Entity details

Entity

Better Energy Holding A/S

Gammel Kongevej 60

1850 Frederiksberg C

Business Registration No.: 31865883

Registered office: Frederiksberg

Financial year: 01.01.2024 - 31.12.2024

Board of Directors

Christian Madsen Motzfeldt, Chair

Mikkel Dau Jacobsen

Nancy Kabalt

Michael Vater

Executive Board

Rasmus Lildholdt Kjær

Mark Augustenborg Ødum

Auditors

Deloitte Statsautoriseret Revisionspartnerselskab Egtved Allé 4 6000 Kolding

Statement by Management on the annual report

The Board of Directors and the Executive Board have today considered and approved the annual report of Better Energy Holding A/S for the financial year 01.01.2024 - 31.12.2024.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the consolidated financial statements and the parent financial statements give a true and fair viewof the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Frederiksberg, 17.11.2025

Executive Board

Rasmus Lildholdt Kjær

Mark Augustenborg Ødum

Board of Directors

Christian Madsen Motzfeldt

Chair

Mikkel Dau Jacobsen

Nancy Kabalt

Michael Vater

Independent auditor's report

To the shareholders of Better Energy Holding A/S

Opinion

We have audited the consolidated financial statements and the parent financial statements of Better Energy Holding A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair viewof the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s 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.

Emphasis of matter

We draw attention to notes 1 and 3 in the consolidated financial statements and the parent financial statements respectively in which Management describes the going concern basis which is highly dependent on the restructuring plan for Better Energy Holding A/S, approved as of 12 November 2025. In the restructuring plan, Better Energy Holding A/S and its creditors have agreed on a five-year moratorium. The future activity of Better Energy Holding A/S is focused on fulfilling the restructuring plan, including reduction of debt for the creditors. Better Energy Holding A/S continues to hold significant investments in projects and solar parks through investments in group enterprises that own and operate a number of solar parks which also includes loans provided from Better Energy Holding A/S to companies within the group structure. The expected future returns from investments and repayment of loans depends on future performance of the solar parks as well as future divestments of projects and solar parks. As the future cash flows from the investments depend on future events, there is uncertainty regarding the amount and timing of these cash flows which may affect the ongoing liquidity position and planned reduction of debt to creditors according to the moratorium. As described in note 1 support to the Group’s liquidity position is obtained. Further, we draw attention to note 4 in the consolidated financial statements and parent financial statements respectively. Derived from negative market conditions for the development, construction and operation of solar

parks a number of write-downs to recoverable amounts/net realisable values have been made concerning the Group’s and Parent’s assets. Furthermore, provisions for losses on guarantee obligations have been recognised. In total losses in relation to impairment losses and provisions in 2024 amounting to DKK 2,783.6 million in the consolidated financial statements and DKK 1,228.2 million in the parent financial statements have been recognised. The assessments made of assets and liabilities are based on Management’s estimates and judgments, many of which relate to expectations for the future, and we therefore draw attention to the disclosure of the material uncertainty relating to recognition and measurement in note 4. Our opinion is not modified regarding these matters.

Management's responsibilities for the consolidated financial statements and the parent financial statements

Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing theconsolidated financial statements and the parent financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Entity’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent 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 and the parent 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.

Statement on the management commentary

Management is responsible for the management commentary. Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.

Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance

with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.

Kolding, 17.11.2025

Deloitte

Statsautoriseret Revisionspartnerselskab

CVR No. 33963556

Lars Ørum Nielsen

State Authorised Public Accountant

Identification No (MNE) mne26771

Management commentary

Financial highlights

Key figures

Revenue

78,037

2,501,110

2,864,171

1,550,540

1,066,053

Gross profit/loss

(218,342)

1,006,154

513,673

212,062

192,220

Operating profit/loss

(846,057)

707,154

406,090

157,448

149,229

Net financials

(882,656)

(42,805)

(27,316)

(8,129)

(15,010)

Profit/loss from continuing operations

(2,163,314)

148,803

123,479

32,495

19,694

Profit/loss from discontinuedoperations

(486,192)

Profit/loss for the year

(2,649,506)

148,803

123,479

32,495

19,694

Balance sheet total

2,946,467

4,432,050

2,943,531

1,898,475

884,063

Investments in property, plant and equipment

37,162

31,729

17,349

5,115

2,230

Equity

(1,364,501)

1,234,396

1,047,042

378,532

381,865

Equity excl. minority interests

(1,367,402)

1,231,777

1,043,346

373,696

378,877

Cash flows from operating activities

(269,573)

(7,957)

122,247

(116,160)

(71,185)

Cash flows from investing activities

(810,222)

(1,148,219)

(892,851)

(225,811)

5,969

Cash flows from financing activities

628,759

613,480

1,239,687

651,940

(29,502)

Ratios

Gross margin (%)

(279.79)

40.23

17.93

13.68

18.03

Net margin (%)

(3,395.19)

5.95

4.31

2.10

1.85

Equity ratio (%)

(46.41)

27.79

35.45

19.68

42.86

Due to the restructuring, the key figures are significantly affected. Activities of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, related to turnkey construction and delivery of PV solar parks for divestments to joint ventures are presented as discontinued operations in the consolidated financial statements for 2024, as the company entered into a formal restructuring process in December 2024. Please refer to the Management commentary and notes to the consolidated financial statements for further details.

Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.In 2023, the Group's ﬁnancial statements were prepared in accordance with the provisions of the International

Financial Reporting Standards, whereas the 2024 financial statements were prepared in accordance with the provisions of the Danish Financial Statements Act. The 2023 figures have been restated to comply with the DanishFinancial Statements Act. See the accounting policies in the financial statements for further details.

Gross margin (%) :

Gross profit/loss * 100Revenue

Net margin (%) :

Profit/loss for the year * 100 Revenue

Equity ratio (%) :

Equity excl. minority interests * 100 Balance sheet total

Primary activities

RestructuringBetter Energy Holding A/S completed a formal court-supervised restructuring process in November 2025 under the Danish Bankruptcy Act to rebuild the capital base, stabilise the business and reposition the Group for long-term success. The restructuring was initiated on 19 December 2024 in response to a combination of adverse market conditions,increased risk profile from grid restrictions, delayed demand and volatile power prices. Together, these factors increased the Group’s risk profile, reduced investor appetite and raised return requirements. Liquidity was further pressured by reduced and later than budgeted payments from key partners during the second half of 2024, leading the Management to file for formal restructuring of Better Energy Holding A/S and Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S. The process, managed by Holst Advokater, DLA Piper and Kromann Reumert, with Christensen Kjærulff as trustee, aimed to re-establish solvency and a sustainable capital structure. The restructuring ensured continued operations, protected stakeholder value and created a more resilient foundation for the future. The Group streamlined its organisation, adjusting the cost base and realigning the delivery model and activity level with prevailing market conditions. As part of the process, the Group focused on improving cost efficiency and the divestment of future non-core assets and activities, which included reducing Group staff from 291 employees as of 31 December 2024 to 100 employees by the end of restructuring. During the restructuring, Better Energy Group also maintained operations of existing solar parks and grid connected an additional five solar parks with a total capacity of 491MWp. With the establishment of Better Energy Management A/S in February 2025 as the new operating company, the Group now operates from a stable ﬁnancial and organisational platform with full focus on creating value and delivering sustainable operations in support of the green transition. Please also refer to note 1 for further information. A restructuring proposal, including a compulsory composition and a five-year moratorium (standstill period) from12 November 2025 to 12 November 2030, was circulated to creditors and approved by the Maritime and Commercial High Court on 12 November 2025. The moratorium covers unsecured creditors and provides a stablefinancial framework for continued operations. P Capital Partners AB, a financing partner for Better Energy Group for several years, provided funding for workingcapital during the restructuring and remains the Group's main creditor following completion. P Capital Partners AB continues to support the company and holds security over shares in, and guarantees from, key subsidiaries. As part of the exit from restructuring, Better Energy Holding A/S and its creditors have agreed on a five-year moratorium. The agreement provides a stable financial framework under which creditors refrain from enforcing claims or demanding repayment during the moratorium, allowing the Group to focus on rebuilding operations and strengthening its long-term financial position. The arrangement reflects a shared commitment to a controlledand value-preserving recovery. Following the High Court's approval, Better Energy Holding A/S is legally no longer considered insolvent and continues as a going concern.The restructuring covers total filed debt/claims of DKK 3,364 million (per 19 December 2024), for which a five-yearmoratorium has been granted.

The effect of the approved restructuring plan is that in the 2025 annual report the majority of the debt covered bythe moratorium agreement will be classified as non-current liabilities. Main activities and business modelBetter Energy is a leading provider of solutions for utility-scale renewable energy projects. We specialise in development, engineering, procurement, construction, operations and maintenance, commercial management and power market solutions and services – from initial site studies to the sale of green energy. The power generated by our renewable energy parks is contracted via long-term power purchase agreements (PPAs), short-term forward contracts or sold on the spot markets. The head oﬃce of Better Energy Holding A/S is located in Frederiksberg, Denmark. Our core market is Denmark, and we are also active in Poland, Sweden and Finland. At the end of 2024, the Group employed a total of 291 people in both full- and part-time positions. This number has subsequently been reduced to 100 of which 88 are employed in the operating company, Better Energy Management A/S.

Development in activities and finances

Activities in 2024The year 2024 was characterised by a convergence of adverse market factors that challenged Better Energy’s business model. After several years focused on delivering green capacity at speed and at the lowest possible cost through joint venture partnerships, we faced a number of key risk drivers that materialised simultaneously: 1. Demand and electrification delays Electricity demand was lower than expected and materialised later than planned due to delays and cancellations in electrification projects. These setbacks reduced demand in both the short and long term. 2. Price cannibalisation and negative prices The continued build-out of onshore wind in Finland and Sweden, as well as solar PV in Denmark and Central Europe, intensified price cannibalisation. This led to a surge in negative price hours and reduced capture rates forsolar PV. As a result, there were more curtailment events and lower realised revenues from operating parks, as well as weaker investment cases for future projects. 3. Grid and balancing costs Increasing complexity, longer lead times and supply constraints on key grid components raised grid connection costs. For operating assets, higher balancing and ancillary service costs further reduced margins. 4. Capital market conditions Higher interest rates, combined with a marked increase in investor return requirements for illiquid renewable assets – driven by price volatility and timing uncertainty – dampened investor appetite, slowed transaction processes and lowered valuations across assets. The impact was particularly evident in Better Energy’s two major joint venture partnerships. Reduced and later than budgeted commitments/payments affected the construction and development portfolio and pressured liquidity. In response, the Group initiated cost measures and reprioritised the pipeline, and in December 2024 filed for restructuring of Better Energy Holding A/S and Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S. In November 2025, the Group completed the restructuring and transitioned to a services-focused operating model under Better Energy Management A/S, establishing a leaner organisation and a more

predictable earnings base anchored in long-term service agreements. The adverse market developments and the strategic realignment prompted a comprehensive review of carrying values across operational and development assets. As a result, total impairments (excluding tax) of DKK 2,271 million were recognised in 2024. See Impairment in the Management commentary and the notes for further details. In December 2024, the subsidiary Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, entered into a formal restructuring process. As a result Better Energy Holding A/S lost control of the subsidiary which was consequently deconsolidated from the consolidated financial statements, and all the subsidiary's assets and liabilities derecognised. Furthermore, a total of DKK 489 million has been recognised in 2024 as provisions for liabilities and debt obligations arising from claimed guarantees from Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S.Power solutions In 2024, Better Energy continued to expand its portfolio of long-term PPAs, with a focus on pay-as-produced PPAs, signing new 10-year agreements with seven companies across Denmark, Sweden, Finland and Poland. These agreements support the development of new solar parks and help energy buyers secure stable, renewable electricity for the coming decade. They also play a key role in helping companies reduce their carbon emissions and meet their climate targets through the direct sourcing of additional renewable energy.Construction Our construction portfolio consists of projects where EPC activities have been initiated. The renewable energy parks in the construction portfolio at the end of 2024 were either being installed or in ﬁnal preparations prior to installation or subject to procurement of long-lead components. In 2024, Better Energy began construction of three large-scale solar projects with a total capacity of 344 MWp through joint investment structures co-owned with Industriens Pension and Andel. Better Energy had signed a new joint venture agreement at the end of 2023 with Andel, Denmark’s largest energy and ﬁbre-optic group. The agreement represented one of the largest joint investments in Denmark’s renewable energy sector to date, with a total investment scope in the billion-euro range. The joint venture included plans to develop a portfolio of new solar parks between 2024 and 2028, with a combined expected capacity of 2 GWp. The ﬁrst four parks of the Andel portfolio, Vedde, Radsted-Grænge, Køng-Mose and Saltø, were ready-to-build at the beginning of 2024. Together, they represent 766 MWp and were expected to come online in 2024 and 2025. The projects also included measures to support biodiversity and create recreational value. In addition, the joint venture included an exclusive right for Andel to acquire and commence construction of three further projects in 2024, totalling 488 MWp of capacity. At the end of 2024, the ﬁrst four parks of the Andel joint venture, Vedde, Radsted-Grænge, Køng-Mose and Saltø, were in our construction portfolio. Also under construction end 2024 were Skælskør and Viuf in Denmark and Wagrowiec and Chociwel in Poland, which are all part of the Impact II portfolio with Industriens Pension. As part of the restructuring, Andel assumed full ownership at the beginning of 2025 of four solar parks previouslyincluded in the joint venture Andel Solcelleparker P/S, formerly Better Energy Andel P/S. Operations

In 2024, Better Energy expanded its operational portfolio across Denmark, Poland and Sweden. We grid connected ﬁve large-scale solar projects with a total of 183 MWp. In Denmark, Fraugde solar park on Funen was successfully connected to the grid. During the year, we also grid connected Chelmno and Resko in Poland. In Sweden, we added Studsvik and Lidköping Airport. During the restructuring process, we grid connected Wagrowiec and Chociwel in Poland, and Skælskør, Viuf and Vedde in Denmark. Development In 2024, Better Energy focused on strengthening and reﬁning its development pipeline to ensure greater resilience and adaptability to future market conditions. Eﬀorts were made to prioritise projects with the strongeststrategic ﬁt, grid access and commercial potential. As part of the Group’s broader strategic shift, the pipeline was restructured to better align with expected demand. These changes were made to support more focused and ﬁnancially robust development activities going forward.Discontinued operations As a consequence of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, entering into a formal restructuring process in December 2024, Better Energy Holding A/S lost control of the subsidiary. Accordingly, all income and expenses related to the activities of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, including profit and loss from deconsolidation of the subsidiary, are presented as profit and loss from discontinued operations in the consolidated income statement. Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, was the entity in the Better Energy Holding Group that developed and constructed green energy production capacities in the form of solar parks, etc.The loss of control and the deconsolidation have had a significant impact on the financial statements for 2024, as most of the former activities within the Group are presented as discontinued operations in the consolidated income statement.As of 31 December 2024, no assets or liabilities in Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, are recognised in the balance sheet, including projects under development that were presented as contract work in progress last year.In total, revenue from discontinued operations amounts to DKK 3,408 million and the total loss from discontinued operations amounts to DKK 486 million. For further specification, see note 14 of the consolidated financial statements. Comparative figures in the financial statements for 2023 have not been restated to reflect the effect of the discontinuation and are therefore not comparable to the contining operations of the Better Energy Holding Group as of 31 December 2024.Impairment The adverse market situation has led to a comprehensive impairment of the Group's assets, resulting in significant impairments and provisions in subsidiaries and joint ventures. Total impairment (excluding tax) recognised in the 2024 consolidated financial statements amounts to DKK 2,271 million, presented as part of continuing operations. Impairment and provisions can be speciﬁed in the following categories: Development assets (classified as inventories) All capitalised development costs have been reviewed and compared with estimated market value. Development

assets have been measured at the lower of book value and estimated fair value less costs to sell. Fair value estimates are based on perceived market demand and third-party input, and assumptions regarding future energy prices, cost of energy and costs of capital. This review resulted in impairments totalling DKK 211 million presented as direct costs in the income statement. Investments in joint ventures The Group’s investments in joint ventures have been affected by impairment losses relating to power purchase agreements (PPAs) and operational assets, resulting in impairments totalling DKK 802 million. Power purchase agreements (joint ventures) The Group has no contractual obligations relating to power purchase agreements (PPAs), as all such agreements have been entered into by joint venture companies.All physical PPAs have been reviewed for potential loss-making commitments. Where delivery obligations are priced below prevailing market terms, provisions have been recognised. The provisions are based on the present value of expected future losses, amounting to DKK 8 million, and are presented as income from investments in joint ventures in the consolidated income statement. Assumptions include expected energy yield, the future development of spot prices, solar power capture rates and interest rates. Changes in the applied assumptions and parameters could significantly effect the estimated provision for loss-making contracts. Operational assets (joint ventures) All operational assets, including those held through joint venture structures, have been tested for impairment based on their value in use. Impairment tests are based on individual project forecasts, where the net present value of the expected future cash flows has been calculated. Key assumptions include energy yield, power price development, capture rates and discount rates. Changes in these assumptions could materially effect the estimated recoverable amount. Assets have been written down to the lower of value in use and book value, resulting in impairments of DKK 802 million, primarily affecting Income from investments in joint ventures in continuing operations. Land (classified as inventories) Carrying values of land holdings have been evaluated against current market valuations prepared by an external independent expert. The value of the land depends on its expected future use - the lowest value applies to agricultural land, while the highest value applies to land used for renewable energy projects. The Management has for each land holding evaluated which scenario is the most likely. Considering the expected future use within Better Energy, impairments have been recognised where the carrying amount exceeds the fair value. Total land impairments amount to DKK 403 million. Receivables from joint ventures The Group’s receivables from joint ventures have been impaired due to the adverse market situation, which also affected related assets. Management has assessed recoverable values based on the above-mentioned impairment tests and supporting analyses, resulting in an impairment loss of DKK 855 million in 2024. Financial performance 2024 The impairment and provisioning effects explain the majority of the loss before tax in 2024, reflecting updated market assumptions for power prices, capture rates, grid availability and discount rates.Basis and comparatives

