35404546 2025-01-01 2025-12-31 3 35404546 2000-01-01 2000-12-31 3 35404546 2001-01-01 2001-12-31 3 35404546 2024-01-01 2024-12-31 3 35404546 2002-01-01 2002-12-31 3 35404546 2025-01-01 2025-12-31 35404546 2025-01-01 2025-12-31 1 35404546 2025-01-01 2025-12-31 1 35404546 2002-01-01 2002-12-31 35404546 2001-01-01 2001-12-31 35404546 2000-01-01 2000-12-31 35404546 2024-01-01 2024-12-31 35404546 2002-12-31 35404546 2001-12-31 35404546 2000-12-31 35404546 2025-12-31 35404546 2024-12-31 35404546 2024-01-01 c:ContributedCapitalMember 35404546 2024-01-01 c:RetainedEarningsMember 35404546 2024-01-01 2024-12-31 c:ContributedCapitalMember 35404546 2024-01-01 2024-12-31 c:RetainedEarningsMember 35404546 2025-01-01 c:ContributedCapitalMember 35404546 2025-01-01 c:RetainedEarningsMember 35404546 2025-01-01 2025-12-31 c:RetainedEarningsMember 35404546 2025-12-31 c:ContributedCapitalMember 35404546 2025-12-31 c:RetainedEarningsMember 35404546 2025-01-01 35404546 2024-01-01 35404546 2025-01-01 c:AcquiredIntangibleAssetsMember 35404546 2025-01-01 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35404546 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 35404546 2025-01-01 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35404546 2025-12-31 c:AcquiredIntangibleAssetsMember 35404546 2025-12-31 c:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 35404546 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 35404546 2025-01-01 c:PropertyPlantAndEquipmentInProgressMember 35404546 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 35404546 2025-01-01 2025-12-31 c:PropertyPlantAndEquipmentInProgressMember 35404546 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 35404546 2025-12-31 c:PropertyPlantAndEquipmentInProgressMember 35404546 2025-01-01 c:InvestmentsInGroupEnterprisesMember 35404546 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 35404546 2025-12-31 c:InvestmentsInGroupEnterprisesMember 35404546 2025-01-01 2025-12-31 c:SubsidiaryMember 1 35404546 2025-12-31 c:SubsidiaryMember 1 35404546 2025-12-31 1 35404546 2024-12-31 1 35404546 2025-12-31 c:OtherLongtermPayablesMember iso4217:DKK xbrli:pure xbrli:shares Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Profit before interest and tax (EBIT) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 35404546 EDF Danmark ApS Jernholmen 47A 2650 Hvidovre 2013-07-19 Hvidovre 32641000 www.danmark.edf.com KPMG Statsautoriseret Revisionspartnerselskab 25578198 Dampfærgevej 28 2100 Copenhagen Danmark 70707760 2026-06-26 Henrik Rasmussen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion 2026-06-26 2026-06-26 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of EDF Danmark ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations and cash flows 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 Henrik Rasmussen To the shareholders of EDF Danmark ApS We have audited the financial statements of EDF Danmark A/S for the financial year 1 January – 31 December 2025 comprising income statement, balance sheet, statement of changes in equity, cash flow statement 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 and cash flows 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 skepticism 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 Kenn Wolff Hansen State Authorised Public Accountant mne30154 122340000 110121000 100522000 28326000 39117000 46714000 -4537000 1404000 -18212000 -2737000 4256000 -354000 -987000 -420000 -312000 -400000 -14535000 -2380000 2962000 106133000 72080000 68058000 -30264000 -30376000 -7226000 -1678000 -378000 19293000 33829000 36208000 -2.9 1.1 -14.9 -2.5 4.2 35.7 40.5 23.2 35.5 46.5 69.8 80.2 18.2 46.9 53.2 -3.6 0.4 -54.7 -6.8 8.5 69 62 62 The main activity of the Company is to establish and handle the operation and maintenance of electrical installations in the urban environment, such as street lighting, traffic signals and other smart city infrastructure.The Company has been present in the Danish market since 2013 after winning a long-term contract to rebuild and then maintain much of the street lighting infrastructure in Copenhagen.Building on the Copenhagen contract, the Company has expanded its operations, and as of ultimo 2025 providing operation and maintenance of street lighting infrastructure for 9 Danish municipalities.In addition, every year the company undertakes many projects to renew and build new street lighting infrastructure for municipalities and private sector clients and has also engaged in traffic signal related projects. In 2025 EDF Danmark continued to strengthen the position of the newly introduced business segment focusing on EV charging, where EDF has successfully won a number