solve for tomorrow.
Annual report
The Annual Report was presented and adopted at the Annual
General Meeting of the company on 29/5 2026
Chairperson of the general meeting
URBAN PARTNERS
Southamptongade
Nordhavn
Denmark
Company reg. no.:
Urban Partners at a glance
in brief
Letter from the CEOs
Highlights
Financial highlights
Sustainability Consolidated financial statements
Financial statements
Our business
Our business
Financial model
Our performance
Assets under management
Financial review
Outlook
Governance
Corporate governance
Board of Directors
Executive Leadership
Parent company financial statements
Statements
Management’s statement
Independent auditor's report
Management Review
Contents
Urban Partners
Annual Report 2025
2
Management Review
Urban
Partners
at a glance
Portfolio average operational GHG emissions intensity is below CRREM operational GHG pathway applicable to both Urban Partners Real Estate and Urban Partners Credit. Portfolio average energy use intensity (EUI), and embodied
GHG emissions intensity is below the CRREM EUI pathway and SBTi Building Sector pathway respectively (Across NIP and NSF II-V) only applicable to direct investments in real estate within Urban Partners Real Estate..
1
Countries with
investments
bnDKK
AUM
+
1.°C
Multidisciplinary
professionals
Paris 1.5
O
C aligned across
energy use intensity,
operational emissions and
embodied emissions
1
Investment
Strategies
Countries
with offices
Urban Partners is a leading European private
investment firm with a -year track record
of delivering strong, risk-adjusted returns. We
leverage our global insights and hyperlocal
presence to invest capital in assets,
companies, and technologies across the
urban built environment.
Urban Partners
Annual Report 2025
3
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Our investment portfolio is positioned for sustainable growth and strong
performance through changing market conditions. Our strategies are designed
to address unmet urban demands, underpinned by structural tailwinds. We apply
a long-term, user-centric approach and leverage our sustainability expertise to
maximize operating efficiency while derisking our investments.
Real Estate
Real estate equity for customer-centric
and sustainable real estate
Credit
Debt financing to accelerate decar-
bonization and resiliency in real estate
2150
Venture capital to scale sustainable
and resilient technologies
years of delivering strong
risk-adjusted returns
Read more about our investment strategies →
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Letter from the CEOs
Highlights
Financial highlights
in b ri ef
1
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Letter from the CEOs
Claus Mathisen
Co-CEO
A year
of impact
Dear Valued Partners,
The past year was a foundational one for Urban Partners and marked an
important step forward. Against a more stable macroeconomic backdrop,
was a strong year for our firm. We delivered solid progress across
investment performance, fundraising, profitability, and Group development,
reinforcing the strength of our long term strategy and confirming the sound-
ness of our differentiated approach.
While markets continue to normalize, our focus remains unchanged:
investing with discipline across the urban built environment, strengthening
the resilience of our Group, and allocating capital toward assets and solu-
tions that deliver enduring value.
A stronger, more unified Urban Partners
During the year, we completed an important milestone in the evolution of our
Group by unifying real estate and credit under the Urban Partners name. Our
business strategy did not change: We remain the largest real estate invest-
ment manager in the Nordics, with a year track record of innovation and
a growing presence in Europe. Our distinctive strength lies in our ability to
bridge global capital with local opportunity in structurally attractive markets.
As a unified brand, we are stronger in our market position and clearer in our
focus as one integrated firm.
Turning a corner
was also a year of disciplined execution and internal focus. The Group
delivered a strong performance, supported by solid fundraising — most
notably through the launch of NSF VI — alongside a tighter cost base driven
by management’s continued focus on efficiency and cost control. The
restructuring initiatives implemented in translated into tangible bene-
fits during the year, reinforcing operating leverage and Group resilience.
Taken together, this marks a clear inflection point for the business. Urban
Partners is now operating in a more efficient, resilient, and scalable way,
better aligned with our long term growth ambitions.
Positioned for opportunity
Against a still selective capital market backdrop, the successful launch of
NSF VI reflects continued investor appetite for our differentiated strategies.
Fundraising progress across the Group during supported the scaling
of recently raised funds and strengthened our readiness to deploy capital as
activity levels increase.
At the same time, the Group entered this next phase with a more resilient
operating model, shaped by disciplined execution and the tangible benefits
of the Group changes implemented over the past two years. This combina-
tion of capital momentum and organizational preparedness positions Urban
Partners to take full advantage of the momentum as markets normalize.
Looking to 2026, we look to build
Key priorities include continued fundraising for NSF VI, further capital
raising across our Core+ and credit funds, and the planned launch of the
Urban Partners Regeneration fund, a first-of-its kind vehicle purpose-built
for accelerating large scale urban regeneration across Northen European
cities. Alongside this, we will maintain a disciplined approach to costs while
continuing to invest selectively in automation and technology to further
strengthen the scalability and efficiency of our Group and support sustain-
able long term growth.
We enter the next phase of Urban Partners with confidence in our strategy,
our organization, and our ability to deliver resilient, long term value.
Thank you for your continued trust and partnership.
Sincerely,
Letter from the CEOs
Jens Stender
Co-CEO
Jens Stender
Co-CEO
Claus Mathisen
Co-CEO
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
September October November
Highlights
Entering our 20th year well
positioned for scalable growth
Building on two decades of consistent
track record across market cycles, Urban
Partners continued to scale across our
strategies. This anniversary year marked
the start of a strategic partnership –
welcoming Viessmann Generations
Group as a long term, minority owner,
strengthening the firm’s capital base and
capabilities across resilient urban solu-
tions, technology, and strategic growth
ambitions, including in Germany.
Scaling social infrastructure
through key acquisition
in Sweden
Urban Partners entered a strategic
partnership with Swedish care home
developer Sehlhall, with the ambition to
build one of Sweden’s leading elderly
home platforms. The initiative targets the
need for more modern, high quality care
facilities across growing municipalities,
and supports the expansion and long term
renewal of Sweden’s social infrastructure.
Unifying real estate strategies
under one brand
Urban Partners announced that its real
estate strategies Nrep and Velo Capital
will operate under the Urban Partners
brand from . The move completed
the company's rebrand and further
strengthened the firm’s positioning as
an integrated, leading European urban
investor with strategies across the
capital spectrum.
Expanding care home
platform in Finland
Urban Partners strengthened its Finnish
social infrastructure footprint through
two care home transactions, expanding
its portfolio of modern, needs based
senior living assets. The investments
support growing local demand for
high quality care facilities and reflect a
continued focus on long term, resilient
assets developed in close collaboration
with municipalities and operators.
Publishing The Copenhagen
Way Report
Urban Partners co published The
Copenhagen Way together with
BLOXHUB and Ramboll, distilling three
decades of experience from working
on Copenhagen’s urban transformation
into a set of practical insights for other
European cities. The report outlines how
long term capital, cross sector collab-
oration, and integrated planning can
help cities remain resilient, competitive,
and liveable in a period of accelerating
structural change.
SBTi validates Urban
Partners’ climate targets
The Science Based Targets initiative (SBTi)
validated Urban Partners’ greenhouse gas
reduction targets, underlining its leading role
in de risking its investments through decar-
bonising the built environment at scale.
Urban Partners was also selected as one of
a limited number of global firms to pilot the
new SBTi Buildings Criteria, highlighting its
deep knowledge in scaling commercially
viable ways to build resilient portfolios.
Scaling the German platform
through strategic deals
Urban Partners completed its third
logistics transaction for the year through
an established JV partnership with
HIH Invest with the acquisition of a
development project near Hanover.
The deal reflected Urban Partners’
broader growth in Germany through
locally-anchored collaboration focused
on sustainable, future ready logistics
facilities in prime locations.
January March May May
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Financial highlights
Group
tDKK 2025 2024 2023
2
2022 2021
Profit/loss
Revenue ,, ,, ,, ,, ,
Operating profit/loss
, , , ,
Profit/loss before financial income and expenses , (,) (,) , ,
Net financials (,) (,) , (,) (,)
Net profit/loss for the year , (,) (,) , ,
Balance sheet
Balance sheet ,, ,, ,, ,, ,,
Equity , , , , ,
Cash flows
Cash flows from:
- Operating activities (,) , , , (,)
- Investing activities (,) (,) , ( , ) (,)
- Including investment in property, plant and equipment (,) (,) (,) (,) (,)
- Financing activities (,) , (,) , (,)
Change in cash and cash equivalents (,) , , , (,)
Average number of employees
Ratios
Gross margin .% .% .% .% .%
Profit margin .% (.%) (.%) .% ,%
Return on assets .% (.%) (.%) .% .%
Solvency ratio .% .% .% . % .%
Return on equity .% (. % ) (.%) .% .%
The ratios have been calculated in accordance with the
recommendations of the Association of Danish Financial
Analysts. The ratios are defined as follows:
Gross margin Operating profit/loss x
Revenue
Profit margin Profit before financials x
Revenue
Return on assets Profit before financials x
Total assets
Solvency ratio Equity at year end x
Total assets at year end
Return on equity Net profit for the year x
Average equity
From onwards,
staff expenses are
presented as part of
operating income, which
impact the gross margin
negatively compared to
previous years
Form onward,
comparative numbers
are restated for changed
its accounting policy
from IFRS (Financial
Instruments) to IFRS
(Revenue from Contracts
with Customers)
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Our business
Financial model
Our business
2
Urban Partners
Annual Report 2025
Urban Partners
Annual Report 2025
9
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Our business
solve for tomorrow. | We invest in Europe’s most resilient urban markets, addressing structural supply–demand gaps
Real estate Credit
We identify long-term structuralchallenges in
Northern European cities, particularly the need for
modern, resilient housing and logistics
Durable income through controlled
value creation
Value add Core + Venture Capital
Stable Nordic economies withstrong
long-term demand
Debt financing to accelerate
decarbonization in real state
Scaling sustainability and resilient
technologies
Our Core+ strategy focuses on highly stable
Nordic real estate markets with resilient
economies and strong long-term demand.
Through our credit strategy, we help address
the growing funding gap in Europe by providing
financing solutions to help accelerate the
decarbonisation of real estate.
Through our venture capital arm, , we invest
in technology companies that are seeking to
reimagine our cities and the industries that power
them.
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Financial model
Urban Partners financial model is simple and scalable. It focuses
on delivery of attractive and consistent returns to fund investors.
Urban Partners Group's revenue streams consists of
management fees, service fees and other revenue as well as
carried interest from successful fund management.
Consistent and attractive
client returns...
Urban Partners' financial model is based on the delivery of
consistent and attractive returns to investors.
... drive growth in AUM
Urban Partners funds deliver consistent, strong returns, driving
investor demand for successor funds, growth in fee-gener-
ating assets under management and, consequently, growth in
management fees.
with complementary
revenue streams...
Attractive returns in Urban Partners funds increases the potential
to generate carried interest.
... and a predictable and
well managed cost base
Urban Partners' operating expenses consist mostly of direct
personnel expenses or operating expenses closely related to
the personnel base and size of operations, such as external
consultants.
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Our performance
3
Assets under management
Financial review
Outlook
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Assets under management
. .
2025
. .
2025
2025
. .
2025
. .
2025
2025
Assets under management
Real estate Credit
We finished with a record billion
in Assets Under Management, which has
nearly doubled over the past five years.
Top quartile returns across all
value add funds
Increased total asset base to
bn DKK (+bn vs. )
which relate to fundraising in
NSF and new investments in
NSF
As per end of , Urban
Partners real estate capital
deployment reached bn DKK
from investors supported by
strong activity with bn DKK in
distributions to investors. The
funds has deployed bn DKK
into investments
All vintages continue to show
strong investment performance
with all value-add funds deliv-
ering top quartile returns (MtM)
funds under management
The new Velo Mezzanine fund
delivered solid progress in
, adding new invest-
ment loans to a total of since
launch, supported by capital
deployment of .bn DKK and
distributions of .bn DKK
The Velo Mezzanine fund has
had a strong start, delivering a
positive net IRR of .% by the
end of
funds under management, incl.
SPV for US-based institutional
investor
invests at Series A and B in
companies that e.g. have built differ-
entiated technology that is ready to
scale and have significant sustaina-
bility impact potential at scale
As per end of , had
made investments across the
world with an aggregate portfolio
value of DKK .bn (based on
ownership share)
The team is primarily based
in London and Copenhagen but
has a global investment mandate
Total AUM
bn dkk
Total AUM
bn dkk
.
Total AUM
bn dkk
.
Top Quartile
Performance
1
Capital deployed
bn dkk
Capital deployed
bn dkk
.
Capital deployed
bn dkk
.
bn
Drop mainly driven by legacy credit
funds end of life cycle with distributions
to LPs, selling investment/loans and
payback debt
NSF funds are benchmarked to INREV IRR
Index and NIP to INREV European ODCE
Index
Urban Partners
Annual Report 2025
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Outlook
Against this backdrop, was a strong year for
the Group, driven primarily by fundraising activity.
NSF VI secured its first investor commitments during
the year, while the venture capital strategy also
raised additional money . This resulted in higher fee
bearing equity and increased management fee income
compared with the prior year. In total, additional fee
bearing equity of DKK ,. million (EUR ,.
million) was raised in , compared with DKK
,. million (EUR . million) in .
Cost discipline remained a central focus throughout
the year. Operating expenses were tightly controlled
and average headcount reduced compared with the
prior year, reflecting management’s continued commit-
ment to efficiency and operating leverage. Staff costs
decreased by % and other operating expenses
reduced by %, driven primarily by the lower average
headcount (total average employees reduced to in
from in ) and continued cost efficiency
measures. Restructuring actions implemented during
created tangible benefits in through a
structurally lower cost base and improved operating
leverage. Management will continue to build on these
actions during the year to embed efficiency and support
a more scalable operating platform.
As a result, the Group delivered a record level of
EBITDA in of DKK . million (EUR .
million), compared with DKK . million (EUR .
million) in , reflecting revenue growth driven by
fundraising activity together with the benefits of ongoing
cost discipline and a lower operating cost base.
Below EBITDA, depreciation and amortisation were
higher in , reflecting depreciation arising from stra-
tegic capital investments undertaken during the year.
These primarily related to capitalised IT related projects
aimed at supporting the growth and scalability of the
Group’s operating platform. Net finance expenses were
lower year on year. The use of corporate debt facilities
was more measured over as a result of increased
management fee income and continued cost disci-
pline leading to stronger underlying cash generation,
although reported operating cash flows were lower year
on year, primarily due to working capital movements.
The Group remained in a positive net cash position at
year end, with limited reliance on drawn working capital
facilities. No new corporate debt facilities were required
during and existing facilities were used primarily
to manage short-term timing requirements.
