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"value": "German high street properties located in the 11 cities of Aachen, Braunschweig (2), Essen (2), Frankfurt, G\u00fctersloh, Hamburg, Kassel, Koblenz, Leverkusen, Pforzheim, Rosenheim and a Danish property located in Odense.The Group was established in 2007, and its Parent Company, German High Street Properties A/S, was listed on Nasdaq Copenhagen on September 20, 2007. The Group is managed by Administrationsselskabet Gambit ApS. STRABAG Property and Facility Services GmbH in Stuttgart, in cooperation with the Group's employees, handles the property management in Germany. The Group has three employees.",
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"value": "Credit RiskThe Group does not have a particular concentration of credit risks. Credit risks relate to tenant receivables and other short-term assets, including liquid holdings. Risk management takes place at the Group level in accordance with management guidelines.The guidelines include credit approval of new tenants and ongoing monitoring of receivables. Reporting to management is done monthly.Impairment is made based on an individual assessment of receivables from letting to the extent that the Group expects to be unable to recover the arrears.Market RisksThe portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties. The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.Currency RiskThe Group owns mainly properties in Germany, so its assets and ongoing income are in EUR. The Group has also financed the German properties in EUR to reduce currency risk. Management assesses the currency risk of investing in EUR as limited relative to DKK.Interest Rate RiskAs of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418As a result of its operations, investments, and financing, the Group is exposed to changes in interest rates. The Board closely follows developments in the financial markets.40Refinancing and Liquidity RisksAs an important part of risk management, management closely monitors the Group's liquidity reserve, which is intended to ensure that the Group can service its current and future obligations, including payment of interest and principal to lenders. The Group's loans relating to German properties total EUR 30.6 million end of December 2025 have been agreed with non-renegotiating clauses from the lenders' side until 2030 if the DSCR (annual net rent (Kaltmiete)*0.75/annual payments under the loan) is higher than 1.30. As of December 31, 2025, the DSCR has been calculated to be 1.74.The liquidity risk associated with the future maturity of financial liabilities is hedged by the future returns of investment properties. See also the accumulated minimum lease payments during the non-cancellable period in note 12.Maturity dates for long-term financial liabilities include expected interest payments. Interest payments are based on the interest rate level as of December 31, 2025.Parent companyGroupEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,958 2,042 0 0Maturity between 1 and 2 years 1,927 2,042 0 0Maturity between 2 and 5 years 31,395 6,126 0 0Maturity after more than 5 years 0 24,685 0 0Total debt service 35,280 34,895 0 0The loan facilities are due for renegotiation on February 1, 2030Group Parent companyEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,496 1,177 494 216Maturity between 1 and 2 years 0 0 0 0Maturity between 2 and 5 years 0 0 0 0Maturity after more than 5 years 0 0 0 0Total other payables 1,496 1,177 494 216As an important part of risk management, management closely monitors the Group's liquidity reserve, which is intended to ensure that the Group can service its current and future obligations, including payment of interest and principal to lenders.The Group has financed itself with the following loans:As of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.Group Parent companyEUR 1.000 2025 2024 2025 2024Receivables from tenant 226 257 0 0Other receivables 2,725 2,771 1,637 2,009Receivables from Group entities 0 0 6,228 5,754Cash holdings 3,485 3,590 1,321 1,880Total financial assets at amortized 6,436 6,618 9,186 9,643costMaturity between 1 and 2 years 3,885 2,042 0 0Maturity between 2 and 5 years 5,892 6,126 0 0Maturity after more than 5 years 35,280 34,895 0 0Total long-term financial liabilities 45,057 43,063 0 0at amortized costShort-term financial liabilities 814 646 0 0Other short-term liabilities 1,496 1,177 494 216Payables to Group entities 0 0 7,924 7,739Total short-term debt at amortized 2,310 1,823 8,418 7,955costThe loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans have been agreed with non-renegotiating clauses from the lenders' side until 2030 if the DSCR (annual net rent (Kaltmiete)*0.75/annual payments under the loan) is higher than 1.30. A breach of this will trigger a cash sweep with a binding period of 12 months at a time. If the DSCR falls further to 1.125, the Bank is entitled to renegotiate the Agreement. In the event of a breach of the above, the Group and the Borrowers have a cure period of 6 months to bring the facilities back within the terms of the Agreement. As of December 31, 2025, the DSCR has been calculated to be 1.74. The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418Note 24 \u2013 Currency ExposureThe Parent Company's shares are denominated in DKK, while the Group's investments, revenues, and expenses are incurred in DKK, SEK or EUR. Thusall assets and liabilities are denominated in EUR. Therefore, the Group's equityand thereby the Parent Company's ability to distribute dividends, is exposed tochanges in the exchange rate. Furthermore, the management assesses the currency risk associated with investments in EUR as minimal compared to DKK and SEK.Note 25 \u2013 Cash Management and Other RisksThe Group's objective is to ensure the possibility of continued operations to optimize shareholders' returns and improve the capital structure to minimize financial costs. The Group's ability to accumulate sufficient liquidity depends on its operating results and the possibility of obtaining external financing. The Company's ability to pay dividends is limited according to the rules of the Companies Act, as the Company can legally pay dividends only if it has sufficient free liquidity according to its annual report and if the Company, in the Board's opinion, has a prudent level of capital reserves relative to the Group's operations and obligations after the distribution.In addition to liquidity management, the Group assesses its capital reserves based on solvency which is crucial for obtaining external financing. In line with its strategy, the Group has a solid capital structure with relatively low leverage with an equity ratio of 60.6% (2024: 64.6%).GroupEUR 1.000 2025 2024Total Equity 57,172 63,102Total Assets 94,292 97,718Equity ratio% 60.6% 64.6%",
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"value": "Credit RiskThe Group does not have a particular concentration of credit risks. Credit risks relate to tenant receivables and other short-term assets, including liquid holdings. Risk management takes place at the Group level in accordance with management guidelines.The guidelines include credit approval of new tenants and ongoing monitoring of receivables. Reporting to management is done monthly.Impairment is made based on an individual assessment of receivables from letting to the extent that the Group expects to be unable to recover the arrears.",
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"f1__s10__7__29-1": {
"value": "Market RisksThe portfolio's value depends on its commercial operation and income and the development and pricing of investment properties in Germany - specifically, German high street properties. The general pricing of high street properties is influenced by several factors, among which are current inflation and expectations for future inflation, current interest rate levels and expectations for future interest rates, future property investors' demands for net yield for similar properties, the extent of new construction of various property types, demand for premises, general and local population development, general economic development, particularly economic growth, employment development, development in German private consumption, development in retail stores' turnover and earnings, and changes in the public sector's activity level and demand for premises.Currency RiskThe Group owns mainly properties in Germany, so its assets and ongoing income are in EUR. The Group has also financed the German properties in EUR to reduce currency risk. Management assesses the currency risk of investing in EUR as limited relative to DKK.Interest Rate RiskAs of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418As a result of its operations, investments, and financing, the Group is exposed to changes in interest rates. The Board closely follows developments in the financial markets.40The Group has financed itself with the following loans:As of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.Group Parent companyEUR 1.000 2025 2024 2025 2024Receivables from tenant 226 257 0 0Other receivables 2,725 2,771 1,637 2,009Receivables from Group entities 0 0 6,228 5,754Cash holdings 3,485 3,590 1,321 1,880Total financial assets at amortized 6,436 6,618 9,186 9,643costMaturity between 1 and 2 years 3,885 2,042 0 0Maturity between 2 and 5 years 5,892 6,126 0 0Maturity after more than 5 years 35,280 34,895 0 0Total long-term financial liabilities 45,057 43,063 0 0at amortized costShort-term financial liabilities 814 646 0 0Other short-term liabilities 1,496 1,177 494 216Payables to Group entities 0 0 7,924 7,739Total short-term debt at amortized 2,310 1,823 8,418 7,955costThe loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans have been agreed with non-renegotiating clauses from the lenders' side until 2030 if the DSCR (annual net rent (Kaltmiete)*0.75/annual payments under the loan) is higher than 1.30. A breach of this will trigger a cash sweep with a binding period of 12 months at a time. If the DSCR falls further to 1.125, the Bank is entitled to renegotiate the Agreement. In the event of a breach of the above, the Group and the Borrowers have a cure period of 6 months to bring the facilities back within the terms of the Agreement. As of December 31, 2025, the DSCR has been calculated to be 1.74. The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418Note 24 \u2013 Currency ExposureThe Parent Company's shares are denominated in DKK, while the Group's investments, revenues, and expenses are incurred in DKK, SEK or EUR. Thusall assets and liabilities are denominated in EUR. Therefore, the Group's equityand thereby the Parent Company's ability to distribute dividends, is exposed tochanges in the exchange rate. Furthermore, the management assesses the currency risk associated with investments in EUR as minimal compared to DKK and SEK.",
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"value": "Interest Rate RiskAs of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418As a result of its operations, investments, and financing, the Group is exposed to changes in interest rates. The Board closely follows developments in the financial markets.40",
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"value": "Refinancing and Liquidity RisksAs an important part of risk management, management closely monitors the Group's liquidity reserve, which is intended to ensure that the Group can service its current and future obligations, including payment of interest and principal to lenders. The Group's loans relating to German properties total EUR 30.6 million end of December 2025 have been agreed with non-renegotiating clauses from the lenders' side until 2030 if the DSCR (annual net rent (Kaltmiete)*0.75/annual payments under the loan) is higher than 1.30. As of December 31, 2025, the DSCR has been calculated to be 1.74.The liquidity risk associated with the future maturity of financial liabilities is hedged by the future returns of investment properties. See also the accumulated minimum lease payments during the non-cancellable period in note 12.Maturity dates for long-term financial liabilities include expected interest payments. Interest payments are based on the interest rate level as of December 31, 2025.Parent companyGroupEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,958 2,042 0 0Maturity between 1 and 2 years 1,927 2,042 0 0Maturity between 2 and 5 years 31,395 6,126 0 0Maturity after more than 5 years 0 24,685 0 0Total debt service 35,280 34,895 0 0The loan facilities are due for renegotiation on February 1, 2030Group Parent companyEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,496 1,177 494 216Maturity between 1 and 2 years 0 0 0 0Maturity between 2 and 5 years 0 0 0 0Maturity after more than 5 years 0 0 0 0Total other payables 1,496 1,177 494 216As an important part of risk management, management closely monitors the Group's liquidity reserve, which is intended to ensure that the Group can service its current and future obligations, including payment of interest and principal to lenders.",
