1
2025
ANNUAL
REPORT
Company: Park Street A/S
CVR: 12932502
Amaliegade 6, 2. Tv
1256 København K
Accounting Period: 1 January – 31 December 2025
Chair: Claes Peter Rading
28 April 2026
Co
mpany:
CVR no.: 12 93 2 5 02
LEI no.: 213800VGJC18MR KMZC33
Registered office: Copenhagen, Denmark
Phone: +45 33 33 93 03
Internet: www.psnas.com
E-mail: parkstreet@parkstreet.dk
B
oard of Directors:
Claes Peter Rading, Chair
Ohene Aku Kwapong
Anita Nassar
Pradeep Pattem
Medha Pattem
Dhruv Pattem
Management:
CEO Pradeep Pattem
A
uditor:
PriceWaterhouseCoopers Statsautoriseret Revisionspartnerselskab
M
ain activity:
Park Street is a fully integrated European real estate investment
and asset management company with offices in Copenhagen and London.
It owns and manages a large portfolio of commercial properties located
across Denmark.
A
nnual General Meeting:
A
nnual General Meeting to be held on 28th April 2026 at 14:00 at Amaliegade 6, 2. Tv, 1256 København K
.
1
Contents
Management's review 2
Management's review 2
Subsequent events after 31 December 2025 3
Outlook and strategy for 2026 4
Financial Highlights 18
Financial Results 19
Risk Factors 22
Statutory Report CSR 24
Legal requirements for Corporate Governance 26
Statutory report on diversity in management 26
Management composition and remuneration 27
Board of Directors and Management 28
Shareholder structure 30
Group structure as of 31 December 2025 32
Statements
33
Statement by Board of Directors and Management 33
Independent auditor’s report 34
Consolidated Financial statements
40
Income statement 41
Statement of comprehensive income 42
Statement of financial position 43
Statement of equity 44
Statement of cash flows 45
Notes 47
Annual accounts for Park Street A/S
76
Income statement 77
Statement of comprehensive income 78
Statement of financial position as of 31 December 2025 79
Statement of equity 80
Statement of cash flows 81
Notes 83
Property Overview
97
Park Street/ Management's review
2
Management’s Review
Results of the year 2025 and outlook for 2026
Park Street result analysis primarily uses the term EBVAT (Earnings before value adjustments and tax) to measure the Group’s operating results.
The Group achieved an EBVAT of DKK 11.5 million in 2025 (2024: DKK 2.8 million), compared to previously communicated expectations of DKK
20–25 million. The variance is attributable to a combination of factors, primarily weaker than expected performance from hotel operations and the
newly launched co-working site in Odense, as well as a reduced asset base following property disposals during the year. During 2025, the Group
undertook several significant initiatives, including refinancing activities, operational optimisation and capex-led leasing initiatives. While some of
these actions impacted short-term earnings, they are expected to deliver sustained improvements to the platform’s performance. On this basis, the
Group expects EBVAT for 2026 to be in the range of DKK 50–55 million, subject to any material acquisitions or disposals of assets.
The development in EBVAT is influenced by the following key factors:
• Gross profit amounted to DKK 114.9 million in 2025 (2024: DKK 107.3 million), representing an increase of DKK 7.6 million. This in-
crease is primarily driven by reductions in operating costs during the year.
• Overhead costs were DKK 24.7 million in 2025 compared to DKK 31.6 million in 2024, a decrease of DKK 6.9 million. This reflects a
simplification of the operating model, supported by technology driven efficiencies and reductions in employee and corporate costs.
• Net financial items amounted to DKK –78.7 million in 2025 (2024: DKK –72.9 million), representing a negative variance of DKK 5.8
million. This includes a one-off expense of DKK 24.2 million related to the write-off of capitalised borrowing costs following refinancing
completed during the year. Excluding this one-off item, underlying financing costs decreased due to lower interest rates and a reduction
in debt following asset disposals.
The Group reported a net result of DKK 18.6 million in 2025, compared to DKK 6.9 million in 2024.
The change is primarily driven by the following:
• Fair value adjustments resulted in a net increase of DKK 20.1 million in 2025 (2024: DKK 22.2 million), reflecting updated valuations of
the investment property portfolio based on yield adjustments and revised income expectations.
The Group’s equity as at 31 December 2025 was DKK 981 million, compared to DKK 963 million as at 31 December 2024. The increase is at-
tributable to the profit generated during the year.
Property acquisitions and sales
In 2025, Park Street sold the following properties and plots:
Ros Have 8, 10, 12, Ro's Have, Roskilde, 4000
Stagehøjvej 22, Silkeborg, 8600
Park Street/ Management's review
3
Organisation
Since April of 2025 when the Annual General Meeting of the Company took place the Board of Directors of Park Street consists of Pradeep Pat-
tem, Claes Peter Rading, Ohene Aku Kwapong, Anita Nassar, Medha Pattem and Dhruv Pattem.
The number of employees of Park Street group company were 17 by the end of 2025, against 18 at the start of the year.
Subsequent events after 31 December 2025
Park Street has signed a conditional SPA for the sale of Hersegade 23, Roskilde.
From the balance sheet date until the date of presentation of this Annual Report no additional events have occurred other than the above men-
tioned which significantly affect the assessment of the annual report.
Park Street/ Management's review
4
Outlook and strategy for 2026
Park Street – Its journey & 2026 plans
Park Street (PSAM group) was setup in 2014 to identify and invest in Real Estate opportunities - in particular, assets embedded in capital structure
challenges or with value-add potential.
Park Street invested across Europe (UK, Germany, Norway, Spain etc.) before the acquisition of Nordicom portfolio in Denmark in 2017.
The portfolio of assets are now concentrated in Denmark with assets across sectors: Residential, Offices, Hotels and Retail, in the form of Park
Street A/S.
Our strategy in 2026 will continue develop Pulse Living (Young professional living sector) strategy with Pulse T project execution.
Park Street will further improve the operational efficiencies across its core holdings of Hotels
Park Street will invest in leasing capex in select Value-Add assets and design capex towards local plans for select design assets.
The Group expect the EBVAT for 2026 to be DKK 50-55 million in view of potential new leases in the pipeline and an expected reduction in finance
costs due to refinance compared to 2025. This could change with any significant further sales or additions to the property portfolio.
Park Street/ Management's review
5
Macro Environment & Park Street Strategic Direction (2026)
European Economic Shift
• Global geopolitical developments are accelerating European investment in local industry,
infrastructure and supply chains
• Institutional capital, particularly pension funds, continues to increase allocation to real assets and
residential property
Urbanisation & Residential Demand
• Growth in globally mobile professionals and young talent supporting demand for flexible urban living
solutions
• Rising living costs in Copenhagen increasing demand for well-connected regional cities
(e.g. Odense, Aarhus, Vejle) with strong sector clusters
Changing Use of Buildings
• Office demand evolving as technology and AI reshape working patterns
• Increased relevance of flexible, mixed-use and service-oriented real estate
Technology & AI Transformation
• Advances in AI and automation are transforming operational industries, including property management
• Park Street is positioning its platform to deliver better tenant services, faster issue resolution and smarter
building operations
• Continued development of technology-enabled administration and data-driven asset management
Financial Discipline
• Interest rates appear to be stabilising, though geopolitical and inflation risks remain
• Park Street strategy prioritises long-term hedged financing and disciplined leverage
Park Street continues to build a technology-enabled real estate platform focused on efficient operations,
Park Street/ Management's review
6
Park Street – Property Portfolio Outlook
Park Street key portfolios in Denmark
1. Pulse Portfolio
• 5 properties- 3 Pulse Living (2 fully occupied and 1 project in execution) and 2 Pulse Hotels
• 55% of current portfolio value and 50% of NOI , Low current LTV (<50%)
2. Danish Regional Income Portfolio
• 11 properties – 70% retail & 30% Residential
• Low current LTV (~50%) with long term debt (10yrs+) - 10% of current portfolio value & 16% of NOI
3. Design Portfolio
• 6 property clusters, Project Assets have very low debt, including Value add assets, it is ~65% LTV
• 12% of NOI & 20% of current portfolio value with potential to nearly double the current NOI over next 3 years
• Development will only be done with asset specific capital with limited investment currently for design work
4. Core Portfolio
• Current LTV (~60%) with long term debt (10yrs+) - 11% of current portfolio value & 28% of NOI
*Some co-located independent properties are combined as a single assets
** Estimated 2025 property portfolio value – all valuations and NOIs are estimated and not audited
Park Street/ Management's review
7
Pulse Portfolio
Park Street/ Management's review
8
• Pulse Living is focused in shaping a vibrant living environment for young professionals' platform.
• A scalable design, development and community development platform is shaped and tested at Pulse Nørrebro and Østerbro.
• Assets in the sector a both immense interest and fit for long term institutional capital.
• Pulse Living is positioned to to scale up with stable long-term capital creating vibrant connected communities.
Pulse Living
Pulse N: Copenhagen NV
Pulse O: Copenhagen Ø
Pulse T: Taastrup (Project)
Park Street/ Management's review
9
Pulse Living: Pulse N
Park Street/ Management's review
10
Pulse Living: Pulse O
Pulse Living: Pulse O
Park Street/ Management's review
11
Pulse Living: Pulse T
Park Street/ Management's review
12
Pulse Hotels
Prindsen Hotel, Roskilde
Ballerup Hotel, Ballerup
• Hotel Prindsen is a beautiful property with several centuries of history as a hotel.
• Park Street will seek to reposition the hotel as a luxury destination in the long run once the current lease concludes in 2030.
• Ballerup hotel is a high performing hotel with a stable management contract.
• Park Street has allocated capex for gradual upgrade of hotel toilets and exteriors over the next 3 years.
Park Street/ Management's review
13
Danish Regional Income
Portfolio (DRIP)
Park Street/ Management's review
14
Danish Regional Income Portfolio (DRIP)
• The portfolio has average current financing of over 10years with fixed rates until 2027 and maturity of 2037.
• Park Street will seek to refinance this portfolio by Q1 2027, towards creating a steady 8% to 10% dividend generating portfolio.
Portfolio is cashflow positive without refinancing / full amortization from 2027
• Selective disposals will be pursued for medium term exit of portfolio
Upgrade capex allocated for residential assets, to target 100% occupancy by end 2026 across portfolio.