of public tenders for EV chargers initially in the greater Copenhagen area, but also with success across the rest of Denmark. With the aim of further expanding the presence of EV charging, the company acquired SustainRecharge in 2024, a Danish company specializing operating and selling solutions in the electric vehicle (EV) charging sector, closely aligned to the company’s existing EV business. Further assets have been added to the EV portfolio during 2025. In 2025, the Company's revenue came in at DKK 155,426 thousand. The income statement for 2025 shows a loss of DKK 4,891 thousand, and the balance sheet on 31 December 2025 shows equity of DKK 135,309 thousand.In management’s view, the Company’s financial performance in 2025 reflects a satisfactory result in line with expectations, highlighted by strong sales growth and sound improvement of core (streetlight) and new business activities. With new operations and maintenance (O&M) activities added to the portfolio while focusing on efficiency initiatives, the Company has realized a positive lift in profitability drivers. In addition, cost control and enhanced margins within project and renewal activities have contributed positively to the overall financial result. While the new EV segment has started generating revenue and delivering positive margins, new business activities and associated investments into new opportunities drive up costs and are yet to contribute positively and thus impacting the overall result. The developments support a solid foundation for continued performance improvements into 2026. EDF Denmark's workforce includes many Technicians / Electricians trained to work on outdoor electrical and traffic installations, a growing number of technically skilled Project Managers, plus Management and Administrative staff. During 2025, the Company has been further increasing staff to meet the growing demand and activity level and to fulfil contractual obligations for the core business. Additionally, due to expansion of activities into building and maintenance of EV charging stations EDF Danmark has been hiring specialized Operations and Project Managers while training technicians to establish the relevant skills. Furthermore, competencies are being built towards creating a knowledge base and capacity within energy storage, PV panels as well as other assets driving the electrification and decarbonization of the energy sector. Inflationary developments showed signs of normalization throughout 2025. Nevertheless, the company remains exposed to elevated cost sensitivity relating to commodities, energy, fuel and labor, while volatile energy and commodity markets continue to contribute to uncertainty in the operating environment. In addition, persistent geopolitical uncertainty and broader macroeconomic developments continue to influence market conditions, supply chains and financing markets. Although financing costs remain higher compared to historical levels, the recent corporate capital injection has strengthened the company’s financial position and contributed to improved financing conditions, including a reduction in interest rates and associated borrowing costs. Collectively, these developments support the company’s liquidity and resilience and provide a stronger foundation for the continued development of the company’s different business operations. The Company focuses on development of its core activities relating to Operations and Maintenance of street lighting facilities. EDF Danmark invests in sales efforts to accommodate development in terms of renewal of street luminaires into LED, contributing to decarbonization and digitalization of leading Danish municipalities. At the same time the company will continue to develop partnerships within intelligent communication platforms developers, aggregating the best possible solutions to the benefit of the clients. Additionally, we continue our focus on decarbonization and digitalization topics, building on the many opportunities that exist in EV charging, PV panels, energy storage and other solutions. No events occurred after the balance sheet date that significantly affect the financial position of the company. The expectations for 2026 are to continue to grow the position within Operation & Maintenance of public streetlight as well as renewal projects. EDF Danmark will also continue its expansion within EV charging – focusing on public charging as well as fleet charging.In addition, we continue our efforts to further optimize processes and use of systems to reduce costs and increase efficiency. EDF Danmark also plan to continue to drive decarbonization of the fleet of vehicles – replacing