Accordingly, the Group returned to profitability in ,
delivering profit for the year of DKK . million (EUR
. million), compared with a net loss of DKK .
million (EUR . million) in . This was consistent
with management’s expectations and reflected the
combined impact of strong fundraising activity and
continued cost discipline.
Financial
review
EBITDA result 2025
.DKKm
was a more benign year for
geopolitics and volatility was somewhat
reduced. Inflation and energy prices
eased compared with recent years
and financing conditions were also
more conducive whilst remaining
sensitive to short term macroeconomic
developments.
Management fee income is expected to increase
by around %, driven by NSF VI, the launch
of UPRF and continued momentum in existing
strategies. Operating expenses are expected to
increase at a slower pace than revenue, reflecting
disciplined cost management and selective invest-
ment in growth.
As a result, profitability is expected to improve, with
EBITDA forecast to increase by approximately
% compared to driven particularly by
the influence of one off catch up fee mechanics,
supported by revenue growth and continued
operating leverage.
Outlook
2026
Entering , management
expects continued growth in activity
and a stable operating environment,
supported by ongoing fundraising
and deployment across the platform.
Urban Partners
Annual Report 2025
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Corporate governance
Board of Directors
Executive Leadership
Governance
4
Urban Partners
Annual Report 2025
15
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Corporate governance
Urban Partners governance structure consist of our
Board of Directors and the Executive Management.
The Board of Directors is responsible for the overall
and strategic management and proper organisation of
the Group’s business and operations. On behalf of the
shareholders, the Board of Directors supervises Urban
Partners’ organisation, day-to-day management, and
results.
The Board of Directors sets guidelines on the
day-to-day responsibilities and obligations of the
Executive Management. The Board of Directors and the
Executive Management further assess UP’s business
processes, the organisation, strategy, risks, business
objectives and controls.
A set of rules of procedure governs the work of UP’s
Board of Directors. These rules are reviewed annually
by the Board of Directors and updated as necessary.
Corporate governance practices refer to the deci-
sion-making systems through which owners, directly or
indirectly, govern a company. Good corporate govern-
ance is not only important for the Urban Partners Group,
it is also integrated in our business model as it is part
of the core value creation strategy when advising and
future-proofing the portfolio companies of the funds, we
administrate.
Board of Directors
The Board of Directors consists of five members and
has appointed a Chairperson and a Vice Chairperson.
The Board of Directors represents broad international
business experience and skills considered relevant to
Urban Partners. The Board of Directors evaluates its
work on an annual basis, and determines once a year
the qualifications, experience and skills needed for the
Board of Directors to best perform its tasks. All board
members are up for election at each Annual General
Meeting.
The Board of Directors meets to times a year and
holds extraordinary meetings when required.
The duties and responsibilities of Urban
Partners' various governing bodies
are determined by Danish law and
Urban Partners’ corporate governance
principles, which aim to ensure active
and accountable business management
across the Group.
Urban Partners
Annual Report 2025
16
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Board of
Directors
Mikkel Bülow-Lehnsby
Executive Chairperson
Board Member since: Jun
Member People Committee
As Executive Chairperson,
Mikkel Bülow-Lehnsby
supports the Urban Partners'
leadership on setting the
strategic direction for the
company. He co-founded the
firm in and served as
CEO until .
LinkedIn →
Jim Hagemann Snabe
Vice Chairperson
Board Member since: May
Member People Committee
As Vice Chairperson, Jim
Hagemann Snabe provides
guidance to the Board of Direc-
tors and Leadership of Urban
Partners. He is Chairman of the
Supervisory Board of Siemens
AG and is a member of the
Board of Trustees of the World
Economic Forum.
LinkedIn →
Celia Francis
Board Member
Board Member since: Aug
Celia Francis is CEO of
Ponterra, a developer and
operator of restoration projects
that reverse climate change
and halt biodiversity loss.
She has held multiple senior
leadership roles at leading
technology companies.
She has resigned from
Board of Directors by th of
February .
LinkedIn →
Rasmus Nørgaard
Board Member
Board Member since: Jun
Rasmus Nørgaard is an urban
entrepreneur who has worked
in real estate for more than
years where he has founded
multiple successful real estate
platforms with users, commu-
nities and sustainability at their
core and also co-founded the
firm in . In early ,
Rasmus founded the impact-
driven real estate company
Home.Earth together with a
European team of co-founders
with the purpose to developing
sustainable and inclusive
homes and communities.
LinkedIn →
Morten Beck Jørgensen
Board Member
Board Member since: Jun
Member People Committee
Morten Beck Jørgensen is
Managing Partner at Novo
Holdings and represents
their interests as shareholder
in Urban Partners’ Board of
Directors.
LinkedIn →
Jonathon Bond
Board Member
Board Member since: Apr
Jonathon Bond is an accom-
plished investor and executive with
extensive experience in private
equity, asset management, and
corporate leadership. He founded
and ran an emerging markets
investment firm, helped spin out
a major development finance/
private equity business, and raised
substantial institutional capital.
He previously chaired family owned
and corporate groups focused
on responsible investing, and
later served as Chief Investment
Officer at the Grosvenor Group.
Urban Partners
Annual Report 2025
17
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Executive
Leadership
Our team is comprised of + experienced
professionals located across eight countries, from
diverse backgrounds, including real estate, public
sector, technology, private equity, venture capital,
architecture, finance and sustainability.
Claus Mathisen
Partner, Co-CEO
As Co-CEO, Claus co-leads Urban
Partners and oversees all efforts
within strategy, partnerships, capital,
and business development. Claus
joined the company in and
became CEO in , after careers
at BCG and J.P. Morgan.
He is a firm believer in the construc-
tive role private equity can play in
addressing urban challenges. Claus
is personally involved in The Railway
District, a large-scale urban develop-
ment area in Copenhagen based on
the green and thriving urban thinking
in the -minute city concept.
Jens Stender
Partner, Co-CEO
As Co-CEO, Jens co-leads Urban
Partners and is responsible for the
organization, leadership, govern-
ance set-up, and is overseeing
our Executive Leadership Council.
He joined in after years
at Egon Zehnder, a global leader
in C-Level executive search and
leadership advisory.
His focus is to help individuals, teams,
and strategies to realize their full
potential and he is known as a strong
proponent for how leadership comes
down to being purpose-led and
values-driven.
Amin Amirian
Partner, CPO
As Chief People Officer, Amin is
responsible for People & Culture,
Communication and Office
Services. Amin joined Urban
Partners in after eight years
at Apax Partners where he was
Global Head of HR. Amin’s focus is
on our greatest asset, our people,
by enabling our teams to perform at
their best and fostering an inclu-
sive working environment where
everyone brings their true selves to
work every day.
Jani Nokkanen
Partner, Nrep
As Chief Investment Officer for
Nrep, Jani is responsible for Urban
Partner’s real estate private equity
investment strategies, and serving
as the Chairman of the Investment
Committee, fund manager of NSF I,
II, and III. He has also been deeply
involved in the Finnish investment
business since joining in from
BCG, where he gained experience
in strategy, corporate finance,
operations, and M&A. Jani’s focus is
to shape, execute and scale Nrep’s
investment strategies in a way that
benefits the planet, the building’s
users and our investors.
LinkedIn → LinkedIn → LinkedIn → LinkedIn →
Urban Partners
Annual Report 2025
18
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Didde Maria Trachsel
Kristensen
Partner, IR
As Head of Investor Relations, Didde
oversees all efforts within capital
formation including business develop-
ment, communication, client services
and investor relations. Didde joined
Nrep in and took responsibility
of Investor Relations in . Didde
is a purposeful driven professional
with a background from M&A,
renewables infrastructure and real
estate financing. She has spent the
majority of her career working with the
establishment of long-term partner-
ships with international financial and
institutional investors with combined
capital of more than €bn.
Colin Paul Throssell
Partner, CFO
As Chief Financial Officer, Colin
leads the Urban Partners' finance
team - encompassing Group
Finance, Fund Finance, Tax and
related teams. He joined in ,
coming latest from a decade at
Nuveen, where he served as both
Global CFO and European CEO for
the Real Estate business. Colin’s
leadership is keenly founded on
Urban Partners’ values of trust and
making a difference, as he together
with the teams, strive to optimize
near and long-term financial
outcomes, serving the firm and our
investors in doing so.
Christian Hernandez
Gallardo
Par t n e r,
As Managing Partner for ,
Christian leads Urban Partners'
technology investment strategy and
co-leads Urban Partners' brand
and thought leadership efforts.
Christian joined in with a
career spanning executive roles
at Google, Microsoft and Face-
book and founding a transatlantic
VC firm. His priority is to identify
innovations across the globe that
can tackle the greatest challenges
of our cities from cement and
concrete to cooling to biodiversity
and urban adaptation.
Emanuele Bena
Partner, Velo Capital
As Managing Partner of Velo
Capital, Emanuele is responsible for
Urban Partners' alternative credit
strategy. He joined in as
the first London-based colleague,
where he set up our office and
presence. Before joining Urban
Partners, he spent years at JP
Morgan, where he was responsible
for Real Estate and Hospitality
Investment Banking across EMEA.
Emanuele’s focus is on ensuring
Velo Capital continues developing
as a cross-national team focused
on cooperation and innovation,
spearheading a new focus on
ESG-driven debt investments.
Rune Kock
Partner, Nrep
As Chief Executive Officer for Nrep,
Rune leads Urban Partners' real
estate private equity investment
strategy. He has been deeply involved
in enabling Nrep's development,
working across its strategies,
investment teams, and additionally
as Fund Manager and Investor
Committee member. Rune joined in
after holding senior real estate
roles at ATP Real Estate and Catella
Corporate Finance. Rune's passion is
grounded in proving the commercial
benefits of accelerating decarboniza-
tion within real estate, and strength-
ening Nrep's leadership position as
the local, strategic real estate investor.
Xavier Himmer
Partner, COO
As Chief Operating Officer, Xavier is
overseeing all operational aspects
of the firm, leading the Operational
Management Team, including func-
tions such as IT, Finance, Sustain-
ability, Legal, Compliance & Risk
Management. He joined in , and
brought years' leadership experi-
ence in the alternative asset manage-
ment industry across equity, credit
and real estate debt most recently
as COO with CVC Credit Partners.
Xavier is committed to driving Urban
Partners' ambitious growth agenda
while ensuring an unchanged
commitment to our purpose and
people through our values.
LinkedIn →LinkedIn → LinkedIn → LinkedIn → LinkedIn → LinkedIn →
Urban Partners
Annual Report 2025
19
At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
Sustainability
The Urban Partners Impact Report is published
simultaneously with this Annual Report and forms an
integrated part of Urban Partners’ non-financial reporting.
Urban Partners’ statutory disclosure on corporate social responsibility and sustainability in
accordance with Årsregnskabslovens §99b is provided in the Urban Partners Impact Report.
The Impact Report contains the company’s full
disclosures on policies, due diligence processes,
principal sustainability risks and impacts, targets,
actions, and key performance indicators across
our material sustainability topics.
Sustainability
5
The report is available here
→
https://urban.partners/sustainability
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At a glance in brief Our business Our performance SustainabilityGovernance Financial statements
FINANCIAL STATEMENTS
Consolidated financial statements
Parent company financial statements
Statements
Financial statements
21
At a glance 2025 in brief Our business Our performance SustainabilityGovernance
Financial statements
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flow
Notes to the financial statements
6
Consolidated
financial
statements
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Financial statements
tDKK Note 2025 2024
Revenue . 1,464,293 1,570,152
Staff costs . (890,012 ) (950,304 )
Other external expenses (354,579 ) (571,054 )
Operating profit/loss before depreciation and
amortization (EBITDA) 219,702 48,794
Income from carried interest in associates related to UP managed funds . 4,575 9,333
Depreciation, amortisation and impairment ., ., . (86,779 ) (76,774 )
Gains/losses from divestments of enterprises 5,177 -
Profit/loss before financial income and expenses (EBIT) 142,675 (18,648 )
Income from investments in joint ventures . 796 52
Income from investments in associates . (37 ) 1,007
Income from investments in other investments . (3,984 ) 1,003
Net gain/loss in sale of shares in investments (263 ) (390 )
Financial income . 15,837 13,516
Financial expenses . (44,150 ) (57,301 )
Profit/loss before tax 110,874 (60,761 )
Statement of comprehensive income
tDKK Note 2025 2024
Tax on profit/loss for the year . (29,412 ) (2,056 )
Net profit/loss for the year 81,462 (62,817 )
Thereof:
Attributable to the Shareholders 80,775 (64,890 )
Attributable non-controlling interests 687 2,073
Total 81,462 (62,817 )
Item that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 6,344 (3,216 )
Total other comprehensive income 6,344 (3,216 )
Total comprehensive income 87,806 (66,033 )
Thereof:
Attributable to the Shareholders 87,119 (68,107 )
Attributable non-controlling interests 687 2,073
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Financial statements
Assets
tDKK 2025 2024
Goodwill 117,262 117,262
Software 50,894 50,799
Other intangible 120,529 134,148
Development projects in progress 9,440 7,308
Intangible assets ., . 298,125 309,517
Buildings . - -
Other fixtures and fittings, tools and equipments . 15,265 15,365
Leasehold improvements . 3,692 4,248
Right-of-use assets . 104,487 98,631
Property, plant and equipment total 123,444 118,244
Investments in joint ventures . 2,962 2,166
Investments in associates . 59,326 59,084
Other investments . 165,980 163,464
Other receivables . 99,024 145,080
Deferred tax asset . 48,683 57,747
Total other non-current assets 375,975 427,541
Total non-current assets 797,544 855,302
Trade receivables . 89,228 98,753
Other current receivables . 211,873 92,782
Prepayments 23,780 19,813
Cash . 184,063 328,452
Total current assets 508,944 539,800
Total assets 1,306,488 1,395,102
Equity and liabilities
tDKK 2025 2024
Share capital . 1,398 1,398
Reserve for foreign currency translation 213 (6,131 )
Other equity (135,508 ) (37,174 )
Other reserve 16,697 9,943
Retained earnings 283,173 207,202
Equity attributable to shareholders of parent company 165,973 175,238
Non-controlling interests 25,176 8,752
Equity 191,149 183,990
Provisions . - -
Non-current lease liabilities . 75,194 71,495
Deferred tax liabilities . 38,313 42,957
Borrowings . 112,798 288,560
Other payables . - 12,628
Total non-current liabilities 226,305 415,640
Current lease liabilities . 33,506 28,560
Borrowings . 267,232 71,503
Trade payables . 11,874 33,194
Other payables . 576,422 662,215
Total current liabilities 889,034 795,472
Total liabilities 1,115,339 1,211,112
Total equity and liabilities 1,306,488 1,395,102
Statement of financial position
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Financial statements
tDKK Share Capital
Reserve for foreign
currency translation Other equity Other reserve Retained earnings
Equity attributable to
owners of the parent
company
Non-controlling
interests Total
2025
Equity at 1 January 1,398 (6,131 ) (37,174 ) 9,943 207,202 175,238 8,752 183,990
Net profit/loss for the year - - - - 80,775 80,775 687 81,462
Exchange differences relating to foreign entities - 6,344 - - - 6,344 - 6,344
Total comprehensive income for the period - 6,344 - - 80,775 87,119 687 87,806
Warrants expense - - - 6,754 - 6,754 - 6,754
Purchase of treasury shares - - (98,334 ) - - (98,334 ) - (98,334 )
Other equity movements - - - - (4,804 ) (4,804 ) - (4,804 )
Transactions with non-controlling interests - - - - - - 15,737 15,737
Equity at 31 December 1,398 213 (135,508 ) 16,697 283,173 165,973 25,176 191,149
2024
Equity at 1 January 1,380 (22 ) (178,145 ) - 249,196 72,409 7,329 79,738
Net profit/loss for the year - - - - (64,890 ) (64,890 ) 2,073 (62,817 )
Exchange differences relating to foreign entities - (6,109 ) - - 2,893 (3,216 ) - (3,216 )
Total comprehensive income for the period - (6,109 ) - - (61,997 ) (68,106 ) 2,073 (66,033 )
Capital increase 18 - - - 20,003 20,021 - 20,021
Warrants expense - - - 9,943 - 9,943 - 9,943
Sale of treasury shares - - 140,971 - - 140,971 - 140,971
Non-controlling dividend - - - - - - (650 ) (650 )
Equity at 31 December 1,398 (6,131 ) (37,174 ) 9,943 207,202 175,238 8,752 183,990
During the year, non-controlling shareholders made capital contributions to certain subsidiary while the Group retained control. In accordance with IFRS , these transactions are accounted for as equity transactions.