Property Value
Retail Retail - Supermarket Residential Retail - Fitness
Park Street/ Management's review
15
Design Projects
Park Street/ Management's review
16
Design & Value Add Portfolio
• Park Street acquired assets in Glostrup and Odense with over 80% vacancy and has since worked systematically to increase occupancy.
• Fully vacant first
-floor Glostrup shopping center transformed into a HQ office for an engineering company. Ground floor being activated in
collaboration with Kommune - expected to be fully let within 2026.
• Selective Capex for Odense property to activate spaces for 3 to 5yrs while finalizing local plan
– in active collaboration with Kommune.
• DKK 10m to 12m Capex allocated in 2026 for Leasing led development and towards Local Planning
Park Street/ Management's review
17
Dannebrogsgade, Odense
Glostrup
Park Street/ Management's review
18
Financial Highlights
Key figures
Amounts in DKK 1000s
2025
2024
2023
2022
2021
Income statement
Rental income
133,331
131,697
145,503
136,348
124,328
Total net sales
151,900
151,116
166,142
153,281
158,264
Gross profit
114,937
107,288
121,915
104,675
117,418
Result from primary operations
34,148
24,107
-34,917
74,499
187,225
Financial items
-78,668
-72,888
-52,424
-29,932
-25,881
Earnings before value adjustments and tax (EBVAT)
11,545
2,753
41,369
42,898
56,866
Result for the period
18,624
6,993
-24,245
54,980
145,459
Statement of financial position
Investment properties
2,226,537
2,248,267
2,436,714
2,521,581
2,615,015
Investments in property, plant and equipment
17,443
11,528
65,284
-15,061
25,803
Balance sheet total
2,431,586
2,500,001
2,716,690
2,807,465
3,020,749
Interest-bearing debt
1,153,293
1,246,161
1,335,662
1,402,935
1,509,471
Total equity
981,078
962,479
1,059,959
1,087,024
1,217,038
Statement of cash flows
Cash flows from operations
-11,313
-16,458
50,742
40,219
57,999
Cash flows from investment
43,750
278,418
208
116,508
-17,777
Cash flows from financing
-92,868
-215,129
-47,274
-290,015
104,447
Other disclosures
Non-current liabilities as a proportion of total liabilities (%)
95.4
60.6
95.2
95.6
95.7
Share capital
43,381
57,175
57,175
57,175
67,513
Share price, end of period (DKK)
16.70
12.00
7.70
13.90
14.10
Share price change in points
4.70
4.30
-6.20
-0.20
4.10
Dividend per share
0.0
0.0
0.0
0.0
0.0
Number of employees in the Group (average)
17
18
22
27
26
Financial ratios
2025
2024
2023
2022
2021
Return on property portfolio (% p.a.)
4.6
4.3
4.6
3.9
4.3
Average loan rate (% p.a.)
6.1
5.5
3.8
2.1
1.8
Return margin on property portfolio (% p.a.)
-1.5
-1.2
0.8
1.8
2.5
Return on equity (%)
1.9
0.7
-2.3
5.1
11.9
Equity ratio (%)
40.3
38.5
39.0
38.7
40.3
Net asset value per share, end of period (DKK)
22.6
16.8
18.5
19.0
18.0
Earnings per share (avg. Number of shares) (DKK)
0.4
0.1
-0.4
1.1
2.2
Dividend yield (%)
0.0
0.0
0.0
0.0
0.0
Share Price/net asset value, end of period
0.3
0.4
0.4
0.3
0.4
Cash flow per share (DKK)
-0.3
-0.4
0.9
0.7
0.9
The above financial ratios are calculated in accordance with the definitions in Note 31 to the consolidated financial statements in the Annual report for 2025.
Park Street/ Management's review
19
Financial Results
Segment Information
Park Street does not present segment information and the Group’s portfolio is presented as one.
Operation from Investment Properties
The Group's investment properties at 31 December 2025 is composed of all the Group's 38 properties, excluding
1 property classified as domicile property
The Group's investment properties are geographically concentrated in Greater Copenhagen and Zealand. Based on investment property values,
the portfolio allocates as follows:
Amount in Million DKK
2025
2024
Zealand
1,756
79%
1,718
76%
Fyn
230
10%
240
11%
Jutland
241
11%
290
13%
Total
2.227
2.248
The annual rent per square meter (in DKK) for the year 2025 in the aforementioned regions is, Zealand – 1,633; Fyn – 829, Jutland – 887 and the
rental income (in DKK millions) for the year 2025 in the aforementioned regions is, Zealand – 113 ; Fyn – 9, Jutland – 12.
Park Street/ Management's review
20
The breakdown by activity based the property value is split as follows
:
Amount in Million DKK
2025
2024
Residential
916
41%
896
40%
Residential Project
190
8%
175
8%
Office
295
13%
319
14%
Retail
686
31%
728
32%
Hotel
113
5%
100
4%
Storage
27
1%
30
1%
Total
2.227
2.248
The following table shows the calculated average vacancy divided by property types:
Average vacancy in %
2025
2024
Retail
21.69
20.83
Office
18.66
24.49
Residential
4.71
4.39
Storage
39.01
37.54
Hotel
0.00
0.00
Total
20.14
20.55
The following table shows the calculated average gross rent obtained divided by property types on properties held at 31 December 2025:
Avg. gross rent per sqm p.a. (DKK)
2025
2024
Retail
1,445
1,420
Office
912
847
Residential
3,358
3,104
Storage
540
451
Hotel
3,069
2,830
Total
1,865
1,730
Park Street/ Management's review
21
Consolidated Financial Review
PROFIT AND LOSS
Park Street's Net Result is DKK 18.6 million for 2025 (2024: DKK 6.9 million), equivalent to a change of DKK 11.6 million in relation to 2024.
As mentioned above, the EBVAT in 2025 is DKK 11.5 million (2024: DKK 2.8 million), representing an increase of DKK 8.7 million compared to
2024. The increase is primarily driven by a decrease in operating expenses of DKK 7.2 million and a decrease in overhead costs of DKK 6.9 mil-
lion. This positive development is partly offset by higher financial expenses, which increased by DKK 5.8 million compared to 2024, mainly due to
the refinancing of existing loans during the year and the recognition of a one-off expense of approximately DKK 24 million related to borrowing
costs associated with the previous mortgages.
The Net Result for the period is DKK 18.6 million (2024: DKK 6.9 million) is due to fair value adjustment in 2025 with a net of DKK 20.1 million
while the fair value adjustment in 2024 had a net effect of DKK 22.2 million. To finalize, the effect of the Tax on profit in 2025 is DKK -15.5 million
(2024: DKK -17.1 million) due to a significant changes in fair value adjustments.
BALANCE SHEET
Park Street's Net Assets as at 31 December 2025 were DKK 2,432.0 million, a decrease of DKK 68.4 million on the balance sheet total at 31
December 2024. The decline is mainly due to sale of investment properties leading to a reduction of DKK 64 million. An decrease in current assets
of DKK 46.3 million (from DKK 121.6 million at 31 December 2024 to DKK 75.3 million at 31 December 2025) due to cash utilisation during refi-
nancing activities. Non-current assets were DKK 2,356.3 million at 31 December 2025 (2024: DKK 2,378.4 million).
The Group's equity as at 31 December 2025 was DKK 981 million, compared to DKK 963 million as at 31 December 2024. The increase in the
Group's equity is mainly due to profit during the year.
Liabilities to credit institutions were DKK 1,153.3 million as at 31 December 2025 (31 December 2024: DKK 1,246.2 million), consisting of DKK
1,123.2 million (97%) for non-current liabilities and DKK 30.0 million (3%) for current liabilities. In 2025, financial liabilities were decreased by DKK
93 million driven by decrease in debt and amortization repayments to credit institutions.
CASH FLOWS FOR 2025
Cash flows from operating activities for 2025 were DKK -11.3 million (2024: DKK -16.5 million), equivalent to an decrease of DKK 5.0 million in
relation to the same period last year. The decrease is primarily due to operating capital, finance expenses and operating profit.
Cash flows from investing activities for 2025 were DKK 43.8 million (2024: DKK 278.4 million). Cash flows from investing activities decreased
compared to the previous year due to sale of assets in 2024 as compared to 2025 (2024: DKK 290.0 million, 2025: DKK 64 million). There was
higher improvements made to investment properties of DKK –17.4 million (2024: DKK –11.5 million).
Cash flows from financing activities amounted to DKK –92.8 million in 2025 (2024: DKK –215.1 million). The outflow in 2025 primarily relates to
repayments of liabilities to credit institutions of DKK 785.2 million, partly offset by proceeds from assumption of liabilities to credit institutions of
DKK 692.3 million.
The significantly higher outflow in 2024 was mainly driven by the repurchase of own shares amounting to DKK 104.4 million, in addition to repay-
ments of liabilities to credit institutions of DKK 110.7 million.
The Group's liquid assets amounted to DKK 24.6 million at 31 December 2025 against DKK 85.0 million as at 31 December 2024.
Uncertainty in connection with recognition and measurement
In connection with the Annual report, management makes a number of estimates and assessments regarding the carrying amount of assets and
liabilities, including:
Fair value of investment properties,
Fair value of domicile property,
Impairment test on domicile property,
Classification of properties,
Deferred tax assets and tax liabilities
Park Street/ Management's review
22
Because of assumptions, assessments and estimates, uncertainty relates to the mentioned conditions and items. It may be necessary to change
previously made estimates, etc. due to changes in the circumstances underlying the estimate, changed strategy or due to additional information,
further experience or subsequent events. Reference is made to note 1 of the consolidated financial statements and note 1 in the parent company's
financial statements for further discussion of the assumptions, assessments, estimates and associated uncertainties.
Parent company Park Street A/S
For the parent company Park Street A/S, profit before tax amounts to DKK 34.1 million in 2025 (2024: DKK 24.1 million).
The parent company's profit and loss before tax is affected by an adjustment in fair value of DKK -18.4 million (2024: DKK 4.7 million).
Parent company equity as of 31 December 2025 amounts to DKK 981 Million (31 December 2024: DKK 963 million).
Risk factors
Financial Risk
The financial management of the Group is geared towards optimising the term structure of liabilities in line with the Group's operations and mini-
mizing the Group's financial risk exposure. It is part of the Group's policy not to conduct speculative transactions by active use of financial instru-
ments, except to manage the financial risks inherent to the Group’s core activities.
