Entity details

Entity

Hitachi Energy Denmark A/S

Borupsvang 3, st.

2750Ballerup

Business Registration No.: 39856638

Date of foundation: 12.09.2018

Registered office: Ballerup

Financial year: 01.04.2024- 31.03.2025

Board of Directors

Claus Madsen

Cathrine Bech Aagaard

Camilla Sofia Jansson

Executive Board

Claus Madsen

Auditors

EY Godkendt RevisionspartnerselskabDirch Passers Allé 362000 Frederiksberg CVR No.: 30700228

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of HitachiEnergy Denmark A/S for the financial year 01.04.2024 - 31.03.2025.

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

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2025and of the results of its operations and cash flows for the financial year01.04.2024 - 31.03.2025.

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.

Ballerup, 15.08.2025

Executive Board

Claus Madsen

Board of Directors

Claus Madsen

Cathrine Bech Aagaard

Camilla Sofia Jansson

Independent auditor's report

To the shareholders of Hitachi Energy Denmark A/S

Opinion

We have audited the financial statements of Hitachi Energy Denmark A/S for the financial year 01.04.2024 - 31.03.2025, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2025and of the results of its operations and cash flows for the financial year 01.04.2024 - 31.03.2025 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 financial statements" section of this auditor’s report. IndependenceWe are independent of the Entity 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.

Statement on the management commentary

Management is responsible for the management commentary. Our opinion on the 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 financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the 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 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.

Management's responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines

is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the 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 the 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 financial statements

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

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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 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 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 Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control

that we identify during our audit.

Frederiksberg, 15.08.2025

EY Godkendt Revisionspartnerselskab
CVR No. 30700228

Karen Jørgensen

State Authorised Public Accountant

Identification No (MNE) mne40029

Management commentary

Financial highlights

Key figures

Revenue

1,526,927

1,526,745

1,598,062

568,041

744,123

Gross profit/loss

77,659

94,414

67,174

43,094

34,611

Operating profit/loss

8,404

40,379

23,500

5,143

(79,996)

Net financials

11,365

8,644

377

(431)

(1,868)

Profit/loss for the year

14,590

38,240

18,720

3,641

(63,861)

Total assets

1,226,928

1,137,410

1,016,003

602,107

453,758

Investments in property, plant and equipment

338

915

857

903

Equity

273,065

258,475

136,235

117,515

88,874

Cash flows from (used in) operating activities

744

(80,157)

(5,951)

(44,546)

(26,752)

Cash flows from (used in) investing activities

(744)

(3,843)

(915)

(875)

(1,466)

Cash flows from (used in) financing activities

84,000

25,000

40,000

Ratios

Gross margin (%)

5.09

6.18

4.20

7.59

4.65

EBIT margin (%)

0.55

2.64

1.47

0.91

(10.75)

Net margin (%)

0.96

2.50

1.17

0.64

(8.58)

Return on equity (%)

5.49

19.38

14.75

3.53

(63.35)

Equity ratio (%)

22.26

22.72

13.41

19.52

19.59

Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Note that 2020/21 comprises of 15 months with activity.

Gross margin (%) :

Gross profit/loss * 100Revenue

EBIT margin (%):

Operating profit/loss * 100Revenue

Net margin (%) :

Profit/loss for the year * 100Revenue

Return on equity (%) :

Profit/loss for the year * 100Average equity

Equity ratio (%) :

Equity * 100Total assets

Primary activities

Hitachi Energy Denmark A/S is a subsidiary of Hitachi Energy Ltd in Zurich, Switzerland, which is ultimately ownedby Hitachi Ltd, in Tokyo, Japan.The company provides products, systems, software and service solutions across the energy value chain that are designed to meet the growing demand for electricity with minimum environmental impact. Hitachi Energy Denmark A/S will primarily serve the Utility, Renewables, Transportation & Infrastructure and the Industry sector with Energy technology product and services as well as Control-, Scada- and Digital solutions, helping the planning, delivering, and servicing the assets throughout the life cycle.