conventional diesel vehicles with fully electric vans and lift trucks. The outlook for 2026 is very positive, tapping into effects from government legislation and environmental targets speeding up the development of clean technologies, while the government and municipalities continue to drive towards more energy efficiency as well as focus on biodiversity. The market outlook is hence positive with a continuous strong demand for the products and services offered or targeted to be offered by EDF Denmark.We plan to grow our sales to a range of 160-170m DKK and a net profitability in the range of -1% - +1% of sales.EDF Danmark is part of the global restructuring within the EDF power solutions group and will use the EDF power solutions brand within all its activities. EDF Danmark intends to develop its administrative platform in close cooperation with the group. 155425916 126173721 79521143 58987922 35000 0 20519148 16083589 55420625 51102210 56432041 47904191 3525143 1793453 0 421 -4536559 1404145 173139 648188 527279 1634707 -4890699 417626 0 93395 -4890699 324231 3075540 4235819 1039106 356345 4114646 4592164 395218 6955719 0 30607873 395218 37563592 13956753 12676753 13956753 12676753 18466617 54832509 22105769 18147636 73158817 0 95264586 18147636 35472965 36970029 16766784 9185449 1430783 68713 6441401 6441401 0 16000 1507457 1039097 818801 858155 62438191 54578844 17734815 47346374 175437592 120072854 193904209 174905363 2502000 2502000 132807044 137697743 135309044 140199743 1420513 1482116 1420513 1482116 116442 0 5255878 13734612 18321274 7344535 26643265 390493 6837793 11753864 57174652 33223504 58595165 34705620 193904209 174905363 2500000 16793164 2000 120580348 324231 2502000 137697743 -4890699 2502000 132807044 -4890699 324231 3844283 2897788 -20909637 -21037600 -21956053 -17815581 173139 648188 527279 1634707 -22310193 -18802100 682761 916426 30264307 30374650 35000 0 1280000 12676753 -32192068 -43967829 -24890702 37491615 0 120582348 24890702 83090733 -29611559 20320804 47346374 27025570 17734815 47346374 The annual report of EDF Danmark ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. Pursuant to section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. A reclassification of costs totaling DKK 15,573 thousand has been made in the comparative figures for 2024. The amount has been reclassified from Cost of sales to Staff costs.The change relates to expenses to hourly-paid production employees which is reclassified to staff costs.The correction is presentation-related only and has no impact on the profit for the year or equity. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Income from the sale of electrical installations, etc. is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received.Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably.Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Acquired intangible assets 4-11 years The amortisation period for intangible assets exceeds 5 years as the economic life of the asset complies with the term of the underlying contract.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Other fixtures and fittings, tools and equipment 2-5 years Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Intangible assets include other acquired intangible rights.On initial recognition, other intangible assets are measured at cost and subsequently at cost less accumulated amortisation and impairment losses.The basis of amortisation is calculated taking into consideration any residual value of the asset and is reduced by impairment losses, if any. The amortisation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further amortisation charges are recognised.In case of changes in the amortisation period or the residual value, the effect on amortisation is recognised in future as a change in accounting estimates.Gains and losses on the sale of intangible assets are recognised in the income statement under "Other operating income" or "Other operating expenses", respectively. Gains and losses are calculated as the difference between the selling price less selling expenses and the carrying amount at the time of sale. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.The basis of depreciation is calculated taking into consideration any residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In case of changes in the depreciation period or the residual value, the effect on depreciation is recognised in future as a change in accounting estimates.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Investments in group entities and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. The carrying amount of intangible assets, property, plant and equipment, and investments in group entities is tested annually for evidence of impairment other than the decrease in value reflected by amortisation/depreciation.