36458666 2025-01-01 2025-12-31 c:RetainedEarningsMember 36458666 2025-01-01 2025-12-31 36458666 2025-01-01 2025-12-31 1 36458666 2025-01-01 2025-12-31 2 36458666 2025-01-01 2025-12-31 1 36458666 2025-01-01 2025-12-31 2 36458666 2025-01-01 2025-12-31 3 36458666 2025-01-01 2025-12-31 4 36458666 2025-01-01 2025-12-31 1 36458666 2025-01-01 2025-12-31 2 36458666 2024-01-01 2024-12-31 36458666 2025-12-31 36458666 2024-12-31 36458666 2025-01-01 c:ContributedCapitalMember 36458666 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 36458666 2025-01-01 c:RetainedEarningsMember 36458666 2025-01-01 c:ProposedDividendRecognisedInEquityMember 36458666 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 36458666 2025-01-01 2025-12-31 c:ProposedDividendRecognisedInEquityMember 36458666 2025-12-31 c:ContributedCapitalMember 36458666 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 36458666 2025-12-31 c:RetainedEarningsMember 36458666 2025-12-31 c:ProposedDividendRecognisedInEquityMember 36458666 2025-01-01 c:InvestmentsInGroupEnterprisesMember 36458666 2025-01-01 c:OtherReceivablesMember 36458666 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 36458666 2025-01-01 2025-12-31 c:OtherReceivablesMember 36458666 2025-12-31 c:InvestmentsInGroupEnterprisesMember 36458666 2025-12-31 c:OtherReceivablesMember iso4217:DKK xbrli:pure 0 true BDO Statsautoriseret Revisionspartnerselskab Vestre Ringgade 28 DK-8000 Aarhus C 45719375 2026-06-03 Finn Nicolai Christmas-Poulsen Årsrapport LAUTEC A/S Fruebjergvej 3 2100 Copenhagen Ø Den uafhængige revisors erklæring 36458666 2014-12-08 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Vestre Ringgade 28 8000 Aarhus C Today the Board of Directors and Executive Board have discussed and approved the Annual Report of LAUTEC A/S for the fi­nan­ci­al year 1 January  - 31 December 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 Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-03 Henrik Søgaard Iversen Anders Greve Pihlkjær Finn Nicolai Christmas-Poulsen Chairman Liselotte Poulsen Jesper Valentin Holm Martin Kristian Simonsen Tillisch To the Shareholder of LAUTEC A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of LAUTEC A/S for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and 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 assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   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 judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   Plan and perform the audit of the Fi­nan­ci­al Sta­te­ments to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.   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 Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 Ma­na­ge­ment Com­men­ta­ry.   Aarhus 2026-06-03 BDO Statsautoriseret Revisionspartnerselskab 45719375 BDO Statsautoriseret Revisionspartnerselskab 45719375 Thomas Nørgaard Christensen Frederik Grentzmann Pedersen Den uafhængige revisors erklæring State Authorised Public Accountant State Authorised Public Accountant mne40048 mne51582 Principal activities The company's purpose is to provide technical and financial advice within offshore wind and anyone in business standing in connection with this.   18950167 23027201 22547589 21175093 -3597422 1852108 890094 1025781 690473 815400 550902 307469 -2567757 3385820 -398462 547725 -2169295 2838095 0 2000000 890094 1025781 -3059389 -187686 -2169295 2838095 2850358 2120782 155931 125104 3006289 2245886 3006289 2245886 12554432 13794152 9128909 14031216 1393606 0 740712 2823886 7123303 4644156 30940962 35293410 4902218 521297 35843180 35814707 38849469 38060593 400000 400000 1755708 1026132 17952368 21011757 0 2000000 20108076 24437889 0 198128 0 198128 497022 479288 497022 479288 0 914495 2200933 1565206 6797148 4098218 0 28081 8412967 5674056 18244371 12945288 18741393 13424576 38849469 38060593 DKKSha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 January 2025400.0001.026.13221.011.7572.000.00024.437.889 Proposed profit allocation 890.094-3.059.389-2.169.295 Transactions with ownersDividend paid -2.000.000-2.000.000 Other legal bindingsForeign exchange adjustments -160.518 -160.518 Equity at 31 December 2025400.0001.755.70817.952.368020.108.076 400000 1026132 21011757 2000000 890094 -3059389 -2000000 -160518 400000 1755708 17952368 0 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees2728 Wages and salaries 20.865.40119.606.773 Pensions 1.071.857954.366 Social security costs 220.750206.516 Other staff costs 389.581407.438 22.547.58921.175.093 27 28 20865401 19606773 1071857 954366 220750 206516 389581 407438 22547589 21175093 2 | Other financial income Interest income from group enterprises 511.343713.043 Other interest income 179.130102.357 690.473815.400 511343 713043 179130 102357 690473 815400 3 | Other financial expenses Interest expenses to group enterprises 23.77520.540 Other interest expenses 527.127286.929 550.902307.469 23775 20540 527127 286929 550902 307469 1507373 924773 -314101 28081 -1591734 -405129 5 | Financial non-current assets DKKInvestments in subsidiariesRent deposit and other receivables Cost at 1 January 2025 1.094.650125.104 Additions 030.827 Cost at 31 December 2025 1.094.650155.931   Revaluation at 1 January 2025 1.026.1320 Exchange adjustment -160.5180 Profit/loss for the year 890.0940 Revaluation at 31 December 2025 1.755.7080 Carrying amount at 31 December 20252.850.358155.931 1094650 125104 0 30827 1094650 155931 1026132 0 -160518 0 890094 0 1755708 0 2850358 155931 6 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Frozen holiday pay 497.0220497.022479.288 497.0220497.022479.288 497022 Contingent liabilities The company has entered into lease obligations with a notice period of 2-3 months with a total value of DKK 117.849. Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Lautec Group A/S, which serves as management Company for the joint taxation. 8 | Charges and securities As security for bank debt of DKK 0, the company has provided a corporate pledge af nominally DKK 6.000.000.  The corporate pledge includes the following assets, the accounting value on the balance day is: DKK Trade receivables12.554.432 Receivables from group enterprises9.128.909 Cash and cash equivalents4.902.218 The Annual Report of LAUTEC A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true During the financial year, certain expenses have been reclassified, whereby selected personnel costs are now recognised as direct cost.  The reclassification has been implemented to provide a more appropriate presentation of the company’s cost structure. Comparative figures have been restated accordingly. The reclassification has no impact on profit or loss, equity or total assets, and affects presentation only.   Net revenue Net revenue from the sale of goods and licenses are recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue from the sale of services is recognised in the Income Statement as and when the production progresses, the net revenue being equal to the sales value of the work performed for the year (the production method). This method is applied when the total costs and expenses regarding the contract and the degree of completion at the Balance Sheet date can be reliably assessed, and it is likely that the financial benefits will flow to the Company.    Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Direct costs Direct cost comprise costs incurred to achieve the net revenue for the year.   Other operating income Other operating income includes items of a secondary nature in relation to the Company’s activities, including subsidies from public authorities and salary refunds.    Other external expenses Other external expenses include cost of sales, advertising, administration, buildings, bad debts and operating lease expenses, etc.    Payments related to operating lease expenses and other lease agreements are recognised in the Income Statement during the continuance of the contract. The Company’s total liability concerning operating and other lease agreements are stated under contingencies, etc.    Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Income from investments in subsidiaries The Income Statement of the Parent Company recognises the proportional share of the results of each subsidiary after full elimination of intercompany profits/losses and deduction of amortisation of goodwill.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities, as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the Income Statement by the amounts that relate to the financial year.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   Financial non-current assets Investments in subsidiaries are measured in the Parent Company Balan­ce Sheet under the equity method.   Investments in subsidiaries are measured in the Balance Sheet at the proportional share of the enterprises’ carrying equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses and with addition or deduction of the residual value of positive or negative goodwill   Acquired enterprises are recognised in the consolidated Financial Statements under the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date. The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation methods.   Net revaluation of investments in subsidiaries and associates is transferred under the equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Sub­si­dia­ri­es with a negative carrying equity value are measured to DKK 0 and any amounts due from these enter­prises are written down by the company's share of the negative equity to the extent that it is deemed to be irrecoverable. If the carrying negative equity value exceeds receiv­ables, the residual amount is recognised under provision for liabilities to the extent that the company's has a legal or actual liability to cover the  sub­si­dia­ri­es deficit.   Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are not depreciated.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the ex­pected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at amortised cost equal to the nominal value.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the time of occurrence of the receivables or payables is recognised in the income statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.