Incomas Holding ApS
Tangen 6, DK-8200 Aarhus N
Annual Report for 1 January - 31 December 2025
CVR No 38 38 10 83
Chairman of the General
Meeting
The Annual Report was
presented and adoptet at
the Annual General
Meeting of the Company
on 11 June 2026
Contents
Management’s Statement
Independent Auditor’s Report
Company Information
Group Chart
Financial Highlights
Management’s Review
Consolidated Income Statement for the year ended 31 December
Consolidated Statement of comprehensive income for the year ended 31 December
Consolidated Balance Sheet as at 31 December
Consolidated Balance Sheet as at 31 December
Consolidated Statement of Changes in Equity for the Year ended 31 December
Consolidated Statement of Changes in Equity for the Year Ended 31 December
Consolidated Statement of Cash Flows for the Year Ended 31 December
Contents of the Notes to the Consolidated Financial Statements
Notes to the Financial Statements
Parent company
Parent Income Statement for the Year Ended 31 December
Parent Balance Sheet as at 31 December
Parent Balance Sheet as at 31 December
Parent Statement of Changes in Equity for the Year Ended 31 December
Parent Statement of Changes in Equity for the Year Ended 31 December
Contents of the Notes to the Consolidated Financial Statements
Notes to the Financial Statements
Board of Directors
Executive Board
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CVR No 33 77 12 31
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Company Information
The Company Incomas Hol ding ApS
CVR No: 38 38 10 83
Financial period: 1 January - 31 December
Incorporated: 1 February 2017
Financial year: 9 th financial year
Municipality of reg. Office: Aarhus
Board of Directors Jesper Severin Johanson, chairman
Jepppe Bülow Højgaard
Christian Bach
Emil Kildegaard Gerhardt
Executive Board Christian Bach
Auditors PricewaterhouseCoopers
Nobelparken
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Group Chart
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Financial Highlights
Seen over a five-year period, the development of the Group is described by the following financial highlights:
In thousands EUR 2025 2024 2023 2022 2021
Key figures
Profit/loss
Revenue 207,308 152,264 0 0 0
Fair value adjustments of financial and physical energy contracts 69,850 120,361 179,154 1,607,124 177,642
Gross profit 67,250 114,111 179,154 1,607,124 177,642
Operating profit before financial income and expenses and tax (EBIT)
4,923 63,938 140,148 1,388,529 142,567
Net financials 15,453 59,282 27,076 -5,393 -1,868
Profit before tax (EBT) 20,376 123,220 167,224 1,383,136 140,699
Profit for the year 15,642 98,911 127,946 1,074,662 109,170
Balance sheet
Balance sheet total 1,115,007 1,051,829 1,102,449 1,460,608 274,339
Investment in property, plant and equipment 124 552 951 1,131 895
Equity 887,552 913,596 986,879 896,357 123,196
Cash flows
Cash flows from operating activities -51,783 69,607 -15,411 1,065,308 75,424
Cash flows from investing activities -10,429 44,592 -99,943 -201,481 -876
Cash flows from financing activities 77,363 -167,696 -227,685 -151,668 -9,104
Change in cash and cash equivalents for the year 15,151 -53,497 -343,039 712,159 65,444
Number of employees - average for the year 265 216 166 122 90
Key ratios
Return on assets 0.4% 6.1% 12.7% 95.1% 52.0%
Solvency ratio 79.6% 86.9% 89.5% 61.4% 44.9%
Return on equity 1.7% 10.4% 13.6% 210.8% 88.6%
For definitions of financial key figures and ratios, please refer to note 1.
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Management review
Our business
Rethinking energy trading
Overview of the company
Rethinking energy trading since 2017
Letter from our chairman
A year of building what comes next
InCommodities is a global group of energy trading companies leveraging advanced technology, data, and market expertise to trade power, gas, and
emissions and manage risk from energy assets for our customers. Our mission is clear: by trading and moving energy across regions, we help
stabilize energy markets, ensure security of supply, and support the transition to more renewable-driven energy systems.
2025 was a transition year for InCommodities as a group. Financially, it was not a record year – and while performance was below our original
targets, this reflects both subdued market conditions and the deliberate investments we made. It was a year of investment as we built the structure
and capabilities needed for the next phase of our growth.
When the Board of Directors in 2024 decided to reorganize the group's activities into four autonomous business units, it made a deliberate step to
strengthen how we operate. This reflects our belief that autonomy, proximity to our markets and platform thinking allow InCommodities to scale
globally while preserving what makes us competitive: our technology edge, low organizational friction, and exceptional people.
In 2025, this belief took shape in practice.
InCommodities is a global energy trading group, consisting of companies specializing in trading and optimizing energy assets. We trade power, gas,
and emissions, and support owners of wind, solar and batteries in optimizing performance and managing the risks associated with renewable
generation and energy storage.
Our trading activities help balance energy markets by matching supply and demand, ensuring security of supply, driving market efficiency, and
contributing to stable, lower energy prices. We play a key role in supporting the transition of energy systems as they become more complex,
interconnected, and increasingly reliant on renewables and flexible capacity.
We challenge the status quo by rethinking how data and technology drive energy trading. Driven by impact, we digitalize and automate where it
matters. We combine deep market insights with automation, quantitative analysis, and AI, enabling us to efficiently move energy across time and
geographies, manage renewables output, and store energy until it is needed.
Founded in 2017 in Aarhus, Denmark, InCommodities has grown from four founders to 300+ people with diverse nationalities and educational
backgrounds. With offices in Europe, North America, and Asia-Pacific, we conduct trading activities across the globe.
This was the first year operating as four autonomous business units: Europe, North America, Asia–Pacific, and, as of 2025, Asset Management.
Each unit has spent the year shaping its own path. Across regions, we have built organizational muscle: making key hires, expanding our
geographic footprint, and embedding technology directly into trading operations. In Europe, we completed a multi-year ETRM platform rebuild,
now fully operational. In North America, Asia–Pacific, and Asset Management, the focus was on building from the ground up: establishing
leadership across all units, developing the full value chain from back office infrastructure to front office trading capability, and expanding our
presence across key trading hubs, including a new office in Stamford and continued growth in Austin, Singapore, Sydney, and Tokyo.
These initiatives come at a cost. We deliberately prioritized these investments over short-term earnings to position the business for scalable
growth. That is a cost the Board of Directors embraces fully, and a commitment we will continue in 2026 as we further build capabilities across the
business.
2025 highlighted that our model performs across market conditions. Even in a subdued market environment, InCommodities remained profitable
through discipline, execution, and the capabilities of the people and platform we have built. That is the foundation we carry into 2026.
As Chairman, I want to acknowledge the long-view leadership shown across the business. In 2025, we moved forward with both pace and
discipline, making progress across regions while continuing to invest for the long term. This may not define the year in isolation, but it will shape
what comes next.
I would like to thank our colleagues across the business for their commitment, as well as our partners for their continued trust and collaboration.
Kind regards,
Jesper Severin Johanson, Chairman
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Management review
Yearly highlights
Business perspectives 2025
A year of deliberate investment
A year in review
Strategy
2025 continued the stable market conditions seen in 2024, with low volatility, stable prices, and a broadly balanced supply-demand landscape.
European gas prices entered 2025 with an elevated risk premium, driven by a combination of cold weather events and periods of low renewable
generation. Against a backdrop of already relatively low storage levels, these demand and supply shocks intensified concerns about whether
Europe held sufficient gas reserves to see out the remainder of the withdrawal season.
As the year progressed, increased LNG inflows and weaker industrial demand eased concerns about market tightness, triggering a sharp price
correction through February and into the second quarter. Prices subsequently traded in a relatively narrow range as the market focused on
Europe's ability to bridge the period until significant new LNG export capacity - particularly from the United States - is expected to enter the
market from 2026.
Throughout the year, price formation was increasingly shaped by global LNG competition and demand elasticity - particularly between Europe and
Asia - while geopolitical developments occasionally triggered short-lived price spikes.
Following the 2024 decision to reorganize into four autonomous business units, 2025 focused on execution: end-to embedding full commercial
accountability within each region and building complete, end capabilities.
Autonomy in our model means each business unit operates with its own systems, infrastructure, and operational capabilities. Trading mandates,
execution, and performance ownership sit locally. Alignment is ensured through capital ownership, shared principles, and our Core DNA - not
through centralized platforms or management teams.
Across Europe, Asset Management, North America, and Asia-Pacific, the objective was consistent: to build platforms capable of operating
independently, with clear ownership and decision-making anchored locally.
"In 2025, we increased activity across the group while continuing to invest in our platform and capabilities. Stable performance in established
activities, combined with continued investment in new ones, supported overall profitability."
- Katrine Bondgaard, CFO, InCommodities Europe
The geopolitical backdrop - including the ongoing war in Ukraine and tensions in the Middle East - created uncertainty entering the year. However,
global energy markets remained largely unaffected, with no major disruptions. Strong storage levels, steady fundamentals, and increased market
competition contributed to persistently low volatility and tighter margins.
Even in this environment, InCommodities moved more energy than ever before - balancing markets, managing risk, and optimizing flows across
regions.
Operationalizing autonomy
InCommodities operated in a less volatile market environment in 2025, with smaller price spreads across energy markets. While profitability
declined compared to previous years, the group maintained a stable financial position and continued to invest significantly in its platform,
technology, and global business units. With a high solvency ratio and substantial capital reserves, InCommodities remains well-positioned for long-
term growth.
For the holding company, gross profit for the period reached EURm 67.25, with earnings before tax of EURm 20.37 - below our original target
ranges (EURm 170-290 for gross profit and EURm 70-280 for earnings before tax). These results reflect market conditions that were materially
more subdued than anticipated, combined with our deliberate decision to absorb significant investments across all four business units. Overall, the
result demonstrates robustness of our underlying business in a difficult market environment.
2025 performance varied across the group. In our mature European market, performance was stable despite tighter margins. In North America,
the first full year as an autonomous unit included continued organizational build-out, while parts of the trading business performed below
expectations early-stag and impacted overall profitability. In Asia-Pacific and Asset Management, both businesses, the year was defined by
investment and build-out.
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Management review
Risk management
Market risk
Liquidity risk
People risk
Compliance risk
Geopolitical and cybersecurity risk
InCommodities manages market risk through clearly defined risk limits, including Value at Risk models integrated directly into our trading
systems, with daily and monthly thresholds monitored in | real time. Risk oversight remains centralized, ensuring consistency across business
units despite increased operational autonomy.
Despite this reduction, liquidity remains our most critical financial risk factor. We continuously monitor capital usage, balance sheet leverage, and
stress scenarios to ensure sufficient headroom under both normal and extreme market conditions.
Our long-standing relationships with banking partners, combined with retained earnings and disciplined capital allocation, provide a robust
liquidity buffer. This allows us to maintain operational flexibility while remaining prepared for renewed volatility should market conditions
change.
We continued to monitor engagement and organizational health closely. People engagement remained high, with an average score of 9.2 out of 10,
measured through bi-weekly Peakon surveys - reflecting a resilient and motivated workforce.
