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2025-12-31 fsa:OtherLongtermPayablesMember 40895493 2024-12-31 fsa:OtherLongtermPayablesMember 40895493 2025-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 40895493 2024-12-31 fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 40895493 2025-12-31 fsa:OtherShorttermPayablesMember 40895493 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, stor virksomhed Revisionspåtegning true 2026-06-30 Jesper Nørholt The Executive Board and Board of Directors have today considered and adopted the Annual Report of Armorica 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 and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Roskilde 2026-06-30 Morten D. Hansen Carsten Ullits Olesen Richard John Blumberger Morten D. Hansen Jesper Nørholt Chairman Marc Guilhem Venier To the shareholders of Armorica Danmark ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Armorica Danmark ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion 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 Group 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 Management’s Review.Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of consolidated financial statements and parent company 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 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 Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about 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 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 Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the 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 Parent 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 Group’s and the Parent 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 Group and the Parent 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.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 forming an opinion on the Consolidated 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. Ringsted 2026-06-30 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Brian Pedersen Kenneth Østergaard State Authorised Public Accountant State Authorised Public Accountant mne28701 mne47262 Armorica Danmark ApS Gammel Marbjergvej 11 Roskilde 40895493 Roskilde Eventyrvej 16 Ringsted Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from: 1319503000 997751000 852985000 548373000 375776000 333110000 1434000 -19452000 -15731000 -54106000 -25594000 -26605000 -48294000 -41539000 -37077000 781182000 783940000 553534000 72516000 55976000 51495000 51794000 42266000 -145035000 -96741000 -55202000 -13420000 19873000 10428000 -45707000 -164982000 -29747000 18942000 182019000 34046000 -40185000 36910000 14727000 760 829 838 664 582 0.415 0.415 0.416 0.377 0.391 0.025 0.031 0.001 0.019 0.018 0.036 0.056 0.002 0.025 0.028 0.029 0.000 0.186 0.123 0.100 Key activitiesThe Parent Company's activities consist of being a holding company and management company for the idverde Danmark Group, which consists of the enterprises Malmos A/S, ZinCo Danmark A/S, OKNygaard A/S, idverde A/S, Anlægsgartner Lauge Bonde ApS and Brolægger Kompagniet ApS.The Group's activities comprise nature-based solutions such as landscape construction through the award and execution of construction contracts for the creation, operation, management and maintenance of green spaces.idverde – a sustainable landscape in the green industryOur vision is to create a greener and more biodiverse Denmark and jointly, we have the resources to offer public and private customers all over the country construction and operation of sustainable solutions in and on the ground, high up and on roofs.The goal is to create a landscaping group that matches the market and customer demand while constituting a strong, environmentally friendly partner in the landscaping industry and not least as a professional operating partner. Our mission is to offer a full-service landscaping package everywhere in Denmark.Development of the year and follow-up on development expectations from last yearIn 2025, we achieved revenue of DKK 1,200k (compared to DKK 1,267k in 2024) corresponding to a decrease of 5.3%. The decrease reflects our continued strategy of exiting low-margin contracts and being selective in project acquisition within Creation, and a further normalisation of the Maintenance revenue base following the structural changes completed in 2024. In this context, the revenue level is broadly in line with our expectations for 2025, as communicated in last year's annual report, where we guided for approximately 0% organic growth.The Group's gross margin in 2025 remained stable at 41.5%, unchanged from 2024 (41.5%), demonstrating the resilience of our margin structure despite the revenue decline. This stability reflects the continued integration benefits from prior acquisitions, a more favourable contract mix in Maintenance, and ongoing efficiency improvements across the Group's operations. The business as usual has continued to deliver solid results from our highly skilled employees in both Creation and Maintenance.The operating profit margin improved to -2.5% in 2025 (compared to -3.1% in 2024), representing meaningful progress towards our communicated target range of 1–2%, although falling short of the guided range for the year. This improvement reflects a reduction in operating losses before financial items, which narrowed from DKK -39,520k in 2024 to DKK -29,472k in 2025. The overall result was further supported by a significant reduction in financial expenses, which fell from DKK 57,277k in 2024 to DKK 29,655k in 2025, reflecting the deleveraging impact of the 2024 recapitalisation and a reduction in intercompany interest obligations.The consolidated income statement for 2025 shows a loss of DKK 51,347k (compared to a loss of DKK 86,055k in 2024), representing a reduction in the net loss of approximately DKK 35 million. On 31 December 2025, the consolidated balance sheet shows equity of DKK 23,340k, following a cash capital increase of DKK 74,573k completed during the year, further strengthening the solvency of the DK Group's consolidated accounts.The loss for the year is a result of several factors:Annual non-cash amortisation, depreciation and impairment losses related to property, plant and equipment were DKK 45,842k in 2025 (compared to DKK 44,342k in 2024) and those related to intangible assets constituted DKK 25,224k in 2025 (compared to DKK 27,707k in 2024).Integration costs, which support the realisation of value-creating synergies across the Group’s businesses, including acquisitions completed in previous years, amounted to DKK 7,769k in 2025 compared to DKK 6,452k in 2024. The level reflects continued integration activities following the structural changes implemented during 2024, as the Group further embedded its operating model and synergy initiatives.Overall, the loss for the year is unsatisfactory, but reflects the ongoing impact of non-cash acquisition costs and a cost structure that is still normalising following the structural changes completed in 2024. Management is encouraged by the clear trajectory of improvement and remains confident that the continued execution of the 'Power of Nature' strategy will bring the Group within its targeted profit margin range in the coming years.In