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"value": "Note 1 \u2013 Material Accounting Policy InformationGeneralThe Parent Company's consolidated financial statements and annual financial statements are prepared in accordance with the IFRS accounting standards (IFRS) as approved by the EU, the IFRS decree issued under the Danish Financial Statement Act, and the additional regulations of Nasdaq Copenhagen for companies with listed shares.The consolidated financial and annual financial statements for the Parent Company for 2025 are presented in EUR 1,000.The applied accounting practices are unchanged compared to the annual financial statements for 2024.New and Amended Standards Effective for the Financial Year Beginning 1 January 2025The Group has applied the following amendment for the first time for its annual reporting period commencing 1 January 2025:\u2022 Lack of Exchangeability \u2013 amendments to IAS 21The amendment did not have a material impact on the Group\u2019s financial statements.New Accounting Regulation.At the time of publication of this annual report, a number of new or revised standards and interpretations have been issued, but they have not yet come into effect and have not been approved by the EU.IASB has issued a new international accounting standard that replaces IAS 1 as of January 1, 2027. The replacement of IAS 1 is IFRS 18 and will affect the Group in terms of the presentation and information in the annual report.The new standard sets more explicit requirements for the presentation of performance measures, information on management-defined performance measures, as well as fewer changes and clarifications. Among other things, the general principles for the presentation of financial statements in IAS 1 are the same in IFRS 18.Further new and revised standards and interpretations are not expected to have a significant impact on the annual report for the coming financial years.Consolidation PracticesThe consolidated financial statements include the Parent Company German High Street Properties A/S and companies in which the Parent Company directly or indirectly holds the majority of voting rights or has a controlling influence through share ownership or otherwise.In the consolidation, items of a similar nature are combined.The financial statements used for consolidation are prepared in accordance with the Group's accounting practices.The Parent Company's capital shares in the consolidated subsidiaries were offset against the Parent Company's share of the subsidiaries' book value when the Group relationship was established.Foreign Currency TranslationFunctional currencyIn the consolidated financial statements, the items contained in the annual reports of the Group companies are measured in the currency used in the primary economic environment where the companies operate (functional currency). The functional currency is:For the Danish Parent Company: DKKFor the German subsidiaries: EURTransactions in currencies other than the functional currency are foreign currency transactions.Foreign Currency TransactionsTransactions in a currency other than the functional currency are translated at the exchange rate on the transaction date for initial recognition. Receivables, liabilities, and other monetary items in foreign currency that have not been settled at the balance sheet date are translated at the exchange rate on the balance sheet date. Exchange rate differences arising between the exchange rate on the transaction date and the rate on the payment date or the balance sheet date are recognized in the income statement as financial items. Tangible and intangible assets, inventories, and other non-monetary assets purchased in foreign currency and measured based on historical costs are translated at the exchange rate on the transaction date. Non-monetary items revalued to fair market value or written down are translated using the exchange rate at the time of revaluation or write-down.Presentation CurrencyThe annual report is presented in EUR (presentation currency) because all the Group's significant transactions and accounting items are in EUR.When recognizing in the consolidated financial statements of companies with a different functional currency than the Euro (EUR), income statements are converted at the average exchange rates for the year unless these differ significantly from the actual exchange rates at the times of transactions. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the exchange rates on the balance sheet date.Exchange rate differences arising from the translation of balance sheet items at the beginning of the year to the exchange rates on the balance sheet date and from translating income statements from average rates to the balance sheet date rates are recognized in other comprehensive income and classified as a separate reserve under equity. This translation also includes exchange rate differences arising from the translation of intra-Group balances where settlement is neither planned nor likely in the foreseeable future, as such balances are considered an addition to or deduction from the net investment. Similarly, other comprehensive income also recognizes exchange rate differences resulting from changes directly in the entity's equity.Other Management Levels:The Group had fewer than 50 employees and is therefore not obligated to establish and report on a policy for increasing the underrepresented gender in other management layers.Items in the Income StatementRevenue: Rental income is measured at the fair value of the consideration received or receivable. Net rental income is calculated excluding VAT and after deducting discounts.Rental income is recognized in accordance with the provisions of IFRS 16.Rental income from operating lease contracts is recognized on a straight-line basis over the term of the lease contract.The Group has no contingent rental income.Operating Costs of PropertiesOperating costs include expenses incurred to achieve the year's revenue. They also include direct and indirect operating costs, such as repairs and maintenance, that do not add new and improved features to the properties and property management.Personnel CostsPersonnel costs include wages and staff expenses incurred in the management and administration of the Group.Administrative ExpensesAdministrative expenses include costs incurred during the year for the management and administration of the Group.Gain/losses from subsidiariesThe proportionate share of the result for the year from shareholdings in subsidiaries is recognized in the income statement under the item \"Gain/losses from subsidiaries \".Fair market value adjustment of investment propertiesChanges in the fair market value of investment properties are recognized in the income statement under the item \"Fair market value adjustment of investment properties \".Financial Income and ExpensesFinancial income and expenses include interest, realized and unrealized foreign exchange adjustments, and amortization of loan costs to credit institutions.Tax on the Year\u2019s ResultThe current tax for the year and deferred tax for the year are recognized in the income statement for the portion that can be attributed to the year's result, in other comprehensive income for the portion that can be attributed to other comprehensive income, and directly in equity for the portion that can be attributed to equity transactions.Changes in deferred tax due to changes in tax rates are recognized in the income statement.The Parent Company is jointly taxed with Kartago Property ApS.Discontinued OperationThe results of discontinued operations are presented separately in the income statement, and the cash flows from discontinued activities are presented separately in note 6. Discontinued Operation is defined as the cessation of property operations in a specific geographic region.Items in the Balance SheetInvestment Properties: Investment properties are properties held to earn rental income and/or capital gains.Investment properties are initially measured at cost, including the properties' purchase price and any directly attributable costs.Subsequently, investment properties are measured at fair market value. See note 2 for a description of the measurement of investment properties at fair market value.Costs that add new or improved features to an investment property compared to the time of acquisition and thereby improve the property's future returns are added to the acquisition cost as improvements. Costs that do not add new or improved features to an investment property are expensed in the income statement under the operating costs of the properties.Interest costs are not included in the cost of investment properties, as they are measured at fair market value.Value adjustments are recognized in the income statement.Properties expected to be sold are reclassified as \u201cAssets held for sale\".Investments in SubsidiariesThe proportionate share of the year's result is recognized in the income statement under the item \"Gain/losses from subsidiaries.\"Investments in subsidiaries are recognized and measured using the equity method.Under the item \" Investments in subsidiaries,\" the proportional ownership share of the companies' book value is recognized in the balance sheet based on the fair market value of the identifiable net assets at the time of acquisition.The total net increase in investments in subsidiaries is allocated via profit distribution to the \"Reserve for net valuation under the equity method\" under equity. Dividend distributions to the Parent Company reduce the reserve and adjust it for other equity movements in the subsidiaries.Subsidiaries with a negative book value are recognized at EUR 0. If the Parent Company has a legal or factual obligation to cover the Group's participants' deficit, a provision for this obligation is recognized.Receivables from Group EntitiesReceivables from Group entities are measured at amortized cost in the Parent Company's accounts, which corresponds to their nominal value. Impairments on receivables are made when it is expected that the Group will not be able to recover all amounts due by the original terms of the receivables. The impairment is calculated based on an individual assessment of each receivable and represents the difference between the carrying amount and the present value of expected future payments.ReceivablesReceivables are recognized in the balance sheet at fair market value at initial recognition and subsequently measured at amortized cost, corresponding to their nominal value. Impairments on receivables are made when it is expected that the Group will not be able to recover all amounts due to the original terms of the receivables. The impairment is calculated based on an individual assessment of each receivable and represents the difference between the carrying amount and the present value of expected future payments.Cash and Short-term DepositsLiquid assets consist of cash holdings, deposits in bank accounts, and other short-term, highly liquid investments with an insignificant risk of value changes and with original maturities of no more than three months.EquityDividends proposed by management for distribution for the fiscal year are shown as separate items under equity.Purchase and disposal prices and dividends for own shares are recognized directly in retained earnings in equity.Financial LiabilitiesMortgage loans and loans from credit institutions related to investment properties are recognized at the time of borrowing, as the proceeds received less transaction costs incurred. In subsequent periods, the loans are measured at amortized cost, so the difference between the proceeds and the nominal value is recognized in the income statement as an interest expense over the loan period using the effective interest method.Loans are classified as short-term liabilities unless the Group has an unconditional right to defer the debt settlement for at least one year from the balance sheet date.Deferred Tax Using the balance sheet liability method, deferred tax is recognized on all temporary differences between the accounting and tax values of assets and liabilities.Deferred tax is measured based on the tax rules and rates applicable under the legislation at the balance sheet date when it is expected to be realized as the current tax. In cases where the valuation of the tax value can be performed under alternative taxation rules, deferred tax is measured based on the planned use of the asset or settlement of the liability. Deferred tax on investment properties is calculated as the tax effect of selling the properties at their accounting value on the balance sheet date.Deferred tax assets, including the tax value of tax losses that can be carried forward, are measured at the value at which the asset is expected to be realized, either through offsetting in the tax of future earnings or by offsetting against deferred tax liabilities.Fair Market Value Measurement and DisclosureThe fair market value of financial instruments traded in an active market is measured at the latest quoted price.The valuation is based as far as possible on observable market data. The fair market value of loans is based on the Group's