Unless otherwise stated, comparative figures are for 2023. The comparative figures have been adjusted to align with the presentation of the current year and have been prepared in accordance with the Danish Financial Statements Act. However, the comparatives have not been restated to reflect the discontinuation and the deconsolidation of the activities in the subsidiary Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, following the subsidiary's entry into a formal restructuring process in December 2024 and its subsequent bankruptcy filling in 2025. In the description of the financial performance for 2024 in this section, both the continuing and discontinued operations are included unless specifically stated otherwise. Please refer tothe notes for classification details. Production Total energy production from subsidiaries and joint ventures increased from 941 GWh at year-end 2023 to 1,037 GWh at year-end 2024, reflecting a larger operational portfolio and additional grid connections achieved during the year. Income statement Group revenue totalled DKK 78 million (2023: DKK 2,501 million). Revenue consists of revenue from services, including asset management, and revenue from the sale of power in subsidiaries. The year-on-year decrease primarily reflects the reclassification of the construction activities in Byggeselskabet af 01.07.2015 (in bankruptcy),formerly Better Energy A/S, presented as discontinued operations in the consolidated income statement, as well as weaker realised revenues from operating assets. While the number of operational parks under management grew, realised revenues declined due to reduced solar energy capture rates and a surge in negative price hours across key markets, resulting in increased curtailment events. In addition, higher balancing and ancillary service costs for operating assets further reduced margins. Power sales amounted to DKK 11 million (2023: DKK 15 million), excluding power revenue from parks consolidated in joint ventures. Please refer to note 14 regarding revenue and other items related to the discontinued operations. EBITDA EBITDA amounted to DKK -1,846 million (2023: DKK 727 million). The decline primarily reflects lower revenue recognition, higher balancing costs and the effect of impairment and re-measurement items associated with the portfolio review and strategic shift. Please refer to the Impairment section in the Management commentary for further information. Earnings before tax Profit/loss before tax was DKK -2,038 million, compared to a profit of DKK 196 million in 2023. The 2024 result was significantly affected by impairments of operational and development assets and by lower-than-expected proceeds and delayed timing from joint venture related transactions. Net financial income/expenses Net financial expenses were DKK 28 million (2023: DKK 43 million), reflecting higher corporate and project-level funding costs during the year, partly offset by interest income on loans to joint ventures and associates and net foreign exchange gains. Tax

Tax for the year is calculated to DKK 126 million (2023: DKK 47 million). The effective tax rate for 2024 is affected by the pre-tax result, the impact of impairments and the geographic mix of earnings. Discontinued operationsDiscontinued operations represent the operating loss in the subsidiary Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S, and the net profit from the deconsolidation of the subsidiary in the consolidated financial statements. In total, the loss from the discontinued operations amounts to DKK 486 million. The subsidiary was deconsolidated in December 2024 as a result of entering into a formal restructuring process where Better Energy Holding A/S lost control of the entity. For further details see note 14 to the consolidated financial statements. Liquidity and capital structure Market-driven delays and reduced joint venture proceeds led to a tight liquidity situation beginning in the second half of 2024. Subsequent to year-end, the Group completed a financial restructuring and established Better Energy Management A/S as the operating platform. P Capital Partners AB funded working capital during the process and is the main creditor post-restructuring. Please refer to Note 3, Events after the balance sheet date, inthe consolidated financial statements. Due to the entering into the formal restructuring process in December 2024, all liabilities have been classified as current as of the balance sheet date of 31 December 2024.Parent Company The Parent Company realised a loss of DKK 2,860 million, and equity as of 31 December 2024 was negative by DKK 1,573 million. The development in activities and financial conditions within the Group, as described above, is also reflected in the annual accounts of the Parent Company. However, as the discontinued operations in the consolidated financial statements relate to a subsidiary that is recognised in the Parent Company as an asset in the form of investment in group enterprise, the income statement is not divided into discontinued and continuing operations. Instead, the effect of the discontinued activity, which is described in more detail in note 14, is included in income from investments.Differences between the Group and Parent Company's loss for the year mainly arise because provisions have been made on intercompany receivables (refer to note 4), and negative equity in subsidiaries is only recognised to the extent that it can be booked against intercompany receivables in the Parent Company. The development in activities and financial conditions of the Parent Company is also significantly affected by the following: Writedown of receivables, including considerations of uncertainty in the valuation of receivables and information on the characteristics of the receivables (Please refer to note 4 in the parent ﬁnancial statements andnotes.) Provision for guarantees, aﬀecting both the income statement and balance sheet (Please refer to note 14 in the parent ﬁnancial statements and notes.) Reclassiﬁcation of debt (Please refer to note 16 in the parent ﬁnancial statements and notes.) Increase in trade payables, as the payable to the former subsidiary Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, is no longer presented as an aﬃliated entity

Profit/loss for the year in relation to expected developments

In our 2023 report, we set ambitious goals to maintain high activity across our markets, expand our IPP portfolio, and further strengthen Better Energy’s position as a leading developer and operator of renewable energy assets. These goals were underpinned by expectations of stable financing conditions and continued strong demand for renewable energy. Last year’s expectations were revenue in the range of DKK 4,000 – 4,600 million, EBITDA in the range of DKK 850 –1,000 million and profit before tax in the range of DKK 150 – 225 million. However, during 2024, several key risk drivers materialised simultaneously, fundamentally challenging the assumptions behind our growth strategy. Lower-than-expected and delayed electrification, an increasing share of zero and negative power price hours, higher balancing and grid costs, and sharply higher investor return requirements collectively weakened project economics and investor confidence. These developments, together with delayed payments from key partners, significantly affected liquidity and resulted in a comprehensive reassessment of the Group’s business model and asset base. Despite Management’s early cost-saving and risk-mitigation measures, revenue and profitability fell short of expectations. By December 2024, Better Energy Holding A/S and Byggeselskabet af 01.07.2015 A/S (in bancruptcy), formerly Better Energy A/S, initiated restructuring proceedings to stabilise operations and protect stakeholder value. The restructuring process was completed in November 2025, resulting in a new, leaner organisational structure and a transition from an asset-owning IPP model to a focused service-based model operated through Better Energy Management A/S. The 2024 financial result was therefore heavily impacted by impairment and re-measurement of assets. Total impairment (excluding tax) amounted to DKK 2,271 million, reflecting updated market assumptions for power prices, capture rates, grid availability and discount rates. As a result, the Group reported a loss before tax of DKK 2,038 million (2023: profit of DKK 196 million) and significantly lower revenue and EBITDA than expected in the 2023 annual report, taking into consideration both continuing and discontinued operations.

Uncertainty relating to recognition and measurement

The recognition and measurement of certain assets and liabilities are subject to estimates and assumptions that involve a degree of uncertainty. This primarily relates to the valuation of land, investments in associated companies and solar parks, as well as intercompany balances. The applied estimates are based on Management’sbest assessment of current market conditions and future developments. These assessments are based on a range of estimates and assumptions, including expected future energy yield, power price scenarios, capture rates, and both development and construction expenditures, as well as the return requirements of ﬁnancing partners. Changes in any of these assumptions may signiﬁcantly impact the recoverable amount or potential sale value of the projects.Please refer to the Impairment section above and note 4 in the consolidated financial statements.

Unusual circumstances affecting recognition and measurement

In 2024, Better Energy undertook a strategic transformation in response to unprecedented market challenges. As part of a capital-intensive industry operating in a rapidly evolving regulatory and economic environment, we suddenly faced higher volatility in electricity prices, frequent midday hours with zero or negative power prices, delayed electriﬁcation progress and weakening investor sentiment across the renewable energy sector. After delivering nearly half of all new onshore renewable capacity in Denmark since 2020, Better Energy entered 2024 with a highly industrialised growth model. By mid-year, it became clear that this model needed to adapt to

new market conditions. Strategic realignment in a changing market Throughout the second half of 2024, we responded to a widening gap between renewable electricity production and society’s pace of electriﬁcation. Despite strong political ambitions for electriﬁcation and green hydrogen in Denmark, the rollout of electric infrastructure in transport, heating and industry lagged behind. Since 1990, Denmark’s electriﬁcation rate has grown at an average of just 0.1 percentage points per year, rising from 18.5% toan estimated 21.7% in 2024, with no acceleration in sight, leaving the country decades behind the pace needed tomeet EU targets. With no new political initiatives to promote energy shifts to electricity, this imbalance led to uncertainty about the pace of development towards equilibrium, making investors hesitant and altering investment conditions. At the same time, the renewable energy market was aﬀected by higher interest rates and return expectations, supply chain disruptions, rising costs and limitations on grid connections. In response to market conditions, we modiﬁed our strategy to align more closely with demand, placing new demands on the timing of future projects. We took action in August 2024 to cut costs, reduce staﬀ and postpone 3 GWp of solar capacity until after 2030. We shifted away from a “volume at speed” strategy, scaling as fast as possible, and refocused development eﬀorts on regions with a clear and timely demand for green electricity. Tightened liquidity In the second half of 2024, volatile market conditions signiﬁcantly aﬀected two of our core joint ventures with Andel and Industriens Pension, which represented the company’s primary source of income through 50% sales ofsolar parks. Our partnership with Andel, signed in late 2023, granted Andel exclusive rights to 2 GWp across 15 solar projects in our development portfolio. While construction began on the ﬁrst four parks (750 MWp) included at the time of signing, three additional projects set for 2024 inclusion were not included in the joint venture due to changing market outlooks. The rejection of the projects, and the resulting lack of sales proceeds, negatively impacted Better Energy’s revenue and earnings for 2024 and 2025. Additionally, Better Energy had already invested resources and incurred costs in preparing these projects for inclusion in the joint venture and construction. With clarity around reduced activity in 2025, we implemented further cost reductions and staﬀ cuts in October. In parallel, during Q3 and Q4 2024, our joint venture with Industriens Pension faced reduced and later than budgeted payments across nine nearly completed or fully built solar projects. This caused a temporary but severeliquidity shortfall, as Better Energy had already borne the majority of project costs. This also aﬀected our broadercapital structure, limiting ﬁnancial ﬂexibility across the Group. To adapt, we executed a third round of cost-saving measures in November, bringing total workforce reductions toaround 40%. Initiating the restructuring process By December 2024, a convergence of pressures – reduced and later than budgeted payments from key joint venture partners, tight capital markets and liquidity constraints – led us to ﬁle for restructuring of Better Energy Holding A/S (CVR no. 31865883) and Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, (CVR no. 36950676). These measures were taken to preserve value and ensure continued operations.

Please refer to Note 1, Judgements regarding going concern, in the consolidated ﬁnancial statements. Fundamental shift in Better Energy Group activity Better Energy’s strategic focus has shifted fundamentally. Previously operating as an IPP, the Group invested in, developed, built and owned large-scale solar parks. This model involved signiﬁcant capital investment, long development horizons and ownership of energy-producing assets. Following the Group’s restructuring, Better Energy Management A/S has been established as a specialised service management company. The focus is now on being a leading provider of technical, commercial and operational solutions for utility-scale renewable energy projects, alongside activities related to winding down the current investments in joint ventures and directly owned solar parks, etc. Rather than owning and ﬁnancing the parks directly, the Group delivers high-value services such as development, EPC management, operations and maintenance, commercial management and power market support, allowing energy assets to perform eﬃciently and sustainably throughout their lifecycle. As part of the business, the Group also assists in connection with divestment of energy projects.

Outlook

The year 2025 will be a transition year, as Better Energy consolidates its new service-based structure and completes the financial and organisational restructuring initiated at the end of 2024. The year’s result will be significantly affected by one-off costs associated with the restructuring process, including legal, advisory and redundancy costs, as well as the implementation of a simplified governance and reporting framework. While these costs will lead to an expected accounting loss in 2025, they represent necessary investments to secure a sustainable cost base and a more predictable operating model for the future. The Group’s cost base has been reduced substantially, complexity has been lowered, and management focus has shifted towards long-term service contracts, operational excellence and capital-light value creation. In 2025 Better Energy Group establised Better Energy Management A/S to provide contract-based services within development, EPC management, grid connection, operations and maintenance, commercial management, power market services. The company also assists the Group with the optimisation and divestment of energy projects. The company operates from a stable foundation with a defined cost structure, anchored by long-term service agreements. Going forward, earnings will be more stable but at a lower absolute level compared to the former IPP model, reflecting the change from capital-intensive ownership to a fee-based service structure. . The Better Energy Group no longer performs construction activities as an IPP. The outlook for 2025 therefore includes: • Revenue primarily driven by service agreements and management contracts. • One-off costs from restructuring and organisational consolidation. • A sustainable and scalable platform enabling a return to profitability from 2026 onwards. While short-term results will be affected, the restructuring has positioned the Group to operate efficiently within the current market environment. With a simplified structure, lower risk profile, and a focus on operational and commercial excellence, Better Energy has in 2025 established a stronger foundation for long-term stability and renewed growth potential once market conditions normalise. For 2025 we expect revenue in the range of DKK 90 – 115 million, with profit before tax of approximately DKK 0, excluding restructuring costs estimated at around DKK 27 million. The expected profit before tax is based on the assumption that the divestment of current direct and indirect investments in production capacities, such as solar

parks, will proceed as anticipated. However, there is uncertainty regarding both the amount and timing of these divestments.Please also refer to notes 1 and 3 for further information.