As decision-making moved closer to the front line, we focused on hiring for maturity, accountability, and strategic fit. Retaining top talent and
securing leadership positions with the right competencies has been a core priority across all units. We recognize that successful decentralization
relies on people who can operate autonomously without compromising shared values and risk awareness.
Geopolitical tensions remained elevated throughout 2025, including the continued war in Ukraine, instability in the Middle East, and strained
transatlantic relations. However, unlike previous years, these tensions did not materially disrupt European energy supply chains or create
significant market dislocations. Energy markets demonstrated increased structural resilience, resulting in lower volatility and more stable pricing
conditions.
Cybersecurity remains a top priority across the group. As digital infrastructure is embedded into our trading operations, we continue to invest in
security measures that protect our data, systems, and intellectual property. We regularly test and strengthen our defenses to ensure operational
continuity and compliance with best practices.
Compared to the extreme volatility observed in 2022 and the gradual stabilization seen in 2023 and 2024, 2025 was characterized by fewer
bottlenecks, improved infrastructure adaptability, and more predictable supply-demand dynamics. This environment led to a reduction in realised
market risk across our trading activities.
Market risk refers to potential changes in the value of open positions driven by shifts in supply, demand, or broader market conditions.
Following the extraordinary liquidity stress experienced across energy markets in 2022, capital discipline remains central to our operating model.
In 2025, lower price levels and reduced volatility resulted in lower margin requirements compared to prior years. As a consequence, liquidity risk
was reduced relative to the peak stress environments previously experienced.
Liquidity risk relates to the ability to meet financial obligations toward counterparties and trading partners.
In 2025, the ongoing reorganization into regional business units increased the importance of strong local leadership and cultural alignment across
markets.
A structured approach to risk and resilience
Our risk management framework is reviewed annually to ensure it reflects the evolving regulatory environment, market structure, and
organizational setup, as well as aligning with industry best practices, including the recommendations of the FIA Principal Traders Group and
governance standards issued by relevant European supervisory authorities.
Risk management at InCommodities operates across two interconnected layers: strategic and operational. Strategic decisions define the structural
boundaries within which we operate, including governance standards, organizational design, capital allocation principles, and partnership
frameworks. These strategic foundations inform the operational protocols that govern daily trading activity, liquidity management, compliance
processes, and internal controls.
InCommodities operates in a complex, fast-moving environment, where sound risk management is essential to ensuring resilience, consistency,
and long-term value creation. Our approach is structured around both strategic and operational layers and is reviewed annually to ensure
relevance and alignment with business needs.
People are our greatest asset - and also a key risk area.
Throughout 2025, regulatory expectations continued to evolve, but no material changes altered our core compliance framework. We maintain
structured internal controls, ongoing monitoring processes, and regular policy updates to ensure adherence to applicable laws and market conduct
standards.
Operating across multiple jurisdictions exposes InCommodities to complex regulatory requirements. Compliance risk remains a central focus, as
non-compliance could result in financial penalties, operational restrictions, or reputational damage. The reorganization into autonomous business
units and the anchoring of local expertise within each unit directly strengthens our ability to manage compliance risk by: building deeper
understanding of the local regulatory frameworks and enforcement regimes specific to each market.
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Management review
People & Culture
Scaling a shared foundation across autonomous units
A shared foundation
Values: Honesty, Transparency, Rethink
Scaling talent, structure and identity
Personal development
Engagement and well-being
A growing culture of autonomy
During the year, colleagues from across all regions visited the Aarhus office, a deliberate effort to strengthen the connections that underpin that
identity.
In 2025, our self-awareness Advancement Program continued in Europe, reinforcing feedback culture, and personal accountability. The program
reflects our belief that autonomy requires maturity. While currently anchored in Europe, the underlying ambition is to build professionals capable
of operating with ownership and resilience across all business units.
Rethink - The only constant is change. Our ability to be an agile organization that welcomes change makes us resilient. We see rethink as the key
element of our strength. We seek to improve and to realize that improvement is a circular process. Think, then rethink.
Across all four business units, the ambition remains consistent: to create an environment where strong talent can thrive with autonomy - adapting
to local cultures while staying anchored in shared values.
Scaling autonomous business units requires more than structure and clear ownership - it requires the right talent and strong cultural alignment. In
2025, we welcomed 93 new colleagues globally, with hiring concentrated in North America, Asia-Pacific, and Asset Management, where teams
expanded to strengthening leadership capacity, local structures, and cultural identity to support long-term growth.
Attracting strong talent is only the starting point. Developing that talent sustains performance.
A key part of building a high-performing organization is ensuring that people can thrive both professionally and personally. In 2025, we continued
our focus on holistic health, particularly in our European office, where structured physical training initiatives and on-site health services remain
well established, with consistently strong participation.
People engagement remains a central focus area. In 2025, we maintained a high level of employee engagement, with an average score of 9.2 out of
10 in our bi-weekly Peakon surveys across all business units. In addition to engagement, we continued to invest in health and well-being initiatives,
recognizing that sustainable performance requires maintaining both energy, balance and long-term resilience.
Building decision-makin autonomous units is not just a structural change - it is a cultural challenge. Moving closer to markets requires clarity,
accountability, and strong shared principles.
At InCommodities, culture is a core differentiator and the foundation for long-term performance. How we build teams, engage with each other and
lead, determines our ability to sustain results over time.
Transparency - InCommodities was built on the need to break free from the status quo; old management structures and top-down leadership where
secrecy is prevalent, and insecurity and fear are drivers. We see transparency as the key element to trust. We encourage and invite the entire team
to join us at the table, because only with the doors opened to all, do we become empowered.
Honesty - We are a team driven by our ambition to be the best: The best company, the best team, the best people. We facilitate this process by
being direct and honest with each other. We see honesty as the key element to growth, and we use this feedback, sparring, and direct
communication to excel on every level.
Across all locations, access to fitness facilities and time for physical and mental well-being are actively encouraged. While formats differ by region,
the underlying principle is consistent: sustainable performance requires energy, balance, and long-term resilience.
In 2025, we continued to strengthen this balance: anchoring our Core DNA across the company while allowing regional identities to evolve. This
deliberate combination of local ownership and shared foundation is essential to how we scale sustainably, enabling faster decision-making and
more effective execution across business units.
In 2025, as InCommodities operated through autonomous business units, culture remained our shared foundation. While teams grew and evolved
across regions, our Core DNA continued to anchor how long-ter we hire, develop, and lead. We see both our people and culture as a decisive lever
for performance.
Across all autonomous business units, our Core DNA - purpose and values - remains the common anchor. While culture naturally evolves across
regions, the balance between local ownership and shared identity is critical to how we scale and succeed.
Purpose: We Advance Together - Advance expresses our constant appetite to move forward, develop and challenge ourselves with determination,
mastery and technology. Together emphasizes the way we advance and how we believe we will create the strongest results of all, through our
culture, community and autonomy.
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Management review
Team-building and social events
As part of our ongoing work to strengthen collaboration and culture, social events and team-building initiatives take place at multiple levels across
InCommodities. Some are rooted in individual office locations, bringing together colleagues who share a physical workspace. Others are specific to
business units, strengthening alignment within regional teams.
Across these different formats, the aim is consistent: to foster trust, connection, and psychological safety. In Asia-Pacific and North America, newly
established teams focused in 2025 on defining their own shared rituals and building a strong sense of belonging from the outset. In Europe, as the
most mature business unit, the focus was on reinforcing well-established social traditions. This included events such as the annual We Advance
Together Days, which bring colleagues together across teams to strengthen collaboration, challenge perspectives, and reinforce a shared mindset
aligned around how we advance together as an organization.
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Management review
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Management review
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Management review
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Management review
At the same time, global energy markets are becoming increasingly integrated. The expansion of LNG trade and cross-regional energy flows is
tightening the link between regional gas and power markets, meaning developments in one region can increasingly influence price formation
elsewhere, and volatility can re-emerge in otherwise balanced market conditions.
In this increasingly interconnected and volatile market, the role of energy traders becomes more important. Providing liquidity, balancing supply
and demand in real time, and enabling efficient price | formation are essential to the competitiveness and resilience of the energy systems that
Europe and the broader global economy depend on. InCommodities is positioned to operate in exactly this type of market environment.
Incomas Holding ApS anticipates a gross profit of EUR 70-160 million and earnings before tax (EBT) of EUR 0-110 million for 2026 for the group,
reflecting current market conditions and the unpredictability of outcomes a rapidly evolving landscape may produce.
Europe - energy independence as a competitiveness imperative
The dynamics of global energy markets and competing agendas are particularly visible in Europe, our primary market, where the intersection
between sustainability, energy security, affordability, and competitiveness is becoming increasingly central to European economic and political
discussions.
Ownership structure
At InCommodities, we believe those who help build the company should also share in its success. Today, 85% of the company is owned by active
colleagues, with the largest share held by our four founders. The remaining ownership is held by Goldman Sachs and a small group of external
investors. long-ter This co-ownership model fosters a strong sense of engagement, responsibility, and commitment across the organization.
We are committed to broadening ownership even further and have set a clear goal to significantly increase shareholding among non-founding
colleagues in the years ahead. As part of this effort, all team members - regardless of role or seniority - are eligible to participate in our employee
incentive program, which offers a path to company ownership through warrant grants and share ownership.
As we highlighted in our 2024 report, replacing one external dependency with another does not resolve structural vulnerability. Substituting
Russian gas with imported LNG reduces concentration risk, but not price exposure. Europe's energy costs remain subject to global price formation.
Europe remains structurally exposed - and that exposure is now inseparable from industrial competitiveness.
If Europe is to restore durable competitiveness and structurally lower energy costs, diversification of import sources alone will not suffice.
Sustainable price stability requires a stronger internal supply base and a system design that reduces structural reliance on imported marginal
volumes.
Restoring durable competitiveness is likely to require a stronger domestic supply base, with increased investment in generation, storage, and grid
capacity. While renewables will remain the foundation of Europe's energy system, higher penetration increases reliance on complementary firm
and dispatchable capacity to ensure reliability.
Dunkelflaute - recurring periods of low wind and solar output - is not an anomaly. It is a structural stress test that will intensify as the transition
accelerates, making price spikes more frequent and more severe without adequate firm capacity to bridge the gap.
Increased domestic gas production, where feasible, and renewed investment in nuclear capacity can form part of a balanced mix that enhances
resilience without sacrificing decarbonization progress. The EU has domestic resources that could be mobilized faster than most alternatives.
Whether to continue deepening import dependence - with all the geopolitical risk that entails - or to activate those resources more decisively is
ultimately a political question.
Energy policy has become industrial policy. For much of the period following the 2022 crisis, that debate was framed around security and
affordability - climate ambition followed. What is changing is the argument for renewables: domestic generation is not just cleaner, it is cheaper
and less exposed to geopolitical disruption. The why has changed. But the structural challenges have not, and Europe's ability to compete globally
will increasingly depend on the decisions it makes about its own energy system. Regardless of the path chosen, the complexity that follows
demands capable, active market participants.
