Annual
report
2025
Mind Energy A/STangen Aarhus NDenmarkCVR No.
Adopted at the general meeting May Chairman at the general meeting: Rasmu s Reichh ardt Sve ndsen
MANAGEMENT REVIEW
Management letter
Mind Energy in numbers
Financial highlights
Mind Energy at a glance
Energy market status: The energy trader’s view
Mind Energy in action
Energy market recap
Risk management at Mind Energy
SUSTAINABILITY REPORT
Balancing sustainable energy for all
Environment
Social
Governance
Sustainability reporting
Contents
FINANCIAL STATEMENT
Consolidated financial statements
Notes to the consolidated financial statements
Parent Company financial statements
Notes to the Parent Company financial statements
STATEMENTS
Management statement
Independent auditor’s report
ORGANISATION
Company information
The Management Team
Ownership
Board of Directors
Executive board
Mind Energy Annual report 2025
2
Management letter 4
Mind Energy in numbers 7
Financial highlights 8
Mind Energy at a glance 9
Energy market status: The energy trader’s view 10
Mind Energy in action 14
Energy market recap 17
Risk management at Mind Energy 20
Management
review
Management review
Mind Energy Annual report 2025
3
In 2025, we continued our
transition while supporting
our customers in navigating
volatile energy market
changes.
“The competitiveness of the European economy is
under pressure. We need a new industrial deal that
combines competitiveness, energy security, and
sustainability.”
These words, spoken by Ursula von der Leyen,
capture the precise challenge facing our society
today. As we stand at the threshold of a new era for
energy, the task before us is not merely to produce
sustainable energy, but to integrate it into a system
that remains efficient, resilient, and affordable for
the societies we serve.
We hold a unique position
to make an impact.
As the largest independent energy supplier in the
Nordics, we have two distinct business areas: Our
customer business, which provides independent
energy producers, resellers and large energy
consumers in the Nordics with an efficient, trans-
parent and reliable route to the energy markets,
and our market trading business, where we conduct
proprietary trading across Europe and the Balkans.
In doing so, we contribute to the competitiveness of
industrial companies, the viability of renewable energy
producers, and a well-functioning energy market.
A year of clear direction and steady pace
was a year of transition following challenging
times that necessitated a new direction. The transi-
tion continued throughout , where we brought
our new strategy, Switch, to life. We solidified
our pan-Nordic position, delivered improved gross
profits in a difficult market, successfully reorganised
While the Nordic energy market remains one of
the world’s most efficient, extreme price fluctu-
ations reveal a fundamental disconnect between
supply and demand. It is a symptom of a system
where conventional power has been phased out
and replaced by weather-dependent production,
without the necessary infrastructure or flexibility to
bridge the gap.
In this complex landscape, the market functions
technically as intended. Yet, from a societal
perspective, the resulting instability is unsatis-
factory. It impacts industrial competitiveness, has
adverse effects for consumers, and risks damp-
ening the investment appetite required for the
renewable transition.
Energy traders have a vital role to play as market
facilitators. At Mind Energy, we do not view these
challenges as obstacles, but as a call to action.
Building on decades of trading expertise, our mission
is to work for efficient, resilient, and sustainable
energy markets – for customers and for society.
Navigating the waves
of the market
Management letter
Louise Hahn, CEO
Management review
Mind Energy Annual report 2025
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our operations, and united all our markets under a
powerful new identity: Mind Energy.
This was far more than a name
change; it was a strategic move.
Our ambitions and reach had outgrown our legacy.
Today, we are a truly pan-Nordic company, trading
power and gas across and markets, respec-
tively. We utilise competencies across borders and
leverage insights from all our markets to improve
advisory services and drive value for customers.
The new brand reflects our unique culture; one
that balances the high-performance analytical
skills required to navigate volatile markets with a
mindful, collaborative approach. It signals that while
we possess the deep market intelligence to solve
complex problems, we do so with care. We mind our
customers’ businesses, we mind our colleagues'
development, and we mind the energy transition.
Navigating the waves of the market
Our financial results for serve as a testament
to the robustness of our business model. Despite
navigating a year characterised by significant shifts
in market mechanisms, changing and challenging
balancing-schemes in the Nordics amongst others,
we have delivered a solid performance.
It takes years to build the flexibility the market
demands today, and despite a rapid buildout of
batteries and other sources of flexibility, we expect
to see a continuation of extreme balancing prices
that will particularly penalise weather-based
producers in the next - months. These effects
may be reduced pending potential changes to the
balancing regime.
Despite significant costs related to the new balanc-
ing-schemes, our diverse portfolio and deep trading
capabilities allowed us to weather these waves. We
realised earnings before tax of mDKK against
mDKK in , a drop in earnings which is
solely caused by reduced interest rates – with
a very significant capital base, we are naturally
affected by swings in interest rates.
Compared to the expectations we communicated
last year, the result demonstrates the resil-
ience of our business. While earnings before tax
landed below last year expectations, the result is
fully in line with the market conditions shaped by
the new balancing schemes and declining interest
rates.
We have maintained our skilled workforce and
supplemented it with new competencies, ensuring
we remain the preferred partner for energy
producers and consumers alike.
In , we delivered a mDKK gross profit,
which despite the challenges from the new balanc-
ing-schemes is above last year’s gross profit of
mDKK. This is satisfactory and is driven by strong
performance in Market Trading and profitable growth
in our Customer Business.
One of the defining events of was the TSOs'
introduction of the new Nordic balancing market.
The intention was sound: to apply a ‘pollute and pay’
principle and incentivise flexibility in a grid increas-
ingly dominated by wind and solar. While market
participants handled these changes competently
from a technical standpoint, the effects on prices
were severe, and all physical assets except solar and
batteries are challenged by changing their production
to -minute production intervals.
We witnessed uneven price developments that
consequently disproportionately penalised weath-
er-based production while offering unusual profit
margins to the few actors capable of providing
immediate flexibility until more actors join the market
in the years to come. For Mind Energy, this nega-
tively impacted earnings in specific areas with more
than mDKK.
However, it underscored a critical point we often make:
Market prices alone cannot
serve as a sufficient long-term
investment signal.
“We believe in
a systematic,
analytical approach,
where human intelligence
is multiplied by
technology.”
Digitalisation and sustainability as value drivers
was also the year we accelerated the digi-
talisation of our trading activities. We believe in
a systematic, analytical approach, where human
intelligence is multiplied by technology.
We have successfully automated two of our trading
teams, shifting our colleagues' focus from trading
to innovation, testing, and algorithm development.
This is not merely about efficiency; it creates better
results. Best practices, algorithmic models, and
advanced tools developed in our Market Trading
are also being used in our Customer Business,
providing better and more competitive services to
our customers.
We have also taken the first steps toward estab-
lishing a new, data-centric digital platform, which
we will scale significantly in and beyond.
New identity
Management review
Mind Energy Annual report 2025
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The significant focus on – and investment in – the
digitalisation of our business and trading operations
remains a top priority in the coming years.
During the year, we have also taken strides in
embedding sustainability even deeper into the
very fabric of our business. We do not operate with
a separate sustainability strategy alongside our
business strategy. We simply have a sustainable
business strategy, as sustainability is fundamental
to our business; it defines who we are, our role in the
market, and the way we conduct business.
Looking ahead for Mind Energy and our customers
In , we plan to launch a major upgrade to our
advisory services and product portfolio. Based on a
comprehensive customer analysis across all Nordic
price zones, our aim is to optimise customers' total
cost of energy – a significantly different approach
than the current market standard.
We are also introducing a product that combines
advanced statistics with machine learning to deliver
results superior to current standards, providing a
documented sourcing strategy with reduced risk.
Staying on the product development side, we have
introduced a new product that allows consumers to
purchase power produced by a renewable energy
source in their own country in the same month it
is consumed. It is a scalable product available to
customers of all sizes, allowing them to exceed
sustainability standards and help support the
expansion of renewable energy that matches
supply and demand. This will be made available in
all our Nordic markets during .
As an energy trader, earnings potential relies on
market developments, just as the capital require-
ment for supplying industrial customers and utilities
depends on energy price evolution. Therefore, in
, we initiated important work to optimise our
capital structure and allocation, which will continue
into and . We and our owners hold a long-
term view and invest with that perspective.
We foresee a Nordic balancing market that
continues to pose challenges during . In addi-
tion, we foresee negative effects from the recent
conflict in the Middle East. Our expectations are
therefore a profit before tax in the range -
mDKK.
Minding the future
We have one of the world's most efficient energy
markets, contributing to lower and stable prices,
and we are simultaneously leading the transition to
a sustainable energy supply.
However, this transition is complex. We are moving
production away from consumption, losing flexi-
bility, and facing uncertainty about the pace of elec-
trification. If we leave necessary investments solely
to current market prices, which rarely look more
than three years ahead, we risk recurring periods of
extreme prices due to a lack of coordination.
"We and our owners hold a
long-term view and invest with
that perspective."
The market works technically
as intended, but from
a societal perspective,
there is still work to do.
We need a more holistic and realistic approach to
planning if we are to secure Europe's competitive-
ness and security of supply without losing public
support for the sustainable transition.
For Mind Energy, the direction is clear. We set the
course in and have followed it according to
plan throughout . We are optimistic about the
future of energy. And we are ready to continue our
work for efficient, resilient, and sustainable energy
markets – for customers and for society.
Louise Hahn
CEO
Management review
Mind Energy Annual report 2025
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Power
Gas
Mind Energy in numbers
Financial Non-financial
Equity ratio Gender distribution
(% underrepresented gender)
Nordic power market
consumption balanced by us
Gross profit
DKK million
Profit before tax
DKK million
2025
70.7%
2025
2024
64.6%
2024
8 07.3
823.5
2025 2024
273.4
33
18
8.1%
Number of Trading Markets
339 colleagues
32%
All team members
40%
Management team
375.9
Management review
Mind Energy Annual report 2025
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Financial highlights
DKK million 2025 2024 2023 2022 2021
Key figures, Mind Energy Group
Revenue ,. ,. ,. ,. ,.
Gross profit . . . ,. .
Operating profit . . -. ,. -.
Profit from financial items . . . -. -.
Profit before tax 273.4 375.9 -225.6 11,341.4 -361.7
Tax -. -. . - , . .
Profit for the year 211.9 292.1 -202.9 8,844.1 -286.5
Balance sheet total ,. ,. ,. ,. ,.
Investment in property, plant and equipment -. -. -. -. -.
Equity 9,0 87. 8 8,849.6 8,504.2 11,738.3 1,948.9
Cash flow from operating activities ,. . . ,. -,.
Cash flow for investing activities -. -. -. -. -.
Cash flow from financing activities -,. -. -,. -,. ,.
Total cash flow -136.9 3.6 -2,339.8 6,169.1 -170.2
Key ratios, Mind Energy Group
Gross margin ratio .% .% .% .% .%
Profit ratio (EBIT) .% .% -.% .% -.%
Equity ratio (solvency) .% .% . % .% .%
Return on equity before tax .% .% -.% .% -.%
Return on equity after tax .% .% -.% .% -.%
Average number of full-time employees
The key ratios were calculated according to the recommendations published by the Danish Society of Financial Analysts. Please refer to definitions and concepts under “Accounting Policies”.
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Mind Energy Annual report 2025
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Market Trading No OperationsCustomer Business
Customer Business
We have two distinct
business areas:
Market Trading and our
Customer Business.
Market Trading trades for our own risk and capital
across power markets and gas markets, while
the Customer Business provides an efficient, trans-
parent and reliable route to market for large energy
consumers, resellers and independent energy
producers across the Nordics.
The two business areas are financially separated but
benefit from shared digital platforms, risk manage-
ment, market insights and analytical capabilities.
As a Balance Responsible Party, we operate along
the entire value chain, settling and balancing
production and consumption in Denmark, Sweden,
Finland and Norway.This is done every day, hour,
minute, and second of the year.
We work for efficient, resilient and sustainable
energy markets – for our customers and for society.
Mind Energy
at a glance
Group functions
Trading platform, analytics & risk
No operationsCustomer Business Market Trading
Active marketsBusiness areas
Market Trading
Customer trading
Green Desk
Cross Commodity
Gas Desk
Short Term Power
Supply
Reseller
Producer & flex
Management review
Mind Energy Annual report 2025
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The global energy landscape
is undergoing a profound
transformation. The urge to
find new ways to produce,
move, store, and use energy
more sustainably has set our
industry in motion.
At the same time, the geopolitical situation has
reintroduced a critical focus on security of supply
and resilience across our energy systems.
To discuss the new complex landscape and the
crucial role of energy traders, we sit down with CEO
Louise Hahn. She shares her perspectives on the
structural challenges facing the European energy
systems and outlines how Mind Energy’s deep
market intelligence is navigating this change, all
while working for efficient, resilient, and sustain-
able energy markets.
Energy is changing:
Executive insight
Interview with Louise Hahn, CEO
What is the fundamental challenge
of the energy markets?
At the core of the market's current volatility lies a
structural imbalance rooted in physics: a significant
increase in electricity produced by intermittent
renewable sources, which cannot be stored at scale,
as well as capacity constraints within and between
countries result in a lack of moment-to-moment
alignment between production and consumption.
The fundamental problem we face is a flexibility
paradox. The necessary phase-out of fossil-based
energy generation, which has historically provided
essential system flexibility, coupled with the large-
Energy market status:
The energy trader’s view
"The fundamental
problem we face is a
flexibility paradox."
Interview
Management review
Mind Energy Annual report 2025
10
scale introduction of weather-based, intermittent
production (which is, by definition, not dispatch-
able), has fundamentally eroded the system's ability
to adjust according to the demand.
This shortage of dispatchable power is not a cyclical
event, it is a long-term consequence of the energy
transition – with the technologies available today.
The market is now acutely defined by the need
for assets that can react quickly together with
insufficient cross-border (and cross-price zone)
grid capacity – a necessity that will shape future
investment and policy decisions.
How did we get here?
Before , the Nordic power market was
functional and stable, with production and
grid capacity developed step by step to match
demand. A 'new normal' of structural volatility
began to show itself as several major shifts
occurred simultaneously.
The first divergence was noted around , when
spot prices deviated significantly for the first time,
hitting extremely low levels as the build-out of
wind and solar capacity exceeded instantaneous
demand as well as the COVID- pandemic leaving
its mark. While beneficial for consumers, this was
financially unsustainable for producers.
The real turning point occurred between and
. This period saw a massive, simultaneous
resistance to the sustainable transition. At the
same time, producers of weather-based energy
are hit hard by the low-price hours. Where solar
energy once enjoyed average capture prices
above the annual average market price, it now
receives only - percent of the spot average,
with wind only receiving percent, and we
expect this to fall further as more large offshore
projects come online.
These extreme prices are not anomalies, and they
are not signs that the market does not function,
either. They do, however, reflect a systemic erosion
of the market’s resilience that calls for timely action.
What is the role of
the energy trader in all this?
In this complex environment, the role of the energy
trader is more critical than ever. We are not just
financial intermediaries; we are key market facilita-
tors who work for efficient, resilient and sustainable
energy markets.
As the largest independent energy supplier in the
Nordics, our role is broad, but our contribution is
especially defined by our expertise in liquidity and
flexibility management across all three essential
energy markets.
When we consider the market, our core functions
are threefold:
transition: the phase-out of a minimum of GW
of fossil and nuclear power generation across the
EU (including Germany and Denmark) was quickly
outpaced by the massive installation of over
GW of weather-dependent capacity, combined
with new export possibilities from the Nordics to
UK and Germany. This transition was complicated
by the sudden loss of a large portion of French
nuclear capacity and the dramatic geopolitical and
supply shocks of the energy crisis.
What are we looking into
– will the market fix itself in time?
The consequences of the shifts are clear. Today,
electricity prices in Denmark and parts of Norway
and Sweden are double pre- levels, and price
volatility is higher by a factor of four. We are also
witnessing a structural rise in hours with negative
pricing, which now account for percent of trading
hours in Denmark and percent in Finland.
These extremes are not simply
market noise; they reflect a
critical imbalance in supply
and demand that will take
years to resolve.
This unstable environment creates significant
pressure. Consumers and industry are burdened
by higher electricity prices, which risks generating
“This shortage
of dispatchable
power is not a cyclical
event, it is a long-term
consequence of the
energy transition.”
– Louise Hahn, CEO
1. Driving market liquidity and efficiency:
Active trading, whether proprietary or on behalf
of customers, benefits the entire market. By
processing vast amounts of real-time data, we
improve the markets price signals, allowing
producers and consumers to adjust in advance,
as well as moving gas and power to where it is
needed. This continuous flow of bids and offers
ensures high liquidity, competitive prices across
markets and price stability, allowing prices to
accurately reflect the underlying balance of
supply and demand.
2. Reducing financial uncertainty and improving
competitiveness:
The financial energy markets provide essential
price certainty two to three years ahead. These
markets combined with our expertise allows
Management review
Mind Energy Annual report 2025
11
producers to gain revenue certainty and enables
large consumers to get lower and predictable
energy costs. We do this by developing and
managing entire energy sourcing strategies that
align with client ambitions, risk tolerances, and
sourcing requirements.
3. Ensuring system resilience and market access:
The energy trader role as a Balance Respon-
sible Party (BRP) provides market access
for producers, energy companies and large
consumers and is fundamental to the system's
stability. We assume the responsibility for contin-
uously balancing the generation and consumption
within our portfolio against the grid's require-
ments, and we provide flexibility services to the
system. With the rise of intermittent energy, the
value of balance has increased exponentially. Our
advanced trading systems allow us to manage this
balance, which directly supports grid stability and
allows more renewable energy to be integrated
without jeopardising the system's security.
How do you see the road ahead in
terms of strengthening resilience and a
sustainable transition?
The challenges facing the European energy
markets – the increasing need for flexibility and grid
capacity, the ongoing focus on security of supply,
and the mandate for accelerated sustainable transi-
tion – are complex and structural. There is an urgent
need for a more competitive energy supply.
In Mind Energy, we are committed to providing solu-
tions and advisory services that help our customers
and society move forward efficiently, rather than
passing judgement on market dynamics. Neverthe-
less, our experience, insights, and data, guide us to
the most crucial focus areas for future resilience
and sustainable transition, as we see them:
Obvious development areas are electrification,
flexible consumption, grid expansion, and batteries.
All four are crucial for succeeding with the sustain-
able transition. But they are not enough.
It is necessary to establish both a national and an
EU energy plan to ensure the harmonious devel-
opment of our energy system and the balance
between supply and demand minute-by-minute,
independently of different weather scenarios.
Addressing the supply challenges that lead to
extreme price periods is key. The market provides a
price signal two to three years ahead – a volatile best
estimate, vulnerable to unexpected developments –
while the necessary adaptation of supply and demand
takes many more years. Market mechanisms alone
are insufficient; they require supplementing with a
long-term policy vision and robust short- and medi-
um-term planning of the energy supply.
To truly restore balance, it is also necessary to
maximise the utilisation of existing infrastructure.
This includes TSOs making at least percent of
capacity available to the market, in line with EU
"Ultimately, the core challenge facing
the market is not simply managing
energy prices but urgently resolving the
structural flexibility paradox through
coordinated action."