Development in activities and finances

The financial result for the financial year is positive and the revenues are in line with the previous year. The company is growing and the performance is good in the areas or business, products, system and services.

Profit/loss for the year in relation to expected developments

The revenue volumes are similar as previous year but due to increased costs for raw materials, other external expenses and staff costs, this leads to a slightly smaller EBIT margin than expected. The legal entity has a positive net result and equity ratio is over 20 %. Revenue amounted to 1 526,9 million DKK (last year 1 526,7 million DKK) and an positive outcome was expected. (Expectation increse of 1-2%).Operating profit amounted to 8,4 million DKK (last year 40,4 million DKK) which was 0,55 % in relation to the turnover, slightly below expected. The expectation was an increase between 1-3 %.The company reports a gross margin of 77,7 million DKK (last year 94,4 million DKK), a decrease of 17,8 % compared to the previous year, due to the above mentioned reasons.Profit for the year amounted to 14,6 million DKK (last year 38,2 million DKK).

Outlook

Hitachi Energy Denmark A/S will continue to be a world-leading supplier of power and automation products, systems, and service solutions for the entire energy value chain. With innovative technology we will continue to create the sustainable energy landscape of the future to accelerate energy transmission. This includes integratingrenewable energy and connecting countries´ electricity networks continue increase at the same time as industries and entire societies are increasingly electrified, this means that we are right positioned with an attractive offering that drives profitable growth. The market is in the growth phase, and we continue to see a positive development in 2025/2026 and the following years to come. The company expects to have a 1-2 % increase of revenue in 2025/2026 and the company expects to have an Operating profit between 1-3 %. In relation to growth, we have expanded our workforce to reflect this situation. We are up with +21 % compared with previous year. We will continue to add talents to our company in 2025. This will be key to further grow the business. The coming year we will continue to invest in our people, in our innovative technical solutions, customers, and partners to advance a sustainable energy future for all. Business risksThe company has no particular risk apart from the usual risk within the business.

As a result of the business, the company is exposed to changes in the currency exchange rates and the level of interest. The company is also exposed to cybersecurity risks due to the geopolitical situation and the growing cyberattack incidents seen globally. The parent group controls the financial risks in the group centrally and coordinates the cash management of the group.

Statutory report on corporate social responsibility

The company provides products, systems, software and service solutions across the energy value chain that are designed to meet the growing demand for electricity with minimum environmental impact. Hitachi Energy Denmark A/S will primarily serve the Utility, Renewables, Transportation & Infrastructure and the Industry sector with Energy technology product and services as well as Control-, Scada- and Digital solutions, helping the planning, delivering, and servicing the assets throughout the life cycle. This area has been prepared in accordance with paragraph 99a of the annual account ActThe sustainability report describes how the company works with sustainability issues in the following areas: 1. Environment 2. Respect for human rights 3. Staff and social conditions 4. Integrity including anti-corruption 1.ENVIRONMENT The energy transition is a key to succeeding in tackling climate change and creating a more circular society. By building a global, connected, and sustainable energy system for current and future generations, Hitachi Energy Denmark A/S can help create value for a more sustainable society. Transparency and accountability are central to the implementation of our sustainability strategy and our approach to disclosure. Environmental and energy policyThe environmental work at Hitachi Energy Denmark A/S is solid and methodical: environmental and energy management is an important part of our business strategy. We are committed to complying with laws and other binding requirements and to continuously improving the governance of the business. Our environment and energy policy states that we undertake in a sustainable way that: • Develop and offer resource- and energy-efficient products, systems, digital solutions, and services that promote sustainability and improve our customers' environmental and energy performance. • Increase resource efficiency, including material and energy savings. Engage our stakeholders and provide the information and resources necessary to achieve the above. We seek to minimize Hitachi Energy Denmark A/S´s environmental footprint and to conduct our business in a socially responsible manner. Both the working environment and the external environment are monitored. Hitachi Energy Denmark A/S strives to support the need to decarbonize energy systems, focusing on phasing out fossil fuels and reducing greenhouse gas (GHG) emissions by accelerating the deployment of zero- and low-carbon energy solutions. The biggest environmental and climate risk facing the company is connected to transport of material to and from business activities. In 2024/2025 the company further focused on energy efficiency. Activities have been: · Moved the headquarters to a new location with certified renewable energy consumption · All new company cars were leased as Electrical cars. · All electricity used by the main facilities of Hitachi Energy Denmark stems from renewable energy sources.