Outlook
An increasingly complex and interconnected energy system
Energy markets do not evolve in straight lines. The price shocks of 2022 and 2023 have receded, but the structural vulnerabilities they exposed
remain. Geopolitical risk is still embedded in global energy flows, and increasing penetration of variable renewables is introducing new challenges
to system stability. Where stability exists, it is conditional rather than structural.
Recent developments in the Middle East illustrate this dynamic, with conflict affecting strategic infrastructure and disrupting key shipping routes
and production, translating geopolitical developments into direct market impact.
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Management review
The rapid expansion of US LNG export capacity is accelerating the integration of global gas markets, connecting North American supply with
European and Asian demand in ways that are progressively rewriting regional price dynamics. For an active trading business with presence across
these markets, this integration creates opportunity - in arbitrage, in flow optimization, and in serving counterparties navigating an increasingly
interconnected system.
Across Asia-Pacific, the markets in which InCommodities operates - Australia and Japan - are among the most developed and liberalized in the
region, undergoing significant structural change: accelerating electrification, rising renewables penetration, and growing exposure to global LNG
price dynamics. These are markets where sophisticated trading and active price formation play an increasingly important role, and where the
capabilities we have built in Europe translate directly.
Beyond our current footprint, we continue to monitor liberalising markets where InCommodities can support the development of efficient, well-
functioning energy systems.
Electricity as strategic infrastructure
Beneath these regional differences, a deeper structural shift is taking place across the global energy system.
Electrification is accelerating, and with it, the complexity of energy systems. Industrial transformation, economic development in emerging
markets, and the rapid growth of digital infrastructure - driven in large part by AI and data centers - are fundamentally reshaping power demand.
Electricity consumption is rising at its fastest rate in over a decade and shows no signs of slowing.
Electricity is therefore becoming more than a traded commodity. It is increasingly a form of strategic infrastructure, shaping industrial
competitiveness and economic development.
As power systems become more electrified and interconnected, local disruptions can generate broader pricing effects across regions and markets.
Increasingly, it is grid capacity - not generation - that is becoming the binding constraint. This reinforces the importance of dispatchable capacity,
storage, grid reinforcement, and system-wide flexibility.
InCommodities' strategy is built around this reality - combining technology, market insight, and global presence to navigate complexity and
support efficient energy markets across regions. With strengthened capabilities and a locally anchored, autonomous operating model following the
investments made in 2025, InCommodities enters 2026 with a platform better positioned to capture opportunities as market conditions evolve.
United States and Asia-Pacific - divergence in structural positioning
Not all energy markets face the same pressures, and that divergence is itself a defining feature of the global landscape in 2026.
The United States enters 2026 from a position of structural advantage. Domestic resource abundance, aligned energy and industrial policy, and
sustained capital deployment have created a price environment that is attracting manufacturing investment and reshaping global supply chains.
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Yes
Consolidated income statement
for the year ended 31 December
In thousands EUR
Notes
3
4
5
4, 6
4, 6
7
-24,309
-44,266
-669
-605
-158,514
-28,754
-4,734
Other external expenses
-12,567
-37,143
-16,851
-44,807
Other operating income
2025
2024
Fair value adjustments of financial and physical energy contracts
Revenue from contracts with customers
Cost of sales
Gross profit
-209,908
Net profit for the year
Total net profit for the period is attributable to the owners of
Incomas Holding ApS
Staff costs
Depreciation
Operating profit before financial income and expenses (EBIT)
Financial income
Financial expenses
Profit before tax (EBT)
Tax on profit for the year
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Yes
Consolidated statement of comprehensive income
for the year ended 31 December
In thousands EUR
Notes
Other comprehensive income
Items that may be reclassified to profit or loss
2024
-232
Total comprehensive income for the period is attributable to the owners of Incomas
Holding ApS
Exchange differences on translation of foreign operations
Other comprehensive income
2025
Profit for the year
-5,549
-5,549
Total comprehensive income for the period
Other comprehensive income for the period, net of tax
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Yes
Consolidated balance sheet
as at 31 December
In thousands EUR
Notes
10
9
14
11
12
13
8
15
16
15
14
Assets
Other receivables
Current assets
Trade receivables
Unlisted securities
Non-current assets
Land and buildings
Right-of-use assets
2025
2024
Total non-current assets
Total assets
Asset investments
Cash and cash equivalents
Total current assets
Derivatives
Prepayments
Deposits relating to trading
Corporation tax
Investment in associates
Inventories
Deposits
Deffered tax asset
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Yes
Consolidated balance sheet
as at 31 December
In thousands EUR
Notes
22
19
9
9
16
16
15
16
16
Total liabilities
Total liabilities and equity
Credit instiutions
Trade payables
Derivatives
Corporation tax
Other payables
Total current liabilities
Deposits relating to trading
Total non-current liabilities
Current liabilities
Lease liabilities
Total equity
Liabilities
Non-current liabilities
Provisions
Lease liabilities
Share premium account
Reserve for exchange rate adjustments
-4,952
Retained earnings
Proposed dividend for the year
2025
2024
Equity
Share capital
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Yes
Consolidated statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2025
Cash capital increase
Transfer from share premium account
Purchase of treasury shares
Share-based payments
Tax on share-based payments
Ordinary dividends paid
Extraordinary dividends paid
Proposed dividend for the year
As at 31 December 2025
Profit for the period
-5,549
Exchange adjustments
Other comprehensive income
Total comprehensive income
-5,549
Transactions with owners in their capacity as
owners
-5,549
Total Equity
Share capital
Share premium
account
Reserve for exchange
rate adjustments
Retained earnings
Proposed dividend for
the year
-4,952
-40,000
-40,000
-339
-339
-24,135
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Yes
Consolidated statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2024
Profit for the period
Exchange adjustments
Other comprehensive income
Cash Capital Increase
Transfer from share premium account
Purchase of treasury shares
Share-based payments
Tax on Share-based payments
Extraordinary dividends paid
Proposed dividend for the year
As at 31 December 2024
Total comprehensive income
Transactions with owners in their
capacity as owners
-40,000
-175,000
-175,000
-735
-735
-1,355
-232
-232
Share capital
Share premium
account
Reserve for exchange
rate adjustments
Retained earnings
Proposed dividend for the
year
Total Equity
-1,191
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Yes
Consolidated statement of cash flows
for the year ended 31 December
In thousands EUR
Notes
20
20
20
20
20
New leases
0
Purchase of treasury shares
-339
0
Other long-term debt payment
Cash and cash equivalents at end of year
Investment in associates
-690
Net increase in cash and cash equivalents
Lease payments
Dividends paid to company's shareholders
-40,000
Net cash outflow from financing activities
Cash capital increase
Net cash outflow from investing activities
Cash flows from financing activities
Change of loans from credit institutions
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
-3,162
Cash flows from investing activities
Payment for fixed assets etc.
Current investment assets
2025
2024
Cash flows from operating activities
-14,098
-32,918
Financial expenses paid
Corporation tax paid
Financial income received
Net cash inflow from operating activities
-51,783
Net profit for the year
Adjustments
Changes in net working capital
-15,510
-11,006
-8,348
-33,301
-43,078
-578
-175,000
-167,696
-3,417
-6,322
-10,429
-413
25/79
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Accounting policies
Note 2 Critical estimates and judgements Critical estimates, judgements
Note 3 Revenue from contracts with customers Revenue
Note 4 Fair value adjustments Fair value adjustments
Note 5 Staff costs Staff costs
Note 6 Financial income and expenses Note 6-8
Note 7 Income tax expense Leases
Note 8 Deferred tax Cash and Cash equivalents
Note 9 Leases Fair value
Note 10 Property, plant and equipment Fin. assets and fin. liab.
Note 11 Investment in associates Financial risk management
Note 12 Inventories Provisions
Note 13 Trade receivables Offsetting fin. assets fin. li
Note 14 Cash and cash equivalents Cash flow specifications
Note 15 Fair value Share capital
Note 16 Financial assets and financial liabilities Contingent liabilities
Note 17 Deferred Day-1 profit or loss reserves Related party transactions
Note 18 Financial risk management Fee to auditors
Note 19 Provisions Income tax expense
Note 20 Offsetting financial assets and financial liabilities
Note 21 Cash flow specifications
Note 22 Share capital
Note 23 Capital management
Note 24 Contingent liabilities and commitments
Note 25 Related party transactions
Note 26 Interests in other entities
Note 27 Fee to auditors appointed at the general meeting
Note 28 Subsequent events
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Yes
Accounting policies
Note 1 Summary of significant accounting policies
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to
direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.
They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
The consolidated financial statements of Incomas Holding ApS ('the Group') for the year ended 31 December 2025 were
authorised for issue in accordance with a resolution of the directors on 28 May 2026.
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU as well as additional the Danish disclosure requirements applying to entities of reporting
class C for large enterprises.
The consolidated financial statements have been prepared on a historical cost basis, except for the following financial assets and
liabilities, which are measured at fair value.
• Contracts for sale and purchase of gas, power and capacities which are not entered into for the Group's own use.
• Derivative financial instruments.
The consolidated financial statements are presented in Euro (EUR) and all values are rounded to the nearest thousand, except
when otherwise indicated.
New standards and interpretations and not yet adopted
Principles of consolidation
The IASB has issued a number of new standards and amendments that are not yet effective and have not been applied in these
financial statements. The following standards are considered relevant to the Group:
• Amendments to IFRS 7 and IFRS 9 regarding classification and measure-ment of financial instruments and contracts
referencing nature-depend-ent electricity (effective 1 January 2026)
• Annual improvements to IFRS standards (effective 1 January 2026)
• IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
• IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)
• Amendments to IAS 21 relating to translation in hyperinflationary econo-mies (effective 1 January 2027)
The Group is currently assessing the impact of these standards and amendments but does not expect them to have a material
effect on its financial statements.
Correction of comparatives
There have been a correction to the comparatives figures regarding the trade receivables, other receivables, deposits related to
trading, cash and cash equivalents and trade payables.
The correction in accounting treatment has been accounted for retrospectively and comparative information has been restated.
The change has no effect on the statement of comprehensive income or equity.
27/79
0
Accounting policies
Note 1 Summary of significant accounting policies
Derivative financial instruments
Derivative financial instruments are initially recognised in the balance sheet at fair value and are subsequently remeasured at
their fair values. Positive and negative fair values of derivative financial instruments which are not settled at year end are
classified as ”Derivates", respectively. The fair values of derivative financial instruments which are settled at year end are
classified as ”Cash at bank” and ”Credit institutions”, respectively. Derivative financial instruments with positive fair values are
offset against derivative financial instruments with negative fair values when settled on a net basis.
Contracts for the delivery of power and gas are classified as derivative financial instruments when there is a practice of net
settlement in respect of similar contracts, including offsetting contracts before delivery.
Revenue is recognised when control of the power is transferred to the buyer simultaneously with fulfilment of the related
services, that being when the power is delivered. The Group's power sales & energy-related services are considered a series of
identical goods and services that are transferred over time and revenue is recognised at the amount to which the Group is
entitled.
Cost of sales
Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative
financial instrument is designated and qualify as hedge accounting.