this context, the shareholders of Armorica Danmark ApS completed a cash capital increase of DKK 74,573k in 2025, further demonstrating their continued support for the Danish businesses and strengthening the solvency of the DK Group's consolidated accounts.The following provides an overview of the performance of the individual Group companies during the year:idverde A/S (consolidating the idverde Maintenance business) recorded revenue of DKK 583.4 million in 2025, down from DKK 644.2 million in 2024, reflecting the continued rationalisation of the contract portfolio towards higher-margin work. Against this repositioned revenue base, the company delivered a significant earnings improvement, recording a profit after tax of DKK 19.1 million against a loss of DKK 5.0 million in 2024, and landing slightly below the company's guided range of DKK 20–25 million before tax. The improvement in profitability was supported by a meaningful reduction in both staff costs and external expenses, as the cost base was brought into line with the repositioned revenue level. idverde enters 2026 with an integrated operational platform and a strengthened earnings foundation.Malmos A/S delivered continued revenue growth in 2025, achieving revenue of DKK 367.9 million - an increase of 16% compared to 2024. The growth was supported by a broad palette of project types, including road restoration, sewerage and climate protection, in addition to the company's traditional green projects. Profitability for the year was satisfactory, with an operating profit margin before non-recurring items of 5.9%, at the low end of the company's guidance range of 6–8%. Heading into 2026, Malmos remains the cornerstone of the Group's Creation business.OKNygaard A/S continued in 2025 to execute on its commercial transformation following the strategic split of the former OKNygaard business. The Maintenance activities were transferred to idverde A/S, while the remaining landscaping business is being progressively integrated with Malmos, with new contracts now being entered into under the Malmos legal entity. This transition inevitably suppressed reported activity in OKNygaard during 2025, and the financial results for the year - a net loss of DKK 14.8 million and closing equity of DKK 5.9 million - reflect the company being in a transitional state rather than steady-state operations. In 2026, the integration is expected to support improved commercial performance as the new structure becomes fully embedded.Anlægsgartner Lauge Bonde ApS delivered an improved performance in 2025, with gross profit increasing to DKK 20.8 million from DKK 18.3 million in 2024 and operating profit recovering to DKK 2.0 million. The improvement reflects better project execution and a more favourable project mix compared to the prior year, which had been characterised by elevated mobilisation costs and lower asset utilisation. The company continued to grow its workforce and enters 2026 with a more stable operational foundation.Brolægger Kompagniet ApS delivered an improved performance in 2025, with gross profit of DKK 12.7 million broadly stable compared to DKK 13.0 million in 2024, and EBIT improving significantly to DKK 2.4 million from DKK 1.6 million in the prior year. The improvement was driven primarily by a reduction in staff costs following a planned decrease in headcount from 15 to 12 employees, which more than offset the modest decline in gross profit. Net profit for the year amounted to DKK 1.8 million (2024: DKK 1.2 million), and equity strengthened accordingly to DKK 3.4 million at year-end. The company enters 2026 with a leaner cost base and a solid earnings foundation.ZinCo Danmark A/S recorded a net loss of DKK 0.1 million in 2025 (2024: DKK 0.1 million loss), reflecting the continued limited trading activity of the company, whose main activity comprises the development and sale of products and systems for plant on roof decks. ZinCo continues to operate as a specialist niche entity within the Group.For further details, please refer to the companies’ annual reports for 2025.A strong foundation for future development and growth2025 has been a year of continued execution on the strategic priorities set out in the 'Power of Nature' strategy, with meaningful progress on financial performance and organisational consolidation across the Group.A major milestone in 2025 was the full operational integration of the Maintenance platform under idverde A/S, following the structural decisions taken in June 2025. With the integration now substantially complete, the Group enters 2026 with a cleaner organisational structure and a sharper focus on delivery and earnings improvement.All integration efforts continue to be based on a target operating model in which we offer our customers the full landscaping package – from early-phase partnerships and consultancy to project execution and long-term maintenance contracts. In 2025, we have focused on embedding the processes and systems that will allow our teams to leverage their expertise in the most effective way and consistently deliver high-quality outcomes for customers.In 2025, we continued to strengthen our market position by building on our brand presence, deepening strategic partnerships, and maintaining our focus on innovation and nature-positive solutions. The investments made in previous years in Project "Fremdrift" (Project Advancement), brand development, and organisational capability are increasingly reflected in our commercial pipeline and customer relationships.The average number of employees decreased from 829 to 760 during 2025, reflecting the reduction in scope of the Maintenance revenue base and continued efficiency improvements. We remain committed to retaining skilled employees and ensuring that idverde Denmark continues to attract the best talent in the green industry.The progress made in 2025 and prior years has laid a strong foundation for idverde Denmark, and we carry that momentum into 2026 with confidence and ambition.Expectations for the year aheadBased on the continued execution of our 'Power of Nature' strategy, we expect an organic growth rate of 0-5% for the financial year 2026, supported by a solid commercial pipeline and continued contract improvement within both Creation and Maintenance. Our earnings are expected to continue improving, and we target a profit margin between 0 and 2% (from -2.5% in 2025), including amortisation of intangible assets, as the benefits from integration, contract portfolio improvement, and financial deleveraging become more fully reflected in the results.Risk managementThe idverde Group takes a proactive approach to risk management in order to ensure future growth for our business and secure our employees, values, assets and reputation. This work is performed partly by the idverde Group, partly by the Board of Directors and partly by the executive management, who actively monitor our risk management on a current basis and assess any changes and new risks. We want to act responsibly and thus have a risk policy that identifies risks, monitors them and addresses the risks that can be minimised.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe Group's financial position, operating results and cash flows for 2025 were not impacted by unusual events.