· Investigating expansion of the Middelfart office with focus on low energy consumption In 2025/2026 we will strive to increase resources efficiency including material and energy savings. 2. RESPECT FOR HUMAN RIGHTS Respecting human rights is a matter of course for Hitachi Energy Denmark A/S. Lack of respect for human rights can harm people and negatively affect our business, with potential legal, financial and reputational consequences. Respect for human rights is a cornerstone of the behavior we expect of everyone who works for us, both as an employee and within our supply chain. We have a strict zero tolerance policy for violations of law or our code of conduct. We have several different processes and policies that ensure compliance with human rights within our operationsand our value chains. In addition to our policies this includes our code of conduct and supplier code of conduct, as well as supplier and contractor forms. If violations against human rights or our policies are suspected, there are several channels available to report it to, both for Hitachi Energy Denmark A/S employees and external stakeholders (Read more in the section Integrityand anti-corruption). During the fiscal year, the company trained all employees, to be able to identify and manage human right violations through yearly recurring training in the code of conduct of the company. To ensure that salient human rights risks are understood and managed across Hitachi Energy, existing processes and tools that support the mitigation of those risks have been mapped. Furthermore, areas for improvement have been identified and action plans to monitor and minimize those risks are currently underway. Risk assessment Hitachi Energy Denmark A/S is committed to conducting its business ethically and to minimizing the risk of impact on human rights within our own operations and our supply chains. Even though we are making sure that our supplies are acting according to human rights, there is a risk of human right being violated. The most material risk related to human rights exists within our supply chain for forced labor or child labor, particularly in regions where labor standards are less stringent. Our risk management is structured on the following: • Raising awareness of the issues within Hitachi Energy Denmark A/S and building internal expertise. • Collaborate with and learn from external organizations and stakeholders. Work for continuous improvement by identifying shortcomings, acting on these shortcomings and then communicating this process. Successful compliance with human rights is a journey that requires transparency, responsibility and cooperation with various stakeholders, including suppliers. The focus will continue to be on striving to become even better at identifying potential risks and to further strengthen their management through more systematic HRDD work.

Training To manage human rights risks, Hitachi Energy Denmark A/S works to raise awareness and build expertise. In line with the UN's global goals for sustainable development, where the fourth is about education and lifelong learning, we focus on four main areas: - Training for management at various levels within the organization to provide decision-makers with relevant skillsto be able to identify and manage risks related to human rights. - Build internal competence through further development of our network Human Rights Champion, which drives these issues within the organization. - Develop awareness of these issues within the supply chain through our Supplier Sustainability Development Program. - Promote open reporting and a transparent corporate culture by highlighting and encouraging the use of the channels we have for reporting suspected human rights abuses. In addition to continuing work on the points above, the future will further focus on education for the functions that are most exposed to issues related to human rights. Collaborations Hitachi Energy Denmark A/S supports several leading organizations in their work to increase companies' understanding of human rights issues. This gives us the opportunity to contribute and learn at the same time. 3. SOCIAL CONDITIONS AND STAFF The employees are the company's foremost asset. It is their efforts that lay the foundation for a sustainable business. The fact that all employees at Hitachi Energy Denmark A/S feel safe, secure and can perform their best is crucial to our success. It is the company's policies within diversity and gender equality as well as the work environment that form the basis of the work on social conditions and personnel. Our most material risk is if we fail to foster a positive work culture or adequately address workload concerns, employees might become disengaged, leading to decreased productivity, higher turnover rates, and increased instances of burnout. In 2025/2026 we will continue to train our employees in our HSE policies and follow up on events and the wellbeing of our employees. The health strategy lays the foundation Our vision is a workplace where all employees can flourish, develop and thrive. If we can utilize the potential and competence of each employee, they will perform better and thus give the company the opportunity for development going forward. It is our health strategy that sets the direction for the work we do. The health strategy is divided into four focus areas: Organizational and social work environment, ergonomics and lifestyle and well-being are three of them. Within them, we work with healthy leadership, balance between work and family life, counteracting harassment

