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København S København Beierholm Søborg Knud Højgaards Vej 9 2860 true true We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for StandbyCo VI ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the consolidated financial sta­te­ments and financial statements give a true and fair view of the group's and the parent's assets, lia­bilities and financial position as at 31.12.25 and of the results of the group’s and parent’s ac­ti­vities and of the group's cash flows for the financial year 01.01.25 - 31.12.25. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Anders Dissing Millgaard Rinaldo Rosendaal Chairman Nicklas Skou Guldberg To the capital owner of StandbyCo VI ApS In our opinion the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments give a true and fair view of the group's and the com­pa­ny's finan­cial posi­tion at 31.12.25 and of the results of the group's and the com­pa­ny's ope­ra­tions and con­solidated cash flows for the finan­cial year 01.01.25 - 31.12.25 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments” section of our report. We are independent of the group and 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 mana­ge­ment’s review.Our opinion on the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the con­so­li­da­ted fi­nan­cial sta­te­ments or pa­rent com­pa­ny 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’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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. Management is responsible for the pre­pa­ra­tion of con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the group's and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the group and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 group's and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 group's and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 group and the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, including the disclosures, and whether the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments repre­sent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for expressing an opinion on the consolidated financial statements and fi­nan­cial sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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. Soeborg, Copenhagen Henrik Agner Hansen State Authorised Public Accountant mne28682 522544000 915283000 488401000 29971000 -703000 982000 -991000 -7192000 -6434000 16927000 -10015000 -8018000 675684000 728007000 634003000 1388000 419000 1223000 276000 1054000 134255000 103748000 111905000 22172000 81775000 -18382000 -59568000 -5788000 -7765000 -6569000 -11348000 -9320000 Main activitiesThe Group's main activites comprise the operations of Modstrøm Danmark A/S. Modstrøm Danmark A/S is a supplier of energy and green transition, which is 100% independent of the incumbents providing grid services to power consumers. Modstrøm was founded in 2008, being the first independent power supplier in Denmark following the deregulation of the energy market in 2003, supplying power to both private households and companies nationwide. The activities of the Company are:Procurement of power on the Nordic energy exchange and sale of power to Danish energy consumersDelivery of Energy Services which enables the consumer to:Reduce energy consumption through change in consumer behavior Move energy consumption to nighttime where the share of green energy in the grid is highest.Understand how energy is consumedSave money through energy reductionSales of products and services which have a direct impact on businesses and private consumers realization of energy savings, hereunder:Online and Onsite energy calculations which identifies the consumers potential for energy improvementsAdvice for energy consumers to reduce energy consumptionAssume the role as main contractor, collecting offers from sub vendors and suppliers, coordinating and perform client advice consultanciesPayment servicesRealization of energy improvements through implementation of products and services i.e. Insulation, heat pumps, solar cells, batteries, lightning, ventilation. Development of new and innovative products and services, adding considerable value for energy consumersModstrøm embraces the philosophy that the only true green kWh is the one never consumed.The vision is that sustainability must pay off. Being an energy consumer, doing the right thing for the environment and climate must not be more expensive; the energy consumer is capable of both saving money and preventing climate changes. The prerequisite is that the consumer understands how and when energy is used, and what to do to reduce consumption. Modstrøm's employees primarily consist of staff within sales, customer service, and digital solutions,as well as administrative staff, energy advisors, and technical specialists. Furthermore, the company to a significant extent utilizes external partners for the installation and delivery of energy solutions. Modstrøm’s suppliers primarily consist of electricity providers from the Nordic power exchange, as well as subcontractors specializing in the installation and delivery of energy improvements, including suppliers of solar PV systems, heat pumps, battery solutions, and other technical installations. Uncertainty concerning recognition and measurementIn the financial statements for the financial year 01.01.25 - 31.12.25, the uncertainty with regard to recognition and measurement of goodwill in the