Use of financial instruments

Business risksReduced investor appetite The green energy transition is progressing more slowly than expected, creating uncertainty around future development and slowing investment activity. Adverse market conditions such as price volatility and higher interest rates have made it more diﬃcult for investors to assess the value of renewable energy projects and weakened investor conﬁdence. The slow pace of electriﬁcation, averaging only 0.1 percentage points of growth per year since 1990, has added to this uncertainty, as the expansion of electricity use in sectors like transport, heating and industry is not keeping up with the growth in renewable energy production. As a result, investor appetite has declined signiﬁcantly, and return requirements have increased, particularly for illiquid assets. Better Energy sought to mitigate this risk through a regional approach to project development, aligning pipeline growth with areas of strong local demand. However, the market downturn was broad-based, and the strategy was not suﬃcient to counteract the overall market conditions. With its new service-based model, Better Energy Management is no longer directly dependent on ﬁnancing or capital investment in assets, as it no longer operates as an IPP. However, these dynamics challenge Better Energy’s ability to sell renewable energy assets in a timely manner. To mitigate risk, Better Energy can strengthen investment processes and enhance project performance metrics. Better Energy is increasing focus on pipeline quality, aligning development with long-term demand. Demand from PPA customers Market dynamics have shifted as corporate energy buyers place greater emphasis on price certainty and risk management rather than solely on additionality. Lower long-term electricity price forecasts, increased market volatility and a heightened awareness of embedded PPA risks have led some companies to delay or adjust their renewable energy procurement strategies. While this has moderated short-term contracting activity, long-term demand for large-scale, supply-assured renewable electricity remains strong. To address evolving customer preferences, Better Energy is diversifying its portfolio of offtakers, developing hybrid pricing models and leveraging hedging instruments to enhance price stability and flexibility. Narrow group of ﬁnancial partners Better Energy has relied on a relatively narrow group of ﬁnancial partners. A strategic shift or reduced engagement by one or more of these partners could pose a liquidity risk and limit the ability to pursue growth plans. To mitigate this, Better Energy has actively worked to diversify its ﬁnancial partner base and reduce reliance on individual relationships. With Better Energy’s transition away from the IPP model to a service-based business model focused on long-term contracts, this risk has become less critical. The company is no longer directly dependent on project ﬁnancing for asset ownership, which reduces exposure to liquidity constraints tied to external capital sources. Reputation and stakeholder conﬁdence risk Due to the restructuring process and the company’s situation, Better Energy may face challenges in attracting

new talent and securing new business contracts. This could aﬀect both operational capacity and future growth. Tomitigate this risk, Better Energy relies on its strong track record and continued high-quality delivery. We work on asolid and focused development pipeline. Upholding our core value of integrity and remaining transparent remain central to building and maintaining trust with future employees and other stakeholders. Cybersecurity The Better Energy Group is exposed to the risk of cyber threats, including the possibility of targeted ransomware attacks. In response, a comprehensive third-party cybersecurity assessment has been conducted on information technology and operations technology. A plan has been developed and aligned with applicable regulatory requirements to strengthen our resilience and continue to safeguard our critical systems. Financial risk Financial risk covers the risk of shrinking revenues, ﬁnancial losses and limitations in access to capital on sound commercial terms. It also covers risk of incorrect VAT/tax handling in the markets we operate in. Regulatory changes, including changes in public subsidies, potential power price caps and potential power market reform, may impact our marginal revenue and the ﬁnancial viability of our projects and operational assets. Changes in commodity prices, interest rates, currency ﬂuctuations and general market volatility may impact our liquidity, bankability of assets and our ﬁnancial standing. This includes credit risks and may impact our ﬁnances, budgets and capital structure. Better Energy’s main exposure to commodities is the price on power sales. This is managed to a large extent via PPAs and power price hedges securing a high certainty on the value of future power sales. The counterpart risk is reduced by spreading power sales on the PPAs across multiple companies, where the majority are “blue chip” or “utility” companies in Better Energy’s home markets. However, negative power prices or spot prices in the energy market may lead to production curtailment, which will negatively impact power production and thereby power sales. In addition, fulﬁlling PPAs with baseload proﬁles can result in higher-than-expected costs. Interest rate risk is reduced by utilising long-term ﬁxed interest loans on ﬁnal project ﬁnancing. Both Danish mortgage loans and interest swap loans are utilised. See note 31 to the consolidated financial statements for further details. Liquidity is managed by recurring internal forecasting for future expenses, sales and financing. Access to financing and liquidity is established through the moratorium agreement and expected divestments of assets, both directly and indirectly owned, and support from P Capital Partners AB. Risks related to uncertainty of timing of divestments and the sales amounts are monitored closely.Interest rate ﬂuctuations Developing and constructing renewable energy parks is cost intensive and our cost of capital is sensitive to ﬂuctuations. Our ﬁnancial strategies are agile and are designed to adapt to changing economic conditions and minimise their impact on our project ﬁnancing and long-term viability. In general, we aim to ﬁx interest rates or apply interest rate caps to long-term project ﬁnance, whereas short- term corporate construction ﬁnance is more exposed to variable interest rates and volatility.

Knowledge resources

Proven expertise across the renewable energy life cycle With decades of hands-on experience managing the full life cycle of renewable energy parks, our team delivers comprehensive, end-to-end services that cover every aspect of asset development and operation. We bring together industry-leading experts whose technical, commercial and operational know-how is second to none. This depth of expertise has enabled us to consistently optimise the performance of our own renewable energy portfolio and maximise returns, proving the strength of our approach in real-world conditions. Driving environmental impact through nature-positive design Environmental stewardship is deeply embedded in how we design, build and operate renewable energy projects. As pioneers in integrating biodiversity preservation and regeneration into energy production, we can ensure parks not only generate clean power but also support nature. Our ability to design and manage parks that enhance environmental value – without compromising operational eﬃciency – demonstrates how renewable energy and long-term environmental goals can go hand in hand. Tailored services that put owners ﬁrst Our service model is built around the unique needs of each asset owner. By tailoring our support, we help owners achieve optimal ﬁnancial and environmental outcomes. We take a transparent and collaborative approach to asset management, building trust and long-term partnerships. Our clients beneﬁt from responsive support and access to deep expertise across all aspects of renewable energy, ensuring their questions and concerns are addressed eﬀectively. Regulatory excellence and risk-responsive governance Our extensive understanding of regulatory frameworks ensures that utility-scale renewable energy projects meet all legal, technical and grid compliance requirements. From navigating complex regulations to managing grid integration and Transmission System Operator (TSO) standards, we reduce potential liabilities and ensure smoothproject operations. Governance is fully embedded in our project stage gates and day-to-day practices, minimising risk and reinforcing compliance at every step. Operational leadership in utility-scale solar performance We have developed unique capabilities to manage the operational complexities of utility-scale parks. This includes ensuring seamless integration with the grid and maintaining compliance with all relevant standards. Ourproven track record in optimising the performance of large-scale renewable assets is built on years of data-drivenmonitoring, which enables us to maintain system reliability, extend asset lifespan and maximise revenue over time.

Statutory report on corporate social responsibility

The statutory report on corporate social responsibility covers both continuing and discontinued operations.Better Energy was founded with the strong environmental purpose of driving the transition to renewable energy sources. Through our business, we help organisations and society reduce the negative impacts of unsustainable energy production and consumption. Better Energy drives progress by delivering responsible energy solutions that create value for businesses, communities and the planet. We are committed to increasing our positive impact while actively managing our environmental and social footprint. Environment and climate

Large-scale renewable energy projects help expand renewable energy capacity and phase out fossil fuels. To enhance the positive impact of these projects, we integrate environmental safeguards and considerations from the earliest planning stages. Through sustainable land use and thoughtful site development, we can develop solutions that can create better conditions for nature while respecting the character and needs of local communities. Advancing our environmental commitments In 2024, we developed a new Environmental Policy, which was approved by the Board of Directors. Building on the environmental principles and commitments outlined in our Code of Conduct, the policy provides more detailed guidance on key areas, including climate change and energy, biodiversity and ecosystems, waste and resource management, and water. We aim to combine renewable energy production with making space for nature when feasible and manage environmental impacts by following the mitigation hierarchy, prioritising actions in the order of avoiding, minimising, restoring and oﬀsetting. The policy will serve as a foundation for further development and training in 2025. Renewable energy and climate changeOur approach We believe that renewable energy production should be produced with the lowest possible environmental impact. Although our own operations, comprising oﬃces, company vehicles and the operation of renewable energy parks, generate limited emissions, we must continue to address and mitigate them. The largest share of our emissions stems from the upstream value chain: the products and components used to build our renewable energy parks. To address this, we prioritise thoughtful design and responsible sourcing to reduce emissions per unit of energy produced. We support and encourage the reduction of greenhouse gas emissions across the supply chain. A notable share of our operational emissions also comes from electricity consumed at our solar parks when the sun is not shining. This energy ensures that inverters, transformers and other infrastructure remain operational and ready for optimal performance. To mitigate these scope 2 emissions, we enter into power purchase agreements (PPAs) with renewable energy projects planned for future grid connection. Beyond emissions reduction, we acknowledge the escalating risks associated with climate change. We are committed to continuously assessing climate-related risks and exploring how our projects can contribute to climate change adaptation. This includes ongoing dialogue and partnerships with PPA partners, municipalities, local communities, suppliers, ﬁnancial institutions, and grid operators to scale sustainable energy solutions quickly and eﬀectively. Activities in 2024 In Denmark, we introduced a new car policy to encourage the safe, responsible and sustainable use of company vehicles. As part of our commitment to achieving zero emissions from operations, we are transitioning our ﬂeet of company cars to electric vehicles wherever local infrastructure and conditions permit. We also carried out a lifecycle assessment of key park components and completed a risk assessment of climate impacts across our supply chain. These eﬀorts help us better understand our full emissions proﬁle and exposure to climate-related risks. The results will guide our ongoing eﬀorts. Biodiversity and ecosystemsOur approach

We develop renewable energy parks with a fundamental respect for nearby communities and nature. Much of the land we develop has been used for conventional agriculture which is considered degraded from a nature perspective due to the lack of biodiversity and ecological balance. By changing the use of land to a renewable energy park, we stop the use of fertiliser and pesticides and let the soil rest. When feasible, establishing parks canhelp provide new areas for nature and local recreation. There is a potential for reduced biodiversity if ecological considerations are not eﬀectively integrated into site design and selection processes. Early in our projects, we evaluate environmental risks and opportunities. This assessment includes screening for existing protected areas, proximity to biodiversity-sensitive areas as well as regionally required assessments. We do not develop projects in areas where protected nature areas will be compromised or in landscapes where a threat to endangered species cannot be mitigated. Activities in 2024 In 2024, we began the process of identifying our key impacts on biodiversity and ecosystems within the upstreamvalue chain. This involved conducting a materiality screening of Better Energy’s supply chain. The screening has been developed to follow the Science Based Targets Network (SBTN) guidelines and assesses the impacts associated with both upstream activities and direct operations. Waste and resource managementOur approach We apply a lifecycle approach to minimise resource use and waste across all phases. This includes designing for eﬃciency and selecting materials responsibly. Renewable energy technologies depend on materials such as rare earth metals, silicon and lithium. Their extraction and processing can lead to environmental degradation and social impacts, particularly in regions with weaker regulatory safeguards. As global demand increases, the availability of some transition minerals may become constrained, creating risks related to supply security, price volatility and long-term resource sustainability. Additionally, improper disposal at end-of-life could result in waste management challenges. Water usage is not a signiﬁcant risk, as the solar panels are naturally cleaned by regular rainfall, given the precipitation patterns in Northern Europe. We work to reduce and optimise resource use by reﬁning the design of new renewable energy assets. We evaluate material sourcing with attention to sustainability and long-term availability, and we consider alternative suppliers and materials where appropriate. To maximise the value of components and assets, we explore opportunities for repair, refurbishment and reuse to extend their lifespan. By following the waste hierarchy, we aim to prevent waste generation in the ﬁrst place and ensure that any remaining waste is managed responsibly. Our lifecycle assessment model, developed in 2023, supports informed decisions about materials and design, helping us to reduce impacts and anticipate future constraints. Activities in 2024 In 2024, we actively participated in SolarPower Europe’s Sustainable Products workstream, where we shared insights and contributed to the development of methodologies for quantifying circularity and assessing the environmental impacts of solar PV systems across Europe. We switched to a new waste handler across countries and construction sites. This new partnership emphasises recycling, allowing us to consolidate our waste data and gain more transparency into the recycling process of

waste management. People Our people are the driving force behind everything we do. We are proud to bring together a diverse and skilled team united by a shared purpose: to create smarter, more sustainable energy solutions. With decades of combined experience and industry expertise, our team delivers exceptional technical, commercial and operational insight. It is this collective know-how, along with our shared purpose, that sets us apart. The energy sector continues to face strong competition for skilled professionals. Our future success depends on our ability to continue attracting, developing and retaining top talent. That means oﬀering more than just a job. We oﬀer purpose, a values-driven culture, and the ﬂexibility and support that deﬁne a modern, people-ﬁrst workplace. As our business evolves, we are focused on developing both our people and our organisation in a way that sustains our culture and strengthens our capabilities. In the past year, we began rolling out our structured way of working to align teams and increase clarity and consistency across the business. As we look to the coming year, staying grounded in our values – Commitment, Integrity, Teamwork, and Energy – will continue to guide how we work together and move forwards. This work will continue in the year ahead. Strengthening workplace policies In 2024, we took signiﬁcant steps to strengthen our social and employee relations. We formalised and enhanced our principles and practices by introducing new standalone policies on human rights, anti-harassment, diversity, equity and inclusion, employee compensation and community engagement. All new policies were approved by our Board of Directors. These policies lay a strong foundation for further development and training in 2025. Safeguarding health and wellbeingOur approach Employees are the foundation of Better Energy. Our work should not cause injuries or illnesses, and no task is so critical that it justiﬁes compromising safety and health. This commitment extends to consultants and contractors working on site. We promote proactive safety measures and regularly assess and address potential hazards in the workplace. Our goal is to prevent accidents, and we ensure that all incidents are investigated. Based on our ﬁndings, we take appropriate corrective actions to continuously improve our safety practices and minimise future risks. Health and safety risks include potential injuries to people on site or at Better Energy oﬃces. We mitigate these risks by enforcing strict health and safety procedures and providing training both on site and oﬀ site. Our health and safety trained managers, along with our in-house legal team, guide our actions and ensure compliance with internal procedures, policies and external standards. A health and safety plan is prepared for all projects as a standard procedure. Work Environment Organisation members are responsible for fostering and promoting a culture of safe and healthy behaviours that align with Better Energy values. They must treat all observations raised seriously. This involves taking corrective actions and sharing knowledge and best/worst practices with other sites and oﬃces to continuously improve at all locations. Activities in 2024 In 2024, we conducted a comprehensive workplace assessment that covered physical, social and psychological

factors. The results were shared with all departments, and action plans were then developed based on these results. Insights on how the survey questions were interpreted will be used to improve the clarity of the 2025 assessment. We also began revising our policy on health and safety, adding more detailed descriptions of principles, statements, expectations and responsibilities. The policy sets out our commitment to constantly working to improve health, safety and mental wellbeing in all work processes. This new policy will be implemented in 2025. Community engagementOur approach Access to land and securing local acceptance are essential for the development of our renewable energy projects.We set new standards for community engagement when developing energy parks. This requires a tailored approach to developing each large-scale project, including the identiﬁcation of relevant opportunities for multifunctional land use, such as nature restoration and recreational areas. Local context plays an important role in shaping our approach to community engagement, as each area presents unique risks and opportunities related to permitting processes and community impact. To address local concernsand ensure support, we are committed to the timely involvement of stakeholders in our projects. We actively seek to anticipate, avoid and address the concerns of all local communities whose well-being may be directly or indirectly aﬀected by our operations. We are committed to evaluating any reasonable concerns impartially and ensuring they are managed eﬀectively and transparently. Activities in 2024 Our new Community Engagement Policy outlines our commitment and approach. Our values and way of working form the foundation of how we conduct business and engage with communities. We build our relationships with local communities on the principles of transparency, inclusion and respect. We promote open communication and provide accessible grievance mechanisms for all stakeholders to raise concerns. In 2024, we strengthened our project governance model by reﬁning community engagement processes applicable across all markets. Human rightsOur approach Respect for human rights is fundamental to Better Energy’s core commitment to powering the green transition together. We recognise our responsibility to respect and promote human rights and address adverse human rights impacts resulting from any of our business relationships and activities. We are guided by the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, International Labour Organisation Conventions and the UN Guiding Principles on Business and Human Rights. Human and labour rights are priority issues in project development and construction. Installation teams work intensively in diﬀerent countries for relatively short periods of time, which can lead to human rights issues. Risks could include inadequate health and safety measures at the project site, a lack of training, poor wages and unclear employment terms and conditions. We continuously monitor and reassess our risk areas to ensure that ifa problem arises, mitigating actions are implemented and followed up. Human rights was a focus area in our 2024 audits for both potential and current suppliers. In 2024, we did not record any events that could have a negative impact on human rights. Activities in 2024

Our new policy on human rights formalises our commitment to respecting human rights and outlines principles for our actions. This policy will be updated over time as we gain new knowledge and experience in the implementation of our human rights due diligence eﬀorts. To support this policy and ensure respect of human rights, we will continue to develop our operating procedures reﬂecting changes in our business context. Supply chainOur approach Renewable energy parks are built using many diﬀerent materials and components, primarily sourced from Europe and Asia. Due to the complexity of multi-tiered supply chains, achieving full traceability across all levels remains a challenge. This is particularly relevant for transition minerals and rare earth elements, which are essential for renewable energy technologies. We seek to improve transparency and promote responsible sourcingby working with suppliers who share our commitment to ethical and sustainable practices. Labour-related risks in the renewable energy industry can arise at diﬀerent stages of the supply chain, particularly in mining, reﬁning, processing and manufacturing. The global photovoltaic (PV) module supply chain is heavily concentrated in a few geographic regions, creating additional geopolitical and logistical vulnerabilities. While risks vary by activity and region, concerns may include unsafe working conditions, low wages and lack of labour rights protections. To address supply chain risks, we work to reduce dependence on single-source suppliers while promoting fair labour conditions and sustainable sourcing. We also monitor developments in high-risk categories. Several initiatives, including supplier audits, category risk assessments and supply agreement clauses, aim to helpachieve sustainability in our supply chain. Activities in 2024 In 2023, we conducted risk assessments across all direct spend categories, which helped shape our priorities for 2024. Building on this, we conducted audits in 2024 of suppliers who provide us with high-risk components. These audits examined alignment with major CSRD elements and Future Fit goals related to human rights and labour violations, business ethics, environmental issues and downstream supply chains. The combined insights from both the risk assessments and the audits strengthen our ability to make responsible, informed sourcing decisions. Looking ahead to 2025, we plan to review our supplier engagement programme to better align it with insights from our assessment of value chain impacts and the scope of our business. The programme will focus on guidingprinciples, collaboration and the promotion of responsible practices where feasible.