and the importance of inclusion and clear goals. In 2025/2026 we will continue to create a safe and secure workplace through our HSE policy and standards. During the regular leadership and employee trainings in 2024/2025 we have given leaders and employees tools to lead at a distance, including learning to pay attention to signals of ill health. Furthermore, we are conducting yearly both local and global surveys on the wellbeing of our employees with support from external agencies. 4. INTEGRITY INCLUDING AGAINST CORRUPTION Hitachi Energy Denmark A/S does not tolerate violations of law or our code of conduct. The values the company formulates about safety and integrity are a cornerstone that ensures that we do not conduct business in a way that exposes people to risk or involves unethical methods. The Danish company's integrity program is part of the Hitachi Energy Group's global integrity program. Integrity permeates all of Hitachi Energy’s operations. With us, integrity begins with leadership and responsibility. The message from company management is that we are clearly committed to our commitments in safety, integrity, and quality, which are a prerequisite for our business, and that we refrain from business that does not meet our requirements. In recurring videos, articles and letters to employees, Hitachi Energy's CEO and senior management emphasize our commitment to run the business without ever violating rules and regulations. All local business unit managers hold regular discussions on privacy issues to ensure that messages about privacy come from the same person who sets the business goals: integrity and business go hand in hand. Highly engaging and interactive e-learning is available to over 45,000 employees around the world, ensuring education delivery through computer tracking and certification. E-learning courses on the Hitachi Energy Code of Conduct and Anti-Bribery and Corruption are also required for all email account holders worldwide (over 40,000 employees) with completion tracked and certified.Everyone who works for or with Hitachi Energy must comply with the privacy standards set forth in our Code of Conduct and our Supplier Code of Conduct (available at: (https://www.hitachienergy.com/about-us/integrity/standards/code-of-conduct.) Our personal commitments to privacy are also set out in the Code of Conduct. Respectful of each other and our stakeholders - we are fair, reliable and cooperative in all our business; we create creative solutions that are consistent with our code of conduct - we follow applicable laws and our principles of ethics and integrity; we help build a sustainable future - we protect the environment, apply sound health and safety practices and respect human rights, we work with a strong feeling of personal responsibility for our company - we protect its reputation, brand and assets. Our internal policies and instructions ensure compliance with the Code of Conduct. Training To prevent problems, it is important to be aware of the risks that exist. Risks associated with lack of integrity and transparency in the supply chain or vendor network pose the biggest threat of exposure to corrupt practices, impacting operational efficiency and brand reputation.That is why training in integrity is important. All new employees undergo training in integrity and HSE, and all employees receive reminder courses in integrity on a yearly basis. The new mandatory HSE training for new employees has been implemented in 2024/2025. Each year all employees at Hitachi Energy reconfirm their commitment to the Code of Conduct.

