38575767 2025-07-01 2026-06-30 38575767 2025-07-01 2026-06-30 0 38575767 2025-07-01 2026-06-30 0 38575767 2025-07-01 2026-06-30 1 38575767 2025-07-01 2026-06-30 2 38575767 2025-07-01 2026-06-30 3 38575767 2025-07-01 2026-06-30 0 38575767 2024-07-01 2025-06-30 38575767 2026-06-30 38575767 2025-06-30 38575767 2024-07-01 fsa:ContributedCapitalMember 38575767 2024-07-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38575767 2024-07-01 fsa:RetainedEarningsMember 38575767 2025-07-01 2026-06-30 fsa:ContributedCapitalMember 38575767 2025-07-01 2026-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38575767 2025-07-01 2026-06-30 fsa:RetainedEarningsMember 38575767 2026-06-30 fsa:ContributedCapitalMember 38575767 2026-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 38575767 2026-06-30 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 30195264 Kallermann Revision A/S - statsautoriseret revisionsfirma Stationspladsen 1 og 3 3000 Helsingør Den uafhængige revisors erklæring Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-07-01 2026-06-30 2024-07-01 2025-06-30 true 0 Pingala Middle East ApS Vibeholms Allé 20Vibeholms Allé 20 2605 Brøndby 38575767 2026-08-21 Jørn Rejndrup Today, Management has considered and adopted the Annual Report of Pingala Middle East ApS for the financial year 1 July 2025 - 30 June 2026. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 30 June 2026 and of the results of the Company's operations for the financial year 1 July 2025 - 30 June 2026. In our opinion, the 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. Brøndby 2026-08-21 Kent Alexandar Marc Højlund Anders Nielsen Søren Rolander Langkjær Kent Alexandar Marc Højlund Chairman Henrik Berg Andersen To the shareholders of Pingala Middle East ApS OpinionWe have audited the financial statements of Pingala Middle East ApS for the financial year 1 July 2025 - 30 June 2026, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 30 June 2026 and of the results of its operations for the financial year 1 July 2025 - 30 June 2026 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern; disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting in preparing the financial statements unless Management either intends to either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also:*Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control.*Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.*Evaluate whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable.*Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern.*Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Statement on Management's ReviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review.Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act.Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Elsinore 2026-08-21 Kallermann Revision A/S - statsautoriseret revisionsfirma 30195264 Jacob Ulrikkeholm Klinkby State Authorized Public Accountant mne45875 Pingala Middle East ApS 2605 Brøndby 38575767 2017-04-18 2025-07-01 2026-06-30 The Company's principal activitiesThe Company’s purpose is equity investment.Insecurity regarding recognition or measurementThere is material insecurity regarding recognition and measurement of receivables from group enterprises.Development in activities and the financial situationThe Company's Income Statement of the financial year 1 July 2025 - 30 June 2026 shows a result of DKK 6.541.586 and the Balance Sheet at 30 June 2026 a balance sheet total of DKK 16.463.684 and an equity of DKK 11.642.510.Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The annual report of Pingala Middle East ApS for 2025/26 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B wotj additional choice of a few rules from class C enterprises. Foreign Translation policiesOn initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at thetransaction date. Foreign exchange differences arising between the exchange rates at the transaction date andthe date of payment are recognized in the income statement as financial income or expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated using theexchange rate at the balance sheet date. Exchange differences that arise between the rate at the transactiondate and the one in effect at the payment date or the rate at the balance sheet date are recognized in theincome statement as financial income or financial expenses.Long-term assets purchased in foreign currency are translated at the exchange rate at the transaction date. Income statement Gross profit/lossWith reference to the Danish Financial Statements Act section 32 revenue with deduction of cost of sales andexternal cost is condensed into one item called gross profit. Other external expensesOther external expenses include expenses for administration etc. Staff expensesStaff costs comprise salaries and wages including holiday pay and pensions as well as social security costs, etc forthe Company's staff. Received compensations from the authorities have been deducted in staff costs. Income from investments in group enterprises and associatesIncome from equity investments comprises the proportionate share of profit/loss after tax and any adjustment of internal profit/loss and less amortization of consolidated goodwill. Financial income and expensesFinancial income and expenses are recognised in the Income Statement based on the amounts that concern thefinancial year. Financial income and expenses include interest revenue and expenses, accounts payable andtransactions in foreign currencies and surcharges and allowances under the tax prepayment scheme. Income taxTax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in theincome statement by the portion attributable to the profit for the year and recognized directly in equity by theportion attributable to entries directly in equity. The tax share recognized in the income statement, and which isattached to the year’s extraordinary result, is attributed hereto, whereas the remaining share is attributed to theyear’s ordinary result.The Company is included in the Danish rules on mandatory joint taxation in Pingala A/S-group's Danishsubsidiaries. Subsidiaries are included in the joint taxation from the time they are included in the consolidatedaccounts and on to the time, when they no longer are part of the consolidated accounts.On payment of joint taxation contributions, the current Danish corporation tax is allocated between the jointlytaxed companies in proportion to their taxable income. Companies with tax losses receive joint taxationcontributions from other companies that have used the tax losses to reduce their own taxable profit. Balance sheet Equity investments in group enterprises and associatesInvestments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method.Subsidiaries having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible.If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less provisions for bad debts.Impairment of accounts receivables past due is established on individual assessment of receivables.Impairment of accounts receivables past due is established on individual assessment of receivables. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on theexpected taxable income for the year, adjusted for tax on taxable income for previous years as well as for taxprepaid. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. -171584 7674 0 0 -171584 7674 6703446 506529 0 658 672 0 6531190 514861 -10396 1826 6541586 513035 -6703446 -506529 161860 -6506 9890442 3092014 9890442 3092014 9890442 3092014 6384158 7877146 10396 15862 6519554 7893008 53688 17266 6573242 7910274 16463684 11002288 50000 50000 9890442 3092014 1702068 1863928 11642510 5005942 7008 7008 4776666 5959338 37500 30000 4821174 5996346 4821174 5996346 16463684 11002288 50000 3092014 1863928 0 94982 0 0 6703446 -161860 50000 9890442 1702068 2025/262024/25DKKDKK1. Staff costsAverage number of employees00 0 0 2. Financial expensesOther finance expenses67206720 20262025DKKDKK4. Long-term investments in group enterprisesCost at the beginning of the year86.65086.650Cost at the end of the year86.65086.650Revaluations at the beginning of the year3.005.3642.498.835Change due to a foreign currency translation adjustment94.9820Revaluations for the year6.703.446506.529Revaluations at the end of the year9.803.7923.005.364Carrying amount at the end of the year9.890.4423.092.0145. Disclosure in long-term investments in group enterprises and associatesGroup enterprisesNameRegistered officeShare held in %EquityProfitPingala ME DMCCDubai100,009.890.4426.703.4469.890.4426.703.446 6. Contingent liabilitiesThe Company is in joint taxation with other Danish group companies. As group company the Company isunlimited and joint and several liable with the other group companies for Danish company tax and withholdingtax on dividends, interest and royalties within the joint taxation group. The jointly taxed companies’ total knownnet liability of outstanding company tax and withholding tax on dividends, interest and royalties will appear fromthe administration company’s Financial Statements, Pingala A/S, CVR no. 31 77 71 94. Any later adjustments tothe joint taxation income could entail, that the Company’s liability will come to a larger amount. 7. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date.