The Group is exposed to various financial risks due to its activities, including liquidity risk, market risks (primarily interest rate risk) and credit risk.
Park Street regularly reviews the Group's risk profile in the areas of greatest risk, as per above description on page 2 and on the Consolidated
Financial Statements Note 1 and 26.
Other financial risks
Park Street financial risks are described in the consolidated financial statements, Note 26 and includes a description of the following compo-
nents:
Liquidity risk
• Refinancing risk
• Liquidity risk management
Interest rate risk.
Credit risk.
Capital management.
Business risks
Park Street is subject to normal commercial and societal risks applicable to players in the Danish real estate market.
Park Street's significant business risks can be divided into the following categories:
Properties market value
Market Rent
Vacancy
Maintenance
Sales of properties
Errors and omissions concerning the renovation and new construction.
Park Street/ Management's review
23
Properties market value
Park Street values investment properties at fair value (market value) and includes valuation adjustments in net profit. Park Street's portfolio of
properties constitute a large share of the Group's balance sheet, which means that sensitivity to falling prices in the property market is relatively
large.
Property value is influenced by several factors, including a particular value sensitivity to fluctuations in the following parameters:
i. Market rent
ii. Vacancy
iii. Yield
Estimated changes in the properties' fair value changes of the parameters above are disclosed in note 1 to the consolidated financial statements.
Market Rent
Park Street’s portfolio of leases are generally at market rent levels. The Group has an opportunity to review the leases where there is a gap to
market rents using section 13 as per The Danish Business Lease Act (Erhvervslejeloven) clause to migrate the lease levels closer to market rents.
Improving demand for space and increasing market rents could also give an opportunity to make capital investments on structurally vacant areas of
the portfolio to create further lettable areas.
Renegotiating with existing tenants could create the risk of increased vacancy, which in turn will create a need for further capital investment re-
quirements for upgrading the vacant space.
Vacancy
Park Street is dependent on the ability to maintain or create a natural user requirement for the properties.
In the case of a tenant's relocation of a lease, there is a risk that the vacant lease cannot be re-leased within the expected time horizon or, if nec-
essary, can only be leased at lower rent level than expected. In addition, vacancy rates are affected by the general economic situation in the area
where the individual property is situated.
Maintenance
The basis for obtaining rental income is, of course, that Park Street can offer leases that meet the expectations and requirements of the tenants,
including a satisfactory maintenance condition for the property.
Lack of maintenance of properties therefore creates a risk to Park Street. Lack of maintenance can be due to many conditions, such as structural
deficiencies, unforeseen wreckage, vandalism, extreme weather conditions, etc. The company prepares long term maintenance budgets and
carries out the maintenance work necessary to maintain a satisfactory maintenance condition on the properties.
Sales of properties
Park Street sells properties that are suitable to sell. The selling price is naturally linked to uncertainty as it depends on the actual negotiation situa-
tion at the time of sale and is also influenced by a number of other factors, including the rental income of the property, the general interest rate
level and market conditions at the time of sale.
Errors and deficiencies regarding rebuilding and newbuilding
When rebuilding the existing properties of the Group, or in the case of new construction, there is a risk of malfunctioning. Park Street ensures
against this through contracts with the Group's suppliers (contractors, etc.) who will be required to correct any deficiencies. In cases where suppli-
ers have gone bankrupt or for some reason cannot fill their obligations, Park Street may, however, have to rectify defects at your own expense,
provided there is no guarantee or other security from the suppliers.
Other risks
Other risks can be divided into the following categories:
Insurance risks.
Tax risks.
Legal risks.
IT risks.
Park Street/ Management's review
24
Insurance risks
Park Street subscribes to statutory insurance and insurance policies that are deemed to be relevant and customary. The Group regularly conducts
an insurance review with the assistance of an insurance specialist. Based on the latest report on the company’s insurance coverage, management
believes that Park Street has sufficient insurance coverage.
Tax risks
Changes in tax legislation may affect Park Street's fiscal situation.
Legal risks
Park Street regularly enters into a number of agreements, including agreements concerning the operation of properties. The agreements involve
opportunities and risks, which are assessed and hedged in connection with the conclusion of the agreements.
IT risks
Park Street uses IT to a considerable extent and are thus exposed to operational disruption of the established IT safety. This can cause operating
and financial losses. Park Street constantly works to ensure a high level of IT security, which is currently estimated to be the case.
Park Street/ Management's review
25
The Group complies with applicable data protection legislation.
Park Street/ Management's review
26
Legal requirements for corporate governance
Park Street has chosen on the company's website to publish the statutory statement of business management, according to section § 107b of
the Danish Financial Statements Act (Årsregnskabslovens § 107b.).
The full statutory report available on our website http://www.psnas.com/index.php/corporate-governance-statement/
Internal control and risk management systems in relation to the accounting process
Park Street’s Board of Directors and the Audit Committee have the overall responsibility for risk management and internal controls in relation to the
presentation of the Group financial statements. The Group’s internal control and risk management systems relating to the accounting process are
designed to minimise the risk of irregularities and significant errors in the published financial statements.
The Board of Directors / Audit Committee regularly assess material risks and internal controls in order to ensure that the control environment of
Park Street provides a good risk management and effective internal control.
At least once a year, as part of risk assessment, the Board of Directors / Audit Committee and the executive Board undertake a general identifica-
tion and assessment of risks in connection with the financial reporting, including the risk of fraud, and consider the measures to be implemented in
order to reduce or eliminate such risks.
The Board of Directors is overall responsible for the Group having information and reporting systems in place to ensure that its financial reporting is
in conformity with rules and regulations. For this purpose, the Company has set out detailed requirements in policies, manuals and procedures.
The internal control and risk management systems are monitored at different levels within the Group. Any weaknesses, control failures and viola-
tions of the applicable policies, manuals and procedures or other material deviations are communicated upwards in the organization in accordance
with relevant policies and instructions. Any weaknesses, omissions and violations are reported to the Executive Board.
Management composition and remuneration
The management of Park Street consist of the following:
Board Directors
Executive Board
Appointed
/ Employee
Expiry of
electoral
term
Age
Shareholding
at the begin-
ning, number
of shares
Share buy in
the year,
number of
shares
Shareholding
at the end of
the year
Independence Sex
Board of Directors
Claes Peter Rading(*)
2021
2025
63
0
0
0
Independent
M
Pradeep Pattem (**)
2016
2025
49
6,722,484
0
6,722,484
Not Independent
M
Ohene Kwapong(*)
2016
2025
65
0
0
0
Independent
M
Anita Nassar
2016
2025
64
0
0
0
Independent
F
Medha Pattem
2023
2025
48
0
0
0
Not Independent
F
Dhruv Pattem
2025
2025
22
0
0
0
Not Independent
M
(*) Claes Peter Rading holds the position of chairman of the Board. Ohene Kwapong is the chairman of the Audit Committee.
(**) Pradeep Pattem holds the position of CEO of the Company
Park Street/ Management's review
27
Board of Directors
Remuneration to the Board of Directors and Executive Board
The purpose of the Group's remuneration, including any incentive remuneration, is to attract and retain the group's management skills and pro-
mote the management incentive to realize Park Street’s objectives and create value in and for the company.
A remuneration policy has been prepared that describes the guidelines for defining and approving remuneration for the members of the Board of
Directors and the Executive Board. The remuneration policy approved at the company's general meeting and is available on www.psnas.com.
The board members receive a fixed monthly fee. The Chairman receives DKK 250,000 annually and other Board members receive DKK 100,000
annually. In addition, the Chairman of the Audit Committee receives DKK 75,000 annually and other members of the Audit Committee receive DKK
50,000 annually.
The remuneration for the members of the Board of Directors in 2025 is shown in Note 5 of the consolidated financial statements.
Salary and employment conditions for the Executive Board are set at least once a year by the Board of Directors. The salary consists of fixed
salary, without bonus and pension. In addition, the Executive Board receives free telephone, etc. Total wage package is composed so that the fees
are set at a competitive level, taking into account the competencies and efforts of the Executive Member and the results achieved. Reference is
made to Note 5 of the consolidated accounts regarding remuneration to the Executive Board.
Park Street/ Management's review
28
Board of Directors and Management
Pradeep Pattem (Indian Citizen), Director and CEO
Pradeep Pattem is a graduate engineer from the Delhi Institute of Technology and has an MBA from the Indian Institute of Management, Calcutta.
As the founder and CEO of Park Street Advisors Limited, Pradeep has advised and implemented investments in across Europe since its estab-
lishment in 2014. Pradeep previously had a position as Managing Director, Head of Credit & Mortgage Markets for Europe and Asia in the Royal
Bank of Scotland (RBS). In connection with the employment in RBS, Pradeep also held senior positions as a member of the Global Trading Man-
agement Committee, the Chairman of the Strategic Investments Committee and the Chair of Credit & Mortgage Risk and Compliance Committee.
Director Positions
Park Street Asset Management Limited, England
Park Street Advisors, England
Park Street A/S
Pulse Taastrup P/S, Denmark
Pulse Glostrup P/S, Denmark
PS Holdco I P/S
Pulse Glostrup P/S
Pulse Taastrup P/S
Pulse O P/S
Pulse N P/S
Svanevej P/S
Ballerup Hotel P/S
Toldbuen P/S
Management positions
CEO of Park Street A/S, Denmark
CEO of Phoam Studio ApS
CEO of PSN ApS
CEO of Pulse Living ApS
CEO of Albuen ApS
CEO of PS I ApS
Ohene Aku Kwapong (US citizen, Ghanaian citizen)
Ohene Aku Kwapong is a graduate of Massachusetts Institute of Technology’s (MIT) Sloan School of Management, Cambridge, Massachusetts,
with MBA in Financial Engineering and also studied Chemical / Nuclear Engineering at MIT. He holds a PHD in Non-linear Systems Dynamics from
Columbia University, New York. Ohene Aku has previously held senior positions at Exxon Mobil, Deutsche Bank London, Senior Manager at
Microsoft Corporation, VP at GE Capital, Senior Vice President at the New York City Economic Development Corporation, Senior VP at Deutsche
Bank in New York, and COO EMEA Credit at Royal Bank of Scotland in London. Since 2014, Ohene Aku has been engaged in consultancy in
restructuring and launched The Songhai Group, a corporate development company.