Statutory report on data ethics policy

Our approach Better Energy does not currently use data processes such as algorithms or artiﬁcial intelligence as part of its core business model, as outlined in section §99d of the Danish Financial Statements Act. However, in response to recent global advancements in large language models and AI technologies, the company has adopted a Data Ethics Policy to ensure responsible and ethical use of these tools. Activities in 2024 The new policy, approved by the Board of Directors in 2024, outlines Better Energy's approach to data ethics, addressing areas not already covered by existing laws, regulations, and internal policies on data privacy and information security. It applies to all forms of data processing and usage. We will review the policy in 2025 to

reﬂect developments in our digital infrastructure and work to raise awareness.

Statutory report on corporate governance

Our approach We actively seek to anticipate, avoid and address any ethical breaches that may arise as a result of our activities. We have a zero-tolerance policy for bribery and corruption and are committed to upholding all laws regarding anti-bribery and corruption in all the jurisdictions in which we operate. Our Code of Conduct outlines our approach to business ethics and includes statements on anti-corruption and money laundering. We also have a separate Anti-Corruption Policy covering gifts, facilitation payments, political and charitable contributions and how to raise concerns. Together, these policies and statements outline our commitment to conduct business ethically and honestly. All new employees receive our Code of Conduct along with their employment contracts, and business ethics is a mandatory part of our onboarding programme. We assess our exposure to business ethics and anti-corruption risks as low. We operate in markets across Northern Europe, in countries that we consider to have a low risk of business ethics violations. We maintain an online mechanism for raising concerns and whistleblowing, managed by a dedicated team under strict conﬁdentiality. Activities in 2024 Anti-corruption training continued to be a part of our classroom onboarding sessions. In 2024, we did not identifyany breaches of our Anti-Corruption Policy. Nevertheless, we continue to prioritise business ethics and anti- corruption, consistently working to strengthen our internal processes and controls. Raising concernsOur approach At Better Energy, our Code of Conduct and values deﬁne the behaviour we expect from all employees. We promote an open and honest culture of trust and integrity. We encourage employees to speak up and voice feedback, suggestions, work-related concerns and challenges directly to their managers. If employees do not feel comfortable discussing concerns with their manager for any reason, they can ﬁnd guidance and alternative reporting options on the intranet. External parties are encouraged to report concerns promptly via their Better Energy contact person or the Raising Your Concern channel. Our external Raising Your Concern channel is hosted by a third party. Reports can be submitted anonymously and discreetly by both internal and external stakeholders in the reporter’s preferred communication method and language. The channel is open to all conceivable issues, and Better Energy makes every eﬀort to protect anyone who reports an issue from retaliation. Concerns are taken seriously, thoroughly investigated and resolved appropriately, including oﬀering support or applying sanctions if necessary. To safeguard our people and external parties, we continually review and enhanceour procedures. Activities in 2024 In 2024, the Board of Directors approved an updated Raising Your Concern Policy, available on our website. We are dedicated to nurturing a culture where employees and third parties feel safe and supported throughout the process of raising their concerns. By encouraging a speak-up culture, we aim to address potential inappropriate behaviour early, protecting our people, stakeholders and communities.

Events after the balance sheet date

Please refer to note 3.

Consolidated income statement for 2024

Revenue

78,037

2,501,110

Changes in inventories of finished goods and work in progress

(182,780)

1,040,272

Own work capitalised

50,223

29,195

Costs of raw materials and consumables

(81,375)

(2,478,416)

Other external expenses

(82,447)

(86,007)

Gross profit/loss

(218,342)

1,006,154

Staff costs

(223,771)

(283,456)

Depreciation, amortisation and impairment losses

(545)

(15,544)

Writedowns of current assets exceeding normal writedowns

(403,399)

Operating profit/loss

(846,057)

707,154

Income from investments in associates

8,472

244

Income from investments in joint ventures

(317,280)

(468,489)

Other financial income

98,892

72,038

Impairment losses on financial assets

(855,145)

Other financial expenses

(126,403)

(114,843)

Profit/loss before tax

(2,037,521)

196,104

Tax on profit/loss for the year

(125,041)

(47,301)

Other taxes

(752)

Profit/loss from continuing operations

(2,163,314)

148,803

Profit/loss from discontinued operations

(486,192)

Profit/loss for the year

(2,649,506)

148,803

Consolidated balance sheet at 31.12.2024

Assets

Completed development projects

20,311

Acquired patents

Goodwill

Intangible assets

20,318

Land and buildings

21,889

54,301

Other fixtures and fittings, tools and equipment

1,490

16,174

Leasehold improvements

4,859

Property, plant and equipment

23,379

75,334

Investments in associates

29,077

21,367

Investments in joint ventures

66,178

85,355

Receivables from joint ventures

1,405,405

1,240,860

Investments in participating interests

Other investments

624

Deposits

1,535

3,826

Deferred tax

50,244

Financial assets

1,502,195

1,402,276

Fixed assets

1,525,574

1,497,928

Raw materials and consumables

13,614

Work in progress

627,079

1,204,675

Manufactured goods and goods for resale

94,905

100,408

Inventories

721,984

1,318,697

Trade receivables

2,329

10,773

Contract work in progress

213,604

Receivables from associates

2,518

Receivables from joint ventures

544,898

739,964

Other receivables

35,804

80,231

Tax receivable

6,213

Prepayments

28,619

36,173

Receivables

617,863

1,083,263

Cash

81,046

532,162

Current assets

1,420,893

2,934,122

Assets

2,946,467

4,432,050

Equity and liabilities

Contributed capital

708

Translation reserve

15,728

5,147

Reserve for fair value adjustments of hedging instruments

36,701

1,539

Retained earnings

(1,420,539)

1,224,383

Equity belonging to Parent's shareholders

(1,367,402)

1,231,777

Equity belonging to minority interests

2,901

2,619

Equity

(1,364,501)

1,234,396

Other provisions

499,273

3,877

Provisions

499,273

3,877

Mortgage debt

62,745

52,380

Bank loans

1,617,388

Other payables

5,456

Deferred income

417,873

169,956

Non-current liabilities other than provisions

480,618

1,845,180

Current portion of non-current liabilities other than provisions

2,428,974

407,724

Bank loans

184,752

Contract work in progress

496,532

Trade payables

814,064

40,418

Payables to associates

1,681

Tax payable

67,404

Other payables

76,528

128,192

Deferred income

9,830

23,575

Current liabilities other than provisions

3,331,077

1,348,597

Liabilities other than provisions

3,811,695

3,193,777

Equity and liabilities

2,946,467

4,432,050

Judgements regarding going concern

Unusual circumstances

Events after the balance sheet date

Uncertainty relating to recognition and measurement

Financial instruments

Unrecognised rental and lease commitments

Contingent liabilities

Assets charged and collateral

Transactions with related parties

Subsidiaries

Consolidated statement of changes in equity for 2024

Equity beginning of year

708

5,147

1,539

1,232,556

1,239,950

2,619

1,242,569

Changes in accounting policies

(8,173)

Adjusted equity, beginning of year

708

5,147

1,539

1,224,383

1,231,777

2,619

1,234,396

Exchange rate adjustments

10,581

5,148

15,729

(96)

15,633

Value adjustments

45,079

(42)

45,037

Other entries on equity

(144)

Tax of entries on equity

(9,917)

Profit/loss for the year

(2,649,926)

420

(2,649,506)

Equity end of year

708

15,728

36,701

(1,420,539)

(1,367,402)

2,901

(1,364,501)

Consolidated cash flow statement for 2024

Operating profit/loss

(846,057)

707,154

Amortisation, depreciation and impairment losses

619,056

15,544

Working capital changes

31,353

(656,772)

Non-cash corrections to operating profit (change in provisions)

496,976

41,763

Cash-flow from discontinued operations

226,060

Non-cash correction of net assets from discontinued operations

(188,686)

Increase in receivables from projectcompanies from discontinued operations

(391,414)

Cash flow from ordinary operating activities

(52,712)

107,689

Financial income received

4,300

48,761

Financial expenses paid

(151,817)

(148,984)

Taxes refunded/(paid)

(69,344)

(15,423)

Cash flows from operating activities

(269,573)

(7,957)

Acquisition etc. of intangible assets

(4,159)

Acquisition etc. of property, plant and equipment

(600)

(31,729)

Acquisition of fixed asset investments

(15)

(1,839)

Acquisition of enterprises

(406,583)

Disposal of enterprises

(78,240)

Repayments received

48,444

Acquisition / disposal of securities

4,500

Loans to Joint ventures and associates

(694,731)

(756,853)

Cash-flow from discontinued operations

(36,636)

Cash flows from investing activities

(810,222)

(1,148,219)

Free cash flows generated from operations and investments before financing

(1,079,795)

(1,156,176)

Loans raised

412,855

793,751

Repayments of loans etc.

(6,496)

(162,779)

Repayment of lease liabilities

(11,834)

Dividend paid

(1,518)

Acquisition of treasury shares

(142)

(4,140)

Cash-flow from discontinued operations

222,542

Cash flows from financing activities

628,759

613,480

Increase/decrease in cash and cash equivalents

(451,036)

(542,696)

Cash and cash equivalents beginning of year

532,162

1,081,327

Currency translation adjustments of cash and cash equivalents

(80)

(6,469)

Cash and cash equivalents end of year

81,046

532,162

Cash and cash equivalents at year-end are composed of:

Cash

81,046

532,162

Cash and cash equivalents end of year

81,046

532,162

Notes to consolidated financial statements

1 Judgements regarding going concern

The consolidated financial statements have been prepared on a going concern basis. In November 2025, Better Energy Holding A/S completed a court-supervised restructuring that restored financial stability and aligned operations with prevailing market conditions. The restructuring proposal, presented to creditors on 5 November 2025, was approved by the Maritime and Commercial High Court on 12 November 2025. The approved plan includes a five-year moratorium on unsecured debt (DKK 3,364 million), providing a stable financial framework that allows the Group to continue operations.As part of the restructuring, the Group transitioned from an independent power producer (IPP) to a service-basedbusiness model designed to provide a more predictable revenue base and cost structure without direct exposure to ﬁnancial or investment risks associated with renewable energy projects. To support the new model, Better Energy Management A/S (BEM) was established in February 2025 as a majority-owned (80%) subsidiary. BEM delivers contract-based services in operations and maintenance, commercial management, power market, EPC management and development. As part of the business, BEM also assists in connection with divestment of energy projects. The company operates from a stable foundation with a deﬁned cost structure, anchored by long-term service agreements. In addition to the activities mentioned above, the Group continues to hold significant investments in joint ventures that own and operate a number of solar parks in Denmark, Poland and Sweden. In addition to these investments in joint ventures, the Better Energy Group has also provided loans to the companies within the joint venture structures. The expected future returns from investments and repayment of loans depend on the future performance of the solar parks as well as the future divestments of projects and solar parks. As the future cash flows from the joint venture investments depends on future events, there is commercial uncertainty regarding the amount and timing of these cash flows. P Capital Partners AB, the Group’s main creditor, funded working capital during the restructuring and continues to support the Group’s liquidity position. Together with the establishment of BEM and the reduced cost base, this ensures a sustainable operational platform generating recurring income. Based on the approved restructuring plan, the moratorium, creditor support, debt repayment plans and sustainable operations, Management assesses that the going concern assumption remains appropriate.

2 Unusual circumstances

As mentioned in note 1, the year 2024 has been characterised by a number of unusual circumstances for the Group. These unusual circumstances have resulted in several impairments, losses, and provisions. Further detailsare provided in note 4, including the quantitative impact on the 2024 financial results. Also see the section Unusual circumstances affecting recognition and measurement for a more comprehensive description.

3 Events after the balance sheet date

Subsequent to the balance sheet date, Better Energy Holding A/S continued the formal restructuring process

initiated on 19 December 2024. A restructuring proposal was distributed to creditors for voting on 5 November 2025 and subsequently approved by the Maritime and Commercial High Court on 12 November 2025. The approved restructuring proposal includes a five-year moratorium arrangement under which unsecured creditors refrain from enforcing claims or demanding repayment until 12 November 2030. Following the court approval, Better Energy Holding A/S is no longer considered legally insolvent pursuant to section 10a(3) of the Danish Bankruptcy Act, and future activity will be focused on fulfilling the restructuring plan, including reduction of debt to the creditors.The completed restructuring restored the Group’s financial stability and aligned operations with prevailing marketconditions. As part of the restructuring, Better Energy A/S, Better Energy Denmark A/S, and Better Energy Finland I Oy entered bankruptcy proceedings and were subsequently renamed Byggeselskabet af 01.07.2015 A/S (in bankruptcy), Udviklingsselskabet af 01.01.2024 A/S (in bankruptcy), and Better Energy Finland I Oy (in bankruptcy), respectively. Establishment of Better Energy Management A/S A key outcome of the restructuring was the creation of Better Energy Management A/S (BEM), a majority-owned (80%) subsidiary of Better Energy Holding A/S. BEM provides contract-based services within development, EPC management, grid connection, operations and maintenance, commercial management and power market services. With an experienced team in place, BEM is well-positioned to continue delivering services that support the green transition, while mitigating risks associated with changing market dynamics. It also ensures essential stability and continuity for Better Energy Holding A/S in serving as the management company for the entire Group. Andel agreement on four solar parks As part of the restructuring, Andel assumed full ownership of four solar parks previously included in the joint venture Andel Solcelleparker P/S, formerly Better Energy Andel P/S. EPC management contracts for all four projects were simultaneously entered into with Better Energy Management A/S, which will manage their construction and delivery. Completing the Impact II portfolio The Group also progressed its partnership portfolio, with the grid connection of Wagrowiec and Chociwel in Poland, and Skælskør and Viuf in Denmark. With these milestones, all 11 parks in the Impact II portfolio with Industriens Pension became fully operational in 2025. Issuing of new shares and capital increaseAs part of the restructuring, the existing share capital was reduced to zero, and new shares were subsequently subscribed, establishing a new ownership structure.No other events have occurred after the balance sheet date that materially aﬀect the company’s or the Group’s ﬁnancial position.