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Statement of corporate social responsibilityFor information on the company's business model, please refer to the description in the section 'Key activities'.Material risks relating to corporate social responsibilityEnvironment and climateFuture legislation relating to energy efficiency of equipment used in the sector.CO2 emissionsSafety and working environmentReduce the number of work-related accidentsAt idverde, we take our social responsibility seriously. We find it essential, as a company, to assume responsibility for the surrounding community and, certainly, nature.idverde Denmark is the country's leading experts in nature-based solutions, and we are constantly working to create more biodiversity and promote prosperity for nature, society and, not least, idverde's employees. Therefore, we have established a system for our sustainability activities, focusing on three target areas, or pillars, with a total of nine topics describing the concrete initiatives that will realise the strategy and objectives of the Group:ESGPeople – promote well-being through local and inclusive community engagementThe first of the three pillars is People. We believe that long-term success is built through engaged employees, strong leadership, continuous learning, and an inclusive working environment where people can thrive and develop.As a people-intensive business operating in a sector that plays an important role in the green transition, attracting, developing, and retaining skilled employees remains a strategic priority. During 2025, our People agenda was further strengthened through the continued development of a more integrated HR model focused on building organisational capacity, ensuring access to workforce, supporting leaders, and creating sustainable frameworks for employee development.In this area, we work with the following topics:Employee satisfaction, with a goal of maintaining an employee satisfaction rate of at least 85%Local partnerships, with a goal of establishing at least one long-term partnership in each of the company's business unitsIncreasing job opportunities for people on the edge of the labour market. The goal is to increase the number of positions by 5% per year.1. Employee SatisfactionA strategic target area is to promote good leadership and well-being by targeting our efforts and implementing initiatives which strengthen the professional skills of our managers. This helps create a positive work culture. The strategic initiative involves continuous development of our managers, including the establishment of an internal management academy with ambitious development of management skills that will strengthen our businesses and employees in addition to increasing well-being and commitment.Well-being and DevelopmentIn 2025, we conducted a well-being survey across all our companies, and we are pleased to report that we have generally achieved a high level of well-being among our employees. We continue to use these measurements actively to identify areas where we can make a difference and ensure that our employees have the best possible conditions to thrive and develop, while continually working to create the most attractive workplace.Employee well-being is closely linked to leadership quality, development opportunities, and a strong sense of belonging. Through regular employee engagement surveys and follow-up activities, we seek to understand employee needs and continuously improve the working environment. The survey results provide valuable insights into both strengths and improvement opportunities and are actively used by management teams to develop local action plans and targeted initiatives.In our ongoing efforts with employee satisfaction and well-being, we are also focused on ensuring an environment where everyone feels included and valued, and where there is room for diversity. This is key to creating a workplace that attracts and retains skilled employees in the long term.Leadership DevelopmentThere continues to be a focus on leadership development, as this area has a significant impact on both the company's operations, employee development, and well-being. We recognize that strong leadership is a fundamental factor in achieving our strategic goals and creating a positive workplace where all employees thrive and develop.In 2025, we continued to build on the two training cohorts established in the idverde Leadership Academy in 2024. These training programs are a central part of our efforts to strengthen leadership competencies across the organization. The focus has been on developing leaders' ability to manage teams, create a positive work environment, support employee engagement, and lead organisational development and change.Through this structured leadership training, we ensure that our leaders are well-equipped to handle the challenges that arise in a dynamic job market and a rapidly evolving industry.At the same time, we have increased focus on implementing a clear structure for employee development and dialogue. This includes systematic employee feedback, individual development plans, and regular meetings between management and employees. During 2025, we also initiated work on creating clearer career pathways, competency frameworks, and talent development processes to support both employee growth and future workforce needs.By investing in leadership development and strengthening the dialogue between management and employees, we are creating a culture where everyone feels seen, heard, and supported in their personal and professional growth.Develop employee skills and well-being to create an attractive workplaceWe are focused on developing our employees and actively participate in the education of individuals for jobs in our industry. We prioritize skill development for our employees at all levels – apprentices, trainees, hourly workers, and permanent employees.Through a combination of professional courses, internal training programmes, leadership development, AMU programmes, and targeted competency initiatives, we continue to build the capabilities needed both today and in the future.Building the workforce of the future requires continuous learning. Therefore, our development activities are increasingly aligned with future business needs, including biodiversity enhancement, climate adaptation, urban greening, sustainable landscape management, and other emerging areas within the green sector.We actively participate in the education of people for jobs in our industry. We have fixed internships for agricultural technologists, landscape engineers, and landscape architects. Approximately 10% of our employees are apprentices, all of whom are part of our apprentice academy, which includes a structured mentoring programme supporting apprentices throughout their educational journey.Additionally, we work with diversity and have signed DI's Diversity Pledge, which focuses on promoting diversity in the workforce. One of the initiatives we have implemented is "Nature Caretaker", which aims to help different target groups enter the green sector while contributing to a more diverse and inclusive workforce.Access to skilled labour remains one of the most significant challenges facing the landscaping and environmental services