Statement of changes in equity
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Financial statements
tDKK Note 2025 2024
Net profit/loss for the year 81,462 (62,817 )
Adjustments to reconcile profit before tax to net cash flows:
Financial income . (15,837 ) (13,516 )
Financial expenses . 44,150 57,301
Loss (gain) on intangible assets . 2,289 6,025
Loss (gain) on disposal property, plant and equipment . 6 375
Loss (gain) on disposal of investments 263 390
Income from investments in associates . 37 (1,007 )
Income from investments in joint ventures . (796 ) (52 )
Income from investments in other investments . 3,984 (1,003 )
Gains/losses from divestments of enterprises (5,177 ) -
Unpaid carried interest (4,575 ) (9,333 )
Paid interest . (34,193 ) (57,301 )
Non-cash . 121,283 85,207
Changes in net working capital . (194,137 ) 105,029
Exchange rate realised gain/(losses) net . (4,183 ) 4,392
Income tax paid (10,060 ) (3,574 )
Net cash flow from operating activities (15,484 ) 110,117
tDKK Note 2025 2024
Acquisition of subsidiaries, net cash acquired . (13,612 ) (195,954 )
Sales of enterprises 5,177 -
Purchase of intangible assets . (32,612 ) (39,526 )
Purchase of property, plant and equipment . (8,940 ) (9,492 )
Purchase of investments in associates . (120 ) (403 )
Disposal of investments in associates . 413 580
Purchase of other non-current financial assets . (9,384 ) (28,967 )
Disposal of other non-current financial assets . 1,812 4,433
Interest income received . 15,837 4,879
Dividend income received ., . 10,626 7,853
Net cash flow from investing activities (30,803 ) (256,597 )
Capital increase . - 20,021
Payment of warrants 1,662 -
Proceed from borrowings from interests-bearing loan and borrowings . 19,540 51,229
Repayment of principal portion of lease liabilities . (37,324 ) (32,399 )
Purchase of treasury shares (98,334 ) -
Transaction with non-controlling interest 15,690 -
Sale of treasury shares . - 140,971
Dividend paid to non-controlling interest - (650 )
Cash flow from financing activities (98,766 ) 179,173
Change in cash and cash equivalents (145,053 ) 32,689
Cash and cash equivalents at January 328,452 295,112
Exchange adjustment of cash and cash equivalents 664 650
Cash and cash equivalents at 31 December 184,063 328,451
.
Statement of cash flow
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Financial statements
Section 1 Basis of preparation of the
consolidated financial statements 28
Note . Basis of preparation
Note . Basis of consolidation
Section 2 Result for the year 31
Note . Revenue
Note . Staff costs and remuneration
Note . Financial Items
Note . Income tax
Section 3 Assets and liabilities 35
Note . Intangible assets
Note . Impairment test
Note . Property, plant and equipment
Note . Right-of-use assets
Note . Partially owned subsidiaries
Note . Investments in joint ventures and associates
Note . Other investments
Note . Other non-current receivables
Note . Receivables
Note . Share base compensation
Note . Share capital
Note . Provision
Note . Other payables
Section 4 Capital structure 51
Note . Net interest-bearing debt
Note . Financial risk management
Note . Financial instruments
Note . Non-cash items
Note . Working capital changes
Section 5 Other disclosures 57
Note . Contingent assets, liabilities and other
financial obligations
Note . Related parties
Note . Audit fees
Note . Events after the balance sheet date
Note . Group companies
Notes to the financial statements
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Financial statements
SECTION BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Section
Basis of preparation
of the consolidated
financial statements
.Basis of preparation
The Consolidated Financial Statements of the Urban Part-
ners Group (the Group) for have been prepared on
a going concern basis and in accordance with the IFRS
Accounting Standards as adopted in the EU and addi-
tional Danish disclosure requirements.
General information on recognition
and measurement
The consolidated financial statements have been
prepared under the historical cost method, except for
the measurement of certain financial instruments that are
measured at fair value.
New accounting standards,
amendments and interpretations
Management has assessed the impact of new or
amended and revised accounting standards and interpre-
tations issued by IASB and IFRSs, endorsed by the Euro-
pean Union, effective on or after January .
The following amendments have been adopted as of
January :
• Foreign exchange rate – Amendments to IAS
None of the new or amended standards and interpre-
tations are expected to have a material impact on the
consolidated financial statements.
Standards issued but not yet effective
IASB has issuedcertainnew or amended accounting
standards and interpretations that have not yet become
effectiveor adopted by the EU. None of these have been
early adopted by the Group.Urban Partners expects to
adopt the accounting standards and interpretations as
they become mandatory. The new or amended standards
or interpretations are not expected to have a significant
impact on our consolidated financial statements.
IFRS Presentation and Disclosure in Financial State-
ments (effective for annual periods beginning on or after
January ) will not impact the recognition or meas-
urement of items in the financial statements however, it
will impact presentation and disclosure.
Management is currently assessing the implications
of applying the new standard. A high-level preliminary
assessment has identified the following: grouping items
of income and expenses in the statement of profit or loss
into the new categories will impact how operating profit is
calculated and reported, and changes to classification of
financial items in the statement of cash flows is expected
to impact the presented cash flows from operating,
investing and financing activities, respectively.
Presentation of accounting policies
Where possible, the accounting policies for an accounting
area are presented in the notes for each area. Accounting
policies not directly related to an area covered by a note
are presented below.
Applying materiality
The financial statements are a result of processing large
numbers of transactions and aggregating those trans-
actions into classes according to their nature. When
aggregated, the transactions are presented in classes of
similar items in the financial statements. If a line item is not
Note . Basis of preparation
Note . Basis of consolidation
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Financial statements
Consolidated Section
.Basic of preparation (continued)
individually significant, it is aggregated with other items of
a similar nature in the financial statements.
There are substantial disclosure requirements throughout
IFRS. Management provides specific disclosures
required by IFRS unless the information is considered
immaterial to the economic decision-making of the users
of these financial statements or not applicable.
Significant accounting estimates and judgements
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjust-
ment to the carrying amounts of assets and liabilities
within the next financial year, are described in the relevant
notes. The Group based its assumptions and estimates
on parameters available when the consolidated financial
statements were prepared. Existing circumstances and
assumptions about future developments, however, may
change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes
are reflected in the assumptions when they occur.
Note Key accounting estimates and judgement Estimate/Judgement Impact
2.4 Income tax Utilization of deferred tax asset Estimate Medium
3.2 Impairment Estimate of the value-in-use for intangible assets
based on assumptions used when impairment
testing
Estimate Medium
3.6 Associates Estimate of carried interest income recognition
and judgment of significant influence
Estimate & Judgement High
.Basis of consolidation
The consolidated financial statements include the
accounts of Urban Partners A/S, and all subsidiaries
controlled by Urban Partners A/S. Control is assumed
when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the
ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on
which control is transferred to Urban Partners A/S. They
are deconsolidated from the date that control ceases. In
assessing control, potential voting rights that are substan-
tive, are considered.
Enterprises in which the Group has shared control are
classified as joint ventures.
Enterprises in which the Group holds between % and
% of the votes and exercises significant influence but
not control are classified as associates. Enterprises which
holds the right to carried interest are classified as asso-
ciate irrespective of % voting rights.
On consolidation, items of a uniform nature are combined.
Elimination is made of intercompany income and
expenses, shareholdings, dividends, and accounts as well
as of realised and unrealised profits and losses on trans-
actions between the consolidated enterprises.
The Parent’s investments in the consolidated subsidiaries
are set off against the Parent’s share of the net asset value
of subsidiaries stated at the time of consolidation.
Minority interest
Minority interests form part of the Group’s total equity.
Upon distribution of net profit, net profit is broken down on
the share attributable to minority interests and the share
attributable to the shareholders of the Parent. Minority
interests are recognised on the basis of a remeasurement
of acquired assets and liabilities to fair value at the time of
acquisition of subsidiaries.
On subsequent changes to minority interests where the
Group retains control of the subsidiary, the consideration
is recognised directly in equity.
Foreign currency translation
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity oper-
ates (‘the functional currency’). The consolidated financial
statements are presented in tDKK, which is Urban Part-
ners A/S functional and presentation currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by
the Group’s entities at their respective functional currency
spot rates at the date the transaction first qualifies for
recognition.
Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency spot
rates of exchange at the reporting date.
Differences arising on settlement or translation of mone-
tary items are recognised in profit or loss. Tax charges
and credits attributable to exchange differences on those
monetary items are recognised in other comprehensive
income.
Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using
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Financial statements
Consolidated Section
the exchange rates at the dates of the initial transactions.
Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the
date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured at
fair value is treated in line with the recognition of the gain
or loss on the change in fair value of the item (i.e., transla-
tion differences on items whose fair value gain or loss is
recognised in other comprehensive income or profit or
loss are also recognised in other comprehensive income
or profit or loss, respectively).
In determining the spot exchange rate for initial recog-
nition of the related asset, expense or income (or part
of it) or the derecognition of a non-monetary asset or
non-monetary liability relating to advance consideration,
the date of the transaction is the date on which the Group
initially recognises the non-monetary asset or non-mon-
etary liability arising from the advance consideration. If
there are multiple payments or receipts in advance, the
Group determines the transaction date for each payment
or receipt of advance consideration.
Group companies
On consolidation, the assets and liabilities of foreign
operations are translated into DKK at the rate of exchange
prevailing at the reporting date and their statements of
profit or loss are translated at exchange rates prevailing at
the dates of the transactions. The exchange differences
arising on translation for consolidation are recognised in
other comprehensive income. On disposal of a foreign
operation, the component of other comprehensive
income relating to that particular foreign operation is
reclassified to profit or loss.
Any goodwill arising on the acquisition of a foreign
operation and any fair value adjustments to the carrying
amounts of assets and liabilities arising on the acquisition
are treated as assets and liabilities of the foreign oper-
ation and translated at the spot rate of exchange at the
reporting date.
Other external expenses
Other external expenses comprise expenses for travel,
IT, marketing as well as office expenses, etc. Costs are
recognised by the amount attributable to this financial
year.
Depreciation and impairment
Amortisation, depreciation and impairment losses
comprise amortisation, depreciation and impairment of
property, plant and equipment, intangible assets and
goodwill.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial
position comprise cash at banks subject to an insignifi-
cant risk of changes in value.
Cash flow
The cash flow statement shows cash flows relating to
operations, investments and financing activities, as well as
cash equivalents at the beginning and end of the year.
Cash flows relating to operating activities are presented
according to the indirect method and are calculated as
net profit adjusted for non-cash operating items, changes
in operating capital, working capital as well as financial
income and expenses and income tax paid.
.Basis of consolidation (continued)
Cash flows relating to investment activities include
payments in connection with the acquisition and divest-
ment of enterprises, financial assets as well as the
purchase, development, improvement and sale etc. of
intangible assets and property, plant and equipment.
In the cash flow statement, cash flows from acquired
enterprises are recognised from the date of acquisition,
and cash flows from divested companies are recognised
up until the time of divestment.
Cash flows from financing activities include raising and
repaying loans, repayment of interest-bearing debt,
payments relating to leasing obligations, changes in
minority interests and changes in the parent company’s
contributed capital including dividend payment.
Cash flows in currencies other than the functional
currency are recognised in the cash flow statement
based on the average exchange rates for the months.
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Financial statements
SECTION RESULT FOR THE YEAR
Consolidated Section
.Revenue
Group
tDKK Real estate Credit 2150
Corporate
functions Total
2025
Management fee , , , - ,,
Service fee , - ,
Other revenue , , ,
Total revenue 1,319,763 47,533 79,611 17, 386 1,464,293
2024
Management fee , , , - ,,
Service fee , - ,
Other revenue , , ,
Total revenue 1,421,562 64,378 78,202 6,010 1,570,152
§ Accounting policy
As part of the execution of Business Plan , with the goal to consolidate
our brands under Urban Partners, revenue streams have changed names.
Nrep is now referred to as real estate, while Velo is referred to as Credit. Both
and Corporate functions remain unchanged.
Management fee
The Group’s primary management revenue streams, which include manage-
ment fees, incentive fees (including incentive distributions and performance
fees), are satisfied over time.
The Group earns management fees in accordance with contractual arrange-
ments with funds.
Fees are typically equal to a percentage of fee-bearing capital within the
respective fund or entity and are accrued quarterly. These fees are earned over
the period of time that the management services are provided and are allocated
to the distinct services provided by the company during the reporting period.
Service fee
Service fee revenue stream relate to services not included in the management
fee agreement that the Group performs on behalf of the funds it manages.
The revenue arising from these services are recognized on a time spent basis.
Other revenue
Other revenues relate to the hospitality operations which is generated by
providing accommodation, food and beverage and leisure facilities to hotel
guests.