4 Uncertainty relating to recognition and measurement

The recognition and measurement of certain assets and liabilities are subject to estimates and assumptions that involve a degree of uncertainty. This primarily relates to impairment of development assets, land, investment in and receivables from joint ventures and deferred tax assets. Further, there is significant uncertainty relating to the measurement of provisions made to cover the claimed guarantees provided by the Group to the creditors of

the former subsidiary Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S. In the 2024 annual report, significant impairment losses and provisions have been recognised.Impairment of inventory, receivables from joint ventures, investments in associates and joint ventures There is inherent uncertainty in determining the recoverable amount when estimating potential impairments of operational solar parks and solar parks under development, which impacts the Group's valuation of fixed assets, inventory and receivables. The applied estimates are based on Management’s best assessment of current marketconditions and future developments. In 2024, volatility in long-term power price forecasts, projected demand, and financing conditions increased risks significantly. As a result, lower electricity prices and frequent negative spot prices reduced expected profitability, and Management performed impairment assessments based on assumptions for future land use, power prices and discount rates. These assessments are based on a range of estimates and assumptions, including expected future energy yield, power price scenarios, capture rates, and both development and construction expenditures, as well as the return requirements of financing partners. Changes in any of these assumptions may significantly impact the recoverable amount or potential sale value of the projects. As a result, there is material uncertainty relating to the recognition and measurement of fixed assets, investmentsin joint ventures, inventory and related receivables. The effects of impairments, writedowns and losses relating to the reconstructuring and adverse market conditions in 2024 can be summarised as follows: Investments in joint ventures : DKK 801.7 million (power purchase agreements and operational assets) - recognised in the income statement under Income from investments in joint ventures Receivables from joint ventures : DKK 855.0 million - recognised in the income statement under Impairment losses on financial assets Development assets: DKK 211.0 million - recognised in the income statement under Changes in inventories of finished goods and work in progressLand : DKK 403.4 million - recognised in the income statement under Writedowns of current assets exceeding normal writedowns Provisions, parent company guarantees: DKK 489.2 million - recognised in the income statement under Profit/loss from discontinued operations Deferred tax assets : DKK 23.3 million - recognised in the income statement under Tax on profit/loss for the year In total the adverse effects negatively impact the annual report by DKK 2,783.6 million .The total impairment (excluding tax) recognised in the 2024 consolidated financial statements amounts to DKK 2,271.1 million.

Investments in associates, DKK 29.1 millionIncluded in the value of Investments in associates is the Group's share of ownership in a Ukrainian solar park (DKK 27.3 million). Given the current situation in Ukraine, the valuation is subject to material uncertainty. The valuation reflects the value in use for the Group. Investments in joint ventures , DKK 66.2 millionThe Group’s investments in joint ventures have been affected by impairment losses related to power purchase agreements and operational assets. See further below. Power purchase agreements (joint ventures) The Group has no contractual obligations relating to power purchase agreements (PPAs), as all such agreements have been entered into by joint venture companies.All physical PPAs in the joint ventures have been reviewed for potential loss-making commitments. Where delivery obligations are priced below prevailing market terms, provisions have been recognised. The provisions are based on the present value of expected future losses. Assumptions include expected energy yield, the future development of spot prices, solar capture rates and interest rates. Changes in these parameters could significantly affect the estimated provision for loss-making contracts.Receivables from joint ventures , DKK 1,950.3 millionThe Group’s receivables from joint ventures have been impaired due to the adverse market situation, which also affected related assets. Management has assessed recoverable values based on the above-mentioned impairment tests and supporting analyses. Operational assets (in joint ventures) All operational assets, including those held through joint ventures, have been tested for impairment based on their value in use. The tests are based on individual project forecasts, where the net present value of expected future cash flows has been calculated. Key assumptions include energy yield, power price development, capture rates and discount rates. Changes in these assumptions could materially affect the estimated recoverable amount. Assets have been written down to the lower of value in use and capitalised cost, primarily affecting Income from investments in joint ventures . Development assets (classified as inventories) , DKK 66.5 millionAll capitalised development costs have been reviewed and compared with estimated market values. Development assets have been measured at the lower of book value and and estimated fair value less cost to sell. Market valueestimates are based on perceived market demand, third-party input and assumptions regarding future energy prices, cost of energy and cost of capital.Land (classified as inventories) , DKK 560.6 millionCarrying values of land holdings have been compared to current market valuations prepared by an external independent expert. The value of land depends on its expected future use — the lowest value applies to agricultural land, while the highest value applies to land used for renewable energy projects. Considering the expected future use within Better Energy, impairments have been recognised where the carrying amount exceedsfair value.

Provisions, DKK 489.2 millionProvisions have been made for guarantee obligations expected to be covered by Better Energy Holding A/S. The provisions amount to DKK 489.2 million. Other provided collateral and similar securities, where it is not expected that Better Energy Holding A/S will be required to cover the claim, are disclosed as contingent liabilities. This assessment involves significant judgement, and consequently, the recognised provision is subject to material uncertainty.

5 Revenue

Denmark

61,574

2,039,576

Poland

13,581

415,225

Sweden

2,882

43,243

Other countries

3,066

Total revenue by geographical market

78,037

2,501,110

Divestment to joint ventures

18,826

2,439,889

Power sales from majority owned solar parks

10,654

15,021

Asset management

39,829

46,200

Other revenue

8,728

Total revenue by activity

78,037

2,501,110

The figures for 2024 are not comparable with 2023 figures as a significant part of the activities have been considered as discontinued operations in 2024. See also note 14.

6 Fees to the auditor appointed by the Annual General Meeting

Statutory audit services

1,911

1,670

Tax services

3,716

1,073

Other services

15,743

8,747

21,370

11,490

7 Staff costs

Wages and salaries

443,053

262,240

Pension costs

30,523

15,191

Other social security costs

14,107

6,025

487,683

283,456

Staff costs transferred to discontinued operations

(263,912)

223,771

283,456

Average number of full-time employees

501

348

Executive Board

16,600

21,492

Board of Directors

1,363

725

17,963

22,217

Special incentive programmes

All incentive programmes in place before the restructuring, including employee share and option schemes, have been discontinued by 31 December 2024 without any loss for the Group. Management is developing new incentive structures that reflect the company’s renewed capital structure and aligning incentives with creditor recovery and sustainable value creation.

8 Depreciation, amortisation and impairment losses

Amortisation of intangible assets

5,563

Depreciation on property, plant and equipment

545

9,981

545

15,544

9 Writedowns of current assets exceeding ordinary writedowns

In 2024, the Group recognised an extraordinary writedown of land held for future solar energy development. As the land is intended for future solar energy development, the recoverable amount of the asset is affected by developments in the renewable energy market. Refer to Note 4, Uncertainty relating to recognition and measurement.

10 Other financial income

Other interest income

97,010

49,206

Exchange rate adjustments

1,882

22,245

Fair value adjustments

587

98,892

72,038

11 Impairment losses on financial assets

In 2024, the Group recognised a writedown of receivables from joint ventures of DKK 855 million. Refer to Note 4, Uncertainty relating to recognition and measurement.

12 Other financial expenses

Other interest expenses

126,403

108,262

Exchange rate adjustments

6,581

126,403

114,843

13 Tax on profit/loss for the year

Current tax

(9,127)

68,005

Change in deferred tax

120,347

(18,568)

Adjustment concerning previous years

13,821

(2,136)

125,041

47,301

14 Discontinued operations

Revenue

3,408,256

Costs and adjustment of internal gains

(2,898,324)

Guarantee obligation

(489,177)

Financials

24,825

De-investment loss (net financial assets)

(536,293)

Pre-tax profit/loss from discontinued operations

(490,713)

Tax on profit/loss from discontinued operations

4,521

Post-tax profit/loss from discontinued operations

(486,192)

In December 2024 Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, entered into a formal restructuring process. As a result Better Energy Holding A/S lost control of the subsidiary. It is therefore classified as discontinued operations. The discontinued operations primarily comprised turnkey EPC contracting and related functions previously carried out by Better Energy A/S, renamed Byggeselskabet af 01.07.2015 A/S (in bankruptcy). In connection with the restructuring, activities within asset management and other services related to development, construction, operations, and power management were transferred to Better Energy Management A/S, where they continue as ongoing operations. These activities were also activities of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, and are therefore included as part of the continuing activities. Likewise, the production activities in Better Energy Generation A/S continue unchanged. The results of discontinued operations are presented separately in the income statement as Profit/loss from discontinued operations. The comparative figures for 2023 have not been restated. The results comprise the operating losses from the discontinued operations in 2024, including impairment losses, and other adjustments recognised before the deconsolidation of the activities. They also include the effect of the deconsolidation of the assets and liabilities in Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, upon entering

the formalised restructuring process, the effect of the claimed guarantee liability from the Better Energy Holding Group towards the creditors of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, and a number of adjustments made to these figures for reallocation of income and expenses between the continuing and discontinued operations in relation to e.g. interests, development and management fees. Comparative figures have not been restated to reflect the discontinuation of the operations and therefore are notcomparable.Due to the deconsolidation of Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, there areno assets or debt, including contract work in progress related to discontinued operations by the end of 2024.

15 Proposed distribution of profit/loss

Retained earnings

(2,649,926)

148,362

Minority interests' share of profit/loss

420

441

(2,649,506)

148,803

16 Intangible assets

Cost beginning of year

23,228

117

10,543

Exchange rate adjustments

(2)

Additions

539

Disposals

(23,767)

(115)

(10,543)

Cost end of year

Amortisation and impairment losses beginning of year

(2,917)

(110)

(10,543)

Reversal regarding disposals

2,917

110

10,543

Amortisation and impairment losses end of year

Carrying amount end of year

Disposals relate to de-consolidation of discontinued activities.

17 Property, plant and equipment

Cost beginning of year

57,531

23,524

5,800

Disposals on divestments etc.

(43,120)

(49,856)

(6,213)

Additions

7,478

29,271

413

Disposals

(179)

Cost end of year

21,889

2,760

Depreciation and impairment losses beginning of year

(3,230)

(7,350)

(941)

Disposals on divestments etc

3,230

6,625

941

Depreciation for the year

(545)

Depreciation and impairment losses end of year

(1,270)

Carrying amount end of year

21,889

1,490

18 Financial assets

Cost beginning of year

45,067

898,264

1,240,860

5,334

3,826

Disposals on divestments etc.

(3,826)

Additions

1,019,690

1,535

Cost end of year

45,067

898,264

2,260,550

5,334

1,535

Impairment losses beginningof year

(23,700)

(812,909)

(5,334)

Exchange rate adjustments

(762)

17,125

Share of profit/loss for the year

8,472

(466,323)

Adjustment of intra-group profits

149,043

Impairment losses for the year

(855,145)

Other adjustments

280,978

Impairment losses end of year

(15,990)

(832,086)

(855,145)

(5,334)

Carrying amount end of year

29,077

66,178

1,405,405

1,535

Other adjustments comprises transfer of unrealised intercompany proﬁts on investments in group entreprises valued at zero to deferred income .

Better Energy Energo P/S

Denmark

48.70

Sandvikenvej Infrastrukturselskab ApS*

Denmark

53.80

SN 2022 A/S (in bankruptcy)

Denmark

35.00

*Sandvikenvej Infrastrukturselskab ApS is considered an associated company because the owners have entered into an agreement that all decisions be made on consensus. The Group does not have control over the decision making.Personal liabilityThe Group is personally liable for all liabilities in Better Energy Energo P/S through one of the Group members. Total debt in Better Energy Energo P/S amounts to DKK 3.7 million by the end of 2024.

Better Energy Impact K/S

Denmark

50.00

Better Energy Impact Komplementar ApS

Denmark

50.00

Better Energy Impact II K/S

Denmark

50.00

Better Energy Impact II Komplementar ApS

Denmark

50.00

Andel Solcelleparker P/S

Denmark

50.00

Andel Komplementar ApS

Denmark

50.00

Adamant Renewables Holding B.V.

Netherlands

19.00

19 Deferred tax

Intangible assets

(1,265)

Property, plant and equipment

(11,055)

(9,815)

Fixed asset investments

147,949

103,331

Receivables

89,557

(71,410)

Provisions

918

Liabilities other than provisions

4,264

964

Tax losses carried forward

152,209

Other taxable temporary differences

(454,139)

Other deductible temporary differences

71,215

27,521

Deferred tax

50,244

Beginning of year

50,244

25,425

Recognised in the income statement

(25,130)

18,427

Recognised directly in equity

(9,917)

(6,473)

Adjustment concerning previous years

(15,197)

13,337

Other

(472)

End of year

50,244

Deferred tax assets

50,244

50,244

Other taxable temporary differences consist of valuation allowance. The valuation allowance is recognised due to uncertainty related to whether there will be sufficient positive taxable income in the future to utilise the tax losses carried forward and other temporary differences.

20 Inventories

Writedowns for the year exceeding ordinary writedowns

403,399

Manufactured goods and goods for resale are primarily solar parks, and work in progress is primarily land and development projects. Most of the land is expected to be sold as developed energy project land.

21 Other receivables

The receivable of DKK 8.4 million is expected to be settled more than 12 months after the balance sheet date.

22 Prepayments

Prepayments consist of prepaid expenses related to 2025.

23 Cash

Total cash of the Group amounts to DKK 81.0 million.Restricted cashOf the total cash, DKK 30.5 million is subject to restrictions.The amount of DKK 68 thousand is available only for use on specific projects and comprises unused cash drawn from a credit facility that can be utilised within a short period of time.The amount of 30.5 million is held in accounts placed as collateral for banking facilities.

24 Contributed capital

70,824,380

708

70,824,380

708

25 Other provisions

The Group has entered into a long-term contract for the development and operation of a power trading platform.The contract term is 4 years starting on 01.10 2024. As it has been decided to close down the activity due to a restructuring of the Group, a provision has been recognised for the payments due over the remaining contract period. The provision for loss-making contracts is DKK 7.9 million. The provision has been recognised under gross profit in the income statement. In addition, provisions relate to claimed guarantees provided by the Group to Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S. The provision for claimed guarantees is DKK 489.2 million. Please refer to Note 33, Contingent liabilities, regarding other guarantees for which a provision has not been made.To the extent that Better Energy Holding A/S fulfils its guarantee obligations, a recourse claim arises against the principal debtor, currently under bankruptcy proceedings. The value of the recourse claim depends on several factors, in particular the extent of Better Energy Holding A/S’s fulfilment of the guarantee obligations and the finaldividend from the bankruptcy estate. In the 2024 annual report, provisions have been made for losses on guarantee obligations that are assessed to be legally valid claims resulting in a loss for Better Energy Holding A/S. The recourse claim has been recognised at DKK 0 in the 2024 annual report, as no guarantee obligations had been fulfilled as of 31 December 2024, and the recourse claim cannot be reliably measured since it depends on the final dividend from the bankruptcy estate and the time frame for completion of the bankruptcy proceedings.The provision has been recognised under Other operating expenses in the income statement.

26 Deferred income

Deferred income consists of negative values related to investments in joint ventures and other deferred income. The negative value arises from adjustments of internal profit from divestment to joint ventures. The Group has recognised a provision of DKK 110.2 million to cover for the negative equity value in investments in Joint ventures included in deferred income.

27 Non-current liabilities other than provisions

Mortgage debt

2,028,494

6,001

62,745

37,963

Bank loans

400,480

401,723

Deferred income

417,873

429,121

2,428,974

407,724

480,618

467,084

Mortgage debt and bank loans have become due within 12 months due to the restructuring process initiated 19 December 2024.

28 Trade payables

Of the total Trade payables, an amount of DKK 746.4 million is owed to Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S.

29 Deferred income

30 Changes in working capital

Increase/decrease in inventories

(38,920)

(1,014,087)

Increase/decrease in receivables

(338,915)

(133,212)

Increase/decrease in trade payables etc.

409,188

490,527

31,353

(656,772)

31 Derivative financial instruments

The Group has entered into a financial hedging contract in order to reduce risks related to fluctuations in the variable interest rate. The calculation of the fair value of the financial contract is subject to uncertainty, as contracts of this type are not traded in an efficient market. The calculation of fair value is made at market-compliant terms by the financial counterparty.