Management Positions
Managing Partner, The Songhai Group, US.
Director positions
Ecobank Ghana, Risk and Governance Committees.
The Practice School, an executive management skills company.
Trustee, Head of State Award Scheme – Ghana.
Anita Nassar (formerly Kamal) (French citizen)
Anita Nassar holds a bachelor's degree in business administration from the American University of Beirut. Anita is the founder of 'Alternative Con-
sultant Group'. Ms Nassar is Partner and Senior Managing Director at Balyasny Asset Management. She is also a member of BAM’s Management
Committee. Anita joined BAM from Citadel where she was a Partner and Managing Director serving Europe, the Middle-East, Africa and Asia
Pacific. Prior to joining Citadel, Anita served at Merrill Lynch, London as Managing Director, Co-Head of Government Institutions Sales. Previously,
she worked at HSBC London as Managing Director, Global Head of Government Sales, serving Asia, Europe, and the Americas.
Management Positions
Founder and CEO at Alternative Consultant Group.
Partner, Senior Managing Director at Balyasny Asset Management.
Park Street/ Management's review
29
Director positions
Board of Trustees at Northeastern University, Boston, USA.
Endowment Trustee in the Funds and Investments Subcommittee at Northeastern University, Boston, USA.
Claes Peter Rading (Swedish citizen)
Peter Rading is a Swedish citizen who graduated with a Bachelor of Science in Business Administration Summa Cum Laude from Georgetown
University DC in 1986. He worked for Royal Bank of Scotland Plc from 1990 to 2013, running multiple complex global businesses for the bank
between 2000 and 2013, when he then retired from the bank and the banking industry. His final position at the bank was as Global Co-Head of
Trading and included his serving on the Investment Bank executive committee, the Markets division management committee and as Chair of the
bank’s technology board. Since his departure from Royal Bank of Scotland Plc in 2013, Peter has actively focused on private investment activity in
the real estate sector, including an active involvement in the Nordics and high growth specialist real estate sub-sectors.
Director positions:
Elwyn Green Ltd
IP Nexus, US
Kamo River Investments Ltd
LocalCircles India Pvt Ltd, India
Seequestor, UK
Tillingbourne (Canterbury) Ltd
Tillingnourne (Horham) Ltd
Medha Pattem (UK citizen)
Medha Pattem is a graduate engineer from the Osmania University and has MS from the Rensselaer Polytechnic Institute, Troy, NY. After her stint
with Goldman Sachs prime brokerage in NY and London, she embarked on an entrepreneurial journey to lead European expansion of Thermopads
Ltd and shaping it as one of Europe’s largest electric underfloor heating mats supplier.
Director positions:
Sthenos International Ltd.
Park Street Advisors Ltd.
Park Street Asset Management Ltd.
Floorstax Ltd.
Swindon Ground Lease Ltd.
Xplore Markets Ltd.
India Growth Capital Ltd.
Thermopads UK Ltd.
Dhruv Pattem (US citizen)
Dhruv Pattem is a Computer Science graduate student at Trinity College, Cambridge University. He is founder of Floorstax Ltd, a venture seeking
to make building management intuitive through dynamic floor plans visualisation.
Park Street/ Management's review
30
Shareholder structure
Shareholders above 5%
In percent
Park Street Asset Management Ltd.
94.61%
The number of registered shareholders amounts as of 31 December 2025 to 654 pcs. (31 December 2024: 723 pcs.). The registered shareholders
represent per 31 December 2025 99% of the share capital (31 December 2024: 99%).
In June 2025, Park Street A/S cancelled 1,629,459 Class A shares and 12,164,865 Class B shares, all held in treasury. These treasury shares had
been acquired under the share buy-back programmes launched on 14 September 2022 and 28 February 2024. The cancellations were approved
at the Annual General Meeting held on 28 April 2025.
All Park Street A/S Class A shares are listed on Nasdaq Copenhagen and are part of the Small Cap segment. The share price ended 31 Decem-
ber 2025 at price 16.70 (31 December 2024: 12.00), which is a increase of 4.70 points in relation to the share price per share as of 31 December
2024.
Appointment of board members
Rules of appointing and replacing members of the board of directors are included in the section 13.1 of the articles of association.
Rules for changing articles of association
Park Street A/S articles of association can be changed by a General Meeting in accordance with the Companies Act §§106 and 107. Resolution on
amendment of the Articles of Association are only valid if the resolution is approved by at least 2/3 of both voting rights and percentage of equity
which are present at the meeting.
Own shares
Information about treasury shares is shown in note 21 of the consolidated financial statements.
Dividends
The Board of Directors deems it prudential to propose to the Annual General Meeting that no dividend will be paid for the financial year 2025.
Investor Relations
It is Park Street's policy to inform quickly about relevant matters.
The Executive Board informs shareholders and investors according to guidelines agreed with the Board, and it is the goal to meet the information
obligations of Nasdaq Copenhagen each time. It is part of Park Street's information policy to:
publish interim reports,
issue annual reports, and
provide quick responses to inquiries to the group.
Share capital DKK 43,381,248
Nominal share amount
DKK 1
Number of shares
42,381,248 shares
Share Classes
DKK 11,198,178 A-shares Listed
DKK 32,183,070 B-shares Not listed
Number of votes per share
One
Bearer
Yes
Restriction on voting rights No
Limitations on transferability
No
ISIN
DK0010158500
Stock Exchange Nasdaq Copenhagen
Park Street/ Management's review
31
Stock exchange announcements made in 2026 & 2025
Date
Title
25-08-2025
Park Street – Interim Report Half Year 2025
25-08-2025
Announcement Interim Report 2025
10-06-2025
Articles of Association (UK) (post capital reduction)
10-06-2025
Articles of Association (DK) (post capital reduction)
08-05-2025
Park Street – Minutes of annual general meeting 2025
28-04-2025
Park Street A/S announces results of annual general meeting 2025
11-04-2025
Notification of Major Shareholding
04-04-2025
Park Street-Proxy/Postal Vote 2025
04-04-2025
Park Street-Annual General Meeting 2025
04-04-2025
Park Street- Annual Report 2024
04-04-2025
Park-Street-Publishes-Annual-Report-2024
28-03-2025
Park Street 2025 Strategy
Financial Calendar
31-03-2026 Annual Report 2025
28-04-2026 Annual General Meeting
More info
Further information on company and shareholder matters and the Group's activities can be found on Park Street's website
http://www.psnas.com
Inquiries regarding the Group's relations with investors and the stock market can be addressed to:
CEO: Pradeep Pattem
Tel.: + 45 33 33 93 03
E-mail: parkstreet@parkstreet.dk
Park Street/ Management's review
32
The Group structure at 31 December 2025
The Group structure at 31 December 2025 consists of the company Park Street A/S and the fully owned subsidiaries Pulse Taastrup P/S, Pulse
Glostrup P/S, Pulse N P/S, Pulse O P/S, Ballerup Hotel P/S, Svanevej P/S, Toldbuen P/S, PS Holdco I P/S, Phoam Studio ApS, PSN ApS, Pulse
Living ApS, Albuen ApS, PS I ApS, and Park Street UK.
Information on investment is disclosed in note 11 of the parent company's financial statements. All subsidiaries are fully consolidated in the consol-
idated financial statements of Park Street A/S.