Revenue from accommodation is recognized over the period that the guest
stays at the hotel; food and beverage revenue as well as revenue from leisure
activities is recognized when goods and services are provided. Further it
includes variable considerations that are considered highly probable that a
reversal will not take place in the future.
Result for
theyear
Note . Revenue
Note . Staff costs and remuneration
Note . Financial Items
Note . Income tax
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Financial statements
Urban Partners | Annual Report 2025
31
Consolidated Section
.Staff costs and remuneration
tDKK 2025 2024
Wages, salaries and remuneration , ,
Pensions, defined contribution plans , ,
Other social security costs , ,
Other staff costs , ,
Share-based payment , ,
Total staff costs and remuneration 890,012 950,304
Other staff expenses include staff recruitment costs and the costs of temporary workers.
Average number of employees
Remuneration to the Key Management
The key management for the Group has been defined as Executive Management, Board of Directors and the partner
group, which consist of 15 persons (2024: 15 persons). The remuneration paid or payables to the Key Management
is shown below:
tDKK 2025 2024
Wages, salaries and remuneration , ,
Pensions, defined contribution plans , ,
Other social security costs , ,
Share-based payment , ,
Total remuneration to the Key Management 61,933 59,855
Remuneration to the Executive Management , ,
Remuneration to the Board of Directors , ,
Remuneration to the Executive Management and Board of Directors 27,318 22,722
Remuneration to other Key Management personnel , ,
Total remuneration to the Key Management 61,933 59,855
For information on the share-based payment, please refer to note . Share base compensation.
§ Accounting policy
Staff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social secu-
rity contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated service are
rendered by employees of the Group.
The Group makes contributions to defined contribution pension plans. The contributions are recognised in the consoli-
dated statement of comprehensive income as incurred.
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Financial statements
Consolidated Section
.Financial Items
tDKK 2025 2024
Financial income
Exchange gains - ,
Other interest income , ,
Other financial income measured at amortized cost , ,
Total financial income 15,837 13,516
Financial expenses
Other interest expenses , ,
Exchange losses ,
Other financial expenses , ,
Lease expenses, interest , ,
Total financial expenses 44,150 57,301
Other interest expenses refers to interest on the Group’s working capital facility, interest on cash management services
and other bank charges.
§ Accounting policy
Financial items comprise interest income and expenses, currency gains and losses, amortisation of loan cost, interest on
leases and other financial income measured at FVTPL.
.Income tax
tDKK 2025 2024
Taxes recognized in the income statement
Current tax for the year (,) (,)
Deferred tax for the year (,) ,
Tax related to prior years , ( , )
Income tax expense reported in the statement of profit or loss (29,412) (2,056)
Reconciliation of effective tax rate
At Denmark’s statutory income tax rate of % (: %) 24,392 (13,367)
Tax effects
Non-taxable income (,) (,)
Non-deductible expenses , ,
Movements on tax losses not recognised ,
Adjustment prior years , ,
Luxembourg local income tax ,
Germany local income tax , ,
Other (,) ()
Tax effects, total 5,020 15,423
Tax expenses (29,412) (2,056)
Effective tax rate (%) %
Non-taxable income of DKK , million (: DKK . million) is mainly related to income from investments related
to Group managed funds. Non-deductible expenses of DKK . million (: DKK . million) ia mainly due to and
non-deductible costs and depreciations.
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Financial statements
Consolidated Section
.Income tax (continued)
tDKK 2025 2024
Deferred tax assets and liabilities
Other intangible , ,
Tax loss carry-forward (,) (, )
Other - ()
(10,370) (14,790)
Deferred tax assets
Provision for deferred tax at January ( , ) (,)
Amounts recognised in the income statement for the year , (,)
Deferred tax assets at 31 December (48,683) (57,747 )
Deferred tax liabilities
Provision for deferred tax at January , ,
Amounts recognised in the income statement for the year (,) (,)
Deferred tax liabilities at 31 December 38,313 42,957
Recognised deferred tax assets amount to DKK . million (: DKK . million).
§ Accounting policy
Tax for the year consists of current tax and deferred tax. It is recognised in the income statement with the portion attribut-
able to the earnings for the year.
Current tax liabilities and receivables are recognized in the balance sheet as the amounts calculated on the taxable
income for the year adjusted for tax on taxable incomes for prior years and for taxes paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying
amount and the tax value of assets and liabilities. Where alternative tax rules can be applied to determine the tax base,
deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.
Deferred tax assets arising from temporary deductible differences and tax losses carried forward are recognized when
it is sufficiently probable that they can be realized by offset against future taxable profits. At each balance sheet date, it is
assessed whether an offset is likely in a foreseeable future.
! Significant accounting estimates
Utilization of deferred tax assets is dependent on future taxable profit. Management has considered budgets and future
business plans when evaluating recognition of deferred tax assets and finds that there is convincing evidence that suffi-
cient taxable profit will be available against which the deferred tax assets can be utilized within - years. There is no
expiry date and mainly relates to Denmark.
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Financial statements
SECTION ASSETS AND LIABILITIES
Consolidated Section
.Intangible assets
tDKK
Development
projects in
progress Software
Other
intangible
assets Goodwill Total
2025
Cost at January , , , , ,
Additions , , , - ,
Disposals - (,) - - (,)
Transfer (,) , - - -
Exchange rate adjustments - -
Cost at 31 December 9,440 103,236 185,071 321,847 619,594
Impairment and amortisation at January - (,) (,) (,) (,)
Impairment and amortisation - (,) (,) - (,)
Disposals - , - - ,
Exchange rate adjustments - () () - ()
Impairment and amortisation at 31 December - (52,342) (64,542) (204,585) (321,469)
Carrying amount at 31 December 9,440 50,894 120,529 117, 262 298,125
2024
Cost at January , , , , ,
Additions , , - - ,
Disposals (,) - () - (, )
Transfer (,) , , - -
Exchange rate adjustments () -
Cost at 31 December 7,308 81,257 183,212 321,847 593,624
Impairment and amortisation at January - (,) (,) (,) (,)
Impairment and amortisation - (,) (,) - (,)
Disposals - - -
Exchange rate adjustments - () - ()
Impairment and amortisation at 31 December - (30,458) (49,064) (204,585) (284,107)
Carrying amount at 31 December 7,308 50,799 134,148 117, 262 309 ,517
Assets and
liabilities
Note . Intangible assets
Note . Impairment test
Note . Property, plant and equipment
Note . Right-of-use assets
Note . Partially owned subsidiaries
Note . Investments in joint ventures and associates
Note . Other investments
Note . Other non-current receivables
Note . Receivables
Note . Share base compensation
Note . Share capital
Note . Provision
Note . Other payables
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Financial statements
Consolidated Section
.Intangible assets (continued)
Development projects in progress with carrying value of DKK . million (: DKK . million) holds capitalised costs
related to software. The development projects are mainly related to strengthening data integration and improving IT
support across the business. Other Intangible assets of DKK . million (: DKK . million) consists mainly of
customer relationships and brand.
The carrying value of DKK . million (: DKK . million) in intangible assets (goodwill and other intangibles) is
mainly related to the acquisition of Flins Capital Partners GmbH and the Oak Group of companies where Urban Partners
acquired control in (now described as Credit under Urban Partners ownership).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be
impaired. See note . for impairment test.
§ Accounting policy
Development projects in progress
Development projects in progress are recognized when the projects are clearly defined and identifiable, for which the
technical feasibility, adequacy of resources and a potential future market or internal utilization can be demonstrated,
and where it is intended to use the asset. Costs, which are directly related to the development stage of the development
projects, including design, programming, installation and testing, are recognised as intangible assets, whereas cost
incurred during the research phase are expenses through the income statement.
The cost consist mainly of consultants cost that are directly attributable to the project not yet completed, and recognised
from the time at which the development project first qualifies for recognition as an asset.
Development projects in progress are not subject to amortisation but are tested for impairment at least once a year.
Software
Additions under software relates to acquired technology or costs of developed software transferred from development
projects in progress. The transfer is performed when the developed project is final and ready for its intended use.
Useful lives of developed software are amortised on a straight-line basis over their estimated useful lives:
Software: - years
The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any
changes in estimate being accounted for on a prospective basis.
Other intangibles assets
Other intangible assets acquired in a business combination consists of customer relationships and brand. Intangible
assets acquired in a business combination are recognised separately from goodwill and are initially recognised at their
fair value at the acquisition date (which is regarded as their cost). Subsequently to initial recognition, acquired intangible
assets acquired are reported at cost less accumulated amortisation and accumulated impairment losses.
Useful lives of other intangible assets are amortised on a straight-line basis over their estimated useful lives:
Brand: years
Customer relationships: years
Goodwill
On initial recognition, goodwill is recognised and measured as the difference between the total of the fair value of the
consideration transferred, the value of non-controlling interests and fair value of previously equity interest, compared to
the fair value of the acquired identifiable assets, liabilities and contingent liabilities adjusted for deferred tax.
As from the acquisition date, goodwill acquired in a business combination is allocated to each cash- generating unit
(CGU) or group of cash-generating units of which the Group expects to benefit from the synergies of the combination.
The determination of CGUs complies with the management structure and management accounting and reporting of the
Group.
Goodwill is measured at cost less accumulated impairment losses. The useful lives of goodwill are indefinite and not
amortised but tested at least once a year for impairment. Goodwill derives from a business acquisition.
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Financial statements
Consolidated Section
.Impairment test
Impairment test of Goodwill and CGU's
For the purpose of the impairment testing, goodwill and other intangibles acquired through business combinations are
allocated to each of the Group’s cash generating units (CGU). A cash-generating unit to which goodwill and other intan-
gible assets has been allocated is tested for impairment annually, or more frequently if there is any indication that the unit
may be impaired.
The determination of the recoverable amount of a CGU to which goodwill is allocated requires significant Management
judgement in determining the various assumptions, such as cash flow projections, discount rate and terminal growth
rates. The sensitivity of the estimated measurement of these assumptions, combined or individually, can be significant.
The value-in-use calculations are based on the -year plan for - as approved by Management and discussed
by the Board of Directors, with a calculated terminal value thereafter.
The cashflows applied in the forecast period reflects Management’s best estimate of future cash flows from Management
fees and other cash inflows from the business acquired, which also includes the assumption of continued expansion and
investments in new Funds as planned as part of the acquisition.
The cash outflows reflect the best estimate of costs of operating the business acquired including the cost supporting
the contemplated growth. Cash flows beyond the five-year forecast period are expected to grow with the rate stated
below. The long-term growth rate is in line with expected future inflation. In calculating the present value, the discount rate
applied reflects the risk-free interest rate with the addition of risks relating to the CGU, such as the market and financial
exposures.
Key assumptions affecting the future cash flows of the CGU is as follows:
• Investment Management Fees from the launch of new funds UPC II - Whole Loan Fund General Partner S.à r.l. (previ-
ously AF IV), UPC III (previously AF VI), UPC VI (previously AF VII) and UPC V are included in the impairment test. Fund
raising of capital is in alignment with management’s expectations for the period to
• Long-term growth-rate: % (: %)
• WACC post tax .% which reflect specific risks of the CGU (: .%)
Key assumptions for the impairment test are determined based on Managements’ views incorporating their respective
knowledge, market insights and future expectations. The views are developed and supported by market information
obtained through relevant research and direct correspondence with market participants.
The tests performed at the end of showed the recoverable amounts were higher than the carrying amounts and
therefore no impairment was recognised (: no impairment recognized).
The calculation of enterprise value is based on a number of assumptions containing significant estimations which by
nature creates uncertainty. To ensure that substantial changes in the assumptions will not affect the recoverable amount
in such way that an impairment is required a sensitivity analysis has been prepared.
The analysis showed if the WACC is increased by %, the recoverable amount would still exceed the carrying amount
and not require an impairment.
Sensitivity
The calculation of enterprise value is based on a number of assumptions containing significant estimations which by
nature creates uncertainty. To ensure that substantial changes in the assumptions will not affect the recoverable amount
in such way that a larger impairment is required a sensitivity analysis was prepared.
The sensitivity analysis was performed with the same terminal growth rate and a change of +/-% in WACC, as these are
significant inputs in the calculation of the recoverable amount.
tDKK WACC Movement
Applied WACC 20.0%
Change -% pp . ,
Change +% pp . (,)
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Financial statements
Consolidated Section
.Impairment test (continued)
§ Accounting policy
Software, development projects and other intangibles assets are reviewed annual for indication of impairment. Like-
wise, Goodwill is impairment tested at least annually and when circumstances indicate that the carrying amount may be
impaired.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-gener-
ating unit (CGU) to which goodwill is allocated and written down to the recoverable amount over the income statement if
the carrying amount is higher. The recoverable amount is generally computed as the present value of the expected future
net cash flows (value in use) from the business or activity (cash-generating unit) to which goodwill is allocated.
For CGUs, the write-down for impairment is allocated so that goodwill is written down first, and then any remaining impair-
ment loss is allocated on the other assets of the unit, however, the individual asset may not be written down to an amount
below its fair value net of any expected selling costs.
Impairment of goodwill is not reversed. Impairment of other assets is reversed in the event of changes having taken place
in the conditions and estimates on which the impairment calculation was based. Impairment is only reversed if the new
carrying amount of the asset does not exceed the carrying amount that would have applied after amortization if the asset
had not been impaired.
Impairment losses are recognised in the income statement.
! Significant accounting estimates
The determination of the recoverable amount of a CGU to which goodwill and other intangibles are allocated requires
significant management judgements in determining the various assumptions, such as cash flow projections, discount rate
and terminal growth rate.
The sensitivity of the estimated measurement of these assumptions, combined or individually, can be significant. As a
declining growth rate and reduced operating margin would result in a lower recoverable amount. The reverse applies if
the calculation of the recoverable amount is based on a higher growth rate or margin. Further, were future cash flows to
be discounted at a higher rate of interest, the recoverable amount would be lower. Conversely, the recoverable amount
would be higher with a lower discount rate.
The use of different estimates or assumptions when determining the fair value of such assets may result in different
values and could result in impairment in future periods.
The cash flows are derived from the budget for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the performance of the assets of the
CGU being tested.