Fair value of interest rate swaps (cash flow hedge)

931

1,973

Value at 31 December

931

1,973

The fair value is recognised as:

Other receivables

931

1,973

Value at 31 December

931

1,973

Changes in fair value

2024

Fair value beginning of the period

1.670

Value adjustment recognised in equity

(739 )

Fair value end of the period

931

32 Unrecognised rental and lease commitments

Total liabilities under rental or lease agreements until maturity

443,010

337,660

Of the total rental or lease agreements, the amount of DKK 17.7 million (2023, DKK 35.9 million) is due within 1 year.Rental and lease commitments relate to land lease agreements in project companies, rental agreements relating to company offices and operational lease of company cars.

33 Contingent liabilities

According to the joint taxation provisions of the Danish Corporation Tax Act, Better Energy Holding A/S is liable for income tax, etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax of interests, royalties and dividends for the jointly taxed entities. As of 31 December 2024, the company has contingent liabilities from guarantees issued via Nordic Guarantee and Euler Hermes (Allianz Trade) amounting to DKK 167.6 million. These guarantees have primarily been provided to counterparties, suppliers and customers as security for performance and delivery obligations related to grid connection guarantees and decommissioning costs. The Group has engaged in conditional agreements regarding purchase of land and neighbour compensations (Danish renewable energy legislation) for a total of DKK 777.5 million, as well as additional payments subject to meeting certain criteria regarding the purchase price of land for a total of DKK 63.4 million. Furthermore, the Group is exposed to pay compensation to previous landowners in the case of wind turbines being installed or properties located within 200 meters of a Better Energy solar park being bought if claimed through the assessment authorities. The Group has provided certain limited guarantees to a joint venture partner relating to the repayment of loans granted to two joint venture companies.

The Group has issued an EPC contract guarantee in relation to the Holstebro project. The guarantee covers technical, legal and financial conditions related to the delivered solar system. The owner of the Holstebro project has raised various claims totalling DKK 12.9 million against Better Energy Holding A/S (BEH). The claim has not been acknowledged, and it is assessed that BEH will not be obligated to cover the claim. The Group’s banks and financial partners have issued guarantees of DKK 195.8 million to the Danish authorities and PLN 22.0 million to the Polish authorities for future construction. A supplier has submitted a total claim against Byggeselskabet af 01.07.2015 A/S (in bankruptcy), which is DKK 157million higher than the claim recognised in the bankruptcy estate. Better Energy Holding A/S has provided a guarantee for this claim, should it be legally acknowledged.The Group is subject to ongoing claims related to development projects. In the opinion of the Executive Board these are not expected to have a material negative effect on the financial position of the Group in addition to what is already included in the balance per 31 December 2024.

34 Assets charged and collateral

P Capital Partners AB (BE Holding) Debt to credit institutions of DKK 1,487.6 million is secured by a security package over the Group’s ownership interests in its subsidiaries and intra-group assets, including share pledges in Better Energy Generation A/S, Better Energy Poland Holding A/S, Better Energy Sweden Holding A/S and Better Energy Finland Holding A/S.Two of the subsidiaries that are pledged as collateral are included in the consolidated financial statements with net assets as of 31.12.2024 for a total of DKK 205 million. The remaining two subsidiaries are included in the consolidated financial statements as of 31.12.2024 with negative net assets.EIFO (BE Partnerships) Debt to credit institutions of DKK 400 million is secured by pledges over ownership interests in Better Energy Partnerships P/S and Better Energy Partnerships Komplementar ApS and associated companies Better Energy Impact K/S and Better Energy Impact Komplementar ApS.Better Energy Partnerships P/S (subsidiary) that is pledged as collateral is included in the consolidated financial statements with negative net assets as of 31.12.2024. Better Energy Impact K/S is in the consolidated financial statements as investments in joint ventures as of 31.12.2024 with a book value of DKK 66 million. All claims Better Energy Partnerships P/S has towards Better Energy Impact K/S have been assigned. EIFO (Cofoco) Debt to credit institutions of DKK 25.7 million is secured by pledges over ownership interests in Better Energy Cofoco Solpark ApS.The subsidiary that is pledged as collateral is included in the consolidated financial statements with net assets as of 31.12.2024 for a total of DKK 6 million. Eventual insurance payouts to Better Energy Cofoco Solpark ApS have been assigned. Vestjysk Bank (Vamdrup Estate) Bank debt amounting to DKK 143 million is secured by pledges over ownership interests in Ejendomsselskabet

Vamdrup P/S (in bankruptcy) and deposited mortgage deeds on properties. The carrying amount of mortgaged properties and other assets is DKK 134.3 million. Future land lease income under the land lease agreement entered into with Solpark Vamdrup P/S (in bankruptcy) has been assigned. Ringkjøbing Landbobank, (KfW EUR) (Horslunde - in operation) Bank debt amounting to DKK 44 million is secured by pledges over ownership interests in BE 22 P/S.The subsidiary that is pledged as collateral is included in the consolidated financial statements with net assets as of 31.12.2024 for a total of DKK 18 million. Jyske Bank (Danish Solar I) Bank debt amounting to DKK 27 million is secured by pledges over ownership interests in Better Energy Danish Solar I A/S.The subsidiary that is pledged as collateral is included in the consolidated financial statements with net assets as of 31.12.2024 for a total of DKK 7 million. The right to collect income under the PPA and eventual insurance payouts to Better Energy Danish Solar I A/S have been assigned. Ringkjøbing Landbobank (Better Energy Estate) Bank debt amounting to DKK 21.9 million is secured by pledges over ownership interests in Better Energy Estate A/S and deposited mortgage deeds on properties. The carrying amount of mortgaged properties is DKK 21.5 million. Future land lease income from Better Energy Fårvang Estate A/S, Solpark Nees Estate ApS and Better Energy TS Sønderborg ApS has been assigned. Cash totalling DKK 1.5 million is placed as collateral for banking facilities.

35 Transactions with related parties

Divestment of solar parks

7,135

Asset management

480

37,811

Interest income and dividend

95,504

Interest expenses

(1,051)

Loans

1,950,303

Trade receivables

Other related parties to Better Energy include subsidiaries, joint ventures and associates in which Better Energy Holding A/S has control, joint control or significant influence. In addition, key management personnel, defined as members of the Board of Directors and the Executive Board of Better Energy Holding A/S, and their close family members and any entities where they have control, joint control or significant influence (in above table referred

to as Management) are also defined as related parties to Better Energy Holding A/S. Transactions with related parties are shown below, whereas remuneration to the Board of Directors and Executive Board is disclosed in Note 7, Staff costs. Asset management The Group has income from asset management of DKK 37.8 million from Better Energy Impact K/S and its subsidiaries in Denmark and Poland (joint venture to the Group) and from Better Energy Impact II K/S and its subsidiaries in Denmark, Poland and Sweden (joint venture to the Group). The Group also has income from asset management of DKK 0.5 million received from management owned entities. Interest Financial income and expenses from related parties amount to a net income of DKK 94.5 million from Better Energy Impact K/S and its subsidiaries in Denmark and Poland (joint venture to the Group) and from Better Energy Impact II K/S and its subsidiaries in Denmark, Poland and Sweden (joint venture to the Group). Balances as of 31 December 2024 The Group has a receivable of DKK 1,950.3 million from the associated companies Better Energy Impact K/S and its subsidiaries in Denmark and Poland and Better Energy Impact II K/S and its subsidiaries in Denmark, Poland and Sweden. The Group has recognised impairment of receivables from joint ventures totalling DKK 855.1 million in 2024.

36 Subsidiaries

Better Energy Partners A/S

Denmark

A/S

100.00

Better Energy Sweden AB

Sweden

100.00

Better Energy Holding Finland Oy

Finland

100.00

Better Energy Finland Oy

Finland

100.00

Better Energy Finland I Oy (in bankruptcy)

Finland

100.00

Better Energy Holding Poland sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Poland sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Power A/S (in solvent liquidation)

Denmark

A/S

100.00

Udviklingsselskabet af 01.01.2024 A/S (in bankruptcy)

Denmark

A/S

100.00

Better Energy Generation A/S

Denmark

A/S

100.00

Better Energy Generation II A/S

Denmark

A/S

100.00

Better Energy Solar Park Holding ApS

Denmark

ApS

100.00

P&B Partner ApS

Denmark

ApS

100.00

Better Energy Solar Parks A/S

Denmark

A/S

100.00

Better Energy Solar Park Nees ApS

Denmark

ApS

100.00

Better Energy Cofoco Solpark ApS

Denmark

ApS

51.00

Better Energy Horslunde Komplementar ApS

Denmark

ApS

100.00

P&B Solarparks DK GmbH & Co. KG

Germany

GmbH

100.00

BE 22 P/S

Denmark

P/S

100.00

Better Energy Horslunde K/S

Denmark

K/S

100.00

P&B Partner I ApS

Denmark

ApS

100.00

Better Energy General Partner ApS

Denmark

ApS

100.00

Better Energy Partner DE GmbH

Germany

GmbH

100.00

Better Energy Denmark Holding ApS

Denmark

ApS

100.00

Better Land Komplementar ApS

Denmark

ApS

100.00

Better Land P/S

Denmark

P/S

100.00

Ejendomsselskabet Vamdrup Komplementar ApS (in bankruptcy)

Denmark

ApS

100.00

Better Energy Hjortlund Estate P/S

Denmark

P/S

100.00

Better Energy Jernved Estate P/S

Denmark

P/S

100.00

Better Energy Lundsmark Estate P/S

Denmark

P/S

100.00

Ejendomsselskabet Vamdrup P/S (in bankruptcy)

Denmark

P/S

100.00

Better Energy Vejrup Estate P/S

Denmark

P/S

100.00

Better Energy Partnerships III Komplementar ApS (in solvent liquidation)

Denmark

ApS

100.00

Better Energy Partnerships III P/S (in solvent liquidation)

Denmark

P/S

100.00

Better Energy Partnerships II Komplementar ApS

Denmark

ApS

100.00

Better Energy Partnerships II P/S

Denmark

P/S

100.00

Better Energy Partnerships Komplementar ApS

Denmark

ApS

100.00

Better Energy Partnerships P/S

Denmark

P/S

100.00

Better Energy Vejrup P/S

Denmark

P/S

100.00

Better Energy Danish Solar I A/S

Denmark

A/S

100.00

Better Energy Ringkjøbing P/S

Denmark

P/S

100.00

Better Energy Brønderslev ApS

Denmark

ApS

100.00

Better Energy EVCH Komplementar ApS

Denmark

ApS

100.00

Better Energy Lundsmark P/S

Denmark

P/S

100.00

Solpark Vamdrup Komplementar ApS (in bankruptcy)

Denmark

ApS

100.00

Better Energy TRIBE ApS

Denmark

ApS

100.00

Better Energy Hjortlund P/S

Denmark

P/S

100.00

BE 190 ApS

Denmark

ApS

100.00

BE 393 P/S

Denmark

P/S

100.00

Better Energy Tved P/S

Denmark

P/S

100.00

Better Energy Soleskov Estate P/S

Denmark

P/S

100.00

Better Energy Jernved P/S

Denmark

P/S

100.00

Better Energy Gerringe P/S

Denmark

P/S

100.00

Better Energy Hoven P/S

Denmark

P/S

100.00

Better Energy Hoby Storage P/S

Denmark

P/S

100.00

Better Energy Perbøl P/S

Denmark

P/S

100.00

Better Energy Vester Sottrup P/S

Denmark

P/S

100.00

Better Energy Videbæk P/S

Denmark

P/S

100.00

Better Energy Hune P/S

Denmark

P/S

100.00

Better Energy Vipperød P/S

Denmark

P/S

100.00

Better Energy Staurby P/S

Denmark

P/S

100.00

Better Energy Energo II ApS

Denmark

ApS

100.00

Better Energy Ringe P/S

Denmark

P/S

100.00

BE 357 P/S

Denmark

P/S

100.00

Better Energy Ørslev P/S

Denmark

P/S

100.00

Better Energy Starup ApS

Denmark

ApS

100.00

Better Energy Jammerbugt P/S

Denmark

P/S

100.00

Better Energy Egå P/S

Denmark

P/S

100.00

Better Energy Lundby P/S

Denmark

P/S

100.00

Better Energy Nordals P/S

Denmark

P/S

100.00

Better Energy Kolding Syd P/S

Denmark

P/S

100.00

Better Energy Mesballe P/S

Denmark

P/S

100.00

Better Energy Arløse P/S

Denmark

P/S

100.00

Better Energy Mørkøv P/S

Denmark

P/S

100.00

Solpark Vamdrup P/S (in bankruptcy)

Denmark

P/S

100.00

Better Energy Gesten P/S

Denmark

P/S

100.00

Better Energy Gilleleje P/S

Denmark

P/S

100.00

Better Energy Ustrup P/S

Denmark

P/S

100.00

Better Energy Abkær P/S

Denmark

P/S

100.00

Better Energy Ryomgaard P/S

Denmark

P/S

100.00

Better Energy Hjerm P/S

Denmark

P/S

100.00

Better Energy Bjerndrup II P/S

Denmark

P/S

100.00

BE 392 P/S

Denmark

P/S

100.00

Better Energy Kolding Syd Estate P/S

Denmark

P/S

100.00

Better Energy Ørsbjerg P/S

Denmark

P/S

100.00

Better Energy EVCH P/S

Denmark

P/S

100.00

Better Energy Rønnede-Tokkerup P/S

Denmark

P/S

100.00

Better Energy Spørring P/S

Denmark

P/S

100.00

Better Energy Soleskov P/S

Denmark

P/S

100.00

Better Energy Kragerup P/S

Denmark

P/S

100.00

Better Energy Skovby P/S

Denmark

P/S

100.00

Better Energy Fjeldsted ApS

Denmark

ApS

100.00

BE 359 P/S

Denmark

P/S

100.00

Better Energy Hjordkær P/S

Denmark

P/S

100.00

BE 358 P/S

Denmark

P/S

100.00

Better Energy Gesten Estate P/S

Denmark

P/S

100.00

Better Energy Mønge P/S

Denmark

P/S

100.00

Better Energy Nyrup P/S

Denmark

P/S

100.00

Better Energy Estate A/S

Denmark

A/S

100.00

Solpark Nees Estate ApS

Denmark

ApS

100.00

Better Energy Fårvang Estate A/S

Denmark

A/S

100.00

Better Energy Infrastructure Lolland ApS

Denmark

ApS

100.00

Better Energy TS Sønderborg ApS

Denmark

ApS

100.00

Better Energy Sweden Holding A/S

Denmark

A/S

100.00

Better Energy Swedish Solar 247 AB

Sweden

100.00

Better Energy Swedish Solar 248 AB

Sweden

100.00

Better Energy Swedish Solar 249 AB

Sweden

100.00

Better Energy Swedish Solar 250 AB

Sweden

100.00

Better Energy Swedish Solar 251 AB

Sweden

100.00

Better Energy Swedish Solar 252 AB

Sweden

100.00

Better Energy Swedish Solar 253 AB

Sweden

100.00

Better Energy Swedish Solar 255 AB

Sweden

100.00

Better Energy Swedish Solar 256 AB

Sweden

100.00

Better Energy Swedish Solar 257 AB

Sweden

100.00

Better Energy Swedish Solar 258 AB

Sweden

100.00

Better Energy Swedish Solar 259 AB

Sweden

100.00

Better Energy Swedish Solar 219 AB

Sweden

100.00

Better Energy Swedish Solar 261 AB

Sweden

100.00

Better Energy Swedish Solar 262 AB

Sweden

100.00

Better Energy Swedish Solar 263 AB

Sweden

100.00

Better Energy Swedish Solar 264 AB

Sweden

100.00

Better Energy Swedish Solar 265 AB

Sweden

100.00

Better Energy Swedish Solar 266 AB

Sweden

100.00

Better Energy Swedish Solar 303 AB

Sweden

100.00

Better Energy Swedish Solar 304 AB

Sweden

100.00

Better Energy Swedish Solar 305 AB

Sweden

100.00

Better Energy Swedish Solar 306 AB

Sweden

100.00

Better Energy Swedish Solar 307 AB

Sweden

100.00

Better Energy Swedish Solar 308 AB

Sweden

100.00

Better Energy Swedish Solar 309 AB

Sweden

100.00

Better Energy Swedish Solar 310 AB

Sweden

100.00

Better Energy Swedish Solar 311 AB

Sweden

100.00

Better Energy Swedish Solar 312 AB

Sweden

100.00

Better Energy Swedish Solar 217 AB

Sweden

100.00

Better Energy Swedish Solar 218 AB

Sweden

100.00

Better Energy Poland Holding A/S

Denmark

A/S

100.00

Better Energy Poland Development A/S

Denmark

A/S

100.00

Better Energy Kleczew sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Development sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 214 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 216 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 220 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 221 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 222 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 223 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 224 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 225 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 226 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 375 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 376 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 377 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 378 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Solar Park 379 sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Wind sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Storage sp. z o.o.

