43461370 2025-01-01 2025-12-31 43461370 2025-01-01 2025-12-31 1 43461370 2025-01-01 2025-12-31 1 43461370 2025-01-01 2025-12-31 2 43461370 2025-01-01 2025-12-31 3 43461370 2025-01-01 2025-12-31 4 43461370 2025-01-01 2025-12-31 1 43461370 2024-01-01 2024-12-31 43461370 2025-12-31 43461370 2024-12-31 43461370 2024-12-31 fsa:ContributedCapitalMember 43461370 2024-12-31 fsa:RetainedEarningsMember 43461370 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43461370 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43461370 2025-12-31 fsa:ContributedCapitalMember 43461370 2025-12-31 fsa:RetainedEarningsMember 43461370 2023-12-31 fsa:ContributedCapitalMember 43461370 2023-12-31 fsa:RetainedEarningsMember 43461370 2023-12-31 43461370 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 43461370 2024-01-01 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Jacqueline Lindmark Boye The Board of Directors and the Executive Board have today discussed and approved the annual report of CarbonCuts A/S for the financial year 1 January – 31 December 2025.The annual report has been prepared 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.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We recommend that the annual report be approved at the annual general meeting. Copenhagen Morten Rosenløv Jensen Jacqueline Lindmark Boye Maj Britt Wendorff Chairman Lucile Franoux Morten Rosenløv Jensen To the shareholder of CarbonCuts A/S We have audited the financial statements of CarbonCuts A/S for the financial year 1 January – 31 December 2025, comprising income statement, balance sheet and notes, including 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 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 in accordance with the Danish Financial Statements Act. 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 (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 that 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 as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company 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.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's review.Our opinion on the financial statements does not cover the Management's 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's review and, in doing so, consider whether the Management's review 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 the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Martin Eiler State AuthorisedPublic Accountan mne32271 CarbonCuts A/S Lyngbyve 2 2100 Copenhagen 43461370 Copenhagen KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø 25578198 Principal activities CarbonCuts A/S principal activity and service is currently the provision of permanent storage for CO2 and related activities. 2025 in review CarbonCuts A/S contributes to the Paris Agreement’s goal of arresting global warming, with its core business to build, own and operate permanent geological sites for CO₂ storage. This activity also supports Denmark’s ambitions for onshore storage of CO₂. In connection with its investment, BlueNord Energy Denmark A/S has appointed CarbonCuts to perform compliance services and to fulfil its required CO₂ storage contribution under Net Zero Industry Act article23. This has created a positive income in CarbonCuts in 2025.Currently, the Ruby Project is the major focus of CarbonCuts activities. The future concepts for the Ruby Project consider CO₂ receiving facilities, intermediate storage, pumping and injection facilities as well as a number of wells for injection and observation. Several CO₂ import options are being investigated to allow flexibility and optionality in terms of pace, customer requirements, and volume.A first milestone was achieved in June 2024, when CarbonCuts was awarded an exploration licence in Rødby. The exploration licence enables CarbonCuts to conduct various subsurface activities, aiming to get a thorough understanding of the underground to ensure that CO2 can be stored safely and to assess the capacity of a potential storage.2In early 2025 CarbonCuts conducted a 3D seismic survey covering 220 km providing valuable data about the underground. This was followed by a re-entry in an old oil and gas exploration well from 1953 which provided additional data on the underground. To perform its activities the company has invested in real estate, as well as established local offices. Further, progress was made on planning exploration activities for 2026 and conducting various technical and ecological studies to prepare for later stages of the project.By the end of 2025 CarbonCuts has 21 highly skilled employees. Since the beginning, CarbonCuts has pursued and gained solid political support via frequent contact with the municipality, the local business association, Business Lolland-Falster, as well as other major stakeholders. Securing and sustaining public acceptance is of utmost importance. To achieve this, the company engages in an ongoing dialogue with the citizens, in the form of meetings as well as close contacts with neighbours, supported by a range of tools, such as brochures, videos and other materials. CarbonCuts continues to actively engage with stakeholders, including local communities, regulatory authorities and industry partners, seeking input and feedback to inform decisions and operations, to ensure our social licence to operate.Ongoing dialogue across the value chain and with political stakeholders is particularly important as large-scale carbon capture and injection is an emerging industry and regulations, industry practices and markets are not fully in place.The focus remains firmly on the goal: to launch an economically sustainable storage solution with accompanying infrastructure that can contribute to fulfilling Denmark’s climate goals and serve as an example for CO₂ storage globally.BlueNord Group has funded CarbonCuts A/S activities since October 2022. Since 2024 CarbonCuts A/S has been a wholly owned subsidiary of BlueNord Energy Denmark A/S. Theultimate parent company BlueNord ASA is registered in Norway and listed at the Oslo Børs. For more information about the group, please see the website www.bluenord.com.Capital resources The Company's equity is negative. Attention is drawn to note 2 and the parent company's support letter. Management assess no risk regarding going concern.Development in activities and financial position In 2025, the net profit before tax amounted to DKK 16.0 million (2024 loss before tax DKK 41.8 million).At 31 December 2025, the equity amounted to negative DKK 33.2 million, compared to DKK negative 45.8 million as of 31 December 2024.BlueNord Energy Denmark A/S has appointed CarbonCuts to perform compliance services and to fulfil its required CO2 storage contribution under Net Zero Industry Act article 23. This has created a positive income in CarbonCuts in 2025.Subsequent events No significant subsequent events have occurred since 31 December 2025. 