Reporting system Systems for detecting and correcting ethical errors are central to our privacy program. In addition to several otherchannels for reporting privacy concerns (reporting can be done to the immediate manager, a representative fromLegal & Integrity, the local or regional Head of Legal or Head of Integrity or global Head of Integrity), there is a web portal for those who prefer to use the Internet: Hitachi Energy EthicsPoint (https://www.hitachienergy.com/about-us/integrity/reporting-channels). There is also an Ethics hotline on the phone that is available in over 180 languages, around the clock. The Ethics hotline and web portal are operated by a third party and enable anonymous reporting. All reports received are treated confidentially, reviewed, and investigated in an appropriate manner. Appropriate measures against exposed exposure are taken, including disciplinary measures which, within the framework of local labor law rules, may even mean dismissal. Hitachi Energy has a strict zero tolerance policy for violations of law or our code of conduct. In addition, retaliation, threats of retaliation or other type of punishment, suspension, harassment, unwanted relocation, or other type of discrimination against any employee who in good faith has reported something to the company about illegal or unethical behavior is not tolerated. Our requirements for a good working environment do not tolerate harassment, regardless of whether it is face-to-face, written, electronic or oral. Our goal is for all employees to feel welcome and comfortable and for us to respond to any privacy concerns they may have. That is why we work constantly to ensure that our employees, partners and those who do business with us are not harassed in any way. That is why we at Hitachi Energy Denmark A/S speak up about harassment.

Statutory report on data ethics policy

This area has been prepared in accordance with paragraph 99 d of the Annual Accounts Act, with consideration taken to exception in § 99 d number 3. Hitachi Energy Denmark A/S takes cybersecurity extremely seriously for the security of our products, systems, services, as well as our customer's and Hitachi Energy Denmark A/S data. The company's policy can be found on this website: https//www.hitachienergy.com/about-us/supplying/cyber-security.

Events after the balance sheet date

No events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report.

Income statement for 2024/25

Revenue

1,526,927

1,526,745

Costs of raw materials and consumables

(1,379,331)

(1,372,378)

Other external expenses

(69,937)

(59,953)

Gross profit/loss

77,659

94,414

Staff costs

(68,845)

(53,618)

Depreciation, amortisation and impairment losses

(410)

(417)

Operating profit/loss

8,404

40,379

Other financial income

11,532

9,395

Other financial expenses

(167)

(751)

Profit/loss before tax

19,769

49,023

Tax on profit/loss for the year

(5,179)

(10,783)

Profit/loss for the year

14,590

38,240

Balance sheet at 31.03.2025

Assets

Other fixtures and fittings, tools and equipment

1,602

2,012

Property, plant and equipment

1,602

2,012

Other receivables

4,277

3,533

Financial assets

4,277

3,533

Fixed assets

5,879

5,545

Manufactured goods and goods for resale

13,623

16,062

Inventories

13,623

16,062

Trade receivables

180,620

95,202

Contract work in progress

387,258

519,965

Receivables from group enterprises

606,360

500,636

Other receivables

32,769

Joint taxation contribution receivable

419

Receivables

1,207,426

1,115,803

Current assets

1,221,049

1,131,865

Assets

1,226,928

1,137,410

Equity and liabilities

Contributed capital

10,500

Retained earnings

262,565

247,975

Equity

273,065

258,475

Deferred tax

11,395

9,572

Other provisions

6,421

10,239

Provisions

17,816

19,811

Prepayments received from customers

36,883

Contract work in progress

221,938

198,864

Trade payables

37,672

39,378

Payables to group enterprises

660,586

569,046

Joint taxation contribution payable

1,333

Other payables

15,851

13,620

Current liabilities other than provisions

936,047

859,124

Liabilities other than provisions

936,047

859,124

Equity and liabilities

1,226,928

1,137,410

Events after the balance sheet date

Unrecognised rental and lease commitments

Contingent liabilities

Assets charged and collateral

Related parties with controlling interest

Transactions with related parties

Statement of changes in equity for 2024/25

Equity beginning of year

10,500

247,975

258,475

Profit/loss for the year

14,590

Equity end of year

10,500

262,565

273,065

Cash flow statement for 2024/25

Operating profit/loss

8,404

40,379

Amortisation, depreciation and impairment losses

410

417

Working capital changes

(14,327)

(130,713)