Poland

sp. z o.o.

100.00

BE Gorzyce sp. z o.o.

Poland

sp. z o.o.

100.00

Better Energy Finland Holding A/S

Poland

sp. z o.o.

100.00

Better Energy Finnish Solar 267 OY

Finland

100.00

Better Energy Finnish Solar 345 OY

Finland

100.00

Better Energy Finnish Solar 283 OY

Finland

100.00

Better Energy Finnish Solar 285 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 287 OY

Finland

100.00

Better Energy Finnish Solar 289 PY

Finland

100.00

Better Energy Finnish Solar 291 OY

Finland

100.00

Better Energy Finnish Solar 293 OY

Finland

100.00

Better Energy Finnish Solar 295 OY

Finland

100.00

Better Energy Finnish Solar 297 OY

Finland

100.00

Better Energy Finnish Solar 301 OY

Finland

100.00

Better Energy Finnish Solar 313 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 315 OY

Finland

100.00

Better Energy Finnish Solar 317 OY

Finland

100.00

Better Energy Finnish Solar 319 OY

Finland

100.00

Better Energy Finnish Solar 321 OY

Finland

100.00

Better Energy Finnish Solar 323 OY

Finland

100.00

Better Energy Finnish Solar 325 OY

Finland

100.00

Better Energy Finnish Solar 327 OY

Finland

100.00

Better Energy Finnish Solar 329 OY

Finland

100.00

Better Energy Finnish Solar 331 OY

Finland

100.00

Better Energy Finnish Solar 347 OY

Finland

100.00

Better Energy Finnish Solar 333 OY

Finland

100.00

Better Energy Finnish Solar 335 OY

Finland

100.00

Better Energy Finnish Solar 337 OY

Finland

100.00

Better Energy Finnish Solar 339 OY

Finland

100.00

Better Energy Finnish Solar 341 OY

Finland

100.00

Better Energy Finnish Solar 343 OY

Finland

100.00

Better Energy Finnish Solar 268 OY

Finland

100.00

Better Energy Finnish Solar 269 OY

Finland

100.00

Better Energy Finnish Solar 284 OY

Finland

100.00

Better Energy Finnish Solar 286 OY

Finland

100.00

Better Energy Finnish Solar 288 OY

Finland

100.00

Better Energy Finnish Solar 290 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 292 OY

Finland

100.00

Better Energy Finnish Solar 294 OY

Finland

100.00

Better Energy Finnish Solar 296 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 298 OY

Finland

100.00

Better Energy Finnish Solar 300 OY

Finland

100.00

Better Energy Finnish Solar 302 OY

Finland

100.00

Better Energy Finnish Solar 314 OY

Finland

100.00

Better Energy Finnish Solar 316 OY

Finland

100.00

Better Energy Finnish Solar 318 OY

Finland

100.00

Better Energy Finnish Solar 320 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 322 OY

Finland

100.00

Better Energy Finnish Solar 324 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 326 OY

Finland

100.00

Better Energy Finnish Solar 328 OY

Finland

100.00

Better Energy Finnish Solar 330 OY (in bankruptcy)

Finland

100.00

Better Energy Finnish Solar 332 OY

Finland

100.00

Better Energy Finnish Solar 346 OY

Finland

100.00

Better Energy Finnish Solar 334 OY

Finland

100.00

Better Energy Finnish Solar 336 OY

Finland

100.00

Better Energy Finnish Solar 338 OY

Finland

100.00

Better Energy Finnish Solar 340 OY

Finland

100.00

Better Energy Finnish Solar 342 OY

Finland

100.00

Better Energy Finnish Solar 344 OY

Finland

100.00

EnergiJord A/S

Denmark

A/S

100.00

Better Energy Partnerships Holding A/S

Denmark

A/S

100.00

Better Energy Ukraine A/S

Denmark

A/S

100.00

Selskabet af 24.09.2018 P/S (in solvent liquidation)

Denmark

P/S

90.00

Better Energy Energo Komplementar ApS

Denmark

ApS

100.00

Better Energy Finnish Solar 299 OY

Finland

100.00

Better Energy Ukraine LLC

Ukraine

LLC

100.00

The list includes subsidiaries at the balance sheet date.

Parent income statement for 2024

Revenue

17,745

11,030

Other external expenses

(32,795)

(2,977)

Gross profit/loss

(15,050)

8,053

Staff costs

(24,453)

(16,811)

Operating profit/loss

(39,503)

(8,758)

Income from investments in group enterprises

(2,068,269)

110,688

Other financial income

169,178

176,396

Impairment losses on financial assets

(738,787)

Other financial expenses

(181,233)

(118,942)

Profit/loss before tax

(2,858,614)

159,384

Tax on profit/loss for the year

(1,062)

(11,022)

Profit/loss for the year

(2,859,676)

148,362

Parent balance sheet at 31.12.2024

Assets

Investments in group enterprises

5,768

441,690

Financial assets

5,768

441,690

Fixed assets

5,768

441,690

Receivables from group enterprises

1,617,262

2,120,337

Receivables from joint ventures

255,689

Deferred tax

361

Other receivables

193

Tax receivable

5,112

Joint taxation contribution receivable

6,294

69,983

Receivables

1,884,431

2,190,874

Cash

4,160

279,416

Current assets

1,888,591

2,470,290

Assets

1,894,359

2,911,980

Equity and liabilities

Contributed capital

708

Reserve for net revaluation according to equity method

293,383

Retained earnings

(1,574,148)

937,684

Equity

(1,573,440)

1,231,775

Other provisions

489,177

Provisions

489,177

Debt to other credit institutions

1,203,144

Deferred income

432,794

Non-current liabilities other than provisions

432,794

1,203,144

Current portion of non-current liabilities other than provisions

1,897,478

400,000

Trade payables

596,585

1,274

Payables to group enterprises

834

149

Payables to joint ventures

499

Tax payable

66,221

Joint taxation contribution payable

5,545

2,265

Other payables

44,887

7,152

Current liabilities other than provisions

2,545,828

477,061

Liabilities other than provisions

2,978,622

1,680,205

Equity and liabilities

1,894,359

2,911,980

Judgements regarding going concern

Unusual circumstances

Events after the balance sheet date

Uncertainty relating to recognition and measurement

Contingent liabilities

Assets charged and collateral

Transactions with related parties

Parent statement of changes in equity for 2024

Equity beginning of year

708

293,383

937,684

1,231,775

Sale of treasury shares

(141)

Exchange rate adjustments

15,728

Other entries on equity

38,874

Transfer to reserves

1,160,110

(1,160,110)

Profit/loss for the year

(1,508,095)

(1,351,581)

(2,859,676)

Equity end of year

708

(1,574,148)

(1,573,440)

Notes to parent financial statements

1 Judgements regarding going concern

The financial statements of the Parent Company have been prepared on a going concern basis. In November 2025, the Parent Company completed a court-supervised restructuring that restored financial stability and aligned operations with prevailing market conditions. The restructuring proposal, presented to creditors on 5 November 2025, was approved by the Maritime and Commercial High Court on 12 November 2025. The approved plan includes a five-year moratorium on unsecured debt (DKK 3.364 million), providing a stable financial framework that allows the Parent Company to continue operations.As part of the new structure, the Parent Company continues as the holding entity, Better Energy Management A/S(BEM) was established in February 2025 as a majority-owned (80%) subsidiary. BEM serves as, the Group’s new operating company, providing contract-based services within operations and maintenance, commercial management, power market, EPC management and development. As part of the business, BEM also assists in connection with divestment of energy projects. The company operates from a stable foundation with a deﬁned cost structure, anchored by long-term service agreements. In addition to the activities mentioned above, the Parent company continues to hold significant investments in group enterprises. Group enterprises have investments in joint ventures that own and operate a number of solar parks in Denmark, Poland and Sweden. In addition to these the investments in group enterprises, Better Energy Holding A/S has also provided loans to group enterprises and to companies within the joint venture structures. The expected future returns from investments and repayment of loans depend on the future performance of the solar parks as well as the future divestments of projects. As the future cash flows from the joint venture investments depend on future events, there is commercial uncertainty regarding the amount and timing of these cash flows. P Capital Partners AB, the Group’s main creditor, funded working capital during the restructuring and continues to support the Group's liquidity position. Together with the establishment of BEM and the reduced cost base, this ensures a more stable financial and organisational foundation for the Parent Company. Based on the approved restructuring plan, the moratorium, creditor support, debt repayment plans and sustainable operations, Management assesses that the going concern assumption remains appropriate.

2 Unusual circumstances

As mentioned in note 1, the year 2024 has been characterised by a number of unusual circumstances for the Company. These unusual circumstances have resulted in several impairments, losses, and provisions. Further details are provided in note 4, including the quantitative impact on the 2024 financial results.

3 Events after the balance sheet date

After the balance sheet date, several significant events occurred that affect the Parent Company’s structure and future operations. After the balance sheet date, the Parent Company continued the formal restructuring process initiated on 19 December 2024. A restructuring proposal was distributed to creditors on 5 November 2025 and subsequently approved by the Maritime and Commercial High Court on 12 November 2025. The approved restructuring

proposal includes a five-year moratorium arrangement under which unsecured creditors refrain from enforcing claims or demanding repayment until 12 November 2030. Following the court approval, Better Energy Holding A/S is no longer considered legally insolvent pursuant to section 10a(3) of the Danish Bankruptcy Act, and future activity will be focused on fulfilling the restructuring plan, including reduction of debt to the creditors. For further disclosure regarding events after the balance sheet date, refer to note 3 in the Group consolidated statements. No other events have occurred after the balance sheet date that materially aﬀect the Company’s ﬁnancial position.

4 Uncertainty relating to recognition and measurement

The Company’s subsidiaries develop and operate solar parks, wind parks and related energy infrastructure assetsincluding owning and/or leasing land related to development and operation of solar parks. There is inherent uncertainty in determining the recoverable amount when estimating potential impairments of these development assets, which impacts the Parent Company’s valuation of its investments in group enterprisesand related receivables. In 2024, volatility in long-term power price forecasts, projected demand, and financing conditions increased risks significantly. In response, the subsidiaries’ management performed impairment assessments on several development assets and recognised impairment losses where necessary. These assessments are based on a range of estimates and assumptions, including expected future energy yield, power price scenarios, capture rates, and both development and construction expenditures, as well as the return requirements of financing partners. Changes in any of these assumptions may significantly impact the recoverable amount or potential sale value of the projects. As a result, there is material uncertainty associated with the recognition and measurement of investments in subsidiaries and the valuation of related receivables. For description of the main material uncertainties relating to the recognition and measurement of assets and liabilities in the Group, which are similar to the uncertainties relating to the recognition and measurement of the investments and receivables in Better Energy Holding A/S' subsidiaries, we refer to note 4 to the consolidated ﬁnancial statements. The Parent Company's ﬁnancial statements recognised a writedown of receivables from subsidiares of DKK 739 million based on an estimate of the net realisable value of the receivables taking into account the uncertainties relating to the future cash ﬂows in the subsidiaries. The writedown is presented as impairment losses on ﬁnancial assets in the income statement. The material uncertainty relates to the following assets in the Parent balance sheet:• Investments in group enterprises, DKK 5.8 million• Receivables from group enterprises, DKK 1,617.3 million• Receivables from joint ventures, DKK 255.7 millionProvisions , DKK 489.2 millionProvisions have been made for guarantee obligations expected to be covered by Better Energy Holding A/S. The provisions amount to DKK 489.2 million. Other provided collateral and similar securities, where it is not expected that Better Energy Holding A/S will be required to cover the claim, are disclosed as contingent liabilities. This

assessment involves significant judgement, and consequently, the recognised provision is subject to material uncertainty. Please refer to Note 14.In total writedown of receivables from subsidiaries and provisions amounts to DKK 1,228.2 million. In addition to this the Income from investments in group enterprises (DKK -2,068.3 million) in the income statement includes impairment-losses and writedowns in these companies.

5 Staff costs

Wages and salaries

22,451

14,666

Pension costs

1,927

2,112

Other social security costs

24,453

16,811

Average number of full-time employees

Executive Board

16,600

11,565

Board of Directors

1,363

725

17,963

12,290

Special incentive programmes

6 Other financial income

Financial income from group enterprises

154,457

171,454

Other interest income

14,721

1,938

Exchange rate adjustments

3,004

169,178

176,396

7 Impairment losses on financial assets

In 2024, the Company recognised a writedown of receivables of DKK 739 million. Refer to Note 4, Uncertainty relating to recognition and measurement.

8 Other financial expenses

Financial expenses from group enterprises

20,589

Other interest expenses

160,065

118,291

Exchange rate adjustments

579

651

181,233

118,942

9 Tax on profit/loss for the year

Current tax

(266)

9,360

Change in deferred tax

1,311

1,662

Adjustment concerning previous years

1,062

11,022

10 Proposed distribution of profit and loss

Retained earnings

(2,859,676)

148,362

(2,859,676)

148,362

11 Financial assets

Cost beginning of year

127,268

Additions

25,400

Disposals

(800)

Cost end of year

151,868

Revaluations beginning of year

314,422

Exchange rate adjustments

15,728

Adjustments on equity

38,874

Share of profit/loss for the year

(1,579,092)

Investments with negative equity value depreciated over receivables

621,342

Other adjustments

442,624

Reversal regarding disposals

Revaluations end of year

(146,100)

Carrying amount end of year

5,768

Other adjustments comprise the transfer of unrealised intercompany profits on investments in group entreprisesvalued at zero to deferred income.

A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.

12 Receivables from group enterprises

Receivables from group entities consist of intercompany receivables from subsidiaries within the Group.The receivables have been impaired to reflect negative equity positions in the respective subsidiaries.The receivables are not expected to be repaid to Better Energy Holding A/S within the first year. Refer to Note 4, Uncertainty relating to recognition and measurement. Better Energy Generation A/S, Better Energy Poland Holding A/S, Better Energy Sweden Holding A/S and Better Energy Finland Holding A/S have issued guarantees to P Capital Partners AB covering Better Energy Holding A/S’s debt to P Capital Partners AB. Payments to P Capital Partners AB covered by the subsidiaries' guarantees will reduce Better Energy Holding A/S’s debt to P Capital Partners AB and at the same time reduce receivables from the mentioned subsidiaries.

13 Deferred tax

Provisions

1,210

Liabilities other than provisions

1,775

361

Tax losses carried forward

8,641

Other taxable temporary differences

(23,337)

Other deductible temporary differences

11,711

Deferred tax

361

Beginning of year

361

2,023

Recognised in the income statement

1,087

(1,662)

Adjustment of tax concerning previous years

(1,448)

End of year

361

Other taxable temporary differences consist of valuation allowance.

14 Other provisions

Provisions relate to claimed guarantees provided by Better Energy Holding A/S to Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S. The provision for claimed guarantees is DKK 489.2 million. Please refer to Note 19, Contingent liabilities, regarding other guarantees for which a provision has not been made. To the extent that Better Energy Holding A/S fulfils its guarantee obligations, a recourse claim arises against the principal debtor, currently under bankruptcy proceedings. The value of the recourse claim depends on several factors, in particular the extent of Better Energy Holding A/S’s fulfilment of the guarantee obligations and the final dividend from the bankruptcy estate. In the 2024 annual report, provisions have been made for losses on guarantee obligations that are assessed to be legally valid claims resulting in a loss for Better Energy Holding A/S. The recourse claim has been recognised at DKK 0 in the 2024 annual report, as no guarantee obligations had

been fulfilled as of 31 December 2024, and the recourse claim cannot be reliably measured since it depends on the final dividend from the bankruptcy estate and the time frame for completion of the bankruptcy proceedings. The provision has been recognised under Income from investments in joint ventures in the income statement.