current interest rate for comparable loans.Cash Flow StatementThe cash flow statement shows the Group's cash flow for the year, divided into operating, investing, and financing activities, the year's change in liquidity, and the Group's liquidity at the beginning and end of the year. The liquidity effect of purchases and sales of businesses is shown separately under cash flows from investing activities. In the cash flow statement, cash flows relating to purchased companies are recognized from the date of acquisition, and cash flows relating to sold companies are recognized up to the date of sale.The cash flow statement is prepared using an indirect method based on the year's profit before tax.Cash Flow from Operating ActivitiesCash flow from operating activities is calculated as the year's profit adjusted for changes in working capital and non-cash income items such as depreciation and provisions. Working capital includes short-term assets minus short-term liabilities, excluding items included in liquidity.Cash flow from Investment ActivitiesCash flow from investment activities includes cash flow from purchasing and selling intangible, tangible, and financial fixed assets.Cash Flow from Financing ActivitiesCash flow from financing activities includes cash flow from raising and repaying long-term debt obligations, as well as payments to and from the Group's participants.LiquidityLiquid holdings in the cash flow statement include bank account deposits and other short-term, easily tradable investments with an insignificant risk of value change, which are not pledged as security.Liquid holdings in the balance sheet include those available for free use and those pledged as security for lenders.The cash flow statement cannot be derived solely from the published financial statements.Equity ratio, % = Equity * 100 \u00f7 Total assetsBank debt * 100 \u00f7 Investment properties at the Loan to value % =beginning of the period(Revenue - Property operation expenses) * 100 \u00f7 Return on property portfolio % =Investment properties at the beginning of the periodReturn on equity before fair Result before fair market value adjustments and market value adjustments and =interests * 100 \u00f7 Total equity at the beginning of the interests %period(Result before fair market value adjustments and Interest coverage ratio =interests + Financial income) \u00f7 Financial expensesResult of continuing activities after tax \u00f7 Number of Earnings per share =sharesEquity per share = Total equity \u00f7 Number of shares",
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"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s10__7__68": {
"value": "GeneralThe Parent Company's consolidated financial statements and annual financial statements are prepared in accordance with the IFRS accounting standards (IFRS) as approved by the EU, the IFRS decree issued under the Danish Financial Statement Act, and the additional regulations of Nasdaq Copenhagen for companies with listed shares.The consolidated financial and annual financial statements for the Parent Company for 2025 are presented in EUR 1,000.The applied accounting practices are unchanged compared to the annual financial statements for 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "GeneralThe Parent Company's consolidated financial statements and annual financial statements are prepared in accordance with the IFRS accounting standards (IFRS) as approved by the EU, the IFRS decree issued under the Danish Financial Statement Act, and the additional regulations of Nasdaq Copenhagen for companies with listed shares.The consolidated financial and annual financial statements for the Parent Company for 2025 are presented in EUR 1,000.The applied accounting practices are unchanged compared to the annual financial statements for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "GeneralThe Parent Company's consolidated financial statements and annual financial statements are prepared in accordance with the IFRS accounting standards (IFRS) as approved by the EU, the IFRS decree issued under the Danish Financial Statement Act, and the additional regulations of Nasdaq Copenhagen for companies with listed shares.The consolidated financial and annual financial statements for the Parent Company for 2025 are presented in EUR 1,000.The applied accounting practices are unchanged compared to the annual financial statements for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "New and Amended Standards Effective for the Financial Year Beginning 1 January 2025The Group has applied the following amendment for the first time for its annual reporting period commencing 1 January 2025:\u2022 Lack of Exchangeability \u2013 amendments to IAS 21The amendment did not have a material impact on the Group\u2019s financial statements.New Accounting Regulation.At the time of publication of this annual report, a number of new or revised standards and interpretations have been issued, but they have not yet come into effect and have not been approved by the EU.IASB has issued a new international accounting standard that replaces IAS 1 as of January 1, 2027. The replacement of IAS 1 is IFRS 18 and will affect the Group in terms of the presentation and information in the annual report.The new standard sets more explicit requirements for the presentation of performance measures, information on management-defined performance measures, as well as fewer changes and clarifications. Among other things, the general principles for the presentation of financial statements in IAS 1 are the same in IFRS 18.Further new and revised standards and interpretations are not expected to have a significant impact on the annual report for the coming financial years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"value": "Consolidation PracticesThe consolidated financial statements include the Parent Company German High Street Properties A/S and companies in which the Parent Company directly or indirectly holds the majority of voting rights or has a controlling influence through share ownership or otherwise.In the consolidation, items of a similar nature are combined.The financial statements used for consolidation are prepared in accordance with the Group's accounting practices.The Parent Company's capital shares in the consolidated subsidiaries were offset against the Parent Company's share of the subsidiaries' book value when the Group relationship was established.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"value": "German High Street Properties A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__72": {
"value": "Foreign Currency TranslationFunctional currencyIn the consolidated financial statements, the items contained in the annual reports of the Group companies are measured in the currency used in the primary economic environment where the companies operate (functional currency). The functional currency is:For the Danish Parent Company: DKKFor the German subsidiaries: EURTransactions in currencies other than the functional currency are foreign currency transactions.Foreign Currency TransactionsTransactions in a currency other than the functional currency are translated at the exchange rate on the transaction date for initial recognition. Receivables, liabilities, and other monetary items in foreign currency that have not been settled at the balance sheet date are translated at the exchange rate on the balance sheet date. Exchange rate differences arising between the exchange rate on the transaction date and the rate on the payment date or the balance sheet date are recognized in the income statement as financial items. Tangible and intangible assets, inventories, and other non-monetary assets purchased in foreign currency and measured based on historical costs are translated at the exchange rate on the transaction date. Non-monetary items revalued to fair market value or written down are translated using the exchange rate at the time of revaluation or write-down.Presentation CurrencyThe annual report is presented in EUR (presentation currency) because all the Group's significant transactions and accounting items are in EUR.When recognizing in the consolidated financial statements of companies with a different functional currency than the Euro (EUR), income statements are converted at the average exchange rates for the year unless these differ significantly from the actual exchange rates at the times of transactions. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the exchange rates on the balance sheet date.Exchange rate differences arising from the translation of balance sheet items at the beginning of the year to the exchange rates on the balance sheet date and from translating income statements from average rates to the balance sheet date rates are recognized in other comprehensive income and classified as a separate reserve under equity. This translation also includes exchange rate differences arising from the translation of intra-Group balances where settlement is neither planned nor likely in the foreseeable future, as such balances are considered an addition to or deduction from the net investment. Similarly, other comprehensive income also recognizes exchange rate differences resulting from changes directly in the entity's equity.Other Management Levels:The Group had fewer than 50 employees and is therefore not obligated to establish and report on a policy for increasing the underrepresented gender in other management layers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__73": {
"value": "Functional currencyIn the consolidated financial statements, the items contained in the annual reports of the Group companies are measured in the currency used in the primary economic environment where the companies operate (functional currency). The functional currency is:For the Danish Parent Company: DKKFor the German subsidiaries: EURTransactions in currencies other than the functional currency are foreign currency transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__74": {
"value": "Revenue: Rental income is measured at the fair value of the consideration received or receivable. Net rental income is calculated excluding VAT and after deducting discounts.Rental income is recognized in accordance with the provisions of IFRS 16.Rental income from operating lease contracts is recognized on a straight-line basis over the term of the lease contract.The Group has no contingent rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__75-1": {
"value": "Operating Costs of PropertiesOperating costs include expenses incurred to achieve the year's revenue. They also include direct and indirect operating costs, such as repairs and maintenance, that do not add new and improved features to the properties and property management.Personnel CostsPersonnel costs include wages and staff expenses incurred in the management and administration of the Group.Administrative ExpensesAdministrative expenses include costs incurred during the year for the management and administration of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__76": {
"value": "Personnel CostsPersonnel costs include wages and staff expenses incurred in the management and administration of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__79-1": {