Park Street/ Statements
33
Statement by Board of Directors and Management
Management
Board of Directors
Park Street/ Independent Auditor’s Report
34
Independent Auditor’s Reports
Report on the audit of the Financial Statements
Park Street/ Independent Auditor’s Report
35
Park Street/ Independent Auditor’s Report
36
Park Street/ Independent Auditor’s Report
37
Park Street/ Independent Auditor’s Report
38
CVR no 33 77 12 31
Park Street/ Independent Auditor’s Report
39
Park Street/ Independent Auditor’s Report
40
2025
CONSOLIDATED
FINANCIAL STATEMENTS
Park Street | CONSOLIDATED Financial Statements
41
Income statement
Note
Amounts in DKK 1000s
2025
2024
3
Net sales
4
Operating expenses
-36,963
-43,828
Gross profit
5
Employee benefit expenses
-12,531
-13,869
Other expenses
-11,129
-16,378
7
Depreciation, amortisation and impairment
-1,063
-1,401
Operating profit (EBIT)
8
Financial income
8
Financial expenses
-81,341
-73,364
Earnings before value adjustments (EBVAT)
9
Adjustment to fair value, net
10
Gain or losses realised on the sale of investment properties
-855
Result before tax
11
Tax on profit for the period
-15,524
-17,114
Result for the period
12
Earnings per share, end of period
12
Diluted earnings per share, end of period
Park Street | CONSOLIDATED Financial Statements
42
Statement of comprehensive income
Note
Amounts in DKK 1000s
2025
2024
Profit for the period
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of domicile properties
-32
-95
Tax on fair value adjustment of domicile properties
Other comprehensive income after tax
-25
-74
Comprehensive income for the period
Park Street | CONSOLIDATED Financial Statements
43
Statement of financial position
Note
Amounts in DKK 1000s
2025
2024
ASSETS
Non-current assets
Intangible assets
13
Leasehold improvements
Domiciles, Investment property and Property, plant and equipment
14
Domiciles
15
Investment properties
16
Machinery and equipment
Financial assets
Deposits
Total non-current assets
Current assets
17
Current financial assets at amortised cost
18
Trade and other current receivables
Prepaid expenses and accrued income
19
Cash and cash equivalents
Total current assets
Total assets
Equity
Share capital
Revaluation reserve
Share Premium
Accumulated profit
20,21
Total equity
LIABILITIES
Non-current liabilities
22
Deferred tax
23
Borrowings
Deposits
Current liabilities
24
Provisions
23
Current borrowings
Trade and other payables
Income tax payable
Deposits
Other liabilities
Total liabilities
Total equity and liabilities
Park Street | CONSOLIDATED Financial Statements
44
Statement of equity
Amounts in DKK 1000s
Share capi-
tal
Revaluation
reserve
Accumulated
profit
Share Pre-
mium
Equity
Total
Statement of equity for 2025:
Equity as at 1 January 2025
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
-32
-32
Tax on other comprehensive income
Other comprehensive income during the financial year
-25
-25
Comprehensive income for the period
-25
Transactions with owners
Repurchase own shares
Capital reduction
-13,794
Total transactions with owners
-13,794
Other adjustments
Revaluation reserve transfer for domicile sold property
Increase/decrease through transfer of depreciation on
revalued value of domicile property
-602
Total other adjustments
-602
Equity as at 31 December 2025
Statement of equity for 2024:
Equity as at 1 January 2024
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
-95
-95
Tax on other comprehensive income
Other comprehensive income during the financial year
-74
-74
Comprehensive income for the period
-74
Transactions with owners
Purchase own shares
-104,400
-104,400
Capital reduction
Total transactions with owners
-104,400
-104,400
Other adjustments
Revaluation reserve transfer for domicile sold property
Increase/decrease through transfer of depreciation on
revalued value of domicile property
-17,523
-700
Total other adjustments
-18,223
Equity as at 31 December 2024
Park Street | CONSOLIDATED Financial Statements
45
Statement of cash flows
Note
Amounts in DKK 1000s
2025
2024
Operating profit (EBIT)
27
Reversal of depreciations and amortisations
28
Change in operating capital
-23,271
-13,463
Cash flows concerning primary operations
Financial expenses paid
-81,341
-73,364
Financial income received
Paid corporate tax
-650
-7,148
Total cash flow from operating activities
-11,313
-16,458
Cash flow from investing activities
Improvements to investment properties
-17,443
-11,528
Sales of investment and domicile properties
Purchase of other property, plant and equipment
-2,137
-304
Purchase of intangible assets
-670
Total cash flow from investing activities
Cash flow from financing activities
Repurchase own shares
-104,400
Proceeds from assumption of liabilities to credit institutions
Repayment of other liabilities to credit institutions
-785,240
-110,729
Total cash flow from financing activities
-92,868
-215,129
Total cash flow for the period
-60,431
Liquid assets as at 1 January
Liquid assets at the end of the period
Liquid assets at the end of the period
Cash and short term deposits
Liquid assets at the end of the period
Park Street | CONSOLIDATED Financial Statements
46
Summary
Note 1
Material accounting policy information
Note 2
Segment information
Note 3
Net sales
Note 4
Operating expenses
Note 5
Employee benefits expenses
Note 6
Auditor’s fees
Note 7
Depreciation and amortization
Note 8
Financial Expenses and income
Note 9
Adjustment to fair value, net
Note 10
Losses/gains realised on the sale of investment properties
Note 11
Tax on profit for the year and other comprehensive income
Note 12
Earnings per share
Note 13
Intangible assets
Note 14
Domiciles
Note 15
Investment properties
Note 16
Machinery and equipment
Note 17
Current financial assets at amortised cost
Note 18
Trade and other current receivables
Note 19
Cash and cash equivalents
Note 20
Share capital
Note 21
Treasury/Own shares
Note 22
Deferred taxes
Note 23
Borrowings
Note 24
Provisions for liabilities
Note 25
Contingent assets and liabilities
Note 26
Financial risks
Note 27
Non-current operating items, etc.
Note 28
Change in operating capital
Note 29
Disclosure of related parties
Note 30
Subsequent events
Note 31
Accounting policies
Park Street | CONSOLIDATED Financial Statements
47
Notes
Note 1 – Material accounting policy information
Park Street | CONSOLIDATED Financial Statements
48
Park Street | CONSOLIDATED Financial Statements
49
Park Street | CONSOLIDATED Financial Statements
50
Park Street | CONSOLIDATED Financial Statements
51
Park Street | CONSOLIDATED Financial Statements
52
Park Street | CONSOLIDATED Financial Statements
53
Park Street | CONSOLIDATED Financial Statements
54
Park Street | CONSOLIDATED Financial Statements
55
Park Street | CONSOLIDATED Financial Statements
56
Park Street | CONSOLIDATED Financial Statements
57
Park Street | CONSOLIDATED Financial Statements
58
Park Street | CONSOLIDATED Financial Statements
59
Park Street | CONSOLIDATED Financial Statements
60
Park Street | CONSOLIDATED Financial Statements
61
Park Street | CONSOLIDATED Financial Statements
62
Park Street | CONSOLIDATED Financial Statements
63
Park Street | CONSOLIDATED Financial Statements
64
Park Street | CONSOLIDATED Financial Statements
65
Park Street | CONSOLIDATED Financial Statements
66
Park Street | CONSOLIDATED Financial Statements
67
Park Street | CONSOLIDATED Financial Statements
68
Note 27 – Non-current operating items, etc.
Amounts in DKK 1000s
2025
2024
Depreciation and amortization
-1,063
-1,401
Profit/loss on sale of operating assets
2,515
-855
Total regulation 1,452 -2,256
Park Street | CONSOLIDATED Financial Statements
69
Park Street | CONSOLIDATED Financial Statements
70
Park Street | CONSOLIDATED Financial Statements
71
Park Street | CONSOLIDATED Financial Statements
72
Park Street | CONSOLIDATED Financial Statements
73
Park Street | CONSOLIDATED Financial Statements
74
Park Street | Park Street A/S Financial Statements
75
Park Street | Park Street A/S Financial Statements
76
2025
PARK STREET A/S
FINANCIAL STATEMENTS
Park Street | Park Street A/S Financial Statements
77
Income statement
Note
Amounts in DKK 1000s
2025
2024
2
Net sales
63,745
73,643
3
Operating expenses
-15,776
-19,118
Gross profit
47,969
54,525
4
Employee benefit expenses
-5,046
-8,326
Other expenses
-9,166
-12,324
6
Depreciation, amortisation and impairment
-377
-209
Operating profit (EBIT)
33,379
33,666
7
Financial income
14,149
11,942
7
Financial expenses
-19,072
-22,453
Earnings before value adjustments (EBVAT)
28,457
23,156
8
Income / Loss from subsidiaries
21,530
-1,951
9
Adjustment to fair value, net
-18,379
4,655
Gains realised on the sale of investment properties
2,515
-1,747
Result before tax
34,123
24,113
10
Tax on profit for the period
-15,524
-17,193
Result for the period
18,599
6,920
Park Street | Park Street A/S Financial Statements
78
Statement of comprehensive income
Note
Amounts in DKK 1000s
2025
2024
Result for the period
18,599
6,920
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of domicile properties
0
0
Tax on fair value adjustment of domicile properties
0
0
Other comprehensive income after tax
0
0
Comprehensive income for the period
18,599
6,920
Distributed as follows
Parent's shareholders
18,599
6,920
Comprehensive income for the period
18,599
6,920
Park Street | Park Street A/S Financial Statements
79
Statement of financial position
Note
Amounts in DKK 1000s
2025
2024
ASSETS
Non-current assets
Intangible assets
Leasehold improvements
36
346
36
346
Property, plant and equipment
12
Investment properties
927,038
994,813
Machinery and equipment
279
0
927,317
994,813
Financial assets
11
Investment in subsidiaries
571,877
497,346
Deposits
161
161
572,038
497,508
Total non-current assets
1,499,391
1,492,666
Current assets
13
Intercompany receviables
114,338
165,296
14
Trade and other current receivables
164,124
109,920
Income tax receivable
0
0
Prepaid expenses and accrued income
1,447
400
Cash and short-term deposits
17,970
62,226
Total current assets
297,880
337,842
Total assets
1,797,271
1,830,508
Equity
Share capital
43,381
57,175
Share Premium
303,054
289,260
Accumulated profit
634,644
616,045
Total equity
981,078
962,479
LIABILITIES
Non-current liabilities
15
Deferred tax
254,618
239,610
16
Borrowings
521,212
575,838
Deposits
8,474
140
784,304
815,589
Current liabilities
Provisions
515
400
16
Current borrowings
11,915
22,567
Trade and other payables
6,460
5,240
Deposits
5,083
20,675
Income tax payable
1,943
2,060
Other liabilities
5,974
1,499
31,890
52,441
Total liabilities
816,194
868,030
Total equity and liabilities
1,797,271
1,830,508
Park Street | Park Street A/S Financial Statements
80
Statement of equity
Amounts in DKK 1000s
Share
capital
Revaluation
reserve
Accumulated
profit
Share
Premium
Equity
Total
Statement of equity for 2025:
Equity as at 1 January 2025
57,175
0
616,045
289,260
962,479
Comprehensive income for the period
Result for the period
0
0
18,599
0
18,599
Fair value adjustment of domicile
0
0
0
0
0
Tax on other comprehensive income
0
0
0
0
0
Other comprehensive income during the financial year
0
0
0
0
0
Comprehensive income for the period
0
0
18,599
0
18,599
Transactions with owners
Repurchase own shares
0
0
0
0
0
Capital reduction
-13,794
0
0
13,794
0
Total transactions with owners
-13,794
0
0
13,794
0
Equity as at 31 December 2025
43,381
0
634,644
303,054
981,078
Statement of equity for 2024:
Equity as at 1 January 2024
57,175
0
713,524
289,260
1,059,959
Comprehensive income for the period
Result for the period
0
0
6,920
0
6,920
Fair value adjustment of domicile
Tax on other comprehensive income
Comprehensive income for the period
0
0
6,920
0
6,920
Transactions with owners
Repurchase own shares
0
0
-104,400
0
-104,400
Capital reduction
0
0
0
0
0
Total transactions with owners
0
0
-104,400
0
-104,400
Equity as at 31 December 2024
57,175
0
616,045
289,260
962,479
Park Street | Park Street A/S Financial Statements
81
Statement of cash flows
Note
Amounts in DKK 1000s
2025
2024
Operating profit (EBIT)
33,379
33,666
Reversal of depreciations and amortisations
377
209
Change in other operating capital
-5,858
-26,949
Cash flows concerning primary operations
27,899
6,926
Financial expenses paid
-4,923
-10,510
Paid Corporate Tax
-650
-7,148
Total cash flow from operating activities
22,326
-10,733
Cash flow from investing activities
Improvements to investment properties
-9,865
-3,049
Sales of investment properties
64,000
220,750
Purchases of other property, plant and equipment
-2439
-219
Intercompany loan
-53,000
0
Total cash flow from investing activities
1,304
217,482
Cash flow from financing activities
Repurchase Own Shares
0
-104,400
Repayment of liabilities to credit institutions
-240,470
-54,856
Proceeds from assumption of liabilities to credit institutions
175,192
0
Total cash flow from financing activities
-65,278
-159,256
Total cash flow for the period
-44,256
47,494
Liquid assets as at 1 January
62,226
14,732
Liquid assets at the end of the period
17,970
62,226
Liquid assets at the end of the period
Cash and short term deposit
17,970
62,226
Liquid assets at the end of the period
17,970
62,226
Park Street | Park Street A/S Financial Statements
82
Summary
Note 1
Accounting policies, accounting estimates, risks etc.