Management review
Mind Energy Annual report 2025
12
requirements. In general, it is our recommendation to
prioritise massive investment in the electricity grid as a
foundational layer before diverting focus to new infra-
structures like hydrogen. Crucially, a guiding holistic
metric for this build-out should be the total cost of
energy, to ensure the transition remains economically
viable for society.
It is also vital to evolve market design to ensure effec-
tive competition. If the market is defined too narrowly,
resulting in too few producers or sources of flexibility, it
fundamentally undermines competition and liquidity and
increases the cost of energy. We advocate for a struc-
ture that favours large price zones and harmonisation
across the EU to foster liquidity and lower trading costs.
In the Nordics, specifically, we must ensure that the
market structure does not limit the supply of electricity
in the forward market, as this directly impacts indus-
trial companies. In this context, it is equally important
that subsidies and support schemes are designed to
support the market, avoiding fixed prices and caps that
distort the necessary signals for flexible demand and
production.
Meanwhile, a clear and well-developed regulatory
framework, alongside continuous oversight, remains
essential to prevent market abuse and ensure the
market functions efficiently.
Ultimately, the core challenge facing the market is not
simply managing energy prices but urgently resolving
the structural flexibility paradox through coordinated
action. We believe that the collective commitment of
market participants is to remain the essential factor
in this transition, leveraging specialised expertise to
actively help shape and ensure the efficiency, resilience,
and sustainability of the energy system for the future.
How would you describe
the work of your team?
Briefly put: we are building the best
way to trade in the future. It’s a shift
towards an even more data-centric
approach, where decisions depend
less on the knowledge of individuals
and more on automation, systems,
and shared methods. This makes us
much more robust and reduces risk,
which is a huge strategic priority for
our management.
What does this look
like in practice?
This past year, we’ve spent a lot
of time developing our new data
platform to ensure data is shared
consistently across the organisation.
We operate in an extremely complex
market, and there is often a tendency
to build equally complex systems to
support it. However, we are trying
to build solutions that are simple,
measurable, and scalable. They
must support our long-term strategy
while creating immediate value for
our traders as they work to beat the
market today.
The platform is a central step towards
more systematic trading. With a
strong data foundation, modern
tools, and a trading environment that
combines expertise with timeliness
and pragmatism, we are well on our
way to creating one of the market’s
most advanced and effective setups.
It sounds like a significant
transformation?
It is and it will be. But in Market
Trading, there is a unique willingness
to challenge ourselves and courage to
find smarter solutions. My personal
highlight for the year has been the
strengthened collaboration across
departments. Creating a shared
direction and understanding each
other’s needs has been important for
our ability to deliver.
Market Core purpose Trader’s essential function
The Spot
Market
Defines the physical price of electricity for
the following day (Day-Ahead) and for
each
quarter of an hour
up to delivery (Intra-Day).
Provides essential liquidity and competition, ensuring effi-
cient and stable prices based on supply and demand as well
as relocation of energy to the benefit of society.
The Forward
Market
Allows participants to buy or sell energy for
the future, managing price exposure. It also
provides a price signal to producers and
consumers who can adjust accordingly.
Offers price certainty and risk mitigation through hedging,
which is a cornerstone for long-term sustainable invest-
ments in production and electrification, as well as reducing
the cost of energy for consumers.
The Balancing
Market
Helps balance the grid by compensating
for deviations between planned and actual
production/consumption in real-time,
minute-by-minute.
Ensures system resilience by actively managing the Balance
Responsible Party portfolio, supporting the grid’s ability to
integrate variable renewable sources and provide market
access to producers, energy companies, and large consumers.
The three interconnected markets
Kell Pradsgaard
Nielsen
Head of Trading IT,
Market Trading
Denmark
Meet our people
Management review
Mind Energy Annual report 2025
13
From Energi Danmark
to Mind Energy
A major milestone for us in was becoming
Mind Energy. This new brand and identity is a
deliberate and carefully considered step in our
company's transformation, designed to clearly
communicate our market position and align our
culture with our new strategic direction.
In essence, our brand and identity are about
defining who we are and why we are here.
For decades, we have been
pioneers in the energy industry,
successfully expanding our
services and geographical
reach across Europe.
We have grown from being a Danish company
to a truly Nordic one, sharing a unified culture,
mindset, and competencies. Our unique position as
Mind Energy in action
"The key to our success is
all sorts of intelligence; we
are energy minds"
a pan-Nordic energy trader enables us to work for
efficient, resilient, and sustainable energy markets.
While our name Energi Danmark was meaningful in
the past, with more than / of our business now
outside of Denmark, our ambitions have outgrown
it. It was time for a new, common brand, and more
importantly an identity that reflects our unified
Nordic business, our strategic direction, and the role
we play in the energy transition.
Meet Mind Energy
At the core of our business is a deep and profound
knowledge of energy. The energy landscape is
changing, driven by the need for more sustain-
able production, movement, and use of energy,
as well as a renewed focus on security of supply
and system resilience. Energy is no longer just
a commodity. We have led the way in European
energy trading for decades, turning our deep
market knowledge into reliable solutions and
trading strategies. We are on the global energy
markets every second, year after year, building a
solid competence base and a culture of passionate,
sometimes nerdy, specialists. We know how to
multiply our human knowledge with cutting-edge
technology and advanced data usage.
Management review
Mind Energy Annual report 2025
14
Our logo is an interpretation of
the Mind Energy ’M’ in moving
data points. It represents both the
constant movement and rhythm
of the energy market and the
volume of complex information our
algorithms and specialists process
every second. Human brainpower
meets technological insight.
Mind Energy logo
That's why our name is now Mind Energy. The
key to our success is all sorts of intelligence; we
are energy minds. Our new identity also reflects
a deep commitment to what we do. We embrace
complexity and simplify it for our customers,
all while working for a more sustainable energy
market that benefits all. We mind our customers,
the energy markets, our people and the future.
Unfolding the story
behind the brand
Interview with Dorthe Rømer Frost,
SVP Brand, People & Sustainability
The new brand is the result of a long and very
thorough process that started when the Switch
strategy process made it clear how our Nordic
company and our ambitions had outgrown the Energi
Danmark name. We have asked our SVP People,
Brand & Sustainability, Dorthe Rømer Frost, to take
us behind the scenes and unfold Mind Energy.
What is a brand to you?
Our brand is so much more than a name and a logo;
it is our culture, our shared mission, and our way
of working. It is a testament to who we are and a
promise to our customers, society, and people. A
brand is often seen as a marketing exercise. To us,
it is above all else a celebration of our people – the
great minds who achieve great things together.
Can you take us behind the
scenes of the process?
We were careful not to rush and not to discard the great
things about our strong legacy, while also ensuring the
new brand reflects who we are now and in the future.
It was a very structured and data-driven process.
We started with an analysis phase in to under-
stand customer needs, the competitive landscape,
and our internal strengths. The insights from this
phase formed the foundation for developing the
brand platform and concept, which was tested and
refined in several steps. All of this helped us gain
insights and ensured that we built the new brand on
an in-depth analytical foundation.
Why Mind Energy?
The name is simply just right and at the same time
reflects so many nuances.
The key to our success is our brainpower; we are
energy minds. And we mind. To elaborate, we have
deep, specialised, and technology-backed market
insights that enable us to handle high energy
volumes and offer the broadest perspective in the
market. The combination of our roles as balance
responsible party and market facilitator for both
energy producers and large consumers is unique
and creates powerful synergies and value.
The name Mind Energy is not only a nod to our
brainpower but also reflects our commitment to
caring deeply about what we do. We play a crucial
role in the energy transition and contribute to a more
sustainable energy market that benefits everyone.
What does the new brand
mean to the colleagues?
The brand is nothing without our colleagues they are
the minds of it all. That is why we describe ourselves
as Mindful Achievers. The ‘mind’ part reflects a
fundamental approach to our work and culture,
acknowledging the deep competence and intelli-
gence in everything we do.
‘Achievers’ reflect what we accomplish every day.
The term performers is widely used. But to us, value
is not just in the work we put in as individuals. We
prefer ‘achievers’ because it reflects the results we
create as a team.
When put together, ‘mindful achievers’ encom-
passes how we think and do everything with respect
for the whole person.
How did it feel to finally
reveal the new brand?
Of course, it was a big deal to share Mind Energy
with the market and especially our customers, but
honestly, for me, the most significant moment was
revealing it to our colleagues. I was extremely excited
and a little nervous about how they would receive it.
As we unfolded the brand on stage, I felt how it first
had to sink in with them, but then came the joy, the
relief, and the recognition.
Since the reveal, I repeatedly hear how colleagues
share the brand and the story as their own. The
brand just feels so natural to us, and to me, that is the
proof that we have succeeded.
Interview
Management review
Mind Energy Annual report 2025
15
We are CURIOUS.
That’s why we often ask;
What if we find a smarter way?
We thrive on questions. We challenge assumptions to unlock fresh
insights, drive innovative modelling, and create impactful solutions.
Curiosity powers our culture - understanding our colleagues and their
perspectives builds trust, fosters deeper collaboration, and makes our
work both enjoyable and high-achieving.
We stay ahead by spotting opportunities before others, pushing ourselves
to grow, and exploring ambitious ideas that drive us forward.
We are ONE.
You will often hear us say;
What if teamwork flows freely?
We believe true strength comes from working as one. Rooted in Nordic
values of trust and collaboration, we combine diverse perspectives,
talents, and ideas to create achievements that are greater than the
sum of their parts.
Cross-collaboration drives us forward, refining our approach and aligning
us. We reach out – offering support, sharing knowledge, and making
every step easier. As one, we work with purpose, building on each other’s
strengths with clarity and ambition.
We are RESPONSIBLE.
You will often hear us say;
What if we keep the long run in mind?
We stand behind everything we do with integrity, driven by a constant aim
to improve. This commitment extends to our behaviour and culture. In a
fast-paced, complex world, accountability and transparency are essential
to our operations. We take responsibility, expect everyone to speak their
mind, and we stay aligned through open communication and trust.
We act and react now, always having the future in mind.
We are EMPOWERED.
Therefore, we ask ourselves;
What if we exceed expectations?
We trust each other to take initiative, make decisions, and solve problems.
Empowerment gives us the freedom to act and the responsibility to grow.
We are experts in what we do, always curious, always learning.
By building our skills and seeking new knowledge, we sharpen our
expertise and stay ahead. Together, we create a culture where we take
ownership of our growth and feel confident to lead.
Through collaboration and support, we bring empowerment to life.
Our CORE
The CORE
of Mind Energy
As a key to our new identity and culture,
we have developed the CORE guiding
principles: We are Curious, act as One
team, are Responsible and Empowered.
Mia Schmidt Lauridsen, Head of People,
unfolds the principles:
Culture transformation processes
have repeatedly proved that values do
not result in action. That’s why CORE
reflects more than values on a poster;
they are operational guideposts for
how we work together. We invest a lot
in helping our colleagues translate the
principles into specific behaviour.
CORE has been integrated into all
people performance evaluations, where
everyone reflects and are reviewed on
their behaviour against the framework of
the four guiding principles.
All leadership training uses CORE as plat-
form to build a common understanding of
how we lead and act in Mind Energy.
Several other initiatives, big and small, are
continuously bringing the guiding princi-
ples to life in our daily work. Our new brand
is not just a brand. It’s an identity that we
create together.
Management review
Mind Energy Annual report 2025
16
Energy market recap
2025 – a year of major
changes on the European
energy markets
has been a year of change in the European
energy markets, and particularly in the Nordics.
Volatility is growing, and new price cap schemes
are presented as a result. We go through the most
noticeable market events of in this chapter.
Growing price differences in the Nordics
Recently, we have seen a tendency that price
differences in the Nordics are growing. The average
system price of was . EUR/MWh,
modestly higher than the previous year, but behind
these numbers, we see a development, where the
price differences internally in the region are on
the rise. Whereas the northernmost price areas in
general see falling prices due to low consumption
and excess hydro and wind production, the level
is rising in the south, where correlation with the
continent and particularly Germany is higher.
emphasised this development as the average spot
price fell in all the northern areas (NO, NO, SE,
SE, FI). Meanwhile, the level increased in the
remaining, and southern, price zones.
New price cap initiatives in Norway and Sweden
The growing price differences, and the overall high
volatility has primarily been caused by the buildout
of wind and solar energy in both the Nordics and in
Northern Europe over the last few years, combined
with the closure of conventional assets, such as coal
and nuclear plants in Germany. The development
has led to immense political debate in .
Both in Norway and in Sweden, the widening price
gap between the North and South, and the huge
fluctuations depending on the weather, caused
public demands for political action, and this resulted
in new initiatives in both countries. In Norway, the
so-called “Norgespris” came into effect on October
st following a parliamentary election, where
energy politics was one of the main topics.
Norgespris is a voluntary, state-funded support
scheme for private consumers, with a fixed power
price of . NOK/kWh taxes, applying to homes
and holiday homes. The Norwegian government
then pays the difference when the price exceeds
this level. Whereas the initiative has been well-re-
ceived among private Norwegian consumers,
particularly in the South of the country, it has
created some concerns that it will remove incen-
tive to adjust consumption in periods with very
high prices, that it will have negative effects on
neighbouring countries and that it could lead to
higher prices for the country’s industry, which is not
included in the scheme.
A somewhat similar initiative, “Högkostnadsskydd”,
has been proposed in Sweden, although with some
differences. Whereas Norgespris offers a fixed,
flat price, the Swedish price cap will be activated
if the average price level in a given price area of a
month exceeds . SEK/kWh. The implementation
of the scheme, which was proposed by the Swedish
government, is likely dependent on the outcome of
the Swedish parliamentary election later this year.
Meanwhile, both Denmark, Norway and Sweden
have implemented electricity tax cuts during the
previous year, so it is safe to say that has
marked a year with major political influence on the
Nordic power market.
New balancing scheme causes major uncertainty
One of the most significant developments in the
Nordic power market this year has been the launch
of the joint Nordic market for automated manual
Frequency Restoration Reserves (mFRR EAM).
Since its implementation, the market has experi-
enced substantial price fluctuations and, at times,
significant volatility in Nordic balancing prices.
Under the new market design, the TSOs provide
system imbalance forecasts and operational
constraints to a centralised Activation Optimisation
2025 has marked a year with
major political influence on
the Nordic power market.
We see a development, where
the price differences internally
in the region are on the rise.
Management review
Mind Energy Annual report 2025
17
Function (AOF), which optimises the activation
of balancing energy across the Nordic region in
-minute intervals. While this improves cross-
border efficiency and coordination, it has also
increased the complexity of price formation and
reduced market transparency. As a result, price
dynamics have become more difficult to predict and
manage, particularly with respect to the interaction
between individual Nordic bidding zones.
Since the implementation, overall balancing costs
have increased significantly, and even relatively
small system imbalances have at times resulted in
disproportionately high imbalance prices. Conse-
quently, market participants are facing elevated
operational and financial risk, and uncertainty
regarding the current performance and future devel-
opment of the balancing market has become one of
the most widely debated topics in the Nordic power
sector this year.
Major price falls on the gas market through 2025
Looking further out into Europe and the events on the
European energy markets during , we have been
through a year influenced by Donald Trump’s return
to The White House. Trade wars, peace processes,
threats against Europe and continual position
changes have created a lot of noise, but in general,
the markets have managed to navigate through it.
The major price falls on gas must be the most
noticeable event of the year. The gas market entered
the year with a lot of supply uncertainty after the
Russian gas exports to Europe through Ukraine had
ended exactly at New Year, reducing the Russian
gas flows to Europe even further. Over the course of
the year however, it became increasingly clear for
the Europeans, that Russian gas is not as needed as
everyone feared. High LNG imports from first and
foremost the US will rapidly replace the Russian pipe-
line supply, and the European Union even took further
steps towards a speedier complete phase-out of
Russian gas from its energy mix.
On the TTF gas hub, the future was traded at
EUR/MWh at the beginning of January, but by
Christmas, it had fallen to only EUR/MWh. Some
volatility was felt underway, first and foremost during
the Israel-Iran conflict in June, which increased fears
that the Middle East fuel supply could be interrupted.
The concerns faded however, and the market ended
up falling throughout most of the year.
In contrast, the year offered price increases on the
European carbon market, which has usually been
quite correlated with gas. This was not the case this
The major price falls on
gas must be the most
noticeable event of the year.
Price differences in the
Nordics are growing.
Management review
Mind Energy Annual report 2025
18
What skills are essential
when you advise large power
consumers?
You need a mix of two worlds. On one
hand, you have to be incredibly fast-
thinking, mathematical, and analytical.
Our job is to help customers bring their
energy costs down in a way that aligns
with their specific risk profile. It’s a deli-
cate balance that requires a deep dive
into data.
At the same time, you must be able to step
out of the numbers and mind the custom-
er’s perspective. You need to translate
complex market movements into clear,
actionable advice that makes sense for
their business. At the end of the day, they
aren't just buying energy; they are also
buying our energy market insight.
You chose to return to the
company after having left
for a few years. Why?
It’s the intelligence and the teamwork
of Mind Energy that makes the differ-
ence. We are a very seasoned team;
almost all of us have -plus years of
experience. Trading is usually known
for being very competitive, but here the
culture is also incredibly helpful. We
have our own customers, yes, but we
really win as a Nordic team when all our
customers are satisfied.
Our managers respect our experience,
but if you ever need it, you just know
that leadership has your back.
Lena Kapanen
Portfolio Manager,
Customer Business
Finland
year, and shortly before Christmas, the benchmark
contract traded as high as EUR/t, % higher
than the price at the beginning of the year.
Denmark
In , the Danish government decided to lower
and almost completely remove the country’s elec-
tricity tax, starting from January , . Mean-
while, Denmark remains the country in the Nordics
with the highest power prices as correlation with
Germany remains high. The average price in
was . EUR/MWh in DK and . EUR/MWh
in DK, around % higher than the previous year.
Sweden
In Sweden, power price differences grew in ,
where the average price in SE and SE fell for a
third straight year, with an average price of .
EUR/MWh in SE and . EUR/MWh in SE,
putting increased pressure on producers in the
region. The prices increased in the south with an
average price of . EUR/MWh and . EUR/
MWh in SE and SE. The growing price increases
and the high volatility caused some political debate,
and the government eventually proposed a price
cap (Högkostnadsskydd), which will likely be a key
element in the country’s political debate in .
Furthermore, the government decided to cut elec-
tricity taxes from January .
Norway
Energy was a major political theme in Norway
again in . Taxes were lowered and the Norg-
espris price cap was introduced to protect private
households from volatility and high prices. More
than % of households in Southern Norway have
chosen the price cap, relative to less than % in
the Northern part of the country. The scheme has
caused major debate both internally in Norway and
in the neighbouring countries. Meanwhile, price
differences between the north and the south in the
country increased, with rising prices in the south
due to weak hydro power availability and increasing
dependence on the continent.
Finland
In Finland, electricity prices fell for a third straight
year, as the average price in the country in
was . EUR/MWh. The year was influenced
by the new balancing scheme, which has caused
a lot of volatility since the introduction in March. In
November, the new Aurora Line transmission cable
to Sweden was introduced, and the cable is expected
to lead to lower prices in Finland, due to the increased
possibility to import from the traditionally lower price
area Northern Sweden. In addition, the new transmis-
sion cable should reduce volatility in both price areas.