"value": "Fair market value adjustment of investment propertiesChanges in the fair market value of investment properties are recognized in the income statement under the item \"Fair market value adjustment of investment properties \".Investment Properties: Investment properties are properties held to earn rental income and/or capital gains.Investment properties are initially measured at cost, including the properties' purchase price and any directly attributable costs.Subsequently, investment properties are measured at fair market value. See note 2 for a description of the measurement of investment properties at fair market value.Costs that add new or improved features to an investment property compared to the time of acquisition and thereby improve the property's future returns are added to the acquisition cost as improvements. Costs that do not add new or improved features to an investment property are expensed in the income statement under the operating costs of the properties.Interest costs are not included in the cost of investment properties, as they are measured at fair market value.Value adjustments are recognized in the income statement.Properties expected to be sold are reclassified as \u201cAssets held for sale\".Measurement of Investment Properties at Fair Market ValueThe management assesses that the selected accounting policy, where investment properties are measured at fair market value, provides the best expression of the Group's assets and liabilities, financial position, and the results of the Group's activities. The chosen accounting policy can have significant implications for the income statement and balance sheet. Fluctuations in fair market value during the financial year will affect the measurement of investment properties in the balance sheet and will be reflected in the income statement. The best evidence of fair market values for the Group's investment properties is current prices in an active market for similar investment properties. In the absence of such information, fair market value is determined within a range of probable estimated values (level 3 in the fair value hierarchy). For the German investment properties management has obtained a valuation from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair market value determined by management. The Board has chosen to value the German properties at EUR 84.5 million in the annual report (2024: EUR 91.1 million). Management assesses that the recorded value of the German investment properties is their fair market value as of December 31, 2025.The method used for valuing the fair market value of the German investment properties is based on the property's expected gross rental income and the so-called gross capitalization factor. The fair market value of the investment property is calculated as the product of the expected gross rental income and gross capitalization factor and is determined property by property, see note 12.The capitalization factor depends indirectly on the expected return and the risk of return on investment in alternative asset classes as well as the covariation on the return and risk of these asset classes. Property specific risks i.e., regarding vacancy, letting period, required investments to achieve gross rental income, etc., are included in the capitalization. Economic factors such as interest rates, inflation and economic growth can affect the expected return and risk of alternative asset classes and thus the capitalization factor of the properties. The Company has chosen to measure the investment property in Denmark at fair market value. Upon initial recognition in the year of acquisition, it is the Group's assessment that the fair market value of the property as of 31 December 2025 corresponds to the total acquisition cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__82": {
"value": "Financial Income and ExpensesFinancial income and expenses include interest, realized and unrealized foreign exchange adjustments, and amortization of loan costs to credit institutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__81": {
"value": "Financial Income and ExpensesFinancial income and expenses include interest, realized and unrealized foreign exchange adjustments, and amortization of loan costs to credit institutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__80": {
"value": "Financial Income and ExpensesFinancial income and expenses include interest, realized and unrealized foreign exchange adjustments, and amortization of loan costs to credit institutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__83": {
"value": "Tax on the Year\u2019s ResultThe current tax for the year and deferred tax for the year are recognized in the income statement for the portion that can be attributed to the year's result, in other comprehensive income for the portion that can be attributed to other comprehensive income, and directly in equity for the portion that can be attributed to equity transactions.Changes in deferred tax due to changes in tax rates are recognized in the income statement.The Parent Company is jointly taxed with Kartago Property ApS.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__84": {
"value": "Discontinued OperationThe results of discontinued operations are presented separately in the income statement, and the cash flows from discontinued activities are presented separately in note 6. Discontinued Operation is defined as the cessation of property operations in a specific geographic region.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__86": {
"value": "Investment Properties: Investment properties are properties held to earn rental income and/or capital gains.Investment properties are initially measured at cost, including the properties' purchase price and any directly attributable costs.Subsequently, investment properties are measured at fair market value. See note 2 for a description of the measurement of investment properties at fair market value.Costs that add new or improved features to an investment property compared to the time of acquisition and thereby improve the property's future returns are added to the acquisition cost as improvements. Costs that do not add new or improved features to an investment property are expensed in the income statement under the operating costs of the properties.Interest costs are not included in the cost of investment properties, as they are measured at fair market value.Value adjustments are recognized in the income statement.Properties expected to be sold are reclassified as \u201cAssets held for sale\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__87": {
"value": "ReceivablesReceivables are recognized in the balance sheet at fair market value at initial recognition and subsequently measured at amortized cost, corresponding to their nominal value. Impairments on receivables are made when it is expected that the Group will not be able to recover all amounts due to the original terms of the receivables. The impairment is calculated based on an individual assessment of each receivable and represents the difference between the carrying amount and the present value of expected future payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__88-1": {
"value": "Cash and Short-term DepositsLiquid assets consist of cash holdings, deposits in bank accounts, and other short-term, highly liquid investments with an insignificant risk of value changes and with original maturities of no more than three months.LiquidityLiquid holdings in the cash flow statement include bank account deposits and other short-term, easily tradable investments with an insignificant risk of value change, which are not pledged as security.Liquid holdings in the balance sheet include those available for free use and those pledged as security for lenders.The cash flow statement cannot be derived solely from the published financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__90": {
"value": "EquityDividends proposed by management for distribution for the fiscal year are shown as separate items under equity.Purchase and disposal prices and dividends for own shares are recognized directly in retained earnings in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__89": {
"value": "EquityDividends proposed by management for distribution for the fiscal year are shown as separate items under equity.Purchase and disposal prices and dividends for own shares are recognized directly in retained earnings in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__91": {
"value": "Financial LiabilitiesMortgage loans and loans from credit institutions related to investment properties are recognized at the time of borrowing, as the proceeds received less transaction costs incurred. In subsequent periods, the loans are measured at amortized cost, so the difference between the proceeds and the nominal value is recognized in the income statement as an interest expense over the loan period using the effective interest method.Loans are classified as short-term liabilities unless the Group has an unconditional right to defer the debt settlement for at least one year from the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__92": {
"value": "Deferred Tax Using the balance sheet liability method, deferred tax is recognized on all temporary differences between the accounting and tax values of assets and liabilities.Deferred tax is measured based on the tax rules and rates applicable under the legislation at the balance sheet date when it is expected to be realized as the current tax. In cases where the valuation of the tax value can be performed under alternative taxation rules, deferred tax is measured based on the planned use of the asset or settlement of the liability. Deferred tax on investment properties is calculated as the tax effect of selling the properties at their accounting value on the balance sheet date.Deferred tax assets, including the tax value of tax losses that can be carried forward, are measured at the value at which the asset is expected to be realized, either through offsetting in the tax of future earnings or by offsetting against deferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__93": {
"value": "Fair Market Value Measurement and DisclosureThe fair market value of financial instruments traded in an active market is measured at the latest quoted price.The valuation is based as far as possible on observable market data. The fair market value of loans is based on the Group's current interest rate for comparable loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__94": {
"value": "Cash Flow StatementThe cash flow statement shows the Group's cash flow for the year, divided into operating, investing, and financing activities, the year's change in liquidity, and the Group's liquidity at the beginning and end of the year. The liquidity effect of purchases and sales of businesses is shown separately under cash flows from investing activities. In the cash flow statement, cash flows relating to purchased companies are recognized from the date of acquisition, and cash flows relating to sold companies are recognized up to the date of sale.The cash flow statement is prepared using an indirect method based on the year's profit before tax.Cash Flow from Operating ActivitiesCash flow from operating activities is calculated as the year's profit adjusted for changes in working capital and non-cash income items such as depreciation and provisions. Working capital includes short-term assets minus short-term liabilities, excluding items included in liquidity.Cash flow from Investment ActivitiesCash flow from investment activities includes cash flow from purchasing and selling intangible, tangible, and financial fixed assets.Cash Flow from Financing ActivitiesCash flow from financing activities includes cash flow from raising and repaying long-term debt obligations, as well as payments to and from the Group's participants.LiquidityLiquid holdings in the cash flow statement include bank account deposits and other short-term, easily tradable investments with an insignificant risk of value change, which are not pledged as security.Liquid holdings in the balance sheet include those available for free use and those pledged as security for lenders.The cash flow statement cannot be derived solely from the published financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__96": {
"value": "Note 2 \u2013 Significant Accounting, Estimates and JudgmentsIn preparing financial statements, management makes several estimates and judgments regarding future conditions, involving measuring accounting assets and liabilities.Management considers the following estimates and judgments the most significant for the Group.Measurement of Investment Properties at Fair Market ValueThe management assesses that the selected accounting policy, where investment properties are measured at fair market value, provides the best expression of the Group's assets and liabilities, financial position, and the results of the Group's activities. The chosen accounting policy can have significant implications for the income statement and balance sheet. Fluctuations in fair market value during the financial year will affect the measurement of investment properties in the balance sheet and will be reflected in the income statement. The best evidence of fair market values for the Group's investment properties is current prices in an active market for similar investment properties. In the absence of such information, fair market value is determined within a range of probable estimated values (level 3 in the fair value hierarchy). For the German investment properties management has obtained a valuation from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair market value determined by management. The Board has chosen to value the German properties at EUR 84.5 million in the annual report (2024: EUR 91.1 million). Management assesses that the recorded value of the German investment properties is their fair market value as of December 31, 2025.The method used for valuing the fair market value of the German investment properties is based on the property's expected gross rental income and the so-called gross capitalization factor. The fair market value of the investment property is calculated as the product of the expected gross rental income and gross capitalization factor and is determined property by property, see note 12.The capitalization factor depends indirectly on the expected return and the risk of return on investment in alternative asset classes as well as the covariation on the return and risk of these asset classes. Property specific risks i.e., regarding vacancy, letting period, required investments to achieve gross rental income, etc., are included in the capitalization. Economic factors such as interest rates, inflation and economic growth can affect the expected return and risk of alternative asset classes and thus the capitalization factor of the properties. The Company has chosen to measure the investment property in Denmark at fair market value. Upon initial recognition in the year of acquisition, it is the Group's assessment that the fair market value of the property as of 31 December 2025 corresponds to the total acquisition cost.TaxThe Group has taxable activities in Denmark and Germany, and the current tax is calculated based on the expected taxable incomes in both countries. If the tax authorities disagree with the estimates made upon reviewing the Group's tax returns, the previously calculated tax can change.Additionally, deferred tax is calculated based on an assessment of the future current tax that will be payable in relation to items in the financial statements. This assessment is based on expectations of future taxable profits and tax planning strategies, including expectations regarding exit strategies. Future changes in legislation governing corporate tax rules and other changes in these expectations, including whether the sale occurs as a sale of shares or as a sale of individual properties, can thus cause the future payable tax to differ significantly from the calculated deferred tax. This year's tax calculation is detailed in note 9, and the tax assets and deferred tax are outlined in notes 15 and 21, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__98-1": {