Income Statement
Purchases of physical wind power from wind farms are included and accrued in full after delivery.
Rental income is recognised on a straight line basis over the rental period.
Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.
Revenue from contracts with customers
Revenue from the sale of power and energy-related services comprises consumption balancing as well as the sale of power
sourced from wind farms and related services in terms of e.g. production management and balancing. The Group considers
whether it is acting as principal or agent, based on whether it holds the main risks and controls the power and services delivered
before transferring it to the counterparty.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of the Group are measured using the currency of the primary economic environment
in which the Group operates (‘the functional currency’). The consolidated financial statements are presented in Euro (EUR),
which is the Group’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of
monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or
loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation.
The results and financial position of foreign operations that have a functional currency different from Euro are translated into
Euro as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
- income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average
exchange rates, and
- all resulting exchange differences are recognised in other comprehensive income.
28/79
Note 1 Summary of significant accounting policies
A number of employees have been granted equity-settled warrants. Issued warrants become exercisable after a certain period of
time or upon an earlier exit event subject to the employee still being employed at the exercise date. The grant date fair value is
recognized as a compensation expense over the vesting period with a corresponding entry to equity.
Financial income and expenses
Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group.
Other operating income and expenses
Financial income and expenses comprise interest income and interest expenses, realized and unrealized exchange rate
adjustments, fair value adjustment of current asset investments as well as interest on extra payments and repayment under the
on-account taxation scheme and interest in respect of lease liabilities.
Other financial income primarily comprises realized gains on exchange forward derivatives as well as interest income.
Other financial expenses primarily comprise realized and unrealized exchange rate adjustments as well as interest expenses.
Other external expenses comprise expenses for premises, marketing, office expenses etc.
Staff costs
Staff expenses comprise direct wages and salaries, pension contributions, social security contributions, sick leave, bonuses, and
share-based payments which are recognized in the year in which the associated services are rendered by employees of the Group.
Employee benefits - Pensions
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.
The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an
asset to the extent that a cash refund or a reduction in the future payments is available
Share-based payments
Fair value adjustments of financial and physical energy contracts
The Group routinely enters into exchange traded sale and purchase transactions for physical delivery of energy commodities. A
considerable part of these transactions for physical delivery of a non-financial item are considered within the scope of IFRS 9 due
to the fact that the Group has a practice of entering into offsetting contracts before the delivery date. Consequently, they are
measured at fair value on initial recognition and subsequently measured at fair value through profit and loss.
For contracts whose fair value cannot be determined solely based on observable market data, any difference between the
transaction price and transaction date fair value determined by applying a valuation model is deferred and recognized over the
term of the contract.
A portion of the sale and purchase transactions for physical delivery of energy commodities takes the form of contracts that were
entered into and continue to be held for the purpose of receipt or delivery of the physical commodity in accordance with the
Group’s expected sale, purchase or usage requirements (“own use”) and are not within the scope of IFRS 9. The assessment of
whether a contract is deemed to be “own use” is based on the nature of the contract as well as facts and circumstances of how the
contract is included in the Group's activities.
Other external expenses
29/79
Note 1 Summary of significant accounting policies
Tax on profit/loss for the year
The income tax expense or credit for the period is the tax payable on the taxable income of the current period, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Group generate taxable income. The management periodically evaluates positions
taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either
based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution
of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial statements. A deferred income tax asset or liability
is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are
expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
The Group leases properties. Property contracts are typically made for 1 to 5 years but may have extension and termination
options.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of fixed payments (including in-substance fixed payments); any variable lease payment that are based on an index or a rate,
initially measured using the index or rate as at the commencement date and the exercise price of a purchase option if the Group is
reasonably certain to exercise that option. Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease or lessee’s incremental borrowing rate if the
implicit interest rate cannot be readily determined.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Balance sheet
Leases
Right-of-use assets are measured at cost which comprises the amount of the initial measurement of lease liability; any initial
direct costs; the estimated restoration costs and any lease payments made at or before the commencement date less any lease
incentives received.
Land and buildings
Land and buildings are measured at cost less accumulated depreciation and less any accumulated impairment losses.
Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for
use.
The fixed assets’ residual values are determined at nil.
30/79
Note 1 Summary of significant accounting policies
Fixed asset investments
Fixed asset investments consist of deposits from leasehold.
Inventories
Inventories comprise gas used for trading. Inventories are measured at the lower of cost under the FIFO method adjusted for
gains and losses from hedging instruments and net realizable value. The net realizable value of inventories is calculated at the
amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling
expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling
price.
Trade receivables
Trade receivables are amounts due from power and gas sold as part of the ordinary course of business. Trade receivables are
recognized initially at the amount of consideration that is unconditional. The Group holds the trade receivable with the objective
of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest
method, less allowance for life-time expected losses. The Group applies the IFRS 9 simplified approach to measuring expected
credit losses which uses a lifetime expected loss for all trade receivables.
Unlisted securities
Unlisted securities, which consists of unlisted equity securities, are measured at their fair values at the balance sheet date.
The fair value is the price at which the equity securities could be traded between knowledgeable and willing parties on arm's
length terms on the balance sheet date. Determining fair value involves significant accounting estimates. The fair value is
estimated to be equal to the cost price as of 31 December 2025.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of
amounts previously written down are recognized as a reduction of costs against the same line item.
Derivatives
When derivatives do not meet the hedge accounting criteria, they are primarily classified as ‘held for trading’ for accounting
purpose and initially recognised, and subsequently measured at fair value through profit and loss and recognised in the balance
sheet as ‘derivatives ”. Derivatives that are held for trading are classified as current assets and liabilities regardless of their
maturity date. The Group does not apply any type of hedge accounting in the financial statements. Derivatives are categorised by
means of shared risk and underlying commodity.
The Group routinely enters into sale and purchase transactions for physical delivery of energy commodities. A considerable part
of these transactions for physical delivery of a nonfinancial item is considered within the scope of IFRS 9 since the contracts are
net settled, and they are consequently accounted for as derivatives measured at fair value through profit and loss.
31/79
Acco
Note 1 Summary of significant accounting policies
Deposits related to trading are measured at amortised cost. They are generally due for settlement within one year and are
therefore all classified as current.
Deposits relating to trading
The Group uses various valuation techniques to measure the fair value of financial instruments that are not traded in an active
market. Differences may arise between the fair value at initial recognition and the amount determined at initial recognition using
the valuation techniques. Any such gains or losses are deferred and recognised in the income statement over the delivery period
of underlying contracts.
Deferred Day-1 proft or loss
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit
or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable
that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there
is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for
liquidity services and amortized over the period of the facility to which it relates.
Equity reserves
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax, from the proceeds.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the
entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Payments of dividends
are subject to debt covenants.
Other receivables
Other receivables consist of deposits related to trading, receivable VAT and miscellaneous receivables. Other receivables are
measured at amortized cost. Deposits represent the amount of cash required for trading positions with certain counterparties.
Prepayments
Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.
Corporation tax and deferred tax
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary
differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and
where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the
entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the
liability simultaneously.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in
equity, respectively.
Borrowings
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Note 1 Summary of significant accounting policies
0
Accounting policies
Cash flows from operating activities
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and
non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises
current assets less short-term debt excluding items included in cash and cash equivalents.
Cash flows from investing activities
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and
equipment as well as fixed asset investments.
Cash flows from financing activities
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to
and from shareholders.
Profit before financial x 100
Total assets
Equity at year end x 100
Total assets at year end
Return on eguity
Net profit for the year x 100
Average equity
Cash and cash equivalents
Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”.
The cash flow statement cannot be immediately derived from the published financial records.
Financial Highlights
Explanation of financial ratios
Return of assets
Solvency ratio
Cash Flow Statement
The cash flow statement shows the Group's cash flows for the year broken down by operating, investing and financing activities,
changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the
year.
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Yes
Critical estimates, judgements
Note 2
Critical estimates and judgements
Management uses significant judgement when determining whether the Group acts as a broker-trader. In this assessement,
management takes into consideration both characteristics of the sales contracts entered into, the frequency and volumes of gas
trading and the strategic use of the gas trading inventory. Evaluating all the facts and circumstances relating to the gas trading
inventories, the Group does not act as a broker-trader and gas trading inventories are consequently measured at historic cost.
The carrying amount of gas trading inventory as per the balance sheet date amount to TEUR 128,886 (2024: 69,061).
Estimates
Valuation of derivatives and commodity contracts not entered into for the Group's own use
In some cases, the fair values of derivatives are estimated using internal models due to the absence of quoted prices or other
observable, market-corroborated data. This primarily applies to the Group’s longer-term, structured derivative contracts or
contracts in illiquid markets. The majority of these contracts are valued using models with inputs that include price curves for
each of the different products. These price curves are built up from available active market pricing data including volatility and
correlation and modelled using the maximum available market-derived information. Additionally, when limited data exist for
certain products or market areas, prices are determined using historical and long-term pricing relationships. The use of
alternative estimates or valuation methodologies may result in significantly different values for these derivatives. The Group also
trades capacities for which no active market exists hence the price is estimated. The estimate is based on the future spreads
between the given market areas, which may result in different values for these derivatives.
The carrying amount of derivatives and commodity contracts as per the balance sheet date Amount to TEUR 33,567(2024: -
35,180).
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the Group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are
more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each
of these estimates and judgements is included in other notes together with information about the basis of calculation for each
affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments this
year as a result of an error and of changes to previous estimates.
Judgements
Measurement of gas trading inventory
Determining the measurement method of gas trading inventories require management to make judgements.
Presentation of revenue
Whether to account for transactions from sales of power and energy-related services gross or net under IFRS 15 involves the use
of significant accounting judgement. In making the judgement the Group has considered whether it controls the power volumes
prior to onwards sales to the counterparty. When the Group directs the use of the volumes, holds the balancing risk and the
Group receives all benefits from the sales of power, the Group is considered the principal in the sale of power and energy-related
services, why the revenue is presented gross.
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Yes
Staff costs
Note 3 Revenue from contracts with customers
In thousands EUR
The Group's revenue is derived from contracts with customers located in Continental Europe.
The Group has no material remaining performance obligations at the balance sheet date for which disclosure is required. The
Group’s customer contracts are generally short-term or invoiced in line with the value delivered to the customer.
207,308
152,264
Sales of power and energy-related services
207,291
152,238
2025
2024
Rental income
17
26
35/79
Yes
Note 4 Fair value adjustments
Fair Value adjustments
Gains and losses arising from trading with energy commodity derivatives including futures, options, swaps and certain forward
sales and purchases are excluded from revenue and presented separately. Likewise, energy commodity contracts with physical
delivery with a past practice of settlement of contracts in net cash or other financial instruments are also to be excluded from
revenue since these energy commodity contracts and treated considered within the scope of IFRS 9 Financial instruments.
Given the nature of the Group's business model and contracts with counterparties all gains and losses arising from trading with
energy commodity derivatives are accounted for using IFRS 9 Financial instruments.