industry. Therefore, recruitment, employer branding, educational partnerships, and workforce planning are increasingly integrated into our people strategy to ensure access to future talent.We aim to develop our workplace to ensure a rewarding work life for all our employees. Within this framework, we continue to support employees who may not be able to work full-time but are capable of contributing through flexible working arrangements. This approach has again benefited several employees during 2025 and supports our ambition of creating an inclusive workplace where people with different needs and capabilities can thrive.2. Establish partnerships with local communities, educational institutions and customersWe are engaging in dialogue with our customers and local projects about how we can best contribute to solving current societal challenges in collaboration with local communities.This includes initiatives with external parties to create opportunities for employment in the landscaping industry for people who face barriers to entering the labour market, including individuals who have been released from prison and young people requiring alternative educational pathways.Developing future talent is also an important part of our contribution to local communities. We collaborate with vocational schools, universities, and educational institutions to provide internships, apprenticeships, and practical learning opportunities that strengthen awareness of career opportunities within the green sector.We also have a long-standing partnership with InterForce, supporting military veterans in their transition from military service to civilian careers. Veterans bring valuable competencies including leadership, resilience, adaptability, discipline, and teamwork, all of which contribute positively to both our culture and operational performance.In addition to the social impact, our CSR projects contribute to promoting diversity in our workplace, strengthening awareness of the industry, and supporting future recruitment and workforce development.3. Increase job opportunitiesIncreasing job opportunities is also part of our strategic journey.As part of our broader HR transformation, we continue to strengthen recruitment processes, onboarding programmes, workforce planning, and employer branding activities to ensure access to future talent and support sustainable growth.The employment situation in the industry remains challenging, but we maintain a strong market position and a solid pipeline of prestigious projects, which has contributed to the recruitment of several highly qualified employees during 2025. Demand for skilled employees is expected to remain significant in the coming years.At the same time, we continue to collaborate with municipalities, job centres, educational institutions, and social organisations to create opportunities for apprentices, young people entering employment, individuals in rehabilitation programmes, employees in flexible job schemes, and people with limited attachment to the labour market.Our experience demonstrates that inclusive employment solutions create value for both individuals and the organisation by strengthening workforce diversity, employee engagement, and organisational resilience.Development and innovation across bordersIn collaboration with the Danish Green Academy located in Beder, OKNygaard established a Danish Knowledge Centre in 2022 focusing on urban greening, citizen well-being, and biodiversity as part of the four-year EU development project EPLUG (European Platform for Urban Greening).The mission is to increase knowledge, skills, and expertise in green urban areas, climate adaptation, biodiversity, and mental well-being among people living in urban environments. The project brings together partners from Denmark, Czechia, Romania, Finland, Spain, and the Netherlands and supports the exchange of knowledge and innovation across Europe.Planet – optimizing our environmental leadershipThe second of the three pillars is the planet. In this area, we work with the following topics:Reduce our CO2 footprint, with a goal of reducing CO2 emissionsOptimise resource consumption through recycling, with a goal of 100% recovery of our garden and park waste and 80% recycling of all other wasteProtect, enhance and increase biodiversity by increasing the area created or maintained by idverde4. Reduce our climate footprintThrough these initiatives, we are making a targeted effort at reducing our climate footprint.Green accounts – scope 1 and scope 2Every year, we calculate our scope 1 and scope 2 emissions at company level. Scope 1 covers our direct emissions from sources we control, such as our vehicles. Scope 2 includes indirect emissions from purchased energy, such as electricity and heat. These calculations help us identify areas in which we can improve our environmental performance.From 2025, we have expanded our emissions reporting to include scope 3 emissions, using 2025 as our baseline year. Scope 3 covers indirect emissions occurring throughout our value chain, including emissions associated with purchased goods and services, waste management, business travel, transportation, and other activities not captured under scope 1 and 2. Collecting and analysing scope 3 data provides a broader understanding of where emissions occur across our operations and supply chain. This enables us to identify the most significant emission sources, strengthen collaboration with suppliers and partners, and prioritize initiatives that can reduce emissions beyond our direct operational control.The project launched across the idverde Group in 2024 to establish a common methodology for calculating CO₂ emissions across all countries and entities continued in 2025. The methodology has now been integrated into the Group's reporting processes, helping to ensure consistency, transparency, and comparability of emissions data across the organisation.CO2 accounts at project levelTo provide our customers with a clear picture of the environmental impact of their maintenance projects, idverde developed a method and a tool in 2023, which offer CO2 accounts at the project level. This allows us to see the specific emissions and reductions associated with the project/contract and make informed decisions about sustainability. In 2025, the demand for CO2 calculations related to our maintenance contracts has continued to grow. We have prepared CO2 accounts and CO2 budgets associated with our direct emissions on projects (our customers' Scope 3). The methodology and calculation tool are continuously updated as data quality improves and additional activity data becomes available, ensuring that project-level CO2 accounts become increasingly accurate and representative over time. This enhances our readiness to collect data across our own value chain.Reduction of emissions from landscaping projectsThrough innovative solutions, we are making continuous efforts to reduce our climate footprint on landscaping projects. One example is Malmos’s mobile jaw crusher, which enables concrete, bricks, asphalt, and other construction materials to be crushed and reused. During 2025, the crusher was used on several projects, including the Urbanplanen redevelopment project. The crusher makes it possible to process materials