"value": "Measurement of Investment Properties at Fair Market ValueThe management assesses that the selected accounting policy, where investment properties are measured at fair market value, provides the best expression of the Group's assets and liabilities, financial position, and the results of the Group's activities. The chosen accounting policy can have significant implications for the income statement and balance sheet. Fluctuations in fair market value during the financial year will affect the measurement of investment properties in the balance sheet and will be reflected in the income statement. The best evidence of fair market values for the Group's investment properties is current prices in an active market for similar investment properties. In the absence of such information, fair market value is determined within a range of probable estimated values (level 3 in the fair value hierarchy). For the German investment properties management has obtained a valuation from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair market value determined by management. The Board has chosen to value the German properties at EUR 84.5 million in the annual report (2024: EUR 91.1 million). Management assesses that the recorded value of the German investment properties is their fair market value as of December 31, 2025.The method used for valuing the fair market value of the German investment properties is based on the property's expected gross rental income and the so-called gross capitalization factor. The fair market value of the investment property is calculated as the product of the expected gross rental income and gross capitalization factor and is determined property by property, see note 12.The capitalization factor depends indirectly on the expected return and the risk of return on investment in alternative asset classes as well as the covariation on the return and risk of these asset classes. Property specific risks i.e., regarding vacancy, letting period, required investments to achieve gross rental income, etc., are included in the capitalization. Economic factors such as interest rates, inflation and economic growth can affect the expected return and risk of alternative asset classes and thus the capitalization factor of the properties. The Company has chosen to measure the investment property in Denmark at fair market value. Upon initial recognition in the year of acquisition, it is the Group's assessment that the fair market value of the property as of 31 December 2025 corresponds to the total acquisition cost.Note 7 \u2013 Value Adjustment of Investment PropertiesThe year's value adjustment is calculated as the difference between the fair market value, EUR 88.1 million as of December 31, 2025, and the value as of December 31, 2024, EUR 91.1 million, adjusted for the year's additions and disposals, as well as currency exchange adjustment according to note 12.Note 12 \u2013 Investment Properties.GroupEUR 1.000 2025 2024Cost price beginning of the year 57,057 56,801 Additions during the year 3,582 0 Improvements during the year 644 256 Cost price end of the year 61,283 57,057 Value adjustments beginning of the year 34,043 34,199 Fair market value adjustment of investment -7,244 -156 properties, netValue adjustments end of the year 26,799 34,043 Book value at the end of the period 88,082 91,100 For the German investment properties management has obtained a valuation from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair market value determined by management. The Board has chosen to value the German properties at EUR 84.5 million in the annual report (2024: EUR 91.1 million). Management assesses that the recorded value of the German investment properties is their fair market value as of December 31, 2025.The Company has chosen to measure the investment property in Denmark at fair market value. Upon initial recognition in the year of acquisition, it is the Group's assessment that the fair market value of the property as of 31 December 2025 corresponds to the total acquisition cost.Investment properties are pledged as security for financial liabilities, EUR 30.6 million.German Properties:The method used for valuing the fair market value of the German investment properties is based on the property's expected gross rental income and the so-called gross capitalization factor. The fair market value of the investment property is calculated as theproduct of the expected gross rental income and the gross capitalization factor and is below shown by Federal State.2025 2024Federal State Factor FactorNordrhein-Westfalen14.7 15.7 Niedersachsen14.8 15.9 Hessen19.3 20.8 Hamburg24.0 25.0 Rheinland-Pfalz17.0 18.4 Baden-W\u00fcrttemberg15.0 15.9 Bayern19.0 20.1 The valuation corresponds to a gross capitalization factor property by property between and 24.00 with an average of 17.8 (2024: 19.0). For the German properties changes in estimates of the expected rental factor will affect the recognized value of investment properties in the balance sheet. The impact on the value of the investment properties as a result of changes in the gross capitalization factor is shown below.Change in gross capitalization factor 2025 for German -1.5 -0.75 Basis 0.75 1.5propertiesGross capitalization factor 16.30 17.05 17.80 18.55 19.30 Fair market value in EUR 1,000 77,379 80,940 84,500 88,060 91,621Change in fair market value in -7,121 -3,560 0 3,560 7,121EUR 1,000Change in gross capitalization factor 2024 for German -1.5 -0.75 Basis 0.75 1.5propertiesGross capitalization factor 17.50 18.25 19.00 19.75 20.50 Fair market value in EUR 1,000 83,908 87,504 91,100 94,696 98,292Change in fair market value in -7,192 -3,596 0 3,596 7,192EUR 1,00085The Group's investment properties include commercial and residential rentals leased on usual terms. In the following statement, only commercial rentals are included. The average remaining term of German commercial lease contracts is four years and two months (2024: three years and seven months). In addition, the Group has an annual residential rental income of EUR 0.5 million (2024: EUR 0.5 million)The accumulated minimum lease payments for commercial rentals during the non-cancellable period can be shown as follows:German propertiesEUR 1.000 2025 2024Before 1 year 3,650 3,429Before 2 year 2,822 2,583Before 3 year 2,062 1,744Before 4 year 1,606 1,102Before 5 year 1,420 757After 5 year 985 688Total accumulated minimum lease payments 12,54510,303",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__100-1": {
"value": "TaxThe Group has taxable activities in Denmark and Germany, and the current tax is calculated based on the expected taxable incomes in both countries. If the tax authorities disagree with the estimates made upon reviewing the Group's tax returns, the previously calculated tax can change.Additionally, deferred tax is calculated based on an assessment of the future current tax that will be payable in relation to items in the financial statements. This assessment is based on expectations of future taxable profits and tax planning strategies, including expectations regarding exit strategies. Future changes in legislation governing corporate tax rules and other changes in these expectations, including whether the sale occurs as a sale of shares or as a sale of individual properties, can thus cause the future payable tax to differ significantly from the calculated deferred tax. This year's tax calculation is detailed in note 9, and the tax assets and deferred tax are outlined in notes 15 and 21, respectively.Note 15 \u2013 Deferred Tax AssetThe tax specifications are detailed in Notes 9 and 21. The deferred tax is recognized as a long-term asset. It is expected to be realized through offsetting in the joint taxation contribution. There are no unrecognized deferred tax assets.Group Parent companyEUR 1.000 2025 2024 2025 2024Deferred tax asset as of January 1 0 232 0 223Used in joint taxation -183 -232 -183 -223Deferred tax for the year 183 0 183 0Deferred tax asset as of December 31 0 0 0 0The deferred tax asset is distributed as follows:Carried forward tax loss 0 0 0 0Deferred tax asset 0 0 0 0Note 21 \u2013 Deferred Tax LiabilityThe deferred tax is recognized as a long-term liability. The ownership period is expected to exceed 10 years, and regular disposals of properties and property companies are not part of the Group's strategy.Group Parent companyEUR 1.000 2025 2024 2025 2024Deferred tax as of January 1 5,524 5,687 0 0Used in group taxation 183 0 0 0Disposal, Hesselvang 11, Grenaa 0 -138 0 0Deferred tax for the year -677 -25 0 0Deferred tax liability as of December 31 5,030 5,524 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__99-1": {
"value": "TaxThe Group has taxable activities in Denmark and Germany, and the current tax is calculated based on the expected taxable incomes in both countries. If the tax authorities disagree with the estimates made upon reviewing the Group's tax returns, the previously calculated tax can change.Additionally, deferred tax is calculated based on an assessment of the future current tax that will be payable in relation to items in the financial statements. This assessment is based on expectations of future taxable profits and tax planning strategies, including expectations regarding exit strategies. Future changes in legislation governing corporate tax rules and other changes in these expectations, including whether the sale occurs as a sale of shares or as a sale of individual properties, can thus cause the future payable tax to differ significantly from the calculated deferred tax. This year's tax calculation is detailed in note 9, and the tax assets and deferred tax are outlined in notes 15 and 21, respectively.Note 9 \u2013 TaxThe Group is taxed 22.0 % on Danish income and 15.825 % on German income. The average tax has been calculated based on local tax rates. The Parent Company is jointly taxed with Kartago Property ApS.According to notes 15 and 21, the deferred tax is recognized as a long-term asset and liability for the Parent Company and the Group, respectively. The ownership period of German properties is expected to exceed ten years, and regular disposals of German properties and property companies are not part of the Group's strategy.Group Parent companyEUR 1.0002025 2024 2025 2024Current tax -210 -45 -183 -201 Tax previous year etc. 97 126 97 78Deferred tax -494 -25 0 0Total tax for the year -607 56 -86 -123 Of this recognized in other comprehensive 0 0 0 0incomeCurrent tax on other comprehensive income 0 0 0 0Deferred tax on other comprehensive 0 0 0 0incomeTotal tax for the year -607 56 -86 -123 Tax on the year's result is explained as follows:Result of continuing activities before tax -6,534 -83 -5,979 -620 Non-deductible expenses 0 0 163 0Gain/losses from subsidiaries 0 0 4,983 -292 Basis for calculation of tax at local rates -6,534 -83 -833 -912 Tax calculated based on local rates -607 56 -86 -123 Adjustment of tax previous year etc. -480 -126 -97 -78 Total tax for the year, adjusted -1,087 -70 -183 -201 Average tax rate in % 16.6 84.3 22.0 22.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__101": {