Other gains and losses arising from financial assets and financial liabilities measured at fair value are disclosed in accordance
with IFRS 7 in note 6.
36/79
Yes
Staff costs
Note 5 Staff costs
In thousands EUR
In thousands EUR
In thousands EUR
495
2024
Remuneration to the Executive Board and Board of Directors have not been disclosed for 2025 in accordance with section 98
B(3) of the Danish Financial Statements Act.
483
886
403
0
20
1
1
425
Share-based payments
Pension cost, defiend contribution plans
Other social security costs
Other staff costs
Wages and salaries
0
0
0
Executive
Board
Board of
Directors
Others
Total
0
0
7
27
1
2
0
0
1
2
0
492
917
Total
468
Wages and salaries
44,807
37,143
Average number of employees
Wages and salaries, pension contributions and other social security costs are considered to be short-term employee benefits.
Key management personnel compensation
Key management personnel (Others) consists of the Board of Directors and the Executive Board. The compensation paid or
payables to key management personnel for employee services is shown below:
2025
2025
2024
Wages and salaries
35,143
32,262
1,501
629
320
5,178
Share-based payments
Pension cost, defiend contribution plans
2,665
1,634
Other social security costs
106
2,512
Other staff costs
Share-based payments
0
Pension cost, defiend contribution plans
Other social security costs
2
Other staff costs
1
24
37/79
Note 5 Staff costs
Number of shares
Warrant program
To motivate and retain certain employees, the Group has established a warrant program. 65,959 warrants were granted in March
2025 and 7,215 was forfeited. Warrants vest within 3-4 years from the grant date.
Vesting requirements of the warrants are based on non-terminated employment at maturity or upon an exit event.
The fair value of the warrants have been determined based on a Black-Scholes option pricing model with data input from
historical share prices of a peer group.
Key input in the Black-Scholes option pricing model includes excercise prices in a range of DKK 375-1,572 and volatility of 40%
Granted during the period
Forfeited during the period
-7,215
-6,490
Exercised during the period
0
0
65,959
35,475
0
-4,510
159,934
105,700
3
3
Expired during the period
Outstanding at the end of the period
Weighted-average reming contractual life, years
Vested and exercisable at 31 December
12,563
-
2025
2024
Outstanding at the beginning of the period
105,700
76,715
The fair value of warrants granted in 2025 amount to tEUR 4,325 (2024: tEUR 2,638). No key management personnel are
included in the warrant program. The employees that have been given warrants have the option to buy the predefined amount of
shares at a predefined value.
Share-based payment
38/79
Yes
Note 6 Financial income and expenses
In thousands EUR
32
8,888
13,244
6,590
28,754
11,977
3,965
44,266
Fair value adjustments, investment assets
56,764
16,991
27,940
13,869
44,207
103,548
Other financial income
Total financial income
Financial expenses
Interest on lease liabilities
Currency exchanges losses
Fair value adjustments, investment assets
Other financial expenses
Total financial expenses
31
28,293
2025
2024
Financial income
Currency exchanges gains
2,398
29,793
39/79
Note 7 Income tax expense
In thousands EUR
In thousands EUR
27,108
22%
-0.8%
602
0.5%
-4,194
24,309
19.7%
The Incomas Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were
implemented in Denmark in 2023 with effect from 1 January 2024. The Pillar II rules are, however, not expected to have a
material impact on the tax position of the Incomas Group in 2025.
The Incomas Group has applied the temporary exception issued by the International Accounting Standard Board (IASB) in May
2023 from the accounting requirements for deferred taxes in IAS 12. Accordingly, the Group neither recognized nor discloses
information about deferred tax assets and liabilities related to Pillar II income taxes.
673
0.5%
Current tax
28,503
2025
2024
Current tax on profits for the year
7,851
Income tax expense
4,734
23.2%
Other timing differences
Non-deductible expenses
73
0.4%
Adjustments for current tax of prior periods
-108
-0.5%
Tax effects of amounts which are not deductible (taxable) in
calculating taxable income:
2025
4,483
%
120
0.1%
-3.4%
452
2.2%
2024
%
Deferred tax
-3,009
0
22%
Adjustments for current tax of prior periods
Income tax expense
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2024: 22%)
Less tax in foreign operations in relation to the Danish tax
rate of 22% rate (2024: 22%)
-166
-108
-4,194
4,734
24,309
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Note 8 Deferred tax
In thousands EUR
The items are recognised in the balance sheet as follows:
Deferred tax assets comprise tax losses carried forward that are ring‑fenced by source.
Total
3,009-
-
Deferred tax af 31 December
3,009-
-
Deferred tax asset
3,009-
-
2025
2024
Deferred tax at 1 January
-
-
Deferred tax recognised in profit for the year
3,009-
-
41/79
Yes
Leases
Note 9 Leases
In thousands EUR
Non-current
1,056
131
1,790
347
Lease liabilities
Current
734
216
The balance sheet shows the following amounts relating to leases:
1,856
0
Right-of-use assets
Properties
1,777
333
Additions to the right-of-use assets
2025
2024
Amounts recognised in the balance sheet
1,777
333
444
640
31
4
32
0
Expense relating to short-term
Total cash outlow for leases
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
Depreciation charge of right-of-use assets
Properties
Interest expense on lease liabilities
605
412
412
605
42/79
Yes
Note 10 Property, plant and equipment
In thousands EUR
Note 11 Investment in associates
In thousands EUR
Name of entity Place of registered office Share capital Votes and ownership
550
679
Depreciation for the year
Carrying amount at 31 December
803
0
253
253
Cost at 1 January
Additions
Disposals
Cost at 31 December
Depreciation and impairment losses at 1 January
Depreciation and impairment losses at 31 December
Land and
buildings
124
0
Investments in associates are specified as follows:
LC Energia 19 SP. Z O.O.
Rzeszów
TPLN 2,888
50%
0
Carrying amount at 31 December
690
Other equity movements, net
0
0
Value adjustments at 31 December
0
0
Net profit/loss for the year
0
0
Value adjustments at 1 January
0
0
Cost at 31 December
690
0
Additions for the year
690
0
2025
2024
Cost at 1 January
0
0
43/79
Yes
Note 12 Inventories
In thousands EUR
Amounts recognised in profit and loss
Note 13 Trade receivables
In thousands EUR
Due to the short-term nature of the current receivables, the carrying amount is considered to be the same as the fair value.
Refer to note 17 for a description of the expected credit losses and risks regarding trade receivables.
Trade receivables from contracts
Loss allowance
0
0
128,886
69,061
Gas storage
Land held for resale
450
2024
2025
Inventories recognised as an expense during 2025 amounted to TEUR 1,700,133 (2024 TEUR: 798,027). These were included in
Fair value adjustment of financial and physical energy contracts.
Write-downs of inventories to net realisable value amounted to TEUR 8,109 (2024: TEUR 0). These were recognised as an
expense during the year ended 31 December 2025 and included in cost of sales in the statement of profit or loss.
449
129,336
69,510
106,745
179,536
2024
2025
106,745
179,536
44/79
Note 14 Cash and cash equivalents
In thousands EUR
Cash and cash equivalents at 31 December
360,226
348,084
Counterparty deposits which can be released with af short timeframe
69,619
78,428
Derivatives and commodity contracts presented as cash
7,720
26,310
Cash at bank
282,887
243,346
2025
2024
45/79
Yes
Note 15 Fair value
Level 3
Inputs for the asset or liability that are not based on observable market data. Non-listed shares and other securities fall within
level 3 of the fair value hierarchy.
Exchange-traded derivatives as well as foreign exchange contracts are valued using closing prices provided by the exchanges at
the balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange-traded derivatives are
typically considered settled through the payment or receipt of variation margin.
Over-the-counter (OTC) financial swaps and physical commodity sale and purchase contracts including commodity forwards are
generally valued using readily available information in the public markets and if necessary, quotations provided by brokers and
price index developers. These quotes are corroborated with market data and are predominately categorized within level 2 of the
fair value hierarchy.
Derivative financial instruments in the Group mainly consist of commodity derivatives that are traded as part of the Group’s
ordinary business activity.
The Group measures the following financial assets and liabilities at fair value:
● Power derivatives
● Gas derivatives
● Foreign currency derivatives
● Unlisted securities
● Asset investments
Fair value hierarchy
This section explains estimates made in determining the fair value of the financial instruments that are recognized and measured
at fair value through profit and loss in the financial statements. To provide an indication about the reliability of the inputs used in
determining fair value, the Group has classified its financial instruments into three levels prescribed under the accounting
standards.
Level 1
Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices). To a large extent level 2 is based on observable quoted prices, however in some instances
forward prices are not observable. In these situations the most liquid forward curves are used to derive a spread to the specific
location. For options theoretical pricing models with implied volatilities are used to calculate market prices.
These valuation techniques maximise the use of observable market data where it is avaliable and rely as little as possible on entity
specific estimates. If all significant inputs required to calculate the fair value of an instrument are observable, the instrument is
included in Level 2;
46/79
Yes
Note 15 Fair value
Fair value hierarchy
In thousands EUR
Total
33,036
22,345
0
55,381
Asset investments
306,213
0
0
306,213
Total
0
0
0
0
7,833
7,833
0
0
Power derivatives
Gas derivatives
25,203
22,345
0
47,548
Foreign currency derivatives
Power derivatives
0
20,201
0
20,201
Financial liabilities
0
0
Gas derivatives
0
0
0
0
0
0
306,213
20,201
3,051
Financial liabilities
329,465
Foreign currency derivatives
Power derivatives
10,702
0
0
10,702
Gas derivatives
4,523
0
10,906
15,429
Total
2024
Financial assets
5,835
3,051
379,278
204
4,523
0
4,727
Valuation processes/techniques
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measue fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
The valuation process of the derivatives includes different inputs based on external information to the extent possible and the
final valuation is verified and approved by the risk management function. Benchmark and pricing services are used to verify
valuations and increase data quality.
The below table sets out the fair value hierarchy for assets and liabilities measured at fair value in the balance sheet:
Level 1
Level 2
Level 3
Total
2025
The valuation process of the unlisted securities includes inputs based on internal performance indicators or the latest trading
price, if deemed applicable. As the acquisitions were made close to the balance sheet date and the transactions were made
between well informed and willing parties on independent terms, the transaction price is estimated to be equal to the fair value as
of 31 December 2025.
Financial assets
3,170
6,726
0
2,279
Power derivatives
Gas derivatives
39,991
0
0
39,991
Foreign currency derivatives
3,556
0
0
2,279
Unlisted securities
0
0
3,051
3,051
Unlisted securities
0
0
3,051
3,051
Asset investments
327,231
0
0
327,231
Foreign currency derivatives
0
0
0
0
Total
370,392
47/79
Yes
Note 15 Fair value
Level 3 financial instruments
The reconciliation of the Level 3 fair value measurements during the year is as follows:
In thousands EUR
Transfers from level 2
0
0
Unlisted
securities
Total
At 1 January 2024
3,051
3,051
0
0
Acquisitions
0
0
Transfers from level 2
Acquisitions
0
0
0
0
At 31 December 2024
3,051
3,051
Disposals
Losses recognised in other comprehensive income
Gains recognised in other comprehensive income
At 31 December 2025
3,051
3,051
0
0
0
0
0
0
0
0
Disposals
Losses recognised in other comprehensive income
Gains recognised in other comprehensive income
At 1 January 2025
3,051
3,051
0
0
48/79
Yes
Note 16 Financial assets and financial liabilities
In thousands EUR
227,342
178,595
6,526
347
211,913
123,214
120,084
1,790
14,810
16,779
15,429
55,381
Due to the short-term nature of the financial liabilities measured at amortised cost, their carrying amount is considered to be the same as their fair
value. The Group's exposure to various risks associated with the financial instruments is discussed in note 16.
