups are most often used, while investments without significant earnings most often use cost price or price based on the latest investment round.The valuation of equity interests in funds is based on the financial statements of these funds, where the funds' investments in portfolio fund are measured at fair value. The most significant accounting estimates and judgments primarily relate to the measurement of Project Sprout's equity in funds, where the valuation is based on non-observable inputs. In measuring the value of equity in portfolio funds, Management has made estimates based on a valuation method using three stock indices weighted according to the geographic diversification of the portfolio, as well as a credit spread.Trade Payables and other PayablesTrade payables and other payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables and other payables are recognized at amortized cost.Cash Flow StatementThe cash flow statement shows Project Sprout K/S’ cash flows for the period/year broken down into operating, investment and financing activities, changes for the period/year in cash and cash equivalents as well as Project Sprout K/S’ cash and cash equivalents at the beginning and end of the period/year.Cash Flows from Operating ActivitiesCash flows from operating activities are calculated as the net profit/loss for the period/year adjusted forchanges in working capital and noncash operating items such as provisions. Working capital comprisescurrent assets less short-term debt excluding items included in cash and cash equivalents. Cash Flows from Investment ActitivitiesCash flows from investment activities are composed of cash flows from payments to and distributions from portfolio funds. Cash Flows from Financing ActivitiesCash flows from financing activities are composed of cash flows from payments from and distributions to Limited Partners.Cash and Cash EquivalentsCash and cash equivalents include cash in hand and borrowings. 5771791 113797 0 14686204 14593774 92430 0 5885588 75000 26952 14686204 5885588 14689301 75000 20527 5873743 0 0 0 0 5418368 91694428 91694428 -15264500 -7572500 75000000 -10552362 40237659 97112797 97112797 75000000 -10552362 54923863 104107000 104107000 104107000 97112797 102266729 102266729 1802771 37500 1840271 5380868 37500 4810000 75000000 -13314862 34352071 96037208 0 0 0 0 0 0 0 4810000 0 0 0 5885588 5885588 75000000 -25816862 54923863 104107000 0 7692000 0 7692000 0 0 14686204 14686204 75000000 -18124862 40237659 97112797 0 0 4953304 -4810000 -7692000 5380868 Contributions by Limited Partners Contributions by Limited Partners Distributions to Limited Partners Distributions to Limited Partners 14593774 -14689301 -90000 -2436 -113797 -14281 -4810000 0 5240000 5330000 1802771 5380868 Distribution from Funds Distribution from Funds Contributions to Funds Contributions to Funds 0 -7692000 -92430 0 4117000 4117000 -3097 Value Adjustments of Investments in Funds Value Adjustments of Investments in Funds 0 -5873743 5771791 Note 1 - Value Adjustments on Investments01.01.2025 01.01.2024USD31.12.2025 31.12.2024Sprout Endurance Partners, L.P. 12.564.784 5.549.002 Strategic Investors Fund IX, L.P. 2.124.517 324.741 Total Value Adjustments on Investments 14.689.301 5.873.743 Value Adjustments in Portfolio Investments 15.558.391 6.289.413 Management Fee and other Expenses (869.090) (415.670)Total Value Adjustments on Investments 14.689.301 5.873.743 Note 2 - Other Administrative Expenses01.01.2025 01.01.2024USD31.12.2025 31.12.2024Audit(8.045)(7.045)Lawyer and Consultancy, Other(6.500)(14.420)Project Sprout Management ApS Fee(2.433)(2.021)Other Administrative Expenses (3.549) (3.467)Total Other Administrative Expenses(20.527)(26.952) Interest Income, Bank92.430 113.797 Interest Expenses, Bank Overdraft Facility- - Total Finance Income and Costs92.430 113.797 Note 4 - Investment in FundsUSD31.12.2025 31.12.2024Cost at Beginning of Period 61.990.462 61.900.462 Additions - 90.000 Cost at End of Period 61.990.462 61.990.462 Distributions at Beginning of Period (11.147.500) (5.817.500)Distributions (4.117.000) (5.330.000)Distributions at End of Period (15.264.500) (11.147.500)Value Adjustments at Beginning of Period 40.851.466 34.977.723 Value Adjustments for the Period 14.689.301 5.873.743 Value Adjustments at End of Period 55.540.767 40.851.466 Net Book Value at End of Period 102.266.729 91.694.428 Note 5 - Trade and other Payables01.01.2025 01.01.2024USD31.12.2025 31.12.2024Trade Payables - 14.281 Total Trade and other Payables - 14.281 Note 6 - Information on Fair Value of the Investments01.01.2025 01.01.2024USD31.12.2025 31.12.2024Fair Value 31 December 102.266.729 91.694.428 Unrealised Value Adjustments Recog. Through Profit or Loss 14.689.301 5.873.743 Unrealised Value Adjustments Recog. Through Equity - - Note 7 - Events after the Balance DateNo significant events affecting the annual report have occurred after the balance sheet date. The Management has today discussed and approved the Annual Report of Project Sprout K/S for the period 1 January - 31 December 2025.The Annual Report has been prepared in accordance with the provisions of the Danish Financial Statements Act with respect to recognition and measurement.We consider the accounting policies applied to be appropriate. Accordingly, the Annual Report gives a true and fair view of Project Sprout K/S’ Assets, Liabilities and Financial Position at 31 December 2025 as well as of the results of Project Sprout K/S’ activities and cash flows for the financial period 1 January – 31 December 2025.We recommend that the Annual Report is approved at the annual General Meeting. Copenhagen, ChristophSiegbert Junge Erik Balck Sørensen Director Director To the Limited Partners of Project Sprout K/S. OpinionWe have audited the financial statements of Project Sprout K/S for the financial year 1 January – 31 December 2025, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 at 31 December 2025 and of the results of its operations and cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for opinionWe 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 Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibilities for the financial statementsManagement 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. Auditor's responsibilities for the audit of the financial statementsOur 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, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting 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 auditprocedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of the Entity’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis ofaccounting 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 significantdoubt on the Entity’s ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor’s report to the relateddisclosures in the financial statements or, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Entity to cease tocontinue as a going concern.• Evaluate the overall presentation, structure and content of the financial statements, includingthe disclosures in the notes, and whether the financial statements represent the underlyingtransactions 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. Statement on the management reviewManagement is responsible for the management review.Our opinion on the financial statements does not cover the management review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the management review and, in doing so, consider whether the management review 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 review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management review. Copenhagen, DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Lica Lyngsø Møller State Authorised Public Accountant mne47801 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-05-12 Laurids Strandgaard Reporting class C, medium-size enterprise 2018-04-30 2026-03-25 33963556 DELOITTE STATSAUTORISERET REVISIONSPARTNERSELSKAB Weidekampsgade 6 2300 København S Opinion Basis for Opinion 2026-03-25