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Financial statements
Consolidated Section
.Property, plant and equipment
tDKK Buildings
Other fixtures and
fittings, tools and
equipments
Leasehold
improvements Total
2025
Cost at January - , , ,
Additions - , , ,
Disposals - () - ()
Exchange rate adjustments - ()
Cost at 31 December - 49,614 14,318 63,932
Depreciation at January - (,) (,) (,)
Disposals - -
Depreciations - (,) (,) (,)
Exchange rate adjustments - () ()
Depreciation at 31 December - (34,349) (10,626) (44,975)
Carrying amount at 31 December - 15,265 3,692 18,957
2024
Cost at January , , ,
Additions - , , ,
Disposals () - - ()
Exchange rate adjustments - () ()
Cost at 31 December - 42,024 12,828 54,852
Depreciation at January () (, ) (,) (,)
Disposals - -
Depreciations - (,) (,) (,)
Exchange rate adjustments - ()
Depreciation at 31 December - (26,659) (8,580) (35,239)
Carrying amount at 31 December - 15,365 4,248 19,613
§ Accounting policy
Property, plant and equipment are measured at cost less accumulated depreciation and
less any accumulated impairment losses.
Cost comprises of the cost of acquisition and expenses directly related to the acquisi-
tion up until the time when the asset is ready for use. Interest expenses on loans raised
directly for financing the construction of property, plant and equipment are recognised
in cost over the period of construction.
The basis of depreciation is cost less estimated residual value after the end of useful life.
Straight-line depreciation is made on the basis of the estimated useful lives of the assets:
Buildings years
Other fixtures and fittings, tools, and equipment - years
Leasehold improvements years
Depreciation methods, useful lives and residual value are reassessed annually.
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Financial statements
Consolidated Section
The Group's leases relates to office premises, cars and other equipments.
The leases of office spaces has a binding period of - years. The non-cancellable lease period for cars and other
equipments is typically years.
Amounts recognised in the cash flow statement, relating to leases:
tDKK 2025 2024
Total cash outflow for leases 37, 324 32,399
Amounts recognised in the income statement, relating to leases:
tDKK 2025 2024
Interest expenses on lease liabilities , ,
Depreciation on right-of-use assets , ,
Short-term leases
Low value assets leases
Total 41,259 34,770
§ Accounting policy
Rental and leasing costs are recognised at the present value of the future lease payments, as well as a corresponding
lease asset. Leases are recognised from the commencement date, i.e. the date of signing the contract. The present
value of the future lease payments is typically calculated by applying an alternative borrowing rate based on the group’s
financing structure. The future lease payments are based on an assessment of the expected term of the lease. The term
of the lease is determined as the non-cancellable period agreed plus any optional extensions, where it is deemed to be
reasonably certain such options will be exercised.
Depreciation according to plan is based on the original acquisition value less the estimated residual value.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the expected length of the contract or the
expected useful life of the assets:
Buildings: - years
Cars and other equipments: years
.Right-of-use assets
Amounts recognised in the statement of financial position
tDKK Buildings
Cars and other
equipments Total
2025
Cost at January , , ,
Additions , ,
Disposals () () (,)
Exchange differences , ,
Cost at 31 December 237,160 2,306 239,466
Depreciation at January (, ) (,) (,)
Depreciation (,) () (,)
Disposals ,
Exchange differences (,) () (,)
Depreciation at 31 December (132,884) (2,095) (134,979)
Carrying amount at 31 December 2025 104,276 211 104,487
2024
Cost at January , , ,
Additions , ,
Disposals (,) () (,)
Exchange differences (,) () (,)
Cost at 31 December 195,733 2,220 197,953
Depreciation at January (,) (,) (,)
Depreciation (,) () (,)
Disposals , ,
Exchange differences , ,
Depreciation at 31 December (97,533) (1,789) (99,322)
Carrying amount at 31 December 2024 98,200 431 98,631
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Financial statements
Consolidated Section
.Partially owned subsidiaries
Proportion of equity interest held by non-controlling interests:
NREP InvestCo AB
Stockholm, Sweden
Urban Partners Regeneration Fund ApS
Nordhavn, Denmark
NREP NSF VI Investment I ApS
Nordhavn, Denmark
tDKK 2025 2024 2025 2024 2025 2024
Accumulated balances of non-controlling interest , , , - -
Profit allocated to non-controlling interest , - - () -
Ownership held by the group .% .% .% - ,% -
Summarised statement of profit or loss
Carried interest , , - - - -
Administrative & other expenses () () - - () -
Net finance cost () () - - () -
Profit before tax 1 ,817 5,565 - - (3) -
Income tax - - - - - -
Net profit 1, 817 5,565 - - (3) -
Attributable to non-controlling interests , - - () -
Dividends paid to non-controlling interests - - - - -
Summarised statement of financial position
Total assets , , , - -
Non-current interest-bearing loans and borrowings - - - - -
Total equity , , , - -
Equity attributable to:
Shareholders , , , - -
Non-controlling interest , , , - -
During the year, the Group established
Urban Partners Regeneration Fund ApS
with a third party investor. The Group
holds a % interest and fully consol-
idates the entity, with a % interest
presented as non-controlling interests.
No goodwill or identifiable intangible
assets were recognised at inception.
Differences in shareholder contributions
reflect agreed commercial terms and
do not give rise to a recognised asset or
liability.
41
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Financial statements
Consolidated Section
.Investments in joint ventures and associates
Joint ventures Associates
tDKK 2025 2024 2025 2024
Cost at January , , , ,
Exchange rate adjustments - - , ()
Additions - -
Disposal - - (,) ()
Transfers (,) - - (,)
Other adjustment - - ()
Cost at 31 December 17,525 20,875 25,501 33,264
Value adjustments at January (,) (,) , ,
Exchange rate adjustment - - (,)
Share of result Urban Partners managed funds
net of payments - - , ,
Net profit/loss for the year () ,
Dividend to the Parent Company - - (,) (,)
Other adjustments - - (,)
Transfer , - - (,)
Disposals - - , -
Value adjustments at 31 December (14,563) (18,709) 33,825 25,820
Carrying amount at 31 December 2,962 2,166 59,326 59,084
Aggregated information on joint ventures and associates (100% figures)
Joint ventures Associates
tDKK 2025 2024 2025 2024
Revenue , , -
Profit (loss) after tax , (,) , ,
Non-current assets , , ,
Current assets , , , ,
Equity , , , ,
Carried interest* - - , ,
Carrying amount 5,916 2,334 389,837 415,904
Includes entity with negative equity which is accounted for in the group with zero value.
* Share of carried interest from funds owned by associates and investcos (where Urban Partners share is DKK .
million for (: DKK . million)).
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Financial statements
Consolidated Section
.Investments in joint ventures and associates (continued)
Name Location Share capital Votes and ownership
2025 2024 2025 2024
Joint ventures
NREP-TF ApS Denmark DKK , DKK , % %
Plushusene Management ApS Denmark DKK ,, DKK ,, % %
Associates
Komplementarselskabet
NREP Co-Investment Nordhavn ApS
Denmark DKK , DKK , % %
NREP Co-Investment Nordhavn K/S Denmark DKK ,, DKK ,, % %
Invest K/S Denmark DK K , D KK , % %
Home Decarb K/S Denmark DK K , DKK , % %
NREP NSF V Investment K/S Denmark D K K , D K K , % %
Invest II K/S Denmark D K K , DKK , % %
NREP NSF VI Investment K/S Denmark DKK DKK % %
NREP NSF III InvestCo AS Norway NOK , NOK , % %
NREP InvestCo AS Norway NOK , NOK , % %
NREP Invest Co AB Sweden EUR , EUR , % %
NREP InvestCo AB Sweden EUR , EUR , % %
NREP NSF II Investco AB Sweden EUR , EUR , % %
NREP NSF IV Investment S.a.r.l Luxembourg EUR , EUR , % %
NREP NSF V Investment S.a.r.l Luxembourg EU R , EU R , % %
NREP Investment OY Finland DKK DKK % %
NREP Invest Co AB Sweden EUR , EUR , % %
§ Accounting policy
Equity investments in associates comprise ownership interests in entities in
which the Group exercises significant influence. Joint ventures are enterprises
in which the Group has shared joint control through collaborative agreements
with one or more parties. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the rele-
vant activities require the unanimous consent of the parties sharing control.
Investments in joint ventures and associates are recognised and measured
under the equity method. The item ‘Investments in joint ventures’ and 'Invest-
ments in associates" in the balance sheet includes the proportionate owner-
ship share of the net asset value of the enterprises calculated on the basis
of the fair values of identifiable net assets at the time of acquisition with the
deduction or addition of unrealized intercompany profits or losses and with the
addition of the remaining value of any increases in value and goodwill. Joint
ventures and associates with a negative net asset value are recognised at DKK
. If the Group has a legal or constructive obligation to cover a deficit in the
joint venture, the deficit is recognised under provisions.
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Financial statements
Consolidated Section
.Investments in joint ventures and associates (continued)
Name Location Share capital Votes and ownership
2025 2024 2025 2024
NREP Invest Co A AB Sweden EUR , EUR , % %
NREP Invest Co AB Sweden E U R , E U R , % %
NREP Investco AB Sweden EUR , EUR , % %
NREP InvestCo AB Sweden EUR , EUR , % %
NREP InvestCo AB Sweden EUR , EUR , % %
NREP InvestCo AB Sweden EUR , EUR , % %
NREP NSF IV Investment K/S Denmark DKK , DKK , % %
NREP NSF V Investment AB Sweden EUR , EUR , % %
NREP NSF IV Investment AB Sweden E U R , E U R , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
NREP InvestCo AB Sweden E U R , E U R , % %
NREP Investco AB Sweden EUR , EUR , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
! Significant accounting estimates and judgement
Judgements: The Group holds the right to carried interest from certain funds
through ownership of entities that owns part of the funds carried interest. The
Group is involved in setting up the structures for carried interest and therefore
it is the judgement that the Group has significant influence over these entities
from an accounting perspective. Investment in entities that holds the right to
carried interest is accounted for using the equity method and the financial
statement of the entities is recognised and measured under the service model
resulting in the Groups proportion of the carried interest being accounted for
as investment in associates. In the income statement the proportional share
of the Group interest in associates with carried interest is presented as part of
EBIT. In the balance sheet the entities are presented as an associate regard-
less of the actual ownership interest as the Group is considered to have signifi-
cant influence accounting wise.
Estimates: Carried interest is recognised according to IFRS Revenue
from Contracts with customers (IFRS ) and only to the extent it is highly
probable that there would not be a significant reversal of accumulated income
recognised on the completion of the funds where the carried interest is gener-
ated. This is achieved through applying discounts to unrealised investment
valuations across each fund. This discount is applied solely for the purposes
of calculating unrealised gains to assess whether carried interest should be
recognised under IFRS . The percentage discount applied varies by invest-
ment strategy and by reference to the expected remaining holding period of
the relevant funds portfolio. If adjustments to carried interest recognised in
previous periods are required they are adjusted through the income statement.
Recognition of carried interest typically starts around to years after the
fund is launched, based on an assessment of the probability of reversal of the
income recognised. After this period carried interest is typically recognised by
applying discounts of % and the discount will be reduced as realisation of
the funds portfolios draws closer.
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Financial statements
Consolidated Section
.Other investments
tDKK 2025 2024
Cost at January , ,
Exchange rate adjustment , (,)
Additions , ,
Disposals (,) (,)
Transfer - ,
Other adjustments () -
Cost at 31 December 185,534 180,896
Value adjustments at January (, ) (, )
Exchange rate adjustment ()
Fair value adjustment (,) ,
Distributions (,) (,)
Disposals , ,
Value adjustments at at 31 December (19,554) (17, 432)
Carrying amount at 31 December 165,980 163,464
§ Accounting policy
Other investments are presented at fair value through the income statement. The profit or loss arising from the fair valua-
tion calculation are presented in financial income in the income statement.
A financial asset is primarily derecognised when:
• The rights to receive cash flows from the asset have expired or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the
Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
.Other non-current receivables
tDKK 2025 2024
Loans to associated companies , ,
Other loans , ,
Deposits , ,
Total 99,024 145,080
§ Accounting policy
Financial assets where the Group intends to collect the contractual cash flow are classified and measured at amortised cost.
The other non-current receivables consist of the long-term loans, rent deposit, and other non-current financial assets.
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Financial statements
Consolidated Section
.Receivables
tDKK 2025 2024
Trade receivables , ,
Current receivables
Accrued income , ,
Tax receivable , ,
Cost to be reinvoiced , ,
Vat receivables , ,
Other current receivables , ,
Receivables from related parties
Total receivables 211,873 92,782
Trade receivables
Allocation of net trade receivables by maturity period are as follows:
tDKK 2025 2024
Up to days , ,
Between and days , ,
Between and days , ,
Net receivables at 31 December 89,228 98,753
Trade receivables are primarily related to asset management fees charged from Urban Partners to fund assets and fund
limited partners.
§ Accounting policy
Receivables are measured at amortised cost, deducted by write-down for lifetime expected credit losses.
Expected credit losses are based on a provision matrix, considering the Group’s historic credit losses combined with
forward looking information that is expected to affect the loss rates.
As the Group has no history nor specific expectations of material issues on the recoverability of receivables, and due
to the reliable substance in the agreements for receivables, the expected credit loss on management fee and service
corporate fee is considered immaterial.
Receivables are written off when they are assessed as uncollectible.
.Share base compensation
As per December , the Group has two outstanding share-based incentive plan.
Description of the first plan
At the general assembly th of June , Urban Partners has approved the implementation of an equity settled
warrant program for certain partners, board members and employees of the Urban Partners as well as the issuance of
,, warrants. The warrants to which the participants subscribe do not carry a right to vote, receive dividends or
any other rights associated to a shareholder.
On th June ,, warrants were granted. The key features of the warrants granted under the plan are as
follows:
• Most participant may subscribe a number of warrants free of charge and some against a cash payment of DKK ,
per warrant. The price of DKK , is assumed to be the fair value of the warrant at grant date
• Issued warrants vest % at time of grant and further in two equal tranches of %, being st January and st
January (final date of vesting)
• If the participant exits Urban Partners prior to the dates of vesting, any unvested warrants will lapse without further
notice or compensation
• At exercise, each warrant may be converted into share in Urban Partners A/S with a nominal value of DKK ,
against a cash payment of DKK . per share, at the time of exercise.
• The warrants may be exercised in the period from th January to st January .
,, warrants are still outstanding as of December , .
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Financial statements
Consolidated Section
Description of the second plan
At the general assembly th of March , Urban Partners has approved the implementation of an equity settled
warrant program for certain partners, board members and employees of the Urban Partners as well as the issuance of
,, warrants. The warrants to which the participants subscribe do not carry a right to vote, receive dividends or
any other rights associated to a shareholder.
On th March ,, warrants were granted. The key features of the warrants granted under the plan are
as follows:
• Most participant may subscribe a number of warrants free of charge and some against a cash payment of DKK
, per warrant. The price of DKK , is assumed to be the fair value of the warrant at grant date
• Issued warrants vest in four equal tranches of %, being st January , st January , st January
and st January (final date of vesting)
• If the participant exits Urban Partners prior to the dates of vesting, any unvested warrants will lapse without further
notice or compensation
• At exercise, each warrant may be converted into share in Urban Partners A/S with a nominal value of DKK ,
against a cash payment of DKK . per share, at the time of exercise.