Lease liabilties
Other payables
Financial liabilities
Financial liabilities at amortised cost
Trade payables
60,309
63,652
Credit institutions
Financial assets
979,645
981,235
Due to the short-term nature of the financial assets measured at amortised cost, their carrying amount is considered to be the same as their fair value.
Financial Liablities
Financial liabilities measured at fair vaule through proft and loss
Derivatives and commodity contracts
15,429
55,381
28,680
Other receivables
Cash and cash equivalents
Prepayments
3,992
70
Corporation tax
4,503
0
Asset investments
327,231
306,213
383,947
352,724
The Group holds the following financial instruments:
2024
2025
Financial assets
7,720
26,310
Financial assets measured at fair value through proft and loss
Derivatives and commodity contracts
48,996
20,201
Derivatives and commodity contracts (cash and cash equivalents)
Deposits
14,920
35,910
Financial assets measured at fair value through other comprehensive income
Unlisted securities
3,051
3,051
3,051
3,051
106,745
7,423
352,506
321,774
592,647
625,460
Financial assets measured at amortised cost
Deposits
117,478
137,714
Trade receivables
179,536
49/79
0
Note 16 Financial assets and financial liabilities
In thousands EUR
The nature of the Group's borrowings are primarily credit line facilities, which can be used to borrow cash or to provide guarantees or letter of credit
to counterparts. The maturites of the credit line facilities are flexible and are based on variable interest rates.
120,084
0
0
120,084
120,084
6,526
0
6,526
For the borrowings, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either
close to current market rates or the borrowings are of a short-term nature.
Credit institutions
0
6,526
Current
Non-current
Total
Current
Non-current
Total
Borrowings
2025
2024
120,084
6,526
50/79
Yes
Note 17 Deferred Day-1 profit or loss reserves
In thousands EUR
For new transactions in In Commodities' trading units, in which the valuation technique used to measure fair value requires significant inputs that
are not based on observable market data, the financial instrument is initially recognised at the transaction price and subsequently measured at fair
value. Refer to note 14 for further comments on fair value measurements.
Profit/loss recognised in the income statement
-
-
Reserve balance at 31 December
5,757
-
Reserve balance at 1 January
-
-
Profit/loss deferred on new transactions
5,757
-
Financial assets
2024
2025
51/
Yes
Financial risk management
Note 18 Financial risk management
In thousands EUR
Gas at 31 December
Certificates at 31 December
2,430
0
The Group’s principal financial liabilities, comprise loans and borrowings, and trade and other payables. The main purpose of these
financial liabilities is to finance the Group’s operations. The Group's principal financial assets include trade receivables, and cash
and cash equivalents.
The Group is exposed to market risk, credit risk, liquidity risk.
Market risk
Market risk is the risk of losses or gains caused by changes in the market value of the Group’s financial assets and liabilities
resulting from changes in market prices or rates. Market risk affects the Group’s consolidated financial statement through the
valuation of the Group’s financial instruments.
Commodity price risk
Commodity price risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
underlying commodity prices. The Group's exposure to the risk of changes in commodity prices and volumes relates to the trading
performed by the Group in gas and power.
Pre-Trade Risk Limits: The pre-trade risk limits are set and administrated at several levels of the Group to operationalize and
mitigate the market risk:
968
5,812
112
1,442
1. Board of Directors: At the board level an overall risk appetite is defined. The risk level is defined in terms of 1% daily VaR and 1%
monthly VaR. As such the board of directors (BoD) allows that, the Group loses up to the daily (monthly) VaR level 1% of the days
(months). If the VaR limits are breached the BoD must be informed. Limits at this level are primarily determined based on the
Group's solidity and risk appetite of the owners.
2. Founding Partners: The founding partners set the 1% VaR limits for each department under consideration of the VaR limits
specified by the BoD. If the VaR limit is breached the BoD must be informed. Limits at this level are primarily determined based on
the experience of the teams, clearing arrangements, exchange arrangements and market risk. The founding partners are also
responsible for distributing limits for larger “one off” events like capacity auctions.
3. Head of Trading Department and Head of Risk: The practical risk limits formulated in terms of concrete risk mandates are
formulated jointly by the head of the relevant trading unit and the Head of Risk under the considerations of the 1% VaR limits set
by the BoD and the founding partners. These mandates are set at the department level and differentiate between the various
business areas. These can be in the form of VaR, EUR, MW or MWh limits. The mandates must be visual to the entire company.
The mandates can be dynamic in the sense that they can automatically increase or decrease as a function of accumulated GP. Limits
at this level are primarily determined based on the experience of the individuals and the market risk.
Value-at-Risk
The Group is assessing the market risk by measuring the Value-At-Risk (VaR) on an ongoing basis. VaR is a statistical measure that
quantifies the extent of possible financial losses during a certain period of time given normal market conditions. To manage market
risk and collective portfolio exposure, The Board of Directors have set specific limits to the VaR.
VaR is calculated under the assumption of 1-day and 1 month holding periods, 99% confidence and 1-year historical data. A decay
factor is applied, meaning that the influence of historical data decreases with a predefined factor each day, i.e. most recent market
data has the highest weight. Below figures are based on 1-day holding period.
2025
2024
Power at 31 December
52/79
0
Financial risk management
Note 18 Financial risk management
In thousands EUR
The Group manages its risk towards foreign currency by occasionally entering forward contracts on specific currencies to which the
daily commercial business is exposed. However, there is no single currency exposure that is considered material. The majority of
the Group's activities are in EUR as the majority of the activities are performed in market areas where commodity products are
traded in EUR.
Monetary items and sensitivity
1,265
CAD/EUR
20,699
5%
986
Interest rate risk
4,524
5%
215
48
10%
4
CHF/EUR
5,166
CZK/EUR
1,096
3
10%
9
3,144
10%
286
625
10%
57
13,920
NZD/EUR
981
10%
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Group's exposure to foreign currency risk is derived from the Group’s trading activities in which trade
receivables, account payables and derivatives are denominated in a currency other than the functional currency.
2,752
USD/EUR
4,173
-384
GBP/EUR
Potential
change in
exchange rate
Impact on
profit og loss
before tax
Net assets
Potential
change in
exchange rate
DKK/EUR
142,444
15%
18,580
57,800
5%
Net assets
125,446
1%
512
2025
2024
Impact on
profit og loss
before tax
60
7,767
5%
370
5%
199
-8,061
5%
10%
Based on the assessment we set a credit limit on how much EUR exposure we are willing to accept towards the trading counterpart.
Such screening must be performed on all trading counterparts at least annually.
The majority of the Group's trading activities are still performed towards exchanges, TSOs, clearing banks and banks. Such
counterparts are in general low risk counterparts. Thus, the overall credit risk of the Group is considered low.
For more information about the trade receivables please refer to note 10. Please refer to note 16 for more detailed information
about offsetting of financial assets and liabilities.
1,302
10%
118
1,262
5%
1,770
5%
84
0
0%
AUD/EUR
0%
29
10%
JPY/EUR
The exposure to the risk of changes in interest rates relates primarily to interest-bearing assets and liabilities in the Group with a
floating rate. The exposure is not considered material as the Group is primarily financed by its own equity. Please refer to ‘Liquidity
risk’ for an overview of the maturity of the financial liabilities. The majority of the liabilities are maturing within 12 months, while
the risk of material changes in the interest rates is considered low.
6,586
10%
599
Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to
retail customers, including outstanding receivables.
Credit risk is considered very limited due to the limited receivables from individual counterparts and a very low probability of
default for each of the counterparties.
However, the Group is expanding its bilateral trading activities and hence the credit risk increases. When exposed to credit risk
towards a trading counterpart an extensive credit assessment must be performed, which minimum involves:
● Collecting credit and compliance reports through our business-acknowledged external partner
● Profound screening of most recent annual reports
● Getting an overview of ownership structure
1,242
51,693
1%
1%
51
12,061
10%
SGD/EUR
PLN/EUR
101
170
SEK/EUR
0
0
HUF/EUR
-530
1%
-5
1,872
10%
89
0
53/79
0
Financial risk management
Note 18 Financial risk management
The Risk Department is responsible for monitoring the Group's liquidity risk, and most importantly how it would be affected under
various scenarios. As such, the Risk Department must stress-test open power and gas positions where liquidity risk arises. The tool
must take price-correlations into consideration and contain the ability to play around with price-volatilities. Hence, capturing how
the Group's liquidity situation would look e.g. under a worst-case scenario. If a worst-case scenario would cause severe liquidity
stress the Head of Risk must act accordingly to reduce exposure.
A considerable part of the counterparties is covered by standard agreements. Such agreements contain regulations on credit,
payment, and offsetting. This means that the Group is less exposed to credit risk than if trading with fewer or no standardized
terms. The minimal risk and low risk cover TSOs, exchanges, and other A-rated counterparts.
In Commodities assesses that these counterparts carry no or only limited credit risk as they are part of public security of supply or
have high credit ratings. InCommodities carries out an evaluation of the credit risk of all counterparties before trading is
commenced.
Liquidity risk
We consider the current liquidity risk very limited due to the significant amount of cash on account, low debt and limited hedges.
Liquidity risk is a significant element of the risk sphere of the Group. To ensure that the Group always has sufficient liquidity for all
possible future scenarios the Group has a large array of tools at hand and takes a number of measures. These tools and measures
must include:
● Vast buffers set aside in budgets for
● Variation margin
● An extended period of weak performance
● The unknown.
● Liquidity projection (both budget and in operations)
● Daily liquidity monitoring
● Excess cash holding
● Flexible lines with banks
● The ability to scale cash intensive operations down
● Education of key front office employees in liquidity management and risk.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables. However, due to the nature of the Group's business activities, the Group considers its credit risk
related to trade receivables to be immaterial.
No loss allowances were made in 2025 and 2024.
The Group has never realized any losses from counterparties. Trade receivables primarily consist of receivables from commodity
exchanges, clearing houses and TSOs. The Group has made a credit risk assessment of the open financial positions at the balance
sheet date. No provisions were needed as the risk is deemed immaterial.
Trade receivables are written off if there is no reasonable expectation of recovery. Indicators of no reasonable expectation of
recovery include, for example, the failure of a debtor to engage in a repayment plan with the Group or failure to make contractual
payments for a period longer than 90 days past due.