Note 2
Net sales
Note 3
Operating expenses
Note 4
Employee Expenditure
Note 5
Auditor's fees
Note 6
Depreciation and amortization
Note 7
Financial income and expenses
Note 8
Income / (loss) from subsidiaries
Note 9
Adjustment to fair value, net
Note 10
Tax on profit for the year and other comprehensive income
Note 11
Investment in subsidiaries
Note 12
Investment properties
Note 13
Intercompany receviables
Note 14
Trade and other current receivables
Note 15
Deferred taxes
Note 16
Borrowings
Note 17
Contingent assets and liabilities
Note 18
Financial risks
Note 19
Change in other working capital
Note 20
Related parties
Note 21
Accounting policies
Park Street | Park Street A/S Financial Statements
83
Notes
Note 1 - Accounting policies, accounting estimates and risks, etc.
The accounting assumptions, assessments and estimates made in the preparation of the parent company accounts are the same as described in
note 21 of these financial statements, to which reference is made.
See note 11 regarding the recognition and measurement of investments, receivables from subsidiaries and provisions relating to subsidiaries in the
Parent Company's financial statements.
Note 2 - Net sales
Amounts in DKK 1000s 2025 2024
Rental income
54,484
60,957
Sales of other services
9,261
12,686
63,745
73,643
Note 3 - Operating expenses
Amounts in DKK 1000s 2025 2024
Operating expenses, investment properties 15,776 19,118
Operating expenses, other services 0 0
15,776
19,118
Note 4 – Employee benefits expenses
Amounts in DKK 1000s
2025
2024
Salary 4,952 7,673
Contribution based pension (*)
65
318
Other social security costs
11
26
Other staff costs
18
309
5,046
8,326
Average number of employ-
ees
6 7
(*) Park Street A/S has only defined contribution plans. For defined contribution plans, the employer undertakes to pay a defined contribution to a
pension fund, but has no risk with regard to future developments in interest rates, inflation, mortality, disability, etc. as regards the amount to be
paid to the employee.
Remuneration of the CEO and the Board of Directors is described in Note 5 of the consolidated accounts.
Park Street | Park Street A/S Financial Statements
84
Note 5 – Auditor’s fees
The auditor appointed in 2025 and 2024 is PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. Their fees can be specified as
follows:
Amounts in DKK 1000s
2025
2024
Statutory audit 937 781
Tax and VAT advice 236 278
1,173 1,059
Fees for non-audit services delivered by PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab, include taxation and VAT services.
Note 6 – Depreciation, amortisation and impairment
Amounts in DKK 1000s 2025 2024
Depreciation, software
310
93
Depreciation, inventory and fixed
assets
68 115
377 208
Note 7 – Financial expenses and income
Financial expenses
Amounts in DKK 1000s
2025
2024
Interest expenses, liabilities to credit institutions measured at amortized cost
19,036
22,375
Other interest costs and fees
37
77
Borrowing costs
0
0
19,072
22,453
Financial income
Amounts in DKK 1000s
2025
2024
Financial income 14,149 11,942
14,149
11,942
Note 8 – Year’s result in subsidiary companies
Amounts in DKK 1000s 2025 2024
Income / Loss from subsidiaries
21,530
-1,951
21,530
-1,951
Park Street | Park Street A/S Financial Statements
85
Note 9 – Adjustments to fair value, net
Amounts in DKK 1000s
2025
2024
Fair value adjustment, investment properties
-18,379
4,655
-18,379 4,655
Note 10 – Tax on profit for the year and other comprehensive income
Amounts in DKK 1000s
2025
2024
Annual tax can be divided as follows:
Current tax on profit of the year
1,219
8,970
Current tax, previous years
-703
2,455
Changes in deferred taxes
15,008
5,768
15,524
17,193
Tax on profit for the year can be explained as follows:
Estimated tax at a tax rate of 22%
7,513
5,305
Non-taxable income
-68
0
Adjustment of previous years taxes
-703
0
Non-recognised deferred tax
11,300
0
Adjustment of deferred tax assets and liabilities
-2,518
11,888
15,524
17,193
Effective tax rate
45.49%
71.30%
Note 11 – Investment in subsidiaries
See accounting policies on note 21 of the Parent’s Financial Statements.
Receivables considered part of the overall investment in the subsidiary are written down by any remaining negative equity value.
Amounts in DKK 1000s 2025 2024
Cost price at 1 January
404,144
404,144
Additions 53,000 0
Cost price at 31 December
457,144
404,144
Value adjustments at 1 January 105,135 107,086
Share of profit/loss for the year after tax 21,530
-1,951
Value adjustments at 31 December
126,665
105,135
Carrying amount at 1 January
497,346
511,230
Investments with negative equity offset against intercompany receivables
0
-11,933
Carrying amount at 31 December 571,876
497,346
Park Street | Park Street A/S Financial Statements
86
List of subsidiaries:
Subsidiaries
Registered Address
Equity
PSN ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Glostrup P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Taastrup P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Phoam Studio ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Living ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Albuen ApS
Amaliegade 6, 2 tv, 1256 København K
100%
PS I ApS
Amaliegade 6, 2 tv, 1256 København K
100%
PS Hold Co P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse N P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse O P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Ballerup Hotel P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Toldbuen P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Svanevej P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Park Street Nordicom UK Ltd
85, Great Portland Street, London, W1W 7LT, England
100%
Note 12 – Investment properties
Amounts in DKK 1000s
2025
2024
Balance at 1 of January
994,813
1,214,789
Costs incurred for improvements
9,865
3,049
Adjustment to fair value, net
-18,379 4,655
Additions fixed assests
0 0
Depreciation of fixed assets
0 0
Retirement on sale
-59,261 -227,679
Balance at 31 December
927,038
994,814
Fair value hierarchy for investment:
Amounts in DKK 1000s Level 1 Level 2 Level 3 Total
At 31 December 2025:
Investment properties 0 0 927,038 927,038
0 0 927,038 927,038
At 31 December 2024:
Investment properties 0 0 994,813 994,813
0
0
994,813
994,813
Classification of investment properties in level 3 means that determining the fair value of investment properties is mainly based on data that is not
observable in the market.
During 2025 and 2024 there has been no transfers between levels of the fair value hierarchy.
The fair value of investment properties is based on estimates. Refer to note 15 in the consolidated financial statements for additional details.
The net income of the investment portfolio is as follows:
Park Street | Park Street A/S Financial Statements
87
Amounts in DKK 1000s
2025
2024
Rental income from investment properties
54,484
60,957
Operating expenses, investment properties
-15,776
-19,118
Net income from investment properties
38,708
41,839
The Group has entered into operating leases (leases) to tenants of its investment properties. The leases duration is up to 15 years. The contract
minimum payments under existing leases are distributed as follows:
Amounts in DKK 1000s 2025 2024
Remaining termination within 1 year from the balance sheet date 20,723 2,429
Remaining termination between 1 and 5 years from the balance sheet date 16,644 0
Remaining termination after 5 years from the balance sheet date 15,454 56,838
52,821
59,267
The accumulated minimum lease payments for commercial rentals during the non- cancellable period can be shown as follows:
Amounts in DKK 1000s
2025
2024
Before 1 Year 21,109 37,138
Before 2 Years 1,079 3,444
Before 3 years
5,187 5,618
Before 4 years
3,742
755
Before 5 years
10,226
2,990
After 5 years 10.493 5,290
Total accumulated minimum lease
payments
51,836 55,235
Note 13 – Intercompany receviables
Park Street has the following receviables:
Amounts in DKK 1000s 2025 2024
Intercompany receviables at 1 January 165,296 240,182
Repayment of the year -50,957 -74,886
Additions - Intercompany loans 0 0
Financial assets at amortized cost at 31 December
114,339
165,296
Park Street A/S has provided a credit line facility to the subsidiary Pulse Taastrup P/S with an aggregate principal amount of nominal DKK 175
million (175 million utilized at 31.12.24) with an annual interest rate of 7.5% payable at the maturity date of the loan. Additionally, Park Street A/S
has provided a credit line facility to the subsidiary Phoam Studio ApS with an aggregate principal amount of nominal DKK 5 million (5 million uti-
lized at 31.12.24) with an annual interest rate of 7.5% payable at the maturity date of the loan.
Park Street | Park Street A/S Financial Statements
88
Note 14 – Trade and other current receivables
Amounts in DKK 1000s 2025 2024
Receivable Rental Income
10,800 5,019
Deposited funds in banks 383 383
Other Receivables
12,430 12,023
Receivable from related party 140,511 92,495
Receivables at 31 December
164,124
109,920
Write-downs on receivable rental income have been made after an individual assessment and have developed as follows:
Bad debt provision as of 1st of January
(credit loss provision)
4,856 2,164
Additional provisions (credit loss provi-
sion)
0 2,692
Reversal 0 0
4,856
4,856
In the above tenant rental income, receivables have been recognized which were overdue as at 31 December but have not been written down, with
the following amounts:
Up to 30 days
312
312
Between 30 and 90 days
799
799
Over 90 days
7,529
3,908
8,640
5,019
Trade receivables are predominantly non-interest bearing. Apart from rental income receivable, Park Street has no receivables that are overdue at
the balance sheet date or which have been assessed as impaired.
Funds deposited in banks relate to receivables selling price from properties sold, funds deposited as collateral for mortgage loans and deposits as
security for the initiated maintenance work on properties.