• The warrants may be exercised in the period from th January to st January .
,, warrants are still outstanding as of December , .
Accounting for Share-Based Payment
The warrants are issued in addition to the normal remuneration of the employee and constitute an incentive for the
partners, board members and employees to remain in the employment of Urban Partners. A direct measurement of the
services by the participants is measured at the fair value of the warrants granted. In and , some partners and
employees were granted warrants free of charge, except for one recipients who paid DKK . per warrant in
and DKK . per warrant in .
The weighted average remaining contractual life for the warrants outstanding as of December is . years (
years in ).
The weighted average fair value of warrants granted during the year was DKK ,, in and DKK ,,
in .
Movement during the year (in unit):
Number of
option
(in units)
Weighted
average
exercise price
in DKK per
warrant
Outstanding 1 January 2025 15,924,100 25.5726
Granted during , , .
Outstanding 31 December 2025 27,198,600 26.1468
Outstanding 1 January 2024 18,076 1.108
Granted during ,, .
Exercised during (,) (.)
Outstanding 31 December 2024 15,924,100 25.5726
Key Information
(DKK) Plan 2024 Plan 2025
Number of shares granted ,, , ,
Weighted average fair values at the measurement date per warrant (DKK) . .
Dividend yield .% .%
Risk–free interest rate .% .%
Expected life of share options/SARs (years)
Weighted average share price (€) . .
Exercise price . .
Model used Black Scholes Black Scholes
Total cost for share based payments in the income statement was DKK . million in (DKK . million in ).
.Share base compensation (continued)
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Financial statements
Consolidated Section
§ Accounting policy
Warrants were issued to certain partners and employees of the Group. The warrants are equity-settled share-based payment
transactions as they may only be settled by shares in Urban Partners A/S. The costs related to the warrants are recognised
over the vesting period. The participants must make certain payments for receiving the warrants, which is assumed to equal
the fair value of the issued warrants. The costs related to the warrant are offset by the payments received from the participant,
creating a nil impact on the consolidated statement of comprehensive income.
The fair value of the employee services received in exchange for the warrants is determined at the grant date.
.Share base compensation (continued) .Share capital
Dividends
No dividend has been proposed by the Board of Directors for nor .
Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure
to reduce cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt. The Group is an alternative investment fund
manager (AIFM) through one of its legal entities Urban Partners Management Company S.A. in Luxembourg which are
subject to supervision by the Financial Sector Supervisory Commission (CSSF).
Share capital
Share capital is DKK . million with a nominal value of DKK .. All shares are paid-up in full.
The shares are not divided into classes and each shares carries a vote. No shares carries any special rights or restric-
tions.
Capital increase
No new shares were issued in (: DKK thousand).
tDKK 2025 2024
Share capital at January , ,
Capital increase -
Share capital at 31 December 1,398 1,398
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Financial statements
Consolidated Section
.Share capital (continued)
Number of shares outstanding
tDKK 2025 2024
Shares issued at January , ,
Shares issued during the year -
Total number of shares 1,398 1,398
Holding of treasury shares () ()
Total number of outstanding shares at 31 December 1,362 1,394
tDKK
Number of
shares
Transaction
price
% of issued
shares
Treasury shares at 1 January 2024 54,765 178 , 14 6 4%
Sales of treasury shares (,) (,) (.%)
Treasury shares at 31 December 2024 4,261 37,175 0.3%
Purchase of treasury shares , , .%
Treasury shares at 31 December 2025 35,639 135,509 2.5%
In Urban Partners A/S have bought back treasury shares of DKK million. In Urban Partners A/S sold
treasury shares of DKK million to Viessmann Generation Group GmbH & Co.
.Provision
tDKK 2025 2024
Provision at January - ,
Provision for the year - -
Used in the year - (,)
Provision at 31 December - -
§ Accounting policy
Provisions are recognised when the Group has a legal or constructive obligation as a result of events in the financial year or
in previous years, and it is probable that fulfilment of such obligation will result in drawing on the Group’s financial resources,
but where the liabilities are of uncertain timing or amount. Provisions are measured as the best estimate of the expenditure
required to settle the obligation on the balance sheet date. Provisions for obligations expected to be settled later than one
year from the date of the balance sheet are measured at present value.
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Financial statements
Consolidated Section
.Other payables
tDKK 2025 2024
Prepayments , ,
Other payables ,
VAT liabilities , ,
Income tax payable , ,
Employee liabilities , ,
Fund related accruals , ,
Deferred purchase price - ,
Accrued expenses , ,
Total payables 576 ,422 674 , 8 43
Classification by expected maturity
Within year , ,
More than year - ,
§ Accounting policy
Other payables are measured at amortised cost usually corresponding to the nominal amount.
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Financial statements
SECTION CAPITAL STRUCTURE
Consolidated Section
.Net interest-bearing debt
Payments due within year are recognised in short-term debt. The debt falls due for
payment as specified below:
tDKK 2025 2024
Borrowings , ,
Lease liabilities , ,
Total non-current borrowings 187,992 360,055
Borrowings , ,
Lease liabilities , ,
Total current borrowings 300,738 100,063
Carrying amount at 31 December 488,730 460,118
The movement of financial liabilities are as follows:
Group
tDKK
Beginning
of year Cash flows
Non-cash
changes End of year
2025
Lease liabilities , (, ) , ,
Borrowings , , ,
Total 460 ,117 (17,784) 46,397 488,730
2024
Lease liabilities , (,) , ,
Borrowings , , ,
Total 396,002 18,830 45,285 460 ,117
As of December , , the Group has borrowing facil-
ities available. The undrawn borrowing facilities available
on December amounted to DKK . million
(: DKK . million). Uncommitted bank borrowing
facilities are normally reaffirmed by the bank annually,
although they can theoretically be withdrawn at any time.
The working capital facility at the Group's bank is a unse-
cured credit line, further external term loan facilities are
secured loan facilities.
Capital
structure
Note . Net interest-bearing debt
Note . Financial risk management
Note . Financial instruments
Note . Non-cash items
Note . Working capital changes
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Financial statements
Consolidated Section
.Financial risk management
The Group is subject to the following risks:
• Market risks
• Foreign exchange risks
• Interest rate risk
• Liquidity risk
• Credit risk
The Group regularly defines, monitors, and manages its external risks (including foreign exchange risk, credit risk, invest-
ment risk, liquidity risk, reputation risk etc.) to align with the risk appetite of its stakeholders.
Market risks
Urban Partners A/S(“UP”) manage and advise investment funds, either directly or through its subsidiaries, investing in
Real Estate, Private Debt and Venture Capital strategies, where valuations and returns may vary over time which can
impact promote revenues and therefore the Group’s profitability.
Promote revenues received may, conversely, be materially impacted by market performance and carry a high degree
of Market Risk. For this reason, UP management is focused on planning its management fee profitability and its associ-
ated low level of volatility. UP only recognises promote revenues when such income is deemed to be highly likely to be
incurred (by waiting until later into any Fund lifecycle before recognising a haircut level of calculated promote) fund-raising
minimise the volatility of such income streams.
The valuation of Urban Partners’ co-investments in Urban Partners managed funds are inherently linked to the valuation
of real estate properties, Venture Capital () and credit investments. The value of such investments is subject to
market conditions and is estimated with some degree of uncertainty. All real estate properties are independently valued
at least every months and all investment strategies are subject to quarterly valuation processes by a regulated entity to
assess the holding value of its investments.
Foreign exchange risks
The Group primarily receives management fees in EUR, whereas the Group's expenses are distributed on DKK, SEK,
NOK, EUR, GBP and PLN. The most important exchange rates in relation to risk exposure are SEK, NOK, PLN and GBP.
EUR is a currency with large exposure, but the risk is deemed limited, due to DKK being pegged to EUR. The Group policy
related to foreign exchange risks is not to use hedging instruments as the main part is covered for operating purposes by
matching income and expenses in the same currency.
The following table shows the impact on the Group's net profit in the event of a % increase in the main currencies. The
fluctuation of % constitutes the Management’s assessment of a realistic exchange rate development within the main
currencies. A similar fall in the exchange rate would have had the opposite effect.
The financial instruments comprised by the sensitivity analysis include trade receivables, cash, payables, trade payables
and intercompany balances. The sensitivity analysis does not take into consideration any translation effect from func-
tional currency to presentation currency.
tDKK
Possible
change in
exchange rate
(+/-)
Hypothetical
change in
profit/loss
Hypothetical
change in
equity
2025
SEK/DKK % (,) ,
NOK/DKK % ,
PLN/DKK %
GBP/DKK % ,
2024
SEK/DKK % (,) ,
NOK/DKK %
PLN/DKK %
GBP/DKK % () ,
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Financial statements
Consolidated Section
.Financial risk management (continued)
Interest rate risk
The interest rate risk of Urban Partners A/S and its affiliates consists mainly of external financing, which is split between
floating and fixed rate instruments. On the reporting date the floating rate interest-bearing liabilities amounted to DKK
. million (: DKK . million) and fixed rate interest-bearing liabilities to DKK . million (: .
million).
A increase of percentage point in interest rates will lead to an increase in the Group’s interest costs of DKK . million a
year. (: DKK . million), calculated as % of net interest-bearing debt with floating interest rates.
Liquidity risk
The Group manages its liquidity risk by monitoring the changes in working capital and by ensuring adequate funding.
Top management consider adequate funding to be sufficient and suitable when the needs and operational goals of the
Group is covered financial for the next months. Furthermore, top management also takes into consideration the future
prospects of potential refinancing in order to ensure the organization's sustained financial stability and long-term viability.
Based on the Group's cash management principle, the Group's cash is accumulated in dedicated bank accounts. Risk
analysis and designing of risk management plans are conducted at the top management level. The Group's liquidity risk
policy is based on a conservative approach, whose main objective is to secure the safeguarding of the cash flows gener-
ated from the operations to ensure sufficient liquidity enabling timely settlement of the liabilities undertaken.
At December the Group has a committed undrawn borrowing facility of DKK . million (: DKK .
million) that may be available for future operating activities and to settle capital commitments. The table below analyses
the financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the
contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
Contractual cash flows
tDKK
Less than
1 year
Between
1 and 5 year
More than
5 years Total
Carrying
amount
2025
Leases , , , , ,
Borrowings , , - , ,
Other payables , - - , ,
Trade payables , - - , ,
Total 915,525 176, 940 21,796 1,114, 261 1,077,026
2024
Leases , , , , ,
Borrowings , , - , ,
Other payables , , - , ,
Trade payables , - - , ,
Total 824,066 393,910 14,454 1,232,430 1,168,155
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to
discharge an obligation. The Group has no significant concentrations of credit risk.
Credit risk arises from cash and cash equivalents held at banks, trade receivables and other receivables. Credit risk is
managed from a Group basis. The Group does not monitor the credit quality of trade and other receivables on an ongoing
basis. Cash balances are held only with financial institutions with a Moody’s or Fitch credit rating of Aa or above, except
in cases where amounts are immaterial.
The Group monitors credit risk of any financial counterparty on an annual basis and performs initial financial due dili-
gence.
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Financial statements
Consolidated Section
.Financial risk management (continued)
The Group’s maximum exposure to credit risk by class of financial asset is as follows:
tDKK 2025 2024
Trade receivables , ,
Other receivables , ,
Other non-current receivables , ,
Cash and cash Equivalents , ,
Part of Cash and Cash Equivalents is restricted due to AIFM capital requirements in Luxembourg amounting to DKK .
million (: DKK . million).
Cash and cash equivalents and deposits were placed with financial institutions whose ratings are as follows:
tDKK 2025 2024
Financial Institution Rating Agency Rating
BBH * Fitch A+ , ,
Danske Bank Fitch A+ , ,
Nordea Bank Fitch AA- ,
RBSI Fitch AA- , ,
Commerzbank S&P A , ,
ING Fitch AA- , ,
Nykredit Fitch A+ ,
Other banks S&P/Fitch - -
Total cash and Cash Equivalents 184,063 328,451
* Acting as an intermediary for HSBC, Nordea Bank Denmark, and Nordea Bank Norway
The ratings for financial institutions with which the Group does business in multiple countries are the same for all locations
of that institution.
Further details on the Group’s credit risk and the related expected credit loss for trade receivables are included in note ..
.Financial instruments
tDKK 2025 2024
Loans and receivables at amortised cost
Trade receivables , ,
Other current and non-current receivables , ,
Cash and cash equivalents , ,
Financial assets at fair value through profit/loss
Other non-current investments , ,
Financial assets 750,168 828,530
Financial liabilities carried at amortised cost
Other payables , ,
Borrowings , ,
Trade payables , ,
Financial liabilities 968,326 1,068,100
The other non-current investments and the carried interest portion of the associates are measured at fair value through
the consolidated statement of comprehensive income, whereas the rest of the financial assets are measured at amor-
tised cost, including trade receivables, other receivables, cash, etc.
Financial liabilities, including debt portfolio, trade payables and other payables, are measured at amortised cost.
Fair value
The Group measures the fair value of its financial assets and financial liabilities using a fair value hierarchy. A financial
instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. Three levels of inputs may be used to measure fair value. The different levels of the fair value hier-
archy are defined as follows:
Level : Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level : Inputs other than quoted prices included within Level that are observables for the asset or liability, either
directly or indirectly; and
Level : Unobservable inputs for the asset or liability
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Financial statements
Consolidated Section
.Financial instruments (continued)
tDKK
Quoted prices
(Level 1)
Significant other
observable inputs
(Level 2)
Significant
un-observable
inputs
(Level 3) Total
Other investments - - , ,
Carrying amount
31 December 2025 - - 165,980 165,980
Deferred purchase price - - (,) (,)
Other investments - - , ,
Carrying amount
31 December 2024 - - 150,812 150,812
The following table presents the change in level items for the years ended December and December
:
tDKK 2025 2024
Opening at January , (,)
Additions from investments related to Group managed funds , ,
Disposals from investments related to Group managed funds (,) (,)
Other adjustments from investments related to Group managed funds , ,
Income from investments in other investments (,) ,
Distributions from investments in associates related to Group managed funds (,) (,)
Payment of purchase price , ,
Reversal of contingent consideration of purchase price - (,)
Closing balance 31 December 165,980 150,812
Deferred purchase price
The fair value is calculated using discounted cash flow model.
Other investments
Other investments mainly consists of co-investments in Urban Partners managed funds. Fair value of Urban Partners A/S
Groups financial investment in Urban Partners managed funds are based on the net asset value after taking all assets and
deducting all liabilities and provisions.