Group financial statements and Equtiy investments in group enterprises in the Parent company financial statements has been described. Please refer to note 20 for detailed description. Development in the group's financial activities and affairsThe income statement for the period 01.01.25 - 31.12.25 shows a loss of DKK 16,046k against DKK -15,794k for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 102,990k.Balance sheet compositionThe Group has recognised payables to other credit institutions of DKK 35.1m which as of the balance sheet date was classified as short-term payables. Since the balance sheet date, Management has successfully renegotiated the Group's financing structure and secured a new long-term credit facility, which has replaced the previous short-term payables. This strengthens our capital structure and provides a solid foundation for the Group’s continued operations and strategic development The result for 2025 was affected by strategic investments in new business areas and by increased costs associated with the outsourcing of the installation business.The investments were made to strengthen the company’s ability to support the green transition – with a focus on offering solutions that create lasting value for both customers and society through more responsible and efficient energy consumption.Performance compared to expectationsThe expected EBITDA for 2025 was in the range of DKK 10–30 million. Realised EBITDA amounted to DKK 18.8 million and was therefore within the expected range. The budgeted revenue of DKK 512 million was not achieved, primarily due to lower electricity prices and a slowdown in the energy improvement market during the year. OutlookIn the financial year 2026, the Group expects to realize an EBITDA of approximately 15-35 DKKm. The expected revenue is highly dependent on the price of power, which is passed on to the end customers. Changes in the price of power does not affect the result. Financial risksPrice risksAs the cost price of power is passed directly onto the customers, there is no price risk.Interest rate risksThe interest rate for the group is based on the general interest rate plus a margin depending on the leverage ratio. There is a risk associated with an increase in the interest rate.Credit risks´Modstrøm aims at having prepayments on all residential and business customers, which reduces the credit risk for the company. Liquidity risksIn the event of a sudden price increase on power, a temporary need for cash before payments are received from the customers might arise. The company has access to extensive cash facilities to mitigate this exposure. Research and development activitiesIn 2025, Modstrøm expanded its focus within research and development activities with new initiatives that support both the green transition and an enhanced digital customer experience.We have expanded our digital universe with the launch of a new app. With this app, we have created a platform that provides customers with significantly better and more intuitive access to their data, direct insight into their own consumption, and the option to add tools to manage their energy setup. This makes our digital solutions substantially more accessible and user-friendly. As an integral part of our development efforts, Modstrøm strengthened its utilization of artificial intelligence in 2025. We have established advanced vector databases and built proprietary AI tools that optimize internal processes and support our employees in their daily work. Concurrently, these technologies form the foundation for new, intelligent solutions that deliver direct value and a more personalized experience for our customers.In parallel, we have expanded our market position, meaning that Modstrøm now helps a broader range of customers commercialize their assets through the ancillary services market. Whether dealing withexisting or new assets - such as batteries, gas engines, and other flexible units - Modstrøm ensures daily operation and intelligent optimization. In this way, we create commercial value for the customer, while the assets actively support the balancing and flexibility of the power grid.We work continuously to connect more participants and assets to the balancing market. Our engagement in ancillary services is a strategic priority for Modstrøm and is expected to gain increasing importance in line with the general electrification of society and the growing share of fluctuating, renewable energy in power generation. Important events occurring after the end of the financial yearNo significant events have occurred after the end of the financial year. Branches abroadThe group owns 100% of Modstroem Deutschland GmbH. The main purpose of the subsidiary is software maintenance and development. Modstrøm Danmark A/S is the key customer and user of services provided by the Modstrøm Deutschland GmbH. Corporate social responsibilityEnvironmental mattersModstrøm considers itself an active contributor to the green transition and does not identify any significant inherent environmental or climate-related risks associated with the company’s own business operations.Conversely, the company’s efforts serve as a catalyst for sustainable customer behavior. The risks identified in this area are indirect and relate primarily to two factors: first, the impact of the energy-optimizing solutions provided, which in practice depends on the customer's behavior and ownership, and second, the general market development, as the company purchases electricity