Meet our people
Highlights
Management review
Mind Energy Annual report 2025
19
Market risk
Liquidity Risk
Credit Risk
Operational Risk
Regulatory and Compliance risk
Technology and Data Risk
Dive into the risks on
the following pages
21-22
Risk management
at Mind Energy
Risk management is critical to maintaining finan-
cial stability, ensuring regulatory compliance,
and building business resilience within a contin-
uously changing energy market. Mind Energy’s
risk management framework offers a structured
method for identifying, monitoring, and reducing
risks across the entire organisation, supporting
strategic goals and financial safeguarding.
Mind Energy’s approach is grounded in the
Enterprise Risk Management (ERM) Framework,
where the Board of Directors sets the overall risk
appetite and approves risk policies. Clear roles
and responsibilities ensure strong governance:
risk ownership resides with the business, while
the risk management function, as the nd line of
defense, provides independent oversight, reme-
dial steps, and consolidated reporting to senior
management and the Board.
Risks are monitored against board-approved
appetite levels and limits, with defined escala-
tion procedures ensuring timely management
attention when thresholds are approached or
breached. The Board Risk Committee supports
the Board in fulfilling its oversight mandate.
The risk management area is being further
enhanced to support the corporate strategy. This
includes strengthening the risk governance struc-
ture, updating financial risk metrics, reinforcing
data and model foundations, and ensuring the
ability to remain resilient amidst severe market
turmoil. These efforts are part of a multi-year
programme to ensure that Mind Energy’s risk
frameworks and setup continue to evolve in line
with the scale and complexity of the activities and
the markets the company operates in.
Within the ERM framework, all potential risks
are mapped out in the Risk Taxonomy and
thoroughly reviewed each year. Financial risks
are assessed primarily through quantitative
risk measures, and market risk, liquidity risk,
and credit risk represent the core financial risks
inherent to Mind Energy’s operations; these are
the types of risks Mind Energy deliberately take
on to achieve the defined business objectives.
Non-financial risks are evaluated qualitatively
using Mind Energy’s risk severity framework.
Together, these methods ensure a coherent
and comparable view of risk across all busi-
ness areas. Non-financial risks are treated as
non-core. For these risks, Mind Energy evaluates
likelihood and impact on business objectives
against the cost of mitigation before setting
target levels and tolerance. Financial risks are
evaluated continuously, while non-financial
risks are assessed annually, with a prioritisa-
tion process to pinpoint the most crucial risks
requiring mitigation. In addition, non-financial
risks are re-evaluated when incidents occur, in
case of other changes materially altering the risk
landscape.
For 2025, the identified top non-financial risks
were grouped into the following key areas:
•
Operational Risk
•
Regulatory and Compliance Risk
•
Technology and Data Risk
These risks represent the outcome of Mind
Energy’s annual bottom-up risk identification
and assessment cycle, where likelihood and
impact are evaluated using the enterprise-wide
severity framework.
Management review
Mind Energy Annual report 2025
20
Credit RiskLiquidity RiskMarket risk
Credit risk refers to the risk of financial loss resulting from a
counterparty failing to honour a payment or contractual obliga-
tion. For Mind Energy, credit risk materialises in two ways: the
non-receipt of timely payment following the delivery of energy
or services, or a default by trading counterparties or customers
with fixed-price agreements who have an unrealised negative
Mark-to-Market (MtM) value, exposing Mind Energy to poten-
tial hedging losses. This exposure can be amplified if margin or
collateral requirements are not met.
Payment delays or defaults can directly affect liquidity, revenue,
and overall financial results, underscoring the importance of
early detection, active monitoring, and stringent credit controls.
To manage credit risk effectively, Mind Energy employs a risk
framework encompassing credit assessments, defined credit
limits, the use of Credit Support Annexes (CSAs), and continuous
counterparty monitoring. Where appropriate, risk-mitigating
tools such as prepayments and guarantees are utilised to ensure
that credit exposures remain within the company’s approved risk
appetite.
Liquidity risk is the potential that Mind Energy might be unable
to secure adequate liquid assets to fulfil short-term financial
commitments as they fall due. This risk also encompasses the
possibility of being unable to obtain external financing when
immediate funding is required.
Mind Energy's dual focus – serving clients with energy while
actively trading in power and gas markets – exposes the company
to liquidity risk. Customer credit terms mean rising market prices
significantly increase necessary working capital until client
payments are collected. In trading, margin calls on derivative
positions compound this risk, as sudden market movements can
trigger substantial margin requirements.
To ensure financial resilience, Mind Energy actively monitors its
liquidity through daily assessments of available free liquidity,
which includes cash reserves, cash collateral, and detailed cash
flow forecasts. Stress testing is routinely employed, simulating
various scenarios, including extreme historical events, to evaluate
the resilience of liquidity buffers and validate contingency plans.
By maintaining proactive monitoring, rigorous stress testing,
well defined and delegated liquidity risk limits and a disciplined
strategy toward liquidity buffers, Mind Energy safeguards finan-
cial flexibility and its capacity to successfully navigate market
volatility and meet financial commitments under all conditions.
Market risk describes the potential for financial loss stem-
ming from shifts in energy prices, variations in production and
consumption volumes, and changes in interest or currency
exchange rates. As an active participant in energy markets,
Mind Energy is exposed to market volatility driven by supply
and demand dynamics, evolving regulation, geopolitical devel-
opments, and weather patterns. Furthermore, Mind Energy’s
liquidity buffer is exposed to long-term changes in interest rate.
In addition to price movements, the energy industry continues
to experience elevated imbalance prices, which increases the
sensitivity of portfolios to physical deviations and makes effec-
tive management of volume-related risks increasingly important.
Mind Energy actively seek and manages energy price and volume
risks using trading and hedging strategies, alongside portfolio
optimisation and constant market monitoring. Market risk-
bearing positions within each business area must comply with
mandates delegated by senior management and, at an aggre-
gated level, remain within the company’s defined overall risk
appetite. Currency risk is fully hedged, as it is not considered part
of Mind Energy’s core commercial risk-taking.
Mind Energy’s market risk metrics are being strengthened,
including the introduction of supplementary measures designed
to capture risks that are difficult to model or not suitable for
modelling under traditional approaches.
Management review
Mind Energy Annual report 2025
21
Operational Risk Regulatory and Compliance risk Technology and Data Risk
Technology and Data Risk cover threats that impact the confi-
dentiality, integrity, and availability of Mind Energy’s critical
systems and information. As a data-driven energy trading
specialist, Mind Energy relies on secure, accurate, and accessible
data for effective operation. This risk includes cyber threats,
system failures, unauthorised access, and data inaccuracies, all
of which could hinder decision-making, compromise regulatory
compliance, and disrupt business continuity.
The increasing sophistication of cyber risks – such as ransom-
ware, phishing, and various other cyberattacks – remains a core
focus area. To counter these threats, Mind Energy continuously
invests in advanced cybersecurity measures, stringent data
protection protocols, and enhanced IT resilience strategies to
safeguard operations, protect sensitive information, and main-
tain the trust of customers and stakeholders.
Regulatory and Compliance Risk refers to the potential negative
impact of failing to comply with the laws, market regulations, and
reporting obligations governing Mind Energy’s operations. As
regulatory landscapes evolve, strict adherence to market rules,
licensing requirements, and disclosure obligations is paramount
for maintaining operational legitimacy and market access.
Furthermore, Mind Energy is deeply committed to upholding the
highest ethical standards, proactively mitigating risks associated
with bribery and corruption to protect company reputation and
long-term business sustainability.
To effectively manage these risks, Mind Energy has a dedicated
compliance function to reinforce this area. The compliance
function maintains a robust compliance programme, including a
board-approved compliance policy to govern compliance efforts.
Operational risk relates to the possibility of disruptions, inef-
ficiencies, or financial losses caused by failures in internal
processes, inadequate resource management, or challenges
related to the workforce. Maintaining business continuity is
vital for Mind Energy, as interruptions can negatively affect
performance, market responsiveness, and financial outcomes.
Additionally, risks related to human capital, such as key
personnel turnover or talent shortages, can compromise opera-
tional stability and the execution of strategic initiatives.
To mitigate these risks, Mind Energy continuously works to
enhance the quality and resilience of processes, optimise
resource allocation, and invest in workforce development.
Through business continuity planning, operational safeguards,
and talent retention strategies, Mind Energy ensure that
operations remain agile, resilient, and aligned with the strategic
objectives.
Management review
Mind Energy Annual report 2025
22
Balancing sustainable energy for all 24
Environment 27
Social 29
Governance 32
Sustainability reporting 34
Sustainability
report
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23
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Interview
"Sustainability is
a core driver of
everything we do."
Sustainability report
Mind Energy Annual report 2025
25
“We do not operate
with a separate sustain-
ability strategy along-
side our business strategy. We
simply have a sustainable busi-
ness strategy. Sustainability
is a business fundamental; it
defines who we are, our role
in the market, and the way we
conduct business.”
– Louise Hahn, CEO
Sustainability report
Mind Energy Annual report 2025
26
1
Data from the EEA (European Environmental Agency)
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2
ACER report 2023
Our new
Copenhagen
office
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Mind Energy Annual report 2025
Social highlights from 2025
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Mind Energy Annual report 2025
Meet our people
Sustainability report
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Market tradingCustomer business
Power businessGas business
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*
See notes to climate reporting
Meet our people
Sustainability report
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Financial
statement
Consolidated financial statements 42
Notes to the consolidated financial statements 47
Parent Company financial statements 71
Notes to the Parent Company financial statements 75
41
Financial statement
Mind Energy Annual report 2025
41
Income statement and other comprehensive income 43
Balance sheet 44
Statement of changes in equity 45
Statement of cash flows 46
1 Accounting policies 47
2 Effects of new and amended accounting standards 53
3 Significant accounting judgements, estimates and assumptions 53
4 Revenue - sale of power and gas etc. 54
5 Staff costs 55
6 Development project costs 55
7 Fees paid to auditors appointed at the annual general meeting 55
8 Depreciation and amortisation 55
9 Financial income 55
10 Financial expenses 56
11 Tax and deferred tax 56
12 Intangible assets 58
13 Tangible assets 59
14 Group structure 60
15 Inventory 60
16 Share capital 61
17 Pledges, collateral and contingent liabilities 61
18 Risks, financial instruments and recognised transactions 62
19 Information about financial instruments 66
20 Related party disclosures 70
21 Subsequent events 70
Consolidated
financial statements
NotesPrimary statements
42
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
42
Income statement and other comprehensive income
DKK '000 Notes 2025 2024
Income statement
Revenue - sales of power and gas etc. 4 95,625,001 76,615,161
Purchase of power and gas etc. -95,040,025 -75,958,671
Net trading income 238,512 150,848
Gross profit 823,488 807,338
Staff costs 5 -338,320 -294,633
Other external costs 6, 7 -261,972 -257,491
Depreciation and amortisation 8 -38,496 -82,066
Operating profit 184,700 173,148
Financial income 9 120,313 216,196
Financial expenses 10 -31,643 -13,357
Profit before tax 273,370 375,987
Tax on profit for the year 11 -61,444 -83,801
Profit for the year 211,926 292,186
Attributable to:
Shareholders of Mind Energy A/S 211,926 292,186
DKK '000 Notes 2025 2024
Statement of other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Exchange differences on translation of foreign operations 16,986 -7,649
Cash flow hedge 11,968 78,036
Tax on cash flow hedge -2,633 -17,168
Net other comprehensive income to be reclassified to profit or loss in
subsequent periods 26,321 53,219
Total comprehensive income for the year, net of tax 238,247 345,405
Attributable to:
Shareholders of Mind Energy A/S 238,247 345,405
238,247 345,405
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
43
Balance sheet
Assets Liabilities
DKK '000 Notes 2025 2024
Non-current assets
Intangible assets 12 73,505 66,638
Tan gib le assets 13 69,317 61,724
Other receivables 5,827 0
Deferred tax assets 11 14,529 39,775
Total non-current assets 163,178 168,137
Current assets
Inventory 15 164,936 350,196
Trade receivables 18 4,841,694 6,008,193
Tax receivable 11 114,842 35,044
Receivables from related parties 298,119 367,391
Derivative assets 18, 19 1,034,838 1,540,569
Deposits 1,330,185 1,836,867
Other receivables 75,390 131,788
Securities 1,693,141 0
Cash and cash equivalents 3,129,709 3,266,604
Total current assets 12,682,854 13,536,652
Total assets 12,846,032 13,704,789
DKK '000 Notes 2025 2024
Equity
Share capital 16 500,000 500,000
Exchange rate reserve -32,939 -50,422
Retained earnings 8,621,766 8,410,337
Cash flow hedge -1,004 -10,339
Total equity 9,087,823 8,849,576
Non-current liabilities
Lease liabilities 18 51,025 45,322
Other payables 0 13,216
Deferred tax 11 0 7,320
Total non-current liabilities 51,025 65,858
Current liabilities
Lease liabilities 18 12,794 9,664
Trade payables 2,194,619 2,653,806
Borrowings 9,028 0
Debt to related parties 67,193 12,166
Derivative liabilities 18, 19 746,148 1,244,612
Deposits 188,963 226,404
Other payables 488,439 642,703
Total current liabilities 3,707,184 4,789,355
Total liabilities 3,758,209 4,855,213
Total equity and liabilities 12,846,032 13,704,789
Group structure 14
Pledges, collateral and contingent liabilities 17
Related party disclosures 20
Subsequent events 21
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
44
Statement of changes in equity
DKK '000 Share capital
Exchange
rate reserve
Retained
earnings
Cash flow
hedge Total
Equity 1 January 2025 500,000 -50,422 8,410,337 -10,339 8,849,576
Profit for the year 0 0 211,926 0 211,926
Other comprehensive income in 2025
Cash flow hedge before tax 0 0 0 11,968 11,968
Foreign currency translation adjustment 0 17,483 -497 0 16,986
Tax on other comprehensive income 0 0 0 -2,633 -2,633
Comprehensive income for the period 0 17,483 -497 9,335 26,321
Equity 31 December 2025 500,000 -32,939 8,621,766 -1,004 9,087,823
Equity 1 January 2024 500,000 -42,773 8,320,451 -71,207 8,706,471
Adjustment to prior year 0 0 -202,300 0 -202,300
Adjusted equity 1 January 2024 500,000 -42,773 8,118,151 -71,207 8,504,171
Profit for the year 0 0 292,186 0 292,186
Other comprehensive income in 2024
Cash flow hedge before tax 0 0 0 78,036 78,036
Foreign currency translation adjustment 0 -7,649 0 0 -7,649
Tax on other comprehensive income 0 0 0 -17,168 -17,168
Comprehensive income for the period 0 -7,649 0 60,868 53,219
Equity 31 December 2024 500,000 -50,422 8,410,337 -10,339 8,849,576
During the year dividend of DKK 0 per share was paid (2024:DKK0). Proposed dividend based on the consolidated financial statement 2025 is DKK 1,500 m.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
45
Statement of cash flows
DKK '000 2025 2024
Operating profit 184,700 173,148
Cash flow hedge 11,968 78,036
Depreciation and amortisation 38,496 82,066
Net foreign exchange differences 16,986 -7,649
Financial income, received 120,313 216,196
Financial expenses, paid -31,643 -13,357
Changes in inventory 185,260 92,214
Changes in trade and other receivables 2,298,756 3,877,777
Changes in trade and other payables -1,107,544 -4,511,113
Income taxes paid -125,951 35,411
Cash flow from operating activities 1,591,341 22,729
Purchase of intangible assets -32,375 -13,934
Disposal of intangible assets 0 -1
Purchase of tangible assets -4,133 -1,258
Disposal of tangible assets 248 6,496
Cash flow from investing activities -36,260 -8,697
Instalments on leases -7,863 -10,398
Loans 9,028 0
Securities -1,693,141 0
Cash flow from financing activities -1,691,976 -10,398
Net increase/decrease in cash and cash equivalents -136,895 3,634
Cash and cash equivalents at 1 January 3,266,604 3,262,970
Cash and cash equivalents at 31 December 3,129,709 3,266,604
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
46
Notes to the consolidated financial statements
Note 1 Accounting policies
Basis of preparation
Mind Energy A/S (the Company) is a limited company in corporated and domiciled in Denmark. Mind Energy A/S’
primary activity is trading in energy and commodities such aspower and gas as well as carbon contracts.
The consolidated financial statements at 31 December 2025 for Mind Energy A/S is presented in accordance with
IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act
regarding Class C (large) companies. The consolidated financial statements of Mind Energy andits subsidiaries
(collectively, Mind Energy or the Group) forthe year ended 31 December 2025 were authorized for issue inaccord-
ance with the Board of Directors on 10 April 2026.
The consolidated financial statements are presented in Danish Kroner (DKK) and all values are rounded to the
nearest thousand (DKK 000’s), except when otherwise indicated.
The format for presenting the income statement is based on thetype of expenditure to better reflect the activities
provided byMind Energy A/S.
The consolidated financial statements have been prepared on a historical cost basis, except where otherwise indi-
cated in the belowstated accounting policy.
For other changes to accounting policies, see Note 2.
Recognition and measurement
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets
and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve
the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment
losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously
been recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the
asset will flow to the Company, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the
Company, and the value of the liability can be measured reliably.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Parent Company and its subsidi-
aries as at 31 December 2025.
The consolidated financial statements cover the Parent Company Mind Energy A/S and subsidiaries in which Mind
Energy A/S has control. The Group has control over an entity, 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.
Only potential voting rights that are considered to be substantive at the balance sheet date are included in the
control assessment.
The consolidated financial statements are prepared by combin ing uniform items. On consolidation, intra-group
income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between
the consolidated entities areeliminated.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until the date the Group ceases to control
the subsidiary.
Subsidiaries’ financial statement items are recognised in full in theconsolidated financial statements.
For more information regarding the Group structure, please refer toNote 14.
Foreign currency translation
The Group’s consolidated financial statements are presented in Danish Kroner (DKK), which is also the Parent
Company’s functional currency. For each entity, the Group determines the functional currency and items included
in the financial statements of each entity are measured using that functional currency. Receivables, debt and other
monetary items denominated in foreign currencies are translated using the exchange rate at the balance sheet
date. Differences between the exchange rate at the balance sheet date and the date on which the receivable or
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
47
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
debt arose or was included in the latest annual reports are recognised inthe income statement under financial
income and costs.
Foreign currency transactions are translated during initial recognition, applying the exchange rate on the transac-
tion date. Exchange rate differences that arise between the rate at the transaction date and the rate in effect at
the payment date are recognised in the income statement as financial items. Where foreign exchange transactions
are considered hedging of future cash flows, the value adjustments are recognised directly in other comprehensive
income.
Differences in exchange rates arising from the translation of foreign subsidiaries’ equity at the beginning of the
year at the exchange rates at the balance sheet date and from the translation of income statements from the
average exchange rates for the currency exchange rates at the balance sheet date are recognised directly in other
comprehensive income.