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Financial statements
Consolidated Section
§ Accounting policy
Fair value is defined as the amount that would be received by selling an asset or would be paid to transfer a liability,
respectively, in an orderly transaction between market participants.
At initial recognition, the group measures a financial asset or financial liability at its fair value. Transaction costs of financial
assets carried at FVTPL are expensed in income statement.
Fair value is based on the primary market. If no primary market exists, fair value will be based on the most advantageous
market, defined as the market that maximises the price of the asset or liability less transaction and transport costs.
To the extent that observable information is not available or cannot be used without material modifications, a generally
accepted valuation methods based on all other inputs (level ).
A gain or loss on the item that is subsequently measured at FVTPL is recognised in income statement and presented in
the period in which it arises.
.Financial instruments (continued) .Non-cash items
tDKK 2025 2024
Depreciation, amortisation and impairment , ,
Tax on profit/loss for the year , ,
Warrants , ,
Deferred tax - other movements - (,)
Non-cash items at 31 December 121,283 85,207
.Working capital changes
tDKK 2025 2024
Change in other non current receivables , (,)
Change in receivables and other receivables (,) ,
Change in other current financial assets (,)
Change in trade payables and other payables (,) ,
Change in non-current other payables
Change in provision - (,)
Working capital changes at 31 December (194,137) 105,030
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Financial statements
SECTION OTHER DISCLOSURES
Consolidated Section
. Contingent assets, liabilities and other financial obligations
The Group has entered into binding commitments to invest:
mDKK 2025 2024
Urban Tech Sustainability Fund I SCSp . .
Urban Tech Sustainability Fund II SCSp . .
AF III SCSp - .
UPC I - Mezzanine General Partner S.à.r.l. . .
Urban Partners Regeneration funds . -
The Group has entered into a binding agreement to
provide a loan of DKK . million (: DKK ) to Urban
Partners Regeneration Fund APS. The loan has not been
drawn at the reporting date.
The Group has issued guarantees for a total of DKK .
million (: DKK . million).
The Group companies are jointly and separately liable
for tax on the jointly taxed incomes etc of the Group. The
total amount of corporation tax payable is disclosed in the
note ..
Urban Partners A/S is the management company of the
joint taxation purposes for the Danish joint taxation. More-
over, the Danish entities are jointly and severally liable for
Danish withholding taxes by way of dividend tax and tax
on unearned income. Any subsequent adjustments of
corporation taxes and withholding taxes may increase the
Parent’s liability.
.Related parties
Related parties comprise Urban Partner A/S’ Board of
Directors and Executive Management, their close family
members and companies in which these persons have
significant influence.
During the year, the Group was not involved in any trans-
actions with the shareholder, members of the Board of
Directors, members of the Executive Management or
companies outside the Group in which these parties
have significant influence, except for the payment of the
Management’s remuneration disclosed in note . and
. and the transactions on the following page.
Other disclosures
Note . Contingent assets, liabilities and other financial obligations
Note . Related parties
Note . Audit fees
Note . Events after the balance sheet date
Note . Group companies
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Financial statements
Consolidated Section
.Audit fees
tDKK 2025 2024
Audit fees to Group Auditor , ,
Other non-audit fees ,
Tax advisory fees ,
Total 5,950 5,122
§ Accounting policy
Audit services refer to statutory auditing of the annual report, consolidated financial statements and accounting records,
as any other audit examinations or agreed-upon procedures determined by contract. This includes their work assign-
ments which rest upon the Group's auditor to conduct, and advising or other support justified by observations in the
course of examination or execution of such other work assignments.
.Events after the balance sheet date
After the balance sheet date, the agreement with Dades A/S regarding the management of its property portfolio was
ended, effective June , . This change is not expected to have a material impact on the Group's financial position.
No other material events have occurred between December and the date of publication of this annual report
that have not already been included in this annual report and that would have a material effect on the assessment of the
Group’s financial position.
.Related parties (continued)
Owners and partners
Associates and
joint venture
tDKK 2025 2024 2025 2024
Purchase of treasury shares (,) - - -
Vested shares - , - -
Payment received for warrants , - -
Investment (net of disposal) - - () ()
Dividends received - - (,) (,)
Loans receivable , , , ,
Borrowings including accrued interest (,) (,) - -
Accounts receivables - - -
Accounts payables - - - ()
Other payables (,) - - -
Interest received - -
Interest paid (,) (,) - -
Other income - -
Ownership
The following shareholders are recorded in the Company's register of shareholders as holding at least % of the votes or
at least % of the share capital:
• Two Degrees UP ApS, Højbjerg, CVR
• Doughnut Capital ApS, Højbjerg, CVR
• NREP Partner Holding ApS, Højbjerg, CVR
• NREP Partners Investment ApS, Højbjerg, CVR
• Novo Holdings A/S, Hellerup, CVR
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Financial statements
Consolidated Section
Place of
registered office
Votes and
ownership
Name 2025 2024
Parent company
Urban Partners A/S Denmark
Entities, directly owned by the parent
Urban Partners GmbH Frankfurt, GE % %
Oak General Partner S.à r.l. Luxembourg % %
Noli Studios Finland Oy Helsinki, FI % %
Juli Living Finland Oy Helsinki, FI % %
Urban Partners Oy Helsinki, FI % %
Urban Partners Management UK Limited London, UK % %
NREP NSF V Feeder GP Limited London, UK % %
NREP LPF MLP S.à r.l. Luxembourg % %
NREP LPF GP S.à r.l. l Luxembourg % %
Urban Partners Management Company S.A. Luxembourg % %
NREP Domus S.à r.l. Luxembourg % %
Nordic Strategies Fund II GP S.à r.l. Luxembourg % %
NREP Nordic Strategies Fund III GP Luxembourg % %
NREP NORDIC STRATEGIES FUND IV GP Luxembourg % %
NREP Nordic Strategies Fund V GP S.à r.l. Luxembourg % %
Urban Partners Nordic Income+ GP S.à r.l.. Luxembourg % %
NREP Income+ Fund RE GP S.à r.l.. Luxembourg % %
NREP NSF V Feeder GP Luxembourg % %
Place of
registered office
Votes and
ownership
Name 2025 2024
Entities, directly owned by the parent (continued)
NREP NSF V Atlantis GP S.à r.l Luxembourg % %
UMEUS ManCo ApS Nordhavn, DK % %
NREP Administration- FundCo ApS Nordhavn, DK % %
NNSF IV IP CIV GP ApS Nordhavn, DK % %
Komplementarselskabet NREP NSF IV Investment ApS Nordhavn, DK % %
Komplementarselskabet Urban Partners Nordic Income+ Invest-
ment ApS Nordhavn, DK % %
Urban Partners Nordic Income+ Investment K/S Nordhavn, DK % %
NREP Administration- ManCo ApS Nordhavn, DK % %
A p S Nordhavn, DK % %
Komplementarselskabet NREP NSF V Investment ApS Nordhavn, DK % %
Urban Partners AS Oslo, NO % %
Urban Partners AB Stockholm, SE % %
Urban Partners sp. z o.o. Warsaw, PL % %
NSF V IP CIV GP ApS Nordhavn, DK % %
Komplementarselskabet NSF Denmark ApS Nordhavn, DK % %
Komplementarselskabet NREP NSF VI Investment ApS Nordhavn, DK % %
NREP Nordic Strategies Fund VI GP S.à r.l Luxembourg % %
NREP-TF ApS Nordhavn, DK % %
Urban Partners Regeneration Fund ApS Nordhavn, DK % %
NREP NSF VI Investment I ApS Nordhavn, DK % %
.Group companies
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Financial statements
Consolidated Section
Place of
registered office
Votes and
ownership
Name 2025 2024
Entities owned by Oak General Partner S.à r.l.
(Urban Partners Credit)
Oak Scsp Luxembourg % %
Oak Investment Scsp Luxembourg % %
Velo Capital Partners GMBH Munich, GE % %
UPC II - Whole Loan Fund General Partner S.à r.l.. Luxembourg % %
AF I General Partner S.à r.l. Luxembourg % %
AF II General Partner S.à r.l. Luxembourg % %
AF III General Partner S.à r.l. Luxembourg % %
Velo Mezzanine Credit General Partner S.à r.l. Luxembourg % %
Entities owned by Noli Studios Finland OY
Noli Studios Finland Staff Pool Oy Helsinki, FI % %
Den Studios Denmark ApS Nordhavn, DK % %
Noli Studios Poland z o. o. Warsaw, PL % %
Place of
registered office
Votes and
ownership
Name 2025 2024
Entities owned by NREP AB
NREP InvestCo AB Stockholm, SE % %
Entities owned by 2150 ApS
UK Ltd London, UK % %
GP II Sarl Luxembourg % %
GP I SARL Luxembourg % %
GP I Sarl Luxembourg % %
GP ApS Nordhavn, DK % %
Invest II K/S Nordhavn, DK % %
Entities owned by Juli Living Finland Oy
JULI Living Denmark ApS Nordhavn, DK % %
Entities owned by UMEUS ManCo ApS
Umeus Norway AS Oslo, NO % %
Branch owned by Urban Partners Management Company S.à r.l..
Urban Partners Management Company – Denmark, filial af Urban
Partners Management Company S.A., Lux Nordhavn, DK % %
Urban Partners Management Company S.A., filial Sverige Stockholm, SE % %
.Group companies (continued)
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Financial statements
Income statement
Statement of financial position
Statement of changes in equity
Notes to the parent company financial statements
7
Parent company
financial
statements
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Financial statements
tDKK Note 2025 2024
Revenue . 571,666 517,798
Other external expenses (,) (,)
Operating profit/loss 439,313 355,890
Staff costs . (,) (,)
Income from carried interest in associates related to UP managed
funds . ,
Depreciation, amortisation and impairment ., . (,) (,)
Gains/losses from divestments of enterprises , -
Profit/loss before financial income and expenses 64,327 (31,420)
Income/loss from investments in subsidiaries . , (,)
Income from investments in joint ventures .
Income from investments in associates . () ,
Income from investments in other investments . - (,)
Net gain/loss in sale of shares in investments () ()
Financial income . , ,
Financial expenses . (,) (,)
Profit/loss before tax 92,564 (100,698)
Tax on profit/loss for the year . (,) ,
Net profit/loss for the year . 78,685 (82,863)
Income statement
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Financial statements
Assets
tDKK Note 2025 2024
Software , ,
Development projects in progress , ,
Intangible assets . 59,919 52,869
Other fixtures and fittings, tools and equipments , ,
Leasehold improvements ,
Property, plant and equipment total . 9,730 9,843
Investments in subsidiaries . , ,
Investments in joint ventures . , ,
Investments in associates . , ,
Other investments . , ,
Receivables from group entities . , ,
Other receivables . , ,
Deferred tax asset . , ,
Total other non-current assets 718,419 833,343
Total non-current assets 788,068 896,055
Trade receivables . , ,
Receivables from group entities . , ,
Other current receivables . , ,
Prepayments , ,
Cash , ,
Total current assets 242,186 253,462
Total assets 1,030,254 1,149, 517
Equity and liabilities
tDKK Note 2025 2024
Share capital , ,
Reserve for development costs , ,
Retained earnings , ,
Equity 153,414 164,769
Other payables . - ,
Payables to group enterprises , ,
Borrowings . , ,
Total non-current liabilities 132,590 30 6,748
Borrowings . , ,
Trade payables , ,
Payables to group enterprises , ,
Other payables . , ,
Total current liabilities 744 , 25 0 678,000
Total liabilities 876,840 984,748
Total equity and liabilities 1,030,254 1,149, 517
Statement of financial position
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Financial statements
tDKK Share capital
Reserve for
development costs
Retained
earnings Total
2025
Equity at January , , , ,
Net profit/loss for the year - - , ,
Exchange rate adjustments foreign entities - - , ,
Warrants expense - - , ,
Purchase of treasury shares - - (,) (,)
Other equity movements - - (,) (,)
Development costs for the year (net of tax) - , (,) -
Equity at 31 December 1,398 7,364 144,652 153,414
2024
Equity at January , , , ,
Net profit/loss for the year - - (,) (,)
Exchange rate adjustments foreign entities - - (,) (,)
Capital increase - , ,
Warrants expense - - , ,
Sale of treasury shares - - , ,
Development costs for the year (net of tax) - , (,) -
Equity at 31 December 1,398 5,701 157,670 164,769
Statement of changes in equity
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Financial statements
Section 1 Basis of preparation of financial
statements of parent company 66
Note . Summary of significant accounting policies
Section 2 Result for the year 68
Note . Revenue
Note . Staff costs and remuneration
Note . Financial items
Note . Income tax
Note . Proposed distribution of profit
Section 3 Assets and liabilities 71
Note . Intangible assets
Note . Property, plant and equipment
Note . Investments in subsidiaries
Note . Investments in joint ventures and associates
Note . Other investments
Note . Other receivables
Note . Receivables
Note . Other payables
Note . Borrowings
Section 4 Other disclosures 77
Note . Contingent assets, liabilities and other
financial obligations
Note . Related parties
Note . Audit fees
Note . Events after the balance sheet date
Notes to the parent company financial statements
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Financial statements
SECTION BASIS OF PREPARATION OF FINANCIAL STATEMENTS OF PARENT COMPANY
Parent company Section
.Summary of significant accounting policies
The financial statements of the Parent have been
prepared on a going concern basis and in accordance
with the Danish Financial Statements Act applying to large
enterprises of reporting class C.
The Parent Financial Statements for are presented
in tDKK.
The income statement is presented according to the
nature of expenses. To obtain a true and fair view of the
investment management activities of the parent, fair value
changes and dividend from entities holding investments
in the funds managed by Urban Partners is presented as
a separate line item within profit before financial items.
Further, income from associates holding such invest-
ments is presented as a separate item within profit before
financial items.
The balance sheet is presented in a current/non-current
order.
Description of accounting policy
In relation to the accounting policies described for the
financial statements of the Group note . in the consol-
idated financial statement, the accounting policies of the
Parent differ in the following:
Revenue
The Parent has chosen to use IFRS as interpretation
for revenue recognition. Income from the rendering of
services is recognised as revenue as the services are
rendered. Accordingly, revenue corresponds to the
market value of the services rendered during the year.
The Parent advisory fee is a transfer pricing allocation
based on residual profit split between the entities that
have been part of creating value and assuming similar
risks. The residual profit split is applied between the
Parent and the three Nordic entities (Urban Partners AB,
Urban Partners Oy and Urban Partners A/S).
Revenue is measured at the fair value of the agreed
consideration excluding VAT and taxes charged on behalf
of third parties. All discounts and rebates granted are
recognised in revenue.