through the Nordic power exchange.Modstrøm seeks to become Denmark’ leading sustainable energy company. Our mission is to drive green energy transition by making it easy, economically sustainable and advantageous to transit to green energy with climate friendly and innovative products and services.Modstrøm seeks to contribute to the Danish realization of the green energy transition. This is achieved, not only through buying power from sustainable energy sources, but also through actively seeking to make energy improvements in the individual household and company with everything from heating pumps to solar cells and charging points. The company offers energy-optimizing products and advisory services, including solar panels, heat pumps, and charging infrastructure, as well as digital solutions that provide customers with insight into and control over their own energy consumption. Furthermore, work is being done on the development of energy solutions, including batteries and system services, which contribute to balancing the power grid. The company has begun to renew part of the fleet with Electrical Vehicles (EVs) whenever possible. However not all vehicles, including the technician cars, used for longer distance drives are suitable for changes to EVs. Social and employee mattersModstrøm strives to being an attractive workplace, where only skills and personal qualifications are relevant for employment and potential for promotion. Hence, Modstrøm has no targets for non-relevant factors like age, gender, ethnicity, etc.The company assesses that risks within the area of social and employee matters relate to the working environment and well-being, including the risk of workplace accidents in connection with driving, as well as the risk of insufficient retention and engagement among employees.To mitigate these risks, the company conducts annual employee satisfaction surveys and implements follow-up initiatives focusing on, among other things, internal communication, social activities, and cross-organizational collaboration. Furthermore, the company supports professional development through education and leadership training, while continuously working on health, safety, and the working environment.The annual employee satisfaction survey indicates that employee engagement is on par with comparable companies. The company expects to further develop efforts regarding well-being and the working environment, and to strengthen follow-up processes with the aim of supporting retention and engagement within the company. The company has had one work-related incident in 2025, none of which resulted in severe injuries. The company has analyzed the incident and concluded that current work safety policies are sufficient.Respect for human rights The company assesses that significant risks within the area of human rights may relate to discrimination or unequal treatment internally, as well as to supplier relationships, where the company has limited direct control.Modstrøm has a zero-tolerance approach to discrimination and emphasize inclusion of all employees regardless of background. To mitigate these risks, the company has implemented a whistleblower scheme, among other measures, and maintains a continuous focus on inclusion and equal opportunities. During the financial year, there have been no reports of human rights violations via the whistleblower scheme or other channels.Anti-corruption and bribery mattersThe management does not assess that there are significant risks associated with corruption and bribery. In general, all employees, managers and board members shall refrain from directly or indirectly, offer, provide, or accept gifts, money, donations or hospitality to or from any person. The policy allows for customary and proportionate ceremonial and special occasion gifts like minor Christmas gifts, business lunches, etc. Group Management does not consider any significant risks to be associated with the policies mentioned above and there have been no incidents related to compliance with the policies during the financial year. KPI’s for policies Several of the above-mentioned policies lack formal registration and KPI’s, but the Company is working towards initiating such reporting. Business modelPlease refer to the description under “main activices”. The group is managed in accordance with the statutory provisions laid down in the Danish Companies Act (selskabsloven) and the Danish Financial Statements Act (årsregnskabsloven), and subject to the recommendations of the Committee for Corporate Governance. Group Policies Data ethicsThe company maintains a strong focus on ensuring compliance with GDPR legislation and safeguarding the data security of employees, customers, suppliers, and other stakeholders.A formal data ethics policy has not yet been established but is expected to be implemented within the coming years. 