Offsetting
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement
of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle ona net basis, or to realise the assets and settle the liabilities simultaneously.
Income statement
Revenue
Sales of physical and financial power, gas and certificates to customers and counterparties are recognised after
delivery and measured at the contractually agreed price, exclusive of VAT and taxes. Standard payment terms are
up to 30 days. Extended payment terms require special approval and will be subject to additional credit charges.
For sales of power and gas, the Group generally acts as principal, as it obtains control of the commodity before
transfer and has primary responsibility for delivery to the customer. The Group acts as agent only in limited pass
through situations where it does not control the goods or services before transfer and has no pricing discretion,
including amounts collected on behalf of grid companies and tax authorities, and imbalance settlement charges
invoiced to customers on behalf of the system operator/market, for which revenue is recognised on a net basis.
For contracts involving power, gas or certificates, the sole performance obligation is the delivery of the specified
commodity in each contractual delivery interval. Revenue is recognised at a point in time, defined as the moment
when control transfers to the customer. For power and gas, control transfers upon physical delivery at the agreed
delivery point, based on the metered or settled volumes. For certificates, control transfers when the certificates
are moved to the customer’s account in the relevant registry, or when the associated green power is consumed by
the customer.
There are no remaining performance obligations once the commodity has been transferred. Where required, the
transaction price is allocated to performance obligations based on relative stand alone selling prices.
Revenue from energy related services is recognised at a point in time, as these services are delivered as discrete
tasks that are completed at a specific moment. Revenue is recognised when the service has been performed and
the customer obtains the benefit from the completed deliverable.
Purchase of power and gas etc.
Purchases of physical and financial power, gas and wind power from customers and counterparties are recognised
in full after delivery.
Net trading income
Net trading income comprises realised and unrealised fair value changes arising from trading within energy
commodities and commodity derivatives. The energy commodity contracts and commodity derivatives make up
the Group’s trading portfolio which includes futures, currency swaps, transport capacities, certificates and forward
sales/purchase commodity contracts that are either financially or physically settled. The trading income or loss
from these contracts are purely speculative and separated from the Group's customer business.
Staff costs
Staff costs include salaries and wages, as well as social benefits, pensions, etc. for the Group’s staff.
Other external costs
Other external costs include expenditure for sales, marketing, advertising, IT, administration and facilities, etc.
Depreciation and amortisation
Depreciation and amortisation includes impairment and amortisation on completed development projects, technical
facilities, operating equipment, vehicles, buildings and leasehold improvements. Depreciation and amortisation is
recognised based on the amortisation and depreciation profiles determined forthe assets.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
48
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
Financial income and expenses
“Financial income” and “Financial expenses” respectively include interest, capital gains and losses concerning
securities as well as surcharges and refunds under the Danish Tax Prepayment Scheme etc.
Tax on profit/loss for the year
The Danish group companies are jointly and separately liable for tax on the Group’s jointly taxed income. The total
corporate tax payable appears in the annual report for Andel A.M.B.A. Andel Holding A/S acts as the management
company in relation to the joint tax. The Group companies are jointly and severally liable for both withholding taxes
on dividends, interest and royalties. Any subsequent corrections in relation to the corporate taxes and withholding
taxes may result in the company’s liability amounting to a larger amount.
Deferred taxes are measured based on all temporary differences between the carrying amount and taxable value of
assets and liabilities. However, deferred taxes based on temporary differences concerning items on which tempo-
rary differences, other than acquisitions, have arisen at the time of acquisition without affecting profit andloss or
taxable revenue are not recognised.
An adjustment is made to deferred tax resulting from elimination of unrealised intercompany profit and losses.
Realisation of the assets at their carrying amount will not cause tax liabilities or tax receivables other than those
mentioned in note 11.
Balance sheet
Intangible assets
Costs for completed development projects include costs, wages and salaries that can be directly or indirectly
attributed to these activities. Development projects recognised in the balance sheet are measured at cost less any
accumulated amortisation and accumulated impairment losses.
Recognised costs for completed development projects are measured at cost less any accumulated amortisation
and accumulated impairment losses.
The cost includes the purchase price and any costs directly associated with the acquisition until the asset is ready
for use.
Costs for completed development projects are amortised on a straight-line basis over the estimated useful life,
based on the expected service life up to a maximum of 10 years.
Intangible assets are assessed for impairment whenever events or changes in circumstances suggest that the
carrying value may not be recoverable. The primary factors considered by management to determine the presence
of external or internal impairment indicators for intangible assets include market outlook, changes in commodities
and internal business needs.
An impairment loss is recognized if the carrying amount of the asset exceeds its recoverable amount. The recover-
able amount is defined as the greater of an asset’s fair value less disposal costs and its value in use. For impairment
assessment, assets are grouped at the lowest levels where cash inflows can be identified independently, separate
from other assets or groups of assets (cash-generating units). Intangible assets that have been impaired are exam-
ined at the end of each reporting period for the possibility of reversing the impairment.
Tangible assets
Technical facilities, operating equipment and fixtures as well as leasehold improvements etc. are measured at cost
less accumu lated depreciations. Wind turbines acquired for the purpose of being included in the Group’s operating
activities are listed as non-current assets. The cost includes the purchase price and any costs directly associated
with the acquisition until the asset is ready for use.
Where individual components of an item of tangible assets have different useful lives, they are depreciated sepa-
rately. Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components.
The basis of depreciation is cost less estimated residual value after the end of useful life.
Depreciation is linear over the expected useful lives of the assets based on the following assessments of the
expected service life ofthe assets:
Operating equipment, fixtures etc. 3–5 years
Leasehold improvements 10 years
Buildings lease period
Land is not depreciated unless there is a future obligation to return it to a third party.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
49
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
Depreciation methods, useful lives and residual amounts are reassessed annually. Tangible assets are written down
to the lower of recoverable amount and carrying amount.
Profits or losses from the sale of tangible assets are determined as the difference between the sales price less
sales costs and the carrying amount at the time of the sale.
Tangible assets with definite useful lives are tested for impairment whenever there is an indication that the carrying
amount may not be recoverable. If an asset’s carrying amount exceeds its recoverable amount, an impairment loss
is recognized. The recoverable amount is the higher of the asset's fair value less the cost of disposal and its value in
use.
For impairment assessments, assets are grouped at the lowest level for which there are separately identifiable cash
flows. This ensures a comprehensive evaluation of impairment needs across the Group's tangible assets.
Inventory
Inventories are measured at the lower of cost according to weighted average and net realisable value. The net real-
isable value of inventories is calculated at the amount expected to be generated by sales during normal operations
less selling expenses.
Leases
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
•
fixed payments
•
amounts expected to be payable by the group under residual value guarantees
The Group measures the lease assets at an amount equal to the lease liability adjusted for any prepaid or accrued
lease payments that existed at the date of transition.
The lease payments are discounted using the Group’s incremental borrowing rate, being the rate that the individual
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the lease asset in a
similar economic environment with similar terms, security and conditions.
Subsequent to initial measurement, the liability will be reduced with payments made and increased with interest.
When the lease liability is remeasured, the corresponding adjustment is reflected in the lease asset of profit and
loss if the lease asset is already reduced to zero.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each
period. Lease assets are measured at cost comprising the following:
•
the amount of the initial measurement of lease liability
•
any lease payments made at or before the commencement date less any lease incentives received
•
restoration costs.
Lease assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-
line basis. If the group is reasonably certain to exercise a purchase option, the lease asset is depreciated over the
underlying asset’s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are
recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of
12 months or less.
Financial Assets
Non-derivative financial assets are in accordance with IFRS 9 Financial Instruments classified into the categories
financial assets measured at fair value through profit or loss, fair value through other comprehensive income or
amortised costs.
Receivables
The Group classifies receivables, including trade receivables, as financial instruments measured at amortised
costs, when both ofthe following conditions are met:
•
The asset is held within a business model whose objective is tohold assets in order to collect contractual cash
flows; and
•
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
50
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
Financial assets within this category are measured at amortised cost using the effective interest method, less any
impairment losses.
Impairment of financial assets
The Group recognises impairment allowances for expected credit losses (ECL) on financial assets measured at
amortised cost.
For trade receivables, the simplified approach under IFRS 9 is applied, whereby lifetime ECL is recognised from
initial recognition.
ECL is measured using a provision matrix based on historical loss experience, adjusted for current and forward-
looking information. Receivables are grouped by shared credit risk characteristics, including ageing and relevant
customer-specific factors.
As trade receivables are generally short-term, the effect of discounting is not considered material.
Receivables are also assessed individually where specific indicators of impairment exist, such as financial difficul-
ties or bankruptcy. For further information on the Group’s impairment of financial assets refer to Note 18.
Own use of contracts
The Group enters into certain power contracts that meet the criteria for the own use exemption. For these contracts
the Group generally applies the fair value option, as the measurement of both the physical contracts and the related
hedging instrument at the fair value through profit or loss reduces or eliminates an accounting asymmetry.
Derivative financial instruments
The Group uses derivative financial instruments, such as forward currency contracts, forward commodity
contracts and futures, to hedge its foreign currency risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is
positive and as financial liabilities when the fair value is negative.
The sales and purchase contracts that qualify for accounting as derivatives held for trading are recognised in the
statement of profit or loss as net trading income.
Consequently, any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or
loss.
If, at time of inception, a difference arises between the model value of a financial instrument or physical contract
accounted for as a derivative, and the transaction price (day-one profit or loss), the difference is recognised in the
income statement over the delivery period.
Unrealised gain and losses on derivatives designated as cash flow hedges of the price risk related to the sale of
power and gas are recognised in other comprehensive income and recycled to the income statement along with
realisation of the hedged transactions.
Liabilities
Financial liabilities, including payables to suppliers, corporate bonds and debt to credit institutions, are initially
recognised at fair value (typically the amount of the proceeds received), net of transaction costs incurred. In
subsequent periods, the financial liabilities are measured at amortised cost; any difference between the cost (the
proceeds) and the nominal value is recognised in the income statement over the period of the borrowings using the
effective interest method.
Other liabilities are measured at net realisable value.
Equity
Foreign currency translation reserve
The exchange rate translation reserve in the consolidated financial statements comprises exchange differences
arising from thetranslation of the financial statements of foreign enterprises from their functional currencies into
Danish kroner. On realisation, accu mulated translation adjustments are reclassified from equity to financial items in
the income statement.
Dividends
The proposed dividend is recognised as a liability on the date ofadoption by the Annual General Meeting (date of
declaration). Theexpected dividend payment for the year is disclosed in Statement of changes in equity.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
51
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
Cash flow hedges
Changes in the fair value of derivative financial instruments that are designated and qualify as hedges of highly
probable future transactions are recognised after tax in retained earnings in equity as regards the effective portion
of the hedge. The ineffective portion is recognised in the income statement. The Group uses hedge accounting for
buying the production of power at spot prices and for hedging of fixed price sale of gas. As the hedged transaction
results in an income or an expense, the amount deferred in equity is transferred from equity to the income state-
ment in the period in which the hedged transaction is recognized. The amount is recognised in the same item as the
hedged transaction.
Fair value measurement
The Group measures financial instruments such as derivatives, atfair value at each balance sheet date. Fair-value
related disclosures for financial instruments and non-financial assets thatare measured at fair value or where fair
values are disclosed, are summarised in note 19.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either in the principal market or, if not avail-
able, in the most advantageous market.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing theasset or liability, assuming that market participants act in theireconomic best interest.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unob-
servable inputs.
All assets and liabilities for which fair value is measured or dis closed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices in active markets foridentical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input thatis significant to the fair value measurement is
directly or indirectly observable
Level 3 - Valuation techniques for which the lowest level input thatis significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial state ments at fair value on a recurring basis, the Group
determines whether transfers have occurred between levels in the hierarchy byre-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at theend of each
reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of
the nature, charac teristics and risks of the asset or liability and the level of the fair value hierarchy, as explained
above.
Cash flow statement
The cash flow statement shows the Group’s cash flow for the year divided into operating, investing and financing
activities during the year, as well as the year’s changes in cash and cash equivalents and the Group’s cash and cash
equivalents at the beginning andend of the year.
Cash flow from investing activities
Cash flow from operating activities is presented using the indirect presentation form and is stated as the year’s
operating profit plus depreciation, amortisation and impairment losses and with adjustments for changes in
working capital, financial income/expenses and paid corporate tax.
Cash flow from investing activities
Cash flow from investing activities includes payments in connection with the purchase and sale of non-current
assets.
Cash flow from financing activities
Cash flow from financing activities includes cash flows provided byand dividends paid to shareholders as well as
raising of loans and repayments on interesting-bearing debt.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
52
Notes to the consolidated financial statements
Note 1 Accounting policies – continued
Cash and cash equivalents
Cash and cash equivalents comprises liquid assets that can be converted without hindrance and for which there
isonly limited risk of changes invalue. Cash and cash equivalents includes balances held with clearing banks to the
extent available for general corporate purposes.
Cash and cash equivalents in foreign currency are measured at the average rate of TheNational Bank of Denmark
on the balance sheet date.
Bank overdrafts which form part of the Group’s cash management and which are repayable on demand are classi-
fied as negative cash in the cash flow statement.
Key Ratios
The key ratios were calculated in accordance with the recommendations of the Danish Society of Financial
Analysts. The key ratios listed in the overview of financial highlights were calculated as follows:
Gross margin ratio = Gross profit x 100
Net revenue
Profit ratio (EBIT) = Profit from ordinary operating activities x 100
Net revenue
Equity ratio (solvency) = Equity, excluding non-controlling interests, end of year x 100
Total assets, end of year
Return on equity before tax = Profit before tax x 100
Average equity, excluding non-controlling interests
Return on equity after tax = Profit after tax x 100
Average equity, excluding non-controlling interests
Note 2 Effects of new and amended accounting standards
Management has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB
and endorsed by the EU effective on or after 1 January 2025 has not had a significant effect on the Consolidated
financial statements. Furthermore, new or amended IFRS Accounting Standards and interpretations issued by the
IASB that have not yet become effective are generally not adopted until they become effective and endorsed by the
EU. Management does not anticipate any significant impact on the Consolidated financial statements in the period
of initial application from the adoption of these new standards and amendments, apart from IFRS 18 ‘Presentation
and Disclosure in Financial Statements’ which replaces IAS 1 effective from 1 January 2027. The new IFRS 18 is
expected to change the presentation of the Income statement and to differentiate between earnings from operating
activities, investment activities and financing activities. IFRS 18 will also add additional disclosures but will not
change any accounting policies on recognition and measurement, hence it will not change reported net results.
Note 3 Significant accounting judgements, estimates and assumptions
The preparation of the Group’s consolidated financial state ments requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities
affected in future periods.
Management continuously reassesses these estimatesand judge ments based on a number of factors in the given
circumstances. The following accounting estimates are considered significant for the financial reporting.
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 adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described in the following. The Group based its assumptions and estimates on parame-
ters 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.
In the process of applying the Group’s accounting policies, man age ment has made the following estimates and
assumptions, which have the most significant effect on the amounts recognised in the consolidated financial state-
ments.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
53
Notes to the consolidated financial statements
Note 3 Significant accounting judgements, estimates and assumptions – continued Note 4 Revenue - sale of power and gas etc.
Other disclosures relating to the Group’s exposure to risks and uncertainties includes capital management, note 16.
financial instrument risk management, liquidity risk and sensitivity analysis disclosures, note 18 and 19.
Fair value of financial and physical contracts
The Group measures its financial and physical contracts at fair value in accordance with the accounting policies as
summarised innote 1.
Mind Energy’s strategy for measuring the fair value of these energy contracts is to utilise quoted prices in an active
trading market.
In the absence of quoted prices for identical or similar energy contracts, general acceptable valuation models
are applied and ob servable market data is used as input to the fair value calculations. Where the instruments are
complex combinations of standard or non-standard products, unobservable market data may be used in the valua-
tion models in order to calculate the fair value.
To ensure the validity and accuracy of the models all assumptions and inputs are approved and continuously tested.
The assumptions within the models used to determine the fair value of the physical and financial energy contracts
in accordance with IFRS 13 are central, since any changes in assumptions could have a significant impact on the
fair values and movements which are reflected in the consolidated income statement and balance sheet.
The physical contracts in the balance sheet as derivate assets or liabilities are valued based on expected future
consumption or production of energy to which there is some uncertainty attached as the expectations may deviate
from what will be realized.
More detail on the assumptions used in the fair value measure ment of the Group’s energy contracts and related
sensitivities are further described in note 18 and 19.
On physical fixed price contracts the fair value is comprised by the financial element of the contract, which at initial
recognition is zero.
At 31 December 2025, the carrying amount of derivative assets and liabilities amounts to DKK 1,035 m (2024: DKK
1,541 m) and DKK 746 m (2024: DKK 1,245 m), respectively.
The operating segments are divided on commodity types, including Power, Gas and Certificates. These segments
reflects the Group's primary business activity.
DKK '000 2025 2024
External revenue
Sale of power 27,379,699 26,144,196
Sale of gas 67,670,328 49,794,640
Sale of certificates 574,974 676,325
95,625,001 76,615,161
All revenue is recognised at a point in time when the commodity is delivered to the customer. The Group has no
customer contracts that qualify for recognition of revenue over time.
No single customer accounts for more than 10% of consolidated revenue.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
54
Notes to the consolidated financial statements
Note 5 Staff costs
DKK '000 2025 2024
Wages and salaries 291,953 259,028
Pensions, defined contribution plans 36,824 26,836
Other expenses for social security 9,543 8,769
338,320 294,633
Of this amount:
Board of Directors, wages and salaries 1,000 1,071
Key Management, wages and salaries 11,502 12,608
Key Management, pensions 264 22
Key Management, other expenses for social security 7 4
12,773 13,705
Average number of full time team members 301 276
The Key Management has a bonus scheme that is based on achieved Group earnings.
During the year, key management personnel consisted of the CEO and CFO.