from construction and demolition activities into reusable aggregates, which can then be incorporated into new projects as an alternative to virgin materials. This approach reduces the demand for newly extracted raw materials, limits waste generation, and can reduce transportation needs associated with both material disposal and procurement, supporting a more resource-efficient construction process.Electrification and solar cells on vehiclesOne of our primary sustainability strategy goals is the transition to electric machinery and vehicles. Such transition will not only reduce our carbon emissions but also reduce our dependence on fossil fuels. As part of this commitment, we continued to invest in electrification in 2025, adding two electric dumpers and one electric wheel loader to our fleet. These investments support the gradual replacement of conventional diesel-powered equipment and contribute to reducing emissions from our operations. In addition, we have on the roofs of our vans implemented solar cells used for charging hand tools. Thus, we ensure that our tools and equipment are powered by renewable energy.Route optimisation and carpoolingEfficient logistics are crucial to minimise our climate footprint. Therefore, we are focusing sharply on route optimisation and carpooling. By planning our routes more efficiently and having projects share transport, we reduce the mileage, resulting in lower fuel consumption and emissions.Meeting and travel policyDuring 2022–2023, we introduced a meeting and travel policy for the majority of the business to avoid unnecessary transport and reduce our climate impact. By prioritising virtual meetings and only travelling when absolutely necessary, we reduce our carbon footprint from travel.Minimising transport from suppliersWe are currently investigating how to minimise transport from our suppliers. This includes choosing suppliers who are geographically close to our projects and collaborating on logistics to reduce the number of deliveries and, thus, our overall transport emissions.Development projects focused on climate footprintWe take an active part in several development projects for the purpose of reducing our climate footprint. One of these is the 'Raw materials initiative' aimed at recycling rather than extracting new raw materials while at the same time minimising the transport of materials. Another project is lifecycle analyses for landscapes aimed at minimising our carbon footprint. We are also examining how trees and vegetation absorb and bind CO2.Through these initiatives and our continuous commitment to sustainability, we are making a targeted effort at reducing our climate footprint and creating a greener future for the construction and landscaping industry.5. Optimise our resource useIn a nationwide landscaping group such as idverde, vehicles, machinery and equipment are among the most significant sources of CO₂ emissions.Traditional green maintenance equipment, such as hedge trimmers, lawn mowers and leaf blowers, was previously powered by petrol or diesel. Today, battery-powered handheld equipment accounts for more than 90% of our total handheld equipment fleet. Idverde Denmark operates more than 1,500 battery-powered handheld machines and approximately 250 robotic lawn mowers. This transition has contributed to a CO₂ reduction of more than 90%, while also improving working conditions through lower noise levels, reduced vibration and the elimination of fuel fumes.In addition, more than 18% of our vehicle fleet now consists of fully electric vehicles, and we continue to accelerate the electrification of our transport fleet. In the next procurement cycle, more than 35% of all new vans are expected to be electric, supporting our ongoing efforts to reduce operational CO₂ emissions. Hot-water weed control systems have been implemented across all locations, and large electric lawn mowers have been added to the fleet.We use fleet management systems for our machinery and equipment, enabling us to monitor utilisation rates and ensure that the right electric equipment is assigned to the right tasks. The data also supports more efficient maintenance and replacement planning. By tracking actual operating hours for each machine, we can extend equipment lifecycles, avoid premature replacements and optimise resource consumption through targeted servicing and maintenance.Customers request CO2 accounts and climate initiativesBoth companies and public tenders are increasingly demanding information on, for example, CO2 emissions and efforts made to reduce these. Idverde is currently developing and implementing a tool that can measure the CO2 emissions of individual machines and show the difference in the climate impact of using electric versus diesel-powered machines. The new tool will help clarify the exact climate footprint of different project and task descriptions.6. Protect and increase biodiversityIdverde participates as speakers on conferences and seminars across the construction and landscaping industry aimed at developing methods to map and monitor biodiversity as well as set the framework for optimal maintenance of green areas where the intention is to increase biodiversity.In our work of establishing and maintaining biodiverse areas, many unknown factors arise. This calls for new initiatives, approaches and methods for future biodiversity management.One of our initiatives is creating a catalogue and overview of the properties different types of plants and trees have in relation to environmental features. The plant catalogue builds on the knowledge and knowhow across idverde Denmark employees specialising in biodiversity. The plant species in the catalogue are categorised into herbs, grasses, shrubs, trees, bulbs, flower mixtures and other elements and elaborated by properties such as habitats for bees, butterflies and other insects. The catalogue also indicates how to measure trees' ecosystem services and how much CO2 is sequestered.Another initiative is Nature+ (Natur+), idverde dk’s approach to early involvement and knowledge sharing on projects. The name is a claim to enhance our focus on nature-positive solutions. Nature+ is not a product, but idverde DK’s approach to working strategically and practically with biodiversity and nature-positive site management. We do this through:Early-stage advisory and project quality assurance Nature-positive development of existing sites Training and capacity building in nature-based management Documentation, monitoring and ESG integration The target segments of Nature+ are current and new customers that are on the forefront of environmental agendas. In 2025, several projects are being conducted or in the pipeline, including continued engagement with customers such as Copenhagen Airport, PFA, atp-e and Brøndby municipality, and we are in advanced dialogue with many more.Performance – raise awareness of climate change and support innovative solutionsThe final of our three pillars is performance. In this area, we work with the following topics:Raise awareness of climate change by training, informing and sensitising each of our employees and by involving our business partnersOffer sustainable solutions to customers by scrutinising every tender in order to offer sustainable alternatives to the