370727000 438498000 0 0 -4382000 -4431000 0 0 1162000 267000 0 0 193227000 184706000 0 0 40505000 74402000 0 0 52513000 67538000 176000 141000 90026000 116550000 -176000 -141000 71220000 100180000 0 0 30837000 29288000 0 0 -12031000 -12918000 -176000 -141000 0 0 -15724000 -16164000 1166000 3770000 0 104000 3203000 4954000 16000 1000 -14068000 -14102000 -15916000 -16202000 1978000 1692000 -42000 -8000 -16046000 -15794000 -15874000 -16194000 11663000 12963000 0 0 128556000 152076000 0 0 5957000 5277000 0 0 146176000 170316000 0 0 950000 202000 0 0 1028000 1121000 0 0 1978000 1323000 0 0 0 0 102661000 118385000 750000 1849000 0 0 750000 1849000 102661000 118385000 148904000 173488000 102661000 118385000 26427000 32264000 0 0 26427000 32264000 0 0 0 495000 0 0 305808000 302182000 0 0 3000 0 106000 1304000 948000 3774000 0 0 6086000 6006000 0 4000 312845000 312457000 106000 1308000 43269000 48366000 656000 853000 382541000 393087000 762000 2161000 531445000 566575000 103423000 120546000 1030000 1030000 1030000 1030000 101960000 118006000 101877000 117751000 102990000 119036000 102907000 118781000 2723000 4170000 0 0 1400000 1800000 0 0 4123000 5970000 0 0 35586000 39861000 0 0 157889000 184624000 0 0 95666000 97493000 108000 78000 0 0 408000 1687000 3353000 295000 0 0 131838000 119296000 0 0 424332000 441569000 516000 1765000 424332000 441569000 516000 1765000 531445000 566575000 103423000 120546000 Figures in DKK '000Share capitalRetained earningsTotal equityGroup:Statement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.241,028133,227134,255Capital increase2309311Other changes in equity0264264Net profit/loss for the year0-15,794-15,794Balance as at 31.12.241,030118,006119,036Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.251,030118,006119,036Net profit/loss for the year0-16,046-16,046Balance as at 31.12.251,030101,960102,990Figures in DKK '000Share capitalRetained earningsTotal equityParent:Statement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.241,028133,372134,400Capital increase2309311Other changes in equity0264264Net profit/loss for the year0-16,194-16,194Balance as at 31.12.241,030117,751118,781Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.251,030117,751118,781Net profit/loss for the year0-15,874-15,874Balance as at 31.12.251,030101,877102,907 1028000 133227000 2000 309000 264000 -15794000 1030000 118006000 -16046000 1030000 101960000 1028000 133372000 2000 1030000 -15874000 1030000 101877000 34786000 32096000 5837000 11696000 -39665000 4411000 -36436000 -914000 60395000 -48943000 8871000 -17448000 1110000 3770000 -3148000 -4179000 -370000 -11480000 6463000 -29337000 -6048000 -5717000 -1388000 -419000 150000 251000 0 0 -7286000 -5885000 0 264000 0 311000 -4001000 -35000000 -273000 -15000 -4274000 -34440000 -5097000 -69662000 48366000 118028000 43269000 48366000 43269000 48366000 1.Balance sheet compositionThe Group has recognised payables to other credit institutions of DKK 35.1m which as of the balance sheet date has been classified as short-term payables. The payables are part of the Group's financing structure which has been renegotiated after the balance seet date and as such the short- term payables has been replaced with new long-term financing. Information about the distribution of revenue by activities and geographical markets is provided below. The segment information is prepared in accordance with the company's accounting policies and follows the company's internal financial management.Revenue comprises the following activities:Sale of power309,880331,27100Sale of energy improvements and other products etc. 60,847103,96500Total370,727435,23600Revenue comprises the following geographical markets:Denmark370,727435,23600Total370,727435,23600 63886000 91625000 0 0 2414000 3478000 0 0 1352000 1482000 0 0 3568000 3595000 0 0 141 182 0 0 With reference to section 98b(3) no. 2 of the Danish Fi­nan­cial State­ments Act, re­mune­ration for the manage­ment is not dis­closed for 2025 and 2024, as infor­mation would other­wise lead to a­mounts being shown for a single mem­ber of manage­ment. 435000 400000 36000 35000 123000 0 0 0 119000 115000 16000 15000 317000 315000 26000 25000 -16046000 -15794000 -15874000 -16194000 47011000 2930000 232934000 5277000 6048000 5368000 -5368000 52379000 2930000 232934000 5957000 -34048000 -2930000 -80858000 0 -6668000 -23520000 -40716000 -2930000 -104378000 0 11663000 0 128556000 5957000 Captalized development projects comprise improvements and new functionalities to own systems for identifications and sales of energy improvements solutions as well as own systems to ensure correct order taking and invoicing of customers according to legislation. The development projects are completed and in use and is the corner stone in the group's future profit on energy improvement solutions and sale of electricity. 8.Property, plant and equipmentFigures in DKK '000Leasehold improvementsOther fixtures and fittings, tools and equipmentGroup:Cost as at 01.01.252,0356,294Additions during the year842546Disposals during the year0-428Cost as at 31.12.252,8776,412Depreciation and impairment losses as at 01.01.25-1,833-5,173Depreciation during the year-94-555Reversal of depreciation of and impairment losses on disposed assets0344Depreciation and impairment losses as at 31.12.25-1,927-5,384Carrying amount as at 31.12.259501,028 2035000 6294000 842000 546000 -428000 2877000 6412000 -1833000 -5173000 -94000 -555000 344000 -1927000 -5384000 950000 1028000 9.Equity invest­ments in group enter­pri­sesFigures in DKK '000Equity invest­ments in group enter­pri­sesParent:Cost as at 01.01.25141,730Cost as at 31.12.25141,730Depreciation and impairment losses as at 01.01.25-23,345Net profit/loss from equity investments-15,724Depreciation and impairment losses as at 31.12.25-39,069Carrying amount as at 31.12.25102,6619.Equity invest­ments in group enter­pri­ses  -  continued  -Name and registered office:Ownership interestSubsidiaries:StandbyCo VII ApS, Copenhagen100%Modstrøm Danmark ApS, Copenhagen100%Dansk Forsyningsinkasso A/S, Copenhagen100%EasyGreen ApS, Copenhagen100%Aktant Technology ApS, Copenhagen100%Modstroem Deutschland G.m.b.H, Germany100% 