Note 6 Development project costs
Relationship between costs and expensed research and development:
DKK '000 2025 2024
Relationship between costs and expensed research and development:
Incurred IT-development costs
IT-development costs accounted for under intangible assets 32,494 13,934
Note 7 Fees paid to auditors appointed at the annual general meeting
DKK '000 2025 2024
Statutory audit 1,592 1,561
Consultancy 6,200 16,655
Tax assistance 286 604
Assurance engagements 117 59
Other assistance 1,662 3,483
9,857 22,362
Note 8 Depreciation and amortisation
DKK '000 2025 2024
Amortisation of intangible assets 25,508 18,318
Impairment loss of intangible assets 0 48,587
Depreciation of tangible assets 2,692 4,538
Depreciations of leased assets 10,296 10,623
38,496 82,066
Note 9 Financial income
DKK '000 2025 2024
Interest income, credit institutions 100,187 205,919
Interest on late payments 5,164 7,164
Interest income, securities 13,345 0
Other interest income 1,617 3,113
120,313 216,196
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
55
Notes to the consolidated financial statements
Note 10 Financial expenses
DKK '000 2025 2024
Interest expenses, credit institutions 5,651 6,636
Leasing 868 879
Guarantee commission 12,500 0
Interest expenses, securities 2,346 0
Other interest expenses 10,278 5,842
31,643 13,357
Note 11 Tax and deferred tax
DKK '000 2025 2024
Tax for the year is composed as follows:
Tax on profit for the year in the income statement 61,444 83,801
Tax on other comprehensive income 2,633 17,168
Tax on profit for the year has been calculated as follows:
Current tax for the year 57, 168 20,445
Change of deferred tax 4,278 63,354
Adjustment of prior-year current tax -2 2
61,444 83,801
Specification of the tax on the profit for the year:
Calculated 22% tax of profit before tax 60,141 82,717
Adjustment of calculated tax in foreign subsidiaries 683 -706
Non-deductible costs and non-taxable income 622 1,788
Adjustment of tax, previous years -2 2
Effective tax 61,444 83,801
DKK '000 2025 2024
Effective tax rate 22.5% 22.2%
Income tax receivable/payable
Income tax receivable/payable at 1 January 35,044 54,245
Foreign currency translation adjustments, income tax 548 -138
Adjustment of tax, previous years 7,670 174
Transferred from deferred tax 4,874 36,619
Current tax for the year -57,168 -20,445
Income tax received -96 -106,493
Income tax paid 123,970 71,082
Income tax receivable/payable at 31 December 114,842 35,044
Income tax is recognised in the balance sheet:
Income tax receivable 114,842 35,044
Income tax payable 0 0
114,842 35,044
Deferred tax
Deferred tax, 1 January 32,455 149,952
Foreign currency translation, adjustments, deferred tax 1,527 -180
Transferred to income tax -4,874 -36,619
Adjustment of deferred tax, previous year -7,668 -176
Deferred tax for the year recognised in profit for the year -4,278 -63,354
Deferred tax for the year recognised in other comprehensive income -2,633 -17,168
Deferred tax 31 December 14,529 32,455
Note 11 Tax and deferred tax – continued
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
56
Notes to the consolidated financial statements
DKK '000 2025 2024
Deferred tax relates to:
Intangible assets -6,294 -8,114
Tan gib le assets 2,233 2,581
Loss allowance on trade receivables 2,206 6,905
Foreign accounting policies -6,413 10,278
Tax losses carryforward 8,437 11,381
Leasing 742 374
Provisions 4,821 19,622
Derivatives 8,797 -10,572
Carrying amount 31 December 14,529 32,455
Deferred tax is recognised as follows in the balance sheet:
Deferred tax asset 14,529 39,775
Deferred tax liability 0 -7,320
14,529 32,455
Deferred tax assets are measured at the value at which the asset is expected to be realised. Eitherby elimination in
tax on future earnings or by set-off against deferred tax liabilities.
The group expects to realise the deferred tax assets in the future earnings in coming years.
The carryforward tax losses are expected to be utilized against the anticipated taxable profits in the next fiscal
year.
Pillar II - Global Minimum Top-up Tax
In March 2022, the Organisation for Economic Co-operation and Development (OECD) issued technical guidance
and overview of the potential impact of the OECD Pillar II expansion on the financial statements in accordance with
IAS 12 Income Taxes.
The expansion of Pillar II aims to address Base Erosion and Profit Shifting (BEPS) by introducing a global minimum
tax rate of 15 % and implementing tax legislation for the allocation of taxing rights.
Mind Energy is subject to the OECD Pillar II legislation (global minimum top-up tax), effective from 1 January 2024.
Mind Energy has prepared a preliminary Transitional country-by-country reporting (CbCR) Safe Harbour assess-
ment concluding on the financial period ending on 31 December 2025, based on which it expects to be eligible for
the Transitional CbCR Safe Harbour in the majority of jurisdictions in which the Group is present during FY2025.
At 31 December 2025, there are no indications that the top-up tax will have material impact to the Group in 2026.
Note 11 Tax and deferred tax – continued
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
57
Notes to the consolidated financial statements
2025 2024
DKK '000
Completed
development
projects
Development
projects in
progress Total
Completed
development
projects
Development
projects in
progress Total
Cost 1 January 404,982 0 404,982 409,275 0 409,275
Foreign currency translation adjustment 27 0 27 -109 0 -109
Additions 0 32,494 32,494 0 13,934 13,934
Transfers 13,366 -13,366 0 13,934 -13,934 0
Disposals -8,645 0 -8,645 -18,118 0 -18,118
Cost 31 December 409,730 19,128 428,858 404,982 0 404,982
Accumulated amortisations 1 January 338,344 0 338,344 289,667 0 289,667
Foreign currency translation adjustment 146 0 146 -110 0 -110
Amortisations for the year 25,508 0 25,508 18,318 0 18,318
Impairment loss 0 0 0 48,587 0 48,587
Amortisations, disposals for the year -8,645 0 -8,645 -18,118 0 -18,118
Accumulated amortisations 31 December 355,353 0 355,353 338,344 0 338,344
Carrying amount 31 December 54,377 19,128 73,505 66,638 0 66,638
Development projects in progress includes development and test of IT-systems, which support the daily operation of the Group and gives service and insights to our customers. The
costs consists of internal costs, e.g. salary and external costs, e.g. assistance from external IT developers. TheIT systems under development is expected to improve and make internal
processes more effective and upgrade the services provided to customers.
Note 12 Intangible assets
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
58
Notes to the consolidated financial statements
2025 2024
DKK '000
Leasehold
improvements Vehicles
Tools and
equipment Buildings Total
Leasehold
improvements Vehicles
Tools and
equipment Buildings Total
Cost 1 January 4,832 6,944 16,601 92,536 120,913 4,849 7,871 24,685 88,873 126,278
Foreign currency translation adjustment 15 -7 125 0 133 -17 -52 -116 0 -185
Additions 3,296 723 114 15,077 19,210 0 1,155 103 3,663 4,921
Disposals 0 -411 -204 -8,102 -8,717 0 -2,030 -8,071 0 -10,101
Cost 31 December 8,143 7,249 16,636 99,511 131,539 4,832 6,944 16,601 92,536 120,913
Accumulated depreciation 1 January 1,835 2,416 15,317 39,621 59,189 1,381 2,272 15,170 28,998 47,821
Foreign currency translation adjustment 14 -2 125 88 225 -13 -24 -108 0 -145
Depreciations for the year 482 1,393 817 10,296 12,988 467 1,328 2,740 10,623 15,158
Depreciations, disposals for the year 0 -167 -204 -9,809 -10,180 0 -1,160 -2,485 0 -3,645
Accumulated depreciations 31 December 2,331 3,640 16,055 40,196 62,222 1,835 2,416 15,317 39,621 59,189
Carrying amount 31 December 5,812 3,609 581 59,315 69,317 2,997 4,528 1,284 52,915 61,724
In the carrying amount of Buildings, DKK 59.3 m (2024: DKK 52.9 m) is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) is DKK10.3 m (2024: DKK 10.6 m).
For assets pledged as security, please refer to Note 17.
The Group has no significant contractual commitment to invest in tangible assets in future years.
Leases
The Group leases various offices. Extension and termination options are included in a number of property and equipment leases across the Group. The majority of extension and termi nation options held are exercisable only by the Group and not
bythe respective lessor.
Interests on lease debt expensed in profit (loss) is DKK 0.9 m in 2025 (2024: DKK 0.9 m) . There are no expenses related to leases of low-value assets.
Total cash outflows for leases is DKK 8.7 m in 2025.
Note 13 Tangible assets
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
59
Notes to the consolidated financial statements
Name Address
Country of
incorporation
Voting
right and
ownership
share
Mind Energy AB Hyllie Stationstorg 31, 21532 Malmö Sweden 100%
Mind Energy Oy Teknoboulevardi 7, 01530 Vantaa Finland 100%
Mind Energy AS Drammensveien 123, Skøyen, 0277
Oslo
Norway 100%
Energie Vertrieb Deutschland EVD GmbH Christoph-Probst-Weg 4, 20150
Hamburg
Germany 100%
Energi Danmark Anadolu Elektrik Enerjisi
Toptan Ticaret Limited Sirketi
Esentepe Mahallesi Ecza Sokak
Polcenter Ismerkezi C Blok No: 4/1
Levent Sisli Istanbul
Turkey 100%
Disam Nm Dooel Skopje Str. 8-ma Udarna Briada no. 43/3,
Skopje - Centar
Macedonia 100%
DISAM BH d.o.o. Maglajska 1, 71000 Sarajevo Bosnia-Herzegovina 100%
DISAM Australia Pty. Ltd. Market Street 1, 2000 Sydney NSW Australia 100%
DISAM US LLC Little Falls Drive 251, Wilmingtong,
Delaware 19808-1674 New Castle
County
USA 100%
DISAM GE LLC Vazha-Pshavela Ave., N71, Tbilisi Georgia 100%
Selskabet af 22.11.2024 ApS Tangen 29, 8200 Aarhus N Denmark 100%
Energi Salg Norge AS Drammensveien 123, Skøyen, 0277
Oslo
Norway 100%
Note 14 Group structure Note 15 Inventory
DKK '000 2025 2024
Inventory
Gas Inventory 125,803 270,382
Green Certificate Inventory 39,133 79,814
164,936 350,196
Writedowns
Gas Inventory 16,784 0
Green Certificat Inventory 0 28,673
16,784 28,673
Expensed in income statement
Gas Inventory 706,915 933,531
Green Certificat Inventory 301,278 591,545
1,008,193 1,525,076
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
60
Notes to the consolidated financial statements
Note 16 Share capital
Capital management
The capital structure is managed by Mind Energy A/S on behalf of the Group. This applies to managing capital used
in daily operation as well as planning and deciding dividends to our shareholders.
The Group uses own funding, bank facilities and support from owners to finance working capital requirements.
The overall objective when managing capital is to ensure a con tinued development and strengthening of the Group’s
capital structure to support profitable growth. The Group is not subject to any externally imposed capital require-
ments
The solvency ratio at 31 December 2025 amounts to 70.7 % (31December 2024: 64.6 %)
Share capital
The share capital as of 31 December 2025 consists of 500,000,000 shares of a nominal value of 1 DKK. (2024:
500,000,000 shares of a nominal value of 1 DKK).
All shares have the same voting rights.
Note 17 Pledges, collateral and contingent liabilities
DKK '000 2025 2024
The group has entered into agreements for the future purchase of gas capacities
with an unrecognized obligation. 126,195 66,508
Guarantees
Guarantees provided by a financial institute 1,868,405 1,678,814
Guarantees provided by Parent Company to third parties 236,092 0
Contractual maturity, guarantees
<1 year 282 ,774 1,055,218
1-5 years 1,492,978 297,948
> 5 years 328,745 325,648
The Group has placed payment guarantees (1,868 mdkk) to meet standard requirements related to credit risk.
Legal proceedings
The Group’s Norwegian subsidiary is involved in a legal dispute concerning the pricing terms under certain fixed
price energy agreements. The counterparties allege that the contractual margin is higher than agreed and seek
both repayment and an adjustment of the margin for the remaining contract period. Mind Energy disputes the
claims and maintains that the agreements were entered into correctly and in accordance with applicable regula-
tions.
The outcome of the case is currently awaiting the court’s decision, and the matter is therefore disclosed as a
contingent liability.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
61
Notes to the consolidated financial statements
Note 18 Risks, financial instruments and recognised transactions
Mind Energy Group is exposed to market risks – including price, volume, currency exchange rate & interest rate
risks – as well as liquidity and credit risks. Mind Energy’s approach is grounded in the Enterprise Risk Manage-
ment (ERM) Framework, where the Board of Directors sets the overall risk appetite and approves risk policies. The
Group’s Management Team is supported by a Risk Management function, which provides independent monitoring,
assessment, and reporting of risks across the organisation.
Risk ownership resides with the business, while the risk management function, as the 2nd line of defense, provides
independent oversight, remedial steps, and consolidated reporting to senior management and the Board. The
function ensures that risk management practices align with the company's risk appetite, policies, and strategic
objectives, provides advice on financial risks to senior management, and challenges the business on risk-related
matters.
Credit risk
Mind Energy is exposed to credit risks from trading partners and customers. Credit risk refers to the risk of financial
loss resulting from a counterparty or end-customer failing to honor a payment or contractual obligation. To manage
credit risk effectively, Mind Energy employs a risk framework encompassing credit assessments, defined credit
limits, the use of Credit Support Annexes (CSAs) for counterparties, and continuous counterparty monitoring.
Where appropriate, risk-mitigating tools such as prepayments and guarantees are utilized to ensure that credit
exposures remain within the Group’s risk appetite. During 2025 an updated Credit Risk Policy has been developed
introducing a strengthened framework for credit line approval authority, assessing and onboarding counterparts,
ongoing monitoring, measuring and reporting credit risk which is being rolled out. This includes Expected Credit
Loss metrics and limits.
Customers
Mind Energy's customers primarily operate within the public sector, utility sector, and business markets (B2B).
Customers are subject to a credit rating assessment before initiating contract, and existing customers are re-eval-
uated on an ongoing basis. Mind Energy uses an external credit rating score model to assess creditworthiness.
If the external credit score falls below a predefined threshold, a manual credit rating is conducted, assessing the
need for additional security before a contract can be signed. Following the credit rating, a credit line is assigned,
expressing the maximum tolerated exposure. When offering derivative-like products such as price fixings, the
assigned credit line must cover the potential value development of the product under various market scenarios.
Trading partners
Trading counterparts are typically established companies within commodity trading. Mind Energy's trading activ-
ities are governed by standard agreements, such as EFET and ISDA, which include provisions for credit ratings,
netting, and risk mitigation. All trading counterparts undergo a credit rating assessment before trading begins, and
existing counterparts are re-evaluated regularly. Each counterparty is assigned a credit line defining the maximum
tolerated exposure. Daily exposure calculations and monitoring are conducted.
The vast majority of Mind Energy’s credit risk exposure relates to counterparties with high credit quality. High
credit quality is defined as counterparties with an estimated probability of default below 0.5%.
Realised credit losses remained low in 2024 and have decreased further in 2025. In addition, the proportion of
receivables past due has shown a slight decline from 2024 to 2025.
The maximum exposure for credit risk on financial assets is reflected in the carrying amounts of financial assets in
the balance sheet, without deducting the received deposits.
Trade receivables and provisions for impairment
Mind Energy applies the simplified expected credit loss model under IFRS 9 for trade receivables, meaning that a
lifetime expected credit loss allowance is recognised from the time the receivable is initially recorded. The model
used to estimate expected credit losses is based on historical loss experience and incorporates relevant forward-
looking information.
After initial recognition, receivables are also subject to individual assessment when specific circumstances indicate
a higher risk of non-recovery, such as customer financial distress or other evidence suggesting that collection may
be uncertain.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
62
Notes to the consolidated financial statements
Note 18 Risks, financial instruments and recognised transactions – continued
2025 2024
DKK '000
Carrying
amount before
impairment
Provision for
impairment
Carrying
amount before
impairment
Provision for
impairment
Trade receivable and provisions for
impairment:
Customers not due 4,850,359 10,179 6,009,872 24,580
Customers in dunning process 3,902 2,388 29,124 6,223
Insolvent customers 2,000 2,000 6,453 6,453
Total 4,856,261 14,567 6,045,449 37,256
The expected credit loss rates applied by Mind Energy are as follows: receivables not past due (0%), less than 30 days
past due (2%), 30–60 days past due (20%), 60–90 days past due (50%), and more than 90 days past due (75%).
Liquidity risk
Liquidity risk refers to the potential risk that Mind Energy might be unable to secure adequate liquid assets to fulfil
short-term financial commitments as they fall due. This risk also encompasses the possibility of being unable to
obtain external financing when immediate funding is required.
Mind Energy is exposed to liquidity risk from its dual focus: supplying clients with energy while actively participating
in power and gas trading markets. Customer credit terms mean rising market prices significantly increase necessary
working capital until client payments are collected. In trading, margin calls on derivative positions compound this
risk, as sudden market movements can trigger substantial margin requirements, and failure to meet these could
result in forced liquidation of positions, disrupted hedging strategies, and heightened financial exposure.
To ensure financial resilience, Mind Energy actively monitors its liquidity through daily assessments of available
free liquidity, which includes cash reserves, cash collateral, and detailed cash flow forecasts. Stress testing is
routinely employed, simulating various scenarios, including extreme historical events, to evaluate the resilience of
liquidity buffers and validate contingency plans.
When trading power and gas on exchanges, margin call requirements must be covered by collateral in the form of
guarantees or cash. The required guarantees are recalculated daily by the exchange and communicated to Mind
Energy. The Back Office function monitors and ensures that sufficient collateral is always in place. The details of
these guarantees are disclosed in Note 17.
During 2025 a new Liquidity Risk Policy, board limits, liquidity risk metrics, internal limits and monitoring has been
established. By maintaining proactive monitoring, rigorous stress testing, well-defined and delegated liquidity
risk limits and a disciplined strategy toward liquidity buffers, Mind Energy safeguards financial flexibility and its
capacity to successfully navigate market volatility and meet financial commitments. Mind Energy estimates that
there is sufficient liquidity and collateral lines to support its business in the coming year.
Interest Rate Risk
Interest Rate Risk refers to the risk of financial loss resulting from fluctuations in interest rates. Changes in interest
rates are influenced by factors such as central bank policies, inflation expectations, macroeconomic conditions,
and global financial market trends. Changes may affect Mind Energy's cost of borrowing, the value of financial
instruments and cash flows and the financial result of the group. Furthermore, Mind Energy’s liquidity buffer is
exposed to long-term changes in interest rates.
Market Risk
Market risk describes the potential for financial loss from shifts in energy prices, variations in production and
consumption volumes, and changes in interest or currency exchange rates. As an active participant in energy
markets, Mind Energy is exposed to market volatility driven by supply and demand dynamics, evolving regulation,
geopolitical developments, and weather patterns.
In addition to price movements, the energy industry continues to experience elevated imbalance prices, which
increases the sensitivity of portfolios to physical deviations, e.g. deviations between expected and actual produc-
tion and consumption volumes, and makes effective management of volume-related risks increasingly important.
For gas activities, additional market risks arise from physical constraints, including access to and availability of gas
capacity, which may impact the realisation of contractual positions.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
63
Notes to the consolidated financial statements
Note 18 Risks, financial instruments and recognised transactions – continued
Mind Energy actively seeks and manages energy price and volume risks using trading and hedging strategies,
alongside portfolio optimisation and constant market monitoring. All market risk-bearing positions within each
business area must comply with mandates delegated by senior management and, at an aggregated level, remain
within the Group’s defined overall risk appetite.
Mind Energy has net deposits in banks and holds a portfolio of Danish mortgage bonds, which are subject to vari-
able interest rates. Cash flows and interest rate levels are monitored on a regular basis.
There have been no significant changes in the Group’s exposure to market risks or in the way these risks are
managed compared to the previous year. During the year, elements of the risk management framework have been
further formalised, while the overall risk appetite remains unchanged.
Currency risk
Being present in multiple countries with different currencies (primarily DKK, NOK, SEK, EUR and GBP) also exposes
Mind Energy to fluctuations and changes in exchange rates against DKK. Currency risk exposure is monitored daily,
and it is consistently hedged, as it is not considered part of Mind Energy’s core commercial risk-taking.