Trade receivables
54/79
0
Financial risk management
Note 18 Financial risk management
At 31 December 2025
At 31 December 2024
0
1,769
1,769
0
1,790
0
0
63,652
16,779
6,526
0
0
6,526
15,429
0
227,342
Other payables
35,910
35,910
Deposits relating to trading
14,920
0
0
14,920
14,920
1,790
Lease liabilities
734
1,056
0
180,364
Derivatives held for trading
55,381
0
0
55,381
55,381
180,233
131
180,364
16,779
0
0
63,652
60,309
60,309
120,084
120,084
60,309
Trade payables
63,652
1,056
0
Maturities of financial liabilities
> 5 years
Corporation tax
Deposits relating to trading
1,769
35,910
0
0
0
15,429
0
Contractual maturities of financial
liabilities
120,084
0
Borrowings
0
0
0
Trade payables
Total
contractual
cash flows
Carrying
amount
16,779
216
131
0
347
6,526
347
Lease liabilities
227,342
Other payables
14,810
0
0
14,810
14,810
Derivatives held for trading
15,429
226,286
Borrowings
The amounts disclosed in the following table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances as the impact of discounting is not significant.
< 1 year
1 - 5 years
55/79
Yes
Cash flow specifications
Note 19 Provisions
In thousands EUR
In thousands EUR
At 1 January 2025
Charged to profit and loss
113
113
Charged to profit and loss
- Additional provisions recognised
- Unused amounts reversed
Amounts used during the year
At 31 December 2024
0
0
0
0
0
0
0
At 31 December 2025
Total
At 1 January 2024
113
113
0
- Unused amounts reversed
0
0
Amounts used during the year
0
0
113
113
The provision to refurbishment of tenancy consist of an obligation to refurbish leased property when the lease contract lapse.
0
0
113
113
0
0
- Additional provisions recognised
113
113
0
113
113
0
Refurbish-
ment of
tenancy
Refurbishment of tenancy
0
113
113
0
Current
Total
113
113
Non-current
Total
Current
Non-current
2025
2024
56/79
Yes
Cash flow specifications
Note 20 Offsetting financial assets and financial liabilities
In thousands EUR
In thousands EUR
Net amounts
presented in
the balance
sheet
Gross amounts
offset in the
balance sheet
Cash
collateral
(received /
pledged)
Gross amounts
Net amount
106,745
155,741
5,525
Effects of offsetting on the balance sheet
Related amounts not offset
25,792
101,530
34,829
95,138
15,429
-9,037
6,392
75,738
60,309
59,496
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where the Group currently has a legally
enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously. The Group has also entered into arrangements that do not meet the criteria for offsetting but still allow for the
related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.
The following table presents the recognised financial instruments that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset. The column ‘net amount’ shows the impact on the Group’s balance sheet if all set-off rights
were exercised.
Effects of offsetting on the balance sheet
Related amounts not offset
Net amounts
presented in
the balance
sheet
Cash
collateral
(received /
pledged)
Net amount
-4,975
101,770
2025
Financial assets
Trade receivables
162,548
Gross amounts
offset in the
balance sheet
Gross amounts
-55,803
2,503,679
-2,488,250
Derivatives held for trading
Total financial liabilities
2,619,791
-2,544,053
Financial liabilities
Trade payables
116,112
-55,803
81,283
Trade payables
51,469
-1,489
49,980
-24,078
25,902
55,381
Total financial liabilities
5,107,675
-5,002,314
105,361
-24,078
234,170
Financial liabilities
5,056,206
-5,000,825
55,381
0
Derivatives held for trading
Total financial assets
5,202,051
-5,002,314
199,737
34,433
34,433
213,969
Trade receivables
Derivatives held for trading
5,021,026
-5,000,825
20,201
0
20,201
2024
Financial assets
181,025
-1,489
179,536
Total financial assets
161,266
2,699,794
-2,544,053
Derivatives held for trading
2,537,246
-2,488,250
48,996
10,500
57/79
Yes
Cash flow specifications
Note 21 Cash flow specifications
In thousands EUR
In thousands EUR
At 1 January 2024
At 31 December 2024
At 31 December 2025
Other changes
Cash flows
0
0
0
0
Cash flows
New leases
Other changes
0
0
347
347
-578
-578
0
0
New leases
0
925
925
120,084
1,790
121,874
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
0
0
120,084
-413
119,671
0
1,856
0
0
Change in trade payables
-66,254
1,249
-43,078
36,739
Changes in net working capital
Change in inventories
-59,826
-1,918
Change in receivables
83,002
37,408
-4,048
1,450
-14,098
-32,918
Depreciations
669
605
Income tax
4,734
24,309
Other adjustments
28,754
44,266
2025
2024
Adjustments
Financial income
-44,207
-103,548
Financial expenses
Borrowings TotalLeases
58/79
Yes
Share capital
Note 22 Share capital
Note 23 Capital management
The Group holds a total of 7,040 shares with a nominal value of EUR 945 corresponding to 0.10% of the total capital.
During 2025, the Group’s strategy, which was unchanged from 2024, was to maintain a debt to equity ratio of 2. The debt to equity
ratio at 31 December 2025 was 0.3 (2024: 0.0). The debt to equity ratio at 31 December 2025 decreased due to the financial
performance of 2025 and thus increase in equity.
In general during 2026 we will increase our debt/equity ratio by onboarding new financial partners. We need to ensure a stronger
gearing of our equity to ensure our future growth. At the moment we are primarily funded by our own equity and that is not
optimal. As we have done historically we pay out dividends to owners when we have sufficient excess cash.
Total dividend paid out for the year
6
25
Total dividend proposed for the year
0
6
The Group’s objectives when managing capital are to:
● safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits
for other stakeholders, and
● maintain an optimal capital structure to reduce the cost of capital.
In March 2026, an extraordinary dividend of TEUR 100,000 was approved in Incomas Holding ApS. The distribution is not
considered to have a material effect on the Group's financial position.
931
2
7,720
Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio: Net debt, as per note
19: Cash flow specifications divided by Total equity, as shown in the balance sheet.
Capital increase
Ordinary shares at 31 December
6,949,755
933
6,932,310
2025
2024
EUR per share
No shares carry any special rights. All shares are fully paid.
17,445
1
The share capital comprises:
Ordinary shares at 1 January
6,932,310
931
6,924,590
930
2025
2024
Nominal
value
Nominal
value
Number of
shares
Number of
shares
59/79
Yes
Contingent liabilities, commitments and contingencies
Note 24 Contingent liabilities and commitments
In thousands EUR
Asset investments of
Deferred tax assets
The group has a deferred tax asset of TEUR 670, which is not recognized in the balance sheet. The tax asset can be attributed to
temporary differences in the tax base and bookvalue of non-current assets and tax losses carried forward that are ring-fenced by
source.
Commitments
As a part of the main activities the Group has entered into contracts with counterparties whereof contractual commitments amount
to TEUR 74,279 (2024: TEUR 122,898). All contracts run between 0-99 months (2024: 0-69 months). Contractual commitments
relates to power and gas derivatives that have been recognized in the balance sheet.
Other contingent liabilities
The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount
of corporation tax recievable to the Group amounts to TEUR 4,503. Moreover, the Danish group companies are jointly and severally
liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent
adjustments of corporation taxes and withholding taxes may increase the Group’s liability.
The Group has entered into rental agreements whereof contractual commitments amount to TEUR 11 (2024: TEUR 156). All
contracts run 1 month (2024: 13 months).
205,951
176,694
2025
2024
Charges and security
The following assets have been placed as security with bankers:
Liquid funds of
133,534
11,150
60/79
Yes
Related party transactions
Note 25 Related party transactions
In thousands EUR
Note 26 Interests in other entities
Name of entity
In Commodities AU Pty Ltd.
In Commodities Asset Management A/S
In Commodities NZ Lmt
New Zealand
100%
0%
-
Dividend paid
26,550
116,456
-
100%
-
100%
100%
-
100%
100%
-
100%
100%
-
-
-
-
100%
-
100%
100%
100%
100%
-
-
100%
-
Incomas Holding ApS has no related parties with control of the Group and no related parties with significant influence other than key
management personnel – mainly in the form of the Board of Directors and the Executive Board.
Information about renumeration to key management personnel has been disclosed in note 5.
Transactions with other related parties
2025
2024
2025
2024
The Group’s principal subsidiaries at 31 December 2025 are set out below. Unless otherwise stated, they have share capital consisting
solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by
the Group. The country of incorporation or registration is also their principal place of business.
Ownership interest held by
the group, %
Ownership interest held by non-
controlling interests, %
Place of business
2025
2024
The following transactions occured with related parties:
Other related parties*
* Other related parties comprise CB Investment Holding ApS, JHO Green Energy ApS, Johanson Capital ApS and LC Energia 19 SP. Z O.O
(associate).
In Commodities JP Godo Kaisha
Tokyo, Japan
In Commodities SG Pte Ltd
Singapore
In Commodities Global ApS
In Commodities US ApS
Aarhus, Denmark
In Commodities US LLC
In Commodities APAC ApS
Aarhus, Denmark
In Commodities A/S
Aarhus, Denmark
Delaware, USA
Aarhus, Denmark
In Commodities PV ApS
Aarhus, Denmark
100%
-
-
100%
100%
-
-
Aarhus, Denmark
100%
100%
-
-
Australia
100%
100%
-
-
-
61/79
Yes
Fee to auditors
Note 27 Fee to auditors appointed at the general meeting
In thousands EUR
Note 28 Subsequent events
After the end of the financial year, no other events have occurred which could significantly affect the Group's financial position.
In March 2026, an extraordinary dividend of TEUR 100,000 was approved in Incomas Holding ApS. The distribution is not
considered to have a material effect on the Group's financial position.