solutions requestedPromote innovative solutions with a positive impact on the environment by engaging in research and development partnerships focusing on processes, learning and new technology.7. Raise awareness of climate change in the entire organisationIn 2025, idverde Denmark publishes its first ESG report based on the creation part of idverde. The report brings together key performance data, case studies, and initiatives from across the entire creation part of idverde, providing employees, customers, and other stakeholders with greater insight into our environmental, social, and governance efforts.The report serves as an important tool for sharing knowledge and increasing awareness of the actions being taken across the organisation. By documenting both results and practical examples, it helps demonstrate how specific initiatives contribute to reducing emissions, improving resource efficiency, supporting biodiversity, and creating value for customers and local communities.Internally, the report strengthens awareness of ESG-related activities and encourages knowledge sharing across teams, departments, and locations. Externally, it provides customers and partners with a transparent overview of our ambitions, progress, and approach to responsible business practices.Building on the experience gained from the first report, idverde Denmark intends to further develop its ESG reporting in the coming years to cover a broader range of business activities and provide an increasingly comprehensive overview of ESG initiatives and performance across the organisation.8. Offer our customers the best sustainable solutionsIn idverde we are working strategically with developing and offering services and products within selected sustainability areas: 1) Biodiversity, 2) ecosystem services and 3) material circularity. In the case of biodiversity and ecosystem services these important sustainability subjects are addressed in the above mentioned and newly developed Nature+ concept (Chapter 6. Protect and increase biodiversity). By approaching our customers with Nature+, offering solutions specifically targeted e.g. designing/maintaining for more biodiversity on-site, idverde's specialist knowledge opens new possibilities of introducing tangible nature positive actions to our customers.In the case of material circularity, we are implementing reuse of soil and other materials locally on several projects. For instance, crushed concrete, which is suitable for the foundation or base of paths and squares. Both approaches reduce the carbon footprint, for example because less soil needs to be transported. It also causes less traffic nuisance and noise for the residents of the area. We also reuse rocky soil which is used as topsoil in the planting holes when planting trees, because it impedes weeds from taking root.9. Promote innovative solutions with a positive impact on climate changeidverde Denmark actively participates in innovation and development projects that help shape the future of sustainable landscape construction and maintenance. In many cases, our contribution consists primarily of expert hours and practical know-how, often with limited or no direct financial compensation. We view this as a strategic investment in developing resilient solutions, strengthening cross-sector collaboration, and preparing our business for future demands.By engaging across the value chain and professional disciplines, we contribute hands-on experience from both construction and maintenance. This ensures that emerging tools, standards and methods are grounded in operational reality and can be implemented effectively in practice. Our involvement strengthens our ability to address key sustainability challenges such as resource scarcity, biodiversity loss and climate adaptation.Two examples illustrate this commitment:LCA Landskab (Landscape LCA Initiative)This project aims to integrate Life Cycle Assessment (LCA) methodologies into urban spaces, landscapes and open land projects. idverde Denmark contributes detailed knowledge of project typologies, material quantities, planting schemes and emissions related to the production and installation of green elements such as trees and shrubs. We also support testing and refinement of the LCA tool to ensure it is applicable for project managers and incorporates insights from long-term maintenance practices.Råstofinitiativet (Raw Materials Initiative)This initiative addresses the growing scarcity of essential construction materials such as gravel and soil. The project explores alternative materials and methods to reduce CO₂ emissions associated with structural layers and groundwork. idverde Denmark contributes practical expertise in construction techniques and material use, helping to identify scalable solutions that reduce resource consumption while maintaining technical performance and durability.Through participation in initiatives such as these, idverde Denmark helps develop future-proof solutions while strengthening the resilience and competitiveness of both our business and the wider industry.Certifications (B Corp, ISO14001, ISO45001)Third-party certifications play an important role in supporting idverde Denmark's approach to responsible business practices by providing recognised frameworks for continuous improvement, transparency, and accountability.All Danish idverde entities are B Corp certified. OKNygaard became the first B Corp-certified landscaping company in Europe in 2022, followed by Malmos in 2023 and idverde (formerly Grøn Vækst) in 2024. B Corp certification assesses a company's overall impact on governance, employees, customers, communities, and the environment, and requires regular reassessment to maintain certification.In addition to B Corp certification, parts of the Danish organisation are certified according to internationally recognised ISO standards. In 2025, Malmos holds ISO 14001 certification for environmental management. idverde A/S, which includes the former OKNygaard and Grøn Vækst businesses, holds both ISO 14001 (environmental management) and ISO 45001 (occupational health and safety management) certifications. The integration of these businesses under idverde A/S reflects the ongoing development of the Danish organisation while maintaining a consistent approach to environmental and occupational health and safety management.The certifications are subject to regular external audits and help ensure that environmental and occupational health and safety considerations remain integrated into daily operations and decision-making processes across the organisation.Anti-corruptionIdverde has zero tolerance of fraud and bribery.The Group's activities in Denmark are carried out in business environment where corruption is rare. The Group has ethical guidelines in place which help reduce the risk of bribery occurring in our organisation. Fraud or bribery may be reported to any member of Company Management for further handling, or through the company's independent whistleblower function, which is managed by a third party: https://idverde.integrityline.com/frontpageThe greatest business risk of fraud and bribery is primarily attributable to gifts and sponsorship contributions as well as invoicing. In order to avoid fraud and bribery, the idverde Group has