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected 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. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract.Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The financial ratios stated under "Financial highlights" have been calculated as follows:Operating margin Operating profit/loss (EBIT) x 100RevenueGross margin Gross profit/loss x 100RevenueEquity ratio Equity, year-end x 100Total equity and liabilities, year-endReturn on equity Profit/loss after tax x 100Average equity No events occurred after the balance sheet date that significantly affect the financial position of the company. 50861070 43107296 5370793 4613217 200178 183678 56432041 47904191 84 77 By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed. 173139 648188 173765 1276951 353514 357756 0 93395 -4890699 324231 11371737 356345 0 682761 11371737 1039106 7135918 0 1160279 0 8296197 0 3075540 1039106 12733145 30607873 27679615 10675692 34266229 41283565 6146531 0 5777426 0 2364864 0 2390977 0 5751313 0 395218 0 The disposals under Property, plant and equipment relate to assets that have been transferred to inventory, as the Company plans to divest part of its operations in the coming financial year. 12676753 1280000 13956753 13956753 EDF power solutions EV Danmark ApS Hvidovre 100.00 3971894 -1041813 76778685 97899970 Measurement of work in progress is based on an assessment of the stage of completion of the individual projects and expectations of the remaining performance of each individual contract, including the outcome of any disputes. The assessment of the project’s stage of completion and economy, including disputes, is made individually for each project in cooperation between the Executive Board and the project management. Estimates relating to the performance of future outstanding work depend on several factors. Moreover, the assumptions on which a project is based may change as the work progresses. Likewise, may the assessment of disputes change as the cases progress. The actual outcome may therefore deviate from the expected outcome. -6441401 -6534796 The Company’s total deferred tax asset amounts to DKK 7,511 thousand as of 31 December 2025, of which only DKK 6,441 thousand has been recognised. The total deferred tax asset consists of tax losses carried forward of DKK 7,267 thousand, inventories of DKK 301 thousand, and other minor items of DKK -57 thousand. It is Management’s expectation that the Company’s recognised deferred tax assets, including the value of tax losses carried forward, can be utilised within the next three to five years based on the forecasts prepared by Management. The forecasts are based on strengthened sales. Prepayments include accrual of expenses relating to subsequent financial years, including insurance policies, DKK 49,141, prepaid materials, DKK 63,041, and Contingents and subscriptions, DKK 706,619. 2502 2502000 2502000 1536955 116442 1420513 1350529 As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. Other rent and lease liabilities: DKK20252024 Rent and lease liabilities6,387,4987,857,357 Rent and lease liabilities include a rent obligation totalling 55,807 DKK in interminable rent agreements with remaining contract terms of 2 months. Furthermore, the Company has liabilities under operating leases for vehicles and cars, totalling DKK 6,331,691 with remaining contract terms of 1-6 years. The Company has not provided any security or other collateral in assets at 31 December 2025. Parties exercising control Related partyDomicileBasis for control EDF InternationalTour EDF, 20 Place de la Défense, 92800 Puteaux, FrankrigParticipating interest Shareholders' agreement Participating interest Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements Electricité de France S.A.22-30, avenue de Wagram, 75008 Pariswww.edf.fr Related party transactions EDF Danmark ApS was engaged in the below related party transactions: DKK20252024Interest expenses173,7651,276,951Purchase of services1,205,026371,850Management fee1,430,7830 Receivables from group entities1,430,78368,713Payables to group entities26,643,265390,493Cash capital increase0120,582,348 Ownership The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the share capital: NameDomicile EDF InternationalTour EDF, 20 Place de la Défense, 92800 Puteaux, Frankrig 3525143 1793453 35000 -24421 -173139 -648188 -527279 -1634707 0 93395 12049133 3333179 1497064 2407111 -5702501 13260420 -16060069 -6851112 17734815 47346374