141730000 141730000 -23345000 -15724000 -39069000 102661000 StandbyCo VII ApS Copenhagen 100 Modstrøm Danmark ApS Copenhagen 100 Dansk Forsyningsinkasso A/S Copenhagen 100 EasyGreen ApS Copenhagen 100 Aktant Technology ApS Copenhagen 100 Modstroem Deutschland G.m.b.H Germany 100 1849000 855000 -1954000 750000 750000 GroupParent31.12.2531.12.2431.12.2531.12.24DKK '000DKK '000DKK '000DKK '00011.PrepaymentsPrepaid costs6,0866,00604Total6,0866,00604 12.ReceivablesReceivables which fall due for payment more than 1 year after the end of the financial year41,175,01640,30400 Cash includes bank deposits of DKK 250k which are deposited as collateral for a licence to operate. Share capital 103023574 1030 GroupParent31.12.2531.12.2431.12.2531.12.24DKK '000DKK '000DKK '000DKK '00015.Deferred taxDeferred tax as at 01.01.254,1704,07000Deferred tax recognised in the income statement-1,44710000Deferred tax as at 31.12.252,7234,17000Deferred tax is distributed as below:Intangible assets3,1504,18300Property, plant and equipment-20-1300Inventories-407000Total2,7234,17000 4170000 4070000 0 0 -1447000 100000 0 0 16.Other provisionsFigures in DKK '000Other provisionsGroup:Provisions as at 01.01.251,800Applied during the year-400Provisions as at 31.12.251,40031.12.2531.12.2431.12.2531.12.24DKK '000DKK '000DKK '000DKK '000Other provisions are expected to be distributed as follows:Non-current liabilities30015000Current liabilities1,1001,65000Total1,4001,80000Other provisions comprise expected payments to settled customers. The provisions are expected to be distributed as shown above. The provision, and its distribution, is based on historical payment data. 17.Contingent liabilitiesParent:Other contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 18.Other commitmentsGroup:The group has concluded lease- and rental agreements with terms to maturity of 2 - 60 months and a total lease payments of DKK 7,803k. 19.Charges and securityGroup:The group has provided a company charge of DKK 51,500k, as security for debt to other credit institutions. As of 31.12.25, the company charge comprises of the following assets with the following carrying amounts:- Goodwill and intellectual property rights, DKK 24,230k- Other plant, fixtures and fittings, tools and equipment, DKK 1,309k- Inventories, DKK 0k- Trade receivables, DKK 297,264kParent:The company has provided collateral in equity investments in group enterprises for group enterprise's debt, totaling DKK 35,586k. The carrying amount of equity investments in group enterprises amount to DKK 102,661k. In addition the company has provided securities with a maximum of DKK 35,870k in respect of group enterprises' debt to credit institutions amounting to DKK 35,586k at the balance sheet date. 20.Uncertainty concerning recognition and measurementIn the financial statements for 2025, the following uncertainty as regards recognition and measurement is noted, since it could have influence on the assets and liabilities recognised in the financial statements:The Group has recognized goodwill amounting to DKK 128.6m and in the parent Company the goodwill has been recognized as part of Equity investments in group enterprises. The uncertainty relates to measurement of goodwill amounting to DKK 44.1m and is based on improved earnings and cash flow for the related activity. These expectations are based on a stabilization of the market for solar cells and further materialization of positive impacts from restructuring of activities. The expectations of improved earnings are subject to uncertainty, especially as it relates to the time frame for stabilization of the solar cell market.If the assumptions are not met and the expected earnings deviate with more than 25-30% from the current budgets, the goodwill in the Group financial statements as well as in the parent financial statements (i.e. the measurement of the Equity investments in group enterprises) will be subject to impairment. It is Management's assessment that the assumptions will be met but that the uncertainties described above exists. 21.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Refer to note 14 for description of incentive programmes. 30837000 29288000 -1166000 -3770000 3203000 4954000 1978000 1692000 The annual report is presen­ted in accordance with the provisions of the Danish Financial Statements Act for large groups and enterprises in re­port­ing class C. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the ac­count­ing policies of the group.The consolidated financial statements con­solidate the financial statements of the parent and its subsidiaries by adding to­gether items of a uniform nature, elimi­nating intercompany income and ex­penditure, equity investments, inter­company balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using theexchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. DERIVATIVE FINANCIAL INSTRUMENTSOn initial recognition, derivative financial instruments are measured at cost. Sub­sequently, they are measured at fair value and recognised under other receivables and other payables, respectively. Fair value adjustment of derivative financial instruments classified as and meeting the criteria for hedging future cash flows (cash flow hedging) are recognised in equity under the cash flow hedging reserve. In the event that the hedged transaction results in the recognition of an asset or a liability, the accumulated fair value adjustment of the hedging instrument, which was previously recognised in equity, will be included in the cost