Adjustment for items not effecting cash flow

(13)

Cash flow from ordinary operating activities

(5,512)

(89,930)

Financial income received

11,532

9,395

Financial expenses paid

(167)

(751)

Taxes refunded/(paid)

(5,109)

1,129

Cash flows from operating activities

744

(80,157)

Acquisition etc of property, plant and equipment

(338)

Acquisition of financial assets

(744)

(3,505)

Cash flows from investing activities

(744)

(3,843)

Free cash flows generated from operations and investments before financing

(84,000)

Cash increase of capital

84,000

Cash flows from financing activities

84,000

Increase/decrease in cash and cash equivalents

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

Notes

1 Events after the balance sheet date

No events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report.

2 Revenue

Denmark

880,840

1,501,234

Europe

466,710

5,450

Asia, Middle East & Africa

137,049

7,005

North & South America

42,328

13,056

Total revenue by geographical market

1,526,927

1,526,745

Power Grid Automation

112,269

169,586

Power Grid Integration

300,141

321,036

Power Grid High Voltage Products

322,363

285,560

Power Grid Transformers

786,990

747,192

Other

5,164

3,371

Total revenue by activity

1,526,927

1,526,745

3 Fees to the auditor appointed by the Annual General Meeting

Statutory audit services

300

245

300

245

4 Staff costs

Wages and salaries

63,686

48,823

Pension costs

4,931

4,332

Other social security costs

228

463

68,845

53,618

Average number of full-time employees

No fee has been paid to the board of directors. With reference to section 98B (3) of the danish financial statementact remuneration to management is not disclosed.

5 Depreciation, amortisation and impairment losses

Depreciation of property, plant and equipment

410

417

410

417

6 Other financial income

Financial income from group enterprises

10,939

9,395

Exchange rate adjustments

593

11,532

9,395

7 Tax on profit/loss for the year

Current tax

3,326

204

Change in deferred tax

1,823

10,579

Adjustment concerning previous years

5,179

10,783

8 Proposed distribution of profit and loss

Retained earnings

14,590

38,240

14,590

38,240

9 Property, plant and equipment

Cost beginning of year

3,365

Cost end of year

3,365

Depreciation and impairment losses beginning of year

(1,353)

Depreciation for the year

(410)

Depreciation and impairment losses end of year

(1,763)

Carrying amount end of year

1,602

10 Financial assets

Cost beginning of year

3,533

Additions

744

Cost end of year

4,277

Carrying amount end of year

4,277

11 Contract work in progress

Contract work in progress

1,756,695

1,838,507

Progress billings regarding contract work in progress

(1,591,376)

(1,517,406)

Transferred to liabilities other than provisions

221,939

198,864

387,258

519,965

12 Receivables from group enterprises

Cashpool Hitachi Energi Finance Ltd entered into an agreement for a cash pool arrangement with Nordea, where Hitachi Energi Finance Ltd is the account holder and Hitachi Energy Denmark A/S is a sub-account holder along with the group's other affiliated companies. The terms agreed upon in the cash pool arrangement grant Nordea the right to settle withdrawals and balances with each other, whereby only the net balance of the total cash pool accounts constitutes Hitachi Energi Finance Ltd’s relationship with Nordea. Hitachi Energy Denmark A/S' accounts in the cash pool arrangement, which are recognized under receivables from group enterprises, amount to a balance of 327 154 KTDKK as of March 31, 2025 (March 31, 2024: 308 857 KTDDK).