Note 15 – Deferred Taxes
Amounts in DKK 1000s
2025
2024
Deferred tax liabilities at 1st of January
239,610
233,842
Correction from previous years
-2,518
0
Recognized in the income statement
17,526
5,768
Deferred tax liabilities at 31 December
254,618
239,610
Deferred tax is recognized in the balance sheet as follows:
Deferred tax (asset)
0
0
Deferred tax (liability)
-254,618
-239,610
Deferred tax at 31 December
-254,618
-239,610
Deferred tax recognized in the balance
The calculation of deferred taxes included DKK 2.5 million relating to tax losses carried forward from Group companies. Based on budget ac-
counting and tax profits in the period 2026-2028 and deferred tax liabilities, it is estimated that the tax losses (tax base) will be realized, which is
included in the calculation of deferred tax DKK 254.6 million (taxable value) per 31 December 2024 (2024: DKK 239.6 million).
Park Street | Park Street A/S Financial Statements
89
Amounts in DKK 1000s Balance 1/1
Recognized
in the income
statement
Recognized
in another
comprehensive
income
Balance 31/12
2025
Software 76 -160 0 -84
Investment and residential properties 252,204 7,200 0 259,404
Fixtures and fittings
-240
119
0
-121
Receivables
-1,003
150
0
-853
Provisions
-5
5
0
0
Credit institutions
1,118
-2,325
0
-1,207
Tax losses carryforward
-12,540
10,019
0
-2,521
239,610
15,008
0
254,618
Amounts in DKK 1000s Balance 1/1
Recognized
in the income
statement
Recognized
in another
comprehensive
income
Balance 31/12
2024
Software -214 290 0 76
Investment and residential properties 260,190 -7,986 0 252,204
Fixtures and fittings -363 123 0 -240
Receivables
-612
-391
0
-1,003
Provisions
-176
171
0
-5
Credit institutions
3,041
-1,923
0
1,118
Tax losses carryforward
-28,024
15,484
0
-12,540
233,842 5,768 0 239,610
There are no deferred tax assets not recognized in the balance.
Note 16 – Borrowings
Amounts in DKK 1000s
2025
2024
Credit institutions, nominal
536,766
602,755
Market value adjustments
-3,639
-4,350
533,127 598,405
The liabilities are thus included in the balance sheet:
Credit institutions, long-term 521,212 575,838
Credit institutions, short-term 11,915 22,567
533,127
598,405
Park Street | Park Street A/S Financial Statements
90
The Group's loans and credits are distributed as per 31 December as follows:
Liabilities recognized at fair value
Currency
Rate type
Expiry date
2025
2024
Convertible bonds
DKK
Interest-free
5 years
11,335
11,335
11,335
11,335
Market value adjustments
-3,639
-4,350
Carrying amount
7,696
6,986
Liabilities recognized at amortized cost
Currency
Rate type
Expiry date
2025
2024
Mortgage Debt
DKK
Variable
2-5 years
4,276
158,022
Mortgage Debt
DKK
Variable
6-10 years
40,982
280,031
Mortgage Debt
DKK
Variable
11-15 years
305,898
160,352
Mortgage Debt
DKK
Variable
16-20 years
181,971
0
Carrying amount
533,127
598,405
The nominal amounts stated in the tables represent the amount that Park Street will repay under the loan agreements by the end of these
agreements.
Fixed interest loans stated in the tables indicate that a fixed rate applies until the loans' maturity date or until a new negotiation is made with the
individual bank. Variable interest rates expressed in the tables indicate that the loans have interest rates that are regularly adjusted over the term
of the loans due to fluctuations in market interest rates.
The evolution of the long and short term liabilities with credit institutions is specified follows:
Amounts in DKK 1000s 2025 2024
Non-current financial liabilities 575,838 629,465
Current financial liabilities
22,567 22,567
Financial liabilities with credit institutions at 1 January
598,405
652,032
Repayment of liabilities to credit institutions -240,470 -54,856
Accrued financial expenses 175,192 1,229
Financial liabilities with credit institutions at 31 December
533,127
598,405
Non-current financial liabilities
521,212
575,838
Current financial liabilities
11,915
22,567
Total financial liabilities with credit institutions at 31 December
533,127
598,405
Determining the fair value of debt to credit institutions
Information on Group’s financial loan agreements, mortgage debt and convertible bonds is disclosed in note 23 of the consolidated financial state-
ments. Information on estimates and judgments related to the determination of fair value of financial liabilities is disclosed in note 1 of the Consoli-
dated Financial Statements. As stated in these notes mortgage and bank debt have been recognized at amortised cost in 2025. No reversal of fair
value adjustments in 2025.
Zero-coupon bonds (former Convertible bonds)
See note 23 in the Consolidated Financial Statements.
Park Street | Park Street A/S Financial Statements
91
Note 17 – Contingent assets and liabilities
Disclosure of collateral
The nominal pledge for the bank debt and mortgage debt given by credit institutions per 31 December, 2025 amount a total of DKK 533 million (31
December 2024: DKK 598 million), the nominal value of the loans amounts a total of DKK 533 million (31 December 2024: DKK 598 million) in the
group's investment properties and domicile with a book value totalling DKK 927 million (31 December 2024: DKK 995 million).
The nominal pledge for the bank debt and mortgage debt given by credit institutions per 31 December, 2025 amount a total of DKK 11.1 million (31
December 2024: DKK 7.4 million), in the group's deposited mortgage deeds with a book value totalling DKK 8.1 million (31 December 2024: DKK
7.4 million).
Disclosure of contingent liabilities
Park Street had a legal dispute with a previous and a current tenant in relation to the lease being deemed as a commercial or a residential lease.
Park Street has lost the argument and now the lease is deemed to be residential. This could lead to some potential liability in relation to the dilapi-
dations claim and other aspects. This will be clarified as the case proceeds further with court processes..
No additional significant litigations and disputes are acknowledged by the Group at 31 December, 2025.
Lease hire agreements
There are lease hire agreements for cars rental and printers.
2025 2024
Within 1 year from the balance sheet date
0
32
Between 1 and 5 years from the balance sheet date 91 126
After 5 years from the balance sheet date 0 0
Lease hire obligations at 31 December
91
158
Minimum lease payments recognized in the profit and loss account for the year 8 15
Note 18 – Financial risks
Amounts in DKK 1000s
2025
2024
Mortgages and debentures 9,455 7,412
Intercompany loan 104,883 157,883
Financial assets measured at amortized cost
114,338
165,295
Receivables
164,124
109,920
Cash and equivalents 17,970 62,226
Loan and receivables
182,094
172,146
Credit institutions 7,696 6,986
Financial liabilities measured at fair value through profit or loss
7,696
6,986
Credit institutions
533,127
598,405
Deposits
13,557
20,816
Accounts payable 6.460 5,240
Other Debts 5,974 1,498
Financial liabilities measured at amortized cost
559,118
625,959
Park Street | Park Street A/S Financial Statements
92
Risk management policy
The financial management of the Group is geared towards stabilization and optimization of the Group's operations, while at minimizing the Group's
financial risk exposure. It is part of the Group's policy not to conduct speculative transactions by active use of financial instruments.
The group is due to its activities exposed to various financial risks, including liquidity risk, market risks (primarily interest rate risk) and credit risk.
Liquidity risk
Park Street’s liquidity risk consists on not being able to make regular payments and not being able to provide sufficient liquidity to cover the financ-
ing costs, capital repayment obligations and capital investments. Lack of liquidity may arise from insufficient cash resources and may be adversely
affected by missed payments from Park Street tenants, increased vacancy, repayment of deposits, divestments, unexpected costs and investment
needs. Lack of liquidity may also arise from default of loans signed and in connection with refinancing when existing loan agreements expire or are
terminated.
Cash reserves total at 31 December, 2025 DKK 17.9 million (31 December 2024: DKK 62.2 million).
Maturity of financial liabilities is specified as follows:
Amounts in DKK 1000s
Carry forward
balance
Contractual
cash flows
0 - 1 Years 2 - 3 Years 4 - 5 Years
After 5
Years
2025
Non-derivative financial instruments
Credit institutions
533,127
629,045
14,003
29,916
11,301
573,825
Trade payables
6,460
6,460
6,460
0
0
0
Deposits
13,557
13,557
13,557
0
0
0
Other debts
5,974
5,974
5,974
0
0
0
Total
559,118
655,037
39,994
29,916
11,301
573,825
2024
Non-derivative financial instruments
Credit institutions
598,405
726,423
32,099
37,517
12,340
644,468
Trade payables
5,240
5,240
5,240
0
0
0
Deposits
20.816
20.816
7,900
10,583
1,570
764
Other debts
1,498
1,498
1,498
0
0
0
Total
625,959
753,977
46,737
48,099
13,910
645,232
Interest rate risk
Park Street is as a result of its financing activities in significant extent exposed to interest rate fluctuations. The interest rate risk is therefore an
essential element in the overall assessment of the Group's financial situation.
The interest rate risk as of 31 December, 2025 primarily relate to the following:
Fluctuations in market interest rates on mortgages with variable rates (Cibor6, F2, F3, F5).
Renegotiation of the margin rate applied on the mortgage loans.
Renegotiation of fixed interest rate of bank debt associated with the extension of loans / terms. Fixed rate includes loans, which applies
a fixed rate until the loans' maturity date, to other agreed point in time or until a renegotiation is made with the individual bank.
Park Street’s major interest rate risk is the risk that the financial creditors on short notice increase terms of interest and margin rates. In this
situation, the level of interest and contribution rates depend on negotiations with the financial institutions. The Group's loan portfolio is continu-
ously monitored with a view to optimizing the group's exposure to interest rate risks. Park Street at 31 December, 2025 does not have financial
instruments for interest rate hedging, and the group has limited opportunities to influence the interest rate risk in the current financial situation.
Group's nominal financial debt is specified as follows, based on the type of interest rate that is linked to individual loans:
Park Street | Park Street A/S Financial Statements
93
Type of loan
Nominal (DKK million)
* Weighted interest rate (per annum)
At 31 December, 2025:
Mortgage debt
Cibor6
97
4.87%
Mortgage debt
F3
66
1.38%
Mortgage debt
F5
352
1.69%
Others Others
18
1.15%
533
1.52%
At 31 December, 2024:
Mortgage debt
Cibor6
40
2.56%
Mortgage debt
F2
38
2.60%
Mortgage debt
F3
123
1.38%
Mortgage debt F5
366
1.81%
Others Others
31
1.15%
598
1.79%
The calculated weighted interest rate for all Park Street loans at 31 December 2025 was 1.52% per annum and is based on the latest confirmed
interest rates. The corresponding calculated weighted rate at 31 December 2024 was 1.79% per annum.