"value": "Note 3 \u2013 Segment InformationThe Group holds thirteen German retail properties located in major cities across Germany, as well as one property in Denmark. Business activities are managed, reported, and presented in terms of revenue and operating income within the following segments: Commercial, Residential, Office, Service Change, and other for 2025. Consequently, the income statement for the period from January 1 to December 31, 2025, is divided into these specific segments.Profit January 1 to December 31, 2025, Segment Information Service EUR 1000 Commercial Residential Officecharge and GroupotherRevenue 3,302 549 349 776 4,976Property operation expenses -869 -371 -390 0 -1,630Operating income 2,433 178 -41 776 3,346Staff expenses -500Administrative expenses -1,047Result before fair market value 1,799adjustment and interestsFair market value adjustment of -7,244investment propertiesResult before interests and tax -5,445Financial expenses, net -1,089Result of continuing activities -6,534before taxUnallocated costs relate to Group-level items that cannot be directly attributed.Segment assets, segment liabilities and related information are not regularly reported to the Board of Directors and other Management Levels and are therefore not disclosed in the segment information.Profit January 1 to December 31, 2024, Segment InformationService Commercial Residential Officecharge and GroupEUR 1000otherRevenue 3,159 499 371 669 4,698Property operation expenses -758 -324 -341 0 -1,423Operating income 2,401 175 30 669 3,275Staff expenses -484Administrative expenses -943Result before fair market value adjustment and interests1,848Fair market value adjustment of investment properties-156Result before interests and tax 1,692Financial expenses, net -1,775Result of continuing activities before tax-83",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__103": {
"value": "Note 4 \u2013 Staff ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Executive management's 109 120 109 120remuneration Other employee salaries and costs 241 204 65 44Board fee 150 160 150 160Salary costs total:500 484 324 324The Group has 3 employees in 2025 (3 employees in 2024). The Company\u2019s Board is compensated with a fixed honorarium and does not receive incentive-based remuneration. The base honorarium for the Board is set at a market-conforming level thareflects the demands of Board members.Effective from January 1, 2025, the Board\u2019s remuneration amounts to an annual basic honorariuof EUR 30 thousand per member. The chairman receives the basic honorarium three times. The Board determines the salary and employment conditions for the executive management at least once a year based on a recommendation from the chairperson. The director is not part of incentive scheme. Michael Hansen received EUR 108,725 in 2025. The employment contract for Michael Hansen (stepped down as CEO on December 31, 2025) anMartin Ernst (joined as CEO on December 31, 2025) follows the notice period of the Employee'sAct. In addition, no Board and executive management members are entitled to compensation upon termination of employment. The Company believes that the remuneration of the Board and executive management supports the Group's strategy and is in accordance with its interests, good practices, and recommendations for good corporate governance.Annual remunerationEUR 1,000Board of Directors2025 2024Hans Thygesen 90.0 90.0Nikolaj Claude Olof Zethraeus, Vice-Chairman of the 30.0 30.0BoardTotal annual remuneration: 259.0 280.0Ren\u00e9 Angenend (joined the board on April 30, 2025) 20.0 0.0Jutta Steinert (stepped down from the board on April 30, 10.0 30.02025)Walther Thygesen (stepped down from the board on April 0.0 10.030, 2024)150.0 160.0Key management personnelMichael Hansen (stepped down as CEO on December 31, 109.0 120.02025)Martin Ernst (joined as CEO on December 31, 2025) 0.0 0.0Remuneration of the Board amounted to a total of T.EUR 150 for the year (2024 T.EUR 160). The executive management's remuneration is T.EUR 109 and is settled by German High Street Properties A/S. The executive management is closely related to the Kartago Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__102": {
"value": "Note 4 \u2013 Staff ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Executive management's 109 120 109 120remuneration Other employee salaries and costs 241 204 65 44Board fee 150 160 150 160Salary costs total:500 484 324 324The Group has 3 employees in 2025 (3 employees in 2024). The Company\u2019s Board is compensated with a fixed honorarium and does not receive incentive-based remuneration. The base honorarium for the Board is set at a market-conforming level thareflects the demands of Board members.Effective from January 1, 2025, the Board\u2019s remuneration amounts to an annual basic honorariuof EUR 30 thousand per member. The chairman receives the basic honorarium three times. The Board determines the salary and employment conditions for the executive management at least once a year based on a recommendation from the chairperson. The director is not part of incentive scheme. Michael Hansen received EUR 108,725 in 2025. The employment contract for Michael Hansen (stepped down as CEO on December 31, 2025) anMartin Ernst (joined as CEO on December 31, 2025) follows the notice period of the Employee'sAct. In addition, no Board and executive management members are entitled to compensation upon termination of employment. The Company believes that the remuneration of the Board and executive management supports the Group's strategy and is in accordance with its interests, good practices, and recommendations for good corporate governance.Annual remunerationEUR 1,000Board of Directors2025 2024Hans Thygesen 90.0 90.0Nikolaj Claude Olof Zethraeus, Vice-Chairman of the 30.0 30.0BoardTotal annual remuneration: 259.0 280.0Ren\u00e9 Angenend (joined the board on April 30, 2025) 20.0 0.0Jutta Steinert (stepped down from the board on April 30, 10.0 30.02025)Walther Thygesen (stepped down from the board on April 0.0 10.030, 2024)150.0 160.0Key management personnelMichael Hansen (stepped down as CEO on December 31, 109.0 120.02025)Martin Ernst (joined as CEO on December 31, 2025) 0.0 0.0Remuneration of the Board amounted to a total of T.EUR 150 for the year (2024 T.EUR 160). The executive management's remuneration is T.EUR 109 and is settled by German High Street Properties A/S. The executive management is closely related to the Kartago Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__104-1": {
"value": "Annual remunerationEUR 1,000Board of Directors2025 2024Hans Thygesen 90.0 90.0Nikolaj Claude Olof Zethraeus, Vice-Chairman of the 30.0 30.0BoardTotal annual remuneration: 259.0 280.0Ren\u00e9 Angenend (joined the board on April 30, 2025) 20.0 0.0Jutta Steinert (stepped down from the board on April 30, 10.0 30.02025)Walther Thygesen (stepped down from the board on April 0.0 10.030, 2024)150.0 160.0Key management personnelMichael Hansen (stepped down as CEO on December 31, 109.0 120.02025)Martin Ernst (joined as CEO on December 31, 2025) 0.0 0.0Note 29 \u2013 Related PartiesAlexander and Kristoffer Thygesen control the Group through Drot ApS and Marsk ApS which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning 41.78% and 11.99% of the share capital and votes, respectively.The accounts for German High Street Properties are included in the consolidated accounts of Kartago Property ApS. The Group's related parties also include the Parent Company's Board of directors, executive management, and their close family members. Related parties also include companies in which the individuals mentioned above have control or joint control. In addition to the shareholdings controlled by Alexander and Kristoffer Thygesen, the Board of directors, executive management, and companies where this Group of people has a controlling influence hold 0 shares. Besides remuneration of the director in accordance with the management agreement, transactions with companies controlled by the Thygesen family have in 2025, as specified below, included administration fees tEUR 576.0, payment of commercial rent tEUR 15.0 and transaction costs related to the acquisition of investment property in Odense, Denmark tEUR 163.0.Parent companyGroupEUR 1.000 2025 2024 2025 2024Administration agreement 576 589 576 589Commercial rent 15 15 15 15Costs related to amendment of the 0 18 0 18existing loan agreementTransaction costs related to sale of 0 39 0 39investment propertyTransaction costs related to the 163 0 0 0acquisition of investment property",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__105-1": {
"value": "Board of Directors2025 2024Hans Thygesen 90.0 90.0Nikolaj Claude Olof Zethraeus, Vice-Chairman of the 30.0 30.0BoardTotal annual remuneration: 259.0 280.0Ren\u00e9 Angenend (joined the board on April 30, 2025) 20.0 0.0Jutta Steinert (stepped down from the board on April 30, 10.0 30.02025)Walther Thygesen (stepped down from the board on April 0.0 10.030, 2024)150.0 160.0Key management personnelMichael Hansen (stepped down as CEO on December 31, 109.0 120.02025)Martin Ernst (joined as CEO on December 31, 2025) 0.0 0.0Remuneration of the Board amounted to a total of T.EUR 150 for the year (2024 T.EUR 160). The executive management's remuneration is T.EUR 109 and is settled by German High Street Properties A/S. The executive management is closely related to the Kartago Group.Besides remuneration of the director in accordance with the management agreement, transactions with companies controlled by the Thygesen family have in 2025, as specified below, included administration fees tEUR 576.0, payment of commercial rent tEUR 15.0 and transaction costs related to the acquisition of investment property in Odense, Denmark tEUR 163.0.Parent companyGroupEUR 1.000 2025 2024 2025 2024Administration agreement 576 589 576 589Commercial rent 15 15 15 15Costs related to amendment of the 0 18 0 18existing loan agreementTransaction costs related to sale of 0 39 0 39investment propertyTransaction costs related to the 163 0 0 0acquisition of investment property",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__108": {
"value": "Note 5 \u2013 Administrative ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Administration agreement 576 589 576 589Legal costs (relating to advice concerning the scrutiny and replies to 163 0 163 0questions from certain shareholders)Stockexchange fees 51 61 51 61Auditors 76 89 76 89Insurance 62 6 62 6Other administration costs 119 198 52 135Administration costs total:1,047 943 980 880",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__109": {
"value": "Fee to the Auditor Elected by the General AssemblyGroup Parent companyEUR 1.000 2025 2024 2025 2024Audit fee 76 89 76 89Declaration tasks with certainty 0 0 0 0Tax advice 0 0 0 0Other 0 0 0 0Total audit fee:76 89 76 89",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__111-1": {
"value": "Note 6 \u2013 Result of Discontinued Activities after TaxDiscontinued activities concern the sale of the property at Hesselvang 11, Grenaa, according to stock exchange announcement no. 250 dated December 29, 2023. The sale of the property took effect on January 15, 2024.In 2025 there have been no discontinued activities.Group Parent companyEUR 1.0002025 2024 2025 2024Revenue 0 0 0 0Property operation expenses 0 0 0 0Result before fair market value 0 0 0 0adjustments and interestsChange in value and gains/losses from assets 0 -446 0 0held for salesFinancial expenses0 0 0 0Result of discontinued activities before 0 -446 0 0taxTax of discontinuing activities0 98 0 0Result of discontinued activities after tax 0 -348 0 0Earnings per share (EUR), discontinuing 0.00 -0.10activityEUR 1.0002025 2024Net cash flow from operating activities after 0 0interest and taxes paidNet cash flows from investing activities 0 4,583Cash flow from financing activities 0 -2,994 Net cash flow for the year 0 1,589Note 13 \u2013 Assets Held for SaleGroupEUR 1.000 2025 2024Cost price beginning of the year 0 4,745Disposal, Hesselvang 11, Grenaa 0 -4,745 Additions, Hesselvang 11, Grenaa 0 0Cost price end of the year 0 0Value adjustmentsValue adjustments beginning of the year 0 629Disposal, Hesselvang 11, Grenaa 0 -629 Fair market value adjustment of Hesselvang 11, Grenaa0 0Value adjustments end of the year 0 0Book value at the end of the period0 0Assets held for sale concerned the property at Hesselvang 11, Grenaa, which was sold on January 15, 2024, according to stock exchange announcement no. 250 dated December 29, 2023. No assets were categorised as held for sale December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__110": {
"value": "Note 6 \u2013 Result of Discontinued Activities after TaxDiscontinued activities concern the sale of the property at Hesselvang 11, Grenaa, according to stock exchange announcement no. 250 dated December 29, 2023. The sale of the property took effect on January 15, 2024.In 2025 there have been no discontinued activities.Group Parent companyEUR 1.0002025 2024 2025 2024Revenue 0 0 0 0Property operation expenses 0 0 0 0Result before fair market value 0 0 0 0adjustments and interestsChange in value and gains/losses from assets 0 -446 0 0held for salesFinancial expenses0 0 0 0Result of discontinued activities before 0 -446 0 0taxTax of discontinuing activities0 98 0 0Result of discontinued activities after tax 0 -348 0 0Earnings per share (EUR), discontinuing 0.00 -0.10activityEUR 1.0002025 2024Net cash flow from operating activities after 0 0interest and taxes paidNet cash flows from investing activities 0 4,583Cash flow from financing activities 0 -2,994 Net cash flow for the year 0 1,589",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__116": {
"value": "Note 8 \u2013 Financial ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Interest expenses to credit institutions 1,190 1,887 0 0Depreciation of capitalized borrowing costs 30 30 0 0Interest expenses to financial institutions 0 0 0 0Interest to subsidiaries 0 0 62 94Total financial expenses 1,220 1,917 62 94",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__115": {