13 Contributed capital

Share Capital

105,000

10,500

105,000

10,500

14 Deferred tax

Intangible assets

1,637

3,786

Receivables

(14,931)

(14,516)

Provisions

1,899

1,158

Deferred tax

(11,395)

(9,572)

Beginning of year

(9,572)

988

Recognised in the income statement

(1,823)

(10,560)

End of year

(11,395)

(9,572)

15 Other provisions

16 Changes in working capital

Increase/decrease in inventories

2,439

(4,084)

Increase/decrease in receivables

(91,205)

(114,884)

Increase/decrease in trade payables etc

74,439

(11,745)

(14,327)

(130,713)

17 Unrecognised rental and lease commitments

Liabilities under rental or lease agreements until maturity in total

9,048

7,129

18 Contingent liabilities

Hitachi Energy Denmark A/S is jointly taxed with other Danish group companies. As a group company, the company has unlimited and joint liability with other group companies for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation unit.

19 Assets charged and collateral

The company is subject to general warranty obligations for completed work. A guarantee has been provided through a group company for certain ongoing and completed projects. The total guarantee amount is DKK 773 million as of March 31, 2025. A guarantee has been provided through credit institutions for certain ongoing and completed projects. The total guarantee amount is DKK 231 million as of March 31, 2025. A guarantee has been provided through an insurance company for certain ongoing and completed projects. The total guarantee amount is DKK 1 million as of March 31, 2025.

20 Related parties with controlling interest

Hitachi Energy AG, Brown Boveri Strasse 5, 8050 Zürich, Schweiz holds 100 % of contributed capital in Hitachi Energy Denmark A/S. Hitachi Energy Denmark A/S is part of the consolidated financial statement of Hitachi Ltd., Japan The consolidated financial statement of Hitachi Ltd. Can be obtained from www.hitachi.com

21 Transactions with related parties

Sales of goods and service to group companies

25,261

Purchase of goods services from group companies

1,049,951

Payables

660,586

Receivables

606,360

of which cash pool

327,154

Comparitive figures 2023/24: Sales of goods and services to group companies: 13 525, Purchase of goods and services from group companies: 985 047, Payables: 569 046, Receivables: 500 636 (of which cash pool 308 857)Interest expenses to the group are disclosed in note 6 to the financial statements. Payables and receivables to thegroup are disclosed in the balance sheet.No remuneration has been paid to the Board of Directors. By reference to section 98b(3), (ii) of the Danish Financial Statement Act, remuneration to management is not disclosed.

Accounting policies

Reporting class

This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).

The accounting policies applied to these financial statements are consistent with those applied last year.

Transactions denominated in foreign currencies

Transactions denominated in foreign currencies are converted to DKK at the time of the transaction. On the balance sheet date, receivables and liabilities are translated at the closing day rate, and exchange rate differencesare included in the Income for the Year. Advances payments from customers and to suppliers are recognized at the exchange rate at the time of payment, as no liability to repay is anticipated.

Income statement

Revenue

The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. The Company's revenue is generated from the production and sale of power grid products as well as related services. On the conclusion of sales contracts that consist of several separate sales transactions, the contract price is split up into the individual sales transactions based on the relative fair value approach. The separate sales transactions are recognised as revenue when the criteria for sale of goods, services or construction contracts are met. A contract is split up into individual transactions when the fair value of each individual sales transaction can be estimated reliably and when each individual sales transaction represents a stand-alone value for the buyer. Sales transactions are deemed to have a stand-alone value for the buyer when the transaction is individually identifiable and usually sold separately. Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Revenue from the sale of goods Income from the sale of goods for resale and finished goods, including sale of power grids products, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer, the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020. Revenue from the sale of goods where delivery has been postponed at the buyer's request is recognised in revenue when ownership of the goods is transferred to the buyer. Revenue from the sale of services Revenue from the rendering of services, which include service contracts, is recognised in revenue on a straight-line basis as the services are rendered because the services are rendered in the form of an indefinite number of actions over a specified period of time.

Revenue from construction contracts Revenue from construction contracts concerning project sales of power grids product subject to a high degree of individual adaptation is recognised as revenue by reference to the stage of completion, which means that revenue corresponds to the selling price of work performed during the year (the percentage of completion method). When income and expenses of a construction contract cannot be estimated reliably, revenue assessed recognised solely at the costs incurred in so far as it is assessed that they are likely to be recovered. The stage of completion by which completion of the production is measured is determined by reference to the proportion of costs incurred relative to the latest cost estimate.