2025
2024
PricewaterhouseCoopers
Audit fee
284
178
Other assurance services
18
48
1,558
847
Tax advisory services
638
340
Other services
618
281
62/79
Yes
Parent company
Yes
Parent income statement
for the year ended 31 December
In thousands EUR
Notes
2
3
4
5
Income from investment in subsidiaries
Staff expenses
-235
-222
Profit/loss before financial income and expenses
-900
-378
Profit/loss before income tax
Financial income
34,328
63,772
Financial expenses
-15,612
-12,528
16,506
112,700
Tax on profit/loss for the year
-865
-13,789
Profit/loss for the year
15,641
98,911
-1,310
61,834
Gross profit/loss
-665
-156
Other operating income
0
142
Other external expenses
-665
-298
2025
2024
64/79
Yes
Parent balance sheet
as at 31 December
In thousands EUR
Notes
6
7
Other investments
8, 9
9
Investment in associates
690
0
Corporation tax
8,358
0
Total fixed asset investment
327,231
84,386
Current asset investment
Cash and cash equivalents
Total receivables
Total current assets
Total assets
1,008,867
507,542
12,394
Other receivables
Deferred tax asset
501,325
579,488
95,925
Fixed assets
Receivables
Receivables from group enterprises
497,584
501,325
579,488
2025
2024
Assets
Fixed asset investment
Investment in subsidiaries
576,437
937,284
3,051
3,051
306,213
39,189
357,796
83,709
11,977
849
417
0
3,009
65/79
Yes
Parent balance sheet
as at 31 December
In thousands EUR
Notes
10
6
204
0
675
559
559
11,354
0
5,531
32
Total equity
887,551
913,596
Provisions
Provisions relating to investments in group enterprises
204
1,008,867
937,284
120,757
0
40,000
Reserve for net revaluation under the equity method
439,286
544,644
Retained earnings
447,332
328,021
Proposed dividend for the year
120,082
6,527
0
40
Payables to group enterprises
0
0
2025
2024
Equity
Share capital
933
931
Share premium account
Total liabilities
Total provisions
Short-term debt
Credit institutions
Trade payables
Corporation tax
23,484
120,757
23,484
Other payables
Total short-term debt
Total debt
66/79
Yes
Parent statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2025
As at 31 December 2025
933
0
439,286
447,332
Net profit/loss for the year
0
-101,310
116,951
0
-4,048
-339
-40,000
-40,000
2,699
0
0
0
887,551
15,641
0
0
0
0
2,701
0
0
0
0
0
0
0
-339
931
Cash capital increase
2
2,699
0
Proposed dividend for
the year
Total equity
0
544,644
328,021
40,000
913,596
Share capital
Share premium
account
Reserve for net
revaluation under the
equity method
Retained earnings
Transfer from share premium account
0
-2,699
0
0
0
-4,048
Other equity movements
Ordinary dividend paid
Purchase of treasury shares
0
0
67/79
Yes
Parent statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2024
As at 31 December 2024
913,596
Net profit/loss for the year
0
0
-73,166
132,077
40,000
98,911
931
0
544,644
328,021
40,000
-175,000
-175,000
Extraordinary dividend paid
0
0
0
0
Cash capital increase
1
1,355
0
0
Total equity
930
986,648
0
1,356
0
615,394
195,324
175,000
Share capital
Share premium
account
Reserve for net
revaluation under the
equity method
Retained earnings
Proposed dividend for
the year
0
2,416
Transfer from share premium account
0
-1,355
0
1,355
0
0
Other equity movements
0
0
2,416
0
0
-735
Purchase of treasury shares
0
0
0
-735
68/79
Contents of the notes to the consolidated financial statements
Note 1 Summary of significant accounting policies Accounting policies
Note 2 Staff costs Critical estimates, judgements
Note 3 Financial income Revenue
Note 4 Financial expenses Fair value adjustments
Note 5 Income tax expense Staff costs
Note 6 Investment in subsidiaries Note 6-8
Note 7 Other fixed asset investments Leases
Note 8 Other investments at fair value Cash and Cash equivalents
Note 9 Share capital Fair value
Note 10 Distribution of profit Fin. assets and fin. liab.
Note 11 Contingent liabilities and commitments Financial risk management
Note 12 Related party transactions Provisions
Offsetting fin. assets fin. li
69/79
Yes
Accounting policies
Note 1 Summary of significant accounting policies
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising
due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and
expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value
adjustments are recognised directly in equity.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are
translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date
and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income
statement.
Foreign currency translation
Functional and presentation currency
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Parent
Company, and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item
below.
Items included in the separate financial statements of the parent are measured using the currency of the primary economic
environment in which the Parent Company operates (‘the functional currency’). The separate financial statements are presented
in Euro (EUR), which is the Parent Company’s functional and presentation currency.
Recognition and measurement
The separate financial statements are presented in Euro (EUR) and all values are rounded to the nearest thousand, except when
otherwise indicated.
With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the
consolidated financial statements of Incomas Holding ApS, the Company has not prepared a cash flow statement.
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities
measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are
recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals
due to changed accounting estimates of amounts that have previously been recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to
the Parent Company, and the value of the asset can be measured reliably.
Basis of preparation
The separate financial statements have been prepared on a historical cost basis.
The separate financial statements of Incomas Holding ApS ('Parent Company') for the year ended 31 December 2025 were
authorised for issue in accordance with a resolution of the directors on 28 May 2026.
This note provides a list of the significant accounting policies adopted in the preparation of these separate financial statements.
These policies have been consistently applied to all the years presented, unless otherwise stated.
The seperate financial statements of the Parent Company for 2025 have been prepared in accordance with the provisions of the
Danish Financial Statements Act applying to large enterprises of reporting class C.
70/79
0
Accounting policies
Note 1 Summary of significant accounting policies
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to
nominal value less provisions for bad debts.
Current assets investments
Current asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date.
Fair value is determined on the basis of the latest quoted market price.
Receivables
Other investments
The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of
the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or
addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and
goodwill calculated at the time of acquisition of the enterprises.
The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation
under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for
other equity movements in the subsidiaries.
Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the Parent Company
to cover the negative balance of the enterprise is recognised in provisions.
Other investments, which consists of unlisted equity securities, are measured at their fair values at the balance sheet date.
The fair value is the price at which the equity securities could be traded between knowledgeable and willing parties on arm's
length terms on the balance sheet date. Determining fair value involves significant accounting estimates. The fair value is
estimated to be equal to the cost price as of 31 December 2025.
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method.
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit/loss
for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in
equity.
The Parent Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises
in proportion to their taxable incomes.
Other external expenses
Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.
Income from investments in subsidiaries
Tax on profit/loss for the year
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for
the year.
Income statement
Other operating income
Other operating income comprise items of a secondary nature to the main activities of the Company.
71/79
Note 1 Summary of significant accounting policies
0
Current tax receivables and liabilities
Financial debts
Other debts are measured at amortised cost, substantially corresponding to nominal value.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet
date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made
according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the
liability, respectively.
Deferred tax assets and liabilities are offset within the same legal tax entity.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to
be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.
Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected
taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is
a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.
Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are
measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in
the income statement over the loan period.
Deferred tax assets and liabilities
Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and
liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax
purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition
without affecting the profit for the year or the taxable income.
72/79
Yes
Note 2 Staff costs
In thousands EUR
No staff costs are regarding members of the Board of Directors or the Executive Board.
Average number of employees
Pension cost, defiend contribution plans
Other social security costs
0
Other staff costs
15
29
2
235
1
1
0
1
222
2025
2024
Wages and salaries
218
192
73/79
Yes
Note 3 Financial income and expenses
In thousands EUR
Note 4 Financial income and expenses
In thousands EUR
Note 5 Income tax expense
In thousands EUR
Current tax on profits for the year
Adjustments of tax concerning previous years
Income tax expense
-109
-249
3,874
13,789
Other financial expenses
Total financial expenses
15,612
12,528
2025
2024
14,038
3,983
Interes paid to group enterprises
267
230
15,345
12,298
2025
2024
Financial expenses
Other financial income
31,515
62,227
Total financial income
34,328
63,772
Interest received from group enterprises
2,813
1,545
2025
2024
Financial income
74/79
Yes
Note 6 Investment in subsidiaries
In thousands EUR
Name of entity Place of registered office Share capital Votes and ownership
-4,048
2,416
Net profit/loss for the year
-1,310
61,834
Dividend to the Parent Company
-100,000
-135,000
Other equity movements, net
Value adjustments at 1 January
544,644
615,394
57,739
31,589
Additions for the year
26,150
28,447
Cost at 31 December
2025
2024
Cost at 1 January
31,589
3,142
TEUR 5
100%
Investments in subsidiaries are specified as follows:
In Commodities Global ApS
Aarhus
TEUR 5
100%
In Commodities PV ApS
Aarhus
497,584
576,437
Value adjustments at 31 December
439,286
544,644
Equity investments with negative net asset value transferred to provisions
559
204
Carrying amount at 31 December
75/79
Yes
Note 7 Investment in associates
In thousands EUR
Name of entity Place of registered office Share capital Votes and ownership
Investments in associates are specified as follows:
LC Energia 19 SP. Z O.O.
Rzeszów
TPLN 2,888
50%
0
Carrying amount at 31 December
690
Other equity movements, net
0
0
Value adjustments at 31 December
0
0
Net profit/loss for the year
0
0
Value adjustments at 1 January
0
0
Cost at 31 December
690
0
Additions for the year
690
0
2025
2024
Cost at 1 January
0
0
76/79
Yes
Note 8 Other fixed asset investments
In thousands EUR
Note 9 Other investments at fair value
In thousands EUR
Total
330,282
Carrying amount at 31 December
3,051
3,051
Value
adjustment,
income
statement
Fair value at
31 December
636
238,052
Unlisted equity securities
0
3,051
Cost at 31 December
3,051
3,051
Shares
Bonds
2,560
89,179
Other fixed asset investments consist of investments in unlisted equity securities and are measured at fair value. Other fixed asset
investments are valued annually based on certain unobservable performance indicators (level 3 in the fair value hierarchy) or the latest
trading price, if deemed applicable.
The year's addition was acquired close to the balance sheet date. As the transaction was made between well informed and willing parties
on independent terms, the transaction price is estimated to be equal to the fair value as of 31 December 2025.
0
3,051
Additions for the year
Disposals for the year
0
0
2025
2024
Cost at 1 January
3,051
0
77/79
Yes
Income tax expense
Note 10 Share capital
Note 11 Distribution of profit
In thousands EUR
Extraordinary dividend paid after the end of the financial year.
100,000
0
Extraordinary dividend paid
0
0
Total
15,641
98,911
Reserve for net revaluation under the equity method
-101,310
-73,166
Retained earnings
116,951
132,077
377,570
50
2025
2024
B-shares
Total
933
The share capital is broken as the following:
Number
Nominal
value
A-shares
6,572,185
883
0
40,000
Proposed dividend for the year
During the financial year 2025, the Company acquired 2,070 treasury shares, corresponding to 0.03%. The total payment for the
shares amounted to EUR 339k, which has been transferred from retained earnings under equity. These shares have not been
cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have
been acquired as part of the Company's strategy.
The Company holds a total of 7,040 shares with a nominal value of EUR 945 corresponding to 0.10% of the total capital.
78/79
Yes
Income tax expense
Note 12 Contingent assets, liabilities and financial obligations
In thousands EUR
Current asset investments limited to the value of:
Liquid funds limited to the value of:
Note 13 Related party transactions
The parent company has provided an unlimited surety bond for In Commodities A/S to other credit institutions. The total debt
per 31 December 2025 is TEUR 0.
The parent company has provided a limited surety bond of TEUR 26.780 for In Commodities Asset Management A/S to credit
institutions. The total debt per 31 December 2025 is TEUR 0.
Guarantee obligations
The parent company has placed payment guarantees to subsidiaries' counterparties
111,470
90,258
The parent company has provided a limited surety bond of TEUR 247,500 for In Commodities A/S to credit institutions. The
total debt per 31 December 2025 is TEUR 0.
Other related parties
Transactions
The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group.
Other related parties in the period 1 January 2025 to 31 December 2025 comprise the management of subsidiaries as well as the
Board of Directors and Executive Board of the subsidiaries together with their immediate families.
The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with
section 98(c)(6) of the Danish Financial Statements Act.
7,768
36,238
2025
2024
Charges and security
The following assets have been placed as security with bankers:
176,694
205,951
79/79