implemented an annual, internal training programme on the correct handling of possible situations where a risk of fraud and bribery may arise. We will in 2026 continue our work of ensuring that our employees – new and experienced employees alike – stay well informed and comply with the Group's Code of Conduct.During 2025, no reports were submitted about incidents or violations of our anti-corruption policies.Statement of the company's future expectations for anti-corruption and briberyFor the future, the company's expectations for anti-corruption and bribery are unchanged versus today due to no changes in our company business activities.Social and Employee AffairsAs mentioned, workplace accidents pose a significant risk to idverde and are therefore a major focus area. At idverde, we believe that all employees have the right to a good and safe workplace. To achieve this goal, employees have access to employee handbooks in the involved companies, which are provided or accessed electronically when new employees are welcomed. The employee handbook provides all employees with information on practical matters, safety, social initiatives from the employee association, and other employee-related issues. This goal aligns with our desire to continue developing our workplace to ensure a rewarding work life for all our employees. Within this framework, we want to include employees who cannot handle a full-time job but can manage a part-time job.We make targeted efforts regarding our company culture, such as focusing on health and safety. We do this because we recognize that every employee's attitude and behaviour are critical to maintaining a strong focus on health and safety in all areas of our business. Management is proactive when it comes to health and safety, and all idverde leaders support a company culture where we take care of each other, manage risks systematically, stop dangerous work, and find new and better solutions together. Additionally, we have launched several strategic initiatives throughout the year, including a dedicated safety week, to focus on safety.In 2026, we will continue working to ensure fewer accidents through our strategic initiatives.Human rightsThe Group is aware of the risk of poor working conditions among business partners when entering construction contracts. However, since the Group operates in Denmark, this is considered a limited risk. Therefore, we have chosen to prioritize the development of policies for our own employees, the environment, climate, and anti-corruption, as these areas are assessed to present greater risks.According to idverde Denmark's human rights policy, which is part of our code of conduct, the company respects international human rights, which we support compliance with throughout idverde Denmark, idverde's subsidiaries, customers, suppliers, subcontractors, and all others who collaborate directly or indirectly with idverde. In 2025, we continued to ensure that when an employee takes up a position in one of our companies, they receive the code of conduct for the respective company. We see this as a contribution to creating a common framework for common working conditions among colleagues. Additionally, all our leaders hold regular confidential 1:1 meetings with our employees, where the company's values are clearly communicated.We will continue our work in 2026 to ensure adequate insight into the compliance with human rights when entering agreements with new business partners and intend to review and analyse our process for communicating our values to our suppliers. Statement on data ethicsIn line with the increasing digitalization and data-driven decision-making processes, our company is deeply committed to upholding high standards of data ethics. Our approach to data handling is based on the principles of transparency, accountability, and respect for privacy.We ensure that all data collection and processing is conducted in compliance with applicable legislation, including the General Data Protection Regulation (GDPR). We actively work to protect the data of our customers, employees, and stakeholders from unauthorized access and misuse.Our ethical guidelines for data usage involve applying data responsibly in a way that creates value for our stakeholders without compromising individuals' rights. We engage in ongoing evaluations of our data processing practices and adjust them as necessary to ensure they remain in accordance with our ethical obligations. We are therefore committed to fostering a culture where data is used responsibly and ethically, and we encourage all employees to adhere to our data usage guidelines.ESG / Sustainability StatementIn 2025, idverde Group published its first voluntary ESG report covering all six idverde countries. The year focused on establishing a robust ESG governance structure across the Group and within each country, strengthening risk management and supporting long-term value creation. This work prepares idverde for the mandatory CSRD reporting for the 2027 financial year, following the postponement from 2025 under the Omnibus “Stop the Clock” initiative.In the years leading up to CSRD, idverde will continue to publish voluntary ESG reports to build reliable baselines for environmental impacts (including CO₂ emissions, chemicals and waste), social matters (HR), and governance. These baselines shall support informed decision-making, risk identification and prioritisation, and the integration of sustainability considerations into core business processes. During 2026 the plan is to define sustainability ambitions for idverde Group, set targets and identify relevant KPIs to support both regulatory readiness and long-term business resilience. 1200361000 1267053000 29682000 27678000 23610000 23697000 0 8882000 539707000 600416000 0 0 185988000 164163000 36365000 26792000 498276000 526171000 -6683000 9768000 456682000 493642000 20523000 31241000 71066000 72049000 351000 793000 0 0 0 14000 -29472000 -39520000 -27557000 -22280000 0 0 25000000 26500000 1037000 2610000 229000 1527000 29655000 57277000 20568000 48093000 -58090000 -94187000 -22896000 -42346000 -6743000 -8132000 -8989000 -6414000 -51347000 -86055000 -13907000 -35932000 37765000 49714000 0 0 72347000 84128000 0 0 110112000 133842000 0 0 175163000 159316000 787000 1138000 5171000 2327000 1250000 1250000 180334000 161643000 2037000 2388000 0 0 375221000 354736000 6771000 5231000 0 328000 6771000 5231000 375221000 355064000 297217000 300716000 377258000 357452000 3090000 5531000 0 0 3090000 5531000 0 0 195714000 203576000 0 175000 60809000 47361000 0 0 162736000 61963000 198325000 64884000 13327000 2682000 2000 1000 0 0 16368000 10454000 0 0 6503000 8268000 13976000 14245000 49000 111000 446562000 329827000 221247000 83893000 64510000 63537000 63223000 61857000 514162000 398895000 284470000 145750000 811379000 699611000 661728000 503202000 400000 48000 400000 48000 0 0 0 0 22940000 126000 150651000 90397000 23340000 174000 151051000 90445000 20256000 27875000 0 0 20256000 27875000 0 0 82128000 69879000 225000 483000 141038000 139499000 141038000 139499000 7325000 7482000 0 0 230491000 216860000 141263000 139982000 115443000 138986000 0 0 37202000 28954000 260000 598000 124581000 104145000 3779000 2004000 14528000 18347000 0 0 189937000 97995000 