31 December 2025 31 December 2024
Contractual maturity incl. interest (cash flow) Contractual maturity incl. interest (cash flow)
DKK '000 Carrying amount Total < 1 year 1-5 years > 5 years Carrying amount Total < 1 year 1-5 years > 5 years
Non-derivative financial instruments
Lease liabilities 63,819 63,819 12,794 39,837 11,188 54,986 54,986 9,664 29,281 16,041
Other non-current liabilities 0 0 0 0 0 13,216 13,216 0 13,216 0
Borrowings 9,028 9,028 9,028 0 0 0 0 0 0 0
Trade payables 2,194,619 2,194,805 2,194,805 0 0 2,641,444 2,641,444 2,641,444 0 0
Debt to related parties 67,193 67,007 67,0 07 0 0 24,528 24,528 24,528 0 0
Deposits 188,963 188,963 188,963 0 0 226,404 226,404 226,404 0 0
Other liabilities 488,439 488,439 488,439 0 0 642,703 642,703 642,703 0 0
Derivative financial instruments
Derivatives 746,148 746,148 500,613 210,473 35,062 1,244,612 1,244,612 880,192 315,103 49,317
Total financial instruments 3,758,209 3,758,209 3,461,649 250,310 46,250 4,847,893 4,847,893 4,424,935 357,600 65,358
The contractual maturity analysis is based on the expected contractual cash flows.
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
64
Notes to the consolidated financial statements
Note 18 Risks, financial instruments and recognised transactions – continued
Sensitivity Analysis
The sensitivity shown is based on positions open on the balance date and shows the effect of reasonable possible
changes in our market environment. The illustrated sensitivities only comprise the impact on our financial instru-
ments and the assumed sensitivities for the respective categories is considered reasonable, given the current
market conditions. The sensitivity analysis is not discounted due to the short maturity of the underlying instru-
ments and therefore deemed insignificant.
The sensitivity analysis is based on the recognised financial assets and liabilities at the balance sheet date.
Reasonably possible changes in market prices and exchange rates are determined based on an assessment of
historical market volatility observed during the preceding financial year. The applied sensitivities broadly reflect
movements corresponding to approximately two standard deviations of observed market fluctuations, adjusted
where relevant to reflect assessment of reasonably possible changes.
The sensitivities applied are 10% for power prices, 20% for gas prices and 1% for foreign exchange rates. Due to
the close correlation between DKK and EUR, a sensitivity of 0.1% is applied to exposures denominated in EUR.
The analysis shows the effect on profit or loss of applying the above changes to the relevant market variables at the
reporting date, assuming that all other variables remain constant.
2025 2024
DKK '000
Reasonably
possible change
in variable %
P/L effect
before tax Equity effect
Reasonably
possible change
in variable %
P/L effect
before tax Equity effect
Sensitivity analysis
Power +10% 6,471 5,047 +40% 62,078 48,421
Power -10% -6,471 -5,047 -40% -62,078 -48,421
Gas +20% 45,452 35,453 +40% 74,272 57,932
Gas -20% -45,452 -35,453 -40% -74,272 -57,932
Currency exchange rate, EUR +0,1% 500 390 +0,1% 1,302 1,016
Currency exchange rate, EUR -0,1% -500 -390 -0,1% -1,302 -1,016
Currency exchange rate, other currency +4% 4,860 3,791 +3% 5,975 4,661
Currency exchange rate, other currency -4% -4,860 -3,791 -3% -5,975 -4,661
Interest rate +1% 64,700 50,466 +1% 58,958 45,987
Interest rate -1% -64,700 -50,466 -1% -58,958 -45,987
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
65
Notes to the consolidated financial statements
2025 2024
DKK '000 Carrying amount Fair value Carrying amount Fair value
Categories of financial instruments
Other non-current assets 5,827 5,827 0 0
Trade receivables 4,841,694 4,842,239 6,008,193 6,008,193
Receivables from related parties 298,119 297,574 367, 3 91 3 67,391
Other receivables and deposits 1,405,575 1,405,575 1,968,655 1,968,655
Securities 1,693,141 1,693,141 0 0
Cash and cash equivalents 3,129,709 3,129,709 3,266,604 3,266,604
Financial assets measured at amortised cost 11,374,065 11,374,065 11,610,843 11,610,843
Derivative assets 1,034,838 1,034,838 1,540,569 1,540,569
Financial assets measured at fair value through profit or loss 1,034,838 1,034,838 1,540,569 1,540,569
Other non-current liabilities 0 0 13,216 13,216
Trade payables 2,194,619 2,194,619 2,641,444 2,641,444
Borrowings 9,028 9,028 0 0
Debt to related parties 67,193 67,1 9 3 24,528 24,528
Lease liabilities 63,819 63,819 54,986 54,986
Other payables and deposits 677,402 677,402 869,107 869,107
Financial liabilities measured at amortised costs 3,012,061 3,012,061 3,603,281 3,603,281
Derivative liabilities 746,148 746,148 1,244,612 1,244,612
Financial liabilities measured at fair value through profit or loss 746,148 746,148 1,244,612 1,244,612
DKK '000 2025 2024
Derivative assets
Financial 303,930 559,376
Physical 730,909 981,193
1,034,838 1,540,569
Derivative liabilities
Financial 207,210 277,849
Physical 538,937 966,763
746,148 1,244,612
Note 19 Information about financial instruments
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
66
Notes to the consolidated financial statements
Fair value measurement of financial instruments
Financial assets measured at fair value
2025
DKK '000 Level 1 Level 2 Level 3 Total
Derivative financial assets:
Foreign exchange forward 0 5,455 0 5,455
Commodity derivative 48,140 648,379 332,864 1,029,383
Total 48,140 653,835 332,864 1,034,838
Derivative financial liabilities:
Foreign exchange forward 0 22,695 0 22,695
Commodity derivative 3,756 399,966 319,731 723,453
Total 3,756 422,661 319,731 746,148
2024
DKK '000 Level 1 Level 2 Level 3 Total
Derivative financial assets:
Foreign exchange forward 0 18,123 0 18,123
Commodity derivative 24,415 1,064,314 433,717 1,522,446
Total 24,415 1,082,437 433,717 1,540,569
Derivative financial liabilities:
Foreign exchange forward 0 2,545 0 2,545
Commodity derivative 3,304 834,361 404,402 1,242,067
Total 3,304 836,906 404,402 1,244,612
Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either in the principal market or, if not avail-
able, in the most advantageous market.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unob-
servable inputs.
Foreign exchange forwards
Foreign exchange forwards are measured using generally accepted valuation techniques based on relevant observ-
able swap-curves and foreign exchange rates.
Commodity derivatives
Commodity derivatives are measured using generally accepted va luation techniques based on relevant observable
energy price curves, foreign exchange rates etc. and manual calculated charges.
Since there are no active markets for the long-term prices of power, the fair value has been determined through an
estimate of the future prices. The most important parameter resulting in the commodity contracts being classified
as level 3 is the power price. Normally, the price can be observed for 5 years in the power market, after which an
active market no longer exist. Beyond this horizon, power prices are estimated using the latest observable market
prices and generally accepted valuation techniques.
All assets and liabilities for which fair value is measured or dis closed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Note 19 Information about financial instruments – continued
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
67
Notes to the consolidated financial statements
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable
If energy prices changes with 5% the net level 3 value will change with DKK 7,3 m. (2024: DKK 3.4 m.).
The transfers from level 3 to level 2 consists primarily of wind contracts, where the terms of the contract is less
than 5 year at the year end. Besides this DKK -1.4 m in new transactions related to level 3.
DKK '000 2025 2024
Level 3
Opening balance 1 January 29,313 168,298
Gains/loss recognised 21,228 5,788
Transfers -37, 4 0 9 -144,773
Total 13,132 29,313
Trade receivables, trade receivables from associates, other receivables and deposits, borrowings, trade- and
other payables
Trade receivables, trade receivables from associates, other receivables and deposits, borrowings, trade- and other
payables with a short credit time is assessed to have a fair value, which equals the carrying amount.
Cash flow hedge
As part of managing the price risk related to power and gas, The Group enters into cash flow hedges.
The hedging strategy has been effective in 2025.
As of 31 December 2025, the Group has the following contracts designated as cash flow hedges:
Fair value 2025 Settlement 2025 Settlement 2026 Settlement 2027
DKK '000 MWh MWh MWh
Gas -1,004 0 15,617 1,054
Total -1,004 0 15,617 1,054
As of 31 December 2024, the Group had the following contracts designated as cash flow hedges:
Fair value 2024
DKK '000
Power -997
Gas -9,342
Total -10,339
Note 19 Information about financial instruments – continued
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
68
Notes to the consolidated financial statements
Offsetting
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated balance sheet
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
net basis, or to realise the assets and settle the liabilities simultaneously.
2025 2024
DKK '000
Derivative
assets
Derivative
liabilities Total
Derivative
assets
Derivative
liabilities Total
Offsetting of current derivatives
Gross 6,646,376 -5,675,159 971,217 11,096,558 -9,513,757 1,582,801
Netting -5,611,537 4,929,011 -682,526 -9,555,989 8,269,145 -1,286,844
Financial assets/liabilities in the balance sheet 1,034,838 -746,148 288,691 1,540,569 -1,244,612 295,957
Collateral 193,445 -9,112 184,332 209,564 -17,228 192,336
Net 1,228,283 -755,261 473,022 1,750,133 -1,261,840 488,293
The sales contracts and the associated hedging contracts can only be offset to a limited extent, as the transactions
are made with different counterparties. As a consequence, the net value of the derivatives will be affected by the
difference between the average sales price, the price of the hedging and the current market price atthe balance
sheet date as well as the size of the open positions.
Note 19 Information about financial instruments – continued
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
69
Notes to the consolidated financial statements
Mind Energy’s related parties include the following:
Controlling interest
Andel-Group has controlling interest. Andel A.m.b.a. is the ultimate parent company of the group, which presents
the consolidated annual report. The consolidated financial statement for Andel A.m.b.a. is available at andel.dk.
Ownership
The following shareholders are noted in the company's shareholder list and are considered to have significant influ-
ence over Mind Energy A/S:
% ownership
Andel A.m.b.a. and Andel Energi A/S (Andel-Group), Hovedgaden 36, Svinninge 63.65
NRGi A.m.b.a., Dusager 22, Aarhus N 36.35
100.00
Management
The Group’s related parties further includes members of the Board of Directors and Executive Management. Remu-
neration tothe Board of Directors and Executive Management is disclosed innote5.
The Group has had the following transactions and balances with related parties:
DKK '000 2025 2024
Andel Energi A/S and Andel Holding A/S
Sale of power 2,123,160 1,893,627
Sale of gas 916,627 2,209,673
Purchase of power 24,821 74,303
Purchase of gas 222,847 1,437,495
Receivables at 31 December 187,052 3 67,391
Debt at 31 December 501 12,166
NRGI A.m.b.a.
Sale of power 1,562,792 755,557
Purchase of power 817, 3 00 561,891
Receivables at 31 December 46,971 11,313
Debt at 31 December 186 24,528
Entities under common control
Sale of power 594,259 0
Purchase of power 65,325 0
Receivables at 31 December 64,096 0
Debt at 31 December 66,505 0
Related-party transactions are made on arm’s length terms. Intra-group transactions have been eliminated in
theconsolidated financial statements.
Note 21 Subsequent events
No events have occurred after the reporting date of importance to the consolidated financial statements.
Note 20 Related party disclosures
Financial statement – Consolidated financial statements
Mind Energy Annual report 2025
70
Parent Company
financial statements
Income statement 72
Balance sheet 73
Statement of changes in equity 74
1 Accounting policies 75
2 Significant accounting judgements, estimates and assumptions 76
3 Revenue - Sales of power and gas etc. 77
4 Staff costs 77
5 Depreciation and amortisation 77
6 Financial income 77
7 Financial expenses 77
8 Tax on profit for the year 78
9 Intangible assets 79
10 Tangible assets 80
11 Investment in subsidiaries 81
12 Income tax receivable/payable 82
13 Share Capital 82
14 Deferred Tax 82
15 Inventory 83
16 Pledges, collateral and contingent liabilities 83
17 Risks, financial instruments and recognised transactions 84
18 Information about financial instruments 88
19 Subsequent events 91
20 Related party disclosures 91
NotesPrimary statements
71
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
71
Income statement
DKK '000 Notes 2025 2024
Revenue - sales of power and gas etc. 3 94,333,730 76,438,252
Purchase of power and gas etc. -93,867,383 -75,848,894
Net trading income 236,794 150,848
Gross profit 703,141 740,206
Staff costs 4 -304,953 -260,169
Other external costs -195,999 -263,889
Depreciation and amortisation 5 -35,146 -77,8 42
Operating profit 167,043 138,306
Profit on investments in subsidiaries, net of tax 17,898 34,503
Financial income 6 143,434 216,164
Financial expenses 7 -61,678 -21,800
Profit before tax 266,697 367,173
Tax on profit for the year 8 -54,771 -74,987
Profit for the year 211,926 292,186
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
72
Balance sheet
Assets Liabilities
DKK '000 Notes 2025 2024
Non-current assets
Intangible assets 9 73,145 66,618
Tan gib le assets 10 64,817 56,297
Total intangible and tangible assets 137,962 122,915
Other receivables 5,827 0
Investments in subsidiaries 11 449,699 414,318
Deferred tax assets 14 10,160 19,783
Total financial assets 465,686 434,101
Total non-current assets 603,648 557,016
Current assets
Inventory 15 164,936 350,196
Trade receivables 17 4,0 57,922 4,333,649
Tax receivable 12 92,497 37,383
Receivables from related parties 298,119 367,391
Receivables from subsidiaries 667,8 0 6 1,247,705
Derivative assets 995,518 1,437,037
Deposits 1,164,298 1,669,193
Other receivables 70,170 88,697
Securities 1,693,141 0
Total receivables 17, 18 9,204,407 9,531,251
Cash and cash equivalents 3,080,912 3,356,924
Total current assets 12,285,319 12,888,175
Total assets 12,888,967 13,445,191
DKK '000 Notes 2025 2024
Equity
Share capital 13 500,000 500,000
Reserve for development costs 57,053 51,962
Reserve for net revaluation according to the equity method 83,008 47,627
Retained earnings 6,948,766 8,260,326
Proposed dividend 1,500,000 0
Cash flow hedge -1,004 -10,339
Total equity 9,087,82 3 8,849,576
Non-current liabilities
Lease liabilities 50,210 43,343
Other payables 0 13,216
Deferred tax 0 0
Total non-current liabilities 50,210 56,559
Current liabilities
Lease liabilities 8,940 6,590
Trade payables 1,980,637 2 ,477,524
Borrowings 9,028 0
Debt to related parties 67,193 12,166
Debt to subsidiaries 483,423 194,739
Derivative liabilities 707,774 1,155,073
Deposits 188,963 226,404
Other payables 304,976 466,560
Total current liabilities 3,750,934 4,539,056
Total liabilities 17, 1 8 3,801,144 4,595,615
Total equity and liabilities 12,888,967 13,445,191
Pledges, collateral and contingent liabilities 16
Subsequent events 19
Related party transactions 20
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
73
Statement of changes in equity
DKK '000 Share capital
Development
Reserve
Reserve
for net
revaluation
according to
the equity
method
Retained
earnings
Proposed
dividend
Cash flow
hedge Total
Equity 1 January 2025 500,000 51,962 47,627 8,260,326 0 -10,339 8,849,576
Foreign currency translation adjustment 0 0 17, 48 3 -497 0 0 16,986
Cash flow hedge after tax 0 0 0 0 0 9,335 9,335
Transferred through distribution of net profit 0 5,091 17,898 -1,311,063 1,500,000 0 211,926
Equity 31 December 2025 500,000 57,0 5 3 83,008 6,948,766 1,500,000 -1,004 9,087, 823
Equity 1 January 2024 500,000 93,274 299,719 7,884,685 - -71,207 8,706,471
Adjustment to prior year 0 0 0 -202,300 - 0 -202,300
Adjusted equity 1 January 2024 500,000 93,274 299,719 7,682,385 - -71 ,207 8,504,171
Foreign currency translation adjustment 0 0 -7,649 0 - 0 -7,649
Cash flow hedge after tax 0 0 0 0 - 60,868 60,868
Transferred through distribution of net profit 0 -41,312 34,503 298,995 - 0 292,186
Transferred by fusion 0 0 -278,946 278,946 - 0 0
Equity 31 December 2024 500,000 51,962 47,627 8,260,326 - -10,339 8,849,576
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
74
Notes to the Parent Company financial statements
Note 1 Accounting policies
The Parent Company financial statements at 31 December 2025 for Mind Energy A/S presented in accordance
with the provisions of the Danish Financial Statements Act regarding Class C (large) companies.
Unless otherwise stated in this section, the accounting policies applied in the Parent Company financial statements
are consistent with the accounting policies described in the consolidated financial statements. Where specific poli-
cies are required for the Parent Company—due to statutory requirements, classification differences, or measure-
ment principles applicable only to the Parent Company—these deviations are described in the relevant subsections
below.
The Parent Company financial statements are presented in Danish kroner (DKK) and all values are rounded to the
nearest thousand (DKK 000’s), except when otherwise indicated.
Reserve for development cost
The reserve for development costs comprises recognised development costs. The reserve cannot be used to
distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs
are no longer part of the company’s operations by a transfer directly to the distributable reserves under equity.
Furthermore the reserve will be reduced inaccordance with the amortisation of the development costs.
IFRS for financial instruments
Following the Danish Financial Statements Act §37,5 the financial assets and financial liabilities are recognised and
measured in accordance with the International Financial Reporting Standards.
Pooling of interests
Intragroup business combinations are accounted for under the pooling-of-interests method. Under this method,
Mind Energy A/S and Mind Energy Securities A/S combined at carrying amounts, and no differences are iden-
tified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in
equity. The pooling-of-interests method is applied as if the two enterprises had always been combined by restating
comparative figures.
Additional accounting principles for the Parent Company
Profit on Investments in Subsidiaries
The proportionate share of the profit after tax of subsidiaries is recognised in the income statement of the Parent
Company after elimination of the proportionate share of internal profit/loss.
Investments in Subsidiaries
Investments in subsidiaries are measured according to the equity method. Investments in subsidiaries are meas-
ured at the propor tionate share of the companies’ equity calculated in accordance with the Group’s accounting poli-
cies, minus or plus unrealised intercompany profit and loss, with the remaining value of positive or negative goodwill
added or subtracted in accordance with the acquisition method.
Net revaluation of investments in subsidiaries is transferred to the reserve for net revaluation according to the
equity method in equity to the extent that the carrying amount exceeds the acquisition cost. Dividends from
subsidiaries expected to be adopted before the adoption of the annual report of Mind Energy A/S are not bound to
the revaluation reserve.
Cash flow statements
The consolidated financial statements contain a cash flow state ment for the whole group, why a separate state-
ment for the Parent Company is not included, cf. the exception clause section 86 of the Danish Financial State-
ments Act.