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 ordinary writedowns of the relevant inventories.

Other external expenses

Other external expenses include expenses relating to the Entity’s ordinary 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 salaries and wages, and social security contributions, pension contributions, etc. for entity staff.

Depreciation, amortisation and impairment losses

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

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.

Financial expenses

Financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses, payables and transactions in foreign currencies, 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.

Balance sheet

Property, plant and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.

Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Where individual components of an item of plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives of the assets are as follows:

Other fixtures and fittings, tools and equipment

3-10 years

Leasehold improvements

5 years

The basis of depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In case of changes in the amortisation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.

Receivables

Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of the individual receivable or portfolio is used as discount rate.

Inventories

Inventories are measured at cost in accordance with the weighted average method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct labour

and production overheads. Production overheads include the indirect cost of material and labour. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.

Contract work in progress

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, and finance costs are recognised in the income statement as incurred.

Joint taxation contributions receivable or payable

Current joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been 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.

Deferred tax

Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable incomefor the year, adjusted for tax on prior-year taxable income and tax paid on account.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. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income.

Other provisions

Provisions comprise anticipated costs related to warranty commitments etc. Provisions are recognised when, as aresult of past events, the Company has a legal or a constructive obligation and it is probable that there may be anoutflow of resources embodying economic benefits to settle the obligation. Provisions are measured at net realisable value. If the obligation is expected to be settled far into the future, the obligation is measured at fair value.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. The Company has chosen IAS 39 Financial instruments: Recognition and measurement as interpretation for

recognition and measurement of liabilities.

Prepayments received from customers

Prepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.

Cash flow statement

The cash flow statement shows 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 income taxes 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, purchase of treasury shares and payment of dividend. Hiatchi - cashpool/treasury set-up comprise cash and short-term securities with an insignificant price risk less short-term bank loans.

Contents

Entity details

Entity

Board of Directors

Executive Board

Auditors

Statement by Management

Executive Board

Board of Directors

Independent auditor's report

Opinion

Basis for opinion

Statement on the management commentary

Management's responsibilities for the financial statements

Auditor's responsibilities for the audit of the financial statements

Management commentary

Financial highlights

Gross margin (%) :

EBIT margin (%):

Net margin (%) :

Return on equity (%) :

Equity ratio (%) :

Primary activities

Development in activities and finances

Profit/loss for the year in relation to expected developments

Outlook

Statutory report on corporate social responsibility

Statutory report on data ethics policy

Events after the balance sheet date

Income statement for 2024/25

Balance sheet at 31.03.2025

Assets

Equity and liabilities

Statement of changes in equity for 2024/25

Cash flow statement for 2024/25

Notes

1 Events after the balance sheet date

2 Revenue

3 Fees to the auditor appointed by the Annual General Meeting

4 Staff costs

5 Depreciation, amortisation and impairment losses

6 Other financial income

7 Tax on profit/loss for the year

8 Proposed distribution of profit and loss

9 Property, plant and equipment

10 Financial assets

11 Contract work in progress

12 Receivables from group enterprises

13 Contributed capital

14 Deferred tax

15 Other provisions

16 Changes in working capital

17 Unrecognised rental and lease commitments

18 Contingent liabilities

19 Assets charged and collateral

20 Related parties with controlling interest

21 Transactions with related parties

Accounting policies

Reporting class

Transactions denominated in foreign currencies

Income statement

Revenue

Costs of raw materials and consumables

Other external expenses

Staff costs

Depreciation, amortisation and impairment losses

Other financial income

Financial expenses

Tax on profit/loss for the year

Balance sheet

Property, plant and equipment

Receivables

Inventories

Contract work in progress

Joint taxation contributions receivable or payable

Deferred tax

Other provisions

Other financial liabilities

Prepayments received from customers

Cash flow statement