"value": "Note 8 \u2013 Financial ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Interest expenses to credit institutions 1,190 1,887 0 0Depreciation of capitalized borrowing costs 30 30 0 0Interest expenses to financial institutions 0 0 0 0Interest to subsidiaries 0 0 62 94Total financial expenses 1,220 1,917 62 94",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__114": {
"value": "Note 8 \u2013 Financial ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Interest expenses to credit institutions 1,190 1,887 0 0Depreciation of capitalized borrowing costs 30 30 0 0Interest expenses to financial institutions 0 0 0 0Interest to subsidiaries 0 0 62 94Total financial expenses 1,220 1,917 62 94",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__113": {
"value": "Note 8 \u2013 Financial ExpensesGroup Parent companyEUR 1.000 2025 2024 2025 2024Interest expenses to credit institutions 1,190 1,887 0 0Depreciation of capitalized borrowing costs 30 30 0 0Interest expenses to financial institutions 0 0 0 0Interest to subsidiaries 0 0 62 94Total financial expenses 1,220 1,917 62 94",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__118": {
"value": "Note 11 \u2013 Earnings per ShareEarnings per share (EUR), continuing activityGroup2025 2024Result of continuing activities after tax -5,927 -139Weighted average number of outstanding ordinary 3,654 3,654shares in thousandsEarnings per share (EUR), continuing activity -1.62 -0.04 Earnings per share (EUR), discontinuing activityGroup2025 2024Result of discontinued activities after tax 0 -348Weighted average number of outstanding ordinary 3,654 3,654shares in thousandsEarnings per share (EUR), discontinuing activity - -0.10 Earnings per share (EUR), Result for the periodGroup2025 2024Result for the period -5,927 -487Weighted average number of outstanding ordinary 3,654 3,654shares in thousandsEarnings per share (EUR), Result for the period -1.62 -0.13 No equity instruments with a diluting effect have been issued. Diluted earnings per share are equal to earnings per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__120": {
"value": "Note 12 \u2013 Investment Properties.GroupEUR 1.000 2025 2024Cost price beginning of the year 57,057 56,801 Additions during the year 3,582 0 Improvements during the year 644 256 Cost price end of the year 61,283 57,057 Value adjustments beginning of the year 34,043 34,199 Fair market value adjustment of investment -7,244 -156 properties, netValue adjustments end of the year 26,799 34,043 Book value at the end of the period 88,082 91,100 For the German investment properties management has obtained a valuation from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair market value determined by management. The Board has chosen to value the German properties at EUR 84.5 million in the annual report (2024: EUR 91.1 million). Management assesses that the recorded value of the German investment properties is their fair market value as of December 31, 2025.The Company has chosen to measure the investment property in Denmark at fair market value. Upon initial recognition in the year of acquisition, it is the Group's assessment that the fair market value of the property as of 31 December 2025 corresponds to the total acquisition cost.Investment properties are pledged as security for financial liabilities, EUR 30.6 million.German Properties:The method used for valuing the fair market value of the German investment properties is based on the property's expected gross rental income and the so-called gross capitalization factor. The fair market value of the investment property is calculated as theproduct of the expected gross rental income and the gross capitalization factor and is below shown by Federal State.2025 2024Federal State Factor FactorNordrhein-Westfalen14.7 15.7 Niedersachsen14.8 15.9 Hessen19.3 20.8 Hamburg24.0 25.0 Rheinland-Pfalz17.0 18.4 Baden-W\u00fcrttemberg15.0 15.9 Bayern19.0 20.1 The valuation corresponds to a gross capitalization factor property by property between and 24.00 with an average of 17.8 (2024: 19.0). For the German properties changes in estimates of the expected rental factor will affect the recognized value of investment properties in the balance sheet. The impact on the value of the investment properties as a result of changes in the gross capitalization factor is shown below.Change in gross capitalization factor 2025 for German -1.5 -0.75 Basis 0.75 1.5propertiesGross capitalization factor 16.30 17.05 17.80 18.55 19.30 Fair market value in EUR 1,000 77,379 80,940 84,500 88,060 91,621Change in fair market value in -7,121 -3,560 0 3,560 7,121EUR 1,000Change in gross capitalization factor 2024 for German -1.5 -0.75 Basis 0.75 1.5propertiesGross capitalization factor 17.50 18.25 19.00 19.75 20.50 Fair market value in EUR 1,000 83,908 87,504 91,100 94,696 98,292Change in fair market value in -7,192 -3,596 0 3,596 7,192EUR 1,00085The Group's investment properties include commercial and residential rentals leased on usual terms. In the following statement, only commercial rentals are included. The average remaining term of German commercial lease contracts is four years and two months (2024: three years and seven months). In addition, the Group has an annual residential rental income of EUR 0.5 million (2024: EUR 0.5 million)The accumulated minimum lease payments for commercial rentals during the non-cancellable period can be shown as follows:German propertiesEUR 1.000 2025 2024Before 1 year 3,650 3,429Before 2 year 2,822 2,583Before 3 year 2,062 1,744Before 4 year 1,606 1,102Before 5 year 1,420 757After 5 year 985 688Total accumulated minimum lease payments 12,54510,303",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__121": {
"value": "Note 13 \u2013 Assets Held for SaleGroupEUR 1.000 2025 2024Cost price beginning of the year 0 4,745Disposal, Hesselvang 11, Grenaa 0 -4,745 Additions, Hesselvang 11, Grenaa 0 0Cost price end of the year 0 0Value adjustmentsValue adjustments beginning of the year 0 629Disposal, Hesselvang 11, Grenaa 0 -629 Fair market value adjustment of Hesselvang 11, Grenaa0 0Value adjustments end of the year 0 0Book value at the end of the period0 0Assets held for sale concerned the property at Hesselvang 11, Grenaa, which was sold on January 15, 2024, according to stock exchange announcement no. 250 dated December 29, 2023. No assets were categorised as held for sale December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__124": {
"value": "Note 16 \u2013 Receivables from TenantsThe provision for losses in 2025 is EUR 30,000.As of December 31, 2025, EUR 256,000 were overdue, compared to EUR 334,000 as of December 31, 2024. Write-downs are made based on an individual assessment of receivables from leases to the extent the Group expects to be unable to recover the arrears. There is no significant concentration of credit risk with individual tenants. It is assessed that the provisions made are sufficient to ensure that receivables from letting will be settled.GroupEUR 1.000 2025 2024Receivables from tenant 256 334Provision for losses -30 -77Total receivables from tenant 226 257The table below shows bank guarantees received by the company from the tenantsGroupEUR 1.000 2025 2024Guarantees at the beginning of the year 839 837Disposal -117 -108Addition 101 110Total guarantees from leasing 823 839",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__125": {
"value": "The provision for losses in 2025 is EUR 30,000.As of December 31, 2025, EUR 256,000 were overdue, compared to EUR 334,000 as of December 31, 2024. Write-downs are made based on an individual assessment of receivables from leases to the extent the Group expects to be unable to recover the arrears. There is no significant concentration of credit risk with individual tenants. It is assessed that the provisions made are sufficient to ensure that receivables from letting will be settled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__126": {
"value": "Note 18 \u2013 CashCash and cash equivalents, EUR 3.5 million, are freely available December 31, 2025. (EUR 3.6 million December 31, 2024).Cash and cash equivalents are held in Jyske Bank, a systemically important financial institution (SIFI); hence, the credit risk is assessed as limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__128": {
"value": "Note 19 \u2013 Share CapitalDKK 1.000Shares A-shares B-sharesContribution at establishment in 2007 0 100 900 Cash capital increase through stock market 0 3,550 31,951 issuance in 2007Cancellation of shares 0 0 -6,047 Partial merger of A shares and B shares in 2017 0 -2,750 2,750 Remaining merger of A shares and B shares and 30,454 -900 -29,554 consolidation into one share classCash capital increase through stock market 6,091 0 0 issuance in 2024Total share capital, DKK 36,545 0 0 EUR 1.000 Shares A-shares B-sharesContribution at establishment in 2007 0 13 120 Cash capital increase through stock market 0 476 4,284 issuance in 2007Cancellation of shares 0 0 -811 Partial merger of A shares and B shares in 2017 0 -369 369 Remaining merger of A shares and B shares and 4,082 -120 -3,962 consolidation into one share classCash capital increase through stock market 818 0 0 issuance in 2024Total share capital, EUR 4,900 0 0 The share capital consists of 3,654,459 shares with a nominal value of DKK 10 each, each granting one vote. The shares are listed on Nasdaq Copenhagen and consist of:\u2022 3,045,383 shares with a nominal value of DKK 10 each, subscribed to EUR 13.4 (DKK 100) and the share premium at establishment and capital increase thus totals EUR 44.0 million (DKK 328.5 million). Each share is granting one vote. \u2022 609,076 shares with a nominal value of DKK 10 each, subscribed to EUR 9.8 (DKK 73) and the share premium at establishment and capital increase thus totals EUR 5.9 million (DKK 43.7 million). Each share grants one vote.Shares A-shares B-sharesContribution at establishment in 2007 100,000 10,000 90,000 Cash capital increase through stock market 3,550,083 355,008 3,195,075 issuance in 2007Cancellation of shares 2015 -504,700 0 -504,700 Cancellation of shares 2023 -100,000 0 -100,000 Remaining merger of A shares and B shares 0 -275,000 275,000 and consolidation into one share classAbolition of A shares and B shares 0 -90,008 -2,955,375 Cash capital increase through stock market 609,076 0 0 issuance in 2024Total shares 3,654,459 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__127": {
"value": "Note 19 \u2013 Share CapitalDKK 1.000Shares A-shares B-sharesContribution at establishment in 2007 0 100 900 Cash capital increase through stock market 0 3,550 31,951 issuance in 2007Cancellation of shares 0 0 -6,047 Partial merger of A shares and B shares in 2017 0 -2,750 2,750 Remaining merger of A shares and B shares and 30,454 -900 -29,554 consolidation into one share classCash capital increase through stock market 6,091 0 0 issuance in 2024Total share capital, DKK 36,545 0 0 EUR 1.000 Shares A-shares B-sharesContribution at establishment in 2007 0 13 120 Cash capital increase through stock market 0 476 4,284 issuance in 2007Cancellation of shares 0 0 -811 Partial merger of A shares and B shares in 2017 0 -369 369 Remaining merger of A shares and B shares and 4,082 -120 -3,962 consolidation into one share classCash capital increase through stock market 818 0 0 issuance in 2024Total share capital, EUR 4,900 0 0 The share capital consists of 3,654,459 shares with a nominal value of DKK 10 each, each granting one vote. The shares are listed on Nasdaq Copenhagen and consist of:\u2022 3,045,383 shares with a nominal value of DKK 10 each, subscribed to EUR 13.4 (DKK 100) and the share premium at establishment and capital increase thus totals EUR 44.0 million (DKK 328.5 million). Each share is granting one vote. \u2022 609,076 shares with a nominal value of DKK 10 each, subscribed to EUR 9.8 (DKK 73) and the share premium at establishment and capital increase thus totals EUR 5.9 million (DKK 43.7 million). Each share grants one vote.Shares A-shares B-sharesContribution at establishment in 2007 100,000 10,000 90,000 Cash capital increase through stock market 3,550,083 355,008 3,195,075 issuance in 2007Cancellation of shares 2015 -504,700 0 -504,700 Cancellation of shares 2023 -100,000 0 -100,000 Remaining merger of A shares and B shares 0 -275,000 275,000 and consolidation into one share classAbolition of A shares and B shares 0 -90,008 -2,955,375 Cash capital increase through stock market 609,076 0 0 issuance in 2024Total shares 3,654,459 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__129": {