IFRS for revenue and leases
Revenue and lease assets and lease liabilities are recognised and measured in accordance with the International
Financial Reporting Standards.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
75
Notes to the Parent Company financial statements
Note 2 Significant accounting judgements, estimates and assumptions
The preparation of the Parent Company financial state ments requires management to make judgements, estimates
and assump tions that affect the reported amounts of revenues, expen ses, assets and liabilities, and the accompa-
nying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assump tions and estimates
could result in outcomes that require a ma terial adjustment to the carrying amount of assets or liabilities affected in
future periods.
Management continuously reassesses these estimates and judge ments based on a number of factors in the given
circum stances. The following accounting estimates are considered significant for the financial reporting.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a signi ficant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described in the following. Mind Energy based its assumptions and es timates on param-
eters available when the 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 Company. Such changes arereflected in the assumptions when they occur.
In the process of applying the Company’s accounting policies, manage ment has made the following estimates and
assumptions, which have the most significant effect on the amounts recognised inthe financial statements.
Other disclosures relating to the Company’s exposure to risks and uncertainties includes capital management,
financial instrument risk management, liquidity risk and sensitivity analysis disclosures (Note 17 and 18).
Fair value of financial and physical contract
Mind Energy measures its financial and physical contracts at fair value in accordance with the accounting policies
as summarised innote 1.
Mind Energy's strategy for measuring the fair value of these energy contracts is to utilise quoted prices in an active
trading market.
Inthe absence of quoted prices for identical or similar energy con tracts, general acceptable valuation models
are applied and ob servable market data is used as input to the fair value calculations. Where the instruments are
complex combinations ofstandard or non-standard products, unobservable market datamay be used in the valua-
tion models in orderto calculate thefair value.
To ensure the validity and accuracy of the models all assumptions and inputs are approved and continuously tested.
The assumptions within the models used to determine the fair value of the physical and financial energy contracts
in accordance with IFRS 13 are central, since any changes in assumptions could have a significant impact on the
fair values and movements which are reflected in the income statement and balance sheet.
The physical contracts in the balance sheet as derivate assets or liabilities are valued based on expected future
consumption or production of energy to which there is some uncertainty attached as the expectations may deviate
from what will be realized.
More detail on the assumptions used in the fair value measure ment of the energy contracts and related sensitivities
are further described in note 18 and 19.
On physical fixed price contracts the fair value is comprised by the financial element of the contract, which at initial
recognition is zero.
At 31 December 2025, the carrying amount of derivative assets and liabilities amounts to DKK 996 m (2024: DKK
1,437 m) and DKK 708 m (2024: DKK 1,155 m), respectively.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
76
Notes to the Parent Company financial statements
Note 3 Revenue - Sales of power and gas etc.
DKK '000 2025 2024
Sale of power 26,275,605 26,008,873
Sale of gas 67,657,5 04 49,828,875
Sale of certificates 400,622 600,504
94,333,730 76,438,252
Denmark 87,842,301 69,449,902
Sweden 2,148,088 2,068,921
Finland 1,655,998 1,978,748
Germany 154,540 313,538
Norway 2,525,125 2,488,697
Australia 1,198 0
Macedonia 6,480 138,446
94,333,730 76,438,252
Note 4 Staff costs
DKK '000 2025 2024
Wages and salaries 267,826 231,596
Pensions, defined contribution plans 32,106 23,691
Other expenses for social security 5,021 4,882
304,953 260,169
Average number of full time team members 261 228
Remuneration to the Executive Board and Board of Director has not been disclosed for 2025 in accordance with
section 98 B(3.2) of the Danish Financial Statements Act as the Company only has one registered director.
Note 5 Depreciation and amortisation
DKK '000 2025 2024
Amortisation of intangible assets 25,180 18,311
Impairment loss of intangible assets 0 48,587
Depreciation of tangible assets 2,434 4,200
Depreciation of leased assets 7,533 6,744
35,146 77,8 42
Note 6 Financial income
DKK '000 2025 2024
Interest income, credit institutions 111,191 203,185
Interest income, subsidiaries 14,524 5,607
Interest income, on late payments 3,166 4,838
Interest income, securities 13,345 0
Other interest income 1,207 2,534
143,434 216,164
Note 7 Financial expenses
DKK '000 2025 2024
Interest expenses, credit institutions 29,398 6,633
Interest expenses, subsidiaries 7,035 8,812
Leasing 783 740
Guarantee commission 12,354 0
Interest expenses, securities 2,346 0
Other interest expenses 9,762 5,615
61,678 21,800
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
77
Notes to the Parent Company financial statements
Note 8 Tax on profit for the year
DKK '000 2025 2024
Current tax 52,655 6,933
Adjustment of prior year deferred tax 0 174
Deferred tax 2,116 67,880
54,771 74,987
Specified as follows:
Tax on profit from ordinary activities 54,771 74,987
Income tax, received/paid 92,497 37,383
Effective tax 22.1% 22,5
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
78
Notes to the Parent Company financial statements
Note 9 Intangible assets
2025 2024
DKK '000
Completed
development
projects
Development
projects in
progress Total
Completed
development
projects
Development
projects in
progress Total
Cost 1 January 395,068 0 395,068 399,252 0 399,252
Foreign currency translation adjustment 0 0 0
Additions 0 31,707 31,707 0 13,934 13,934
Transfers 12,579 -12,579 0 13,934 -13,934 0
Disposals -2,111 0 -2,111 -18,118 0 -18,118
Cost 31 December 405,536 19,128 424,663 395,068 0 395,068
Accumulated amortisations 1 January 328,450 0 328,450 279,670 0 279,670
Foreign currency translation adjustment 0 0 0
Amortisations for the year 25,180 0 25,180 18,311 0 18,311
Impairment loss 0 0 0 48,587 0 48,587
Amortisations, disposals for the year -2,111 0 -2,111 -18,118 0 -18,118
Accumulated amortisations 31 December 351,518 0 351,518 328,450 0 328,450
Carrying amount 31 December 54,018 19,128 73,145 66,618 0 66,618
Development projects in progress includes development and test of IT-systems, which support the daily operation of the company. The costs consists of internal costs, e.g. salary and
external costs, e.g. assistance from external IT developers. Thedevelopment of the ITsystems is expected to lead to better service of customers.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
79
Notes to the Parent Company financial statements
2025 2024
DKK '000
Leasehold
improvements Vehicles
Tools and
equipment Buildings Total
Leasehold
improvements Vehicles
Tools and
equipment Buildings Total
Cost 1 January 4,403 6,089 13,057 75,970 99,519 4,403 6,554 20,981 75,252 107,19 0
Foreign currency translation adjustment 0 0 0 0 0
Additions 3,296 0 114 15,077 18,487 0 832 103 718 1,653
Disposals 0 0 0 0 0 0 -1,297 -8,027 0 -9,324
Cost 31 December 7,699 6,089 13,171 91,047 118,006 4,403 6,089 13,057 75,970 99,519
Accumulated depreciation 1 January 1,448 2,147 11,889 27,738 43,222 1,008 1,609 11,695 20,994 35,306
Depreciations for the year 467 1,191 775 7,533 9,967 440 1,125 2,635 6,744 10,944
Depreciations, disposals for the year 0 0 0 0 0 0 -587 -2,441 0 -3,028
Accumulated depreciations 31 December 1,915 3,338 12,664 35,271 53,189 1,448 2,147 11,889 27,738 43,222
Carrying amount 31 December 5,784 2,751 507 55,776 64,817 2,955 3,691 1,168 48,232 56,046
In the carrying amount of Buildings, DKK 55.8 m (2024: DKK 48.2 m) is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) is DKK 7.5 m (2024: DKK 6.7 m).
Note 10 Tangible assets
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
80
Notes to the Parent Company financial statements
DKK '000 2025 2024
Cost 1 January 366,691 436,023
Additions 0 0
Disposals 0 -69,332
Cost 31 December 366,691 366,691
Value adjustments 1 January 47,627 299,719
Regulation on equity in subsidiaries 17,4 8 3 -7,649
Profit for the year 17,898 34,503
Adjustment, disposals for the year 0 -278,946
Value adjustments 31 December 83,008 47,627
Carrying amount 31 December 449,699 414,318
Name Address
Country of
incorporation
Voting
right and
ownership
Mind Energy AB Hyllie Stationstorg 31, 21532 Malmö, Sweden 100%
Mind Energy Oy Teknoboulevardi 7, 01530 Vantaa, Finland 100%
Mind Energy AS Drammensveien 123, 0277 Oslo, Norway 100%
Energie Vertrieb Deutschland EVD
GmbH
Christoph-Probst-Weg 4, 20150 Hamburg, Germany 100%
Energi Danmark Anadolu Elektrik
Enerjisi Toptan Ticaret Limited
Liability company
Esentepe Mahallesi Ecza Sokak Polcenter
Ismerkezi C Blok No: 4/1 Levent Sisli
Istanbul,,
Turkey 100%
Disam Nm Dooel Skopje Str. 8-ma Udarna Briada no. 43/3, Skopje -
Centar,
Macedonia 100%
DISAM BH d.o.o. Maglajska 1, 71000 Sarajevo, Bosnia-Herzegovina 100%
DISAM Australia Pty. Ltd. Market Street 1, 2000 Sydney NSW, Australia 100%
DISAM US LLC Little Falls Drive 251, Wilmingtong, Delaware
19808-1674 New Castle County
USA 100%
DISAM GE LLC Vazha-Pshavela Ave., N71, Tbilisi Georgia 100%
Selskabet af 22.11.2024 ApS Tangen 29, 8200 Aarhus N Denmark 100%
Energi Salg Norge AS Drammensveien 123, Skøyen, 0277 Oslo Norway 100%
The subsidiaries are autonomous legal entities.
Note 11 Investment in subsidiaries
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
81
Notes to the Parent Company financial statements
DKK '000 2025 2024
Income tax receivable/payable 1 January 37,383 49,212
Income tax for the year -52,655 -6,932
Income tax received 0 -96,679
Income tax paid 102,895 55,163
Transferred from deferred tax 4,874 36,619
Income tax receivable/payable 31 December 92,497 37,383
Note 13 Share Capital
For information in regards to the share capital, please refer to Note 16 in the Consolidated Financial Statements.
DKK '000 2025 2024
Proposal for the distribution of net profit
Reserve for net revaluation according to the equity method 17,898 34,503
Reserve for development costs 12,600 -41,312
Retained earnings -1,318,572 298,995
Proposed dividend 1,500,000 0
Total 211,926 292,186
DKK '000 2025 2024
Deferred tax, 1 January 19,783 141,625
Adjustments of deferred tax, previous years 0 -174
Transferred to income tax -4,874 -36,619
Deferred tax for the year recognised in profit for the year -2,116 - 67,8 81
Deferred tax for the year recognised in other comprehensive income -2,633 -17,168
Deferred tax 31 December 10,160 19,783
Deferred tax relates to:
Intangible assets -6,603 -8,502
Tan gib le assets 2,145 2,537
Bad debt provision 1,696 4,943
Tax losses carryforward 0 11,381
Leasing 742 374
Provisions 3,383 19,622
Derivatives 8,797 -10,572
Carrying amount 31 December 10,160 19,783
Deferred tax assets are measured at the value at which the asset is expected to be realized. Eitherby elimination in
tax on future earnings or by set-off against deferred tax liabilities.
Mind Energy expects to realise the deferred tax assets in the future earnings in coming years.
The carryforward tax losses are expected to be utilized against the anticipated taxable profits in the next fiscal
year.
Note 12 Income tax receivable/payable Note 14 Deferred Tax
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
82
Notes to the Parent Company financial statements
Pillar II - Global Minimum Top-up Tax
In March 2022, the Organisation for Economic Co-operation and Development (OECD) issued technical guidance
and overview of the potential impact of the OECD Pillar II expansion on the financial statements in accordance with
IAS 12 Income Taxes.
The expansion of Pillar II aims to address Base Erosion and Profit Shifting (BEPS) by introducing a global minimum
tax rate of 15 % and implementing tax legislation for the allocation of taxing rights.
Mind Energy is subject to the OECD Pillar II legislation (global minimum top-up tax), effective from 1 January 2024.
Mind Energy has prepared a preliminary Transitional country-by-country reporting (CbCR) Safe Harbour assess-
ment concluding on the financial period ending on 31 December 2025, based on which it expects to be eligible for
the Transitional CbCR Safe Harbour in the majority of jurisdictions in which the Group is present during FY2025.
At 31 December 2025, there are no indications that the top-up tax will have material impact to the Company in
2026.
Note 15 Inventory
DKK '000 2025 2024
Inventory
Gas Inventory 125,803 270,382
Green Certificat Inventory 39,133 79,814
164,936 350,196
Writedowns
Gas Inventory 16,784 0
Green Certificates Inventory 0 28,673
16,784 28,673
Note 14 Deferred Tax – continued Note 16 Pledges, collateral and contingent liabilities
DKK '000 2025 2024
The Company has entered into agreements for the future purchase of
commodities and services with an unrecognized obligation:
Gas capacities 126,195 66,508
IT services 34,924 0
Guarantees
Guarantees provided by a financial institute 1,868,405 1,678,814
Guarantees provided by Parent Company to third parties 236,092 0
The company has placed payment guarantees (1.869 mdkk) to meet standard requirements related to credit risk.
Contingent liabilities related to joint taxation
Contingent liability – Danish joint taxation
Following the merger with Mind Energy Securities A/S in 2025, with retroactive effect to 1 January 2025, Mind
Energy A/S is the sole Danish entity included in a national joint taxation arrangement with the administrative
company Andel Holding A/S. In accordance with Danish joint taxation rules, all companies within the joint taxation
group are jointly and severally liable for the payment of corporate income tax and any withholding tax on dividends,
interest and royalties.
Any subsequent adjustments to the jointly taxed income or to the basis for withholding tax may result in Mind
Energy A/S being required to settle additional amounts due to the joint and several liability. At the reporting date,
there are no indications of matters expected to lead to future adjustments.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
83
Notes to the Parent Company financial statements
Mind Energy is exposed to market risks – including price, volume, currency exchange rate & interest rate risks – as
well as liquidity and credit risks. Mind Energy’s approach is grounded in the Enterprise Risk Management (ERM)
Framework, where the Board of Directors sets the overall risk appetite and approves risk policies. The Company’s
Management Team is supported by a Risk Management function, which provides independent monitoring, assess-
ment, and reporting of risks across the organisation.
Risk ownership resides with the business, while the risk management function, as the 2nd line of defense, provides
independent oversight, remedial steps, and consolidated reporting to senior management and the Board. The
function ensures that risk management practices align with the company's risk appetite, policies, and strategic
objectives, provides advice on financial risks to senior management, and challenges the business on risk-related
matters.
Credit risk
Mind Energy is exposed to credit risks from trading partners and customers. Credit risk refers to the risk of financial
loss resulting from a counterparty or end-customerfailing to honor a payment or contractual obligation. To manage
credit risk effectively, Mind Energy employs a risk framework encompassing credit assessments, defined credit
limits, the use of Credit Support Annexes (CSAs) for counterparties, and continuous counterparty monitoring.
Where appropriate, risk-mitigating tools such as prepayments and guarantees are utilized to ensure that credit
exposures remain within the company’s risk appetite. During 2025 an updated Credit Risk Policy has been devel-
oped introducing a strengthened framework for credit line approval authority, assessing and onboarding counter-
parts, ongoing monitoring, measuring and reporting credit risk which is being rolled out. This includes Expected
Credit Loss metrics and limits.
Customers
Mind Energy's customers primarily operate within the public sector, utility sector, and business markets (B2B).
Customers are subject to a credit rating assessment before initiating contract, and existing customers are re-eval-
uated on an ongoing basis. Mind Energy uses an external credit rating score model to assess creditworthiness.
If the external credit score falls below a predefined threshold, a manual credit rating is conducted, assessing the
need for additional security before a contract can be signed. Following the credit rating, a credit line is assigned,
expressing the maximum tolerated exposure. When offering derivative-like products such as price fixings, the
assigned credit line must cover the potential value development of the product under various market scenarios.
Note 17 Risks, financial instruments and recognised transactions
Trading partners
Trading counterparts are typically established companies within commodity trading. Mind Energy's trading activ-
ities are governed by standard agreements, such as EFET and ISDA, which include provisions for credit ratings,
netting, and risk mitigation. All trading counterparts undergo a credit rating assessment before trading begins, and
existing counterparts are re-evaluated regularly. Each counterparty is assigned a credit line defining the maximum
tolerated exposure. Daily exposure calculations and monitoring are conducted. The maximum exposure for credit
risk on financial assets is reflected in the carrying amounts of financial assets in the balance sheet, without
deducting the received deposits.
The vast majority of Mind Energy’s credit risk exposure relates to counterparties with high credit quality. High
credit quality is defined as counterparties with an estimated probability of default below 0.5%.
Realised credit losses remained low in 2024 and have decreased further in 2025. In addition, the proportion of
receivables past due has shown a slight decline from 2024 to 2025.
Trade receivable and provisions for impairment
Mind Energy applies the simplified expected credit loss model under IFRS 9 for trade receivables, meaning that a
lifetime expected credit loss allowance is recognised from the time the receivable is initially recorded. The model
used to estimate expected credit losses is based on historical loss experience and incorporates relevant forward-
looking information.
After initial recognition, receivables are also subject to individual assessment when specific circumstances indicate
a higher risk of non-recovery, such as customer financial distress or other evidence suggesting that collection may
be uncertain.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
84
Notes to the Parent Company financial statements
2025 2024
DKK'000
Carrying
amount
before
impairment
Provision for
impairment
Carrying
amount
before
impairment
Provision for
impairment
Customers not due 4,061,185 4,782 4,332,615 15,330
Customers in dunning process 2,710 1,191 21,493 5,129
Insolvent customers 1,734 1,734 2,010 2,010
Total 4,065,629 7,707 4,356,118 22,469
The expected credit loss rates applied by Mind Energy are as follows: receivables not past due (0%), less than 30
days past due (2%), 30–60 days past due (20%), 60–90 days past due (50%), and more than 90 days past due
(75%).
Liquidity Risk
Liquidity risk refers to the potential risk that Mind Energy might be unable to secure adequate liquid assets to fulfil
short-term financial commitments as they fall due. This risk also encompasses the possibility of being unable to
obtain external financing when immediate funding is required.
Mind Energy is exposed to liquidity risk from its dual focus: supplying clients with energy while actively partici-
pating in power and gas trading markets. Customer credit terms mean rising market prices significantly increase
necessary working capital until client payments are collected. In trading, margin calls on derivative positions
compound this risk, as sudden market movements can trigger substantial margin requirements, and failure to meet
these could result in forced liquidation of positions, disrupted hedging strategies, and heightened financial expo-
sure.
To ensure financial resilience, Mind Energy actively monitors its liquidity through daily assessments of available
free liquidity, which includes cash reserves, cash collateral, and detailed cash flow forecasts. Stress testing is
routinely employed, simulating various scenarios, including extreme historical events, to evaluate the resilience of
liquidity buffers and validate contingency plans.
Note 17 Risks, financial instruments and recognised transactions – continued
When trading power and gas on exchanges, margin call requirements must be covered by collateral in the form of
guarantees or cash. The required guarantees are recalculated daily by the exchange and communicated to Mind
Energy. The Back Office function monitors and ensures that sufficient collateral is always in place. The details of
these guarantees are disclosed in Note 16.