15 Deferred income

Deferred income consists of negative values related to investments in associates and other deferred income. The negative value arises from adjustments of internal profit from divestment to associates.

16 Non-current liabilities other than provisions

Debt to other credit institutions

1,887,649

400,000

Deferred income

9,829

432,794

315,426

1,897,478

400,000

432,794

315,426

Mortgage debt and bank loans have become due within 12 months due to the restructuring process initiated 19 December 2024.

17 Trade payables

Of the total Trade payables, an amount of DKK 579.8 million is owed to Byggeselskabet af 01.07.2015 A/S (in bankruptcy).

18 Contingent liabilities

As of 31 December 2024, the company has contingent liabilities from guarantees issued via Nordic Guarantee and Euler Hermes (Allianz Trade) amounting to DKK 167.6 million. These guarantees have primarily been provided to counterparties, suppliers and customers as security for performance and delivery obligations related to grid connection guarantees and decommissioning costs. Better Energy Holding A/S has issued an EPC contract guarantee in relation to the Holstebro project. The guarantee covers technical, legal and financial conditions related to the delivered solar system. The owner of the Holstebro project has raised various claims totalling DKK 12.9 million against Better Energy Holding A/S (BEH). The claim has not been acknowledged, and it is assessed that BEH will not be obligated to cover the claim.A supplier has submitted a total claim against Byggeselskabet af 01.07.2015 A/S (in bankruptcy). The claim is DKK 157 million higher than the claim recognised in the bankruptcy estate. Better Energy Holding A/S has provided a guarantee for this claim, should it be legally acknowledged. Better Energy Holding A/S has issued a parent guarantee for Better Energy Poland sp. z o.o. obligations in relationto car lease.

The Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, Better Energy Holding A/S is liable for income tax, etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax of interests, royalties and dividends for the jointly taxed entities.

19 Assets charged and collateral

Debt to credit institutions of DKK 1,487.6 million is secured by pledges over capital interests in subsidiaries. The share pledges cover subsidiaries within the Group. The carrying amount of pledged shares is DKK 5.7 million at 31 December 2024.P Capital Partners AB holds a security package over the Group’s ownership interests in its subsidiaries. The security package includes pledges over the shares in Better Energy Generation A/S, Better Energy Poland Holding A/S, Better Energy Sweden Holding A/S, Byggeselskabet af 01.07.2015 (in bankruptcy), formerly Better Energy A/S, and Better Energy Finland Holding A/S. Better Energy Generation A/S, Better Energy Poland Holding A/S, Better Energy Sweden Holding A/S, Byggeselskabet af 01.07.2015 A/S (now in bankruptcy), formerly Better Energy A/S, and Better Energy Finland Holding A/S have issued guarantees to P Capital Partners AB as described in note 12. Better Energy Holding A/S, Better Energy Generation A/S, Better Energy Poland Holding A/S, Better Energy Sweden Holding A/S and Byggeselskabet af 01.07.2015 A/S (in bankruptcy), formerly Better Energy A/S, have entered into a master subordination agreement, subordinating intercompany claims to P Capital Partners AB. The extent of the subordination agreement is assessed as part of the in-court restructuring process for Better Energy Holding A/S.Cash totalling DKK 68 thousand is placed as collateral for banking facilities.

20 Transactions with related parties

Related party transactions in 2024 consist of the below-mentioned transactions. Commercial management Better Energy Holding A/S has income from commercial management of DKK 17.7 million from Byggeselskabet af 01.07.2015 A/S (in bankruptcy), which is a discontinued operation. Balances as of 31 December 2024 Receivables, debt and related interests to group enterprises are disclosed in the balance sheet.

Accounting policies

Basis for financial statements

The consolidated financial statements have been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The parent financial statements have been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).

Changes in accounting policies

In 2024, the preparation of the financial statements for the Group has been changed from being prepared in accordance with International Financial Reporting Standards to being prepared in accordance with the provisions of the Danish Financial Statements Act. The transition has affected the accounting policies described below. For the Group, the change in accounting policies has led to a decrease in lease expenses and share-based payments of DKK 1.9 million and DKK 15.2 million, respectively. Previously under IFRS, lease assets and liabilities for operating lease contracts were recognised as assets and liabilities in the balance sheet. Now the leases for operating lease contracts are expensed when incurred. In relation to share-based payments, equity settled share-based payments were previously measured at fair value and expensed over the vesting period. Now equity settled share-based payments are not recognised as expenses in the income statement. Consequently, for the Group, the total eﬀect of the change in accounting policies is an increase in last year’s pre-tax proﬁt of DKK 17.2 million. For the Group, the tax effect for the year attributable to the change in accounting policies, consisting of an adjustment of deferred tax, amounts to DKK -0.7 million. As a result, net proﬁt or loss for the year 2023 increases by DKK 16.5 million. The Group’s balance sheet total decreases by DKK 110.1 million, while its equity decreases by DKK 8.2 million at 31.12.2024. The comparative figures have been restated following the change in accounting policies.Apart from the areas mentioned above, there have been no additional effects from the change of accounting framework.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts

attributable to this financial year.

Consolidated financial statements

The consolidated financial statements comprise the Parent Company and the group enterprises (subsidiaries) that are controlled by the Parent Company. Control is achieved by the Parent Company, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.

Basis of consolidation

The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,with net assets having been calculated at fair value.

Business combinations

Newly acquired or newly established enterprises are recognised in the financial statements from the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income statement up to the time of their divestment or winding-up. The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.

Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets and liabilities taken over are recognised in intangible assets, and they are amortised systematically over the income statement based on an individual assessment of their useful lives. If the useful life cannot be estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Negative balances (negative goodwill) are recognised as income in the income statement.

Profit or loss from divestment of enterprises

Profits or losses from divestment or winding-up of enterprises are calculated as the difference between selling price or settlement price and the carrying amount of the net assets at the time of divestment and winding-up, respectively, including winding-up expenses.

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.

Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwillis considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.

When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or at the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.

Income statement

Revenue

Judgement is performed when determining whether a contract for the divestment of a solar park involves one or more performance obligations. This is based on an assessment of whether each performance obligation is distinct, i.e. whether the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer (i.e. the goods or services are capable of being distinct) and the promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract (i.e. the promise to transfer the goods or services is distinct within the context of the contract). Judgements are made when determining whether a project or service is recognised over time by applying the stage of completion method or at a point in time when control is transferred to the customer. This includes an assessment of whether the project or service has an alternative use to the Group, i.e. can the specific project or service be redirected to another customer, and the Group has an enforceable right to payment throughout the contractual term based on an analysis of the contract wording, legal entitlement and profit estimates. The measurement of contract work in progress is based on the stage of completion method. This takes into account work already performed as well as an estimate of the total costs of the project, including the outcome of changes to the project.Better Energy uses IFRS 15 for interpretation of the provisions set out in the Danish Financial Statements Act regarding recognition of revenue. Contract works for solar parks are divided into separate performance obligations to the extent that they are considered distinct, i.e. the customer can benefit from the goods or services on their own separately from other promises in the contract. This will from contract to contract include an assessment of the following phases, when applicable:

- Development - Engineering - Infrastructure - Procurement - Construction The total contract price is then allocated on each identified performance obligation based on their relative stand-alone selling price. Revenue from divestment of solar parks that are not sold prior to their completion is recognised in the income statement when control over the electricity or the solar parks has been transferred to the buyer being at the point the electricity or the solar parks are delivered to the customer, and it is probable thatthe income will be received. In case a subsidiary that owns a solar park for sale constructed by Better Energy is divested to a third party, a total of 100% of the revenue and the costs from the divestment are included in the revenue and direct costs. After the divestment, if the Group holds a share in the divested company as associate company or other equity interest, a part of the gain is eliminated in income from investments in associates or in net income from equity interests, corresponding to the share which the Group decides to keep. Revenue from performance obligations under contract works with a high degree of individual adjustment, i.e. they create an asset with no alternative use, is recognised as revenue over time from the time an unconditional binding agreement with the customer has been obtained and provided that an enforceable right to payment for work performed at any time has been secured. When the outcome of contract works cannot be estimated reliably, the revenue is recognised only to the extent that costs incurred are likely to be recoverable. Revenue from power sales is recognised in the income statement when delivery is made to the grid company. Revenue from asset management is recognised when the service is provided and the risk has passed to the buyer. Revenue is measured at the amount the Group expects to be entitled to receive excluding VAT and taxes charged on behalf of third parties and is measured at fair value of the consideration fixed. All discounts granted are recognised in the revenue.

Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).

Changes in inventories of finished goods and work in progress

Changes in inventories of finished goods and work in progress comprise decreases or increases for the financial year in inventories of finished goods and work in progress. This item includes normal writedowns of such inventories. Changes in inventories of raw materials are included in costs of raw materials and consumables.

Own work capitalised

Own work capitalised comprises staff costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.

Costs of raw materials and consumables

Costs of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.

Other external expenses

Other external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.

Staff costs

Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity staff.

Depreciation, amortisation and impairment losses

Depreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year.

Writedowns of current assets exceeding normal writedowns

Writedowns of current assets exceeding normal writedowns are those on inventories, receivables and other current assets that differ from normal writedowns of these items.

Income from investments in group enterprises

Income from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.

Income from investments in associates

Income from investments in associates comprises the pro rata share of the individual associates’ profit/loss after pro rata elimination of intra-group profits or losses.

Income from investments in joint ventures

Income from investments in joint ventures comprises the pro rata share of the individual joint ventures’ profit/loss after pro rata elimination of intra-group profits or losses.

Other financial income

Other financial income comprises dividends etc. received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.

Impairment losses on financial assets

Impairment losses on financial assets comprises impairment losses on financial assets which are not measured at fair value on a current basis.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.

Tax on profit/loss for the year

Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.

The Parent Company is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).

Other taxes

The item includes tax amounts calculated on a basis other than income for the year, which are not refunded to the Entity.Discontinud operations Profit or loss from discontinued operations are presented in a separate line in the income statement. Discontinued operations are components of the Group that have been disposed of or classified as held for sale, representing a separate major line of business or geographical area. The results of discontinued operations, including any gain or loss on disposal, are presented separately in the income statement, net of tax. Comparative periods are not restated to reflect discontinued operations separately.

Balance sheet

Goodwill

Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The period of amortisation is usually five years, however, it may be up to 20years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer period of amortisation is considered to give a better reflection of the benefit from the relevant resources. If it is not possible to measure the useful life of goodwill reliably, the useful life is set to ten years. Goodwill is written down to the lower of recoverable amount and carrying amount.

Intellectual property rights etc.

Intellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.

Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down. The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation on property, plant and equipment used in the development process are recognised in cost based on time spent on each project. Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3 years.

Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.

Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.

Property, plant and equipment

Land and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future

lease payments. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:

Buildings

50 years

Other fixtures and fittings, tools and equipment

3-8 years

Leasehold improvements

5 years

For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.

Investments in group enterprises

Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised internal gains and losses. Reference is made to the above section on business combinations for more details about the accounting policies applied to acquisitions of investments in group enterprises.Any receivables from these enterprises are written down to net realisable value based on a specific assessment. Ifthe Parent Company has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in associates is transferred to reserve for net revaluation according to the equity method under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.

Investments in associates

Investments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised internal gains and losses. Reference is made to the above section on business combinations for more details about the accounting policies applied to acquisitions of investments in associates. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent Company has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in associates is transferred to reserve for net

revaluation according to the equity method under equity. Investments in associates are written down to the lower of recoverable amount and carrying amount. The right for selling parties to receive dividends in associates is measured at fair value and recognised as a part of investments in the associates. Changes in fair value of selling parties’ right to receive dividends are recognised in the income statement.

Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.

Investments in joint ventures

Investments in joint ventures are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised internal gains and losses. Reference is made to the above section on business combinations for more details about the accounting policies applied to acquisitions of investments in joint ventures. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent Company has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in joint ventures is transferred to reserve for net revaluation according to the equity method under equity. Investments in joint ventures are written down to the lower of recoverable amount and carrying amount. The right for selling parties to receive dividends in joint ventures is measured at fair value and recognised as a part of investments in the joint ventures. Changes in fair value of selling parties’ right to receive dividends are recognised in the income statement.

Investments in participating interests

Investments in participating interests are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the participating interests' equity value plus unamortised goodwill and plus or minus unrealised pro rata intra-group profits and losses. Reference is made to the above section on business combinations for more details about the accounting policies applied to acquisitions of investments in participating interests. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent Company has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in participating interests is transferred to the reserve for net revaluation according to the equity method in equity.

Investments in participating interests are written down to the lower of recoverable amount and carrying amount.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.

Other investments

Other investments comprise listed securities which are measured at fair value (market price) at the balance sheet date, and unlisted equity investments measured at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.

Inventories

Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation on machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts.

Contract work in progress

Measurement of contract work in progress is based on stage of completion of the individual projects combined with the knowledge of the remaining completion of the contract, hereunder the outcome of future changes to theproject. The evaluation of the state of completion and total economy, hereunder possible changes, is carried out by the project management together with the Executive Board on a project-by-project basis. The evaluation of future possible changes is based on the knowledge obtained on the single projects and accumulated knowledge from other projects completed by the company. The company also receives advice from external advisors and uses this knowledge in the evaluation of the stage of completion. Estimates attached to the future development of the projects and the remaining work to be done depend on a number of factors and can change in progress of the completion of project. The actual result can therefore deviate significantly from the expected result.

Contract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. Costs of sales work and of securing contracts as well as finance costs are recognised in the income statement as incurred.

Tax payable or receivable

Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.

Joint taxation contributions payable or receivable

Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises cash in hand and bank deposits.

Minority interests

On initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.

Other provisions

Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period.

On acquisition of enterprises and investments in group enterprises, provisions are made for costs relating to restructuring in the acquired enterprise that were decided and published at the acquisition date at the latest. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.

Mortgage debt

At the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Deferred income

Deferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.

Cash flow statement

The cash flow statement shows consolidated cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc. of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. No cash flow statement has been prepared for the Parent Company as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act.

Contents

Entity details

Entity

Board of Directors

Executive Board

Auditors

Statement by Management on the annual report

Executive Board

Board of Directors

Independent auditor's report

Opinion

Basis for opinion

Emphasis of matter

Management's responsibilities for the consolidated financial statements and the parent financial statements

Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements

Statement on the management commentary

Management commentary

Financial highlights

Gross margin (%) :

Net margin (%) :

Equity ratio (%) :

Primary activities

Development in activities and finances

Profit/loss for the year in relation to expected developments

Uncertainty relating to recognition and measurement

Unusual circumstances affecting recognition and measurement

Outlook

Use of financial instruments

Knowledge resources

Statutory report on corporate social responsibility

Statutory report on data ethics policy

Statutory report on corporate governance

Events after the balance sheet date

Consolidated income statement for 2024

Consolidated balance sheet at 31.12.2024

Assets

Equity and liabilities

Consolidated statement of changes in equity for 2024

Consolidated cash flow statement for 2024

Notes to consolidated financial statements

1 Judgements regarding going concern

2 Unusual circumstances

3 Events after the balance sheet date

4 Uncertainty relating to recognition and measurement

5 Revenue

6 Fees to the auditor appointed by the Annual General Meeting

7 Staff costs

Special incentive programmes

8 Depreciation, amortisation and impairment losses

9 Writedowns of current assets exceeding ordinary writedowns

10 Other financial income

11 Impairment losses on financial assets

12 Other financial expenses

13 Tax on profit/loss for the year

14 Discontinued operations

15 Proposed distribution of profit/loss

16 Intangible assets

17 Property, plant and equipment

18 Financial assets

19 Deferred tax

20 Inventories

21 Other receivables

22 Prepayments

23 Cash

24 Contributed capital

25 Other provisions

26 Deferred income

27 Non-current liabilities other than provisions

28 Trade payables

29 Deferred income

30 Changes in working capital

31 Derivative financial instruments

32 Unrecognised rental and lease commitments

33 Contingent liabilities

34 Assets charged and collateral

35 Transactions with related parties

36 Subsidiaries

Parent ​income statement for 2024

Parent balance sheet at 31.12.2024

Assets

Parent income statement for 2024