"value": "Note 20 \u2013 Financial LiabilitiesThe Group only has variable-rate loans.All financial liabilities are denominated in EUR or DKK. The liquidity risk associated with the future maturity of financial liabilities is hedged by the future returns of investment properties. See also the accumulated minimum lease payments during the non-cancellable period in note 12. Loans are recognized at amortized cost. The Group has no unused loan facilities as of December 31, 2025.Group Parent companyEUR 1.000 2025 2024 2025 2024Long-term bank loans* 29,780 27,269 0 0Total long-term liabilities 29,780 27,269 0 0Short-term bank loans* 814 646 0 0Total short-term liabilities 814 646 0 0Book value of total financial liabilities 30,594 27,915 0 0Nominal value of financial liabilities 30,594 27,915 0 0Fair market value of financial liabilities 30,594 27,915 0 0*) Long-term loans are shown without loan costs (EUR 30 thousand as of December 31, 2025) which are amortized over the term of the loan. Long-term loans of EUR 29,780 thousand are presented net of EUR 30 thousand in unamortized loan costs in the balance sheet as of December 31, 2025. The financial liabilities relate to loans from credit institutions according to note 20 and are secured by mortgages on investment properties with a book value of EUR 88.1 million, see note 12.Maturity dates for long-term financial liabilities include expected interest payments. Interest payments are based on the interest rate level as of December 31, 2025.Parent companyGroupEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,958 2,042 0 0Maturity between 1 and 2 years 1,927 2,042 0 0Maturity between 2 and 5 years 31,395 6,126 0 0Maturity after more than 5 years 0 24,685 0 0Total debt service 35,280 34,895 0 0The loan facilities are due for renegotiation on February 1, 2030Group Parent companyEUR 1.000 2025 2024 2025 2024Maturity between 0 and 1 year 1,496 1,177 494 216Maturity between 1 and 2 years 0 0 0 0Maturity between 2 and 5 years 0 0 0 0Maturity after more than 5 years 0 0 0 0Total other payables 1,496 1,177 494 216As an important part of risk management, management closely monitors the Group's liquidity reserve, which is intended to ensure that the Group can service its current and future obligations, including payment of interest and principal to lenders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__135": {
"value": "Note 22 \u2013 Financial InstrumentsGenerally, receivables from letting and other receivables do not accrue interest. These items are due within one year. No unique risks are associated with these receivables, see note 16. Receivables from subsidiaries and liquid holdings are interest-bearing at market level and due within one year. No special risks are associated with these assets.The Group has financed itself with the following loans:As of December 31, 2025, the Group's outstanding debt amounted to EUR 30.6 million. As of December 31, 2024, the outstanding debt was EUR 27.9 million.The loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.Group Parent companyEUR 1.000 2025 2024 2025 2024Receivables from tenant 226 257 0 0Other receivables 2,725 2,771 1,637 2,009Receivables from Group entities 0 0 6,228 5,754Cash holdings 3,485 3,590 1,321 1,880Total financial assets at amortized 6,436 6,618 9,186 9,643costMaturity between 1 and 2 years 3,885 2,042 0 0Maturity between 2 and 5 years 5,892 6,126 0 0Maturity after more than 5 years 35,280 34,895 0 0Total long-term financial liabilities 45,057 43,063 0 0at amortized costShort-term financial liabilities 814 646 0 0Other short-term liabilities 1,496 1,177 494 216Payables to Group entities 0 0 7,924 7,739Total short-term debt at amortized 2,310 1,823 8,418 7,955costThe loans, totalling EUR 30.6 million, were divided into a standing loan of EUR 15 million and a serial loan that amounted to EUR 15.6 million as of December 31, 2025. The serial loan is repaid with EUR 813,676 annually.The loans have been agreed with non-renegotiating clauses from the lenders' side until 2030 if the DSCR (annual net rent (Kaltmiete)*0.75/annual payments under the loan) is higher than 1.30. A breach of this will trigger a cash sweep with a binding period of 12 months at a time. If the DSCR falls further to 1.125, the Bank is entitled to renegotiate the Agreement. In the event of a breach of the above, the Group and the Borrowers have a cure period of 6 months to bring the facilities back within the terms of the Agreement. As of December 31, 2025, the DSCR has been calculated to be 1.74. The loans related to the German properties bear interest at the 3-month Euribor + 1.75% margin. As of December 31, 2025, the 3-month Euribor was 2.0%, so the total interest rate, including the margin, was 3.75% (as of December 31, 2024, the interest rate, including the interest margin, was approximately 4.25% p.a.).A change of 1.0 percentage points in the general interest rate level would result in a change in the Group's annual interest expense before tax of EUR 290,000 which will affect both the Group's result for the period and the total equity.The loans related to the Danish property bear interest at the 3-month Cibor + 1.75% margin. As of December 31, 2025, the 3-month Cibor was 2.0%, so the total interest rate, including the margin, was 3.75%EUR 1.0002025Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-1,379 -1,089 -799Change in Yearly financial expenses EUR 000-290 0 2902024Change in rate of interest (in %)+1.0 Base -1.0Yearly financial expenses EUR 000-2,193 -1,775 -1,357Change in Yearly financial expenses EUR 000-418 0 418",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__138": {
"value": "Note 23 \u2013 Change in Debt ObligationsGroup Parent companyEUR 1.000 2025 2024 2025 2024Opening balance 27,915 37,657 0 0Repayments -675 -9,742 0 0Loan redemptions 0 0 0 0New loans 3,354 0 0 0Amortization of loan costs 0 0 0 0Total 30,594 27,915 0 0Short-term loan in the balance 814 646 0 0Long-term loan in the balance 29,780 27,269 0 0Total 30,594 27,915 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__141": {
"value": "Note 25 \u2013 Cash Management and Other RisksThe Group's objective is to ensure the possibility of continued operations to optimize shareholders' returns and improve the capital structure to minimize financial costs. The Group's ability to accumulate sufficient liquidity depends on its operating results and the possibility of obtaining external financing. The Company's ability to pay dividends is limited according to the rules of the Companies Act, as the Company can legally pay dividends only if it has sufficient free liquidity according to its annual report and if the Company, in the Board's opinion, has a prudent level of capital reserves relative to the Group's operations and obligations after the distribution.In addition to liquidity management, the Group assesses its capital reserves based on solvency which is crucial for obtaining external financing. In line with its strategy, the Group has a solid capital structure with relatively low leverage with an equity ratio of 60.6% (2024: 64.6%).GroupEUR 1.000 2025 2024Total Equity 57,172 63,102Total Assets 94,292 97,718Equity ratio% 60.6% 64.6%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__144": {
"value": "Note 26 \u2013 Contractual ObligationsThe Group has agreed to a non-terminable management agreement with Administrationsselskabet Gambit ApS until December 31, 2028. Besides, the Group has only agreed to contractual obligations customary for a real estate company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__143-1": {
"value": "Note 26 \u2013 Contractual ObligationsThe Group has agreed to a non-terminable management agreement with Administrationsselskabet Gambit ApS until December 31, 2028. Besides, the Group has only agreed to contractual obligations customary for a real estate company.Note 28 \u2013 Contingent LiabilitiesThe Parent Company is jointly and severally liable for the tax on the taxable income of the Danish Group taxation members. It is also jointly and severally liable for Danish withholding taxes, such as dividend and interest taxes. Subsequent corrections to corporate taxes and withholding taxes may increase the Group's liability. Any subsequent corrections to corporate taxes and withholding taxes may result in the Group's liability being larger. The Group must pay the company administrator for 12 months of administration after the property is disposed of. This obligation ceases when the management agreement expires in 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__145": {
"value": "Note 27 \u2013 Pledges and Security ArrangementsThe Group's investment properties in Germany, with an accounting value as of December 31, 2025, of EUR 88.1 million are pledged as security for EUR 30.6 million in bank loans. \u2022 Towards the company Hesselvang 11 A/S (CVR no. 44093227), the Parent Company German High Street Properties A/S has undertaken towards Ringkj\u00f8bing Landbobank A/S, in the event of a forced sale of the property located at Hesselvang 22, 8500 Grenaa, Denmark, land registry no. 1rl, Hessel Hgd., \u00c5ls\u00f8, to bid Ringkj\u00f8bing Landbobank A/S home at the outstanding debt owed to the Bank at any given time pursuant to the Loan Agreement and the security documents. The outstanding debt on the property as of December 31, 2025 totals EUR 2.7 million.\u2022 Towards the company Kartago Capital \u2013 Stockholm A/S (CVR no. 43265474) and its subsidiary Kartago Stockholm AB, the Parent Company German High Street Properties A/S has undertaken towards Ringkj\u00f8bing Landbobank A/S, in the event of a forced sale of the property located at Tomtbergav\u00e4gen 2, 145 67 Norsberg, Botkyrka, Sweden, to bid Ringkj\u00f8bing Landbobank A/S home at the outstanding debt owed to the Bank at any given time pursuant to the Loan Agreement and the security documents. The outstanding debt on the property as of December 31, 2025 totals EUR 3.5 million. \u2022 The Parent Company German High Street Properties A/S has acted as surety for the loan granted to its subsidiary, GHSP \u2013 Odense, Danmark ApS, by Ringkj\u00f8bing Landbobank A/S in the total amount of EUR 3.4 million (DKK 25.1 million).There are no other security arrangements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__148": {
"value": "Note 28 \u2013 Contingent LiabilitiesThe Parent Company is jointly and severally liable for the tax on the taxable income of the Danish Group taxation members. It is also jointly and severally liable for Danish withholding taxes, such as dividend and interest taxes. Subsequent corrections to corporate taxes and withholding taxes may increase the Group's liability. Any subsequent corrections to corporate taxes and withholding taxes may result in the Group's liability being larger. The Group must pay the company administrator for 12 months of administration after the property is disposed of. This obligation ceases when the management agreement expires in 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__146": {
"value": "Note 28 \u2013 Contingent LiabilitiesThe Parent Company is jointly and severally liable for the tax on the taxable income of the Danish Group taxation members. It is also jointly and severally liable for Danish withholding taxes, such as dividend and interest taxes. Subsequent corrections to corporate taxes and withholding taxes may increase the Group's liability. Any subsequent corrections to corporate taxes and withholding taxes may result in the Group's liability being larger. The Group must pay the company administrator for 12 months of administration after the property is disposed of. This obligation ceases when the management agreement expires in 2028.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__151": {
"value": "Note 30 \u2013 Fair Value Hierarchy for Investment Properties and Financial InstrumentsThe table below shows classifications of investment properties and financial instruments measured at fair market value*, divided according to the fair market value hierarchy:\u2022 Level 1: Quoted prices in active markets for identical assets/liabilities.\u2022 Level 2: Based on inputs other than listed prices that are observable for the asset or liability, either direct (as prices) or indirect (derived from prices).\u2022 Level 3: Based on data that is not observable in the market.When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair market value hierarchy, a correction is made for the Group's own credit rating, taking into account the legal status of the liabilities and the security in the assets measured at fair value. Consequently, no direct assumptions of discount factors, etc., are included when measuring liabilities to credit institutions in accordance with level 3 of the fair value hierarchy for bank loans.There have been no significant transfers between levels during the fiscal year.*Bank loans are measured at amortized costGroup - 2025Balance EUR 1000Level 1 Level 2 Level 3sheet totalLong-term assetsInvestment properties 88,082 88,082Long-term liabilitiesBank loans* 29,780 29,780Short-term liabilitiesBank loans* 814 814Group - 2024Balance EUR 1000Level 1 Level 2 Level 3sheet totalLong-term assetsInvestment properties 91,100 91,100Long-term liabilitiesBank loans* 27,269 27,269Short-term liabilitiesBank loans* 646 646",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s10__7__152": {
"value": "Note 31 \u2013 Subsequent EventsThere have been no subsequent events.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900BT3M81VV58P678",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}