Breakdown by maturity until the next date of interest rate adjustment distributes the Group's loans as follows (as of Dec. 31):
Amounts in DKK million
2025
2024
Between 0 and 12 months
417
0
Between 2 and 3 years
0
10
Between 4 and 5 years
7
0
After 5 years
109
588
533
598
The interest rate adjustment date for fixed-rate and interest-free loans is included in the above table at the time of the renegotiation of the maturity
and / or terms of the loans or where existing confirmations on a given interest rate expire for a period.
Interest rate risk from Park Street’s view can be presented in the following two divisions:
Variable market interest rates: Risks associated with fluctuations in market interest rates, ie. on loans where interest rate adjustment
takes place at defined times based on market fluctuations. This applies to mortgage loans with variable interest rates.
Interest, etc. on all loans: Risks associated with fluctuations in interest rates on all loans. In addition to the above fluctuations in market
rates, this includes the renegotiation of contribution rates at mortgage banks and renegotiation of loan terms with bank creditors.
The hypothetical effect on the results and equity after tax as a result of 1 percentage point increase in interest rates (ex. Fair value adjustments)
are illustrated in the following table:
Amounts in DKK 1000s
2025
2024
Variable Interest rate loans:
Effect on income statement
-0.41
-0.40
Effect on equity
-0.41
-0.40
On loans from credit institutions, with ongoing interest rate adjustments resulting from changes in market interest rates, illustrates the table above
that the hypothetical effect on net income and equity as a result of one percentage point increase in interest rates amounts to DKK –0.4 million per
annum (2024 DKK -1.0 million).
Park Street | Park Street A/S Financial Statements
94
Currency risk
The company exposure is very limited to changes in currency rates.
Credit risk
The Company's credit risk is primarily related to:
Lease receivables
Receivables from the sale of properties
Receivables form mortgages
The maximum credit risk for financial assets is reflected in the accounting values of the balance sheet, and taking into account securities
received.
Risks concerning to rental receivables are limited to Park Street’s options to deduct payments from deposits and termination of the covered leases.
Credit risk on receivables arising from the sale of properties is limited, as the transactions are always subject to payment of purchase price and
deposit of the purchase price. With mortgage deeds, the Group has an usual debtor risk, which is reduced by mortgages on properties.
In order to minimize the risk of loss of receivable rent, the tenants' ability to pay prior to entering into leases is assessed to the extent that it is
relevant. In addition, there is usually a requirement for a cash deposit, a guarantee and / or prepaid rent. However, if a tenant is unable to pay, it
may result in loss as well as reduced income due to rental allowance upon relocation, lower future rental income and any additional costs incurred
in connection with refurbishment etc.
Credit risk on receivables at 31 December, 2025, is further described in note 19 of the consolidated financial statements.
Group’s Cash and cash equivalents consists primarily of deposits in reputable banks. The group believes that there is no significant credit risk
associated with the cash. Deposits in banks are labelled at variable interest rate.
Financial liabilities with credit institutions and fair value
Group’s mortgage debt and bank debt is classified as amortized cost. Fair value of loans measured at amortised cost amount to DKK 909,420.
Fair value has been determined as the present value of the contractual cash flows discounted at a rate reflecting the current borrowing rate. Due to
the fact that the terms of all loans were renegotiated in 2017, fair value of all floating rate loans is considered to be equal to their carrying aomunt.
Based on a recent transaction, the fair value measurement is considered a level 2 measurement.
The fair value of zero-coupon debt is established based on the fair value estimated by an independent reviewer (estimated rate of 50.79).
The Group's financial assets and liabilities measured at fair value are classified on the following 3 levels in the fair value hierarchy:
Level 1: Based on listed prices (non-adjusted) on active markets for identical assets or liabilities.
Level 2: Based on inputs other than listed prices that are observable for the asset or liability, either direct (as prices) or indirect
(derived from prices).
Level 3: Based on data that is not observable in the market.
Amounts in DKK 1000s
Carry forward balance
Level 1
Level 1
Level 2
2025
Mortgages and debentures
9,455
0
0
7,412
Intercompany loan
104,883
0
0
157,883
Total financial assets 114,338 0 0 165,295
Credit institutions 7,696
0 0 6,986
Total financial liabilities
7,696
0
0
6,986
Park Street | Park Street A/S Financial Statements
95
2024
Mortgages and debentures
7,412
0
0
7,412
Intercompany loan
157,883
157,883
Total financial assets 165,295 0 0 165,295
Credit institutions 7,696
0 0 7,696
Total financial liabilities
7,696
0
0
7,696
It is the Group's policy to recognise transfers between the different levels from the time at which an event or change in circumstances entails a
change in the classifications. No transfers were made between levels 1 and 2 in the accounting period.
When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair value hierarchy, a correction is made for the Group's
own credit rating, taking into account the legal status of the liabilities, and the security in the assets measured at fair value. Consequently, no direct
assumptions of discount factors, etc. are included when measuring liabilities to credit institutions in accordance with level 3 of the fair value
hierarchy.
The table below shows the change in liabilities to credit institutions measured at fair value in the balance sheet based on valuation methods in
which significant inputs are not based on observable market data (level 3):
Amounts in DKK million 2025 2024
Carrying amount per. 1 January
7,696
7,696
Gains / losses in the income statement 0 0
Balance at 31 December
7,696
7,696
Gain / loss in the income statement for liabilities held at 31 December 0 0
Gains/losses concerning credit institutions measured at fair value are included in the item 'Adjustment to fair value, net' and in the item 'Special
items' in the income statement of the consolidated financial statements. Liabilities to credit institutions measured at fair value are transferred
to/from level 3 in the fair value hierarchy depending on whether the fair value of the loans contains a correction for the Group's own credit rating.
For financial instruments that are not measured at fair value, the book value is assessed as being a reasonable approximation of fair value.
Note 19 – Changes in other working capital
Amounts in DKK 1000s
2025
2024
Change in receivables
-4,293 -16,302
Change in deposit
-7,259 -8,896
Change in provisions 115 0
Change in trade payables
5,580
-1,751
Change in total working capital
-5,858
-26,949
Note 20 – Related parties
Park Street Asset Management Ltd. (London, England) has controlling influence in Park Street A/S by virtue of its shareholding of 94.61% of
shares and votes in Park Street A/S. See note 5 in the Consolidated annual report, where the remuneration of Directors and Board of Park Street
appears. The Company has additionally had the following transactions between Park Street and related parties (Xplore Review Private Limited):
Amounts in DKK 1000s
2025
2024
Other related parties
Software expenses
1,800
2,448
There have been no other transactions, etc. with related parties during the period.
Park Street | Park Street A/S Financial Statements
96
Note 21 – Accounting policies
Park Street A/S applies the same accounting policies as stated in Note 33 on the consolidated financial statements, in addition the following note
is applicable for the parent company:
Investment in subsidiaries
Investments in subsidiaries are recognised and measured in the financial statements of the parent company under the equity method. On acquisi-
tion of subsidiaries, the difference between cost of acquisition and net asset value of the entity acquired is determined at the date of acquisition
after the individual assets and liabilities having been adjusted to fair value (the acquisition method).
The item ”Income (loss) from investment in subsidiaries” in the income statement includes the proportionate share of the profit after tax of the
subsidiary. The item ”Investments in subsidiaries” in the balance sheet includes the proportionate ownership share of the net asset value of the
entities calculated under the accounting policies of the parent company with deduction or addition of unrealised intercompany profits or losses and
with addition of any remaining value of the positive differences (goodwill).
Subsidiaries with a negative net assets value are measured at DKK 0, and any receivables from these are written down by the parent company’s
share of the negative net asset value, if impaired. Any legal or constructive obligation of the parent company to cover the negative balance of the
subsidiaries is recognised as provisions. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to ” Re-
serve for net revaluation” under equity. Gains and losses on disposals or winding up of subsidiaries are calculated as the difference between the
sales value or cost of winding up and the carrying amount of the net assets at the date of acquisition including goodwill and expected loss of dis-
posal or winding up. The gains or losses are included in the income statement.
Park Street | Park Street A/S Financial Statements
97
PROPERTY OVERVIEW
Park Street Group owns at 31 December 2025, 38 properties.
#
Property Type
Address
ZIP
City
1
Office
1 C, Vilhelmskildevej
5700
Svendborg
2
Glostrup
2600
Glostrup
3
23-35, Birkemose Allé 23-35
6000
Kolding
4
6, Toldbuen
4700
Næstved
5
275, Svendborgvej
5000
Odense
6
Retail
Mosede Centret
2670
Greve
7
27, Immerkær
2650
Hvidovre
8
Sjællandsgade 12,16,18
7100
Vejle
9
Hotel
13, Algade
4000
Roskilde
10
Ballerup Idrætsby Hotel 2750 Ballerup
11
Residential
29, Tåsingegade
2100
København
12
8-10, Hejrevej
2400
København
13
Office
21, Birkemose Allé
6000
Kolding
14
4, Kirsebærgården
3450
Lillerød
15
Residential - Project
2, Selsmosevej
2630
Taastrup
16
39, Skibsegen
3070
Snekkersten
17
Storage
78, Vordingborgvej
4700
Næstved
18
78-82, Vordingborgvej
4700
Næstved
19
Office
Dannebrogsgade 2,
5000
Odense
20
Omøvej 9
4700
Næstved
21
6, Jernbanegade 6
4000
Roskilde
22
Residential
21, Nørregade
4700
Rinsted
23
Nørregade 31-33
4100
Ringsted
24
33-35, Jernbanegade
6000
Kolding
25
2, Søndergade
Struer
26
Grønings Have Havnestaden
27
Retail
11, Ros Have
4000
Roskilde
28
13, Ros Have
4000
Roskilde
29
20, Prøvestensvej
3000
Helsingør
30
2, L.C. Worsøesvej
6780
Holbæk
31
3, Banetorvet
3450
Lillerød
32
10, Dyssegårdsvej
4700
Næstved
33
13-19, Nørregade
4100
Ringsted
34
27A+B, Nørregade
4100
Ringsted
35
102, Silkeborgvej
7400
Herning
36
2 A-B, Engdahlsvej
7400
Herning
37
19A, Albuen
6000
Kolding
38
Storage
7-13, Blegdammen
4700
Næstved