47122785 -27836366 22379495 11392062 50501 0 24692789 -39228427 556320 82658 9159427 2695946 16089682 -41841715 3544856 -9205177 12544826 -32636538 12544826 -32636538 12544826 -32636538 13287090 0 179224 97110 13466314 97110 5984 0 5984 0 13472298 97110 0 9205177 452728 5366599 369503 605659 822230 15177435 25064873 15464127 25887103 30641562 39359401 30738672 400000 -33676181 400000 -46221007 -33276181 -45821007 53812723 62707076 4037885 5360297 9020779 0 5764195 8492306 72635582 76559679 72635582 76559679 39359401 30738672 400000 -46221007 -45821007 0 12544826 12544826 400000 -33676181 -33276181 400000 -13584469 -13184469 0 -32636538 -32636538 400000 -46221007 -45821007 true true Joint arrangements CarbonCuts’ has interests in one onshore CCS license in Denmark. A joint arrangement is defined as an arrangement over which two or more parties have joint control.Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.CarbonCuts’ recognises investments in joint operations (carbon capture storage licence) by reporting its share of related, expenses, assets, liabilities and cash flows, under the respective items in the Company’s financial statements.Recognition and measurement All expenses incurred for the year are recognised in the income statement, including depreciation.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables, payables, and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date.The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.REVENUEThe Company derives its revenue from the sale of service. Revenue is recognized over time as the services is rendered to the customer with an amount that reflects the consideration to which the Company expects to be entitled.OTHER EXTERNAL EXPENSES Other external costs comprise costs of advertising, administrative expenses, costs of premises, etc.STAFF COSTSStaff costs comprise wages and salaries, including holiday allowance, pension and other social security costs.FINANCIAL INCOME AND EXPENSES Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.TAX ON NET PROFIT FOR THE YEAR Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the loss for the year and directly in equity at the amount attributable to entries directly in equity.Balance Sheet PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Fixtures and fittings, tools and equipment 3-5 years. The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated.Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.IMPAIRMENT OF FIXED ASSETS The carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.RECEIVABLESReceivables are measured at amortised cost. Write-down is made for bad debt losses where thereis an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.PREPAYMENTSPrepayments comprise prepayment of costs incurred relating to subsequent financial years.CASH AT BANK AND IN HANDCash at bank and in hand comprise cash and bank deposits.CORPORATION TAX AND DEFERRED TAX Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income.Deferred tax assets, including the tax value of tax loss carry forwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value.Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.LIABILITIES OTHER THAN PROVISIONS Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.Other liabilities are measured at amortised cost.2 CAPITAL LOSS The Company’s has lost more than half of the contributed capital. In accordance with the Danish Companies Act § 119, management has assessed that the equity will be re-established through continued operations. As at 31/12 2025 the Company’s parent company, BlueNord Energy Denmark A/S, has issued a letter of support, which enables CarbonCuts A/S to meet its obligations as they fall due. The letter of support expires at the end of June 2027. Personnel costs and employees Personnel costs Salaries etc. 20,867,303 10,828,583 Pension contributions 1,415,740 519,559 Other social security costs 96,451 43,918 Total 22,379,495 11,392,062 14 6 Other financial income Interest income 294,353 0Foreign exchange gain 261,967 0 Total 556,320 0 Other financial expenses Interest expenses 70,266 7,555Interest to group entities 9,062,159 2,556,438Foreign exchange losses 27,001 131,953 Total 9,159,427 2,695,946 Tax on the result for the year Current tax 3,550,840 -9,205,177Adjustment deferred tax -5,984 0Total 3,544,856 -9,205,177 Fixtures and fittings, Property, plant and equipment Land tools and equipment Acquisition cost as at 1 January 97,110 0 Additions during the year 132,615 13,287,090 Acquisition cost as at 31 December 229,725 13,287,090 Depreciation as at 1 January 0 0 Depreciation during the year 50,501 0 Depreciation as at 31 December 50,501 0 Book value as at 31 December 179,224 13,287,090 Contractual obligations, contingencies, etc. The Company is jointly taxed with the other Danish companies in the group. Therefore the Company is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The total amount appears in the annual report for BlueNord Denmark A/S which is the administrative Company for the Danish tax consolidation group. Other commitments, including lease obligations The Company has entered into operational leases with a total lease comitment of DKK 31.7 million (2024 DKK 0). The lease obligation is payable in 2026. Mortages and collateral The shares in the Company have been pledged as collateral for the loans provided by BlueNord Energy Denmark A/S. Further, as security for the Company's loans a floating charge in the amount of DKK 25.4 million has been established. The pledged assets on 31 December 2025 amounted to DKK 13.4 million. Related parties BlueNord Energy Denmark A/S, being principal shareholder. CarbonCuts A/S is part of the consolidated financial statements of BlueNord ASA, Nedre Vollgate 1, 0158 Oslo, Norway, which is the smallest and largest group in which the Company is included as a subsidiary. The consolidated financial statements of BlueNord ASA can be obtained by contacting the company at the above address. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-16 Reporting class B 2026-06-16 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2026-06-16