45303632 2024-12-23 2025-12-31 45303632 2024-12-23 2025-12-31 1 45303632 2024-12-23 2025-12-31 1 45303632 2025-12-31 45303632 2024-12-23 c:ContributedCapitalMember 45303632 2024-12-23 c:ReserveForNetRevaluationAccordingToEquityMethodMember 45303632 2024-12-23 c:RetainedEarningsMember 45303632 2024-12-23 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 45303632 2024-12-23 2025-12-31 c:RetainedEarningsMember 45303632 2025-12-31 c:ContributedCapitalMember 45303632 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 45303632 2025-12-31 c:RetainedEarningsMember 45303632 2024-12-23 c:InvestmentsInGroupEnterprisesMember 45303632 2025-12-31 c:InvestmentsInGroupEnterprisesMember 45303632 2024-12-23 2025-12-31 c:InvestmentsInGroupEnterprisesMember iso4217:USD xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Visionsvej 51 DK-9000 Aalborg 45719375 Årsrapport 2026-06-17  Kenneth Henriks BEP Mexico ApS c/o Blue Energy Partners ApS 1100 Copenhagen K Andre erklæringer uden sikkerhed 45303632 2024-12-23 Copenhagen 2024-12-23 2025-12-31 BDO Statsautoriseret Revisionspartnerselskab Visionsvej 51 9000 Aalborg Sydbank Kgs. Nytorv 30 1050 Copenhagen K Today the Executive Board have discussed and approved the Annual Report of BEP Mexico ApS for the fi­nan­ci­al year 23 December 2024  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my 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 23 December 2024  - 31 December 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. The Executive Board remain of the opinion that the conditions for opting out of audit have been fulfilled.   We recommend the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-17 Kenneth Henriks To the Shareholder of BEP Mexico ApS We have compiled these Fi­nan­ci­al Sta­te­ments of BEP Mexico ApS for the fi­nan­ci­al year 23 December 2024 - 31 December 2025 based on the Com­pa­ny's accounting records and other information provided by Ma­na­ge­ment.   These Fi­nan­ci­al Sta­te­ments comprise income statement, balance sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and accounting policies.   We performed this compilation engagement in accordance with the International Standard, Compilation Engagements.   We have applied our professional expertise to assist Ma­na­ge­ment in the preparation and presentation of these Fi­nan­ci­al Sta­te­ments in accordance with the Da­nish Fi­nan­ci­al State­ments Act. We have complied with relevant statutory provisions of the Danish Audit Act and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), including principles of integrity, objectivity, professional behaviour, and due care.   These Fi­nan­ci­al Sta­te­ments and the accuracy and completeness of the information used to compile these Fi­nan­ci­al Sta­te­ments are Ma­na­ge­ment’s responsibility.   Since an engagement to compile financial information is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by Ma­na­ge­ment to us to compile these Fi­nan­ci­al Sta­te­ments. Accordingly, we do not express an audit opinion or a review conclusion on whether these Fi­nan­ci­al Sta­te­ments are prepared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Aalborg 2026-06-17 BDO Statsautoriseret Revisionspartnerselskab 45719375 John Damkier Andre erklæringer uden sikkerhed State Authorised Public Accountant mne28629 Principal activities The principal activities comprise wholesale trade in solid, liquid and gaseous fuel and similar goods and with this naturally related business, according to Management's estimate.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   Financial risks The Company is exposed to currency risks from DKK and EUR, primarily, as a consequence of certain transactions settled in another currency than USD. The Company has activities predominantly in USD and correspondingly provides credit to collaborators in USD. The exposure on sales and purchase activities as well as credit to customers in foreign currency is limited.   -4905 -495 779 199 -4820 -952 -3868 -495 -3373 -3868 0 0 0 897 55 952 6721 7673 7673 5594 -3868 1726 2500 3447 5947 5947 7673 USDSha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodRetained earningsTotal Equity at 23 December 20245,594005,594 Proposed profit allocation -495-3,373-3,868 TransfersAllowed equalization 495-4950 Equity at 31 December 20255,5940-3,8681,726 5594 0 0 -495 -3373 495 -495 5594 0 -3868 1 | Staff costs A­ve­ra­ge num­ber of em­ploy­ees:1 1 2 | Other financial expenses Interest expenses to group enterprises 81 Other interest expenses 118 199 81 118 199 -55 -897 4 | Financial non-current assets USDInvestments in subsidiaries Cost at 23 December 2024 495Cost at 31 December 2025 495  Revaluation and impairment losses for the year -495Revaluation at 31 December 2025 -495 Carrying amount at 31 December 20250 495 495 -495 -495 0 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 GFS Holding ApS, which serves as management Company for the joint taxation. 6 | Consolidated Financial Statements The company is included in the consolidated financial statements of GFS Holding ApS, Østergade 1, 2., 1100 Copenhagen K, CVR-nr. 43 02 72 55    The Annual Report of BEP Mexico ApS for 2024/25 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 figures in the Annual Report are presented in USD because this currency is regarded as the most relevant as the main part of the Company’s activities are settled in this currency. The exchange rate of USD against DKK is 635.27 at 31 December 2025 and 714.29 at 31 December 2024.   The Annual Report is prepared with the following accounting principles.   Regnskabsklasse B true Other external expenses Other external expenses include administrative costs etc.   Income from investments in subsidiaries The proportional share of the results of sub­si­dia­ri­es, stated according to the Parent Company’s accounting policies and with full elimination of unrealised intercompany profits/losses and deduction of amortisation of added value and goodwill resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   In connection with transfers, potential profits are recognised when the economic rights related to the sold sub­si­dia­ri­es are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   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 securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   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 share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Financial non-current assets Investments in sub­si­dia­ri­es are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   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 calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement when the equity interest is acquired. Where the negative goodwill is related to acquired contingent liabilities, the negative goodwill will be recognised as income when the contingent liabilities have been settled or cease.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   Profit and loss at disposal of investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Sub­si­dia­ri­es with a negative carrying equity value are measured to DKK 0 and any amounts due from these enterprises are written down 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 has a legal or actual liability to cover the  sub­si­dia­ri­es deficit.   Receivables Receivables are measured at nominal value. The value is impaired to meet expected losses.   Cash and cash equivalents Cash and cash equivalents include cash at bank.   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 carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   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 date when the receivables or payables come into existence 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.