Investments in subsidiaries and associates
Investments in subsidiaries and associates are accounted
for under the equity method. The subsidiaries are
accounted under the consolidation approach. Undistrib-
uted reserves in subsidiaries are recognised in a separate
reserve within equity.
Subsidiaries and associates with a negative net asset
value are recognised at DKK and it is assessed whether
receivables should be considered uncollectible. Any
legal or constructive obligation of the Parent to cover
the negative balance of the enterprise is recognised in
provisions.
Other non-current investments
Investment in other non-current assets is measured at
cost.
Receivables
Receivables are measured at amortised cost.
The Parent Company has chosen IAS as interpretation
for impairment of financial receivables.
Basis of preparation of
financial statements of
parent company
Note . Summary of significant accounting policies
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Financial statements
Parent company Section
An impairment loss is recognised if there is objective
evidence that a receivable or a group of receivables is
impaired. If there is objective evidence that an individual
receivable has been impaired, an impairment loss is
recognised on an individual basis.
Receivables in respect of which there is no objective
evidence of individual impairment are tested for objective
evidence of impairment on a portfolio basis. The port-
folios are primarily based on the debtors' domicile and
credit ratings in line with the Company's risk management
policy. The objective evidence applied to portfolios is
determined based on historical loss experience.
Impairment losses are calculated as the difference
between the carrying amount of the receivables and the
present value of the expected cash flows, including the
realisable value of any collateral received. The effective
interest rate for the individual receivable or portfolio is
used as discount rate.
Leases
The Parent has chosen IAS as interpretation for classi-
fication and recognition of leases.
Leases that do not transfer substantially all the risks and
rewards incident to the ownership to the Parent Company
are classified as operating leases. Payments relating
to operating leases and any other rent agreements are
recognised in the income statement over the term of the
lease. The Parent's aggregate liabilities relating to oper-
ating leases and other rent agreements are disclosed
under "Contingent liabilities".
Liabilities
Financial liabilities are recognised at the date of borrowing
at the net proceeds received less transaction costs paid.
On subsequent recognition, financial liabilities are meas-
ured at amortised cost, corresponding to the capitalised
value, using the effective interest rate. Accordingly, the
difference between the proceeds and the nominal value
is recognised in the income statement over the term of
the loan. Financial liabilities also include the capitalised
residual lease liability in respect of finance leases.
Other liabilities are measured at net realisable value.
Management review
With reference to section paragraph of the Danish
Financial Statements Act, no Management review for the
Parent Company are prepared.
Cash Flow Statement
With reference to section paragraph of the Danish
Financial Statements Act, no Cash Flow Statement for the
Parent Company are prepared.
. Summary of significant accounting policies (continued)
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Financial statements
SECTION RESULT FOR THE YEAR
Parent company Section
.Revenue
tDKK Real estate
Corporate
functions Total
2025
Management fee , - ,
Service fee , ,
Other revenue , , ,
Internal advisory fee , , ,
Total revenue 550,301 21,365 571,666
2024
Management fee , - ,
Service fee , ,
Other revenue
Internal advisory fee , , ,
Total revenue 503,830 13,968 517,798
Result for the year
Note . Revenue
Note . Staff costs and remuneration
Note . Financial items
Note . Income tax
Note . Proposed distribution of profit
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Financial statements
Parent company Section
.Staff costs and remuneration
tDKK 2025 2024
Wages, salaries and remuneration , ,
Pensions, defined contribution plans , ,
Other social security costs , ,
Other staff costs , ,
Share-based payment , ,
Total 351,705 365,837
Average number of employees 247 261
Other staff expenses include staff recruitment costs and the costs of temporary workers.
For information on the remuneration of the Executive Management and the Board of Directors, please refer to note . in
the consolidated financial statements.
.Financial items
tDKK 2025 2024
Financial income
Interest received from Group entities , ,
Dividends on shares in other investments -
Other interest income , ,
Other financial income , ,
Total 14,529 8,449
Financial expenses
Interest paid to group entities , ,
Other interest expenses , ,
Exchange losses ,
Other financial expenses ,
Total 45,660 68,556
Other interest expenses refers to interest on the Group’s working capital facility, interest on cash management services
and other bank charges.
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Financial statements
Parent company Section
.Income tax
The major components of income tax expense for the years ended December and are:
tDKK 2025 2024
Current tax for the year (,) -
Deferred tax for the year (,) ,
Prior year adjustment current tax -
Prior year adjustment deferred tax (,) -
Income tax expense reported in the statement of profit or loss (13,879) 17, 835
Reconciliation of tax expense and the accounting profit multiplied by Denmark’s
domestic tax rate for and :
At Denmark’s statutory income tax rate of 22% (2024: 22%) 20,364 (22,154)
Tax effects
Non-taxable income (,) ()
Non-deductible expenses , ,
Prior year adjustment current tax () -
Prior year adjustment deferred tax , -
Tax effects, total (6,485) 4,319
Tax expenses (13,879) 17, 835
Effective tax rate -% -%
Deferred tax assets
Provision for deferred tax at January (,) (,)
Amounts recognised in the income statement for the year , (,)
Deferred tax assets at 31 December (38,635) (48,023)
.Proposed distribution of profit
tDKK 2025 2024
Retained earnings , (,)
Total 78,685 (82,863)
tDKK 2025 2024
Other tangibles (,) (,)
Other intangibles (,) (,)
Tax loss carry forward (,) (,)
Other (,) (,)
(38,635) (48,023)
Of which presented as deferred tax assets , ,
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Financial statements
SECTION ASSETS AND LIABILITIES
Parent company Section
.Intangible assets
tDKK Software
Development
projects in
progress Total
2025
Cost at January , , ,
Additions , , ,
Transfer , (,) -
Cost at 31 December 102,513 9,440 111,953
Impairment and amortisation at January (,) - (,)
Impairment and amortisation (,) - (,)
Impairment and amortisation at 31 December (52,034) - (52,034)
Carrying amount at 31 December 50,479 9,440 59,919
2024
Cost at January , , ,
Additions , , ,
Disposals - (,) (,)
Transfer , ( , ) -
Cost at 31 December 73,861 7,308 81,169
Impairment and amortisation at January (,) - (,)
Impairment and amortisation (, ) - (, )
Impairment and amortisation at 31 December (28,300) - (28,300)
Carrying amount at 31 December 45,561 7, 308 52,869
Assets and liabilities
Note . Intangible assets
Note . Property, plant and equipment
Note . Investments in subsidiaries
Note . Investments in joint ventures and associates
Note . Other investments
Note . Other receivables
Note . Receivables
Note . Other payables
Note . Borrowings
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Financial statements
Parent company Section
.Property, plant and equipment
tDKK
Other fixtures and
fittings, tools and
equipments
Leasehold
improvements Total
2025
Cost at January , , ,
Additions for the year , - ,
Cost at 31 December 27, 817 7,915 35,732
Impairment and depreciation at January (,) (,) (,)
Depreciation for the year (,) () (,)
Impairment and depreciation at 31 December (18,612) (7, 390) (26,002)
Carrying amount at 31 December 9,205 525 9,730
2024
Cost at January , , ,
Additions for the year , - ,
Disposals for the year () - ()
Cost at 31 December 22,473 7,915 30,388
Impairment and depreciation at January (,) (,) (,)
Depreciation for the year (,) (,) (,)
Impairment and depreciation at 31 December (14,012) (6,533) (20,545)
Carrying amount at 31 December 8,461 1,382 9,843
Depreciated over - years - years
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Financial statements
Parent company Section
.Investments in subsidiaries
tDKK 2025 2024
Cost at January , ,
Addition , ,
Disposal () (,)
Transfers , -
Cost at 31 December 657,959 636,942
Value adjustments at January (,) (,)
Exchange rate adjustment , (,)
Net profit/loss for the year , (,)
Share of result NREP managed funds net of payments ,
Disposals (,)
Dividends (,) (,)
Transfers (,) -
Value adjustments at 31 December (172 ,902) (98,456)
Equity investments with negative net asset value amortised over receivables ,
Carrying amount at 31 December 490,001 539,216
Additions for the year, consist of capital injections in newly registered entities DKK . million (: DKK . million) and
capital injections in existing entities DKK . million (: . million).
Refer to note . Group companies to the consolidated financial statements for a list of Group companies.
.Investments in joint ventures and associates
Joint venture Associates
tDKK 2025 2024 2025 2024
Cost at January , , , ,
Additions - -
Disposal - - () -
Transfers (,) - - (,)
Other adjustment - -
Cost at 31 December 17,525 20,875 6,492 6,570
Value adjustments at January (,) (,) , ,
Exchange rate adjustments - - -
Share of result NREP managed funds net of
payments - - ,
Net profit/loss for the year () ,
Dividends - - (,) (,)
Disposals - - -
Transfers , - - (,)
Other adjustments - - () -
Value adjustments at 31 December (14,563) (18,709) 11,999 12 , 474
Carrying amount at 31 December 2,962 2,166 18,491 19,044
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Parent company Section
.Investments in joint ventures and associates (continued)
Name
Place of
registered office Share capital Votes and ownership
2025 2024 2025 2024
Joint ventures
NREP-TF ApS Denmark DKK , DKK , % %
Plushusene Management ApS Denmark DKK ,, DKK ,, % %
Associates
Komplementarselskabet NREP Co-Investment Nordhavn ApS Denmark DKK , DKK , % %
NREP Co-Investment Nordhavn K/S Denmark DKK ,, DKK ,, % %
Invest K/S Denmark DK K , DKK , % %
Home Decarb K/S Denmark DK K , DKK , % %
NREP NSF V Investment K/S Denmark D K K , D K K , % %
Invest II K/S Denmark D KK , DKK , % %
NREP NSF III InvestCo AS Norway NOK , NOK , % %
NREP NSF IV Investment S.a.r.l Luxembourg EUR , EUR , % %
NREP NSF V Investment S.a.r.l Luxembourg EU R , EU R , % %
NREP Investment OY Helsinki, Finland EUR EUR % %
NREP Invest Co AB Sweden EUR , EUR , % %
NREP NSF IV Investment K/S Denmark EUR , EUR , % %
NREP NSF V Investment AB Sweden EUR , EUR , % %
NREP NSF III InvestCo AB Sweden EUR , EUR , % %
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Financial statements
Parent company Section
.Other investments
tDKK 2025 2024
Cost at January , ,
Additions , ,
Disposals (,) (,)
Transfers - ,
Other adjustments () -
Cost at 31 December 79,357 85,727
Impairment at January (,) ( , )
Impairment - (,)
Impairment released in connection with disposals , ()
Impairment at 31 December (4,328) (11,567)
Carrying amount at 31 December 75,029 74 ,160
.Other receivables
2025 2024
tDKK
Other
receivables
Receivables
from group
entities
Other
receivables
Receivables
from group
entities
Other receivables at January , , , ,
Additions , - , ,
Repayment of loans (,) (,) (,) (,)
Impairment - - (,) -
Conversion to equity investment (,) - - -
Transfer to current receivables (, ) - - -
Exchange rate adjustments ()
Other receivables at 31 December 87,888 5,413 135,016 15,718
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Financial statements
Parent company Section
.Other payables
tDKK 2025 2024
Employee liabilities , ,
Accrued expenses , ,
Vat liability , ,
Income tax payable , -
Deferred purchase price - ,
Other current payables ,
Total 115,070 130,583
Classification by expected maturity
Within year , ,
More than year - ,
.Borrowings
tDKK 2025 2024
Non-current , ,
Current , ,
Total 380,030 360,063
.Receivables
tDKK 2025 2024
Trade receivables , ,
Receivables from Group entities , ,
Other receivables
Accrued income , ,
Tax receivables , ,
Cost to be reinvoiced , ,
Other current receivables , ,
Total Other receivables 109,103 33,796
Total receivables 224,809 156,155
Trade receivables
Allocation of net trade receivables by maturity period are as follows:
tDKK 2025 2024
Up to days , ,
Between and days , ,
Between and days ,
Net receivables at 31 December 33,448 20,269
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Financial statements
SECTION OTHER DISCLOSURES
Parent company Section
.Contingent assets, liabilities and other financial obligations
Urban Partners A/S has entered into binding commitments to invest:
mDKK 2025 2024
Urban Tech Sustainability Fund I SCSp . .
Urban Tech Sustainability Fund II SCSp . .
Urban Partners Regeneration funds . -
Urban Partners A/S has entered into a binding agreement
to provide a loan of DKK . million to Urban Partners
Regeneration Fund APS. The loan has not been drawn at
the reporting date.
Urban Partners A/S has issued a letter of comfort for
selected subsidiaries in order to be in compliance with
going concern requirement.
Urban Partners A/S holds DKK . million (: DKK
. million) of operating lease liability that primarily
relates to office leases as at the end of .
Urban Partners A/S has issued guarantees for a total of
DKK . million (: . million).
The Urban Partners is jointly and separately liable for tax
on the jointly taxed incomes etc of the Group companies.
The total amount of corporation tax payable is disclosed
in the note .. Urban Partners A/S is the management
company of the joint taxation purposes for the Danish
joint taxation. Moreover, the Danish entities are jointly
and severally liable for Danish withholding taxes by way
of dividend tax and tax on unearned income. Any subse-
quent adjustments of corporation taxes and withholding
taxes may increase the Parent’s liability.
Other disclosures
Note . Contingent assets, liabilities and other financial obligations
Note . Related parties
Note . Audit fees
Note . Events after the balance sheet date
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Financial statements
Parent company Section
.Related parties
Ownership
The following shareholders are recorded in the Parent's register of shareholders as holding at least % of the votes or at
least % of the share capital:
• Two Degrees UP ApS, Højbjerg, CVR
• Doughnut Capital ApS, Højbjerg, CVR
• NREP Partner Holding ApS, Højbjerg, CVR
• NREP Partners Investment ApS, Højbjerg, CVR
• Novo Holdings A/S, Hellerup, CVR
All related parties transaction in and are made on arm’s length terms.
Other matters of interest in relation to related parties are disclosed in the notes . of the consolidated financial state-
ments.
.Audit fees
For audit fees please refer to the consolidated financial statements note ..
.Events after the balance sheet date
For events after the balance sheet date please refer to the consolidated financial statements note .
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Management’s statement
Independent auditor's report
8
Statements
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Financial statements
th
May 2026
Executive Board
Board of Directors
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Financial statements
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th
May 2026
CVR No 3 3 7 7 1 2 3 1
M ne 30141 M ne 44159
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Financial statements
Urban Partners
Tel.: +45 39484900
urban.partners
info@urban.partners
CVR no.: 2 9 1 68 7 09
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