43568108 2025-01-01 2025-12-31 43568108 2025-01-01 2025-12-31 1 43568108 2025-01-01 2025-12-31 2 43568108 2025-01-01 2025-12-31 3 43568108 2025-01-01 2025-12-31 4 43568108 2024-01-01 2024-12-31 43568108 2025-12-31 43568108 2024-12-31 43568108 2024-01-01 d:ContributedCapitalMember 43568108 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 43568108 2024-01-01 d:RetainedEarningsMember 43568108 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 43568108 2024-01-01 2024-12-31 d:RetainedEarningsMember 43568108 2025-01-01 d:ContributedCapitalMember 43568108 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 43568108 2025-01-01 d:RetainedEarningsMember 43568108 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 43568108 2025-01-01 2025-12-31 d:RetainedEarningsMember 43568108 2025-12-31 d:ContributedCapitalMember 43568108 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 43568108 2025-12-31 d:RetainedEarningsMember 43568108 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 43568108 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 43568108 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 43568108 2025-01-01 d:InvestmentsInAssociatesMember 43568108 2025-12-31 d:InvestmentsInAssociatesMember 43568108 2025-01-01 2025-12-31 d:InvestmentsInAssociatesMember 43568108 2025-01-01 2025-12-31 d:AssociateMember 1 43568108 2025-12-31 d:AssociateMember 1 43568108 2025-01-01 2025-12-31 d:AssociateMember 2 43568108 2025-12-31 d:AssociateMember 2 43568108 2025-12-31 d:LongtermPayablesToGroupEnterprisesMember iso4217:DKK xbrli:pure Årsrapport 43568108 Greenvolt Power Danmark ApS Inge Lehmanns Gade 10, 5. 8000 Aarhus 2025-01-01 2025-12-31 2024-01-01 2024-12-31 43568108 Greenvolt Power Danmark ApS Inge Lehmanns Gade 10, 5. 8000 Aarhus 2022-10-10 Aarhus 2026-06-30 Henri Schumann Regnskabsklasse B Ingen bistand true 2026-06-30 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of Greenvolt Power Danmark ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Executive Board has considered the criteria for omission of audit to be met. 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 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. Aarhus Henri Schumann Director Spyridon Martinis Director Damian Oscar Rodriguez Prado Director Duarte Cortez dos Santos Vaz Cardoso Director The company's purpose is the development of wind and solar PV energy and other related matters related business. The income statement for 2025 shows a loss of DKK 4,251,896 against a loss of DKK 5,901,297 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 14,383,098. As a result of the loss for the past three years, the company has lost its entire share capital. It is the expectations of the company, that the capital will be reestablished by future earnings within the next 3-4 years.Although the company is showing a negative equity, it has the financial support from the parent company Greenvolt Power Group to fulfill all the obligations, and during the year 2025 the company will be recharging cost to the project that is being developed by the employees hired in the company. The company has received a support letter from the Shareholder making sure that the company will be able to fullfill their obligations. 2678731 0 2583096 4324032 95635 -4324032 4742715 2772177 14350 10821 0 5756 -4661430 -7112786 5793 5943 23294 3241 820293 463840 -5452636 -7567442 -1200740 -1666145 -4251896 -5901297 5947 0 -4257843 -5901297 29947 46748 29947 46748 26293 20346 26293 20346 56240 67094 447132 0 974472 0 4069497 2868757 12169 139389 337132 149969 5840402 3158115 2384457 555150 8224859 3713265 8281099 3780359 40000 40000 5947 0 -14429045 -10171202 -14383098 -10131202 15120549 11195714 0 1416587 15120549 12612301 20061 33528 1131429 0 6392158 1265732 7543648 1299260 22664197 13911561 8281099 3780359 40000 0 -4269905 0 -5901297 40000 0 -10171202 5947 -4257843 40000 5947 -14429045 The annual report of Greenvolt Power Danmark ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. 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. The Company has chosen IAS 18 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year.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 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 depreciation of property, plant and equipment.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:Fixtures and fittings, other plant and equipment 4 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. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In associates, only proportional elimination of profit and loss is carried out, taking into account ownership shares. 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. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. 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.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. Equity investments in associates are measured according to the equity method.On initial recognition, equity investments in associates are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of property, plant and equipment and investments in associates is assessed for impairment on an annual basis. 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 and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.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. 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 on office premises 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 in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.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. As a result of the loss for the past four years, the company has lost its entire share capital. It is the expectations of the company, that the capital will be reestablished by future earnings within the next 3-4 years. Although the company is showing a negative equity, it has the financial support from the parent company Greenvolt Power Group to fulfill all the obligations, and during the year 2025 the company will be recharging cost to the project that is being developed by the employees hired in the company. 2461463 2522160 1424479 234000 749748 5436 107025 10581 4742715 2772177 2 2 758264 425925 57024 31604 5005 6311 -1200740 -1666145 57569 3017 54552 10821 14350 566 24605 29947 20500 20500 -154 5947 5793 26293 ECN Greenvolt Power Komplementar ApS Thisted 50.00 ECN Greenvolt Power K/S Thisted 50.00 The deferred tax asset, which is due to tax losses, is expected to be utilized by future earnings within a period of 3-4 years. 15120549 0 15120549 0 The company has no contractual obligations, contingencies etc. 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 for income year 2025 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 9 January 2024. The Company has not provided any security or other collateral in assets at 31 December 2025. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements GREENVOLT - ENERGIAS RENOVÁVEIS, S.AAvenida Jose Malhoa 27, 1070-157 Lisbon, Portugalhttps://greenvolt.com/wp-content/uploads/2026/04/ENG_-Greenvolt-Annual-Report-31.12.2025-1.pdf