of the asset or the liability. In the event that the hedged transaction results in the recognition of an income or an expense, the accumulated fair value adjustment of the hedging instrument, which was previously recognised in equity, will be recognised together with the hedged income or expense.If the hedged transaction is no longer expected to occur, the cash flow hedging treatment is discontinued, and the accumulated fair value adjustment of the hedging instrument is transferred toother net financials in the income statement. If the hedged transaction is still expected to occur, but the criteria for cash flow hedging are no longer met, the hedging treatment is discontinued, and the accumulated fair value adjustment of the hedging instrument remains in equity until the transaction occurs.Fair value adjustments of derivative finan­cial instruments that do not meet the criteria for hedge accounting treatment are recognised under other net financials in the income statement on an ongoing basis. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from the sale of services is recognised in the income statement in line with completion of services, which means that revenue corresponds to the selling price of the work performed for the year stated on the basis of the stage of completion at the balance sheet date (percentage of completion method). Work performed for own account and capitalisedWork performed for own account and capitalised comprises cost of sales, wages and salaries and other internal expenses incurred during the year and included in the cost of self-constructed or self-produced intangible assets and property, plant and equipment. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consuma­blesCosts of raw materials and consumables comprise raw materials and consumables used for the year. Cost of salesCost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expensesOther external expenses comprise selling costs, vehicle expenses, cost of premises and administrative expenses as well as other capacity costs, including bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 5-10 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expenses Income from equity investments in group en­tre­prisesFor equity investments in sub­si­di­ar­ies that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and im­pairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. The parent is the ad­min­is­tra­tion company for the joint taxation and thus settles all income tax payments with the tax authorities.In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsCompleted de­vel­op­ment projects and de­vel­op­ment projects in progressDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the companyin its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Acquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.GoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gains or losses on the disposal of intangi­ble assetsGains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a consolidation method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the income statement at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the parent has a legal or constructive obligation to cover the liabilities of the enterprise in question.Goodwill recognised under equity invest­ments is amortised according to the straight-line method based on an individual assessment of the useful life of the asset. The useful life of goodwill has been de­ter­mined at 10 years for equity invest­ments in subsidiaries. The useful life has been determined in consideration of the expected future net earnings of the enterprise to which the goodwill relates.Gains or losses on disposal of equity investments are determined as the difference between thedisposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, lesswrite-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Work in progress for third partiesWork in progress for third parties is determined as the value of direct material and labour costs less prepayments associated with each piece of work in progress. Interest on loans arranged to finance production is not included in the cost. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank account . EquityThe net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. ProvisionsOther provisions comprise expected payments to settled customers and are recog­nised when the company has a legal or con­structive obligation at the balance sheet date and it is probable that such obligation will draw on the financial resources of the company. Provisions are measured at net realisable value or fair value if the provi­sion is expected to be settled over the longer term. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customersPrepayments received from customers com­prise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities com­prise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities com­prise payments in connection with the ac­quisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of in­tangible assets and property, plant and equipment.Cash flows from financing activities com­prise changes in the parent’s share capital and as­so­ci­a­ted costs and finan­cing from and di­vidends paid to sharehold­ers as well as the ar­ran­ge­ment and repay­ment of long-term pay­ables. Cash and cash equivalents at the beginning and end of the year comprise cash. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared for the parent as the parent is included in the consolidated cash flow statement.