362496000 257262000 0 396000 0 0 55601000 65879000 2879000 12911000 537292000 454702000 369414000 272775000 767783000 671562000 510677000 412757000 811379000 699611000 661728000 503202000 48000 0 126000 174000 0 60000 0 60000 352000 74221000 0 74573000 0 0 -51347000 -51347000 0 -74161000 74161000 0 400000 0 22940000 23340000 48000 0 90397000 90445000 0 60000 0 60000 352000 74221000 0 74573000 0 0 -13907000 -13907000 0 -74161000 74161000 0 400000 0 150651000 151051000 -51347000 -86055000 85837000 115590000 -7182000 27350000 27308000 56885000 1037000 2610000 29655000 57277000 -1310000 2218000 1272000 194000 -2582000 2024000 1494000 3615000 72516000 55990000 1540000 558000 15027000 20019000 -60523000 -40144000 0 3302000 23543000 0 7292000 190524000 157000 9206000 0 4879000 20497000 4133000 74573000 231264000 64078000 37244000 973000 -876000 63537000 64413000 64510000 63537000 Cash and cash equivalents are specified as follows:Exchange adjustments-600 64510000 63537000 64510000 63537000 Geographical segmentsRevenue, Denmark1,200,3611,267,05329,68227,6781,200,3611,267,05329,68227,678Business segmentsCreation617,628622,83700Maintenance582,733644,21600Management services0029,68227,6781,200,3611,267,05329,68227,678 400512000 429459000 17294000 27615000 42538000 48006000 3081000 3377000 13632000 16177000 98000 109000 0 0 50000 140000 456682000 493642000 20523000 31241000 Including remuneration to the Executive Board and Board of Directors: 4666000 11522000 4666000 11522000 467000 464000 467000 464000 5133000 11986000 5133000 11986000 760 829 16 20 25224000 27707000 0 0 45842000 44342000 351000 793000 71066000 72049000 351000 793000 0 1128000 0 1128000 1037000 1482000 229000 399000 1037000 2610000 229000 1527000 14203000 39030000 19940000 47313000 14968000 17712000 144000 245000 484000 535000 484000 535000 29655000 57277000 20568000 48093000 0 0 -3075000 -8153000 -7619000 -8732000 -5914000 1739000 876000 600000 0 0 -6743000 -8132000 -8989000 -6414000 -13907000 -35932000 125145000 134148000 0 1494000 125145000 135642000 75431000 50020000 11949000 13275000 87380000 63295000 37765000 72347000 240596000 4324000 1841000 0 68729000 3787000 0 1250000 40624000 941000 0 0 268701000 7170000 1841000 1250000 81280000 1997000 703000 0 44976000 866000 351000 0 32718000 864000 0 0 93538000 1999000 1054000 0 175163000 5171000 787000 1250000 354736000 349302000 20485000 5434000 375221000 354736000 375221000 354736000 Investments in subsidiaries are specified as follows:TDKK 1.000TDKK 501TDKK 5.308TDKK 125TDKK 3.000TDKK 40 Malmos A/S Roskilde 1.00 ZinCo Danmark A/S Roskilde 1.00 OKNygaard A/S Brabrand 1.00 Anlægsgartner Lauge Bonde ApS Skjern 1.00 idverde A/S Roskilde 1.00 Bro-Komp A/S Roskilde 1.00 5231000 328000 1868000 0 328000 328000 6771000 0 6771000 0 Selling price of work in progress884,1971,221,29700Payments received on account-837,916-1,192,2830046,28129,01400Recognised in the balance sheet as follows:Contract work in progress recognised in assets60,80947,36100Prepayments received recognised in debt-14,528-18,3470046,28129,01400 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well etc. In 2025, the shareholders carried out a cash capital increase of TDKK 74,573 to strengthen the Group's capital base in support of its continued operational and strategic development. The Group's results in recent years have been impacted primarily by non-cash amortisation and costs related to prior acquisitions, in line with expectations. As part of the Group's intercompany financial framework, the shareholder has confirmed its commitment to provide ongoing financial support. On this basis, Management is satisfied that the Group has access to sufficient capital to meet its obligations as they fall due and to support the Group's continued development. Deferred tax liabilities at 1 January27,87536,607-10,454-12,193Amounts recognised in the income statement for the year-7,619-8,732-5,9141,739Deferred tax liabilities at 31 December20,25627,875-16,368-10,454 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Lease obligations119,33098,8334851,081Payables to group enterprises330,975237,494503,534396,761Other payables62,92673,3612,87912,911Credit institutions with a balance TDKK 115,443 (2024: TDKK 138,986) consists of debt to factor related to factoring agreements on trade receivables. 0 0 0 0 82128000 69879000 225000 483000 82128000 69879000 225000 483000 37202000 28954000 260000 598000 0 0 0 0 141038000 139499000 141038000 139499000 141038000 139499000 141038000 139499000 189937000 97995000 362496000 257262000 0 0 0 0 7325000 7482000 0 0 7325000 7482000 0 0 55601000 65879000 2879000 12911000 1037000 2610000 29655000 57277000 64022000 69055000 -6743000 -8132000 85837000 115590000 2441000 69000 -15962000 51705000 -6339000 24424000 -7182000 27350000 Charges and securityThe following assets have been placed as security with bankers:Company mortgage deeds registered to the mortgagor totalling kDKK 32,900 (last year kDKK 32,900), providing security on property, plantand equipment, stock and debtors at a total carrying amount of162,59893,64700The following assets have been placed as security for lease obligations: Rental and lease obligationsTenancy and equipment operational lease obligations, period of non-terminability (1-11 years)142,62997,05800Guarantee obligationsThe Group has provided the normal guarantees for the industry.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable by the Group amounts to DKK 0. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Group’s liability.Other financial obligationsAs a part of normal business, the Company has entered into agreements with subcontractors with a total obligation of TDKK 53.270. The agreements are related to normal ongoing and agreed revenue contracts. Controlling interestIDVERDE Société par actions simplifiée á associé unique, FranceMain shareholderTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Armorica TopCo SCALuxembourgThe Group Annual Report of Armorica TopCo SCA may be obtained at the following address:21 Rue Glesener, 1631 Luxembourg 1140000 1047000 25000 30000 276000 252000 1441000 1329000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Armorica Danmark ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in TDKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Armorica Danmark ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Segment information on revenueInformation on business segments and geographical segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments. RevenueRevenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve the consolidated revenue for the year. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with wholly owned Danish subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Other intangible fixed assetsAcquired similar rights consist of customer relations, which are amortised in accordance with calculation, over a period assessed at up to 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-8 years Leasehold improvements5-7 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of receivables (fixed assets). InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.Other debts are measured at amortised cost, substantially corresponding to nominal value. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year end