During 2025 a new Liquidity Risk Policy, board limits, liquidity risk metrics, internal limits and monitoring has been
established. By maintaining proactive monitoring, rigorous stress testing, well-defined and delegated liquidity
risk limits and a disciplined strategy toward liquidity buffers, Mind Energy safeguards financial flexibility and its
capacity to successfully navigate market volatility and meet financial commitments. Mind Energy estimates that
there is sufficient liquidity and collateral lines to support its business in the coming year.
Interest Rate Risk
Interest Rate Risk refers to the risk of financial loss resulting from fluctuations in interest rates. Changes in interest
rates are influenced by factors such as central bank policies, inflation expectations, macroeconomic conditions,
and global financial market trends. Changes may affect Mind Energy's cost of borrowing, the value of financial
instruments and cash flows and the financial result of the group. Furthermore, Mind Energy’s liquidity buffer is
exposed to long-term changes in interest rates.
Market Risk
Market risk describes the potential for financial loss from shifts in energy prices, variations in production and
consumption volumes, and changes in interest or currency exchange rates. As an active participant in energy
markets, Mind Energy is exposed to market volatility driven by supply and demand dynamics, evolving regulation,
geopolitical developments, and weather patterns. Furthermore, Mind Energy’s liquidity buffer is exposed to long-
term changes in interest rates.
In addition to price movements, the energy industry continues to experience elevated imbalance prices, which
increases the sensitivity of portfolios to physical deviations, e.g. deviations between expected and actual produc-
tion and consumption volumes, and makes effective management of volume-related risks increasingly important.
For gas activities, additional market risks arise from physical constraints, including access to and availability of gas
capacity, which may impact the realisation of contractual positions.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
85
Notes to the Parent Company financial statements
Note 17 Risks, financial instruments and recognised transactions – continued
Mind Energy actively seeks and manages energy price and volume risks using trading and hedging strategies,
alongside portfolio optimisation and constant market monitoring. All market risk-bearing positions within each
business area must comply with mandates delegated by senior management and, at an aggregated level, remain
within the company’s defined overall risk appetite.
Mind Energy has net deposits in banks and holds a portfolio of Danish mortgage bonds, which are subject to vari-
able interest rates. Cash flows and interest rate levels are monitored on a regular basis.
There have been no significant changes in the Group’s exposure to market risks or in the way these risks are
managed compared to the previous year. During the year, elements of the risk management framework have been
further formalised, while the overall risk appetite remains unchanged.
Currency risk
Being present in multiple countries with different currencies (primarily DKK, NOK, SEK, EUR and GBP) also exposes
Mind Energy to fluctuations and changes in exchange rates against DKK. Currency risk exposure is monitored daily,
and it is consistently hedged, as it is not considered part of Mind Energy’s core commercial risk-taking.
Contractual maturity analysis of financial liabilities
DKK '000
Carrying
amount Total < 1 year 1-5 years > 5 years
31 December 2025
Non-derivative financial instruments
Lease liabilities 59,150 59,150 8,938 39,023 11,189
Other non-current liabilities 0 0 0 0 0
Trade payables 1,980,637 1,980,637 1,980,637 0 0
Borrowings 9,028 9,028 9,028 0 0
Debt to related parties 67,193 67,1 9 3 67,193 0 0
Debt to subsidiaries 483,423 483,423 483,423 0 0
Deposits 188,963 188,963 188,963 0 0
Other liabilities 304,976 304,976 304,976 0 0
Derivative financial instruments
Derivatives 707,774 707,774 462,238 210,473 35,063
Total financial instruments 3,801,144 3,801,144 3,505,396 249,496 46,252
31 December 2024
Non-derivative financial instruments
Lease liabilities 49,933 49,933 6,590 27,3 02 16,041
Other non-current liabilities 13,216 13,216 0 13,216 0
Trade payables 2,477,5 24 2 , 477,524 2 ,477,524 0 0
Debt to related parties 12,166 12,166 12,166 0 0
Deposits 226,404 226,404 226,404 0 0
Other liabilities 661,299 661,299 661,299 0 0
Derivative financial instruments
Derivatives 1,155,073 1,155,073 803,779 301,977 49,317
Total financial instruments 4,595,615 4,595,615 4,1 87,762 342,495 65,358
The contractual maturity analysis is based on the expected contractual cash flows.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
86
Notes to the Parent Company financial statements
Sensitivity Analysis
The sensitivity shown is based on positions open on the balance sheet date and shows the effect of reasonable,
possible changes in the market environment. The illustrated sensitivities only comprise the impact on financial
instruments, and the assumed sensitivities for the respective categories are considered reasonable given the
current market conditions. The sensitivity analysis is not discounted due to the short maturity of the underlying
instruments.
Reasonably possible changes in market prices and exchange rates are determined based on an assessment of
historical market volatility observed during the preceding financial year. The applied sensitivities broadly reflect
movements corresponding to approximately two standard deviations of observed market fluctuations, adjusted
where relevant to reflect assessment of reasonably possible changes.
Note 17 Risks, financial instruments and recognised transactions – continued
2025 2024
DKK'000
Reasonably
possible change
in variable %
P/L effect
before tax Equity effect
Reasonably
possible change
in variable %
P/L effect
before tax Equity effect
Power +10% 6,471 5,047 +40% 73,749 57,524
Power -10% -6,471 -5,047 -40% -73,749 -57,5 24
Gas +20% 45,452 35,453 +40% 74,272 57,932
Gas -20% -45,452 -35,453 -40% -74,272 -57,9 32
Currency exchange rate, EUR +0,1% 500 390 +0,1% 1,305 1,018
Currency exchange rate, EUR -0,1% -500 -390 -0,1% -1,305 -1,018
Currency exchange rate, other currency +4% 4,860 3,791 +3% 5,594 4,363
Currency exchange rate, other currency -4% -4,860 -3,791 -3% -5,594 -4,363
Interest rate +1% 64,700 50,466 +1% 54,909 42,829
Interest rate -1% -64,700 -50,466 -1% -54,909 -42,829
The sensitivity analysis is based on the recognised financial assets and liabilities at the balance sheet date.
The sensitivities applied are 10% for power prices, 20% for gas prices and 1% for foreign exchange rates. Due to
the close correlation between DKK and EUR, a sensitivity of 0.1% is applied to exposures denominated in EUR.
The analysis shows the effect on profit or loss of applying the above changes to the relevant market variables at the
reporting date, assuming that all other variables remain constant.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
87
Notes to the Parent Company financial statements
Categories of financial instruments
2025 2024
DKK'000
Carrying
amount Fair value
Carrying
amount Fair value
Other non-current assets 5,827 5,827 0 0
Securities 1,693,141 1,693,141 0 0
Trade receivables 4 ,057,922 4 , 057,92 2 4,333,649 4,333,649
Receivables from subsidiaries 667,80 6 667,806 1 ,247,705 1 ,247,705
Receivables from related parties 298,119 298,119 3 67,391 367,391
Other receivables and deposits 1,234,468 1,234,468 1 ,757,890 1,757,890
Cash and cash equivalents 3,080,912 3,080,912 3,356,924 3,356,924
Financial assets measured at amortised cost 11,038,195 11,038,195 11,063,559 11,063,559
Derivative assets 995,518 995,518 1,437,037 1,437,037
Financial assets measured at fair value
through profit or loss 995,518 995,518 1,437,037 1,437,037
Other non-current liabilities 0 0 13,216 13,216
Trade payables 1,980,637 1,980,637 2 ,477,524 2,477,524
Borrowings 9,028 9,028 0 0
Debt to related parties 67, 193 67,193 12,166 12,166
Debt to subsidiaries 483,423 483,423 194,739 194,739
Lease liabilities 59,150 59,150 49,933 49,933
Other payables and deposits 493,940 493,940 8 87,70 3 887,70 3
Financial liabilities measured at amortised
costs 3,093,371 3,093,371 3,635,281 3,635,281
Derivative liabilities 707,774 707,774 1,155,073 1,155,073
Financial liabilities measured at fair value
through profit or loss 707,774 707,774 1,155,073 1,155,073
DKK '000 2025 2024
Derivative assets
Financial 299,820 550,551
Physical 695,698 886,486
995,518 1,437,037
Derivative liabilities
Financial 203,101 268,907
Physical 504,673 886,166
707,774 1,155,073
Note 18 Information about financial instruments
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
88
Notes to the Parent Company financial statements
Fair value measurement of financial instruments
Financial assets measured at fair value
2025
DKK'000 Level 1 Level 2 Level 3 Total
Derivative financial assets:
Foreign exchange forward 0 5,455 0 5,455
Commodity derivative 48,140 609,166 332,757 990,063
Total 48,140 614,621 332,757 995,518
Financial assets measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 22,695 0 22,695
Commodity derivative 3,756 361,613 319,710 685,079
Total 3,756 384,308 319,710 707,774
2024
DKK'000 Level 1 Level 2 Level 3 Total
Derivative financial assets:
Foreign exchange forward 0 18,254 0 18,254
Commodity derivative 24,415 980,116 414,252 1,418,783
Total 24,415 998,370 414,252 1,437,037
Financial assets measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 4,179 0 4,179
Commodity derivative 3,304 754,279 393,311 1,150,894
Total 3,304 758,458 393,311 1,155,073
Fair value measurements reflect the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal
market or, if not available, in the most advantageous market. The principal or the most advantageous market must
be accessible by Mind Energy.
The fair value of an asset or a liability is measured using the as sumptions that market participants would use when
pricing theasset or liability, assuming that market participants act in theireconomic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use or by sellingit to another market participant that
would use the assetinits highest and best use.
Mind Energy uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unob-
servable inputs.
Commodity derivative are measures using generally accepted valuation techniques based on relevant observable
power price curves, foreign exchange rates ect. and manual calculated changes. Since there are no active markets
for the long term prices of power, the fair value has been determined through an estimate of the future prices. The
most important parameter resulting in commodity contracts being classified as level 3 in the power price. Normally
the price can be observed for a maximum of 2-3 years in the power market, after which an active market no longer
exist. Beyond this horizon, power prices are estimated using the latest observable market prices and generally
accepted valuation techniques.
Note 18 Information about financial instruments – continued
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
89
Notes to the Parent Company financial statements
Note 18 Information about financial instruments – continued
All assets and liabilities for which fair value is measured or dis closed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
DKK '000 2025 2024
Level 3
Opening balance 1 January 20,941 143,755
Gains/loss recognised 21,143 2,123
Transfers -29,036 -124,937
Total 13,048 20,941
Trade receivables, trade receivables from associates, other receivables and deposits, borrowings, trade- and
other payables
Trade receivables, trade receivables from associates, other receivables and deposits, borrowings, trade- and other
payables with a short credit time is assessed to have a fair value, which equals the carrying amount.
Offsetting
Offsetting of current derivatives
2025
DKK'000
Derivative
assets
Derivative
liabilities Total
Gross 6,607,055 -5,636,784 970,271
Netting -5,611,537 4,929,010 -682,527
Financial assets/liabilities in the balance sheet 995,518 -707,774 287,744
Collateral 193,445 -9,112 184,333
Net 1,188,963 -716,886 472,077
2024
DKK'000
Derivative
assets
Derivative
liabilities Total
Gross 9,097,597 -7,709,607 1,387,990
Netting -7,660,559 6,554,534 -1,106,025
Financial assets/liabilities in the balance sheet 1 ,437,038 -1,155,073 281,965
Collateral 209,564 -17,228 192,336
Net 1,646,602 -1,172,301 474,301
Sales contracts and associated hedging contracts can only be offset to a limited extent, as the transactions are
made with different counterparties. As a consequence, the net value of the derivatives will be affected by the
difference between the average sales price, the price of the hedging and the current market price atthe balance
sheet date, as well as the size of the open positions.
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
90
Notes to the Parent Company financial statements
Note 19 Subsequent events
No events have occurred after the reporting date of importance to the financial statements.
Note 20 Related party disclosures
Mind Energy’s related parties include the following:
Controlling interest
Andel-Group has controlling interest. Andel A.m.b.a. is the ultimate parent company of the group, which presents
the consolidated annual report. The consolidated financial statement for Andel A.m.b.a. is available at andel.dk.
Ownership
The following shareholders are noted in the company's shareholder list and are considered to have significant influ-
ence over Mind Energy A/S:
% ownership
Andel A.m.b.a. and Andel Energi A/S (Andel-Group), Hovedgaden 36, Svinninge 63.65
NRGi A.m.b.a., Dusager 22, Aarhus N 36.35
100.00
Mind Energy A/S' related parties further includes members of the Board of Directors and Executive Management.
Remuneration tothe Board of Directors and Executive Management is disclosed in note 5.
Note 20 Related party disclosures – continued
Mind Energy A/S has had the following transactions and balances with related parties:
2025 2024
Andel Energi A/S and Andel Holding A/S
Sale of power 2,123,160 1,893,627
Sale of gas 916,627 2,209,673
Purchase of power 24,821 74,303
Purchase of gas 222,847 1,437,495
Purchase of acitivty 0 0
Receivables at 31 December 187,052 3 67,391
Debt at 31 December 501 12,166
NRGI A.m.b.a.
Sale of power 1,562,792 755,557
Purchase of power 817, 3 00 561,891
Receivables at 31 December 46,971 11,313
Debt at 31 December 186 24,528
Entities under common control
Sale of power 594,259 0
Purchase of power 65,325 0
Receivables at 31 December 64,096 0
Debt at 31 December 66,505 0
Transactions with subsidiaries
Sale of power 5,973,810 6,391,847
Sale of gas 517,619 596,503
Purchase of power 6,489 138,393
Receivables at 31 December 667, 8 06 1 ,247,705
Debt at 31 December 483,423 194,739
Financial statement – Parent Company financial statements
Mind Energy Annual report 2025
91
Management statement 93
Independent auditor’s report 94
Statements
92
Financial statement – Statements
Mind Energy Annual report 2025
92
Executive Board
Board of Directors
Financial statement – Statements
Mind Energy Annual report 2025
93
Financial statement – Statements
Mind Energy Annual report 2025
94
CVR No 33 77 1 2 31
mne26783 mne40037
Financial statement – Statements
Mind Energy Annual report 2025
95
Company information 97
The Management Team 98
Ownership 98
Board of Directors 99
Executive board 100
Organisation
96
Organisation
Mind Energy Annual report 2025
96
Company information
Tel. +45 87 42 62 62
www.mindenergy.com
CVR no.: 1 7 22 58 9 8
Established: The 1st of July 1993
Domicile: Aarhus Munic ipality
Financial year: 1st of January - 31st of December
Board of Directors
Chairman, CEO Jesper Hjulmand, Andel
Deputy chairman, CEO Jacob Vittrup, NRGi
CFO Christina Nielsen, Andel
CFO Morten Bryder Pedersen, NRGi
External board member Anne Broeng
External board member Torben Möger Pedersen
Auditor
Organisation
Mind Energy Annual report 2025
97
The Management Team Ownership
Louise Hahn
CEO
Søren Lindgaard
CFO
Mia Hansson
VP Sales and Operations
Dorthe Rømer Frost
SVP Brand, People &
Sustainability
Morten Sønderby Hansen
SVP Market Trading
Peter Nikolaj Krebs
VP Customer Trading
Sidse Mogensen
VP Commercial Excellence
Henrik Holst
CTO
Rasmus Reichhardt
Svendsen
Group General Counsel
Philip Hardø
Head of Group Strategy
Mind Energy is owned by three power companies, which in turn
are owned by private shareholders. The shareholders are Andel,
NRGi and Andel Energi.
% Ownership
Share Capital
(DKK '000)
Andel a.m.b.a.,
Svinninge, Denmark
45.54 227,700.00
NRGi a.m.b.a.,
Aarhus N, Denmark 36.35 181,750.00
Andel Energi A/S,
Svinninge, Denmark 18.11 90,550.00
100.00 500,000.00
Organisation
Mind EnergyAnnual report
98
Board of Directors
Jesper Hjulmand
CEO of Andel
MSc in Business Administration
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S (Chair)
•
Green Power Denmark (Chair)
•
Fibia P/S (Chair)
•
Employer’s Association for Danish Energy
and Utility Companies, DEA (Chair)
•
Dansk Industri Hovedbestyrelse (Executive
committee)
•
Andel Energi A/S (Chair)
•
Andel Holding A/S
•
Watts A/S (Chair)
•
Clever A/S (Chair)
Committee memberships:
•
DI Executive Committee
•
Green Power Denmark Executive Committee
•
Supervisory board in Dansk Energi
•
Supervisory board in Forenet Kredit
Jacob Vittrup
CEO of NRGi
MSc in Economics
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S (Deputy Chair)
•
NRGi Holding A/S (Chair)
•
NRGi Renewables A/S (including
subsidiaries) (Chair)
•
NRGi Elhandel A/S (Chair)
•
ELCON A/S (Chair)
•
NRGi Rådgivning A/S (Chair)
•
Kuben Management A/S (Chair)
•
Scanenergi A/S (Chair)
•
Fibia P/S (Deputy Chair)
•
Innargi A/S
•
Green Power Denmark
•
Dansk Industri – Energi
Christina Nielsen
CFO of Andel
MSc in Business Economics and Auditing and
State Authorised Public Accountant
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S
•
Andel Ratio A/S (Chair)
•
Rødsand II Offshore Wind Farm A/S (Chair)
•
Nexel A/S (Deputy Chair)
•
Fibia P/S
Morten Bryder Pedersen
CFO of NRGi
MSc in Business Economics and Auditing
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S
•
NRGi Holding A/S
•
NRGi Renewables A/S (including subsidiaries)
•
NRGi Rådgivning A/S
•
Kuben Management A/S
•
Fibia P/S
•
Clever A/S
Organisation
Mind Energy Annual report 2025
99
Executive board
Anne Broeng
Professional Board Member
MSc in Economic Science
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S
•
Velliv, Pension & Livsforsikring A/S (Chair)
•
SleepCycle AB (Chair)
•
Børns Vilkår (Deputy Chair)
•
Rambøll Gruppen A/S (Chair of Risk and Audit
Committee)
•
VKR Holding A/S (Chair of Audit Committee)
Committee memberships:
•
NASDAQ Nordic (special advisor)
Torben Möger Pedersen
Professional Board Member
MSc in Economics
Born in
Member of the Board since
Board memberships, honorary offices:
•
Mind Energy A/S
•
The CIP Foundation (Chair)
•
The Danish Society for Education and Business (Chair)
•
Gefion Gymnasium (Chair)
•
Hedorf’s Foundation (Chair)
•
The Danish Foreign Policy Society (Chair)
•
UN PRI
Louise Hahn
CEO of Mind Energy A/S since 2023.14.08.
MSc in Engineering and Graduate Diploma in
Business Administration (Finance)
Born in
Board memberships, honorary offices:
•
Mind Energy AB
•
Mind Energy Oy
•
Mind Energy AS
Board of Directors – Continued
Organisation
Mind Energy Annual report 2025
100
Mind Energy A/STangen Aarhus NDenmark